Huntington National Bank 2013 Annual Report Download - page 144
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138
For the periods ended December 31, 2013, 2012 and 2011, the following table summarizes by security type, the total OTTI losses
recognized in the Consolidated Statements of Income for securities evaluated for impairment as described above:
Year ended December 31,
(dollar amounts in thousands) 2013 2012 2011
Available-for-sale and other securities:
Alt-A Mortgage-backed $ --- $ --- $ (361)
Collateralized Debt Obligations (1,466) --- (3,798)
Private label CMO (336) (1,614) (2,550)
Total debt securities (1,802) (1,614) (6,709)
Equity securities --- (5) (654)
Total available-for-sale and other securities $ (1,802) $ (1,619) $ (7,363)
The following table rolls forward the OTTI recognized in earnings on debt securities held by Huntington for the years ended
December 31, 2013 and 2012 as follows:
Year Ended December 31,
(dollar amounts in thousands) 2013 2012
Balance, beginning of year $ 49,433 $ 56,764
Reductions from sales (20,366) (8,945)
Credit losses not previously recognized --- ---
Additional credit losses 1,802 1,614
Balance, end of year $ 30,869 $ 49,433
As of December 31, 2013, Management has evaluated all other investment securities with unrealized losses and all nonmarketable
securities for impairment and concluded no additional OTTI is required.
5. HELD-TO-MATURITY SECURITIES
These are debt securities that Huntington has the intent and ability to hold until maturity. The debt securities are carried at
amortized cost and adjusted for amortization of premiums and accretion of discounts using the interest method.
During 2013 and 2012, Huntington transferred $292.2 million and $278.7 million, respectively of federal agencies, mortgage-
backed securities and other agency securities from the available-for-sale securities portfolio to the held-to-maturity securities portfolio.
At the time of the transfer, $0.0 million and $0.1 million, respectively of unrealized net gains were recognized in OCI. The amounts
in OCI will be recognized in earnings over the remaining life of the securities as an offset to the adjustment of yield in a manner
consistent with the amortization of the premium on the same transferred securities, resulting in an immaterial impact on net income.
Additionally, during 2013 and 2012, Huntington purchased additional federal agencies, mortgage-backed securities and municipal
securities, which were classified directly into the held-to-maturity portfolio.
Listed below are the contractual maturities (under 1 year, 1-5 years, 6-10 years, and over 10 years) of held-to-maturity securities
at December 31, 2013 and 2012: