Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIAL STATEMENTS (Tables)

v3.10.0.1
PARENT COMPANY FINANCIAL STATEMENTS (Tables)
 12 Months Ended
Dec. 31, 2018
Condensed Financial Information 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)
2018
 
2017
Assets
 
 
 
Cash and due from banks
$
2,352

 
$
1,618

Due from The Huntington National Bank
739

 
798

Due from non-bank subsidiaries
40

 
58

Investment in The Huntington National Bank
11,493

 
11,696

Investment in non-bank subsidiaries
142

 
111

Accrued interest receivable and other assets
239

 
252

Total assets
$
15,005

 
$
14,533

Liabilities and shareholders’ equity
 
 
 
Long-term borrowings
$
3,216

 
$
3,128

Dividends payable, accrued expenses, and other liabilities
687

 
591

Total liabilities
3,903

 
3,719

Shareholders’ equity (1)
11,102

 
10,814

Total liabilities and shareholders’ equity
$
15,005

 
$
14,533

(1)
See Consolidated Statements of Changes in Shareholders’ Equity.
Statements of Income
Statements of Income
Year Ended December 31,
(dollar amounts in millions)
2018
 
2017
 
2016
Income
 
 
 
 
 
Dividends from:
 
 
 
 
 
The Huntington National Bank
$
1,722

 
$
298

 
$
188

Non-bank subsidiaries
—

 
14

 
11

Interest from:
 
 
 
 
 
The Huntington National Bank
27

 
20

 
14

Non-bank subsidiaries
2

 
2

 
3

Other
(2
)
 
4

 
—

Total income
1,749

 
338

 
216

Expense
 
 
 
 
 
Personnel costs
2

 
19

 
12

Interest on borrowings
124

 
91

 
59

Other
118

 
115

 
123

Total expense
244

 
225

 
194

Income before income taxes and equity in undistributed net income of subsidiaries
1,505

 
113

 
22

Provision (benefit) for income taxes
(48
)
 
(56
)
 
(56
)
Income before equity in undistributed net income of subsidiaries
1,553

 
169

 
78

Increase (decrease) in undistributed net income (loss) of:
 
 
 
 
 
The Huntington National Bank
(186
)
 
1,015

 
629

Non-bank subsidiaries
26

 
2

 
5

Net income
$
1,393

 
$
1,186

 
$
712

Other comprehensive income (loss) (1)
(80
)
 
(34
)
 
(175
)
Comprehensive income
$
1,313

 
$
1,152

 
$
537

(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)
2018
 
2017
 
2016
Operating activities
 
 
 
 
 
Net income
$
1,393

 
$
1,186

 
$
712

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Equity in undistributed net income of subsidiaries
197

 
(997
)
 
(634
)
Depreciation and amortization
(2
)
 
4

 
(1
)
Other, net
121

 
(37
)
 
(24
)
Net cash (used for) provided by operating activities
1,709

 
156

 
53

Investing activities
 
 
 
 
 
Repayments from subsidiaries
21

 
442

 
464

Advances to subsidiaries
(13
)
 
(29
)
 
(1,758
)
Proceeds from sale of securities available-for-sale
—

 
1

 
(2
)
Cash paid for acquisitions, net of cash received
(15
)
 
—

 
(133
)
Net cash (used for) provided by investing activities
(7
)
 
414

 
(1,429
)
Financing activities
 
 
 
 
 
Net proceeds from issuance of medium-term notes
501

 
—

 
—

Net proceeds from issuance of long-term borrowings
—

 
—

 
1,990

Payment of medium-term notes
(400
)
 
—

 
—

Payment of long-term debt
—

 
—

 
(65
)
Dividends paid on common stock
(584
)
 
(425
)
 
(299
)
Repurchases of common stock
(939
)
 
(260
)
 
—

Net proceeds from issuance of preferred stock
495

 
—

 
585

Other, net
(41
)
 
(20
)
 
1

Net cash provided by (used for) financing activities
(968
)
 
(705
)
 
2,212

Increase (decrease) in cash and cash equivalents
734

 
(135
)
 
836

Cash and cash equivalents at beginning of year
1,618

 
1,753

 
917

Cash and cash equivalents at end of year
$
2,352

 
$
1,618

 
$
1,753

Supplemental disclosure:
 
 
 
 
 
Interest paid
$
126

 
$
90

 
$
36