8-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report: January 16, 2003

HUNTINGTON BANCSHARES INCORPORATED
(Exact Name of Registrant as specified in its charter)

Maryland	0-2525	31-0724920
(State or other	(Commission File No.)	(IRS Employer
jurisdiction of		Identification Number)
incorporation or
organization)

Huntington Center
41 South High Street
Columbus, Ohio 43287
(614) 480-8300
(Address, including zip code, and telephone number
including area code of Registrant’s
principal executive offices)

Item 5. Other Events.

     On January 16, 2003, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the fourth quarter and year ended December 31, 2002. The information contained in the news release, which is attached as Exhibit 99.1 to this report, is incorporated herein by reference. Huntington also presented this information during a conference call which was available via Internet Webcast. The presentation materials are attached as Exhibits 99.2 and 99.3 to this report, and are incorporated herein by reference.

     The information contained or incorporated by reference in this Current Report on Form 8-K may contain forward-looking statements, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. A number of factors, including but not limited to those set forth under the heading “Business Risks” included in Item 1 of Huntington’s Annual Report on Form 10-K for the year ended December 31, 2001, and other factors described from time to time in Huntington’s other filings with the Securities and Exchange Commission, could cause actual conditions, events, or results to differ significantly from those described in the forward-looking statements. All forward-looking statements included in this Current Report on Form 8-K are based on information available at the time of the Report. Huntington assumes no obligation to update any forward-looking statement.

Item 7. Financial Statements and Exhibits.

     (c)  Exhibits.

Exhibit 99.1	News release of Huntington Bancshares Incorporated, dated January 16, 2003.
Exhibit 99.2	Presentation Transcript of January 16, 2003.
Exhibit 99.3	Presentation Materials, January 16, 2003.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	HUNTINGTON BANCSHARES INCORPORATED
Date: January 23, 2003	By:	/s/ Michael J. McMennamin
		Michael J. McMennamin, Vice Chairman,
		Chief Financial Officer, and Treasurer

EXHIBIT INDEX

Exhibit No.	Description
Exhibit 99.1	* News release of Huntington Bancshares Incorporated, dated January 16, 2003.
Exhibit 99.2	* Presentation Transcript of January 16, 2003.
Exhibit 99.3	* Presentation Materials, dated January 16, 2003.

* Filed with this report.

EX-99.1 3 l98368aexv99w1.txt EXHIBIT 99.1 EXHIBIT 99.1 FOR IMMEDIATE RELEASE JANUARY 16, 2003 CONTACTS:

Analysts Media Jay Gould (614) 480-4060 Jeri Grier (614) 480-5413 Susan Stuart (614) 480-3878 Karen Del Toro (614) 480-3077

HUNTINGTON BANCSHARES REPORTS 2002 FOURTH QUARTER AND FULL YEAR RESULTS - FOURTH QUARTER $0.36 GAAP EARNINGS PER SHARE - FULL YEAR $1.49 GAAP EARNINGS PER SHARE / $1.35 OPERATING EARNINGS PER SHARE ANNOUNCES NEW 8 MILLION SHARE REPURCHASE AUTHORIZATION PROVIDES 2003 EARNINGS OUTLOOK OF $1.50-$1.53 PER SHARE COLUMBUS, Ohio - Huntington Bancshares Incorporated (NASDAQ: HBAN; www.huntington.com) today reported 2002 fourth quarter and full year earnings. GAAP EARNINGS Fourth quarter GAAP earnings were $85.1 million, or $0.36 per common share. This compares with GAAP earnings of $65.6 million, or $0.26 per common share, in the year-ago fourth quarter, and $98.1 million, or $0.41 per common share, in the third quarter of 2002. Full year 2002 GAAP earnings were $363.2 million, or $1.49 per common share, compared with $178.5 million, or $0.71 per common share, in 2001. OPERATING EARNINGS(1) Fourth quarter earnings of $85.1 million, or $0.36 per common share, were up 7% and 13%, respectively, from the year-ago fourth quarter operating earnings of $79.6 million, or $0.32 per common share, and up 4% and 6%, respectively, from third quarter 2002 operating earnings of $82.2 million, or $0.34 per common share. Full year 2002 operating earnings of $328.5 million, or $1.35 per common share, were up 7% and 11%, respectively, from full year 2001 operating earnings of $307.5 million or $1.22 per common share. - 1 - (1) Results from the 2001 second quarter through the third quarter of 2002 were significantly impacted by a number of non-operating items, primarily related to the strategic restructuring announced in July 2001 and the subsequent sale of the Florida banking and insurance operations in the 2002 first quarter. Therefore, solely for analytical purposes and as an aid to better understand underlying trends, certain data are presented on an operating basis which excludes the impact of restructuring and other charges, the gain from the sale of Florida banking operations and its related run-rate impact from prior periods, and other non-operating items. (Please refer to the schedules beginning on page 10, as well as the 2002 fourth quarter's Quarterly Financial Review for schedules reconciling reported with operating earnings and additional schedules that exclude the impact of the sold Florida operations.) MANAGEMENT COMMENTS "A year ago we established a 2002 operating earnings target of $1.32-$1.36 per share," said Thomas Hoaglin, chairman, president and chief executive officer. "While this was an ambitious goal given the uncertain economic environment and the fact that we were only in the very early stages of our turnaround, we are extremely pleased to report full-year operating earnings at the top end of that range. These results confirm the progress we have made thus far in improving Huntington's operating performance." "Looking at fourth quarter performance, strong loan growth was again a highlight," he continued. "This reflected continued good growth in consumer loans, most notably mortgages and home equity-related loans. Total commercial and commercial real estate loans also increased. Excluding retail certificates of deposit, average core deposits increased 3% annualized during the quarter and were up 13% from a year ago. The just-released FDIC deposit data shows an increase in deposit market share in all our states and major markets as of June 2002." "Another highlight in the quarter was the 9% growth in non-interest income driven by increases in deposit service charges, brokerage and insurance income, and mortgage banking income, all of which are core fee income categories. Expenses grew 5% from the third quarter, primarily reflecting higher personnel costs related to incentive compensation and benefits." - 2 - "The credit actions we announced last week accelerating the disposition and resolution of selected problem credits was a significant achievement," he continued. "Importantly, our efforts over the last 18 months in improving our credit culture, tightening underwriting standards and practices, and strengthening our reserves, positioned us to take advantage of an economically attractive opportunity to accelerate the disposition of these problem assets. As a result, we enter 2003 from a stronger overall credit quality position, including non-performing coverage and loan loss reserve ratios significantly better than the median of our peer bank competitors." "On the strategic front, we completed installation of our new customer service technology in all our banking offices. This was a yearlong undertaking involving hundreds of employees and, thanks to their efforts, was successfully completed on time and under budget. Today, every front-line banking office associate is better equipped with the technology needed to serve our customers." "Lastly, we repurchased 4.2 million Huntington shares, bringing the 2002 purchases to 19.2 million shares at a value of $370 million," he concluded. DISCUSSION OF RESULTS - ON AN OPERATING BASIS Fourth quarter 2002 results compared with sequential third quarter performance on an operating basis reflected: - 13% annualized growth in managed loans reflecting growth in home equity, residential mortgage, auto loans and leases, and total commercial and commercial real estate loans - 4.07% net interest margin, down from 4.26% - 9% increase in non-interest income despite a $6.2 million pre-tax mortgage servicing impairment - 5% increase in non-interest expense and a 54.0% efficiency ratio, up from 53.1% - 1.76% loan loss reserve to loans ratio, down from 2.00% - 269% non-performing assets coverage ratio, up from 191% - 7.62% tangible common equity ratio, down from 8.00% - 3 - - Repurchased 4.2 million common shares bringing 2002 repurchases to 19.2 million shares at a cost of $370 million Net interest income increased $0.3 million from the third quarter reflecting the benefit of a $1.1 billion, or 5%, increase in average earning assets due to growth in both loans and securities, mostly offset by a 4% decrease in the margin. The net interest margin declined to 4.07% from 4.26%. The decline was driven by a number of factors including the inability to fully reflect the latest reduction in market rates in our deposit prices, growth in lower rate, but higher quality, auto loans and leases, and heavy prepayments of higher rate mortgages. Compared with the year-ago fourth quarter, net interest income was up $14.2 million, or 6%, reflecting the combination of an 11% increase in average earning assets, partially offset by a 4% decline in the net interest margin from 4.26%. Adjusting for any acquired, securitized, and sold portfolios, average managed loans increased 13% on an annualized basis from the third quarter impacted by a 20% annualized growth in consumer loans. Average residential mortgages grew 72% annualized, reflecting continued strong demand for residential mortgages and the promotion of adjustable rate mortgage products. Average home equity loans and lines of credit increased 17% annualized with average managed auto loans and leases up 12% annualized. Total average commercial and commercial real estate loans increased 4% annualized reflecting seasonal growth in dealer floor plan loans, as well as growth in small business loans. Compared with the year-ago quarter, total average managed loans were up 10%. Although interest rates are at low absolute levels, retail certificates of deposit (CDs) are currently a relatively expensive source of funds. Other more attractive funding sources were being emphasized which resulted in average retail CD balances declining $149 million. Total core deposits, excluding retail CDs, increased $90 million, or 3%, annualized. Non-interest income, excluding securities gains, was up $10.0 million, or 9%, from the third quarter. This increase was spread over a number of core fee income categories. Service charges on deposit accounts increased $3.7 million, or 10%. Brokerage and insurance income increased $2.5 million, or 18%, driven primarily by capital market activities. Mortgage banking income increased $5.1 million despite mortgage servicing rights impairment. Such impairments were - 4 - $6.2 million and $6.6 million in the fourth and third quarters, respectively. These impairments reflected unusually high loan prepayment activity over the second half of 2002, due to the rapidly declining interest rate environment. Compared with the year-ago quarter, non-interest income excluding securities gains was up 8%. Primarily contributing to this year-over-year increase were a 17% increase in deposit service charges, a 9% increase in brokerage and insurance income, a 20% increase in bank owned life insurance income, a 14% increase in other service charges, primarily electronic banking fees, and a 12% increase in other income. These increases were partially offset by a 24% decline in mortgage banking income caused primarily by mortgage servicing rights impairment in the 2002 fourth quarter. Non-interest expense was up $9.0 million, or 5%, from the third quarter driven primarily by a $6.4 million, or 6%, increase in personnel costs. This increase reflected higher performance-based compensation and higher benefit expenses. Also contributing to the linked-quarter increase was a $2.1 million increase in outside data processing and other services, reflecting volume driven costs, especially in the mortgage company, and a $1.9 million increase in professional services influenced by costs supporting the fourth quarter credit actions. These increases were partially offset by declines in net occupancy and marketing expenses of $1.4 million and $1.3 million, respectively. Compared with the 2001 fourth quarter, non-interest expense was up $15.3 million, or 8%, primarily due to a $13.8 million, or 14%, increase in personnel cost. Contributing equally to this increase were salary expense, incentive compensation, and benefit costs. The increased salary expense reflected higher staffing levels associated with the broad-based strengthening of the management team, including the credit workout area. Higher sales commissions were reflected across all lines of business. Outside data processing and other services was up $1.8 million, or 12%, and professional services increased $2.0 million, or 32%. These increases were influenced by the same factors affecting linked quarter comparisons. Net occupancy expense decreased $1.8 million, or 12%, while the amortization of intangible expense declined $2.4 million due the implementation of SFAS 142, Goodwill and Other Intangible Assets, at the beginning of 2002. - 5 - The fourth quarter efficiency ratio increased to 54.0% from 53.1% in the third quarter and 52.7% in the year-ago quarter. Net charge-offs for the 2002 fourth quarter were $94.9 million, or an annualized 1.84%, including the $51.3 million in charge-offs associated with the fourth quarter credit actions previously announced January 7, 2003, and recapped below. Excluding these charge-offs, net charge-offs were $43.6 million and represented an annualized 0.84% of average loans. This performance was essentially flat with third quarter performance of $43.7 million and an annualized 0.87% of average loans. Excluding the impact of the fourth quarter credit actions, as well as the net charge-offs on exited portfolios for which reserves were previously established, net charge-offs represented 0.81% of average loans, down from 0.83% in the third quarter. The over 30-day delinquent but still accruing ratio for total loans decreased 12 basis points to 1.70% at the end of the fourth quarter from 1.82% at the end of the third quarter. This reflected an improvement in the total commercial and commercial real estate delinquency ratio to 1.00% from 1.45%, partially offset by an increase in consumer delinquencies to 2.26% from 2.11%. Loan loss provision expense in the fourth quarter was $57.4 million, exceeding the adjusted $43.6 million in net charge-offs by $13.8 million, or 32%. The December 31, 2002, allowance for loan losses as a percent of period-end loans was 1.76%, down from the 2.00% level at September 30, 2002, reflecting the impact of the fourth quarter credit actions, and compares to 2.05% a year ago. The allowance for loan losses as a percent of non-performing assets increased to 269% at December 31, 2002, from 191% at the end of the third quarter and 176% at the end of the prior year. Non-performing assets at December 31, 2002 were $136.7 million and represented 0.65% of period-end loans and other real estate owned. This was down from $214.1 million, or 1.05%, at September 30, 2002, and $219.6 million, or 1.16%, at the end of last year. The $77.4 million decline in non-performing assets from September 30, 2002 included the $47.2 million sale of non-performing assets as part of the fourth quarter credit actions, plus the net $30.2 million reduction in other non-performing assets during the quarter. Year end non-performing assets continued to be concentrated in the manufacturing and services sectors. - 6 - 2002 FOURTH QUARTER CREDIT ACTIONS As announced January 7, 2003, fourth quarter credit quality results were significantly impacted by two credit actions. The first was the sale of $47.2 million in non-performing assets with $21.4 million of related charge-offs. The second was the full charge-off of a $29.9 million credit exposure to one health care finance company that was classified as a non-performing asset in November 2002. These two actions resulted in $51.3 million of charge-offs in the fourth quarter. The $29.9 million health care credit had no impact on non-performing asset comparisons between September 30, 2002 and December 31, 2002, as this asset went on non-performing status and was subsequently charged-off within the fourth quarter. These credit actions had no fourth quarter net earnings impact, as existing reserves were sufficient to absorb the $51.3 million in charge-offs. CAPITAL MANAGEMENT / NEW SHARE REPURCHASE AUTHORIZATION At December 31, 2002, the tangible equity to assets ratio was 7.62%, down from 8.00% at September 30, 2002. This decrease reflected the impact of the company's share repurchase program and growth in assets, partially offset by earnings growth. During the quarter 4.2 million shares were repurchased, bringing the full-year repurchases to 19.2 million shares at a cost of $370 million. Huntington's board of directors has authorized a new share repurchase program of up to 8 million shares. This represents 3% of the 232.9 million shares outstanding on December 31, 2002, and $153 million worth of stock based on the closing price of $19.11 on January 15, 2003. Purchases will be made from time-to-time in the open market or through privately negotiated transactions depending upon market conditions. The earlier share repurchase authorization of February 2002, with approximately 2.6 million shares remaining, was cancelled and replaced by this new program. "Maintaining an open share repurchase authorization provides a useful and shareholder-beneficial capital management tool," said Hoaglin, "and our current authorization was approaching fulfillment. We expect to repurchase the balance of the shares not purchased under the cancelled program, although we have no specific timetable for completing the full program. - 7 - Shares will be purchased from time to time as warranted by a number of factors including market conditions and management of capital resources." "There have been a lot of strategic changes at Huntington over the last 18 months," he said. "Most important was the sale of the Florida banking operations and the resultant recapitalization of the company. The proceeds from this sale raised the tangible equity to asset ratio to 9.06% at the end of the first quarter. The repurchase of our stock during 2002 reduced this ratio to 7.62% at the end of the year. An important objective of the strategic restructuring plan was to position the company to have the flexibility that comes with being well capitalized. To that end, we are targeting a long-term tangible equity to asset ratio of 7.00%. This compares favorably with the 6.50%-6.75% level of other, comparably sized and rated, bank holding companies. We view this as a long-term target and not one we expect to hit every quarter." 2003 OUTLOOK "The direction of the economy and interest rates will remain significant factors on 2003 performance," said Hoaglin. "Our planning assumptions are that over the course of the year, and mostly in the second half, we will see slight economic improvement in all our markets. Interest rates are expected to remain at relatively low levels, though a slight pick-up late in the year is probable." "Net interest income is expected to improve modestly. While we expect continued loan growth, pressure on the net interest margin will be a dampening factor on net interest income growth. Consumer loan growth is again expected to do well though it will likely moderate from 2002 growth rates. Further, we are targeting modest commercial loan growth as our small business banking initiative gathers momentum. Non-interest income growth is also expected, led by service charges and broker and insurance income increases; however mortgage banking income will most likely decline given the heavy refinancing activity of the last 18 months." - 8 - "Expenses will increase reflecting a number of factors including the costs of our investment in staff and technology this past year, higher pension and benefit expense, and plans to add a few new branches. On the credit quality front, we anticipate continued improvement including lower underlying net charge-offs and a modest decline in non-performing assets." "Reflecting these factors, we are targeting earnings of $1.50 - $1.53 per share in 2003, or an increase of 11% - 13% from last year," he concluded. CONFERENCE CALL/WEBCAST INFORMATION Huntington's senior management will host a conference call this afternoon to discuss these developments at 1:30p.m. EST. The call may be accessed via a live Internet webcast at www.huntington-ir.com or through a dial-in telephone number at (800) 482-2225. Slides will be available at www.huntington-ir.com just prior to 12:30p.m. EST, today for review during the call. A replay of the webcast will be archived in the Investor Relations section of Huntington's web site www.huntington.com. A telephone replay will be available two hours after the completion of the call through January 31, 2003, at (888) 211-2648; conference ID 2818230. The conference call transcript and slides will be filed with the Securities and Exchange Commission on Form 8-K. FORWARD-LOOKING STATEMENT This press release contains certain forward-looking statements, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. A number of factors, including but not limited to those set forth under the heading "Business Risks" included in Item 1 of Huntington's Annual Report on Form 10-K for the year ended December 31, 2001, and other factors described from time to time in Huntington's other filings with the Securities and Exchange Commission, could cause actual conditions, events, or results to differ significantly from those described in the forward-looking statements. All forward-looking statements included in this news release are based on information available at the time of the release. Huntington assumes no obligation to update any forward-looking statement. ABOUT HUNTINGTON Huntington Bancshares Incorporated is a $28 billion regional bank holding company headquartered in Columbus, Ohio. Through its affiliated companies, Huntington has more than 137 years of serving the financial needs of its customers. Huntington provides innovative retail and commercial financial products and services through more than 300 regional banking offices in Indiana, Kentucky, Michigan, Ohio and West Virginia. Huntington also offers retail and commercial financial services online at www.huntington.com; through its technologically advanced, 24-hour telephone bank; and through its network of more than 900 ATMs. Selected financial service activities are also conducted in other states including: Dealer Sales offices in Florida, Georgia, Tennessee, Pennsylvania and Arizona; Private Financial Group offices in Florida; and Mortgage Banking offices in Florida, Maryland and New Jersey. International banking services are made available through the headquarters office in Columbus and additional offices located in the Cayman Islands and Hong Kong. ### - 9 - HUNTINGTON BANCSHARES INCORPORATED CONSOLIDATED RESULTS OF OPERATIONS

THREE MONTHS ENDED --------------------------------------------------------------------------------------------- DECEMBER 31, 2002 December 31, 2001 - ----------------------------------------------------------------------------------- --------------------------------------------- Restructuring Restructuring (in thousands, except per Reported and Other Florida Operating Reported and Other Florida Operating share amounts) Earnings Items (1) Items Earnings Earnings Items (1) Items Earnings - ----------------------------------------------------------------------------------- --------------------------------------------- Net Interest Income $249,702 $ -- $ -- $249,702 $255,238 $ -- $ 19,692 $235,546 Provision for Loan Losses 57,418 -- -- 57,418 108,275 50,000 3,994 54,281 Securities Gains 2,339 -- -- 2,339 89 -- -- 89 Non-Interest Income 123,682 -- -- 123,682 133,008 -- 18,717 114,291 Gain on Sale of Florida Operations -- -- -- -- -- -- -- -- Merchant Services Gain -- -- -- -- -- -- -- -- Non-Interest Expense 202,695 -- -- 202,695 227,354 -- 39,925 187,429 Special Charges -- -- -- -- 15,143 15,143 -- -- - ----------------------------------------------------------------------------------- --------------------------------------------- Income Before Income Taxes 115,610 -- -- 115,610 37,563 (65,143) (5,510) 108,216 Income Taxes 30,475 -- -- 30,475 (28,086) (55,300) (1,417) 28,631 - ----------------------------------------------------------------------------------- --------------------------------------------- Net Income $ 85,135 $ -- $ -- $ 85,135 $ 65,649 $ (9,843) $ (4,093) $ 79,585 =================================================================================== ============================================== Net Income per Common Share -- Diluted $0.36 $0.00 $0.00 $0.36 $0.26 ($0.04) ($0.02) $0.32 =================================================================================== ==============================================

TWELVE MONTHS ENDED ---------------------------------------------------------------------------------------------- DECEMBER 31, 2002 December 31, 2001 - ----------------------------------------------------------------------------------------------------------------------------------- Restructuring Restructuring (in thousands, except per Reported and Other Florida Operating Reported and Other Florida Operating share amounts) Earnings Items (1) Items(2) Earnings Earnings Items (1) Items Earnings - -------------------------------------------------------------------------------- ------------------------------------------------ Net Interest Income $983,802 $ -- $ 9,724 $974,078 $996,182 $ -- $ 82,273 $913,909 Provision for Loan Losses 227,340 -- 5,186 222,154 308,793 121,718 15,121 171,954 Securities (Losses) Gains 4,902 -- -- 4,902 723 (5,250) -- 5,973 Non-Interest Income 480,015 -- 13,343 466,672 508,757 -- 76,992 431,765 Gain on Sale of Florida Operations 175,344 175,344 -- -- -- -- -- -- Merchant Services Gain 24,550 24,550 -- -- -- -- -- -- Non-Interest Expense 795,864 -- 20,210 775,654 923,630 -- 162,887 760,743 Special Charges 56,184 56,184 -- -- 99,957 99,957 -- -- - -------------------------------------------------------------------------------- ------------------------------------------------ Income Before Income Taxes 589,225 143,710 (2,329) 447,844 173,282 (226,925) (18,743) 418,950 Income Taxes 226,000 107,482 (804) 119,322 (5,239) (111,924) (4,730) 111,415 - -------------------------------------------------------------------------------- ------------------------------------------------ Net Income $363,225 $ 36,228 $(1,525) $328,522 $178,521 $(115,001) $(14,013) $307,535 ================================================================================ ================================================ Net Income per Common Share -- Diluted $1.49 $0.15 ($0.01) $1.35 $0.71 ($0.46) ($0.05) $1.22 ================================================================================ ================================================

(1) Includes charges related to the July 2002 Merchant Services gain, the February 2002 gain on sale of Florida operations, and Huntington's strategic refocusing plan. Income taxes for 2001 include a $32.5 million reduction related to the issuance of $400 million of REIT subsidiary preferred stock, of which $50 million was issued to the public. (2) Includes results of Florida operations through February 15, 2002, and the impact of J. Rolfe Davis Insurance Agency through June 30, 2002. HUNTINGTON BANCSHARES INCORPORATED QUARTERLY KEY STATISTICS REPORTED BASIS

PERCENT CHANGE(6) VS. --------------------- (in thousands, except per share amounts) 4Q02 3Q02 4Q01 3Q02 4Q01 - ----------------------------------------------------------------------------------------------------- --------------------- Net Interest Income $ 249,702 $ 249,416 $ 255,238 0.1% (2.2)% Provision for Loan Losses 57,418 60,249 108,275 (4.7) (47.0) Securities Gains 2,339 1,140 89 N.M. N.M. Non-Interest Income 123,682 113,692 133,008 8.8 (7.0) Gain on Sale of Florida Operations -- -- -- -- -- Merchant Services Gain -- 24,550 -- (100.0) -- Non-Interest Expense 202,695 193,723 227,354 4.6 (10.8) Special Charges -- -- 15,143 -- (100.0) - ----------------------------------------------------------------------------------------------------- ----------------------- Income Before Income Taxes 115,610 134,826 37,563 (14.3) 207.8 Income Taxes 30,475 36,703 (28,086) (17.0) (208.5) - ----------------------------------------------------------------------------------------------------- ----------------------- NET INCOME $ 85,135 $ 98,123 $ 65,649 (13.2)% 29.7% ===================================================================================================== ======================= Net Income per common share - diluted $0.36 $0.41 $0.26 (12.2)% 38.5% Cash dividends declared per common share $0.16 $0.16 $0.16 --% --% Book value per common share at end of period $9.89 $9.85 $9.62 0.4% 2.8% Average common shares - basic 233,581 239,925 251,193 (2.6)% (7.0)% Average common shares - diluted 235,083 241,357 251,858 (2.6)% (6.7)% Return on average assets 1.26% 1.51% 0.93% Return on average shareholders' equity 15.1% 17.1% 11.0% Net interest margin 4.07% 4.26% 4.11% Efficiency ratio 54.0% 53.1% 55.8% Average loans $20,672,470 $19,989,415 $21,512,582 3.4% (3.9)% Average loans - managed(1) $21,793,958 $21,133,860 $22,747,539 3.1% (4.2)% Average loans - managed - linked quarter annualized growth rate(2) 13.3% 11.3% 2.7% Average earning assets $24,529,181 $23,435,434 $24,881,811 4.7% (1.4)% Average core deposits(3) $15,008,428 $15,070,096 $18,236,197 (0.4)% (17.7)% Average core deposits - linked quarter annualized growth rate(3) (1.6)% 10.4% 8.7% Average core deposits - excluding CDs $11,706,907 $11,617,335 $13,207,697 0.8% (11.4)% Average core deposits excl. CDs - linked quarter annualized growth rate 3.1% 15.6% 12.4% Average total assets - reported $26,854,908 $25,777,810 $27,977,049 4.2% (4.0)% Average shareholders' equity $ 2,240,973 $ 2,277,898 $ 2,361,214 (1.6)% (5.1)% Total assets at end of period $27,578,710 $26,739,012 $28,500,159 3.1% (3.2)% Total shareholders' equity at end of period $ 2,303,831 $ 2,339,786 $ 2,416,440 (1.5)% (4.7)% Net charge-offs (NCOs) - incl exited businesses $ 94,938 $ 43,700 $ 56,146 N.M.% 69.1% NCOs as a % of average loans - incl exited businesses 1.84% 0.87% 1.04% NCOs - excluding exited businesses $ 93,114 $ 41,843 $ 52,518 N.M.% 77.3% NCOs as a % of average loans - excluding exited businesses 1.81% 0.83% 0.98% Non-performing loans (NPLs) $ 128,069 $ 203,454 $ 221,109 (37.1)% (42.1)% Non-performing assets (NPAs) $ 136,723 $ 214,129 $ 227,493 (36.1)% (39.9)% NPAs as a % of total loans and other real estate (OREO) 0.65% 1.05% 1.05% Allowance for loan losses (ALL) as a % of total loans at the end of period 1.76% 2.00% 1.90% ALL as a % of NPLs 287.7% 200.7% 185.7% ALL as a % of NPAs 269.4% 190.7% 180.5% Tier 1 risk-based capital(4)(5) 8.69% 9.14% 7.24% Total risk-based capital(4)(5) 11.59% 12.10% 10.29% Tier 1 leverage(4) 8.89% 9.42% 7.41% Average equity/assets 8.34% 8.84% 8.44% Tangible equity/assets(5) 7.62% 8.00% 6.12%

(1) Includes securitized indirect auto loans. (2) Annualized growth percentages normalized for asset securitizations, loan sales, and acquisition of LeaseNet. (3) Includes non-interest bearing and interest bearing demand deposits, savings deposits, CDs under $100,000 and IRA deposits. (4) Estimated. (5) At end of period. Tangible equity (total equity less intangible assets) divided by tangible assets (total assets less intangible assets). (6) Not normalized. N.M. - Not Meaningful. HUNTINGTON BANCSHARES INCORPORATED ANNUAL KEY STATISTICS REPORTED BASIS

PERCENT (in thousands, except per share amounts) 2002 2001 CHANGE(5) - ------------------------------------------------------------------------------------------------ --------- Net Interest Income $ 983,802 $ 996,182 (1.2)% Provision for Loan Losses 227,340 308,793 (26.4) Securities Gains 4,902 723 N.M. Non-Interest Income 480,015 508,757 (5.6) Gain on sale of Florida operations 175,344 -- -- Merchant Services Gain 24,550 -- -- Non-Interest Expense 795,864 923,630 (13.8) Special Charges 56,184 99,957 (43.8) - ------------------------------------------------------------------------------------------------ --------- Income Before Income Taxes 589,225 173,282 240.0 Income Taxes 226,000 (5,239) N.M. - ------------------------------------------------------------------------------------------------ --------- NET INCOME $ 363,225 $ 178,521 103.5% ================================================================================================ ========= Net Income per common share - diluted $1.49 $0.71 109.9% Cash dividends declared per common share $0.64 $0.72 (11.1)% Book value per common share at end of period $9.89 $9.62 2.8% Average common shares - basic 242,279 251,078 (3.5)% Average common shares - diluted 244,012 251,716 (3.1)% Return on average assets 1.40% 0.63% Return on average shareholders' equity 15.7% 7.5% Net interest margin 4.19% 4.02% Efficiency ratio 54.0% 58.4% Average loans $20,166,528 $21,149,091 (5.5)% Average loans - managed(1) $21,326,244 $22,445,132 (4.5)% Average earning assets $23,594,946 $24,966,305 (5.8)% Average total assets - reported $26,035,530 $28,137,172 (7.7)% Average core deposits(2) $15,265,736 $17,669,636 (13.6)% Average core deposits - excluding CDs $11,645,551 $12,689,693 (8.2)% Average shareholders' equity $ 2,307,475 $ 2,381,820 (3.2)% Total assets at end of period $27,578,710 $28,500,159 (3.2)% Total shareholders' equity at end of period $ 2,303,831 $ 2,416,440 (4.7)% Net charge-offs (NCOs) - incl exited businesses $ 239,319 $ 189,447 26.3% NCOs as a % of average loans - incl exited businesses 1.19% 0.90% NCOs - excluding exited businesses $ 229,505 $ 174,537 31.5% NCOs as a % of average loans - excluding exited businesses 1.14% 0.83% Non-performing loans (NPLs) $ 128,069 $ 221,109 (42.1)% Non-performing assets (NPAs) $ 136,723 $ 227,493 (39.9)% NPAs as a % of total loans and other real estate (OREO) 0.65% 1.05% Allowance for loan losses (ALL) as a % of total loans at the end of period 1.76% 1.90% ALL as a % of NPLs 287.7% 185.7% ALL as a % of NPAs 269.4% 180.5% Tier 1 risk-based capital(3)(4) 8.69% 7.24% Total risk-based capital(3)(4) 11.59% 10.29% Tier 1 leverage(3) 8.89% 7.41% Average equity/assets 8.86% 8.47% Tangible equity/assets(4) 7.62% 6.12%

(1) Includes securitized indirect auto loans. (2) Includes non-interest bearing and interest bearing demand deposits, savings deposits, CDs under $100,000 and IRA deposits. (3) Estimated. (4) At end of period. Tangible equity (total equity less intangible assets) divided by tangible assets (total assets less intangible assets). (5) Percent changes for average loans, assets, deposits, and equity are normalized for asset securitizations, loan sales, and acquisition of LeaseNet. N.M. - Not Meaningful. HUNTINGTON BANCSHARES INCORPORATED QUARTERLY KEY STATISTICS OPERATING BASIS (1)

PERCENT CHANGE(5) VS. --------------------- (in thousands, except per share amounts) 4Q02 3Q02 4Q01 3Q02 4Q01 - ------------------------------------------------------------------------------------------------------ --------------------- Net Interest Income $ 249,702 $ 249,416 $ 235,546 0.1% 6.0% Provision for Loan Losses 57,418 60,249 54,281 (4.7) 5.8 Securities Gains 2,339 1,140 89 105.2 N.M. Non-Interest Income 123,682 113,692 114,291 8.8 8.2 Non-Interest Expense 202,695 193,723 187,429 4.6 8.1 - ------------------------------------------------------------------------------------------------------ --------------------- Income Before Income Taxes 115,610 110,276 108,216 4.8 6.8 Income Taxes 30,475 28,110 28,631 8.4 6.4 - ------------------------------------------------------------------------------------------------------ --------------------- NET INCOME $ 85,135 $ 82,166 $ 79,585 3.6% 7.0% ====================================================================================================== ===================== Net Income per common share - diluted $ 0.36 $ 0.34 $ 0.32 5.9% 12.5% Return on average assets 1.26% 1.26% 1.28% Return on average shareholders' equity 15.1% 14.3% 13.4% Net interest margin 4.07% 4.26% 4.26% Efficiency ratio 54.0% 53.1% 52.7% Average loans $20,672,470 $19,989,415 $18,807,146 3.4% 9.9% Average loans - managed(2) $21,793,958 $21,133,860 $20,042,103 3.1% 8.7% Average loans - managed - linked quarter annualized growth rate(3) 13.3% 11.3% 1.1% Average earning assets $24,529,181 $23,435,434 $22,176,375 4.7% 10.6% Average core deposits(4) $15,008,428 $15,070,096 $13,824,036 (0.4)% 8.6% Average core deposits - linked quarter annualized growth rate(4) (1.6)% 10.4% 9.6% Average core deposits - excluding CDs $11,706,907 $11,617,335 $10,400,090 0.8% 12.6% Average core deposits excl. CDs - linked quarter annualized growth rate 3.1% 15.6% 13.0% Average total assets $26,854,908 $25,777,810 $24,613,326 4.2% 9.1% Average shareholders' equity $ 2,240,973 $ 2,277,898 $ 2,361,214 (1.6)% (5.1)% Net charge-offs (NCOs) - incl exited businesses $ 94,938 $ 43,700 $ 50,149 N.M.% 89.3% NCOs as a % of average loans - incl exited businesses 1.84% 0.87% 1.06% NCOs - excluding exited businesses $ 93,114 $ 41,843 $ 46,521 N.M.% N.M.% NCOs as a % of average loans - excluding exited businesses 1.81% 0.83% 0.99% Non-performing loans (NPLs) $ 128,069 $ 203,454 $ 213,262 (37.1)% (39.9)% Non-performing assets (NPAs) $ 136,723 $ 214,129 $ 219,646 (36.1)% (37.8)% NPAs as a % of total loans and other real estate (OREO) 0.65% 1.05% 1.16% Allowance for loan losses (ALL) as a % of total loans at the end of period 1.76% 2.00% 2.05% ALL as a % of NPLs 287.7% 200.7% 181.4% ALL as a % of NPAs 269.4% 190.7% 176.2%

(1) Reported basis adjusted to exclude the July 2002 Merchant Services gain, the results of the Florida banking operations and the impact from the February 2002 sale, the July 2002 sale of J. Rolfe Davis Insurance Agency, Inc., and restructuring and other charges. (2) Includes securitized indirect auto loans. (3) Annualized growth percentages normalized for asset securitizations, loan sales, and acquisition of LeaseNet. (4) Includes non-interest bearing and interest bearing demand deposits, savings deposits, CDs under $100,000 and IRA deposits. (5) Not normalized. N.M. - Not Meaningful. HUNTINGTON BANCSHARES INCORPORATED ANNUAL KEY STATISTICS OPERATING BASIS(1)

PERCENT (in thousands, except per share amounts) 2002 2001 CHANGE (4) - ---------------------------------------------------------------------------------------------- ---------- Net Interest Income $ 974,078 $ 913,909 6.6% Provision for Loan Losses 222,154 171,954 29.2 Securities Gains 4,902 5,973 (17.9) Non-Interest Income 466,672 431,765 8.1 Non-Interest Expense 775,654 760,743 2.0 - ---------------------------------------------------------------------------------------------- ---------- Income Before Income Taxes 447,844 418,950 6.9 Income Taxes 119,322 111,415 7.1 - ---------------------------------------------------------------------------------------------- ---------- NET INCOME $ 328,522 $ 307,535 6.8% ============================================================================================== ========== Net Income per common share - diluted $1.35 $1.22 10.7% Return on average assets 1.28% 1.23% Return on average shareholders' equity 14.2% 12.9% Net interest margin 4.21% 4.11% Efficiency ratio 53.6% 55.4% Average loans $19,828,951 $18,595,172 5.5% Average loans - managed(2) $20,988,667 $19,891,213 6.0% Average earning assets $23,257,615 $22,412,659 2.9% Average total assets $25,598,761 $24,923,610 2.0% Average core deposits(3) $14,703,245 $13,337,965 10.3% Average core deposits - excluding CDs $11,287,383 $ 9,964,969 13.2% Average shareholders' equity $ 2,307,475 $ 2,381,820 (4.2)% Net charge-offs (NCOs) - incl exited businesses $ 232,814 $ 173,809 33.9% NCOs as a % of average loans - incl exited businesses 1.17% 0.93% NCOs - excluding exited businesses $ 223,000 $ 158,899 40.3% NCOs as a % of average loans - excluding exited businesses 1.12% 0.86% Non-performing loans (NPLs) $ 128,069 $ 213,262 (39.9)% Non-performing assets (NPAs) $ 136,723 $ 219,646 (37.8)% NPAs as a % of total loans and other real estate (OREO) 0.65% 1.16% Allowance for loan losses (ALL) as a % of total loans at the end of period 1.76% 2.05% ALL as a % of NPLs 287.7% 181.4% ALL as a % of NPAs 269.4% 176.2%

(1) Reported basis adjusted to exclude the July 2002 Merchant Services gain, the results of the Florida banking operations and the impact from the February 2002 sale, the July 2002 sale of J. Rolfe Davis Insurance Agency, Inc., and restructuring and other charges. (2) Includes securitized indirect auto loans. (3) Includes non-interest bearing and interest bearing demand deposits, savings deposits, CDs under $100,000 and IRA deposits. (4) Percent changes for average loans, assets, deposits, and equity are normalized for asset securitizations, loan sales, and acquisition of LeaseNet. N.M. - Not Meaningful. HUNTINGTON BANCSHARES INCORPORATED QUARTERLY FINANCIAL REVIEW DECEMBER 2002 TABLE OF CONTENTS Reported Basis Consolidated Statements of Income 1 Consolidated Balance Sheets 2 Loans and Deposits 3 Consolidated Average Balance Sheets 4 Consolidated Quarterly Net Interest Margin Analysis 5 Selected Quarterly Income Statement Data 6 Quarterly Loan Loss Reserve and Net Charge-Off Analysis 7 Quarterly Non-Performing Assets and Past Due Loans 8 Quarterly Stock Summary, Capital, and Other Data 9 Consolidated Annual Average Balance Sheets and Net Interest Margin Analysis 10-12 Selected Annual Income Statement Data 13 Annual Loan Loss Reserve and Net Charge-Off Analysis 14 Annual Non-Performing Assets and Past Due Loans 15 Operating Basis - - Definition of Operating Basis 16 - - Consolidated Statements of Income 17 - - Loans and Deposits 18 - - Consolidated Quarterly Average Balance Sheets and Net Interest Margin Analysis 19 - 20 - - Selected Quarterly Income Statement Data 21 - - Selected Annual Income Statement Data 22 - - Loan Loss Reserve and Net Charge-Off Analysis 23 - - Non-Performing Assets and Past Due Loans 24 HUNTINGTON BANCSHARES INCORPORATED CONSOLIDATED STATEMENTS OF INCOME REPORTED BASIS

THREE MONTHS ENDED DECEMBER 31, CHANGE - ------------------------------------------------------------------------ -------------------------- (in thousands, except per share amounts) 2002 2001 Amount Percent - ------------------------------------------------------------------------ -------------------------- Net Interest Income $249,702 $ 255,238 $ (5,536) (2.2)% Provision for loan losses 57,418 108,275 (50,857) (47.0) - ------------------------------------------------------------------------ -------------------------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 192,284 146,963 45,321 30.8 - ------------------------------------------------------------------------ -------------------------- Total non-interest income 126,021 133,097 (7,076) (5.3) Total non-interest expense 202,695 242,497 (39,802) (16.4) - ------------------------------------------------------------------------ -------------------------- INCOME BEFORE INCOME TAXES 115,610 37,563 78,047 207.8 Income taxes 30,475 (28,086) 58,561 (208.5) - ------------------------------------------------------------------------ -------------------------- NET INCOME $ 85,135 $ 65,649 $ 19,486 29.7% ======================================================================== ========================== PER COMMON SHARE Net income Basic $0.36 $0.26 $0.10 38.5% Diluted $0.36 $0.26 $0.10 38.5% Cash dividends declared $0.16 $0.16 $ -- --% AVERAGE COMMON SHARES Basic 233,581 251,193 (17,612) (7.0)% Diluted 235,083 251,858 (16,775) (6.7)% - -------------------------------------------------------------------------------------------------------------

TWELVE MONTHS ENDED DECEMBER 31, CHANGE - ------------------------------------------------------------------------ ------------------------- (in thousands, except per share amounts) 2002 2001 Amount Percent - ------------------------------------------------------------------------ ------------------------- Net Interest Income $983,802 $ 996,182 $ (12,380) (1.2)% Provision for loan losses 227,340 308,793 (81,453) (26.4) - ------------------------------------------------------------------------ ------------------------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 756,462 687,389 69,073 10.0 - ------------------------------------------------------------------------ ------------------------- Total non-interest income 684,811 509,480 175,331 34.4 Total non-interest expense 852,048 1,023,587 (171,539) (16.8) - ------------------------------------------------------------------------ ------------------------- INCOME BEFORE INCOME TAXES 589,225 173,282 415,943 240.0 Income taxes 226,000 (5,239) 231,239 N.M. - ------------------------------------------------------------------------ ------------------------- NET INCOME $363,225 $ 178,521 $ 184,704 103.5% ======================================================================== ========================= PER COMMON SHARE Net income Basic $1.50 $0.71 $ 0.79 111.3% Diluted $1.49 $0.71 $ 0.78 109.9% Cash dividends declared $0.64 $0.72 $ (0.08) (11.1)% AVERAGE COMMON SHARES Basic 242,279 251,078 (8,799) (3.5)% Diluted 244,012 251,716 (7,704) (3.1)%

N.M. - Not Meaningful. Page 1 HUNTINGTON BANCSHARES INCORPORATED CONSOLIDATED BALANCE SHEETS REPORTED BASIS

- ------------------------------------------------------------------------------------------------ ----------------------------- Change December '02 vs. '01 DECEMBER 31, December 31, ----------------------------- (in thousands) 2002 2001 Amount Percent - ------------------------------------------------------------------------------------------------ ----------------------------- ASSETS Cash and due from banks $ 969,483 $ 1,138,366 $ (168,883) (14.8)% Interest bearing deposits in banks 37,300 21,205 16,095 75.9 Trading account securities 241 13,392 (13,151) (98.2) Federal funds sold and securities purchased under resale agreements 49,280 83,275 (33,995) (40.8) Loans held for sale 528,379 629,386 (101,007) (16.0) Securities available for sale - at fair value 3,403,369 2,849,579 553,790 19.4 Investment securities - fair value $7,725 and $12,499, respectively 7,546 12,322 (4,776) (38.8) Total loans (1) 20,955,925 21,601,873 (645,948) (3.0) Less allowance for loan losses 368,395 410,572 (42,177) (10.3) - ------------------------------------------------------------------------------------------------ ----------------------------- Net loans 20,587,530 21,191,301 (603,771) (2.8) - ------------------------------------------------------------------------------------------------ ----------------------------- Bank owned life insurance 886,214 843,183 43,031 5.1 Premises and equipment 341,366 452,036 (110,670) (24.5) Goodwill and other intangible assets 218,567 716,054 (497,487) (69.5) Customers' acceptance liability 16,745 13,670 3,075 22.5 Accrued income and other assets 532,690 536,390 (3,700) (0.7) - ------------------------------------------------------------------------------------------------ ----------------------------- TOTAL ASSETS $27,578,710 $28,500,159 $ (921,449) (3.2)% ================================================================================================ ============================= LIABILITIES AND SHAREHOLDERS' EQUITY Total deposits(1) $17,499,326 $20,187,304 $(2,687,978) (13.3)% Short-term borrowings 2,541,016 1,955,926 585,090 29.9 Bank acceptances outstanding 16,745 13,670 3,075 22.5 Medium-term notes 2,045,123 1,795,002 250,121 13.9 Federal Home Loan Bank Advances 1,013,000 17,000 996,000 N.M. Subordinated notes and other long-term debt 788,678 927,330 (138,652) (15.0) Company obligated mandatorily redeemable preferred capital securities of subsidiary trusts holding solely junior subordinated debentures of the Parent Company 300,000 300,000 -- -- Accrued expenses and other liabilities 1,070,991 887,487 183,504 20.7 - ------------------------------------------------------------------------------------------------ ----------------------------- Total Liabilities 25,274,879 26,083,719 (808,840) (3.1) ================================================================================================ ============================= 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 232,878,851 and 251,193,814 shares, respectively 2,484,421 2,490,724 (6,303) (0.3) Less 24,987,404 and 6,672,441 treasury shares, respectively (475,399) (123,849) (351,550) N.M. Accumulated other comprehensive income 62,300 25,488 36,812 N.M. Retained earnings 232,509 24,077 208,432 N.M. - ------------------------------------------------------------------------------------------------ ----------------------------- Total Shareholders' Equity 2,303,831 2,416,440 (112,609) (4.7) - ------------------------------------------------------------------------------------------------ ----------------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $27,578,710 $28,500,159 $ (921,449) (3.2)% ================================================================================================ =============================

(1) See Page 3 for detail of Loans and Deposits. N.M. - Not Meaningful. Page 2 HUNTINGTON BANCSHARES INCORPORATED LOANS AND DEPOSITS REPORTED BASIS

LOAN PORTFOLIO COMPOSITION BY LOAN TYPE AND BY BUSINESS SEGMENT - -------------------------------------------------------------------------------------------------------------------- (in thousands) DECEMBER 31, 2002 DECEMBER 31, 2001 - -------------------------------------------------------------------------------------- ----------------------- BY LOAN TYPE BALANCE % BALANCE % - -------------------------------------------------------------------------------------------------------------------- Commercial $ 5,874,144 28.0 $ 6,439,372 29.8 Commercial real estate 3,462,299 16.5 3,818,441 17.7 - -------------------------------------------------------------------------------------------------------------------- Total Commercial and Commercial Real Estate 9,336,443 44.5 10,257,813 47.5 - -------------------------------------------------------------------------------------------------------------------- Consumer Auto leases - Indirect (unearned income $431,340 and $500,430, respectively) 3,203,421 15.3 3,207,514 14.8 Auto loans - Indirect 3,072,017 14.7 2,883,279 13.3 Home equity 3,200,169 15.3 3,582,028 16.6 Residential mortgage 1,748,985 8.3 1,127,825 5.2 Other loans 394,890 1.9 543,414 2.6 - -------------------------------------------------------------------------------------------------------------------- Total Consumer 11,619,482 55.5 11,344,060 52.5 - -------------------------------------------------------------------------------------------------------------------- TOTAL LOANS $20,955,925 100.0 $21,601,873 100.0 ==================================================================================================================== TOTAL LOANS BY BUSINESS SEGMENT Regional Banking Central Ohio/West Virginia $ 4,823,759 23.0 $ 4,264,143 19.7 Northern Ohio 2,607,021 12.4 2,694,081 12.5 Southern Ohio/Kentucky 1,505,686 7.2 1,327,355 6.1 West Michigan 1,871,478 8.9 1,837,094 8.5 East Michigan 1,191,817 5.7 936,899 4.3 Indiana 682,666 3.3 695,354 3.2 - -------------------------------------------------------------------------------------------------------------------- Total Regional Banking 12,682,427 60.5 11,754,926 54.3 - -------------------------------------------------------------------------------------------------------------------- Dealer Sales 7,022,059 33.5 6,239,117 29.0 Private Financial Group 1,061,528 5.1 762,771 3.5 Treasury/Other 189,911 0.9 121,534 0.6 - -------------------------------------------------------------------------------------------------------------------- TOTAL LOANS EXCLUDING FLORIDA 20,955,925 100.0 18,878,348 87.4 - -------------------------------------------------------------------------------------------------------------------- Florida -- -- 2,723,525 12.6 - -------------------------------------------------------------------------------------------------------------------- TOTAL LOANS $20,955,925 100.0 $21,601,873 100.0 ====================================================================================================================

