Huntington National Bank 2004 Annual Report Download - page 132

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS HUNTINGTON BANCSHARES INCORPORATED
Year Ended December 31,
Statements of Income
(in thousands of dollars) 2004 2003 2002
Income
Dividends from
The Huntington National Bank $400,000 $150,533 $231,000
Non-bank subsidiaries 8,202 3,000 8,142
Interest from
The Huntington National Bank 13,417 20,098 29,611
Non-bank subsidiaries 7,638 7,356 5,854
Management fees from subsidiaries 34,603 34,129 33,070
Other (810) 3,214 877
Total Income 463,050 218,330 308,554
Expense
Personnel costs 32,227 18,608 23,695
Interest on debt 4,317 12,976 20,213
Other 36,738 27,347 37,868
Total Expense 73,282 58,931 81,776
Income before income taxes and equity in undistributed net income of subsidiaries 389,768 159,399 226,778
Benefit from income taxes (4,223) (5,130) (12,970)
Income before equity in undistributed net income of subsidiaries and
cumulative effect of change in accounting principle 393,991 164,529 239,748
Cumulative effect of change in accounting principle net of tax of $1,315 —(2,442) —
Income before equity in undistributed net income of subsidiaries 393,991 162,087 239,748
Equity in undistributed net (loss) income of
The Huntington National Bank (9,073) 196,659 88,710
Non-bank subsidiaries 14,007 13,617 (4,727)
Net Income $398,925 $372,363 $323,731
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