Huntington National Bank 2005 Annual Report Download - page 136

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NOTES TOCONSOLIDATED FINANCIAL STATEMENTS HUNTINGTON BANCSHARES INCORPORATED
Statements of Income Year Ended December 31,
(in thousands of dollars) 2005 2004 2003
Income
Dividends from
The Huntington National Bank $180,000 $400,000 $150,533
Non-bank subsidiaries 3,800 8,202 3,000
Interest from
The Huntington National Bank 35,253 13,417 20,098
Non-bank subsidiaries 8,770 7,638 7,356
Management fees from subsidiaries 30,539 34,603 34,129
Other 406 (810) 3,214
Total income 258,768 463,050 218,330
Expense
Personnel costs 25,060 32,227 18,608
Interest on borrowings 22,772 4,317 12,976
Other 24,741 36,738 27,347
Total expense 72,573 73,282 58,931
Income before income taxes and equity in undistributed net income of subsidiaries 186,195 389,768 159,399
Income taxes (2,499) (4,223) (5,130)
Income before equity in undistributed net income of subsidiaries and
cumulative effect of change in accounting principle 188,694 393,991 164,529
Cumulative effect of change in accounting principle net of tax of $1,315 —— (2,442)
Income before equity in undistributed net income of subsidiaries 188,694 393,991 162,087
Increase (decrease) in undistributed net income of:
The Huntington National Bank 208,061 (9,073) 196,659
Non-bank subsidiaries 15,336 14,007 13,617
Net income $412,091 $398,925 $372,363
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