Huntington National Bank 2011 Annual Report Download - page 121

Table 52 — Selected Quarterly Income Statement Data(1)
2010
Fourth Third Second First
(dollar amounts in thousands, except per share amounts)
Interest income ...................................... $528,291 $534,669 $535,653 $546,779
Interest expense ...................................... 112,997 124,707 135,997 152,886
Net interest income ..................................... 415,294 409,962 399,656 393,893
Provision for credit losses ................................ 86,973 119,160 193,406 235,008
Net interest income after provision for credit losses ............ 328,321 290,802 206,250 158,885
Total noninterest income ................................. 264,220 267,143 269,643 240,852
Total noninterest expense ................................ 434,593 427,309 413,810 398,093
Income before income taxes .............................. 157,948 130,636 62,083 1,644
Provision (benefit) for income taxes ........................ 35,048 29,690 13,319 (38,093)
Net income ........................................... $122,900 $100,946 $ 48,764 $ 39,737
Dividends on preferred shares ............................. 83,754 29,495 29,426 29,357
Net income applicable to common shares .................. $ 39,146 $ 71,451 $ 19,338 $ 10,380
Common shares outstanding
Average — basic ..................................... 757,924 716,911 716,580 716,320
Average — diluted(2) ................................. 760,582 719,567 719,387 718,593
Ending ............................................. 863,319 717,132 716,623 716,557
Book value per share .................................. $ 5.35 $ 5.39 $ 5.22 $ 5.13
Tangible book value per share(3) ........................ 4.66 4.55 4.37 4.26
Per common share
Net income — basic .................................. $ 0.05 $ 0.10 $ 0.03 $ 0.01
Net income — diluted ................................. 0.05 0.10 0.03 0.01
Cash dividends declared ............................... 0.01 0.01 0.01 0.01
Common stock price, per share
High(4) ............................................ $ 7.00 $ 6.45 $ 7.40 $ 5.81
Low(4) ............................................. 5.43 5.04 5.26 3.65
Close .............................................. 6.87 5.69 5.54 5.39
Average closing price ................................. 6.05 5.79 6.13 4.84
Return on average total assets ............................. 0.90% 0.76% 0.38% 0.31%
Return on average common shareholders’ equity .............. 3.8 7.4 2.1 1.1
Return on average tangible common shareholders’ equity(5) .... 5.6 10.0 3.8 2.7
Efficiency ratio(6) ...................................... 61.4 60.6 59.4 60.1
Effective tax rate (benefit) ............................... 22.2 22.7 21.5 N.R.
Margin analysis-as a % of average earning assets(7)
Interest income(7) .................................... 4.29% 4.49% 4.63% 4.82%
Interest expense ...................................... 0.92 1.04 1.17 1.35
Net interest margin(7) ................................. 3.37% 3.45% 3.46% 3.47%
Revenue — FTE
Net interest income ................................... $415,294 $409,962 $399,656 $393,893
FTE adjustment ...................................... 3,708 2,631 2,490 2,248
Net interest income(7) ................................... 419,002 412,593 402,146 396,141
Noninterest income ..................................... 264,220 267,143 269,643 240,852
Total revenue(7) ....................................... $683,222 $679,736 $671,789 $636,993
N.R. - Not relevant. The denominator of the calculation is a positive value and the numerator is a negative value.
Continued
107