Huntington National Bank 2013 Annual Report Download - page 154
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148
12. SUBORDINATED NOTES
At December 31, Huntington’s subordinated notes consisted of the following:
At December 31,
(dollar amounts in thousands) 2013 2012
Parent company:
6.21% subordinated notes due 2013 $ --- $ 49,892
7.00% subordinated notes due 2020 323,856 350,656
0.94% junior subordinated debentures due 2027 (1) 111,816 111,816
0.87% junior subordinated debentures due 2028 (2) 54,593 54,593
1.65% junior subordinated debentures due 2036 (3) 72,165 72,165
1.65% junior subordinated debentures due 2036 (3) 74,320 74,320
The Huntington National Bank:
5.00% subordinated notes due 2014 125,109 130,186
5.59% subordinated notes due 2016 108,038 110,321
6.67% subordinated notes due 2018 143,749 150,219
5.45% subordinated notes due 2019 87,214 92,923
Total subordinated notes $ 1,100,860 $ 1,197,091
(1) Variable effective rate at December 31, 2013, based on three month LIBOR + 0.70%.
(2) Variable effective rate at December 31, 2013, based on three month LIBOR + 0.625%.
(3) Variable effective rate at December 31, 2013, 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, Huntington retired $230.3 million of junior subordinated debentures, which resulted in net pre-tax gains of $0.8
million. These transactions have been recorded as gains on early extinguishment of debt, a reduction of noninterest expense, in the
Consolidated Financial Statements.