Huntington National Bank 2004 Annual Report Download - page 93

Download and view the complete annual report

Please find page 93 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 29 — Selected Quarterly Income Statements
2004 2003
(in thousands, except per share amounts) Fourth Third Second First Fourth Third Second First
Interest income $359,215 $338,002 $324,167 $325,931 $335,097 $333,320 $317,325 $320,014
Interest expense 120,147 110,944 101,604 103,246 110,782 112,849 114,884 118,255
Net interest income 239,068 227,058 222,563 222,685 224,315 220,471 202,441 201,759
Provision for credit losses 12,654 11,785 5,027 25,596 26,341 51,615 49,193 36,844
Net interest income after provision for
credit losses 226,414 215,273 217,536 197,089 197,974 168,856 153,248 164,915
Operating lease income 55,106 64,412 78,706 88,867 105,307 117,624 128,574 138,193
Service charges on deposit accounts 41,747 43,935 43,596 41,837 44,763 42,294 40,914 39,869
Trust services 17,315 17,064 16,708 16,323 15,793 15,365 15,580 14,911
Brokerage and insurance income 12,879 13,200 13,523 15,197 14,344 13,807 14,196 15,497
Bank owned life insurance income 10,484 10,019 11,309 10,485 10,410 10,438 11,043 11,137
Other service charges and fees 10,617 10,799 10,645 9,513 9,237 10,499 11,372 10,338
Mortgage banking 8,822 4,448 23,322 (4,296) 9,677 30,193 7,185 11,125
Securities gains (losses) 2,100 7,803 (9,230) 15,090 1,280 (4,107) 6,887 1,198
Gain on sales of automobile loans — 312 4,890 9,004 16,288 — 13,496 10,255
Gain on sale of branch offices ———— — 13,112 — —
Other income 23,870 17,899 24,659 25,619 19,411 23,543 27,704 20,401
Total non-interest income 182,940 189,891 218,128 227,639 246,510 272,768 276,951 272,924
Personnel costs 122,738 121,729 119,715 121,624 115,762 113,170 105,242 113,089
Operating lease expense 48,320 54,885 62,563 70,710 85,609 93,134 102,939 111,588
Net occupancy 26,082 16,838 16,258 16,763 14,925 15,570 15,377 16,609
Outside data processing and other services 18,563 17,527 17,563 18,462 15,957 17,478 16,104 16,579
Equipment 15,733 15,295 16,228 16,086 16,840 16,328 16,341 16,412
Professional services 9,522 12,219 7,836 7,299 12,175 11,116 9,872 9,285
Marketing 5,581 5,000 8,069 7,839 6,895 5,515 8,454 6,626
Telecommunications 4,596 5,359 4,638 5,194 5,272 5,612 5,394 5,701
Printing and supplies 3,148 3,201 3,098 3,016 3,417 3,658 2,253 3,681
Amortization of intangibles 205 204 204 204 204 204 204 204
Restructuring reserve releases — (1,151) — — (351) — (5,315) (1,000)
Loss on early extinguishment of debt ————15,250———
Other expense 26,526 22,317 25,981 18,457 25,510 18,397 20,168 16,705
Total non-interest expense 281,014 273,423 282,153 285,654 317,465 300,182 297,033 315,479
Income before income taxes 128,340 131,741 153,511 139,074 127,019 141,442 133,166 122,360
Provision for income taxes 37,201 38,255 43,384 34,901 33,758 37,230 36,676 30,630
Income before cumulative effect of change
in accounting principle 91,139 93,486 110,127 104,173 93,261 104,212 96,490 91,730
Cumulative effect of change in accounting
principle, net of tax(1) ———— — (13,330) — —
Net income $ 91,139 $ 93,486 $110,127 $104,173 $ 93,261 $ 90,882 $ 96,490 $ 91,730
Average common shares — diluted 235,502 234,348 232,659 232,915 231,986 230,966 230,572 232,805
Income before cumulative effect of
change in accounting principle per
common share — diluted $ 0.39 $ 0.40 $ 0.47 $ 0.45 $ 0.40 $ 0.45 $ 0.42 $ 0.39
Net income per common share — diluted 0.39 0.40 0.47 0.45 0.40 0.39 0.42 0.39
Cash dividends declared 0.200 0.200 0.175 0.175 0.175 0.175 0.160 0.160
Revenue — fully taxable equivalent (FTE)
Net interest income $239,068 $227,058 $222,563 $222,685 $224,315 $220,471 $202,441 $201,759
FTE adjustment(2) 2,847 2,864 2,919 3,023 2,954 2,558 2,076 2,096
Net interest income 241,915 229,922 225,482 225,708 227,269 223,029 204,517 203,855
Non-interest income 182,940 189,891 218,128 227,639 246,510 272,768 276,951 272,924
Total revenue $424,855 $419,813 $443,610 $453,347 $473,779 $495,797 $481,468 $476,779
(1) Based on income before cumulative effect of change in accounting principle, net of tax.
(2) On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
91