Quarterly report pursuant to Section 13 or 15(d)

Benefit Plans (Tables)

 v2.3.0.11
Benefit Plans (Tables)
 6 Months Ended
Jun. 30, 2011
Benefit Plans [Abstract]  
Components of net periodic benefit expense
The following table shows the components of net periodic benefit expense of the Plan and the Post-Retirement Benefit Plan:
                                 
    Pension Benefits     Post Retirement Benefits  
    Three Months Ended     Three Months Ended  
    June 30,     June 30,  
(dollar amounts in thousands)   2011     2010     2011     2010  
Service cost
  $ 5,413     $ 5,051     $ —     $ —  
Interest cost
    7,518       7,217       405       433  
Expected return on plan assets
    (10,823 )     (10,528 )     —       —  
Amortization of transition asset
    (1 )     2       —       —  
Amortization of prior service cost
    (1,442 )     (1,442 )     (338 )     (338 )
Amortization of gains
    5,874       3,747       (106 )     (176 )
Settlements
    1,750       1,725       —       —  
 
                       
Benefit expense
  $ 8,289     $ 5,772     $ (39 )   $ (81 )
 
                       
                                 
    Pension Benefits     Post Retirement Benefits  
    Six Months Ended     Six Months Ended  
    June 30,     June 30,  
(dollar amounts in thousands)   2011     2010     2011     2010  
Service cost
  $ 10,826     $ 10,102     $ —     $ —  
Interest cost
    15,036       14,434       810       866  
Expected return on plan assets
    (21,646 )     (21,056 )     —       —  
Amortization of transition asset
    (2 )     4       —       —  
Amortization of prior service cost
    (2,884 )     (2,884 )     (676 )     (676 )
Amortization of gains
    11,748       7,494       (212 )     (351 )
Settlements
    3,500       3,450       —       —  
 
                       
Benefit expense
  $ 16,578     $ 11,544     $ (78 )   $ (161 )
 
                       
Summary of plan assets investments
The Bank, as trustee, held all Plan assets at June 30, 2011, and December 31, 2010. The Plan assets consisted of investments in a variety of Huntington mutual funds and Huntington common stock as follows:
                                                 
    Fair Value  
(dollar amounts in thousands)   June 30, 2011     December 31, 2010     June 30, 2010  
Cash
  $ 26       — %   $ —       — %   $ —       — %
Cash equivalents:
                                               
Huntington funds — money market
    1,255       —       25       —       2,736       1  
Other
    —       —       —       —       26       —  
Fixed income:
                                               
Huntington funds — fixed income funds
    173,781       33       133,330       28       132,883       31  
Corporate obligations
    —       —       —       —       1,084       —  
U.S. Government Agencies
    —       —       —       —       1,013       —  
Equities:
                                               
Huntington funds
    328,476       62       318,155       66       266,183       63  
Other — equity mutual funds
    4,267       1       —       —       —       —  
Huntington common stock
    25,754       4       26,969       6       21,756       5  
 
                                   
Fair value of plan assets
  $ 533,559       100 %   $ 478,479       100 %   $ 425,681       100 %
 
                                   
Costs of providing the SERP, SRIP, and defined contribution plans
The following table shows the costs of providing the SERP, SRIP, and defined contribution plans:
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
(dollar amounts in millions)   2011     2010     2011     2010  
SERP & SRIP
  $ 0.7     $ 0.9     $ 1.4     $ 1.6  
Defined Contribution Plan
    3.8       2.1       7.5       2.1  
 
                       
Benefit Cost
  $ 4.5     $ 3.0     $ 8.9     $ 3.7