Annual report pursuant to Section 13 and 15(d)

PARENT-ONLY FINANCIAL STATEMENTS

v3.20.4
PARENT-ONLY FINANCIAL STATEMENTS
12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
PARENT-ONLY FINANCIAL STATEMENTS PARENT-ONLY FINANCIAL STATEMENTS
The parent-only financial statements, which include transactions with subsidiaries, are as follows:
Balance Sheets
December 31,
(dollar amounts in millions) 2020 2019
Assets
Cash and due from banks
$ 4,466  $ 3,119 
Due from The Huntington National Bank
297  47 
Due from non-bank subsidiaries
37  34 
Investment in The Huntington National Bank
12,509  12,833 
Investment in non-bank subsidiaries
147  165 
Accrued interest receivable and other assets
429  349 
Total assets
$ 17,885  $ 16,547 
Liabilities and shareholders’ equity
Long-term borrowings
$ 4,142  $ 4,095 
Dividends payable, accrued expenses, and other liabilities
750  657 
Total liabilities
4,892  4,752 
Shareholders’ equity (1)
12,993  11,795 
Total liabilities and shareholders’ equity
$ 17,885  $ 16,547 
(1)See Consolidated Statements of Changes in Shareholders’ Equity.
Statements of Income Year Ended December 31,
(dollar amounts in millions) 2020 2019 2018
Income
Dividends from:
The Huntington National Bank $ 1,527  $ 685  $ 1,722 
Non-bank subsidiaries 36  — 
Interest from:
The Huntington National Bank 27 
Non-bank subsidiaries
Other 11  (2)
Total income 1,579  700  1,749 
Expense
Personnel costs 17 
Interest on borrowings 115  143  124 
Other 123  145  118 
Total expense 255  294  244 
Income before income taxes and equity in undistributed net income of subsidiaries 1,324  406  1,505 
Provision (benefit) for income taxes (46) (63) (48)
Income before equity in undistributed net income of subsidiaries 1,370  469  1,553 
Increase (decrease) in undistributed net income (loss) of:
The Huntington National Bank (547) 908  (186)
Non-bank subsidiaries (6) 34  26 
Net income $ 817  $ 1,411  $ 1,393 
Other comprehensive income (loss) (1) 448  353  (80)
Comprehensive income $ 1,265  $ 1,764  $ 1,313 
(1)See Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail.
Statements of Cash Flows Year Ended December 31,
(dollar amounts in millions) 2020 2019 2018
Operating activities
Net income $ 817  $ 1,411  $ 1,393 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries 553  (942) 197 
Depreciation and amortization —  (2) (2)
Other, net 89  (19) 121 
Net cash (used for) provided by operating activities 1,459  448  1,709 
Investing activities
Repayments from subsidiaries 701  21 
Advances to subsidiaries (256) (11) (13)
(Purchases)/Proceeds from sale of securities (1) (38) — 
Cash paid for acquisitions, net of cash received —  —  (15)
Net cash (used for) provided by investing activities (249) 652  (7)
Financing activities
Net proceeds from issuance of medium-term notes 747  797  501 
Payment of medium-term notes —  —  (400)
Payment of long-term debt (800) —  — 
Dividends paid on common and preferred stock (698) (671) (584)
Repurchases of common stock (92) (441) (939)
Net proceeds from issuance of preferred stock 988  —  495 
Other, net (8) (18) (41)
Net cash provided by (used for) financing activities 137  (333) (968)
Increase (decrease) in cash and cash equivalents 1,347  767  734 
Cash and cash equivalents at beginning of year 3,119  2,352  1,618 
Cash and cash equivalents at end of year $ 4,466  $ 3,119  $ 2,352 
Supplemental disclosure:
Interest paid $ 113  $ 135  $ 126