Huntington National Bank 2010 Annual Report Download - page 91
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underlying cash flows of the securities. If our intent to hold temporarily impaired securities changes in future
periods, we may be required to recognize noncredit OTTI through income, which will negatively impact
earnings.
Alt-A, Pooled-Trust-Preferred, and Private-Label CMO Securities
Our three highest risk segments of our investment portfolio are the Alt-A mortgage backed, pooled-trust-
preferred, and private-label CMO portfolios. The Alt-A mortgage-backed securities and pooled-trust-preferred
securities are located within the asset-backed securities portfolio. The performance of the underlying securities
in each of these segments continued to reflect the stressed economic environment. Each of these securities in
these three segments is subjected to a rigorous review of their projected cash flows. These reviews are
supported with analysis from independent third parties. (See the Investment Securities section located within
the Critical Accounting Policies and Use of Significant Estimates section for additional information).
The following table presents the credit ratings for our Alt-A, pooled-trust-preferred, and private label
CMO securities as of December 31, 2010:
Table 33 — Credit Ratings of Selected Investment Securities (1)
Amortized
Cost Fair Value AAA AA +/- A +/- BBB +/- GBBB-
Average Credit Rating of Fair Value Amount
(Dollar amounts in millions)
Private label CMO securities ...... $134.5 $121.9 $25.4 $ 6.5 $ 5.0 $ 15.1 $ 69.9
Alt-A mortgage-backed securities . . 68.9 60.4 15.8 27.3 — — 17.3
Pooled-trust-preferred securities . . . 232.4 102.3 — — 24.7 — 77.6
Total at December 31, 2010 ....... $435.8 $284.6 $41.2 $33.8 $29.7 $ 15.1 $164.8
Total at December 31, 2009 ........ $912.3 $700.3 $62.1 $72.9 $35.6 $121.3 $408.4
(1) Credit ratings reflect the lowest current rating assigned by a nationally recognized credit rating agency.
Negative changes to the above credit ratings would generally result in an increase of our risk-weighted
assets, which could result in a reduction to our regulatory capital ratios.
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