DEPOSIT COMPOSITION BY DEPOSIT TYPE AND BY BUSINESS SEGMENT - -------------------------------------------------------------------------------------------------------------------- (in thousands) DECEMBER 31, 2002 DECEMBER 31, 2001 - -------------------------------------------------------------------------------------- ----------------------- BY DEPOSIT TYPE BALANCE % BALANCE % - -------------------------------------------------------------------------------------------------------------------- Demand deposits Non-interest bearing $ 3,073,869 17.6 $ 3,635,173 18.0 Interest bearing 5,374,095 30.7 5,723,160 28.4 Savings deposits 2,851,158 16.3 3,466,305 17.2 Other domestic time deposits 3,956,306 22.6 5,868,451 29.1 - -------------------------------------------------------------------------------------------------------------------- TOTAL CORE DEPOSITS(1) 15,255,428 87.2 18,693,089 92.7 - -------------------------------------------------------------------------------------------------------------------- Domestic time deposits of $100,000 or more 731,959 4.2 1,130,563 5.6 Brokered time deposits and negotiable CDs 1,092,754 6.2 137,915 0.7 Foreign time deposits 419,185 2.4 225,737 1.0 - -------------------------------------------------------------------------------------------------------------------- TOTAL DEPOSITS $17,499,326 100.0 $20,187,304 100.0 ==================================================================================================================== TOTAL DEPOSITS BY BUSINESS SEGMENT Regional Banking Central Ohio/West Virginia $ 5,361,228 30.6 $ 5,217,459 25.8 Northern Ohio 3,602,085 20.6 3,255,847 16.1 Southern Ohio/Kentucky 1,365,225 7.8 1,290,832 6.4 West Michigan 2,401,866 13.7 2,226,500 11.0 East Michigan 1,962,081 11.2 1,895,470 9.4 Indiana 612,585 3.5 577,699 2.9 - -------------------------------------------------------------------------------------------------------------------- Total Regional Banking 15,305,070 87.4 14,463,807 71.6 - -------------------------------------------------------------------------------------------------------------------- Dealer Sales 58,651 0.3 82,684 0.4 Private Financial Group 924,145 5.3 716,693 3.6 Treasury/Other(2) 1,211,460 7.0 256,201 1.3 - -------------------------------------------------------------------------------------------------------------------- TOTAL DEPOSITS EXCLUDING FLORIDA 17,499,326 100.0 15,519,385 76.9 - -------------------------------------------------------------------------------------------------------------------- Florida -- -- 4,667,919 23.1 - -------------------------------------------------------------------------------------------------------------------- TOTAL DEPOSITS $17,499,326 100.0 $20,187,304 100.0 ====================================================================================================================

(1) Core deposits include non-interest bearing and interest bearing demand deposits, savings deposits, CDs under $100,000, and IRA deposits. (2) Comprised largely of brokered deposits and negotiable CDs. Page 3 HUNTINGTON BANCSHARES INCORPORATED - ------------------------------------------------------------------------------- CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEETS REPORTED BASIS (in millions)

2002 2001 - ----------------------------------------------------------------------------------------- ------------------------------------- Fully Tax Equivalent Basis (1) FOURTH Third Second First Fourth Third Second First - --------------------------------------------------------------------------------------------------------------------------------- ASSETS Interest bearing deposits in banks $ 34 $ 35 $ 29 $ 34 $ 14 $ 5 $ 5 $ 5 Trading account securities 9 7 6 5 8 8 39 48 Federal funds sold and securities purchased under resale agreements 83 76 68 62 86 86 93 164 Mortgages held for sale 467 267 174 381 433 344 420 240 Securities: Taxable 3,029 2,953 2,735 2,713 2,720 2,896 3,368 3,606 Tax exempt 234 108 96 101 108 140 201 248 - --------------------------------------------------------------------------------------------------------------------------------- Total Securities 3,263 3,061 2,831 2,814 2,828 3,036 3,569 3,854 - --------------------------------------------------------------------------------------------------------------------------------- Loans: Commercial 5,696 5,502 5,614 6,045 6,491 6,681 6,741 6,678 Real Estate (2) Construction 1,071 1,248 1,259 1,291 1,333 1,236 1,170 1,145 Commercial 2,459 2,316 2,233 2,364 2,397 2,346 2,294 2,324 Consumer Auto leases - Indirect 3,210 3,172 3,113 3,166 3,229 3,243 3,222 3,117 Auto loans - Indirect 2,969 2,793 2,597 2,730 2,903 2,806 2,575 2,499 Home equity 3,168 3,062 2,911 3,209 3,554 3,456 3,344 3,239 Residential mortgage 1,702 1,492 1,390 1,185 1,051 1,006 1,075 1,078 Other loans 397 404 413 482 554 574 600 624 - --------------------------------------------------------------------------------------------------------------------------------- Total Consumer 11,446 10,923 10,424 10,772 11,291 11,085 10,816 10,557 - --------------------------------------------------------------------------------------------------------------------------------- Total Loans 20,672 19,989 19,530 20,472 21,512 21,348 21,021 20,704 - --------------------------------------------------------------------------------------------------------------------------------- Allowance for loan losses 421 406 400 415 393 358 316 307 - --------------------------------------------------------------------------------------------------------------------------------- Net loans 20,251 19,583 19,130 20,057 21,119 20,990 20,705 20,397 - --------------------------------------------------------------------------------------------------------------------------------- Total earning assets 24,528 23,435 22,638 23,768 24,881 24,827 25,147 25,015 - --------------------------------------------------------------------------------------------------------------------------------- Cash and due from banks 717 763 722 819 876 910 910 952 Intangible assets 225 202 213 536 720 732 741 749 All other assets 1,806 1,784 1,784 1,836 1,893 1,877 1,867 1,830 - --------------------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $26,855 $25,778 $24,957 $26,544 $27,977 $27,988 $28,349 $28,239 ================================================================================================================================= LIABILITIES AND SHAREHOLDERS' EQUITY Core deposits Non-interest bearing deposits $ 2,955 $ 2,868 $ 2,739 $ 3,041 $ 3,406 $ 3,341 $ 3,252 $ 3,213 Interest bearing demand deposits 5,305 5,269 4,920 5,148 5,519 5,096 4,799 4,597 Savings deposits 2,746 2,766 2,808 3,097 3,388 3,472 3,547 3,505 Other domestic time deposits 4,002 4,167 4,226 5,015 5,923 5,940 5,718 5,950 - --------------------------------------------------------------------------------------------------------------------------------- Total core deposits 15,008 15,070 14,693 16,301 18,236 17,849 17,316 17,265 - --------------------------------------------------------------------------------------------------------------------------------- Domestic time deposits of $100,000 or more 735 777 844 1,052 1,199 1,262 1,294 1,368 Brokered time deposits and negotiable CDs 1,057 907 649 302 109 120 118 167 Foreign time deposits 409 370 296 270 230 257 377 267 - --------------------------------------------------------------------------------------------------------------------------------- Total deposits 17,209 17,124 16,482 17,925 19,774 19,488 19,105 19,067 - --------------------------------------------------------------------------------------------------------------------------------- Short-term borrowings 2,515 2,108 1,886 1,998 1,907 2,140 2,759 2,504 Medium-term notes 1,832 1,752 1,910 1,967 1,863 1,990 2,005 2,240 Federal Home Loan Bank advances 848 228 14 17 17 17 18 24 Subordinated notes and other long-term debt, including preferred capital securities 1,147 1,215 1,215 1,216 1,166 1,167 1,162 1,147 - --------------------------------------------------------------------------------------------------------------------------------- Total interest bearing liabilities 20,596 19,559 18,768 20,082 21,321 21,461 21,797 21,769 - --------------------------------------------------------------------------------------------------------------------------------- All other liabilities 1,063 1,073 1,107 1,051 889 811 897 869 Shareholders' equity 2,241 2,278 2,343 2,370 2,361 2,375 2,403 2,388 - --------------------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $26,855 $25,778 $24,957 $26,544 $27,977 $27,988 $28,349 $28,239 =================================================================================================================================

(1) Fully tax equivalent yields are calculated assuming a 35% tax rate. (2) Third quarter 2002 includes reclassification of $186 million in construction loans to commercial real estate due to September 2002 correction of an error involving construction loans with original maturities over 5 years. In addition, residential construction loans have been reclassified from Real Estate - Construction to Residential mortgage loans. Page 4 HUNTINGTON BANCSHARES INCORPORATED - ------------------------------------------------------------------------------- CONSOLIDATED QUARTERLY NET INTEREST MARGIN ANALYSIS REPORTED BASIS (in millions)

AVERAGE RATES (3) ----------------------------------------------------------------------------- 2002 2001 - ----------------------------------------------------------------------------------------- ------------------------------------- Fully Tax Equivalent Basis (1) FOURTH Third Second First Fourth Third Second First - --------------------------------------------------------------------------------------------------------------------------------- ASSETS Interest bearing deposits in banks 1.93% 2.06% 2.44% 2.02% 2.09% 3.75% 5.09% 5.24% Trading account securities 3.37 4.95 5.37 2.79 3.59 3.83 5.15 5.52 Federal funds sold and securities purchased under resale agreements 1.83 1.40 1.51 1.43 2.18 3.20 4.21 5.78 Mortgages held for sale 5.84 6.57 7.07 6.51 6.64 7.18 6.96 7.19 Securities: Taxable 5.53 6.01 6.33 6.43 6.62 6.71 6.26 6.72 Tax exempt 7.15 7.52 7.69 7.76 7.81 7.38 7.26 7.55 - ------------------------------------------------------------------------------------------------------------------------------- Total Securities 5.64 6.07 6.37 6.48 6.66 6.75 6.32 6.77 - ------------------------------------------------------------------------------------------------------------------------------- Loans: (2) Commercial 5.74 5.86 5.84 5.75 6.16 7.19 7.78 8.55 Real Estate Construction 4.26 4.70 5.14 4.99 5.66 6.97 8.02 8.69 Commercial 5.96 6.31 6.54 6.80 6.96 7.67 7.98 8.41 Consumer Auto leases - Indirect 7.02 7.69 7.58 7.51 7.59 7.89 7.89 7.92 Auto loans - Indirect 8.53 8.92 9.07 9.00 9.34 9.54 9.88 9.89 Home equity 5.82 5.96 6.05 6.56 7.50 8.13 8.85 9.38 Residential mortgage 5.69 5.96 6.21 6.62 7.11 7.51 7.74 7.91 Other loans 8.14 8.58 8.62 8.59 9.59 9.33 9.45 9.53 - ------------------------------------------------------------------------------------------------------------------------------- Total Consumer 6.92 7.32 7.38 7.56 8.07 8.43 8.73 8.93 - ------------------------------------------------------------------------------------------------------------------------------- Total Loans 6.34 6.64 6.70 6.77 7.22 7.87 8.31 8.74 - ------------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------- Total earning assets 6.22% 6.54% 6.64% 6.71% 7.13% 7.71% 7.98% 8.39% - ------------------------------------------------------------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Core deposits Non-interest bearing deposits Interest bearing demand deposits 1.57% 1.77% 1.84% 1.80% 2.00% 2.74% 2.87% 3.29% Savings deposits 1.73 1.81 1.83 1.87 2.11 3.00 3.42 3.85 Other domestic time deposits 4.26 4.40 4.51 4.88 5.19 5.52 5.83 6.01 - ------------------------------------------------------------------------------------------------------------------------------- Total core deposits 2.50 2.68 2.78 2.98 3.30 3.94 4.21 4.58 - ------------------------------------------------------------------------------------------------------------------------------- Domestic time deposits of $100,000 or more 3.29 3.29 3.33 3.58 4.68 4.82 5.33 5.97 Brokered time deposits and negotiable CDs 2.25 2.37 2.48 2.48 3.55 4.42 5.57 6.37 Foreign time deposits 1.29 1.43 1.38 1.91 1.99 3.39 4.11 5.45 - ------------------------------------------------------------------------------------------------------------------------------- Total deposits 2.49 2.66 2.77 2.99 3.38 4.00 4.31 4.73 - ------------------------------------------------------------------------------------------------------------------------------- Short-term borrowings 1.86 1.88 1.97 2.36 2.65 3.69 4.37 5.37 Medium-term notes 3.26 3.37 3.21 3.43 4.58 6.12 6.59 6.64 Federal Home Loan Bank advances 1.84 2.04 5.97 6.10 6.10 6.10 6.15 6.29 Subordinated notes and other long-term debt, including preferred capital securities 3.80 3.99 4.03 4.12 4.94 5.17 5.96 6.83 - ------------------------------------------------------------------------------------------------------------------------------- Total interest bearing liabilities 2.53% 2.73% 2.82% 3.04% 3.51% 4.23% 4.62% 5.12% - ------------------------------------------------------------------------------------------------------------------------------- Net interest rate spread 3.69% 3.81% 3.82% 3.67% 3.62% 3.48% 3.36% 3.27% Impact of non-interest bearing funds on margin 0.38 0.45 0.48 0.47 0.49 0.56 0.61 0.66 - ------------------------------------------------------------------------------------------------------------------------------- NET INTEREST MARGIN 4.07% 4.26% 4.30% 4.14% 4.11% 4.04% 3.97% 3.93% =================================================================================================================================

(1) Fully tax equivalent yields are calculated assuming a 35% tax rate. (2) Individual loan components include applicable fees. (3) Loan and deposit average rates include impact of applicable derivatives. Page 5 HUNTINGTON BANCSHARES INCORPORATED SELECTED QUARTERLY INCOME STATEMENT DATA REPORTED BASIS

2002 - --------------------------------------------------------------------------------------------------- (in thousands, except per share amounts) FOURTH Third Second First - --------------------------------------------------------------------------------------------------- NET INTEREST INCOME $249,702 $249,416 $241,859 $242,825 Provision for loan losses 57,418 60,249 53,892 55,781 - --------------------------------------------------------------------------------------------------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 192,284 189,167 187,967 187,044 - --------------------------------------------------------------------------------------------------- Service charges on deposit accounts 41,177 37,460 35,354 38,530 Brokerage and insurance income 16,431 13,943 17,677 18,792 Trust services 15,306 14,997 16,247 15,501 Bank Owned Life Insurance income 11,443 11,443 11,443 11,676 Mortgage banking 11,410 6,289 10,725 19,565 Other service charges and fees 10,890 10,837 10,529 10,632 Other 17,025 18,723 15,039 10,931 - --------------------------------------------------------------------------------------------------- TOTAL NON-INTEREST INCOME BEFORE GAIN ON SALE OF FLORIDA OPERATIONS, MERCHANT SERVICES GAIN, AND SECURITIES GAINS (LOSSES) 123,682 113,692 117,014 125,627 Gain on sale of Florida operations -- -- -- 175,344 Merchant Services gain -- 24,550 -- -- Securities gains (losses) 2,339 1,140 966 457 - --------------------------------------------------------------------------------------------------- TOTAL NON-INTEREST INCOME 126,021 139,382 117,980 301,428 - --------------------------------------------------------------------------------------------------- Personnel costs 113,852 107,477 105,146 114,285 Equipment 17,337 17,378 16,659 16,949 Outside data processing and other services 17,209 15,128 16,592 18,439 Net occupancy 13,454 14,815 14,756 17,239 Professional services 8,026 6,083 6,267 5,401 Marketing 6,186 7,491 7,231 7,003 Telecommunications 5,714 5,609 5,320 6,018 Printing and supplies 3,999 3,679 3,683 3,837 Franchise and other taxes 2,532 2,283 2,313 2,328 Amortization of intangible assets 204 204 235 1,376 Other 14,182 13,576 13,858 14,511 - --------------------------------------------------------------------------------------------------- TOTAL NON-INTEREST EXPENSE BEFORE SPECIAL CHARGES 202,695 193,723 192,060 207,386 Special charges -- -- -- 56,184 - --------------------------------------------------------------------------------------------------- TOTAL NON-INTEREST EXPENSE AFTER SPECIAL CHARGES 202,695 193,723 192,060 263,570 - --------------------------------------------------------------------------------------------------- INCOME BEFORE INCOME TAXES 115,610 134,826 113,887 224,902 Income taxes 30,475 36,703 31,647 127,175 - --------------------------------------------------------------------------------------------------- NET INCOME $ 85,135 $ 98,123 $ 82,240 $ 97,727 =================================================================================================== PER COMMON SHARE Net Income - Diluted $ 0.36 $ 0.41 $ 0.33 $ 0.39 Cash Dividends Declared $ 0.16 $ 0.16 $ 0.16 $ 0.16 RETURN ON: Average total assets 1.26% 1.51% 1.32% 1.49% Average total shareholders' equity 15.1% 17.1% 14.1% 16.7% Net interest margin (2) 4.07% 4.26% 4.30% 4.14% Efficiency ratio (3) 54.0% 53.1% 53.3% 55.7% REVENUE - FULLY TAXABLE EQUIVALENT (FTE) Net Interest Income $249,702 $249,416 $241,859 $242,825 Tax Equivalent Adjustment (2) 1,869 1,096 1,071 1,169 - --------------------------------------------------------------------------------------------------- Net Interest Income 251,571 250,512 242,930 243,994 Non-Interest Income 126,021 139,382 117,980 301,428 - --------------------------------------------------------------------------------------------------- TOTAL REVENUE $377,592 $389,894 $360,910 $545,422 =================================================================================================== TOTAL REVENUE EXCLUDING SECURITIES GAINS (LOSSES) $375,253 $388,754 $359,944 $544,965 ===================================================================================================

2001 - -------------------------------------------------------------------------------------------------------- (in thousands, except per share amounts) Fourth Third Second First - -------------------------------------------------------------------------------------------------------- NET INTEREST INCOME $255,238 $249,787 $248,033 $243,124 Provision for loan losses 108,275 49,559 117,495 33,464 - -------------------------------------------------------------------------------------------------------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 146,963 200,228 130,538 209,660 - -------------------------------------------------------------------------------------------------------- Service charges on deposit accounts 42,753 41,719 40,673 38,907 Brokerage and insurance income 20,966 19,912 19,388 18,768 Trust services 15,321 15,485 15,178 14,314 Bank Owned Life Insurance income 9,560 9,560 9,561 9,560 Mortgage banking 15,768 14,616 18,733 10,031 Other service charges and fees 12,552 12,350 12,217 11,098 Other 16,088 15,755 14,956 12,968 - -------------------------------------------------------------------------------------------------------- TOTAL NON-INTEREST INCOME BEFORE GAIN ON SALE OF FLORIDA OPERATIONS, MERCHANT SERVICES GAIN, AND SECURITIES GAINS (LOSSES) 133,008 129,397 130,706 115,646 Gain on sale of Florida operations -- -- -- -- Merchant Services gain -- -- -- -- Securities gains (losses) 89 1,059 (2,503) 2,078 - -------------------------------------------------------------------------------------------------------- TOTAL NON-INTEREST INCOME 133,097 130,456 128,203 117,724 - -------------------------------------------------------------------------------------------------------- Personnel costs 118,143 120,767 122,068 117,662 Equipment 20,593 20,151 19,844 19,972 Outside data processing and other services 17,992 17,375 17,671 16,654 Net occupancy 19,950 19,266 18,188 19,780 Professional services 6,235 5,912 6,763 4,969 Marketing 6,345 6,921 7,852 9,939 Telecommunications 6,793 6,859 7,207 7,125 Printing and supplies 4,293 4,450 4,565 5,059 Franchise and other taxes 2,893 2,470 2,246 2,120 Amortization of intangible assets 10,100 10,114 10,435 10,576 Other 14,017 14,605 16,457 20,234 - -------------------------------------------------------------------------------------------------------- TOTAL NON-INTEREST EXPENSE BEFORE SPECIAL CHARGES 227,354 228,890 233,296 234,090 Special charges 15,143 50,817 33,997 -- - -------------------------------------------------------------------------------------------------------- TOTAL NON-INTEREST EXPENSE AFTER SPECIAL CHARGES 242,497 279,707 267,293 234,090 - --------------------------------------------------------------------------------------------------- INCOME BEFORE INCOME TAXES 37,563 50,977 (8,552) 93,294 Income taxes (28,086)(1) 8,348 (10,929) 25,428 - -------------------------------------------------------------------------------------------------------- NET INCOME $ 65,649 $ 42,629 $ 2,377 $ 67,866 - -------------------------------------------------------------------------------------------------------- PER COMMON SHARE Net Income - Diluted $ 0.26 $ 0.17 $ 0.01 $ 0.27 Cash Dividends Declared $ 0.16 $ 0.16 $ 0.20 $ 0.20 RETURN ON: Average total assets 0.93% 0.60% 0.03% 0.97% Average total shareholders' equity 11.0% 7.1% 0.4% 11.53% Net interest margin (2) 4.11% 4.04% 3.97% 3.93% Efficiency ratio (3) 55.8% 57.5% 58.6% 53.9% REVENUE - FULLY TAXABLE EQUIVALENT (FTE) Net Interest Income $255,238 $249,787 $248,033 $243,124 Tax Equivalent Adjustment (2) 1,292 1,442 1,616 2,002 - -------------------------------------------------------------------------------------------------------- Net Interest Income 256,530 251,229 249,649 245,126 Non-Interest Income 133,097 130,456 128,203 117,724 - -------------------------------------------------------------------------------------------------------- TOTAL REVENUE $389,627 $381,685 $377,852 $362,850 ======================================================================================================== TOTAL REVENUE EXCLUDING SECURITIES GAINS (LOSSES) $389,538 $380,626 $380,355 $360,772 ========================================================================================================

(1) Reflects a $32.5 million reduction related to the issuance of $400 million of REIT subsidiary preferred stock, of which $50 million was issued to the public. (2) Calculated assuming a 35% tax rate. (3) Excludes gain on sale of Florida operations and special charges. Page 6 HUNTINGTON BANCSHARES INCORPORATED QUARTERLY LOAN LOSS RESERVE AND NET CHARGE-OFF ANALYSIS REPORTED BASIS

2002 - ----------------------------------------------------------------------------------------------------------- (in thousands) FOURTH Third Second First - ----------------------------------------------------------------------------------------------------------- ALLOWANCE FOR LOAN LOSSES, BEGINNING OF PERIOD $ 408,378 $ 393,011 $ 386,053 $ 410,572 Loan losses (108,238) (56,591) (57,482) (67,527) Recoveries of loans previously charged off 13,300 12,891 12,582 11,746 - ----------------------------------------------------------------------------------------------------------- Net loan losses (94,938) (43,700) (44,900) (55,781) - ----------------------------------------------------------------------------------------------------------- Provision for loan losses 57,418 60,249 53,892 55,781 Allowance of assets purchased / (sold) -- 1,264 -- (22,297) Allowance of securitized loans (2,463) (2,446) (2,034) (2,222) - ----------------------------------------------------------------------------------------------------------- ALLOWANCE FOR LOAN LOSSES, END OF PERIOD $ 368,395 $ 408,378 $ 393,011 $ 386,053 =========================================================================================================== Allowance for loan losses as a % of total loans 1.76% 2.00% 2.00% 2.00% Allowance for loan losses as a % of non- performing loans 287.7% 200.7% 185.3% 175.9% Allowance for loan losses as a % of non- performing assets 269.4% 190.7% 176.1% 171.2% NET CHARGE-OFFS BY LOAN TYPE Commercial $ 59,725 $ 16,808 $ 21,468 $ 19,527 Commercial real estate 7,536 4,085 2,037 3,983 - ----------------------------------------------------------------------------------------------------------- Total commercial and commercial real estate 67,261 20,893 23,505 23,510 - ----------------------------------------------------------------------------------------------------------- Consumer Auto leases 12,510 10,117 8,401 12,809 Auto loans 8,778 6,869 5,733 10,217 - ----------------------------------------------------------------------------------------------------------- Total auto leases and loans 21,288 16,986 14,134 23,026 - ----------------------------------------------------------------------------------------------------------- Home equity 3,526 2,934 3,096 3,950 Residential mortgage 72 123 555 122 Other loans 967 907 1,225 1,425 - ----------------------------------------------------------------------------------------------------------- Total consumer 25,853 20,950 19,010 28,523 - ----------------------------------------------------------------------------------------------------------- Total net charge-offs, excluding exited businesses 93,114 41,843 42,515 52,033 Net charge-offs related to exited businesses 1,824 1,857 2,385 3,748 - ----------------------------------------------------------------------------------------------------------- TOTAL NET CHARGE-OFFS - INCLUDING EXITED BUSINESSES $ 94,938 $ 43,700 $ 44,900 $ 55,781 =========================================================================================================== NET CHARGE-OFFS - ANNUALIZED PERCENTAGES Commercial 4.19% 1.21% 1.53% 1.31% Commercial real estate 0.85 0.45 0.23 0.44 - ----------------------------------------------------------------------------------------------------------- Total commercial and commercial real estate 2.92 0.91 1.04 0.98 - ----------------------------------------------------------------------------------------------------------- Consumer Auto leases 1.56 1.27 1.08 1.64 Auto loans 1.21 1.01 0.92 1.59 - ----------------------------------------------------------------------------------------------------------- Total auto leases and loans 1.39 1.15 1.01 1.62 - ----------------------------------------------------------------------------------------------------------- Home equity 0.45 0.38 0.43 0.50 Residential mortgage 0.02 0.03 0.16 0.04 Other loans 0.99 0.91 1.22 1.23 - ----------------------------------------------------------------------------------------------------------- Total consumer 0.91 0.77 0.74 1.09 - ----------------------------------------------------------------------------------------------------------- TOTAL NET CHARGE-OFFS - EXCLUDING EXITED BUSINESSES 1.81 0.83 0.88 1.04 Net charge-offs related to exited businesses 0.03 0.04 0.04 0.07 - ----------------------------------------------------------------------------------------------------------- NET CHARGE-OFFS AS A % OF AVERAGE LOANS - INCLUDING EXITED BUSINESSES (1) 1.84% 0.87% 0.92% 1.11% ===========================================================================================================

2001 - ----------------------------------------------------------------------------------------------------------- (in thousands) Fourth Third Second First - ----------------------------------------------------------------------------------------------------------- ALLOWANCE FOR LOAN LOSSES, BEGINNING OF PERIOD $ 360,446 $ 352,243 $ 301,777 $ 297,880 Loan losses (66,808) (49,386) (75,472) (35,649) Recoveries of loans previously charged off 10,662 9,643 10,007 7,556 - ----------------------------------------------------------------------------------------------------------- Net loan losses (56,146) (39,743) (65,465) (28,093) - ----------------------------------------------------------------------------------------------------------- Provision for loan losses 108,275 49,559 117,495 33,464 Allowance of assets purchased / (sold) -- -- -- -- Allowance of securitized loans (2,003) (1,613) (1,564) (1,474) - ----------------------------------------------------------------------------------------------------------- ALLOWANCE FOR LOAN LOSSES, END OF PERIOD $ 410,572 $ 360,446 $ 352,243 $ 301,777 =========================================================================================================== Allowance for loan losses as a % of total loans 1.90% 1.67% 1.67% 1.45% Allowance for loan losses as a % of non- performing loans 185.7% 178.4% 225.7% 272.2% Allowance for loan losses as a % of non- performing assets 180.5% 171.6% 212.2% 241.6% NET CHARGE-OFFS BY LOAN TYPE Commercial $ 22,555 $ 9,474 $ 13,190 $ 6,781 Commercial real estate 797 3 1,624 1,305 - ----------------------------------------------------------------------------------------------------------- Total commercial and commercial real estate 23,352 9,477 14,814 8,086 - ----------------------------------------------------------------------------------------------------------- Consumer Auto leases 12,634 10,395 17,535 6,813 Auto loans 10,183 6,524 22,783 8,790 - ----------------------------------------------------------------------------------------------------------- Total auto leases and loans 22,817 16,919 40,318 15,603 - ----------------------------------------------------------------------------------------------------------- Home equity 4,153 4,866 2,935 2,634 Residential mortgage 376 109 241 59 Other loans 1,820 1,186 3,061 1,711 - ----------------------------------------------------------------------------------------------------------- Total consumer 29,166 23,080 46,555 20,007 - ----------------------------------------------------------------------------------------------------------- Total net charge-offs, excluding exited businesses 52,518 32,557 61,369 28,093 Net charge-offs related to exited businesses 3,628 7,186 4,096 -- - ----------------------------------------------------------------------------------------------------------- TOTAL NET CHARGE-OFFS - INCLUDING EXITED BUSINESSES $ 56,146 $ 39,743 $ 65,465 $ 28,093 =========================================================================================================== NET CHARGE-OFFS - ANNUALIZED PERCENTAGES Commercial 1.38% 0.56% 0.79% 0.41% Commercial real estate 0.08 -- 0.19 0.15 - ----------------------------------------------------------------------------------------------------------- Total commercial and commercial real estate 0.91 0.37 0.66 0.32 - ----------------------------------------------------------------------------------------------------------- Consumer Auto leases 1.55 1.27 2.18 0.89 Auto loans 1.46 0.98 3.83 1.43 - ----------------------------------------------------------------------------------------------------------- Total auto leases and loans 1.51 1.14 2.88 1.13 - ----------------------------------------------------------------------------------------------------------- Home equity 0.46 0.56 0.35 0.33 Residential mortgage 0.14 0.04 0.09 0.02 Other loans 1.35 0.85 2.15 1.11 - ----------------------------------------------------------------------------------------------------------- Total consumer 1.04 0.84 1.76 0.77 - ----------------------------------------------------------------------------------------------------------- TOTAL NET CHARGE-OFFS - EXCLUDING EXITED BUSINESSES 0.98 0.61 1.18 0.55 Net charge-offs related to exited businesses 0.06 0.13 0.07 -- - ----------------------------------------------------------------------------------------------------------- NET CHARGE-OFFS AS A % OF AVERAGE LOANS - INCLUDING EXITED BUSINESSES (1) 1.04% 0.74% 1.25% 0.55% ===========================================================================================================

(1) Exited businesses include Second Tier auto and Truck and Equipment lending. Page 7 HUNTINGTON BANCSHARES INCORPORATED QUARTERLY NON-PERFORMING ASSETS AND PAST DUE LOANS REPORTED BASIS

2002 2001 - ----------------------------------------------------------------------------------- ---------------------------------------------- (in thousands) FOURTH Third Second First Fourth Third Second First - ------------------------------------------------------------------------------------------------------------------------------------ Non-accrual loans: Commercial $ 91,861 $147,392 $156,252 $162,959 $159,637 $148,177 $116,044 $ 62,716 Commercial real estate 26,765 47,537 45,795 43,295 48,360 40,882 26,870 34,893 Residential mortgage 9,443 8,488 8,776 11,896 11,836 11,666 11,868 11,949 - ------------------------------------------------------------------------------------------------------------------------------------ Total Nonaccrual Loans 128,069 203,417 210,823 218,150 219,833 200,725 154,782 109,558 Renegotiated loans -- 37 1,268 1,268 1,276 1,286 1,290 1,297 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL NON-PERFORMING LOANS 128,069 203,454 212,091 219,418 221,109 202,011 156,072 110,855 Other real estate, net 8,654 10,675 11,146 6,112 6,384 8,050 9,913 14,031 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL NON-PERFORMING ASSETS $136,723 $214,129 $223,237 $225,530 $227,493 $210,061 $165,985 $124,886 ==================================================================================================================================== Non-performing loans as a % of total loans 0.61% 0.99% 1.08% 1.13% 1.02% 0.94% 0.74% 0.53% Non-performing assets as a % of total loans and other real estate 0.65% 1.05% 1.14% 1.17% 1.05% 0.97% 0.79% 0.60% ACCRUING LOANS PAST DUE 90 DAYS OR MORE $ 73,122 $ 68,262 $ 58,449 $ 61,746 $ 91,635 $ 92,791 $ 67,077 $102,658 ====================================================================================================================================

2002 2001 - ------------------------------------------------------------------------------ --------------------------------------------------- (in thousands) FOURTH Third Second First Fourth Third Second First - ------------------------------------------------------------------------------------------------------------------------------------ NON-PERFORMING ASSETS, BEGINNING OF PERIOD $214,129 $223,237 $225,530 $227,493 $210,061 $165,985 $124,886 $105,397 New non-performing assets 65,506 47,219 73,002 74,446 85,986 94,990 95,037(2) 53,869 Returns to accruing status (12,658) (380) (337) (3,749) (1,549) (884) (82) (252) Loan losses (72,767) (25,480) (28,297) (26,072) (34,580) (12,480) (13,188) (7,243) Payments (28,500) (26,308) (44,303) (37,663) (28,315) (34,219) (19,332) (24,973) Sales (28,987) (4,215) (2,358) (8,925)(1) (4,110) (3,331) (21,306)(2) (1,892) Other (3) -- 56 -- -- -- -- (30) (20) - ------------------------------------------------------------------------------------------------------------------------------------ NON-PERFORMING ASSETS, END OF PERIOD $136,723 $214,129 $223,237 $225,530 $227,493 $210,061 $165,985 $124,886 ====================================================================================================================================

(1) Includes $6.5 million related to the sale of Florida operations. (2) Includes $14.9 million related to investment in Pacific Gas & Electric commercial paper. (3) Includes loans acquired and provision for OREO losses. Page 8 HUNTINGTON BANCSHARES INCORPORATED QUARTERLY STOCK SUMMARY, CAPITAL, AND OTHER DATA REPORTED BASIS QUARTERLY COMMON STOCK SUMMARY

2002 2001 - -------------------------------------------------------------------------------- ------------------------------------------------ FOURTH Third Second First Fourth Third Second First - ------------------------------------------------------------------------------------------------------------------------------------ Common Stock Price High $ 19.980 $ 20.430 $ 21.770 $ 20.310 $ 17.490 $ 19.280 $ 17.000 $ 18.000 Low 16.160 16.000 18.590 16.660 14.510 15.150 13.875 12.625 Close 18.710 18.190 19.420 19.700 17.190 17.310 16.375 14.250 Average Closing Price 18.769 19.142 20.089 18.332 16.269 17.696 14.936 15.258 Dividends Cash dividends declared on common stock $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.20 $ 0.20 Common shares outstanding (000s) Average -- Basic 233,581 239,925 246,106 250,749 251,193 251,148 251,024 250,998 Average -- Diluted 235,083 241,357 247,867 251,953 251,858 252,203 251,448 251,510 Ending 232,879 237,544 242,920 249,992 251,194 251,193 251,057 251,002 Common Share Repurchase Program (000s) Authorized Under Repurchase Program 22,000 Number of Shares Repurchased 4,110 6,262 7,329 1,458 - -------------------------------------------------------------------------------- Remaining Shares Authorized to Repurchase 2,841 6,951 13,213 20,542 ================================================================================

Note: Intra-day and closing stock price quotations were obtained from NASDAQ. ================================================================================ CAPITAL DATA - END OF PERIOD

2002 2001 - ------------------------------------------------------------------------------ --------------------------------------------------- (in millions) FOURTH (1) Third Second First Fourth Third Second First - ------------------------------------------------------------------------------ --------------------------------------------------- Total Risk-Adjusted Assets $27,249 $26,343 $25,309 $24,954 $27,896 $27,757 $27,375 $27,230 Tier 1 Risk-Based Capital Ratio 8.69% 9.14% 9.72% 10.26% 7.24% 6.97% 7.01% 7.19% Total Risk-Based Capital Ratio 11.59% 12.10% 12.75% 13.40% 10.29% 10.13% 10.20% 10.31% Tier 1 Leverage Ratio 8.89% 9.42% 9.94% 9.72% 7.41% 7.10% 6.96% 7.12% Tangible Equity / Asset Ratio 7.62% 8.00% 8.51% 9.06% 6.12% 6.08% 5.94% 5.99% ====================================================================================================================================

OTHER DATA - END OF PERIOD

2002 2001 - ---------------------------------------------------------------------------------------------------- ------------------------------- FOURTH Third Second First Fourth Third Second First - ------------------------------------------------------------------------------------------------------------------------------------ Number of employees (full-time equivalent) Huntington, Excluding Florida Operations Sold 8,177 8,117 8,174 8,342 8,521 8,487 8,566 8,537 Florida Operations Sold (2) -- -- -- -- 1,222 1,232 1,215 1,225 - ------------------------------------------------------------------------------------------------------------------------------------ Total Huntington 8,177 8,117 8,174 8,342 9,743 9,719 9,781 9,762 ==================================================================================================================================== Number of domestic full-service banking offices Huntington, Excluding Florida Operations Sold (3) 343 336 336 339 338 366 371 371 Florida Operations Sold -- -- -- -- 143 143 143 143 - ------------------------------------------------------------------------------------------------------------------------------------ Total Huntington (3) 343 336 336 339 481 509 514 514 ====================================================================================================================================

(1) Estimated. (2) Excludes impact of support staff for Florida operations outside of Florida. (3) Includes three Private Financial Group offices in Florida. Page 9 HUNTINGTON BANCSHARES INCORPORATED - ------------------------------------------------------------------------------- CONSOLIDATED AVERAGE ANNUAL BALANCE SHEETS AND NET INTEREST MARGIN ANALYSIS - REPORTED BASIS (in millions)

AVERAGE BALANCE - -------------------------------------------------------------------------------------------------------------------------- Fully Tax Equivalent Basis(1) 2002 2001 2000 1999 1998 1997 - -------------------------------------------------------------------------------------------------------------------------- ASSETS Interest bearing deposits in banks $ 33 $ 7 $ 6 $ 9 $ 10 $ 9 Trading account securities 7 25 15 13 11 10 Federal funds sold and securities purchased under resale agreements 72 107 87 22 229 44 Mortgages held for sale 322 360 109 232 289 131 Securities: Taxable 2,859 3,144 4,316 4,885 4,896 5,351 Tax exempt 135 174 273 297 247 264 - -------------------------------------------------------------------------------------------------------------------------- Total Securities 2,994 3,318 4,589 5,182 5,143 5,615 - -------------------------------------------------------------------------------------------------------------------------- Loans: Commercial 5,712 6,647 6,446 6,128 5,629 5,302 Real Estate(2) Construction 1,217 1,221 1,184 1,000 764 797 Commercial 2,343 2,340 2,187 2,235 2,304 2,250 Consumer Auto leases - Indirect 3,166 3,204 2,969 2,361 1,769 1,488 Auto loans - Indirect 2,773 2,697 2,982 3,432 3,249 3,081 Home equity 3,087 3,399 2,991 2,345 1,935 1,644 Residential mortgage 1,444 1,052 1,382 1,489 1,365 1,527 Other loans 425 589 528 1,099 1,419 1,492 - -------------------------------------------------------------------------------------------------------------------------- Total Consumer 10,895 10,941 10,852 10,726 9,737 9,232 - -------------------------------------------------------------------------------------------------------------------------- Total Loans 20,167 21,149 20,669 20,089 18,434 17,581 - -------------------------------------------------------------------------------------------------------------------------- Allowance for loan losses 410 344 303 301 280 252 - -------------------------------------------------------------------------------------------------------------------------- Net loans 19,757 20,805 20,366 19,788 18,154 17,329 - -------------------------------------------------------------------------------------------------------------------------- Total earning assets 23,595 24,966 25,475 25,547 24,116 23,390 - -------------------------------------------------------------------------------------------------------------------------- Cash and due from banks 757 912 1,008 1,039 975 910 Intangible assets 293 736 709 682 487 250 All other assets 1,801 1,867 1,832 1,772 1,594 853 - -------------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $26,036 $28,137 $28,721 $28,739 $26,892 $25,151 ========================================================================================================================== LIABILITIES AND SHAREHOLDERS' EQUITY Core deposits Non-interest bearing deposits $ 2,902 $ 3,304 $ 3,421 $ 3,497 $ 3,287 $ 2,774 Interest bearing demand deposits 5,161 5,005 4,291 4,097 3,585 3,204 Savings deposits 2,853 3,478 3,563 3,740 3,277 3,056 Other domestic time deposits 4,349 5,883 5,872 5,823 6,291 5,857 - -------------------------------------------------------------------------------------------------------------------------- Total core deposits 15,265 17,670 17,147 17,157 16,440 14,891 - -------------------------------------------------------------------------------------------------------------------------- Domestic time deposits of $100,000 or more 851 1,280 1,502 1,449 1,688 1,557 Brokered time deposits and negotiable CDs 731 128 502 238 182 365 Foreign time deposits 337 283 539 363 103 382 - -------------------------------------------------------------------------------------------------------------------------- Total deposits 17,184 19,361 19,690 19,207 18,413 17,195 - -------------------------------------------------------------------------------------------------------------------------- Short-term borrowings 2,128 2,325 1,966 2,549 2,084 2,826 Medium-term notes 1,865 2,024 2,894 3,122 2,903 1,983 Federal Home Loan Bank advances 279 19 13 5 53 117 Subordinated notes and other long-term debt, including preferred capital securities 1,198 1,161 1,111 998 823 621 - -------------------------------------------------------------------------------------------------------------------------- Total interest bearing liabilities 19,752 21,586 22,253 22,384 20,989 19,969 - -------------------------------------------------------------------------------------------------------------------------- All other liabilities 1,075 865 768 711 552 514 Shareholders' equity 2,307 2,382 2,279 2,147 2,064 1,894 - -------------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $26,036 $28,137 $28,721 $28,739 $26,892 $25,151 ==========================================================================================================================

(1) Fully tax equivalent yields are calculated assuming a 35% tax rate. (2) Residential construction loans have been reclassified from Real Estate - Construction to Residential mortgage loans. Page 25 HUNTINGTON BANCSHARES INCORPORATED - -------------------------------------------------------------------------------- CONSOLIDATED AVERAGE ANNUAL BALANCE SHEETS AND NET INTEREST MARGIN ANALYSIS - REPORTED BASIS (in millions)

INTEREST INCOME/EXPENSE - -------------------------------------------------------------------------------------------------------------------------------- Fully Tax Equivalent Basis (1) 2002 2001 2000 1999 1998 1997 - -------------------------------------------------------------------------------------------------------------------------------- Assets Interest bearing deposits in banks $ 0.8 $ 0.2 $ 0.3 $ 0.4 $ 1.0 $ 0.5 Trading account securities 0.3 1.3 1.1 0.8 0.6 0.6 Federal funds sold and securities purchased under resale agreements 1.1 4.4 5.5 1.2 12.9 2.4 Mortgages held for sale 20.5 25.0 8.7 16.3 20.2 10.1 Securities: Taxable 173.0 206.9 269.5 297.0 308.8 339.8 Tax exempt 10.1 13.0 20.8 23.5 21.9 25.3 - -------------------------------------------------------------------------------------------------------------------------------- Total Securities 183.1 219.9 290.3 320.5 330.7 365.1 - -------------------------------------------------------------------------------------------------------------------------------- Loans:(2) Commercial 330.6 493.2 572.8 501.0 488.5 472.2 Real Estate Construction 58.3 88.6 108.2 85.8 71.2 75.1 Commercial 148.7 180.4 186.7 184.6 201.5 205.1 Consumer Auto leases - Indirect 235.8 250.6 235.9 194.4 142.5 130.3 Auto loans - Indirect 245.9 260.2 279.0 296.6 291.4 279.0 Home equity 188.3 286.8 261.1 202.3 180.5 155.0 Residential mortgage 87.3 79.5 106.1 111.5 109.5 126.5 Other loans 36.1 55.8 61.1 120.0 159.2 171.4 - -------------------------------------------------------------------------------------------------------------------------------- Total Consumer 793.4 932.9 943.2 924.8 883.1 862.2 - -------------------------------------------------------------------------------------------------------------------------------- Total Loans 1,331.0 1,695.1 1,810.9 1,696.2 1,644.3 1,614.6 - -------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------------- Total interest income 1,536.8 1,945.9 2,116.8 2,035.4 2,009.7 1,993.3 - -------------------------------------------------------------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Core deposits Non-interest bearing deposits Interest bearing demand deposits 90.1 134.6 144.0 106.5 96.4 84.4 Savings deposits 51.7 107.7 146.4 126.0 114.0 100.4 Other domestic time deposits 197.1 331.4 335.4 299.1 349.2 329.7 - -------------------------------------------------------------------------------------------------------------------------------- Total core deposits 338.9 573.7 625.8 531.6 559.6 514.5 - -------------------------------------------------------------------------------------------------------------------------------- Domestic time deposits of $100,000 or more 28.8 66.8 90.4 76.6 96.4 87.6 Brokered time deposits and negotiable CDs 17.3 6.6 31.9 12.8 10.5 21.8 Foreign time deposits 4.9 10.8 34.0 18.6 5.9 22.2 - -------------------------------------------------------------------------------------------------------------------------------- Total deposits 389.9 657.9 782.1 639.6 672.4 646.1 - -------------------------------------------------------------------------------------------------------------------------------- Short-term borrowings 42.7 95.9 113.1 114.3 97.7 146.4 Medium-term notes 61.7 121.7 189.3 170.0 164.6 116.2 Federal Home Loan Bank advances 5.6 1.2 0.8 0.3 2.9 6.2 Subordinated notes and other long-term debt, including preferred capital securities 47.9 66.7 80.8 60.0 40.7 39.3 - -------------------------------------------------------------------------------------------------------------------------------- Total interest expense 547.8 943.4 1,166.1 984.2 978.3 954.2 - -------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------------- NET INTEREST INCOME (FTE) (1) $ 989.0 $1,002.5 $ 950.7 $1,051.2 $1,031.4 $1,039.1 ================================================================================================================================

(1) Fully tax equivalent yields are calculated assuming a 35% tax rate. (2) Individual loan components above include applicable fees. Page 26 HUNTINGTON BANCSHARES INCORPORATED CONSOLIDATED AVERAGE ANNUAL BALANCE SHEETS AND NET INTEREST MARGIN ANALYSIS - REPORTED BASIS

AVERAGE RATE (3) - ------------------------------------------------------------------------------------------------------------------------------------ Fully Tax Equivalent Basis (1) 2002 2001 2000 1999 1998 1997 - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Interest bearing deposits in banks 2.38% 3.43% 5.03% 4.04% 5.22% 5.47% Trading account securities 4.11 5.13 7.11 5.89 5.71 5.70 Federal funds sold and securities purchased under resale agreements 1.56 4.19 6.33 5.58 5.64 5.50 Mortgages held for sale 6.35 6.95 7.96 7.03 6.99 7.75 Securities: Taxable 6.06 6.58 6.24 6.08 6.31 6.35 Tax exempt 7.42 7.49 7.61 7.90 8.83 9.55 - ------------------------------------------------------------------------------------------------------------------------------------ Total Securities 6.12 6.63 6.33 6.18 6.43 6.50 - ------------------------------------------------------------------------------------------------------------------------------------ Loans: (2) Commercial 5.79 7.42 8.89 8.18 8.68 8.91 Real Estate Construction 4.79 7.25 9.14 8.58 9.31 9.42 Commercial 6.35 7.71 8.53 8.26 8.75 9.12 Consumer Auto leases - Indirect 7.45 7.82 7.94 8.23 8.05 8.75 Auto loans - Indirect 8.87 9.65 9.36 8.66 9.00 9.13 Home equity 6.10 8.44 8.73 8.62 9.32 9.43 Residential mortgage 6.05 7.55 7.68 7.48 8.03 8.29 Other loans 8.49 9.47 11.57 10.86 11.12 11.31 - ------------------------------------------------------------------------------------------------------------------------------------ Total Consumer 7.28 8.53 8.69 8.62 9.07 9.34 - ------------------------------------------------------------------------------------------------------------------------------------ Total Loans 6.60 8.01 8.76 8.44 8.92 9.18 - ------------------------------------------------------------------------------------------------------------------------------------ Total earning assets 6.51% 7.79% 8.31% 7.97% 8.33% 8.52% - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES AND SHAREHOLDERS' EQUITY Core deposits Non-interest bearing deposits Interest bearing demand deposits 1.75% 2.69% 3.36% 2.60% 2.69% 2.64% Savings deposits 1.81 3.10 4.11 3.37 3.48 3.28 Other domestic time deposits 4.53 5.63 5.71 5.14 5.55 5.63 - ------------------------------------------------------------------------------------------------------------------------------------ Total core deposits 2.74 3.99 4.56 3.89 4.25 4.25 - ------------------------------------------------------------------------------------------------------------------------------------ Domestic time deposits of $100,000 or more 3.39 5.22 6.01 5.28 5.71 5.63 Brokered time deposits and negotiable CDs 2.36 5.12 6.35 5.40 5.82 5.97 Foreign time deposits 1.47 3.82 6.31 5.14 5.66 5.81 - ------------------------------------------------------------------------------------------------------------------------------------ Total deposits 2.73 4.10 4.81 4.07 4.44 4.48 - ------------------------------------------------------------------------------------------------------------------------------------ Short-term borrowings 2.01 4.12 5.75 4.48 4.69 5.18 Medium-term notes 3.31 6.01 6.54 5.45 5.67 5.86 Federal Home Loan Bank advances 2.00 6.17 6.32 5.19 5.57 5.30 Subordinated notes and other long-term debt, including preferred capital securities 4.00 5.75 7.17 5.93 4.87 6.24 - ------------------------------------------------------------------------------------------------------------------------------------ Total interest bearing liabilities 2.77% 4.37% 5.24% 4.40% 4.66% 4.78% - ------------------------------------------------------------------------------------------------------------------------------------ Net interest rate spread 3.74% 3.42% 3.07% 3.57% 3.67% 3.74% Impact of non-interest bearing funds on margin 0.45% 0.60% 0.66% 0.54% 0.61% 0.70% - ------------------------------------------------------------------------------------------------------------------------------------ NET INTEREST MARGIN 4.19% 4.02% 3.73% 4.11% 4.28% 4.44% ====================================================================================================================================

