Huntington National Bank 2004 Annual Report Download - page 86

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MANAGEMENT’S DISCUSSION AND ANALYSIS HUNTINGTON BANCSHARES INCORPORATED
Table 27 — Treasury/Other(1)
Change From 2003 Change From 2002
2004 Amount % 2003 Amount % 2002
INCOME STATEMENT (in thousands)
Net interest income $ 73,408 $(21,082) (22.3)% $ 94,490 $(20,184) (17.6)% $114,674
Provision for credit losses 506 (5,233) (91.2) 5,739 209 3.8 5,530
Net Interest Income After Provision for
Credit Losses 72,902 (15,849) (17.9) 88,751 (20,393) (18.7) 109,144
Service charges on deposit accounts (159) (201) N.M. 42 9 27.3 33
Brokerage and insurance income 703 (153) (17.9) 856 (116) (11.9) 972
Mortgage banking (3,375) (3,375) N.M. — (4) (100.0) 4
Bank Owned Life Insurance income 42,297 (731) (1.7) 43,028 (95) (0.2) 43,123
Other 10,751 (4,476) (29.4) 15,227 3,351 28.2 11,876
Total Non-Interest Income Before Securities Gains 50,217 (8,936) (15.1) 59,153 3,145 5.6 56,008
Securities gains 14,992 9,768 N.M. 5,224 422 8.8 4,802
Total Non-Interest Income 65,209 832 1.3 64,377 3,567 5.9 60,810
Total Non-Interest Expense 97,372 25,403 35.3 71,969 19,940 38.3 52,029
Income Before Provision for Income Taxes 40,739 (40,420) (49.8) 81,159 (36,766) (31.2) 117,925
Provision for income taxes(2) (25,435) (8,738) 52.3 (16,697) (16,803) N.M. 106
Net Income — Operating(1) $ 66,174 $(31,682) (32.4)% $ 97,856 $(19,963) (16.9)% $117,819
Revenue — Fully Taxable Equivalent (FTE)
Net interest income $ 73,408 $(21,082) (22.3)% $ 94,490 $ (20,184) (17.6)% $114,674
Tax equivalent adjustment(2) 10,601 2,144 25.4 8,457 4,944 N.M. 3,513
Net interest income (FTE) 84,009 (18,938) (18.4) 102,947 (15,240) (12.9) 118,187
Non–Interest Income 65,209 832 1.3 64,377 3,567 5.9 60,810
Total Revenue (FTE) $149,218 $(18,106) (10.8)% $167,324 $(11,673) (6.5)% $178,997
Total Revenue Excluding Securities Gains (FTE) $134,226 $(27,874) (17.2)% $162,100 $ (12,095) (6.9)% $174,195
SELECTED AVERAGE BALANCES (in millions)
Securities $ 4,804 $ 1,036 27.5% $ 3,768 $ 963 34.3% $ 2,805
Loans:
Middle market C&I $ 101 $ 61 N.M.% $ 40 $ 14 53.8% $ 26
Middle market CRE
Construction 2 (8) (80.0) 10 8 N.M. 2
Commercial 58 (12) (17.1) 70 20 40.0 50
Total Commercial 161 41 34.2 120 42 53.8 78
Total Loans & Leases $ 161 $ 41 34.2% $ 120 $ 42 53.8% $ 78
Deposits:
Brokered time deposits and negotiable CDs $ 1,837 $ 418 29.5% $ 1,419 $ 688 94.1% $ 731
Foreign time deposits 64 (54) (45.8) 118 39 49.4 79
Total Deposits $ 1,901 $ 364 23.7% $ 1,537 $ 727 89.8% $ 810
N.M., not a meaningful value.
(1) Operating basis, see Lines of Business section for definition.
(2) Reconciling difference between company’s actual effective tax rate and 35% tax rate allocated to each business segment.
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