Huntington National Bank 2003 Annual Report Download - page 80
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MANAGEMENT’S DISCUSSION AND ANALYSIS
Table 22—Dealer Sales(1)
2003 Change From 2002 2002 Change From 2001 2001
Amount % Amount %
INCOME STATEMENT (in thousands)
Net Interest Income $107,190 $ 101,846 NM% $ 5,344 $ 32,036 NM% $ (26,692)
Provision for loan losses 59,469 13,134 28.3 46,335 (32,487) (41.2) 78,822
Net Interest Income After Provision for Loan Losses 47,721 88,712 NM (40,991) 64,523 (61.2) (105,514)
Operating lease income 489,698 (167,376) (25.5) 657,074
Service charges on deposit accounts 817 (1) (0.1) 818
Brokerage and insurance income 3,803 46 1.2 3,757
Trust services 13 13 NM —
Mortgage banking 3 1 50.0 2
Other service charges and fees — (3) NM 3
Other 31,634 5,745 22.2 25,889
Total Non-Interest Income Before Securities Gains 525,968 (161,575) (23.5) 687,543
Securities gains — — NM —
Total Non-Interest Income 525,968 (161,575) (23.5)% 687,543 (24,909) (3.5) 712,452
Operating lease expense 393,270 (125,700) (24.2) 518,970
Personnel costs 20,759 1,720 9.0 19,039
Other 67,324 (4,500) (6.3) 71,824
Total Non-Interest Expense 481,353 (128,480) (21.1) 609,833 (28,224) (4.4) 638,057
Income Before Income Taxes 92,336 55,617 NM 36,719 67,838 NM (31,119)
Income taxes (2) 32,317 19,465 NM 12,852 23,744 NM (10,892)
Net Income—Operating (1) $ 60,019 $ 36,152 NM% $ 23,867 $ 44,094 (218.0)% $ (20,227)
Revenue—Fully Taxable Equivalent (FTE)
Net interest income $107,190 $ 101,846 NM% $ 5,344 $ 32,036 NM% $ (26,692)
Tax equivalent adjustment (2) — — NM — — NM —
Net interest income (FTE) 107,190 101,846 NM 5,344 32,036 NM (26,692)
Non-interest income 525,968 (161,575) (23.5) 687,543 (24,909) (3.5) 712,452
Total Revenue (FTE) $633,158 $ (59,729) (8.6)% $692,887 $ 7,127 1.0% $ 685,760
Total Revenue Excluding Securities Gains (FTE) $633,158 $ (59,729) (8.6)% $692,887 $ 7,127 1.0% $ 685,760
SELECTED AVERAGE BALANCES (in millions)
Loans:
C&I $ 648 $ 116 21.8% $ 532 $ (25) (4.5)% $ 557
CRE
Construction 8 6 NM 2 (2) (50.0) 4
Commercial 67 23 52.3 44 — — 44
Consumer
Auto leases—indirect 1,429 977 NM 452 268 NM 184
Auto loans—indirect 3,253 561 20.8 2,692 381 16.5 2,311
Home equity loans & lines of credit — — NM — (1) NM 1
Other loans 60 7 13.2 53 (4) (7.0) 57
Total Consumer 4,742 1,545 48.3 3,197 644 25.2 2,553
Total Loans $ 5,465 $ 1,690 44.8% $ 3,775 $ 617 19.5% $ 3,158
Operating lease assets $ 1,697 $ (905) (34.8)% $ 2,602 $ (368) (12.4)% $ 2,970
Deposits:
Non-interest bearing deposits $ 57 $ 9 18.8% $ 48 $ (25) (34.2)% $ 73
Interest bearing demand deposits 2 1 NM 1 (2) (66.7) 3
Foreign time deposits 6 2 50.0 4 (4) (50.0) 8
Total Deposits $ 65 $ 12 22.6% $ 53 $ (31) (36.9)% $ 84
(1) Operating basis, see page 69 for definition.
(2) Calculated assuming a 35% tax rate.
NM, not a meaningful value.
78 HUNTINGTON BANCSHARES INCORPORATED