Quarterly report pursuant to Section 13 or 15(d)

Parent Company Financial Statements

v2.4.1.9
Parent Company Financial Statements
 3 Months Ended
Mar. 31, 2015
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 March 31, December 31,
(dollar amounts in thousands) 2015 2014
Assets
Cash and cash equivalents $ 876,020 $ 662,768
Due from The Huntington National Bank 276,847 276,851
Due from non-bank subsidiaries 49,994 51,129
Investment in The Huntington National Bank 5,956,496 6,073,408
Investment in non-bank subsidiaries 509,691 509,114
Accrued interest receivable and other assets 228,579 279,366
Total assets $ 7,897,627 $ 7,852,636
Liabilities and shareholders' equity
Long-term borrowing $ 1,052,852 $ 1,046,105
Dividends payable, accrued expenses, and other liabilities 382,821 478,361
Total liabilities 1,435,673 1,524,466
Shareholders' equity (1) 6,461,954 6,328,170
Total liabilities and shareholders' equity $ 7,897,627 $ 7,852,636
(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) 2015 2014
Income
Dividends from
The Huntington National Bank $ 334,000 $ ---
Non-bank subsidiaries 3,333 1,819
Interest from
The Huntington National Bank 1,087 997
Non-bank subsidiaries 595 699
Other 334 1,602
Total income 339,349 5,117
Expense
Personnel costs --- 11,177
Interest on borrowings 4,277 4,252
Other 15,809 15,997
Total expense 20,086 31,426
Income (loss) before income taxes and equity in undistributed net income of subsidiaries 319,263 (26,309)
Income taxes (benefit) (33,535) (14,347)
Income (loss) before equity in undistributed net income of subsidiaries 352,798 (11,962)
Equity in undistributed net income (loss) of:
The Huntington National Bank (187,400) 157,229
Non-bank subsidiaries 456 3,876
Net income $ 165,854 $ 149,143
Other comprehensive income (loss) (1) 61,460 12,262
Comprehensive income $ 227,314 $ 161,405
(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) 2015 2014
Operating activities
Net income $ 165,854 $ 149,143
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed net income of subsidiaries 186,944 (165,501)
Depreciation and amortization 144 110
Other, net (36,990) 1,464
Net cash provided by (used for) operating activities 315,952 (14,784)
Investing activities
Repayments from subsidiaries 1,800 2,685
Advances to subsidiaries (70) (350)
Cash paid for acquisitions, net of cash received --- (13,452)
Net cash provided by (used for) investing activities 1,730 (11,117)
Financing activities
Dividends paid on stock (56,703) (49,110)
Repurchases of common stock (51,707) (136,137)
Proceeds from issuance of common stock --- 2,597
Other, net 3,980 7,951
Net cash provided by (used for) financing activities (104,430) (174,699)
Change in cash and cash equivalents 213,252 (200,600)
Cash and cash equivalents at beginning of period 662,768 966,065
Cash and cash equivalents at end of period $ 876,020 $ 765,465
Supplemental disclosure:
Interest paid $ 4,277 $ 4,252