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

PARENT-ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2021

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


Balance Sheets	December 31,
(dollar amounts in millions)	2021		2020
Assets
Cash and due from banks	$	2,832	$	4,466
Due from The Huntington National Bank	297		297
Due from non-bank subsidiaries	35		37
Investment in The Huntington National Bank	19,297		12,509
Investment in non-bank subsidiaries	217		147
Accrued interest receivable and other assets	544		429
Total assets	$	23,222	$	17,885
Liabilities and shareholders’ equity
Long-term borrowings	$	3,111	$	4,142
Dividends payable, accrued expenses, and other liabilities	815		750
Total liabilities	3,926		4,892
Shareholders’ equity (1)	19,296		12,993
Total liabilities and shareholders’ equity	$	23,222	$	17,885

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


Statements of Income	Year Ended December 31,
(dollar amounts in millions)	2021		2020		2019
Income
Dividends from:
The Huntington National Bank	$	1,394	$	1,527	$	685
Non-bank subsidiaries	19		36		3
Interest from:
The Huntington National Bank	3		4		8
Non-bank subsidiaries	1		1		2
Other	—		11		2
Total income	1,417		1,579		700
Expense
Personnel costs	6		17		6
Interest on borrowings	60		115		143
Other	230		123		145
Total expense	296		255		294
Income before income taxes and equity in undistributed net income of subsidiaries	1,121		1,324		406
Provision (benefit) for income taxes	(56)		(46)		(63)
Income before equity in undistributed net income of subsidiaries	1,177		1,370		469
Increase (decrease) in undistributed net income (loss) of:
The Huntington National Bank	97		(547)		908
Non-bank subsidiaries	21		(6)		34
Net income	$	1,295	$	817	$	1,411
Other comprehensive income (loss) (1)	(421)		448		353
Comprehensive income	$	874	$	1,265	$	1,764

(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)	2021		2020		2019
Operating activities
Net income	$	1,295	$	817	$	1,411
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries	(118)		553		(942)
Depreciation and amortization	23		—		(2)

Other, net	(217)		89		(19)
Net cash (used for) provided by operating activities	983		1,459		448
Investing activities
Repayments from subsidiaries	8		8		701
Advances to subsidiaries	(59)		(256)		(11)
(Purchases)/Proceeds from sale of securities	(28)		(1)		(38)
Net cash received from business combination	248		—		—


Net cash (used for) provided by investing activities	169		(249)		652
Financing activities

Net proceeds from issuance of medium-term notes	513		747		797




Payment of long-term debt	(1,508)		(800)		—
Dividends paid on common and preferred stock	(888)		(698)		(671)
Repurchases of common stock	(650)		(92)		(441)
Net proceeds from issuance of preferred stock	486		988		—

Payment to repurchase preferred stock	(700)		—		—
Other, net	(39)		(8)		(18)
Net cash provided by (used for) financing activities	(2,786)		137		(333)
Increase (decrease) in cash and cash equivalents	(1,634)		1,347		767
Cash and cash equivalents at beginning of year	4,466		3,119		2,352
Cash and cash equivalents at end of year	$	2,832	$	4,466	$	3,119
Supplemental disclosure:
Interest paid	$	71	$	113	$	135