Huntington National Bank 2007 Annual Report Download - page 90

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At December 31, 2007, the carrying value of investment securities pledged to secure public and trust deposits, trading account
liabilities, U.S. Treasury demand notes, and security repurchase agreements totaled $2.3 billion. There were no securities of a single
issuer, which are not governmental or government-sponsored, that exceeded 10% of shareholders’ equity at December 31, 2007.
The following table provides the gross unrealized losses and fair value of temporarily impaired securities, aggregated by investment
category and length of time the individual securities have been in a continuous loss position, at December 31, 2007.
(in thousands) Fair Value
Unrealized
Losses Fair Value
Unrealized
Losses Fair Value
Unrealized
Losses
Less than 12 Months Over 12 Months Total
U.S. Treasury $—$— $ — $— $ —$—
Federal agencies
Mortgage-backed securities 128,629 (1,139) — — 128,629 (1,139)
Other agencies 497 (2) — — 497 (2)
Total Federal agencies 129,126 (1,141) — — 129,126 (1,141)
Asset-backed securities 653,603 (33,422) 71,790 (4,658) 725,393 (38,080)
Municipal securities 163,721 (1,432) 106,305 (1,133) 270,026 (2,565)
Private label collaterized mortgage obligations 273,137 (5,401) — — 273,137 (5,401)
Other securities 6,627 (47) — — 6,627 (47)
Total temporarily impaired securities $1,226,214 $(41,443) $178,095 $(5,791) $1,404,309 $(47,234)
As of December 31, 2007, Management has evaluated all other investment securities with unrealized losses and all non-marketable
securities for impairment. The remaining unrealized losses were caused by interest rate increases. The contractual terms and/or
cash flows of the investments do not permit the issuer to settle the securities at a price less than the amortized cost. Huntington
has the intent and ability to hold these investment securities until the fair value is recovered, which may be maturity, and therefore,
does not consider them to be other-than-temporarily impaired at December 31, 2007.
Gross gains from sales of securities of $15.2 million, $8.4 million, and $8.5 million, were realized in 2007, 2006, and 2005,
respectively. Gross losses from the sales of securities totaled $1.6 million in 2007, $55.2 million in 2006, and $16.6 million in 2005.
For the periods ended December 31, 2007 and 2006, Huntington also recognized an additional $43.3 million and $26.4 million,
respectively of losses relating to securities that were identified as other-than-temporarily impaired. These securities, included in the
asset-backed securities portfolio, had a total carrying value of $7.8 million at December 31, 2007.
5. LOANS AND LEASES
At December 31, 2007, $4.5 billion of commercial and industrial loans were pledged to secure potential discount window
borrowings from the Federal Reserve Bank, and $6.7 billion of real estate qualifying loans were pledged to secure advances from
the Federal Home Loan Bank. Real estate qualifying loans are comprised of residential mortgage loans secured by first and second
liens.
88
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS HUNTINGTON BANCSHARES INCORPORATED