| 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) |
2018 |
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2017 |
Assets |
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Cash and due from banks |
$ |
2,352 |
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$ |
1,618 |
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Due from The Huntington National Bank |
739 |
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|
798 |
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Due from non-bank subsidiaries |
40 |
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|
58 |
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Investment in The Huntington National Bank |
11,493 |
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11,696 |
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Investment in non-bank subsidiaries |
142 |
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|
111 |
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Accrued interest receivable and other assets |
239 |
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|
252 |
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Total assets |
$ |
15,005 |
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$ |
14,533 |
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Liabilities and shareholders’ equity |
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Long-term borrowings |
$ |
3,216 |
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$ |
3,128 |
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Dividends payable, accrued expenses, and other liabilities |
687 |
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|
591 |
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Total liabilities |
3,903 |
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3,719 |
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Shareholders’ equity (1) |
11,102 |
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|
10,814 |
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Total liabilities and shareholders’ equity |
$ |
15,005 |
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$ |
14,533 |
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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) |
2018 |
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2017 |
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2016 |
Income |
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Dividends from: |
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The Huntington National Bank |
$ |
1,722 |
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$ |
298 |
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$ |
188 |
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Non-bank subsidiaries |
— |
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14 |
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11 |
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Interest from: |
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The Huntington National Bank |
27 |
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20 |
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14 |
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Non-bank subsidiaries |
2 |
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2 |
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3 |
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Other |
(2 |
) |
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4 |
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— |
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Total income |
1,749 |
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|
338 |
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|
216 |
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Expense |
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Personnel costs |
2 |
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19 |
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12 |
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Interest on borrowings |
124 |
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|
91 |
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|
59 |
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Other |
118 |
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|
115 |
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123 |
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Total expense |
244 |
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|
225 |
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|
194 |
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Income before income taxes and equity in undistributed net income of subsidiaries |
1,505 |
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|
113 |
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22 |
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Provision (benefit) for income taxes |
(48 |
) |
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(56 |
) |
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(56 |
) |
Income before equity in undistributed net income of subsidiaries |
1,553 |
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|
169 |
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|
78 |
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Increase (decrease) in undistributed net income (loss) of: |
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The Huntington National Bank |
(186 |
) |
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1,015 |
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|
629 |
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Non-bank subsidiaries |
26 |
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2 |
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5 |
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Net income |
$ |
1,393 |
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$ |
1,186 |
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$ |
712 |
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Other comprehensive income (loss) (1) |
(80 |
) |
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(34 |
) |
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(175 |
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Comprehensive income |
$ |
1,313 |
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$ |
1,152 |
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$ |
537 |
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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) |
2018 |
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2017 |
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2016 |
Operating activities |
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Net income |
$ |
1,393 |
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$ |
1,186 |
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$ |
712 |
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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 |
197 |
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(997 |
) |
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(634 |
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Depreciation and amortization |
(2 |
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4 |
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(1 |
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Other, net |
121 |
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(37 |
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(24 |
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Net cash (used for) provided by operating activities |
1,709 |
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|
156 |
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53 |
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Investing activities |
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Repayments from subsidiaries |
21 |
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|
442 |
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464 |
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Advances to subsidiaries |
(13 |
) |
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(29 |
) |
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(1,758 |
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Proceeds from sale of securities available-for-sale |
— |
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1 |
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(2 |
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Cash paid for acquisitions, net of cash received |
(15 |
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— |
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(133 |
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Net cash (used for) provided by investing activities |
(7 |
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414 |
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(1,429 |
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Financing activities |
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Net proceeds from issuance of medium-term notes |
501 |
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— |
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— |
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Net proceeds from issuance of long-term borrowings |
— |
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— |
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1,990 |
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Payment of medium-term notes |
(400 |
) |
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— |
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— |
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Payment of long-term debt |
— |
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— |
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(65 |
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Dividends paid on common stock |
(584 |
) |
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(425 |
) |
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(299 |
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Repurchases of common stock |
(939 |
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(260 |
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— |
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Net proceeds from issuance of preferred stock |
495 |
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— |
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|
585 |
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Other, net |
(41 |
) |
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(20 |
) |
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1 |
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Net cash provided by (used for) financing activities |
(968 |
) |
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(705 |
) |
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2,212 |
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Increase (decrease) in cash and cash equivalents |
734 |
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(135 |
) |
|
836 |
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Cash and cash equivalents at beginning of year |
1,618 |
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1,753 |
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|
917 |
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Cash and cash equivalents at end of year |
$ |
2,352 |
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$ |
1,618 |
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$ |
1,753 |
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Supplemental disclosure: |
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Interest paid |
$ |
126 |
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$ |
90 |
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$ |
36 |
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