Huntington National Bank 2009 Annual Report Download - page 185

At December 31, 2009 and 2008, The Huntin
g
ton National Bank, as trustee, held all Plan assets. Th
e
Pl
an assets cons
i
ste
d
o
fi
nvestments
i
navar
i
et
y
o
f
Hunt
i
n
g
ton mutua
lf
un
d
san
d
Hunt
i
n
g
ton common stoc
k
a
s
follo
w
s
:
2
009
2
008
Fa
i
r Value
(
In thousands
)
Cas
h
...........................................
$
——
%
$
50
,
000 12
%
C
as
h
e
q
u
i
va
l
ents
:
Hunt
i
n
g
ton
f
un
d
s — mone
y
mar
k
et
..................
11,304 2
2
95
—
O
ther
.........................................
2,
777
1
——
Fixed income
:
Huntin
g
ton funds — fixed income fund
s
...............
125
,
323 28 128
,
655 32
Corporate o
blig
at
i
ons
.............................
1,31
5
—
——
U.S. Government A
g
enc
i
e
s
........................
49
7—
——
E
q
u
i
t
i
es:
Huntin
g
ton funds — equit
y
fund
s
....................
2
5
6,222
57 197
,5
83 48
H
untin
g
ton funds — equit
y
mutual fund
s
..............
31
,
852 7
——
Other — equit
y
mutual fund
s
.......................
122 —
—
Hunt
i
n
g
ton common stoc
k
.........................
14,34
7
3
30
,5
46 8
Ot
h
er common stoc
k
.............................
10,3
55
2
——
Fa
i
r value o
fp
lan assets
...........................
$
454
,
114 100
%
$
407
,
079 100
%
Investments of the Plan are accounted for at cost on the trade date and are re
p
orted at fair value. All of
t
h
eP
l
an’s
i
nvestments at Decem
b
er 31, 2009 are c
l
ass
ifi
e
d
as Leve
l
1w
i
t
hi
nt
h
e
f
a
i
rva
l
ue
hi
erarc
hy
.I
n
g
enera
l
,
i
nvestments o
f
t
h
eP
l
an are expose
d
to var
i
ous r
i
s
k
s, suc
h
as
i
nterest rate r
i
s
k
, cre
di
tr
i
s
k
,an
d
overa
ll
market volatilit
y
. Due to the level of risk associated with certain investments, it is reasonabl
y
possible tha
t
chan
g
es in the values of investments will occur in the near term and that such chan
g
es could materiall
y
affec
t
t
h
e amounts re
p
orte
di
nt
h
eP
l
an assets
.
T
h
e
i
nvestment o
bj
ect
i
ve o
f
t
h
eP
l
an
i
s to max
i
m
i
ze t
h
e return on P
l
an assets over a
l
on
g
t
i
me
h
or
i
zon
,
while meetin
g
the Plan obli
g
ations. At December 31, 2009, Plan assets were invested
6
9% in equit
y
investments and 31% in bonds, with an avera
g
e duration of 4
y
ears on bond investments. The estimated life of
benefit obli
g
ations was 11
y
ears. Mana
g
ement believes that this mix is appropriate for the current economi
c
env
i
ronment. A
l
t
h
ou
gh i
tma
yfl
uctuate w
i
t
h
mar
k
et con
di
t
i
ons, mana
g
ement
h
as tar
g
ete
d
a
l
on
g
-ter
m
allocation of Plan assets of
6
9% in equit
y
investments and 31% in bond investments.
T
h
e num
b
er o
f
s
h
ares o
f
Hunt
i
n
g
ton common stoc
kh
e
ld by
t
h
eP
l
an at Decem
b
er 31, 2009 an
d
2008 wa
s
3
,919,986 for both
y
ears. The Plan has acquired and held Huntin
g
ton common stock in compliance at all times
w
i
t
h
Sect
i
on 407 o
f
t
h
e Emp
l
oyee Ret
i
rement Income Secur
i
ty Act o
f
1978.
D
ividends and interest received b
y
the Plan durin
g
2009 and 2008 were $8.4 million and $21.0 million
,
respect
i
ve
ly.
1
7
7