Huntington National Bank 2011 Annual Report Download - page 138

Huntington Bancshares Incorporated
Consolidated Statements of Cash Flows
Year Ended December 31,
2011 2010 2009
(dollar amounts in thousands)
Operating activities
Net income (loss) ............................................................. $ 542,613 $ 312,347 $(3,094,179)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Impairment of goodwill ...................................................... —— 2,606,944
Provision for credit losses .................................................... 174,059 634,547 2,074,671
Depreciation and amortization ................................................. 282,105 286,186 228,041
Change in current and deferred income taxes ..................................... 84,555 161,367 (471,592)
Net sales (purchases) of trading account securities ................................. 139,505 (101,747) 856,112
Originations of loans held for sale .............................................. (2,414,172) (3,864,273) (4,786,043)
Principal payments on and proceeds from loans held for sale ......................... 2,820,797 3,535,550 4,667,792
Gain on early extinguishment of debt ........................................... (9,697) — (147,442)
Securities losses ............................................................ 3,681 274 10,249
Other, net ................................................................. (28,659) (123,428) 21,709
Net cash provided by (used for) operating activities ................................. 1,594,787 840,823 1,966,262
Investing activities
Decrease (increase) in interest-bearing deposits in banks .............................. 50,093 162,913 (319,989)
Proceeds from:
Maturities and calls of available-for-sale and other securities ......................... 2,489,049 3,288,714 1,004,293
Maturities of held-to-maturity securities ......................................... 31,163 ——
Sales of available-for-sale and other securities .................................... 3,205,884 4,280,518 3,585,644
Purchases of available-for-sale and other securities .................................. (4,283,866) (8,769,767) (8,386,223)
Purchases of held-to-maturity securities ........................................... (204,082) ——
Net proceeds from sales of loans ................................................. 1,640,237 941,615 949,398
Net loan and lease activity, excluding sales ......................................... (4,148,424) (2,764,575) 1,544,524
Proceeds from sale of operating lease assets ........................................ 62,744 34,930 11,216
Purchases of premises and equipment ............................................. (143,763) (68,200) (49,223)
Proceeds from sales of other real estate ............................................ 55,817 113,298 60,499
Other, net ................................................................... (59,558) 3,770 4,500
Net cash provided by (used for) investing activities .................................. (1,304,706) (2,776,784) (1,595,361)
Financing activities
Increase (decrease) in deposits ................................................... 1,420,944 1,353,227 2,559,633
Increase (decrease) in short-term borrowings ....................................... (580,335) 1,128,887 (277,215)
Net proceeds from issuance of subordinated notes ................................... —297,375 —
Maturity/redemption of subordinated notes ......................................... (5,000) (83,870) (484,966)
Proceeds from Federal Home Loan Bank advances .................................. 550,000 450,000 207,394
Maturity/redemption of Federal Home Loan Bank advances ........................... (359,732) (446,718) (2,627,786)
Proceeds from issuance of long-term debt .......................................... —60,805 598,200
Maturity/redemption of long-term debt ............................................ (902,652) (848,756) (642,644)
Repurchase of Warrant to the Treasury ............................................ (49,100) ——
Dividends paid on preferred stock ................................................ (30,813) (107,901) (107,262)
Dividends paid on common stock ................................................ (61,591) (28,598) (55,026)
Costs to issue preferred stock .................................................... (1,759) ——
Payment to repurchase preferred stock ............................................ —(1,398,071) —
Net proceeds from issuance of common stock ....................................... —886,172 1,135,645
Other, net ................................................................... (1,963) (47) (198)
Net cash provided by (used for) financing activities .................................. (22,001) 1,262,505 305,775
Increase (decrease) in cash and cash equivalents .................................... 268,080 (673,456) 676,676
Cash and cash equivalents at beginning of period ................................... 847,888 1,521,344 844,668
Cash and cash equivalents at end of period ......................................... $ 1,115,968 $ 847,888 $ 1,521,344
Supplemental disclosures:
Income taxes paid (refunded) .................................................... $ 80,065 $ (121,401) $ (112,412)
Interest paid ................................................................. 357,212 552,955 869,503
Non-cash activities
Dividends accrued, paid in subsequent quarter .................................... 40,771 23,373 23,305
Trust Preferred Securities exchange ............................................ 35,500 ——
See Notes to Consolidated Financial Statements.
124