Annual report pursuant to Section 13 and 15(d)

Variable Interest Entities (Tables)

v2.4.1.9
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2014
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, 2014
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
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

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
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 90,278 9,772 90,278
Total $ 504,381 $ 522,270 $ 490,617
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 0.93 % (2) $ 111,816 $ 6,186
Huntington Capital II 0.87 % (3) 54,593 3,093
Sky Financial Capital Trust III 1.66 % (4) 72,165 2,165
Sky Financial Capital Trust IV 1.63 % (4) 74,320 2,320
Camco Financial Trust 1.57 % (5) 4,181 155
Total $ 317,075 $ 13,919
(1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.
(2) Variable effective rate at December 31, 2014, based on three month LIBOR + 0.70.
(3) Variable effective rate at December 31, 2014, based on three month LIBOR + 0.625.
(4) Variable effective rate at December 31, 2014, based on three month LIBOR + 1.40.
(5) Variable effective rate (including impact of purchase accounting accretion) at December 31, 2014, based on three month LIBOR + 1.33.
Affordable housing tax credit investments
December 31, December 31,
(dollar amounts in thousands) 2014 2013
Affordable housing tax credit investments $ 576,381 $ 484,799
Less: amortization (208,098) (167,573)
Net affordable housing tax credit investments $ 368,283 $ 317,226
Unfunded commitments $ 154,861 $ 134,604

Year Ended December 31,
(dollar amounts in thousands) 2014 2013 2012
Tax credits and other tax benefits recognized $ 51,317 $ 55,819 $ 55,558
Proportional amortization method
Tax credit amortization expense included in provision for income taxes 39,021 32,789 32,337
Equity method
Tax credit investment losses included in non-interest income 434 1,176 676