Huntington National Bank 2008 Annual Report Download - page 87

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Consolidated Statements of Changes in Shareholders’ Equity Huntington Bancshares Incorporated
(in thousands) Shares Amount Shares Amount Shares Amount
Capital
Surplus Shares Amount
Accumulated
Other
Comprehensive
Loss
Retained
Earnings Total
Series B Series A Common Stock Treasury Stock
Preferred Stock
Balance — January 1, 2006 — $— — $ — 224,682 $ 1,808,130 $ — (576) $(10,380) $ (22,093) $ 781,844 $ 2,557,501
Comprehensive Income:
Net income 461,221 461,221
Unrealized net gains on investment securities arising
during the period, net of reclassification(1) for net
realized losses, net of tax of $(26,369) 48,270 48,270
Unrealized gains on cash flow hedging derivatives,
net of tax of ($970) 1,802 1,802
Minimum pension liability adjustment, net of tax of
($145) 269 269
Total comprehensive income 511,562
Cumulative effect of change in accounting principle
for servicing financial assets, net of tax of $6,521 12,110 12,110
Cumulative effect of change in accounting for
funded status of pension plans, net of tax of
$44,861 (83,314) (83,314)
Cash dividends declared ($1.00 per share) (239,406) (239,406)
Shares issued pursuant to acquisition 25,350 575,756 575,756
Recognition of the fair value of share-based
compensation 18,574 18,574
Treasury shares purchased (15,981) (378,835) (378,835)
Other share-based compensation activity 2,013 40,829 40,829
Other 310 (14) (761) (451)
Balance — December 31, 2006 — — — — 236,064 2,064,764 — (590) (11,141) (55,066) 1,015,769 3,014,326
Comprehensive Income:
Net income 75,169 75,169
Unrealized net losses on investment securities arising
during the period, net of reclassification(1) for net
realized losses, net of tax of $13,245 (24,265) (24,265)
Unrealized losses on cash flow hedging derivatives,
net of tax of $6,707 (12,455) (12,455)
Change in accumulated unrealized losses for pension
and other post-retirement obligations, net of tax of
($22,710) 42,175 42,175
Total comprehensive income 80,624
Assignment of $0.01 par value per share for each
share of Common Stock (2,062,403) 2,062,403 —
Cash dividends declared ($1.06 per share) (319,249) (319,249)
Shares issued pursuant to acquisition 129,827 1,298 3,135,239 3,136,537
Recognition of the fair value of share-based
compensation 21,836 21,836
Other share-based compensation activity 1,111 11 15,943 15,954
Other 2,362 (150) (3,250) (888)
Balance — December 31, 2007 — — — — 367,002 3,670 5,237,783 (740) (14,391) (49,611) 771,689 5,949,140
Cumulative effect of change in accounting
principle for fair value of assets and libilities,
net of tax of ($803) 1,491 1,491
Cumulative effect of changing measurement date
date provisions for pension and post-retirement
assets and obligations, net of tax of $4,570 (3,834) (4,654) (8,488)
Balance, beginning of period — as adjusted — — — — 367,002 3,670 5,237,783 (740) (14,391) (53,445) 768,526 5,942,143
Comprehensive Loss:
Net (loss) income (113,806) (113,806)
Unrealized net losses on investment securities
arising during the period, net of
reclassification(1) for net realized losses, net of
tax of $108,131 (197,745) (197,745)
Unrealized gains on cash flow hedging
derivatives, net of tax of ($21,550) 40,021 40,021
Change in accumulated unrealized losses for
pension and other post-retirement obligations,
net of tax of $62,240 (115,588) (115,588)
Total comprehensive loss (387,118)
Issuance of Preferred Class B stock 1,398 1,306,726 1,306,726
Issuance of Preferred Class A stock 569 569,000 (18,866) 550,134
Issuance of warrants convertible to common stock 90,765 90,765
Amortization of discount 1,941 (1,941) —
Cash dividends declared:
Common ($0.6625 per share) (242,522) (242,522)
Preferred Class B ($6.528 per share) (9,126) (9,126)
Preferred Class A ($62.097 per share) (35,333) (35,333)
Recognition of the fair value of share-based
compensation 14,091 14,091
Other share-based compensation activity (30) — (874) (199) (1,073)
Other
(2)
(471) (175) (1,139) 64 (1,546)
Balance — December 31, 2008 1,398 $1,308,667 569 $569,000 366,972 $ 3,670 $5,322,428 (915) $(15,530) $(326,693) $ 365,599 $7,227,141
(1) Reclassification adjustments represent net unrealized gains or losses as of December 31 of the prior year on investment securities that were sold during the current
year. For the years ended December 31, 2008, 2007, and 2006 the reclassification adjustments were $128,290, net of tax of ($69,080), $19,330, net of taxof
($10,408), and $47,574, net of tax of ($25,617), respectively.
(2) Primarily represents net share activity for amounts held in deferred compensation plans.
See Notes to Consolidated Financial Statements.
85