Huntington National Bank 2004 Annual Report Download - page 28

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SELECTED FINANCIAL DATA HUNTINGTON BANCSHARES INCORPORATED
Table 1 — Selected Financial Data
Year Ended December 31,
(in thousands of dollars, except per share amounts) 2004 2003 2002 2001 2000
Interest income $ 1,347,315 $ 1,305,756 $ 1,293,195 $ 1,654,789 $ 1,833,388
Interest expense 435,941 456,770 543,621 939,501 1,163,278
Net interest income 911,374 848,986 749,574 715,288 670,110
Provision for credit losses 55,062 163,993 194,426 257,326 61,464
Net interest income after provision for credit losses 856,312 684,993 555,148 457,962 608,646
Operating lease income 287,091 489,698 657,074 691,733 623,835
Service charges on deposit accounts 171,115 167,840 153,564 165,012 161,426
Securities gains 15,763 5,258 4,902 723 37,101
Gain on sales of automobile loans 14,206 40,039———
Gain on sale of branch offices —13,112———
Gain on sale of Florida operations —— 182,470 — —
Merchant Services gain —— 24,550 — —
Other non-interest income 330,423 353,206 319,144 342,474 300,840
Total non-interest income 818,598 1,069,153 1,341,704 1,199,942 1,123,202
Personnel costs 485,806 447,263 418,037 454,210 396,230
Operating lease expense 236,478 393,270 518,970 558,626 494,800
Restructuring reserve (releases) charges (1,151) (6,666) 48,973 79,957
Loss on early extinguishment of debt —15,250———
Other non-interest expense 401,111 381,042 388,167 469,634 392,101
Total non-interest expense 1,122,244 1,230,159 1,374,147 1,562,427 1,283,131
Income before income taxes 552,666 523,987 522,705 95,477 448,717
Provision (benefit) for income taxes 153,741 138,294 198,974 (39,319)(6) 126,299
Income before cumulative effect of change in accounting principle 398,925 385,693 323,731 134,796 322,418
Cumulative effect of change in accounting principle, net of tax(1) —(13,330) — — —
Net income $ 398,925 $ 372,363 $ 323,731 $ 134,796 $ 322,418
Income before cumulative effect of change in accounting
principle per common share — basic $1.74 $1.68 $1.34 $0.54 $1.30
Net Income per common share — basic 1.74 1.62 1.34 0.54 1.30
Income before cumulative effect of change in accounting
principle per common share — diluted 1.71 1.67 1.33 0.54 1.29
Net Income per common share — diluted 1.71 1.61 1.33 0.54 1.29
Cash dividends declared 0.75 0.67 0.64 0.72 0.76
Balance sheet highlights
Total assets (period end)(2) $32,565,497 $30,519,326 $27,539,753 $28,458,769 $28,534,567
Total long-term debt (period end)(3) 6,326,885 6,807,979 4,246,801 2,739,332 3,388,126
Total shareholders’ equity (period end) 2,537,638 2,275,002 2,189,793 2,341,897 2,335,229
Average long-term debt(3) 6,650,367 5,816,660 3,613,527 3,429,480 4,017,584
Average shareholders’ equity 2,374,137 2,196,348 2,238,761 2,330,968 2,191,788
Average total assets(2) 31,432,746 28,971,701 26,063,281 28,126,386 28,589,244
Key ratios and statistics
Margin analysis — as a % of average earnings assets
Interest income(4) 4.89% 5.35% 6.23% 7.58% 8.13%
Interest expense 1.56 1.86 2.61 4.29 5.13
Net interest margin(4) 3.33% 3.49% 3.62% 3.29% 3.00%
Return on average total assets 1.27% 1.29% 1.24% 0.48% 1.13%
Return on average total shareholders’ equity 16.8 17.0 14.5 5.8 14.7
Efficiency ratio(5) 65.0 63.9 65.6 79.2 70.5
Dividend payout ratio 43.9 41.6 48.1 133.3 58.9
Average shareholders’ equity to average assets(2) 7.55 7.58 8.59 8.29 7.67
Effective tax rate 27.8 26.4 38.1 (41.2)(6) 28.1
Tangible equity to asset (period end)(7) 7.18 6.79 7.22 5.86 5.69
Tier 1 leverage ratio 8.42 7.98 8.51 7.16 6.85
Tier 1 risk-based capital ratio (period end) 9.08 8.53 8.34 7.02 7.13
Total risk-based capital ratio (period end) 12.48 11.95 11.25 10.07 10.29
Other data
Full-time equivalent employees 7,812 7,983 8,177 9,743 9,693
Domestic banking offices 342 338 343 481 508
(1) Due to the adoption of FASB Interpretation No. 46 for variable interest entities.
(2) Period end total assets and average total assets were restated for prior periods due to the reclass of ‘‘Allowance for Unfunded Commitments and LOC’’, from Allowance for loan and lease losses to
the liability section of the balance sheet.
(3) Includes Federal Home Loan Bank advances, other long-term debt, and subordinated notes.
(4) On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
(5) Non-interest expense less amortization of intangibles divided by the sum of FTE net interest income and non-interest income excluding securities gains.
(6) Reflects a $32.5 million reduction related to the issuance of $400 million REIT subsidiary preferred stock, of which $50 million was sold to the public.
(7) Total equity minus intangible assets divided by total assets minus intangible assets.
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