Quarterly report pursuant to Section 13 or 15(d)

Parent Company Financial Statements

 v2.3.0.11
Parent Company Financial Statements
 6 Months Ended
Jun. 30, 2011
Parent Company Financial Statements [Abstract]  
PARENT COMPANY FINANCIAL STATEMENTS
17. PARENT COMPANY FINANCIAL STATEMENTS
The parent company condensed financial statements, which include transactions with subsidiaries, are as follows.
Balance Sheets
                         
    June 30,     December 31,     June 30,  
(dollar amounts in thousands)   2011     2010     2010  
Assets
                       
Cash and cash equivalents (1)
  $ 644,183     $ 615,167     $ 933,546  
Due from The Huntington National Bank
    954,565       954,565       954,565  
Due from non-bank subsidiaries
    223,408       225,560       254,352  
Investment in The Huntington National Bank
    3,846,588       3,515,597       3,304,908  
Investment in non-bank subsidiaries
    791,230       790,248       810,228  
Accrued interest receivable and other assets
    114,076       110,181       164,589  
 
                 
Total assets
  $ 6,574,050     $ 6,211,318     $ 6,422,188  
 
                 
Liabilities and Shareholders’ Equity
                       
Short-term borrowings
  $ —     $ 100     $ 687  
Long-term borrowings
    932,434       937,434       637,434  
Dividends payable, accrued expenses, and other liabilities
    388,973       293,242       345,631  
 
                 
Total liabilities
    1,321,407       1,230,776       983,752  
 
                 
Shareholders’ equity (2)
    5,252,643       4,980,542       5,438,436  
 
                 
Total liabilities and shareholders’ equity
  $ 6,574,050     $ 6,211,318     $ 6,422,188  
 
                 
(1)   Includes restricted cash of $125,000.
 
(2)   See Huntington’s Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity.
Statements of Income
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
(dollar amounts in thousands)   2011     2010     2011     2010  
Income
                               
Dividends from
                               
The Huntington National Bank
  $ —     $ —     $ —     $ —  
Non-bank subsidiaries
    25,000       —       31,000       18,000  
Interest from
                               
The Huntington National Bank
    20,211       20,724       40,396       41,740  
Non-bank subsidiaries
    2,259       2,986       4,955       6,449  
Other
    439       379       1,040       2,076  
 
                       
Total income
    47,909       24,089       77,391       68,265  
 
                       
 
                               
Expense
                               
Personnel costs
    9,575       11,981       14,330       13,018  
Interest on borrowings
    8,728       5,734       17,422       11,275  
Other
    10,465       13,212       20,030       25,905  
 
                       
Total expense
    28,768       30,927       51,782       50,198  
 
                       
 
                               
Income (loss) before income taxes and equity in undistributed net income of subsidiaries
    19,141       (6,838 )     25,609       18,067  
Income taxes
    (3,051 )     (105 )     (1,015 )     15,744  
 
                       
Income (loss) before equity in undistributed net income of subsidiaries
    22,192       (6,733 )     26,624       2,323  
Increase (decrease) in undistributed net income of:
                               
The Huntington National Bank
    140,784       60,891       258,900       101,058  
Non-bank subsidiaries
    (17,058 )     (5,394 )     (13,160 )     (14,880 )
 
                       
Net income
  $ 145,918     $ 48,764     $ 272,364     $ 88,501  
 
                       
Statements of Cash Flows
                 
    Six Months Ended  
    June 30,  
(dollar amounts in thousands)   2011     2010  
 
               
Operating activities
               
Net income
  $ 272,364     $ 88,501  
Adjustments to reconcile net income to net cash provided by operating activities
               
Equity in undistributed net income of subsidiaries
    (284,538 )     (104,178 )
Depreciation and amortization
    369       510  
Other, net
    87,922       (87,960 )
 
           
Net cash provided by (used for) operating activities
    76,117       (103,127 )
 
           
 
               
Investing activities
               
Repayments from subsidiaries
    63,198       31,572  
Advances to subsidiaries
    (23,535 )     (307,051 )
 
           
Net cash provided by (used for) investing activities
    39,663       (275,479 )
 
           
 
               
Financing activities
               
Payment of borrowings
    (5,000 )     (604 )
Dividends paid on preferred stock
    (15,407 )     (50,358 )
Dividends paid on common stock
    (17,244 )     (14,247 )
Redemption of Warrant to the Treasury
    (49,100 )     —  
Other, net
    (13 )     822  
 
           
Net cash provided by (used for) financing activities
    (86,764 )     (64,387 )
 
           
Change in cash and cash equivalents
    29,016       (442,993 )
Cash and cash equivalents at beginning of period
    615,167       1,376,539  
 
           
Cash and cash equivalents at end of period
  $ 644,183     $ 933,546  
 
           
 
               
Supplemental disclosure:
               
Interest paid
  $ 17,422     $ 11,275