Huntington National Bank 2003 Annual Report Download - page 101

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CONSOLIDATED INCOME STATEMENTS
Twelve Months Ended December 31,
(in thousands, except per share amounts) 2003 2002 2001
Interest and fee income
Loans and direct financing leases
Taxable $1,095,880 $1,087,246 $1,401,968
Tax-exempt 2,544 3,661 5,613
Securities
Taxable 151,156 169,599 203,196
Tax-exempt 23,501 10,024 13,019
Other 32,675 22,665 30,993
Total Interest Income 1,305,756 1,293,195 1,654,789
Interest expense
Deposits 288,271 385,733 654,056
Short-term borrowings 15,698 28,668 84,467
Federal Home Loan Bank advances 24,394 5,946 1,174
Other long-term debt 128,407 123,274 199,804
Total Interest Expense 456,770 543,621 939,501
Net Interest Income 848,986 749,574 715,288
Provision for loan and lease losses 163,993 194,426 257,326
Net Interest Income After Provision for Loan and Lease Losses 684,993 555,148 457,962
Non-interest income
Operating lease income 489,698 657,074 691,733
Service charges on deposit accounts 167,840 153,564 165,012
Trust services 61,649 62,051 60,298
Brokerage and insurance 57,844 62,109 75,013
Mortgage banking 58,180 32,033 54,518
Bank owned life insurance 43,028 43,123 41,123
Other service charges and fees 41,446 42,888 48,217
Gain on sale of automobile loans 40,039 — —
Gain on sale of branch offices 13,112 — —
Securities gains 5,258 4,902 723
Gain on sale of Florida operations — 182,470 —
Merchant Services gain — 24,550 —
Other 91,059 76,940 63,305
Total Non-Interest Income 1,069,153 1,341,704 1,199,942
Non-interest expense
Personnel costs 447,263 418,037 454,210
Operating lease expense 393,270 518,970 558,626
Outside data processing and other services 66,118 67,368 69,692
Equipment 65,921 68,323 80,560
Net occupancy 62,481 59,539 76,449
Professional services 42,448 33,085 32,862
Marketing 27,490 27,911 31,057
Telecommunications 21,979 22,661 27,984
Loss on early extinguishment of debt 15,250 — —
Printing and supplies 13,009 15,198 18,367
Franchise and other taxes 4,542 9,456 9,729
Amortization of intangible assets 816 2,019 41,225
Restructuring (releases) charges (6,666) 48,973 79,957
Other 76,238 82,607 81,709
Total Non-Interest Expense 1,230,159 1,374,147 1,562,427
Income Before Income Taxes 523,987 522,705 95,477
Income tax expense (benefit) 138,294 198,974 (39,319)
Income before cumulative effect of change in accounting principle 385,693 323,731 134,796
Cumulative effect of change in accounting principle, net of tax of $7,178 (13,330) — —
Net Income $ 372,363 $ 323,731 $ 134,796
Per Common Share
Income before cumulative effect of change in accounting principle—Basic $ 1.68 $ 1.34 $ 0.54
Income before cumulative effect of change in accounting principle—Diluted 1.67 1.33 0.54
Net income—basic 1.62 1.34 0.54
Net income—diluted 1.61 1.33 0.54
Cash dividends declared 0.67 0.64 0.72
Average Common Shares Outstanding
Basic 229,401 242,279 251,078
Diluted 231,582 244,012 251,716
See notes to consolidated financial statements.
HUNTINGTON BANCSHARES INCORPORATED 99