Huntington National Bank 2010 Annual Report Download - page 174

12. SUBORDINATED NOTES
At December 31, Huntington’s subordinated notes consisted of the following:
2010 2009
At December 31,
(Dollar amounts in thousands)
Parent company:
6.21% subordinated notes due 2013 ............................ $ 49,095 $ 48,732
7.00% subordinated notes due 2020 ............................ 308,289 —
0.99% junior subordinated debentures due 2027(1) ................. 138,816 138,816
0.93% junior subordinated debentures due 2028(2) ................. 60,093 60,093
8.54% junior subordinated debentures due 2029 ................... 23,248 23,299
8.52% junior subordinated debentures due 2030 ................... 64,474 64,971
3.52% junior subordinated debentures due 2033(3) ................. 30,929 30,929
3.54% junior subordinated debentures due 2033(4) ................. 6,186 6,186
1.28% junior subordinated debentures due 2036(5) ................. 77,481 77,809
1.27% junior subordinated debentures due 2036(5) ................. 77,482 77,810
6.69% junior subordinated debentures due 2067(6) ................. 114,072 114,045
The Huntington National Bank:
8.18% subordinated notes due 2010 ............................ —84,144
6.21% subordinated notes due 2012 ............................ 64,909 64,861
5.00% subordinated notes due 2014 ............................ 136,639 133,930
5.59% subordinated notes due 2016 ............................ 112,420 112,385
6.67% subordinated notes due 2018 ............................ 147,071 144,202
5.45% subordinated notes due 2019 ............................ 86,012 81,990
Total subordinated notes ................................... $1,497,216 $1,264,202
(1) Variable effective rate at December 31, 2010, based on three month LIBOR + 0.70.
(2) Variable effective rate at December 31, 2010, based on three month LIBOR + 0.625.
(3) Variable effective rate at December 31, 2010, based on three month LIBOR + 2.95.
(4) Variable effective rate at December 31, 2010, based on three month LIBOR + 3.25.
(5) Variable effective rate at December 31, 2010, based on three month LIBOR + 1.40.
(6) The junior subordinated debentures due 2067 are subordinate to all other junior subordinated debentures.
Amounts above are net of unamortized discounts and adjustments related to hedging with derivative
financial instruments. The derivative instruments, principally interest rate swaps, are used to match the funding
rates on certain assets to hedge the interest rate values of certain fixed-rate debt by converting the debt to a
variable rate. See Note 20 for more information regarding such financial instruments. All principal is due upon
maturity of the note as described in the table above.
During 2009, Huntington repurchased $702.4 million of junior subordinated debentures, bank subordi-
nated notes, and medium-term notes resulting in net pre-tax gains of $147.4 million. In 2008, $48.5 million of
the junior subordinated debentures were repurchased resulting in net pre-tax gains of $23.5 million. These
transactions have been recorded as gains on early extinguishment of debt, a reduction of noninterest expense
in the Consolidated Financial Statements.
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