Huntington Bancshares Incorporated Annual report pursuant to Section 13 and 15(d)

PARENT-ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2020

The parent-only financial statements, which include transactions with subsidiaries, are as follows:


Balance Sheets	December 31,
(dollar amounts in millions)	2020		2019
Assets
Cash and due from banks	$	4,466	$	3,119
Due from The Huntington National Bank	297		47
Due from non-bank subsidiaries	37		34
Investment in The Huntington National Bank	12,509		12,833
Investment in non-bank subsidiaries	147		165
Accrued interest receivable and other assets	429		349
Total assets	$	17,885	$	16,547
Liabilities and shareholders’ equity
Long-term borrowings	$	4,142	$	4,095
Dividends payable, accrued expenses, and other liabilities	750		657
Total liabilities	4,892		4,752
Shareholders’ equity (1)	12,993		11,795
Total liabilities and shareholders’ equity	$	17,885	$	16,547

(1)See Consolidated Statements of Changes in Shareholders’ Equity.


Statements of Income	Year Ended December 31,
(dollar amounts in millions)	2020		2019		2018
Income
Dividends from:
The Huntington National Bank	$	1,527	$	685	$	1,722
Non-bank subsidiaries	36		3		—
Interest from:
The Huntington National Bank	4		8		27
Non-bank subsidiaries	1		2		2
Other	11		2		(2)
Total income	1,579		700		1,749
Expense
Personnel costs	17		6		2
Interest on borrowings	115		143		124
Other	123		145		118
Total expense	255		294		244
Income before income taxes and equity in undistributed net income of subsidiaries	1,324		406		1,505
Provision (benefit) for income taxes	(46)		(63)		(48)
Income before equity in undistributed net income of subsidiaries	1,370		469		1,553
Increase (decrease) in undistributed net income (loss) of:
The Huntington National Bank	(547)		908		(186)
Non-bank subsidiaries	(6)		34		26
Net income	$	817	$	1,411	$	1,393
Other comprehensive income (loss) (1)	448		353		(80)
Comprehensive income	$	1,265	$	1,764	$	1,313

(1)See Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail.


Statements of Cash Flows	Year Ended December 31,
(dollar amounts in millions)	2020		2019		2018
Operating activities
Net income	$	817	$	1,411	$	1,393
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries	553		(942)		197
Depreciation and amortization	—		(2)		(2)

Other, net	89		(19)		121
Net cash (used for) provided by operating activities	1,459		448		1,709
Investing activities
Repayments from subsidiaries	8		701		21
Advances to subsidiaries	(256)		(11)		(13)
(Purchases)/Proceeds from sale of securities	(1)		(38)		—
Cash paid for acquisitions, net of cash received	—		—		(15)


Net cash (used for) provided by investing activities	(249)		652		(7)
Financing activities

Net proceeds from issuance of medium-term notes	747		797		501

Payment of medium-term notes	—		—		(400)


Payment of long-term debt	(800)		—		—
Dividends paid on common and preferred stock	(698)		(671)		(584)
Repurchases of common stock	(92)		(441)		(939)
Net proceeds from issuance of preferred stock	988		—		495


Other, net	(8)		(18)		(41)
Net cash provided by (used for) financing activities	137		(333)		(968)
Increase (decrease) in cash and cash equivalents	1,347		767		734
Cash and cash equivalents at beginning of year	3,119		2,352		1,618
Cash and cash equivalents at end of year	$	4,466	$	3,119	$	2,352
Supplemental disclosure:
Interest paid	$	113	$	135	$	126