Huntington National Bank 2010 Annual Report Download - page 145

Huntington Bancshares Incorporated
Consolidated Statements of Cash Flows
2010 2009 2008
Year Ended December 31,
(Dollar amounts in thousands)
Operating activities
Net income (loss) . . .............................................. $ 312,347 $(3,094,179) $ (113,806)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Impairment of goodwill . . ......................................... —2,606,944 —
Provision for credit losses ......................................... 634,547 2,074,671 1,057,463
Depreciation and amortization . . . .................................... 286,186 228,041 244,860
Change in current and deferred income taxes . . . .......................... 161,367 (471,592) (251,827)
Net sales (purchases) of trading account securities .......................... (101,747) 856,112 92,976
Originations of loans held for sale .................................... (3,864,273) (4,786,043) (3,063,375)
Principal payments on and proceeds from loans held for sale . . . ................ 3,535,550 4,667,792 3,096,129
Gain on early extinguishment of debt . . . ............................... —(147,442) (23,542)
Losses on available-for-sale and other securities . .......................... 274 10,249 197,370
Other, net . ................................................... (123,428) 21,709 1,081
Net cash provided by (used for) operating activities .......................... 840,823 1,966,262 1,237,329
Investing activities
Decrease (increase) in interest-bearing deposits in banks . . ..................... 162,913 (319,989) (228,554)
Proceeds from:
Maturities and calls of investment securities .............................. 3,288,714 1,004,293 386,232
Sales of investment securities . . . .................................... 4,280,518 3,585,644 555,719
Purchases of investment securities . . .................................... (8,769,767) (8,386,223) (1,338,274)
Net proceeds from sales of loans . . .................................... 941,615 949,398 471,362
Net loan and lease activity, excluding sales . ............................... (2,764,575) 1,544,524 (2,358,653)
Purchases of operating lease assets . .................................... —(119) (226,378)
Proceeds from sale of operating lease assets ............................... 34,930 11,216 25,091
Purchases of premises and equipment ................................... (68,200) (49,223) (59,945)
Proceeds from sales of other real estate . . . ............................... 113,298 60,499 54,520
Other, net. . . ................................................... 3,770 4,619 19,172
Net cash provided by (used for) investing activities .......................... (2,776,784) (1,595,361) (2,699,708)
Financing activities
Increase (decrease) in deposits ........................................ 1,353,227 2,559,633 195,142
Increase (decrease) in short-term borrowings ............................... 1,128,887 (277,215) (1,316,155)
Net proceeds from issuance of subordinated notes . .......................... 297,375 ——
Maturity/redemption of subordinated notes . ............................... (83,870) (484,966) (76,659)
Proceeds from Federal Home Loan Bank advances . .......................... 450,000 207,394 1,865,294
Maturity/redemption of Federal Home Loan Bank advances ..................... (446,718) (2,627,786) (2,360,368)
Proceeds from issuance of long-term debt . . ............................... 60,805 598,200 887,111
Maturity/redemption of long-term debt ................................... (848,756) (642,644) (540,266)
Dividends paid on preferred stock . . .................................... (107,901) (107,262) (23,242)
Dividends paid on common stock . . .................................... (28,598) (55,026) (279,608)
Net proceeds from issuance of preferred stock .............................. —— 1,947,625
Payment to repurchase preferred stock ................................... (1,398,071)
Net proceeds from issuance of common stock .............................. 886,172 1,135,645 —
Other, net. . . ................................................... (47) (198) (1,073)
Net cash provided by (used for) financing activities .......................... 1,262,505 305,775 297,801
Increase (decrease) in cash and cash equivalents ............................ (673,456) 676,676 (1,164,578)
Cash and cash equivalents at beginning of period ........................... 1,521,344 844,668 2,009,246
Cash and cash equivalents at end of period ................................ $ 847,888 $ 1,521,344 $ 844,668
Supplemental disclosures:
Income taxes paid (refunded) ......................................... $ (121,401) $ (112,412) $ 69,625
Interest paid . ................................................... 552,955 869,503 1,282,877
Non-cash activities
Dividends accrued, paid in subsequent quarter . . .......................... 23,373 23,305 60,893
See Notes to Consolidated Financial Statements.
131