Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIAL STATEMENTS (Tables)

v3.8.0.1
PARENT COMPANY FINANCIAL STATEMENTS (Tables)
 12 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Balance Sheets
The parent-only financial statements, which include transactions with subsidiaries, are as follows:
Balance Sheets
December 31,
(dollar amounts in millions)
2017
 
2016
Assets
 
 
 
Cash and due from banks
$
1,618

 
$
1,753

Due from The Huntington National Bank
798

 
730

Due from non-bank subsidiaries
58

 
45

Investment in The Huntington National Bank
11,696

 
10,668

Investment in non-bank subsidiaries
111

 
500

Accrued interest receivable and other assets
252

 
321

Total assets
$
14,533

 
$
14,017

Liabilities and shareholders’ equity
 
 
 
Long-term borrowings
$
3,128

 
$
3,145

Dividends payable, accrued expenses, and other liabilities
591

 
564

Total liabilities
3,719

 
3,709

Shareholders’ equity (1)
10,814

 
10,308

Total liabilities and shareholders’ equity
$
14,533

 
$
14,017

(1)
See Consolidated Statements of Changes in Shareholders’ Equity.
Statements of Income
Statements of Income
Year Ended December 31,
(dollar amounts in millions)
2017
 
2016
 
2015
Income
 
 
 
 
 
Dividends from
 
 
 
 
 
The Huntington National Bank
$
298

 
$
188

 
$
822

Non-bank subsidiaries
14

 
11

 
39

Interest from
 
 
 
 
 
The Huntington National Bank
20

 
14

 
6

Non-bank subsidiaries
2

 
3

 
2

Other
4

 
—

 
5

Total income
338

 
216

 
874

Expense
 
 
 
 
 
Personnel costs
19

 
12

 
5

Interest on borrowings
91

 
59

 
17

Other
115

 
123

 
93

Total expense
225

 
194

 
115

Income (loss) before income taxes and equity in undistributed net income of subsidiaries
113

 
22

 
759

Provision (benefit) for income taxes
(56
)
 
(56
)
 
(110
)
Income (loss) before equity in undistributed net income of subsidiaries
169

 
78

 
869

Increase (decrease) in undistributed net income (loss) of:
 
 
 
 
 
The Huntington National Bank
1,015

 
629

 
(161
)
Non-bank subsidiaries
2

 
5

 
(15
)
Net income
$
1,186

 
$
712

 
$
693

Other comprehensive income (loss) (1)
(34
)
 
(175
)
 
(4
)
Comprehensive income
$
1,152

 
$
537

 
$
689

(1)
See Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail.
Statements of Cash Flows
Statements of Cash Flows
Year Ended December 31,
(dollar amounts in millions)
2017
 
2016
 
2015
Operating activities
 
 
 
 
 
Net income
$
1,186

 
$
712

 
$
693

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Equity in undistributed net income of subsidiaries
(997
)
 
(634
)
 
176

Depreciation and amortization
4

 
(1
)
 
1

Loss on sales of securities available-for-sale
—

 
—

 
—

Other, net
(37
)
 
(24
)
 
(45
)
Net cash (used for) provided by operating activities
156

 
53

 
825

Investing activities
 
 
 
 
 
Repayments from subsidiaries
442

 
464

 
495

Advances to subsidiaries
(29
)
 
(1,758
)
 
(612
)
Proceeds from sale of securities available-for-sale
1

 
(2
)
 
—

Cash paid for acquisitions, net of cash received
—

 
(133
)
 
—

Proceeds from business divestitures
—

 
—

 
9

Net cash (used for) provided by investing activities
414

 
(1,429
)
 
(108
)
Financing activities
 
 
 
 
 
Proceeds from issuance of long-term borrowings
—

 
1,990

 
—

Payment of borrowings
—

 
(65
)
 
—

Dividends paid on stock
(425
)
 
(299
)
 
(225
)
Net proceeds from issuance of preferred stock
—

 
585

 
—

Repurchases of common stock
(260
)
 
—

 
(252
)
Other, net
(20
)
 
1

 
14

Net cash provided by (used for) financing activities
(705
)
 
2,212

 
(463
)
Increase (decrease) in cash and due from banks
(135
)
 
836

 
254

Cash and due from banks at beginning of year
1,753

 
917

 
663

Cash and due from banks at end of year
$
1,618

 
$
1,753

 
$
917

Supplemental disclosure:
 
 
 
 
 
Interest paid
$
90

 
$
36

 
$
17