Huntington National Bank 2008 Annual Report Download - page 127

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(in thousands) 2008 2007 2006
Statements of Income Year Ended December 31,
Income
Dividends from
The Huntington National Bank $ 142,254 $ 239,000 $ 575,000
Non-bank subsidiaries 69,645 41,784 47,476
Interest from
The Huntington National Bank 19,749 18,622 13,167
Non-bank subsidiaries 12,700 12,180 10,880
Management fees from subsidiaries —3,882 9,539
Other 108 1,180 23
Total income 244,456 316,648 656,085
Expense
Personnel costs 24,398 24,818 31,427
Interest on borrowings 44,890 41,189 17,856
Other 240 14,667 20,040
Total expense 69,528 80,674 69,323
Income before income taxes and equity in undistributed net income of subsidiaries 174,928 235,974 586,762
Income taxes (120,371) (39,509) (20,922)
Income before equity in undistributed net income of subsidiaries 295,299 275,483 607,684
Increase (decrease) in undistributed net income of:
The Huntington National Bank (98,863) (176,083) (142,672)
Non-bank subsidiaries (310,242) (24,231) (3,791)
Net (loss) income $(113,806) $ 75,169 $ 461,221
(in thousands) 2008 2007 2006
Statements of Cash Flows Year Ended December 31,
Operating activities
Net (loss) income $ (113,806) $ 75,169 $ 461,221
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries 266,851 200,315 146,463
Depreciation and amortization 2,071 4,367 2,150
Other, net 65,076 (51,283) 170,367
Net cash provided by operating activities 220,192 228,568 780,201
Investing activities
Net cash paid for acquisition —(313,311) —
Repayments from subsidiaries 540,308 333,469 370,049
Advances to subsidiaries (1,337,165) (442,418) (397,216)
Net cash used in investing activities (796,857) (422,260) (27,167)
Financing activities
Proceeds from issuance of long-term borrowings —250,010 250,200
Payment of borrowings (98,470) (42,577) (249,515)
Dividends paid on preferred stock (23,242) ——
Dividends paid on common stock (279,608) (289,758) (231,117)
Acquisition of treasury stock —— (378,835)
Proceeds from issuance of preferred stock 1,947,625 ——
Proceeds from issuance of common stock (1,073) 16,782 41,842
Net cash provided by (used in) financing activities 1,545,232 (65,543) (567,425)
Change in cash and cash equivalents 968,567 (259,235) 185,609
Cash and cash equivalents at beginning of year 153,489 412,724 227,115
Cash and cash equivalents at end of year $ 1,122,056 $ 153,489 $ 412,724
Supplemental disclosure:
Interest paid $ 44,890 $ 41,189 $ 17,856
Dividends in-kind received from The Huntington National Bank 124,689 ——
125
Notes to Consolidated Financial Statements Huntington Bancshares Incorporated