Quarterly report pursuant to Section 13 or 15(d)

Held to Maturity Securities

v2.4.0.8
Held to Maturity Securities
 3 Months Ended
Jun. 30, 2013
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 June 30, 2013 and December 31, 2012:

        June 30, 2013     December 31, 2012
        Amortized     Fair     Amortized     Fair
(dollar amounts in thousands)   Cost     Value     Cost     Value
  Federal agencies: mortgage-backed securities:                      
    Under 1 year $ ---   $ ---   $ ---   $ ---
    1-5 years   ---     ---     ---     ---
    6-10 years   24,901     22,995     24,901     24,739
    Over 10 years   2,055,440     2,054,902     1,624,483     1,672,702
  Total Federal agencies: mortgage-backed securities 2,080,341     2,077,897     1,649,384     1,697,441
  Other agencies:                      
    Under 1 year   ---     ---     ---     ---
    1-5 years   ---     ---     ---     ---
    6-10 years   14,348     14,166     15,108     15,338
    Over 10 years   67,898     65,457     69,399     71,341
  Total other agencies   82,246     79,623     84,507     86,679
Total U.S. Government backed agencies   2,162,587     2,157,520     1,733,891     1,784,120
Municipal securities:                      
  Under 1 year   ---     ---     ---     ---
  1-5 years   ---     ---     ---     ---
  6-10 years ---     ---     ---     ---
  Over 10 years   9,642     9,229     9,985     9,985
Total municipal securities   9,642     9,229     9,985     9,985
Total held-to-maturity securities $ 2,172,229   $ 2,166,749   $ 1,743,876   $ 1,794,105
                           

The following table provides amortized cost, gross unrealized gains and losses, and fair value by investment category at June 30, 2013 and December 31, 2012:

            Unrealized      
      Amortized     Gross     Gross     Fair
(dollar amounts in thousands)   Cost     Gains     Losses     Value
June 30, 2013                      
Federal Agencies:                      
  Mortgage-backed securities $ 2,080,341   $ 16,107   $ (18,551)   $ 2,077,897
  Other agencies   82,246     ---     (2,623)     79,623
Total U.S. Government                      
  backed securities   2,162,587     16,107     (21,174)     2,157,520
Municipal securities   9,642     ---     (413)     9,229
Total held-to-maturity securities $ 2,172,229   $ 16,107   $ (21,587)   $ 2,166,749
                         
            Unrealized      
      Amortized     Gross     Gross     Fair
(dollar amounts in thousands)   Cost     Gains     Losses     Value
December 31, 2012                      
Federal Agencies:                      
  Mortgage-backed securities $ 1,649,384   $ 48,219   $ (162)   $ 1,697,441
  Other agencies   84,507     2,172     ---     86,679
Total U.S. Government                      
  backed securities   1,733,891     50,391     (162)     1,784,120
Municipal securities   9,985     ---     ---     9,985
Total held-to-maturity securities $ 1,743,876   $ 50,391   $ (162)   $ 1,794,105

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 June 30, 2013, Management has evaluated held-to-maturity securities with unrealized losses for impairment and concluded no OTTI is required.