Exhibit 99.2
HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Review
March 2005
Table of Contents
Consolidated Balance Sheets |
1 | |||
Credit Exposure Composition |
2 | |||
Deposit Composition |
3 | |||
Consolidated Quarterly Average Balance Sheets |
4 | |||
Consolidated Quarterly Net Interest Margin Analysis |
5 | |||
Selected Quarterly Income Statement Data |
6 | |||
Quarterly Credit Reserves |
7 | |||
Quarterly Net Charge-Off Analysis |
8 | |||
Quarterly Non-Performing Assets and Past Due Loans and Leases |
9 | |||
Quarterly Stock Summary, Capital, and Other Data |
10 | |||
Quarterly Operating Lease Performance |
11 |
Note:
The preparation of financial statements in conformity with accounting principals generally accepted
in the United States requires management to make estimates and assumptions that affect amounts
reported in the financial statements. Actual results could differ from those estimates. Certain
prior period amounts have been reclassified to conform to the current years presentation.
Huntington Bancshares Incorporated
Consolidated Balance Sheets
Change March '05 vs '04 |
|||||||||||||||||||||
2005 | 2004 | ||||||||||||||||||||
(in thousands of dollars, except per share amounts) | March 31, | December 31, | March 31, | Amount | Percent | ||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||
Assets |
|||||||||||||||||||||
Cash and due from banks |
$ | 914,699 | $ | 877,320 | $ | 766,432 | $ | 148,267 | 19.3 | % | |||||||||||
Federal funds sold and securities purchased under resale agreements |
144,980 | 628,040 | 224,841 | (79,861 | ) | (35.5 | ) | ||||||||||||||
Interest bearing deposits in banks |
29,551 | 22,398 | 54,027 | (24,476 | ) | (45.3 | ) | ||||||||||||||
Trading account securities |
100,135 | 309,630 | 16,410 | 83,725 | N.M. | ||||||||||||||||
Loans held for sale |
252,932 | 223,469 | 230,417 | 22,515 | 9.8 | ||||||||||||||||
Investment securities |
4,052,875 | 4,238,945 | 5,458,347 | (1,405,472 | ) | (25.7 | ) | ||||||||||||||
Loans and leases (1) |
24,206,465 | 23,560,277 | 21,193,627 | 3,012,838 | 14.2 | ||||||||||||||||
Allowance for loan and lease losses |
(264,390 | ) | (271,211 | ) | (295,377 | ) | 30,987 | (10.5 | ) | ||||||||||||
Net loans and leases |
23,942,075 | 23,289,066 | 20,898,250 | 3,043,825 | 14.6 | ||||||||||||||||
Operating lease assets |
466,550 | 587,310 | 1,070,958 | (604,408 | ) | (56.4 | ) | ||||||||||||||
Bank owned life insurance |
973,164 | 963,059 | 938,156 | 35,008 | 3.7 | ||||||||||||||||
Premises and equipment |
354,979 | 355,115 | 351,073 | 3,906 | 1.1 | ||||||||||||||||
Goodwill and other intangible assets |
217,780 | 215,807 | 216,805 | 975 | 0.4 | ||||||||||||||||
Customers acceptance liability |
7,194 | 11,299 | 7,909 | (715 | ) | (9.0 | ) | ||||||||||||||
Accrued income and other assets |
725,685 | 844,039 | 805,455 | (79,770 | ) | (9.9 | ) | ||||||||||||||
Total Assets |
$ | 32,182,599 | $ | 32,565,497 | $ | 31,039,080 | $ | 1,143,519 | 3.7 | % | |||||||||||
Liabilities and Shareholders Equity |
|||||||||||||||||||||
Liabilities |
|||||||||||||||||||||
Deposits (2) |
$ | 21,770,973 | $ | 20,768,161 | $ | 18,988,846 | $ | 2,782,127 | 14.7 | % | |||||||||||
Short-term borrowings |
1,033,496 | 1,207,233 | 1,076,302 | (42,806 | ) | (4.0 | ) | ||||||||||||||
Federal Home Loan Bank advances |
903,871 | 1,271,088 | 1,273,000 | (369,129 | ) | (29.0 | ) | ||||||||||||||
Other long-term debt |
3,138,626 | 4,016,004 | 4,478,599 | (1,339,973 | ) | (29.9 | ) | ||||||||||||||
Subordinated notes |
1,025,612 | 1,039,793 | 1,066,705 | (41,093 | ) | (3.9 | ) | ||||||||||||||
Allowance for unfunded loan commitments and letters of credit |
31,610 | 33,187 | 32,089 | (479 | ) | (1.5 | ) | ||||||||||||||
Bank acceptances outstanding |
7,194 | 11,299 | 7,909 | (715 | ) | (9.0 | ) | ||||||||||||||
Deferred federal income tax liability |
781,152 | 783,628 | 687,820 | 93,332 | 13.6 | ||||||||||||||||
Accrued expenses and other liabilities |
900,292 | 897,466 | 1,063,631 | (163,339 | ) | (15.4 | ) | ||||||||||||||
Total Liabilities |
29,592,826 | 30,027,859 | 28,674,901 | 917,925 | 3.2 | ||||||||||||||||
Shareholders equity |
|||||||||||||||||||||
Preferred stock authorized 6,617,808 shares; none outstanding |
| | | | | ||||||||||||||||
Common stock without par value; authorized 500,000,000 shares; issued 257,866,255 shares; outstanding 232,002,213; 231,605,281 and 229,410,043 shares, respectively. |
2,484,832 | 2,484,204 | 2,482,342 | 2,490 | 0.1 | ||||||||||||||||
Less 25,864,042; 26,260,974 and 28,456,212 treasury shares, respectively |
(490,139 | ) | (499,259 | ) | (541,048 | ) | 50,909 | (9.4 | ) | ||||||||||||
Accumulated other comprehensive income (loss) |
(18,686 | ) | (10,903 | ) | 21,490 | (40,176 | ) | N.M. | |||||||||||||
Retained earnings |
613,766 | 563,596 | 401,395 | 212,371 | 52.9 | ||||||||||||||||
Total Shareholders Equity |
2,589,773 | 2,537,638 | 2,364,179 | 225,594 | 9.5 | ||||||||||||||||
Total Liabilities and Shareholders Equity |
$ | 32,182,599 | $ | 32,565,497 | $ | 31,039,080 | $ | 1,143,519 | 3.7 | % | |||||||||||
N.M., not a meaningful value.
(1) See Page 2 for detail of Loans and Leases.
(2) See Page 3 for detail of Deposits.
