Quarterly report pursuant to Section 13 or 15(d)

Parent Company Financial Statements

v2.4.0.8
Parent Company Financial Statements
 3 Months Ended
Sep. 30, 2014
Parent Company Financial Statements [Abstract]  
PARENT COMPANY FINANCIAL STATEMENTS

17. PARENT COMPANY FINANCIAL STATEMENTS

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

Balance Sheets September 30, December 31,
(dollar amounts in thousands) 2014 2013
Assets
Cash and cash equivalents $ 732,436 $ 966,065
Due from The Huntington National Bank 246,832 246,841
Due from non-bank subsidiaries 54,348 57,747
Investment in The Huntington National Bank 5,926,366 5,537,582
Investment in non-bank subsidiaries 518,615 587,388
Accrued interest receivable and other assets 274,656 286,036
Total assets $ 7,753,253 $ 7,681,659
Liabilities and Shareholders' Equity
Long-term borrowing $ 1,039,969 $ 1,034,266
Dividends payable, accrued expenses, and other liabilities 429,074 557,240
Total liabilities 1,469,043 1,591,506
Shareholders' equity (1) 6,284,210 6,090,153
Total liabilities and shareholders' equity $ 7,753,253 $ 7,681,659
(1) See Huntington’s Unaudited 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) 2014 2013 2014 2013
Income
Dividends from
The Huntington National Bank $ 169,000 $ --- $ 244,000 $ ---
Non-bank subsidiaries 8,827 18,000 12,468 18,000
Interest from
The Huntington National Bank 982 425 2,936 5,513
Non-bank subsidiaries 634 782 2,002 2,399
Other 209 353 2,514 1,266
Total income 179,652 19,560 263,920 27,178
Expense
Personnel costs 17,608 12,951 42,753 41,161
Interest on borrowings 4,261 5,692 12,766 14,242
Other 10,370 11,923 39,423 26,790
Total expense 32,239 30,566 94,942 82,193
Income (loss) before income taxes and equity in undistributed
net income of subsidiaries 147,413 (11,006) 168,978 (55,015)
Provision (benefit) for income taxes (15,038) (12,043) (44,015) (20,229)
Income (loss) before equity in undistributed net income of subsidiaries 162,451 1,037 212,993 (34,786)
Increase (decrease) in undistributed net income of:
The Huntington National Bank (4,828) 189,726 248,359 516,436
Non-bank subsidiaries (2,607) (11,927) 7,426 1,460
Net income $ 155,016 $ 178,836 $ 468,778 $ 483,110
Other comprehensive income (loss) (1) (22,289) 52,969 31,993 (79,950)
Comprehensive income $ 132,727 $ 231,805 $ 500,771 $ 403,160
(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) 2014 2013
Operating activities
Net income $ 468,778 $ 483,110
Adjustments to reconcile net income to net cash provided by operating activities
Cumulative effect of change in accounting principle
Equity in undistributed net income of subsidiaries (255,253) (536,591)
Depreciation and amortization 291 323
Gain on sales of securities available for sale Gain on sales of securities available for sale
Other, net (10,376) (3,710)
Net cash provided by (used for) operating activities 203,440 (56,868)
Investing activities
Repayments from subsidiaries 6,400 251,853
Advances to subsidiaries (1,000) (248,950)
Proceeds from sale of securities available for sale
Cash paid for acquisitions, net of cash received (13,452) ---
Net cash provided by (used for) investing activities (8,052) 2,903
Financing activities
Proceeds from issuance of long-term borrowings
Payment of borrowings --- (50,000)
Dividends paid on preferred stock
Addition of long-term debt from Camco acquisition
Dividends paid on stock (145,143) (132,957)
Repurchases of common stock (299,720) (124,995)
Proceeds from issuance of common stock 2,597 ---
Issuance of long-term debt --- 399,200
Other, net 13,249 8,890
Net cash provided by (used for) financing activities (429,017) 100,138
Change in cash and cash equivalents (233,629) 46,173
Cash and cash equivalents at beginning of period 966,065 921,471
Cash and cash equivalents at end of period $ 732,436 $ 967,644
Supplemental disclosure:
Interest paid $ 12,766 $ 14,242