Huntington National Bank 2005 Annual Report Download - page 77

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MANAGEMENT’S DISCUSSION AND ANALYSIS HUNTINGTON BANCSHARES INCORPORATED
Table 30 — Regional Banking(1)
Change From 2004 Change From 2003
2005 Amount % 2004 Amount % 2003
INCOME STATEMENT (in thousands of dollars)
Net interest income $ 780,072 $ 101,784 15.0% $678,288 $ 72,977 12.1% $605,311
Provision for credit losses 51,061 43,397 N.M. 7,664 (89,071) (92.1) 96,735
Net interest income after provision for credit losses 729,011 58,387 8.7 670,624 162,048 31.9 508,576
Operating lease income 5,421 3,761 N.M. 1,660 1,660 N.M. —
Service charges on deposit accounts 165,445 (1,089) (0.7) 166,534 3,457 2.1 163,077
Brokerage and insurance income 15,939 (480) (2.9) 16,419 243 1.5 16,176
Trust services 914 (91) (9.1) 1,005 36 3.7 969
Mortgage banking 38,251 1,928 5.3 36,323 (21,206) (36.9) 57,529
Other service charges and fees 43,854 2,733 6.6 41,121 76 0.2 41,045
Other income 41,402 (4,015) (8.8) 45,417 6,442 16.5 38,975
Securities gains 18 4 28.6 14 14 N.M. —
Total non-interest income 311,244 2,751 0.9 308,493 (9,278) (2.9) 317,771
Operating lease expense 4,526 3,129 N.M. 1,397 1,397 N.M. —
Personnel costs 252,244 (3,516) (1.4) 255,760 24,418 10.6 231,342
Other expense 336,367 (337) (0.1) 336,704 5,137 1.5 331,567
Total non-interest expense 593,137 (724) (0.1) 593,861 30,952 5.5 562,909
Income before income taxes 447,118 61,862 16.1 385,256 121,818 46.2 263,438
Provision for income taxes(2) 156,491 21,650 16.1 134,841 42,638 46.2 92,203
Net income — operating(1) $ 290,627 $ 40,212 16.1% $250,415 $ 79,180 46.2% $171,235
Revenue — fully taxable equivalent (FTE)
Net interest income $ 780,072 $ 101,784 15.0% $678,288 $ 72,977 12.1% $605,311
Tax equivalent adjustment(2) 1,056 41 4.0 1,015 (168) (14.2) 1,183
Net interest income (FTE) 781,128 101,825 15.0 679,303 72,809 12.0 606,494
Non-interest income 311,244 2,751 0.9 308,493 (9,278) (2.9) 317,771
Total revenue (FTE) $1,092,372 $ 104,576 10.6% $987,796 $ 63,531 6.9% $924,265
SELECTED AVERAGE BALANCES (in millions of dollars)
Loans:
Commercial
Middle market commercial and industrial $ 3,577 $ 303 9.3% $ 3,274 $ (352) (9.7)% $ 3,626
Middle market commercial real estate
Construction 1,623 231 16.6 1,392 204 17.2 1,188
Commercial 1,634 21 1.3 1,613 99 6.5 1,514
Small business loans 2,224 221 11.0 2,003 216 12.1 1,787
Total commercial 9,058 776 9.4 8,282 167 2.1 8,115
Consumer
Auto loans — indirect 3 (1) (25.0) 4 (3) (42.9) 7
Home equity loans & lines of credit 4,314 427 11.0 3,887 703 22.1 3,184
Residential mortgage 3,510 816 30.3 2,694 1,092 68.2 1,602
Other loans 386 22 6.0 364 (3) (0.8) 367
Total consumer 8,213 1,264 18.2 6,949 1,789 34.7 5,160
Total loans & leases $ 17,271 $ 2,040 13.4% $ 15,231 $ 1,956 14.7% $ 13,275
Operating lease assets $ 21 $ 15 N.M.% $ 6 $ 6 N.M.% $ —
Deposits:
Non-interest bearing deposits $ 3,131 $ 142 4.8% $ 2,989 $ 118 4.1% $ 2,871
Interest bearing demand deposits 6,926 449 6.9 6,477 987 18.0 5,490
Savings deposits 2,594 (188) (6.8) 2,782 32 1.2 2,750
Domestic time deposits 4,617 839 22.2 3,778 (290) (7.1) 4,068
Foreign time deposits 423 6 1.4 417 60 16.8 357
Total deposits $ 17,691 $ 1,248 7.6% $ 16,443 $ 907 5.8% $ 15,536
N.M., not a meaningful value.
(1) Operating basis, see Lines of Business section for definition.
(2) Calculated assuming a 35% tax rate.
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