PARENT-ONLY FINANCIAL STATEMENTS |
PARENT-ONLY FINANCIAL STATEMENTS The parent-only financial statements, which include transactions with subsidiaries, are as follows:
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Balance Sheets |
At December 31, |
(dollar amounts in millions) |
2022 |
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2021 |
Assets |
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Cash and due from banks |
$ |
3,525 |
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$ |
2,832 |
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Due from The Huntington National Bank |
969 |
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297 |
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Due from non-bank subsidiaries |
25 |
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35 |
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Investment in The Huntington National Bank |
17,384 |
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19,297 |
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Investment in non-bank subsidiaries |
242 |
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217 |
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Accrued interest receivable and other assets |
664 |
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544 |
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Total assets |
$ |
22,809 |
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$ |
23,222 |
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Liabilities and shareholders’ equity |
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Long-term borrowings |
$ |
3,980 |
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$ |
3,111 |
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Dividends payable, accrued expenses, and other liabilities |
1,098 |
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815 |
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Total liabilities |
5,078 |
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3,926 |
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Shareholders’ equity (1) |
17,731 |
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19,296 |
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Total liabilities and shareholders’ equity |
$ |
22,809 |
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$ |
23,222 |
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(1)See Consolidated Statements of Changes in Shareholders’ Equity.
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Statements of Income |
Year Ended December 31, |
(dollar amounts in millions) |
2022 |
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2021 |
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2020 |
Income |
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Dividends from: |
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The Huntington National Bank |
$ |
1,566 |
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$ |
1,394 |
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$ |
1,527 |
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Non-bank subsidiaries |
19 |
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19 |
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36 |
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Interest from: |
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The Huntington National Bank |
16 |
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3 |
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4 |
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Non-bank subsidiaries |
1 |
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1 |
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1 |
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Other |
(1) |
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— |
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11 |
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Total income |
1,601 |
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1,417 |
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1,579 |
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Expense |
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Personnel costs |
8 |
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6 |
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17 |
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Interest on borrowings |
107 |
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60 |
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115 |
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Other |
169 |
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230 |
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123 |
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Total expense |
284 |
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296 |
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255 |
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Income before income taxes and equity in undistributed net income of subsidiaries |
1,317 |
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1,121 |
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1,324 |
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Provision (benefit) for income taxes |
(44) |
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(56) |
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(46) |
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Income before equity in undistributed net income of subsidiaries |
1,361 |
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1,177 |
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1,370 |
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Increase (decrease) in undistributed net income (loss) of: |
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The Huntington National Bank |
853 |
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97 |
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(547) |
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Non-bank subsidiaries |
24 |
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21 |
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(6) |
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Net income |
$ |
2,238 |
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$ |
1,295 |
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$ |
817 |
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Other comprehensive (loss) income (1) |
(2,869) |
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(421) |
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448 |
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Comprehensive (loss) income |
$ |
(631) |
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$ |
874 |
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$ |
1,265 |
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(1)See Consolidated Statements of Comprehensive Income for other comprehensive (loss) income detail.
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Statements of Cash Flows |
Year Ended December 31, |
(dollar amounts in millions) |
2022 |
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2021 |
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2020 |
Operating activities |
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Net income |
$ |
2,238 |
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$ |
1,295 |
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$ |
817 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Equity in undistributed net income of subsidiaries |
(877) |
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(118) |
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553 |
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Depreciation and amortization |
(22) |
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23 |
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— |
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Other, net |
(55) |
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(217) |
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89 |
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Net cash provided by operating activities |
1,284 |
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983 |
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1,459 |
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Investing activities |
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Repayments from subsidiaries |
14 |
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8 |
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8 |
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Advances to subsidiaries |
(503) |
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(59) |
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(256) |
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(Purchases)/Proceeds from sale of securities |
(20) |
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(28) |
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(1) |
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Net cash received from business combination |
(194) |
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248 |
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— |
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Other, net |
(1) |
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— |
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— |
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Net cash (used for) provided by investing activities |
(704) |
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169 |
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(249) |
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Financing activities |
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Net proceeds from issuance of medium-term notes |
1,144 |
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513 |
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747 |
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Payment of long-term debt |
— |
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(1,508) |
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(800) |
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Dividends paid on common and preferred stock |
(1,010) |
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(888) |
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(698) |
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Repurchases of common stock |
— |
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(650) |
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(92) |
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Net proceeds from issuance of preferred stock |
— |
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486 |
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988 |
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Payment to repurchase preferred stock |
— |
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(700) |
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— |
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Other, net |
(21) |
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(39) |
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(8) |
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Net cash provided by (used for) financing activities |
113 |
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(2,786) |
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137 |
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Increase (decrease) in cash and cash equivalents |
693 |
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(1,634) |
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1,347 |
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Cash and cash equivalents at beginning of year |
2,832 |
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4,466 |
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3,119 |
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Cash and cash equivalents at end of year |
$ |
3,525 |
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$ |
2,832 |
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$ |
4,466 |
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Supplemental disclosure: |
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Interest paid |
$ |
89 |
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$ |
71 |
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$ |
113 |
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