Quarterly report pursuant to Section 13 or 15(d)

Parent Company Financial Statements

v2.4.0.8
Parent Company Financial Statements
 3 Months Ended
Sep. 30, 2013
Parent Company Financial Statements [Abstract]  
PARENT COMPANY FINANCIAL STATEMENTS

18. PARENT COMPANY FINANCIAL STATEMENTS

 

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

Balance Sheets   September 30,     December 31,  
(dollar amounts in thousands)   2013     2012  
Assets            
Cash and cash equivalents $ 967,644   $ 921,471  
Due from The Huntington National Bank   246,833     207,414  
Due from non-bank subsidiaries   65,334     78,006  
Investment in The Huntington National Bank   5,180,441     4,754,886  
Investment in non-bank subsidiaries   787,195     774,055  
Accrued interest receivable and other assets   154,659     131,358  
Total assets $ 7,402,106   $ 6,867,190  
             
Liabilities and Shareholders' Equity            
Short-term borrowings $ ---   $ ---  
Long-term borrowings   642,952     662,894  
Dividends payable, accrued expenses, and other liabilities   797,575     414,085  
Total liabilities   1,440,527     1,076,979  
Shareholders' equity (1)   5,961,579     5,790,211  
Total liabilities and shareholders' equity $ 7,402,106   $ 6,867,190  
             
(1) 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)   2013     2012     2013     2012
  Income                      
    Dividends from                      
      The Huntington National Bank $ ---   $ ---   $ ---   $ ---
      Non-bank subsidiaries   18,000     5,000     18,000     13,450
    Interest from                      
      The Huntington National Bank   425     8,523     5,513     32,112
      Non-bank subsidiaries   782     1,280     2,399     4,505
    Other   353     251     1,266     1,068
  Total income   19,560     15,054     27,178     51,135
                             
  Expense                      
    Personnel costs   12,951     11,186     41,161     31,387
    Interest on borrowings   5,692     6,621     14,242     24,094
    Other   11,923     10,784     26,790     25,632
  Total expense   30,566     28,591     82,193     81,113
                             
  Income (loss) before income taxes and equity in undistributed                      
    net income of subsidiaries   (11,006)     (13,537)     (55,015)     (29,978)
  Provision (benefit) for income taxes   (14,958)     (15,572)     (28,974)     (26,812)
  Income (loss) before equity in undistributed net income of subsidiaries   3,952     2,035     (26,041)     (3,166)
  Increase (decrease) in undistributed net income of:                      
    The Huntington National Bank   186,462     168,314     505,499     469,274
    Non-bank subsidiaries   (11,927)     (2,582)     1,460     7,635
  Net income $ 178,487   $ 167,767   $ 480,918   $ 473,743
                             
  Other comprehensive income (loss) (1)   52,969     51,435     (79,948)     89,221
  Comprehensive income $ 231,456   $ 219,202   $ 400,970   $ 562,964
                             
(1) See Condensed Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail.

          Nine Months Ended
Statements of Cash Flows   September 30,
(dollar amounts in thousands)   2013     2012
                 
Operating activities          
  Net income $ 480,918   $ 473,743
  Adjustments to reconcile net income to net cash provided by operating activities          
      Equity in undistributed net income of subsidiaries   (536,591)     (502,659)
      Depreciation and amortization   323     197
      Other, net   (1,518)     (25,494)
Net cash provided by (used for) operating activities   (56,868)     (54,213)
                 
Investing activities          
  Repayments from subsidiaries   251,853     453,625
  Advances to subsidiaries   (248,950)     (31,347)
Net cash provided by (used for) investing activities   2,903     422,278
                 
Financing activities          
  Payment of borrowings   (50,000)     (199,770)
  Issuance of long-term debt   399,200     ---
  Dividends paid on stock   (132,957)     (127,136)
  Repurchases of common stock   (124,995)     (65,303)
  Other, net   8,890     (166)
Net cash provided by (used for) financing activities   100,138     (392,375)
Change in cash and cash equivalents   46,173     (24,310)
Cash and cash equivalents at beginning of period   921,471     917,954
Cash and cash equivalents at end of period $ 967,644   $ 893,644
                 
Supplemental disclosure:          
  Interest paid $ 14,242   $ 24,904