Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIAL STATEMENTS (Tables)

v3.3.1.900
PARENT COMPANY FINANCIAL STATEMENTS (Tables)
12 Months Ended
Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Balance Sheets
The parent company financial statements, which include transactions with subsidiaries, are as follows:
Balance Sheets
December 31,
(dollar amounts in thousands)
2015
 
2014
Assets
 
 
 
Cash and cash equivalents
$
917,368

 
$
662,768

Due from The Huntington National Bank
406,253

 
276,851

Due from non-bank subsidiaries
48,151

 
51,129

Investment in The Huntington National Bank
5,966,783

 
6,073,408

Investment in non-bank subsidiaries
489,205

 
509,114

Accrued interest receivable and other assets
192,444

 
279,366

Total assets
$
8,020,204

 
$
7,852,636

Liabilities and shareholders’ equity
 
 
 
Long-term borrowings
$
1,045,835

 
$
1,046,104

Dividends payable, accrued expenses, and other liabilities
379,763

 
478,361

Total liabilities
1,425,598

 
1,524,465

Shareholders’ equity (1)
6,594,606

 
6,328,170

Total liabilities and shareholders’ equity
$
8,020,204

 
$
7,852,635

(1)
See Consolidated Statements of Changes in Shareholders’ Equity.
Statements of Income
Statements of Income
Year Ended December 31,
(dollar amounts in thousands)
2015
 
2014
 
2013
Income
 
 
 
 
 
Dividends from
 
 
 
 
 
The Huntington National Bank
$
822,000

 
$
244,000

 
$

Non-bank subsidiaries
38,883

 
27,773

 
55,473

Interest from
 
 
 
 
 
The Huntington National Bank
5,954

 
3,906

 
6,598

Non-bank subsidiaries
2,317

 
2,613

 
3,129

Other
4,529

 
2,994

 
2,148

Total income
873,683

 
281,286

 
67,348

Expense
 
 
 
 
 
Personnel costs
4,770

 
53,359

 
52,846

Interest on borrowings
17,428

 
17,031

 
20,739

Other
92,735

 
52,662

 
36,728

Total expense
114,933

 
123,052

 
110,313

Income (loss) before income taxes and equity in undistributed net income of subsidiaries
758,750

 
158,234

 
(42,965
)
Provision (benefit) for income taxes
(109,867
)
 
(62,897
)
 
(22,298
)
Income (loss) before equity in undistributed net income of subsidiaries
868,617

 
221,131

 
(20,667
)
Increase (decrease) in undistributed net income (loss) of:
 
 
 
 
 
The Huntington National Bank
(160,567
)
 
414,049

 
692,392

Non-bank subsidiaries
(15,093
)
 
(2,788
)
 
(30,443
)
Net income
$
692,957

 
$
632,392

 
$
641,282

Other comprehensive income (loss) (1)
(3,866
)
 
(8,283
)
 
(63,192
)
Comprehensive income
$
689,091

 
$
624,109

 
$
578,090

(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)
2015
 
2014
 
2013
Operating activities
 
 
 
 
 
Net income
$
692,957

 
$
632,392

 
$
641,282

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

 
(411,261
)
 
(718,144
)
Depreciation and amortization
609

 
548

 
513

Loss on sales of securities available-for-sale
540

 

 

Other, net
(44,197
)
 
26,685

 
15,965

Net cash (used for) provided by operating activities
825,569

 
248,364

 
(60,384
)
Investing activities
 
 
 
 
 
Repayments from subsidiaries
494,905

 
9,250

 
285,792

Advances to subsidiaries
(612,610
)
 
(32,350
)
 
(249,050
)
Proceeds from sale of securities available-for-sale
449

 

 

Cash paid for acquisitions, net of cash received

 
(13,452
)
 

Proceeds from business divestitures
9,029

 

 

Net cash (used for) provided by investing activities
(108,227
)
 
(36,552
)
 
36,742

Financing activities
 
 
 
 
 
Proceeds from issuance of long-term borrowings

 

 
400,000

Payment of borrowings

 

 
(50,000
)
Dividends paid on stock
(224,390
)
 
(198,789
)
 
(182,476
)
Net proceeds from issuance of common stock

 
2,597

 

Repurchases of common stock
(251,844
)
 
(334,429
)
 
(124,995
)
Other, net
13,492

 
15,512

 
25,707

Net cash provided by (used for) financing activities
(462,742
)
 
(515,109
)
 
68,236

Change in cash and cash equivalents
254,600

 
(303,297
)
 
44,594

Cash and cash equivalents at beginning of year
662,768

 
966,065

 
921,471

Cash and cash equivalents at end of year
$
917,368

 
$
662,768

 
$
966,065

Supplemental disclosure:
 
 
 
 
 
Interest paid
$
17,384

 
$
21,321

 
$
20,739