PARENT COMPANY FINANCIAL STATEMENTS (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
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| Balance Sheets |
The parent company financial statements, which include transactions with subsidiaries, are as follows:
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Balance Sheets |
December 31, |
(dollar amounts in thousands) |
2015 |
|
2014 |
Assets |
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Cash and cash equivalents |
$ |
917,368 |
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|
$ |
662,768 |
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Due from The Huntington National Bank |
406,253 |
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|
276,851 |
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Due from non-bank subsidiaries |
48,151 |
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|
51,129 |
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Investment in The Huntington National Bank |
5,966,783 |
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|
6,073,408 |
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Investment in non-bank subsidiaries |
489,205 |
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|
509,114 |
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Accrued interest receivable and other assets |
192,444 |
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|
279,366 |
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Total assets |
$ |
8,020,204 |
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$ |
7,852,636 |
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Liabilities and shareholders’ equity |
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Long-term borrowings |
$ |
1,045,835 |
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$ |
1,046,104 |
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Dividends payable, accrued expenses, and other liabilities |
379,763 |
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|
478,361 |
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Total liabilities |
1,425,598 |
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|
1,524,465 |
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Shareholders’ equity (1) |
6,594,606 |
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|
6,328,170 |
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Total liabilities and shareholders’ equity |
$ |
8,020,204 |
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$ |
7,852,635 |
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(1) |
See Consolidated Statements of Changes in Shareholders’ Equity. |
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| Statements of Income |
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Statements of Income |
Year Ended December 31, |
(dollar amounts in thousands) |
2015 |
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2014 |
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2013 |
Income |
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Dividends from |
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The Huntington National Bank |
$ |
822,000 |
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$ |
244,000 |
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$ |
— |
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Non-bank subsidiaries |
38,883 |
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|
27,773 |
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|
55,473 |
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Interest from |
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The Huntington National Bank |
5,954 |
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|
3,906 |
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|
6,598 |
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Non-bank subsidiaries |
2,317 |
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|
2,613 |
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|
3,129 |
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Other |
4,529 |
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|
2,994 |
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|
2,148 |
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Total income |
873,683 |
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|
281,286 |
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|
67,348 |
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Expense |
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Personnel costs |
4,770 |
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53,359 |
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52,846 |
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Interest on borrowings |
17,428 |
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|
17,031 |
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|
20,739 |
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Other |
92,735 |
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|
52,662 |
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|
36,728 |
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Total expense |
114,933 |
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|
123,052 |
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|
110,313 |
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Income (loss) before income taxes and equity in undistributed net income of subsidiaries |
758,750 |
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|
158,234 |
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(42,965 |
) |
Provision (benefit) for income taxes |
(109,867 |
) |
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(62,897 |
) |
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(22,298 |
) |
Income (loss) before equity in undistributed net income of subsidiaries |
868,617 |
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|
221,131 |
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(20,667 |
) |
Increase (decrease) in undistributed net income (loss) of: |
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The Huntington National Bank |
(160,567 |
) |
|
414,049 |
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|
692,392 |
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Non-bank subsidiaries |
(15,093 |
) |
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(2,788 |
) |
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(30,443 |
) |
Net income |
$ |
692,957 |
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$ |
632,392 |
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$ |
641,282 |
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Other comprehensive income (loss) (1) |
(3,866 |
) |
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(8,283 |
) |
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(63,192 |
) |
Comprehensive income |
$ |
689,091 |
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$ |
624,109 |
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$ |
578,090 |
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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 |
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Statements of Cash Flows |
Year Ended December 31, |
(dollar amounts in thousands) |
2015 |
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2014 |
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2013 |
Operating activities |
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Net income |
$ |
692,957 |
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$ |
632,392 |
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$ |
641,282 |
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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 |
175,660 |
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(411,261 |
) |
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(718,144 |
) |
Depreciation and amortization |
609 |
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|
548 |
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|
513 |
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Loss on sales of securities available-for-sale |
540 |
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— |
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— |
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Other, net |
(44,197 |
) |
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26,685 |
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|
15,965 |
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Net cash (used for) provided by operating activities |
825,569 |
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|
248,364 |
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(60,384 |
) |
Investing activities |
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Repayments from subsidiaries |
494,905 |
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|
9,250 |
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|
285,792 |
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Advances to subsidiaries |
(612,610 |
) |
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(32,350 |
) |
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(249,050 |
) |
Proceeds from sale of securities available-for-sale |
449 |
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— |
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— |
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Cash paid for acquisitions, net of cash received |
— |
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(13,452 |
) |
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— |
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Proceeds from business divestitures |
9,029 |
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— |
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— |
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Net cash (used for) provided by investing activities |
(108,227 |
) |
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(36,552 |
) |
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36,742 |
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Financing activities |
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Proceeds from issuance of long-term borrowings |
— |
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— |
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|
400,000 |
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Payment of borrowings |
— |
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— |
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(50,000 |
) |
Dividends paid on stock |
(224,390 |
) |
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(198,789 |
) |
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(182,476 |
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Net proceeds from issuance of common stock |
— |
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|
2,597 |
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— |
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Repurchases of common stock |
(251,844 |
) |
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(334,429 |
) |
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(124,995 |
) |
Other, net |
13,492 |
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15,512 |
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|
25,707 |
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Net cash provided by (used for) financing activities |
(462,742 |
) |
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(515,109 |
) |
|
68,236 |
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Change in cash and cash equivalents |
254,600 |
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(303,297 |
) |
|
44,594 |
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Cash and cash equivalents at beginning of year |
662,768 |
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|
966,065 |
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|
921,471 |
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Cash and cash equivalents at end of year |
$ |
917,368 |
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$ |
662,768 |
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$ |
966,065 |
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Supplemental disclosure: |
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Interest paid |
$ |
17,384 |
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$ |
21,321 |
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$ |
20,739 |
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