Huntington National Bank 2011 Annual Report Download - page 134

Huntington Bancshares Incorporated
Consolidated Statements of Income
Year Ended December 31,
2011 2010 2009
(dollar amounts in thousands, except per share amounts)
Interest and fee income:
Loans and leases ................................................................. $1,727,784 $1,865,848 $ 1,944,269
Available-for-sale and other securities
Taxable ...................................................................... 207,984 239,065 249,968
Tax-exempt ................................................................... 9,785 11,680 8,824
Held-to-maturity securities ......................................................... 11,213 ——
Other .......................................................................... 13,460 28,799 35,081
Total interest income ............................................................ 1,970,226 2,145,392 2,238,142
Interest expense
Deposits ..................................................................... 260,052 439,050 674,101
Short-term borrowings .......................................................... 3,500 3,007 2,366
Federal Home Loan Bank advances ................................................ 824 3,121 12,882
Subordinated notes and other long-term debt ......................................... 76,680 81,409 124,506
Total interest expense ............................................................ 341,056 526,587 813,855
Net interest income .............................................................. 1,629,170 1,618,805 1,424,287
Provision for credit losses .......................................................... 174,059 634,547 2,074,671
Net interest income after provision for credit losses ................................... 1,455,111 984,258 (650,384)
Service charges on deposit accounts .................................................. 243,507 267,015 302,799
Trust services income ............................................................. 119,382 112,555 103,639
Electronic banking income ......................................................... 111,697 110,234 100,151
Mortgage banking income ......................................................... 83,408 175,782 112,298
Brokerage income ................................................................ 80,367 68,855 64,843
Insurance income ................................................................ 69,470 76,413 73,326
Bank owned life insurance income ................................................... 62,336 61,066 54,872
Capital markets income ........................................................... 36,540 23,886 10,851
Gain (loss) on sales of loans ........................................................ 31,944 6,275 (7,576)
Automobile operating lease income .................................................. 26,771 45,964 51,810
Net gains (losses) on sales of available-for-sale and other securities ......................... 3,682 13,448 48,815
Impairment losses on available-for-sale and other securities:
Impairment losses on available-for-sale and other securities ............................. 4,174 9,847 (183,472)
Noncredit-related losses on securities not expected to be sold (recognized in other
comprehensive income) ....................................................... (11,537) (23,569) 124,408
Net impairment losses on investment securities ......................................... (7,363) (13,722) (59,064)
Other income ................................................................... 118,882 94,087 148,880
Total noninterest income ......................................................... 980,623 1,041,858 1,005,644
Personnel costs .................................................................. 892,534 798,973 700,482
Outside data processing and other services ............................................ 187,195 159,248 148,095
Net occupancy .................................................................. 109,129 107,862 105,273
Equipment ...................................................................... 92,544 85,920 83,117
Deposit and other insurance expense ................................................. 77,692 97,548 113,830
Marketing ...................................................................... 75,627 65,924 33,049
Professional services .............................................................. 70,595 88,778 76,366
Amortization of intangibles ........................................................ 53,318 60,478 68,307
Automobile operating lease expense ................................................. 20,018 37,034 43,360
OREO and foreclosure expense ..................................................... 18,006 39,049 93,899
Goodwill impairment ............................................................. —— 2,606,944
Gain on early extinguishment of debt ................................................. (9,697) — (147,442)
Other expense ................................................................... 141,539 132,991 108,163
Total noninterest expense ........................................................ 1,728,500 1,673,805 4,033,443
Income (Loss) before income taxes ................................................. 707,234 352,311 (3,678,183)
Provision (Benefit) for income taxes ................................................. 164,621 39,964 (584,004)
Net income (loss) ................................................................ 542,613 312,347 (3,094,179)
Dividends on preferred shares ...................................................... 30,813 172,032 174,756
Net income (loss) applicable to common shares ....................................... $ 511,800 $ 140,315 $(3,268,935)
Average common shares — basic ................................................... 863,691 726,934 532,802
Average common shares — diluted .................................................. 867,624 729,532 532,802
Per common share
Net income (loss) — basic ......................................................... $ 0.59 $ 0.19 $ (6.14)
Net income (loss) — diluted ........................................................ 0.59 0.19 (6.14)
Cash dividends declared ........................................................... 0.10 0.04 0.04
See Notes to Consolidated Financial Statements
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