Huntington National Bank 2009 Annual Report Download - page 60

(1) Ca
l
cu
l
ate
d
as ot
h
er / (pr
i
or per
i
o
d
+ mer
g
er-re
l
ate
d)
The
$
30.5 million, or 5%, increase from 2007 reflected
$
137.4 million of merger-related impacts.
Nonmer
g
er-related noninterest income declined $106.9 million, reflectin
g:
• $168.2 million ne
g
ative impact relatin
g
to securities losses, primaril
y
reflectin
g
OTTI ad
j
ustments in
2008 of $197.1 million, compared with $43.1 million of OTTI ad
j
ustments in 2007
.
• $33.3 million, or 79%, decline in mort
g
a
g
e bankin
g
income primaril
y
reflectin
g
the ne
g
ative impact in
MSR va
l
uat
i
on, net o
fh
e
dgi
n
g
.
•
$
9.5 million, or 7%, decline in trust services income reflectin
g
the impact of lower market values o
n
asse
t
mana
g
emen
t
revenues.
Part
i
a
lly
o
ff
set
by
:
•
$
46.2 million, or 50%, increase in other noninterest income, primaril
y
reflectin
g
: (a)
$
26.8 millio
n
positive impact on losses on loan sales, (b)
$
25.1 million
g
ain in 2008 resultin
g
from the proceeds o
f
the
V
isa
»
IPO, and (c)
$
14.1 million improvement in equit
y
investment losses. These positive impacts
w
ere partially offset by: (a)
$
7.3 million of interest rate swap losses in 2008, (b)
$
7.1 million decline i
n
customer derivatives revenue, and (c)
$
5.9 million venture ca
p
ital loss in 2008
.
•
$
32.0 million increase in automobile operatin
g
lease income as all leases ori
g
inated since the 200
7
fourth quarter were recorded as operatin
g
leases. Durin
g
the 2008 fourth quarter, we exited th
e
automobile leasin
g
business
.
• $11.3 million, or 9%, increase in brokera
g
e and insurance income reflectin
gg
rowth in annuit
y
sale
s
and the 2007 fourth quarter acquisition of an insurance compan
y
.
• $7.6 million, or 9%, increase in electronic bankin
g
income reflectin
g
increased debit card transactio
n
vo
l
umes
.
52