Current report filing

Variable Interest Entities (Tables)

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Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2013
Variable Interest Entities [Abstract]  
Carrying amount and classification of the trusts assets and liabilities
            2009     2006     Other      
            Automobile     Automobile     Consolidated      
            Trust     Trust     Trusts     Total
(dollar amounts in thousands)       December 31, 2013
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
                               
            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

    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
Other Investments   56,797   9,772   56,797
Total $ 470,900 $ 522,270 $ 457,136
               
    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   324,419   139,797   324,419
Other Investments   52,604   12,250   52,604
Total $ 511,203 $ 529,941 $ 497,439
Summary of Outstanding Trust Preferred Securities
        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 0.87 % (3)     54,593       3,093  
Sky Financial Capital Trust III 1.65 % (4)     72,165       2,165  
Sky Financial Capital Trust IV 1.65 % (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, 2013, based on three month LIBOR + 0.70.  
(3) Variable effective rate at December 31, 2013, based on three month LIBOR + 0.625.  
(4) Variable effective rate at December 31, 2013, based on three month LIBOR + 1.40.  
Affordable housing tax credit investments
      December 31,     December 31,
(dollar amounts in thousands)   2013     2012
Affordable housing tax credit investments $ 484,799   $ 465,831
Less: amortization   (167,573)     (141,412)
Net affordable housing tax credit investments $ 317,226   $ 324,419
             
Unfunded commitments $ 134,604   $ 139,797

      Year Ended December 31,
(dollar amounts in thousands)   2013     2012     2011
Tax credits and other tax benefits recognized $ 55,819   $ 55,558   $ 41,372
                   
Proportional amortization method                
  Tax credit amortization expense included in provision for income taxes   32,789     32,337     27,619
                   
Equity method                
  Tax credit investment losses included in non-interest income   1,176     676     ---