Annual report pursuant to Section 13 and 15(d)

Parent Company Financial Statements

v2.4.1.9
Parent Company Financial Statements
 12 Months Ended
Dec. 31, 2014
Parent Company Financial Statements [Abstract]  
PARENT COMPANY FINANCIAL STATEMENTS

22. 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) 2014 2013
Assets
Cash and cash equivalents $ 662,768 $ 966,065
Due from The Huntington National Bank 276,851 246,841
Due from non-bank subsidiaries 51,129 57,747
Investment in The Huntington National Bank 6,073,408 5,537,582
Investment in non-bank subsidiaries 509,114 587,388
Accrued interest receivable and other assets 279,366 286,036
Total assets $ 7,852,636 $ 7,681,659
Liabilities and shareholders' equity
Long-term borrowings $ 1,046,105 $ 1,034,266
Dividends payable, accrued expenses, and other liabilities 478,361 557,240
Total liabilities 1,524,466 1,591,506
Shareholders' equity (1) 6,328,170 6,090,153
Total liabilities and shareholders' equity $ 7,852,636 $ 7,681,659
(1) See Consolidated Statements of Changes in Shareholders’ Equity.

Statements of Income Year Ended December 31,
(dollar amounts in thousands) 2014 2013 2012
Income
Dividends from
The Huntington National Bank $ 244,000 $ --- $ ---
Non-bank subsidiaries 27,773 55,473 36,450
Interest from
The Huntington National Bank 3,906 6,598 38,617
Non-bank subsidiaries 2,613 3,129 5,420
Other 2,994 2,148 1,409
Total income 281,286 67,348 81,896
Expense
Personnel costs 53,359 52,846 42,745
Interest on borrowings 17,031 20,739 28,926
Other 52,662 36,728 35,415
Total expense 123,052 110,313 107,086
Income (loss) before income taxes and equity in undistributed net income of subsidiaries 158,234 (42,965) (25,190)
Provision (benefit) for income taxes (62,897) (22,298) (12,565)
Income (loss) before equity in undistributed net income of subsidiaries 221,131 (20,667) (12,625)
Increase (decrease) in undistributed net income (loss) of:
The Huntington National Bank 414,049 692,392 653,615
Non-bank subsidiaries (2,788) (30,443) (9,700)
Net income $ 632,392 $ 641,282 $ 631,290
Other comprehensive income (loss) (1) (8,283) (63,192) 22,946
Comprehensive income $ 624,109 $ 578,090 $ 654,236
(1) See Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail.

Statements of Cash Flows Year Ended December 31,
(dollar amounts in thousands) 2014 2013 2012
Operating activities
Net income $ 632,392 $ 641,282 $ 631,290
Adjustments to reconcile net income to net cash
provided by operating activities:
Equity in undistributed net income of subsidiaries (411,261) (718,144) (688,149)
Depreciation and amortization 548 513 265
Other, net 26,685 15,965 60,446
Net cash (used for) provided by operating activities 248,364 (60,384) 3,852
Investing activities
Repayments from subsidiaries 9,250 285,792 591,923
Advances to subsidiaries (32,350) (249,050) (36,126)
Cash paid for acquisitions, net of cash received (13,452) --- ---
Net cash (used for) provided by investing activities (36,552) 36,742 555,797
Financing activities
Proceeds from issuance of long-term borrowings --- 400,000 ---
Payment of borrowings --- (50,000) (236,885)
Dividends paid on stock (198,789) (182,476) (169,335)
Net proceeds from issuance of common stock 2,597 --- ---
Repurchases of common stock (334,429) (124,995) (148,881)
Other, net 15,512 25,707 (1,031)
Net cash provided by (used for) financing activities (515,109) 68,236 (556,132)
Change in cash and cash equivalents (303,297) 44,594 3,517
Cash and cash equivalents at beginning of year 966,065 921,471 917,954
Cash and cash equivalents at end of year $ 662,768 $ 966,065 $ 921,471
Supplemental disclosure:
Interest paid $ 21,321 $ 20,739 $ 28,926