Huntington National Bank 2005 Annual Report Download - page 91

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MANAGEMENT’S DISCUSSION AND ANALYSIS HUNTINGTON BANCSHARES INCORPORATED
Table 34 — Total Company(1)
Change From 2004 Change From 2003
2005 Amount % 2004 Amount % 2003
INCOME STATEMENT (in thousands of dollars)
Net interest income $ 962,411 $ 51,037 5.6% $ 911,374 $ 62,388 7.3% $ 848,986
Provision for credit losses 81,299 26,237 47.6 55,062 (108,931) (66.4) 163,993
Net interest income after provision for credit losses 881,112 24,800 2.9 856,312 171,319 25.0 684,993
Operating lease income 138,433 (148,658) (51.8) 287,091 (202,607) (41.4) 489,698
Service charges on deposit accounts 167,834 (3,281) (1.9) 171,115 3,275 2.0 167,840
Brokerage and insurance income 53,619 (1,180) (2.2) 54,799 (3,045) (5.3) 57,844
Trust services 77,405 9,995 14.8 67,410 5,761 9.3 61,649
Mortgage banking 41,710 9,414 29.1 32,296 (25,884) (44.5) 58,180
Bank owned life insurance income 40,736 (1,561) (3.7) 42,297 (731) (1.7) 43,028
Other service charges and fees 44,348 2,774 6.7 41,574 128 0.3 41,446
Other income 76,252 (15,795) (17.2) 92,047 988 1.1 91,059
Securities gains (8,055) (23,818) N.M. 15,763 10,505 N.M. 5,258
Total non-interest income 632,282 (172,110) (21.4) 804,392 (211,610) (20.8) 1,016,002
Operating lease expense 108,376 (128,102) (54.2) 236,478 (156,792) (39.9) 393,270
Personnel costs 481,658 (4,148) (0.9) 485,806 38,543 8.6 447,263
Other expense 379,786 (21,325) (5.3) 401,111 20,069 5.3 381,042
Total non-interest expense 969,820 (153,575) (13.7) 1,123,395 (98,180) (8.0) 1,221,575
Income before income taxes 543,574 6,265 1.2 537,309 57,889 12.1 479,420
Provision for income taxes 131,483 (16,883) (11.4) 148,366 25,671 20.9 122,695
Net income — operating(1) $ 412,091 $ 23,148 6.0% $ 388,943 $ 32,218 9.0% $ 356,725
Revenue — fully taxable equivalent (FTE)
Net interest income $ 962,411 $ 51,037 5.6% $ 911,374 $ 62,388 7.3% $ 848,986
Tax equivalent adjustment(2) 13,393 1,740 14.9 11,653 1,969 20.3 9,684
Net interest income (FTE) 975,804 52,777 5.7 923,027 64,357 7.5 858,670
Non-interest income 632,282 (172,110) (21.4) 804,392 (211,610) (20.8) 1,016,002
Total revenue (FTE) $1,608,086 $(119,333) (6.9)% $1,727,419 $(147,253) (7.9)% $1,874,672
SELECTED AVERAGE BALANCES (in millions of dollars)
Loans:
Commercial
Middle market commercial and industrial $ 4,817 $ 361 8.1% $ 4,456 $ (177) (3.8)% $ 4,633
Middle market commercial real estate
Construction 1,678 258 18.2 1,420 201 16.5 1,219
Commercial 1,908 (14) (0.7) 1,922 122 6.8 1,800
Small business loans 2,224 221 11.0 2,003 216 12.1 1,787
Total commercial 10,627 826 8.4 9,801 362 3.8 9,439
Consumer
Auto leases — indirect 2,422 230 10.5 2,192 769 54.0 1,423
Auto loans — indirect 2,043 (242) (10.6) 2,285 (975) (29.9) 3,260
Home equity loans & lines of credit 4,636 449 10.7 4,187 746 21.7 3,441
Residential mortgage 4,081 869 27.1 3,212 1,186 58.5 2,026
Other loans 501 51 11.3 450 15 3.4 435
Total consumer 13,683 1,357 11.0 12,326 1,741 16.4 10,585
Total loans & leases $ 24,310 $ 2,183 9.9% $ 22,127 $ 2,103 10.5% $ 20,024
Operating lease assets $ 372 $ (525) (58.5)% $ 897 $ (800) (47.1)% $ 1,697
Deposits:
Non-interest bearing deposits $ 3,379 $ 149 4.6% $ 3,230 $ 150 4.9% $ 3,080
Interest bearing demand deposits 7,658 451 6.3 7,207 1,014 16.4 6,193
Savings deposits 2,635 (194) (6.9) 2,829 27 1.0 2,802
Domestic time deposits 4,764 880 22.7 3,884 (280) (6.7) 4,164
Brokered time deposits and negotiable CDs 3,119 1,282 69.8 1,837 418 29.5 1,419
Foreign time deposits 457 (51) (10.0) 508 8 1.6 500
Total deposits $ 22,012 $ 2,517 12.9% $ 19,495 $ 1,337 7.4% $ 18,158
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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