Huntington National Bank 2012 Annual Report Download - page 92
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84
The increase in total average loans and leases from the year-ago period reflected:
x$0.5 billion, or 13%, increase in the residential mortgage portfolio due to historically low interest rates.
The increase in average total deposits from the year-ago period reflected:
x$1.6 billion increase in short-term commercial deposits.
The decrease in the provision for credit losses reflected:
x$14.4 million decrease in NCOs. Expressed as a percentage of average related balance, NCOs decreased to 0.72% in 2012
from 1.06% in 2011 due to improved credit quality in the portfolio.
The increase in noninterest income from the year-ago period reflected:
x$99.5 million, or 167%, increase in mortgage banking income due to an increase in mortgage loan originations and the
positive impact of net MSR activity.
x$3.4 million, or 60%, increase in other noninterest income due primarily to a gain on sale of Low Income Housing Tax Credit
investments.
Partially offset by:
x$5.0 million, or 11%, decrease in brokerage income due to a decrease in annuity product sales partially offset by an increase
in sale of market-linked certificates of deposit.
The increase in noninterest expense from the year-ago period reflected:
x$19.1 million, or 28%, increase in other expenses, primarily due to mortgage loan system conversion costs, increased
mortgage volume, and an increase in allocated costs.
x$10.2 million, or 5%, increase in personnel cost, which reflected higher sales commissions and loan origination costs
primarily related to the increased mortgage origination volume.
x$7.0 million, or 25%, increase in outside data processing and other services, which reflected mortgage loan system
conversion costs and increased mortgage volume.
Partially offset by:
x$10.4 million, or 56%, decrease in FDIC insurance expense.
x$3.3 million, or 96%, decrease in OREO and foreclosure expense.
2011 vs. 2010
WGH reported net income of $25.9 million in 2011, compared with a net income of $34.8 million in 2010. The $8.9 million
decrease included a $89.9 million, or 27%, decrease in noninterest income, partially offset by a $43.6 million, or 46% decrease in the
provision for credit losses and a $30.3 million, or 18%, increase in net interest income.