Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities (Tables)

v2.4.0.6
Variable Interest Entities (Tables)
 3 Months Ended
Jun. 30, 2012
Variable Interest Entities [Abstract]  
Carrying amount and classification of the trusts assets and liabilities

The following tables present the carrying amount and classification of the consolidated trusts' assets and liabilities that were included in the Unaudited Condensed Consolidated Balance Sheets at June 30, 2012, and December 31, 2011:

            June 30, 2012
            2009     2006     Other      
            Automobile     Automobile     Consolidated      
(dollar amounts in thousands)         Trust     Trust     Trusts     Total
Assets:                            
  Cash       $ 15,927   $ 54,521   $ ---   $ 70,448
  Loans and leases         210,031     601,737     ---     811,768
  Allowance for loan and lease losses         ---     (4,754)     ---     (4,754)
  Net loans and leases         210,031     596,983     ---     807,014
  Accrued income and other assets         852     2,334     350     3,536
Total assets       $ 226,810   $ 653,838   $ 350   $ 880,998
                               
Liabilities:                            
  Other long-term debt       $ 32,794   $ 225,236   $ ---   $ 258,030
  Accrued interest and other liabilities         82     56     350     488
Total liabilities       $ 32,876   $ 225,292   $ 350   $ 258,518
                               
    December 31, 2011
      2008     2009     2006     Other      
      Automobile     Automobile     Automobile     Consolidated      
(dollar amounts in thousands)   Trust     Trust     Trust     Trusts     Total
Assets:                            
  Cash $ 12,722   $ 18,212   $ 52,325   $ ---   $ 83,259
  Loans and leases   131,563     296,250     704,345     ---     1,132,158
  Allowance for loan and lease losses   (1,118)     ---     (5,987)     ---     (7,105)
  Net loans and leases   130,445     296,250     698,358     ---     1,125,053
  Accrued income and other assets   610     1,692     2,959     1,117     6,378
Total assets $ 143,777   $ 316,154   $ 753,642   $ 1,117   $ 1,214,690
                               
Liabilities:                            
  Other long-term debt $ 18,230   $ 123,039   $ 333,644   $ ---   $ 474,913
  Accrued interest and other liabilities   40     298     88     419     845
Total liabilities $ 18,270   $ 123,337   $ 333,732   $ 419   $ 475,758
                               

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, 2012, and December 31, 2011:

    June 30, 2012
(dollar amounts in thousands)   Total Assets   Total Liabilities   Maximum Exposure to Loss
             
2012 Automobile Trust $ 16,804 $ --- $ 16,804
2011 Automobile Trust   9,933   ---   9,933
Tower Hill Securities, Inc.   89,100   65,000   89,100
Trust Preferred Securities   14,889   464,125   ---
Low Income Housing Tax Credit Partnerships   358,017   130,143   358,017
Total $ 488,743 $ 659,268 $ 473,854
               
    December 31, 2011
(dollar amounts in thousands)   Total Assets   Total Liabilities   Maximum Exposure to Loss
             
2011 Automobile Trust $ 13,377 $ --- $ 13,377
Tower Hill Securities, Inc.   90,514   65,000   90,514
Trust Preferred Securities   17,364   554,496   ---
Low Income Housing Tax Credit Partnerships   376,098   157,754   376,098
Total $ 497,353 $ 777,250 $ 479,989
               
Summary of Outstanding Trust Preferred Securities

A list of trust preferred securities outstanding at June 30, 2012, follows:

          Principal amount of Investment in
          subordinated note/ unconsolidated
(dollar amounts in thousands) Rate   debenture issued to trust (1) subsidiary
Huntington Capital I 1.45 % (2)   $ 111,816     $ 6,186  
Huntington Capital II 1.09   (3)     54,593       3,093  
Huntington Capital III 6.85         114,116       10  
Sky Financial Capital Trust II 3.42   (4)     30,929       929  
Sky Financial Capital Trust III 1.87   (5)     72,165       2,165  
Sky Financial Capital Trust IV 1.87   (5)     74,320       2,320  
Prospect Trust I 3.72   (6)     6,186       186  
Total         $ 464,125     $ 14,889  
                         
(1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.  
(2) Variable effective rate at June 30, 2012, based on three month LIBOR + 0.70.  
(3) Variable effective rate at June 30, 2012, based on three month LIBOR + 0.625.  
(4) Variable effective rate at June 30, 2012, based on three month LIBOR + 2.95.  
(5) Variable effective rate at June 30, 2012, based on three month LIBOR + 1.40.  
(6) Variable effective rate at June 30, 2012, based on three month LIBOR + 3.25.