Huntington National Bank 2003 Annual Report Download - page 96
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MANAGEMENT’S DISCUSSION AND ANALYSIS
Table 27—Quarterly Stock Summary, Key Ratios and Statistics and Capital Data
Quarterly Common Stock Summary
2003 2002
(in thousands, except per share amounts) Fourth Third Second First Fourth Third Second First
Common Stock Price (1)
High $ 22.550 $ 20.890 $ 21.540 $19.800 $ 19.980 $ 20.430 $ 21.770 $ 20.310
Low 19.850 19.220 19.030 17.780 16.160 16.000 18.590 16.660
Close 22.500 19.850 19.510 18.590 18.710 18.190 19.420 19.700
Average daily closing price 21.584 20.199 19.790 18.876 18.769 19.142 20.089 18.332
Dividends
Cash dividends declared on common
stock $ 0.175 $ 0.175 $ 0.16 $0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.16
Common Shares Outstanding
Average—basic 228,902 228,715 228,633 231,355 233,581 239,925 246,106 250,749
Average—diluted 231,986 230,966 230,572 232,805 235,083 241,357 247,867 251,953
Ending 229,008 228,870 228,660 228,642 232,879 237,544 242,920 249,992
Common Share Repurchase Program
Authorized under 2002 repurchase
program 22,000
Number of shares repurchased — — — (200) (4,110) (6,262) (7,329) (1,458)
Cancellation of program — — — (2,641) — — — —
Remaining shares authorized to
repurchase (2) — — — — 2,841 6,951 13,213 20,542
Authorized under 2003 repurchase
program 8,000
Number of shares repurchased — — — (4,100)
Remaining shares authorized to
repurchase (2) 3,900 3,900 3,900 3,900
Quarterly Key Ratios and Statistics
Margin Analysis—As a % of Average
Earning Assets (3)
Interest income 5.11% 5.23% 5.42% 5.72% 5.99% 6.26% 6.37% 6.46%
Interest expense 1.69 1.77 1.95 2.09 2.37 2.57 2.67 2.93
Net Interest Margin 3.42% 3.46% 3.47% 3.63% 3.62% 3.69% 3.70% 3.53%
Return on average assets 1.22% 1.39% 1.38% 1.36% 1.02% 1.35% 1.14% 1.46%
Return on average shareholders’
equity 16.6 18.5 18.0 17.2 12.7 15.8 12.5 16.8
Capital Data—End of Period
(in millions of dollars)
Total Risk-Adjusted Assets $ 28,164 $ 27,949 $ 27,456 $27,337 $ 27,030 $ 26,226 $ 25,200 $ 24,826
Tier 1 Risk-Based Capital ratio 8.51% 8.40% 8.35% 8.16% 8.34% 8.82% 9.42% 10.00%
Total Risk-Based Capital ratio 11.93 11.19 11.16 11.04 11.25 11.78 12.46 13.15
Tier 1 Leverage ratio 7.99 7.94 8.25 8.22 8.51 9.06 9.60 9.45
Tangible common equity ratio 6.80 6.78 7.07 7.01 7.22 7.64 8.16 8.77
Tangible common equity to risk-
weighted assets ratio 7.30 7.24 7.23 7.09 7.29 7.71 8.15 8.65
(1) Intra-day and closing stock price quotations were obtained from NASDAQ.
(2) A new repurchase program for 8 million shares was authorized in January 2003, canceling the remaining shares under the previous repurchase authorization.
(3) Presented on a fully taxable equivalent basis assuming a 35% tax rate.
94 HUNTINGTON BANCSHARES INCORPORATED