(1) Fully tax equivalent yields are calculated assuming a 35% tax rate. (2) Individual loan components include applicable fees. (3) Loan and deposit average rates include impact of applicable derivatives. Page 27 HUNTINGTON BANCSHARES INCORPORATED Selected Annual Income Statement Data Reported Basis

- ------------------------------------------------------------------------------------------------------------------------------------ (in thousands of dollars, except per share amounts) 2002 2001 2000 1999 1998 1997 - ------------------------------------------------------------------------------------------------------------------------------------ NET INTEREST INCOME $ 983,802 $ 996,182 $ 942,432 $1,041,762 $1,021,093 $1,027,230 Provision for loan losses 227,340 308,793 90,479 88,447 105,242 107,797 - ------------------------------------------------------------------------------------------------------------------------------------ NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 756,462 687,389 851,953 953,315 915,851 919,433 - ------------------------------------------------------------------------------------------------------------------------------------ Service charges on deposit accounts 152,521 164,052 160,727 156,315 126,403 117,852 Brokerage and insurance income 66,843 79,034 61,871 52,076 36,710 27,084 Trust services 62,051 60,298 53,613 52,030 50,754 48,102 Mortgage banking 47,989 59,148 38,025 56,890 60,006 55,715 Bank Owned Life Insurance income 46,005 38,241 39,544 37,560 28,712 -- Other service charges and fees 42,888 48,217 43,883 37,301 29,202 22,705 Other 61,718 59,767 58,795 59,901 67,090 63,403 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL NON-INTEREST INCOME BEFORE GAIN ON SALE OF FLORIDA OPERATIONS, MERCHANT SERVICES GAIN, CREDIT CARD PORTFOLIO, AND SECURITIES GAINS 480,015 508,757 456,458 452,073 398,877 334,861 Gain on sale of Florida operations 175,344 --- --- --- --- --- Merchant Services gain 24,550 --- --- --- --- --- Gains on sale of credit card portfolio --- --- --- 108,530 9,530 --- Securities gains 4,902 723 37,101 12,972 29,793 7,978 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL NON-INTEREST INCOME 684,811 509,480 493,559 573,575 438,200 342,839 - ------------------------------------------------------------------------------------------------------------------------------------ Personnel costs 440,760 478,640 421,750 419,901 428,539 392,793 Equipment 68,323 80,560 78,069 66,666 62,040 57,867 Outside data processing and other services 67,368 69,692 62,011 62,886 74,795 66,683 Net occupancy 60,264 77,184 75,882 62,169 54,123 49,509 Marketing 27,911 31,057 34,884 32,506 32,260 32,782 Professional services 25,777 23,879 20,819 21,169 25,160 24,931 Telecommunications 22,661 27,984 26,225 28,519 29,429 21,527 Printing and supplies 15,198 18,367 19,634 20,227 23,673 21,584 Franchise and other taxes 9,456 9,729 11,077 14,674 22,103 19,836 Amortization of intangible assets 2,019 41,225 39,207 37,297 25,689 13,019 Other 56,127 65,313 46,059 49,314 46,118 51,414 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL NON-INTEREST EXPENSE BEFORE SPECIAL CHARGES 795,864 923,630 835,617 815,328 823,929 751,945 Special Charges 56,184 99,957 50,000 96,791 90,000 51,163 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL NON-INTEREST EXPENSE AFTER SPECIAL CHARGES 852,048 1,023,587 885,617 912,119 913,929 803,108 - ------------------------------------------------------------------------------------------------------------------------------------ INCOME BEFORE INCOME TAXES 589,225 173,282 459,895 614,771 440,122 459,164 Income taxes 226,000 (5,239)(1) 131,449 192,697 138,354 166,501 - ------------------------------------------------------------------------------------------------------------------------------------ NET INCOME $ 363,225 $ 178,521 $ 328,446 $ 422,074 $ 301,768 $ 292,663 ==================================================================================================================================== PER COMMON SHARE Net Income - Diluted $ 1.49 $ 0.71 $ 1.32 $ 1.65 $ 1.17 $ 1.14 Cash Dividends Declared $ 0.64 $ 0.72 $ 0.76 $ 0.68 $ 0.62 $ 0.56 RETURN ON: Average total assets 1.40% 0.63% 1.14% 1.47% 1.12% 1.16% Average total shareholders' equity 15.7% 7.5% 14.4% 19.7% 14.6% 15.5% Net interest margin (2) 4.19% 4.02% 3.73% 4.11% 4.28% 4.44% Efficiency ratio (3) 54.0% 58.4% 56.2% 51.8% 55.8% 54.9% REVENUE - FULLY TAXABLE EQUIVALENT (FTE) Net Interest Income $ 983,802 $ 996,182 $ 942,432 $1,041,762 $1,021,093 $1,027,230 Tax Equivalent Adjustment (2) 5,205 6,352 8,310 9,423 10,307 11,864 - ------------------------------------------------------------------------------------------------------------------------------------ Net Interest Income 989,007 1,002,534 950,742 1,051,185 1,031,400 1,039,094 Non-Interest Income 684,811 509,480 493,559 573,575 438,200 342,839 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL REVENUE $1,673,818 $ 1,512,014 $1,444,301 $1,624,760 $1,469,600 $1,381,933 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL REVENUE EXCLUDING SECURITIES GAINS $1,668,916 $ 1,511,291 $1,407,200 $1,611,788 $1,439,807 $1,373,955 ====================================================================================================================================

(1) Reflects a $32.5 million reduction related to the issuance of $400 million of REIT subsidiary preferred stock, of which $50 million was issued to the public. (2) Calculated assuming a 35% tax rate. (3) Excludes gain on sale of Florida operations and special charges. Page 13 HUNTINGTON BANCSHARES INCORPORATED ANNUAL LOAN LOSS RESERVES AND ASSET QUALITY REPORTED BASIS

- ----------------------------------------------------------------------------------------------------------------------------------- (in thousands) 2002 2001 2000 1999 1998 1997 - ----------------------------------------------------------------------------------------------------------------------------------- ALLOWANCE FOR LOAN LOSSES, BEGINNING OF YEAR $ 410,572 $ 297,880 $ 299,309 $ 290,948 $ 258,171 $ 230,778 Loan losses (289,838) (227,315) (110,845) (112,291) (126,355) (110,723) Recoveries of loans previously charged off 50,519 37,868 27,756 32,205 31,848 22,542 - ----------------------------------------------------------------------------------------------------------------------------------- Net Loan Losses (239,319) (189,447) (83,089) (80,086) (94,507) (88,181) - ----------------------------------------------------------------------------------------------------------------------------------- Provision for loan losses 227,340 308,793 90,479 88,447 105,242 107,797 Allowance of assets (sold)/purchased and other (21,033) -- 7,900 -- 22,042 7,777 Allowance of securitized loans (9,165) (6,654) (16,719) -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- ALLOWANCE FOR LOAN LOSSES, END OF YEAR $ 368,395 $ 410,572 $ 297,880 $ 299,309 $ 290,948 $ 258,171 =================================================================================================================================== Allowance for loan losses as a % of total loans 1.76% 1.90% 1.45% 1.45% 1.50% 1.46% Allowance for loan losses as a % of non- performing loans 287.7% 185.7% 316.9% 360.3% 377.2% 359.6% Allowance for loan losses as a % of non- performing assets 269.4% 180.5% 282.6% 304.7% 302.8% 296.3% NET CHARGE-OFFS BY LOAN TYPE Commercial $ 117,528 $ 52,000 $ 13,812 $ 10,900 $ 19,966 $ 18,903 Commercial real estate 17,641 3,729 1,327 1,585 (46) 677 - ----------------------------------------------------------------------------------------------------------------------------------- Total commercial and commercial real estate 135,169 55,729 15,139 12,485 19,920 19,580 - ----------------------------------------------------------------------------------------------------------------------------------- Consumer Auto leases 43,837 47,377 21,442 10,557 12,124 8,768 Auto loans 31,597 48,280 32,280 28,582 24,128 26,208 - ----------------------------------------------------------------------------------------------------------------------------------- Total auto leases and loans 75,434 95,657 53,722 39,139 36,252 34,976 - ----------------------------------------------------------------------------------------------------------------------------------- Home equity 13,506 14,588 6,909 6,096 5,530 1,768 Residential mortgage 872 785 1,007 1,136 876 1,631 Other loans 4,524 7,778 6,312 21,230 31,929 30,226 - ----------------------------------------------------------------------------------------------------------------------------------- Total consumer 94,336 118,808 67,950 67,601 74,587 68,601 - ----------------------------------------------------------------------------------------------------------------------------------- Total net charge-offs, excluding exited businesses 229,505 174,537 83,089 80,086 94,507 88,181 Net charge-offs related to exited businesses 9,814 14,910 -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL NET CHARGE-OFFS - INCLUDING EXITED BUSINESSES $ 239,319 $ 189,447 $ 83,089 $ 80,086 $ 94,507 $ 88,181 =================================================================================================================================== NET CHARGE-OFFS AS A PERCENTAGE OF AVERAGE LOANS Commercial 2.06% 0.78% 0.21% 0.18% 0.35% 0.36% Commercial real estate 0.75 0.16 0.06 0.07 -- 0.03 - ----------------------------------------------------------------------------------------------------------------------------------- Total commercial and commercial real estate 1.20 0.46 0.13 0.12 0.21 0.22 - ----------------------------------------------------------------------------------------------------------------------------------- Consumer Auto leases 1.38 1.48 0.72 0.45 0.69 0.59 Auto loans 1.18 1.90 1.08 0.83 0.74 0.85 - ----------------------------------------------------------------------------------------------------------------------------------- Total auto leases and loans 1.29 1.67 0.90 0.68 0.72 0.77 - ----------------------------------------------------------------------------------------------------------------------------------- Home equity 0.44 0.43 0.23 0.26 0.29 0.11 Residential mortgage 0.06 0.07 0.07 0.08 0.06 0.11 Other loans 1.09 1.37 1.20 1.93 2.25 2.03 - ----------------------------------------------------------------------------------------------------------------------------------- Total consumer 0.87 1.10 0.63 0.63 0.77 0.74 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL NET CHARGE-OFFS - EXCLUDING EXITED BUSINESSES 1.14 0.83 0.40 0.40 0.51 0.50 Net charge-offs related to exited businesses 0.05 0.07 -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- NET CHARGE-OFFS AS a % OF AVERAGE LOANS - INCLUDING EXITED BUSINESSES(1) 1.19% 0.90% 0.40% 0.40% 0.51% 0.50% ===================================================================================================================================

(1) Exited businesses include Second Tier auto and Truck and Equipment lending. Page 14 HUNTINGTON BANCSHARES INCORPORATED ANNUAL NON-PERFORMING ASSETS AND PAST DUE LOANS REPORTED BASIS

- ------------------------------------------------------------------------------------------------------------------------------------ (in thousands) 2002 2001 2000 1999 1998 1997 - ------------------------------------------------------------------------------------------------------------------------------------ Non-accrual loans: Commercial $ 91,861 $159,637 $ 55,804 $ 42,958 $34,586 $36,459 Commercial real estate 26,765 48,360 26,702 26,916 23,424 16,128 Residential mortgage 9,443 11,836 10,174 11,866 14,419 13,394 - ------------------------------------------------------------------------------------------------------------------------------------ Total Nonaccrual Loans 128,069 219,833 92,680 81,740 72,429 65,981 Renegotiated loans -- 1,276 1,304 1,330 4,706 5,822 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL NON-PERFORMING LOANS 128,069 221,109 93,984 83,070 77,135 71,803 Other real estate, net 8,654 6,384 11,413 15,171 18,964 15,343 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL NON-PERFORMING ASSETS $136,723 $227,493 $105,397 $ 98,241 $96,099 $87,146 ==================================================================================================================================== Non-performing loans as a % of total loans 0.61% 1.02% 0.46% 0.40% 0.40% 0.40% Non-performing assets as a % of total loans and other real estate 0.65% 1.05% 0.51% 0.47% 0.49% 0.49% Accruing loans past due 90 days or more $ 73,122 $ 91,635 $ 80,306 $ 61,287 $51,037 $49,608 ====================================================================================================================================

- ----------------------------------------------------------------------------------------------------------- (in thousands) 2002 2001 2000 1999 - ----------------------------------------------------------------------------------------------------------- NON-PERFORMING ASSETS, BEGINNING OF PERIOD $227,493 $105,397 $ 98,241 $ 96,099 New non-performing assets 260,173 329,882 112,319 106,014 Returns to accruing status (17,124) (2,767) (5,914) (5,744) Loan losses (152,616) (67,491) (18,052) (17,515) Payments (136,774) (106,839) (68,982) (67,682) Sales (44,485)(1) (30,639) (13,766) (10,899) Other (2) 56 (50) 1,551 (2,032) - ----------------------------------------------------------------------------------------------------------- NON-PERFORMING ASSETS, END OF PERIOD $136,723 $227,493 $105,397 $ 98,241 ===========================================================================================================

(1) Includes $6.5 million related to the sale of Florida operations. (2) Includes loans acquired and provision for OREO losses. Page 15 SUPPLEMENTAL SELECTED INFORMATION -- OPERATING BASIS EXCLUDES: [ ] RESULTS OF SOLD FLORIDA BANKING AND INSURANCE OPERATIONS [ ] FEBRUARY 2002 GAIN FROM SALE OF FLORIDA BANKING OPERATIONS [ ] JULY 2002 GAIN FROM RESTRUCTURING OF MERCHANT SERVICES BUSINESS [ ] RESTRUCTURING AND OTHER CHARGES Page 16 HUNTINGTON BANCSHARES INCORPORATED CONSOLIDATED STATEMENTS OF INCOME OPERATING BASIS (1)

THREE MONTHS ENDED DECEMBER 31, CHANGE - ----------------------------------------------------------------------------------- ------------------------- (in thousands, except per share amounts) 2002 2001 Amount Percent - ----------------------------------------------------------------------------------- ------------------------- Net Interest Income $249,702 $235,546 $ 14,156 6.0% Provision for loan losses 57,418 54,281 3,137 5.8 - ----------------------------------------------------------------------------------- ------------------------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 192,284 181,265 11,019 6.1 - ----------------------------------------------------------------------------------- ------------------------- Total non-interest income 126,021 114,380 11,641 10.2 Total non-interest expense 202,695 187,429 15,266 8.1 - ----------------------------------------------------------------------------------- ------------------------- INCOME BEFORE INCOME TAXES 115,610 108,216 7,394 6.8 Income taxes 30,475 28,631 1,844 6.4 - ----------------------------------------------------------------------------------- ------------------------- NET INCOME $ 85,135 $ 79,585 $ 5,550 7.0% =================================================================================== ========================= PER COMMON SHARE Net income Basic $0.36 $0.32 $ 0.04 12.5% Diluted $0.36 $0.32 $ 0.04 12.5% Cash dividends declared $0.16 $0.16 $ -- --% AVERAGE COMMON SHARES Basic 233,581 251,193 (17,612) (7.0)% Diluted 235,083 251,858 (16,775) (6.7)% =======================================================================================================================

TWELVE MONTHS ENDED DECEMBER 31, CHANGE - ----------------------------------------------------------------------------------- ------------------------- (in thousands, except per share amounts) 2002 2001 Amount Percent - ----------------------------------------------------------------------------------- ------------------------- Net Interest Income $974,078 $913,909 $60,169 6.6% Provision for loan losses 222,154 171,954 50,200 29.2 - ----------------------------------------------------------------------------------- ------------------------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 751,924 741,955 9,969 1.3 - ----------------------------------------------------------------------------------- ------------------------- Total non-interest income 471,574 437,738 33,836 7.7 Total non-interest expense 775,654 760,743 14,911 2.0 - ----------------------------------------------------------------------------------- ------------------------- INCOME BEFORE INCOME TAXES 447,844 418,950 28,894 6.9 Income taxes 119,322 111,415 7,907 7.1 - ----------------------------------------------------------------------------------- ------------------------- NET INCOME $328,522 $307,535 $20,987 6.8% =================================================================================== ========================= PER COMMON SHARE Net income Basic $1.36 $1.22 $ 0.14 11.5% Diluted $1.35 $1.22 $ 0.13 10.7% Cash dividends declared $0.64 $0.72 $ (0.08) (11.1)% AVERAGE COMMON SHARES Basic 242,279 251,078 (8,799) (3.5)% Diluted 244,012 251,716 (7,704) (3.1)%

(1) See page 16 for definition of Operating Basis. Page 17 HUNTINGTON BANCSHARES INCORPORATED LOANS AND DEPOSITS OPERATING BASIS (1)

2002 - -------------------------------------------------------------------------------------------------------- (in thousands) FOURTH Third Second First - -------------------------------------------------------------------------------------------------------- LOAN PORTFOLIO COMPOSITION - AVERAGE Commercial $ 5,695,681 $ 5,502,183 $ 5,613,550 $ 5,661,005 Commercial real estate 3,529,306 3,563,855 3,491,797 3,437,456 - -------------------------------------------------------------------------------------------------------- Total Commercial and Commercial Real Estate 9,224,987 9,066,038 9,105,347 9,098,461 - -------------------------------------------------------------------------------------------------------- Consumer Auto leases - Indirect 3,210,241 3,172,078 3,113,148 3,166,161 Auto loans - Indirect 2,968,719 2,792,757 2,596,908 2,559,700 Home equity 3,168,197 3,061,602 2,910,612 2,788,083 Residential mortgage 1,701,917 1,492,044 1,390,499 1,067,918 Other loans 398,409 404,896 413,975 424,111 - -------------------------------------------------------------------------------------------------------- Total Consumer 11,447,483 10,923,377 10,425,142 10,005,973 - -------------------------------------------------------------------------------------------------------- TOTAL LOANS $20,672,470 $19,989,415 $19,530,489 $19,104,434 ======================================================================================================== LOAN PORTFOLIO COMPOSITION - END OF PERIOD Commercial $ 5,874,144 $ 5,684,168 $ 5,591,280 $ 5,681,788 Commercial real estate 3,462,299 3,579,836 3,529,978 3,488,251 - -------------------------------------------------------------------------------------------------------- Total Commercial and Commercial Real Estate 9,336,443 9,264,004 9,121,258 9,170,039 - -------------------------------------------------------------------------------------------------------- Consumer Auto leases - Indirect 3,203,421 3,206,046 3,120,317 3,126,101 Auto loans - Indirect 3,072,017 2,907,417 2,630,541 2,561,936 Home equity 3,200,169 3,134,529 2,990,726 2,830,814 Residential mortgage 1,748,985 1,544,044 1,380,437 1,232,004 Other loans 394,890 399,466 408,891 418,053 - -------------------------------------------------------------------------------------------------------- Total Consumer 11,619,482 11,191,502 10,530,912 10,168,908 - -------------------------------------------------------------------------------------------------------- TOTAL LOANS $20,955,925 $20,455,506 $19,652,170 $19,338,947 ======================================================================================================== DEPOSIT COMPOSITION - AVERAGE Demand deposits Non-interest bearing $ 2,955,535 $ 2,867,573 $ 2,738,621 $ 2,737,978 Interest bearing 5,305,228 5,269,186 4,920,120 4,362,050 Savings deposits 2,745,615 2,765,886 2,807,874 2,829,922 Other domestic time deposits 4,002,050 4,167,451 4,225,696 4,097,383 - -------------------------------------------------------------------------------------------------------- TOTAL CORE DEPOSITS (2) 15,008,428 15,070,096 14,692,311 14,027,333 - -------------------------------------------------------------------------------------------------------- Domestic time deposits of $100,000 or more 734,747 776,600 843,815 958,812 Brokered time deposits and negotiable CDs 1,056,768 906,598 649,340 301,612 Foreign time deposits 409,548 370,313 296,428 267,512 - -------------------------------------------------------------------------------------------------------- TOTAL DEPOSITS $17,209,491 $17,123,607 $16,481,894 $15,555,269 ======================================================================================================== DEPOSIT COMPOSITION - END OF PERIOD Demand deposits Non-interest bearing $ 3,073,869 $ 2,949,065 $ 2,769,936 $ 2,857,233 Interest bearing 5,374,095 5,203,413 5,105,196 4,747,283 Savings deposits 2,851,158 2,849,060 2,839,115 2,895,445 Other domestic time deposits 3,956,306 4,071,082 4,238,688 4,179,814 - -------------------------------------------------------------------------------------------------------- TOTAL CORE DEPOSITS (2) 15,255,428 15,072,620 14,952,935 14,679,775 - -------------------------------------------------------------------------------------------------------- Domestic time deposits of $100,000 or more 731,959 754,115 765,163 895,427 Brokered time deposits and negotiable CDs 1,092,754 979,075 849,347 451,173 Foreign time deposits 419,185 312,001 293,655 240,410 - -------------------------------------------------------------------------------------------------------- TOTAL DEPOSITS $17,499,326 $17,117,811 $16,861,100 $16,266,785 ========================================================================================================

2001 - -------------------------------------------------------------------------------------------------------- (in thousands) Fourth Third Second First - -------------------------------------------------------------------------------------------------------- LOAN PORTFOLIO COMPOSITION - AVERAGE Commercial $ 5,750,830 $ 5,945,639 $ 5,986,587 $ 5,917,505 Commercial real estate 3,307,826 3,162,883 3,050,254 3,060,886 - -------------------------------------------------------------------------------------------------------- Total Commercial and Commercial Real Estate 9,058,656 9,108,522 9,036,841 8,978,391 - -------------------------------------------------------------------------------------------------------- Consumer Auto leases - Indirect 3,229,203 3,242,864 3,221,612 3,117,196 Auto loans - Indirect 2,489,183 2,445,459 2,289,014 2,258,802 Home equity 2,753,141 2,709,125 2,663,676 2,617,242 Residential mortgage 831,223 771,473 829,720 821,466 Other loans 445,740 458,999 485,096 511,120 - -------------------------------------------------------------------------------------------------------- Total Consumer 9,748,490 9,627,920 9,489,118 9,325,826 - -------------------------------------------------------------------------------------------------------- TOTAL LOANS $18,807,146 $18,736,442 $18,525,959 $18,304,217 ======================================================================================================== LOAN PORTFOLIO COMPOSITION - END OF PERIOD Commercial $ 5,685,719 $ 5,912,371 $ 6,012,647 $ 5,974,635 Commercial real estate 3,398,233 3,268,360 3,088,507 3,058,468 - -------------------------------------------------------------------------------------------------------- Total Commercial and Commercial Real Estate 9,083,952 9,180,731 9,101,154 9,033,103 - -------------------------------------------------------------------------------------------------------- Consumer Auto leases - Indirect 3,207,514 3,221,300 3,194,592 3,175,981 Auto loans - Indirect 2,501,054 2,509,504 2,300,212 2,136,365 Home equity 2,754,612 2,742,016 2,689,868 2,637,558 Residential mortgage 893,923 816,515 762,562 845,923 Other loans 437,293 475,552 500,194 495,759 - -------------------------------------------------------------------------------------------------------- Total Consumer 9,794,396 9,764,887 9,447,428 9,291,586 - -------------------------------------------------------------------------------------------------------- TOTAL LOANS $18,878,348 $18,945,618 $18,548,582 $18,324,689 ======================================================================================================== DEPOSIT COMPOSITION - AVERAGE Demand deposits Non-interest bearing $ 2,824,035 $ 2,761,240 $ 2,667,334 $ 2,635,335 Interest bearing 4,013,874 3,687,335 3,455,963 3,309,619 Savings deposits 2,862,649 2,922,867 2,976,864 2,942,606 Other domestic time deposits 4,123,478 4,126,677 3,942,256 4,088,651 - -------------------------------------------------------------------------------------------------------- TOTAL CORE DEPOSITS (2) 13,824,036 13,498,119 13,042,417 12,976,211 - -------------------------------------------------------------------------------------------------------- Domestic time deposits of $100,000 or more 1,007,978 1,053,133 1,077,601 1,145,504 Brokered time deposits and negotiable CDs 108,591 119,646 118,321 166,505 Foreign time deposits 223,675 249,753 371,276 262,385 - -------------------------------------------------------------------------------------------------------- TOTAL DEPOSITS $15,164,280 $14,920,651 $14,609,615 $14,550,605 ======================================================================================================== DEPOSIT COMPOSITION - END OF PERIOD Demand deposits Non-interest bearing $ 2,997,449 $ 2,889,319 $ 2,660,607 $ 2,660,698 Interest bearing 4,197,893 3,841,646 3,521,499 3,378,779 Savings deposits 2,943,508 2,929,922 3,061,890 3,036,951 Other domestic time deposits 4,077,510 4,214,865 3,833,761 4,057,346 - -------------------------------------------------------------------------------------------------------- TOTAL CORE DEPOSITS (2) 14,216,360 13,875,752 13,077,757 13,133,774 - -------------------------------------------------------------------------------------------------------- Domestic time deposits of $100,000 or more 944,361 1,114,421 955,616 1,130,647 Brokered time deposits and negotiable CDs 137,915 128,878 100,233 136,147 Foreign time deposits 220,749 359,452 404,069 187,368 - -------------------------------------------------------------------------------------------------------- TOTAL DEPOSITS $15,519,385 $15,478,503 $14,537,675 $14,587,936 ========================================================================================================

(1) See page 16 for definition of Operating Basis. (2) Core deposits include non-interest bearing and interest bearing demand deposits, savings deposits, CDs under $100,000, and IRA deposits. Page 18 HUNTINGTON BANCSHARES INCORPORATED - -------------------------------------------------------------------------------- CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEETS AND NET INTEREST MARGIN ANALYSIS OPERATING BASIS(1) (in millions)

2002 2001 - -------------------------------------------------------------------------------------------- ------------------------------------- Fully Tax Equivalent Basis (2) FOURTH Third Second First Fourth Third Second First - ------------------------------------------------------------------------------------------------------------------------------------ Assets Interest bearing deposits in banks $ 34 $ 35 $ 29 $ 34 $ 14 $ 5 $ 5 $ 4 Trading account securities 9 7 6 5 8 8 39 48 Federal funds sold and securities purchased under resale agreements 83 76 68 62 86 86 93 164 Mortgages held for sale 467 267 174 381 433 344 420 240 Securities: Taxable 3,029 2,953 2,735 2,713 2,720 2,896 3,368 3,606 Tax exempt 234 108 96 102 108 140 201 248 - ------------------------------------------------------------------------------------------------------------------------------------ Total Securities 3,263 3,061 2,831 2,815 2,828 3,036 3,569 3,854 - ------------------------------------------------------------------------------------------------------------------------------------ Loans: Commercial 5,696 5,502 5,614 5,661 5,751 5,946 5,986 5,918 Real Estate(3) Construction 1,071 1,248 1,259 1,241 1,227 1,129 1,056 1,032 Commercial 2,459 2,316 2,233 2,196 2,081 2,034 1,994 2,029 Consumer Auto leases - Indirect 3,210 3,172 3,113 3,166 3,229 3,243 3,222 3,117 Auto loans - Indirect 2,969 2,793 2,597 2,560 2,489 2,445 2,289 2,259 Home equity 3,168 3,062 2,911 2,788 2,753 2,709 2,664 2,617 Residential mortgage 1,702 1,492 1,390 1,068 831 771 830 821 Other loans 397 404 413 424 446 459 485 511 - ------------------------------------------------------------------------------------------------------------------------------------ Total Consumer 11,446 10,923 10,424 10,006 9,748 9,627 9,490 9,325 - ------------------------------------------------------------------------------------------------------------------------------------ Total Loans 20,672 19,989 19,530 19,104 18,807 18,736 18,526 18,304 - ------------------------------------------------------------------------------------------------------------------------------------ Allowance for loan losses 421 406 400 403 371 315 279 272 - ------------------------------------------------------------------------------------------------------------------------------------ Net loans 20,251 19,583 19,130 18,701 18,436 18,421 18,247 18,032 - ------------------------------------------------------------------------------------------------------------------------------------ Total earning assets 24,528 23,435 22,638 22,401 22,176 22,215 22,652 22,614 - ------------------------------------------------------------------------------------------------------------------------------------ Cash and due from banks 717 763 722 774 798 831 830 867 - ------------------------------------------------------------------------------------------------------------------------------------ Intangible assets 225 202 213 210 211 215 217 218 - ------------------------------------------------------------------------------------------------------------------------------------ All other assets 1,806 1,784 1,784 1,798 1,799 1,787 1,773 1,736 - ------------------------------------------------------------------------------------------------------------------------------------ Total Assets $26,855 $25,778 $24,957 $24,780 $24,613 $24,733 $25,193 $25,163 ==================================================================================================================================== Liabilities and Shareholders' Equity Core deposits Non-interest bearing deposits $ 2,955 $ 2,868 $ 2,739 $ 2,738 $ 2,824 $ 2,761 $ 2,667 $ 2,635 Interest bearing demand deposits 5,305 5,269 4,920 4,362 4,014 3,687 3,456 3,310 Savings deposits 2,746 2,766 2,808 2,830 2,863 2,923 2,977 2,942 Other domestic time deposits 4,002 4,167 4,226 4,097 4,123 4,127 3,942 4,089 - ------------------------------------------------------------------------------------------------------------------------------------ Total core deposits 15,008 15,070 14,693 14,027 13,824 13,498 13,042 12,976 - ------------------------------------------------------------------------------------------------------------------------------------ Domestic time deposits of $100,000 or more 735 777 844 959 1,008 1,053 1,078 1,146 Brokered time deposits and negotiable CDs 1,057 907 649 302 109 120 118 167 Foreign time deposits 409 370 296 268 224 250 371 262 - ------------------------------------------------------------------------------------------------------------------------------------ Total deposits 17,209 17,124 16,482 15,556 15,165 14,921 14,609 14,551 - ------------------------------------------------------------------------------------------------------------------------------------ Short-term borrowings 2,515 2,108 1,886 1,925 1,745 1,998 2,628 2,390 Medium-term notes 1,832 1,752 1,910 2,645 3,272 3,443 3,476 3,796 Federal Home Loan Bank advances 848 228 14 17 17 17 18 24 Subordinated notes and other long-term debt, including preferred capital securities 1,147 1,215 1,215 1,215 1,166 1,167 1,162 1,147 - ------------------------------------------------------------------------------------------------------------------------------------ Total interest bearing liabilities 20,596 19,559 18,768 18,620 18,541 18,785 19,226 19,273 - ------------------------------------------------------------------------------------------------------------------------------------ All other liabilities 1,063 1,073 1,107 1,052 887 812 897 867 Shareholders' equity 2,241 2,278 2,343 2,370 2,361 2,375 2,403 2,388 - ------------------------------------------------------------------------------------------------------------------------------------ Total Liabilities and Shareholders' Equity $26,855 $25,778 $24,957 $24,780 $24,613 $24,733 $25,193 $25,163 ====================================================================================================================================

(1) See page 16 for definition of Operating Basis. (2) Fully tax equivalent yields are calculated assuming a 35% tax rate. (3) Third quarter 2002 includes reclassification of $186 million in construction loans to commercial real estate due to a September 2002 correction of an error involving construction loans with original maturities over 5 years. In addition, residential construction loans were reclassified from Real Estate - Construction to Residential mortgage loans. Page 43 HUNTINGTON BANCSHARES INCORPORATED - -------------------------------------------------------------------------------- CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEETS AND NET INTEREST MARGIN ANALYSIS OPERATING BASIS (1) (in millions)

AVERAGE RATES (4) ----------------------------------------------------------------------- 2002 2001 - ----------------------------------------------------------------------------------------------- ---------------------------------- Fully Tax Equivalent Basis (2) FOURTH Third Second First Fourth Third Second First - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Interest bearing deposits in banks 1.93% 2.06% 2.44% 2.02% 2.09% 3.75% 5.09% 5.24% Trading account securities 3.37 4.95 5.37 2.79 3.59 3.83 5.15 5.52 Federal funds sold and securities purchased under resale agreements 1.83 1.40 1.51 1.43 2.18 3.20 4.21 5.78 Mortgages held for sale 5.84 6.57 7.07 6.51 6.64 7.18 6.96 7.19 Securities: Taxable 5.53 6.01 6.33 6.43 6.62 6.71 6.26 6.72 Tax exempt 7.15 7.52 7.69 7.76 7.81 7.38 7.26 7.55 - ------------------------------------------------------------------------------------------------------------------------------------ Total Securities 5.64 6.07 6.37 6.48 6.66 6.75 6.32 6.77 - ------------------------------------------------------------------------------------------------------------------------------------ Loans:(3) Commercial 5.74 5.86 5.84 5.72 6.10 7.19 7.74 8.51 Real Estate Construction 4.26 4.70 5.14 4.97 5.58 6.94 8.02 8.70 Commercial 5.96 6.31 6.54 6.83 7.01 7.72 8.04 8.49 Consumer Auto leases - Indirect 7.02 7.69 7.58 7.51 7.59 7.89 7.89 7.92 Auto loans - Indirect 8.53 8.92 9.07 9.00 9.57 9.86 10.18 10.09 Home equity 5.82 5.96 6.05 6.34 7.35 7.99 8.78 9.36 Residential mortgage 5.69 5.96 6.21 6.59 7.05 7.51 7.72 7.91 Other loans 8.14 8.58 8.62 8.69 9.53 9.24 9.28 9.61 - ------------------------------------------------------------------------------------------------------------------------------------ Total Consumer 6.92 7.32 7.38 7.52 8.07 8.45 8.75 8.94 - ------------------------------------------------------------------------------------------------------------------------------------ Total Loans 6.34 6.64 6.70 6.74 7.19 7.88 8.30 8.74 - ------------------------------------------------------------------------------------------------------------------------------------ Total earning assets 6.22% 6.54% 6.64% 6.68% 7.09% 7.70% 7.94% 8.36% - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES AND SHAREHOLDERS' EQUITY Core deposits Non-interest bearing deposits Interest bearing demand deposits 1.57% 1.77% 1.84% 1.79% 1.93% 2.73% 2.87% 3.29% Savings deposits 1.73 1.81 1.83 1.85 2.08 3.04 3.46 3.87 Other domestic time deposits 4.26 4.40 4.51 4.85 5.18 5.52 5.83 6.02 - ------------------------------------------------------------------------------------------------------------------------------------ Total core deposits 2.50 2.68 2.78 2.92 3.19 3.89 4.16 4.52 - ------------------------------------------------------------------------------------------------------------------------------------ Domestic time deposits of $100,000 or more 3.29 3.29 3.33 3.49 4.66 4.70 5.23 5.93 Brokered time deposits and negotiable CDs 2.25 2.37 2.48 2.48 3.55 4.42 5.57 6.37 Foreign time deposits 1.29 1.43 1.38 1.92 1.99 3.40 4.11 5.45 - ------------------------------------------------------------------------------------------------------------------------------------ Total deposits 2.49 2.66 2.77 2.93 3.29 3.95 4.27 4.70 - ------------------------------------------------------------------------------------------------------------------------------------ Short-term borrowings 1.86 1.88 1.97 2.39 2.73 3.75 4.40 5.40 Medium-term notes 3.26 3.37 3.21 3.00 3.45 4.82 5.51 5.81 Federal Home Loan Bank advances 1.84 2.04 5.97 6.10 6.10 6.10 6.15 6.29 Subordinated notes and other long-term debt, including preferred capital securities 3.80 3.99 4.03 4.12 4.94 5.17 5.96 6.83 - ------------------------------------------------------------------------------------------------------------------------------------ Total interest bearing liabilities 2.53% 2.73% 2.82% 2.96% 3.37% 4.17% 4.62% 5.14% - ------------------------------------------------------------------------------------------------------------------------------------ Net interest rate spread 3.69% 3.81% 3.82% 3.72% 3.72% 3.53% 3.32% 3.22% Impact of non-interest bearing funds on margin 0.38 0.45 0.48 0.49 0.54 0.64 0.71 0.77 - ------------------------------------------------------------------------------------------------------------------------------------ NET INTEREST MARGIN 4.07% 4.26% 4.30% 4.21% 4.26% 4.17% 4.03% 3.99% - ------------------------------------------------------------------------------------------------------------------------------------

(1) See page 16 for definition of Operating Basis. (2) Fully tax equivalent yields are calculated assuming a 35% tax rate. (3) Individual loan components include applicable fees. (4) Loan and deposit average rates include impact of applicable derivatives. Page 44 HUNTINGTON BANCSHARES INCORPORATED SELECTED QUARTERLY INCOME STATEMENT DATA OPERATING BASIS (1)

2002 2001 - -------------------------------------------------------------------------------------- ------------------------------------------ (in thousands, except per share amounts) FOURTH Third Second First Fourth Third Second First - ----------------------------------------------------------------------------------------------------------------------------------- NET INTEREST INCOME $249,702 $249,416 $241,859 $233,101 $235,546 $230,462 $225,883 $222,018 Provision for loan losses 57,418 60,249 53,892 50,595 54,281 46,027 41,937 29,709 - ----------------------------------------------------------------------------------------------------------------------------------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 192,284 189,167 187,967 182,506 181,265 184,435 183,946 192,309 - ----------------------------------------------------------------------------------------------------------------------------------- Service charges on deposit accounts 41,177 37,460 35,354 34,282 35,220 33,593 32,650 31,143 Brokerage and insurance income 16,431 13,943 14,967 14,587 15,066 13,943 13,185 12,232 Trust services 15,306 14,997 16,247 15,096 14,679 14,816 14,431 13,670 Bank Owned Life Insurance income 11,443 11,443 11,443 11,676 9,560 9,560 9,561 9,560 Mortgage banking 11,410 6,289 10,725 19,644 15,049 13,859 17,672 9,238 Other service charges and fees 10,890 10,837 10,529 9,118 9,582 9,547 9,383 8,415 Other 17,025 18,723 15,039 10,591 15,135 14,722 13,979 12,315 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL NON-INTEREST INCOME BEFORE SECURITIES GAINS 123,682 113,692 114,304 114,994 114,291 110,040 110,861 96,573 Securities gains 2,339 1,140 966 457 89 1,059 2,747 2,078 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL NON-INTEREST INCOME 126,021 114,832 115,270 115,451 114,380 111,099 113,608 98,651 - ----------------------------------------------------------------------------------------------------------------------------------- Personnel costs 113,852 107,477 103,589 104,320 100,076 101,866 103,707 99,296 Equipment 17,337 17,378 16,608 15,582 18,117 17,580 17,363 17,503 Outside data processing and other services 17,209 15,128 16,592 17,097 15,414 14,650 15,100 14,122 Net occupancy 13,454 14,815 14,642 14,771 15,251 14,481 13,755 15,568 Professional services 8,026 6,083 6,265 5,242 6,069 5,754 6,481 4,793 Marketing 6,186 7,491 7,219 7,174 5,305 5,717 6,807 8,832 Telecommunications 5,714 5,609 5,302 5,282 5,647 5,728 5,964 5,952 Printing and supplies 3,999 3,679 3,671 3,519 3,511 3,693 3,688 4,098 Franchise and other taxes 2,532 2,283 2,313 2,326 2,885 2,439 2,229 2,116 Amortization of intangible assets 204 204 203 251 2,555 2,569 2,890 3,031 Other 14,182 13,576 13,781 13,487 12,599 12,577 14,459 18,506 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL NON-INTEREST EXPENSE 202,695 193,723 190,185 189,051 187,429 187,054 192,443 193,817 - ----------------------------------------------------------------------------------------------------------------------------------- INCOME BEFORE INCOME TAXES 115,610 110,276 113,052 108,906 108,216 108,480 105,111 97,143 Income taxes 30,475 28,110 31,344 29,393 28,631 27,587 29,509 25,688 - ----------------------------------------------------------------------------------------------------------------------------------- NET INCOME $ 85,135 $ 82,166 $ 81,708 $ 79,513 $ 79,585 $ 80,893 $ 75,602 $ 71,455 =================================================================================================================================== NET INCOME PER COMMON SHARE - DILUTED $0.36 $0.34 $0.33 $0.32 $0.32 $0.32 $0.30 0.28 RETURN ON Average total assets 1.26% 1.26% 1.31% 1.30% 1.28% 1.30% 1.20% 1.15% Average total shareholders' equity 15.1% 14.3% 14.0% 13.6% 13.4% 13.5% 12.6% 12.1% Net interest margin(2) 4.07% 4.26% 4.30% 4.21% 4.26% 4.17% 4.03% 3.99% Efficiency ratio 54.0% 53.1% 53.2% 54.1% 52.7% 54.0% 56.0% 59.5% Effective tax rate 26.4% 25.5% 27.7% 27.0% 26.5% 25.4% 28.1% 26.4% REVENUE - FULLY TAXABLE EQUIVALENT (FTE) Net Interest Income $249,702 $249,416 $241,859 $233,101 $235,546 $230,462 $225,883 $222,018 Tax Equivalent Adjustment(2) 1,869 1,096 1,071 1,169 1,292 1,442 1,616 2,002 - ------------------------------------------------------------------------------------------------------------------------------------ Net Interest Income 251,571 250,512 242,930 234,270 236,838 231,904 227,499 224,020 Non-Interest Income 126,021 114,832 115,270 115,451 114,380 111,099 113,608 98,651 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL REVENUE $377,592 $365,344 $358,200 $349,721 $351,218 $343,003 $341,107 $322,671 ==================================================================================================================================== TOTAL REVENUE EXCLUDING SECURITIES GAINS $375,253 $364,204 $357,234 $349,264 $351,129 $341,944 $338,360 $320,593 ====================================================================================================================================

(1) See page 16 for definition of Operating Basis. (2) Calculated assuming a 35% tax rate. Page 21 HUNTINGTON BANCSHARES INCORPORATED SELECTED ANNUAL INCOME STATEMENT DATA OPERATING BASIS (1)

TWELVE MONTHS ENDED --------------------- DECEMBER 31, Change '02 vs. '01 - ------------------------------------------------------------------------- --------------------- (in thousands, except per share amounts) 2002 2001 Amount Percent - ------------------------------------------------------------------------- -------- ------- NET INTEREST INCOME $ 974,078 $ 913,909 $ 60,169 6.6% Provision for loan losses 222,154 171,954 50,200 29.2 - ------------------------------------------------------------------------- -------- ------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 751,924 741,955 9,969 1.3 - ------------------------------------------------------------------------- -------- ------- Service charges on deposit accounts 148,273 132,606 15,667 11.8 Brokerage and insurance income 59,928 54,426 5,502 10.1 Trust services 61,646 57,596 4,050 7.0 Bank Owned Life Insurance income 46,005 38,241 7,764 20.3 Mortgage banking 48,068 55,818 (7,750) (13.9) Other service charges and fees 41,374 36,927 4,447 12.0 Other 61,378 56,151 5,227 9.3 - ------------------------------------------------------------------------- -------- ------- TOTAL NON-INTEREST INCOME BEFORE SECURITIES GAINS 466,672 431,765 34,907 8.1 Securities gains 4,902 5,973 (1,071) (17.9) - ------------------------------------------------------------------------- -------- ------- TOTAL NON-INTEREST INCOME 471,574 437,738 33,836 7.7 - ------------------------------------------------------------------------- -------- ------- Personnel costs 429,238 404,945 24,293 6.0 Equipment 66,905 70,563 (3,658) (5.2) Outside data processing and other services 66,026 59,286 6,740 11.4 Net occupancy 57,682 59,055 (1,373) (2.3) Professional services 25,616 23,097 2,519 10.9 Marketing 28,070 26,661 1,409 5.3 Telecommunications 21,907 23,291 (1,384) (5.9) Printing and supplies 14,868 14,990 (122) (0.8) Franchise and other taxes 9,454 9,669 (215) (2.2) Amortization of intangible assets 862 11,045 (10,183) (92.2) Other 55,026 58,141 (3,115) (5.4) - ------------------------------------------------------------------------- -------- ------- TOTAL NON-INTEREST EXPENSE 775,654 760,743 14,911 2.0 - ------------------------------------------------------------------------- -------- ------- INCOME BEFORE INCOME TAXES 447,844 418,950 28,894 6.9 Income taxes 119,322 111,415 7,907 7.1 - ------------------------------------------------------------------------- -------- ------- NET INCOME $ 328,522 $ 307,535 $ 20,987 6.8% ========================================================================= ======== ======= NET INCOME PER COMMON SHARE - DILUTED $ 1.35 $ 1.22 $ 0.13 10.7% RETURN ON Average total assets 1.28% 1.23% Average total shareholders' equity 14.2% 12.9% Net interest margin(2) 4.21% 4.11% Efficiency ratio 53.6% 55.4% Effective tax rate 26.6% 26.6% REVENUE - FULLY TAXABLE EQUIVALENT (FTE) Net Interest Income $ 974,078 $ 913,909 $ 60,169 6.6% Tax Equivalent Adjustment(2) 5,205 6,352 (1,147) (18.1) - ------------------------------------------------------------------------- -------- ------- Net Interest Income 979,283 920,261 59,022 6.4 Non-Interest Income 471,574 437,738 33,836 7.7 - ------------------------------------------------------------------------- -------- ------- TOTAL REVENUE $1,450,857 $1,357,999 $ 92,858 6.8% ========================================================================= ======== ======= TOTAL REVENUE EXCLUDING SECURITIES GAINS $1,445,955 $1,352,026 $ 93,929 6.9% ========================================================================= ======== =======

(1) See page 16 for definition of Operating Basis. (2) Calculated assuming a 35% tax rate. Page 22 HUNTINGTON BANCSHARES INCORPORATED LOAN LOSS RESERVE AND NET CHARGE-OFF ANALYSIS OPERATING BASIS (1)

