Huntington National Bank 2006 Annual Report Download - page 104

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS HUNTINGTON BANCSHARES INCORPORATED
The following table summarizes the estimated fair value of the net assets acquired on March 1, 2006 related to the acquisition of
Unizan:
(in thousands of dollars) March 1, 2006
Assets
Cash and due from banks $ 66,544
Interest bearing deposits in banks 3,096
Investment securities 300,416
Loans and leases 1,666,604
Allowance for loan and lease losses (23,785)
Net loans and leases 1,642,819
Bank owned life insurance 48,521
Premises and equipment 21,603
Goodwill 353,852
Other intangible assets 63,252
Accrued income and other assets 22,012
Total assets 2,522,115
Liabilities
Deposits 1,696,124
Short-term borrowings 79,140
Federal Home Loan Bank advances 102,950
Subordinated notes 23,464
Deferred federal income tax liability 7,123
Accrued expenses and other liabilities 37,521
Total liabilities 1,946,322
Purchase price $ 575,793
Huntington’s consolidated financial statements include the results of operations of Unizan since March 1, 2006, the date of
acquisition. The following unaudited summary information presents the consolidated results of operations of Huntington on a
pro forma basis, as if the Unizan acquisition had occurred at the beginning of 2006 and 2005.
(in thousands, except per share amounts) 2006 2005
Net interest income $ 1,030,789 $ 1,032,083
Provision for credit losses (66,301) (87,959)
Net interest income after provision for credit losses 964,488 944,124
Non-interest income 565,853 660,986
Non-interest expense (1,012,840) (1,041,532)
Income before income taxes 517,501 563,578
Provision for income taxes (54,837) (137,173)
Net income $ 462,664 $ 426,405
Net income per common share
Basic $ 1.92 $ 1.67
Diluted 1.90 1.65
Average common shares outstanding
Basic 240,924 255,417
Diluted 244,145 258,879
The pro forma results include amortization of fair value adjustments on loans, deposits, and debt, and amortization of newly
created intangibles and post-merger related charges. The pro forma number of average common shares outstanding includes
adjustments for shares issued for the acquisition and the impact of additional dilutive securities but does not assume any
incremental share repurchases. The pro forma results presented do not reflect cost savings, or revenue enhancements anticipated
102