Huntington National Bank 2011 Annual Report Download - page 222

Year Ended December 31,
Statements of Cash Flows 2011 2010 2009
(dollar amounts in thousands)
Operating activities
Net income (loss) .............................. $ 542,613 $ 312,347 $(3,094,179)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Equity in undistributed net income (loss) of
subsidiaries ............................... (567,566) (351,049) 3,199,777
Depreciation and amortization .................. 566 685 3,458
Other, net .................................. 30,980 (74,802) (103,464)
Net cash (used for) provided by operating activities .... 6,593 (112,819) 5,592
Investing activities
Repayments from (advances to) subsidiaries ......... (39,586) 129,081 393,041
Advances to subsidiaries ........................ 485,863 (425,600) (1,017,892)
Net cash (used for) provided by investing activities ... 446,277 (296,519) (624,851)
Financing activities
Proceeds from issuance of long-term borrowings ..... —297,375 —
Payment of borrowings ......................... (5,100) (1,191) (99,417)
Dividends paid on stock ......................... (92,404) (136,499) (162,288)
Payment to repurchase preferred stock ............. —(1,398,071) —
Proceeds from issuance of common stock ........... —886,172 1,135,645
Redemption of Warrant to the Treasury ............. (49,100) ——
Other, net .................................... (3,479) 180 (198)
Net cash provided by (used for) financing activities ... (150,083) (352,034) 873,742
Change in cash and cash equivalents ................. 302,787 (761,372) 254,483
Cash and cash equivalents at beginning of year ......... 615,167 1,376,539 1,122,056
Cash and cash equivalents at end of year ........... $ 917,954 $ 615,167 $ 1,376,539
Supplemental disclosure:
Interest paid .................................. $ 35,295 $ 23,765 $ 29,357
25. SEGMENT REPORTING
During the 2010 fourth quarter, Huntington reorganized its business segments to better align certain
business unit reporting with segment executives to accelerate cross-sell results and provide greater focus on the
execution of strategic plans. We have four major business segments: Retail and Business Banking, Regional and
Commercial Banking, Automobile Finance and Commercial Real Estate, and Wealth Advisors, Government
Finance, and Home Lending. A Treasury / Other function includes our insurance business and other unallocated
assets, liabilities, revenue, and expense. All periods have been reclassified to conform to the current period
classification.
Segment results are determined based upon the Company’s management reporting system, which assigns
balance sheet and income statement items to each of the business segments. The process is designed around the
Company’s organizational and management structure and, accordingly, the results derived are not necessarily
comparable with similar information published by other financial institutions. A description of each segment and
table of financial results is presented below.
Retail and Business Banking: The Retail and Business Banking segment provides a wide array of financial
products and services to consumer and small business customers including but not limited to checking accounts,
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