Huntington National Bank 2010 Annual Report Download - page 192
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Following is a description of the valuation methodologies used for instruments measured at fair value, as
well as the general classification of such instruments pursuant to the valuation hierarchy.
Financial Instrument(1) Hierarchy Valuation methodology
Mortgage loans held for sale .............. Level 2 Huntington elected to apply the fair value
option for mortgage loans originated with the
intent to sell which are included in loans held
for sale. Mortgage loans held for sale are
estimated using security prices for similar
product types. At December 31, 2010, mortgage
loans held for sale had an aggregate fair value
of $754.1 million and an aggregate outstanding
principal balance of $750.0 million. Interest
income on these loans is recorded in interest
and fee income - loans and leases. Included in
mortgage banking income were net gains
resulting from origination and sale of these
loans, including net realized gains of $109.2
million, $90.6 million, and $32.2 million for
the years ended December 31, 2010, 2009, and
2008, respectively. Of such gains, the change
in fair value while held as loans were
$(5.6) million, $(6.3) million and $6.6 million
for the years ended December 31, 2010, 2009,
and 2008, respectively.
Available-for-sale Securities & Trading Account
Securities(2) .........................
Level 1 Consist primarily of U.S. Treasury and money
market mutual funds, which generally have
quoted prices.
Level 2 Consist of U.S. Government and agency
mortgage-backed and other federal agency
securities, municipal securities, and other
securities for which an active market is not
available. Third party pricing services provide
a fair value estimate based upon trades of
similar financial instruments.
Level 3 Consist of certain asset-backed securities,
pooled-trust-preferred securities, private-label
CMOs, and municipal securities for which fair
value is estimated. Assumptions used to
determine the fair value of these securities have
greater subjectivity due to the lack of
observable market transactions. Generally, there
are only limited trades of similar instruments
and a discounted cash flow approach is used to
determine fair value.
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