Huntington National Bank 2004 Annual Report Download - page 68

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MANAGEMENT’S DISCUSSION AND ANALYSIS HUNTINGTON BANCSHARES INCORPORATED
Table 23 — Lines of Business — GAAP Earnings vs. Operating Earnings Reconciliation(1)
(in thousands of dollars) Regional Banking Dealer Sales PFG Treasury/Other Total
2004
Net income — GAAP $229,828 $74,087 $27,452 $ 67,558 $398,925
Change from prior year — $ $ 56,952 $11,419 $ 1,522 $ (43,331) $ 26,562
Change from prior year — % 32.9% 18.2% 5.9% (39.1)% 7.1%
Restructuring releases — — — (748) (748)
Gain on sale of automobile loans — (8,598) — (636) (9,234)
Net income — operating $229,828 $65,489 $27,452 $ 66,174 $388,943
Change from prior year — $ $ 57,029 $ 5,470 $ 1,499 $ (31,780) $ 32,218
Change from prior year — % 33.0% 9.1% 5.8% (32.4)% 9.0%
2003
Net income — GAAP $ 172,876 $ 62,668 $ 25,930 $ 110,889 $ 372,363
Change from prior year — $ $ 58,424 $ 37,963 $ 3,138 $ (50,893) $ 48,632
Change from prior year — % 51.0% N.M.% 13.8% (31.5)% 15.0%
Restructuring releases — — — (4,333) (4,333)
Gain on sale of automobile loans — (13,493) — (12,532) (26,025)
Cum. effect of change in accounting — 10,888 — 2,442 13,330
Gain on sale of branch offices — — — (8,523) (8,523)
Long-term debt extinguishment — — — 9,913 9,913
Net income — operating $ 172,876 $ 60,063 $ 25,930 $ 97,856 $ 356,725
Change from prior year — $ $ 59,694 $ 36,148 $ 1,137 $ (19,963) $ 77,016
Change from prior year — % 52.7% N.M.% 4.6% (16.9)% 27.5%
2002
Net income — GAAP $ 114,452 $ 24,705 $ 22,792 $ 161,782 $ 323,731
Restructuring charges — — 3,429 28,403 31,832
Loss from Florida operations (1,270) (790) (1,428) 5,013 1,525
Gain on sale of Florida operations — — — (61,422) (61,422)
Merchant services gain — — — (15,957) (15,957)
Net income — operating $ 113,182 $ 23,915 $ 24,793 $ 117,819 $ 279,709
N.M., not a meaningful value.
(1) See Significant Factors Influencing Financial Performance section.
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