Huntington National Bank 2004 Annual Report Download - page 81

Download and view the complete annual report

Please find page 81 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
Table 26 — Private Financial Group(1)
Change From 2003 Change From 2002
2004 Amount % 2003 Amount % 2002
INCOME STATEMENT (in thousands)
Net interest income $ 46,575 $ 4,699 11.2% $ 41,876 $ 6,103 17.1% $ 35,773
Provision for credit losses 2,299 (2,482) (51.9) 4,781 1,313 37.9 3,468
Net Interest Income After Provision for Credit Losses 44,276 7,181 19.4 37,095 4,790 14.8 32,305
Service charges on deposit accounts 3,929 35 0.9 3,894 52 1.4 3,842
Brokerage and insurance income 36,388 (621) (1.7) 37,009 (2,794) (7.0) 39,803
Trust services 66,405 5,737 9.5 60,668 52 0.1 60,616
Mortgage banking (641) (1,365) N.M. 724 157 27.7 567
Other service charges and fees 452 51 12.7 401 14 3.6 387
Other 4,809 (412) (7.9) 5,221 1,588 43.7 3,633
Total Non-Interest Income Before Securities Gains 111,342 3,425 3.2 107,917 (931) (0.9) 108,848
Securities gains 288 254 N.M. 34 (66) (66.0) 100
Total Non-Interest Income 111,630 3,679 3.4 107,951 (997) (0.9) 108,948
Personnel costs 68,058 7,304 12.0 60,754 797 1.3 59,957
Other 45,614 1,215 2.7 44,399 1,246 2.9 43,153
Total Non-Interest Expense 113,672 8,519 8.1 105,153 2,043 2.0 103,110
Income Before Provision for Income Taxes 42,234 2,341 5.9 39,893 1,750 4.6 38,143
Provision for income taxes(2) 14,782 819 5.9 13,963 613 4.6 13,350
Net Income — Operating(1) $ 27,452 $ 1,522 5.9% $ 25,930 $ 1,137 4.6% $ 24,793
Revenue — Fully Taxable Equivalent (FTE)
Net interest income $ 46,575 $ 4,699 11.2% $ 41,876 $ 6,103 17.1% $ 35,773
Tax equivalent adjustment(2) 37 (7) (15.9) 44 (23) (34.3) 67
Net interest income (FTE) 46,612 4,692 11.2 41,920 6,080 17.0 35,840
Non-interest income 111,630 3,679 3.4 107,951 (997) (0.9) 108,948
Total Revenue (FTE) $158,242 $ 8,371 5.6% $149,871 $ 5,083 3.5% $144,788
Total Revenue Excluding Securities Gains (FTE) $157,954 $ 8,117 5.4% $149,837 $ 5,149 3.6% $144,688
SELECTED AVERAGE BALANCES (in millions)
Loans:
Middle market C&I $ 351 $ 34 10.7% $ 317 $ 19 6.4% $ 298
Middle market CRE
Construction 23 1 4.5 22 1 4.8 21
Commercial 177 19 12.0 158 24 17.9 134
Total Commercial 551 54 10.9 497 44 9.7 453
Consumer
Home equity loans & lines of credit 300 43 16.7 257 57 28.5 200
Residential mortgage 518 94 22.2 424 190 81.2 234
Other loans 9 1 12.5 8—— 8
Total Consumer 827 138 20.0 689 247 55.9 442
Total Loans & Leases $ 1,378 $ 192 16.2% $ 1,186 $ 291 32.5% $ 895
Deposits:
Non-Interest bearing deposits $ 174 $ 22 14.5% $ 152 $ 17 12.6% $ 135
Interest bearing demand deposits 727 28 4.0 699 169 31.9 530
Savings deposits 47 (6) (11.3) 53 15 39.5 38
Domestic time deposits 106 10 10.4 96 (14) (12.7) 110
Foreign time deposits 23 5 27.8 18 9 100.0 9
Total Deposits $ 1,077 $ 59 5.8% $ 1,018 $ 196 23.8% $ 822
N.M., not a meaningful value.
(1) Operating basis, see Lines of Business section for definition.
(2) Calculated assuming a 35% tax rate.
79