Quarterly report pursuant to Section 13 or 15(d)

VIEs (Tables)

v3.3.0.814
VIEs (Tables)
9 Months Ended
Sep. 30, 2015
Variable Interest Entities [Abstract]  
Carrying amount and classification of the trusts assets and liabilities
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 September 30, 2015, and December 31, 2014:

September 30, 2015
(dollar amounts in thousands)
Total Assets

Total Liabilities

Maximum Exposure to Loss
2015-1 Automobile Trust
$
9,378


$


$
9,378

2012-1 Automobile Trust
445




445

2012-2 Automobile Trust
1,231




1,231

2011 Automobile Trust





Tower Hill Securities, Inc.
46,591


65,000


46,591

Trust Preferred Securities
13,919


317,098



Low Income Housing Tax Credit Partnerships
407,191


181,788


407,191

Other Investments
88,745


27,289


88,745

Total
$
567,500


$
591,175


$
553,581

 
December 31, 2014
(dollar amounts in thousands)
Total Assets
 
Total Liabilities
 
Maximum Exposure to Loss
2012-1 Automobile Trust
$
2,136

 
$

 
$
2,136

2012-2 Automobile Trust
3,220

 

 
3,220

2011 Automobile Trust
944

 

 
944

Tower Hill Securities, Inc.
55,611

 
65,000

 
55,611

Trust Preferred Securities
13,919

 
317,075

 

Low Income Housing Tax Credit Partnerships
368,283

 
154,861

 
368,283

Other Investments
83,400

 
20,760

 
83,400

Total
$
527,513


$
557,696


$
513,594

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 September 30, 2015 and December 31, 2014:
 
September 30, 2015
 
Huntington Technology
Funding Trust
 
Other Consolidated Trusts
 
Total
(dollar amounts in thousands)
Series 2012A
 
Series 2014A
 
 
Assets:
 
 
 
 
 
 
 
Cash
$

 
$

 
$

 
$

Loans and leases
40,968

 
180,165

 

 
221,133

Allowance for loan and lease losses

 

 

 

Net loans and leases
40,968

 
180,165

 

 
221,133

Accrued income and other assets

 

 
229

 
229

Total assets
$
40,968

 
$
180,165

 
$
229

 
$
221,362

Liabilities:
 
 
 
 
 
 
 
Other long-term debt
$
34,192

 
$
149,387

 
$

 
$
183,579

Accrued interest and other liabilities

 

 
229

 
229

Total liabilities
34,192

 
149,387

 
229

 
183,808

Equity:
 
 
 
 
 
 
 
Beneficial Interest owned by third party
6,776

 
30,778

 

 
37,554

Total liabilities and equity
$
40,968

 
$
180,165

 
$
229

 
$
221,362

 
December 31, 2014
(dollar amounts in thousands)
 
 
 
 
Other
Consolidated
Trusts
 
Total
Assets:
 
 
 
 
 
 
 
Cash
 
 
 
 
$

 
$

Loans and leases
 
 
 
 

 

Allowance for loan and lease losses
 
 
 
 

 

Net loans and leases
 
 
 
 

 

Accrued income and other assets
 
 
 
 
243

 
243

Total assets
 
 
 
 
$
243

 
$
243

Liabilities:
 
 
 
 
 
 
 
Other long-term debt
 
 
 
 
$

 
$

Accrued interest and other liabilities
 
 
 
 
243

 
243

Total liabilities
 
 
 
 
243

 
243

Equity:
 
 
 
 
 
 
 
Beneficial Interest owned by third party
 
 
 
 

 

Total liabilities and equity
 
 
 
 
$
243

 
$
243

Summary of Outstanding Trust Preferred Securities
A list of trust preferred securities outstanding at September 30, 2015 follows:
(dollar amounts in thousands)
Rate
 
Principal amount of
subordinated note/
debenture issued to trust (1)
 
Investment in
unconsolidated
subsidiary
Huntington Capital I
1.00
%
(2)
$
111,816

 
$
6,186

Huntington Capital II
0.96

(3)
54,593

 
3,093

Sky Financial Capital Trust III
1.73

(4)
72,165

 
2,165

Sky Financial Capital Trust IV
1.68

(4)
74,320

 
2,320

Camco Financial Trust
2.77

(5)
4,204

 
155

Total
 
 
$
317,098

 
$
13,919

(1)
Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.
(2)
Variable effective rate at September 30, 2015, based on three month LIBOR +0.70%.
(3)
Variable effective rate at September 30, 2015, based on three month LIBOR +0.625%.
(4)
Variable effective rate at September 30, 2015, based on three month LIBOR +1.40%.
(5)
Variable effective rate (including impact of purchase accounting accretion) at September 30, 2015, based on three month LIBOR +1.33%.
Affordable housing tax credit investments
(dollar amounts in thousands)
September 30,
2015
 
December 31,
2014
Affordable housing tax credit investments
$
646,215

 
$
576,381

Less: amortization
(239,024
)
 
(208,098
)
Net affordable housing tax credit investments
$
407,191

 
$
368,283

Unfunded commitments
$
181,788

 
$
154,861

 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(dollar amounts in thousands)
2015
 
2014
 
2015
 
2014
Tax credits and other tax benefits recognized
$
16,412

 
$
13,370

 
$
46,592

 
$
41,430

Proportional amortization method
 
 
 
 
 
 
 
Tax credit amortization expense included in provision for income taxes
10,942

 
9,659

 
33,235

 
28,537

Equity method
 
 
 
 
 
 
 
Tax credit investment (gains) losses included in non-interest income
(86
)
 
290

 
208

 
737