Quarterly report pursuant to Section 13 or 15(d)

Parent Company Financial Statements

v2.4.0.6
Parent Company Financial Statements
 3 Months Ended
Jun. 30, 2012
Parent Company Financial Statements [Abstract]  
PARENT COMPANY FINANCIAL STATEMENTS

17. PARENT COMPANY FINANCIAL STATEMENTS

 

The parent company condensed financial statements, which include transactions with subsidiaries, are as follows.

Balance Sheets   June 30,     December 31,
(dollar amounts in thousands)   2012     2011
Assets          
Cash and cash equivalents (1) $ 983,005   $ 917,954
Due from The Huntington National Bank   408,955     616,565
Due from non-bank subsidiaries   187,556     188,732
Investment in The Huntington National Bank   4,412,411     4,073,722
Investment in non-bank subsidiaries   785,411     759,532
Accrued interest receivable and other assets   118,273     139,076
Total assets $ 6,895,611   $ 6,695,581
           
Liabilities and Shareholders' Equity          
Short-term borrowings $ ---   $ ---
Long-term borrowings   814,304     899,779
Dividends payable, accrued expenses, and other liabilities   432,076     377,702
Total liabilities   1,246,380     1,277,481
Shareholders' equity (2)   5,649,231     5,418,100
Total liabilities and shareholders' equity $ 6,895,611   $ 6,695,581
           
(1) Includes restricted cash of $125,000.          
(2) See Huntington’s Condensed Consolidated Statements of Changes in Shareholders’ Equity.

          Three Months Ended     Six Months Ended
  Statements of Income   June 30,     June 30,
  (dollar amounts in thousands)   2012     2011     2012     2011
  Income                      
    Dividends from                      
      The Huntington National Bank $ ---   $ ---   $ ---   $ ---
      Non-bank subsidiaries   ---     25,000     8,450     31,000
    Interest from                      
      The Huntington National Bank   10,703     20,211     23,589     40,396
      Non-bank subsidiaries   1,592     2,259     3,225     4,955
    Other   404     439     817     1,040
  Total income   12,699     47,909     36,081     77,391
                             
  Expense                      
    Personnel costs   10,488     9,575     20,201     14,330
    Interest on borrowings   8,294     8,728     17,473     17,422
    Other   7,269     10,465     14,848     20,030
  Total expense   26,051     28,768     52,522     51,782
                             
  Income (loss) before income taxes and equity in undistributed                      
    net income of subsidiaries   (13,352)     19,141     (16,441)     25,609
  Provision (benefit) for income taxes   (148)     (3,051)     (11,240)     (1,015)
  Income (loss) before equity in undistributed net income of subsidiaries   (13,204)     22,192     (5,201)     26,624
  Increase (decrease) in undistributed net income of:                      
    The Huntington National Bank   158,536     140,784     300,960     258,900
    Non-bank subsidiaries   7,374     (17,058)     10,217     (13,160)
  Net income $ 152,706   $ 145,918   $ 305,976   $ 272,364
                             
  Other comprehensive income (loss) (1)   21,839     81,378     37,786     74,953
  Comprehensive income $ 174,545   $ 227,296   $ 343,762   $ 347,317
                             
(1) See Condensed Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail.

          Six Months Ended
Statements of Cash Flows   June 30,
(dollar amounts in thousands)   2012     2011
                 
Operating activities          
  Net income $ 305,976   $ 272,364
  Adjustments to reconcile net income to net cash provided by operating activities          
      Equity in undistributed net income of subsidiaries   (327,875)     (284,538)
      Depreciation and amortization   129     369
      Other, net   83,764     87,922
Net cash provided by (used for) operating activities   61,994     76,117
                 
Investing activities          
  Repayments from subsidiaries   233,648     63,198
  Advances to subsidiaries   (20,103)     (23,535)
Net cash provided by (used for) investing activities   213,545     39,663
                 
Financing activities          
  Payment of borrowings   (85,475)     (5,000)
  Dividends paid on stock   (84,869)     (32,651)
  Repurchases of common stock   (40,230)     ---
  Redemption of Warrant to the Treasury   ---     (49,100)
  Other, net   86     (13)
Net cash provided by (used for) financing activities   (210,488)     (86,764)
Change in cash and cash equivalents   65,051     29,016
Cash and cash equivalents at beginning of period   917,954     615,167
Cash and cash equivalents at end of period $ 983,005   $ 644,183
                 
Supplemental disclosure:          
  Interest paid $ 17,473   $ 17,422