2002 - --------------------------------------------------------------------------------------------------- (in thousands) FOURTH Third Second First - --------------------------------------------------------------------------------------------------- ALLOWANCE FOR LOAN LOSSES, BEGINNING OF PERIOD $ 408,378 $393,011 $386,053 $386,956 Loan losses (108,238) (56,591) (57,482) (60,191) Recoveries of loans previously charged off 13,300 12,891 12,582 10,915 - --------------------------------------------------------------------------------------------------- Net loan losses (94,938) (43,700) (44,900) (49,276) - --------------------------------------------------------------------------------------------------- Provision for loan losses 57,418 60,249 53,892 50,595 Allowance of assets purchased -- 1,264 -- -- Allowance of securitized loans (2,463) (2,446) (2,034) (2,222) - --------------------------------------------------------------------------------------------------- ALLOWANCE FOR LOAN LOSSES, END OF PERIOD $ 368,395 $408,378 $393,011 $386,053 =================================================================================================== Allowance for loan losses as a % of total loans 1.76% 2.00% 2.00% 2.00% Allowance for loan losses as a % of non- performing loans 287.7% 200.7% 185.3% 175.9% Allowance for loan losses as a % of non- performing assets 269.4% 190.7% 176.1% 171.2% NET CHARGE-OFFS BY LOAN TYPE Commercial $ 59,725 $ 16,808 $ 21,468 $ 16,092 Commercial real estate 7,536 4,085 2,037 3,723 - --------------------------------------------------------------------------------------------------- Total commercial and commercial real estate 67,261 20,893 23,505 19,815 - --------------------------------------------------------------------------------------------------- Consumer Auto leases 12,510 10,117 8,401 12,809 Auto loans 8,778 6,869 5,733 8,888 - --------------------------------------------------------------------------------------------------- Total auto leases and loans 21,288 16,986 14,134 21,697 - --------------------------------------------------------------------------------------------------- Home equity 3,526 2,934 3,096 2,814 Residential mortgage 72 123 555 104 Other loans 967 907 1,225 1,098 - --------------------------------------------------------------------------------------------------- Total consumer 25,853 20,950 19,010 25,713 - --------------------------------------------------------------------------------------------------- Total net charge-off, excluding exited businesses 93,114 41,843 42,515 45,528 Net charge-offs related to exited businesses 1,824 1,857 2,385 3,748 - --------------------------------------------------------------------------------------------------- TOTAL NET CHARGE-OFFS INCLUDING EXITED BUSINESSES $ 94,938 $ 43,700 $ 44,900 $ 49,276 =================================================================================================== NET CHARGE-OFFS - ANNUALIZED PERCENTAGES Commercial 4.19% 1.21% 1.53% 1.15% Commercial real estate 0.85 0.45 0.23 0.44 - --------------------------------------------------------------------------------------------------- Total commercial and commercial real estate 2.92 0.91 1.04 0.88 - --------------------------------------------------------------------------------------------------- Consumer Auto leases 1.56 1.27 1.08 1.64 Auto loans 1.21 1.01 0.92 1.47 - --------------------------------------------------------------------------------------------------- Total auto leases and loans 1.39 1.15 1.01 1.57 - --------------------------------------------------------------------------------------------------- Home equity 0.45 0.38 0.43 0.41 Residential mortgage 0.02 0.03 0.16 0.04 Other loans 0.99 0.91 1.22 1.09 - --------------------------------------------------------------------------------------------------- Total consumer 0.91 0.77 0.74 1.06 - --------------------------------------------------------------------------------------------------- TOTAL NET CHARGE-OFFS EXCLUDING EXITED BUSINESSES 1.81% 0.83% 0.88% 0.97% Net charge-offs related to exited businesses 0.03 0.04 0.04 0.08 - --------------------------------------------------------------------------------------------------- NET CHARGE-OFFS AS a % OF AVERAGE LOANS - INCLUDING EXITED BUSINESSES(3) 1.84% 0.87% 0.92% 1.05% ===================================================================================================

2001 - --------------------------------------------------------------------------------------------------- (in thousands) Fourth Third Second First - --------------------------------------------------------------------------------------------------- ALLOWANCE FOR LOAN LOSSES, BEGINNING OF PERIOD $334,827 $326,495 $276,116 $273,747 Loan losses (60,110) (45,063) (71,104) (33,222) Recoveries of loans previously charged off 9,961 8,981 9,392 7,356 - --------------------------------------------------------------------------------------------------- Net loan losses (50,149) (36,082) (61,712) (25,866) - --------------------------------------------------------------------------------------------------- Provision for loan losses 104,281(2) 46,027 113,655 29,709 Allowance of assets purchased -- -- -- -- Allowance of securitized loans (2,003) (1,613) (1,564) (1,474) - --------------------------------------------------------------------------------------------------- ALLOWANCE FOR LOAN LOSSES, END OF PERIOD $386,956 $334,827 $326,495 $276,116 =================================================================================================== Allowance for loan losses as a % of total loans 2.05% 1.77% 1.76% 1.51% Allowance for loan losses as a % of non- performing loans 181.4% 173.4% 222.1% 269.8% Allowance for loan losses as a % of non- performing assets 176.2% 166.4% 208.1% 237.2% NET CHARGE-OFFS BY LOAN TYPE Commercial $ 19,475 $ 8,755 $ 11,507 $ 5,998 Commercial real estate 867 3 1,704 1,316 - --------------------------------------------------------------------------------------------------- Total commercial and commercial real estate 20,342 8,758 13,211 7,314 - --------------------------------------------------------------------------------------------------- Consumer Auto leases 12,634 10,395 17,535 6,813 Auto loans 8,474 5,351 21,652 8,150 - --------------------------------------------------------------------------------------------------- Total auto leases and loans 21,108 15,746 39,187 14,963 - --------------------------------------------------------------------------------------------------- Home equity 3,313 3,772 2,310 2,125 Residential mortgage 370 93 241 2 Other loans 1,388 527 2,667 1,462 - --------------------------------------------------------------------------------------------------- Total consumer 26,179 20,138 44,405 18,552 - --------------------------------------------------------------------------------------------------- Total net charge-off, excluding exited businesses 46,521 28,896 57,616 25,866 Net charge-offs related to exited businesses 3,628 7,186 4,096 -- - --------------------------------------------------------------------------------------------------- TOTAL NET CHARGE-OFFS INCLUDING EXITED BUSINESSES $ 50,149 $ 36,082 $ 61,712 $ 25,866 =================================================================================================== NET CHARGE-OFFS - ANNUALIZED PERCENTAGES Commercial 1.34% 0.58% 0.77% 0.41% Commercial real estate 0.10 -- 0.22 0.17 - --------------------------------------------------------------------------------------------------- Total commercial and commercial real estate 0.89 0.38 0.59 0.33 - --------------------------------------------------------------------------------------------------- Consumer Auto leases 1.55 1.27 2.18 0.89 Auto loans 1.43 0.93 4.13 1.46 - --------------------------------------------------------------------------------------------------- Total auto leases and loans 1.50 1.13 2.95 1.13 - --------------------------------------------------------------------------------------------------- Home equity 0.48 0.55 0.35 0.33 Residential mortgage 0.18 0.05 0.12 0.00 Other loans 1.29 0.48 2.35 1.16 - --------------------------------------------------------------------------------------------------- Total consumer 1.08 0.85 1.92 0.81 - --------------------------------------------------------------------------------------------------- TOTAL NET CHARGE-OFFS EXCLUDING EXITED BUSINESSES 0.99% 0.62% 1.26% 0.57% Net charge-offs related to exited businesses 0.07 0.14 0.08 -- - --------------------------------------------------------------------------------------------------- NET CHARGE-OFFS AS a % OF AVERAGE LOANS - INCLUDING EXITED BUSINESSES(3) 1.06% 0.76% 1.34% 0.57% ===================================================================================================

(1) See page 16 for definition of Operating Basis. (2) Includes provision of $50.0 million recorded to increase the loan loss reserve in light of the higher charge-offs and non-performing assets experienced in the second half of 2001. (3) Exited businesses include Second Tier auto and Truck and Equipment lending. Page 23 HUNTINGTON BANCSHARES INCORPORATED NON-PERFORMING ASSETS AND PAST DUE LOANS OPERATING BASIS(1)

2002 2001 - -------------------------------------------------------------------------------------- ----------------------------------------- (in thousands) FOURTH Third Second First Fourth Third Second First - ---------------------------------------------------------------------------------------------------------------------------------- Non-accrual loans: Commercial $ 91,861 $147,392 $156,252 $162,959 $155,720 $143,132 $111,363 $ 57,646 Commercial real estate 26,765 47,537 45,795 43,295 45,180 37,772 23,418 32,108 Residential mortgage 9,443 8,488 8,776 11,896 11,086 10,923 10,916 11,303 - ---------------------------------------------------------------------------------------------------------------------------------- Total Nonaccrual Loans 128,069 203,417 210,823 218,150 211,986 191,827 145,697 101,057 Renegotiated loans -- 37 1,268 1,268 1,276 1,286 1,290 1,297 - ---------------------------------------------------------------------------------------------------------------------------------- TOTAL NON-PERFORMING LOANS 128,069 203,454 212,091 219,418 213,262 193,113 146,987 102,354 Other real estate, net 8,654 10,675 11,146 6,112 6,384 8,050 9,913 14,031 - ---------------------------------------------------------------------------------------------------------------------------------- TOTAL NON-PERFORMING ASSETS $136,723 $214,129 $223,237 $225,530 $219,646 $201,163 $156,900 $116,385 ================================================================================================================================== Non-performing loans as a % of total loans 0.61% 0.99% 1.08% 1.13% 1.13% 1.02% 0.79% 0.56% Non-performing assets as a % of total loans and other real estate 0.65% 1.05% 1.14% 1.17% 1.16% 1.06% 0.85% 0.63% ACCRUING LOANS PAST DUE 90 DAYS OR MORE $ 73,122 $ 68,262 $ 58,449 $ 61,746 $ 76,295 $ 79,339 $ 54,228 $ 89,650 ==================================================================================================================================

(1) See page 16 for definition of Operating Basis. Page 24 EX-99.2 4 l98368aexv99w2.txt EXHIBIT 99.2 EXHIBIT 99.2 HUNTINGTON BANCSHARES INCORPORATED FOURTH QUARTER AND FULL YEAR EARNINGS CONFERENCE CALL TRANSCRIPT JANUARY 16, 2003 1:30PM EST OPERATOR: Good day, ladies and gentlemen and welcome to the Huntington Bancshares fourth quarter 2002 earnings conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session and instructions will follow at that time. As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Mr. Jay Gould, Director of Investor Relations. You may begin. JAY GOULD, DIRECTOR OF INVESTOR RELATIONS, HUNTINGTON BANCSHARES INCORPORATED: Thank you, operator. And welcome, everyone to today's conference call. Before formal remarks, some usual housekeeping items. Copies of the slides we will be reviewing are on our Web site, Huntington.com. This call is being recorded and will be available as a rebroadcast starting around 2:00 p.m. this afternoon through the end of the month. Call the investor relations department at 614-480-5676 for more information on how to access the recordings or playbacks or if you have difficulty getting a copy of the slides. Today's discussion, including the Q&A period, may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Such statements are based on information and assumptions available at this time and are subject to change, risk and uncertainties, which may cause actual results to differ materially. We assume no obligation to update such statements. For a complete discussion of risks and uncertainties, refer to the slide at the end of today's presentation and material filed with the SEC. Let's begin. Turning to slide two, also participating in today's call will be Tom Hoaglin, Chairman, President and CEO, and Mike McMennamin, Vice Chairman and Chief Financial Officer. On slide three, as we've noted in previous conference calls, unless otherwise noted, in today's discussion we will review results on an operating basis. While the fourth quarter did not have any non-operating income statement items, earnings from the second quarter of 2001 through the third quarter of 2002, did. These non-operating items primarily related to the strategic restructuring announced in July of 2001 and the subsequent sale of the Florida banking and insurance operations. Therefore, to better understand underlying trends, operating results for prior periods presented in today's materials and discussion exclude the impact of restructuring and other charges and one-time items, plus the run rate impact of the sold Florida operations. We continue to report numbers unreported or GAAP basis, which makes no such adjustments. Those, you will find in great detail within this quarter's earnings press release and quarterly financial review, including a reconciliation to operating earnings. The materials are available on our Web site, Huntington.com. Today's presentation will take about 40 minutes. We want to get to your questions, so, let's get started. Tom? THOMAS HOAGLIN, CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER, HUNTINGTON BANCSHARES INCORPORATED: Thank you, Jay and welcome, everyone. Thanks for joining us today. Before getting into a detailed review of the fourth quarter, I want to comment briefly on the new share repurchase authorization announced this morning. Slide four summarizes this for you. As you know, a year ago our board of 1 directors authorized a 22 million share repurchase program. Through the end of last year, we purchased 19.2 million shares under that authorization. And this year we have purchased 200,000 shares. Today, we announced the cancellation of that authorization, which had 2.6 million shares remaining and replaced it with a new 8 million share authorization. This represents about three percent of year-end shares outstanding and a value of $153 million based upon yesterday's close of $19.11. This action was taken as we believe maintaining an open share repurchase authorization, provides a useful and shareholder-beneficial capital management tool. And the prior authorization was approaching fulfillment. This new authorization will be used to repurchase the 2.6 million shares not purchased under the canceled authorization. Unlike the prior authorization, we have no specific timetable for repurchasing the full 8 million shares. Shares will be purchased from time to time after considering a number of factors, including market conditions and management of our capital resources. Now, let's turn our attention to a review of fourth quarter performance. Slide 5 provides the financial highlights of the quarter. A year ago, we provided guidance of $1.32 to $1.36 per share for 2002 operating earnings. Given all the uncertainty in the economy, as well as the task before to us turn around Huntington, we're very pleased to have posted results at the top end of those expectations. It confirms the progress we've made so far. Reported earnings were 36 cents per share, down from 41 cents per share in the third quarter, which included a 7-cent per share gain from restructuring the ownership of our merchant processing business. We discussed this in last quarter's call. This quarter's 36 cent earnings per share was up 2 cents from third quarter operating earnings per share. This brought full-year operating earnings per share to $1.35 or up 11 percent from 2001 operating earnings per share of $1.22. Loan growth was again a highlight with average managed loans up 13 percent on an annualized basis during the quarter and 10 percent from the fourth quarter of last year. This is especially pleasing as it represented the fourth consecutive quarterly increase in our loan growth. Beginning with the year-ago quarter, the progression in this growth rate has been one percent, five percent, eight percent, 11 percent and now 13 percent. We, again, saw growth in core deposits, excluding retail CDs of three percent annualized in the quarter. The cost of retail CDs has become increasingly expensive versus alternative funding sources. As a result, we've de-emphasized retail CDs as a funding source. Mike will say more on this later. Excluding the write-off in retail CDs, personal deposits increased at a nine percent annual rate, up from a five percent rate in the third quarter. The next three items relate to credit quality. Excluding the impact of the credit actions announced last week, underlying net charge-offs in the fourth quarter were 81 basis points, down from 83 basis points in the third quarter. Our non-performing asset coverage and loan loss reserve ratios at year-end were strong and well above those of our peers. More on this later. Turning to slide 6, there were also several other meaningful achievements, all representing investments in Huntington's future. As you can see, it was a busy quarter. Let me review just a few. Under the banner of investing in Huntington's business, as detailed last week, we took advantage of an opportunity to dispose of problem credits, more on that in a moment. A real highlight was that the just-released June 2002 FDIC data confirmed improvement in our deposit market share in all of our states and major markets. The fact that our deposit growth rates over the last year exceeded the average of our peers left us pretty much convinced we were making progress, but was really nice to have this confirmed. We also opened six new offices, four in Ohio and two in Michigan. 2 We launched a system-wide upgrade of our ATMs. This involved hardware and software upgrades to the 850 machines. About 15 percent of them will be replaced in the first half of this year. The added functionality will help us better and more efficiently meet the needs of our ATM customers. As a testimony to our ATM technology capabilities, in December, an analysis ranking ATM performance of 13 peer banks with a combined total of over 54,000 ATMs, ranked Huntington number one in reliability. We made a number of investments in our customers. As planned, we completed the installation of our new enhanced teller system. It was done on time and also done under budget. All of our banking office personnel, from manager to teller, now have the technology to better serve our customers. We now exceed 120,000 active online banking customers. This represents 23 percent penetration of our DDA household base, up from 16 percent penetration six months earlier. Twenty-seven percent of our business banking DDA customers now have bundled accounts up from one percent at the beginning of the year. Bundled accounts permit customers the ability to customize product and price accommodations that best match their individual needs. Increasing bundle account penetration is important as this supports higher customer retention and improved profitability. And lastly, our 2002 equity mutual fund performance was superb with all seven of our equity funds producing top quartile performance, including our growth fund, which received a five-star rating from Morningstar. Reflecting investment in our employees, we completed training of all personal bankers, branch managers and customer service representatives on the new ARGO teller technology platform. And 95 percent of our personal bankers completed a refresher course in relationship banking. This training will enable us to better serve the full needs of our customers. Slide seven is a repeat from last week's conference call announcing our fourth quarter credit activities. If you did not listen to that call, I encourage you do so, it contains much more dialogue on the actions than we have time to cover today. It is available through our Web site Huntington.com. In summary, we took two actions. First, we took advantage of an economically attractive opportunity to sell $47 million of non-performing assets with $21 million of associated charge-offs. These were long-term workout situations and getting them behind us was the right thing to do. This consisted of 22 relationships, including six of our top 25 non-performing assets as of September 30. The largest individual credit was $12 million and the next largest was $3 million. Second, we fully charged off a $30 million credit to a company in the healthcare finance business. These actions had no net earnings impact on fourth quarter earnings as our loan loss reserve was sufficient to absorb the related losses. With those introductory remarks, I turn it over to Mike to provide the details. Mike? MICHAEL MCMENNAMIN, VICE CHAIRMAN, CHIEF FINANCIAL OFFICER AND TREASURER, HUNTINGTON BANCSHARES INCORPORATED: Thanks, Tom. Most of the following slides represent the standard deck of slides you're familiar with. This was a very straight forward quarter, not withstanding the credit actions we covered in detail last week. So, let's begin. Turning to slide 9, the fourth quarter highlights compared with third quarter results include net income of $85.1 million, or 36 cents per share, up four percent and six percent respectively. Growth rates in managed loans and total core deposits, excluding retail CDs, of 13 percent and three percent respectively. A 4.07 percent net interest margin, down 19 basis points. A 54.0 percent efficiency ratio, up from 53.1. Eighty one basis points in net charge-offs, 3 excluding exited portfolios and the impact of the fourth quarter credit actions, down 2 basis points. Including the fourth quarter credit actions, the net charge-off ratio was 181 basis points. A 1.76 percent loan loss reserve ratio, down from 2.00 percent; 7.62 percent tangible common equity ratio, down 38 basis points, reflecting the impact of the stock buyback program. And a $6.2 million mortgage servicing rights impairment, roughly comparable to the $6.6 million impairment in the third quarter. Slide 10 shows some performance highlights for five trailing quarters. I will comment and detail on them later. So, let's move on. Slide 11 compares the income statement for the fourth quarter, third quarter and year-ago quarters. Net interest income was up slightly from the third quarter, reflecting strong growth in earning assets but a 19 basis point contraction in the net interest margin. Non-interest income before security gains was up $10 million. Combining these items, total revenue before security gains was up $11 million or three percent from the third quarter and up seven percent from a year ago. Provision expense declined $2.8 million or five percent from the third quarter, reflecting lower fourth quarter period end loan growth. Non-interest expense increased $9 million or five percent, mostly due to higher personnel costs associated with incentive compensation and pension and benefit expenses. We continue to be pleased with the revenue growth in this economic environment. The left-hand graph on slide 12 shows the quarterly earnings per share pattern, which over the last three quarters has moved up from 32 to 36 cents. The right-hand graph shows trends at pretax income before provision expense and excluding security gains. This graph measures earnings progress before credit costs. Pretax income on this basis was $171 million, one percent higher than the third quarter and up five percent from the year-ago. The left half of slide 13 shows the 19 basis point contraction of the net interest margin in the fourth quarter to 4.07 percent from 4.26 percent. But despite the margin contraction, net interest income in absolute dollars grew slightly from the third quarter. This reflected the benefit of a five percent increase in average earnings assets, which was mostly offset by a four percent decline in the net interest margin. Compared to the year-ago quarter, net interest income was up six percent, reflecting an 11 percent increase in average earning assets with the loan component up 10 percent and the net interest margin also down 19 basis points or four percent. As a point of reference, the decline in the margin was pretty constant throughout the fourth quarter with December's margin being 4.02 percent. Slide 14 lists some of the factors that have and will continue to create net interest margin compression. The interest rate environment with historically low rates produced significant prepayment activity in both the mortgage-backed securities and the investment portfolio as well as residential mortgage loans. These assets were replaced with lower yielding securities and loans. In addition, we are not able to reduce deposit funding costs, commensurate with declines in market interest rates as the absolute low level of rates results in a de facto pricing floor for many of our products. The flatter yield curve continued to result in lower yields on new auto loan and lease originations. The growth in residential mortgages in recent quarters has been concentrated in five-year ARMs. The net interest margin on these assets is lower than the overall net interest margin, thus putting downward pressure on the margin. And given our rapid loan growth, the portfolio composition continues to move toward a higher weighting, of lower coupon loans, especially in the indirect auto loan and lease portfolios... although we're comfortable the lower resultant charge-offs in those portfolios will lead to a higher net return. For example, 50 percent of our auto loan portfolio and 35 percent of our auto lease portfolio has been originated during the last 12 months in this period of low interest rates. 4 It's obvious that the November 50-basis point reduction in short-term rates has adversely impacted our net interest margin because of our inability to reflect the full impact on deposit pricing. Average managed loan growth is highlighted on slide 15. As a reminder, managed loans include about $1.1 billion of securitized auto loans. The data on this slide is adjusted to exclude the impact of any sold, securitized or purchased loans; like the $60 million increase in leases resulting from the third quarter purchase of LeaseNet, so, that underlying loan growth trends are more discernible. This is similar to a same-store-sales type of analysis. In the fourth quarter, average managed loans increased at an annualized 13 percent rate from the third quarter. We're very pleased with this performance; particularly following the 11 percent annualized loan growth in the third quarter. Total commercial and commercial real estate loans increased at a four percent annualized rate during the quarter, highlighted by a seasonal increase in dealer floor plan loans and small business commercial loans. As you may recall from earlier conference calls, we're focusing on growing small business banking, that is banking to companies with less than $10 million in sales. Auto loans and leases increased at a 12 percent annualized rate, following strong growth in the third quarter. These portfolios were up five percent from the year-ago quarter, less than the 10 percent increase in our total loan portfolio. Home equity growth remained very strong at a 17 percent annualized rate, compared with the 18 percent rate in the third quarter and up 15 percent from a year ago. Our focus on originating 3-1 and 5-1 ARM product continued to produce strong residential loan growth, 72 percent on an annualized basis. This has been a good product for Huntington with our $1.7 billion in average outstandings, more than double the level of a year ago. You will notice we have changed the format on slide 16 to strike a sub total excluding the impact of retail CDs. Although interest rates are at low absolute levels, retail CDs are currently a relatively expensive source of funds. As such, other more attractive funding sources are currently being emphasized. As one would expect, resulted in the decline in retail CDs as noted on this slide. Excluding retail CDs, total core deposits increased at an annualized three percent rate. This slow down in deposit growth also reflects lower rates offered on corporate money market accounts to better reflect their value in this period of very low interest rates. As a result, average corporate money market accounts declined $165 million during the quarter. Fourth quarter growth and total core deposits, excluding retail CDs and corporate money market accounts, was 10 percent, the same as in the third quarter, and up eight percent from the year-ago quarter. We like retail CDs and corporate money market accounts, but we do want to be able to get them at the right price. Turning to slide 17, as Tom noted, the recently-released FDIC data showed our deposit market shares in all of our states and major markets had increased from June 2001 through June of last year. We thought you might like to see the details. We're quite pleased with this performance. In our seven largest markets, this represented an unweighted 15 percent improvement in market share with the highest improvement being 26 percent increase in Columbus. Let me turn the presentation over to Jay, who will comment on non-interest income and expense trends. Jay? GOULD: Thanks, Mike. Slide 18 shows the non-interest income was up a very strong $10 million or nine percent from the third quarter with the main drivers being strong increases in mortgage banking, deposit service charges and brokerage and insurance. The largest contributor to this increase was the 5.1 million increase in mortgage banking income. 5 Deposit service charges were up $3.7 million or 10 percent from the third quarter. Like last quarter, the primary driver of this increase was higher personal service charges, especially in NSF and overdraft fees. Compared to a year ago, deposit service charges increased 17 percent, driven by a 23 percent increase in personal service charges, again, reflecting NSF and overdraft fees as well as monthly fees, and a nine percent increase in commercial service charges. Brokerage and insurance income was up $2.5 million from the third quarter and nine percent from the year ago. This income line item also includes investment banking fees. Retail investment sales reflect mostly mutual fund and annuity sales activity. The mutual fund sales are 40 percent below that of a year ago, it was encouraging to see them increase 11 percent from the third quarter level. Annuity sales in the fourth quarter were essentially flat with the third quarter, but up 17 percent from a year ago. Insurance fees increased off third quarter levels driven by increases in life and title insurance with the latter influenced by heavy refinance activity. Investment banking fees were particularly strong and reflected increased capital market activity. Other income in the current quarter was down $1.7 million, primarily reflecting a decline from the third quarter's higher level of sales of derivative products and trading profits. Slide 19 shows some statistics on our mortgage banking and services operation. Our total mortgage servicing book was $5.9 billion at year-end with $3.8 billion of that service for investors. Mortgage servicing rights are capitalized only for loans serviced for other investors. Reflecting rapid repayments due to heavy refinance activity, given the fact that interest rates declined during the second half of last year, the fourth quarter included $6.2 million of mortgage servicing impairment, following the $6.6 million impairment in the third quarter. Over the last two quarters, we have incurred $12.8 million of mortgage servicing impairment, which has reduced the value of our capitalized mortgage servicing rights from 1.00 percent to 78 basis points. This was incurred at a time when our mortgage servicing for other investors increased from $2.7 to $3.8 billion. Slide 20 details the $9 million increase in non-interest expense. The primary driver of this change was higher personnel costs. Also posting increases were outside and professional services, as well as other expense, while occupancy and equipment and marketing showed declines. Personnel costs increased $6.4 million, with higher incentive and benefit expenses, contributing equally to the increases. While all lines of business reflected higher performance base compensation in the fourth quarter, the mortgage company and regional banking accounted for most of the incentive pay increase. The higher benefits expense reflected increased medical costs. Compared to the year-ago quarter, personnel costs were up 14 percent. Salary expense, incentive compensation and benefit costs contributed about equally to this increase. The increased salary expense reflected higher staffing levels, associated with the broad-based strengthening of the management team, including the credit workout area. Higher sales commissions were reflected in all lines of business. The $2.1 million increase in outside services was driven by volume-related costs, especially in the mortgage company. The $1.9 million increase in professional services was influenced by legal and other costs associated with the fourth quarter sale of non-performing loans. The $1.3 million increase in other expense was spread over a number of categories, including printing and supplies as well as franchise and other taxes. The $1.4 million decline in occupancy and equipment expense primarily reflected lower real estate tax expense. The decline in marketing reflected lower marketing and research costs in the quarter. Slide 21 shows the trend in our efficiency ratio, which moved up in the quarter, but remained well below the peak in the first quarter of last year. With those comments, let me turn the presentation back over to Mike. MCMENNAMIN: Thanks, Jay. Let me now review some of the recent credit trends. 6 Slide 23 provides an overview of credit quality trends and reflects the impact of our fourth quarter credit actions. First, our non-performing asset ratio declined to 65 basis points from 105 basis points and is well below the 116 basis point level of a year ago. Net charge-offs, excluding losses on exited portfolios, but including those associated with the fourth quarter credit actions, were 181 basis points. As Tom Hoaglin mentioned, excluding the $51 million of charge-offs associated with the credit actions, the underlying net charge-off ratio on the same basis would have been 81 basis points, down slightly from the third quarter's 83 basis points. I'll comment on individual loan category charge-offs in just a moment. The only thing notable about the 90-day delinquency ratio is how steady it has been. The allowance for loan losses, reflecting the fourth quarter credit actions, was 1.76 percent, down from 2.00 percent at the end of the third quarter. The non-performing coverage ratio increased significantly to 269 percent. Slide 24 shows the trend in non-performing assets and how favorably the credit actions impacted this level. Let me provide some additional non-performing asset detail on slide 25. This slide shows more detail on recent quarterly non-performing asset activity. To help you see exactly the impact of the fourth quarter credit actions, they are isolated in the box. As you can see, the $30 million in new non-performing assets represented the healthcare finance credit going on non-performing assets status in November. The $51 million of loan losses represents that $30 million charge-off plus $21 million associated with the sold non-performing assets. The sales figure of $26 million represents the net proceeds on the sale of the $47 million of non-performers. Excluding these actions are two items of interest. First, you will note the decline in new non-performing assets to $35.6 million, down from $47.2 million in the previous quarter. This level of additions during the quarter is roughly half that of the first two quarters of the year. Also this quarter, we had $12.7 million of non-performing assets going back to an accruing status. Assuming no material adverse change in the economy, we anticipate continued modest declines in non-performing assets going forward. Slide 26 segments the non-performing assets by industry sector. You've seen this before and in the pie chart mix on the left, nothing really new here. Given that the mix of non-performing assets sold in the fourth quarter about matched that of the entire non-performing asset pool, our non-performing assets continue to be concentrated with about 37 percent in services followed by 25 percent in manufacturing. We have no concentrations in the communications, recreation, hotel or airline sectors. We did, however, change the bar chart on the right to show specifically the sector components of the $77 million reduction in non-performing assets during the quarter. Manufacturing represented 39 percent of the $77 million with "services" and "finance insurance and real estate" sectors, each accounting for 23 percent of the decline. The next slide shows net charge-offs adjusted to exclude charge-offs on exited portfolios. You will recall from earlier conference calls that reserves were established in the second quarter of 2001 for two exited loan portfolios, truck and equipment and sub-prime auto loans. The net charge-off rate was 181 basis points in the quarter and was 81 basis points excluding the fourth quarter credit actions. Including the fourth quarter credit actions, commercial net charge-offs jumped to 4.19 percent from 1.21 percent in the third quarter. Excluding the impact of the fourth quarter credit actions, net commercial charge-offs would have been 1.07 percent, down 14 basis points in the quarter. Similarly, net commercial real estate charge-offs increased 85 basis points from 45 basis points, but would have been 8 basis points excluding the impact from the credit actions, which would have been down 37 basis points from the prior quarter. 7 Total consumer net charge-offs increased from 77 basis points in the third quarter to 91 basis points. Driven by a 24-basis point increase in auto loan and lease net charge-offs from 115 to 139 basis points. We're disappointed with the magnitude of the increase in auto charge-offs as we had anticipated a smaller seasonal increase. There are two factors driving the increase. We are adversely affected by the nationwide increase in bankruptcy filings. Charge-offs on bankrupt accounts are typically full balance charge-offs with any sale proceeds being a recovery in future periods. Second, seasonal weakness in used car prices increased the loss per vehicle. We believe the decline in used car prices was no worse than the normal seasonal and we expect the normal up tick in the first and second quarters of this year. While we were disappointed in this quarter's results, we do not believe this is indicative of declining asset quality. The average FICO score for the entire portfolio has continued to increase, a result of the 730+ FICO scores in recent quarters of loan and lease production. We rescore the entire portfolio quarterly and have not seen any negative trends in this rescoring. Furthermore, the average FICO score of delinquent accounts has been increasing in recent quarters, which suggests lower, not higher, future losses. And lower future losses continue to be our expectation in 2003. Slide 28 shows vintage performance of our indirect auto loan and lease portfolios. We changed the presentation of the format so the specific performance is more easily seen. Specifically, we've segmented both auto loans and leases into various vintage pools. The table shows the percentage of the total portfolio represented by each vintage at particular points in time. The table also shows cumulative charge-off rates for three vintages beginning in the followed quarter of 1999. These three vintages represent 94 percent of the loan portfolio and 89 percent of the lease portfolio as of year-end. Looking at loans, for example, loans originated from the fourth quarter of '99 through the fourth quarter of 2000, represented 17 percent of total auto loans at the end of last year, down from 34 percent at the end of 2001. The cumulative charge-offs after 18 months on this vintage of loans were 172 basis points. In contrast, loans originated in 2001 represented 27 percent of the total portfolio at the end of the year, but after 18 months the cumulative net charge-offs were 108 basis points or 37 percent better than the earlier vintage. The credit quality of the 2000 vintage has improved even further. Slide 29 portrays consumer delinquency trends on a 30-plus and 90-plus day basis. As outlined in last quarter's call, we expected these ratios in the fourth quarter to reflect a seasonal increase and they did. The 30-day plus ratio was up 13 basis points and the 90-day plus ratio up 2 basis points. These increases were less than the increases in the 2001 fourth quarter of 22 and 5 basis points respectively. Slide 30 recaps the trend in the loan loss reserve which, as previously mentioned, declined to 1.76 percent as a result of the fourth quarter credit actions. In last week's conference call, we outlined in detail why we are confident that our year-end loan loss reserve, even at this lower level, is very strong. In summary, there are a host of reasons, including improved underwriting, higher credit quality production, and the lower risk mix of our loan portfolio, reflecting the fact that 70 percent of our loan growth last year was in real estate and home equity loans. Also, so you can better see underlying trends, we've isolated the $51 million of charge-offs associated with the fourth quarter credit action. Doing so reveals that our loan loss provision expense continued to exceed underlying net charge-offs. In the fourth quarter, this difference was $13 million. Over the last four quarters, our provision expense exceeded net charge-offs by a total of $40 million, supporting our position that the year-end loan loss reserve is very adequate. Slide 31 was in last week's conference call and shows the impact fourth quarter credit actions had on our relative loan loss reserve and non-performing assets covering ratios, using September 30 data. Let me close my segment with brief comments regarding capital. 8 Slide 33 shows capital trends. At the end of last year, the tangible equity to asset ratio was 7.62 percent, down from 8.00 percent at September 30. The decline reflected the impact of the company's share repurchase program and growth in assets, partially offset by earnings growth. During the quarter, we repurchased 4.2 million shares of our stock. There have been a number of strategic changes at Huntington over the last year and a half. The most important was a sale of the Florida banking operations which gave us the opportunity to recapitalize the company. Proceeds from this sale raised our tangible equity asset ratio from 6.12 percent at the end of 2001 to 9.06 percent at the end of the first quarter in 2002. The repurchase of our stock in 2002 reduced this ratio to 7.62 percent by the end of the year. A key objective of the strategic restructuring plan was to position Huntington as a strongly capitalized company. To that end, we are now targeting a long-term, tangible equity asset ratio of 7.00 percent. This compares favorably with the 6.50 to 6.75 percent level of other, comparable rated and sized, bank holding companies. We view this as a long-term target and one we don't expect to hit every quarter. Let me turn it back over to Tom to begin our 2003 outlook discussion. Tom? HOAGLIN: Thanks, Mike. Turning to slide 35, let me highlight 2002's key strategic accomplishments. At the top of the list is the fact that we achieved EPS consistent with the target we established a year ago. At that time, given the uncertainty in the economy, as well as our being in the early stages of our turn around, this was ambitious, but we delivered. Second, we completed the sale of Florida banking and insurance operations. Third, we fulfilled the share repurchase commitment made to our shareholders. And next, we completed the building of our senior management team. We also made significant resource investments in customer service, in our businesses and in our employees. It was quite a year. So, what's our thinking about 2003? Turning to slide 36, we've established the following goals. First, we're targeting earnings per share growth of 11 to 13 percent off 2002 operating earnings of $1.35 per share... or $1.50 to $1.53 per share to be more precise. Second, we are focusing on four earnings drivers. - Small business banking is the first. You've heard me speak to this before and know that last year we invested in resources to prepare this segment for growth and we saw some in the fourth quarter. We expect to see good results this year. - Commercial banking is also expected to do better. Much of the last two years has been spent culling out the loan portfolio and making certain our management team and credit skills are strong. We expect progress this year and are hopeful the economy will work with us. We feel that many corporations have completed their inventory liquidation over the past couple of years, which could help set the stage for future loan growth, though our expectations are modest. - Our focus on the home equity lending will continue. This is a core product and we anticipate continued good progress. - Lastly, we will remain very focused on increasing our sales penetration. We now have some tools to help us and lots of training has been done. We now need to make progress. 9 Third, we will look for opportunities to open some new offices to help build our presence in key markets. And building on our achievements in the last 18 months, we will continue to work at ways to reduce credit costs. Slide 37 outlines some of the broad assumptions behind the $1.50 to $1.53 earning per share goal. We expect revenue growth in the mid-single digits. Net interest income, which represents two-thirds of our revenue, should benefit from solid loan growth, perhaps slightly lower than we've experienced in the second half of 2002. We do expect some pickup in commercial loan activity and would not be surprised by a slowing in consumer loan growth from the rates in 2002. Offsetting the benefit we expect from earning asset growth, is expected further margin compression in 2003. As Mike mentioned, our margin was 4.02 percent in December. While we would expect some further margin decline from that level, it appears the largest share of the margin compression is behind us. Nevertheless, in comparison to the 2002 full year margin of 4.21 percent, 2003 will compare unfavorably. Non-interest income should increase in the high single digits, led by strength in deposit service charges, which represent approximately one-third of non-interest income, and by brokerage and insurance income. In contrast, mortgage banking income is expected to decline with an assumed decline in refinancing volume. Non-interest expense will be a challenge in 2003 and our expectation is that it will grow in the mid single digit range. Over the last year, we've made significant investments in people, technology upgrades, systems improvements and product distribution channels. These are the right long-term decisions for the company in that they better position Huntington for improved future earnings growth. But the short-run impact is pressure on 2003 expense growth as the full run-rate impact of these investments is felt... primarily in personnel costs... as well as equipment and occupancy expenses. Pressure on expenses is coming from two other areas. First is higher pension and benefit costs. Reflecting current interest rates and expected return levels, we're lowering the assumed investment return on pension assets from 9.75 percent to 8.50 percent. In addition, we've reduced the discount rate used to value future benefit obligations from 7.50 percent to 6.75 percent. Second is higher insurance costs. Premiums on several of our major corporate insurance programs have increased following events of September 11th and some well-publicized corporate bankruptcies. The largest increase was in our professional liability coverage, which tripled. Maintaining a two to three percent spread between the revenue and expense growth rates is a strategic goal. In 2002, that spread was five percent with revenues increasing seven percent and expenses two percent. Attaining our goal of a positive spread between revenue and expense this year will be a challenge. We expect significant improvement credit quality and charge-offs in 2003 with underlying net charge-offs declining to the 65 to 75 basis point range. This assumes some economic growth with improvement projected both for the commercial and the auto portfolios. We hope these general comments give you some guidance as you structure your earnings projections for Huntington in 2003. This completes our prepared remarks. Jay, Mike and I will be happy to take your questions. Let me turn the meeting back over to the operator, who will provide instructions on conducting the question and answer period. Operator? OPERATOR: Thank you. If you have a question at this time, please press the 1 key on our touch-tone telephone. If your question has been answered and you wish to remove yourself from the queue, please press the pound key. Again, if you have a question, press the 1 key. And one moment for questions. 10 And our first question is from Roger Lister of Morgan Stanley. ROGER LISTER, MORGAN STANLEY: Good afternoon. You've had tremendous success in growing your market shares, particularly in some markets. Would you attribute this to sort of like the first question and can you keep it up in 2003? And then, secondly, do you set yourselves some kind of a target level, minimum level of share that you think you need to be a competitor in a marketplace? HOAGLIN: Roger, this is Tom. We have not thought about a -- the need for a target -- a target market share in a particular market for us to be successful. We have good share in some markets and low share in others and happily we -- we are able to increase our earnings, our profitability in either situation. What is important for us, I think, is to maximize our performance in geographies close to where we're located as opposed to whether we cover an entire market effectively. So, we may not have the highest number of banking offices in a particular area, but we want to do the best job in our neighborhoods. I think we can succeed in it that way. Mike? MCMENNAMIN: I think I'd also comment, Roger, that we talked a little bit about a couple of deposit products that we very much would like to grow - i.e. retail CDs and corporate money market accounts - but we think that the pricing is getting fairly aggressive in relationship to what funds are worth in this kind of a rate environment. So, we probably are going to be a little more discriminating as we look at different types of deposits and the rates that are being paid for those, whether they represent value in 2003. And that's the gist of our showing these deposit growth numbers, slicing and dicing them in a couple of different ways without retail CDs and without the corporate money market accounts, also. LISTER: Maybe on a slightly different tact, but just looking across your regions, you know, given the spread that you've got there, any difference in terms of what's happening with credit quality across your markets? Either consumer or sort of small business middle markets? Any differences in the trends you're seeing? MCMENNAMIN: I would say, Roger, in -- in small business and in consumer region, regions wouldn't vary one from another in credit quality. LISTER: What about any differences in middle market or... MCMENNAMIN: The -- oh, was - I'd say -- I would say there are some differences in middle market. We have had historically some challenges in where we have higher -- where -- in markets where we have had higher levels of manufacturing than in others as a portion of our portfolio. That has translated into some weaker credit quality because the business mix in our portfolios isn't the same in each market. But I think as we see our performance going forward and the consistency of underwriting that we're now and have been able to generate in the last year, we don't expect major differences on an ongoing basis. LISTER: Thank you. OPERATOR: Thank you. And our next question is from John McDonald of UBS Warburg. JOHN MACDONALD, UBS WARBURG: Good afternoon. I was wondering if, Mike, could you give us color on where do you think the auto losses should be heading, you know, if not next year -- this year, on a normalized basis, where do you -- where do you think that the auto loss rates should be at? MCMENNAMIN: John, as we've talked, the composition, the credit quality composition of that portfolio has been increasing pretty significantly because of changes in underwriting over the last couple of years. We think that the losses in that portfolio in 2003 probably are some place in the 85 to 90 basis point range. We think in 2004 they go lower. And that really is just a reflection of the older vintages which were not as well underwritten. 11 Those older vintages, are either running off the books or becoming a much smaller percentage of the portfolio. And the last two or three quarters, we've consistently had FICO scores on new loans and leases in excess of 730. That continued in the fourth quarter and certainly is strategically what we want to do, so, we think these loss rates come down for 2003 and come down further in 2004. MACDONALD: OK. Thanks, Mike. And then in terms of your charge-off guidance for next year, given your comfort with the reserve, we assume that your provision would probably be matching the charge-offs, roughly? MCMENNAMIN: I think that's something we probably wouldn't comment one way or the other. We have to see how 2003 develops, but we would emphasize it was so much of our loan growth in the last year, coming in either home equity or residential mortgage loans, 70 percent of the total loan growth came in those areas, we continue to feel very, very good about the adequacy of that reserve and obviously also took quite a whack at our non-performing loans in the fourth quarter, both with the loan sale, but also, excluding that fourth quarter credit action, we would have had a $30 million decline in non-performing assets. So, we feel we've really turned the corner in that area, barring significant changes or negative changes in the economy. We feel very good about the reserve. MACDONALD: Thanks, Mike. OPERATOR: Thank you. And, ladies and gentlemen, once again, if you do have a question, please press the one key. And our next question from Fred Cummings of McDonald Investments. FRED CUMMINGS, MCDONALD INVESTMENTS: Yes. Good afternoon. Can you touch on the indirect auto area? Were charges up across the geographic footprint or are you seeing problems in any one specific or several specific states? MCMENNAMIN: Fred, it really was pretty much across the footprint. There was no geographical concentration of the increase. It occurred pretty much in all of our regions. CUMMINGS: OK. That's my only question. Thank you. MCMENNAMIN: Thank you. OPERATOR: Thank you. And our next question is from Dennis Klaeser, Robert W. Baird. DENNIS KLAESER, ROBERT W. BAIRD: Yes. Good afternoon. Obviously residential loan growth, both home equity and first mortgages, was very important to your balance sheet last year. I'm wondering, from an interest rate risk management standpoint, how does that impact the management on your balance sheet? And what are the characteristics of those underlying loans? And then going forward for 2003, how do you see that growth changing and really see the continued change in a composition of your overall portfolio? MCMENNAMIN: Well, the -- obviously if you look at the residential mortgage loans and try to figure out what the re-pricing characteristics of those are, these, as we stated, the greater preponderance of those loans, are for a five-year fixed rate and then float on a one-year adjustable basis. So the longest they're going to be is five years. Now, if you look at ARM statistics historically, there tends to be a relatively high prepayment rate on ARM loans, even if rates are -- almost irregardless of rates, prepayment rates are higher on those loans than they are on fixed coupon or fixed rate loans. Our sense is that you probably won't get the kind of historical prepayments on these loans going forward when as and if interest rates increase, that will moderate payments significantly. We would assume an average duration of those five-year loans of something along the lines of three years. Something along that order. KLAESER: OK. 12 OPERATOR: Thank you. And our next question is from Steven Wharton of Loomis Sayles. STEVE WHARTON, LOOMIS SAYLES: Good afternoon. I just had a few follow-up questions. I wanted to follow up on the one question. So, in your guidance in 2003, are you assuming that provision will equal the charge-offs or not? MCMENNAMIN: In our guidance for 2003, we would assume that provision expense would cover charge-offs and also would provide, Steve, for growth in the loan portfolio. Now, what actually will happen to the reserve level is a function of what happens to credit quality in 2003. We've tried to be fairly aggressive in adjusting the level of that reserve and in the past quarters to reflect what's going on in the economy and in our portfolio. So, it's a little hard for to us say if we plan on increasing or reducing the reserve next year, but in our plans, we assume that we're going to provide for charge-offs and we would also provide for loan growth - in our provision expense. WHARTON: OK. OK. This may explain the part of my quandary. I guess you earned about 36 cents in the fourth quarter on a core basis and you said you had a core charge-off rate of about 81 basis points. So, if I annualize that 36 cents, I get about $1.44, relative to your $1.50 guidance. You gave net charge-off guidance for 2003 of about 70 basis points mid point range and if I just look at the difference between the 81 basis points and the 70, that's 11 basis points, which I was coming up with... roughly 6 cents a share in benefit that you were basically forecasting from improved credit. And you see where I'm going with this, that gets you to about $1.50 a share. Most of the earnings growth will come from improved credit next year. Is that the right way to look at this? MCMENNAMIN: I think there is no question that a significant -- that we will get positive -- we have wind in our back we think next year because of improved credit. And also have wind in our back because of a reduced share count, just by what we've purchased in 2002. On an operating basis, it's going to be a pretty tough environment as Tom mentioned. We've got net interest margin compression that's going to be going from a level of 421 for a full year 2002, going down, we think, as we -- as we suggested, below four percent. So, that's a fair amount of wind in our face, even with what we think will be pretty strong underlying earning asset growth. That, plus some of the expense pressures that Tom has talked about, we think creates some strong headwind in 2003. HOAGLIN: Steve, this is Tom. What I would say, you know, we do expect earnings lift because of credit quality improvement. We do expect earnings lift because of the share repurchase program and we do expect some, what I would call relatively modest growth in earnings, sort of in the core franchise. WHARTON: OK. Final question on the mortgage line. I was just noticing it looks like for the full year, your mortgage banking revenues went from $59 million to $48 million. And I just wondered, is there any way you can break that out a little bit more finely? In 2002, you know, how much came from gains versus maybe servicing income versus any impairment charges that were incurred during the year? MCMENNAMIN: Steve, to the best of my recollection, there was no impairment in 2001. We had almost $13 million of impairment in 2002. Apparently we did have $5 million of impairment in 2001. So, the net increase of impairment was about $8 million, year-over-year. WHARTON: Thank you. OPERATOR: Thank you. And we do have a follow-up from Fred Cummings. CUMMINGS: Yes, Tom. I wanted to ask you - you guys made pretty good progress in executing your strategic plan. Now, what's your attitude about possibly pursuing any bank or depository-type acquisitions here over the next 12-18 months? 13 HOAGLIN: Fred, I kind of thought maybe you wouldn't let me get away without responding to that in some way. So, thanks for your question. As you know, I have considered it sort of "illegal", if you will, for Huntington to think about any acquisitions, particularly bank acquisitions or major deposit acquisitions until now because we -- we really had to focus first and foremost on putting ourselves in a position to execute well, strengthening the team, making sure the direction was right, reviewing our products, et cetera. I feel as we begin 2003, I'm much more comfortable about Huntington's position on all of those accounts than I did certainly about two years ago. And so I think it is important for us now to begin to think about how we might best expand. What's the role for de novo expansion, what's the role in acquisitions? We certainly don't contemplate doing anything precipitously. We don't ever contemplate doing anything that could be destructive in shareholder value. But I think it is important for us now to think about the growth plan in acquisition and de novo going forward. So, we're going to take some time this year to work on that. I guess the major message to you is just that, that we're now beginning to think about it as opposed to any particular conclusions. CUMMINGS: OK. Thanks, Tom. OPERATOR: Thank you. And ladies and gentlemen, once again, if you have a question, please press the one key. One moment for questions. And I am showing no further questions. GOULD: Operator, thank you very much. I think we will bring the call to a close, then. I want to thank all of our investors and analysts and customers and the like who listen to these things for participating with us today. Thank you. OPERATOR: Ladies and gentlemen, this concludes today's conference. Thank you for your participation and you may disconnect at this time. Have a nice day. ### 14 EX-99.3 5 l98368aexv99w3.htm EXHIBIT 99.3

Fourth Quarter Earnings Review January 16, 2003 Exhibit 99.3

Meeting Participants Tom Hoaglin Chairman, President and Chief Executive Officer Mike McMennamin Vice Chairman and Chief Financial Officer Jay Gould Sr. Vice President - Investor Relations

Basis of Presentation Operating Basis Reported results since the 2001 second quarter have been significantly impacted by a number of items, primarily related to the strategic restructuring announced in July 2001 and the subsequent sale of the Florida banking operations in the 2002 first quarter. In addition, reported 2002 first quarter results included Florida operations for only half the quarter versus a full quarter for each prior quarter. Also, the 2002 third quarter included a gain from the restructuring of the Merchant Services business. Therefore, to better understand underlying trends, the following slides and discussion are on an operating basis, unless otherwise noted, which excludes the effect of these items from all prior periods, including the impact of the Florida operations. Please refer to the schedules accompanying the 2002 fourth quarter earnings press release, as well as the 2002 fourth quarter Quarterly Financial Review for schedules reconciling reported earnings with operating earnings and additional schedules excluding the impact of the Florida operations. Rounding Please note that columns of data in the following slides may not add due to rounding.

