Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIAL STATEMENTS (Tables)

v3.19.3.a.u2
PARENT COMPANY FINANCIAL STATEMENTS (Tables)
 12 Months Ended
Dec. 31, 2019
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)
2019
 
2018
Assets
 
 
 
Cash and due from banks
$
3,119

 
$
2,352

Due from The Huntington National Bank
47

 
739

Due from non-bank subsidiaries
34

 
40

Investment in The Huntington National Bank
12,833

 
11,493

Investment in non-bank subsidiaries
165

 
142

Accrued interest receivable and other assets
349

 
239

Total assets
$
16,547

 
$
15,005

Liabilities and shareholders’ equity
 
 
 
Long-term borrowings
$
4,095

 
$
3,216

Dividends payable, accrued expenses, and other liabilities
657

 
687

Total liabilities
4,752

 
3,903

Shareholders’ equity (1)
11,795

 
11,102

Total liabilities and shareholders’ equity
$
16,547

 
$
15,005

(1)
See Consolidated Statements of Changes in Shareholders’ Equity.
Statements of Income
Statements of Income
Year Ended December 31,
(dollar amounts in millions)
2019
 
2018
 
2017
Income
 
 
 
 
 
Dividends from:
 
 
 
 
 
The Huntington National Bank
$
685

 
$
1,722

 
$
298

Non-bank subsidiaries
3

 
—

 
14

Interest from:
 
 
 
 
 
The Huntington National Bank
8

 
27

 
20

Non-bank subsidiaries
2

 
2

 
2

Other
2

 
(2
)
 
4

Total income
700

 
1,749

 
338

Expense
 
 
 
 
 
Personnel costs
6

 
2

 
19

Interest on borrowings
143

 
124

 
91

Other
145

 
118

 
115

Total expense
294

 
244

 
225

Income before income taxes and equity in undistributed net income of subsidiaries
406

 
1,505

 
113

Provision (benefit) for income taxes
(63
)
 
(48
)
 
(56
)
Income before equity in undistributed net income of subsidiaries
469

 
1,553

 
169

Increase (decrease) in undistributed net income (loss) of:
 
 
 
 
 
The Huntington National Bank
908

 
(186
)
 
1,015

Non-bank subsidiaries
34

 
26

 
2

Net income
$
1,411

 
$
1,393

 
$
1,186

Other comprehensive income (loss) (1)
353

 
(80
)
 
(34
)
Comprehensive income
$
1,764

 
$
1,313

 
$
1,152

(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)
2019
 
2018
 
2017
Operating activities
 
 
 
 
 
Net income
$
1,411

 
$
1,393

 
$
1,186

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Equity in undistributed net income of subsidiaries
(942
)
 
197

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

Other, net
(19
)
 
121

 
(37
)
Net cash (used for) provided by operating activities
448

 
1,709

 
156

Investing activities
 
 
 
 
 
Repayments from subsidiaries
701

 
21

 
442

Advances to subsidiaries
(11
)
 
(13
)
 
(29
)
(Purchases)/Proceeds from sale of securities
(38
)
 
—

 
1

Cash paid for acquisitions, net of cash received
—

 
(15
)
 
—

Net cash (used for) provided by investing activities
652

 
(7
)
 
414

Financing activities
 
 
 
 
 
Net proceeds from issuance of medium-term notes
797

 
501

 
—

Payment of medium-term notes
—

 
(400
)
 
—

Dividends paid on common stock
(671
)
 
(584
)
 
(425
)
Repurchases of common stock
(441
)
 
(939
)
 
(260
)
Net proceeds from issuance of preferred stock
—

 
495

 
—

Other, net
(18
)
 
(41
)
 
(20
)
Net cash provided by (used for) financing activities
(333
)
 
(968
)
 
(705
)
Increase (decrease) in cash and cash equivalents
767

 
734

 
(135
)
Cash and cash equivalents at beginning of year
2,352

 
1,618

 
1,753

Cash and cash equivalents at end of year
$
3,119

 
$
2,352

 
$
1,618

Supplemental disclosure:
 
 
 
 
 
Interest paid
$
135

 
$
126

 
$
90