Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities (Tables)

v2.4.0.8
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2014
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, 2014 and December 31, 2013:

            March 31, 2014
            2009     2006     Other      
            Automobile     Automobile     Consolidated      
(dollar amounts in thousands)         Trust     Trust     Trusts     Total
Assets:                        
  Cash   $ ---   $ ---   $ ---   $ ---
  Loans and leases     ---     ---     ---     ---
  Allowance for loan and lease losses     ---     ---     ---     ---
  Net loans and leases     ---     ---     ---     ---
  Accrued income and other assets     ---     ---     256     256
Total assets       $ ---   $ ---   $ 256   $ 256
                               
Liabilities:                        
  Other long-term debt   $ ---   $ ---   $ ---   $ ---
  Accrued interest and other liabilities     ---     ---     256     256
Total liabilities   $ ---   $ ---   $ 256   $ 256
                               
            December 31, 2013
            2009     2006     Other      
            Automobile     Automobile     Consolidated      
(dollar amounts in thousands)         Trust     Trust     Trusts     Total
Assets:                        
  Cash   $ 8,580   $ 79,153   $ ---   $ 87,733
  Loans and leases     52,286     151,171     ---     203,457
  Allowance for loan and lease losses     ---     (711)     ---     (711)
  Net loans and leases     52,286     150,460     ---     202,746
  Accrued income and other assets     235     485     262     982
Total assets       $ 61,101   $ 230,098   $ 262   $ 291,461
                               
Liabilities:                        
  Other long-term debt   $ ---   $ ---   $ ---   $ ---
  Accrued interest and other liabilities     ---     ---     262     262
Total liabilities   $ ---   $ ---   $ 262   $ 262
                               

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, 2014, and December 31, 2013:

    March 31, 2014
(dollar amounts in thousands)   Total Assets   Total Liabilities   Maximum Exposure to Loss
             
2012-1 Automobile Trust $ 4,809 $ --- $ 4,809
2012-2 Automobile Trust 6,098   ---   6,098
2011 Automobile Trust   2,385   ---   2,385
Tower Hill Securities, Inc.   66,436   65,000   66,436
Trust Preferred Securities   13,919   317,052   13,919
Low Income Housing Tax Credit Partnerships   309,962   120,675   309,962
Total $ 403,609 $ 502,727 $ 403,609
               
    December 31, 2013
(dollar amounts in thousands)   Total Assets   Total Liabilities   Maximum Exposure to Loss
             
2012-1 Automobile Trust $ 5,975 $ --- $ 5,975
2012-2 Automobile Trust 7,396   ---   7,396
2011 Automobile Trust   3,040   ---   3,040
Tower Hill Securities, Inc.   66,702   65,000   66,702
Trust Preferred Securities   13,764   312,894   ---
Low Income Housing Tax Credit Partnerships   317,226   134,604   317,226
Total $ 414,103 $ 512,498 $ 400,339
               
Summary of Outstanding Trust Preferred Securities

A list of trust preferred securities outstanding at March 31, 2014 follows:

          Principal amount of Investment in
          subordinated note/ unconsolidated
(dollar amounts in thousands) Rate   debenture issued to trust (1) subsidiary
Huntington Capital I 0.94 % (2)   $ 111,816     $ 6,186  
Huntington Capital II 0.86   (3)     54,593       3,093  
Sky Financial Capital Trust III 1.63   (4)     72,165       2,165  
Sky Financial Capital Trust IV 1.65   (4)     74,320       2,320  
Camco Financial Trust 2.67   (5)     4,158       155  
Total         $ 317,052     $ 13,919  
                         
(1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.  
(2) Variable effective rate at March 31, 2014, based on three month LIBOR + 0.70.  
(3) Variable effective rate at March 31, 2014, based on three month LIBOR + 0.625.  
(4) Variable effective rate at March 31, 2014, based on three month LIBOR + 1.40.  
(5) Variable effective rate (including impact of purchase accounting accretion) at March 31, 2014, based on three month LIBOR + 1.33.  
Early adoption of affordable housing tax credit investments
          December 31,  
(dollar amounts in thousands)       2013  
Accrued Income and other assets          
  As previous reported     $ 1,619,046  
  As reported under the new guidance       1,609,877  
             
Retained Earnings          
  As previous reported       (1,470,154)  
  As reported under the new guidance       (1,479,323)  
             
             
      Three Months Ended
          March 31,  
(dollar amounts in thousands)       2013  
Noninterest income          
  As previous reported     $ 252,209  
  As reported under the new guidance       256,618  
             
Provision for income taxes          
  As previous reported       52,214  
  As reported under the new guidance       55,129  
             
Net income          
  As previous reported       151,780  
  As reported under the new guidance       153,274  
Affordable housing tax credit investments
      March 31,     December 31,
(dollar amounts in thousands)   2014     2013
Affordable housing tax credit investments $ 487,119   $ 484,799
Less: amortization   (177,157)     (167,573)
Net affordable housing tax credit investments $ 309,962   $ 317,226
             
Unfunded commitments $ 120,675   $ 134,604

        Three Months Ended
        March 31,
(dollar amounts in thousands)     2014     2013
Tax credits and other tax benefits recognized   $ 14,316   $ 13,788
               
Proportional amortization method            
  Tax credit amortization expense included in provision for income taxes   9,360     8,197
               
Equity method            
  Tax credit investment losses included in non-interest income   223     294