Huntington National Bank 2005 Annual Report Download - page 112

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NOTES TOCONSOLIDATED FINANCIAL STATEMENTS HUNTINGTON BANCSHARES INCORPORATED
3. INVESTMENT SECURITIES
Investment securities at December 31 were as follows:
Unrealized
(in thousands of dollars) Amortized Cost Gross Gains Gross Losses Fair Value
2005
U.S. Treasury $ 24,199 $ 131 $ (655) $ 23,675
Federal agencies
Mortgage-backed securities 1,309,598 680 (31,256) 1,279,022
Other agencies 349,385 115 (13,034) 336,466
Total Federal agencies 1,658,983 795 (44,290) 1,615,488
Asset-backed securities 1,788,694 4,990 (4,904) 1,788,780
Municipal securities 544,781 5,003 (4,934) 544,850
Private label CMO 402,959 171 (9,561) 393,569
Other securities 159,522 751 (115) 160,158
Total investment securities $4,579,138 $ 11,841 $ (64,459) $4,526,520
Unrealized
(in thousands of dollars) Amortized Cost Gross Gains Gross Losses Fair Value
2004
U.S. Treasury $ 24,987 $ 362 $ (213) $ 25,136
Federal agencies
Mortgage-backed securities 985,846 177 (12,507) 973,516
Other agencies 986,954 1,193 (15,901) 972,246
Total Federal agencies 1,972,800 1,370 (28,408) 1,945,762
Asset-backed securities 1,198,296 2,690 (1,004) 1,199,982
Municipal securities 410,614 7,404 (1,794) 416,224
Private label CMO 462,394 866 (5,233) 458,027
Other securities 189,513 4,962 (661) 193,814
Total investment securities $4,258,604 $17,654 $(37,313) $4,238,945
There were no securities classified as held to maturity at December 31, 2005. Included in investment securities at December 31,
2004, were $2.0 million of municipal securities classified as held to maturity. These securities were accounted for at their
historical cost. In the first quarter of 2005, Huntington sold $1.5 million of the securities classified as held to maturity and
transferred the remaining securities to available for sale. At the time of the transfer, a nominal unrealized gain on the transferred
securities was recognized in other comprehensive income.
Other securities include Federal Home Loan Bank and Federal Reserve Bank stock, corporate debt and marketable equity
securities.
Contractual maturities of investment securities as of December 31 were:
2005 2004
(in thousands of dollars) Amortized Cost Fair Value Amortized Cost Fair Value
Under 1 year $ 1,765 $ 1,765 $ 8,597 $ 8,653
1-5 years 394,254 382,549 610,189 606,140
6-10 years 199,670 196,154 584,619 575,399
Over 10 years 3,838,730 3,800,751 2,964,917 2,957,796
Non-marketable equity securities 89,661 89,661 84,756 84,756
Marketable equity securities 55,058 55,640 5,526 6,201
Total investment securities $4,579,138 $4,526,520 $4,258,604 $4,238,945
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