Huntington National Bank 2011 Annual Report Download - page 205
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 |
Gains (losses) included in fair value changes
associated with instrument specific credit risk
Year ended December 31,
2011 2010 2009
(dollar amounts in thousands)
Assets
Automobile loans ......................................... $6,610 $3,370 $—
Assets and Liabilities measured at fair value on a nonrecurring basis
Certain assets and liabilities may be required to be measured at fair value on a nonrecurring basis in periods
subsequent to their initial recognition. These assets and liabilities are not measured at fair value on an ongoing
basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is
evidence of impairment. For the year ended December 31, 2011, assets measured at fair value on a nonrecurring
basis were as follows:
Fair Value Measurements Using
Year Ended
December 31,
Quoted Prices
In Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Other
Unobservable
Inputs
(Level 3)
Total
Gains/
(Losses)
(dollar amounts in millions)
2011
Impaired loans ............. $129.0 $— $— $129.0 $(34.1)
Accrued income and other
assets .................. 38.4 — — 38.4 $ (2.2)
Periodically, Huntington records nonrecurring adjustments of collateral-dependent loans measured for
impairment when establishing the allowance for credit losses. Such amounts are generally based on the fair value
of the underlying collateral supporting the loan. Appraisals are generally obtained to support the fair value of the
collateral and incorporate measures such as recent sales prices for comparable properties and cost of
construction. In cases where the carrying value exceeds the fair value of the collateral, an impairment charge is
recognized. During the year ended December 31, 2011, Huntington identified $129.0 million of impaired loans
for which the fair value is recorded based upon collateral value. For the year ended December 31, 2011,
nonrecurring fair value losses of $34.1 million were recorded within the provision for credit losses.
Other real estate owned properties are valued based on appraisals and third party price opinions, less
estimated selling costs. During the year ended December 31, 2011, Huntington recorded $38.4 million of OREO
assets at fair value and recognized losses of $2.2 million, recorded within noninterest expense.
191