Huntington National Bank 2012 Annual Report Download - page 72

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The following table reflects short-term borrowings detail for each of the last five years:
Table 29 - Federal Funds Purchased and Repurchase Agreements
(dollar amounts in millions) 2012 2011 2010 2009 2008
Balance at period-end
Federal Funds purchased and securities sold under agreements to repurchase $ 576 $1,434 $1,966 $ 851 $ 1,289
Other short-term borrowings 14 7 75 25 20
Weighted average interest rate at period-end
Federal Funds purchased and securities sold under agreements to repurchase 0.15 % 0.17 % 0.19 % 0.21 % 0.36 %
Other short-term borrowings 1.98 2.74 0.53 1.17 3.45
Maximum amount outstanding at month-end during the period
Federal Funds purchased and securities sold under agreements to repurchase $1,590 $2,431 $2,084 $1,095 $3,307
Other short-term borrowings 26 86 108 54 249
Average amount outstanding during the period
Federal Funds purchased and securities sold under agreements to repurchase $1,293 $2,009 $1,375 $ 903 $ 2,328
Other short-term borrowings 17 46 70 30 45
Weighted average interest rate during the period
Federal Funds purchased and securities sold under agreements to repurchase 0.14 % 0.16 % 0.19 % 0.21 % 1.74 %
Other short-term borrowings 1.36 0.59 0.43 1.47 3.59
To the extent we are unable to obtain sufficient liquidity through core deposits, we may meet our liquidity needs through sources
of wholesale funding or asset securitization or sale. Sources of wholesale funding include other domestic time deposits of $250,000 or
more, brokered deposits and negotiable CDs, deposits in foreign offices, short-term borrowings, FHLB advances, other long-term
debt, and subordinated notes. At December 31, 2012, total wholesale funding was $5.2 billion, a decrease from $6.6 billion at
December 31, 2011. The decrease from prior year primarily relates to a decrease in short-term borrowings, subordinated and other
long-term debt, partially offset by an increase in FHLB borrowings. The amounts included in wholesale funding at December 31,
2012, had a weighted average maturity of 3.15 years.
The Bank also has access to the Federal Reserve's discount window. These borrowings are secured by commercial loans and
home equity lines-of-credit. The Bank is also a member of the FHLB, and as such, has access to advances from this facility. These
advances are generally secured by residential mortgages, other mortgage-related loans, and available-for-sale securities. Information
regarding amounts pledged, for the ability to borrow if necessary, and the unused borrowing capacity at both the Federal Reserve
Bank and the FHLB, is outlined in the following table:
Table 30 - Federal Reserve Bank and FHLB Borrowing Capacity
December 31,
(dollar amounts in billions) 2012 2011
Loans and securities pledged:
Federal Reserve Bank $ 10.2 $ 10.5
FHLB 8.2 8.3
Total loans and securities pledged $ 18.4 $ 18.8
Total unused borrowing capacity at Federal Reserve Bank and FHLB $ 10.3 $ 10.5
In 2012, Huntington transferred automobile loans totaling $2.3 billion to trusts in two separate securitization transactions and
received a total of $2.4 billion of net proceeds. Both securitizations qualified for sale accounting. An additional $0.2 billion of
automobile loans were also sold, but not securitized, in 2012. As a result of these transactions, Huntington recognized a total gains of
$42.3 million which is reflected in noninterest income on the Consolidated Statements of Income and recorded a total servicing asset
of $38.0 million which is reflected in accrued income and other assets on the Consolidated Balance Sheets.