Huntington National Bank 2006 Annual Report Download - page 64

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MANAGEMENT’S DISCUSSION AND ANALYSIS HUNTINGTON BANCSHARES INCORPORATED
Table 33 — Dealer Sales(1)
Change From 2005 Change From 2004
2006 Amount % 2005 Amount % 2004
INCOME STATEMENT (in thousands of dollars)
Net interest income $134,931 $ (10,595) (7.3)% $145,526 $ (4,217) (2.8)% $149,743
Provision for credit losses 14,206 (11,716) (45.2) 25,922 (18,775) (42.0) 44,697
Net interest income after provision for credit
losses 120,725 1,121 0.9 119,604 14,558 13.9 105,046
Automobile operating lease income 43,115 (89,900) (67.6) 133,015 (152,416) (53.4) 285,431
Service charges on deposit accounts 657 37 6.0 620 (168) (21.3) 788
Brokerage and insurance income 3,624 (412) (10.2) 4,036 1,386 52.3 2,650
Trust services 3—— 3 3 N.M. —
Mortgage banking 98 31 46.3 67 6 9.8 61
Other service charges and fees 6 2 50.0 4 3 N.M. 1
Other income 36,364 4,233 13.2 32,131 1,308 4.2 30,823
Total non-interest income before securities gains 83,867 (86,009) (50.6) 169,876 (149,878) (46.9) 319,754
Securities gains — — N.M. — (469) (100.0) 469
Total non-interest income 83,867 (86,009) (50.6) 169,876 (150,347) (47.0) 320,223
Automobile operating lease expense 31,286 (72,564) (69.9) 103,850 (131,230) (55.8) 235,080
Personnel costs 21,808 645 3.0 21,163 (1,857) (8.1) 23,020
Other expense 59,354 (3,137) (5.0) 62,491 (5,344) (7.9) 67,835
Total non-interest expense 112,448 (75,056) (40.0) 187,504 (138,431) (42.5) 325,935
Income before income taxes 92,144 (9,832) (9.6) 101,976 2,642 2.7 99,334
Provision for income taxes(2) 32,250 (3,441) (9.6) 35,691 925 2.7 34,766
Net income — operating(1) $ 59,894 $ (6,391) (9.6)% $ 66,285 $ 1,717 2.7% $ 64,568
Revenue — fully taxable equivalent (FTE)
Net interest income $134,931 $ (10,595) (7.3)% $145,526 $ (4,217) (2.8)% $149,743
Tax equivalent adjustment(2) — — N.M. — — N.M. —
Net interest income (FTE) 134,931 (10,595) (7.3) 145,526 (4,217) (2.8) 149,743
Non-interest income 83,867 (86,009) (50.6) 169,876 (150,347) (47.0) 320,223
Total revenue (FTE) $ 218,798 $ (96,604) (30.6)% $315,402 $(154,564) (32.9)% $469,966
Total revenue excluding securities gains (FTE) $ 218,798 $ (96,604) (30.6)% $315,402 $(154,095) (32.8)% $469,497
SELECTED AVERAGE BALANCES (in millions of dollars)
Loans:
Commercial
Middle market commercial and industrial $ 821 $ 85 11.5% $ 736 $ (22) (2.9)% $ 758
Middle market commercial real estate
Construction — (5) (100.0) 5—— 5
Commercial 17 (34) (66.7) 51 (25) (32.9) 76
Total commercial 838 46 5.8 792 (47) (5.6) 839
Consumer
Auto leases — indirect 2,031 (391) (16.1) 2,422 230 10.5 2,192
Auto loans — indirect 2,055 15 0.7 2,040 (241) (10.6) 2,281
Home equity loans & lines of credit — — N.M. — — N.M. —
Other loans 126 21 20.0 105 28 36.4 77
Total consumer 4,212 (355) (7.8) 4,567 17 0.4 4,550
Total loans & leases $ 5,050 $ (309) (5.8)% $ 5,359 $ (30) (0.6)% $ 5,389
Automobile operating lease assets $ 93 $ (258) (73.5)% $ 351 $ (540) (60.6)% $ 891
Deposits:
Non-interest bearing deposits $ 51 $ (12) (19.0)% $ 63 $ (3) (4.5)% $ 66
Interest bearing demand deposits 2—— 2—— 2
Foreign time deposits 4—— 4—— 4
Total deposits $ 57 $ (12) (17.4)% $ 69 $ (3) (4.2)% $ 72
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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