Huntington National Bank 2004 Annual Report Download - page 7

Download and view the complete annual report

Please find page 7 of the 2004 Huntington National Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 142

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142

5
We have shown the ability to add new customers, generate loans and deposits, deepen customer
relationships, and implement a stronger credit discipline. In addition, customer satisfaction ratings continue
to improve. Every day we see more and more examples of great teamwork in sales and service for our customers.
Every Huntington associate has earned the right to feel proud of these accomplishments. But we are
not yet a high-performing company; there is more that we must do.
To be a high-performing bank, we must consistently grow annual earnings per share at 10% or higher,
maintain strong asset quality, deliver a return on shareholders’ equity of 18-20%, and operate efficiently. From
a financial performance perspective, we have made good progress in all areas except expense control and
efficiency. We firmly believe quick expense cutting initiatives seldom yield long-term results. Our objective
is to make steady, continual progress on lowering expenses relative to revenue as measured by our efficiency
ratio. This area did not get as much attention in 2004 as I had hoped for, but it is a key objective going forward.
Other key objectives include the improvement of product cross-sell performance and the addition of
new relationships in our retail, small business, middle market, and private banking businesses.
From more of a strategic level, it is my belief that if we are to succeed, not only is our “local bank with
national resources” model important, but also our value proposition for customers must be service excellence.
We want every customer to experience “Simply the Best" service in their Huntington relationships. Making
that happen will take time, but we are making progress and Huntington associates are committed to get there.
This past year saw a number of changes to our board membership. Karen Holbrook, president of The
Ohio State University, was elected to the board in April. We are very pleased to have her leadership expertise
as a resource. Also in April, George A. Skestos, retired chairman of Homewood Corporation, and Lewis R.
Smoot, Jr., president and chief executive officer of The Smoot Corporation, retired from the board. Each
served nine years and made significant contributions. Their wise counsel and perspective will be missed.
Looking forward, I am certain 2005 will have its challenges. Yet, today Huntington is a formidable
competitor in all of its businesses, and I am convinced that our philosophy, business model, direction, values,
and value proposition are right for us.
Last year I told you that we were beginning to win. Throughout this past year, your management team
and associates remained focused on moving Huntington forward. Our ability to grow during 2004 while
maintaining strong capital and asset quality, suggests that we are winning.
Thanks for your continued support and encouragement.
Thomas E. Hoaglin
Chairman, President and CEO
March 1, 2005
Where We Are Going
Closing Comments