Huntington National Bank 2005 Annual Report Download - page 96

MANAGEMENT’S DISCUSSION AND ANALYSIS HUNTINGTON BANCSHARES INCORPORATED
Table 35 — Selected Quarterly Income Statements
2005 2004
(in thousands of dollars, except per share amounts) Fourth Third Second First Fourth Third Second First
Interest income $ 442,476 $ 420,858 $ 402,326 $ 376,105 $359,215 $338,002 $324,167 $325,931
Interest expense 198,800 179,221 160,426 140,907 120,147 110,944 101,604 103,246
Net interest income 243,676 241,637 241,900 235,198 239,068 227,058 222,563 222,685
Provision for credit losses 30,831 17,699 12,895 19,874 12,654 11,785 5,027 25,596
Net interest income after provision for
credit losses 212,845 223,938 229,005 215,324 226,414 215,273 217,536 197,089
Service charges on deposit accounts 42,083 44,817 41,516 39,418 41,747 43,935 43,596 41,837
Trust services 20,425 19,671 19,113 18,196 17,315 17,064 16,708 16,323
Brokerage and insurance income 13,101 13,948 13,544 13,026 12,879 13,200 13,523 15,197
Other service charges and fees 11,488 11,449 11,252 10,159 10,617 10,799 10,645 9,513
Mortgage banking income (loss) 10,909 21,116 (2,376) 12,061 8,822 4,448 23,322 (4,296)
Bank owned life insurance income 10,389 10,104 10,139 10,104 10,484 10,019 11,309 10,485
Gains on sales of automobile loans 455 502 254 — — 312 4,890 9,004
Securities gains (losses) (8,770) 101 (343) 957 2,100 7,803 (9,230) 15,090
Other income 22,900 9,770 24,974 17,397 23,870 17,899 24,659 25,619
Sub-total before operating lease income 122,980 131,478 118,073 121,318 127,834 125,479 139,422 138,772
Operating lease income 24,342 29,262 38,097 46,732 55,106 64,412 78,706 88,867
Total non-interest income 147,322 160,740 156,170 168,050 182,940 189,891 218,128 227,639
Personnel costs 116,111 117,476 124,090 123,981 122,738 121,729 119,715 121,624
Outside data processing and other
services 19,693 18,062 18,113 18,770 18,563 17,527 17,563 18,462
Net occupancy 17,940 16,653 17,257 19,242 26,082 16,838 16,258 16,763
Equipment 16,093 15,531 15,637 15,863 15,733 15,295 16,228 16,086
Professional services 7,440 8,323 9,347 9,459 9,522 12,219 7,836 7,299
Marketing 7,403 6,779 7,441 6,454 5,581 5,000 8,069 7,839
Telecommunications 4,453 4,512 4,801 4,882 4,596 5,359 4,638 5,194
Printing and supplies 3,084 3,102 3,293 3,094 3,148 3,201 3,098 3,016
Amortization of intangibles 218 203 204 204 205 204 204 204
Restructuring reserve releases ————— (1,151) — —
Loss on early extinguishment of debt ————————
Other expense 19,194 19,588 19,074 18,380 26,526 22,317 25,981 18,457
Sub-total before operating lease expense 211,629 210,229 219,257 220,329 232,694 218,538 219,590 214,944
Operating lease expense 18,726 22,823 28,879 37,948 48,320 54,885 62,563 70,710
Total non-interest expense 230,355 233,052 248,136 258,277 281,014 273,423 282,153 285,654
Income before income taxes 129,812 151,626 137,039 125,097 128,340 131,741 153,511 139,074
Provision for income taxes 29,239 43,052 30,614 28,578 37,201 38,255 43,384 34,901
Net income $ 100,573 $ 108,574 $ 106,425 $ 96,519 $ 91,139 $ 93,486 $110,127 $104,173
Average common shares — diluted 229,718 233,456 235,671 235,053 235,502 234,348 232,659 232,915
Per common share:
Net income — diluted $ 0.44 $ 0.47 $ 0.45 $ 0.41 $ 0.39 $ 0.40 $ 0.47 $ 0.45
Cash dividends declared 0.215 0.215 0.215 0.200 0.200 0.200 0.175 0.175
Revenue — fully taxable equivalent (FTE)
Net interest income $ 243,676 $ 241,637 $ 241,900 $ 235,198 $239,068 $227,058 $222,563 $222,685
FTE adjustment 3,837 3,734 2,961 2,861 2,847 2,864 2,919 3,023
Net interest income (1) 247,513 245,371 244,861 238,059 241,915 229,922 225,482 225,708
Non-interest income 147,322 160,740 156,170 168,050 182,940 189,891 218,128 227,639
Total revenue (1) $ 394,835 $ 406,111 $ 401,031 $ 406,109 $424,855 $419,813 $443,610 $453,347
(1) On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
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