1
Huntington Bancshares Incorporated
Credit Exposure Composition
Change |
|||||||||||||||||||||||||||||||||
2005 | 2004 | March '05 vs '04 | |||||||||||||||||||||||||||||||
(in thousands of dollars) | March 31, | December 31, | March 31, | Amount | Percent | ||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||
By Type |
|||||||||||||||||||||||||||||||||
Commercial: |
|||||||||||||||||||||||||||||||||
Middle market commercial and industrial |
$ | 4,824,403 | 19.6 | % | $ | 4,660,141 | 19.3 | % | $ | 4,545,930 | 20.4 | % | $ | 278,473 | 6.1 | % | |||||||||||||||||
Construction |
1,647,999 | 6.7 | 1,592,125 | 6.6 | 1,282,420 | 5.8 | 365,579 | 28.5 | |||||||||||||||||||||||||
Commercial |
1,913,849 | 7.8 | 1,881,835 | 7.8 | 1,934,777 | 8.7 | (20,928 | ) | (1.1 | ) | |||||||||||||||||||||||
Middle market commercial real estate |
3,561,848 | 14.5 | 3,473,960 | 14.4 | 3,217,197 | 14.5 | 344,651 | 10.7 | |||||||||||||||||||||||||
Small business commercial and industrial and commercial real estate |
2,204,278 | 8.9 | 2,168,877 | 8.9 | 1,988,818 | 8.9 | 215,460 | 10.8 | |||||||||||||||||||||||||
Total commercial |
10,590,529 | 43.0 | 10,302,978 | 42.6 | 9,751,945 | 43.8 | 838,584 | 8.6 | |||||||||||||||||||||||||
Consumer: |
|||||||||||||||||||||||||||||||||
Automobile loans |
2,066,264 | 8.4 | 1,948,667 | 8.1 | 2,267,310 | 10.2 | (201,046 | ) | (8.9 | ) | |||||||||||||||||||||||
Automobile leases |
2,476,098 | 10.0 | 2,443,455 | 10.1 | 2,065,883 | 9.3 | 410,215 | 19.9 | |||||||||||||||||||||||||
Home equity |
4,594,586 | 18.6 | 4,554,540 | 18.9 | 3,920,882 | 17.6 | 673,704 | 17.2 | |||||||||||||||||||||||||
Residential mortgage |
3,995,769 | 16.2 | 3,829,234 | 15.9 | 2,756,625 | 12.4 | 1,239,144 | 45.0 | |||||||||||||||||||||||||
Other loans |
483,219 | 1.9 | 481,403 | 2.0 | 430,982 | 1.8 | 52,237 | 12.1 | |||||||||||||||||||||||||
Total consumer |
13,615,936 | 55.1 | 13,257,299 | 55.0 | 11,441,682 | 51.3 | 2,174,254 | 19.0 | |||||||||||||||||||||||||
Total loans and direct financing leases |
$ | 24,206,465 | 98.1 | $ | 23,560,277 | 97.6 | $ | 21,193,627 | 95.1 | $ | 3,012,838 | 14.2 | |||||||||||||||||||||
Operating lease assets |
466,550 | 1.9 | 587,310 | 2.4 | 1,070,958 | 4.8 | (604,408 | ) | (56.4 | ) | |||||||||||||||||||||||
Securitized loans |
| | | | 27,573 | 0.1 | (27,573 | ) | N.M. | ||||||||||||||||||||||||
Total credit exposure |
$ | 24,673,015 | 100.0 | % | $ | 24,147,587 | 100.0 | % | $ | 22,292,158 | 100.0 | % | $ | 2,380,857 | 10.7 | % | |||||||||||||||||
Total automobile exposure (1) |
$ | 5,008,912 | 20.3 | % | $ | 4,979,432 | 20.6 | % | $ | 5,431,724 | 24.4 | % | $ | (422,812 | ) | (7.8) | % | ||||||||||||||||
By Business Segment (2) |
|||||||||||||||||||||||||||||||||
Regional banking: |
|||||||||||||||||||||||||||||||||
Central Ohio |
$ | 6,410,873 | 26.0 | % | $ | 6,239,021 | 25.8 | % | $ | 4,986,411 | 22.4 | % | $ | 1,424,462 | 28.6 | % | |||||||||||||||||
Northern Ohio |
2,910,071 | 11.8 | 2,857,746 | 11.8 | 2,682,743 | 12.0 | 227,328 | 8.5 | |||||||||||||||||||||||||
Southern Ohio / Kentucky |
2,023,243 | 8.2 | 1,895,180 | 7.8 | 1,703,006 | 7.6 | 320,237 | 18.8 | |||||||||||||||||||||||||
West Michigan |
2,335,578 | 9.5 | 2,271,682 | 9.4 | 2,154,994 | 9.7 | 180,584 | 8.4 | |||||||||||||||||||||||||
East Michigan |
1,475,868 | 6.0 | 1,430,169 | 5.9 | 1,340,679 | 6.0 | 135,189 | 10.1 | |||||||||||||||||||||||||
West Virginia |
887,239 | 3.6 | 882,016 | 3.7 | 809,714 | 3.6 | 77,525 | 9.6 | |||||||||||||||||||||||||
Indiana |
997,052 | 4.0 | 961,700 | 4.0 | 752,850 | 3.4 | 244,202 | 32.4 | |||||||||||||||||||||||||
Regional banking |
17,039,924 | 69.1 | 16,537,514 | 68.4 | 14,430,397 | 64.7 | 2,609,527 | 18.1 | |||||||||||||||||||||||||
Dealer Sales |
5,955,634 | 24.1 | 5,920,270 | 24.5 | 6,396,727 | 28.7 | (441,093 | ) | (6.9 | ) | |||||||||||||||||||||||
Private Financial Group |
1,496,408 | 6.1 | 1,487,800 | 6.2 | 1,322,259 | 5.9 | 174,149 | 13.2 | |||||||||||||||||||||||||
Treasury / Other |
181,049 | 0.7 | 202,003 | 0.9 | 142,775 | 0.7 | 38,274 | 26.8 | |||||||||||||||||||||||||
Total credit exposure |
$ | 24,673,015 | 100.0 | % | $ | 24,147,587 | 100.0 | % | $ | 22,292,158 | 100.0 | % | $ | 2,380,857 | 10.7 | % | |||||||||||||||||
(1) Sum of automobile loans and leases, operating lease assets, and securitized loans.
