Quarterly report pursuant to Section 13 or 15(d)

Parent Company Financial Statements

v2.4.0.8
Parent Company Financial Statements
 3 Months Ended
Jun. 30, 2013
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,  
(dollar amounts in thousands)   2013     2012  
Assets            
Cash and cash equivalents $ 921,099   $ 921,471  
Due from The Huntington National Bank   ---     207,414  
Due from non-bank subsidiaries   66,552     78,006  
Investment in The Huntington National Bank   4,945,666     4,754,886  
Investment in non-bank subsidiaries   795,060     774,055  
Accrued interest receivable and other assets   158,151     131,358  
Total assets $ 6,886,528   $ 6,867,190  
             
Liabilities and Shareholders' Equity            
Short-term borrowings $ ---   $ ---  
Long-term borrowings   643,277     662,894  
Dividends payable, accrued expenses, and other liabilities   459,736     414,085  
Total liabilities   1,103,013     1,076,979  
Shareholders' equity (1)   5,783,515     5,790,211  
Total liabilities and shareholders' equity $ 6,886,528   $ 6,867,190  
             
(1) See Huntington’s Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity.
 

          Three Months Ended     Six Months Ended
  Statements of Income   June 30,     June 30,
  (dollar amounts in thousands)   2013     2012     2013     2012
  Income                      
    Dividends from                      
      The Huntington National Bank $ ---   $ ---   $ ---   $ ---
      Non-bank subsidiaries   ---     ---     ---     8,450
    Interest from                      
      The Huntington National Bank   936     10,703     5,087     23,589
      Non-bank subsidiaries   796     1,592     1,618     3,225
    Other   517     404     913     817
  Total income   2,249     12,699     7,618     36,081
                             
  Expense                      
    Personnel costs   14,797     10,488     28,210     20,201
    Interest on borrowings   2,433     8,294     8,550     17,473
    Other   9,803     7,269     14,867     14,848
  Total expense   27,033     26,051     51,627     52,522
                             
  Income (loss) before income taxes and equity in undistributed                      
    net income of subsidiaries   (24,784)     (13,352)     (44,009)     (16,441)
  Provision (benefit) for income taxes   (6,164)     (148)     (14,016)     (11,240)
  Income (loss) before equity in undistributed net income of subsidiaries   (18,620)     (13,204)     (29,993)     (5,201)
  Increase (decrease) in undistributed net income of:                      
    The Huntington National Bank   163,401     158,536     319,037     300,960
    Non-bank subsidiaries   5,870     7,374     13,387     10,217
  Net income $ 150,651   $ 152,706   $ 302,431   $ 305,976
                             
  Other comprehensive income (loss) (1)   (123,781)     21,839     (132,919)     37,786
  Comprehensive income $ 26,870   $ 174,545   $ 169,512   $ 343,762
                             
(1) See Condensed Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail.

          Six Months Ended
Statements of Cash Flows   June 30,
(dollar amounts in thousands)   2013     2012
                 
Operating activities          
  Net income $ 302,431   $ 305,976
  Adjustments to reconcile net income to net cash provided by operating activities          
      Equity in undistributed net income of subsidiaries   (340,189)     (327,875)
      Depreciation and amortization   143     129
      Other, net   47,556     83,764
Net cash provided by (used for) operating activities   9,941     61,994
                 
Investing activities          
  Repayments from subsidiaries   227,987     233,648
  Advances to subsidiaries   (2,150)     (20,103)
Net cash provided by (used for) investing activities   225,837     213,545
                 
Financing activities          
  Payment of borrowings   (50,000)     (85,475)
  Dividends paid on stock   (83,512)     (84,869)
  Repurchases of common stock   (108,798)     (40,230)
  Other, net   6,160     86
Net cash provided by (used for) financing activities   (236,150)     (210,488)
Change in cash and cash equivalents   (372)     65,051
Cash and cash equivalents at beginning of period   921,471     917,954
Cash and cash equivalents at end of period $ 921,099   $ 983,005
                 
Supplemental disclosure:          
  Interest paid $ 8,550   $ 17,473