Annual report pursuant to Section 13 and 15(d)

PARENT-ONLY FINANCIAL STATEMENTS

v3.22.4
PARENT-ONLY FINANCIAL STATEMENTS
12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
PARENT-ONLY FINANCIAL STATEMENTS PARENT-ONLY FINANCIAL STATEMENTS
The parent-only financial statements, which include transactions with subsidiaries, are as follows:
Balance Sheets
At December 31,
(dollar amounts in millions) 2022 2021
Assets
Cash and due from banks
$ 3,525  $ 2,832 
Due from The Huntington National Bank
969  297 
Due from non-bank subsidiaries
25  35 
Investment in The Huntington National Bank
17,384  19,297 
Investment in non-bank subsidiaries
242  217 
Accrued interest receivable and other assets
664  544 
Total assets
$ 22,809  $ 23,222 
Liabilities and shareholders’ equity
Long-term borrowings
$ 3,980  $ 3,111 
Dividends payable, accrued expenses, and other liabilities
1,098  815 
Total liabilities
5,078  3,926 
Shareholders’ equity (1)
17,731  19,296 
Total liabilities and shareholders’ equity
$ 22,809  $ 23,222 
(1)See Consolidated Statements of Changes in Shareholders’ Equity.
Statements of Income Year Ended December 31,
(dollar amounts in millions) 2022 2021 2020
Income
Dividends from:
The Huntington National Bank $ 1,566  $ 1,394  $ 1,527 
Non-bank subsidiaries 19  19  36 
Interest from:
The Huntington National Bank 16 
Non-bank subsidiaries
Other (1) —  11 
Total income 1,601  1,417  1,579 
Expense
Personnel costs 17 
Interest on borrowings 107  60  115 
Other 169  230  123 
Total expense 284  296  255 
Income before income taxes and equity in undistributed net income of subsidiaries 1,317  1,121  1,324 
Provision (benefit) for income taxes (44) (56) (46)
Income before equity in undistributed net income of subsidiaries 1,361  1,177  1,370 
Increase (decrease) in undistributed net income (loss) of:
The Huntington National Bank 853  97  (547)
Non-bank subsidiaries 24  21  (6)
Net income $ 2,238  $ 1,295  $ 817 
Other comprehensive (loss) income (1) (2,869) (421) 448 
Comprehensive (loss) income $ (631) $ 874  $ 1,265 
(1)See Consolidated Statements of Comprehensive Income for other comprehensive (loss) income detail.
Statements of Cash Flows Year Ended December 31,
(dollar amounts in millions) 2022 2021 2020
Operating activities
Net income $ 2,238  $ 1,295  $ 817 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries (877) (118) 553 
Depreciation and amortization (22) 23  — 
Other, net (55) (217) 89 
Net cash provided by operating activities 1,284  983  1,459 
Investing activities
Repayments from subsidiaries 14 
Advances to subsidiaries (503) (59) (256)
(Purchases)/Proceeds from sale of securities (20) (28) (1)
Net cash received from business combination (194) 248  — 
Other, net (1) —  — 
Net cash (used for) provided by investing activities (704) 169  (249)
Financing activities
Net proceeds from issuance of medium-term notes 1,144  513  747 
Payment of long-term debt —  (1,508) (800)
Dividends paid on common and preferred stock (1,010) (888) (698)
Repurchases of common stock —  (650) (92)
Net proceeds from issuance of preferred stock —  486  988 
Payment to repurchase preferred stock —  (700) — 
Other, net (21) (39) (8)
Net cash provided by (used for) financing activities 113  (2,786) 137 
Increase (decrease) in cash and cash equivalents 693  (1,634) 1,347 
Cash and cash equivalents at beginning of year 2,832  4,466  3,119 
Cash and cash equivalents at end of year $ 3,525  $ 2,832  $ 4,466 
Supplemental disclosure:
Interest paid $ 89  $ 71  $ 113