Quarterly report pursuant to Section 13 or 15(d)

Held to Maturity Securities

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Held to Maturity Securities
 3 Months Ended
Mar. 31, 2012
Held to Maturity Securities [Abstract]  
HELD-TO-MATURITY SECURITIES

5. HELD-TO-MATURITY Securities

 

These are debt securities that Huntington has the intent and ability to hold until maturity. The debt securities are carried at amortized cost and adjusted for amortization of premiums and accretion of discounts using the interest method.

 

Listed below are the contractual maturities (under 1 year, 1-5 years, 6-10 years, and over 10 years) of held-to-maturity securities at March 31, 2012 and December 31, 2011. There were no securities classified as held-to-maturity at March 31, 2011.

        March 31, 2012     December 31, 2011
        Amortized     Fair     Amortized      
(dollar amounts in thousands)   Cost     Value     Cost     Fair Value
  Federal agencies: mortgage-backed securities:                      
    Under 1 year $ ---   $ ---   $ ---   $ ---
    1-5 years   ---     ---     ---     ---
    6-10 years   ---     ---     ---     ---
    Over 10 years   621,798     642,871     640,551     660,186
  Total Federal agencies: mortgage-backed securities 621,798     642,871     640,551     660,186
Total U.S. Government backed agencies   621,798     642,871     640,551     660,186
Total held-to-maturity securities $ 621,798   $ 642,871   $ 640,551   $ 660,186
                           

The following table provides amortized cost, gross unrealized gains and losses, and fair value by investment category at March 31, 2012 and December 31, 2011:

            Unrealized      
      Amortized     Gross     Gross     Fair
(dollar amounts in thousands)   Cost     Gains     Losses     Value
March 31, 2012                      
Federal Agencies:                      
  Mortgage-backed securities $ 621,798   $ 21,073   $ ---   $ 642,871
Total U.S. Government                      
  backed securities   621,798     21,073     ---     642,871
Total held-to-maturity securities $ 621,798   $ 21,073   $ ---   $ 642,871
                         
            Unrealized      
      Amortized     Gross     Gross     Fair
(dollar amounts in thousands)   Cost     Gains     Losses     Value
December 31, 2011                      
Federal Agencies:                      
  Mortgage-backed securities $ 640,551   $ 19,652   $ (17)   $ 660,186
Total U.S. Government                      
  backed securities   640,551     19,652     (17)     660,186
Total held-to-maturity securities $ 640,551   $ 19,652   $ (17)   $ 660,186

Security Impairment

 

Huntington evaluates the held-to-maturity securities portfolio on a quarterly basis for impairment. Impairment would exist when the present value of the expected cash flows is not sufficient to recover the entire amortized cost basis at the balance sheet date. Under these circumstances, any impairment would be recognized in earnings. As of March 31, 2012, Management has evaluated all held-to-maturity securities and concluded no impairment existed in the portfolio.