New Stock Repurchase Authorization Plan Specifics 8 million share repurchase authorization announced today Cancels prior 22 million share authorization with 2.6 million shares remaining Opportunistic purchases through open market and/or privately negotiated transactions No timetable set for fulfillment Rationale Open authorizations represent shareholder-beneficial capital management discipline

Highlights (1) 4Q02 3Q02 2002 2001 Change EPS - GAAP $0.36 $0.41 $1.49 $0.71 EPS - Operating 0.36 0.34 1.35 1.22 11 % Managed loan total growth (2) 13 % 11 % 10 % Core deposit growth ex. CD's (2) 3 % 16 % 13 % Net charge-offs - adjusted (3) 0.81 % 0.83 % 0.87 % NPA coverage ratio - EOP 269 % 191 % Loan loss reserve ratio - EOP 1.76 % 2.00 % Shares repurchased 4.2 MM 6.2 MM 19.2 MM (1) Operating basis unless indicated otherwise (2) Annualized with 2002 percent representing 4Q02 vs 4Q01 (3) Annualized; excludes impact of net charge-offs on exited portfolios; excludes impact of 4Q02 credit actions

Fourth Quarter - Other Achievements Investing in the Business Early and economically advantageous disposition of problem credits Confirmation of improved deposit market share... all states... all major markets Opened six new offices in four markets Launched ATM upgrade; achieved #1 ranking in ATM reliability in 12/02 (1) Investing in our Employees 100% completion of ARGO training for personal bankers, managers & 8 95% completion with personal banker relationship banking training Launched internal communications upgrade effort Investing in our Customers Completed installation of new ARGO teller technology... on time...under budget Reached 120,000 active on-line banking customers with 23% DDA customer penetration 27% of Business banking DDA accounts now bundled accounts Top quartile performance in '02 for all 7 equity funds... Growth Fund earns Morningstar 5-star rating (1) Rated by Gasper with 13 peers and 54,300 ATM being rated

4Q 2002 Credit Actions Actions Sold $47 million of nonperforming assets with $21 million of incremental charge-offs Charged-off $30 million health care finance credit classified nonperforming in November Rationale Early resolution to long term workout NPAs Economically attractive transaction Results No net earnings impact to 2002 fourth quarter results Nonperforming asset coverage increases from 191% at 9/30/02 to 269% Loan loss reserve ratio decreases from 2.00% at 9/30/02 to 1.76%

Financial Performance

2002 Fourth Quarter Performance Highlights (1) Net income $85.1 MM Earnings per share $0.36 Managed loan growth 13 % annualized Core deposit growth excluding CD's 3 % annualized Net interest margin 4.07 % Efficiency ratio 54.0 % Net charge-offs - adjusted (2) 0.81 % NPAs (3) $136.7 MM NPA coverage ratio (3) 269 % Loan loss reserve / loans (3) 1.76 % Tangible common equity ratio (3) 7.62 % Mortgage servicing rights impairment $6.2 MM (1) Operating basis (2) Annualized; excludes impact of net charge-offs on exited portfolios; excludes impact of 4Q02 credit actions (3) Period end

Performance Highlights (1) 4Q02 3Q02 2Q02 1Q02 4 Q01 EPS $0.36 $0.34 $0.33 $0.32 $ 0.32 ROA 1.26% 1.26% 1.31% 1.30% 1 ..28% ROE 15.1% 14.3% 14.0% 13.6% 1 3.4% Net interest margin 4.07% 4.26% 4.30% 4.21% 4 ..26% Efficiency ratio 54.0% 53.1% 53.2% 54.1% 5 2.7% Loan growth - annualized 13% 11% 8% 5% 1 % Core deposit growth ex. CD's - annualized 3% 16% 21% 9% 1 3% Net charge-offs - adjusted (2) 1.81% (3) 0.83% 0.88% 0.97% 0.99% NPA ratio (4) 0.65% 1.05% 1.14% 1.17% 1 ..16% LLR / loans (4) 1.76% 2.00% 2.00% 2.00% 2 ..05% Tang. com. equity / assets (4) 7.62% 8.00% 8.51% 9.06% 6 ..12% (1) Operating basis (2) Excludes exited portfolios (3) Includes 4Q02 credit actions; excluding credit actions net charge-offs would have been 0.81% (4) Period end

2002 Fourth Quarter Earnings (1) Change B (W) vs. 3Q02 4Q01 ($MM) 4Q02 3Q02 4Q01 Amt. Amt. P ct. Net interest income $249.7 $249.4 $235.5 $ 0.3 $14.2 6.0 % Provision (57.4) (60.2) (54.3) 2.8 (3.1) (5.8) Non-interest income 123.7 113.7 114.3 10.0 9.4 8.2 Securities gains 2.3 1.1 0.1 1.2 2.3 NM Non-interest expense (202.7) (193.7) (187.4) (9.0) (15.3) (8.1) Pretax income 115.6 110.3 108.2 5.3 7.4 6.8 Net income $ 85.1 $ 82.2 $ 79.6 $ 3.0 $ 5.6 7.0 % EPS $ 0.36 $ 0.34 $ 0.32 $ 0.02 $0.04 12.5 % Revenue (FTE) (2) $375.3 $364.2 $351.1 $ 11.0 $24.1 6.9 % (1) Operating basis (2) Calculated assuming a 35% tax rate and excluding securities gains

Performance Trends (1) Earnings Per Share (1) Operating basis Amount 1Q00 0.42 2Q00 0.4 3Q00 0.33 4Q00 0.3 1Q01 0.28 2Q01 0.3 3Q01 0.32 4Q01 0.32 1Q02 0.32 2Q02 0.33 3Q02 0.34 4Q02 0.36 Pretax Income Before LLP and Securities Gains Amount 1Q00 141.516 2Q00 150.28 3Q00 132.557 4Q00 138.92 1Q01 125 2Q01 144 3Q01 153 4Q01 162 1Q02 159.044 2Q02 165.978 3Q02 169.385 4Q02 170.689 ($MM)

Performance Trends (1) Net Interest Income & Margin (FTE) Earning Assets (Avg) Amount Percent 1Q00 243 0.0378 2Q00 235 0.0372 3Q00 238 0.0374 4Q00 235 0.037 1Q01 224 0.0399 2Q01 227 0.0403 3Q01 232 0.0417 4Q01 237 0.0426 1Q02 234.27 0.0421 2Q02 242.93 0.043 3Q02 251 0.0426 4Q02 251.571 0.0407 ($MM) Loans Other E/A 2Q01 18.526 4.126 3Q01 18.736 3.479 4Q01 18.807 3.369 1Q02 19.104 3.297 2Q02 19.53 3.108 3Q02 19.989 3.446 4Q02 20.673 3.856 $22.2 $22.4 $22.2 (1) Operating basis $22.6 $23.4 ($B) $24.5

Net Interest Margin Drivers Mortgage prepayment activity "De facto" deposit repricing floors Flattening of the yield curve Lower margin residential mortgages Loan mix...weighted toward lower rate / higher quality auto loan and lease originations

Managed Loan Growth (1) Average ($B) Annualized Growth 4Q02 vs. 3Q02 vs. 4Q02 vs. 4Q02 3Q02 2Q02 4Q01 Commercial $ 5.7 10 % (8) % (2) % Commercial real estate 3.5 (4) 8 8 Total commercial/CRE 9.2 4 (2) 2 Auto loan / lease 7.3 12 14 5 Home equity 3.2 17 18 15 Residential real estate 1.7 72 77 128 Other consumer 0.4 (25) (11) (15) Total consumer 12.6 20 22 16 Managed loans $21.8 13 % 11 % 10 % Total earning assets $25.7 17 % 13 % 9 % (1) Growth percentages normalized for asset securitizations, loan sales, acquisition of LeaseNet and impact of Florida banking operations sold in 1Q02

Core Deposit Trends (1) Average ($B) Annualized Growth 4Q02 vs. 3Q02 vs. 4Q02 vs. 4Q02 3Q02 2Q02 4Q01 Demand $ 2.8 6 % 16 % 4 % Interest checking 1.7 5 (9) (7) Savings / MMA 6.5 2 24 26 IRA's 0.7 (6) (2) (2) Core Deposits excl. CD's 11.7 3 16 13 CD's 3.3 (17) (6) (4) Total $15.0 (2) % 10 % 9 % (1) Growth percentages normalized for impact of Florida banking operations sold in 1Q02

Deposit Market Share is Increasing (1) June 2001 June 2002 Mkt. % Rank Mkt % Rank Mkt. % Change Ohio 7 4.30 % 6 5.04 % +0.74 % Columbus 2 13.48 2 17.04 +3.56 Cleveland area 9 3.08 7 3.44 +0.36 Toledo 5 9.20 5 9.97 +0.77 Cincinnati area 5 2.35 5 2.86 +0.51 Michigan 7 3.31 7 3.68 +0.37 Detroit 7 2.75 7 3.36 +0.61 Grand Rapids area 2 9.85 2 10.29 +0.44 Indiana 27 0.75 24 0.84 +0.09 Indianapolis 8 2.18 9 2.49 +0.31 W. Virginia 6 6.72 6 6.92 +0.20 Kentucky 24 0.68 23 0.75 +0.07 (1) Source FDIC bank holding companies plus thrifts

Non-interest Income (1) ($MM) Better or (Worse) vs. 4Q02 3Q02 3Q02(2) 4Q01 Deposit service charges $ 41.2 $ 3.7 10 % 17 % Mortgage banking 11.4 5.1 81 (24) Brokerage / insurance 16.4 2.5 18 9 Trust services 15.3 0.3 2 4 Bank Owned Life Ins. 11.4 -- -- 20 Other service charges 10.9 0.1 -- 14 Other 17.0 (1.7) (9) 12 Total $123.7 $ 10.0 9 % 8 % Total excl mortgage banking $112.3 $ 4.9 5 % 13 % (1) Operating basis (2) Linked quarter percentage growth is not annualized

Mortgage Banking Mortgage Servicing (1) 4Q02 3Q02 2Q 02 Mortgage servicing portfolio $5.9 B $5.2 B $5 ..4 B Investor servicing portfolio $3.8 B $3.2 B $2.7 B Mortgage servicing rights $29.3 MM $27.9 MM $29 ..5 MM MSR % of investor servicing portfolio 0.78 % 0.88 % 1.00 % MSR % of equity 1.27 % 1.19 % 1. 25 % Mortgage Origination Production $1.5 B $1.0 B $0 ..8 B (1) End of period

Non-interest Expense (1) ($MM) Better or (Worse) vs. 4Q02 3Q02 3Q02(2) 4Q01 Personnel costs $113.9 $ (6.4) (6) % (14) % Occupancy & equipment 30.8 1.4 4 8 Outside services 17.2 (2.1) (14) (12) Professional services 8.0 (1.9) (32) (32) Marketing 6.2 1.3 17 (17) Amortization of intangibles 0.2 -- -- 92 Other 26.4 (1.3) (5) (7) Total $202.7 $ (9.0) (5)% (8) % (1) Operating basis (2) Linked quarter percentage growth is not annualized

Amount 1Q00 0.5393 2Q00 0.539 3Q00 0.5838 4Q00 0.5848 1Q01 0.595 2Q01 0.56 3Q01 0.54 4Q01 0.527 1Q02 0.541 2Q02 0.532 3Q02 0.531 4Q02 0.54 Efficiency Ratio (1) (1) Operating basis; FTE Revenue excluding securities gains

Credit Review

Credit Quality Overview (1) 4Q02 3Q02 4Q01 NPAs / total loans + OREO 0.65 % 1.05 % 1.16 % Net charge-offs - adjusted (2) 1.81 0.83 0.99 90+ days past due 0.35 0.33 0.40 Consumer 0.44 0.42 0.60 Commercial 0.27 0.22 0.22 Commercial RE 0.17 0.24 0.14 Reserve / total loans 1.76 2.00 2.05 Reserve / NPAs 269 191 176 (1) Excludes impact of Florida banking operations sold in 1Q02 (2) Excludes impact of net charge-offs on exited portfolios

% Lns + OREO 1Q01 117 0.0063 2Q01 156.9 0.0085 3Q01 201.163 0.0106 4Q01 219.646 0.0116 1Q02 225.53 0.0117 2Q02 223.237 0.0114 3Q02 214.1 0.0105 4Q02 136.723 0.0065 Non-performing Asset Trends (1) ($MM ) (1) Excludes impact of Florida banking operations sold in 1Q02

Non-Performing Asset Flow Analysis - Reported Basis(1) Period End ($MM) 4Q02 3Q02 2Q02 1Q02 4Q01 NPA beginning of period $214.1 $223.2 $225.5 $227.5 $2 10.1 4Q02 credit actions: New 29.9 Loan losses (51.3) Sales (2) (25.8) Net impact (47.2) New 35.6 47.2 73.0 74.4 86.0 Returns to accruing status (12.7) (0.4) (0.3) (3.7) (1.6) Loan losses (21.5) (25.5) 28.3) (26.1) (34.6) Payments (28.5) (26.3) (44.3) (37.7) (28.3) Sales (3.2) (4.2) (2.4) (8.9) (3) (4.1) Other - - 0.1 - - - - - - NPA end of period $136.7 $214.1 $223.2 $225.5 $2 27.5 (1) Impact of Florida not material (2) Represents proceeds received, net of $21.4 MM of charge-offs (3) 1Q02 includes $6.5 MM related to the sale of Florida banking operations

Non-performing Assets - By Sector Services 0.37 Manufacturing 0.25 F.I.R.E. 0.08 Construction 0.03 Retail Trade 0.04 Agriculture 0.02 Trans./Comm. 0.02 Wholesale Trade 0.02 Energy 0.02 Other 0.15 $137 MM @ 12/31/02 % of $(77) MM change vs 9/30/02

Net Charge-offs - Adjusted (1) Amount Percent 1Q00 18.3 0.0035 2Q00 15.5 0.003 3Q00 23.8 0.0046 4Q00 25.4 0.005 1Q01 25.829 0.0057 2Q01 34.33 0.0074 3Q01 28.894 0.0062 4Q01 46.527 0.0099 1Q02 45.529 0.0097 2Q02 42.515 0.0088 3Q02 41.843 0.0083 4Q02 93.114 0.0181 ($MM) 4Q02 3Q02 4Q0 1 Commercial 4.19 % 1.21 % 1. 34 % Commercial real estate 0.85 0.45 0.10 Total commercial 2.92 0.91 0.89 Consumer Auto loans - indirect 1.21 1.01 1.43 Auto lease 1.56 1.27 1.55 Indirect 1.39 1.15 1.50 Other direct 0.99 0.91 1.29 Home equity 0.45 0.38 0.48 Residential real estate 0.02 0.03 0.18 Total consumer 0.91 0.77 1.08 Total 1.81 % 0.83 % 0. 99 % (1) Excludes impact of net charge-offs on exited portfolios; excludes impact of Florida banking operations sold in 1Q02; includes 4Q02 credit actions. Reported total consumer net charge-offs were 0.96% in 4Q02, 0.83% in 3Q02, and 1.21% in 4Q01. Reported total net charge-offs were 1.84% in 4Q02, 0.87% in 3Q02, and 1.06% in 4Q01.

Vintage Performance % of Portfolio - EOP Cumulative Charge-off Vintage 12/00 12/01 3/02 6/02 9/02 12/02 6 Mo. 12 Mo. 18 Mo. Auto Loans Pre - 4Q98 18 % 6 % 3 % 2 % 1 % 1 % 4Q98 - 3Q99 25 12 11 9 6 5 4Q99 - 4Q00 57 34 30 26 22 17 0.07% 0.79% 1.72% 1Q01 - 4Q01 -- 48 43 38 31 27 0.04 0.52 1.08 1Q02 - 4Q02 -- -- 13 25 40 50 0.03 0.39 100 % 100 % 100 % 100 % 100 % 100 % Auto Leases Pre - 4Q98 16 % 5 % 4 % 3 % 2 % 1 % 4Q98 - 3Q99 33 22 19 16 13 10 4Q99 - 4Q00 51 39 37 34 30 27 0.04% 0.60% 1.48% 1Q01 - 4Q01 -- 34 33 31 28 27 0.06 0.62 1.31 1Q02 - 4Q02 -- -- 7 16 27 35 0.02 0.26 100 % 100 % 100 % 100 % 100 % 100 %

Consumer Delinquency Trends (1) 30+ Days 1Q01 2Q01 0.0288 3Q01 0.031 4Q01 0.0332 1Q02 0.0237 2Q02 0.0226 3Q02 0.0211 4Q02 0.0226 90+ Days 1Q01 2Q01 0.0047 3Q01 0.0055 4Q01 0.006 1Q02 0.0044 2Q02 0.0041 3Q02 0.0042 4Q02 0.0044 (1) % of related outstandings at EOP. Excludes impact of Florida banking operations sold in 1Q02

Loan Loss Reserve (1) Loan Loss Reserve Flow Analysis ($M) 4Q02 3Q02 2Q02 LLR- beginning $ 408.4 $ 393.0 $ 386.1 Gross charge-offs (56.9) (56.6) (57.5) Recoveries 13.3 12.9 12.6 Net charge-offs (43.6) (43.7) (44.9) Provision exp. 57.4 60.2 53.9 Credit actions chg-offs (51.3) Assets purchased -- 1.3 -- Loans securitized (2.5) (2.4) (2.0) LLR-ending $ 368.4 $ 408.4 $ 393.0 Amount Percent 1Q01 276.116 0.0143 2Q01 326.495 0.0176 3Q01 334.827 0.0177 4Q01 386.956 0.0205 1Q02 386.053 0.02 2Q02 393.011 0.02 3Q02 408.378 0.02 4Q02 368.395 0.0176 ($MM) (1) Excludes impact of Florida banking operations sold in 1Q02.

Loan Loss Reserve Adequacy - 9/30/02 LLR / Loans Union Banc Cal 2.40% KeyCorp 2.37 Huntington 2.00 Comerica 1.90 Hibernia 1.86 Huntington - 12/31/02 1.76 M&T Bank 1.66 Union Planters 1.54 National City 1.52 Fifth Third 1.50 South Trust 1.48 Banknorth Group 1.47 AmSouth 1.45 Zions 1.45 Regions Financial 1.43 Compass Bancshares 1.41 Marshall & Ilsley 1.40 BB & T 1.36 First Tennessee 1.36 National Commerce 1.28 Charter One 1.14 19 BHC Median X HBAN 1.47 LLR / NPA Hibernia 325% Banknorth Group 293 Huntington - 12/31/02 269 Fifth Third 267 National Commerce 255 Compass Bancshares 230 AmSouth 201 Zions 201 South Trust 198 Huntington 191 M&T Bank 177 BB & T 170 First Tennessee 161 Marshall & Ilsley 159 Union Banc Cal 157 Charter One 156 KeyCorp 146 National City 127 Comerica 124 Regions Financial 114 Union Planters 94 19 BHC Median X HBAN 177

Capital Review

Capital Trends - Reported Basis (1) 4Q02 3Q02 4 Q01 Tier 1 risk-based capital (2) 8.69 % 9.14 % 7.24 % Total risk-based capital (2) 11.59 12.10 10.29 Tier 1 leverage (2) 8.89 9.42 7.41 Tangible equity / assets 7.62 8.00 6.12 Double leverage (3) 88 87 104 (1) Period end (2) 4Q02 ratios are estimates (3) (Parent company investments in subsidiaries + goodwill) / equity

2003 Outlook

2002 Review - Key Strategic Accomplishments $1.35 EPS consistent with $1.32 - $1.36 target established in January Completed sale of Florida banking and insurance operations Repurchased 19.2 million shares at a value of $370 million Completed building senior management team Invested in customers New Customer Service System (CSS) installed in all banking offices New Commercial loan processing system installed Invested in businesses Acquired Haberer Investment Advisors Acquired LeaseNet Group, Inc. Invested in employees Announced second company-wide employee stock option grant

2003 Goals 11% - 13% EPS growth Focus on earnings drivers Small business banking Commercial banking Home equity loans Increase sales penetration - retail and commercial Open new banking offices Reduce credit costs

2003 Outlook Earnings per share $1.50 - $1.53 Revenue growth mid single digits Solid loan growth Margin compression Non-interest income growth high single digits Expense growth - a challenge mid single digits Improved credit quality Net charge-offs 0.65% - 0.75%

PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 FORWARD LOOKING STATEMENT DISCLOSURE This presentation and discussion, including related questions and answers, may contain forward-looking statements, including certain plans, expectations, goals, and projections which are subject to numerous assumptions, risks, and uncertainties. A number of factors, including but not limited to those set forth under the heading "Business Risks" included in Item 1 of Huntington's Annual Report on Form 10-K for the year ended December 31, 2001, and other factors described from time to time in Huntington's other filings with the Securities and Exchange Commission, could cause actual conditions, events, or results to differ significantly from those described in the forward-looking statements. All forward-looking statements included in this discussion, including related questions and answers, are based on information available at the time of the discussion. Huntington assumes no obligation to update any forward-looking statement.

Appendix

Managing Interest Rate Risk Net Interest Income at Risk Forward Curve +/- 2% Gradual Change in Rates Economic Value at Risk Parallel Yield Curve Shift +/- 2% Instantaneous Change in Rates (1) 2% Rate Rise 2% Rate Fall 1Q00 -0.018 0.009 2Q00 -0.02 0.016 3Q00 -0.022 0.018 4Q00 -0.026 0.02 1Q01 -0.021 0.017 2Q01 -0.021 0.018 3Q01 -0.017 0.015 4Q01 -0.012 0.008 1Q02 -0.016 0.014 2Q02 -0.013 0.009 3Q02 -0.008 -0.002 4Q02 -0.01 -0.004 +2% Rate Shock -2% Rate Shock 3Q00 -0.092 0.053 4Q00 -0.088 0.046 1Q01 -0.057 0.033 2Q01 -0.062 0.036 3Q01 -0.037 0.007 4Q01 -0.024 -0.007 1Q02 -0.038 0.008 2Q02 -0.03 0.001 3Q02 -0.034 -0.014 4Q02 -0.044 0.004 (1) 4Q02 +2% / -1%

Loan Portfolio - 12/31/02 By Type of Loan - Managed (1) ($B) Amt Pct Commercial $ 5.9 26.6% Commercial RE 3.5 15.7 Total commercial 9.3 42.3 Auto leases 3.2 14.5 Auto loans 4.2 19.0 Home equity 3.2 14.5 Residential real estate 1.7 7.9 Other consumer 0.4 1.8 Total consumer 12.7 57.7 Total loans $22.1 100. 0% (1) Includes securitized auto loans By Region or LOB - Managed 3Q01 Central OH/WV 0.219 Northern OH 0.118 W. Michigan 0.085 S. Ohio/KY 0.068 E. Michigan 0.054 Indiana 0.031 Auto 0.369 PFG 0.048 Treasury / Other 0.0086

Commercial Loan Portfolio - 12/31/02 $9.3 B By Industry Sector Services 0.24 Manufacturing 0.12 F.I.R.E. 0.29 Retail Trade 0.12 Construction 0.07 Wholesale Trade 0.05 Trans./Comm. 0.03 Agriculture 0.01 Energy 0.01 Other 0.0525

< $5 MM 18603 $5+ MM 361 $5 MM - < $10 MM 237 $10 MM - < $25 MM 115 $25 MM - < $50 MM 8 $50+ MM 1 Total 361 < $5 MM 0.6227 $5 MM - < $10 MM 0.1714 $10 MM - <$25 MM 0.1714 $25 MM - < $50 MM 0.0292 $50 MM + 0.0054 Commercial Loan Portfolio - 12/31/02 # of Loans By Size 18,603 98.1% 361 1.9% Loans By $ Size 62% 3% $9.3 Billion 17% 17% 1%

Commercial Real Estate Portfolio - 12/31/02 Retail Industrial Office Multifamily Land Devel Single-family Hotel Health Care Raw Land Other 0.213 0.174 0.163 0.142 0.082 0.052 0.046 0.023 0.024 0.08 Retail Industri al Office Multi-family Land Devel. Hotel Single- family Health Care Other $3.5 Billion Including Owner Occupied Raw Land

Commercial Real Estate Portfolio - 12/31/02 Retail Industrial Office Multifamily Land Devel Single-family Hotel Health Care Raw Land Other 0.195 0.115 0.15 0.208 0.12 0.065 0.065 0.016 0.031 0.035 Retail Industri al Office Multi-family Land Devel. Hotel Single- family Health Care Other $2.3 Billion Excluding Owner Occupied Raw Land

Columbus Cleveland Cincinnati W. MI E. MI WV ID FL 0.201 0.212 0.151 0.14 0.152 0.078 0.059 0.006 Commercial Real Estate Portfolio - 12/31/02 Construction Owner Occupied Mini-Perm Permanent 0.376 0.335 0.131 0.159 Cincinnat i Columbu s W. Michiga n E. Michiga n W. Virginia Indian a Cleveland Permanen t Mini-perm Owner Occupied Constructi on $3.5 Billion Florid a

4Q 2002 Credit Actions - Impact 4Q02 Before After Change ($MM) 3Q02 Actions Actions vs. 3Q02 NPA - $ $214 $214 $137 $ (77) - % 1.05% 1.02 % 0.65 % (40) bp Net charge-offs $44 $44 $95 $51 0.87% 0.84 % 1.84 % 97 bp LLR / Loans 2.00% 2.00 % 1.76 % (24) bp LLR / NPAs 191% 196 % 269 % 78 pct pts

Consumer Loan Portfolio - 12/31/02 By Type of Loan - Managed (1) ($B) Amt Pct Auto loans & leases 7.4 58.0 % Home equity * 3.2 25.1 Residential real estate 1.7 13.7 Other consumer 0.4 3.1 Total consumer $12.7 100. 0% * Home equity lines $2.6 Home equity loans 0.6 3Q01 Auto loans & leases 0.58 Home equity 0.25 Residential real estate 0.14 Other consumer 0.03 E. Michigan 0 Indiana 0 Auto 0 PFG 0 Mortgage 0 (1) Includes securitized auto loans

Indirect Auto - Quarterly Production ($MM) 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3 Q02 4Q02 Loans Production $489 $651 $454 $426 $613 $667 $504 $486 $498 $ 715 $609 % new vehicles 41% 46% 45% 43% 47% 50% 39% 47% 58% 5 7% 52% Avg. FICO 702 707 712 716 722 721 723 730 732 737 735 % < 640 16.9% 14.0% 9.2% 5.8% 4.7% 4.7% 3.1% 1.8% 1.4% 1. 2% 1.0% Risk expected loss 1.28% 1.18% 1.07% 0.91% 0.82% 0.84% 0.83% 0.67% 0.61% 0.5 5% 0.55% Leases Production $308 $352 $302 $271 $340 $318 $255 $213 $292 $ 391 $283 % new vehicles 68% 75% 79% 78% 80% 83% 83% 85% 90% 9 1% 95% Avg. residual 45% 43% 44% 38% 38% 37% 36% 37% 38% 4 0% 42% Avg. FICO 699 703 712 713 712 710 717 727 732 735 735 % < 640 14.7% 12.4% 8.7% 6.7% 6.2% 6.4% 3.6% 0.9% 0.7% 0. 6% 0.7% Risk expected loss 1.15% 1.11% 0.89% 0.88% 0.84% 0.86% 0.79% 0.65% 0.57% 0.5 0% 0.48%

Indirect Auto - Credit Underwriting FICO - new production Risk expected loss 1Q00 696 0.014 2Q00 702 0.0128 3Q00 707 0.0118 4Q00 712 0.0107 1Q01 716 0.0091 2Q01 722 0.0082 3Q01 721 0.0084 4Q01 723 0.0083 1Q02 730 0.0067 2Q02 732 0.0061 3Q02 737 0.0055 4Q02 735 0.0055 Auto Loans FICO - new production Risk expected loss 1Q00 699 0.0106 2Q00 699 0.0115 3Q00 703 0.0111 4Q00 712 0.0089 1Q01 713 0.0088 2Q01 712 0.0084 3Q01 710 0.0086 4Q01 717 0.0079 1Q02 727 0.0065 2Q02 732 0.0057 3Q02 735 0.005 4Q02 735 0.0048 Auto Leases

Indirect Auto - Credit Trends 30 day Delinq. 90 day Delinq. Net Charge-offs 1Q00 0 0 0 2Q00 0 0 0 3Q00 0 0 0 4Q00 0 0 0 1Q01 0 0 0 2Q01 0 0 0 3Q01 0.0343 0.0055 0.0093 4Q01 0.0409 0.0066 0.0143 1Q02 0.0223 0.0042 0.0147 2Q02 0.0229 0.0035 0.0092 3Q02 0.0213 0.0037 0.0101 4Q02 0.0251 0.0041 0.0121 Auto Loans Auto Leases 30 day Delinq. 90 day Delinq. Net Charge-offs 1Q00 0 0 0 2Q00 0 0 0 3Q00 0 0 0 4Q00 0 0 0 1Q01 0 0 0 2Q01 0 0 0 3Q01 0.0289 0.0046 0.0127 4Q01 0.0317 0.0049 0.0155 1Q02 0.0242 0.0033 0.0164 2Q02 0.0224 0.0035 0.0108 3Q02 0.0209 0.0034 0.0127 4Q02 0.0228 0.0036 0.0156

Home Equity - Quarterly Production ($MM) 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3 Q02 4Q02 Loans Production $87.2 $79.8 $74.2 $70.5 $93.6 $72.8 $83.2 $76.2 $81.8 $6 3.7 $64.1 Avg. LTV 80% 79% 79% 80% 80% 78% 77% 79% 75% 7 2% 72% Avg. FICO 687 686 684 689 692 695 697 697 699 698 698 % < 640 22.0% 23.5% 23.0% 19.3% 18.8% 16.6% 15.6% 14.5% 14.5% 16. 3% 16.1% Lines Production $222.9 $220.0 $194.7 $211.1 $328.0 $285.0 $297.1 $314.3 $364.4 $34 4.9 $355.3 Avg. LTV 80% 80% 79% 79% 79% 78% 77% 78% 78% 7 8% 79% Avg. FICO 710 708 712 711 714 714 720 722 722 722 722 % < 640 12.1% 13.7% 11.0% 11.0% 10.4% 9.3% 7.3% 6.3% 6.4% 6. 2% 5.3%

Home Equity - Credit Underwriting FICO - new prouction Risk expected loss 1Q00 684 0.0074 2Q00 687 0.0076 3Q00 686 0.0064 4Q00 684 0.0068 1Q01 689 0.0055 2Q01 692 0.0049 3Q01 695 0.0049 4Q01 697 0.0063 1Q02 697 0.0041 2Q02 699 0.0041 3Q02 698 0.0045 4Q02 698 Loans FICO - new production Risk expected loss 2Q00 710 0.0055 3Q00 708 0.0059 4Q00 712 0.0055 1Q01 711 0.0053 2Q01 714 0.005 3Q01 714 0.006 4Q01 720 0.0065 1Q02 722 0.0052 2Q02 722 0.0054 3Q02 722 0.0048 4Q02 722 Lines

Total Deposit Trends (1) Average ($B) Annualized Growth 4Q02 vs. 3Q02 vs. 4Q02 vs. 4Q02 3Q02 2Q02 4Q01 Central Region $ 5.1 (2) % 6 % 5 % No. Ohio Region 3.5 5 15 9 Cincinnati / Dayton Region 1.4 6 2 7 Indiana Region 0.6 (25) 37 7 E. Michigan Region 1.9 (7) 11 1 W. Michigan Region 2.4 (20) (3) 6 Total Regions $14.9 (5)% 8 % 6 % (1) Excludes deposits attributable to Dealer Sales and PFG lines of business, brokered deposits, and negotiable CDs; normalized for sale of Florida

Performance Trends (1) Loans (Avg) Core Deposits (Avg) Com'l Com'l RE Auto Ln/Lse HEL Res Mtg Other 1Q00 6.345 3.394 6.358 1.748 1.449 1.504 2Q00 6.439 3.426 6.024 1.861 1.473 1.54 3Q00 6.454 3.476 5.737 2.009 1.325 1.622 4Q00 6.543 3.533 5.689 2.119 0.94 1.666 1Q01 2Q01 5.986 3.184 5.511 2.664 0.696 0.485 3Q01 5.946 3.3 5.688 2.7 0.619 0.459 4Q01 5.751 3.5 5.718 2.753 0.672 0.446 1Q02 5.661 3.6 5.726 2.788 0.9 0.425 2Q02 5.614 3.653 5.71 2.911 1.229 0.413 3Q02 5.502 3.746 5.965 3.062 1.31 0.404 4Q02 5.7 3.5 6.2 3.2 1.7 0.4 ($B) Non. Int. Brg. DDA Int. Brg. DDA Savings Other Dom. Time 1Q00 3.466 4.053 3.645 7.271 2Q00 3.485 4.228 3.583 7.247 3Q00 3.425 4.385 3.528 7.45 4Q00 3.308 4.496 3.498 7.522 1Q01 2Q01 2.7 3.5 3 3.9 3Q01 2.8 3.7 2.9 4.1 4Q01 2.8 4 2.9 4.1 1Q02 2.7 4.4 2.8 4.1 2Q02 2.7 4.9 2.8 4.2 3Q02 2.868 5.269 2.766 4.167 4Q02 3 5.3 2.7 4 ($B) $18.7 $18.8 $19.1 $19.5 $15.1 $14.7 $14.0 $13.8 $13.5 (1) Excludes impact of Florida banking operations sold in 1Q02. $20.0 $20.7 $15.0

Performance Trends (1) (1) Operating basis; excluding securities gains Revenue (FTE) Amount 1Q00 343.8 2Q00 350.4 3Q00 348.2 4Q00 364.8 1Q01 321 2Q01 338.36 3Q01 341.944 4Q01 351.129 1Q02 349.264 2Q02 357.234 3Q02 363.754 4Q02 375.253 ($MM) Y/Y % Chg 7%

Performance Trends (1) Loan Loss Provision (2) Net Income (1) Operating basis (2) 4Q02 excludes credit actions taken during quarter. Net Charge-offs Add'l Provision 2Q01 34 8 3Q01 36 10 4Q01 50 4 1Q02 49 2 2Q02 45 9 3Q02 44 16 4Q02 44 13 ($MM) Amount 2Q01 76 3Q01 80.9 4Q01 79.6 1Q02 79.5 2Q02 81.7 3Q02 82.2 4Q02 85.1 ($MM) $46 $54 $51 $54 $60 $57

Performance Trends (1) Return on Average Assets Return on Average Equity Amount 1Q00 0.0145 2Q00 0.0137 3Q00 0.0115 4Q00 0.0106 1Q01 0.0116 2Q01 0.012 3Q01 0.013 4Q01 0.0128 1Q02 0.013 2Q02 0.0131 3Q02 0.0126 4Q02 0.0126 Return on Common Equity Return on Tangible Equity 1Q00 0.1899 2Q00 0.1779 3Q00 0.1404 4Q00 0.1289 1Q01 0.12 2Q01 0.126 0.144 3Q01 0.135 0.149 4Q01 0.134 0.147 1Q02 0.136 0.149 2Q02 0.14 0.154 3Q02 0.143 0.157 4Q02 0.151 0.168 (1) Operating basis

Private Financial Group

PFG - Business Overview - 2002 Asset Management / 12/31/02 Assets 12/31/01 Assets Investment Advisory Mngd Total Mngd Total Personal trust $4.7 B $7.6 B $4.8 B $8.2 B Huntington Funds 2.7 2.7 2.9 2.9 Institutional trust 0.5 13.0 0.5 13.4 Corporate trust 0.2 2.5 0.2 2.6 Haberer 0.5 0.5 NA NA $8.5 B $26.2 B $8.4 B $27.1 Brokerage 2002 2001 Change Mutual fund sales $165.0 $214.3 (23) % Annuity sales $583.6 $414.8 41 % Private Banking (avg. balances) Deposits $801.1 $613.9 30 % Loans $894.8 $658.1 36 %

PFG - Business Overview - 4Q02 ($MM) 4Q02 vs. 4Q02vs Brokerage 4Q02 3Q02 4Q01 3Q02 (1) 4Q01 Mutual fund sales $ 36.1 $ 32.4 $ 61.9 11 % (42) % Annuity sales 150.1 151.8 128.1 (1) 17 $186.2 $184.2 $190.0 1 % (2) % Private Banking (avg. balances) Deposits $897 $821 644 9 % 39 % Loans $1,021 $919 707 11% 45 % (1) Linked quarter percentage growth is not annualized

4Q02 Revenue ($MM) vs. 4Q01 Trust fees $ 15.3 4 % Brokerage & Insurance 13.2 4 Other (2) 1.1 10 Total $ 29.6 4 % (1) Operating basis (2) Misc. banking fees on loans / deposits PFG - Fee Based Revenue (1) Trust Fees Brokerage & Insurance 1Q01 13.7 10.9 2Q01 14.4 11.1 3Q01 14.8 9.5 4Q01 14.7 12.7 1Q02 15.1 12.2 2Q02 16.2 13.1 3Q02 15 12.6 4Q02 15.3 13.2 ($MM)

PFG - Huntington Funds Lipper 1 Year (12/31/02) rankings... Dividend Capture Fund Top 3% of 476 Mid Cap Fund Top 6% of 218 Growth Fund Top 10% of 612 Morningstar "5 Star" rating All equity funds in top quartile for 2002 YTD

PFG - Retail Investment Sales Success (1) 2002 2001 2001 Industry Huntington Huntington Average Top Quartile Sales penetration (2) 6.0% 5.3% 3.4% 4.6% Revenue penetration (3) $3,214 $2,844 $2,081 $2,821 Profit penetration (4) $1,110 $1,033 $ 679 $ 958 2002 2001 2001 Industry Average monthly (5) Huntington Huntington Average Top Quartile Sales per licensed banker $78,877 $74,407 $35,215 $61,158 Revenue per licensed banker $ 3,550 $3,342 $ 1,585 $ 2,905 2002 2001 Huntington Fund sales % total funds sold 18% 5% (1) Ken Kehrer & Associates survey (2) Sales (dollars invested) of mutual funds and annuities divided by bank's retail deposits (3) Investment program revenue per million of the bank's retail deposits (4) Contribution of investment program to pretax profit per million of the bank's retail deposits. Contribution is difference between program revenue and program expenses (5) Annualized

EX-99.1

                                                                    EXHIBIT 99.1

FOR IMMEDIATE RELEASE
JANUARY 16, 2003

CONTACTS:



Analysts                                   Media
                                                     

Jay Gould       (614) 480-4060             Jeri Grier         (614) 480-5413
Susan Stuart    (614) 480-3878             Karen Del Toro     (614) 480-3077



                          HUNTINGTON BANCSHARES REPORTS
                    2002 FOURTH QUARTER AND FULL YEAR RESULTS
                 - FOURTH QUARTER $0.36 GAAP EARNINGS PER SHARE
 - FULL YEAR $1.49 GAAP EARNINGS PER SHARE / $1.35 OPERATING EARNINGS PER SHARE

             ANNOUNCES NEW 8 MILLION SHARE REPURCHASE AUTHORIZATION

             PROVIDES 2003 EARNINGS OUTLOOK OF $1.50-$1.53 PER SHARE

     COLUMBUS, Ohio - Huntington Bancshares Incorporated (NASDAQ: HBAN;
www.huntington.com) today reported 2002 fourth quarter and full year earnings.


GAAP EARNINGS

     Fourth quarter GAAP earnings were $85.1 million, or $0.36 per common share.
This compares with GAAP earnings of $65.6 million, or $0.26 per common share, in
the year-ago fourth quarter, and $98.1 million, or $0.41 per common share, in
the third quarter of 2002. Full year 2002 GAAP earnings were $363.2 million, or
$1.49 per common share, compared with $178.5 million, or $0.71 per common share,
in 2001.


OPERATING EARNINGS(1)

     Fourth quarter earnings of $85.1 million, or $0.36 per common share, were
up 7% and 13%, respectively, from the year-ago fourth quarter operating earnings
of $79.6 million, or $0.32 per common share, and up 4% and 6%, respectively,
from third quarter 2002 operating earnings of $82.2 million, or $0.34 per common
share. Full year 2002 operating earnings of $328.5 million, or $1.35 per common
share, were up 7% and 11%, respectively, from full year 2001 operating earnings
of $307.5 million or $1.22 per common share.

                                     - 1 -


(1)  Results from the 2001 second quarter through the third quarter of 2002 were
     significantly impacted by a number of non-operating items, primarily
     related to the strategic restructuring announced in July 2001 and the
     subsequent sale of the Florida banking and insurance operations in the 2002
     first quarter. Therefore, solely for analytical purposes and as an aid to
     better understand underlying trends, certain data are presented on an
     operating basis which excludes the impact of restructuring and other
     charges, the gain from the sale of Florida banking operations and its
     related run-rate impact from prior periods, and other non-operating items.
     (Please refer to the schedules beginning on page 10, as well as the 2002
     fourth quarter's Quarterly Financial Review for schedules reconciling
     reported with operating earnings and additional schedules that exclude the
     impact of the sold Florida operations.)


MANAGEMENT COMMENTS

     "A year ago we established a 2002 operating earnings target of $1.32-$1.36
per share," said Thomas Hoaglin, chairman, president and chief executive
officer. "While this was an ambitious goal given the uncertain economic
environment and the fact that we were only in the very early stages of our
turnaround, we are extremely pleased to report full-year operating earnings at
the top end of that range. These results confirm the progress we have made thus
far in improving Huntington's operating performance."

     "Looking at fourth quarter performance, strong loan growth was again a
highlight," he continued. "This reflected continued good growth in consumer
loans, most notably mortgages and home equity-related loans. Total commercial
and commercial real estate loans also increased. Excluding retail certificates
of deposit, average core deposits increased 3% annualized during the quarter and
were up 13% from a year ago. The just-released FDIC deposit data shows an
increase in deposit market share in all our states and major markets as of June
2002."

     "Another highlight in the quarter was the 9% growth in non-interest income
driven by increases in deposit service charges, brokerage and insurance income,
and mortgage banking income, all of which are core fee income categories.
Expenses grew 5% from the third quarter, primarily reflecting higher personnel
costs related to incentive compensation and benefits."

                                     - 2 -


     "The credit actions we announced last week accelerating the disposition and
resolution of selected problem credits was a significant achievement," he
continued. "Importantly, our efforts over the last 18 months in improving our
credit culture, tightening underwriting standards and practices, and
strengthening our reserves, positioned us to take advantage of an economically
attractive opportunity to accelerate the disposition of these problem assets. As
a result, we enter 2003 from a stronger overall credit quality position,
including non-performing coverage and loan loss reserve ratios significantly
better than the median of our peer bank competitors."

     "On the strategic front, we completed installation of our new customer
service technology in all our banking offices. This was a yearlong undertaking
involving hundreds of employees and, thanks to their efforts, was successfully
completed on time and under budget. Today, every front-line banking office
associate is better equipped with the technology needed to serve our customers."

     "Lastly, we repurchased 4.2 million Huntington shares, bringing the 2002
purchases to 19.2 million shares at a value of $370 million," he concluded.


DISCUSSION OF RESULTS - ON AN OPERATING BASIS

     Fourth quarter 2002 results compared with sequential third quarter
performance on an operating basis reflected:

     -    13% annualized growth in managed loans reflecting growth in home
          equity, residential mortgage, auto loans and leases, and total
          commercial and commercial real estate loans

     -    4.07% net interest margin, down from 4.26%

     -    9% increase in non-interest income despite a $6.2 million pre-tax
          mortgage servicing impairment

     -    5% increase in non-interest expense and a 54.0% efficiency ratio, up
          from 53.1%

     -    1.76% loan loss reserve to loans ratio, down from 2.00%

     -    269% non-performing assets coverage ratio, up from 191%

     -    7.62% tangible common equity ratio, down from 8.00%

                                     - 3 -


     -    Repurchased 4.2 million common shares bringing 2002 repurchases to
          19.2 million shares at a cost of $370 million

     Net interest income increased $0.3 million from the third quarter
reflecting the benefit of a $1.1 billion, or 5%, increase in average earning
assets due to growth in both loans and securities, mostly offset by a 4%
decrease in the margin. The net interest margin declined to 4.07% from 4.26%.
The decline was driven by a number of factors including the inability to fully
reflect the latest reduction in market rates in our deposit prices, growth in
lower rate, but higher quality, auto loans and leases, and heavy prepayments of
higher rate mortgages. Compared with the year-ago fourth quarter, net interest
income was up $14.2 million, or 6%, reflecting the combination of an 11%
increase in average earning assets, partially offset by a 4% decline in the net
interest margin from 4.26%.

     Adjusting for any acquired, securitized, and sold portfolios, average
managed loans increased 13% on an annualized basis from the third quarter
impacted by a 20% annualized growth in consumer loans. Average residential
mortgages grew 72% annualized, reflecting continued strong demand for
residential mortgages and the promotion of adjustable rate mortgage products.
Average home equity loans and lines of credit increased 17% annualized with
average managed auto loans and leases up 12% annualized. Total average
commercial and commercial real estate loans increased 4% annualized reflecting
seasonal growth in dealer floor plan loans, as well as growth in small business
loans. Compared with the year-ago quarter, total average managed loans were up
10%.

     Although interest rates are at low absolute levels, retail certificates of
deposit (CDs) are currently a relatively expensive source of funds. Other more
attractive funding sources were being emphasized which resulted in average
retail CD balances declining $149 million. Total core deposits, excluding retail
CDs, increased $90 million, or 3%, annualized.

     Non-interest income, excluding securities gains, was up $10.0 million, or
9%, from the third quarter. This increase was spread over a number of core fee
income categories. Service charges on deposit accounts increased $3.7 million,
or 10%. Brokerage and insurance income increased $2.5 million, or 18%, driven
primarily by capital market activities. Mortgage banking income increased $5.1
million despite mortgage servicing rights impairment. Such impairments were

                                     - 4 -


$6.2 million and $6.6 million in the fourth and third quarters, respectively.
These impairments reflected unusually high loan prepayment activity over the
second half of 2002, due to the rapidly declining interest rate environment.

     Compared with the year-ago quarter, non-interest income excluding
securities gains was up 8%. Primarily contributing to this year-over-year
increase were a 17% increase in deposit service charges, a 9% increase in
brokerage and insurance income, a 20% increase in bank owned life insurance
income, a 14% increase in other service charges, primarily electronic banking
fees, and a 12% increase in other income. These increases were partially offset
by a 24% decline in mortgage banking income caused primarily by mortgage
servicing rights impairment in the 2002 fourth quarter.

     Non-interest expense was up $9.0 million, or 5%, from the third quarter
driven primarily by a $6.4 million, or 6%, increase in personnel costs. This
increase reflected higher performance-based compensation and higher benefit
expenses. Also contributing to the linked-quarter increase was a $2.1 million
increase in outside data processing and other services, reflecting volume driven
costs, especially in the mortgage company, and a $1.9 million increase in
professional services influenced by costs supporting the fourth quarter credit
actions. These increases were partially offset by declines in net occupancy and
marketing expenses of $1.4 million and $1.3 million, respectively.

     Compared with the 2001 fourth quarter, non-interest expense was up $15.3
million, or 8%, primarily due to a $13.8 million, or 14%, increase in personnel
cost. Contributing equally to this increase were salary expense, incentive
compensation, and benefit costs. The increased salary expense reflected higher
staffing levels associated with the broad-based strengthening of the management
team, including the credit workout area. Higher sales commissions were reflected
across all lines of business. Outside data processing and other services was up
$1.8 million, or 12%, and professional services increased $2.0 million, or 32%.
These increases were influenced by the same factors affecting linked quarter
comparisons. Net occupancy expense decreased $1.8 million, or 12%, while the
amortization of intangible expense declined $2.4 million due the implementation
of SFAS 142, Goodwill and Other Intangible Assets, at the beginning of 2002.

                                     - 5 -


     The fourth quarter efficiency ratio increased to 54.0% from 53.1% in the
third quarter and 52.7% in the year-ago quarter.

