Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIAL STATEMENTS (Tables)

v3.6.0.2
PARENT COMPANY FINANCIAL STATEMENTS (Tables)
12 Months Ended
Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Balance Sheets
The parent-only financial statements, which include transactions with subsidiaries, are as follows:
Balance Sheets
December 31,
(dollar amounts in thousands)
2016
 
2015
Assets
 
 
 
Cash and due from banks
$
1,752,889

 
$
917,368

Due from The Huntington National Bank
730,004

 
406,253

Due from non-bank subsidiaries
45,193

 
48,151

Investment in The Huntington National Bank
10,668,303

 
5,966,783

Investment in non-bank subsidiaries
499,611

 
489,205

Accrued interest receivable and other assets
320,666

 
192,444

Total assets
$
14,016,666

 
$
8,020,204

Liabilities and shareholders’ equity
 
 
 
Long-term borrowings
$
3,144,615

 
$
1,040,981

Dividends payable, accrued expenses, and other liabilities
563,905

 
384,617

Total liabilities
3,708,520

 
1,425,598

Shareholders’ equity (1)
10,308,146

 
6,594,606

Total liabilities and shareholders’ equity
$
14,016,666

 
$
8,020,204

(1)
See Consolidated Statements of Changes in Shareholders’ Equity.
Statements of Income
Statements of Income
Year Ended December 31,
(dollar amounts in thousands)
2016
 
2015
 
2014
Income
 
 
 
 
 
Dividends from
 
 
 
 
 
The Huntington National Bank
$
188,200

 
$
822,000

 
$
244,000

Non-bank subsidiaries
11,378

 
38,883

 
27,773

Interest from
 
 
 
 
 
The Huntington National Bank
13,892

 
5,954

 
3,906

Non-bank subsidiaries
2,221

 
2,317

 
2,613

Other

 
4,529

 
2,994

Total income
215,691

 
873,683

 
281,286

Expense
 
 
 
 
 
Personnel costs
11,960

 
4,770

 
53,359

Interest on borrowings
59,027

 
17,428

 
17,031

Other
122,869

 
92,735

 
52,662

Total expense
193,856

 
114,933

 
123,052

Income (loss) before income taxes and equity in undistributed net income of subsidiaries
21,835

 
758,750

 
158,234

Provision (benefit) for income taxes
(56,255
)
 
(109,867
)
 
(62,897
)
Income (loss) before equity in undistributed net income of subsidiaries
78,090

 
868,617

 
221,131

Increase (decrease) in undistributed net income (loss) of:
 
 
 
 
 
The Huntington National Bank
629,220

 
(160,567
)
 
414,049

Non-bank subsidiaries
4,511

 
(15,093
)
 
(2,788
)
Net income
$
711,821

 
$
692,957

 
$
632,392

Other comprehensive income (loss) (1)
(174,858
)
 
(3,866
)
 
(8,283
)
Comprehensive income
$
536,963

 
$
689,091

 
$
624,109

(1)
See Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail.
Statements of Cash Flows
Statements of Cash Flows
Year Ended December 31,
(dollar amounts in thousands)
2016
 
2015
 
2014
Operating activities
 
 
 
 
 
Net income
$
711,821

 
$
692,957

 
$
632,392

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Equity in undistributed net income of subsidiaries
(633,730
)
 
175,660

 
(411,261
)
Depreciation and amortization
(1,390
)
 
609

 
548

Loss on sales of securities available-for-sale

 
540

 

Other, net
(23,600
)
 
(44,197
)
 
26,685

Net cash (used for) provided by operating activities
53,101

 
825,569

 
248,364

Investing activities
 
 
 
 
 
Repayments from subsidiaries
464,284

 
494,905

 
9,250

Advances to subsidiaries
(1,758,745
)
 
(612,610
)
 
(32,350
)
Proceeds from sale of securities available-for-sale
(1,589
)
 
449

 

Cash paid for acquisitions, net of cash received
(133,218
)
 

 
(13,452
)
Proceeds from business divestitures

 
9,029

 

Net cash (used for) provided by investing activities
(1,429,268
)
 
(108,227
)
 
(36,552
)
Financing activities
 
 
 
 
 
Proceeds from issuance of long-term borrowings
1,989,938

 

 

Payment of borrowings
(64,586
)
 

 

Dividends paid on stock
(299,588
)
 
(224,390
)
 
(198,789
)
Net proceeds from issuance of common stock

 

 
2,597

Net proceeds from issuance of preferred stock
584,936

 

 

Repurchases of common stock

 
(251,844
)
 
(334,429
)
Other, net
988

 
13,492

 
15,512

Net cash provided by (used for) financing activities
2,211,688

 
(462,742
)
 
(515,109
)
Increase (decrease) in cash and due from banks
835,521

 
254,600

 
(303,297
)
Cash and due from banks at beginning of year
917,368

 
662,768

 
966,065

Cash and due from banks at end of year
$
1,752,889

 
$
917,368

 
$
662,768

Supplemental disclosure:
 
 
 
 
 
Interest paid
$
36,068

 
$
17,384

 
$
21,321