Huntington National Bank 2007 Annual Report Download - page 89

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On March 1, 2006, Huntington completed its merger with Canton, Ohio-based Unizan Financial Corp. (Unizan). Unizan operated
42 banking offices in five metropolitan markets in Ohio: Canton, Columbus, Dayton, Newark, and Zanesville. Under the terms of
the merger agreement announced January 27, 2004, and amended November 11, 2004, Unizan shareholders of record as of the
close of trading on February 28, 2006, received 1.1424 shares of Huntington common stock for each share of Unizan. The total
purchase price for Unizan has been allocated to the tangible and intangible assets and liabilities based on their respective fair values
as of the acquisition date.
4. INVESTMENT SECURITIES
Investment securities at December 31 were as follows:
(in thousands) Amortized Cost Gross Gains Gross Losses Fair Value
Unrealized
2007
U.S. Treasury $ 549 $ 7 $ — $ 556
Federal Agencies
Mortgage-backed securities 1,559,388 13,743 (1,139) 1,571,992
Other agencies 170,195 2,031 (2) 172,224
Total Federal agencies 1,729,583 15,774 (1,141) 1,744,216
Asset-backed securities 869,654 2,915 (38,080) 834,489
Municipal securities 691,384 8,507 (2,565) 697,326
Private label collaterized mortgage obligations 784,339 4,109 (5,401) 783,047
Other securities 440,152 432 (47) 440,537
Total investment securities $4,515,661 $31,744 $(47,234) $4,500,171
(in thousands) Amortized Cost Gross Gains Gross Losses Fair Value
Unrealized
2006
U.S. Treasury $ 1,846 $ 15 $ (5) $ 1,856
Federal Agencies
Mortgage-backed securities 1,277,184 4,830 (553) 1,281,461
Other agencies 149,917 102 (70) 149,949
Total Federal agencies 1,427,101 4,932 (623) 1,431,410
Asset-backed securities 1,574,572 11,372 (3,140) 1,582,804
Municipal securities 586,467 7,332 (2,376) 591,423
Private label collaterized mortgage obligations 586,088 4,046 (72) 590,062
Other securities 164,829 607 (67) 165,369
Total investment securities $4,340,903 $28,304 $(6,283) $4,362,924
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:
(in thousands) Amortized Cost Fair Value Amortized Cost Fair Value
2007 2006
Under 1 year $ 104,477 $ 104,520 $ 7,490 $ 7,473
1-5 years 87,584 89,720 203,728 203,867
6-10 years 186,577 188,273 170,075 169,680
Over 10 years 3,714,072 3,694,722 3,802,375 3,824,111
Non-marketable equity securities 414,583 414,583 150,754 150,754
Marketable equity securities 8,368 8,353 6,481 7,039
Total investment securities $4,515,661 $4,500,171 $4,340,903 $4,362,924
87
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS HUNTINGTON BANCSHARES INCORPORATED