Huntington National Bank 2005 Annual Report Download - page 119

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NOTES TOCONSOLIDATED FINANCIAL STATEMENTS HUNTINGTON BANCSHARES INCORPORATED
9. GOODWILL AND OTHER INTANGIBLE ASSETS
At December 31, goodwill and other intangible assets, net of accumulated amortization, were comprised of:
At December 31,
(in thousands of dollars) 2005 2004
Goodwill $ 212,530 $210,155
Other intangibles 4,956 5,652
Balance, end of period $217,486 $215,807
At December 31, 2005, none of Huntington’s goodwill is deductible for tax purposes. Goodwill and other intangible assets, net of
accumulated amortization, and related activity, by segment, for the years ended December 31, 2005 and 2004, were as follows:
Regional Dealer Treasury/ Huntington
(in thousands of dollars) Banking Sales PFCMG Other Consolidated
Balance, January 1, 2004 $ 197,593 — $ 12,947 $ 6,469 $ 217,009
Amortization — — — (817) (817)
Adjustments — — (385) — (385)
Balance, December 31, 2004 197,593 — 12,562 5,652 215,807
Additions 2,378 — 130 — 2,508
Amortization — — (13) (816) (829)
Balance, December 31, 2005 $ 199,971 $ — $ 12,679 $ 4,836 $217,486
During 2005 Huntington purchased certain trust relationships for $0.1 million. Also included in 2005 is $2.4 million primarily
relating to the finalization of the settlement of a purchase price contingency of the LeaseNet acquisition in 2002.
The $0.4 million adjustment in 2004 relates to goodwill recorded as part of the Haberer Registered Investment Advisor, Inc.
acquisition in 2002. No impairment of goodwill was required in accordance with Statement No. 142 in 2005, 2004 or 2003. For
the years 2006 through 2010, amortization expense associated with the other intangibles is expected to be $0.8 million each year.
10. SHORT-TERM BORROWINGS
At December 31, short-term borrowings were comprised of the following:
At December 31,
(in thousands of dollars) 2005 2004
Federal funds purchased $ 931,097 $ 30,620
Securities sold under agreements to repurchase 888,985 1,093,247
Commercial paper 2,480 1,928
Other borrowings 66,698 81,438
Total short-term borrowings $1,889,260 $1,207,233
Other borrowings consist of borrowings from the U.S. Treasury, funds held as collateral from swap counterparties, and other
notes payable.
Information concerning securities sold under agreements to repurchase for the years ended December 31 is summarized as
follows:
Year Ended December 31,
(in thousands of dollars) 2005 2004
Average balance during the year $ 1,125,159 $1,410,174
Average interest rate during the year 2.17% 0.93%
Maximum month-end balance during the year $ 1,356,733 $1,500,267
Commercial paper is issued by Huntington Bancshares Financial Corporation, a non-bank subsidiary, with principal and interest
guaranteed by the parent company.
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