Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities (Tables)

v2.4.0.8
Variable Interest Entities (Tables)
 3 Months Ended
Sep. 30, 2013
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 September 30, 2013 and December 31, 2012:

            September 30, 2013
            2009     2006     Other      
            Automobile     Automobile     Consolidated      
(dollar amounts in thousands)         Trust     Trust     Trusts     Total
Assets:                        
  Cash   $ 8,987   $ 79,153   $ ---   $ 88,140
  Loans and leases     69,780     188,871     ---     258,651
  Allowance for loan and lease losses     ---     (793)     ---     (793)
  Net loans and leases     69,780     188,078     ---     257,858
  Accrued income and other assets     283     565     261     1,109
Total assets       $ 79,050   $ 267,796   $ 261   $ 347,107
                               
Liabilities:                        
  Other long-term debt   $ ---   $ ---   $ ---   $ ---
  Accrued interest and other liabilities     ---     ---     261     261
Total liabilities   $ ---   $ ---   $ 261   $ 261
                               
            December 31, 2012
            2009     2006     Other      
            Automobile     Automobile     Consolidated      
(dollar amounts in thousands)         Trust     Trust     Trusts     Total
Assets:                        
  Cash   $ 12,577   $ 91,113   $ ---   $ 103,690
  Loans and leases     142,762     356,162     ---     498,924
  Allowance for loan and lease losses     ---     (2,671)     ---     (2,671)
  Net loans and leases     142,762     353,491     ---     496,253
  Accrued income and other assets     617     1,353     288     2,258
Total assets       $ 155,956   $ 445,957   $ 288   $ 602,201
                               
Liabilities:                        
  Other long-term debt   $ ---   $ 2,086   $ ---   $ 2,086
  Accrued interest and other liabilities     ---     1     288     289
Total liabilities   $ ---   $ 2,087   $ 288   $ 2,375
                               

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 September 30, 2013, and December 31, 2012:

    September 30, 2013
(dollar amounts in thousands)   Total Assets   Total Liabilities   Maximum Exposure to Loss
             
2012-1 Automobile Trust $ 7,298 $ --- $ 7,298
2012-2 Automobile Trust 8,750   ---   8,750
2011 Automobile Trust   3,827   ---   3,827
Tower Hill Securities, Inc.   79,312   65,000   79,312
Trust Preferred Securities   13,764   312,894   ---
Low Income Housing Tax Credit Partnerships   367,817   139,293   367,817
Total $ 480,768 $ 517,187 $ 467,004
               
    December 31, 2012
(dollar amounts in thousands)   Total Assets   Total Liabilities   Maximum Exposure to Loss
             
2012-1 Automobile Trust $ 12,649 $ --- $ 12,649
2012-2 Automobile Trust 13,616   ---   13,616
2011 Automobile Trust   7,076   ---   7,076
Tower Hill Securities, Inc.   87,075   65,000   87,075
Trust Preferred Securities   13,764   312,894   ---
Low Income Housing Tax Credit Partnerships   391,878   152,047   391,878
Total $ 526,058 $ 529,941 $ 512,294
               
Summary of Outstanding Trust Preferred Securities

A list of trust preferred securities outstanding at September 30, 2013 follows:

          Principal amount of Investment in
          subordinated note/ unconsolidated
(dollar amounts in thousands) Rate   debenture issued to trust (1) subsidiary
Huntington Capital I 0.97 % (2)   $ 111,816     $ 6,186  
Huntington Capital II 0.88   (3)     54,593       3,093  
Sky Financial Capital Trust III 1.65   (4)     72,165       2,165  
Sky Financial Capital Trust IV 1.67   (4)     74,320       2,320  
Total         $ 312,894     $ 13,764  
                         
(1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.  
(2) Variable effective rate at September 30, 2013, based on three month LIBOR + 0.70.  
(3) Variable effective rate at September 30, 2013, based on three month LIBOR + 0.625.  
(4) Variable effective rate at September 30, 2013, based on three month LIBOR + 1.40.