Huntington National Bank 2004 Annual Report Download - page 99

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CONSOLIDATED STATEMENTS OF INCOME HUNTINGTON BANCSHARES INCORPORATED
Twelve Months Ended December 31,
(in thousands, except per share amounts) 2004 2003 2002
Interest and fee income
Loans and leases
Taxable $1,132,938 $1,097,109 $1,088,932
Taxable-exempt 1,135 1,315 1,975
Investment securities
Taxable 171,709 159,590 173,107
Taxable-exempt 17,884 15,067 6,516
Other 23,649 32,675 22,665
Total Interest Income 1,347,315 1,305,756 1,293,195
Interest expense
Deposits 257,099 288,271 385,733
Short-term borrowings 13,053 15,698 28,668
Federal Home Loan Bank advances 33,253 24,394 5,946
Subordinated notes and other long-term debt including preferred capital securities 132,536 128,407 123,274
Total Interest Expense 435,941 456,770 543,621
Net Interest Income 911,374 848,986 749,574
Provision for credit losses 55,062 163,993 194,426
Net Interest Income After Provision for Credit Losses 856,312 684,993 555,148
Operating lease income 287,091 489,698 657,074
Service charges on deposit accounts 171,115 167,840 153,564
Trust services 67,410 61,649 62,051
Brokerage and insurance income 54,799 57,844 62,109
Bank owned life insurance income 42,297 43,028 43,123
Other service charges and fees 41,574 41,446 42,888
Mortgage banking 32,296 58,180 32,033
Securities gains 15,763 5,258 4,902
Gain on sales of automobile loans 14,206 40,039 —
Gain on sale of branch offices —13,112 —
Gain on sale of Florida operations —— 182,470
Merchant Services gain —— 24,550
Other income 92,047 91,059 76,940
Total Non-Interest Income 818,598 1,069,153 1,341,704
Personnel costs 485,806 447,263 418,037
Operating lease expense 236,478 393,270 518,970
Net occupancy 75,941 62,481 59,539
Outside data processing and other services 72,115 66,118 67,368
Equipment 63,342 65,921 68,323
Professional services 36,876 42,448 33,085
Marketing 26,489 27,490 27,911
Telecommunications 19,787 21,979 22,661
Printing and supplies 12,463 13,009 15,198
Amortization of intangibles 817 816 2,019
Restructuring reserve (releases) charges (1,151) (6,666) 48,973
Loss on early extinguishment of debt —15,250 —
Other expense 93,281 80,780 92,063
Total Non-Interest Expense 1,122,244 1,230,159 1,374,147
Income Before Income Taxes 552,666 523,987 522,705
Provision for income taxes 153,741 138,294 198,974
Income before cumulative effect of change in accounting principle 398,925 385,693 323,731
Cumulative effect of change in accounting principle, net of tax of $7,178 —(13,330) —
Net Income $ 398,925 $ 372,363 $ 323,731
Average common shares — basic 229,913 229,401 242,279
Average common shares — diluted 233,856 231,582 244,012
Per Common Share:
Income before cumulative effect of change in accounting principle — basic $ 1.74 $ 1.68 $ 1.34
Income before cumulative effect of change in accounting principle — diluted 1.71 1.67 1.33
Net Income — basic 1.74 1.62 1.34
Net Income — diluted 1.71 1.61 1.33
Cash dividends declared 0.75 0.67 0.64
See Notes to Consolidated Financial Statements.
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