Huntington National Bank 2003 Annual Report Download - page 113

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
6. Loans and Leases
At December 31, loans and leases were comprised of the following:
(in thousands of dollars) 2003 2002
Commercial and industrial $ 5,313,517 $ 5,608,443
Commercial real estate 4,172,083 3,722,992
Total Commercial Loans 9,485,600 9,331,435
Consumer
Automobile loans 2,991,642 3,041,954
Automobile leases 1,902,170 873,599
Home equity loans 3,792,189 3,198,487
Residential mortgage loans 2,530,665 1,746,177
Other loans 372,852 395,751
Total Consumer Loans 11,589,518 9,255,968
Total Loans and Leases $21,075,118 $18,587,403
At December 31, 2003, $4.4 billion of real estate qualifying loans were pledged to secure advances from the Federal Home Loan Bank.
Real estate qualifying loans are comprised of home equity loans and lines of credit and residential mortgage loans secured by first and
second liens. At this same date, $1.7 billion of commercial and industrial loans were pledged to secure potential discount window
borrowings from the Federal Reserve Bank.
Huntington’s loan and lease portfolio includes lease financing receivables consisting of direct financing leases on equipment, which are
included in commercial and industrial loans, and on automobiles. Net investment in lease financing receivables by category at
December 31 were as follows:
(in thousands of dollars) 2003 2002
Commercial and industrial
Lease payments receivable $ 308,190 $ 191,034
Estimated residual value of leased assets 53,119 28,388
Gross investment in commercial lease financing receivables 361,309 219,422
Unearned income (42,969) (24,678)
Total Net Investment in Commercial Lease Financing Receivables $ 318,340 $ 194,744
Consumer
Lease payments receivable $ 444,924 $ 645,544
Estimated residual value of leased assets 1,697,473 362,474
Gross investment in consumer lease financing receivables 2,142,397 1,008,018
Deferred origination fees and costs (1,950) (960)
Unearned income (238,277) (133,459)
Total Net Investment in Consumer Lease Financing Receivables $1,902,170 $ 873,599
R
ELATED
P
ARTY
T
RANSACTIONS
Huntington has made loans to its officers, directors, and their associates. These loans were made in the ordinary course of business
under normal credit terms, including interest rate and collateralization, and do not represent more than the normal risk of collection.
These loans to related parties are summarized as follows:
(in thousands of dollars) 2003 2002
Balance, Beginning of Year $ 95,561 $ 133,844
Loans made 181,314 114,694
Repayments (156,965) (145,185)
Changes due to status of executive officers and directors (5,392) (7,792)
Balance, End of Year $ 114,518 $ 95,561
HUNTINGTON BANCSHARES INCORPORATED 111