Quarterly report pursuant to Section 13 or 15(d)

Parent Company Financial Statements

v2.3.0.15
Parent Company Financial Statements
 9 Months Ended
Sep. 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   September 30,     December 31,     September 30,
(dollar amounts in thousands)   2011     2010     2010
Assets                
Cash and cash equivalents (1) $ 697,247   $ 615,167   $ 858,965
Due from The Huntington National Bank   953,074     954,565     953,074
Due from non-bank subsidiaries   197,809     225,560     246,458
Investment in The Huntington National Bank   4,031,232     3,515,597     3,524,432
Investment in non-bank subsidiaries   795,518     790,248     813,788
Accrued interest receivable and other assets   126,527     110,181     167,712
Total assets $ 6,801,407   $ 6,211,318   $ 6,564,429
                 
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   468,494     293,242     358,905
Total liabilities   1,400,928     1,230,776     997,026
Shareholders' equity (2)   5,400,479     4,980,542     5,567,403
Total liabilities and shareholders' equity $ 6,801,407   $ 6,211,318   $ 6,564,429
                 
(1) Includes restricted cash of $125,000.                
(2) See Huntington’s Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity.

        Three Months Ended     Nine Months Ended
Statements of Income   September 30,     September 30,
(dollar amounts in thousands)   2011     2010     2011     2010
Income                      
  Dividends from                      
    The Huntington National Bank $ ---   $ ---   $ ---   $ ---
    Non-bank subsidiaries   ---     15,000     31,000     33,000
  Interest from                      
    The Huntington National Bank   20,248     20,611     60,644     62,351
    Non-bank subsidiaries   2,007     2,873     6,962     9,322
  Other   489     461     1,529     2,537
Total income   22,744     38,945     100,135     107,210
                           
Expense                      
  Personnel costs   10,251     9,751     24,581     22,769
  Interest on borrowings   8,834     6,028     26,256     17,303
  Other   14,692     11,416     34,722     37,321
Total expense   33,777     27,195     85,559     77,393
                           
Income (loss) before income taxes and equity in undistributed                      
  net income of subsidiaries   (11,033)     11,750     14,576     29,817
Provision (benefit) for income taxes   (8,783)     (656)     (9,798)     15,088
Income (loss) before equity in undistributed net income of subsidiaries   (2,250)     12,406     24,374     14,729
Increase (decrease) in undistributed net income of:                      
  The Huntington National Bank   143,140     95,156     402,040     196,214
  Non-bank subsidiaries   2,501     (6,616)     (10,659)     (21,496)
Net income $ 143,391   $ 100,946   $ 415,755   $ 189,447

          Nine Months Ended
Statements of Cash Flows   September 30,
(dollar amounts in thousands)   2011     2010
                 
Operating activities          
  Net income $ 415,755   $ 189,447
  Adjustments to reconcile net income to net cash provided by operating activities          
      Equity in undistributed net income of subsidiaries   (434,018)     (192,718)
      Depreciation and amortization   549     765
      Other, net   134,089     (76,881)
Net cash provided by (used for) operating activities   116,375     (79,387)
                 
Investing activities          
  Repayments from subsidiaries   (28,415)     (384,162)
  Advances to subsidiaries   99,023     43,572
Net cash provided by (used for) investing activities   70,608     (340,590)
                 
Financing activities          
  Payment of borrowings   (5,100)     (604)
  Dividends paid on preferred stock   (23,110)     (75,537)
  Dividends paid on common stock   (27,042)     (21,437)
  Redemption of Warrant to the Treasury   (49,100)     ---
  Other, net   (551)     (19)
Net cash provided by (used for) financing activities   (104,903)     (97,597)
Change in cash and cash equivalents   82,080     (517,574)
Cash and cash equivalents at beginning of period   615,167     1,376,539
Cash and cash equivalents at end of period $ 697,247   $ 858,965
                 
Supplemental disclosure:          
  Interest paid $ 26,256   $ 17,303