Huntington National Bank 2003 Annual Report Download - page 118

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
11. Goodwill and Other Intangible Assets
At December 31, goodwill and other intangible assets, net of accumulated amortization, were comprised of:
(in thousands of dollars) 2003 2002
Goodwill $210,539 $211,282
Leasehold intangible 6,470 7,285
Balance, End of Period $217,009 $218,567
At December 31, 2003, none of Huntington’s goodwill is deductible for tax purposes. Goodwill and other intangible assets, net of
accumulated amortization, and related activity for the years ended December 31, 2002 and 2001, were as follows:
(in thousands of dollars)
Regional
Banking
Dealer
Sales PFG
Treasury/
Other
Huntington
Consolidated
Balance, January 1, 2002 $ 684,934 $ — $ 23,019 $8,101 $ 716,054
Purchases 19,508 — 9,129 — 28,637
Disposals (504,904) — (19,201) — (524,105)
Amortization (1,203) — — (816) (2,019)
Balance, December 31, 2002 198,335 — 12,947 7,285 218,567
Disposals (333) — — — (333)
Amortization — — — (816) (816)
Adjustments (409) — — — (409)
Balance, December 31, 2003 $ 197,593 $ — $ 12,947 $6,469 $ 217,009
During 2003, Huntington completed the sale of certain banking offices in West Virginia, resulting in a $0.3 million write-off of the
remaining associated goodwill. The remaining $0.4 million write-off related to an adjustment of the goodwill amount recorded as part
of the LeaseNet acquisition in 2002. The additions totaling $28.6 million for 2002 related to the acquisitions of LeaseNet and Haberer.
No impairment of goodwill was recognized in 2003 or 2002.
Before the sale of Huntington’s operations in Florida, a majority of goodwill and other intangible assets related to those operations. A
substantial portion of the remaining goodwill is attributable to the previously acquired banking operations reported under the
Regional Banking line of business. In 2001, prior to the adoption of Statement No. 142, Huntington amortized $16.2 million, or $0.06
per share, of non-deductible goodwill and $22.9 million, or $0.09 per share, of deductible goodwill. For the years 2004 through 2008,
amortization expense associated with the leasehold intangible is expected to be $0.8 million each year.
116 HUNTINGTON BANCSHARES INCORPORATED