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, 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 September 30, 2014 and December 31, 2013:

September 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 --- --- 243 243
Total assets $ --- $ --- $ 243 $ 243
Liabilities:
Other long-term debt $ --- $ --- $ --- $ ---
Accrued interest and other liabilities --- --- 243 243
Total liabilities $ --- $ --- $ 243 $ 243
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 September 30, 2014, and December 31, 2013:

September 30, 2014
(dollar amounts in thousands) Total Assets Total Liabilities Maximum Exposure to Loss
2012-1 Automobile Trust $ 2,898 $ --- $ 2,898
2012-2 Automobile Trust 4,071 --- 4,071
2011 Automobile Trust 1,336 --- 1,336
Tower Hill Securities, Inc. 56,145 65,000 56,145
Trust Preferred Securities 13,919 317,067 ---
Low Income Housing Tax Credit Partnerships 340,133 141,791 340,133
Other Investments 82,934 17,084 82,934
Total $ 501,436 $ 540,942 $ 487,517
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 September 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 0.94 % (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 1.56 (5) 4,173 155
Total $ 317,067 $ 13,919
(1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.
(2) Variable effective rate at September 30, 2014, based on three month LIBOR + 0.70.
(3) Variable effective rate at September 30, 2014, based on three month LIBOR + 0.625.
(4) Variable effective rate at September 30, 2014, based on three month LIBOR + 1.40.
(5) Variable effective rate (including impact of purchase accounting accretion) at September 30, 2014, based on three month LIBOR + 1.33.
Early adoption of affordable housing tax credit investments
Three Months Ended Nine Months Ended
September 30, September 30,
(dollar amounts in thousands) 2013 2013
Noninterest income
As previously reported $ 250,503 751,367
As reported under the new guidance 253,767 762,304
Provision for income taxes
As previously reported 62,132 166,700
As reported under the new guidance 65,047 175,445
Net income
As previously reported 178,487 480,918
As reported under the new guidance 178,836 483,110
Affordable housing tax credit investments
September 30, December 31,
(dollar amounts in thousands) 2014 2013
Affordable housing tax credit investments $ 538,836 $ 484,799
Less: amortization (198,703) (167,573)
Net affordable housing tax credit investments $ 340,133 $ 317,226
Unfunded commitments $ 141,791 $ 134,604

Three Months Ended Nine Months Ended
September 30, September 30,
(dollar amounts in thousands) 2014 2013 2014 2013
Tax credits and other tax benefits recognized $ 13,370 $ 13,984 $ 41,430 $ 41,861
Proportional amortization method
Tax credit amortization expense included in provision for income taxes 9,659 8,197 28,537 24,592
Equity method
Tax credit investment losses included in non-interest income 290 294 737 882