Quarterly report pursuant to Section 13 or 15(d)

VIEs (Tables)

v3.5.0.2
VIEs (Tables)
6 Months Ended
Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [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 June 30, 2016, and December 31, 2015:

June 30, 2016
(dollar amounts in thousands)
Total Assets

Total Liabilities

Maximum Exposure to Loss
2015-1 Automobile Trust
$
5,203


$


$
5,203

2012-2 Automobile Trust
147




147

Trust Preferred Securities
13,919


317,122



Low Income Housing Tax Credit Partnerships
452,526


210,297


452,526

Other Investments
62,564


24,586


62,564

Total
$
534,359


$
552,005


$
520,440

 
December 31, 2015
(dollar amounts in thousands)
Total Assets
 
Total Liabilities
 
Maximum Exposure to Loss
2015-1 Automobile Trust
$
7,695

 
$

 
$
7,695

2012-1 Automobile Trust
94

 

 
94

2012-2 Automobile Trust
771

 

 
771

Trust Preferred Securities
13,919

 
317,106

 

Low Income Housing Tax Credit Partnerships
425,500

 
196,001

 
425,500

Other Investments
68,746

 
25,762

 
68,746

Total
$
516,725


$
538,869


$
502,806

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 June 30, 2016 and December 31, 2015:
 
June 30, 2016
 
Huntington Technology
Funding Trust
 
Other Consolidated VIEs
 
Total
(dollar amounts in thousands)
 
Series 2014A
 
 
Assets:
 
 
 
 
 
 
Cash
 
$
1,561

 
$

 
$
1,561

Loans and leases
 
105,810

 

 
105,810

Allowance for loan and lease losses
 

 

 

Net loans and leases
 
105,810

 

 
105,810

Accrued income and other assets
 

 
219

 
219

Total assets
 
$
107,371

 
$
219

 
$
107,590

Liabilities:
 
 
 
 
 
 
Other long-term debt
 
$
86,315

 
$

 
$
86,315

Accrued interest and other liabilities
 

 
219

 
219

Total liabilities
 
86,315

 
219

 
86,534

Equity:
 
 
 
 
 
 
Beneficial Interest owned by third party
 
21,056

 

 
21,056

Total liabilities and equity
 
$
107,371

 
$
219

 
$
107,590

 
December 31, 2015
 
Huntington Technology
Funding Trust
 
Other Consolidated VIEs
 
Total
(dollar amounts in thousands)
Series 2012A
 
Series 2014A
 
 
Assets:
 
 
 
 
 
 
 
Cash
$
1,377

 
$
1,561

 
$

 
$
2,938

Loans and leases
32,180

 
152,331

 

 
184,511

Allowance for loan and lease losses

 

 

 

Net loans and leases
32,180

 
152,331

 

 
184,511

Accrued income and other assets

 

 
229

 
229

Total assets
$
33,557

 
$
153,892

 
$
229

 
$
187,678

Liabilities:
 
 
 
 
 
 
 
Other long-term debt
$
27,153

 
$
123,577

 
$

 
$
150,730

Accrued interest and other liabilities

 

 
229

 
229

Total liabilities
27,153

 
123,577

 
229

 
150,959

Equity:
 
 
 
 
 
 
 
Beneficial Interest owned by third party
6,404

 
30,315

 

 
36,719

Total liabilities and equity
$
33,557

 
$
153,892

 
$
229

 
$
187,678

Summary of Outstanding Trust Preferred Securities
A list of trust preferred securities outstanding at June 30, 2016 follows:
(dollar amounts in thousands)
Rate
 
Principal amount of
subordinated note/
debenture issued to trust (1)
 
Investment in
unconsolidated
subsidiary
Huntington Capital I
1.34
%
(2)
$
111,816

 
$
6,186

Huntington Capital II
1.28

(3)
54,593

 
3,093

Sky Financial Capital Trust III
2.03

(4)
72,165

 
2,165

Sky Financial Capital Trust IV
2.03

(4)
74,320

 
2,320

Camco Financial Trust
3.09

(5)
4,228

 
155

Total
 
 
$
317,122

 
$
13,919

(1)
Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.
(2)
Variable effective rate at June 30, 2016, based on three-month LIBOR +0.70%.
(3)
Variable effective rate at June 30, 2016, based on three-month LIBOR +0.625%.
(4)
Variable effective rate at June 30, 2016, based on three-month LIBOR +1.40%.
(5)
Variable effective rate (including impact of purchase accounting accretion) at June 30, 2016, based on three-month LIBOR +1.33%.
Affordable housing tax credit investments
The following table presents the balances of Huntington’s affordable housing tax credit investments and related unfunded commitments at June 30, 2016 and December 31, 2015:
(dollar amounts in thousands)
June 30,
2016
 
December 31,
2015
Affordable housing tax credit investments
$
725,193

 
$
674,157

Less: amortization
(272,667
)
 
(248,657
)
Net affordable housing tax credit investments
$
452,526

 
$
425,500

Unfunded commitments
$
210,297

 
$
196,001


The following table presents other information relating to Huntington’s affordable housing tax credit investments for the three-month and six-month periods ended June 30, 2016 and 2015:
 
 
Three Months Ended
June 30,
 
Six months ended
June 30,
(dollar amounts in thousands)
 
2016
 
2015
 
2016
 
2015
Tax credits and other tax benefits recognized
 
$
18,150

 
$
14,434

 
$
36,434

 
$
30,181

Proportional amortization method
 
 
 
 
 
 
 
 
Tax credit amortization expense included in provision for income taxes
 
12,499

 
11,218

 
24,905

 
22,292

Equity method
 
 
 
 
 
 
 
 
Tax credit investment (gains) losses included in non-interest income
 
132

 
147

 
264

 
294