Quarterly report pursuant to Section 13 or 15(d)

Parent Company Financial Statements

v2.4.0.6
Parent Company Financial Statements
 3 Months Ended
Sep. 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   September 30,     December 31,
(dollar amounts in thousands)   2012     2011
Assets          
Cash and cash equivalents $ 893,644   $ 917,954
Due from The Huntington National Bank   314,281     616,565
Due from non-bank subsidiaries   89,156     188,732
Investment in The Huntington National Bank   4,632,783     4,073,722
Investment in non-bank subsidiaries   787,270     759,532
Accrued interest receivable and other assets   127,451     139,076
Total assets $ 6,844,585   $ 6,695,581
           
Liabilities and Shareholders' Equity          
Short-term borrowings $ ---   $ ---
Long-term borrowings   700,009     899,779
Dividends payable, accrued expenses, and other liabilities   336,972     377,702
Total liabilities   1,036,981     1,277,481
Shareholders' equity (1)   5,807,604     5,418,100
Total liabilities and shareholders' equity $ 6,844,585   $ 6,695,581
           
(1) See Huntington’s Condensed Consolidated Statements of Changes in Shareholders’ Equity.
 

          Three Months Ended     Nine Months Ended
  Statements of Income   September 30,     September 30,
  (dollar amounts in thousands)   2012     2011     2012     2011
  Income                      
    Dividends from                      
      The Huntington National Bank $ ---   $ ---   $ ---   $ ---
      Non-bank subsidiaries   5,000     ---     13,450     31,000
    Interest from                      
      The Huntington National Bank   8,523     20,248     32,112     60,644
      Non-bank subsidiaries   1,280     2,007     4,505     6,962
    Other   251     489     1,068     1,529
  Total income   15,054     22,744     51,135     100,135
                             
  Expense                      
    Personnel costs   11,186     10,251     31,387     24,581
    Interest on borrowings   6,621     8,834     24,094     26,256
    Other   10,784     14,692     25,632     34,722
  Total expense   28,591     33,777     81,113     85,559
                             
  Income (loss) before income taxes and equity in undistributed                      
    net income of subsidiaries   (13,537)     (11,033)     (29,978)     14,576
  Provision (benefit) for income taxes   (15,572)     (8,783)     (26,812)     (9,798)
  Income (loss) before equity in undistributed net income of subsidiaries   2,035     (2,250)     (3,166)     24,374
  Increase (decrease) in undistributed net income of:                      
    The Huntington National Bank   168,314     143,140     469,274     402,040
    Non-bank subsidiaries   (2,582)     2,501     7,635     (10,659)
  Net income $ 167,767   $ 143,391   $ 473,743   $ 415,755
                             
  Other comprehensive income (loss) (1)   51,435     42,139     89,221     117,092
  Comprehensive income $ 219,202   $ 185,530   $ 562,964   $ 532,847
                             
(1) See Condensed Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail.

          Nine Months Ended
Statements of Cash Flows   September 30,
(dollar amounts in thousands)   2012     2011
                 
Operating activities          
  Net income $ 473,743   $ 415,755
  Adjustments to reconcile net income to net cash provided by operating activities          
      Equity in undistributed net income of subsidiaries   (502,659)     (434,018)
      Depreciation and amortization   197     549
      Other, net   (25,494)     134,089
Net cash provided by (used for) operating activities   (54,213)     116,375
                 
Investing activities          
  Repayments from subsidiaries   (31,347)     (28,415)
  Advances to subsidiaries   453,625     99,023
Net cash provided by (used for) investing activities   422,278     70,608
                 
Financing activities          
  Payment of borrowings   (199,770)     (5,100)
  Dividends paid on stock   (127,136)     (50,152)
  Repurchases of common stock   (65,303)     ---
  Redemption of Warrant to the Treasury   ---     (49,100)
  Other, net   (166)     (551)
Net cash provided by (used for) financing activities   (392,375)     (104,903)
Change in cash and cash equivalents   (24,310)     82,080
Cash and cash equivalents at beginning of period   917,954     615,167
Cash and cash equivalents at end of period $ 893,644   $ 697,247
                 
Supplemental disclosure:          
  Interest paid $ 24,904   $ 26,256