Quarterly report pursuant to Section 13 or 15(d)

VIEs (Tables)

v3.7.0.1
VIEs (Tables)
6 Months Ended
Jun. 30, 2017
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, 2017, and December 31, 2016:

June 30, 2017
(dollar amounts in thousands)
Total Assets

Total Liabilities

Maximum Exposure to Loss
2016-1 Automobile Trust
$
10,464

 
$

 
$
10,464

2015-1 Automobile Trust
2,046




2,046

Trust Preferred Securities
13,919


252,568



Low Income Housing Tax Credit Partnerships
615,691


327,793


615,691

Other Investments
110,318


55,026


110,318

Total
$
752,438


$
635,387


$
738,519

 
December 31, 2016
(dollar amounts in thousands)
Total Assets
 
Total Liabilities
 
Maximum Exposure to Loss
2016-1 Automobile Trust
$
14,770

 
$

 
$
14,770

2015-1 Automobile Trust
2,227

 

 
2,227

Trust Preferred Securities
13,919

 
252,552

 

Low Income Housing Tax Credit Partnerships
576,880

 
292,721

 
576,880

Other Investments
79,195

 
42,316

 
79,195

Total
$
686,991


$
587,589


$
673,072

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, 2017 and December 31, 2016:
 
 
June 30, 2017
 
 
Huntington Technology
Funding Trust
 
Other Consolidated VIEs
 
Total
(dollar amounts in thousands)
 
Series 2014A
 
 
Assets:
 
 
 
 
 
 
Cash
 
$
1,566

 
$

 
$
1,566

Net loans and leases
 
43,039

 

 
43,039

Accrued income and other assets
 

 
271

 
271

Total assets
 
$
44,605

 
$
271

 
$
44,876

Liabilities:
 
 
 
 
 
 
Other long-term debt
 
$
36,040

 
$

 
$
36,040

Accrued interest and other liabilities
 

 
271

 
271

Total liabilities
 
36,040

 
271

 
36,311

Equity:
 
 
 
 
 
 
Beneficial Interest owned by third party
 
8,565

 

 
8,565

Total liabilities and equity
 
$
44,605

 
$
271

 
$
44,876

 
 
December 31, 2016
 
 
Huntington Technology
Funding Trust
 
Other Consolidated VIEs
 
Total
(dollar amounts in thousands)
 
Series 2014A
 
 
Assets:
 
 
 
 
 
 
Cash
 
$
1,564

 
$

 
$
1,564

Net loans and leases
 
69,825

 

 
69,825

Accrued income and other assets
 

 
281

 
281

Total assets
 
$
71,389

 
$
281

 
$
71,670

Liabilities:
 
 
 
 
 
 
Other long-term debt
 
$
57,494

 
$

 
$
57,494

Accrued interest and other liabilities
 

 
281

 
281

Total liabilities
 
57,494

 
281

 
57,775

Equity:
 
 
 
 
 
 
Beneficial Interest owned by third party
 
13,895

 

 
13,895

Total liabilities and equity
 
$
71,389

 
$
281

 
$
71,670

Summary of Outstanding Trust Preferred Securities
A list of trust preferred securities outstanding at June 30, 2017 follows:
(dollar amounts in thousands)
Rate
 
Principal amount of
subordinated note/
debenture issued to trust (1)
 
Investment in
unconsolidated
subsidiary
Huntington Capital I
1.87
%
(2)
$
69,730

 
$
6,186

Huntington Capital II
1.87

(3)
32,093

 
3,093

Sky Financial Capital Trust III
2.70

(4)
72,165

 
2,165

Sky Financial Capital Trust IV
2.55

(4)
74,320

 
2,320

Camco Financial Trust
3.69

(5)
4,260

 
155

Total
 
 
$
252,568

 
$
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, 2017, based on three-month LIBOR +0.70%.
(3)
Variable effective rate at June 30, 2017, based on three-month LIBOR +0.625%.
(4)
Variable effective rate at June 30, 2017, based on three-month LIBOR +1.40%.
(5)
Variable effective rate at June 30, 2017, 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, 2017 and December 31, 2016:
(dollar amounts in thousands)
June 30,
2017
 
December 31,
2016
Affordable housing tax credit investments
$
942,769

 
$
877,237

Less: amortization
(327,078
)
 
(300,357
)
Net affordable housing tax credit investments
$
615,691

 
$
576,880

Unfunded commitments
$
327,793

 
$
292,721


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, 2017 and 2016:
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(dollar amounts in thousands)
2017
 
2016
 
2017
 
2016
Tax credits and other tax benefits recognized
$
22,671

 
$
18,150

 
$
45,955

 
$
36,434

Proportional amortization method
 
 
 
 
 
 
 
Tax credit amortization expense included in provision for income taxes
17,220

 
12,499

 
34,182

 
24,905

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

 
132

 
109

 
264