Huntington National Bank 2012 Annual Report Download - page 160
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152
12. SUBORDINATED NOTES
At December 31, Huntington’s subordinated notes consisted of the following:
At December 31,
(dollar amounts in thousands) 2012 2011
Parent company:
6.21% subordinated notes due 2013 $ 49,892 $ 49,482
7.00% subordinated notes due 2020 350,656 344,347
1.01% junior subordinated debentures due 2027 (1) 111,816 111,816
0.93% junior subordinated debentures due 2028 (2) 54,593 54,593
8.54% junior subordinated debentures due 2029 --- 23,192
8.56% junior subordinated debentures due 2030 --- 64,194
3.34% junior subordinated debentures due 2033 --- 30,929
3.65% junior subordinated debentures due 2033 --- 6,186
1.71% junior subordinated debentures due 2036 (3) 72,165 72,165
1.76% junior subordinated debentures due 2036 (3) 74,320 77,320
6.69% junior subordinated debentures due 2067 --- 114,101
The Huntington National Bank:
6.21% subordinated notes due 2012 --- 64,959
5.00% subordinated notes due 2014 130,186 134,225
5.59% subordinated notes due 2016 110,321 111,953
6.67% subordinated notes due 2018 150,219 151,444
5.45% subordinated notes due 2019 92,923 92,462
Total subordinated notes $ 1,197,091 $ 1,503,368
(1) Variable effective rate at December 31, 2012, based on three month LIBOR + 0.70%.
(2) Variable effective rate at December 31, 2012, based on three month LIBOR + 0.625%.
(3) Variable effective rate at December 31, 2012, based on three month LIBOR + 1.40%.
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 2012 and 2011, Huntington retired $230.3 million and $36.1 million, respectively of junior subordinated debentures,
which resulted in net pre-tax gains of $0.8 million and $9.7 million, respectively. These transactions have been recorded as gains on
early extinguishment of debt, a reduction of noninterest expense, in the Consolidated Financial Statements.