2
Huntington Bancshares Incorporated
Deposit Composition
Change |
|||||||||||||||||||||||||||||||||
2005 | 2004 | March '05 vs '04 | |||||||||||||||||||||||||||||||
(in thousands of dollars) | March 31, | December 31, | March 31, | Amount | Percent | ||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||
By Type |
|||||||||||||||||||||||||||||||||
Non-interest bearing demand deposits |
$ | 3,186,187 | 14.6 | % | $ | 3,392,123 | 16.3 | % | $ | 2,918,380 | 15.4 | % | $ | 267,807 | 9.2 | % | |||||||||||||||||
Interest bearing demand deposits |
7,848,458 | 36.1 | 7,786,377 | 37.5 | 6,866,174 | 36.2 | 982,284 | 14.3 | |||||||||||||||||||||||||
Savings and other domestic time deposits |
3,460,633 | 15.9 | 3,502,552 | 16.9 | 3,609,745 | 19.0 | (149,112 | ) | (4.1 | ) | |||||||||||||||||||||||
Retail certificates of deposit |
2,555,241 | 11.7 | 2,466,965 | 11.9 | 2,394,940 | 12.6 | 160,301 | 6.7 | |||||||||||||||||||||||||
Total core deposits |
17,050,519 | 78.3 | 17,148,017 | 82.6 | 15,789,239 | 83.2 | 1,261,280 | 8.0 | |||||||||||||||||||||||||
Domestic time deposits of $100,000 or more |
1,311,495 | 6.0 | 1,081,660 | 5.2 | 791,320 | 4.2 | 520,175 | 65.7 | |||||||||||||||||||||||||
Brokered time deposits and negotiable CDs |
3,007,124 | 13.8 | 2,097,537 | 10.1 | 1,941,963 | 10.2 | 1,065,161 | 54.8 | |||||||||||||||||||||||||
Foreign time deposits |
401,835 | 1.9 | 440,947 | 2.1 | 466,324 | 2.4 | (64,489 | ) | (13.8 | ) | |||||||||||||||||||||||
Total deposits |
$ | 21,770,973 | 100.0 | % | $ | 20,768,161 | 100.0 | % | $ | 18,988,846 | 100.0 | % | $ | 2,782,127 | 14.7 | % | |||||||||||||||||
Total core deposits: |
|||||||||||||||||||||||||||||||||
Commercial |
$ | 5,218,482 | 30.6 | % | $ | 5,293,666 | 30.9 | % | $ | 4,611,258 | 29.2 | % | $ | 607,224 | 13.2 | % | |||||||||||||||||
Personal |
11,832,037 | 69.4 | 11,854,351 | 69.1 | 11,177,981 | 70.8 | 654,056 | 5.9 | |||||||||||||||||||||||||
Total core deposits |
$ | 17,050,519 | 100.0 | % | $ | 17,148,017 | 100.0 | % | $ | 15,789,239 | 100.0 | % | $ | 1,261,280 | 8.0 | % | |||||||||||||||||
By Business Segment (1) |
|||||||||||||||||||||||||||||||||
Regional banking: |
|||||||||||||||||||||||||||||||||
Central Ohio |
$ | 4,748,903 | 21.8 | % | $ | 4,705,721 | 22.7 | % | $ | 4,389,011 | 23.1 | % | $ | 359,892 | 8.2 | % | |||||||||||||||||
Northern Ohio |
3,929,993 | 18.1 | 4,068,385 | 19.6 | 3,508,376 | 18.5 | 421,617 | 12.0 | |||||||||||||||||||||||||
Southern Ohio / Kentucky |
1,774,229 | 8.1 | 1,742,353 | 8.4 | 1,475,506 | 7.8 | 298,723 | 20.2 | |||||||||||||||||||||||||
West Michigan |
2,685,054 | 12.3 | 2,643,510 | 12.7 | 2,608,967 | 13.7 | 76,087 | 2.9 | |||||||||||||||||||||||||
East Michigan |
2,298,679 | 10.6 | 2,222,191 | 10.7 | 2,025,914 | 10.7 | 272,765 | 13.5 | |||||||||||||||||||||||||
West Virginia |
1,368,763 | 6.3 | 1,375,151 | 6.6 | 1,291,913 | 6.8 | 76,850 | 5.9 | |||||||||||||||||||||||||
Indiana |
717,877 | 3.3 | 663,927 | 3.2 | 637,090 | 3.4 | 80,787 | 12.7 | |||||||||||||||||||||||||
Regional banking |
17,523,498 | 80.5 | 17,421,238 | 83.9 | 15,936,777 | 84.0 | 1,586,721 | 10.0 | |||||||||||||||||||||||||
Dealer Sales |
69,046 | 0.3 | 74,969 | 0.4 | 76,031 | 0.4 | (6,985 | ) | (9.2 | ) | |||||||||||||||||||||||
Private Financial Group |
1,139,139 | 5.2 | 1,176,303 | 5.7 | 1,060,639 | 5.6 | 78,500 | 7.4 | |||||||||||||||||||||||||
Treasury / Other (2) |
3,039,290 | 14.0 | 2,095,651 | 10.0 | 1,915,399 | 10.0 | 1,123,891 | 58.7 | |||||||||||||||||||||||||
Total deposits |
$ | 21,770,973 | 100.0 | % | $ | 20,768,161 | 100.0 | % | $ | 18,988,846 | 100.0 | % | $ | 2,782,127 | 14.7 | % | |||||||||||||||||
(1) Prior period amounts have been reclassified to conform to the current period
business segment structure.
(2) Comprised largely of brokered deposits and negotiable CDs.
3
Huntington Bancshares Incorporated
Consolidated Quarterly Average Balance Sheets
(Unaudited)
Average Balances | Change | ||||||||||||||||||||||||||||
Fully Taxable Equivalent basis | 2005 | 2004 | 1Q05 vs 1Q04 | ||||||||||||||||||||||||||
(in millions of dollars) | First | Fourth | Third | Second | First | Amount | Percent | ||||||||||||||||||||||
Assets |
|||||||||||||||||||||||||||||
Interest bearing deposits in banks |
$ | 53 | $ | 60 | $ | 55 | $ | 69 | $ | 79 | $ | (26 | ) | (32.9 | )% | ||||||||||||||
Trading account securities |
200 | 228 | 148 | 28 | 16 | 184 | N.M. | ||||||||||||||||||||||
Federal funds sold and securities purchased
under resale agreements |
475 | 695 | 318 | 168 | 92 | 383 | N.M. | ||||||||||||||||||||||
Loans held for sale |
203 | 229 | 283 | 254 | 207 | (4 | ) | (1.9 | ) | ||||||||||||||||||||
Investment securities: |
|||||||||||||||||||||||||||||
Taxable |
3,932 | 3,858 | 4,340 | 4,861 | 4,646 | (714 | ) | (15.4 | ) | ||||||||||||||||||||
Tax-exempt |
409 | 404 | 398 | 410 | 437 | (28 | ) | (6.4 | ) | ||||||||||||||||||||
Total investment securities |
4,341 | 4,262 | 4,738 | 5,271 | 5,083 | (742 | ) | (14.6 | ) | ||||||||||||||||||||
Loans and leases: |
|||||||||||||||||||||||||||||
Commercial: |
|||||||||||||||||||||||||||||
Middle market commercial and industrial |
4,710 | 4,503 | 4,298 | 4,555 | 4,440 | 270 | 6.1 | ||||||||||||||||||||||
Construction |
1,642 | 1,577 | 1,514 | 1,272 | 1,276 | 366 | 28.7 | ||||||||||||||||||||||
Commercial |
1,883 | 1,852 | 1,913 | 1,919 | 1,873 | 10 | 0.5 | ||||||||||||||||||||||
Middle market commercial real estate |
3,525 | 3,429 | 3,427 | 3,191 | 3,149 | 376 | 11.9 | ||||||||||||||||||||||
