| PARENT COMPANY FINANCIAL STATEMENTS |
PARENT-ONLY FINANCIAL STATEMENTS
The parent-only financial statements, which include transactions with subsidiaries, are as follows:
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Balance Sheets |
December 31, |
(dollar amounts in millions) |
2017 |
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2016 |
Assets |
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Cash and due from banks |
$ |
1,618 |
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$ |
1,753 |
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Due from The Huntington National Bank |
798 |
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|
730 |
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Due from non-bank subsidiaries |
58 |
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|
45 |
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Investment in The Huntington National Bank |
11,696 |
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|
10,668 |
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Investment in non-bank subsidiaries |
111 |
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|
500 |
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Accrued interest receivable and other assets |
252 |
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|
321 |
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Total assets |
$ |
14,533 |
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$ |
14,017 |
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Liabilities and shareholders’ equity |
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Long-term borrowings |
$ |
3,128 |
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$ |
3,145 |
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Dividends payable, accrued expenses, and other liabilities |
591 |
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|
564 |
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Total liabilities |
3,719 |
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3,709 |
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Shareholders’ equity (1) |
10,814 |
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|
10,308 |
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Total liabilities and shareholders’ equity |
$ |
14,533 |
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$ |
14,017 |
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(1) |
See Consolidated Statements of Changes in Shareholders’ Equity. |
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Statements of Income |
Year Ended December 31, |
(dollar amounts in millions) |
2017 |
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2016 |
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2015 |
Income |
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Dividends from |
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The Huntington National Bank |
$ |
298 |
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$ |
188 |
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$ |
822 |
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Non-bank subsidiaries |
14 |
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11 |
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|
39 |
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Interest from |
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The Huntington National Bank |
20 |
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14 |
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6 |
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Non-bank subsidiaries |
2 |
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3 |
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2 |
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Other |
4 |
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— |
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5 |
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Total income |
338 |
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216 |
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|
874 |
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Expense |
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Personnel costs |
19 |
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12 |
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5 |
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Interest on borrowings |
91 |
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59 |
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17 |
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Other |
115 |
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123 |
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|
93 |
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Total expense |
225 |
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|
194 |
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|
115 |
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Income (loss) before income taxes and equity in undistributed net income of subsidiaries |
113 |
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|
22 |
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|
759 |
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Provision (benefit) for income taxes |
(56 |
) |
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(56 |
) |
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(110 |
) |
Income (loss) before equity in undistributed net income of subsidiaries |
169 |
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|
78 |
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|
869 |
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Increase (decrease) in undistributed net income (loss) of: |
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The Huntington National Bank |
1,015 |
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629 |
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(161 |
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Non-bank subsidiaries |
2 |
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5 |
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(15 |
) |
Net income |
$ |
1,186 |
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$ |
712 |
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$ |
693 |
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Other comprehensive income (loss) (1) |
(34 |
) |
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(175 |
) |
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(4 |
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Comprehensive income |
$ |
1,152 |
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$ |
537 |
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$ |
689 |
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(1) |
See Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail. |
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Statements of Cash Flows |
Year Ended December 31, |
(dollar amounts in millions) |
2017 |
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2016 |
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2015 |
Operating activities |
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Net income |
$ |
1,186 |
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$ |
712 |
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$ |
693 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Equity in undistributed net income of subsidiaries |
(997 |
) |
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(634 |
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176 |
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Depreciation and amortization |
4 |
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(1 |
) |
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1 |
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Loss on sales of securities available-for-sale |
— |
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— |
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— |
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Other, net |
(37 |
) |
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(24 |
) |
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(45 |
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Net cash (used for) provided by operating activities |
156 |
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53 |
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|
825 |
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Investing activities |
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Repayments from subsidiaries |
442 |
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464 |
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495 |
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Advances to subsidiaries |
(29 |
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(1,758 |
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(612 |
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Proceeds from sale of securities available-for-sale |
1 |
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(2 |
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— |
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Cash paid for acquisitions, net of cash received |
— |
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(133 |
) |
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— |
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Proceeds from business divestitures |
— |
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— |
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9 |
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Net cash (used for) provided by investing activities |
414 |
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(1,429 |
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(108 |
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Financing activities |
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Proceeds from issuance of long-term borrowings |
— |
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1,990 |
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— |
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Payment of borrowings |
— |
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(65 |
) |
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— |
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Dividends paid on stock |
(425 |
) |
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(299 |
) |
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(225 |
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Net proceeds from issuance of preferred stock |
— |
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585 |
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— |
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Repurchases of common stock |
(260 |
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— |
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(252 |
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Other, net |
(20 |
) |
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1 |
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14 |
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Net cash provided by (used for) financing activities |
(705 |
) |
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2,212 |
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(463 |
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Increase (decrease) in cash and due from banks |
(135 |
) |
|
836 |
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|
254 |
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Cash and due from banks at beginning of year |
1,753 |
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|
917 |
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|
663 |
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Cash and due from banks at end of year |
$ |
1,618 |
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$ |
1,753 |
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$ |
917 |
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Supplemental disclosure: |
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Interest paid |
$ |
90 |
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$ |
36 |
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$ |
17 |
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