Huntington National Bank 2004 Annual Report Download - page 37

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MANAGEMENT’S DISCUSSION AND ANALYSIS HUNTINGTON BANCSHARES INCORPORATED
The following table quantifies the earnings impact of the significant factors noted in #3-14 above on the specified periods.
Table 3 — Significant Items Influencing Earnings Performance Comparison(1)
Year Ended December 31,
2004 2003 2002
(in thousands of dollars) Pre-tax EPS Pre-tax EPS Pre-tax EPS
Income before income taxes — GAAP $ 552,666 $523,987 $522,705
Earnings per share, after tax $ 1.71 $ 1.61 $ 1.33
Change from prior year — $ 0.10 0.28 0.79
Change from prior year — % 6.2% 20.9% N.M.%
Favorable (unfavorable) impact:
SEC related expenses and accruals $ (13,597) $(0.05) $ (6,859) $(0.02) $ — $ —
Investment securities gains 15,763 0.04 5,258 0.01 4,902 0.01
Gain on sale of automobile loans 14,206 0.04 40,039 0.11 — —
Single commercial credit recovery 11,095 0.03 —— ——
Property lease impairment (7,846) (0.02) —— ——
Mortgage servicing right (MSR) temporary (impairment)
recovery net of hedge related gains (7,174) (0.02) 14,957 0.04 (13,395) (0.04)
One-time adjustment to consolidated securitization 3,682 0.01 —— ——
Unizan system conversion expense (3,610) (0.01) —— ——
Restructuring releases (charges) 1,151 N.M. 6,666 0.02 (48,973) (0.13)
Cumulative effect of change in accounting principle(2) —— n/a (0.06) — —
Gain on sale of branch offices —— 13,112 0.04 — —
Long-term debt extinguishment ——(15,250) (0.04) — —
Loss from Florida operations —— — — (2,329) (0.01)
Gain on sale of Florida operations —— — — 182,470 0.25
Merchant services gain —— — — 24,550 0.07
N.M., not a meaningful value.
n/a, not applicable.
(1) See Significant Factors Influencing Financial Performance section.
(2) Only reflected in the income statement on an after tax basis of $13.3 million.
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