Huntington National Bank 2013 Annual Report Download - page 119

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ASU 2011-11 — Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The ASU amends Topic 210 by
requiring additional improved information to be disclosed regarding financial instruments and derivative instruments that are offset in
accordance with the conditions under ASC 210-20-45 or ASC 810-10-45 or subject to an enforceable master netting arrangement or
similar agreement. The amendments were effective for annual and interim reporting periods beginning on or after January 1, 2013.
The disclosures required by the amendments should be applied retrospectively for all comparative periods presented. The
amendments did not have a material impact on Huntington’s Consolidated Financial Statements.
ASU 2013-01— Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The
ASU amends Update 2011-11 to clarify that the scope applies to derivatives, repurchase and reverse repurchase agreements, and
securities borrowing and lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or
subject to master netting or similar arrangements. Other types of financial assets and liabilities subject to master netting or similar
arrangements are not subject to the disclosure requirements in Update 2011-11. The amendments were effective for fiscal years
beginning on or after January 1, 2013, and interim periods within those annual periods. The amendments did not have a material
impact on Huntington’s Consolidated Financial Statements.
ASU 2013-02— Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other
Comprehensive Income. The ASU requires an entity to provide information about the amounts reclassified out of accumulated other
comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net
income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective
line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety
in the same reporting period. The amendments were effective prospectively for reporting periods beginning after December 15, 2012.
The amendments did not have a material impact on Huntington’s Consolidated Financial Statements.
ASU 2013-11— Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss
Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The ASU requires that an unrecognized tax benefit, or
a portion of an unrecognized tax benefit, be presented in the financial statements as a reduction to a deferred tax asset for a net
operating loss carryforward, a similar tax loss, or a tax credit carryforward. However, if a net operating loss carryforward, a similar
tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any
additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not
require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit
should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments
were effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments are not
expected to have a material impact on Huntington’s Consolidated Financial Statements.
ASU 2014-01— Investments (Topic 323): Accounting for Investments in Affordable Housing Projects.
The ASU revises the necessary criteria that need to be met in order for an entity to account for investments in affordable housing
projects net of the provision for income taxes. It also changes the method of recognition from an effective amortization approach to a
proportional amortization approach. Additional disclosures were also set forth in this update. The amendments are effective for
annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The amendments are
required to be applied retrospectively to all periods presented. Early adoption is permitted. Management is currently evaluating the
impact of the guidance on Huntington’s Consolidated Financial Statements.
ASU 2014-04— Receivables (Topic 310): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans
upon Foreclosure. The ASU clarifies that an in substance repossession or foreclosure occurs upon either the creditor obtaining legal
title to the residential real estate property or the borrower conveying all interest in the residential real estate property to the creditor to
satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The amendments are
effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The
amendments may be adopted using either a modified retrospective transition method or a prospective transition method. Early
adoption is permitted. Management does not believe the amendments will have a material impact on Huntington’s Consolidated
Financial Statements.
3. LOANS AND LEASES AND ALLOWANCE FOR CREDIT LOSSES
Loans and leases for which Huntington has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are
classified in the Consolidated Balance Sheets as loans and leases. Except for loans which are accounted for at fair value, loans and
leases are carried at the principal amount outstanding, net of unamortized deferred loan origination fees and costs and net of unearned
income. At December 31, 2013 and 2012, the aggregate amount of these net unamortized deferred loan origination fees and net
unearned income was $192.9 million and $174.5 million, respectively.