Huntington National Bank 2005 Annual Report Download - page 102

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CONSOLIDATED STATEMENTS OF INCOME HUNTINGTON BANCSHARES INCORPORATED
Year Ended December 31,
(in thousands, except per share amounts) 2005 2004 2003
Interest and fee income
Loans and leases
Taxable $1,428,371 $1,132,599 $1,096,750
Tax-exempt 1,466 1,474 1,674
Investment securities
Taxable 158,741 171,709 159,590
Tax-exempt 19,865 17,884 15,067
Other 33,322 23,649 32,675
Total interest income 1,641,765 1,347,315 1,305,756
Interest expense
Deposits 446,919 257,099 288,271
Short-term borrowings 34,334 13,053 15,698
Federal Home Loan Bank advances 34,647 33,253 24,394
Subordinated notes and other long-term debt 163,454 132,536 128,407
Total interest expense 679,354 435,941 456,770
Net interest income 962,411 911,374 848,986
Provision for credit losses 81,299 55,062 163,993
Net interest income after provision for credit losses 881,112 856,312 684,993
Service charges on deposit accounts 167,834 171,115 167,840
Operating lease income 138,433 287,091 489,698
Trust services 77,405 67,410 61,649
Brokerage and insurance income 53,619 54,799 57,844
Other service charges and fees 44,348 41,574 41,446
Mortgage banking income 41,710 32,296 58,180
Bank owned life insurance income 40,736 42,297 43,028
Gains on sales of automobile loans 1,211 14,206 40,039
Gain on sale of branch offices —— 13,112
Securities gains (losses), net (8,055) 15,763 5,258
Other income 75,041 92,047 91,059
Total non-interest income 632,282 818,598 1,069,153
Personnel costs 481,658 485,806 447,263
Operating lease expense 108,376 236,478 393,270
Outside data processing and other services 74,638 72,115 66,118
Net occupancy 71,092 75,941 62,481
Equipment 63,124 63,342 65,921
Professional services 34,569 36,876 42,448
Marketing 28,077 26,489 27,490
Telecommunications 18,648 19,787 21,979
Printing and supplies 12,573 12,463 13,009
Amortization of intangibles 829 817 816
Restructuring reserve releases —(1,151) (6,666)
Loss on early extinguishment of debt —— 15,250
Other expense 76,236 93,281 80,780
Total non-interest expense 969,820 1,122,244 1,230,159
Income before income taxes 543,574 552,666 523,987
Provision for income taxes 131,483 153,741 138,294
Income before cumulative effect of change in accounting principle 412,091 398,925 385,693
Cumulative effect of change in accounting principle, net of tax —— (13,330)
Net income $ 412,091 $ 398,925 $ 372,363
Average common shares — basic 230,142 229,913 229,401
Average common shares — diluted 233,475 233,856 231,582
Per common share
Income before cumulative effect of change in accounting principle — basic $ 1.79 $ 1.74 $ 1.68
Income before cumulative effect of change in accounting principle — diluted 1.77 1.71 1.67
Net income — basic 1.79 1.74 1.62
Net income — diluted 1.77 1.71 1.61
Cash dividends declared 0.845 0.750 0.670
See Notes to Consolidated Financial Statements.
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