Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities (Tables)

v2.4.0.6
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2012
Variable Interest Entities [Abstract]  
Carrying amount and classification of the trusts assets and liabilities

The following tables present the carrying amount and classification of the consolidated trusts' assets and liabilities that were included in the Unaudited Condensed Consolidated Balance Sheets at March 31, 2012, December 31, 2011, and March 31, 2011:

    March 31, 2012
      2009     2008     2006     Other      
      Automobile     Automobile     Automobile     Consolidated      
(dollar amounts in thousands)   Trust     Trust     Trust     Trusts     Total
Assets:                            
  Cash $ 19,178   $ 12,854   $ 54,521   $ ---   $ 86,553
  Loans and leases   250,774     101,367     601,736     ---     953,877
  Allowance for loan and lease losses   ---     (770)     (4,573)     ---     (5,343)
  Net loans and leases   250,774     100,597     597,163     ---     948,534
  Accrued income and other assets   1,014     427     2,334     338     4,113
Total assets $ 270,966   $ 113,878   $ 654,018   $ 338   $ 1,039,200
                               
Liabilities:                            
  Other long-term debt $ 76,691   $ ---   $ 225,236   $ ---   $ 301,927
  Accrued interest and other liabilities   194     ---     56     338     588
Total liabilities $ 76,885   $ ---   $ 225,292   $ 338   $ 302,515
                               
    December 31, 2011
      2009     2008     2006     Other      
      Automobile     Automobile     Automobile     Consolidated      
(dollar amounts in thousands)   Trust     Trust     Trust     Trusts     Total
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   1,692     610     2,959     1,117     6,378
Total assets $ 316,154   $ 143,777   $ 753,642   $ 1,117   $ 1,214,690
                               
Liabilities:                            
  Other long-term debt $ 123,039   $ 18,230   $ 333,644   $ ---   $ 474,913
  Accrued interest and other liabilities   298     40     88     419     845
Total liabilities $ 123,337   $ 18,270   $ 333,732   $ 419   $ 475,758
                               
    March 31, 2011
      2009     2008     2006     Other      
      Automobile     Automobile     Automobile     Consolidated      
(dollar amounts in thousands)   Trust     Trust     Trust     Trusts     Total
Assets:                            
  Cash $ 26,724   $ 20,876   $ 69,902   $ ---   $ 117,502
  Loans and leases   458,851     245,332     1,057,647     ---     1,761,830
  Allowance for loan and lease losses   ---     (2,134)     (9,202)     ---     (11,336)
  Net loans and leases   458,851     243,198     1,048,445     ---     1,750,494
  Accrued income and other assets   2,087     1,041     4,297     5,971     13,396
Total assets $ 487,662   $ 265,115   $ 1,122,644   $ 5,971   $ 1,881,392
                               
Liabilities:                            
  Other long-term debt $ 294,905   $ 103,002   $ 746,421   $ ---   $ 1,144,328
  Accrued interest and other liabilities   590     214     173     5,100     6,077
Total liabilities $ 295,495   $ 103,216   $ 746,594   $ 5,100   $ 1,150,405

The following tables provide a summary of the assets and liabilities included in Huntington's Unaudited Condensed Consolidated Financial Statements, as well as the maximum exposure to losses, associated with its' interests related to unconsolidated VIEs for which Huntington holds an interest, but is not the primary beneficiary, to the VIE at March 31, 2012, December 31, 2011, and March 31, 2011:

    March 31, 2012
(dollar amounts in thousands)   Total Assets   Total Liabilities   Maximum Exposure to Loss
             
2012 Automobile Trust $ 19,202 $ --- $ 19,202
2011 Automobile Trust   11,578   ---   11,578
Tower Hill Securities, Inc.   89,528   65,000   89,528
Trust-Preferred Securities   17,364   554,417   ---
Low Income Housing Tax Credit Partnerships   376,231   152,711   376,231
Total $ 513,903 $ 772,128 $ 496,539
               
    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
               
    March 31, 2011
(dollar amounts in thousands)   Total Assets   Total Liabilities   Maximum Exposure to Loss
               
Tower Hill Securities, Inc. $ 89,256 $ 65,000 $ 89,256
Trust-Preferred Securities   17,519   592,542   ---
Low Income Housing Tax Credit Partnerships   313,736   141,287   313,736
Total $ 420,511 $ 798,829 $ 402,992
Summary of Outstanding Trust Preferred Securities

A list of trust-preferred securities outstanding at March 31, 2012, follows:

          Principal amount of Investment in
          subordinated note/ unconsolidated
(dollar amounts in thousands) Rate   debenture issued to trust (1) subsidiary
Huntington Capital I 1.25 % (2)   $ 111,816     $ 6,186  
Huntington Capital II 1.10   (3)     54,593       3,093  
Huntington Capital III 6.69         114,109       10  
BancFirst Ohio Trust Preferred 8.54         23,177       619  
Sky Financial Capital Trust I 8.56         64,122       1,856  
Sky Financial Capital Trust II 3.51   (4)     30,929       929  
Sky Financial Capital Trust III 1.98   (5)     72,165       2,165  
Sky Financial Capital Trust IV 1.98   (5)     77,320       2,320  
Prospect Trust I 3.82   (6)     6,186       186  
Total         $ 554,417     $ 17,364  
                         
(1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.  
(2) Variable effective rate at March 31, 2012, based on three month LIBOR + 0.70.  
(3) Variable effective rate at March 31, 2012, based on three month LIBOR + 0.625.  
(4) Variable effective rate at March 31, 2012, based on three month LIBOR + 2.95.  
(5) Variable effective rate at March 31, 2012, based on three month LIBOR + 1.40.  
(6) Variable effective rate at March 31, 2012, based on three month LIBOR + 3.25.