Huntington National Bank 2005 Annual Report Download - page 82

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MANAGEMENT’S DISCUSSION AND ANALYSIS HUNTINGTON BANCSHARES INCORPORATED
Table 31 — Dealer Sales(1)
Change From 2004 Change From 2003
2005 Amount % 2004 Amount % 2003
INCOME STATEMENT (in thousands of dollars)
Net interest income $145,578 $ (4,213) (2.8)% $149,791 $ 42,568 39.7% $107,223
Provision for credit losses 26,073 (18,660) (41.7) 44,733 (11,879) (21.0) 56,612
Net interest income after provision for credit
losses 119,505 14,447 13.8 105,058 54,447 N.M. 50,611
Operating lease income 133,012 (152,419) (53.4) 285,431 (204,267) (41.7) 489,698
Service charges on deposit accounts 621 (168) (21.3) 789 (19) (2.4) 808
Brokerage and insurance income 4,026 1,384 52.4 2,642 (1,161) (30.5) 3,803
Trust services 3 3 N.M. — (13) N.M. 13
Mortgage banking (3) (3) N.M. — (3) N.M. 3
Other service charges and fees 4 3 N.M. 1 1 N.M. —
Other income 32,129 1,307 4.2 30,822 (810) (2.6) 31,632
Securities gains — (469) N.M. 469 469 N.M. —
Total non-interest income 169,792 (150,362) (47.0) 320,154 (205,803) (39.1) 525,957
Operating lease expense 103,850 (131,231) (55.8) 235,081 (158,189) (40.2) 393,270
Personnel costs 20,488 (1,865) (8.3) 22,353 2,254 11.2 20,099
Other expense 61,598 (5,197) (7.8) 66,795 (1,379) (2.0) 68,174
Total non-interest expense 185,936 (138,293) (42.7) 324,229 (157,314) (32.7) 481,543
Income before income taxes 103,361 2,378 2.4 100,983 5,958 6.3 95,025
Provision for income taxes(2) 36,177 833 2.4 35,344 2,085 6.3 33,259
Net income — operating(1) $ 67,184 $ 1,545 2.4% $ 65,639 $ 3,873 6.3% $ 61,766
Revenue — fully taxable equivalent (FTE)
Net interest income $145,578 $ (4,213) (2.8)% $149,791 $ 42,568 39.7% $107,223
Tax equivalent adjustment(2) — — N.M. — — N.M. —
Net interest income (FTE) 145,578 (4,213) (2.8) 149,791 42,568 39.7 107,223
Non-interest income 169,792 (150,362) (47.0) 320,154 (205,803) (39.1) 525,957
Total revenue (FTE) $ 315,370 $ (154,575) (32.9)% $469,945 $(163,235) (25.8)% $633,180
SELECTED AVERAGE BALANCES (in millions of dollars)
Loans:
Commercial
Middle market commercial and industrial $ 736 $ (22) (2.9)% $ 758 $ 110 17.0% $ 648
Middle market commercial real estate
Construction 5—— 5 (3) (37.5) 8
Commercial 51 (25) (32.9) 76 8 11.8 68
Total commercial 792 (47) (5.6) 839 115 15.9 724
Consumer
Auto leases — indirect 2,422 230 10.5 2,192 769 54.0 1,423
Auto loans — indirect 2,040 (241) (10.6) 2,281 (972) (29.9) 3,253
Home equity loans & lines of credit — — N.M. — — N.M. —
Other loans 105 28 36.4 77 17 28.3 60
Total consumer 4,567 17 0.4 4,550 (186) (3.9) 4,736
Total loans & leases $ 5,359 $ (30) (0.6)% $ 5,389 $ (71) (1.3)% $ 5,460
Operating lease assets $ 351 $ (540) (60.6)% $ 891 $ (806) (47.5)% $ 1,697
Deposits:
Non-interest bearing deposits $ 62 $ (4) (6.1)% $ 66 $ 8 13.8% $ 58
Interest bearing demand deposits 2—— 2—— 2
Foreign time deposits 4—— 4 (2) (33.3) 6
Total deposits $ 68 $ (4) (5.6)% $ 72 $ 6 9.1% $ 66
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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