Huntington National Bank 2010 Annual Report Download - page 141

Huntington Bancshares Incorporated
Consolidated Statements of Income
2010 2009 2008
Year Ended December 31,
(Dollar amounts in thousands, except per share amounts)
Interest and fee income
Loans and leases
Taxable . . . ............................................................. $1,859,495 $ 1,933,639 $2,447,362
Tax-exempt ............................................................. 6,353 10,630 2,748
Available-for-sale and other securities
Taxable . . . ............................................................. 239,065 249,968 217,882
Tax-exempt ............................................................. 11,680 8,824 29,869
Other .................................................................. 28,799 35,081 100,461
Total interest income ........................................................ 2,145,392 2,238,142 2,798,322
Interest expense
Deposits . . ............................................................. 439,050 674,101 931,679
Short-term borrowings . . . .................................................... 3,007 2,366 42,261
Federal Home Loan Bank advances ............................................... 3,121 12,882 107,848
Subordinated notes and other long-term debt ......................................... 81,409 124,506 184,843
Total interest expense ........................................................ 526,587 813,855 1,266,631
Net interest income ......................................................... 1,618,805 1,424,287 1,531,691
Provision for credit losses . . .................................................... 634,547 2,074,671 1,057,463
Net interest income after provision for credit losses ..................................... 984,258 (650,384) 474,228
Service charges on deposit accounts . ............................................... 267,015 302,799 308,053
Mortgage banking income . . .................................................... 175,782 112,298 8,994
Trust services ............................................................. 112,555 103,639 125,980
Electronic banking . . ........................................................ 110,234 100,151 90,267
Insurance income . . . ........................................................ 76,413 73,326 72,624
Brokerage income . . . ........................................................ 68,855 64,843 65,172
Bank owned life insurance income . . ............................................... 61,066 54,872 54,776
Automobile operating lease income . ............................................... 45,964 51,810 39,851
Net gains (losses) on sales of available-for-sale and other securities . ............................ 13,448 48,815 (197,370)
Impairment losses on available-for-sale and other securities:
Impairment losses on available-for-sale and other securities ................................ 9,847 (183,472) —
Noncredit-related losses on securities not expected to be sold (recognized in other comprehensive income) .... (23,569) 124,408 —
Net impairment losses on investment securities ......................................... (13,722) (59,064) —
Other income. ............................................................. 124,248 152,155 138,791
Total noninterest income ...................................................... 1,041,858 1,005,644 707,138
Personnel costs............................................................. 798,973 700,482 783,546
Outside data processing and other services . . .......................................... 159,248 148,095 130,226
Net occupancy ............................................................. 107,862 105,273 108,428
Deposit and other insurance expense . ............................................... 97,548 113,830 22,437
Professional services . ........................................................ 88,778 76,366 49,613
Equipment . . ............................................................. 85,920 83,117 93,965
Marketing . . . ............................................................. 65,924 33,049 32,664
Amortization of intangibles . .................................................... 60,478 68,307 76,894
OREO and foreclosure expense ................................................... 39,049 93,899 33,455
Automobile operating lease expense . ............................................... 37,034 43,360 31,282
Goodwill impairment . ........................................................ —2,606,944 —
Gain on early extinguishment of debt ............................................... —(147,442) (23,542)
Other expense ............................................................. 132,991 108,163 138,406
Total noninterest expense...................................................... 1,673,805 4,033,443 1,477,374
Income (Loss) before income taxes ................................................ 352,311 (3,678,183) (296,008)
Provision (Benefit) for income taxes . ............................................... 39,964 (584,004) (182,202)
Net income (loss) ........................................................... 312,347 (3,094,179) (113,806)
Dividends on preferred shares .................................................... 172,032 174,756 46,400
Net income (loss) applicable to common shares ........................................ $ 140,315 $(3,268,935) $ (160,206)
Average common shares — basic . . . ............................................... 726,934 532,802 366,155
Average common shares — diluted . . ............................................... 729,532 532,802 366,155
Per common share
Net income (loss) — basic . . .................................................... $ 0.19 $ (6.14) $ (0.44)
Net income (loss) — diluted . .................................................... 0.19 (6.14) (0.44)
Cash dividends declared . . . .................................................... 0.0400 0.0400 0.6625
See Notes to Consolidated Financial Statements
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