Huntington National Bank 2013 Annual Report Download - page 192

186
Statements of Cash Flows Year Ended December 31,
(dollar amounts in thousands) 2013 2012 2011
Operating activities
N
et income $ 638,741 $ 641,022 $ 542,613
Adjustments to reconcile net income to net cash
provided by operating activities:
Equity in undistributed net income of subsidiaries (718,144) (688,149) (567,566)
Depreciation and amortization 513 265 566
Other, net 18,506 50,714 30,980
N
et cash (used for) provided by operating activities (60,384) 3,852 6,593
Investing activities
Repayments from subsidiaries 285,792 591,923 (39,586)
Advances to subsidiaries (249,050) (36,126) 485,863
N
et cash (used for) provided by investing activities 36,742 555,797 446,277
Financing activities
Proceeds from issuance of long-term borrowings 400,000 --- ---
Payment of borrowings (50,000) (236,885) (5,100)
Dividends paid on stock (182,476) (169,335) (92,404)
Repurchases of common stock (124,995) (148,881) ---
Redemption of Warrant to the Treasury --- --- (49,100)
Other, net 25,707 (1,031) (3,479)
N
et cash provided by (used for) financing activities 68,236 (556,132) (150,083)
Change in cash and cash equivalents 44,594 3,517 302,787
Cash and cash equivalents at beginning of year 921,471 917,954 615,167
Cash and cash equivalents at end of year $ 966,065 $ 921,471 $ 917,954
Supplemental disclosure:
Interest paid $ 20,739 $ 28,926 $ 35,295
25. SEGMENT REPORTING
We have four major business segments: Retail and Business Banking, Regional and Commercial Banking, Automobile Finance
and Commercial Real Estate, and Wealth Advisors, Government Finance, and Home Lending. A Treasury / Other function includes
our insurance business and other unallocated assets, liabilities, revenue, and expense.
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 necessarily comparable with similar information published by other
financial institutions. A description of each segment and table of financial results as of December 31, 2013, is presented below.
Retail and Business Banking: The Retail and Business Banking segment provides a wide array of financial products and services to
consumer and small business customers including but not limited to checking accounts, savings accounts, money market accounts,
certificates of deposit, consumer loans, and small business loans and leases. Other financial services available to consumer and small
business customers include investments, insurance services, interest rate risk protection products, foreign exchange hedging, and
treasury management services. Huntington serves customers primarily through our network of traditional branches in Ohio, Michigan,
Pennsylvania, Indiana, West Virginia, and Kentucky. Huntington also has branches located in grocery stores in Ohio and Michigan. In
addition to our extensive branch network, customers can access Huntington through online banking, mobile banking, telephone
banking and ATMs.
Huntington established a “Fair Play” banking philosophy and built a reputation for meeting the banking needs of consumers in a
manner which makes them feel supported and appreciated. Huntington believes customers are recognizing this and other efforts as key
differentiators and it is earning us more customers and deeper relationships.