Small business commercial and industrial
and commercial real estate |
2,183 | 2,136 | 2,081 | 2,018 | 1,974 | 209 | 10.6 | ||||||||||||||||||||||
Total commercial |
10,418 | 10,068 | 9,806 | 9,764 | 9,563 | 855 | 8.9 | ||||||||||||||||||||||
Consumer: |
|||||||||||||||||||||||||||||
Automobile loans |
2,008 | 1,913 | 1,857 | 2,337 | 3,041 | (1,033 | ) | (34.0 | ) | ||||||||||||||||||||
Automobile leases |
2,461 | 2,388 | 2,250 | 2,139 | 1,988 | 473 | 23.8 | ||||||||||||||||||||||
Automobile loans and leases |
4,469 | 4,301 | 4,107 | 4,476 | 5,029 | (560 | ) | (11.1 | ) | ||||||||||||||||||||
Home equity |
4,570 | 4,489 | 4,337 | 4,107 | 3,810 | 760 | 19.9 | ||||||||||||||||||||||
Residential mortgage |
3,919 | 3,695 | 3,484 | 2,986 | 2,674 | 1,245 | 46.6 | ||||||||||||||||||||||
Other loans |
480 | 479 | 461 | 434 | 426 | 54 | 12.7 | ||||||||||||||||||||||
Total consumer |
13,438 | 12,964 | 12,389 | 12,003 | 11,939 | 1,499 | 12.6 | ||||||||||||||||||||||
Total loans and leases |
23,856 | 23,032 | 22,195 | 21,767 | 21,502 | 2,354 | 10.9 | ||||||||||||||||||||||
Allowance for loan and lease losses |
(282 | ) | (283 | ) | (288 | ) | (310 | ) | (313 | ) | 31 | 9.9 | |||||||||||||||||
Net loans and leases |
23,574 | 22,749 | 21,907 | 21,457 | 21,189 | 2,385 | 11.3 | ||||||||||||||||||||||
Total earning assets |
29,128 | 28,506 | 27,737 | 27,557 | 26,979 | 2,149 | 8.0 | ||||||||||||||||||||||
Operating lease assets |
529 | 648 | 800 | 977 | 1,166 | (637 | ) | (54.6 | ) | ||||||||||||||||||||
Cash and due from banks |
909 | 880 | 928 | 772 | 740 | 169 | 22.8 | ||||||||||||||||||||||
Intangible assets |
218 | 216 | 216 | 216 | 217 | 1 | 0.5 | ||||||||||||||||||||||
All other assets |
2,079 | 2,094 | 2,066 | 2,101 | 2,046 | 33 | 1.6 | ||||||||||||||||||||||
Total Assets |
$ | 32,581 | $ | 32,061 | $ | 31,459 | $ | 31,313 | $ | 30,835 | $ | 1,746 | 5.7 | % | |||||||||||||||
Liabilities and Shareholders Equity |
|||||||||||||||||||||||||||||
Deposits: |
|||||||||||||||||||||||||||||
Non-interest bearing demand deposits |
$ | 3,314 | $ | 3,401 | $ | 3,276 | $ | 3,223 | $ | 3,017 | $ | 297 | 9.8 | % | |||||||||||||||
Interest bearing demand deposits |
7,925 | 7,658 | 7,384 | 7,168 | 6,609 | 1,316 | 19.9 | ||||||||||||||||||||||
Savings and other domestic time deposits |
3,309 | 3,395 | 3,436 | 3,439 | 3,456 | (147 | ) | (4.3 | ) | ||||||||||||||||||||
Retail certificates of deposit |
2,496 | 2,454 | 2,414 | 2,400 | 2,399 | 97 | 4.0 | ||||||||||||||||||||||
Total core deposits |
17,044 | 16,908 | 16,510 | 16,230 | 15,481 | 1,563 | 10.1 | ||||||||||||||||||||||
Domestic time deposits of $100,000 or more |
1,249 | 990 | 886 | 795 | 788 | 461 | 58.5 | ||||||||||||||||||||||
Brokered time deposits and negotiable CDs |
2,728 | 1,948 | 1,755 | 1,737 | 1,907 | 821 | 43.1 | ||||||||||||||||||||||
Foreign time deposits |
442 | 465 | 476 | 542 | 549 | (107 | ) | (19.5 | ) | ||||||||||||||||||||
Total deposits |
21,463 | 20,311 | 19,627 | 19,304 | 18,725 | 2,738 | 14.6 | ||||||||||||||||||||||
Short-term borrowings |
1,179 | 1,302 | 1,342 | 1,396 | 1,603 | (424 | ) | (26.5 | ) | ||||||||||||||||||||
Federal Home Loan Bank advances |
1,196 | 1,270 | 1,270 | 1,270 | 1,273 | (77 | ) | (6.0 | ) | ||||||||||||||||||||
Subordinated notes and other long-term debt |
4,517 | 5,099 | 5,244 | 5,623 | 5,557 | (1,040 | ) | (18.7 | ) | ||||||||||||||||||||
Total interest bearing liabilities |
25,041 | 24,581 | 24,207 | 24,370 | 24,141 | 900 | 3.7 | ||||||||||||||||||||||
All other liabilities |
1,699 | 1,598 | 1,564 | 1,397 | 1,399 | 300 | 21.4 | ||||||||||||||||||||||
Shareholders equity |
2,527 | 2,481 | 2,412 | 2,323 | 2,278 | 249 | 10.9 | ||||||||||||||||||||||
Total Liabilities and Shareholders Equity |
$ | 32,581 | $ | 32,061 | $ | 31,459 | $ | 31,313 | $ | 30,835 | $ | 1,746 | 5.7 | % | |||||||||||||||
N.M., not a meaningful value.
4
Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin Analysis
(Unaudited)
Average Rates (2) | ||||||||||||||||||||
2005 | 2004 | |||||||||||||||||||
Fully Taxable Equivalent basis (1) | First | Fourth | Third | Second | First | |||||||||||||||
Assets |
||||||||||||||||||||
Interest bearing deposits in banks |
1.88 | % | 1.61 | % | 0.91 | % | 1.05 | % | 0.71 | % | ||||||||||
Trading account securities |
4.14 | 4.15 | 4.44 | 3.02 | 3.98 | |||||||||||||||
Federal funds sold and securities purchased
under resale agreements |
2.36 | 1.99 | 1.53 | 1.21 | 1.41 | |||||||||||||||
Loans held for sale |
5.55 | 5.69 | 5.25 | 5.17 | 5.33 | |||||||||||||||
Investment securities: |
||||||||||||||||||||
Taxable |
3.87 | 3.77 | 3.83 | 3.83 | 4.06 | |||||||||||||||
Tax-exempt |
6.73 | 6.89 | 7.06 | 7.07 | 6.88 | |||||||||||||||
Total investment securities |
4.14 | 4.07 | 4.10 | 4.09 | 4.30 | |||||||||||||||
Loans and leases: |
||||||||||||||||||||
Commercial: |
||||||||||||||||||||
Middle market commercial and industrial |
5.02 | 4.80 | 4.46 | 4.05 | 4.33 | |||||||||||||||
Construction |
5.13 | 4.65 | 4.13 | 3.73 | 3.68 | |||||||||||||||
Commercial |
5.15 | 4.80 | 4.45 | 4.20 | 4.31 | |||||||||||||||
Middle market commercial real estate |
5.14 | 4.73 | 4.31 | 4.02 | 4.05 | |||||||||||||||
Small business commercial and industrial
and commercial real estate |
5.81 | 5.67 | 5.45 | 5.33 | 5.46 | |||||||||||||||
Total commercial |
5.23 | 4.96 | 4.62 | 4.30 | 4.47 | |||||||||||||||
Consumer: |
||||||||||||||||||||
Automobile loans |
6.83 | 7.31 | 7.65 | 7.20 | 6.93 | |||||||||||||||
Automobile leases |
