Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities (Tables)

v2.4.1.9
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2015
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 March 31, 2015 and December 31, 2014:

March 31, 2015
Macquarie Equipment
Funding Trust Other
Series Series Consolidated
(dollar amounts in thousands) 2012A 2014A Trusts Total
Assets:
Cash $ --- $ --- $ --- $ ---
Loans and leases 62,265 235,301 --- 297,566
Allowance for loan and lease losses --- --- --- ---
Net loans and leases 62,265 235,301 --- 297,566
Accrued income and other assets --- --- 234 234
Total assets $ 62,265 $ 235,301 $ 234 $ 297,800
Liabilities:
Other long-term debt $ 51,251 $ 203,533 $ --- $ 254,784
Accrued interest and other liabilities --- --- 234 234
Total liabilities $ 51,251 $ 203,533 $ 234 $ 255,018
Equity:
Beneficial Interest owned by third party $ 11,014 $ 31,768 $ --- $ 42,782
Total liabilities and equity $ 62,265 $ 235,301 $ 234 $ 297,800
December 31, 2014
Other
Consolidated
(dollar amounts in thousands) 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
Equity:
Beneficial Interest owned by third party $ --- $ ---
Total liabilities and equity $ 243 $ 243

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 March 31, 2015, and December 31, 2014:

March 31, 2015
(dollar amounts in thousands) Total Assets Total Liabilities Maximum Exposure to Loss
2012-1 Automobile Trust $ 1,465 $ --- $ 1,465
2012-2 Automobile Trust 2,489 --- 2,489
2011 Automobile Trust 630 --- 630
Tower Hill Securities, Inc. 49,516 65,000 49,516
Trust Preferred Securities 13,919 317,082 ---
Low Income Housing Tax Credit Partnerships 358,015 138,483 358,015
Other Investments 82,343 20,861 82,343
Total $ 508,377 $ 541,426 $ 494,458
December 31, 2014
(dollar amounts in thousands) Total Assets Total Liabilities Maximum Exposure to Loss
2012-1 Automobile Trust $ 2,136 $ --- $ 2,136
2012-2 Automobile Trust 3,220 --- 3,220
2011 Automobile Trust 944 --- 944
Tower Hill Securities, Inc. 55,611 65,000 55,611
Trust Preferred Securities 13,919 317,075 ---
Low Income Housing Tax Credit Partnerships 368,283 154,861 368,283
Other Investments 83,400 20,760 83,400
Total $ 527,513 $ 557,696 $ 513,594
Summary of Outstanding Trust Preferred Securities

A list of trust preferred securities outstanding at March 31, 2015 follows:

Principal amount of Investment in
subordinated note/ unconsolidated
(dollar amounts in thousands) Rate debenture issued to trust (1) subsidiary
Huntington Capital I 0.96 % (2) $ 111,816 $ 6,186
Huntington Capital II 0.90 (3) 54,593 3,093
Sky Financial Capital Trust III 1.68 (4) 72,165 2,165
Sky Financial Capital Trust IV 1.66 (4) 74,320 2,320
Camco Financial Trust 2.70 (5) 4,188 155
Total $ 317,082 $ 13,919
(1) Represents the principal amount of debentures issued to each trust, including unamortized original issue discount.
(2) Variable effective rate at March 31, 2015, based on three month LIBOR + 0.70.
(3) Variable effective rate at March 31, 2015, based on three month LIBOR + 0.625.
(4) Variable effective rate at March 31, 2015, based on three month LIBOR + 1.40.
(5) Variable effective rate (including impact of purchase accounting accretion) at March 31, 2015, based on three month LIBOR + 1.33.
Affordable housing tax credit investments
March 31, December 31,
(dollar amounts in thousands) 2015 2014
Affordable housing tax credit investments $ 576,817 $ 576,381
Less: amortization (218,802) (208,098)
Net affordable housing tax credit investments $ 358,015 $ 368,283
Unfunded commitments $ 138,483 $ 154,861

Three Months Ended
March 31,
(dollar amounts in thousands) 2015 2014
Tax credits and other tax benefits recognized $ 15,747 $ 14,316
Proportional amortization method
Tax credit amortization expense included in provision for income taxes 11,074 9,360
Equity method
Tax credit investment losses included in non-interest income 147 223