Huntington National Bank 2014 Annual Report Download - page 82
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76
The increase in total average assets from the year-ago period reflected:
x $0.9 billion increase in available-for-sale securities driven from the addition of direct purchase municipal instruments. These
instruments had been classified as C&I loans until December 31, 2013.
x $0.6 billion, or 472%, increase in the international loan portfolio, primarily bankers acceptances and foreign insured
receivables.
x $0.5 billion, or 100%, increase in the asset based lending portfolio average balance, which was transferred from the AFCRE
segment retroactive to the beginning of 2014.
The increase in total average deposits from the year-ago period reflected:
x $1.1 billion, or 13%, increase in core deposits. Middle market accounts, such as not-for-profit universities and healthcare,
primarily contributed to the balance growth.
Partially offset by:
x $0.3 billion, or 45%, decrease in brokered time deposits and negotiable CDs.
The increase in noninterest income from the year-ago period reflected:
x $9.9 million, or 100%, increase in fee income associated with the asset based lending portfolio, which was transferred from
the AFCRE segment retroactive to the beginning of 2014.
x $4.2 million, or 9%, increase in service charges on deposit accounts and other treasury management related revenue,
primarily due to a new commercial card product implemented in 2013, as well as strong core cash management growth.
Partially offset by:
x $5.6 million, or 16%, decrease in commitment and other loan related fees primarily reflecting a significant syndication fee in
2013.
The decrease in noninterest expense from the year-ago period reflected:
x $6.6 million, or 15%, decrease in allocated overhead expense.
x $5.3 million, or 42%, decrease in deposit and other insurance expense.
Partially offset by:
x $6.6 million, or 100%, increase in noninterest expense associated with the asset based lending portfolio, which was
transferred from the AFCRE segment retroactive to the beginning of 2014.
2013 vs. 2012
Commercial Banking reported net income of $130.0 million in 2013, compared with net income of $155.2 million in 2012. The
$25.2 million decrease included a $22.9 million, or 497%, increase in provision for credit losses, a $12.9 million, or 4%, decrease in
net interest income, and a $6.5 million, or 3%, increase in noninterest expense partially offset by $13.6 million, or 16%, decrease in
provision for income taxes, and a $3.4 million, or 2%, increase in noninterest income.