Huntington National Bank 2004 Annual Report Download - page 101

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CONSOLIDATED STATEMENTS OF CASH FLOWS HUNTINGTON BANCSHARES INCORPORATED
Twelve Months Ended December 31,
(in thousands of dollars) 2004 2003 2002
(Restated)
Operating Activities
Net Income $ 398,925 $ 372,363 $ 323,731
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 55,062 163,993 194,426
Depreciation on operating lease assets 216,444 350,550 463,783
Amortization of mortgage servicing rights 19,019 25,966 12,051
Other depreciation and amortization 89,669 126,530 4,006
Mortgage servicing rights impairment (recoveries) charges (1,378) (14,957) 14,113
Deferred income tax expense 140,962 258 96,718
(Increase) decrease in trading account securities (302,041) (7,348) 13,151
Originations of loans held for sale (1,858,262) (4,221,322) (2,435,367)
Principal payments on and proceeds from loans held for sale 1,861,272 4,522,972 2,536,374
Gains on sales of investment securities (15,763) (5,258) (4,902)
Gains on sales/securitizations of loans (14,206) (45,610) (11,031)
Gain on sale of branch offices —(13,112) —
Gain on sale of Florida banking and insurance operations —— (182,470)
Gain on restructuring of Huntington Merchant Services LLC —— (24,550)
Loss on early extinguishment of debt —15,250 —
Restructuring (releases) charges (1,151) (6,666) 48,973
(Increase) decrease of cash surrender value of bank owned life insurance (42,297) (43,028) (43,123)
Increase (decrease) in payable to investors in securitized loans 24,541 64,986 (13,794)
Other, net (42,580) 40,373 37,972
Net Cash Provided by Operating Activities 528,216 1,339,270 1,030,061
Investing Activities
Decrease (increase) in interest bearing deposits in banks 11,229 3,673 (16,095)
Proceeds from:
Maturities and calls of investment securities 881,305 1,585,979 1,036,706
Sales of investment securities 2,386,479 1,161,325 855,309
Purchases of investment securities (2,438,158) (4,341,946) (1,959,137)
Proceeds from sales/securitizations of loans 1,534,395 2,576,869 465,699
Net loan and lease originations, excluding sales (4,216,309) (4,506,843) (3,867,300)
Purchases of operating lease assets (14,666) — (297,646)
Proceeds from sale of operating lease assets 451,264 572,596 667,147
Sale of branch offices —(81,367) —
Proceeds from sale of premises and equipment 1,188 7,382 19,390
Purchases of premises and equipment (56,531) (64,571) (57,761)
Proceeds from sales of other real estate 16,388 14,083 13,112
Consolidation of cash of securitization trust —58,500 —
Net cash paid in purchase acquisitions —— (8,305)
Proceeds from restructuring of Huntington Merchant Services, LLC —— 27,000
Net cash paid related to sale of Florida banking and insurance operations —— (1,277,767)
Net Cash Used for Investing Activities (1,443,416) (3,014,320) (4,399,648)
Financing Activities
Increase in deposits 2,273,046 1,177,324 2,073,891
(Decrease) increase in short-term borrowings (245,071) (688,712) 537,770
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 1,088 270,000 1,000,000
Maturity of Federal Home Loan Bank advances (3,000) (10,000) (4,000)
Proceeds from issuance of long-term debt 925,000 2,075,000 1,025,000
Maturity of long-term debt (1,455,000) (895,250) (932,150)
Dividends paid on common stock (168,075) (151,023) (167,002)
Repurchases of common stock —(81,061) (370,012)
Net proceeds from issuance of common stock 47,239 8,082 3,212
Net Cash Provided by Financing Activities 1,424,057 1,652,790 3,166,709
Change in Cash and Cash Equivalents 508,857 (22,260) (202,878)
Cash and Cash Equivalents at Beginning of Period 996,503 1,018,763 1,221,641
Cash and Cash Equivalents at End of Period $ 1,505,360 $ 996,503 $ 1,018,763
Supplemental disclosures
Income taxes paid $ 34,904 $ 72,128 $ 70,463
Interest paid 422,060 469,331 560,731
Non-cash activities:
Mortgage loans securitized 115,929 354,200 386,385
Common stock dividends accrued, paid in subsequent year 35,662 31,113 28,032
Stock issued for purchase acquisitions —— 19,151
See Notes to Consolidated Financial Statements.
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