Huntington National Bank 2005 Annual Report Download - page 32

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SELECTED FINANCIAL DATA HUNTINGTON BANCSHARES INCORPORATED
Table 1 — Selected Financial Data
Year Ended December 31,
(in thousands of dollars, except per share amounts) 2005 2004 2003 2002 2001
Interest income $ 1,641,765 $ 1,347,315 $ 1,305,756 $ 1,293,195 $ 1,654,789
Interest expense 679,354 435,941 456,770 543,621 939,501
Net interest income 962,411 911,374 848,986 749,574 715,288
Provision for credit losses 81,299 55,062 163,993 194,426 257,326
Net interest income after provision for credit losses 881,112 856,312 684,993 555,148 457,962
Service charges on deposit accounts 167,834 171,115 167,840 153,564 165,012
Operating lease income 138,433 287,091 489,698 657,074 691,733
Gain on sales of automobile loans 1,211 14,206 40,039 — —
Gain on sale of branch offices —— 13,112 — —
Gain on sale of Florida operations —— — 182,470 —
Merchant services gain —— — 24,550 —
Securities gains (losses) (8,055) 15,763 5,258 4,902 723
Other non-interest income 332,859 330,423 353,206 319,144 342,474
Total non-interest income 632,282 818,598 1,069,153 1,341,704 1,199,942
Personnel costs 481,658 485,806 447,263 418,037 454,210
Operating lease expense 108,376 236,478 393,270 518,970 558,626
Restructuring reserve (releases) charges —(1,151) (6,666) 48,973 79,957
Loss on early extinguishment of debt —— 15,250 — —
Other non-interest expense 379,786 401,111 381,042 388,167 469,634
Total non-interest expense 969,820 1,122,244 1,230,159 1,374,147 1,562,427
Income before income taxes 543,574 552,666 523,987 522,705 95,477
Provision (benefit) for income taxes 131,483 153,741 138,294 198,974 (39,319)(5)
Income before cumulative effect of change in accounting principle 412,091 398,925 385,693 323,731 134,796
Cumulative effect of change in accounting principle, net of tax(1) —— (13,330) — —
Net income $ 412,091 $ 398,925 $ 372,363 $ 323,731 $ 134,796
Income before cumulative effect of change in accounting
principle per common share — basic $ 1.79 $ 1.74 $ 1.68 $ 1.34 $ 0.54
Net Income per common share — basic 1.79 1.74 1.62 1.34 0.54
Income before cumulative effect of change in accounting
principle per common share — diluted 1.77 1.71 1.67 1.33 0.54
Net Income per common share — diluted 1.77 1.71 1.61 1.33 0.54
Cash dividends declared 0.845 0.750 0.670 0.640 0.720
Balance sheet highlights
Total assets (period end) $32,764,805 $32,565,497 $30,519,326 $27,539,753 $28,458,769
Total long-term debt (period end)(2) 4,597,437 6,326,885 6,807,979 4,246,801 2,739,332
Total shareholders’ equity (period end) 2,557,501 2,537,638 2,275,002 2,189,793 2,341,897
Average long-term debt(2) 5,168,959 6,650,367 5,816,660 3,613,527 3,429,480
Average shareholders’ equity 2,582,721 2,374,137 2,196,348 2,238,761 2,330,968
Average total assets 32,639,011 31,432,746 28,971,701 26,063,281 28,126,386
Key ratios and statistics
Margin analysis — as a % of average earnings assets
Interest income(3) 5.65% 4.89% 5.35% 6.23% 7.58%
Interest expense 2.32 1.56 1.86 2.61 4.29
Net interest margin(3) 3.33% 3.33% 3.49% 3.62% 3.29%
Return on average total assets 1.26% 1.27% 1.29% 1.24% 0.48%
Return on average total shareholders’ equity 16.0 16.8 17.0 14.5 5.8
Efficiency ratio(4) 60.0 65.0 63.9 65.6 79.2
Dividend payout ratio 47.7 43.9 41.6 48.1 133.3
Average shareholders’ equity to average assets 7.91 7.55 7.58 8.59 8.29
Effective tax rate 24.2 27.8 26.4 38.1 (41.2)(5)
Tangible equity to asset (period end)(6) 7.19 7.18 6.79 7.22 5.86
Tier 1 leverage ratio 8.34 8.42 7.98 8.51 7.16
Tier 1 risk-based capital ratio (period end) 9.13 9.08 8.53 8.34 7.02
Total risk-based capital ratio (period end) 12.42 12.48 11.95 11.25 10.07
Other data
Full-time equivalent employees 7,602 7,812 7,983 8,177 9,743
Domestic banking offices 344 342 338 343 481
(1) Due to the adoption of FASB Interpretation No. 46 ‘‘Consolidation of Variable Interest Entities.’’
(2) Includes Federal Home Loan Bank advances, other long-term debt, and subordinated notes.
(3) On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
(4) Non-interest expense less amortization of intangibles divided by the sum of FTE net interest income and non-interest income excluding securities gains.
(5) Reflects a $32.5 million reduction related to the issuance of $400 million REIT subsidiary preferred stock, of which $50 million was sold to the public.
(6) Total equity minus intangible assets divided by total assets minus intangible assets.
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