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, 2014
Parent Company Financial Statements [Abstract]  
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   June 30,     December 31,  
(dollar amounts in thousands)   2014     2013  
Assets            
Cash and cash equivalents $ 746,251   $ 966,065  
Due from The Huntington National Bank   249,628     246,841  
Due from non-bank subsidiaries   54,215     57,747  
Investment in The Huntington National Bank   5,950,343     5,537,582  
Investment in non-bank subsidiaries   600,231     587,388  
Accrued interest receivable and other assets   283,386     286,036  
Total assets $ 7,884,054   $ 7,681,659  
             
Liabilities and Shareholders' Equity            
Long-term borrowings   1,046,556     1,034,266  
Dividends payable, accrued expenses, and other liabilities   596,707     557,240  
Total liabilities   1,643,263     1,591,506  
Shareholders' equity (1)   6,240,791     6,090,153  
Total liabilities and shareholders' equity $ 7,884,054   $ 7,681,659  
             
(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)   2014     2013     2014     2013
  Income                      
    Dividends from                      
      The Huntington National Bank $ 75,000   $ ---   $ 75,000   $ ---
      Non-bank subsidiaries   1,822     ---     3,641     ---
    Interest from                      
      The Huntington National Bank   957     936     1,954     5,087
      Non-bank subsidiaries   669     796     1,368     1,618
    Other   703     517     2,305     913
  Total income   79,151     2,249     84,268     7,618
                             
  Expense                      
    Personnel costs   13,968     14,797     25,145     28,210
    Interest on borrowings   4,253     2,433     8,505     8,550
    Other   13,056     9,803     29,053     14,867
  Total expense   31,277     27,033     62,703     51,627
                             
  Income (loss) before income taxes and equity in undistributed                      
    net income of subsidiaries   47,874     (24,784)     21,565     (44,009)
  Provision (benefit) for income taxes   (14,630)     (6,164)     (28,977)     (14,016)
  Income (loss) before equity in undistributed net income of subsidiaries   62,504     (18,620)     50,542     (29,993)
  Increase (decrease) in undistributed net income of:                      
    The Huntington National Bank   95,958     163,750     253,187     320,880
    Non-bank subsidiaries   6,157     5,870     10,033     13,387
  Net income $ 164,619   $ 151,000   $ 313,762   $ 304,274
                             
  Other comprehensive income (loss) (1)   42,020     (123,781)     54,282     (132,919)
  Comprehensive income $ 206,639   $ 27,219   $ 368,044   $ 171,355
                             
(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)   2014     2013
                 
Operating activities          
  Net income $ 313,762   $ 304,274
  Adjustments to reconcile net income to net cash provided by operating activities          
      Equity in undistributed net income of subsidiaries   (262,747)     (340,189)
      Depreciation and amortization   244     143
      Other, net   72,005     45,713
Net cash provided by (used for) operating activities   123,264     9,941
                 
Investing activities          
  Repayments from subsidiaries   5,650     227,987
  Advances to subsidiaries   (750)     (2,150)
  Cash paid for acquisition, net of cash received   (13,452)     ---
Net cash provided by (used for) investing activities   (8,552)     225,837
                 
Financing activities          
  Payment of borrowings   ---     (50,000)
  Dividends paid on stock   (98,513)     (83,512)
  Repurchases of common stock   (246,989)     (108,798)
  Proceeds from issuance of common stock   2,597     ---
  Other, net   8,379     6,160
Net cash provided by (used for) financing activities   (334,526)     (236,150)
Change in cash and cash equivalents   (219,814)     (372)
Cash and cash equivalents at beginning of period   966,065     921,471
Cash and cash equivalents at end of period $ 746,251   $ 921,099
                 
Supplemental disclosure:          
  Interest paid $ 8,505   $ 8,550