Huntington National Bank 2008 Annual Report Download - page 97

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4. INVESTMENT SECURITIES
Investment securities at December 31 were as follows:
(in thousands) Amortized Cost Gross Gains Gross Losses Fair Value
Unrealized
2008
U.S. Treasury $ 11,141 $ 16 $ — $ 11,157
Federal Agencies
Mortgage-backed securities 1,625,656 18,822 (16,897) 1,627,581
Other agencies 587,500 16,748 (8) 604,240
Total Federal agencies 2,213,156 35,570 (16,905) 2,231,821
Asset-backed securities 652,881 — (188,854) 464,027
Municipal securities 710,148 13,897 (13,699) 710,346
Private label collaterized mortgage obligations 674,506 — (150,991) 523,515
Other securities 443,991 114 (514) 443,591
Total investment securities $4,705,823 $49,597 $(370,963) $4,384,457
(in thousands) Amortized Cost Gross Gains Gross Losses Fair Value
Unrealized
2007
U.S. Treasury $ 549 $ 7 $ — $ 556
Federal Agencies
Mortgage-backed securities 1,559,388 13,743 (1,139) 1,571,992
Other agencies 170,195 2,031 (2) 172,224
Total Federal agencies 1,729,583 15,774 (1,141) 1,744,216
Asset-backed securities 869,654 2,915 (38,080) 834,489
Municipal securities 691,384 8,507 (2,565) 697,326
Private label collaterized mortgage obligations 784,339 4,109 (5,401) 783,047
Other securities 440,152 432 (47) 440,537
Total investment securities $4,515,661 $31,744 $(47,234) $4,500,171
Other securities include $240.6 million of stock issued by the Federal Home Loan Bank of Cincinnati, $45.7 million of stock issued
by the Federal Home Loan Bank of Indianapolis, and $141.7 million of Federal Reserve Bank stock. Other securities also include
corporate debt and marketable equity securities. Huntington did not have any material equity positions in Fannie Mae and Freddie
Mac.
Contractual maturities of investment securities as of December 31 were:
(in thousands) Amortized Cost Fair Value Amortized Cost Fair Value
2008 2007
Under 1 year $ 11,690 $ 11,709 $ 104,477 $ 104,520
1-5 years 637,982 656,659 87,584 89,720
6-10 years 225,186 231,226 186,577 188,273
Over 10 years 3,394,931 3,049,334 3,714,072 3,694,722
Non-marketable equity securities 427,973 427,973
(1)
414,583 414,583
(1)
Marketable equity securities 8,061 7,556 8,368 8,353
Total investment securities $4,705,823 $4,384,457 $4,515,661 $4,500,171
(1) Non-marketable equity securities are valued at amortized cost.
At December 31, 2008, the carrying value of investment securities pledged to secure public and trust deposits, trading account
liabilities, U.S. Treasury demand notes, and security repurchase agreements totaled $3.4 billion. There were no securities of a single
issuer, which are not governmental or government-sponsored, that exceeded 10% of shareholders’ equity at December 31, 2008.
95
Notes to Consolidated Financial Statements Huntington Bancshares Incorporated