Huntington National Bank 2007 Annual Report Download - page 71

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Table 40 — Selected Quarterly Income Statements
(in thousands of dollars, except per share amounts) Fourth Third Second First Fourth Third Second First
2007 2006
Interest income $ 814,398 $851,155 $542,461 $534,949 $544,841 $538,988 $521,903 $464,787
Interest expense 431,465 441,522 289,070 279,394 286,852 283,675 259,708 221,107
Net interest income 382,933 409,633 253,391 255,555 257,989 255,313 262,195 243,680
Provision for credit losses 512,082 42,007 60,133 29,406 15,744 14,162 15,745 19,540
Net interest income after provision for
credit losses (129,149) 367,626 193,258 226,149 242,245 241,151 246,450 224,140
Service charges on deposit accounts 81,276 78,107 50,017 44,793 48,548 48,718 47,225 41,222
Trust services 35,198 33,562 26,764 25,894 23,511 22,490 22,676 21,278
Brokerage and insurance income 30,288 28,806 17,199 16,082 14,600 14,697 14,345 15,193
Other service charges and fees 21,891 21,045 14,923 13,208 13,784 12,989 13,072 11,509
Bank owned life insurance income 13,253 14,847 10,904 10,851 10,804 12,125 10,604 10,242
Mortgage banking income 3,702 9,629 7,122 9,351 6,169 8,512 13,616 13,194
Securities (losses) gains (11,551) (13,152) (5,139) 104 (15,804) (57,332) (35) (20)
Other income (6,158) 31,177 32,792 22,006 33,650 27,131 29,373 29,868
Sub-total before operating lease income 167,899 204,021 154,582 142,289 135,262 89,330 150,876 142,486
Operating lease income 2,658 653 1,611 2,888 5,344 8,580 12,143 17,048
Total non-interest income 170,557 204,674 156,193 145,177 140,606 97,910 163,019 159,534
Personnel costs 214,850 202,148 135,191 134,639 137,944 133,823 137,904 131,557
Outside data processing and other services 39,130 40,600 25,701 21,814 20,695 18,664 19,569 19,851
Net occupancy 26,714 33,334 19,417 19,908 17,279 18,109 17,927 17,966
Equipment 22,816 23,290 17,157 18,219 18,151 17,249 18,009 16,503
Amortization of intangibles 20,163 19,949 2,519 2,520 2,993 2,902 2,992 1,075
Marketing 16,175 13,186 8,986 7,696 6,207 7,846 10,374 7,301
Professional services 14,464 11,273 8,101 6,482 8,958 6,438 6,292 5,365
Telecommunications 8,513 7,286 4,577 4,126 4,619 4,818 4,990 4,825
Printing and supplies 6,594 4,743 3,672 3,242 3,610 3,416 3,764 3,074
Other expense 68,215 29,417 18,459 21,395 43,365 23,177 21,880 18,227
Sub-total before operating lease expense 437,634 385,226 243,780 240,041 263,821 236,442 243,701 225,744
Operating lease expense 1,918 337 875 2,031 3,969 5,988 8,658 12,671
Total non-interest expense 439,552 385,563 244,655 242,072 267,790 242,430 252,359 238,415
Income before income taxes (398,144) 186,737 104,796 129,254 115,061 96,631 157,110 145,259
(Benefit) Provision for income taxes (158,864) 48,535 24,275 33,528 27,346 (60,815) 45,506 40,803
Net income $(239,280) $138,202 $ 80,521 $ 95,726 $ 87,715 $157,446 $111,604 $104,456
Average common shares — diluted 366,119 368,280 239,008 238,754 239,881 240,896 244,538 234,363
Per common share
Net income — diluted $ (0.65) $ 0.38 $ 0.34 $ 0.40 $ 0.37 $ 0.65 $ 0.46 $ 0.45
Cash dividends declared 0.265 0.265 0.265 0.265 0.250 0.250 0.250 0.250
Revenue — fully taxable equivalent (FTE)
Net interest income $ 382,933 $409,633 $253,391 $255,555 $257,989 $255,313 $262,195 $243,680
FTE adjustment 5,363 5,712 4,127 4,047 4,115 4,090 3,984 3,836
Net interest income
(1)
388,296 415,345 257,518 259,602 262,104 259,403 266,179 247,516
Non-interest income 170,557 204,674 156,193 145,177 140,606 97,910 163,019 159,534
Total revenue
(1)
$ 558,853 $620,019 $413,711 $404,779 $402,710 $357,313 $429,198 $407,050
(1) On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
69
MANAGEMENT’S DISCUSSION AND ANALYSIS HUNTINGTON BANCSHARES INCORPORATED