Huntington National Bank 2013 Annual Report Download - page 85
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79
Partially offset by:
x $6.7 million, or 74%, increase in other income, primarily due to a gain on sale of certain Low Income Housing Tax Credit
investments.
x $1.2 million, or 14%, increase in service charges on deposit accounts, primarily due to increased fees related to several high
check volume commercial accounts.
The decrease in noninterest expense from the year-ago period reflected:
x $4.7 million, or 5%, decrease in other expenses, primarily due to lower mortgage repurchase expense.
x $3.9 million, or 11%, decrease in outside data processing and other services expense, as we continue to invest in technology
supporting our products, services, and continuous improvement initiatives.
Partially offset by:
x $1.9 million, or 1%, increase in personnel costs.
2012 vs. 2011
WGH reported net income of $93.5 million in 2012, compared with a net income of $25.9 million in 2011. The $67.6 million
increase included a $102.3 million, or 41%, increase in noninterest income, a $28.4 million, or 55%, decrease in the provision for
credit losses partially offset by a $19.7 million, or 6% increase in noninterest expense and a $6.9 million, or 3%, decrease in net
interest income.
RESULTS FOR THE FOURTH QUARTER
Earnings Discussion
In the 2013 fourth quarter, we reported net income of $157.8 million, a decrease of $9.5 million, or 6%, from the 2012 fourth
quarter, as a $51.0 million, or 17%, decrease in noninterest income total revenue more than offset a $24.6 million, or 5%, decrease in
noninterest expense and $15.1 million, or 38%, decrease in the provision for credit losses.
Table 41 - Significant Items Influencing Earnings Performance Comparison
(dollar amounts in millions, except per share amounts)
Impact(1)
Three Months Ended: Amount EPS(2)
December 31, 2013 - GAAP net income $ 157.8 $ 0.18
Franchise repositioning related expense (3) (6.7) (0.01)
December 31, 2012 - GAAP net income $ 167.3 $ 0.19
(1) Favorable (unfavorable) impact on GAAP earnings; pretax unless otherwise noted.
(2) After-tax. EPS is reflected on a fully diluted basis.
(3) Pretax
Net Interest Income / Average Balance Sheet
FTE net interest income of $438.8 million was relatively unchanged from the year-ago quarter, reflecting a $2.3 billion, or 5%,
increase in average earnings assets offset by a 17 basis point decrease in NIM.