Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities (Tables)

v2.4.0.8
Variable Interest Entities (Tables)
 3 Months Ended
Jun. 30, 2014
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, 2014 and December 31, 2013:

            June 30, 2014
            2009     2006     Other      
            Automobile     Automobile     Consolidated      
(dollar amounts in thousands)         Trust     Trust     Trusts     Total
Assets:                        
  Cash   $ ---   $ ---   $ ---   $ ---
  Loans and leases     ---     ---     ---     ---
  Allowance for loan and lease losses     ---     ---     ---     ---
  Net loans and leases     ---     ---     ---     ---
  Accrued income and other assets     ---     ---     252     252
Total assets       $ ---   $ ---   $ 252   $ 252
                               
Liabilities:                        
  Other long-term debt   $ ---   $ ---   $ ---   $ ---
  Accrued interest and other liabilities     ---     ---     252     252
Total liabilities   $ ---   $ ---   $ 252   $ 252
                               
            December 31, 2013
            2009     2006     Other      
            Automobile     Automobile     Consolidated      
(dollar amounts in thousands)         Trust     Trust     Trusts     Total
Assets:                        
  Cash   $ 8,580   $ 79,153   $ ---   $ 87,733
  Loans and leases     52,286     151,171     ---     203,457
  Allowance for loan and lease losses     ---     (711)     ---     (711)
  Net loans and leases     52,286     150,460     ---     202,746
  Accrued income and other assets     235     485     262     982
Total assets       $ 61,101   $ 230,098   $ 262   $ 291,461
                               
Liabilities:                        
  Other long-term debt   $ ---   $ ---   $ ---   $ ---
  Accrued interest and other liabilities     ---     ---     262     262
Total liabilities   $ ---   $ ---   $ 262   $ 262
                               

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, 2014, and December 31, 2013:

    June 30, 2014
(dollar amounts in thousands)   Total Assets   Total Liabilities   Maximum Exposure to Loss
             
2012-1 Automobile Trust $ 3,786 $ --- $ 3,786
2012-2 Automobile Trust 5,025   ---   5,025
2011 Automobile Trust   1,814   ---   1,814
Tower Hill Securities, Inc.   66,357   65,000   66,357
Trust Preferred Securities   13,919   317,059   ---
Low Income Housing Tax Credit Partnerships   320,320   124,458   320,320
Other Investments   89,244   16,675   89,244
Total $ 500,465 $ 523,192 $ 486,546
               
    December 31, 2013
(dollar amounts in thousands)   Total Assets   Total Liabilities   Maximum Exposure to Loss
             
2012-1 Automobile Trust $ 5,975 $ --- $ 5,975
2012-2 Automobile Trust 7,396   ---   7,396
2011 Automobile Trust   3,040   ---   3,040
Tower Hill Securities, Inc.   66,702   65,000   66,702
Trust Preferred Securities   13,764   312,894   ---
Low Income Housing Tax Credit Partnerships   317,226   134,604   317,226
Other Investments   90,278   9,772   90,278
Total $ 504,381 $ 522,270 $ 490,617
               
Summary of Outstanding Trust Preferred Securities

A list of trust preferred securities outstanding at June 30, 2014 follows:

          Principal amount of Investment in
          subordinated note/ unconsolidated
(dollar amounts in thousands) Rate   debenture issued to trust (1) subsidiary
Huntington Capital I 0.93 % (2)   $ 111,816     $ 6,186  
Huntington Capital II 0.86   (3)     54,593       3,093  
Sky Financial Capital Trust III 1.63   (4)     72,165       2,165  
Sky Financial Capital Trust IV 1.63   (4)     74,320       2,320  
Camco Financial Trust 2.66   (5)     4,165       155  
Total         $ 317,059     $ 13,919  
                         
(1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.  
(2) Variable effective rate at June 30, 2014, based on three month LIBOR + 0.70.  
(3) Variable effective rate at June 30, 2014, based on three month LIBOR + 0.625.  
(4) Variable effective rate at June 30, 2014, based on three month LIBOR + 1.40.  
(5) Variable effective rate (including impact of purchase accounting accretion) at June 30, 2014, based on three month LIBOR + 1.33.  
Early adoption of affordable housing tax credit investments
    Three Months Ended Six Months Ended
        June 30,         June 30,    
(dollar amounts in thousands)     2013         2013    
Noninterest income                    
  As previously reported   $ 248,655         500,864    
  As reported under the new guidance     251,919         508,537    
                       
Provision for income taxes                    
  As previously reported     52,354         104,568    
  As reported under the new guidance     55,269         110,398    
                       
Net income                    
  As previously reported     150,651         302,431    
  As reported under the new guidance     151,000         304,274    
Affordable housing tax credit investments
      June 30,     December 31,
(dollar amounts in thousands)   2014     2013
Affordable housing tax credit investments $ 509,299   $ 484,799
Less: amortization   (188,979)     (167,573)
Net affordable housing tax credit investments $ 320,320   $ 317,226
             
Unfunded commitments $ 124,458   $ 134,604

      Three Months Ended     Six Months Ended
      June 30,     June 30,
(dollar amounts in thousands)   2014     2013     2014     2013
Tax credits and other tax benefits recognized $ 13,744   $ 14,090   $ 28,061   $ 27,878
                         
Proportional amortization method                      
  Tax credit amortization expense included in provision for income taxes   9,518     8,197     18,877     16,395
                         
Equity method                      
  Tax credit investment losses included in non-interest income   223     294     446     588