Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities (Tables)

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Variable Interest Entities (Tables)
 6 Months Ended
Jun. 30, 2011
Variable Interest Entities [Abstract]  
Carrying amount and classification of the trusts assets and liabilities
The carrying amount and classification of the trusts’ assets and liabilities included in the Unaudited Condensed Consolidated Balance Sheet are as follows:
                                         
    June 30, 2011  
    Franklin                          
(dollar amounts in thousands)   2009 Trust     2009 Trust     2008 Trust     2006 Trust     Total  
Assets:
                                       
Cash
  $ —     $ 23,767     $ 17,097     $ 62,862     $ 103,726  
Loans and leases
    —       400,935       201,795       928,688       1,531,418  
Allowance for loan and lease losses
    —       —       (1,796 )     (8,265 )     (10,061 )
 
                             
Net loans and leases
    —       400,935       199,999       920,423       1,625,083  
Accrued income and other assets
    1,588       1,839       839       3,694       7,960  
 
                             
Total assets
  $ 1,588     $ 426,541     $ 217,935     $ 986,979     $ 1,736,769  
 
                             
Liabilities:
                                       
Other long-term debt
  $ —     $ 231,017     $ 67,142     $ 581,944     $ 880,103  
Accrued interest and other liabilities
    1,096       480       131       123       1,830  
 
                             
Total liabilities
  $ 1,096     $ 231,497     $ 67,273     $ 582,067     $ 881,933  
 
                             
Summary of Outstanding Trust Preferred Securities
Trust-Preferred Securities
Huntington has certain wholly-owned trusts whose assets, liabilities, equity, income, and expenses are not included within Huntington’s Unaudited Condensed Consolidated Financial Statements. These trusts have been formed for the sole purpose of issuing trust-preferred securities, from which the proceeds are then invested in Huntington junior subordinated debentures, which are reflected in Huntington’s Unaudited Condensed Consolidated Balance Sheet as subordinated notes. The trust securities are the obligations of the trusts, and as such, are not consolidated within Huntington’s Unaudited Condensed Consolidated Financial Statements. A list of trust-preferred securities outstanding at June 30, 2011, follows:
                         
            Principal amount of     Investment in  
            subordinated note/     unconsolidated  
(dollar amounts in thousands)   Rate     debenture issued to trust (1)     subsidiary (2)  
Huntington Capital I
    0.97 %(3)   $ 138,816     $ 6,186  
Huntington Capital II
    0.87 (4)     55,093       3,093  
Huntington Capital III
    6.69       114,086       10  
BancFirst Ohio Trust Preferred
    8.54       23,220       619  
Sky Financial Capital Trust I
    8.56       64,333       1,856  
Sky Financial Capital Trust II
    3.22 (5)     30,929       929  
Sky Financial Capital Trust III
    1.65 (6)     77,320       2,320  
Sky Financial Capital Trust IV
    1.70 (6)     77,320       2,320  
Prospect Trust I
    3.53 (7)     6,186       186  
 
                 
Total
          $ 587,303     $ 17,519  
 
                 
(1)   Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.
 
(2)   Huntington’s investment in the unconsolidated trusts represents the only risk of loss.
 
(3)   Variable effective rate at June 30, 2011, based on three month LIBOR + 0.70.
 
(4)   Variable effective rate at June 30, 2011, based on three month LIBOR + 0.625.
 
(5)   Variable effective rate at June 30, 2011, based on three month LIBOR + 2.95.
 
(6)   Variable effective rate at June 30, 2011, based on three month LIBOR + 1.40.
 
(7)   Variable effective rate at June 30, 2011, based on three month LIBOR + 3.25.