Huntington National Bank 2013 Annual Report Download - page 152

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For each of the three years ended December 31, 2013, 2012, and 2011, weighted average interest rate at year-end, the maximum
balance for the year, the average balance for the year, and weighted average interest rate for the year by category of short-term
borrowings was as follows:
(dollar amounts in thousands) 2013 2012 2011
Weighted average interest rate at year-end
Federal Funds purchased and securities sold under agreements to repurchase 0.06 % 0.15 % 0.17 %
Other short-term borrowings 2.59 1.98 2.74
Maximum amount outstanding at month-end during the year
Federal Funds purchased and securities sold under agreements to repurchase $787,127 $ 1,590,082 $2,430,992
Other short-term borrowings 19,497 26,071 86,262
Average amount outstanding during the year
Federal Funds purchased and securities sold under agreements to repurchase $692,481 $ 1,293,348 $2,009,039
Other short-term borrowings 7,815 16,983 46,245
Weighted average interest rate during the year
Federal Funds purchased and securities sold under agreements to repurchase 0.08 % 0.14 % 0.16 %
Other short-term borrowings 1.79 1.36 0.59
10. FEDERAL HOME LOAN BANK ADVANCES
Huntington’s advances from the Federal Home Loan Bank had weighted average interest rates of 0.12% and 0.18% at December
31, 2013 and 2012, respectively. These advances, which predominantly had variable interest rates, were collateralized by qualifying
real estate loans. As of December 31, 2013 and 2012, Huntington’s maximum borrowing capacity was $4.8 billion and $4.0 billion,
respectively. The advances outstanding at December 31, 2013 of $1.8 billion mature as follows: $1.8 billion in 2014; and less than
$0.1 billion in 2018 and thereafter.
11. OTHER LONG-TERM DEBT
Huntington’s other long-term debt consisted of the following:
At December 31,
(dollar amounts in thousands) 2013 2012
2.60% Huntington Bancshares Incorporated senior note due 2018 $ 397,306 $ ---
1.30% Huntington National Bank senior note due 2016 497,317 ---
1.35% Huntington National Bank senior note due 2016 349,858 ---
4.95% Huntington National Bank medium-term notes due 2018 39,497 41,557
0.88% Securitization trust notes payable due 2018(2) --- 2,086
2.52% Class B preferred securities of subsidiary, no maturity (1) 65,000 65,000
7.88% Class C preferred securities of subsidiary, no maturity --- 50,000
Other 141 141
Total other long-term debt $ 1,349,119 $ 158,784
(1) Variable effective rate at December 31, 2013, based on one month LIBOR + 2.35 or 2.52%.
(2) Variable effective rate at December 31, 2012, based on one month LIBOR + 0.67 or 0.88%.
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 hedge the fair values of certain fixed-rate debt by converting the
debt to a variable rate. See Note 20 for more information regarding such financial instruments.
In August 2013, the parent company issued $400.0 million of senior notes at 99.80% of face value. The senior note issuances
mature on August 2, 2018 and have a fixed coupon rate of 2.60%. In August 2013, the Bank issued $350.0 million of senior notes at
99.865% of face value. The senior bank note issuances mature on August 2, 2016 and have a fixed coupon rate of 1.35%. Both senior
note issuances may be redeemed one month prior to their maturity date at 100% of principal plus accrued and unpaid interest.
In November 2013, the Bank issued $500.0 million of senior notes at 99.979% of face value. The senior bank note issuances
mature on November 20, 2016 and have a fixed coupon rate of 1.30%. The senior note issuance may be redeemed one month prior to
the maturity date at 100% of principal plus accrued and unpaid interest.