Huntington National Bank 2007 Annual Report Download - page 97

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10. SHORT-TERM BORROWINGS
At December 31, short-term borrowings were comprised of the following:
(in thousands) 2007 2006
At December 31,
Federal funds purchased $1,013,119 $ 520,354
Securities sold under agreements to repurchase 1,693,307 1,111,959
Other borrowings 137,212 43,876
Total short-term borrowings $2,843,638 $1,676,189
Other borrowings consist of borrowings from the U.S. Treasury and other notes payable.
Information concerning securities sold under agreements to repurchase for the years ended December 31 is summarized as follows:
(in thousands) 2007 2006
Year Ended December 31,
Average balance during the year $1,490,264 $1,065,649
Average interest rate during the year 3.59% 3.33%
Maximum month-end balance during the year $2,188,629 $1,213,673
11. FEDERAL HOME LOAN BANK ADVANCES
Huntington’s long-term advances from the Federal Home Loan Bank had weighted average interest rates of 5.11% and 5.40% at
December 31, 2007 and 2006, respectively. These advances, which predominantly had variable interest rates, were collateralized by
qualifying real estate loans. As of December 31, 2007 and 2006, Huntington’s maximum borrowing capacity was $4.8 billion and
$3.2 billion, respectively. The advances outstanding at December 31, 2007 of $3.1 billion mature as follows: less than $0.1 billion in
2008; $0.1 billion in 2009; $0.5 billion in 2010; $1.5 billion in 2011; $1.0 billion in 2012, and less than $0.1 billion thereafter.
12. SUBORDINATED NOTES
At December 31, Huntington’s subordinated notes consisted of the following:
(in thousands) 2007 2006
At December 31,
Parent company:
6.11% subordinated notes due 2008 $ 50,020 $—
6.21% subordinated notes due 2013 48,070 —
5.66% junior subordinated debentures due 2027
(1)
184,836 206,186
5.62% junior subordinated debentures due 2028
(2)
93,093 103,093
8.54% junior subordinated debentures due 2029 23,389 23,428
5.60% junior subordinated debentures due 2030 66,848 —
6.14% junior subordinated debentures due 2033
(3)
6,224 —
6.13% junior subordinated debentures due 2033
(4)
31,411 —
5.76% junior subordinated debentures due 2036
(5)
78,465 —
6.16% junior subordinated debentures due 2036
(5)
78,466 —
6.69% junior subordinated debentures due 2067
(6)
249,356 —
The Huntington National Bank:
8.18% subordinated notes due 2010 145,167 152,303
6.21% subordinated notes due 2012 64,773 —
5.00% subordinated notes due 2014 198,076 193,122
5.59% subordinated notes due 2016 253,365 248,908
6.67% subordinated notes due 2018 213,793 212,526
5.45% subordinated notes due 2019 148,924 147,091
Total subordinated notes $1,934,276 $1,286,657
(1) Variable effective rate at December 31, 2007, based on three month LIBOR + 0.70.
(2) Variable effective rate at December 31, 2007, based on three month LIBOR + 0.625.
(3) Variable effective rate at December 31, 2007, based on three month LIBOR + 3.25.
(4) Variable effective rate at December 31, 2007, based on three month LIBOR + 2.95.
(5) Variable effective rate at December 31, 2007, based on three month LIBOR + 1.40.
(6) The junior subordinated debentures due 2067 are subordinate to all other junior subordinated debentures.
95
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS HUNTINGTON BANCSHARES INCORPORATED