Huntington National Bank 2003 Annual Report Download - page 36

SELECTED FINANCIAL DATA
Table 1—Selected Financial Data
Year Ended December 31,
(in thousands of dollars, except per share amounts) 2003 2002 2001 2000 1999
Total interest income $ 1,305,756 $ 1,293,195 $ 1,654,789 $ 1,833,388 $ 1,795,214
Total interest expense 456,770 543,621 939,501 1,163,278 982,370
Net interest income 848,986 749,574 715,288 670,110 812,844
Provision for loan and lease losses 163,993 194,426 257,326 61,464 70,335
Net interest income after provision for loan and lease losses 684,993 555,148 457,962 608,646 742,509
Securities gains 5,258 4,902 723 37,101 12,972
Gain on sale of Florida operations — 182,470 — — —
Merchant Services gain — 24,550 — — —
Gains on sale of credit card portfolios ————108,530
Non-interest income 1,063,895 1,129,782 1,199,219 1,086,101 933,356
Non-interest expense 1,236,825 1,325,174 1,482,470 1,283,131 1,147,988
Restructuring (releases) charges (6,666) 48,973 79,957 — 46,791
Income before income taxes 523,987 522,705 95,477 448,717 602,588
Income taxes 138,294 198,974 (39,319)(2) 126,299 188,433
Income before cumulative effect of change in accounting principle 385,693 323,731 134,796 322,418 414,155
Cumulative effect of change in accounting principle, net of tax (1) (13,330) ————
Net Income $ 372,363 $ 323,731 $ 134,796 $ 322,418 $ 414,155
Per Common Share (3)
Income before cumulative effect of change in accounting
principle—basic $ 1.68 $ 1.34 $ 0.54 $ 1.30 $ 1.63
Net Income per common share—basic 1.62 1.34 0.54 1.30 1.63
Income before cumulative effect of change in accounting
principle—diluted 1.67 1.33 0.54 1.29 1.62
Net Income per common share—diluted 1.61 1.33 0.54 1.29 1.62
Cash dividends declared 0.67 0.64 0.72 0.76 0.68
Book value at year-end 9.93 9.40 9.32 9.31 8.57
Balance Sheet Highlights
Total assets (period end) $30,483,804 $27,527,932 $28,458,769 $28,534,567 $29,397,036
Total long-term debt (period end) (4) 5,534,979 3,233,801 2,722,332 3,363,126 4,001,827
Average long-term debt (4) 4,559,140 3,334,393 3,410,475 4,004,502 4,119,252
Average shareholders’ equity 2,196,348 2,238,761 2,330,968 2,191,788 2,091,720
Average total assets 28,942,770 26,033,243 28,091,603 28,550,540 28,634,986
Key Ratios and Statistics
Margin Analysis—As a % of Average Earning Assets (5)
Interest income 5.35% 6.23% 7.58% 8.13% 7.75%
Interest expense 1.86 2.61 4.29 5.13 4.22
Net Interest Margin 3.49% 3.62% 3.29% 3.00% 3.53%
Return on average assets (6) 1.33% 1.24% 0.48% 1.13% 1.45%
Return on average shareholders’ equity (6) 17.6 14.5 5.8 14.7 19.8
Efficiency ratio 63.9 65.6 79.2 70.5 62.1
Dividend payout ratio (7) 40.1 48.1 133.3 58.9 42.0
Average shareholders’ equity to average assets 7.59 8.60 8.30 7.68 7.30
Effective tax rate 26.4 38.1 (41.2)(2) 28.1 31.3
Tangible equity to assets (period end) 6.80 7.22 5.86 5.69 5.18
Tier I risk-based capital ratio (period end) 8.53 8.34 7.02 7.13 7.46
Total risk-based capital ratio (period end) 11.95 11.25 10.07 10.29 10.57
Tier I leverage ratio 7.98 8.51 7.16 6.85 6.64
Other Data
Full-time equivalent employees 7,983 8,177 9,743 9,693 9,516
Domestic banking offices 338 343 481 508 515
(1) Due to the adoption of FASB Interpretation No. 46 for variable interest entities.
(2) Reflects a $32.5 million reduction related to the issuance of $400 million of REIT subsidiary preferred stock, of which $50 million was sold to the public.
(3) Adjusted for stock splits and stock dividends, as applicable.
(4) Excludes capital securities and Federal Home Loan Bank advances.
(5) Presented on a fully taxable equivalent basis assuming a 35% tax rate.
(6) Based on income before cumulative effect of change in accounting principle, net of tax.
(7) Based on diluted earnings per share before cumulative effect of change in accounting principle.
34 HUNTINGTON BANCSHARES INCORPORATED