Huntington National Bank 2009 Annual Report Download - page 155

assets in an emplo
y
er’s defined benefit pension and other postretirement plans. The required disclosures hav
e
b
een
i
nc
l
u
d
e
di
n Note 20
.
Accountin
g
Standards Update
(
ASU
)
2010-6 — Fair Value Measurements and Disclosures
(
Topi
c
820
)
: Improvin
g
Disclosures about Fair Value Measurements
.
T
h
e ASU amen
d
sSu
b
to
pi
c 820-10 w
i
t
h
new
disclosure requirements and clarification of existin
g
disclosure requirements. New disclosures required includ
e
t
h
e amount o
f
s
ig
n
ifi
cant trans
f
ers
i
nan
d
out o
fl
eve
l
s1an
d
2
f
a
i
rva
l
ue measurements an
d
t
h
e reasons
f
o
r
t
h
e trans
f
ers. In a
ddi
t
i
on, t
h
e reconc
ili
at
i
on
f
or
l
eve
l
3 act
i
v
i
t
y
w
ill b
e requ
i
re
d
on a
g
ross rat
h
er t
h
an ne
t
b
as
i
s. T
h
e ASU prov
id
es a
ddi
t
i
ona
lg
u
id
ance re
l
ate
d
to t
h
e
l
eve
l
o
fdi
sa
gg
re
g
at
i
on
i
n
d
eterm
i
n
i
n
g
c
l
asses o
f
assets and liabilities and disclosures about in
p
uts and valuation techni
q
ues. The amendments are effective fo
r
annual or interim reportin
g
periods be
g
innin
g
after December 1
5
, 2009, except for the requirement to provid
e
t
h
e reconc
ili
at
i
on
f
or
l
eve
l
3 act
i
v
i
t
y
on a
g
ross
b
as
i
sw
hi
c
h
w
ill b
ee
ff
ect
i
ve
f
or
fi
sca
ly
ears
b
e
gi
nn
i
n
g
a
f
ter
December 15, 2010.
(
See Note 21
)
.
4. AC
Q
UI
S
ITION
S
On October 2, 2009, Huntin
g
ton assumed the deposits and certain assets of Warren Bank located i
n
Macom
b
Count
y
,M
i
c
hig
an
f
rom t
h
eFe
d
era
l
Depos
i
t Insurance Corporat
i
on (FDIC). Un
d
er t
h
ea
g
reement
,
approximatel
y$
410.0 million of deposits and
$
66.2 million of other assets (primaril
y
cash and due from bank
s
and investment securities) were transferred to Huntin
g
ton for consideration includin
g
a premium for th
e
deposits of $0.9 million. The FDIC transferred cash to Huntin
g
ton for the difference between the asset
s
p
urchased and the liabilities assumed net of the
p
remium. Goodwill of
$
0.6 million was established related t
o
t
hi
s transact
i
on
.
5. L
O
AN
S
AND LEA
S
E
S
A
t December 31, 2009, $8.5 billion of commercial and industrial loans and home equit
y
loans were
pled
g
ed to secure potential discount window borrowin
g
s from the Federal Reserve Bank, and
$
8.0 billion of
rea
l
estate
l
oans were p
l
e
dg
e
d
to secure a
d
vances
f
rom t
h
eFe
d
era
l
Home Loan Ban
k.
Hunt
i
n
g
ton’s
l
oan an
dl
ease port
f
o
li
o
i
nc
l
u
d
es
l
ease
fi
nanc
i
n
g
rece
i
va
bl
es cons
i
st
i
n
g
o
fdi
rect
fi
nanc
i
n
g
l
eases on e
q
u
ip
ment, w
hi
c
h
are
i
nc
l
u
d
e
di
n commerc
i
a
l
an
di
n
d
ustr
i
a
ll
oans, an
d
on automo
bil
es. Ne
t
investments in lease financin
g
receivables b
y
cate
g
or
y
at December 31 were as follows:
2
009
2
008
A
t December 31
,
(
In thousands
)
C
ommerc
i
al and
i
ndustr
i
a
l
Lease pa
y
ments rece
i
va
bl
e
..................................
$ 934
,
47
0
$
1
,
119
,
487
Estimated residual value of leased asset
s
.......................
5
4
,
635 56
,
705
Gross investment in commercial lease financin
g
receivables
.
..........
989
,
105 1
,
176
,
192
Net deferred ori
g
ination costs
.................................
3,
20
7
3
,
94
6
Unearne
di
ncom
e
..........................................
(
109
,
090
)
(
1
5
1,296
)
Total net
i
nvestment
i
n commerc
i
al lease
fi
nanc
i
ng rece
i
vables
......
$
883
,
22
2
$
1
,
028
,
842
Consume
r
Lease pa
y
ments rece
i
va
bl
e
..................................
$
91
,
09
9
$
246
,
919
Est
i
mate
d
res
id
ua
lv
a
l
ue o
fl
ease
d
asset
s
.......................
1
7
1,610
362
,5
12
G
ross
i
nvestment
i
n consumer
l
ease
fi
nanc
i
n
g
rece
i
va
bl
es...
..........
262,
7
09
6
09
,
431
Net
d
e
f
erre
d
or
igi
nat
i
on
f
ee
s
..................................
(
384
)
(840)
Unearne
di
ncome
..........................................
(
16
,
060
)
(
4
5
,174
)
Total net
i
nvestment
i
n consumer lease
fi
nanc
i
n
g
rece
i
vable
s
........
$
246
,
26
5
$
563
,
41
7
14
7