| 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 |
|
March 31, |
|
|
December 31, |
|
|
March 31, |
| (dollar amounts in thousands) |
|
2012 |
|
|
2011 |
|
|
2011 |
| Assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents (1)
|
$ |
973,392 |
|
$ |
917,954 |
|
$ |
566,516 |
| Due from The Huntington National Bank |
|
519,574 |
|
|
616,565 |
|
|
953,074 |
| Due from non-bank subsidiaries |
|
189,054 |
|
|
188,732 |
|
|
214,213 |
| Investment in The Huntington National Bank |
|
4,231,396 |
|
|
4,073,722 |
|
|
3,625,966 |
| Investment in non-bank subsidiaries |
|
773,643 |
|
|
759,532 |
|
|
804,054 |
| Accrued interest receivable and other assets |
|
130,898 |
|
|
139,076 |
|
|
117,616 |
| Total assets |
$ |
6,817,957 |
|
$ |
6,695,581 |
|
$ |
6,281,439 |
| |
|
|
|
|
|
|
|
|
| Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
| Short-term borrowings |
$ |
--- |
|
$ |
--- |
|
$ |
100 |
| Long-term borrowings |
|
899,779 |
|
|
899,779 |
|
|
937,434 |
| Dividends payable, accrued expenses, and other liabilities |
|
368,350 |
|
|
377,702 |
|
|
305,306 |
| Total liabilities |
|
1,268,129 |
|
|
1,277,481 |
|
|
1,242,840 |
| Shareholders' equity (2) |
|
5,549,828 |
|
|
5,418,100 |
|
|
5,038,599 |
| Total liabilities and shareholders' equity |
$ |
6,817,957 |
|
$ |
6,695,581 |
|
$ |
6,281,439 |
| |
|
|
|
|
|
|
|
|
| (1) Includes restricted cash of $125,000. |
|
|
|
|
|
|
|
|
| (2) See Huntington’s Condensed Consolidated Statements of Changes in Shareholders’ Equity. |
| |
|
|
|
Three Months Ended |
| Statements of Income |
|
March 31, |
| (dollar amounts in thousands) |
|
2012 |
|
|
2011 |
| Income |
|
|
|
|
|
| |
Dividends from |
|
|
|
|
|
| |
|
The Huntington National Bank |
$ |
--- |
|
$ |
--- |
| |
|
Non-bank subsidiaries |
|
8,450 |
|
|
6,000 |
| |
Interest from |
|
|
|
|
|
| |
|
The Huntington National Bank |
|
12,886 |
|
|
20,185 |
| |
|
Non-bank subsidiaries |
|
1,633 |
|
|
2,696 |
| |
Other |
|
413 |
|
|
601 |
| Total income |
|
23,382 |
|
|
29,482 |
| |
|
|
|
|
|
|
|
| Expense |
|
|
|
|
|
| |
Personnel costs |
|
9,713 |
|
|
4,755 |
| |
Interest on borrowings |
|
9,179 |
|
|
8,694 |
| |
Other |
|
7,579 |
|
|
9,565 |
| Total expense |
|
26,471 |
|
|
23,014 |
| |
|
|
|
|
|
|
|
| Income (loss) before income taxes and equity in undistributed net income of subsidiaries |
|
(3,089) |
|
|
6,468 |
| Income taxes (benefit) |
|
(11,092) |
|
|
2,036 |
| Income before equity in undistributed net income of subsidiaries |
|
8,003 |
|
|
4,432 |
| Increase in undistributed net income of: |
|
|
|
|
|
| |
The Huntington National Bank |
|
142,424 |
|
|
118,116 |
| |
Non-bank subsidiaries |
|
2,843 |
|
|
3,898 |
| Net income |
$ |
153,270 |
|
$ |
126,446 |
| |
|
|
|
|
|
|
|
| Other comprehensive income (loss) (1) |
|
15,947 |
|
|
(6,425) |
| Comprehensive income |
$ |
169,217 |
|
$ |
120,021 |
| |
|
|
|
|
|
|
|
|
(1)See Condensed Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail.
|
| |
|
|
|
|
Three Months Ended |
| Statements of Cash Flows |
|
March 31, |
| (dollar amounts in thousands) |
|
2012 |
|
|
2011 |
| |
|
|
|
|
|
|
|
|
| Operating activities |
|
|
|
|
|
| |
Net income |
$ |
153,270 |
|
$ |
126,446 |
| |
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
|
|
| |
|
|
Equity in undistributed net income of subsidiaries |
|
(157,910) |
|
|
(124,104) |
| |
|
|
Depreciation and amortization |
|
63 |
|
|
186 |
| |
|
|
Other, net |
|
(4,600) |
|
|
4,285 |
| Net cash provided by (used for) operating activities |
|
(9,177) |
|
|
6,813 |
| |
|
|
|
|
|
|
|
|
| Investing activities |
|
|
|
|
|
| |
Repayments from subsidiaries |
|
114,793 |
|
|
19,091 |
| |
Advances to subsidiaries |
|
(8,043) |
|
|
(9,200) |
| Net cash provided by (used for) investing activities |
|
106,750 |
|
|
9,891 |
| |
|
|
|
|
|
|
|
|
| Financing activities |
|
|
|
|
|
| |
Dividends paid on stock |
|
(42,351) |
|
|
(16,321) |
| |
Redemption of Warrant to the Treasury |
|
--- |
|
|
(49,100) |
| |
Other, net |
|
216 |
|
|
66 |
| Net cash provided by (used for) financing activities |
|
(42,135) |
|
|
(65,355) |
| Change in cash and cash equivalents |
|
55,438 |
|
|
(48,651) |
| Cash and cash equivalents at beginning of period |
|
917,954 |
|
|
615,167 |
| Cash and cash equivalents at end of period |
$ |
973,392 |
|
$ |
566,516 |
| |
|
|
|
|
|
|
|
|
| Supplemental disclosure: |
|
|
|
|
|
| |
Interest paid |
$ |
9,179 |
|
$ |
8,694 |
|