| 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 millions) |
2019 |
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2018 |
Assets |
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Cash and due from banks |
$ |
3,119 |
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$ |
2,352 |
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Due from The Huntington National Bank |
47 |
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|
739 |
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Due from non-bank subsidiaries |
34 |
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|
40 |
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Investment in The Huntington National Bank |
12,833 |
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11,493 |
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Investment in non-bank subsidiaries |
165 |
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|
142 |
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Accrued interest receivable and other assets |
349 |
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|
239 |
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Total assets |
$ |
16,547 |
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$ |
15,005 |
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Liabilities and shareholders’ equity |
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Long-term borrowings |
$ |
4,095 |
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$ |
3,216 |
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Dividends payable, accrued expenses, and other liabilities |
657 |
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|
687 |
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Total liabilities |
4,752 |
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3,903 |
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Shareholders’ equity (1) |
11,795 |
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|
11,102 |
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Total liabilities and shareholders’ equity |
$ |
16,547 |
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$ |
15,005 |
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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) |
2019 |
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2018 |
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2017 |
Income |
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Dividends from: |
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The Huntington National Bank |
$ |
685 |
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$ |
1,722 |
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$ |
298 |
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Non-bank subsidiaries |
3 |
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— |
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14 |
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Interest from: |
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The Huntington National Bank |
8 |
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27 |
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20 |
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Non-bank subsidiaries |
2 |
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2 |
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2 |
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Other |
2 |
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(2 |
) |
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4 |
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Total income |
700 |
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1,749 |
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|
338 |
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Expense |
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Personnel costs |
6 |
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2 |
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19 |
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Interest on borrowings |
143 |
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124 |
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|
91 |
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Other |
145 |
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118 |
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115 |
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Total expense |
294 |
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244 |
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225 |
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Income before income taxes and equity in undistributed net income of subsidiaries |
406 |
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1,505 |
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|
113 |
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Provision (benefit) for income taxes |
(63 |
) |
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(48 |
) |
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(56 |
) |
Income before equity in undistributed net income of subsidiaries |
469 |
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1,553 |
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|
169 |
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Increase (decrease) in undistributed net income (loss) of: |
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The Huntington National Bank |
908 |
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(186 |
) |
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1,015 |
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Non-bank subsidiaries |
34 |
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26 |
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2 |
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Net income |
$ |
1,411 |
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$ |
1,393 |
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$ |
1,186 |
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Other comprehensive income (loss) (1) |
353 |
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(80 |
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(34 |
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Comprehensive income |
$ |
1,764 |
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$ |
1,313 |
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$ |
1,152 |
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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 millions) |
2019 |
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2018 |
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2017 |
Operating activities |
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Net income |
$ |
1,411 |
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$ |
1,393 |
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$ |
1,186 |
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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 |
(942 |
) |
|
197 |
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(997 |
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Depreciation and amortization |
(2 |
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(2 |
) |
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4 |
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Other, net |
(19 |
) |
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121 |
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(37 |
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Net cash (used for) provided by operating activities |
448 |
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1,709 |
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156 |
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Investing activities |
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Repayments from subsidiaries |
701 |
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21 |
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442 |
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Advances to subsidiaries |
(11 |
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(13 |
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(29 |
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(Purchases)/Proceeds from sale of securities |
(38 |
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— |
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1 |
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Cash paid for acquisitions, net of cash received |
— |
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(15 |
) |
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— |
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Net cash (used for) provided by investing activities |
652 |
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(7 |
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414 |
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Financing activities |
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Net proceeds from issuance of medium-term notes |
797 |
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501 |
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— |
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Payment of medium-term notes |
— |
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(400 |
) |
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— |
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Dividends paid on common stock |
(671 |
) |
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(584 |
) |
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(425 |
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Repurchases of common stock |
(441 |
) |
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(939 |
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(260 |
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Net proceeds from issuance of preferred stock |
— |
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495 |
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— |
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Other, net |
(18 |
) |
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(41 |
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(20 |
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Net cash provided by (used for) financing activities |
(333 |
) |
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(968 |
) |
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(705 |
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Increase (decrease) in cash and cash equivalents |
767 |
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|
734 |
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(135 |
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Cash and cash equivalents at beginning of year |
2,352 |
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1,618 |
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1,753 |
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Cash and cash equivalents at end of year |
$ |
3,119 |
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$ |
2,352 |
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$ |
1,618 |
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Supplemental disclosure: |
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Interest paid |
$ |
135 |
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$ |
126 |
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$ |
90 |
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