Huntington National Bank 2004 Annual Report Download - page 63

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MANAGEMENT’S DISCUSSION AND ANALYSIS HUNTINGTON BANCSHARES INCORPORATED
Table 19 — Contractual Obligations
At December 31, 2004
One Year 1 to 3 to More than
(in millions of dollars) or Less 3 Years 5 Years 5 Years Total
Deposits without a stated maturity $14,155 $ — $ — $ — $14,155
Certificates of deposit and other time deposits 2,585 2,249 1,219 560 6,613
Other long-term debt 1,500 900 400 1,216 4,016
Federal Home Loan Bank advances 100 900 270 1 1,271
Short-term borrowings 1,207 — — — 1,207
Subordinated notes — — — 1,040 1,040
Purchase commitments 116 187 104 78 485
Operating lease obligations 32 60 53 176 321
Federal Funds Purchased and Repurchase Agreements
At December 31,
(in millions of dollars) 2004 2003 2002
Balance at year end $1,124 $1,378 $2,459
Weighted average interest rate at year-end 1.31% 0.73% 1.49%
Maximum amount outstanding at month-end during the year $1,671 $2,439 $2,504
Average amount outstanding during the year 1,356 1,707 2,072
Weighted average interest rate during the year 0.88% 1.22% 1.98%
Other potential sources of liquidity include the sale or maturity of investment securities, the sale or securitization of loans, and the
issuance of common and preferred securities.
The relatively short-term nature of the Company’s loans and leases also provides significant liquidity. As shown in Table 20, of the
$7.5 billion total C&I and CRE loans at December 31, 2004, approximately 45% matures within one year. In addition, during 2004
and 2003, $1.5 billion and $2.1 billion, respectively, in indirect automobile loans were sold, with such sales representing another
source of liquidity.
Table 20 — Maturity Schedule of Selected Loans
At December 31, 2004
One Year One to After
(in millions of dollars) or Less Five Years Five Years Total
Commercial and industrial $2,738 $2,427 $665 $5,830
Commercial real estate — construction 656 913 93 1,662
Total $3,394 $ 3,340 $758 $7,492
Variable interest rates $3,262 $ 2,736 $651 $6,649
Fixed interest rates 132 604 107 843
Total $3,394 $ 3,340 $758 $7,492
Percent 45.3% 44.6% 10.1% 100.0%
At December 31, 2004, the portfolio of investment securities totaled $4.2 billion, of which $2.1 billion was pledged to secure public
and trust deposits, interest rate swap agreements, U.S. Treasury demand notes, and securities sold under repurchase agreements. The
composition and maturity of these securities are presented in Table 21. Another source of liquidity is non-pledged securities, which
decreased to $2.1 billion at December 31, 2004, from $2.3 billion at December 31, 2003.
The Bank also has access to the Federal Reserve’s discount window. At December 31, 2004, a total of $2.1 billion of commercial loans
had been pledged to secure potential future borrowings through this facility.
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