Huntington National Bank 2005 Annual Report Download - page 104

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CONSOLIDATED STATEMENTS OF CASH FLOWS HUNTINGTON BANCSHARES INCORPORATED
Year Ended December 31,
(in thousands of dollars) 2005 2004 2003
Operating activities
Net income $ 412,091 $ 398,925 $ 372,363
Adjustments to reconcile net income to net cash provided by operating activities:
Cumulative effect of change in accounting principle, net of tax —— 13,330
Provision for credit losses 81,299 55,062 163,993
Depreciation on operating lease assets 99,342 216,444 350,550
Amortization of mortgage servicing rights 18,359 19,019 25,966
Other depreciation and amortization 73,635 89,669 126,530
Mortgage servicing rights impairment recoveries (4,371) (1,378) (14,957)
Deferred income tax (benefit) provision (32,110) 140,962 258
Decrease (increase) in trading account securities 275,765 (302,041) (7,348)
Originations of loans held for sale (2,572,346) (1,858,262) (4,221,322)
Principal payments on and proceeds from loans held for sale 2,501,471 1,861,272 4,522,972
Losses (gains) on sales of investment securities 8,055 (15,763) (5,258)
Gains on sales/securitizations of loans (1,211) (14,206) (45,610)
Gain on sale of branch offices —— (13,112)
Loss on early extinguishment of debt —— 15,250
Restructuring reserve releases —(1,151) (6,666)
Increase of cash surrender value of bank owned life insurance (40,736) (42,297) (43,028)
(Decrease) increase in payable to investors in sold loans (119,352) 24,541 64,986
Other, net (25,192) (42,580) 40,373
Net cash provided by operating activities 674,699 528,216 1,339,270
Investing activities
Decrease in interest bearing deposits in banks 711,229 3,673
Proceeds from:
Maturities and calls of investment securities 463,001 881,305 1,585,979
Sales of investment securities 1,995,764 2,386,479 1,161,325
Purchases of investment securities (2,832,258) (2,438,158) (4,341,946)
Proceeds from sales/securitizations of loans —1,534,395 2,576,869
Net loan and lease originations, excluding sales (1,012,345) (4,216,309) (4,506,843)
Purchases of equipment for operating lease assets (31,363) (14,666) —
Proceeds from sale of operating lease assets 280,746 451,264 572,596
Sale of branch offices —— (81,367)
Proceeds from sale of premises and equipment 1,164 1,188 7,382
Purchases of premises and equipment (57,288) (56,531) (64,571)
Proceeds from sales of other real estate 50,614 16,388 14,083
Consolidation of cash of securitization trust —— 58,500
Net cash used for investing activities (1,141,958) (1,443,416) (3,014,320)
Financing activities
Increase in deposits 1,655,736 2,273,046 1,177,324
Increase (decrease) in short-term borrowings 682,027 (245,071) (688,712)
Proceeds from issuance of subordinated notes —148,830 198,430
Maturity of subordinated notes —(100,000) (250,000)
Proceeds from Federal Home Loan Bank advances 809,589 1,088 270,000
Maturity of Federal Home Loan Bank advances (925,030) (3,000) (10,000)
Proceeds from issuance of long-term debt —925,000 2,075,000
Maturity of long-term debt (1,719,403) (1,455,000) (895,250)
Purchase of minority interests in consolidated subsidiaries (107,154) ——
Dividends paid on common stock (200,628) (168,075) (151,023)
Repurchases of common stock (231,656) — (81,061)
Net proceeds from issuance of common stock 39,194 47,239 8,082
Net cash provided by financing activities 2,675 1,424,057 1,652,790
Change in cash and cash equivalents (464,584) 508,857 (22,260)
Cash and cash equivalents at beginning of year 1,505,360 996,503 1,018,763
Cash and cash equivalents at end of year $ 1,040,776 $ 1,505,360 $ 996,503
Supplemental disclosures:
Income taxes paid $ 230,186 $ 34,904 $ 72,128
Interest paid 640,679 422,060 469,331
Non-cash activities
Mortgage loans exchanged for mortgage-backed securities 15,058 115,929 354,200
Common stock dividends accrued, paid in subsequent year 28,877 35,662 31,113
See Notes to Consolidated Financial Statements.
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