| PARENT COMPANY 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 |
December 31, |
(dollar amounts in thousands) |
2016 |
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2015 |
Assets |
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Cash and due from banks |
$ |
1,752,889 |
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$ |
917,368 |
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Due from The Huntington National Bank |
730,004 |
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|
406,253 |
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Due from non-bank subsidiaries |
45,193 |
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|
48,151 |
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Investment in The Huntington National Bank |
10,668,303 |
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5,966,783 |
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Investment in non-bank subsidiaries |
499,611 |
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|
489,205 |
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Accrued interest receivable and other assets |
320,666 |
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|
192,444 |
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Total assets |
$ |
14,016,666 |
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$ |
8,020,204 |
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Liabilities and shareholders’ equity |
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Long-term borrowings |
$ |
3,144,615 |
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$ |
1,040,981 |
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Dividends payable, accrued expenses, and other liabilities |
563,905 |
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|
384,617 |
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Total liabilities |
3,708,520 |
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1,425,598 |
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Shareholders’ equity (1) |
10,308,146 |
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6,594,606 |
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Total liabilities and shareholders’ equity |
$ |
14,016,666 |
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$ |
8,020,204 |
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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 thousands) |
2016 |
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2015 |
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2014 |
Income |
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Dividends from |
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The Huntington National Bank |
$ |
188,200 |
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$ |
822,000 |
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$ |
244,000 |
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Non-bank subsidiaries |
11,378 |
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38,883 |
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27,773 |
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Interest from |
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The Huntington National Bank |
13,892 |
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5,954 |
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3,906 |
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Non-bank subsidiaries |
2,221 |
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2,317 |
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|
2,613 |
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Other |
— |
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4,529 |
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2,994 |
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Total income |
215,691 |
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873,683 |
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281,286 |
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Expense |
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Personnel costs |
11,960 |
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4,770 |
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53,359 |
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Interest on borrowings |
59,027 |
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17,428 |
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17,031 |
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Other |
122,869 |
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92,735 |
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52,662 |
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Total expense |
193,856 |
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114,933 |
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123,052 |
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Income (loss) before income taxes and equity in undistributed net income of subsidiaries |
21,835 |
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|
758,750 |
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158,234 |
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Provision (benefit) for income taxes |
(56,255 |
) |
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(109,867 |
) |
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(62,897 |
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Income (loss) before equity in undistributed net income of subsidiaries |
78,090 |
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868,617 |
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221,131 |
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Increase (decrease) in undistributed net income (loss) of: |
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The Huntington National Bank |
629,220 |
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(160,567 |
) |
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414,049 |
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Non-bank subsidiaries |
4,511 |
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(15,093 |
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(2,788 |
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Net income |
$ |
711,821 |
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$ |
692,957 |
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$ |
632,392 |
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Other comprehensive income (loss) (1) |
(174,858 |
) |
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(3,866 |
) |
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(8,283 |
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Comprehensive income |
$ |
536,963 |
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$ |
689,091 |
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$ |
624,109 |
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(1) |
See Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail. |
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Statements of Cash Flows |
Year Ended December 31, |
(dollar amounts in thousands) |
2016 |
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2015 |
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2014 |
Operating activities |
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Net income |
$ |
711,821 |
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$ |
692,957 |
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$ |
632,392 |
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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 |
(633,730 |
) |
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175,660 |
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(411,261 |
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Depreciation and amortization |
(1,390 |
) |
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609 |
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|
548 |
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Loss on sales of securities available-for-sale |
— |
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540 |
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— |
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Other, net |
(23,600 |
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(44,197 |
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26,685 |
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Net cash (used for) provided by operating activities |
53,101 |
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825,569 |
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248,364 |
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Investing activities |
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Repayments from subsidiaries |
464,284 |
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494,905 |
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9,250 |
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Advances to subsidiaries |
(1,758,745 |
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(612,610 |
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(32,350 |
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Proceeds from sale of securities available-for-sale |
(1,589 |
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449 |
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— |
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Cash paid for acquisitions, net of cash received |
(133,218 |
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— |
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(13,452 |
) |
Proceeds from business divestitures |
— |
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9,029 |
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— |
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Net cash (used for) provided by investing activities |
(1,429,268 |
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(108,227 |
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(36,552 |
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Financing activities |
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Proceeds from issuance of long-term borrowings |
1,989,938 |
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— |
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— |
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Payment of borrowings |
(64,586 |
) |
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— |
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— |
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Dividends paid on stock |
(299,588 |
) |
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(224,390 |
) |
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(198,789 |
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Net proceeds from issuance of common stock |
— |
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— |
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2,597 |
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Net proceeds from issuance of preferred stock |
584,936 |
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— |
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— |
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Repurchases of common stock |
— |
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(251,844 |
) |
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(334,429 |
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Other, net |
988 |
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13,492 |
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15,512 |
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Net cash provided by (used for) financing activities |
2,211,688 |
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(462,742 |
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(515,109 |
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Increase (decrease) in cash and due from banks |
835,521 |
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|
254,600 |
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(303,297 |
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Cash and due from banks at beginning of year |
917,368 |
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|
662,768 |
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966,065 |
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Cash and due from banks at end of year |
$ |
1,752,889 |
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$ |
917,368 |
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$ |
662,768 |
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Supplemental disclosure: |
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Interest paid |
$ |
36,068 |
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$ |
17,384 |
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$ |
21,321 |
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