Huntington National Bank 2005 Annual Report Download - page 90

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MANAGEMENT’S DISCUSSION AND ANALYSIS HUNTINGTON BANCSHARES INCORPORATED
Table 33 — Treasury/Other(1)
Change From 2004 Change From 2003
2005 Amount % 2004 Amount % 2003
INCOME STATEMENT (in thousands of dollars)
Net interest income $ (36,125) $ (57,657) N.M.% $ 21,532 $(64,253) (74.9)% $ 85,785
Provision for credit losses — — N.M. — — N.M. —
Net interest income after provision for credit losses (36,125) (57,657) N.M. 21,532 (64,253) (74.9) 85,785
Service charges on deposit accounts (1,866) (1,707) N.M. (159) (200) N.M. 41
Brokerage and insurance income 4 1,358 N.M. (1,354) (1,358) N.M. 4
Mortgage banking 4,371 7,757 N.M. (3,386) (3,310) N.M. (76)
Bank owned life insurance income 40,736 (1,561) (3.7) 42,297 (731) (1.7) 43,028
Other income (18,958) (8,308) 78.0 (10,650) (11,484) N.M. 834
Securities gains (losses) (8,143) (23,135) N.M. 14,992 9,768 N.M. 5,224
Total non-interest income 16,144 (25,596) (61.3) 41,740 (7,315) (14.9) 49,055
Total non-interest expense 59,552 (21,312) (26.4) 80,864 20,613 34.2 60,251
Income before income taxes (79,533) (61,941) N.M. (17,592) (92,181) N.M. 74,589
Provision for income taxes(2) (86,605) (40,754) 88.9 (45,851) (26,855) N.M. (18,996)
Net income — operating(1) $ 7,072 $ (21,187) (75.0)% $ 28,259 $(65,326) (69.8)% $ 93,585
Revenue — fully taxable equivalent (FTE)
Net interest income $ (36,125) $ (57,657) N.M.% $ 21,532 $(64,253) (74.9)% $ 85,785
Tax equivalent adjustment(3) 11,971 1,422 13.5 10,549 2,113 25.0 8,436
Net interest income (FTE) (24,154) (56,235) N.M. 32,081 (62,140) (66.0) 94,221
Non-interest income 16,144 (25,596) (61.3) 41,740 (7,315) (14.9) 49,055
Total revenue (FTE) $ (8,010) $ (81,831) N.M.% $ 73,821 $(69,455) (48.5)% $143,276
SELECTED AVERAGE BALANCES (in millions of dollars)
Securities $ 4,132 $ (922) (18.2)% $ 5,054 $ 1,286 34.1% $ 3,768
Deposits:
Brokered time deposits and negotiable CDs 3,119 1,282 69.8% 1,837 418 29.5% 1,419
Foreign time deposits 11 (53) (82.8) 64 (55) (46.2) 119
Total deposits $ 3,130 $ 1,229 64.7% $ 1,901 $ 363 23.6% $ 1,538
PERFORMANCE METRICS
Return on average assets 0.13% (0.29)% 0.42% (1.34)% 1.76%
Return on average equity 0.7 (2.8) 3.5 (11.4) 14.9
Net interest margin (0.53) (1.14) 0.61 (1.79) 2.40
Efficiency ratio N.M. N.M. N.M. N.M. 40.9
SUPPLEMENTAL DATA
# employees — full-time equivalent (eop) 1,906 (24) (1.2)% 1,930 (29) (1.5)% 1,959
N.M., not a meaningful value.
eop — End of Period.
(1) Operating basis, see Lines of Business section for definition.
(2) Reconciling difference between company’s actual effective tax rate and 35% tax rate allocated to each business segment.
(3) Calculated assuming a 35% tax rate.
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