Huntington National Bank 2004 Annual Report Download - page 61

Download and view the complete annual report

Please find page 61 of the 2004 Huntington National Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 142

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142

MANAGEMENT’S DISCUSSION AND ANALYSIS HUNTINGTON BANCSHARES INCORPORATED
$100,000 or less. Foreign time deposits were comprised of time certificates of deposit issued by Huntington’s foreign offices. Foreign
deposits are interest-bearing and all mature in one year or less.
The aggregate amount of certificates of deposit and other time deposits outstanding in domestic offices was $6.2 billion in 2004 and
$5.7 billion in 2003. The contractual maturity of these deposits at the end of 2004 was as follows: $2.1 billion in 2005, $1.5 billion in
2006, $792 million in 2007, $848 million in 2008, $371 million in 2009, and $560 million thereafter.
Domestic certificates of deposit and other time deposits over $100,000 totaled $3.2 billion at the end of 2004 and $2.6 billion at the
end of 2003. The contractual maturity of the deposits at December 31, 2004 was as follows: $600 million in three months or less,
$282 million in three months through six months, $304 million after six months through twelve months, and $1,976 million after
twelve months.
Demand deposit overdrafts that have been reclassified as loan balances were $12.8 million and $16.6 million at December 31, 2004
and 2003, respectively.
Sources of wholesale funding include Federal Funds purchased, Eurodollar deposits, securities sold under repurchase agreements,
brokered and negotiable CDs, Federal Home Loan Bank (FHLB) advances, and medium- and long-term debt. The Company is a
member of the FHLB of Cincinnati, which provides funding to its members through advances. These advances carry maturities from
one month to 20 years. At December 31, 2004, the Company had $1.3 billion of advances from the FHLB. All FHLB borrowings are
collateralized with mortgage-related assets such as residential mortgage loans and home equity loans. To provide further liquidity, the
Company has a $6.0 billion domestic bank note program with $3.0 billion available for future issuance under this program as of
December 31, 2004. In addition, the Bank shares a $2.0 billion Euronote program with the parent company. This program is subject
to annual renewal and had approximately $1.7 billion available as of December 31, 2004. Both programs enable the Company to issue
notes with maturities from one month to 30 years. Total wholesale deposits increased by less than 1% in 2004. The $9.4 billion
portfolio at December 31, 2004, had a weighted average maturity of three years.
59