Huntington National Bank 2009 Annual Report Download - page 56
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 |
Provision for
C
redit Losse
s
(This section should be read in con
j
unction with Signi
f
icant Items 2 and 3 and the Credit Risk section.
)
The provision for credit losses is the expense necessar
y
to maintain the ALLL and the AULC at level
s
ade
q
uate to absorb our estimate of
p
robable inherent credit losses in the loan and lease
p
ortfolio and the
p
ortfolio of unfunded loan commitments and letters of credit.
The
p
rovision for credit losses in 2009 was $2,074.7 million, u
p
$1,017.2 million from 2008, an
d
exceeded NCOs b
y$
598.1 million. The increase in 2009 from 2008 primaril
y
reflected the continued
econom
i
c wea
k
ness across a
ll
our re
gi
ons an
d
a
ll
our
l
oan port
f
o
li
os, a
l
t
h
ou
gh
our commerc
i
a
ll
oan port
f
o
li
o
s
w
ere the most affected.
The
p
rovision for credit losses in 2008 was
$
1,057.5 million, u
p
from
$
643.6 million in 2007, and
reflected $27.2 million of hi
g
her provision related to Franklin ($438.0 million in 2008 compared with
$
410.8 million in 2007). The remainin
g
increase in 2008 from 2007 primaril
y
reflected the continue
d
econom
i
c wea
k
ness across a
ll
our re
gi
ons an
d
w
i
t
hi
nt
h
es
i
n
gl
e
f
am
ily h
ome
b
u
ild
er se
g
ment o
f
our CR
E
p
ortfolio
.
T
h
e
f
o
ll
ow
i
n
g
ta
bl
e
d
eta
il
st
h
e Fran
kli
n-re
l
ate
di
mpact to t
h
e prov
i
s
i
on
f
or cre
di
t
l
osses
f
or eac
h
o
f
t
he
past three
y
ears
.
Table 10 — Prov
i
s
i
on
f
or
C
red
i
t Losses — Frankl
i
n-Related Im
p
act
2
009
2
008
2
00
7
(
In millions
)
Pr
ovisio
n
fo
r
c
r
edi
tl
osses
Fran
klin
..........................................
$
(
14.1
)
$
438.0
$
410.8
Non-Frankli
n
......................................
2,088
.
8
61
9
.
5
232.8
T
ota
l ..............................................
$
2
,
074.7 $1
,
057.5 $643.6
Total net char
g
e-offs
(
recoveries
)
Fr
a
nkli
n
..........................................
$
115
.9
$
423.3
$
308.5
N
on-Frankli
n
......................................
1
,
360.7 334.8 16
9
.1
Total ..............................................
$
1
,
476.6
$
758.1
$
477.6
Provision for credit losses in excess of net char
g
e-offs
Fr
a
nkli
n
..........................................
$
(
130.0
)
$
14.7
$
102.3
N
on-Fran
klin
......................................
7
28.1
2
8
4.
863
.7
Tota
l
..............................................
$
5
98
.
1
$
299.4
$
166.0
48