     Net charge-offs for the 2002 fourth quarter were $94.9 million, or an
annualized 1.84%, including the $51.3 million in charge-offs associated with the
fourth quarter credit actions previously announced January 7, 2003, and recapped
below. Excluding these charge-offs, net charge-offs were $43.6 million and
represented an annualized 0.84% of average loans. This performance was
essentially flat with third quarter performance of $43.7 million and an
annualized 0.87% of average loans. Excluding the impact of the fourth quarter
credit actions, as well as the net charge-offs on exited portfolios for which
reserves were previously established, net charge-offs represented 0.81% of
average loans, down from 0.83% in the third quarter.

     The over 30-day delinquent but still accruing ratio for total loans
decreased 12 basis points to 1.70% at the end of the fourth quarter from 1.82%
at the end of the third quarter. This reflected an improvement in the total
commercial and commercial real estate delinquency ratio to 1.00% from 1.45%,
partially offset by an increase in consumer delinquencies to 2.26% from 2.11%.

     Loan loss provision expense in the fourth quarter was $57.4 million,
exceeding the adjusted $43.6 million in net charge-offs by $13.8 million, or
32%. The December 31, 2002, allowance for loan losses as a percent of period-end
loans was 1.76%, down from the 2.00% level at September 30, 2002, reflecting the
impact of the fourth quarter credit actions, and compares to 2.05% a year ago.
The allowance for loan losses as a percent of non-performing assets increased to
269% at December 31, 2002, from 191% at the end of the third quarter and 176% at
the end of the prior year.

     Non-performing assets at December 31, 2002 were $136.7 million and
represented 0.65% of period-end loans and other real estate owned. This was down
from $214.1 million, or 1.05%, at September 30, 2002, and $219.6 million, or
1.16%, at the end of last year. The $77.4 million decline in non-performing
assets from September 30, 2002 included the $47.2 million sale of non-performing
assets as part of the fourth quarter credit actions, plus the net $30.2 million
reduction in other non-performing assets during the quarter. Year end
non-performing assets continued to be concentrated in the manufacturing and
services sectors.

                                     - 6 -


2002 FOURTH QUARTER CREDIT ACTIONS

     As announced January 7, 2003, fourth quarter credit quality results were
significantly impacted by two credit actions. The first was the sale of $47.2
million in non-performing assets with $21.4 million of related charge-offs. The
second was the full charge-off of a $29.9 million credit exposure to one health
care finance company that was classified as a non-performing asset in November
2002. These two actions resulted in $51.3 million of charge-offs in the fourth
quarter. The $29.9 million health care credit had no impact on non-performing
asset comparisons between September 30, 2002 and December 31, 2002, as this
asset went on non-performing status and was subsequently charged-off within the
fourth quarter. These credit actions had no fourth quarter net earnings impact,
as existing reserves were sufficient to absorb the $51.3 million in charge-offs.


CAPITAL MANAGEMENT / NEW SHARE REPURCHASE AUTHORIZATION

     At December 31, 2002, the tangible equity to assets ratio was 7.62%, down
from 8.00% at September 30, 2002. This decrease reflected the impact of the
company's share repurchase program and growth in assets, partially offset by
earnings growth. During the quarter 4.2 million shares were repurchased,
bringing the full-year repurchases to 19.2 million shares at a cost of $370
million.

     Huntington's board of directors has authorized a new share repurchase
program of up to 8 million shares. This represents 3% of the 232.9 million
shares outstanding on December 31, 2002, and $153 million worth of stock based
on the closing price of $19.11 on January 15, 2003. Purchases will be made from
time-to-time in the open market or through privately negotiated transactions
depending upon market conditions. The earlier share repurchase authorization of
February 2002, with approximately 2.6 million shares remaining, was cancelled
and replaced by this new program.

     "Maintaining an open share repurchase authorization provides a useful and
shareholder-beneficial capital management tool," said Hoaglin, "and our current
authorization was approaching fulfillment. We expect to repurchase the balance
of the shares not purchased under the cancelled program, although we have no
specific timetable for completing the full program.

                                     - 7 -


Shares will be purchased from time to time as warranted by a number of factors
including market conditions and management of capital resources."

     "There have been a lot of strategic changes at Huntington over the last 18
months," he said. "Most important was the sale of the Florida banking operations
and the resultant recapitalization of the company. The proceeds from this sale
raised the tangible equity to asset ratio to 9.06% at the end of the first
quarter. The repurchase of our stock during 2002 reduced this ratio to 7.62% at
the end of the year. An important objective of the strategic restructuring plan
was to position the company to have the flexibility that comes with being well
capitalized. To that end, we are targeting a long-term tangible equity to asset
ratio of 7.00%. This compares favorably with the 6.50%-6.75% level of other,
comparably sized and rated, bank holding companies. We view this as a long-term
target and not one we expect to hit every quarter."


2003 OUTLOOK

     "The direction of the economy and interest rates will remain significant
factors on 2003 performance," said Hoaglin. "Our planning assumptions are that
over the course of the year, and mostly in the second half, we will see slight
economic improvement in all our markets. Interest rates are expected to remain
at relatively low levels, though a slight pick-up late in the year is probable."

     "Net interest income is expected to improve modestly. While we expect
continued loan growth, pressure on the net interest margin will be a dampening
factor on net interest income growth. Consumer loan growth is again expected to
do well though it will likely moderate from 2002 growth rates. Further, we are
targeting modest commercial loan growth as our small business banking initiative
gathers momentum. Non-interest income growth is also expected, led by service
charges and broker and insurance income increases; however mortgage banking
income will most likely decline given the heavy refinancing activity of the last
18 months."

                                     - 8 -


     "Expenses will increase reflecting a number of factors including the costs
of our investment in staff and technology this past year, higher pension and
benefit expense, and plans to add a few new branches. On the credit quality
front, we anticipate continued improvement including lower underlying net
charge-offs and a modest decline in non-performing assets."

     "Reflecting these factors, we are targeting earnings of $1.50 - $1.53 per
share in 2003, or an increase of 11% - 13% from last year," he concluded.


CONFERENCE CALL/WEBCAST INFORMATION

Huntington's senior management will host a conference call this afternoon to
discuss these developments at 1:30p.m. EST. The call may be accessed via a live
Internet webcast at www.huntington-ir.com or through a dial-in telephone number
at (800) 482-2225. Slides will be available at www.huntington-ir.com just prior
to 12:30p.m. EST, today for review during the call. A replay of the webcast will
be archived in the Investor Relations section of Huntington's web site
www.huntington.com. A telephone replay will be available two hours after the
completion of the call through January 31, 2003, at (888) 211-2648; conference
ID 2818230. The conference call transcript and slides will be filed with the
Securities and Exchange Commission on Form 8-K.


FORWARD-LOOKING STATEMENT

This press release contains certain forward-looking statements, including
certain plans, expectations, goals, and projections, which are subject to
numerous assumptions, risks, and uncertainties. A number of factors, including
but not limited to those set forth under the heading "Business Risks" included
in Item 1 of Huntington's Annual Report on Form 10-K for the year ended December
31, 2001, and other factors described from time to time in Huntington's other
filings with the Securities and Exchange Commission, could cause actual
conditions, events, or results to differ significantly from those described in
the forward-looking statements. All forward-looking statements included in this
news release are based on information available at the time of the release.
Huntington assumes no obligation to update any forward-looking statement.


ABOUT HUNTINGTON

Huntington Bancshares Incorporated is a $28 billion regional bank holding
company headquartered in Columbus, Ohio. Through its affiliated companies,
Huntington has more than 137 years of serving the financial needs of its
customers. Huntington provides innovative retail and commercial financial
products and services through more than 300 regional banking offices in Indiana,
Kentucky, Michigan, Ohio and West Virginia. Huntington also offers retail and
commercial financial services online at www.huntington.com; through its
technologically advanced, 24-hour telephone bank; and through its network of
more than 900 ATMs. Selected financial service activities are also conducted in
other states including: Dealer Sales offices in Florida, Georgia, Tennessee,
Pennsylvania and Arizona; Private Financial Group offices in Florida; and
Mortgage Banking offices in Florida, Maryland and New Jersey. International
banking services are made available through the headquarters office in Columbus
and additional offices located in the Cayman Islands and Hong Kong.

                                       ###

                                     - 9 -

                       HUNTINGTON BANCSHARES INCORPORATED
                       CONSOLIDATED RESULTS OF OPERATIONS




                                                                         THREE MONTHS ENDED
                                      ---------------------------------------------------------------------------------------------
                                                     DECEMBER 31, 2002                              December 31, 2001
- -----------------------------------------------------------------------------------   ---------------------------------------------
                                                Restructuring                                   Restructuring
(in thousands, except per             Reported   and Other      Florida   Operating   Reported   and Other    Florida     Operating
 share amounts)                       Earnings   Items (1)       Items    Earnings    Earnings   Items (1)    Items        Earnings
- -----------------------------------------------------------------------------------   ---------------------------------------------
                                                                                                  
Net Interest Income                   $249,702    $  --          $  --    $249,702    $255,238   $     --     $ 19,692     $235,546
Provision for Loan Losses               57,418       --             --      57,418     108,275     50,000        3,994       54,281
Securities Gains                         2,339       --             --       2,339          89         --           --           89
Non-Interest Income                    123,682       --             --     123,682     133,008         --       18,717      114,291
Gain on Sale of Florida Operations          --       --             --          --          --         --           --           --
Merchant Services Gain                      --       --             --          --          --         --           --           --
Non-Interest Expense                   202,695       --             --     202,695     227,354         --       39,925      187,429
Special Charges                             --       --             --          --      15,143     15,143           --           --
- -----------------------------------------------------------------------------------   ---------------------------------------------
Income Before Income Taxes             115,610       --             --     115,610      37,563    (65,143)      (5,510)     108,216
Income Taxes                            30,475       --             --      30,475     (28,086)   (55,300)      (1,417)      28,631
- -----------------------------------------------------------------------------------   ---------------------------------------------
Net Income                            $ 85,135    $  --          $  --    $ 85,135    $ 65,649   $ (9,843)    $ (4,093)    $ 79,585
===================================================================================   ==============================================
Net Income per Common
 Share -- Diluted                        $0.36    $0.00          $0.00       $0.36       $0.26     ($0.04)      ($0.02)       $0.32
===================================================================================   ==============================================





                                                                         TWELVE MONTHS ENDED
                                     ----------------------------------------------------------------------------------------------
                                                    DECEMBER 31, 2002                             December 31, 2001
- -----------------------------------------------------------------------------------------------------------------------------------
                                               Restructuring                                 Restructuring
(in thousands, except per            Reported    and Other   Florida   Operating   Reported    and Other     Florida      Operating
 share amounts)                      Earnings    Items (1)   Items(2)   Earnings   Earnings    Items (1)     Items         Earnings
- --------------------------------------------------------------------------------   ------------------------------------------------
                                                                                                  
Net Interest Income                  $983,802    $     --    $ 9,724    $974,078   $996,182    $      --     $ 82,273      $913,909
Provision for Loan Losses             227,340          --      5,186     222,154    308,793      121,718       15,121       171,954
Securities (Losses) Gains               4,902          --         --       4,902        723       (5,250)          --         5,973
Non-Interest Income                   480,015          --     13,343     466,672    508,757           --       76,992       431,765
Gain on Sale of Florida Operations    175,344     175,344         --          --         --           --           --            --
Merchant Services Gain                 24,550      24,550         --          --         --           --           --            --
Non-Interest Expense                  795,864          --     20,210     775,654    923,630           --      162,887       760,743
Special Charges                        56,184      56,184         --          --     99,957       99,957           --            --
- --------------------------------------------------------------------------------   ------------------------------------------------
Income Before Income Taxes            589,225     143,710     (2,329)    447,844    173,282     (226,925)     (18,743)      418,950
Income Taxes                          226,000     107,482       (804)    119,322     (5,239)    (111,924)      (4,730)      111,415
- --------------------------------------------------------------------------------   ------------------------------------------------
Net Income                           $363,225    $ 36,228    $(1,525)   $328,522   $178,521    $(115,001)    $(14,013)     $307,535
================================================================================   ================================================
Net Income per Common
 Share -- Diluted                       $1.49       $0.15     ($0.01)      $1.35      $0.71       ($0.46)      ($0.05)        $1.22
================================================================================   ================================================


(1)  Includes charges related to the July 2002 Merchant Services gain, the
     February 2002 gain on sale of Florida operations, and Huntington's
     strategic refocusing plan. Income taxes for 2001 include a $32.5 million
     reduction related to the issuance of $400 million of REIT subsidiary
     preferred stock, of which $50 million was issued to the public.

(2)  Includes results of Florida operations through February 15, 2002, and the
     impact of J. Rolfe Davis Insurance Agency through June 30, 2002.

                       HUNTINGTON BANCSHARES INCORPORATED
                            QUARTERLY KEY STATISTICS
                                 REPORTED BASIS



                                                                                                          PERCENT CHANGE(6) VS.
                                                                                                          ---------------------
(in thousands, except per share amounts)                    4Q02               3Q02          4Q01            3Q02       4Q01
- -----------------------------------------------------------------------------------------------------     ---------------------
                                                                                                         
Net Interest Income                                     $   249,702        $   249,416    $   255,238         0.1%        (2.2)%
Provision for Loan Losses                                    57,418             60,249        108,275        (4.7)       (47.0)
Securities Gains                                              2,339              1,140             89        N.M.         N.M.
Non-Interest Income                                         123,682            113,692        133,008         8.8         (7.0)
Gain on Sale of Florida Operations                               --                 --             --          --           --
Merchant Services Gain                                           --             24,550             --      (100.0)          --
Non-Interest Expense                                        202,695            193,723        227,354         4.6        (10.8)
Special Charges                                                  --                 --         15,143          --       (100.0)
- -----------------------------------------------------------------------------------------------------     -----------------------
Income Before Income Taxes                                  115,610            134,826         37,563       (14.3)       207.8
Income Taxes                                                 30,475             36,703        (28,086)      (17.0)      (208.5)
- -----------------------------------------------------------------------------------------------------     -----------------------
NET INCOME                                              $    85,135        $    98,123    $    65,649       (13.2)%       29.7%
=====================================================================================================     =======================

Net Income per common share - diluted                         $0.36              $0.41          $0.26       (12.2)%       38.5%
Cash dividends declared per common share                      $0.16              $0.16          $0.16          --%          --%
Book value per common share at end of period                  $9.89              $9.85          $9.62         0.4%         2.8%

Average common shares - basic                               233,581            239,925        251,193        (2.6)%       (7.0)%
Average common shares - diluted                             235,083            241,357        251,858        (2.6)%       (6.7)%

Return on average assets                                       1.26%              1.51%          0.93%
Return on average shareholders' equity                         15.1%              17.1%          11.0%
Net interest margin                                            4.07%              4.26%          4.11%
Efficiency ratio                                               54.0%              53.1%          55.8%

Average loans                                           $20,672,470        $19,989,415    $21,512,582         3.4%        (3.9)%
Average loans - managed(1)                              $21,793,958        $21,133,860    $22,747,539         3.1%        (4.2)%
Average loans - managed - linked quarter
 annualized growth rate(2)                                     13.3%              11.3%           2.7%
Average earning assets                                  $24,529,181        $23,435,434    $24,881,811         4.7%        (1.4)%
Average core deposits(3)                                $15,008,428        $15,070,096    $18,236,197        (0.4)%      (17.7)%
Average core deposits - linked quarter
 annualized growth rate(3)                                     (1.6)%             10.4%           8.7%
Average core deposits - excluding CDs                   $11,706,907        $11,617,335    $13,207,697         0.8%       (11.4)%
Average core deposits excl. CDs - linked quarter
 annualized growth rate                                         3.1%              15.6%          12.4%
Average total assets - reported                         $26,854,908        $25,777,810    $27,977,049         4.2%        (4.0)%
Average shareholders' equity                            $ 2,240,973        $ 2,277,898    $ 2,361,214        (1.6)%       (5.1)%
Total assets at end of period                           $27,578,710        $26,739,012    $28,500,159         3.1%        (3.2)%
Total shareholders' equity at end of period             $ 2,303,831        $ 2,339,786    $ 2,416,440        (1.5)%       (4.7)%

Net charge-offs (NCOs) - incl exited businesses         $    94,938        $    43,700    $    56,146        N.M.%        69.1%
NCOs as a % of average loans - incl exited businesses          1.84%              0.87%          1.04%
NCOs - excluding exited businesses                      $    93,114        $    41,843    $    52,518        N.M.%        77.3%
NCOs as a % of average loans - excluding
 exited businesses                                             1.81%              0.83%          0.98%
Non-performing loans (NPLs)                             $   128,069        $   203,454    $   221,109       (37.1)%      (42.1)%
Non-performing assets (NPAs)                            $   136,723        $   214,129    $   227,493       (36.1)%      (39.9)%
NPAs as a % of total loans and other
 real estate (OREO)                                            0.65%              1.05%          1.05%
Allowance for loan losses (ALL) as a %
 of total loans at the end of period                           1.76%              2.00%          1.90%
ALL as a % of NPLs                                            287.7%             200.7%         185.7%
ALL as a % of NPAs                                            269.4%             190.7%         180.5%

Tier 1 risk-based capital(4)(5)                                8.69%              9.14%          7.24%
Total risk-based capital(4)(5)                                11.59%             12.10%         10.29%
Tier 1 leverage(4)                                             8.89%              9.42%          7.41%
Average equity/assets                                          8.34%              8.84%          8.44%
Tangible equity/assets(5)                                      7.62%              8.00%          6.12%


(1)  Includes securitized indirect auto loans.

(2)  Annualized growth percentages normalized for asset securitizations, loan
     sales, and acquisition of LeaseNet.

(3)  Includes non-interest bearing and interest bearing demand deposits, savings
     deposits, CDs under $100,000 and IRA deposits.

(4)  Estimated.

(5)  At end of period. Tangible equity (total equity less intangible assets)
     divided by tangible assets (total assets less intangible assets).

(6)  Not normalized.

N.M. - Not Meaningful.


                       HUNTINGTON BANCSHARES INCORPORATED
                              ANNUAL KEY STATISTICS
                                 REPORTED BASIS



                                                                                                         PERCENT
(in thousands, except per share amounts)                             2002               2001             CHANGE(5)
- ------------------------------------------------------------------------------------------------         ---------
                                                                                                
Net Interest Income                                              $   983,802         $   996,182            (1.2)%
Provision for Loan Losses                                            227,340             308,793           (26.4)
Securities Gains                                                       4,902                 723            N.M.
Non-Interest Income                                                  480,015             508,757            (5.6)
Gain on sale of Florida operations                                   175,344                  --              --
Merchant Services Gain                                                24,550                  --              --
Non-Interest Expense                                                 795,864             923,630           (13.8)
Special Charges                                                       56,184              99,957           (43.8)
- ------------------------------------------------------------------------------------------------         ---------
Income Before Income Taxes                                           589,225             173,282           240.0
Income Taxes                                                         226,000              (5,239)           N.M.
- ------------------------------------------------------------------------------------------------         ---------
NET INCOME                                                       $   363,225         $   178,521           103.5%
================================================================================================         =========
Net Income per common share - diluted                                  $1.49               $0.71           109.9%
Cash dividends declared per common share                               $0.64               $0.72           (11.1)%
Book value per common share at end of period                           $9.89               $9.62             2.8%

Average common shares - basic                                        242,279             251,078            (3.5)%
Average common shares - diluted                                      244,012             251,716            (3.1)%

Return on average assets                                                1.40%               0.63%
Return on average shareholders' equity                                  15.7%                7.5%
Net interest margin                                                     4.19%               4.02%
Efficiency ratio                                                        54.0%               58.4%

Average loans                                                    $20,166,528         $21,149,091            (5.5)%
Average loans - managed(1)                                       $21,326,244         $22,445,132            (4.5)%
Average earning assets                                           $23,594,946         $24,966,305            (5.8)%
Average total assets - reported                                  $26,035,530         $28,137,172            (7.7)%
Average core deposits(2)                                         $15,265,736         $17,669,636           (13.6)%
Average core deposits - excluding CDs                            $11,645,551         $12,689,693            (8.2)%
Average shareholders' equity                                     $ 2,307,475         $ 2,381,820            (3.2)%

Total assets at end of period                                    $27,578,710         $28,500,159            (3.2)%
Total shareholders' equity at end of period                      $ 2,303,831         $ 2,416,440            (4.7)%

Net charge-offs (NCOs) - incl exited businesses                  $   239,319         $   189,447            26.3%
NCOs as a % of average loans - incl exited businesses                   1.19%               0.90%
NCOs - excluding exited businesses                               $   229,505         $   174,537            31.5%
NCOs as a % of average loans - excluding
 exited businesses                                                      1.14%               0.83%
Non-performing loans (NPLs)                                      $   128,069         $   221,109           (42.1)%
Non-performing assets (NPAs)                                     $   136,723         $   227,493           (39.9)%
NPAs as a % of total loans and other
 real estate (OREO)                                                     0.65%              1.05%
Allowance for loan losses (ALL) as a %
 of total loans at the end of period                                    1.76%             1.90%
ALL as a % of NPLs                                                     287.7%            185.7%
ALL as a % of NPAs                                                     269.4%            180.5%

Tier 1 risk-based capital(3)(4)                                         8.69%             7.24%
Total risk-based capital(3)(4)                                         11.59%            10.29%
Tier 1 leverage(3)                                                      8.89%             7.41%
Average equity/assets                                                   8.86%             8.47%
Tangible equity/assets(4)                                               7.62%             6.12%


(1)  Includes securitized indirect auto loans.

(2)  Includes non-interest bearing and interest bearing demand deposits, savings
     deposits, CDs under $100,000 and IRA deposits.

(3)  Estimated.

(4)  At end of period. Tangible equity (total equity less intangible assets)
     divided by tangible assets (total assets less intangible assets).

(5)  Percent changes for average loans, assets, deposits, and equity are
     normalized for asset securitizations, loan sales, and acquisition of
     LeaseNet.

N.M. - Not Meaningful.

                       HUNTINGTON BANCSHARES INCORPORATED
                            QUARTERLY KEY STATISTICS
                               OPERATING BASIS (1)



                                                                                                         PERCENT CHANGE(5) VS.
                                                                                                         ---------------------
(in thousands, except per share amounts)                      4Q02              3Q02           4Q01       3Q02         4Q01
- ------------------------------------------------------------------------------------------------------   ---------------------
                                                                                                        
Net Interest Income                                       $   249,702       $   249,416    $   235,546      0.1%         6.0%
Provision for Loan Losses                                      57,418            60,249         54,281     (4.7)         5.8
Securities Gains                                                2,339             1,140             89    105.2         N.M.
Non-Interest Income                                           123,682           113,692        114,291      8.8          8.2
Non-Interest Expense                                          202,695           193,723        187,429      4.6          8.1
- ------------------------------------------------------------------------------------------------------   ---------------------
Income Before Income Taxes                                    115,610           110,276        108,216      4.8          6.8
Income Taxes                                                   30,475            28,110         28,631      8.4          6.4
- ------------------------------------------------------------------------------------------------------   ---------------------
NET INCOME                                                $    85,135       $    82,166    $    79,585      3.6%         7.0%
======================================================================================================   =====================
Net Income per common share - diluted                     $      0.36       $      0.34    $      0.32      5.9%        12.5%

Return on average assets                                         1.26%             1.26%          1.28%
Return on average shareholders' equity                           15.1%             14.3%          13.4%
Net interest margin                                              4.07%             4.26%          4.26%
Efficiency ratio                                                 54.0%             53.1%          52.7%

Average loans                                             $20,672,470       $19,989,415    $18,807,146      3.4%         9.9%
Average loans - managed(2)                                $21,793,958       $21,133,860    $20,042,103      3.1%         8.7%
Average loans - managed - linked quarter
 annualized growth rate(3)                                       13.3%             11.3%           1.1%
Average earning assets                                    $24,529,181       $23,435,434    $22,176,375      4.7%        10.6%
Average core deposits(4)                                  $15,008,428       $15,070,096    $13,824,036     (0.4)%        8.6%
Average core deposits - linked quarter
 annualized growth rate(4)                                       (1.6)%            10.4%           9.6%
Average core deposits - excluding CDs                     $11,706,907       $11,617,335    $10,400,090      0.8%        12.6%
Average core deposits excl. CDs - linked quarter
 annualized growth rate                                           3.1%             15.6%          13.0%
Average total assets                                      $26,854,908       $25,777,810    $24,613,326      4.2%         9.1%
Average shareholders' equity                              $ 2,240,973       $ 2,277,898    $ 2,361,214     (1.6)%       (5.1)%

Net charge-offs (NCOs) - incl exited businesses           $    94,938       $    43,700    $    50,149     N.M.%        89.3%
NCOs as a % of average loans - incl exited businesses            1.84%             0.87%          1.06%
NCOs - excluding exited businesses                        $    93,114       $    41,843    $    46,521     N.M.%        N.M.%
NCOs as a % of average loans - excluding
 exited businesses                                               1.81%             0.83%          0.99%
Non-performing loans (NPLs)                               $   128,069       $   203,454    $   213,262    (37.1)%      (39.9)%
Non-performing assets (NPAs)                              $   136,723       $   214,129    $   219,646    (36.1)%      (37.8)%
NPAs as a % of total loans and other
 real estate (OREO)                                              0.65%             1.05%          1.16%
Allowance for loan losses (ALL) as a %
 of total loans at the end of period                             1.76%             2.00%          2.05%
ALL as a % of NPLs                                              287.7%            200.7%         181.4%
ALL as a % of NPAs                                              269.4%            190.7%         176.2%


(1)  Reported basis adjusted to exclude the July 2002 Merchant Services gain,
     the results of the Florida banking operations and the impact from the
     February 2002 sale, the July 2002 sale of J. Rolfe Davis Insurance Agency,
     Inc., and restructuring and other charges.

(2)  Includes securitized indirect auto loans.

(3)  Annualized growth percentages normalized for asset securitizations, loan
     sales, and acquisition of LeaseNet.

(4)  Includes non-interest bearing and interest bearing demand deposits, savings
     deposits, CDs under $100,000 and IRA deposits.

(5)  Not normalized.

N.M. - Not Meaningful.

                       HUNTINGTON BANCSHARES INCORPORATED
                              ANNUAL KEY STATISTICS
                               OPERATING BASIS(1)



                                                                                                        PERCENT
(in thousands, except per share amounts)                        2002                  2001              CHANGE (4)
- ----------------------------------------------------------------------------------------------          ----------
                                                                                               
Net Interest Income                                          $   974,078           $   913,909             6.6%
Provision for Loan Losses                                        222,154               171,954            29.2
Securities Gains                                                   4,902                 5,973           (17.9)
Non-Interest Income                                              466,672               431,765             8.1
Non-Interest Expense                                             775,654               760,743             2.0
- ----------------------------------------------------------------------------------------------          ----------
Income Before Income Taxes                                       447,844               418,950             6.9
Income Taxes                                                     119,322               111,415             7.1
- ----------------------------------------------------------------------------------------------          ----------
NET INCOME                                                   $   328,522           $   307,535             6.8%
==============================================================================================          ==========
Net Income per common share - diluted                              $1.35                 $1.22            10.7%
Return on average assets                                            1.28%                 1.23%
Return on average shareholders' equity                              14.2%                 12.9%
Net interest margin                                                 4.21%                 4.11%
Efficiency ratio                                                    53.6%                 55.4%
Average loans                                                $19,828,951           $18,595,172             5.5%
Average loans - managed(2)                                   $20,988,667           $19,891,213             6.0%
Average earning assets                                       $23,257,615           $22,412,659             2.9%
Average total assets                                         $25,598,761           $24,923,610             2.0%
Average core deposits(3)                                     $14,703,245           $13,337,965            10.3%
Average core deposits - excluding CDs                        $11,287,383           $ 9,964,969            13.2%
Average shareholders' equity                                 $ 2,307,475           $ 2,381,820            (4.2)%
Net charge-offs (NCOs) - incl exited businesses              $   232,814           $   173,809            33.9%
NCOs as a % of average loans - incl exited businesses               1.17%                 0.93%
NCOs - excluding exited businesses                           $   223,000           $   158,899            40.3%
NCOs as a % of average loans - excluding
 exited businesses                                                  1.12%                 0.86%
Non-performing loans (NPLs)                                  $   128,069           $   213,262           (39.9)%
Non-performing assets (NPAs)                                 $   136,723           $   219,646           (37.8)%
NPAs as a % of total loans and other
 real estate (OREO)                                                 0.65%                 1.16%
Allowance for loan losses (ALL) as a %
 of total loans at the end of period                                1.76%                 2.05%
ALL as a % of NPLs                                                 287.7%                181.4%
ALL as a % of NPAs                                                 269.4%                176.2%


(1)  Reported basis adjusted to exclude the July 2002 Merchant Services gain,
     the results of the Florida banking operations and the impact from the
     February 2002 sale, the July 2002 sale of J. Rolfe Davis Insurance Agency,
     Inc., and restructuring and other charges.

(2)  Includes securitized indirect auto loans.

(3)  Includes non-interest bearing and interest bearing demand deposits, savings
     deposits, CDs under $100,000 and IRA deposits.

(4)  Percent changes for average loans, assets, deposits, and equity are
     normalized for asset securitizations, loan sales, and acquisition of
     LeaseNet.

N.M. - Not Meaningful.

                       HUNTINGTON BANCSHARES INCORPORATED
                           QUARTERLY FINANCIAL REVIEW
                                 DECEMBER 2002

                               TABLE OF CONTENTS

                                                                                   
Reported Basis

Consolidated Statements of Income                                                     1

Consolidated Balance Sheets                                                           2

Loans and Deposits                                                                    3

Consolidated Average Balance Sheets                                                   4

Consolidated Quarterly Net Interest Margin Analysis                                   5

Selected Quarterly Income Statement Data                                              6

Quarterly Loan Loss Reserve and Net Charge-Off Analysis                               7

Quarterly Non-Performing Assets and Past Due Loans                                    8

Quarterly Stock Summary, Capital, and Other Data                                      9

Consolidated Annual Average Balance Sheets and Net Interest Margin Analysis           10-12

Selected Annual Income Statement Data                                                 13

Annual Loan Loss Reserve and Net Charge-Off Analysis                                  14

Annual Non-Performing Assets and Past Due Loans                                       15

Operating Basis

- -  Definition of Operating Basis                                                      16

- -  Consolidated Statements of Income                                                  17

- -  Loans and Deposits                                                                 18

- -  Consolidated Quarterly Average Balance Sheets and Net Interest Margin
      Analysis                                                                        19 - 20

- -  Selected Quarterly Income Statement Data                                           21

- -  Selected Annual Income Statement Data                                              22

- -  Loan Loss Reserve and Net Charge-Off Analysis                                      23

- -  Non-Performing Assets and Past Due Loans                                           24



                       HUNTINGTON BANCSHARES INCORPORATED
                        CONSOLIDATED STATEMENTS OF INCOME
                                 REPORTED BASIS



THREE MONTHS ENDED DECEMBER 31,                                                              CHANGE
- ------------------------------------------------------------------------           --------------------------
(in thousands, except per share amounts)       2002               2001              Amount            Percent
- ------------------------------------------------------------------------           --------------------------
                                                                                          
Net Interest Income                          $249,702          $ 255,238           $ (5,536)            (2.2)%
Provision for loan losses                      57,418            108,275            (50,857)           (47.0)
- ------------------------------------------------------------------------           --------------------------
      NET INTEREST INCOME
        AFTER PROVISION FOR LOAN LOSSES       192,284            146,963             45,321             30.8
- ------------------------------------------------------------------------           --------------------------
Total non-interest income                     126,021            133,097             (7,076)            (5.3)
Total non-interest expense                    202,695            242,497            (39,802)           (16.4)
- ------------------------------------------------------------------------           --------------------------
  INCOME BEFORE INCOME TAXES                  115,610             37,563             78,047            207.8
Income taxes                                   30,475            (28,086)            58,561           (208.5)
- ------------------------------------------------------------------------           --------------------------
      NET INCOME                             $ 85,135          $  65,649           $ 19,486             29.7%
========================================================================           ==========================

PER COMMON SHARE
  Net income
    Basic                                       $0.36              $0.26              $0.10             38.5%
    Diluted                                     $0.36              $0.26              $0.10             38.5%

  Cash dividends declared                       $0.16              $0.16              $  --               --%

AVERAGE COMMON SHARES
    Basic                                     233,581            251,193            (17,612)            (7.0)%
    Diluted                                   235,083            251,858            (16,775)            (6.7)%

- -------------------------------------------------------------------------------------------------------------





TWELVE MONTHS ENDED DECEMBER 31,                                                            CHANGE
- ------------------------------------------------------------------------           -------------------------
(in thousands, except per share amounts)       2002              2001               Amount           Percent
- ------------------------------------------------------------------------           -------------------------
                                                                                         
Net Interest Income                          $983,802         $  996,182           $ (12,380)          (1.2)%
Provision for loan losses                     227,340            308,793             (81,453)         (26.4)
- ------------------------------------------------------------------------           -------------------------
      NET INTEREST INCOME
        AFTER PROVISION FOR LOAN LOSSES       756,462            687,389              69,073           10.0
- ------------------------------------------------------------------------           -------------------------
Total non-interest income                     684,811            509,480             175,331           34.4
Total non-interest expense                    852,048          1,023,587            (171,539)         (16.8)
- ------------------------------------------------------------------------           -------------------------
      INCOME BEFORE INCOME TAXES              589,225            173,282             415,943          240.0
Income taxes                                  226,000             (5,239)            231,239           N.M.
- ------------------------------------------------------------------------           -------------------------
      NET INCOME                             $363,225         $  178,521           $ 184,704          103.5%
========================================================================           =========================

PER COMMON SHARE
  Net income
    Basic                                       $1.50              $0.71           $    0.79          111.3%
    Diluted                                     $1.49              $0.71           $    0.78          109.9%

  Cash dividends declared                       $0.64              $0.72           $   (0.08)         (11.1)%

AVERAGE COMMON SHARES
    Basic                                     242,279            251,078              (8,799)          (3.5)%
    Diluted                                   244,012            251,716              (7,704)          (3.1)%


N.M. - Not Meaningful.

                                                                          Page 1

                       HUNTINGTON BANCSHARES INCORPORATED
                           CONSOLIDATED BALANCE SHEETS
                                 REPORTED BASIS




- ------------------------------------------------------------------------------------------------    -----------------------------
                                                                                                     Change December '02 vs. '01
                                                                 DECEMBER 31,       December 31,    -----------------------------
(in thousands)                                                      2002               2001            Amount             Percent
- ------------------------------------------------------------------------------------------------    -----------------------------
                                                                                                              
ASSETS
Cash and due from banks                                          $   969,483        $ 1,138,366     $  (168,883)          (14.8)%
Interest bearing deposits in banks                                    37,300             21,205          16,095            75.9
Trading account securities                                               241             13,392         (13,151)          (98.2)
Federal funds sold and securities
 purchased under resale agreements                                    49,280             83,275         (33,995)          (40.8)
Loans held for sale                                                  528,379            629,386        (101,007)          (16.0)
Securities available for sale - at fair value                      3,403,369          2,849,579         553,790            19.4
Investment securities - fair value $7,725
 and $12,499, respectively                                             7,546             12,322          (4,776)          (38.8)
Total loans (1)                                                   20,955,925         21,601,873        (645,948)           (3.0)
  Less allowance for loan losses                                     368,395            410,572         (42,177)          (10.3)
- ------------------------------------------------------------------------------------------------    -----------------------------
Net loans                                                         20,587,530         21,191,301        (603,771)           (2.8)
- ------------------------------------------------------------------------------------------------    -----------------------------
Bank owned life insurance                                            886,214            843,183          43,031             5.1
Premises and equipment                                               341,366            452,036        (110,670)          (24.5)
Goodwill and other intangible assets                                 218,567            716,054        (497,487)          (69.5)
Customers' acceptance liability                                       16,745             13,670           3,075            22.5
Accrued income and other assets                                      532,690            536,390          (3,700)           (0.7)
- ------------------------------------------------------------------------------------------------    -----------------------------
TOTAL ASSETS                                                     $27,578,710        $28,500,159     $  (921,449)           (3.2)%
================================================================================================    =============================

LIABILITIES AND SHAREHOLDERS' EQUITY
Total deposits(1)                                                $17,499,326        $20,187,304     $(2,687,978)          (13.3)%
Short-term borrowings                                              2,541,016          1,955,926         585,090            29.9
Bank acceptances outstanding                                          16,745             13,670           3,075            22.5
Medium-term notes                                                  2,045,123          1,795,002         250,121            13.9
Federal Home Loan Bank Advances                                    1,013,000             17,000         996,000            N.M.
Subordinated notes and other long-term debt                          788,678            927,330        (138,652)          (15.0)
Company obligated mandatorily redeemable preferred
 capital securities of subsidiary trusts holding solely
 junior subordinated debentures of the Parent Company                300,000            300,000              --              --
Accrued expenses and other liabilities                             1,070,991            887,487         183,504            20.7
- ------------------------------------------------------------------------------------------------    -----------------------------
  Total Liabilities                                               25,274,879         26,083,719        (808,840)           (3.1)
================================================================================================    =============================
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 232,878,851 and
   251,193,814 shares, respectively                                2,484,421          2,490,724          (6,303)           (0.3)
  Less 24,987,404 and 6,672,441
   treasury shares, respectively                                    (475,399)          (123,849)       (351,550)           N.M.
  Accumulated other comprehensive income                              62,300             25,488          36,812            N.M.
  Retained earnings                                                  232,509             24,077         208,432            N.M.
- ------------------------------------------------------------------------------------------------    -----------------------------
  Total Shareholders' Equity                                       2,303,831          2,416,440        (112,609)           (4.7)
- ------------------------------------------------------------------------------------------------    -----------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                       $27,578,710        $28,500,159     $  (921,449)           (3.2)%
================================================================================================    =============================


(1)  See Page 3 for detail of Loans and Deposits.
     N.M. - Not Meaningful.

                                                                          Page 2

                       HUNTINGTON BANCSHARES INCORPORATED
                               LOANS AND DEPOSITS
                                 REPORTED BASIS



LOAN PORTFOLIO COMPOSITION BY LOAN TYPE AND BY BUSINESS SEGMENT
- --------------------------------------------------------------------------------------------------------------------
(in thousands)
                                                                 DECEMBER 31, 2002              DECEMBER 31, 2001
- --------------------------------------------------------------------------------------       -----------------------
BY LOAN TYPE                                                     BALANCE           %          BALANCE            %
- --------------------------------------------------------------------------------------------------------------------
                                                                                                   
Commercial                                                     $ 5,874,144        28.0       $ 6,439,372        29.8
Commercial real estate                                           3,462,299        16.5         3,818,441        17.7
- --------------------------------------------------------------------------------------------------------------------
  Total Commercial and Commercial Real Estate                    9,336,443        44.5        10,257,813        47.5
- --------------------------------------------------------------------------------------------------------------------
Consumer
  Auto leases - Indirect (unearned income $431,340 and
   $500,430, respectively)                                       3,203,421        15.3         3,207,514        14.8
  Auto loans - Indirect                                          3,072,017        14.7         2,883,279        13.3
  Home equity                                                    3,200,169        15.3         3,582,028        16.6
  Residential mortgage                                           1,748,985         8.3         1,127,825         5.2
  Other loans                                                      394,890         1.9           543,414         2.6
- --------------------------------------------------------------------------------------------------------------------
  Total Consumer                                                11,619,482        55.5        11,344,060        52.5
- --------------------------------------------------------------------------------------------------------------------
     TOTAL LOANS                                               $20,955,925       100.0       $21,601,873       100.0
====================================================================================================================
TOTAL LOANS BY BUSINESS SEGMENT
Regional Banking
  Central Ohio/West Virginia                                   $ 4,823,759        23.0       $ 4,264,143        19.7
  Northern Ohio                                                  2,607,021        12.4         2,694,081        12.5
  Southern Ohio/Kentucky                                         1,505,686         7.2         1,327,355         6.1
  West Michigan                                                  1,871,478         8.9         1,837,094         8.5
  East Michigan                                                  1,191,817         5.7           936,899         4.3
  Indiana                                                          682,666         3.3           695,354         3.2
- --------------------------------------------------------------------------------------------------------------------
     Total Regional Banking                                     12,682,427        60.5        11,754,926        54.3
- --------------------------------------------------------------------------------------------------------------------
Dealer Sales                                                     7,022,059        33.5         6,239,117        29.0
Private Financial Group                                          1,061,528         5.1           762,771         3.5
Treasury/Other                                                     189,911         0.9           121,534         0.6
- --------------------------------------------------------------------------------------------------------------------
     TOTAL LOANS EXCLUDING FLORIDA                              20,955,925       100.0        18,878,348        87.4
- --------------------------------------------------------------------------------------------------------------------
Florida                                                                 --          --         2,723,525        12.6
- --------------------------------------------------------------------------------------------------------------------
     TOTAL LOANS                                               $20,955,925       100.0       $21,601,873       100.0
====================================================================================================================




DEPOSIT COMPOSITION BY DEPOSIT TYPE AND BY BUSINESS SEGMENT
- --------------------------------------------------------------------------------------------------------------------
(in thousands)
                                                                  DECEMBER 31, 2002             DECEMBER 31, 2001
- --------------------------------------------------------------------------------------       -----------------------
BY DEPOSIT TYPE                                                  BALANCE           %           BALANCE           %
- --------------------------------------------------------------------------------------------------------------------
                                                                                                   
Demand deposits
  Non-interest bearing                                         $ 3,073,869        17.6       $ 3,635,173        18.0
  Interest bearing                                               5,374,095        30.7         5,723,160        28.4
Savings deposits                                                 2,851,158        16.3         3,466,305        17.2
Other domestic time deposits                                     3,956,306        22.6         5,868,451        29.1
- --------------------------------------------------------------------------------------------------------------------
     TOTAL CORE DEPOSITS(1)                                     15,255,428        87.2        18,693,089        92.7
- --------------------------------------------------------------------------------------------------------------------
Domestic time deposits of $100,000 or more                         731,959         4.2         1,130,563         5.6
Brokered time deposits and negotiable CDs                        1,092,754         6.2           137,915         0.7
Foreign time deposits                                              419,185         2.4           225,737         1.0
- --------------------------------------------------------------------------------------------------------------------
     TOTAL DEPOSITS                                            $17,499,326       100.0       $20,187,304       100.0
====================================================================================================================

TOTAL DEPOSITS BY BUSINESS SEGMENT
Regional Banking
  Central Ohio/West Virginia                                   $ 5,361,228        30.6       $ 5,217,459        25.8
  Northern Ohio                                                  3,602,085        20.6         3,255,847        16.1
  Southern Ohio/Kentucky                                         1,365,225         7.8         1,290,832         6.4
  West Michigan                                                  2,401,866        13.7         2,226,500        11.0
  East Michigan                                                  1,962,081        11.2         1,895,470         9.4
  Indiana                                                          612,585         3.5           577,699         2.9
- --------------------------------------------------------------------------------------------------------------------
     Total Regional Banking                                     15,305,070        87.4        14,463,807        71.6
- --------------------------------------------------------------------------------------------------------------------
Dealer Sales                                                        58,651         0.3            82,684         0.4
Private Financial Group                                            924,145         5.3           716,693         3.6
Treasury/Other(2)                                                1,211,460         7.0           256,201         1.3
- --------------------------------------------------------------------------------------------------------------------
     TOTAL DEPOSITS EXCLUDING FLORIDA                           17,499,326       100.0        15,519,385        76.9
- --------------------------------------------------------------------------------------------------------------------
Florida                                                                 --          --         4,667,919        23.1
- --------------------------------------------------------------------------------------------------------------------
     TOTAL DEPOSITS                                            $17,499,326       100.0       $20,187,304       100.0
====================================================================================================================


(1)  Core deposits include non-interest bearing and interest bearing demand
     deposits, savings deposits, CDs under $100,000, and IRA deposits.

(2)  Comprised largely of brokered deposits and negotiable CDs.

                                                                          Page 3

HUNTINGTON BANCSHARES INCORPORATED
- -------------------------------------------------------------------------------
CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEETS
REPORTED BASIS
(in millions)



                                                                       2002                                2001
- -----------------------------------------------------------------------------------------   -------------------------------------
Fully Tax Equivalent Basis (1)                      FOURTH     Third    Second     First     Fourth    Third    Second     First
- ---------------------------------------------------------------------------------------------------------------------------------
                                                                                                  
ASSETS

Interest bearing deposits in banks                  $    34   $    35   $    29   $    34   $    14   $     5   $     5   $     5
Trading account securities                                9         7         6         5         8         8        39        48
Federal funds sold and securities purchased
 under resale agreements                                 83        76        68        62        86        86        93       164
Mortgages held for sale                                 467       267       174       381       433       344       420       240
Securities:
  Taxable                                             3,029     2,953     2,735     2,713     2,720     2,896     3,368     3,606
  Tax exempt                                            234       108        96       101       108       140       201       248
- ---------------------------------------------------------------------------------------------------------------------------------
    Total Securities                                  3,263     3,061     2,831     2,814     2,828     3,036     3,569     3,854
- ---------------------------------------------------------------------------------------------------------------------------------
Loans:
  Commercial                                          5,696     5,502     5,614     6,045     6,491     6,681     6,741     6,678
  Real Estate (2)
    Construction                                      1,071     1,248     1,259     1,291     1,333     1,236     1,170     1,145
    Commercial                                        2,459     2,316     2,233     2,364     2,397     2,346     2,294     2,324
  Consumer
    Auto leases - Indirect                            3,210     3,172     3,113     3,166     3,229     3,243     3,222     3,117
    Auto loans - Indirect                             2,969     2,793     2,597     2,730     2,903     2,806     2,575     2,499
    Home equity                                       3,168     3,062     2,911     3,209     3,554     3,456     3,344     3,239
    Residential mortgage                              1,702     1,492     1,390     1,185     1,051     1,006     1,075     1,078
    Other loans                                         397       404       413       482       554       574       600       624
- ---------------------------------------------------------------------------------------------------------------------------------
    Total Consumer                                   11,446    10,923    10,424    10,772    11,291    11,085    10,816    10,557
- ---------------------------------------------------------------------------------------------------------------------------------
Total Loans                                          20,672    19,989    19,530    20,472    21,512    21,348    21,021    20,704
- ---------------------------------------------------------------------------------------------------------------------------------
Allowance for loan losses                               421       406       400       415       393       358       316       307
- ---------------------------------------------------------------------------------------------------------------------------------
Net loans                                            20,251    19,583    19,130    20,057    21,119    20,990    20,705    20,397
- ---------------------------------------------------------------------------------------------------------------------------------
Total earning assets                                 24,528    23,435    22,638    23,768    24,881    24,827    25,147    25,015
- ---------------------------------------------------------------------------------------------------------------------------------
Cash and due from banks                                 717       763       722       819       876       910       910       952
Intangible assets                                       225       202       213       536       720       732       741       749
All other assets                                      1,806     1,784     1,784     1,836     1,893     1,877     1,867     1,830
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS                                        $26,855   $25,778   $24,957   $26,544   $27,977   $27,988   $28,349   $28,239
=================================================================================================================================

LIABILITIES AND SHAREHOLDERS' EQUITY

Core deposits
  Non-interest bearing deposits                     $ 2,955   $ 2,868   $ 2,739   $ 3,041   $ 3,406   $ 3,341   $ 3,252   $ 3,213
  Interest bearing demand deposits                    5,305     5,269     4,920     5,148     5,519     5,096     4,799     4,597
  Savings deposits                                    2,746     2,766     2,808     3,097     3,388     3,472     3,547     3,505
  Other domestic time deposits                        4,002     4,167     4,226     5,015     5,923     5,940     5,718     5,950
- ---------------------------------------------------------------------------------------------------------------------------------
    Total core deposits                              15,008    15,070    14,693    16,301    18,236    17,849    17,316    17,265
- ---------------------------------------------------------------------------------------------------------------------------------
Domestic time deposits of $100,000 or more              735       777       844     1,052     1,199     1,262     1,294     1,368
Brokered time deposits and negotiable CDs             1,057       907       649       302       109       120       118       167
Foreign time deposits                                   409       370       296       270       230       257       377       267
- ---------------------------------------------------------------------------------------------------------------------------------
    Total deposits                                   17,209    17,124    16,482    17,925    19,774    19,488    19,105    19,067
- ---------------------------------------------------------------------------------------------------------------------------------
Short-term borrowings                                 2,515     2,108     1,886     1,998     1,907     2,140     2,759     2,504
Medium-term notes                                     1,832     1,752     1,910     1,967     1,863     1,990     2,005     2,240
Federal Home Loan Bank advances                         848       228        14        17        17        17        18        24
Subordinated notes and other long-term debt,
 including preferred capital securities               1,147     1,215     1,215     1,216     1,166     1,167     1,162     1,147
- ---------------------------------------------------------------------------------------------------------------------------------
    Total interest bearing liabilities               20,596    19,559    18,768    20,082    21,321    21,461    21,797    21,769
- ---------------------------------------------------------------------------------------------------------------------------------
All other liabilities                                 1,063     1,073     1,107     1,051       889       811       897       869
Shareholders' equity                                  2,241     2,278     2,343     2,370     2,361     2,375     2,403     2,388
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY          $26,855   $25,778   $24,957   $26,544   $27,977   $27,988   $28,349   $28,239
=================================================================================================================================



(1)  Fully tax equivalent yields are calculated assuming a 35% tax rate.

