Huntington National Bank 2003 Annual Report Download - page 91

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MANAGEMENT’S DISCUSSION AND ANALYSIS
Table 25—Total Company(1)
2003 Change From 2002 2002 Change From 2001 2001
Amount % Amount %
INCOME STATEMENT (in thousands)
Net Interest Income $ 848,986 $ 109,136 14.8% $ 739,850 $106,835 16.9% $ 633,015
Provision for loan losses 163,993 (25,247) (13.3) 189,240 (52,965) (21.9) 242,205
Net Interest Income After Provision for Loan Losses
684,993 134,383 24.4 550,610 159,800 40.9 390,810
Operating lease income 489,698 (167,376) (25.5) 657,074
Service charges on deposit accounts 167,840 18,524 12.4 149,316
Brokerage and insurance income 57,844 2,650 4.8 55,194
Trust services 61,649 3 — 61,646
Mortgage banking 58,180 26,068 81.2 32,112
Bank owned life insurance income 43,028 (95) (0.2) 43,123
Other service charges and fees 41,446 72 0.2 41,374
Other 91,059 14,459 18.9 76,600
Total Non-Interest Income Before Securities Gains 1,010,744 (105,695) (9.5) 1,116,439
Securities gains 5,258 356 7.3 4,902
Total Non-Interest Income 1,016,002 (105,339) (9.4) 1,121,341 (1,609) (0.1) 1,122,950
Operating lease expense 393,270 (125,700) (24.2) 518,970
Personnel costs 447,263 40,748 10.0 406,515
Other 381,042 1,563 0.4 379,479
Total Non-Interest Expense 1,221,575 (83,389) (6.4) 1,304,964 (14,619) (1.1) 1,319,583
Income Before Income Taxes 479,420 112,433 30.6 366,987 172,810 89.0 194,177
Income taxes(2) 122,695 35,417 40.6 87,278 93,882 NM (6,604)
Net Income—Operating (1) $ 356,725 $ 77,016 27.5% $ 279,709 $ 78,928 39.3% $ 200,781
Revenue—Fully Taxable Equivalent (FTE)
Net interest income $ 848,986 $ 109,136 14.8% $ 739,850 $106,835 16.9% $ 633,015
Tax equivalent adjustment (2) 9,684 4,479 86.1 5,205 (1,147) (18.1) 6,352
Net interest income (FTE) 858,670 113,615 15.2 745,055 105,688 16.5 639,367
Non-interest income 1,016,002 (105,339) (9.4) 1,121,341 (1,609) (0.1) 1,122,950
Total Revenue (FTE) $1,874,672 $ 8,276 0.4% $1,866,396 $104,079 5.9% $1,762,317
Total Revenue Excluding Securities Gains (FTE) $1,869,414 $ 7,920 0.4% $1,861,494 $ 99,177 5.6% $1,762,317
SELECTED AVERAGE BALANCES (in millions)
Loans:
C&I $ 5,502 $ (83) (1.5)% $ 5,585 $ (318) (5.4)% $ 5,903
CRE
Construction 1,246 43 3.6 1,203 91 8.2 1,112
Commercial 2,691 354 15.1 2,337 303 14.9 2,034
Consumer
Auto leases—indirect 1,429 977 NM 452 268 NM 184
Auto loans—indirect 3,260 558 20.7 2,702 372 16.0 2,330
Home equity loans & lines of credit 3,446 465 15.6 2,981 296 11.0 2,685
Residential mortgage 2,076 667 47.3 1,409 600 74.2 809
Other loans 380 (30) (7.3) 410 (66) (13.9) 476
Total Consumer 10,591 2,637 33.2 7,954 1,470 22.7 6,484
Total Loans $ 20,030 $ 2,951 17.3% $ 17,079 $ 1,546 10.0% $ 15,533
Operating lease assets $ 1,697 $ (905) (34.8)% $ 2,602 $ (368) (12.4)% $ 2,970
Deposits:
Non-interest bearing deposits $ 3,089 $ 262 9.3% $ 2,827 $ 104 3.8% $ 2,723
Interest bearing demand deposits 6,184 1,216 24.5 4,968 1,349 37.3 3,619
Savings deposits 2,802 15 0.5 2,787 (139) (4.8) 2,926
Domestic time deposits 4,164 (787) (15.9) 4,951 (190) (3.7) 5,141
Brokered time deposits and negotiable CDs 1,419 688 94.1 731 603 NM 128
Foreign time deposits 500 163 48.4 337 60 21.7 277
Total Deposits $ 18,158 $ 1,557 9.4% $ 16,601 $ 1,787 12.1% $ 14,814
(1) Operating basis, see page 69 for definition.
(2) Calculated assuming 35% tax rate.
NM, not a meaningful value.
HUNTINGTON BANCSHARES INCORPORATED 89