Huntington National Bank 2004 Annual Report Download - page 88

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MANAGEMENT’S DISCUSSION AND ANALYSIS HUNTINGTON BANCSHARES INCORPORATED
Table 28 — Total Company(1)
Change From 2003 Change From 2002
2004 Amount % 2003 Amount % 2002
INCOME STATEMENT (in thousands)
Net interest income $ 911,374 $ 62,388 7.3% $ 848,986 $ 109,136 14.8% $ 739,850
Provision for credit losses 55,062 (108,931) (66.4) 163,993 (25,247) (13.3) 189,240
Net Interest Income After Provision for Credit Losses 856,312 171,319 25.0 684,993 134,383 24.4 550,610
Operating lease income 287,091 (202,607) (41.4) 489,698 (167,376) (25.5) 657,074
Service charges on deposit accounts 171,115 3,275 2.0 167,840 18,524 12.4 149,316
Brokerage and insurance income 54,799 (3,045) (5.3) 57,844 2,650 4.8 55,194
Trust services 67,410 5,761 9.3 61,649 3 0.0 61,646
Mortgage banking 32,296 (25,884) (44.5) 58,180 26,068 81.2 32,112
Bank Owned Life Insurance income 42,297 (731) (1.7) 43,028 (95) (0.2) 43,123
Other service charges and fees 41,574 128 0.3 41,446 72 0.2 41,374
Other 92,047 988 1.1 91,059 14,459 18.9 76,600
Total Non-Interest Income Before Securities Gains 788,629 (222,115) (22.0) 1,010,744 (105,695) (9.5) 1,116,439
Securities gains 15,763 10,505 N.M. 5,258 356 7.3 4,902
Total Non-Interest Income 804,392 (211,610) (20.8) 1,016,002 (105,339) (9.4) 1,121,341
Operating lease expense 236,478 (156,792) (39.9) 393,270 (125,700) (24.2) 518,970
Personnel costs 485,806 38,543 8.6 447,263 40,748 10.0 406,515
Other 401,111 20,069 5.3 381,042 1,563 0.4 379,479
Total Non-Interest Expense 1,123,395 (98,180) (8.0) 1,221,575 (83,389) (6.4) 1,304,964
Income Before Provision for Income Taxes 537,309 57,889 12.1 479,420 112,433 30.6 366,987
Provision for income taxes 148,366 25,671 20.9 122,695 35,417 40.6 87,278
Net Income — Operating(1) $ 388,943 $ 32,218 9.0% $ 356,725 $ 77,016 27.5% $ 279,709
Revenue — Fully Taxable Equivalent (FTE)
Net interest income $ 911,374 $ 62,388 7.3% $ 848,986 $ 109,136 14.8% $ 739,850
Tax equivalent adjustment(2) 11,653 1,969 20.3 9,684 4,479 86.1 5,205
Net interest income (FTE) 923,027 64,357 7.5 858,670 113,615 15.2 745,055
Non-interest income 804,392 (211,610) (20.8) 1,016,002 (105,339) (9.4) 1,121,341
Total Revenue (FTE) $1,727,419 $(147,253) (7.9)% $1,874,672 $ 8,276 0.4% $1,866,396
Total Revenue Excluding Securities Gains (FTE) $1,711,656 $(157,758) (8.4)% $1,869,414 $ 7,920 0.4% $1,861,494
SELECTED AVERAGE BALANCES (in millions)
Loans:
Middle market C&I $ 4,456 $ (177) (3.8)% $ 4,633 $ (177) (3.7)% $ 4,810
Middle market CRE
Construction 1,420 201 16.5 1,219 68 5.9 1,151
Commercial 1,922 122 6.8 1,800 130 7.8 1,670
Small business loans 2,003 216 12.1 1,787 293 19.6 1,494
Total Commercial 9,801 362 3.8 9,439 314 3.4 9,125
Consumer
Auto leases — indirect 2,192 769 54.0 1,423 971 N.M. 452
Auto loans — indirect 2,285 (975) (29.9) 3,260 558 20.7 2,702
Home equity loans & lines of credit 4,187 746 21.7 3,441 516 17.6 2,925
Residential mortgage 3,212 1,186 58.5 2,026 617 43.8 1,409
Other loans 450 15 3.4 435 (31) (6.7) 466
Total Consumer 12,326 1,741 16.4 10,585 2,631 33.1 7,954
Total Loans & Leases $ 22,127 $ 2,103 10.5% $ 20,024 $ 2,945 17.2% $ 17,079
Operating lease assets $ 897 $ (800) (47.1)% $ 1,697 $ (905) (34.8)% $ 2,602
Deposits:
Non-interest bearing deposits $ 3,230 $ 150 4.9% $ 3,080 $ 253 8.9% $ 2,827
Interest bearing demand deposits 7,207 1,014 16.4 6,193 1,225 24.7 4,968
Savings deposits 2,829 27 1.0 2,802 15 0.5 2,787
Domestic time deposits 3,884 (280) (6.7) 4,164 (787) (15.9) 4,951
Brokered time deposits and negotiable CDs 1,837 418 29.5 1,419 688 94.1 731
Foreign time deposits 508 8 1.6 500 163 48.4 337
Total Deposits $ 19,495 $ 1,337 7.4% $ 18,158 $ 1,557 9.4% $ 16,601
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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