Huntington National Bank 2003 Annual Report Download - page 89

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MANAGEMENT’S DISCUSSION AND ANALYSIS
Table 24—Treasury/Other(1)
2003 Change From 2002 2002 Change From 2001 2001
Amount % Amount %
INCOME STATEMENT (in thousands)
Net Interest Income $ 94,496 $(29,180) (23.6)% $123,676 $ 97,635 NM% $ 26,041
Provision for loan losses 5,739 209 3.8 5,530 4,490 NM 1,040
Net Interest Income After Provision for Loan Losses
88,757 (29,389) (24.9) 118,146 93,145 NM 25,001
Service charges on deposit accounts 41 7 20.6 34
Brokerage and insurance income 856 (116) (11.9) 972
Bank owned life insurance income 43,028 (95) (0.2) 43,123
Other 15,228 3,352 28.2 11,876
Total Non-Interest Income Before Securities Gains 59,153 3,148 5.6 56,005
Securities gains 5,224 422 8.8 4,802
Total Non-Interest Income 64,377 3,570 5.9 60,807 (5,121) (7.8) 65,928
Total Non-Interest Expense 71,823 10,790 17.7 61,033 (28,941) (32.2) 89,974
Income Before Income Taxes 81,311 (36,609) (31.0) 117,920 116,965 NM 955
Income taxes (2) (16,643) (16,747) NM 104 74,336 NM (74,232)
Net Income—Operating (1) $ 97,954 $(19,862) (16.9)% $117,816 $ 42,629 56.7% $ 75,187
Revenue—Fully Taxable Equivalent (FTE)
Net interest income $ 94,496 $(29,180) (23.6)% $123,676 $ 97,635 (0.8)% $ 26,041
Tax equivalent adjustment (2) 8,457 4,944 NM 3,513 (200) NM 3,713
Net interest income (FTE) 102,953 (24,236) (19.1) 127,189 97,435 (17.2) 29,754
Non-interest income 64,377 3,570 5.9 60,807 (5,121) NM 65,928
Total Revenue (FTE) $167,330 $(20,666) (11.0)% $187,996 $ 92,314 91.5% $ 95,682
Total Revenue Excluding Securities Gains (FTE) $162,106 $(21,088) (11.5)% $183,194 $ 87,512 0.0% $ 95,682
SELECTED AVERAGE BALANCES (in millions)
Securities $ 3,768 $ 963 34.3% $ 2,805 $ (329) (10.5)% $ 3,134
Loans:
C&I $ 40 $ 15 60.0% $ 25 $ (21) (45.7)% $ 46
CRE 70 20 40.0 50 44 NM 6
Total Loans $ 110 $ 35 46.7% $ 75 $ 23 44.2% $ 52
Deposits:
Brokered time deposits and negotiable CDs $ 1,419 $ 688 94.1% $ 731 $ 603 NM% $ 128
Foreign time deposits 118 39 49.4 79 (11) (12.2) 90
Total Deposits $ 1,537 $ 727 89.8% $ 810 $ 592 NM% $ 218
(1) Operating basis, see page 69 for definition.
(2) Reconciling difference between company’s actual effective tax rate and 35% tax rate allocated to each business segment.
NM, not a meaningful value.
HUNTINGTON BANCSHARES INCORPORATED 87