Annual report pursuant to Section 13 and 15(d)

Variable Interest Entities (Tables)

v2.4.0.6
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2011
Variable Interest Entities [Abstract]  
Carrying amount and classification of the trusts assets and liabilities

The carrying amount and classification of the trusts' assets and liabilities included in the Consolidated Balance Sheets are as follows:

      2009     2009     2008     2006      
      Franklin     Automobile     Automobile     Automobile      
      Trust     Trust     Trust     Trust     Total
(dollar amounts in thousands) December 31, 2011
Assets:                            
  Cash $ ---   $ 18,212   $ 12,722   $ 52,325   $ 83,259
  Loans and leases   ---     296,250     131,563     704,345     1,132,158
  Allowance for loan and lease losses   ---     ---     (1,118)     (5,987)     (7,105)
  Net loans and leases   ---     296,250     130,445     698,358     1,125,053
  Accrued income and other assets   1,117     1,692     610     2,959     6,378
Total assets $ 1,117   $ 316,154   $ 143,777   $ 753,642   $ 1,214,690
                               
Liabilities:                            
  Other long-term debt $ ---   $ 123,039   $ 18,230   $ 333,644   $ 474,913
  Accrued interest and other liabilities   419     298     40     88     845
Total liabilities $ 419   $ 123,337   $ 18,270   $ 333,732   $ 475,758
                               
      2009     2009     2008     2006      
      Franklin     Automobile     Automobile     Automobile      
      Trust     Trust     Trust     Trust     Total
(dollar amounts in thousands) December 31, 2010
Assets:                            
  Cash $ ---   $ 24,513   $ 19,921   $ 64,827   $ 109,261
  Loans and leases   ---     522,717     295,464     1,196,024     2,014,205
  Allowance for loan and lease losses   ---     ---     (2,541)     (10,286)     (12,827)
  Net loans and leases   ---     522,717     292,923     1,185,738     2,001,378
  Accrued income and other assets   20,447     2,510     1,436     5,131     29,524
Total assets $ 20,447   $ 549,740   $ 314,280   $ 1,255,696   $ 2,140,163
                               
Liabilities:                            
  Other long-term debt $ ---   $ 356,089   $ 151,937   $ 877,270   $ 1,385,296
  Accrued interest and other liabilities   7,431     693     308     224     8,656
Total liabilities $ 7,431   $ 356,782   $ 152,245   $ 877,494   $ 1,393,952

The included amount of assets and liabilities on Huntington's Consolidated Financial Statements, as well as Huntington's maximum exposure to losses, associated with its' interests in the VIEs for the years ended December 31, 2011 and 2010 were as follows:

    December 31, 2011
(dollar amounts in thousands)   Total Assets   Total Liabilities   Maximum Exposure to Loss
             
2011 Automobile Trust $ 13,377 $ --- $ 13,377
Tower Hill Securities, Inc.   90,514   65,000   90,514
Trust-Preferred Securities   17,364   554,496   ---
Low Income Housing Tax Credit Partnerships   376,098   157,754   376,098
Total $ 497,353 $ 777,250 $ 479,989
               
    December 31, 2010
(dollar amounts in thousands)   Total Assets   Total Liabilities   Maximum Exposure to Loss
               
Tower Hill Securities, Inc. $ 89,550 $ 65,000 $ 89,550
Trust-Preferred Securities   17,519   592,781   ---
Low Income Housing Tax Credit Partnerships   315,983   145,003   315,983
Total $ 423,052 $ 802,784 $ 405,533
Summary of Outstanding Trust Preferred Securities

A list of trust-preferred securities outstanding at December 31, 2011 follows:

        Principal amount of Investment in
        subordinated note/ unconsolidated
(dollar amounts in thousands) Rate debenture issued to trust (1) subsidiary
Huntington Capital I 1.13  (2)   $ 111,816     $ 6,186  
Huntington Capital II 1.17  (3)     54,593       3,093  
Huntington Capital III 6.69       114,101       10  
BancFirst Ohio Trust Preferred 8.54       23,192       619  
Sky Financial Capital Trust I 8.56       64,194       1,856  
Sky Financial Capital Trust II 3.34  (4)     30,929       929  
Sky Financial Capital Trust III 1.77  (5)     72,165       2,165  
Sky Financial Capital Trust IV 1.77  (5)     77,320       2,320  
Prospect Trust I 3.65  (6)     6,186       186  
Total       $ 554,496     $ 17,364  
                       
(1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.
(2) Variable effective rate at December 31, 2011, based on three month LIBOR + 0.70.  
(3) Variable effective rate at December 31, 2011, based on three month LIBOR + 0.625.  
(4) Variable effective rate at December 31, 2011, based on three month LIBOR + 2.95.  
(5) Variable effective rate at December 31, 2011, based on three month LIBOR + 1.40.  
(6) Variable effective rate at December 31, 2011, based on three month LIBOR + 3.25.