Huntington National Bank 2014 Annual Report Download - page 89
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83
RESULTS FOR THE FOURTH QUARTER
Earnings Discussion
In the 2014 fourth quarter, we reported net income of $163.6 million, an increase of $5.4 million, or 3%, from the 2013 fourth
quarter. Earnings per common share for the 2014 fourth quarter were $0.19, an increase of $0.01 from the year-ago quarter.
Table 41 - Significant Items Influencing Earnings Performance Comparison
(dollar amounts in millions, except per share amounts)
Impact(1)
Three Months Ended: Amount EPS(2)
December 31, 2014 - GAAP net income $ 163.6 $ 0.19
N
et additions to litigation reserve (11.9) (0.01)
Franchise repositioning related expense (8.6) (0.01)
December 31, 2013 - GAAP net income $ 158.2 $0.18
Franchise repositioning related expense (6.7) (0.01)
(1) Favorable (unfavorable) impact on GAAP earnings; pretax unless otherwise noted.
(2) After-tax. EPS is reflected on a fully diluted basis.
Net Interest Income / Average Balance Sheet
FTE net interest income for the 2014 fourth quarter increased $41.9 million, or 10%, from the 2013 fourth quarter. This reflected
the benefit from the $7.0 billion, or 13%, increase in average earnings assets, including a $4.0 billion, or 9%, increase in average loans
and leases and a $3.0 billion, or 31%, increase in average securities. This earning asset growth was partially offset by the 10 basis
point decrease in the FTE NIM to 3.18%. The NIM contraction reflected a 17 basis point decrease related to the mix and yield of
earning assets and a 3 basis point reduction in benefit from the impact of noninterest-bearing funds, partially offset by the 10 basis
point reduction in funding costs.
Table 42 - Average Earning Assets - 2014 Fourth Quarter vs. 2013 Fourth Quarter
Fourth Quarter Change
(dollar amounts in millions) 2014 2013 Amount Percent
Average Loans/Leases
Commercial and industrial $ 18,880 $ 17,671 $ 1,209 7 %
Commercial real estate 5,084 4,904 180 4
Total commercial 23,964 22,575 1,389 6
Automobile 8,512 6,502 2,010 31
Home equity 8,452 8,346 106 1
Residential mortgage 5,751 5,331 420 8
Other consumer 413 385 28 7
Total consumer 23,128 20,564 2,564 12
Total loans/leases 47,092 43,139 3,953 9
Total securities 12,459 9,480 2,979 31
Held-for-sale and other earning assets 459 393 66 17
Total earning assets $ 60,010 $ 53,012 $ 6,998 13 %