Huntington National Bank 2010 Annual Report Download - page 213

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:
Equity in undistributed net income (loss) of
subsidiaries ............................ (351,049) 3,199,777 266,851
Depreciation and amortization ................ 685 3,458 2,071
Other, net ............................... (74,802) (103,464) 65,076
Net cash (used for) provided by operating
activities ................................. (112,819) 5,592 220,192
Investing activities
Repayments from subsidiaries .................. 129,081 393,041 540,308
Advances to subsidiaries ...................... (425,600) (1,017,892) (1,337,165)
Net cash used for investing activities ............. (296,519) (624,851) (796,857)
Financing activities
Proceeds from issuance of long-term borrowings .... 297,375 ——
Payment of borrowings ....................... (1,191) (99,417) (98,470)
Dividends paid on preferred stock ............... —(107,262) (23,242)
Dividends paid on common stock ............... (136,499) (55,026) (279,608)
Proceeds from issuance of preferred stock ......... —— 1,947,625
Payment to repurchase preferred stock ............ (1,398,071)
Proceeds from issuance of common stock ......... 886,172 1,135,645 —
Other, net ................................. 180 (198) (1,073)
Net cash provided by (used for) financing activities .. (352,034) 873,742 1,545,232
Change in cash and cash equivalents ............... (761,372) 254,483 968,567
Cash and cash equivalents at beginning of year ....... 1,376,539 1,122,056 153,489
Cash and cash equivalents at end of year.......... $ 615,167 $ 1,376,539 $ 1,122,056
Supplemental disclosure:
Interest paid ............................... $ 23,765 $ 29,357 $ 44,890
Dividends in-kind received from The Huntington
National Bank............................ —— 124,689
25. SEGMENT REPORTING
During the 2010 fourth quarter, we reorganized our business segments to better align certain business unit
reporting with segment executives to accelerate cross-sell results and provide greater focus on the execution of
strategic plans. We have four major business segments: Retail and Business Banking, Commercial Banking,
Automobile Finance and Commercial Real Estate, and Wealth Advisors, Government Finance, and Home
Lending. A Treasury / Other function includes other unallocated assets, liabilities, revenue, and expense. All
periods have been reclassified to conform to the current period classification.
Segment results are determined based upon the Company’s management reporting system, which assigns
balance sheet and income statement items to each of the business segments. The process is designed around
the Company’s organizational and management structure and, accordingly, the results derived are not
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