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, 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 Consolidated Balance Sheets at December 31, 2012 and 2011:

            2009     2006     Other      
            Automobile     Automobile     Consolidated      
            Trust     Trust     Trusts     Total
(dollar amounts in thousands) December 31, 2012
Assets:                            
  Cash       $ 12,577   $ 91,113   $ ---   $ 103,690
  Loans and leases         142,762     356,162     ---     498,924
  Allowance for loan and lease losses         ---     (2,671)     ---     (2,671)
  Net loans and leases         142,762     353,491     ---     496,253
  Accrued income and other assets         617     1,353     288     2,258
Total assets       $ 155,956   $ 445,957   $ 288   $ 602,201
                               
Liabilities:                            
  Other long-term debt       $ ---   $ 2,086   $ ---   $ 2,086
  Accrued interest and other liabilities         ---     1     288     289
Total liabilities       $ ---   $ 2,087   $ 288   $ 2,375
                               
      2008     2009     2006     Other      
      Automobile     Automobile     Automobile     Consolidated      
      Trust     Trust     Trust     Trusts     Total
(dollar amounts in thousands) December 31, 2011
Assets:                            
  Cash $ 12,722   $ 18,212   $ 52,325   $ ---   $ 83,259
  Loans and leases   131,563     296,250     704,345     ---     1,132,158
  Allowance for loan and lease losses   (1,118)     ---     (5,987)     ---     (7,105)
  Net loans and leases   130,445     296,250     698,358     ---     1,125,053
  Accrued income and other assets   610     1,692     2,959     1,117     6,378
Total assets $ 143,777   $ 316,154   $ 753,642   $ 1,117   $ 1,214,690
                               
Liabilities:                            
  Other long-term debt $ 18,230   $ 123,039   $ 333,644   $ ---   $ 474,913
  Accrued interest and other liabilities   40     298     88     419     845
Total liabilities $ 18,270   $ 123,337   $ 333,732   $ 419   $ 475,758

Unconsolidated VIEs

 

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

    December 31, 2012
(dollar amounts in thousands)   Total Assets   Total Liabilities   Maximum Exposure to Loss
             
2012-1 Automobile Trust $ 12,649 $ --- $ 12,649
2012-2 Automobile Trust   13,616   ---   13,616
2011 Automobile Trust   7,076   ---   7,076
Tower Hill Securities, Inc.   87,075   65,000   87,075
Trust Preferred Securities   13,764   312,894   ---
Low Income Housing Tax Credit Partnerships   391,878   152,047   391,878
Total $ 526,058 $ 529,941 $ 512,294
               
    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
Summary of Outstanding Trust Preferred Securities

A list of trust-preferred securities outstanding at December 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 1.01 %(2)   $ 111,816     $ 6,186  
Huntington Capital II 0.93  (3)     54,593       3,093  
Sky Financial Capital Trust III 1.71  (4)     72,165       2,165  
Sky Financial Capital Trust IV 1.76  (4)     74,320       2,320  
Total       $ 312,894     $ 13,764  
                       
(1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.
(2) Variable effective rate at December 31, 2012, based on three month LIBOR + 0.70.  
(3) Variable effective rate at December 31, 2012, based on three month LIBOR + 0.625.  
(4) Variable effective rate at December 31, 2012, based on three month LIBOR + 1.40.