Quarterly report pursuant to Section 13 or 15(d)

VIEs (Tables)

v3.21.2
VIEs (Tables)
6 Months Ended
Jun. 30, 2021
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 in, but is not the primary beneficiary, of the VIE at June 30, 2021, and December 31, 2020:
June 30, 2021
(dollar amounts in millions)
Total Assets
Total Liabilities
Maximum Exposure to Loss
Trust Preferred Securities
$ 14  $ 274  $ — 
Affordable Housing Tax Credit Partnerships
1,293  644  1,293 
Other Investments
422  105  422 
Total
$ 1,729  $ 1,023  $ 1,715 
December 31, 2020
(dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss
Trust Preferred Securities $ 14  $ 252  $ — 
Affordable Housing Tax Credit Partnerships 956  500  956 
Other Investments 308  72  308 
Total $ 1,278  $ 824  $ 1,264 
Capital Securities Issued By Unconsolidated Subsidiaries
A list of trust preferred securities outstanding at June 30, 2021 follows:
(dollar amounts in millions) Rate
Principal amount of
subordinated note/
debenture issued to trust (1)
Investment in
unconsolidated
subsidiary
Huntington Capital I 0.85  % (2) $ 70  $
Huntington Capital II 0.77  (3) 32 
Sky Financial Capital Trust III 1.55  (4) 72 
Sky Financial Capital Trust IV 1.55  (4) 74 
Camco Financial Trust 1.48  (5)
First Huron Trust 5.07  — 
First Place Capital Trust I 3.00  (6) — 
First Place Capital Trust II 6.45  — 
First Place Capital Trust III 5.69  — 
Total $ 274  $ 14 
(1)Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.
(2)Variable effective rate at June 30, 2021, based on three-month LIBOR +0.70%.
(3)Variable effective rate at June 30, 2021, based on three-month LIBOR +0.625%.
(4)Variable effective rate at June 30, 2021, based on three-month LIBOR +1.40%.
(5)Variable effective rate at June 30, 2021, based on three-month LIBOR +1.33%.
(6)Variable effective rate at June 30, 2021, based on three-month LIBOR +2.85%.
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, 2021 and December 31, 2020.
(dollar amounts in millions) June 30,
2021
December 31,
2020
Affordable housing tax credit investments $ 1,957  $ 1,568 
Less: amortization (664) (612)
Net affordable housing tax credit investments $ 1,293  $ 956 
Unfunded commitments $ 644  $ 500 
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, 2021 and 2020.
Three Months Ended
June 30,
Six Months Ended
June 30,
(dollar amounts in millions) 2021 2020 2021 2020
Tax credits and other tax benefits recognized $ 44  $ 30  $ 77  $ 59 
Proportional amortization expense included in provision for income taxes 30  25  58  50