Huntington National Bank 2003 Annual Report Download - page 87
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MANAGEMENT’S DISCUSSION AND ANALYSIS
Table 23—Private Financial Group(1)
2003 Change From 2002 2002
Amount %
SUPPLEMENTAL DATA
# employees—full-time equivalent (EOP) 688 (4) (0.6)% 692
# licensed bankers (EOP) 695 50 7.8% 645
Brokerage and Insurance Income (in thousands)
Mutual fund revenue $ 4,371 $ (518) (10.6)% $ 4,889
Annuities revenue 28,216 (178) (0.6) 28,394
12b-1 fees 2,090 (74) (3.4) 2,164
Discount brokerage commissions and other 4,219 774 22.5 3,445
Total retail investment sales 38,896 4 — 38,892
Investment banking fees — — NM —
Insurance fees and revenue 15,348 3,149 25.8 12,199
Total Brokerage and Insurance Income 54,244 3,153 6.2 51,091
Fee sharing 17,235 5,947 52.7 11,288
Total Brokerage and Insurance Income
(net of fee sharing) $ 37,009 $ (2,794) (7.0)% $ 39,803
Mutual fund sales volume (in thousands) $212,919 $ 47,856 29.0% $165,063
Annuities sales volume (in thousands) 577,563 (6,096) (1.0) 583,659
Trust Services Income (in thousands)
Personal trust (including Haberer) $ 30,518 $ 542 1.8% $ 29,976
Huntington funds 19,200 (661) (3.3) 19,861
Institutional trust 7,730 102 1.3 7,628
Corporate trust 4,086 (3) (0.1) 4,089
Other trust — — NM —
Total Trust Services Income $ 61,534 $ (20) — $ 61,554
Fee sharing 866 (72) (7.7) 938
Total Trust Services Income (net of fee sharing) $ 60,668 $ 52 0.1% $ 60,616
Assets Under Management (EOP) (in billions)
Personal trust $ 4.9 $ 0.3 6.5% $ 4.6
Huntington funds 2.9 0.2 8.6 2.7
Institutional trust 0.6 0.1 20.0 0.5
Corporate trust — (0.2) NM 0.2
Haberer 0.5 0.1 20.0 0.5
Other — — NM —
Total Assets Under Management $ 8.9 $ 0.5 6.4% $ 8.4
Total Trust Assets (EOP) (in billions)
Personal trust $ 8.3 $ 0.7 9.4% $ 7.6
Huntington funds 2.9 0.2 8.6 2.7
Institutional trust 23.1 9.9 75.3 13.2
Corporate trust 3.2 0.7 27.5 2.5
Total Trust Assets $ 37.5 $ 11.6 44.5% $ 25.9
Mutual Fund Data
# Huntington mutual funds (EOP) 24 — 24
Sales penetration (3) 6.2% 0.2% 6.0%
Revenue penetration (whole dollars) (4) $ 3,323 $ 113 3.5% $ 3,210
Profit penetration (whole dollars) (5) 1,200 92 8.3 1,108
Average sales per licensed banker (whole dollars annualized) 67,924 (10,953) (13.9) 78,877
Average revenue per licensed banker (whole dollars annualized) 3,107 (471) (13.2) 3,578
(1) Operating basis, see page 69 for definition.
(3) Sales (dollars invested) of mutual funds and annuities divided by bank’s retail deposits.
(4) Investment program revenue per million of the bank’s retail deposits.
(5) Contribution of investment program to pretax profit per million of the bank’s retail deposits.
Contribution is difference between program revenue and program expenses.
NM, not a meaningful value.
EOP, end of period.
HUNTINGTON BANCSHARES INCORPORATED 85