Huntington National Bank 2012 Annual Report Download - page 129
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121
Fidelity Bank acquisition
(See Note 26 for additional information regarding the Fidelity Bank acquisition).
On March 30, 2012, Huntington acquired the loans of Fidelity Bank located in Dearborn, Michigan from the FDIC. Under the
agreement, loans with a fair value of $523.9 million were transferred to Huntington. These loans were recorded at fair value in
accordance with applicable accounting guidance, ASC 805. The fair values for the loans were estimated using discounted cash flow
analyses using interest rates currently being offered for loans with similar terms (Level 3), and reflected an estimate of probable losses
and the credit risk associated with the loans.
Purchased Credit-Impaired Loans
The fair values for purchased credit-impaired loans were estimated using discounted cash flow analyses, including interest rates
currently being offered for loans with similar terms (Level 3) and prepayment assumptions. This value was reduced by an estimate of
probable losses and the credit risk associated with the loans.
The following table presents a rollforward of the accretable yield for the year ended December 31, 2012:
(dollar amounts in thousands) 2012
Balance at January 1, $ ---
Impact of acquisition on March 30, 27,586
Adjustments resulting from changes in purchase price allocation 3,625
Accretion (7,960)
Balance at December 31, $ 23,251
At December 31, 2012, there was no allowance for loan losses recorded on the purchased impaired loan portfolio and no
adjustment to either the accretable or nonaccretable yield was required. The following table reflects the ending and unpaid balances of
all contractually required payments and carrying amounts of the acquired loans at December 31, 2012:
December 31, 2012
(in thousands)
Ending
Balance
Unpaid
Balance
Commercial and industrial $ 54,472 $ 80,294
Commercial real estate 126,923 226,093
Residential mortgage 2,243 4,104
Other consumer 140 245
Total $ 183,778 $ 310,736