Huntington National Bank 2008 Annual Report Download - page 88

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Consolidated Statements of Cash Flows Huntington Bancshares Incorporated
(in thousands) 2008 2007 2006
Year Ended December 31,
Operating activities
Net (loss) income $ (113,806) $ 75,169 $ 461,221
Adjustments to reconcile net (loss) income to net cash provided by (used for) operating
activities:
Provision for credit losses 1,057,463 643,628 65,191
Losses on investment securities 197,370 29,738 73,191
Depreciation and amortization 244,860 127,261 111,649
Change in current and deferred income taxes (251,827) (157,169) (357,458)
Net decrease (increase) in trading account securities 92,976 (996,689) 24,784
Originations of loans held for sale (3,063,375) (2,815,854) (2,537,999)
Principal payments on and proceeds from loans held for sale 3,096,129 2,693,132 2,532,908
Other, net (22,461) 58,005 (149,028)
Net cash provided by (used for) operating activities 1,237,329 (342,779) 224,459
Investing activities
Increase in interest bearing deposits in banks (228,554) (188,971) (48,681)
Net cash (paid) received in acquisitions —(80,060) 60,772
Proceeds from:
Maturities and calls of investment securities 386,232 405,482 604,286
Sales of investment securities 555,719 1,528,480 2,829,529
Purchases of investment securities (1,338,274) (1,317,630) (3,015,922)
Proceeds from sales of loans 471,362 108,588 245,635
Net loan and lease originations, excluding sales (2,358,653) (1,746,814) (338,022)
Purchases of operating lease assets (226,378) (76,940) (29,008)
Proceeds from sale of operating lease assets 25,091 27,591 128,666
Purchases of premises and equipment (59,945) (109,450) (47,207)
Proceeds from sales of other real estate 54,520 35,883 14,392
Other, net 19,172 8,471 6,856
Net cash (used for) provided by investing activities (2,699,708) (1,405,370) 411,296
Financing activities
Increase (decrease) in deposits 195,142 (165,625) 936,766
(Decrease) increase in short-term borrowings (1,316,155) 1,464,542 (292,211)
Proceeds from issuance of subordinated notes —250,010 250,000
Maturity/redemption of subordinated notes (76,659) (46,660) (4,080)
Proceeds from Federal Home Loan Bank advances 1,865,294 2,853,120 2,517,210
Maturity/redemption of Federal Home Loan Bank advances (2,360,368) (1,492,899) (2,771,417)
Proceeds from issuance of long-term debt 887,111 — 935,000
Maturity of long-term debt (540,266) (353,079) (1,158,942)
Net proceeds from issuance of preferred stock 1,947,625 ——
Dividends paid on preferred stock (23,242) ——
Dividends paid on common stock (279,608) (289,758) (231,117)
Repurchases of common stock —— (378,835)
Other, net (1,073) 16,997 41,842
Net cash provided by (used for) financing activities 297,801 2,236,648 (155,784)
(Decrease) increase in cash and cash equivalents (1,164,578) 488,499 479,971
Cash and cash equivalents at beginning of year 2,009,246 1,520,747 1,040,776
Cash and cash equivalents at end of year $ 844,668 $ 2,009,246 $ 1,520,747
Supplemental disclosures:
Income taxes paid $ 69,625 $ 104,645 $ 410,298
Interest paid 1,282,877 1,434,007 1,024,635
Non-cash activities
Common stock dividends accrued, paid in subsequent year 39,675 76,762 37,166
Preferred stock dividends accrued, paid in subsequent year 21,218 ——
Common stock and stock options issued for purchase acquisitions —3,136,537 575,756
See Notes to Consolidated Financial Statements.
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