Annual report pursuant to Section 13 and 15(d)

VIEs (Tables)

v3.10.0.1
VIEs (Tables)
12 Months Ended
Dec. 31, 2018
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 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 December 31, 2018, and 2017:
 
December 31, 2018
(dollar amounts in millions)
Total Assets
 
Total Liabilities
 
Maximum Exposure to Loss
Trust Preferred Securities
14

 
252

 

Affordable Housing Tax Credit Partnerships
708

 
357

 
708

Other Investments
126

 
53

 
126

Total
$
848

 
$
662

 
$
834

 
December 31, 2017
(dollar amounts in millions)
Total Assets
 
Total Liabilities
 
Maximum Exposure to Loss
Trust Preferred Securities
14

 
252

 

Affordable Housing Tax Credit Partnerships
636

 
335

 
636

Other Investments
125

 
53

 
125

Total
$
775

 
$
640

 
$
761

Summary of outstanding trust preferred securities
Huntington’s long-term debt consisted of the following:
 
At December 31,
(dollar amounts in millions)
2018
 
2017
The Parent Company:
 
 
 
Senior Notes:
 
 
 
3.19% Huntington Bancshares Incorporated medium-term notes due 2021
$
969

 
$
969

2.33% Huntington Bancshares Incorporated senior notes due 2022
946

 
953

4.00% Huntington Bancshares Incorporated senior notes due 2025
507

 

2.64% Huntington Bancshares Incorporated senior notes due 2018

 
399

Subordinated Notes:
 
 
 
7.00% Huntington Bancshares Incorporated subordinated notes due 2020
305

 
312

3.55% Huntington Bancshares Incorporated subordinated notes due 2023
239

 
245

Sky Financial Capital Trust IV 4.20% junior subordinated debentures due 2036 (1)
74

 
74

Sky Financial Capital Trust III 4.20% junior subordinated debentures due 2036 (1)
72

 
72

Huntington Capital I Trust Preferred 3.50% junior subordinated debentures due 2027 (2)
69

 
69

Huntington Capital II Trust Preferred 3.42% junior subordinated debentures due 2028 (3)
31

 
31

Camco Financial Statutory Trust I 4.13% due 2037 (4)
4

 
4

Total notes issued by the parent
3,216

 
3,128

The Bank:
 
 
 
Senior Notes:
 
 
 
3.55% Huntington National Bank senior notes due 2023
756

 

3.25% Huntington National Bank senior notes due 2021
750

 

2.47% Huntington National Bank senior notes due 2020
692

 
694

2.55% Huntington National Bank senior notes due 2022
672

 
685

2.23% Huntington National Bank senior notes due 2019
498

 
497

2.43% Huntington National Bank senior notes due 2020
493

 
498

2.97% Huntington National Bank senior notes due 2020
491

 
492

3.31% Huntington National Bank senior notes due 2020 (5)
300

 
300

2.24% Huntington National Bank senior notes due 2018

 
844

2.10% Huntington National Bank senior notes due 2018

 
748

1.75% Huntington National Bank senior notes due 2018

 
496

5.04% Huntington National Bank medium-term notes due 2018

 
35

Subordinated Notes:
 
 
 
3.86% Huntington National Bank subordinated notes due 2026
229

 
238

5.45% Huntington National Bank subordinated notes due 2019
76

 
77

6.67% Huntington National Bank subordinated notes due 2018

 
129

Total notes issued by the bank
4,957

 
5,733

FHLB Advances:
 
 
 
3.12% weighted average rate, varying maturities greater than one year
6

 
7

Other:
 
 
 
Huntington Technology Finance nonrecourse debt, 4.19% effective interest rate, varying maturities
322

 
263

4.68% Huntington Preferred Capital II - Class F securities (6)
74

 
75

4.68% Huntington Preferred Capital II - Class G securities (6)
50

 

Total other
446

 
338

Total long-term debt
$
8,625

 
$
9,206

(1)
Variable effective rate at December 31, 2018, based on three-month LIBOR +1.40%.
(2)
Variable effective rate at December 31, 2018, based on three-month LIBOR +0.70%
(3)
Variable effective rate at December 31, 2018, based on three-month LIBOR +0.625%.
(4)
Variable effective rate at December 31, 2018, based on three-month LIBOR +1.33%.
(5)
Variable effective rate at December 31, 2018, based on three-month LIBOR + 0.51%
(6)
Variable effective rate at December 31, 2018, based on three-month LIBOR +1.88%.


The trust securities are the obligations of the trusts, and as such, are not consolidated within Huntington’s Consolidated Financial Statements.
A list of trust-preferred securities outstanding at December 31, 2018 follows:
(dollar amounts in millions)
Rate
 
Principal amount of
subordinated note/
debenture issued to trust (1)
 
Investment in
unconsolidated
subsidiary
Huntington Capital I
3.50
%
(2)
$
70

 
$
6

Huntington Capital II
3.42

(3)
32

 
3

Sky Financial Capital Trust III
4.20

(4)
72

 
2

Sky Financial Capital Trust IV
4.20

(4)
74

 
2

Camco Financial Trust
4.13

(5)
4

 
1

Total
 
 
$
252

 
$
14

(1)
Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.
(2)
Variable effective rate at December 31, 2018, based on three-month LIBOR + 0.70%.
(3)
Variable effective rate at December 31, 2018, based on three-month LIBOR + 0.625%.
(4)
Variable effective rate at December 31, 2018, based on three-month LIBOR + 1.40%.
(5)
Variable effective rate at December 31, 2018, based on three month LIBOR + 1.33%.