(2)  Third quarter 2002 includes reclassification of $186 million in
     construction loans to commercial real estate due to September 2002
     correction of an error involving construction loans with original
     maturities over 5 years. In addition, residential construction loans have
     been reclassified from Real Estate - Construction to Residential mortgage
     loans.


                                                                          Page 4


HUNTINGTON BANCSHARES INCORPORATED
- -------------------------------------------------------------------------------
CONSOLIDATED QUARTERLY NET INTEREST MARGIN ANALYSIS
REPORTED BASIS
(in millions)



                                                                                   AVERAGE RATES (3)
                                                    -----------------------------------------------------------------------------
                                                                        2002                               2001
- -----------------------------------------------------------------------------------------   -------------------------------------
Fully Tax Equivalent Basis (1)                      FOURTH     Third    Second     First     Fourth    Third    Second     First
- ---------------------------------------------------------------------------------------------------------------------------------
                                                                                                  

ASSETS

Interest bearing deposits in banks                   1.93%     2.06%     2.44%    2.02%      2.09%     3.75%     5.09%     5.24%
Trading account securities                           3.37      4.95      5.37      2.79      3.59      3.83      5.15      5.52
Federal funds sold and securities purchased
 under resale agreements                             1.83      1.40      1.51      1.43      2.18      3.20      4.21      5.78

Mortgages held for sale                              5.84      6.57      7.07      6.51      6.64      7.18      6.96      7.19
Securities:
  Taxable                                            5.53      6.01      6.33      6.43      6.62      6.71      6.26      6.72
  Tax exempt                                         7.15      7.52      7.69      7.76      7.81      7.38      7.26      7.55
- -------------------------------------------------------------------------------------------------------------------------------
    Total Securities                                 5.64      6.07      6.37      6.48      6.66      6.75      6.32      6.77
- -------------------------------------------------------------------------------------------------------------------------------
Loans: (2)
  Commercial                                         5.74      5.86      5.84      5.75      6.16      7.19      7.78      8.55
  Real Estate
    Construction                                     4.26      4.70      5.14      4.99      5.66      6.97      8.02      8.69
    Commercial                                       5.96      6.31      6.54      6.80      6.96      7.67      7.98      8.41
  Consumer
    Auto leases - Indirect                           7.02      7.69      7.58      7.51      7.59      7.89      7.89      7.92
    Auto loans - Indirect                            8.53      8.92      9.07      9.00      9.34      9.54      9.88      9.89
    Home equity                                      5.82      5.96      6.05      6.56      7.50      8.13      8.85      9.38
    Residential mortgage                             5.69      5.96      6.21      6.62      7.11      7.51      7.74      7.91
    Other loans                                      8.14      8.58      8.62      8.59      9.59      9.33      9.45      9.53
- -------------------------------------------------------------------------------------------------------------------------------
    Total Consumer                                   6.92      7.32      7.38      7.56      8.07      8.43      8.73      8.93
- -------------------------------------------------------------------------------------------------------------------------------
Total Loans                                          6.34      6.64      6.70      6.77      7.22      7.87      8.31      8.74
- -------------------------------------------------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------------------------------------------------
Total earning assets                                 6.22%     6.54%     6.64%     6.71%     7.13%     7.71%     7.98%     8.39%
- -------------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY

Core deposits
  Non-interest bearing deposits
  Interest bearing demand deposits                   1.57%     1.77%     1.84%     1.80%     2.00%     2.74%     2.87%     3.29%
  Savings deposits                                   1.73      1.81      1.83      1.87      2.11      3.00      3.42      3.85
  Other domestic time deposits                       4.26      4.40      4.51      4.88      5.19      5.52      5.83      6.01
- -------------------------------------------------------------------------------------------------------------------------------
    Total core deposits                              2.50      2.68      2.78      2.98      3.30      3.94      4.21      4.58
- -------------------------------------------------------------------------------------------------------------------------------
Domestic time deposits of $100,000 or more           3.29      3.29      3.33      3.58      4.68      4.82      5.33      5.97
Brokered time deposits and negotiable CDs            2.25      2.37      2.48      2.48      3.55      4.42      5.57      6.37
Foreign time deposits                                1.29      1.43      1.38      1.91      1.99      3.39      4.11      5.45
- -------------------------------------------------------------------------------------------------------------------------------
    Total deposits                                   2.49      2.66      2.77      2.99      3.38      4.00      4.31      4.73
- -------------------------------------------------------------------------------------------------------------------------------
Short-term borrowings                                1.86      1.88      1.97      2.36      2.65      3.69      4.37      5.37
Medium-term notes                                    3.26      3.37      3.21      3.43      4.58      6.12      6.59      6.64
Federal Home Loan Bank advances                      1.84      2.04      5.97      6.10      6.10      6.10      6.15      6.29
Subordinated notes and other long-term debt,
 including preferred capital securities              3.80      3.99      4.03      4.12      4.94      5.17      5.96      6.83
- -------------------------------------------------------------------------------------------------------------------------------
    Total interest bearing liabilities               2.53%     2.73%     2.82%     3.04%     3.51%     4.23%     4.62%     5.12%
- -------------------------------------------------------------------------------------------------------------------------------
Net interest rate spread                             3.69%     3.81%     3.82%     3.67%     3.62%     3.48%     3.36%     3.27%
Impact of non-interest bearing funds on margin       0.38      0.45      0.48      0.47      0.49      0.56      0.61      0.66
- -------------------------------------------------------------------------------------------------------------------------------
NET INTEREST MARGIN                                  4.07%     4.26%     4.30%     4.14%     4.11%     4.04%     3.97%     3.93%
=================================================================================================================================


(1)  Fully tax equivalent yields are calculated assuming a 35% tax rate.

(2)  Individual loan components include applicable fees.

(3)  Loan and deposit average rates include impact of applicable derivatives.


                                                                          Page 5

                       HUNTINGTON BANCSHARES INCORPORATED
                    SELECTED QUARTERLY INCOME STATEMENT DATA
                                 REPORTED BASIS



                                                                        2002
- ---------------------------------------------------------------------------------------------------
(in thousands, except per share amounts)             FOURTH       Third      Second       First
- ---------------------------------------------------------------------------------------------------
                                                                            
NET INTEREST INCOME                                 $249,702    $249,416    $241,859    $242,825
Provision for loan losses                             57,418      60,249      53,892      55,781
- ---------------------------------------------------------------------------------------------------
NET INTEREST INCOME AFTER
 PROVISION FOR LOAN LOSSES                           192,284     189,167     187,967     187,044
- ---------------------------------------------------------------------------------------------------
Service charges on deposit accounts                   41,177      37,460      35,354      38,530
Brokerage and insurance income                        16,431      13,943      17,677      18,792
Trust services                                        15,306      14,997      16,247      15,501
Bank Owned Life Insurance income                      11,443      11,443      11,443      11,676
Mortgage banking                                      11,410       6,289      10,725      19,565
Other service charges and fees                        10,890      10,837      10,529      10,632
Other                                                 17,025      18,723      15,039      10,931
- ---------------------------------------------------------------------------------------------------
TOTAL NON-INTEREST INCOME BEFORE GAIN ON SALE
 OF FLORIDA OPERATIONS, MERCHANT SERVICES GAIN,
 AND SECURITIES GAINS (LOSSES)                       123,682     113,692     117,014     125,627
Gain on sale of Florida operations                        --          --          --     175,344
Merchant Services gain                                    --      24,550          --          --
Securities gains (losses)                              2,339       1,140         966         457
- ---------------------------------------------------------------------------------------------------
TOTAL NON-INTEREST INCOME                            126,021     139,382     117,980     301,428
- ---------------------------------------------------------------------------------------------------
Personnel costs                                      113,852     107,477     105,146     114,285
Equipment                                             17,337      17,378      16,659      16,949
Outside data processing and other services            17,209      15,128      16,592      18,439
Net occupancy                                         13,454      14,815      14,756      17,239
Professional services                                  8,026       6,083       6,267       5,401
Marketing                                              6,186       7,491       7,231       7,003
Telecommunications                                     5,714       5,609       5,320       6,018
Printing and supplies                                  3,999       3,679       3,683       3,837
Franchise and other taxes                              2,532       2,283       2,313       2,328
Amortization of intangible assets                        204         204         235       1,376
Other                                                 14,182      13,576      13,858      14,511
- ---------------------------------------------------------------------------------------------------
TOTAL NON-INTEREST EXPENSE BEFORE SPECIAL CHARGES    202,695     193,723     192,060     207,386
Special charges                                           --          --          --      56,184
- ---------------------------------------------------------------------------------------------------
TOTAL NON-INTEREST EXPENSE AFTER SPECIAL CHARGES     202,695     193,723     192,060     263,570
- ---------------------------------------------------------------------------------------------------
INCOME BEFORE INCOME TAXES                           115,610     134,826     113,887     224,902
Income taxes                                          30,475      36,703      31,647     127,175
- ---------------------------------------------------------------------------------------------------
NET INCOME                                          $ 85,135    $ 98,123    $ 82,240    $ 97,727
===================================================================================================

PER COMMON SHARE
  Net Income - Diluted                              $   0.36    $   0.41    $   0.33    $   0.39
  Cash Dividends Declared                           $   0.16    $   0.16    $   0.16    $   0.16

RETURN ON:
  Average total assets                                  1.26%       1.51%       1.32%       1.49%
  Average total shareholders' equity                    15.1%       17.1%       14.1%       16.7%
Net interest margin (2)                                 4.07%       4.26%       4.30%       4.14%
Efficiency ratio (3)                                    54.0%       53.1%       53.3%       55.7%

REVENUE - FULLY TAXABLE EQUIVALENT (FTE)
Net Interest Income                                 $249,702    $249,416    $241,859    $242,825
Tax Equivalent Adjustment (2)                          1,869       1,096       1,071       1,169
- ---------------------------------------------------------------------------------------------------
Net Interest Income                                  251,571     250,512     242,930     243,994
Non-Interest Income                                  126,021     139,382     117,980     301,428
- ---------------------------------------------------------------------------------------------------
TOTAL REVENUE                                       $377,592    $389,894    $360,910    $545,422
===================================================================================================
TOTAL REVENUE EXCLUDING SECURITIES GAINS (LOSSES)   $375,253    $388,754    $359,944    $544,965
===================================================================================================

                                                                         2001
- --------------------------------------------------------------------------------------------------------
(in thousands, except per share amounts)            Fourth        Third         Second        First
- --------------------------------------------------------------------------------------------------------
                                                                                 
NET INTEREST INCOME                                $255,238      $249,787      $248,033      $243,124
Provision for loan losses                           108,275        49,559       117,495        33,464
- --------------------------------------------------------------------------------------------------------
NET INTEREST INCOME AFTER
 PROVISION FOR LOAN LOSSES                          146,963       200,228       130,538       209,660
- --------------------------------------------------------------------------------------------------------
Service charges on deposit accounts                  42,753        41,719        40,673        38,907
Brokerage and insurance income                       20,966        19,912        19,388        18,768
Trust services                                       15,321        15,485        15,178        14,314
Bank Owned Life Insurance income                      9,560         9,560         9,561         9,560
Mortgage banking                                     15,768        14,616        18,733        10,031
Other service charges and fees                       12,552        12,350        12,217        11,098
Other                                                16,088        15,755        14,956        12,968
- --------------------------------------------------------------------------------------------------------
TOTAL NON-INTEREST INCOME BEFORE GAIN ON SALE
 OF FLORIDA OPERATIONS, MERCHANT SERVICES GAIN,
 AND SECURITIES GAINS (LOSSES)                      133,008       129,397       130,706       115,646
Gain on sale of Florida operations                       --            --            --            --
Merchant Services gain                                   --            --            --            --
Securities gains (losses)                                89         1,059        (2,503)        2,078
- --------------------------------------------------------------------------------------------------------
TOTAL NON-INTEREST INCOME                           133,097       130,456       128,203       117,724
- --------------------------------------------------------------------------------------------------------
Personnel costs                                     118,143       120,767       122,068       117,662
Equipment                                            20,593        20,151        19,844        19,972
Outside data processing and other services           17,992        17,375        17,671        16,654
Net occupancy                                        19,950        19,266        18,188        19,780
Professional services                                 6,235         5,912         6,763         4,969
Marketing                                             6,345         6,921         7,852         9,939
Telecommunications                                    6,793         6,859         7,207         7,125
Printing and supplies                                 4,293         4,450         4,565         5,059
Franchise and other taxes                             2,893         2,470         2,246         2,120
Amortization of intangible assets                    10,100        10,114        10,435        10,576
Other                                                14,017        14,605        16,457        20,234
- --------------------------------------------------------------------------------------------------------
TOTAL NON-INTEREST EXPENSE BEFORE SPECIAL CHARGES   227,354       228,890       233,296       234,090
Special charges                                      15,143        50,817        33,997            --
- --------------------------------------------------------------------------------------------------------
TOTAL NON-INTEREST EXPENSE AFTER SPECIAL CHARGES    242,497       279,707       267,293       234,090
- ---------------------------------------------------------------------------------------------------
INCOME BEFORE INCOME TAXES                           37,563        50,977        (8,552)       93,294
Income taxes                                        (28,086)(1)     8,348       (10,929)       25,428
- --------------------------------------------------------------------------------------------------------
NET INCOME                                         $ 65,649      $ 42,629      $  2,377      $ 67,866
- --------------------------------------------------------------------------------------------------------

PER COMMON SHARE
  Net Income - Diluted                             $   0.26      $   0.17      $   0.01      $   0.27
  Cash Dividends Declared                          $   0.16      $   0.16      $   0.20      $   0.20

RETURN ON:
  Average total assets                                 0.93%         0.60%         0.03%         0.97%
  Average total shareholders' equity                   11.0%          7.1%          0.4%        11.53%
Net interest margin (2)                                4.11%         4.04%         3.97%         3.93%
Efficiency ratio (3)                                   55.8%         57.5%         58.6%         53.9%

REVENUE - FULLY TAXABLE EQUIVALENT (FTE)
Net Interest Income                                $255,238      $249,787      $248,033      $243,124
Tax Equivalent Adjustment (2)                         1,292         1,442         1,616         2,002
- --------------------------------------------------------------------------------------------------------
Net Interest Income                                 256,530       251,229       249,649       245,126
Non-Interest Income                                 133,097       130,456       128,203       117,724
- --------------------------------------------------------------------------------------------------------
TOTAL REVENUE                                      $389,627      $381,685      $377,852      $362,850
========================================================================================================
TOTAL REVENUE EXCLUDING SECURITIES GAINS (LOSSES)  $389,538      $380,626      $380,355      $360,772
========================================================================================================


(1)  Reflects a $32.5 million reduction related to the issuance of $400 million
     of REIT subsidiary preferred stock, of which $50 million was issued to the
     public.

(2)  Calculated assuming a 35% tax rate.

(3)  Excludes gain on sale of Florida operations and special charges.

                                                                          Page 6



                       HUNTINGTON BANCSHARES INCORPORATED
             QUARTERLY LOAN LOSS RESERVE AND NET CHARGE-OFF ANALYSIS
                                 REPORTED BASIS



                                                                           2002
- -----------------------------------------------------------------------------------------------------------
(in thousands)                                        FOURTH         Third        Second          First
- -----------------------------------------------------------------------------------------------------------
                                                                                   
ALLOWANCE FOR LOAN LOSSES, BEGINNING
 OF PERIOD                                           $ 408,378     $ 393,011     $ 386,053     $ 410,572

Loan losses                                           (108,238)      (56,591)      (57,482)      (67,527)
Recoveries of loans previously charged off              13,300        12,891        12,582        11,746
- -----------------------------------------------------------------------------------------------------------
  Net loan losses                                      (94,938)      (43,700)      (44,900)      (55,781)
- -----------------------------------------------------------------------------------------------------------
Provision for loan losses                               57,418        60,249        53,892        55,781
Allowance of assets purchased / (sold)                      --         1,264            --       (22,297)
Allowance of securitized loans                          (2,463)       (2,446)       (2,034)       (2,222)
- -----------------------------------------------------------------------------------------------------------
ALLOWANCE FOR LOAN LOSSES, END OF PERIOD             $ 368,395     $ 408,378     $ 393,011     $ 386,053
===========================================================================================================

Allowance for loan losses as a % of total loans           1.76%         2.00%         2.00%         2.00%
Allowance for loan losses as a % of non-
 performing loans                                        287.7%        200.7%        185.3%        175.9%
Allowance for loan losses as a % of non-
 performing assets                                       269.4%        190.7%        176.1%        171.2%


NET CHARGE-OFFS BY LOAN TYPE

Commercial                                           $  59,725     $  16,808     $  21,468     $  19,527
Commercial real estate                                   7,536         4,085         2,037         3,983
- -----------------------------------------------------------------------------------------------------------
  Total commercial and commercial real estate           67,261        20,893        23,505        23,510
- -----------------------------------------------------------------------------------------------------------
Consumer
  Auto leases                                           12,510        10,117         8,401        12,809
  Auto loans                                             8,778         6,869         5,733        10,217
- -----------------------------------------------------------------------------------------------------------
     Total auto leases and loans                        21,288        16,986        14,134        23,026
- -----------------------------------------------------------------------------------------------------------
  Home equity                                            3,526         2,934         3,096         3,950
  Residential mortgage                                      72           123           555           122
  Other loans                                              967           907         1,225         1,425
- -----------------------------------------------------------------------------------------------------------
     Total consumer                                     25,853        20,950        19,010        28,523
- -----------------------------------------------------------------------------------------------------------
Total net charge-offs, excluding exited businesses      93,114        41,843        42,515        52,033
Net charge-offs related to exited businesses             1,824         1,857         2,385         3,748
- -----------------------------------------------------------------------------------------------------------
TOTAL NET CHARGE-OFFS - INCLUDING EXITED
 BUSINESSES                                          $  94,938     $  43,700     $  44,900     $  55,781
===========================================================================================================

NET CHARGE-OFFS - ANNUALIZED PERCENTAGES

Commercial                                                4.19%         1.21%         1.53%         1.31%
Commercial real estate                                    0.85          0.45          0.23          0.44
- -----------------------------------------------------------------------------------------------------------
  Total commercial and commercial real estate             2.92          0.91          1.04          0.98
- -----------------------------------------------------------------------------------------------------------

Consumer
  Auto leases                                             1.56          1.27          1.08          1.64
  Auto loans                                              1.21          1.01          0.92          1.59
- -----------------------------------------------------------------------------------------------------------
     Total auto leases and loans                          1.39          1.15          1.01          1.62
- -----------------------------------------------------------------------------------------------------------
  Home equity                                             0.45          0.38          0.43          0.50
  Residential mortgage                                    0.02          0.03          0.16          0.04
  Other loans                                             0.99          0.91          1.22          1.23
- -----------------------------------------------------------------------------------------------------------
     Total consumer                                       0.91          0.77          0.74          1.09
- -----------------------------------------------------------------------------------------------------------
TOTAL NET CHARGE-OFFS - EXCLUDING EXITED
 BUSINESSES                                               1.81          0.83          0.88          1.04
Net charge-offs related to exited businesses              0.03          0.04          0.04          0.07
- -----------------------------------------------------------------------------------------------------------
NET CHARGE-OFFS AS A % OF AVERAGE LOANS -
 INCLUDING EXITED BUSINESSES (1)                          1.84%         0.87%         0.92%         1.11%
===========================================================================================================

                                                                           2001
- -----------------------------------------------------------------------------------------------------------
(in thousands)                                         Fourth        Third         Second         First
- -----------------------------------------------------------------------------------------------------------
                                                                                   
ALLOWANCE FOR LOAN LOSSES, BEGINNING
 OF PERIOD                                           $ 360,446     $ 352,243     $ 301,777     $ 297,880

Loan losses                                            (66,808)      (49,386)      (75,472)      (35,649)
Recoveries of loans previously charged off              10,662         9,643        10,007         7,556
- -----------------------------------------------------------------------------------------------------------
  Net loan losses                                      (56,146)      (39,743)      (65,465)      (28,093)
- -----------------------------------------------------------------------------------------------------------
Provision for loan losses                              108,275        49,559       117,495        33,464
Allowance of assets purchased / (sold)                      --            --            --            --
Allowance of securitized loans                          (2,003)       (1,613)       (1,564)       (1,474)
- -----------------------------------------------------------------------------------------------------------
ALLOWANCE FOR LOAN LOSSES, END OF PERIOD             $ 410,572     $ 360,446     $ 352,243     $ 301,777
===========================================================================================================

Allowance for loan losses as a % of total loans           1.90%         1.67%         1.67%         1.45%
Allowance for loan losses as a % of non-
 performing loans                                        185.7%        178.4%        225.7%        272.2%
Allowance for loan losses as a % of non-
 performing assets                                       180.5%        171.6%        212.2%        241.6%


NET CHARGE-OFFS BY LOAN TYPE

Commercial                                           $  22,555     $   9,474     $  13,190     $   6,781
Commercial real estate                                     797             3         1,624         1,305
- -----------------------------------------------------------------------------------------------------------
  Total commercial and commercial real estate           23,352         9,477        14,814         8,086
- -----------------------------------------------------------------------------------------------------------

Consumer
  Auto leases                                           12,634        10,395        17,535         6,813
  Auto loans                                            10,183         6,524        22,783         8,790
- -----------------------------------------------------------------------------------------------------------
     Total auto leases and loans                        22,817        16,919        40,318        15,603
- -----------------------------------------------------------------------------------------------------------
  Home equity                                            4,153         4,866         2,935         2,634
  Residential mortgage                                     376           109           241            59
  Other loans                                            1,820         1,186         3,061         1,711
- -----------------------------------------------------------------------------------------------------------
     Total consumer                                     29,166        23,080        46,555        20,007
- -----------------------------------------------------------------------------------------------------------
Total net charge-offs, excluding exited businesses      52,518        32,557        61,369        28,093
Net charge-offs related to exited businesses             3,628         7,186         4,096            --
- -----------------------------------------------------------------------------------------------------------
TOTAL NET CHARGE-OFFS - INCLUDING EXITED
 BUSINESSES                                          $  56,146     $  39,743     $  65,465     $  28,093
===========================================================================================================

NET CHARGE-OFFS - ANNUALIZED PERCENTAGES

Commercial                                                1.38%         0.56%         0.79%         0.41%
Commercial real estate                                    0.08            --          0.19          0.15
- -----------------------------------------------------------------------------------------------------------
  Total commercial and commercial real estate             0.91          0.37          0.66          0.32
- -----------------------------------------------------------------------------------------------------------
Consumer
  Auto leases                                             1.55          1.27          2.18          0.89
  Auto loans                                              1.46          0.98          3.83          1.43
- -----------------------------------------------------------------------------------------------------------
     Total auto leases and loans                          1.51          1.14          2.88          1.13
- -----------------------------------------------------------------------------------------------------------
  Home equity                                             0.46          0.56          0.35          0.33
  Residential mortgage                                    0.14          0.04          0.09          0.02
  Other loans                                             1.35          0.85          2.15          1.11
- -----------------------------------------------------------------------------------------------------------
     Total consumer                                       1.04          0.84          1.76          0.77
- -----------------------------------------------------------------------------------------------------------
TOTAL NET CHARGE-OFFS - EXCLUDING EXITED
 BUSINESSES                                               0.98          0.61          1.18          0.55
Net charge-offs related to exited businesses              0.06          0.13          0.07            --
- -----------------------------------------------------------------------------------------------------------
NET CHARGE-OFFS AS A % OF AVERAGE LOANS -
 INCLUDING EXITED BUSINESSES (1)                          1.04%         0.74%         1.25%         0.55%
===========================================================================================================


(1)  Exited businesses include Second Tier auto and Truck and Equipment lending.

                                                                          Page 7

                       HUNTINGTON BANCSHARES INCORPORATED
               QUARTERLY NON-PERFORMING ASSETS AND PAST DUE LOANS
                                 REPORTED BASIS



                                                            2002                                           2001
- -----------------------------------------------------------------------------------   ----------------------------------------------
(in thousands)                          FOURTH      Third       Second       First     Fourth       Third      Second       First
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   
Non-accrual loans:
  Commercial                           $ 91,861    $147,392    $156,252    $162,959    $159,637    $148,177    $116,044    $ 62,716
  Commercial real estate                 26,765      47,537      45,795      43,295      48,360      40,882      26,870      34,893
  Residential mortgage                    9,443       8,488       8,776      11,896      11,836      11,666      11,868      11,949
- ------------------------------------------------------------------------------------------------------------------------------------
Total Nonaccrual Loans                  128,069     203,417     210,823     218,150     219,833     200,725     154,782     109,558
Renegotiated loans                           --          37       1,268       1,268       1,276       1,286       1,290       1,297
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL NON-PERFORMING LOANS              128,069     203,454     212,091     219,418     221,109     202,011     156,072     110,855
Other real estate, net                    8,654      10,675      11,146       6,112       6,384       8,050       9,913      14,031
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL NON-PERFORMING ASSETS            $136,723    $214,129    $223,237    $225,530    $227,493    $210,061    $165,985    $124,886
====================================================================================================================================
Non-performing loans as a %
 of total loans                            0.61%       0.99%       1.08%       1.13%       1.02%       0.94%       0.74%       0.53%
Non-performing assets as a %
 of total loans and other
 real estate                               0.65%       1.05%       1.14%       1.17%       1.05%       0.97%       0.79%       0.60%
ACCRUING LOANS PAST DUE 90 DAYS
 OR MORE                               $ 73,122    $ 68,262    $ 58,449    $ 61,746    $ 91,635    $ 92,791    $ 67,077    $102,658
====================================================================================================================================





                                                   2002                                               2001
- ------------------------------------------------------------------------------   ---------------------------------------------------
(in thousands)                 FOURTH       Third       Second        First       Fourth       Third        Second         First
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   
NON-PERFORMING ASSETS,
 BEGINNING OF PERIOD         $214,129     $223,237     $225,530     $227,493     $210,061     $165,985     $124,886        $105,397
New non-performing assets      65,506       47,219       73,002       74,446       85,986       94,990       95,037(2)       53,869
Returns to accruing status    (12,658)        (380)        (337)      (3,749)      (1,549)        (884)         (82)           (252)
Loan losses                   (72,767)     (25,480)     (28,297)     (26,072)     (34,580)     (12,480)     (13,188)         (7,243)
Payments                      (28,500)     (26,308)     (44,303)     (37,663)     (28,315)     (34,219)     (19,332)        (24,973)
Sales                         (28,987)      (4,215)      (2,358)      (8,925)(1)   (4,110)      (3,331)     (21,306)(2)      (1,892)
Other (3)                          --           56           --           --           --           --          (30)            (20)
- ------------------------------------------------------------------------------------------------------------------------------------
NON-PERFORMING ASSETS,
 END OF PERIOD               $136,723     $214,129     $223,237     $225,530     $227,493     $210,061     $165,985        $124,886
====================================================================================================================================


(1)  Includes $6.5 million related to the sale of Florida operations.

(2)  Includes $14.9 million related to investment in Pacific Gas & Electric
     commercial paper.

(3)  Includes loans acquired and provision for OREO losses.


                                                                          Page 8


                       HUNTINGTON BANCSHARES INCORPORATED
                QUARTERLY STOCK SUMMARY, CAPITAL, AND OTHER DATA
                                 REPORTED BASIS

QUARTERLY COMMON STOCK SUMMARY



                                                      2002                                               2001
- --------------------------------------------------------------------------------    ------------------------------------------------
                                  FOURTH       Third       Second        First       Fourth        Third        Second       First
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   
Common Stock Price
  High                           $ 19.980    $ 20.430     $ 21.770     $ 20.310     $ 17.490     $ 19.280      $ 17.000    $ 18.000
  Low                              16.160      16.000       18.590       16.660       14.510       15.150        13.875      12.625
  Close                            18.710      18.190       19.420       19.700       17.190       17.310        16.375      14.250
  Average Closing Price            18.769      19.142       20.089       18.332       16.269       17.696        14.936      15.258

Dividends
Cash dividends declared on
 common stock                    $   0.16    $   0.16     $   0.16     $   0.16     $   0.16     $   0.16      $   0.20    $   0.20

Common shares
 outstanding (000s)
Average -- Basic                  233,581     239,925      246,106      250,749      251,193      251,148       251,024     250,998
Average -- Diluted                235,083     241,357      247,867      251,953      251,858      252,203       251,448     251,510
Ending                            232,879     237,544      242,920      249,992      251,194      251,193       251,057     251,002

Common Share Repurchase
 Program (000s)
Authorized Under Repurchase
 Program                                                                22,000
Number of Shares Repurchased       4,110       6,262        7,329        1,458
- --------------------------------------------------------------------------------
Remaining Shares Authorized
 to Repurchase                     2,841       6,951       13,213       20,542
================================================================================


Note: Intra-day and closing stock price quotations were obtained from NASDAQ.


================================================================================
CAPITAL DATA - END OF PERIOD



                                                       2002                                        2001
- ------------------------------------------------------------------------------   ---------------------------------------------------
(in millions)                     FOURTH (1)     Third      Second     First      Fourth     Third      Second     First
- ------------------------------------------------------------------------------   ---------------------------------------------------
                                                                                          
Total Risk-Adjusted Assets         $27,249      $26,343    $25,309    $24,954    $27,896    $27,757    $27,375    $27,230
Tier 1 Risk-Based Capital Ratio       8.69%        9.14%      9.72%     10.26%      7.24%      6.97%      7.01%      7.19%
Total Risk-Based Capital Ratio       11.59%       12.10%     12.75%     13.40%     10.29%     10.13%     10.20%     10.31%
Tier 1 Leverage Ratio                 8.89%        9.42%      9.94%      9.72%      7.41%      7.10%      6.96%      7.12%
Tangible Equity / Asset Ratio         7.62%        8.00%      8.51%      9.06%      6.12%      6.08%      5.94%      5.99%
====================================================================================================================================



OTHER DATA - END OF PERIOD



                                                                                    2002                            2001
- ---------------------------------------------------------------------------------------------------- -------------------------------
                                                                      FOURTH   Third  Second   First  Fourth   Third  Second   First
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                       
Number of employees (full-time equivalent)
  Huntington, Excluding Florida Operations Sold                        8,177   8,117   8,174   8,342   8,521   8,487   8,566   8,537
  Florida Operations Sold (2)                                             --      --      --      --   1,222   1,232   1,215   1,225
- ------------------------------------------------------------------------------------------------------------------------------------
  Total Huntington                                                     8,177   8,117   8,174   8,342   9,743   9,719   9,781   9,762
====================================================================================================================================
Number of domestic full-service banking offices
  Huntington, Excluding Florida Operations Sold (3)                      343     336     336     339     338     366     371     371
  Florida Operations Sold                                                 --      --      --      --     143     143     143     143
- ------------------------------------------------------------------------------------------------------------------------------------
  Total Huntington (3)                                                   343     336     336     339     481     509     514     514
====================================================================================================================================



(1)  Estimated.

(2)  Excludes impact of support staff for Florida operations outside of Florida.

(3)  Includes three Private Financial Group offices in Florida.


                                                                          Page 9

HUNTINGTON BANCSHARES INCORPORATED
- -------------------------------------------------------------------------------
CONSOLIDATED AVERAGE ANNUAL BALANCE SHEETS AND NET INTEREST MARGIN ANALYSIS -
REPORTED BASIS
(in millions)



                                                                               AVERAGE BALANCE
- --------------------------------------------------------------------------------------------------------------------------
Fully Tax Equivalent Basis(1)                       2002        2001         2000         1999         1998         1997
- --------------------------------------------------------------------------------------------------------------------------
                                                                                                 
ASSETS
Interest bearing deposits in banks                $    33      $     7      $     6      $     9      $    10      $     9
Trading account securities                              7           25           15           13           11           10
Federal funds sold and securities purchased
 under resale agreements                               72          107           87           22          229           44
Mortgages held for sale                               322          360          109          232          289          131
Securities:
  Taxable                                           2,859        3,144        4,316        4,885        4,896        5,351
  Tax exempt                                          135          174          273          297          247          264
- --------------------------------------------------------------------------------------------------------------------------
     Total Securities                               2,994        3,318        4,589        5,182        5,143        5,615
- --------------------------------------------------------------------------------------------------------------------------
Loans:
  Commercial                                        5,712        6,647        6,446        6,128        5,629        5,302
  Real Estate(2)
    Construction                                    1,217        1,221        1,184        1,000          764          797
    Commercial                                      2,343        2,340        2,187        2,235        2,304        2,250
  Consumer
    Auto leases - Indirect                          3,166        3,204        2,969        2,361        1,769        1,488
    Auto loans - Indirect                           2,773        2,697        2,982        3,432        3,249        3,081
    Home equity                                     3,087        3,399        2,991        2,345        1,935        1,644
    Residential mortgage                            1,444        1,052        1,382        1,489        1,365        1,527
    Other loans                                       425          589          528        1,099        1,419        1,492
- --------------------------------------------------------------------------------------------------------------------------
    Total Consumer                                 10,895       10,941       10,852       10,726        9,737        9,232
- --------------------------------------------------------------------------------------------------------------------------
Total Loans                                        20,167       21,149       20,669       20,089       18,434       17,581
- --------------------------------------------------------------------------------------------------------------------------
Allowance for loan losses                             410          344          303          301          280          252
- --------------------------------------------------------------------------------------------------------------------------
Net loans                                          19,757       20,805       20,366       19,788       18,154       17,329
- --------------------------------------------------------------------------------------------------------------------------
Total earning assets                               23,595       24,966       25,475       25,547       24,116       23,390
- --------------------------------------------------------------------------------------------------------------------------
Cash and due from banks                               757          912        1,008        1,039          975          910
Intangible assets                                     293          736          709          682          487          250
All other assets                                    1,801        1,867        1,832        1,772        1,594          853
- --------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS                                      $26,036      $28,137      $28,721      $28,739      $26,892      $25,151
==========================================================================================================================

LIABILITIES AND SHAREHOLDERS' EQUITY
Core deposits
  Non-interest bearing deposits                   $ 2,902      $ 3,304      $ 3,421      $ 3,497      $ 3,287      $ 2,774
  Interest bearing demand deposits                  5,161        5,005        4,291        4,097        3,585        3,204
  Savings deposits                                  2,853        3,478        3,563        3,740        3,277        3,056
  Other domestic time deposits                      4,349        5,883        5,872        5,823        6,291        5,857
- --------------------------------------------------------------------------------------------------------------------------
     Total core deposits                           15,265       17,670       17,147       17,157       16,440       14,891
- --------------------------------------------------------------------------------------------------------------------------
Domestic time deposits of $100,000 or more            851        1,280        1,502        1,449        1,688        1,557
Brokered time deposits and negotiable CDs             731          128          502          238          182          365
Foreign time deposits                                 337          283          539          363          103          382
- --------------------------------------------------------------------------------------------------------------------------
  Total deposits                                   17,184       19,361       19,690       19,207       18,413       17,195
- --------------------------------------------------------------------------------------------------------------------------
Short-term borrowings                               2,128        2,325        1,966        2,549        2,084        2,826
Medium-term notes                                   1,865        2,024        2,894        3,122        2,903        1,983
Federal Home Loan Bank advances                       279           19           13            5           53          117
Subordinated notes and other long-term debt,
 including preferred capital securities             1,198        1,161        1,111          998          823          621
- --------------------------------------------------------------------------------------------------------------------------
     Total interest bearing liabilities            19,752       21,586       22,253       22,384       20,989       19,969
- --------------------------------------------------------------------------------------------------------------------------
All other liabilities                               1,075          865          768          711          552          514
Shareholders' equity                                2,307        2,382        2,279        2,147        2,064        1,894
- --------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY        $26,036      $28,137      $28,721      $28,739      $26,892      $25,151
==========================================================================================================================


(1)  Fully tax equivalent yields are calculated assuming a 35% tax rate.

(2)  Residential construction loans have been reclassified from Real Estate -
     Construction to Residential mortgage loans.

                                                                         Page 25

HUNTINGTON BANCSHARES INCORPORATED
- --------------------------------------------------------------------------------
CONSOLIDATED AVERAGE ANNUAL BALANCE SHEETS AND NET INTEREST MARGIN ANALYSIS -
REPORTED BASIS
(in millions)



                                                                             INTEREST INCOME/EXPENSE
- --------------------------------------------------------------------------------------------------------------------------------
Fully Tax Equivalent Basis  (1)                     2002          2001          2000          1999          1998          1997
- --------------------------------------------------------------------------------------------------------------------------------
                                                                                                      
Assets
Interest bearing deposits in banks                $    0.8      $    0.2      $    0.3      $    0.4      $    1.0      $    0.5
Trading account securities                             0.3           1.3           1.1           0.8           0.6           0.6
Federal funds sold and securities purchased
 under resale agreements                               1.1           4.4           5.5           1.2          12.9           2.4
Mortgages held for sale                               20.5          25.0           8.7          16.3          20.2          10.1
Securities:
  Taxable                                            173.0         206.9         269.5         297.0         308.8         339.8
  Tax exempt                                          10.1          13.0          20.8          23.5          21.9          25.3
- --------------------------------------------------------------------------------------------------------------------------------
     Total Securities                                183.1         219.9         290.3         320.5         330.7         365.1
- --------------------------------------------------------------------------------------------------------------------------------
Loans:(2)
  Commercial                                         330.6         493.2         572.8         501.0         488.5         472.2
  Real Estate
    Construction                                      58.3          88.6         108.2          85.8          71.2          75.1
    Commercial                                       148.7         180.4         186.7         184.6         201.5         205.1
  Consumer
    Auto leases - Indirect                           235.8         250.6         235.9         194.4         142.5         130.3
    Auto loans - Indirect                            245.9         260.2         279.0         296.6         291.4         279.0
    Home equity                                      188.3         286.8         261.1         202.3         180.5         155.0
    Residential mortgage                              87.3          79.5         106.1         111.5         109.5         126.5
    Other loans                                       36.1          55.8          61.1         120.0         159.2         171.4
- --------------------------------------------------------------------------------------------------------------------------------
    Total Consumer                                   793.4         932.9         943.2         924.8         883.1         862.2
- --------------------------------------------------------------------------------------------------------------------------------
Total Loans                                        1,331.0       1,695.1       1,810.9       1,696.2       1,644.3       1,614.6
- --------------------------------------------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------------------------------------------------------
Total interest income                              1,536.8       1,945.9       2,116.8       2,035.4       2,009.7       1,993.3
- --------------------------------------------------------------------------------------------------------------------------------



LIABILITIES AND SHAREHOLDERS' EQUITY
Core deposits
  Non-interest bearing deposits
  Interest bearing demand deposits                    90.1         134.6         144.0         106.5          96.4          84.4
  Savings deposits                                    51.7         107.7         146.4         126.0         114.0         100.4
  Other domestic time deposits                       197.1         331.4         335.4         299.1         349.2         329.7
- --------------------------------------------------------------------------------------------------------------------------------
     Total core deposits                             338.9         573.7         625.8         531.6         559.6         514.5
- --------------------------------------------------------------------------------------------------------------------------------
Domestic time deposits of $100,000 or more            28.8          66.8          90.4          76.6          96.4          87.6
Brokered time deposits and negotiable CDs             17.3           6.6          31.9          12.8          10.5          21.8
Foreign time deposits                                  4.9          10.8          34.0          18.6           5.9          22.2
- --------------------------------------------------------------------------------------------------------------------------------
     Total deposits                                  389.9         657.9         782.1         639.6         672.4         646.1
- --------------------------------------------------------------------------------------------------------------------------------
Short-term borrowings                                 42.7          95.9         113.1         114.3          97.7         146.4
Medium-term notes                                     61.7         121.7         189.3         170.0         164.6         116.2
Federal Home Loan Bank advances                        5.6           1.2           0.8           0.3           2.9           6.2
Subordinated notes and other long-term debt,
 including preferred capital securities               47.9          66.7          80.8          60.0          40.7          39.3
- --------------------------------------------------------------------------------------------------------------------------------
     Total interest expense                          547.8         943.4       1,166.1         984.2         978.3         954.2
- --------------------------------------------------------------------------------------------------------------------------------


- --------------------------------------------------------------------------------------------------------------------------------
NET INTEREST INCOME (FTE) (1)                     $  989.0      $1,002.5      $  950.7      $1,051.2      $1,031.4      $1,039.1
================================================================================================================================


(1)  Fully tax equivalent yields are calculated assuming a 35% tax rate.

(2)  Individual loan components above include applicable fees.

                                                                         Page 26

                       HUNTINGTON BANCSHARES INCORPORATED
          CONSOLIDATED AVERAGE ANNUAL BALANCE SHEETS AND NET INTEREST
                        MARGIN ANALYSIS - REPORTED BASIS



                                                                                         AVERAGE RATE (3)
- ------------------------------------------------------------------------------------------------------------------------------------
Fully Tax Equivalent Basis (1)                                   2002       2001        2000        1999        1998        1997
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
ASSETS
Interest bearing deposits in banks                               2.38%      3.43%       5.03%       4.04%       5.22%       5.47%
Trading account securities                                       4.11       5.13        7.11        5.89        5.71        5.70
Federal funds sold and securities purchased
 under resale agreements                                         1.56       4.19        6.33        5.58        5.64        5.50
Mortgages held for sale                                          6.35       6.95        7.96        7.03        6.99        7.75
Securities:
  Taxable                                                        6.06       6.58        6.24        6.08        6.31        6.35
  Tax exempt                                                     7.42       7.49        7.61        7.90        8.83        9.55
- ------------------------------------------------------------------------------------------------------------------------------------
     Total Securities                                            6.12       6.63        6.33        6.18        6.43        6.50
- ------------------------------------------------------------------------------------------------------------------------------------
Loans: (2)
   Commercial                                                    5.79       7.42        8.89        8.18        8.68        8.91
   Real Estate
     Construction                                                4.79       7.25        9.14        8.58        9.31        9.42
     Commercial                                                  6.35       7.71        8.53        8.26        8.75        9.12
   Consumer
     Auto leases - Indirect                                      7.45       7.82        7.94        8.23        8.05        8.75
     Auto loans - Indirect                                       8.87       9.65        9.36        8.66        9.00        9.13
     Home equity                                                 6.10       8.44        8.73        8.62        9.32        9.43
     Residential mortgage                                        6.05       7.55        7.68        7.48        8.03        8.29
     Other loans                                                 8.49       9.47       11.57       10.86       11.12       11.31
- ------------------------------------------------------------------------------------------------------------------------------------
     Total Consumer                                              7.28       8.53        8.69        8.62        9.07        9.34
- ------------------------------------------------------------------------------------------------------------------------------------
Total Loans                                                      6.60       8.01        8.76        8.44        8.92        9.18
- ------------------------------------------------------------------------------------------------------------------------------------
Total earning assets                                             6.51%      7.79%       8.31%       7.97%       8.33%       8.52%
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Core deposits
  Non-interest bearing deposits
  Interest bearing demand deposits                               1.75%      2.69%       3.36%       2.60%       2.69%       2.64%
  Savings deposits                                               1.81       3.10        4.11        3.37        3.48        3.28
  Other domestic time deposits                                   4.53       5.63        5.71        5.14        5.55        5.63
- ------------------------------------------------------------------------------------------------------------------------------------
     Total core deposits                                         2.74       3.99        4.56        3.89        4.25        4.25
- ------------------------------------------------------------------------------------------------------------------------------------
Domestic time deposits of $100,000 or more                       3.39       5.22        6.01        5.28        5.71        5.63
Brokered time deposits and negotiable CDs                        2.36       5.12        6.35        5.40        5.82        5.97
Foreign time deposits                                            1.47       3.82        6.31        5.14        5.66        5.81
- ------------------------------------------------------------------------------------------------------------------------------------
     Total deposits                                              2.73       4.10        4.81        4.07        4.44        4.48
- ------------------------------------------------------------------------------------------------------------------------------------
Short-term borrowings                                            2.01       4.12        5.75        4.48        4.69        5.18
Medium-term notes                                                3.31       6.01        6.54        5.45        5.67        5.86
Federal Home Loan Bank advances                                  2.00       6.17        6.32        5.19        5.57        5.30
Subordinated notes and other long-term debt,
 including preferred capital securities                          4.00       5.75        7.17        5.93        4.87        6.24
- ------------------------------------------------------------------------------------------------------------------------------------
     Total interest bearing liabilities                          2.77%      4.37%       5.24%       4.40%       4.66%       4.78%
- ------------------------------------------------------------------------------------------------------------------------------------
Net interest rate spread                                         3.74%      3.42%       3.07%       3.57%       3.67%       3.74%
Impact of non-interest bearing funds on margin                   0.45%      0.60%       0.66%       0.54%       0.61%       0.70%
- ------------------------------------------------------------------------------------------------------------------------------------
NET INTEREST MARGIN                                              4.19%      4.02%       3.73%       4.11%       4.28%       4.44%
====================================================================================================================================


(1)  Fully tax equivalent yields are calculated assuming a 35% tax rate.

(2)  Individual loan components include applicable fees.

(3)  Loan and deposit average rates include impact of applicable derivatives.


