Annual report pursuant to Section 13 and 15(d)

PARENT-ONLY FINANCIAL STATEMENTS (Tables)

v3.22.0.1
PARENT-ONLY FINANCIAL STATEMENTS (Tables)
12 Months Ended
Dec. 31, 2021
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) 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
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 
Interest from:
The Huntington National Bank
Non-bank subsidiaries
Other —  11 
Total income 1,417  1,579  700 
Expense
Personnel costs 17 
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
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 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