Annual report pursuant to Section 13 and 15(d)

Parent Company Financial Statements

v2.4.0.6
Parent Company Financial Statements
 12 Months Ended
Dec. 31, 2011
Parent Company Financial Statements [Abstract]  
PARENT COMPANY FINANCIAL STATEMENTS

24. PARENT COMPANY FINANCIAL STATEMENTS

 

The parent company condensed financial statements, which include transactions with subsidiaries, are as follows.

 

Balance Sheets   December 31,
(dollar amounts in thousands)   2011     2010
Assets          
Cash and cash equivalents (1) $ 917,954   $ 615,167
Due from The Huntington National Bank (2)   616,565     954,565
Due from non-bank subsidiaries   188,732     225,560
Investment in The Huntington National Bank   4,073,722     3,515,597
Investment in non-bank subsidiaries   759,532     790,248
Accrued interest receivable and other assets   139,076     110,181
Total assets $ 6,695,581   $ 6,211,318
           
Liabilities and shareholders' equity          
Short-term borrowings $ ---   $ 100
Long-term borrowings   899,779     937,434
Dividends payable, accrued expenses, and other liabilities   377,702     293,242
Total liabilities   1,277,481     1,230,776
Shareholders' equity (3)   5,418,100     4,980,542
Total liabilities and shareholders' equity $ 6,695,581   $ 6,211,318
           
(1) Includes restricted cash of $125,000 at December 31, 2011 and December 31, 2010.          
(2) Related to subordinated notes described in Note 12.          
(3) See Huntington’s Consolidated Statements of Changes in Shareholders’ Equity.          

Statements of Income   Year Ended December 31,
(dollar amounts in thousands)   2011     2010     2009
Income                
  Dividends from                
    Non-bank subsidiaries $ 68,491   $ 33,000   $ 70,600
  Interest from                
    The Huntington National Bank   80,024     82,749     51,620
    Non-bank subsidiaries   8,741     12,185     14,662
  Other   1,231     2,987     68,352
Total income   158,487     130,921     205,234
                     
Expense                
  Personnel costs   37,630     30,334     21,206
  Interest on borrowings   35,295     23,765     29,357
  Other   37,122     49,019     28,398
Total expense   110,047     103,118     78,961
                     
Income before income taxes and equity in undistributed net income of subsidiaries   48,440     27,803     126,273
Income taxes   (10,707)     48,505     20,675
Income (loss) before equity in undistributed net income of subsidiaries   59,147     (20,702)     105,598
Increase (decrease) in undistributed net income (loss) of:                
  The Huntington National Bank   527,418     344,961     (3,130,329)
  Non-bank subsidiaries   (43,952)     (11,912)     (69,448)
Net income (loss) $ 542,613   $ 312,347   $ (3,094,179)

                       
Statements of Cash Flows   Year Ended December 31,
(dollar amounts in thousands)   2011     2010     2009
                       
Operating activities                
  Net income (loss) $ 542,613   $ 312,347   $ (3,094,179)
  Adjustments to reconcile net income (loss) to net cash                
    provided by operating activities:                
      Equity in undistributed net income (loss) of subsidiaries   (567,566)     (351,049)     3,199,777
      Depreciation and amortization   566     685     3,458
      Other, net   30,980     (74,802)     (103,464)
Net cash (used for) provided by operating activities   6,593     (112,819)     5,592
                       
Investing activities                
  Repayments from (advances to) subsidiaries   (39,586)     129,081     393,041
  Advances to subsidiaries   485,863     (425,600)     (1,017,892)
Net cash (used for) provided by investing activities   446,277     (296,519)     (624,851)
                       
Financing activities                
  Proceeds from issuance of long-term borrowings   ---     297,375     ---
  Payment of borrowings   (5,100)     (1,191)     (99,417)
  Dividends paid on stock   (92,404)     (136,499)     (162,288)
  Payment to repurchase preferred stock   ---     (1,398,071)     ---
  Proceeds from issuance of common stock   ---     886,172     1,135,645
  Redemption of Warrant to the Treasury   (49,100)     ---     ---
  Other, net   (3,479)     180     (198)
Net cash provided by (used for) financing activities   (150,083)     (352,034)     873,742
Change in cash and cash equivalents   302,787     (761,372)     254,483
Cash and cash equivalents at beginning of year   615,167     1,376,539     1,122,056
Cash and cash equivalents at end of year $ 917,954   $ 615,167   $ 1,376,539
                       
Supplemental disclosure:                
  Interest paid $ 35,295   $ 23,765   $ 29,357