Huntington National Bank 2003 Annual Report Download - page 85

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MANAGEMENT’S DISCUSSION AND ANALYSIS
Table 23—Private Financial Group(1)
2003 Change From 2002 2002 Change From 2001 2001
Amount % Amount %
INCOME STATEMENT (in thousands)
Net Interest Income $ 41,937 $ 6,111 17.1% $ 35,826 $ (778) (2.1)% $ 36,604
Provision for loan losses 4,796 1,316 37.8 3,480 3,020 NM 460
Net Interest Income After Provision for Loan Losses
37,141 4,795 14.8 32,346 (3,798) (10.5) 36,144
Service charges on deposit accounts 3,883 52 1.4 3,831
Brokerage and insurance income 37,009 (2,794) (7.0) 39,803
Trust services 60,668 52 0.1 60,616
Mortgage banking 724 157 27.7 567
Other service charges and fees 401 14 3.6 387
Other 5,221 1,588 43.7 3,633
Total Non-Interest Income Before Securities Gains 107,906 (931) (0.9) 108,837
Securities gains 34 (66) (66.0) 100
Total Non-Interest Income 107,940 (997) (0.9) 108,937 22,202 25.6 86,735
Personnel costs 60,753 818 1.4 59,935
Other 44,400 1,246 2.9 43,154
Total Non-Interest Expense 105,153 2,064 2.0 103,089 9,318 9.9 93,771
Income Before Income Taxes 39,928 1,734 4.5 38,194 9,086 31.2 29,108
Income taxes (2) 13,975 607 4.5 13,368 3,180 31.2 10,188
Net Income—Operating (1) $ 25,953 $ 1,127 4.5% $ 24,826 $ 5,906 31.2% $ 18,920
Revenue—Fully Taxable Equivalent (FTE)
Net interest income $ 41,937 $ 6,111 17.1% $ 35,826 $ (778) (2.1)% $ 36,604
Tax equivalent adjustment (2) 44 (23) (34.3) 67 (100) (59.9) 167
Net interest income (FTE) 41,981 6,088 17.0 35,893 (878) (2.4) 36,771
Non-interest income 107,940 (997) (0.9) 108,937 22,202 25.6 86,735
Total Revenue (FTE) $149,921 $ 5,091 3.5% $144,830 $21,324 17.3% $123,506
Total Revenue Excluding Securities Gains (FTE) $149,887 $ 5,157 3.6% $144,730 $21,224 17.2% $123,506
SELECTED AVERAGE BALANCES (in millions)
Loans:
C&I $ 318 $ 19 6.4% $ 299 $ 31 11.6% $ 268
CRE
Construction 22 1 4.8 21 1 5.0 20
Commercial 160 24 17.6 136 25 22.5 111
Consumer
Home equity loans & lines of credit 257 57 28.5 200 47 30.7 153
Residential mortgage 424 190 81.2 234 143 NM 91
Other loans 8 — — 8 (10) (55.6) 18
Total Consumer 689 247 55.9 442 180 68.7 262
Total Loans $ 1,189 $ 291 32.4% $ 898 $ 237 35.9% $ 661
Deposits:
Non-interest bearing deposits $ 152 $ 17 12.6% $ 135 $ 14 11.6% $ 121
Interest bearing demand deposits 699 169 31.9 530 149 39.1 381
Savings deposits 53 15 39.5 38 26 NM 12
Domestic time deposits 96 (14) (12.7) 110 2 1.9 108
Foreign time deposits 18 9 NM 9 3 50.0 6
Total Deposits $ 1,018 $ 196 23.8% $ 822 $ 194 30.9% $ 628
(1) Operating basis, see page 69 for definition.
(2) Calculated assuming a 35% tax rate.
NM, not a meaningful value.
HUNTINGTON BANCSHARES INCORPORATED 83