Annual report pursuant to Section 13 and 15(d)

Parent Company Financial Statements

v2.4.0.8
Parent Company Financial Statements
 12 Months Ended
Dec. 31, 2013
Parent Company Financial Statements [Abstract]  
PARENT COMPANY FINANCIAL STATEMENTS

24. PARENT COMPANY FINANCIAL STATEMENTS

 

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

 

Balance Sheets   December 31,
(dollar amounts in thousands)   2013     2012
Assets          
Cash and cash equivalents $ 966,065   $ 921,471
Due from The Huntington National Bank (1)   246,841     207,414
Due from non-bank subsidiaries   57,747     78,006
Investment in The Huntington National Bank   5,537,582     4,754,886
Investment in non-bank subsidiaries   587,388     774,055
Accrued interest receivable and other assets   295,206     131,358
Total assets $ 7,690,829   $ 6,867,190
           
Liabilities and shareholders' equity          
Long-term borrowings $ 1,034,266   $ 662,894
Dividends payable, accrued expenses, and other liabilities   557,240     414,085
Total liabilities   1,591,506     1,076,979
Shareholders' equity (2)   6,099,323     5,790,211
Total liabilities and shareholders' equity $ 7,690,829   $ 6,867,190
           
(1) Related to subordinated notes described in Note 12.          
(2) See Consolidated Statements of Changes in Shareholders’ Equity.          

Statements of Income   Year Ended December 31,
(dollar amounts in thousands)   2013     2012     2011
Income                
  Dividends from                
    Non-bank subsidiaries $ 55,473   $ 36,450   $ 68,491
  Interest from                
    The Huntington National Bank   6,598     38,617     80,024
    Non-bank subsidiaries   3,129     5,420     8,741
  Other   2,148     1,409     1,231
Total income   67,348     81,896     158,487
                     
Expense                
  Personnel costs   52,846     42,745     37,630
  Interest on borrowings   20,739     28,926     35,295
  Other   36,728     35,415     37,122
Total expense   110,313     107,086     110,047
                     
Income (loss) before income taxes and equity in undistributed net income of subsidiaries   (42,965)     (25,190)     48,440
Provision (benefit) for income taxes   (33,958)     (30,761)     (10,707)
Income (loss) before equity in undistributed net income of subsidiaries   (9,007)     5,571     59,147
Increase (decrease) in undistributed net income (loss) of:                
  The Huntington National Bank   678,191     645,151     527,418
  Non-bank subsidiaries   (30,443)     (9,700)     (43,952)
Net income $ 638,741   $ 641,022   $ 542,613
Other comprehensive income (loss) (1)   (63,192)     22,946     23,733
Comprehensive income $ 575,549   $ 663,968   $ 566,346
                     
(1) See Consolidated Statements of Comprehensive Income for other comprehensive income detail.

                       
Statements of Cash Flows   Year Ended December 31,
(dollar amounts in thousands)   2013     2012     2011
                       
Operating activities                
  Net income $ 638,741   $ 641,022   $ 542,613
  Adjustments to reconcile net income to net cash                
    provided by operating activities:                
      Equity in undistributed net income of subsidiaries   (718,144)     (688,149)     (567,566)
      Depreciation and amortization   513     265     566
      Other, net   18,506     50,714     30,980
Net cash (used for) provided by operating activities   (60,384)     3,852     6,593
                       
Investing activities                
  Repayments from subsidiaries   285,792     591,923     (39,586)
  Advances to subsidiaries   (249,050)     (36,126)     485,863
Net cash (used for) provided by investing activities   36,742     555,797     446,277
                       
Financing activities                
  Proceeds from issuance of long-term borrowings   400,000     ---     ---
  Payment of borrowings   (50,000)     (236,885)     (5,100)
  Dividends paid on stock   (182,476)     (169,335)     (92,404)
  Repurchases of common stock   (124,995)     (148,881)     ---
  Redemption of Warrant to the Treasury   ---     ---     (49,100)
  Other, net   25,707     (1,031)     (3,479)
Net cash provided by (used for) financing activities   68,236     (556,132)     (150,083)
Change in cash and cash equivalents   44,594     3,517     302,787
Cash and cash equivalents at beginning of year   921,471     917,954     615,167
Cash and cash equivalents at end of year $ 966,065   $ 921,471   $ 917,954
                       
Supplemental disclosure:                
  Interest paid $ 20,739   $ 28,926   $ 35,295