Annual report pursuant to Section 13 and 15(d)

PARENT-ONLY FINANCIAL STATEMENTS (Tables)

v3.24.0.1
PARENT-ONLY FINANCIAL STATEMENTS (Tables)
12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Balance Sheets
The parent-only financial statements, which include transactions with subsidiaries, are as follows:
Balance Sheets At December 31,
(dollar amounts in millions) 2023 2022
Assets
Cash and due from banks $ 4,001  $ 3,525 
Due from The Huntington National Bank 2,163  969 
Due from non-bank subsidiaries 25  25 
Investment in The Huntington National Bank 18,388  17,384 
Investment in non-bank subsidiaries 263  242 
Accrued interest receivable and other assets 718  664 
Total assets $ 25,558  $ 22,809 
Liabilities and shareholders’ equity
Long-term borrowings $ 4,993  $ 3,980 
Dividends payable, accrued expenses, and other liabilities 1,212  1,098 
Total liabilities 6,205  5,078 
Shareholders’ equity (1) 19,353  17,731 
Total liabilities and shareholders’ equity $ 25,558  $ 22,809 
(1)See Consolidated Statements of Changes in Shareholders’ Equity.
Statements of Income
Statements of Income Year Ended December 31,
(dollar amounts in millions) 2023 2022 2021
Income
Dividends from:
The Huntington National Bank $ 1,706  $ 1,566  $ 1,394 
Non-bank subsidiaries 27  19  19 
Interest from:
The Huntington National Bank 77  16 
Non-bank subsidiaries
Other (1) (1) — 
Total income 1,811  1,601  1,417 
Expense
Personnel costs
Interest on borrowings 252  107  60 
Other 191  169  230 
Total expense 448  284  296 
Income before income taxes and equity in undistributed net income of subsidiaries 1,363  1,317  1,121 
Provision (benefit) for income taxes (75) (44) (56)
Income before equity in undistributed net income of subsidiaries 1,438  1,361  1,177 
Increase in undistributed net income of:
The Huntington National Bank 486  853  97 
Non-bank subsidiaries 27  24  21 
Net income $ 1,951  $ 2,238  $ 1,295 
Other comprehensive income (loss)(1) 422  (2,869) (421)
Comprehensive income (loss) $ 2,373  $ (631) $ 874 
(1)See Consolidated Statements of Comprehensive Income for other comprehensive (loss) income detail.
Statements of Cash Flows
Statements of Cash Flows Year Ended December 31,
(dollar amounts in millions) 2023 2022 2021
Operating activities
Net income $ 1,951  $ 2,238  $ 1,295 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries (513) (877) (118)
Depreciation and amortization —  (22) 23 
Other, net 192  (55) (217)
Net cash provided by operating activities 1,630  1,284  983 
Investing activities
Repayments from subsidiaries 503  14 
Advances to subsidiaries (1,753) (503) (59)
Net purchases of securities —  (20) (28)
Net cash (paid) received from business combination —  (194) 248 
Other, net (10) (1) — 
Net cash (used for) provided by investing activities (1,260) (704) 169 
Financing activities
Proceeds from issuance of long-term debt 1,250  1,144  513 
Payment of long-term debt (323) —  (1,508)
Dividends paid on common and preferred stock (1,034) (1,010) (888)
Repurchases of common stock —  —  (650)
Net proceeds from issuance of preferred stock 317  —  486 
Repurchase/redemption of preferred stock (82) —  (700)
Other, net (22) (21) (39)
Net cash provided by (used for) financing activities 106  113  (2,786)
Increase (decrease) in cash and cash equivalents 476  693  (1,634)
Cash and cash equivalents at beginning of year 3,525  2,832  4,466 
Cash and cash equivalents at end of year $ 4,001  $ 3,525  $ 2,832 
Supplemental disclosure: Interest paid
$ 228  $ 89  $ 71