Huntington National Bank 2004 Annual Report Download - page 76

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MANAGEMENT’S DISCUSSION AND ANALYSIS HUNTINGTON BANCSHARES INCORPORATED
Table 25 — Dealer Sales(1)
Change From 2003 Change From 2002
2004 Amount % 2003 Amount % 2002
INCOME STATEMENT (in thousands)
Net interest income $149,251 $ 42,009 39.2 % $107,242 $ 101,838 N.M. % $ 5,404
Provision for credit losses 44,692 (14,777) (24.8) 59,469 13,134 28.3 46,335
Net Interest Income After Provision for Credit Losses 104,559 56,786 N.M. 47,773 88,704 N.M. (40,931)
Operating lease income 285,431 (204,267) (41.7) 489,698 (167,376) (25.5) 657,074
Service charges on deposit accounts 819 (17) (2.0) 836 4 0.5 832
Brokerage and insurance income 2,642 (1,161) (30.5) 3,803 46 1.2 3,757
Trust services — (13) (100.0) 13 13 N.M. —
Mortgage banking — (3) (100.0) 3 1 50.0 2
Other service charges and fees 1 1 N.M. — (3) (100.0) 3
Other 31,072 (562) (1.8) 31,634 5,745 22.2 25,889
Total Non-Interest Income Before Securities Gains 319,965 (206,022) (39.2) 525,987 (161,570) (23.5) 687,557
Securities gains 469 469 N.M. — — N.M. —
Total Non-Interest Income 320,434 (205,553) (39.1) 525,987 (161,570) (23.5) 687,557
Operating lease expense 235,081 (158,189) (40.2) 393,270 (125,700) (24.2) 518,970
Personnel costs 23,218 2,458 11.8 20,760 1,720 9.0 19,040
Other 65,941 (1,383) (2.1) 67,324 (4,499) (6.3) 71,823
Total Non-Interest Expense 324,240 (157,114) (32.6) 481,354 (128,479) (21.1) 609,833
Income Before Provision for Income Taxes 100,753 8,347 9.0 92,406 55,613 N.M. 36,793
Provision for income taxes(2) 35,264 2,921 9.0 32,343 19,465 N.M. 12,878
Net Income — Operating(1) $ 65,489 $ 5,426 9.0 % $ 60,063 $ 36,148 N.M. % $ 23,915
Revenue — Fully Taxable Equivalent (FTE)
Net interest income $149,251 $ 42,009 39.2 % $107,242 $ 101,838 N.M. % $ 5,404
Tax equivalent adjustment(2) ——— ——— —
Net interest income (FTE) 149,251 42,009 39.2 107,242 101,838 N.M. 5,404
Non-interest income 320,434 (205,553) (39.1) 525,987 (161,570) (23.5) 687,557
Total Revenue (FTE) $469,685 $(163,544) (25.8)% $633,229 $ (59,732) (8.6)% $692,961
Total Revenue Excluding Securities Gains (FTE) $469,216 $(164,013) (25.9)% $633,229 $ (59,732) (8.6)% $692,961
SELECTED AVERAGE BALANCES (in millions)
Loans:
Middle market C&I $ 758 $ 110 17.0 % $ 648 $ 117 22.0 % $ 531
Middle market CRE
Construction 5 (3) (37.5) 8 6 N.M. 2
Commercial 76 8 11.8 68 24 54.5 44
Total Commercial 839 115 15.9 724 147 25.5 577
Consumer
Auto leases — indirect 2,192 769 54.0 1,423 971 N.M. 452
Auto loans — indirect 2,281 (972) (29.9) 3,253 561 20.8 2,692
Home equity loans & lines of credit ——— ——— —
Other loans 77 17 28.3 60 7 13.2 53
Total Consumer 4,550 (186) (3.9) 4,736 1,539 48.1 3,197
Total Loans & Leases $ 5,389 $ (71) (1.3)% $ 5,460 $ 1,686 44.7 % $ 3,774
Operating lease assets $ 891 $ (806) (47.5)% $ 1,697 $ (905) (34.8)% $ 2,602
Deposits:
Non-interest bearing deposits $ 66 $ 7 11.9 % $ 59 $ 10 20.4 % $ 49
Interest bearing demand deposits 2—— 2 1 100.0 1
Foreign time deposits 4 (2) (33.3) 6 2 50.0 4
Total Deposits $ 72 $ 5 7.5 % $ 67 $ 13 24.1 % $ 54
N.M., not a meaningful value.
(1) Operating basis, see Lines of Business section for definition.
(2) Calculated assuming a 35% tax rate.
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