Huntington National Bank 2011 Annual Report Download - page 147

Direct Financing Leases
Huntington’s loan and lease portfolio includes lease financing receivables consisting of direct financing
leases on equipment, which are included in C&I loans, and on automobiles. Net investments in lease financing
receivables by category at December 31 were as follows:
At December 31,
2011 2010
(dollar amounts in thousands)
Commercial and industrial:
Lease payments receivable .............................................. $1,001,939 $ 748,377
Estimated residual value of leased assets ................................... 201,663 94,665
Gross investment in commercial lease financing receivables ..................... 1,203,602 843,042
Net deferred origination costs .............................................. 3,034 2,472
Unearned income ....................................................... (109,820) (109,962)
Total net investment in commercial lease financing receivables ................ $1,096,816 $ 735,552
Consumer — Automobile:
Lease payments receivable .............................................. $ 2,562 $ 22,063
Estimated residual value of leased assets ................................... 10,843 47,050
Gross investment in consumer lease financing receivables ....................... 13,405 69,113
Net deferred origination fees .............................................. (18) (95)
Unearned income ....................................................... (497) (3,788)
Total net investment in consumer lease financing receivables .................. $ 12,890 $ 65,230
The future lease rental payments due from customers on direct financing leases at December 31, 2011,
totaled $1.0 billion and were as follows: $0.4 billion in 2012; $0.2 billion in 2013; $0.2 billion in 2014; $0.1
billion in 2015; and $0.1 billion in 2016 and thereafter.
Loan Purchases and Sales
The following table summarizes significant portfolio loan purchase and sale activity for the years ended
December 31, 2011, and 2010.
Commercial
and
Industrial
Commercial
Real Estate Automobile
Home
Equity
Residential
Mortgage
Other
Consumer Total
(dollar amounts in thousands)
Portfolio loans purchased during
the:
Year ended December 31,
2011 ..................... $ — $ — $ 59,578(1) $ — $ — $— $ 59,578
Year ended December 31,
2010 ..................... —— — ——— —
Portfolio loans sold or transferred to
loans held for sale during the:
Year ended December 31,
2011 ..................... 256,313 56,123 2,250,033 — 257,100 — 2,819,569
Year ended December 31, 2010(2) 124,065 136,806 — 48,253 816,185 — 1,125,309
(1) Reflected the purchase of automobile loans as a result of exercising a clean-up call option related to loans
previously sold under Huntington’s automobile loan sale program.
(2) Includes $323 million of Franklin-related loans.
NALs and Past Due Loans
Loans are considered past due when the contractual amounts due with respect to principal and interest are
not received within 30 days of the contractual due date.
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