Huntington National Bank 2003 Annual Report Download - page 140

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
30. Parent Company Financial Statements
The parent company condensed financial statements, which include transactions with subsidiaries, are as follows.
Balance Sheets December 31,
(in thousands of dollars) 2003 2002
Assets
Cash and cash equivalents $ 432,632 $ 546,897
Securities available for sale — 40,041
Due from The Huntington National Bank 250,759 250,759
Due from non-bank subsidiaries 172,371 117,987
Investment in The Huntington National Bank 1,492,278 1,389,829
Investment in non-bank subsidiaries 584,741 453,196
Goodwill, net of accumulated amortization 9,877 9,877
Accrued interest receivable and other assets 155,114 184,611
Total Assets $3,097,772 $2,993,197
Liabilities
Short- and medium-term borrowings $ 204,012 $ 145,556
Long-term borrowed funds from subsidiary trusts — 309,279
Long-term borrowed funds from unaffiliated companies 309,279 —
Dividends payable, accrued expenses, and other liabilities 309,479 348,569
Total Liabilities 822,770 803,404
Shareholders’ Equity 2,275,002 2,189,793
Total Liabilities and Shareholders’ Equity $3,097,772 $2,993,197
Statements of Income Year Ended December 31,
(in thousands of dollars) 2003 2002 2001
Income
Dividends from
The Huntington National Bank $ 150,533 $ 231,000 $199,404
Non-bank subsidiaries 3,000 8,142 14,498
Interest from
The Huntington National Bank 20,098 29,611 20,343
Non-bank subsidiaries 7,356 5,854 4,454
Securities gains (losses) and other 3,214 877 (4,852)
Total Income 184,201 275,484 233,847
Expense
Interest on debt 12,976 20,213 29,673
Other 11,826 28,493 30,143
Total Expense 24,802 48,706 59,816
Income before income taxes and equity in undistributed net income of subsidiaries 159,399 226,778 174,031
Income taxes (5,130) (12,970) (19,721)
Income before equity in undistributed net income of subsidiaries and cumulative
effect of change in accounting principle 164,529 239,748 193,752
Cumulative effect of change in accounting principle, net of tax of $1,315 (2,442) — —
Income before equity in undistributed net income of subsidiaries 162,087 239,748 193,752
Equity in undistributed net income (loss) of:
The Huntington National Bank 196,659 88,710 (58,353)
Non-bank subsidiaries 13,617 (4,727) (603)
Net Income $ 372,363 $ 323,731 $134,796
138 HUNTINGTON BANCSHARES INCORPORATED