Huntington National Bank 2005 Annual Report Download - page 86

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MANAGEMENT’S DISCUSSION AND ANALYSIS HUNTINGTON BANCSHARES INCORPORATED
Table 32 — Private Financial and Capital Markets Group(1)
Change From 2004 Change From 2003
2005 Amount % 2004 Amount % 2003
INCOME STATEMENT (in thousands of dollars)
Net interest income $ 72,886 $ 11,123 18.0% $ 61,763 $11,096 21.9% $ 50,667
Provision for credit losses 4,165 1,500 56.3 2,665 (7,981) (75.0) 10,646
Net interest income after provision for credit losses 68,721 9,623 16.3 59,098 19,077 47.7 40,021
Service charges on deposit accounts 3,634 (317) (8.0) 3,951 37 0.9 3,914
Brokerage and insurance income 33,650 (3,442) (9.3) 37,092 (769) (2.0) 37,861
Trust services 76,488 10,083 15.2 66,405 5,738 9.5 60,667
Mortgage banking (909) (268) 41.8 (641) (1,365) N.M. 724
Other service charges and fees 490 38 8.4 452 51 12.7 401
Other income 21,679 (4,779) (18.1) 26,458 6,840 34.9 19,618
Securities gains 70 (218) (75.7) 288 254 N.M. 34
Total non-interest income 135,102 1,097 0.8 134,005 10,786 8.8 123,219
Personnel costs 75,583 1,749 2.4 73,834 6,227 9.2 67,607
Other expense 55,612 5,005 9.9 50,607 1,342 2.7 49,265
Total non-interest expense 131,195 6,754 5.4 124,441 7,569 6.5 116,872
Income before income taxes 72,628 3,966 5.8 68,662 22,294 48.1 46,368
Provision for income taxes(2) 25,420 1,388 5.8 24,032 7,803 48.1 16,229
Net income — operating(1) $ 47,208 $ 2,578 5.8% $ 44,630 $14,491 48.1% $ 30,139
Revenue — fully taxable equivalent (FTE)
Net interest income $ 72,886 $ 11,123 18.0% $ 61,763 $11,096 21.9% $ 50,667
Tax equivalent adjustment(2) 366 277 N.M. 89 24 36.9 65
Net interest income (FTE) 73,252 11,400 18.4 61,852 11,120 21.9 50,732
Non-interest income 135,102 1,097 0.8 134,005 10,786 8.8 123,219
Total revenue (FTE) $208,354 $ 12,497 6.4% $195,857 $21,906 12.6% $173,951
SELECTED AVERAGE BALANCES (in millions of dollars)
Loans:
Commercial
Middle market commercial and industrial $ 504 $ 80 18.9% $ 424 $ 65 18.1% $ 359
Middle market commercial real estate
Construction 50 27 N.M. 23 — — 23
Commercial 223 (10) (4.3) 233 15 6.9 218
Total commercial 777 97 14.3 680 80 13.3 600
Consumer
Home equity loans & lines of credit 322 22 7.3 300 43 16.7 257
Residential mortgage 571 53 10.2 518 94 22.2 424
Other loans 10 1 11.1 9 1 12.5 8
Total consumer 903 76 9.2 827 138 20.0 689
Total loans & leases $ 1,680 $ 173 11.5% $ 1,507 $ 218 16.9% $ 1,289
Deposits:
Non-interest bearing deposits $ 186 $ 11 6.3% $ 175 $ 24 15.9% $ 151
Interest bearing demand deposits 730 2 0.3 728 27 3.9 701
Savings deposits 41 (6) (12.8) 47 (5) (9.6) 52
Domestic time deposits 147 41 38.7 106 10 10.4 96
Foreign time deposits 19 (4) (17.4) 23 5 27.8 18
Total deposits $ 1,123 $ 44 4.1% $ 1,079 $ 61 6.0% $ 1,018
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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