| Subordinated Notes [Text Block] |
12. Subordinated Notes
At December 31, Huntington's subordinated notes consisted of the following:
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|
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At December 31, |
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(dollar amounts in thousands)
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2012 |
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|
2011 |
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|
|
|
|
|
|
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Parent company:
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|
|
|
|
|
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6.21% subordinated notes due 2013
|
$ |
49,892 |
|
$ |
49,482 |
|
7.00% subordinated notes due 2020
|
|
350,656 |
|
|
344,347 |
|
1.01% junior subordinated debentures due 2027 (1)
|
|
111,816 |
|
|
111,816 |
|
0.93% junior subordinated debentures due 2028 (2)
|
|
54,593 |
|
|
54,593 |
|
8.54% junior subordinated debentures due 2029
|
|
--- |
|
|
23,192 |
|
8.56% junior subordinated debentures due 2030
|
|
--- |
|
|
64,194 |
|
3.34% junior subordinated debentures due 2033
|
|
--- |
|
|
30,929 |
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3.65% junior subordinated debentures due 2033
|
|
--- |
|
|
6,186 |
|
1.71% junior subordinated debentures due 2036 (3)
|
|
72,165 |
|
|
72,165 |
|
1.76% junior subordinated debentures due 2036 (3)
|
|
74,320 |
|
|
77,320 |
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6.69% junior subordinated debentures due 2067
|
|
--- |
|
|
114,101 |
|
The Huntington National Bank:
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|
|
|
|
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6.21% subordinated notes due 2012
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|
--- |
|
|
64,959 |
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5.00% subordinated notes due 2014
|
|
130,186 |
|
|
134,225 |
|
5.59% subordinated notes due 2016
|
|
110,321 |
|
|
111,953 |
|
6.67% subordinated notes due 2018
|
|
150,219 |
|
|
151,444 |
|
5.45% subordinated notes due 2019
|
|
92,923 |
|
|
92,462 |
|
Total subordinated notes
|
$ |
1,197,091 |
|
$ |
1,503,368 |
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|
|
|
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| (1) Variable effective rate at December 31, 2012, based on three month LIBOR + 0.70%. |
| (2) Variable effective rate at December 31, 2012, based on three month LIBOR + 0.625%. |
| (3) Variable effective rate at December 31, 2012, based on three month LIBOR + 1.40%. |
Amounts above are net of unamortized discounts and adjustments related to hedging with derivative financial instruments. The derivative instruments, principally interest rate swaps, are used to match the funding rates on certain assets to hedge the interest rate values of certain fixed-rate debt by converting the debt to a variable rate. See Note 20 for more information regarding such financial instruments. All principal is due upon maturity of the note as described in the table above.
During 2012 and 2011, Huntington retired $230.3 million and $36.1 million, respectively of junior subordinated debentures, which resulted in net pre-tax gains of $0.8 million and $9.7 million, respectively. These transactions have been recorded as gains on early extinguishment of debt, a reduction of noninterest expense, in the Consolidated Financial Statements.
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