4.92 | 5.00 | 5.02 | 5.06 | 4.94 | |||||||||||||||
Automobile loans and leases |
5.78 | 6.02 | 6.21 | 6.17 | 6.14 | |||||||||||||||
Home equity |
5.60 | 5.30 | 4.84 | 4.75 | 4.69 | |||||||||||||||
Residential mortgage |
5.55 | 5.53 | 5.48 | 5.40 | 5.51 | |||||||||||||||
Other loans |
6.42 | 6.87 | 6.54 | 6.21 | 5.83 | |||||||||||||||
Total consumer |
5.67 | 5.66 | 5.54 | 5.49 | 5.52 | |||||||||||||||
Total loans and leases |
5.48 | 5.34 | 5.12 | 4.95 | 5.04 | |||||||||||||||
Total earning assets |
5.21 | % | 5.05 | % | 4.89 | % | 4.76 | % | 4.89 | % | ||||||||||
Liabilities and Shareholders Equity |
||||||||||||||||||||
Deposits: |
||||||||||||||||||||
Non-interest bearing demand deposits |
| % | | % | | % | | % | | % | ||||||||||
Interest bearing demand deposits |
1.45 | 1.21 | 1.06 | 0.94 | 0.88 | |||||||||||||||
Savings and other domestic time deposits |
1.27 | 1.26 | 1.24 | 1.23 | 1.41 | |||||||||||||||
Retail certificates of deposit |
3.43 | 3.38 | 3.32 | 3.27 | 3.47 | |||||||||||||||
Total core deposits |
1.76 | 1.62 | 1.52 | 1.45 | 1.53 | |||||||||||||||
Domestic time deposits of $100,000 or more |
2.92 | 2.51 | 2.40 | 2.37 | 2.14 | |||||||||||||||
Brokered time deposits and negotiable CDs |
2.80 | 2.26 | 1.84 | 1.57 | 1.51 | |||||||||||||||
Foreign time deposits |
1.41 | 0.98 | 0.83 | 0.76 | 0.72 | |||||||||||||||
Total deposits |
1.99 | 1.73 | 1.58 | 1.48 | 1.53 | |||||||||||||||
Short-term borrowings |
1.66 | 1.17 | 0.92 | 0.80 | 0.83 | |||||||||||||||
Federal Home Loan Bank advances |
2.90 | 2.68 | 2.60 | 2.52 | 2.50 | |||||||||||||||
Subordinated notes and other long-term debt |
3.39 | 2.67 | 2.62 | 2.24 | 2.33 | |||||||||||||||
Total interest bearing liabilities |
2.27 | % | 1.94 | % | 1.82 | % | 1.66 | % | 1.71 | % | ||||||||||
Net interest rate spread |
2.94 | % | 3.11 | % | 3.07 | % | 3.10 | % | 3.18 | % | ||||||||||
Impact of non-interest bearing funds on margin |
0.37 | 0.27 | 0.23 | 0.19 | 0.18 | |||||||||||||||
Net interest margin |
3.31 | % | 3.38 | % | 3.30 | % | 3.29 | % | 3.36 | % | ||||||||||
(1)Fully taxable equivalent (FTE) yields are calculated assuming a 35% tax rate. See page
6 for the FTE adjustment.
(2)Loan, lease, and deposit average rates include impact of applicable derivatives and
non-deferrable fees.
5
Huntington Bancshares Incorporated
Selected Quarterly Income Statement Data
(Unaudited)
2005 | 2004 | 1Q05 vs 1Q04 | |||||||||||||||||||||||||||
(in thousands of dollars, except per share amounts) | First | Fourth | Third | Second | First | Amount | Percent | ||||||||||||||||||||||
Interest income |
$ | 376,105 | $ | 359,215 | $ | 338,002 | $ | 324,167 | $ | 325,931 | $ | 50,174 | 15.4 | % | |||||||||||||||
Interest expense |
140,907 | 120,147 | 110,944 | 101,604 | 103,246 | 37,661 | 36.5 | ||||||||||||||||||||||
Net interest income |
235,198 | 239,068 | 227,058 | 222,563 | 222,685 | 12,513 | 5.6 | ||||||||||||||||||||||
Provision for credit losses |
19,874 | 12,654 | 11,785 | 5,027 | 25,596 | (5,722 | ) | (22.4 | ) | ||||||||||||||||||||
Net interest income after provision for credit losses |
215,324 | 226,414 | 215,273 | 217,536 | 197,089 | 18,235 | 9.3 | ||||||||||||||||||||||
Operating lease income |
46,732 | 55,106 | 64,412 | 78,706 | 88,867 | (42,135 | ) | (47.4 | ) | ||||||||||||||||||||
Service charges on deposit accounts |
39,418 | 41,747 | 43,935 | 43,596 | 41,837 | (2,419 | ) | (5.8 | ) | ||||||||||||||||||||
Trust services |
18,196 | 17,315 | 17,064 | 16,708 | 16,323 | 1,873 | 11.5 | ||||||||||||||||||||||
Brokerage and insurance income |
13,026 | 12,879 | 13,200 | 13,523 | 15,197 | (2,171 | ) | (14.3 | ) | ||||||||||||||||||||
Bank owned life insurance income |
10,104 | 10,484 | 10,019 | 11,309 | 10,485 | (381 | ) | (3.6 | ) | ||||||||||||||||||||
Other service charges and fees |
10,159 | 10,617 | 10,799 | 10,645 | 9,513 | 646 | 6.8 | ||||||||||||||||||||||
Mortgage banking |
12,061 | 8,822 | 4,448 | 23,322 | (4,296 | ) | 16,357 | N.M. | |||||||||||||||||||||
Securities gains (losses) |
957 | 2,100 | 7,803 | (9,230 | ) | 15,090 | (14,133 | ) | (93.7 | ) | |||||||||||||||||||
Gain on sales of automobile loans |
| | 312 | 4,890 | 9,004 | (9,004 | ) | N.M. | |||||||||||||||||||||
Other income |
17,397 | 23,870 | 17,899 | 24,659 | 25,619 | (8,222 | ) | (32.1 | ) | ||||||||||||||||||||
Total non-interest income |
168,050 | 182,940 | 189,891 | 218,128 | 227,639 | (59,589 | ) | (26.2 | ) | ||||||||||||||||||||
Personnel costs |
123,981 | 122,738 | 121,729 | 119,715 | 121,624 | 2,357 | 1.9 | ||||||||||||||||||||||
Operating lease expense |
37,948 | 48,320 | 54,885 | 62,563 | 70,710 | (32,762 | ) | (46.3 | ) | ||||||||||||||||||||
Net occupancy |
19,242 | 26,082 | 16,838 | 16,258 | 16,763 | 2,479 | 14.8 | ||||||||||||||||||||||
Outside data processing and other services |
18,770 | 18,563 | 17,527 | 17,563 | 18,462 | 308 | 1.7 | ||||||||||||||||||||||
Equipment |
15,863 | 15,733 | 15,295 | 16,228 | 16,086 | (223 | ) | (1.4 | ) | ||||||||||||||||||||
Professional services |
9,459 | 9,522 | 12,219 | 7,836 | 7,299 | 2,160 | 29.6 | ||||||||||||||||||||||
Marketing |
6,454 | 5,581 | 5,000 | 8,069 | 7,839 | (1,385 | ) | (17.7 | ) | ||||||||||||||||||||
Telecommunications |
4,882 | 4,596 | 5,359 | 4,638 | 5,194 | (312 | ) | (6.0 | ) | ||||||||||||||||||||
Printing and supplies |
3,094 | 3,148 | 3,201 | 3,098 | 3,016 | 78 | 2.6 | ||||||||||||||||||||||
Amortization of intangibles |
204 | 205 | 204 | 204 | 204 | | | ||||||||||||||||||||||
Restructuring reserve releases |
