| PARENT COMPANY FINANCIAL STATEMENTS |
18. PARENT COMPANY FINANCIAL STATEMENTS
The parent company unaudited condensed financial statements, which include transactions with subsidiaries, are as follows:
| Balance Sheets |
|
March 31, |
|
|
December 31, |
|
| (dollar amounts in thousands) |
|
2014 |
|
|
2013 |
|
| Assets |
|
|
|
|
|
|
| Cash and cash equivalents |
$ |
765,465 |
|
$ |
966,065 |
|
| Due from The Huntington National Bank |
|
246,841 |
|
|
246,841 |
|
| Due from non-bank subsidiaries |
|
58,795 |
|
|
57,747 |
|
| Investment in The Huntington National Bank |
|
5,803,570 |
|
|
5,537,582 |
|
| Investment in non-bank subsidiaries |
|
593,887 |
|
|
587,388 |
|
| Accrued interest receivable and other assets |
|
307,759 |
|
|
286,037 |
|
| Total assets |
$ |
7,776,317 |
|
$ |
7,681,660 |
|
| |
|
|
|
|
|
|
| Liabilities and Shareholders' Equity |
|
|
|
|
|
|
| Long-term borrowings |
|
1,040,720 |
|
|
1,034,266 |
|
| Dividends payable, accrued expenses, and other liabilities |
|
559,363 |
|
|
557,240 |
|
| Total liabilities |
|
1,600,083 |
|
|
1,591,506 |
|
| Shareholders' equity (1) |
|
6,176,234 |
|
|
6,090,154 |
|
| Total liabilities and shareholders' equity |
$ |
7,776,317 |
|
$ |
7,681,660 |
|
| |
|
|
|
|
|
|
| (1) See Huntington’s Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity. |
| |
| |
|
|
|
Three Months Ended |
| Statements of Income |
|
March 31, |
| (dollar amounts in thousands) |
|
2014 |
|
|
2013 |
| Income |
|
|
|
|
|
| |
Dividends from |
|
|
|
|
|
| |
|
The Huntington National Bank |
$ |
--- |
|
$ |
--- |
| |
|
Non-bank subsidiaries |
|
1,819 |
|
|
--- |
| |
Interest from |
|
|
|
|
|
| |
|
The Huntington National Bank |
|
997 |
|
|
4,152 |
| |
|
Non-bank subsidiaries |
|
699 |
|
|
821 |
| |
Other |
|
1,602 |
|
|
396 |
| Total income |
|
5,117 |
|
|
5,369 |
| |
|
|
|
|
|
|
|
| Expense |
|
|
|
|
|
| |
Personnel costs |
|
11,177 |
|
|
13,413 |
| |
Interest on borrowings |
|
4,252 |
|
|
6,117 |
| |
Other |
|
15,997 |
|
|
5,064 |
| Total expense |
|
31,426 |
|
|
24,594 |
| |
|
|
|
|
|
|
|
| Income (loss) before income taxes and equity in undistributed net income of subsidiaries |
|
(26,309) |
|
|
(19,225) |
| Income taxes (benefit) |
|
(14,347) |
|
|
(4,937) |
| Income (loss) before equity in undistributed net income of subsidiaries |
|
(11,962) |
|
|
(14,288) |
| Increase in undistributed net income of: |
|
|
|
|
|
| |
The Huntington National Bank |
|
157,229 |
|
|
160,045 |
| |
Non-bank subsidiaries |
|
3,876 |
|
|
7,517 |
| Net income |
$ |
149,143 |
|
$ |
153,274 |
| |
|
|
|
|
|
|
|
| Other comprehensive income (loss) (1) |
|
12,262 |
|
|
(9,138) |
| Comprehensive income |
$ |
161,405 |
|
$ |
144,136 |
| |
|
|
|
|
|
|
|
|
(1)See Huntington's Unaudited 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) |
|
2014 |
|
|
2013 |
| |
|
|
|
|
|
|
|
|
| Operating activities |
|
|
|
|
|
| |
Net income |
$ |
149,143 |
|
$ |
153,274 |
| |
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
|
|
| |
|
|
Equity in undistributed net income of subsidiaries |
|
(165,501) |
|
|
(167,048) |
| |
|
|
Depreciation and amortization |
|
110 |
|
|
70 |
| |
|
|
Other, net |
|
1,464 |
|
|
19,363 |
| Net cash provided by (used for) operating activities |
|
(14,784) |
|
|
5,659 |
| |
|
|
|
|
|
|
|
|
| Investing activities |
|
|
|
|
|
| |
Repayments from subsidiaries |
|
2,685 |
|
|
112,469 |
| |
Advances to subsidiaries |
|
(350) |
|
|
(1,250) |
| |
Cash paid for acquisition, net of cash received |
|
(13,452) |
|
|
--- |
| Net cash provided by (used for) investing activities |
|
(11,117) |
|
|
111,219 |
| |
|
|
|
|
|
|
|
|
| Financing activities |
|
|
|
|
|
| |
Dividends paid on stock |
|
(49,110) |
|
|
(41,656) |
| |
Repurchases of common stock |
|
(136,137) |
|
|
(33,600) |
| |
Proceeds from issuance of common stock |
|
2,597 |
|
|
--- |
| |
Other, net |
|
7,951 |
|
|
1,600 |
| Net cash provided by (used for) financing activities |
|
(174,699) |
|
|
(73,656) |
| Change in cash and cash equivalents |
|
(200,600) |
|
|
43,222 |
| Cash and cash equivalents at beginning of period |
|
966,065 |
|
|
921,471 |
| Cash and cash equivalents at end of period |
$ |
765,465 |
|
$ |
964,693 |
| |
|
|
|
|
|
|
|
|
| Supplemental disclosure: |
|
|
|
|
|
| |
Interest paid |
$ |
4,252 |
|
$ |
6,117 |
|