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, 2012
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)   2012     2011
Assets          
Cash and cash equivalents (1) $ 921,471   $ 917,954
Due from The Huntington National Bank (2)   207,414     616,565
Due from non-bank subsidiaries   78,006     188,732
Investment in The Huntington National Bank   4,754,886     4,073,722
Investment in non-bank subsidiaries   774,055     759,532
Accrued interest receivable and other assets   131,358     139,076
Total assets $ 6,867,190   $ 6,695,581
           
Liabilities and shareholders' equity          
Long-term borrowings $ 662,894   $ 899,779
Dividends payable, accrued expenses, and other liabilities   414,085     377,702
Total liabilities   1,076,979     1,277,481
Shareholders' equity (3)   5,790,211     5,418,100
Total liabilities and shareholders' equity $ 6,867,190   $ 6,695,581
           
(1) Includes restricted cash of $125,000 at December 31, 2011.          
(2) Related to subordinated notes described in Note 12.          
(3) See Consolidated Statements of Changes in Shareholders’ Equity.          

Statements of Income   Year Ended December 31,
(dollar amounts in thousands)   2012     2011     2010
Income                
  Dividends from                
    Non-bank subsidiaries $ 36,450   $ 68,491   $ 33,000
  Interest from                
    The Huntington National Bank   38,617     80,024     82,749
    Non-bank subsidiaries   5,420     8,741     12,185
  Other   1,409     1,231     2,987
Total income   81,896     158,487     130,921
                     
Expense                
  Personnel costs   42,745     37,630     30,334
  Interest on borrowings   28,926     35,295     23,765
  Other   35,415     37,122     49,019
Total expense   107,086     110,047     103,118
                     
Income (loss) before income taxes and equity in undistributed net income of subsidiaries   (25,190)     48,440     27,803
Provision (benefit) for income taxes   (30,761)     (10,707)     48,505
Income (loss) before equity in undistributed net income of subsidiaries   5,571     59,147     (20,702)
Increase (decrease) in undistributed net income (loss) of:                
  The Huntington National Bank   645,151     527,418     344,961
  Non-bank subsidiaries   (9,700)     (43,952)     (11,912)
Net income $ 641,022   $ 542,613   $ 312,347
Other comprehensive income (loss) (1)   22,946     23,733     (36,262)
Comprehensive income $ 663,968   $ 566,346   $ 276,085
                     
(1) See Consolidated Statements of Comprehensive Income for other comprehensive income(loss) detail.

                       
Statements of Cash Flows   Year Ended December 31,
(dollar amounts in thousands)   2012     2011     2010
                       
Operating activities                
  Net income $ 641,022   $ 542,613   $ 312,347
  Adjustments to reconcile net income to net cash                
    provided by operating activities:                
      Equity in undistributed net income of subsidiaries   (688,149)     (567,566)     (351,049)
      Depreciation and amortization   265     566     685
      Other, net   50,714     30,980     (74,802)
Net cash (used for) provided by operating activities   3,852     6,593     (112,819)
                       
Investing activities                
  Repayments from (advances to) subsidiaries   (36,126)     (39,586)     129,081
  Advances to subsidiaries   591,923     485,863     (425,600)
Net cash (used for) provided by investing activities   555,797     446,277     (296,519)
                       
Financing activities                
  Proceeds from issuance of long-term borrowings   ---     ---     297,375
  Payment of borrowings   (236,885)     (5,100)     (1,191)
  Dividends paid on stock   (169,335)     (92,404)     (136,499)
  Payment to repurchase preferred stock   ---     ---     (1,398,071)
  Proceeds from issuance of common stock   ---     ---     886,172
  Repurchases of common stock   (148,881)     ---     ---
  Redemption of Warrant to the Treasury   ---     (49,100)     ---
  Other, net   (1,031)     (3,479)     180
Net cash provided by (used for) financing activities   (556,132)     (150,083)     (352,034)
Change in cash and cash equivalents   3,517     302,787     (761,372)
Cash and cash equivalents at beginning of year   917,954     615,167     1,376,539
Cash and cash equivalents at end of year $ 921,471   $ 917,954   $ 615,167
                       
Supplemental disclosure:                
  Interest paid $ 28,926   $ 35,295   $ 23,765