Huntington National Bank 2010 Annual Report Download - page 119

Table 56 — Noninterest Income — 2010 Fourth Quarter vs. 2009 Fourth Quarter
2010 2009 Amount Percent
Fourth Quarter Change
(Dollar amounts in thousands)
Service charges on deposit accounts ............ $ 55,810 $ 76,757 $(20,947) (27)%
Mortgage banking income ................... 53,170 24,618 28,552 116
Trust services ............................. 29,394 27,275 2,119 8
Electronic banking ......................... 28,900 25,173 3,727 15
Insurance income .......................... 19,678 16,128 3,550 22
Brokerage income ......................... 16,953 16,045 908 6
Bank owned life insurance income ............. 16,113 14,055 2,058 15
Automobile operating lease income ............ 10,463 12,671 (2,208) (17)
Securities losses ........................... (103) (2,602) 2,499 (96)
Other income ............................. 33,842 34,426 (584) (2)
Total noninterest income ..................... $264,220 $244,546 $ 19,674 8%
The $19.7 million increase reflected:
• $28.6 million, or 116%, increase in mortgage banking income. This reflected a $31.8 million increase
in origination and secondary marketing income, as originations increased 62% from the year-ago
quarter, partially offset by a $3.2 million increase in amortization of capitalized servicing expense.
• $3.7 million, or 15%, increase in electronic banking income, reflecting an increase in debit card
transaction volume.
• $3.6 million, or 22%, increase in insurance income, primarily reflecting an increase in title insurance
income due to higher mortgage refinance activity.
• $2.5 million benefit from lower securities losses in the 2010 fourth quarter compared with the year-ago
quarter.
• $2.1 million, or 15%, increase in bank owned life insurance income.
• $2.1 million, or 8%, increase in trust services income, with 50% of the increase due to increases in
asset market values and the remainder reflecting growth in new business.
Partially offset by:
• $20.9 million, or 27%, decline in service charges on deposit accounts, reflecting lower personal service
charges due to a combination of factors including the implementation of the amendment to Reg E, our
Fair Play banking philosophy, and lower underlying activity levels.
• $2.2 million, or 17%, decline in automobile operating lease income reflecting the impact of a declining
portfolio, having exited that business in 2008.
Noninterest Expense
(This section should be read in conjunction with Significant Item 4.)
Noninterest expense increased $112.0 million, or 35%, from the year-ago quarter.
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