| | (1,151 | ) | | | | | |||||||||||||||||||||
Other expense |
18,380 | 26,526 | 22,317 | 25,981 | 18,457 | (77 | ) | (0.4 | ) | ||||||||||||||||||||
Total non-interest expense |
258,277 | 281,014 | 273,423 | 282,153 | 285,654 | (27,377 | ) | (9.6 | ) | ||||||||||||||||||||
Income before income taxes |
125,097 | 128,340 | 131,741 | 153,511 | 139,074 | (13,977 | ) | (10.1 | ) | ||||||||||||||||||||
Provision for income taxes |
28,578 | 37,201 | 38,255 | 43,384 | 34,901 | (6,323 | ) | (18.1 | ) | ||||||||||||||||||||
Net income |
$ | 96,519 | $ | 91,139 | $ | 93,486 | $ | 110,127 | $ | 104,173 | $ | (7,654 | ) | (7.3) | % | ||||||||||||||
Average common shares diluted |
235,053 | 235,502 | 234,348 | 232,659 | 232,915 | 2,138 | 0.9 | % | |||||||||||||||||||||
Per common share |
|||||||||||||||||||||||||||||
Net income diluted |
$ | 0.41 | $ | 0.39 | $ | 0.40 | $ | 0.47 | $ | 0.45 | $ | (0.04 | ) | (8.9 | ) | ||||||||||||||
Cash dividends declared |
0.200 | 0.200 | 0.200 | 0.175 | 0.175 | 0.025 | 14.3 | ||||||||||||||||||||||
Return on average total assets |
1.20 | % | 1.13 | % | 1.18 | % | 1.41 | % | 1.36 | % | (0.16) | % | (11.8 | ) | |||||||||||||||
Return on average total shareholders equity |
15.5 | 14.6 | 15.4 | 19.1 | 18.4 | (2.9 | ) | (15.8 | ) | ||||||||||||||||||||
Net interest margin (1) |
3.31 | 3.38 | 3.30 | 3.29 | 3.36 | (0.05 | ) | (1.5 | ) | ||||||||||||||||||||
Efficiency ratio (2) |
63.7 | 66.4 | 66.3 | 62.3 | 65.1 | (1.4 | ) | (2.2 | ) | ||||||||||||||||||||
Effective tax rate |
22.8 | 29.0 | 29.0 | 28.3 | 25.1 | (2.3 | ) | (9.2 | ) | ||||||||||||||||||||
Revenue fully taxable equivalent (FTE) |
|||||||||||||||||||||||||||||
Net interest income |
$ | 235,198 | $ | 239,068 | $ | 227,058 | $ | 222,563 | $ | 222,685 | $ | 12,513 | 5.6 | ||||||||||||||||
FTE adjustment (1) |
2,861 | 2,847 | 2,864 | 2,919 | 3,023 | (162 | ) | (5.4 | ) | ||||||||||||||||||||
Net interest income |
238,059 | 241,915 | 229,922 | 225,482 | 225,708 | 12,351 | 5.5 | ||||||||||||||||||||||
Non-interest income |
168,050 | 182,940 | 189,891 | 218,128 | 227,639 | (59,589 | ) | (26.2 | ) | ||||||||||||||||||||
Total revenue |
$ | 406,109 | $ | 424,855 | $ | 419,813 | $ | 443,610 | $ | 453,347 | $ | (47,238 | ) | (10.4) | % | ||||||||||||||
N.M., not a meaningful value.
(1) | On a fully taxable equivalent (FTE) basis assuming a 35% tax rate. |
(2) | Non-interest expense less amortization of intangibles divided by the sum of FTE net interest income and non-interest income excluding securities gains (losses). |
6
Huntington Bancshares Incorporated
Quarterly Credit Reserves Analysis
(Unaudited)
2005 | 2004 | |||||||||||||||||||
(in thousands of dollars) | First | Fourth | Third | Second | First | |||||||||||||||
Allowance for loan and leases losses,
beginning of period |
$ | 271,211 | $ | 282,650 | $ | 286,935 | $ | 295,377 | $ | 299,732 | ||||||||||
Loan and lease losses |
(37,213 | ) | (31,737 | ) | (26,366 | ) | (30,845 | ) | (37,167 | ) | ||||||||||
Recoveries of loans previously charged off |
8,941 | 10,824 | 9,886 | 18,330 | 8,540 | |||||||||||||||
Net loan and lease losses |
(28,272 | ) | (20,913 | ) | (16,480 | ) | (12,515 | ) | (28,627 | ) | ||||||||||
Provision for loan and lease losses |
21,451 | 9,474 | 12,971 | 5,923 | 29,029 | |||||||||||||||
Allowance of assets sold and securitized |
| | (776 | ) | (1,850 | ) | (4,757 | ) | ||||||||||||
Allowance for loan and lease losses, end of period |
$ | 264,390 | $ | 271,211 | $ | 282,650 | $ | 286,935 | $ | 295,377 | ||||||||||
Allowance for unfunded loan commitments
and letters of credit, beginning of period |
$ | 33,187 | $ | 30,007 | $ | 31,193 | $ | 32,089 | $ | 35,522 | ||||||||||
Provision for unfunded loan commitments and
letters of credit losses |
(1,577 | ) | 3,180 | (1,186 | ) | (896 | ) | (3,433 | ) | |||||||||||
Allowance for unfunded loan commitments
and letters of credit, end of period |
$ | 31,610 | $ | 33,187 | $ | 30,007 | $ | 31,193 | $ | 32,089 | ||||||||||
Total allowances for credit losses |
$ | 296,000 | $ | 304,398 | $ | 312,657 | $ | 318,128 | $ | 327,466 | ||||||||||
Allowance for loan and lease losses (ALLL) as % of: |
||||||||||||||||||||
Transaction reserve |
0.81 | 0.78 | 0.84 | 0.86 | 0.91 | |||||||||||||||
Economic reserve |
0.27 | 0.32 | 0.33 | 0.36 | 0.38 | |||||||||||||||
Specific reserve |
0.01 | 0.05 | 0.08 | 0.10 | 0.10 | |||||||||||||||
Total loans and leases |
1.09 | % | 1.15 | % | 1.25 | % | 1.32 | % | 1.39 | % | ||||||||||
Non-performing loans and leases (NPLs) |
441 | 424 | 417 | 464 | 383 | |||||||||||||||
Non-performing assets (NPAs) |
361 | 250 | 351 | 384 | 322 | |||||||||||||||
Total allowances for credit losses (ACL) as % of: |
||||||||||||||||||||
Total loans and leases |
1.22 | % | 1.29 | % | 1.38 | % | 1.46 | % | 1.55 | % | ||||||||||
Non-performing loans and leases |
494 | 476 | 461 | 515 | 425 | |||||||||||||||
Non-performing assets |
404 | 280 | 389 | 426 | 357 |
7
Huntington Bancshares Incorporated
Quarterly Net Charge-Off Analysis
(Unaudited)
2005 | 2004 | ||||||||||||||||||||
(in thousands of dollars) | First | Fourth | Third | Second | First | ||||||||||||||||
Net charge-offs by loan and lease type: |
|||||||||||||||||||||
Commercial: |
|||||||||||||||||||||
Middle market commercial and industrial |
$ | 14,092 | $ | 1,239 | $ | (102 | ) | $ | (3,642 | ) | $ | 4,425 | |||||||||
Construction |
(51 | ) | 704 | (19 | ) | 276 | 1,504 | ||||||||||||||
Commercial |
(152 | ) | 1,834 | 1,490 | 2,222 | (40 | ) | ||||||||||||||
