Quarterly report pursuant to Section 13 or 15(d)

VIEs (Tables)

v3.20.2
VIEs (Tables)
6 Months Ended
Jun. 30, 2020
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, 2020, and December 31, 2019:

June 30, 2020
(dollar amounts in millions)
Total Assets

Total Liabilities

Maximum Exposure to Loss
Trust Preferred Securities
$
14


$
252


$

Affordable Housing Tax Credit Partnerships
858


432


858

Other Investments
220


59


220

Total
$
1,092


$
743


$
1,078

 
December 31, 2019
(dollar amounts in millions)
Total Assets
 
Total Liabilities
 
Maximum Exposure to Loss
Trust Preferred Securities
$
14

 
$
252

 
$

Affordable Housing Tax Credit Partnerships
727

 
332

 
727

Other Investments
179

 
63

 
179

Total
$
920


$
647


$
906


Summary of Outstanding Trust Preferred Securities
A list of trust preferred securities outstanding at June 30, 2020 follows:
(dollar amounts in millions)
Rate
 
Principal amount of
subordinated note/
debenture issued to trust (1)
 
Investment in
unconsolidated
subsidiary
Huntington Capital I
1.00
%
(2)
$
70

 
$
6

Huntington Capital II
0.93

(3)
32

 
3

Sky Financial Capital Trust III
1.70

(4)
72

 
2

Sky Financial Capital Trust IV
1.70

(4)
74

 
2

Camco Financial Trust
1.63

(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 June 30, 2020, based on three-month LIBOR +0.70%.
(3)
Variable effective rate at June 30, 2020, based on three-month LIBOR +0.625%.
(4)
Variable effective rate at June 30, 2020, based on three-month LIBOR +1.40%.
(5)
Variable effective rate at June 30, 2020, 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, 2020 and December 31, 2019.
(dollar amounts in millions)
June 30,
2020
 
December 31,
2019
Affordable housing tax credit investments
$
1,423

 
$
1,242

Less: amortization
(565
)
 
(515
)
Net affordable housing tax credit investments
$
858

 
$
727

Unfunded commitments
$
432

 
$
332


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, 2020 and 2019.
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(dollar amounts in millions)
 
2020
 
2019
 
2020
 
2019
Tax credits and other tax benefits recognized
 
$
30

 
$
26

 
$
59

 
$
53

Proportional amortization expense included in provision for income taxes
 
25

 
22

 
50

 
44