Huntington National Bank 2003 Annual Report Download - page 75

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MANAGEMENT’S DISCUSSION AND ANALYSIS
Table 21—Regional Banking(1)
2003 Change From 2002 2002 Change From 2001 2001
Amount % Amount %
INCOME STATEMENT (in thousands)
Net Interest Income $605,363 $ 30,359 5.3% $575,004 $(22,058) (3.7)% $597,062
Provision for loan losses 93,989 (39,906) (29.8) 133,895 (27,988) (17.3) 161,883
Net Interest Income After Provision for Loan Losses 511,374 70,265 15.9 441,109 5,930 1.4 435,179
Service charges on deposit accounts 163,099 18,466 12.8 144,633
Brokerage and insurance income 16,176 5,514 51.7 10,662
Trust services 968 (62) (6.0) 1,030
Mortgage banking 57,453 25,910 82.1 31,543
Other service charges and fees 41,045 61 0.1 40,984
Other 38,976 3,774 10.7 35,202
Total Non-Interest Income Before Securities Gains 317,717 53,663 20.3 264,054
Securities gains — — NM —
Total Non-Interest Income 317,717 53,663 20.3 264,054 6,219 2.4 257,835
Personnel costs 230,816 26,473 13.0 204,343
Other 332,430 5,764 1.8 326,666
Total Non-Interest Expense 563,246 32,237 6.1 531,009 33,228 6.7 497,781
Income Before Income Taxes 265,845 91,691 52.6 174,154 (21,079) (10.8) 195,233
Income taxes (2) 93,046 32,092 52.6 60,954 (7,378) (10.8) 68,332
Net Income—Operating (1) $172,799 $ 59,599 52.6% $113,200 $(13,701) (10.8)% $126,901
Revenue—Fully Taxable Equivalent (FTE)
Net interest income $605,363 $ 30,359 5.3% $575,004 $(22,058) (3.7)% $597,062
Tax equivalent adjustment (2) 1,183 (442) (27.2) 1,625 (847) (34.3) 2,472
Net interest income (FTE) 606,546 29,917 5.2 576,629 (22,905) (3.8) 599,534
Non-interest income 317,717 53,663 20.3 264,054 6,219 2.4 257,835
Total Revenue (FTE) $924,263 $ 83,580 9.9% $840,683 $(16,686) (1.9)% $857,369
Total Revenue Excluding Securities Gains (FTE) $924,263 $ 83,580 9.9% $840,683 $(16,686) (1.9)% $857,369
SELECTED AVERAGE BALANCES (in millions)
Loans:
C&I $ 4,496 $ (233) (4.9)% $ 4,729 $ (303) (6.0)% $ 5,032
CRE
Construction 1,216 36 3.1 1,180 92 8.5 1,088
Commercial 2,394 287 13.6 2,107 234 12.5 1,873
Consumer
Auto loans—indirect 7 (3) (30.0) 10 (9) (47.4) 19
Home equity loans & lines of credit 3,189 408 14.7 2,781 250 9.9 2,531
Residential mortgage 1,652 477 40.6 1,175 457 63.6 718
Other loans 312 (37) (10.6) 349 (52) (13.0) 401
Total Consumer 5,160 845 19.6 4,315 646 17.6 3,669
Total Loans $ 13,266 $ 935 7.6% $ 12,331 $ 669 5.7% $ 11,662
Deposits:
Non-interest bearing deposits $ 2,880 $ 236 8.9% $ 2,644 $ 115 4.5% $ 2,529
Interest bearing demand deposits 5,483 1,046 23.6 4,437 1,202 37.2 3,235
Savings deposits 2,749 — — 2,749 (165) (5.7) 2,914
Domestic time deposits 4,068 (773) (16.0) 4,841 (192) (3.8) 5,033
Foreign time deposits 358 113 46.1 245 72 41.6 173
Total Deposits $ 15,538 $ 622 4.2% $ 14,916 $ 1,032 7.4% $ 13,884
(1) Operating basis, see page 69 for definition.
(2) Calculated assuming a 35% tax rate.
NM, not a meaningful value.
HUNTINGTON BANCSHARES INCORPORATED 73