Huntington National Bank 2003 Annual Report Download - page 141

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Statements of Cash Flows Year Ended December 31,
(in thousands of dollars) 2003 2002 2001
Operating Activities
Net income $ 372,363 $ 323,731 $ 134,796
Adjustments to reconcile net income to net cash provided
by operating activities:
Cumulative effect of change in accounting principle 2,442 — —
Equity in undistributed net income of subsidiaries (210,275) (83,983) 58,956
Depreciation and amortization 2,211 1,254 2,674
(Gain) loss on sales of securities available for sale (5) (709) 5,251
Change in other assets and other liabilities (67,852) 45,575 (60,866)
Restructuring charges — 6,859 5,604
Net Cash Provided by Operating Activities 98,884 292,727 146,415
Investing Activities
Decrease in investments in subsidiaries — 670,000 110,019
Repayments from (advances to) subsidiaries (47,649) 7,397 (62,419)
Purchase of securities available for sale — — (15,027)
Proceeds from sale of securities available for sale 46 8,977 10,889
Net Cash (Used in) Provided by Investing Activities (47,603) 686,374 43,462
Financing Activities
Decrease in short-term borrowings (1,544) (4,020) (89,093)
Proceeds from issuance of other long-term debt 100,000 100,000 40,000
Payment of other long-term debt (40,000) (150,000) (25,000)
Dividends paid on common stock (151,023) (167,002) (190,792)
Acquisition of treasury stock (81,061) (370,012) —
Proceeds from issuance of treasury stock 8,082 3,212 2,662
Net Cash Used for Financing Activities (165,546) (587,822) (262,223)
Change in Cash and Cash Equivalents (114,265) 391,279 (72,346)
Cash and Cash Equivalents at beginning of year 546,897 155,618 227,964
Cash and Cash Equivalents at end of year $ 432,632 $ 546,897 $ 155,618
Supplemental disclosure:
Interest paid $ 13,157 $ 20,779 $ 31,067
Income taxes paid — — —
Common stock issued in purchase acquisitions — 19,151 —
HUNTINGTON BANCSHARES INCORPORATED 139