Huntington National Bank 2011 Annual Report Download - page 204
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Level 3 Fair Value Measurements
Year ended December 31, 2010
Available-for-sale securities
MSRs
Derivative
instruments
Municipal
securities
Private
label CMO
Asset-
backed
securities
Automobile
loans
Equity
investments
(dollar amounts in thousands)
Classification of gains and
losses in earnings:
Mortgage banking income
(loss) ................. $(50,748) $ 4,413 $— $ — $ — $ — $ —
Securities gains (losses) . . . . — — — (7,149) (6,554) — —
Interest and fee income ..... — — — 2,032 394 (11,202) —
Noninterest income ........ — — — — — 8,935 —
Total ................... $(50,748) $ 4,413 $— $(5,117) $ (6,160) $ (2,267) $ —
Level 3 Fair Value Measurements
Year ended December 31, 2009
Available-for-sale securities
MSRs
Derivative
instruments
Municipal
securities
Private
label CMO
Asset-
backed
securities
Automobile
loans
Equity
investments
(dollar amounts in thousands)
Classification of gains and
losses in earnings:
Mortgage banking income
(loss) ................. $ 9,707 $(5,976) $— $ — $ — $ — $ —
Securities gains (losses) . . . . — — — (5,996) (53,068) — —
Interest and fee income ..... — — — 2,390 13,029 — —
Noninterest income ........ — — — — — — 408
Total ................... $ 9,707 $(5,976) $— $(3,606) $(40,039) $ — $408
Assets and liabilities under the fair value option
Huntington has elected the fair value option for mortgage loans in the held for sale portfolio. The following
table presents the fair value and aggregate principal balance of mortgage loans held for sale under the fair value
option.
December 31,
2011 2010
(dollar amounts in thousands)
Fair value ................................................................ $343,588 $754,117
Aggregate outstanding principal balance ....................................... 328,641 749,982
The following tables present the net gains (losses) from fair value changes, including net gains (losses)
associated with instrument specific credit risk for the years ended December 31, 2011, 2010 and 2009.
Net gains (losses) from fair value changes
Year ended December 31,
2011 2010 2009
(dollar amounts in thousands)
Assets
Mortgage loans held for sale .............................. $13,842 $(5,633) $(6,312)
Automobile loans ...................................... (6,577) (2,267) —
Liabilities
Securitization trust notes payable .......................... (7,731) (9,565) —
190