Middle market commercial real estate |
(203 | ) | 2,538 | 1,471 | 2,498 | 1,464 | |||||||||||||||
Small business commercial and industrial and commercial real estate |
2,283 | 1,386 | 1,195 | 1,281 | 1,704 | ||||||||||||||||
Total commercial |
16,172 | 5,163 | 2,564 | 137 | 7,593 | ||||||||||||||||
Consumer: |
|||||||||||||||||||||
Automobile loans |
3,216 | 4,406 | 5,142 | 5,604 | 13,422 | ||||||||||||||||
Automobile leases |
3,014 | 3,104 | 2,415 | 2,159 | 3,159 | ||||||||||||||||
Automobile loans and leases |
6,230 | 7,510 | 7,557 | 7,763 | 16,581 | ||||||||||||||||
Home equity |
3,963 | 5,346 | 4,259 | 2,569 | 2,900 | ||||||||||||||||
Residential mortgage |
439 | 608 | 534 | 302 | 316 | ||||||||||||||||
Other loans |
1,468 | 2,286 | 1,566 | 1,744 | 1,237 | ||||||||||||||||
Total consumer |
12,100 | 15,750 | 13,916 | 12,378 | 21,034 | ||||||||||||||||
Total net charge-offs |
$ | 28,272 | $ | 20,913 | $ | 16,480 | $ | 12,515 | $ | 28,627 | |||||||||||
Net charge-offs annualized percentages: |
|||||||||||||||||||||
Commercial: |
|||||||||||||||||||||
Middle market commercial and industrial |
1.20 | % | 0.11 | % | (0.01) | % | (0.32) | % | 0.40 | % | |||||||||||
Construction |
(0.01 | ) | 0.18 | (0.01 | ) | 0.09 | 0.47 | ||||||||||||||
Commercial |
(0.03 | ) | 0.40 | 0.31 | 0.46 | (0.01 | ) | ||||||||||||||
Middle market commercial real estate |
(0.02 | ) | 0.30 | 0.17 | 0.31 | 0.19 | |||||||||||||||
Small business commercial and industrial and commercial real estate |
0.42 | 0.26 | 0.23 | 0.25 | 0.35 | ||||||||||||||||
Total commercial |
0.62 | 0.21 | 0.10 | 0.01 | 0.32 | ||||||||||||||||
Consumer: |
|||||||||||||||||||||
Automobile loans |
0.64 | 0.92 | 1.11 | 0.96 | 1.77 | ||||||||||||||||
Automobile leases |
0.49 | 0.52 | 0.43 | 0.40 | 0.64 | ||||||||||||||||
Automobile loans and leases |
0.56 | 0.70 | 0.74 | 0.69 | 1.32 | ||||||||||||||||
Home equity |
0.35 | 0.48 | 0.39 | 0.25 | 0.30 | ||||||||||||||||
Residential mortgage |
0.04 | 0.07 | 0.06 | 0.04 | 0.05 | ||||||||||||||||
Other loans |
1.22 | 1.91 | 1.36 | 1.62 | 1.17 | ||||||||||||||||
Total consumer |
0.36 | 0.49 | 0.45 | 0.41 | 0.70 | ||||||||||||||||
Net charge-offs as a % of average loans |
0.47 | % | 0.36 | % | 0.30 | % | 0.23 | % | 0.53 | % | |||||||||||
8
Huntington Bancshares Incorporated
Quarterly Non-Performing Assets and Past Due Loans and Leases
(Unaudited)
2005 | 2004 | ||||||||||||||||||||
(in thousands of dollars) | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
Non-accrual loans and leases: |
|||||||||||||||||||||
Middle market commercial and industrial |
$ | 16,993 | $ | 24,179 | $ | 20,098 | $ | 24,336 | $ | 36,854 | |||||||||||
Middle market commercial real estate |
6,682 | 4,582 | 14,717 | 11,122 | 16,097 | ||||||||||||||||
Small business commercial and industrial
and commercial real estate |
16,387 | 14,601 | 12,087 | 12,368 | 12,124 | ||||||||||||||||
Residential mortgage |
12,498 | 13,545 | 13,197 | 13,952 | 12,052 | ||||||||||||||||
Home equity (1) |
7,333 | 7,055 | 7,685 | | | ||||||||||||||||
Total non-performing loans and leases |
59,893 | 63,962 | 67,784 | 61,778 | 77,127 | ||||||||||||||||
Other real estate, net: |
|||||||||||||||||||||
Residential |
10,571 | 8,762 | 8,840 | 8,851 | 9,132 | ||||||||||||||||
Commercial (2) |
2,839 | 35,844 | 3,852 | 4,067 | 5,435 | ||||||||||||||||
Total other real estate, net |
13,410 | 44,606 | 12,692 | 12,918 | 14,567 | ||||||||||||||||
Total non-performing assets |
$ | 73,303 | $ | 108,568 | $ | 80,476 | $ | 74,696 | $ | 91,694 | |||||||||||
Non-performing loans and leases as a % of total loans and leases |
0.25 | % | 0.27 | % | 0.30 | % | 0.28 | % | 0.36 | % | |||||||||||
Non-performing assets as a % of total loans and leases and other real estate |
0.30 | 0.46 | 0.36 | 0.34 | 0.43 | ||||||||||||||||
Accruing loans and leases past due 90 days or more (1) |
$ | 50,086 | $ | 54,283 | $ | 53,456 | $ | 51,490 | $ | 59,697 | |||||||||||
Accruing loans and leases past due 90 days or more as a percent of total loans and leases |
0.21 | % | 0.23 | % | 0.24 | % | 0.24 | % | 0.28 | % |
2005 | 2004 | ||||||||||||||||||||
(in thousands of dollars) | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
Non-performing assets, beginning
of period |
$ | 108,568 | $ | 80,476 | $ | 74,696 | $ | 91,694 | $ | 87,386 | |||||||||||
New non-performing assets (1) (2) |
33,607 | 61,684 | 22,740 | 25,727 | 27,208 | ||||||||||||||||
Returns to accruing status |
(3,838 | ) | (2,248 | ) | | (1,493 | ) | (54 | ) | ||||||||||||
Loan and lease losses |
(17,281 | ) | (8,578 | ) | (5,424 | ) | (12,872 | ) | (10,463 | ) | |||||||||||
Payments |
(10,404 | ) | (8,829 | ) | (10,202 | ) | (13,571 | ) | (10,717 | ) | |||||||||||
Sales |
(37,349 | ) | (13,937 | ) | (1,334 | ) | (14,789 | ) | (1,666 | ) | |||||||||||
Non-performing assets, end of period |
$ | 73,303 | $ | 108,568 | $ | 80,476 | $ | 74,696 | $ | 91,694 | |||||||||||
(1) | As of September 30, 2004, the Company adopted a policy, consistent with its policy for residential mortgage loans, of placing home equity loans and lines on nonaccrual status when they become greater than 180 days past due. In prior quarters, these balances were included in Accruing loans and leases past due 90 days or more. |
(2) | At December 31, 2004, other real estate owned included $35.7 million of properties that relate to the work-out of $5.9 million of mezzanine loans. These properties were subject to $29.8 million of non-recourse debt to another financial institution. Both properties were sold in the first quarter of 2005. |
