Huntington National Bank 2007 Annual Report Download - page 107

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The following table presents the amounts recognized in the consolidated balance sheets at December 31, 2007 and 2006 for all of
Huntington defined benefit plans.:
(in thousands) 2007 2006
Accrued income and other assets $89,246 $55,311
Accrued expenses and other liabilities 85,228 75,230
The following tables present the amounts recognized in accumulated other comprehensive loss (net of tax) as of December 31,
2007 and 2006 and the changes in accumulated other comprehensive income for the year ended December 31, 2007.
(in thousands) 2007 2006
Net actuarial loss $(36,301) $(78,209)
Prior service cost (4,914) (3,808)
Transition liability (2,938) (4,311)
Defined benefit pension plans $(44,153) $(86,328)
(in thousands) Pre-tax
Tax Expense
(benefit) Net of tax
Balance, beginning of year (132,813) 46,485 (86,328)
Net actuarial (loss) gain:
Amounts arising during the year 53,312 (18,659) 34,653
Amortization included in net periodic benefit costs 12,169 (4,260) 7,909
Prior service cost:
Amounts arising during the year (2,318) 811 (1,507)
Amortization included in net periodic benefit costs 615 (215) 400
Transition obligation:
Amounts arising during the year — — —
Amortization included in net periodic benefit costs 1,107 (387) 720
Balance, end of year (67,928) 23,775 (44,153)
Huntington has a defined contribution plan that is available to eligible employees. Huntington matches participant contributions,
up to the first 3% of base pay contributed to the plan. Half of the employee contribution is matched on the 4th and 5th percent of
base pay contributed to the plan. The cost of providing this plan was $12.9 million in 2007, $10.3 million in 2006, and $9.6 million
in 2005. The number of shares of Huntington common stock held by this plan was 6,591,876 at December 31, 2007, and 6,708,731
at December 31, 2006. The market value of these shares was $97.3 million and $159.3 million at the same respective dates.
Dividends received by the plan were $27.9 million during 2007 and $20.3 million during 2006.
19. FAIR VALUE OF FINANCIAL INSTRUMENTS
The carrying amounts and estimated fair values of Huntington’s financial instruments at December 31 are presented in the
following table:
(in thousands)
Carrying
Amount Fair Value
Carrying
Amount Fair Value
2007 2006
Financial Assets:
Cash and short-term assets $ 2,349,336 $ 2,349,336 $ 1,594,915 $ 1,594,915
Trading account securities 1,032,745 1,032,745 36,056 36,056
Loans held for sale 494,379 494,460 270,422 270,422
Investment securities 4,500,171 4,500,171 4,362,924 4,362,924
Net loans and direct financing leases 39,475,896 40,158,604 25,811,357 25,945,357
Derivatives 101,893 101,893 44,793 44,793
Financial Liabilities:
Deposits (37,742,921) (36,295,978) (25,047,770) (23,754,770)
Short-term borrowings (2,843,638) (2,776,882) (1,676,189) (1,676,189)
Federal Home Loan Bank advances (3,083,555) (3,084,590) (996,821) (996,821)
Other long term debt (1,937,078) (1,956,342) (2,229,140) (2,229,140)
Subordinated notes (1,934,276) (1,953,570) (1,286,657) (1,351,657)
Derivatives (79,883) (79,883) (27,041) (27,041)
105
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS HUNTINGTON BANCSHARES INCORPORATED