| PARENT COMPANY FINANCIAL STATEMENTS |
PARENT COMPANY FINANCIAL STATEMENTS
The parent company financial statements, which include transactions with subsidiaries, are as follows:
|
|
|
|
|
|
|
|
|
Balance Sheets |
December 31, |
(dollar amounts in thousands) |
2015 |
|
2014 |
Assets |
|
|
|
Cash and cash equivalents |
$ |
917,368 |
|
|
$ |
662,768 |
|
Due from The Huntington National Bank |
406,253 |
|
|
276,851 |
|
Due from non-bank subsidiaries |
48,151 |
|
|
51,129 |
|
Investment in The Huntington National Bank |
5,966,783 |
|
|
6,073,408 |
|
Investment in non-bank subsidiaries |
489,205 |
|
|
509,114 |
|
Accrued interest receivable and other assets |
192,444 |
|
|
279,366 |
|
Total assets |
$ |
8,020,204 |
|
|
$ |
7,852,636 |
|
Liabilities and shareholders’ equity |
|
|
|
Long-term borrowings |
$ |
1,045,835 |
|
|
$ |
1,046,104 |
|
Dividends payable, accrued expenses, and other liabilities |
379,763 |
|
|
478,361 |
|
Total liabilities |
1,425,598 |
|
|
1,524,465 |
|
Shareholders’ equity (1) |
6,594,606 |
|
|
6,328,170 |
|
Total liabilities and shareholders’ equity |
$ |
8,020,204 |
|
|
$ |
7,852,635 |
|
|
|
(1) |
See Consolidated Statements of Changes in Shareholders’ Equity. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Statements of Income |
Year Ended December 31, |
(dollar amounts in thousands) |
2015 |
|
2014 |
|
2013 |
Income |
|
|
|
|
|
Dividends from |
|
|
|
|
|
The Huntington National Bank |
$ |
822,000 |
|
|
$ |
244,000 |
|
|
$ |
— |
|
Non-bank subsidiaries |
38,883 |
|
|
27,773 |
|
|
55,473 |
|
Interest from |
|
|
|
|
|
The Huntington National Bank |
5,954 |
|
|
3,906 |
|
|
6,598 |
|
Non-bank subsidiaries |
2,317 |
|
|
2,613 |
|
|
3,129 |
|
Other |
4,529 |
|
|
2,994 |
|
|
2,148 |
|
Total income |
873,683 |
|
|
281,286 |
|
|
67,348 |
|
Expense |
|
|
|
|
|
Personnel costs |
4,770 |
|
|
53,359 |
|
|
52,846 |
|
Interest on borrowings |
17,428 |
|
|
17,031 |
|
|
20,739 |
|
Other |
92,735 |
|
|
52,662 |
|
|
36,728 |
|
Total expense |
114,933 |
|
|
123,052 |
|
|
110,313 |
|
Income (loss) before income taxes and equity in undistributed net income of subsidiaries |
758,750 |
|
|
158,234 |
|
|
(42,965 |
) |
Provision (benefit) for income taxes |
(109,867 |
) |
|
(62,897 |
) |
|
(22,298 |
) |
Income (loss) before equity in undistributed net income of subsidiaries |
868,617 |
|
|
221,131 |
|
|
(20,667 |
) |
Increase (decrease) in undistributed net income (loss) of: |
|
|
|
|
|
The Huntington National Bank |
(160,567 |
) |
|
414,049 |
|
|
692,392 |
|
Non-bank subsidiaries |
(15,093 |
) |
|
(2,788 |
) |
|
(30,443 |
) |
Net income |
$ |
692,957 |
|
|
$ |
632,392 |
|
|
$ |
641,282 |
|
Other comprehensive income (loss) (1) |
(3,866 |
) |
|
(8,283 |
) |
|
(63,192 |
) |
Comprehensive income |
$ |
689,091 |
|
|
$ |
624,109 |
|
|
$ |
578,090 |
|
|
|
(1) |
See Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Statements of Cash Flows |
Year Ended December 31, |
(dollar amounts in thousands) |
2015 |
|
2014 |
|
2013 |
Operating activities |
|
|
|
|
|
Net income |
$ |
692,957 |
|
|
$ |
632,392 |
|
|
$ |
641,282 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
Equity in undistributed net income of subsidiaries |
175,660 |
|
|
(411,261 |
) |
|
(718,144 |
) |
Depreciation and amortization |
609 |
|
|
548 |
|
|
513 |
|
Loss on sales of securities available-for-sale |
540 |
|
|
— |
|
|
— |
|
Other, net |
(44,197 |
) |
|
26,685 |
|
|
15,965 |
|
Net cash (used for) provided by operating activities |
825,569 |
|
|
248,364 |
|
|
(60,384 |
) |
Investing activities |
|
|
|
|
|
Repayments from subsidiaries |
494,905 |
|
|
9,250 |
|
|
285,792 |
|
Advances to subsidiaries |
(612,610 |
) |
|
(32,350 |
) |
|
(249,050 |
) |
Proceeds from sale of securities available-for-sale |
449 |
|
|
— |
|
|
— |
|
Cash paid for acquisitions, net of cash received |
— |
|
|
(13,452 |
) |
|
— |
|
Proceeds from business divestitures |
9,029 |
|
|
— |
|
|
— |
|
Net cash (used for) provided by investing activities |
(108,227 |
) |
|
(36,552 |
) |
|
36,742 |
|
Financing activities |
|
|
|
|
|
Proceeds from issuance of long-term borrowings |
— |
|
|
— |
|
|
400,000 |
|
Payment of borrowings |
— |
|
|
— |
|
|
(50,000 |
) |
Dividends paid on stock |
(224,390 |
) |
|
(198,789 |
) |
|
(182,476 |
) |
Net proceeds from issuance of common stock |
— |
|
|
2,597 |
|
|
— |
|
Repurchases of common stock |
(251,844 |
) |
|
(334,429 |
) |
|
(124,995 |
) |
Other, net |
13,492 |
|
|
15,512 |
|
|
25,707 |
|
Net cash provided by (used for) financing activities |
(462,742 |
) |
|
(515,109 |
) |
|
68,236 |
|
Change in cash and cash equivalents |
254,600 |
|
|
(303,297 |
) |
|
44,594 |
|
Cash and cash equivalents at beginning of year |
662,768 |
|
|
966,065 |
|
|
921,471 |
|
Cash and cash equivalents at end of year |
$ |
917,368 |
|
|
$ |
662,768 |
|
|
$ |
966,065 |
|
Supplemental disclosure: |
|
|
|
|
|
Interest paid |
$ |
17,384 |
|
|
$ |
21,321 |
|
|
$ |
20,739 |
|
|