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Huntington Bancshares Incorporated
Quarterly Stock Summary, Capital, and Other Data
(Unaudited)
Quarterly common stock summary
2005 | 2004 | |||||||||||||||||||
(in thousands of dollars, except per share amounts) | First | Fourth | Third | Second | First | |||||||||||||||
Common stock price, per share |
||||||||||||||||||||
High (1) |
$ | 24.780 | $ | 25.380 | $ | 25.150 | $ | 23.120 | $ | 23.780 | ||||||||||
Low (1) |
22.150 | 23.110 | 22.700 | 20.890 | 21.000 | |||||||||||||||
Close |
23.900 | 24.740 | 24.910 | 22.980 | 22.030 | |||||||||||||||
Average closing price |
23.216 | 24.241 | 24.105 | 22.050 | 22.501 | |||||||||||||||
Dividends, per share |
||||||||||||||||||||
Cash dividends declared on common stock |
$ | 0.200 | $ | 0.200 | $ | 0.200 | $ | 0.175 | $ | 0.175 | ||||||||||
Common shares outstanding |
||||||||||||||||||||
Average basic |
231,824 | 231,147 | 229,848 | 229,429 | 229,227 | |||||||||||||||
Average diluted |
235,053 | 235,502 | 234,348 | 232,659 | 232,915 | |||||||||||||||
Ending |
232,002 | 231,605 | 230,153 | 229,476 | 229,410 | |||||||||||||||
Book value per share |
$ | 11.16 | $ | 10.96 | $ | 10.69 | $ | 10.40 | $ | 10.31 | ||||||||||
Common share repurchase program |
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Number of shares repurchased |
| | | | |
Capital adequacy
2005 | 2004 | |||||||||||||||||||
(in thousands of dollars) | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
Total risk-adjusted assets (2) |
$ | 29,947,075 | $ | 29,542,401 | $ | 28,679,142 | $ | 28,415,519 | $ | 28,247,258 | ||||||||||
Tier 1 leverage ratio (2) |
8.48 | % | 8.42 | % | 8.36 | % | 8.20 | % | 8.07 | % | ||||||||||
Tier 1 risk-based capital ratio (2) |
9.17 | 9.08 | 9.10 | 8.98 | 8.74 | |||||||||||||||
Total risk-based capital ratio (2) |
12.50 | 12.48 | 12.53 | 12.56 | 12.13 | |||||||||||||||
Tangible equity / asset ratio |
7.42 | 7.18 | 7.11 | 6.95 | 6.97 | |||||||||||||||
Tangible equity / risk-weighted assets ratio (2) |
7.92 | 7.86 | 7.83 | 7.64 | 7.60 | |||||||||||||||
Average equity / average assets |
7.76 | 7.74 | 7.67 | 7.42 | 7.39 | |||||||||||||||
Other data |
||||||||||||||||||||
Number of employees (full-time equivalent) |
7,813 | 7,812 | 7,906 | 8,045 | 7,915 | |||||||||||||||
Number of domestic full-service banking offices (3) |
343 | 342 | 341 | 341 | 337 |
(1) High and low stock prices are intra-day quotes obtained from NASDAQ.
(2) First quarter 2005 figures are estimated.
(3) Includes three Private Financial Group offices in Florida.
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Huntington Bancshares Incorporated
Quarterly Operating Lease Performance
(Unaudited)
2005 | 2004 | 1Q05 vs 1Q04 | |||||||||||||||||||||||||||
(in thousands of dollars) | First | Fourth | Third | Second | First | Amount | Percent | ||||||||||||||||||||||
Balance Sheet: |
|||||||||||||||||||||||||||||
Average operating lease assets outstanding |
$ | 529,245 | $ | 647,970 | $ | 800,145 | $ | 976,626 | $ | 1,166,146 | $ | (636,901 | ) | (54.6) | % | ||||||||||||||
Income Statement: |
|||||||||||||||||||||||||||||
Net rental income |
$ | 43,554 | $ | 51,016 | $ | 60,267 | $ | 72,402 | $ | 83,517 | $ | (39,963 | ) | (47.9) | % | ||||||||||||||
Fees |
1,857 | 2,111 | 2,965 | 4,838 | 3,543 | (1,686 | ) | (47.6 | ) | ||||||||||||||||||||
Recoveries early terminations |
1,321 | 1,979 | 1,180 | 1,466 | 1,807 | (486 | ) | (26.9 | ) | ||||||||||||||||||||
Total operating lease income |
46,732 | 55,106 | 64,412 | 78,706 | 88,867 | (42,135 | ) | (47.4 | ) | ||||||||||||||||||||
Depreciation and residual losses at termination |
34,703 | 45,293 | 49,917 | 57,412 | 63,823 | (29,120 | ) | (45.6 | ) | ||||||||||||||||||||
Losses early terminations |
3,245 | 3,027 | 4,968 | 5,151 | 6,887 | (3,642 | ) | (52.9 | ) | ||||||||||||||||||||
Total operating lease expense |
37,948 | 48,320 | 54,885 | 62,563 | 70,710 | (32,762 | ) | (46.3 | ) | ||||||||||||||||||||
Net earnings contribution |
$ | 8,784 | $ | 6,786 | $ | 9,527 | $ | 16,143 | $ | 18,157 | $ | (9,373 | ) | (51.6) | % | ||||||||||||||
Earnings ratios (1) |
|||||||||||||||||||||||||||||
Net rental income |
32.9 | % | 31.5 | % | 30.1 | % | 29.7 | % | 28.6 | % | 4.3 | % | 15.0 | % | |||||||||||||||
Depreciation and residual losses at termination |
26.2 | 28.0 | 25.0 | 23.5 | 21.9 | 4.3 | 19.6 |
Definition of term(s):
Net rental income includes the lease payments earned on the equipment and vehicles that Huntington leases to its customers under operating leases. Fees include late fees, early payment fees and other non-origination fees. Recoveries represent payments received on a cash basis subsequent to a customers default on an operating lease and a recognition of an impairment loss on the lease. Depreciation represents the periodic depreciation of equipment and vehicles to their residual value owned by Huntington under operating leases and any accelerated depreciation where Huntington expects to receive less than the residual value from the sale of the vehicle and from insurance proceeds at the end of the lease term. Losses represent impairments recognized on equipment and vehicles where the lessee has defaulted on the operating lease.
(1) As a percent of average operating lease assets, quarterly and year-to-date amounts annualized. |
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