Huntington National Bank 2005 Annual Report Download - page 121

Download and view the complete annual report

Please find page 121 of the 2005 Huntington National Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 142

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142

NOTES TOCONSOLIDATED FINANCIAL STATEMENTS HUNTINGTON BANCSHARES INCORPORATED
debt in excess of specified levels, dividend payments, and the disposition of subsidiaries. As of December 31, 2005, Huntington
was in compliance with all such covenants.
Other long-term debt maturities for the next five years are as follows: $0.8 billion in 2006; $0.1 billion in 2007; $0.2 billion in
2008; $0.2 billion in 2009; $0.3 billion in 2010; and $0.8 billion in 2011 and thereafter. These maturities are based upon the par
values of long-term debt.
14. OTHER COMPREHENSIVE INCOME
The components of Huntington’s other comprehensive income in each of the three years ended December 31 were as follows:
Year Ended December 31,
(in thousands of dollars) 2005 2004 2003
Unrealized losses on investment securities arising during the year:
Unrealized net losses $ (41,014) $(18,555) $(67,520)
Related tax benefit 14,445 6,689 23,511
Net (26,569) (11,866) (44,009)
Less: Reclassification of net realized losses (gains) from sales of investment securities during the year:
Realized net losses (gains) 8,055 (15,763) (5,258)
Related tax (benefit) expense (2,819) 5,517 1,840
Net 5,236 (10,246) (3,418)
Total unrealized losses on investment securities arising during the year, net of reclassification of net realized
losses (gains) (21,333) (22,112) (47,427)
Unrealized gains (losses) on cash flow hedging derivatives arising during the year:
Unrealized net gains (losses) 16,852 14,914 (17,048)
Related tax (expense) benefit (5,898) (5,220) 5,967
Net 10,954 9,694 (11,081)
Minimum pension liability adjustment:
Unrealized net loss (1,248) (1,789) (1,714)
Related tax benefit 437 626 600
Net (811) (1,163) (1,114)
Total other comprehensive loss $(11,190) $(13,581) $(59,622)
Activity in accumulated other comprehensive income for the three years ended December 31, 2005 was as follows:
Unrealized gains
Unrealized gains and losses on Minimum
and losses on cash flow hedging pension
(in thousands of dollars) investment securities derivatives liability Total
Balance, January 1, 2003 $ 56,856 $ 5,639 $ (195) $ 62,300
Current period change (47,427) (11,081) (1,114) (59,622)
Balance, December 31, 2003 9,429 (5,442) (1,309) 2,678
Current period change (22,112) 9,694 (1,163) (13,581)
Balance, December 31, 2004 (12,683) 4,252 (2,472) (10,903)
Current period change (21,333) 10,954 (811) (11,190)
Balance, December 31, 2005 $(34,016) $ 15,206 $ (3,283) $ (22,093)
119