                                                                         Page 27

                       HUNTINGTON BANCSHARES INCORPORATED
                      Selected Annual Income Statement Data
                                 Reported Basis



- ------------------------------------------------------------------------------------------------------------------------------------
(in thousands of dollars, except per
 share amounts)                                   2002           2001             2000          1999          1998          1997
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                       
NET INTEREST INCOME                            $  983,802    $   996,182       $  942,432    $1,041,762    $1,021,093    $1,027,230
Provision for loan losses                         227,340        308,793           90,479        88,447       105,242       107,797
- ------------------------------------------------------------------------------------------------------------------------------------
NET INTEREST INCOME AFTER
 PROVISION FOR LOAN LOSSES                        756,462        687,389          851,953       953,315       915,851       919,433
- ------------------------------------------------------------------------------------------------------------------------------------
Service charges on
 deposit accounts                                 152,521        164,052          160,727       156,315       126,403       117,852
Brokerage and insurance income                     66,843         79,034           61,871        52,076        36,710        27,084
Trust services                                     62,051         60,298           53,613        52,030        50,754        48,102
Mortgage banking                                   47,989         59,148           38,025        56,890        60,006        55,715
Bank Owned Life Insurance income                   46,005         38,241           39,544        37,560        28,712            --
Other service charges and fees                     42,888         48,217           43,883        37,301        29,202        22,705
Other                                              61,718         59,767           58,795        59,901        67,090        63,403
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL NON-INTEREST INCOME BEFORE
 GAIN ON SALE OF FLORIDA OPERATIONS,
 MERCHANT SERVICES GAIN, CREDIT CARD
 PORTFOLIO, AND SECURITIES GAINS                  480,015        508,757          456,458       452,073       398,877       334,861
Gain on sale of Florida operations                175,344            ---              ---           ---           ---           ---
Merchant Services gain                             24,550            ---              ---           ---           ---           ---
Gains on sale of credit card portfolio                ---            ---              ---       108,530         9,530           ---
Securities gains                                    4,902            723           37,101        12,972        29,793         7,978
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL NON-INTEREST INCOME                         684,811        509,480          493,559       573,575       438,200       342,839
- ------------------------------------------------------------------------------------------------------------------------------------
Personnel costs                                   440,760        478,640          421,750       419,901       428,539       392,793
Equipment                                          68,323         80,560           78,069        66,666        62,040        57,867
Outside data processing and other
 services                                          67,368         69,692           62,011        62,886        74,795        66,683
Net occupancy                                      60,264         77,184           75,882        62,169        54,123        49,509
Marketing                                          27,911         31,057           34,884        32,506        32,260        32,782
Professional services                              25,777         23,879           20,819        21,169        25,160        24,931
Telecommunications                                 22,661         27,984           26,225        28,519        29,429        21,527
Printing and supplies                              15,198         18,367           19,634        20,227        23,673        21,584
Franchise and other taxes                           9,456          9,729           11,077        14,674        22,103        19,836
Amortization of intangible assets                   2,019         41,225           39,207        37,297        25,689        13,019
Other                                              56,127         65,313           46,059        49,314        46,118        51,414
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL NON-INTEREST EXPENSE BEFORE
 SPECIAL CHARGES                                  795,864        923,630          835,617       815,328       823,929       751,945
Special Charges                                    56,184         99,957           50,000        96,791        90,000        51,163
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL NON-INTEREST EXPENSE AFTER
 SPECIAL CHARGES                                  852,048      1,023,587          885,617       912,119       913,929       803,108
- ------------------------------------------------------------------------------------------------------------------------------------
INCOME BEFORE INCOME TAXES                        589,225        173,282          459,895       614,771       440,122       459,164
Income taxes                                      226,000         (5,239)(1)      131,449       192,697       138,354       166,501
- ------------------------------------------------------------------------------------------------------------------------------------
NET INCOME                                     $  363,225    $   178,521       $  328,446    $  422,074    $  301,768    $  292,663
====================================================================================================================================
PER COMMON SHARE
  Net Income - Diluted                         $     1.49    $      0.71       $     1.32    $     1.65    $     1.17    $     1.14
  Cash Dividends Declared                      $     0.64    $      0.72       $     0.76    $     0.68    $     0.62    $     0.56
RETURN ON:
  Average total assets                               1.40%          0.63%            1.14%         1.47%         1.12%         1.16%
  Average total shareholders'
   equity                                            15.7%           7.5%            14.4%         19.7%         14.6%         15.5%
Net interest margin (2)                              4.19%          4.02%            3.73%         4.11%         4.28%         4.44%
Efficiency ratio (3)                                 54.0%          58.4%            56.2%         51.8%         55.8%         54.9%
REVENUE - FULLY TAXABLE
 EQUIVALENT (FTE)
Net Interest Income                            $  983,802    $   996,182       $  942,432    $1,041,762    $1,021,093    $1,027,230
Tax Equivalent Adjustment (2)                       5,205          6,352            8,310         9,423        10,307        11,864
- ------------------------------------------------------------------------------------------------------------------------------------
Net Interest Income                               989,007      1,002,534          950,742     1,051,185     1,031,400     1,039,094
Non-Interest Income                               684,811        509,480          493,559       573,575       438,200       342,839
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REVENUE                                  $1,673,818    $ 1,512,014       $1,444,301    $1,624,760    $1,469,600    $1,381,933
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REVENUE EXCLUDING
 SECURITIES GAINS                              $1,668,916    $ 1,511,291       $1,407,200    $1,611,788    $1,439,807    $1,373,955
====================================================================================================================================


(1)  Reflects a $32.5 million reduction related to the issuance of $400 million
     of REIT subsidiary preferred stock, of which $50 million was issued to the
     public.

(2)  Calculated assuming a 35% tax rate.

(3)  Excludes gain on sale of Florida operations and special charges.


                                                                         Page 13

                       HUNTINGTON BANCSHARES INCORPORATED
                   ANNUAL LOAN LOSS RESERVES AND ASSET QUALITY
                                 REPORTED BASIS



- -----------------------------------------------------------------------------------------------------------------------------------
(in thousands)                                          2002        2001           2000        1999          1998          1997
- -----------------------------------------------------------------------------------------------------------------------------------
                                                                                                       
ALLOWANCE FOR LOAN LOSSES, BEGINNING
 OF YEAR                                             $ 410,572    $ 297,880     $ 299,309    $ 290,948     $ 258,171     $ 230,778
Loan losses                                           (289,838)    (227,315)     (110,845)    (112,291)     (126,355)     (110,723)
Recoveries of loans previously charged off              50,519       37,868        27,756       32,205        31,848        22,542
- -----------------------------------------------------------------------------------------------------------------------------------
Net Loan Losses                                       (239,319)    (189,447)      (83,089)     (80,086)      (94,507)      (88,181)
- -----------------------------------------------------------------------------------------------------------------------------------
Provision for loan losses                              227,340      308,793        90,479       88,447       105,242       107,797
Allowance of assets (sold)/purchased and other         (21,033)          --         7,900           --        22,042         7,777
Allowance of securitized loans                          (9,165)      (6,654)      (16,719)          --            --            --
- -----------------------------------------------------------------------------------------------------------------------------------
ALLOWANCE FOR LOAN LOSSES, END OF YEAR               $ 368,395    $ 410,572     $ 297,880    $ 299,309     $ 290,948     $ 258,171
===================================================================================================================================
Allowance for loan losses as a % of total loans           1.76%        1.90%         1.45%        1.45%         1.50%         1.46%
Allowance for loan losses as a % of non-
 performing loans                                        287.7%       185.7%        316.9%       360.3%        377.2%        359.6%
Allowance for loan losses as a % of non-
 performing assets                                       269.4%       180.5%        282.6%       304.7%        302.8%        296.3%
NET CHARGE-OFFS BY LOAN TYPE
Commercial                                           $ 117,528    $  52,000     $  13,812    $  10,900     $  19,966     $  18,903
Commercial real estate                                  17,641        3,729         1,327        1,585           (46)          677
- -----------------------------------------------------------------------------------------------------------------------------------
  Total commercial and commercial real estate          135,169       55,729        15,139       12,485        19,920        19,580
- -----------------------------------------------------------------------------------------------------------------------------------
Consumer
  Auto leases                                           43,837       47,377        21,442       10,557        12,124         8,768
  Auto loans                                            31,597       48,280        32,280       28,582        24,128        26,208
- -----------------------------------------------------------------------------------------------------------------------------------
     Total auto leases and loans                        75,434       95,657        53,722       39,139        36,252        34,976
- -----------------------------------------------------------------------------------------------------------------------------------
  Home equity                                           13,506       14,588         6,909        6,096         5,530         1,768
  Residential mortgage                                     872          785         1,007        1,136           876         1,631
  Other loans                                            4,524        7,778         6,312       21,230        31,929        30,226
- -----------------------------------------------------------------------------------------------------------------------------------
     Total consumer                                     94,336      118,808        67,950       67,601        74,587        68,601
- -----------------------------------------------------------------------------------------------------------------------------------
Total net charge-offs, excluding exited businesses     229,505      174,537        83,089       80,086        94,507        88,181
Net charge-offs related to exited businesses             9,814       14,910            --           --            --            --
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL NET CHARGE-OFFS - INCLUDING EXITED
 BUSINESSES                                          $ 239,319    $ 189,447     $  83,089    $  80,086     $  94,507     $  88,181
===================================================================================================================================


NET CHARGE-OFFS AS A PERCENTAGE OF AVERAGE LOANS

Commercial                                                2.06%        0.78%         0.21%        0.18%         0.35%         0.36%
Commercial real estate                                    0.75         0.16          0.06         0.07            --          0.03
- -----------------------------------------------------------------------------------------------------------------------------------
  Total commercial and commercial real estate             1.20         0.46          0.13         0.12          0.21          0.22
- -----------------------------------------------------------------------------------------------------------------------------------

Consumer
  Auto leases                                             1.38         1.48          0.72         0.45          0.69          0.59
  Auto loans                                              1.18         1.90          1.08         0.83          0.74          0.85
- -----------------------------------------------------------------------------------------------------------------------------------
     Total auto leases and loans                          1.29         1.67          0.90         0.68          0.72          0.77
- -----------------------------------------------------------------------------------------------------------------------------------
  Home equity                                             0.44         0.43          0.23         0.26          0.29          0.11
  Residential mortgage                                    0.06         0.07          0.07         0.08          0.06          0.11
  Other loans                                             1.09         1.37          1.20         1.93          2.25          2.03
- -----------------------------------------------------------------------------------------------------------------------------------
     Total consumer                                       0.87         1.10          0.63         0.63          0.77          0.74
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL NET CHARGE-OFFS - EXCLUDING EXITED
 BUSINESSES                                               1.14         0.83          0.40         0.40          0.51          0.50
Net charge-offs related to exited businesses              0.05         0.07            --           --            --            --
- -----------------------------------------------------------------------------------------------------------------------------------
NET CHARGE-OFFS AS a % OF AVERAGE LOANS -
 INCLUDING EXITED BUSINESSES(1)                           1.19%        0.90%         0.40%        0.40%         0.51%         0.50%
===================================================================================================================================


(1)  Exited businesses include Second Tier auto and Truck and Equipment lending.

                                                                         Page 14

                       HUNTINGTON BANCSHARES INCORPORATED
                 ANNUAL NON-PERFORMING ASSETS AND PAST DUE LOANS
                                 REPORTED BASIS



- ------------------------------------------------------------------------------------------------------------------------------------
(in thousands)                                           2002            2001          2000          1999          1998       1997
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
Non-accrual loans:
  Commercial                                           $ 91,861        $159,637      $ 55,804      $ 42,958      $34,586    $36,459
  Commercial real estate                                 26,765          48,360        26,702        26,916       23,424     16,128
  Residential mortgage                                    9,443          11,836        10,174        11,866       14,419     13,394
- ------------------------------------------------------------------------------------------------------------------------------------
Total Nonaccrual Loans                                  128,069         219,833        92,680        81,740       72,429     65,981
Renegotiated loans                                           --           1,276         1,304         1,330        4,706      5,822
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL NON-PERFORMING LOANS                              128,069         221,109        93,984        83,070       77,135     71,803
Other real estate, net                                    8,654           6,384        11,413        15,171       18,964     15,343
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL NON-PERFORMING ASSETS                            $136,723        $227,493      $105,397      $ 98,241      $96,099    $87,146
====================================================================================================================================


Non-performing loans as a % of total loans                 0.61%           1.02%         0.46%         0.40%        0.40%      0.40%
Non-performing assets as a % of total loans
 and other real estate                                     0.65%           1.05%         0.51%         0.47%        0.49%      0.49%


Accruing loans past due 90 days or more                $ 73,122        $ 91,635      $ 80,306      $ 61,287      $51,037    $49,608
====================================================================================================================================




- -----------------------------------------------------------------------------------------------------------
(in thousands)                                           2002            2001          2000          1999
- -----------------------------------------------------------------------------------------------------------
                                                                                       
NON-PERFORMING ASSETS, BEGINNING
 OF PERIOD                                             $227,493        $105,397      $ 98,241      $ 96,099
New non-performing assets                               260,173         329,882       112,319       106,014
Returns to accruing status                              (17,124)         (2,767)       (5,914)       (5,744)
Loan losses                                            (152,616)        (67,491)      (18,052)      (17,515)
Payments                                               (136,774)       (106,839)      (68,982)      (67,682)
Sales                                                   (44,485)(1)     (30,639)      (13,766)      (10,899)
Other (2)                                                    56             (50)        1,551        (2,032)
- -----------------------------------------------------------------------------------------------------------
NON-PERFORMING ASSETS, END OF PERIOD                   $136,723        $227,493      $105,397      $ 98,241
===========================================================================================================


(1)  Includes $6.5 million related to the sale of Florida operations.
(2)  Includes loans acquired and provision for OREO losses.

                                                                         Page 15

              SUPPLEMENTAL SELECTED INFORMATION -- OPERATING BASIS

              EXCLUDES:
                [ ]  RESULTS OF SOLD FLORIDA BANKING AND INSURANCE OPERATIONS
                [ ]  FEBRUARY 2002 GAIN FROM SALE OF FLORIDA
                      BANKING OPERATIONS
                [ ]  JULY 2002 GAIN FROM RESTRUCTURING OF
                      MERCHANT SERVICES BUSINESS
                [ ]  RESTRUCTURING AND OTHER CHARGES

                                                                         Page 16

                       HUNTINGTON BANCSHARES INCORPORATED
                        CONSOLIDATED STATEMENTS OF INCOME
                               OPERATING BASIS (1)



THREE MONTHS ENDED DECEMBER 31,                                                                       CHANGE
- -----------------------------------------------------------------------------------          -------------------------
(in thousands, except per share amounts)                   2002              2001             Amount           Percent
- -----------------------------------------------------------------------------------          -------------------------
                                                                                                   
Net Interest Income                                      $249,702          $235,546          $ 14,156             6.0%
Provision for loan losses                                  57,418            54,281             3,137             5.8
- -----------------------------------------------------------------------------------          -------------------------
      NET INTEREST INCOME
        AFTER PROVISION FOR LOAN LOSSES                   192,284           181,265            11,019             6.1
- -----------------------------------------------------------------------------------          -------------------------
Total non-interest income                                 126,021           114,380            11,641            10.2
Total non-interest expense                                202,695           187,429            15,266             8.1
- -----------------------------------------------------------------------------------          -------------------------
      INCOME BEFORE INCOME TAXES                          115,610           108,216             7,394             6.8
Income taxes                                               30,475            28,631             1,844             6.4
- -----------------------------------------------------------------------------------          -------------------------
      NET INCOME                                         $ 85,135          $ 79,585          $  5,550             7.0%
===================================================================================          =========================

PER COMMON SHARE
  Net income
    Basic                                                   $0.36             $0.32          $   0.04            12.5%
    Diluted                                                 $0.36             $0.32          $   0.04            12.5%
  Cash dividends declared                                   $0.16             $0.16          $     --              --%

AVERAGE COMMON SHARES
    Basic                                                 233,581           251,193           (17,612)           (7.0)%
    Diluted                                               235,083           251,858           (16,775)           (6.7)%

=======================================================================================================================




TWELVE MONTHS ENDED DECEMBER 31,                                                                       CHANGE
- -----------------------------------------------------------------------------------          -------------------------
(in thousands, except per share amounts)                   2002              2001             Amount           Percent
- -----------------------------------------------------------------------------------          -------------------------
                                                                                                   
Net Interest Income                                      $974,078          $913,909          $60,169             6.6%
Provision for loan losses                                 222,154           171,954           50,200            29.2
- -----------------------------------------------------------------------------------          -------------------------
      NET INTEREST INCOME
        AFTER PROVISION FOR LOAN LOSSES                   751,924           741,955            9,969             1.3
- -----------------------------------------------------------------------------------          -------------------------
Total non-interest income                                 471,574           437,738           33,836             7.7
Total non-interest expense                                775,654           760,743           14,911             2.0
- -----------------------------------------------------------------------------------          -------------------------
      INCOME BEFORE INCOME TAXES                          447,844           418,950           28,894             6.9
Income taxes                                              119,322           111,415            7,907             7.1
- -----------------------------------------------------------------------------------          -------------------------
      NET INCOME                                         $328,522          $307,535          $20,987             6.8%
===================================================================================          =========================

PER COMMON SHARE
  Net income
    Basic                                                   $1.36             $1.22          $  0.14            11.5%
    Diluted                                                 $1.35             $1.22          $  0.13            10.7%
  Cash dividends declared                                   $0.64             $0.72          $ (0.08)          (11.1)%
AVERAGE COMMON SHARES
    Basic                                                 242,279           251,078           (8,799)           (3.5)%
    Diluted                                               244,012           251,716           (7,704)           (3.1)%


(1)  See page 16 for definition of Operating Basis.

                                                                         Page 17


                       HUNTINGTON BANCSHARES INCORPORATED
                               LOANS AND DEPOSITS
                               OPERATING BASIS (1)



                                                                             2002
- --------------------------------------------------------------------------------------------------------
(in thousands)                                        FOURTH        Third         Second        First
- --------------------------------------------------------------------------------------------------------
                                                                                 
LOAN PORTFOLIO COMPOSITION - AVERAGE

Commercial                                         $ 5,695,681   $ 5,502,183   $ 5,613,550   $ 5,661,005
Commercial real estate                               3,529,306     3,563,855     3,491,797     3,437,456
- --------------------------------------------------------------------------------------------------------
     Total Commercial and Commercial Real Estate     9,224,987     9,066,038     9,105,347     9,098,461
- --------------------------------------------------------------------------------------------------------
Consumer
  Auto leases - Indirect                             3,210,241     3,172,078     3,113,148     3,166,161
  Auto loans - Indirect                              2,968,719     2,792,757     2,596,908     2,559,700
  Home equity                                        3,168,197     3,061,602     2,910,612     2,788,083
  Residential mortgage                               1,701,917     1,492,044     1,390,499     1,067,918
  Other loans                                          398,409       404,896       413,975       424,111
- --------------------------------------------------------------------------------------------------------
     Total Consumer                                 11,447,483    10,923,377    10,425,142    10,005,973
- --------------------------------------------------------------------------------------------------------
     TOTAL LOANS                                   $20,672,470   $19,989,415   $19,530,489   $19,104,434
========================================================================================================

LOAN PORTFOLIO COMPOSITION - END OF PERIOD

Commercial                                         $ 5,874,144   $ 5,684,168   $ 5,591,280   $ 5,681,788
Commercial real estate                               3,462,299     3,579,836     3,529,978     3,488,251
- --------------------------------------------------------------------------------------------------------
     Total Commercial and Commercial Real Estate     9,336,443     9,264,004     9,121,258     9,170,039
- --------------------------------------------------------------------------------------------------------
Consumer
  Auto leases - Indirect                             3,203,421     3,206,046     3,120,317     3,126,101
  Auto loans - Indirect                              3,072,017     2,907,417     2,630,541     2,561,936
  Home equity                                        3,200,169     3,134,529     2,990,726     2,830,814
  Residential mortgage                               1,748,985     1,544,044     1,380,437     1,232,004
  Other loans                                          394,890       399,466       408,891       418,053
- --------------------------------------------------------------------------------------------------------
     Total Consumer                                 11,619,482    11,191,502    10,530,912    10,168,908
- --------------------------------------------------------------------------------------------------------
     TOTAL LOANS                                   $20,955,925   $20,455,506   $19,652,170   $19,338,947
========================================================================================================
DEPOSIT COMPOSITION - AVERAGE

Demand deposits
  Non-interest bearing                             $ 2,955,535   $ 2,867,573   $ 2,738,621   $ 2,737,978
  Interest bearing                                   5,305,228     5,269,186     4,920,120     4,362,050
Savings deposits                                     2,745,615     2,765,886     2,807,874     2,829,922
Other domestic time deposits                         4,002,050     4,167,451     4,225,696     4,097,383
- --------------------------------------------------------------------------------------------------------
     TOTAL CORE DEPOSITS (2)                        15,008,428    15,070,096    14,692,311    14,027,333
- --------------------------------------------------------------------------------------------------------
Domestic time deposits of $100,000 or more             734,747       776,600       843,815       958,812
Brokered time deposits and negotiable CDs            1,056,768       906,598       649,340       301,612
Foreign time deposits                                  409,548       370,313       296,428       267,512
- --------------------------------------------------------------------------------------------------------
     TOTAL DEPOSITS                                $17,209,491   $17,123,607   $16,481,894   $15,555,269
========================================================================================================

DEPOSIT COMPOSITION - END OF PERIOD

Demand deposits
  Non-interest bearing                             $ 3,073,869   $ 2,949,065   $ 2,769,936   $ 2,857,233
  Interest bearing                                   5,374,095     5,203,413     5,105,196     4,747,283
Savings deposits                                     2,851,158     2,849,060     2,839,115     2,895,445
Other domestic time deposits                         3,956,306     4,071,082     4,238,688     4,179,814
- --------------------------------------------------------------------------------------------------------
     TOTAL CORE DEPOSITS (2)                        15,255,428    15,072,620    14,952,935    14,679,775
- --------------------------------------------------------------------------------------------------------
Domestic time deposits of $100,000 or more             731,959       754,115       765,163       895,427
Brokered time deposits and negotiable CDs            1,092,754       979,075       849,347       451,173
Foreign time deposits                                  419,185       312,001       293,655       240,410
- --------------------------------------------------------------------------------------------------------
     TOTAL DEPOSITS                                $17,499,326   $17,117,811   $16,861,100   $16,266,785
========================================================================================================

                                                                             2001
- --------------------------------------------------------------------------------------------------------
(in thousands)                                        Fourth        Third         Second         First
- --------------------------------------------------------------------------------------------------------
                                                                                 
LOAN PORTFOLIO COMPOSITION - AVERAGE

Commercial                                         $ 5,750,830   $ 5,945,639   $ 5,986,587   $ 5,917,505
Commercial real estate                               3,307,826     3,162,883     3,050,254     3,060,886
- --------------------------------------------------------------------------------------------------------
     Total Commercial and Commercial Real Estate     9,058,656     9,108,522     9,036,841     8,978,391
- --------------------------------------------------------------------------------------------------------
Consumer
  Auto leases - Indirect                             3,229,203     3,242,864     3,221,612     3,117,196
  Auto loans - Indirect                              2,489,183     2,445,459     2,289,014     2,258,802
  Home equity                                        2,753,141     2,709,125     2,663,676     2,617,242
  Residential mortgage                                 831,223       771,473       829,720       821,466
  Other loans                                          445,740       458,999       485,096       511,120
- --------------------------------------------------------------------------------------------------------
     Total Consumer                                  9,748,490     9,627,920     9,489,118     9,325,826
- --------------------------------------------------------------------------------------------------------
     TOTAL LOANS                                   $18,807,146   $18,736,442   $18,525,959   $18,304,217
========================================================================================================

LOAN PORTFOLIO COMPOSITION - END OF PERIOD

Commercial                                         $ 5,685,719   $ 5,912,371   $ 6,012,647   $ 5,974,635
Commercial real estate                               3,398,233     3,268,360     3,088,507     3,058,468
- --------------------------------------------------------------------------------------------------------
     Total Commercial and Commercial Real Estate     9,083,952     9,180,731     9,101,154     9,033,103
- --------------------------------------------------------------------------------------------------------
Consumer
  Auto leases - Indirect                             3,207,514     3,221,300     3,194,592     3,175,981
  Auto loans - Indirect                              2,501,054     2,509,504     2,300,212     2,136,365
  Home equity                                        2,754,612     2,742,016     2,689,868     2,637,558
  Residential mortgage                                 893,923       816,515       762,562       845,923
  Other loans                                          437,293       475,552       500,194       495,759
- --------------------------------------------------------------------------------------------------------
     Total Consumer                                  9,794,396     9,764,887     9,447,428     9,291,586
- --------------------------------------------------------------------------------------------------------
     TOTAL LOANS                                   $18,878,348   $18,945,618   $18,548,582   $18,324,689
========================================================================================================
DEPOSIT COMPOSITION - AVERAGE

Demand deposits
  Non-interest bearing                             $ 2,824,035   $ 2,761,240   $ 2,667,334   $ 2,635,335
  Interest bearing                                   4,013,874     3,687,335     3,455,963     3,309,619
Savings deposits                                     2,862,649     2,922,867     2,976,864     2,942,606
Other domestic time deposits                         4,123,478     4,126,677     3,942,256     4,088,651
- --------------------------------------------------------------------------------------------------------
     TOTAL CORE DEPOSITS (2)                        13,824,036    13,498,119    13,042,417    12,976,211
- --------------------------------------------------------------------------------------------------------
Domestic time deposits of $100,000 or more           1,007,978     1,053,133     1,077,601     1,145,504
Brokered time deposits and negotiable CDs              108,591       119,646       118,321       166,505
Foreign time deposits                                  223,675       249,753       371,276       262,385
- --------------------------------------------------------------------------------------------------------
     TOTAL DEPOSITS                                $15,164,280   $14,920,651   $14,609,615   $14,550,605
========================================================================================================

DEPOSIT COMPOSITION - END OF PERIOD

Demand deposits
  Non-interest bearing                             $ 2,997,449   $ 2,889,319   $ 2,660,607   $ 2,660,698
  Interest bearing                                   4,197,893     3,841,646     3,521,499     3,378,779
Savings deposits                                     2,943,508     2,929,922     3,061,890     3,036,951
Other domestic time deposits                         4,077,510     4,214,865     3,833,761     4,057,346
- --------------------------------------------------------------------------------------------------------
     TOTAL CORE DEPOSITS (2)                        14,216,360    13,875,752    13,077,757    13,133,774
- --------------------------------------------------------------------------------------------------------
Domestic time deposits of $100,000 or more             944,361     1,114,421       955,616     1,130,647
Brokered time deposits and negotiable CDs              137,915       128,878       100,233       136,147
Foreign time deposits                                  220,749       359,452       404,069       187,368
- --------------------------------------------------------------------------------------------------------
     TOTAL DEPOSITS                                $15,519,385   $15,478,503   $14,537,675   $14,587,936
========================================================================================================


(1)  See page 16 for definition of Operating Basis.

(2)  Core deposits include non-interest bearing and interest bearing demand
     deposits, savings deposits, CDs under $100,000, and IRA deposits.

                                                                         Page 18

HUNTINGTON BANCSHARES INCORPORATED
- --------------------------------------------------------------------------------
CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEETS AND NET INTEREST MARGIN ANALYSIS
OPERATING BASIS(1)
(in millions)



                                                                       2002                                    2001
- --------------------------------------------------------------------------------------------   -------------------------------------
Fully Tax Equivalent Basis (2)                         FOURTH     Third    Second     First     Fourth    Third    Second     First
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                     
Assets
Interest bearing deposits in banks                     $    34   $    35   $    29   $    34   $    14   $     5   $     5   $     4
Trading account securities                                   9         7         6         5         8         8        39        48
Federal funds sold and securities purchased
 under resale agreements                                    83        76        68        62        86        86        93       164
Mortgages held for sale                                    467       267       174       381       433       344       420       240
Securities:
  Taxable                                                3,029     2,953     2,735     2,713     2,720     2,896     3,368     3,606
  Tax exempt                                               234       108        96       102       108       140       201       248
- ------------------------------------------------------------------------------------------------------------------------------------
     Total Securities                                    3,263     3,061     2,831     2,815     2,828     3,036     3,569     3,854
- ------------------------------------------------------------------------------------------------------------------------------------
Loans:
  Commercial                                             5,696     5,502     5,614     5,661     5,751     5,946     5,986     5,918
  Real Estate(3)
    Construction                                         1,071     1,248     1,259     1,241     1,227     1,129     1,056     1,032
    Commercial                                           2,459     2,316     2,233     2,196     2,081     2,034     1,994     2,029
  Consumer
    Auto leases - Indirect                               3,210     3,172     3,113     3,166     3,229     3,243     3,222     3,117
    Auto loans - Indirect                                2,969     2,793     2,597     2,560     2,489     2,445     2,289     2,259
    Home equity                                          3,168     3,062     2,911     2,788     2,753     2,709     2,664     2,617
    Residential mortgage                                 1,702     1,492     1,390     1,068       831       771       830       821
    Other loans                                            397       404       413       424       446       459       485       511
- ------------------------------------------------------------------------------------------------------------------------------------
     Total Consumer                                     11,446    10,923    10,424    10,006     9,748     9,627     9,490     9,325
- ------------------------------------------------------------------------------------------------------------------------------------
Total Loans                                             20,672    19,989    19,530    19,104    18,807    18,736    18,526    18,304
- ------------------------------------------------------------------------------------------------------------------------------------
Allowance for loan losses                                  421       406       400       403       371       315       279       272
- ------------------------------------------------------------------------------------------------------------------------------------
Net loans                                               20,251    19,583    19,130    18,701    18,436    18,421    18,247    18,032
- ------------------------------------------------------------------------------------------------------------------------------------
Total earning assets                                    24,528    23,435    22,638    22,401    22,176    22,215    22,652    22,614
- ------------------------------------------------------------------------------------------------------------------------------------
Cash and due from banks                                    717       763       722       774       798       831       830       867
- ------------------------------------------------------------------------------------------------------------------------------------
Intangible assets                                          225       202       213       210       211       215       217       218
- ------------------------------------------------------------------------------------------------------------------------------------
All other assets                                         1,806     1,784     1,784     1,798     1,799     1,787     1,773     1,736
- ------------------------------------------------------------------------------------------------------------------------------------
Total Assets                                           $26,855   $25,778   $24,957   $24,780   $24,613   $24,733   $25,193   $25,163
====================================================================================================================================
Liabilities and Shareholders' Equity
Core deposits
  Non-interest bearing deposits                        $ 2,955   $ 2,868   $ 2,739   $ 2,738   $ 2,824   $ 2,761   $ 2,667   $ 2,635
  Interest bearing demand deposits                       5,305     5,269     4,920     4,362     4,014     3,687     3,456     3,310
  Savings deposits                                       2,746     2,766     2,808     2,830     2,863     2,923     2,977     2,942
  Other domestic time deposits                           4,002     4,167     4,226     4,097     4,123     4,127     3,942     4,089
- ------------------------------------------------------------------------------------------------------------------------------------
     Total core deposits                                15,008    15,070    14,693    14,027    13,824    13,498    13,042    12,976
- ------------------------------------------------------------------------------------------------------------------------------------
Domestic time deposits of $100,000 or more                 735       777       844       959     1,008     1,053     1,078     1,146
Brokered time deposits and negotiable CDs                1,057       907       649       302       109       120       118       167
Foreign time deposits                                      409       370       296       268       224       250       371       262
- ------------------------------------------------------------------------------------------------------------------------------------
     Total deposits                                     17,209    17,124    16,482    15,556    15,165    14,921    14,609    14,551
- ------------------------------------------------------------------------------------------------------------------------------------
Short-term borrowings                                    2,515     2,108     1,886     1,925     1,745     1,998     2,628     2,390
Medium-term notes                                        1,832     1,752     1,910     2,645     3,272     3,443     3,476     3,796
Federal Home Loan Bank advances                            848       228        14        17        17        17        18        24
Subordinated notes and other long-term debt,
 including preferred capital securities                  1,147     1,215     1,215     1,215     1,166     1,167     1,162     1,147
- ------------------------------------------------------------------------------------------------------------------------------------
     Total interest bearing liabilities                 20,596    19,559    18,768    18,620    18,541    18,785    19,226    19,273
- ------------------------------------------------------------------------------------------------------------------------------------
All other liabilities                                    1,063     1,073     1,107     1,052       887       812       897       867
Shareholders' equity                                     2,241     2,278     2,343     2,370     2,361     2,375     2,403     2,388
- ------------------------------------------------------------------------------------------------------------------------------------
Total Liabilities and Shareholders' Equity             $26,855   $25,778   $24,957   $24,780   $24,613   $24,733   $25,193   $25,163
====================================================================================================================================


(1)  See page 16 for definition of Operating Basis.

(2)  Fully tax equivalent yields are calculated assuming a 35% tax rate.

(3)  Third quarter 2002 includes reclassification of $186 million in
     construction loans to commercial real estate due to a September 2002
     correction of an error involving construction loans with original
     maturities over 5 years. In addition, residential construction loans were
     reclassified from Real Estate - Construction to Residential mortgage loans.


                                                                         Page 43

HUNTINGTON BANCSHARES INCORPORATED
- --------------------------------------------------------------------------------
CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEETS AND NET INTEREST MARGIN ANALYSIS
OPERATING BASIS (1)
(in millions)



                                                                                      AVERAGE RATES (4)
                                                             -----------------------------------------------------------------------
                                                                            2002                                 2001
- -----------------------------------------------------------------------------------------------   ----------------------------------
Fully Tax Equivalent Basis (2)                                FOURTH   Third    Second   First    Fourth   Third    Second    First
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                     
ASSETS
Interest bearing deposits in banks                             1.93%    2.06%    2.44%    2.02%    2.09%    3.75%    5.09%    5.24%
Trading account securities                                     3.37     4.95     5.37     2.79     3.59     3.83     5.15     5.52
Federal funds sold and securities purchased
 under resale agreements                                       1.83     1.40     1.51     1.43     2.18     3.20     4.21     5.78
Mortgages held for sale                                        5.84     6.57     7.07     6.51     6.64     7.18     6.96     7.19
Securities:
  Taxable                                                      5.53     6.01     6.33     6.43     6.62     6.71     6.26     6.72
  Tax exempt                                                   7.15     7.52     7.69     7.76     7.81     7.38     7.26     7.55
- ------------------------------------------------------------------------------------------------------------------------------------
     Total Securities                                          5.64     6.07     6.37     6.48     6.66     6.75     6.32     6.77
- ------------------------------------------------------------------------------------------------------------------------------------
Loans:(3)
  Commercial                                                   5.74     5.86     5.84     5.72     6.10     7.19     7.74     8.51
  Real Estate
    Construction                                               4.26     4.70     5.14     4.97     5.58     6.94     8.02     8.70
    Commercial                                                 5.96     6.31     6.54     6.83     7.01     7.72     8.04     8.49
  Consumer
    Auto leases - Indirect                                     7.02     7.69     7.58     7.51     7.59     7.89     7.89     7.92
    Auto loans - Indirect                                      8.53     8.92     9.07     9.00     9.57     9.86    10.18    10.09
    Home equity                                                5.82     5.96     6.05     6.34     7.35     7.99     8.78     9.36
    Residential mortgage                                       5.69     5.96     6.21     6.59     7.05     7.51     7.72     7.91
    Other loans                                                8.14     8.58     8.62     8.69     9.53     9.24     9.28     9.61
- ------------------------------------------------------------------------------------------------------------------------------------
     Total Consumer                                            6.92     7.32     7.38     7.52     8.07     8.45     8.75     8.94
- ------------------------------------------------------------------------------------------------------------------------------------
Total Loans                                                    6.34     6.64     6.70     6.74     7.19     7.88     8.30     8.74
- ------------------------------------------------------------------------------------------------------------------------------------
Total earning assets                                           6.22%    6.54%    6.64%    6.68%    7.09%    7.70%    7.94%    8.36%
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Core deposits
  Non-interest bearing deposits
   Interest bearing demand deposits                            1.57%    1.77%    1.84%    1.79%    1.93%    2.73%    2.87%    3.29%
  Savings deposits                                             1.73     1.81     1.83     1.85     2.08     3.04     3.46     3.87
  Other domestic time deposits                                 4.26     4.40     4.51     4.85     5.18     5.52     5.83     6.02
- ------------------------------------------------------------------------------------------------------------------------------------
     Total core deposits                                       2.50     2.68     2.78     2.92     3.19     3.89     4.16     4.52
- ------------------------------------------------------------------------------------------------------------------------------------
Domestic time deposits of $100,000 or more                     3.29     3.29     3.33     3.49     4.66     4.70     5.23     5.93
Brokered time deposits and negotiable CDs                      2.25     2.37     2.48     2.48     3.55     4.42     5.57     6.37
Foreign time deposits                                          1.29     1.43     1.38     1.92     1.99     3.40     4.11     5.45
- ------------------------------------------------------------------------------------------------------------------------------------
     Total deposits                                            2.49     2.66     2.77     2.93     3.29     3.95     4.27     4.70
- ------------------------------------------------------------------------------------------------------------------------------------
Short-term borrowings                                          1.86     1.88     1.97     2.39     2.73     3.75     4.40     5.40
Medium-term notes                                              3.26     3.37     3.21     3.00     3.45     4.82     5.51     5.81
Federal Home Loan Bank advances                                1.84     2.04     5.97     6.10     6.10     6.10     6.15     6.29
Subordinated notes and other long-term debt,
   including preferred capital securities                      3.80     3.99     4.03     4.12     4.94     5.17     5.96     6.83
- ------------------------------------------------------------------------------------------------------------------------------------
     Total interest bearing liabilities                        2.53%    2.73%    2.82%    2.96%    3.37%    4.17%    4.62%    5.14%
- ------------------------------------------------------------------------------------------------------------------------------------
Net interest rate spread                                       3.69%    3.81%    3.82%    3.72%    3.72%    3.53%    3.32%    3.22%
Impact of non-interest bearing funds on margin                 0.38     0.45     0.48     0.49     0.54     0.64     0.71     0.77
- ------------------------------------------------------------------------------------------------------------------------------------
NET INTEREST MARGIN                                            4.07%    4.26%    4.30%    4.21%    4.26%    4.17%    4.03%    3.99%
- ------------------------------------------------------------------------------------------------------------------------------------


(1)  See page 16 for definition of Operating Basis.

(2)  Fully tax equivalent yields are calculated assuming a 35% tax rate.

(3)  Individual loan components include applicable fees.

(4)  Loan and deposit average rates include impact of applicable derivatives.


                                                                         Page 44

                       HUNTINGTON BANCSHARES INCORPORATED
                    SELECTED QUARTERLY INCOME STATEMENT DATA
                               OPERATING BASIS (1)



                                                                2002                                        2001
- --------------------------------------------------------------------------------------   ------------------------------------------
(in thousands, except per share amounts)      FOURTH     Third      Second     First      Fourth     Third      Second      First
- -----------------------------------------------------------------------------------------------------------------------------------
                                                                                                   
NET INTEREST INCOME                          $249,702   $249,416   $241,859   $233,101   $235,546   $230,462   $225,883    $222,018
Provision for loan losses                      57,418     60,249     53,892     50,595     54,281     46,027     41,937      29,709
- -----------------------------------------------------------------------------------------------------------------------------------
NET INTEREST INCOME AFTER
 PROVISION FOR LOAN LOSSES                    192,284    189,167    187,967    182,506    181,265    184,435    183,946     192,309
- -----------------------------------------------------------------------------------------------------------------------------------
Service charges on deposit accounts            41,177     37,460     35,354     34,282     35,220     33,593     32,650      31,143
Brokerage and insurance income                 16,431     13,943     14,967     14,587     15,066     13,943     13,185      12,232
Trust services                                 15,306     14,997     16,247     15,096     14,679     14,816     14,431      13,670
Bank Owned Life Insurance income               11,443     11,443     11,443     11,676      9,560      9,560      9,561       9,560
Mortgage banking                               11,410      6,289     10,725     19,644     15,049     13,859     17,672       9,238
Other service charges and fees                 10,890     10,837     10,529      9,118      9,582      9,547      9,383       8,415
Other                                          17,025     18,723     15,039     10,591     15,135     14,722     13,979      12,315
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL NON-INTEREST INCOME BEFORE
 SECURITIES GAINS                             123,682    113,692    114,304    114,994    114,291    110,040    110,861      96,573
Securities gains                                2,339      1,140        966        457         89      1,059      2,747       2,078
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL NON-INTEREST INCOME                     126,021    114,832    115,270    115,451    114,380    111,099    113,608      98,651
- -----------------------------------------------------------------------------------------------------------------------------------
Personnel costs                               113,852    107,477    103,589    104,320    100,076    101,866    103,707      99,296
Equipment                                      17,337     17,378     16,608     15,582     18,117     17,580     17,363      17,503
Outside data processing and other services     17,209     15,128     16,592     17,097     15,414     14,650     15,100      14,122
Net occupancy                                  13,454     14,815     14,642     14,771     15,251     14,481     13,755      15,568
Professional services                           8,026      6,083      6,265      5,242      6,069      5,754      6,481       4,793
Marketing                                       6,186      7,491      7,219      7,174      5,305      5,717      6,807       8,832
Telecommunications                              5,714      5,609      5,302      5,282      5,647      5,728      5,964       5,952
Printing and supplies                           3,999      3,679      3,671      3,519      3,511      3,693      3,688       4,098
Franchise and other taxes                       2,532      2,283      2,313      2,326      2,885      2,439      2,229       2,116
Amortization of intangible assets                 204        204        203        251      2,555      2,569      2,890       3,031
Other                                          14,182     13,576     13,781     13,487     12,599     12,577     14,459      18,506
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL NON-INTEREST EXPENSE                    202,695    193,723    190,185    189,051    187,429    187,054    192,443     193,817
- -----------------------------------------------------------------------------------------------------------------------------------
INCOME BEFORE INCOME TAXES                    115,610    110,276    113,052    108,906    108,216    108,480    105,111      97,143
Income taxes                                   30,475     28,110     31,344     29,393     28,631     27,587     29,509      25,688
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCOME                                   $ 85,135   $ 82,166   $ 81,708   $ 79,513   $ 79,585   $ 80,893   $ 75,602    $ 71,455
===================================================================================================================================

NET INCOME PER COMMON SHARE - DILUTED           $0.36      $0.34      $0.33      $0.32      $0.32      $0.32      $0.30        0.28

RETURN ON
  Average total assets                           1.26%      1.26%      1.31%      1.30%      1.28%      1.30%      1.20%       1.15%
  Average total shareholders' equity             15.1%      14.3%      14.0%      13.6%      13.4%      13.5%      12.6%       12.1%
Net interest margin(2)                           4.07%      4.26%      4.30%      4.21%      4.26%      4.17%      4.03%       3.99%
Efficiency ratio                                 54.0%      53.1%      53.2%      54.1%      52.7%      54.0%      56.0%       59.5%
Effective tax rate                               26.4%      25.5%      27.7%      27.0%      26.5%      25.4%      28.1%       26.4%

REVENUE - FULLY TAXABLE EQUIVALENT (FTE)
Net Interest Income                          $249,702   $249,416   $241,859   $233,101   $235,546   $230,462   $225,883    $222,018
Tax Equivalent Adjustment(2)                    1,869      1,096      1,071      1,169      1,292      1,442      1,616       2,002
- ------------------------------------------------------------------------------------------------------------------------------------
Net Interest Income                           251,571    250,512    242,930    234,270    236,838    231,904    227,499     224,020
Non-Interest Income                           126,021    114,832    115,270    115,451    114,380    111,099    113,608      98,651
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REVENUE                                $377,592   $365,344   $358,200   $349,721   $351,218   $343,003   $341,107    $322,671
====================================================================================================================================
TOTAL REVENUE EXCLUDING SECURITIES GAINS     $375,253   $364,204   $357,234   $349,264   $351,129   $341,944   $338,360    $320,593
====================================================================================================================================


(1)  See page 16 for definition of Operating Basis.
(2)  Calculated assuming a 35% tax rate.

                                                                         Page 21

                       HUNTINGTON BANCSHARES INCORPORATED
                      SELECTED ANNUAL INCOME STATEMENT DATA
                               OPERATING BASIS (1)



                                                   TWELVE MONTHS ENDED         ---------------------
                                                       DECEMBER 31,             Change '02 vs. '01
- -------------------------------------------------------------------------      ---------------------
(in thousands, except per share amounts)          2002            2001          Amount       Percent
- -------------------------------------------------------------------------      --------      -------
                                                                                 
NET INTEREST INCOME                            $  974,078      $  913,909      $ 60,169        6.6%
Provision for loan losses                         222,154         171,954        50,200       29.2
- -------------------------------------------------------------------------      --------      -------
NET INTEREST INCOME AFTER
 PROVISION FOR LOAN LOSSES                        751,924         741,955         9,969        1.3
- -------------------------------------------------------------------------      --------      -------
Service charges on deposit accounts               148,273         132,606        15,667       11.8
Brokerage and insurance income                     59,928          54,426         5,502       10.1
Trust services                                     61,646          57,596         4,050        7.0
Bank Owned Life Insurance income                   46,005          38,241         7,764       20.3
Mortgage banking                                   48,068          55,818        (7,750)     (13.9)
Other service charges and fees                     41,374          36,927         4,447       12.0
Other                                              61,378          56,151         5,227        9.3
- -------------------------------------------------------------------------      --------      -------
TOTAL NON-INTEREST INCOME BEFORE
 SECURITIES GAINS                                 466,672         431,765        34,907        8.1
Securities gains                                    4,902           5,973        (1,071)     (17.9)
- -------------------------------------------------------------------------      --------      -------
TOTAL NON-INTEREST INCOME                         471,574         437,738        33,836        7.7
- -------------------------------------------------------------------------      --------      -------
Personnel costs                                   429,238         404,945        24,293        6.0
Equipment                                          66,905          70,563        (3,658)      (5.2)
Outside data processing and other services         66,026          59,286         6,740       11.4
Net occupancy                                      57,682          59,055        (1,373)      (2.3)
Professional services                              25,616          23,097         2,519       10.9
Marketing                                          28,070          26,661         1,409        5.3
Telecommunications                                 21,907          23,291        (1,384)      (5.9)
Printing and supplies                              14,868          14,990          (122)      (0.8)
Franchise and other taxes                           9,454           9,669          (215)      (2.2)
Amortization of intangible assets                     862          11,045       (10,183)     (92.2)
Other                                              55,026          58,141        (3,115)      (5.4)
- -------------------------------------------------------------------------      --------      -------
TOTAL NON-INTEREST EXPENSE                        775,654         760,743        14,911        2.0
- -------------------------------------------------------------------------      --------      -------
INCOME BEFORE INCOME TAXES                        447,844         418,950        28,894        6.9
Income taxes                                      119,322         111,415         7,907        7.1
- -------------------------------------------------------------------------      --------      -------
NET INCOME                                     $  328,522      $  307,535      $ 20,987        6.8%
=========================================================================      ========      =======
NET INCOME PER COMMON SHARE - DILUTED          $     1.35      $     1.22      $   0.13       10.7%

RETURN ON
  Average total assets                               1.28%           1.23%
  Average total shareholders' equity                 14.2%           12.9%
Net interest margin(2)                               4.21%           4.11%
Efficiency ratio                                     53.6%           55.4%
Effective tax rate                                   26.6%           26.6%

REVENUE - FULLY TAXABLE EQUIVALENT (FTE)
Net Interest Income                            $  974,078      $  913,909      $ 60,169        6.6%
Tax Equivalent Adjustment(2)                        5,205           6,352        (1,147)     (18.1)
- -------------------------------------------------------------------------      --------      -------
Net Interest Income                               979,283         920,261        59,022        6.4
Non-Interest Income                               471,574         437,738        33,836        7.7
- -------------------------------------------------------------------------      --------      -------
TOTAL REVENUE                                  $1,450,857      $1,357,999      $ 92,858        6.8%
=========================================================================      ========      =======
TOTAL REVENUE EXCLUDING SECURITIES GAINS       $1,445,955      $1,352,026      $ 93,929        6.9%
=========================================================================      ========      =======


(1)  See page 16 for definition of Operating Basis.

(2)  Calculated assuming a 35% tax rate.

                                                                         Page 22

                       HUNTINGTON BANCSHARES INCORPORATED
                  LOAN LOSS RESERVE AND NET CHARGE-OFF ANALYSIS
                               OPERATING BASIS (1)



                                                                            2002
- ---------------------------------------------------------------------------------------------------
(in thousands)                                       FOURTH      Third        Second       First
- ---------------------------------------------------------------------------------------------------
                                                                              
ALLOWANCE FOR LOAN LOSSES, BEGINNING
 OF PERIOD                                         $ 408,378    $393,011     $386,053     $386,956
Loan losses                                         (108,238)    (56,591)     (57,482)     (60,191)
Recoveries of loans previously charged off            13,300      12,891       12,582       10,915
- ---------------------------------------------------------------------------------------------------
  Net loan losses                                    (94,938)    (43,700)     (44,900)     (49,276)
- ---------------------------------------------------------------------------------------------------
Provision for loan losses                             57,418      60,249       53,892       50,595
Allowance of assets purchased                             --       1,264           --           --
Allowance of securitized loans                        (2,463)     (2,446)      (2,034)      (2,222)
- ---------------------------------------------------------------------------------------------------
ALLOWANCE FOR LOAN LOSSES, END OF PERIOD           $ 368,395    $408,378     $393,011     $386,053
===================================================================================================

Allowance for loan losses as a % of total loans         1.76%       2.00%        2.00%        2.00%
Allowance for loan losses as a % of non-
 performing loans                                      287.7%      200.7%       185.3%       175.9%
Allowance for loan losses as a % of non-
 performing assets                                     269.4%      190.7%       176.1%       171.2%

NET CHARGE-OFFS BY LOAN TYPE

Commercial                                         $  59,725    $ 16,808     $ 21,468     $ 16,092
Commercial real estate                                 7,536       4,085        2,037        3,723
- ---------------------------------------------------------------------------------------------------
  Total commercial and commercial real estate         67,261      20,893       23,505       19,815
- ---------------------------------------------------------------------------------------------------

Consumer
  Auto leases                                         12,510      10,117        8,401       12,809
  Auto loans                                           8,778       6,869        5,733        8,888
- ---------------------------------------------------------------------------------------------------
     Total auto leases and loans                      21,288      16,986       14,134       21,697
- ---------------------------------------------------------------------------------------------------
  Home equity                                          3,526       2,934        3,096        2,814
  Residential mortgage                                    72         123          555          104
  Other loans                                            967         907        1,225        1,098
- ---------------------------------------------------------------------------------------------------
     Total consumer                                   25,853      20,950       19,010       25,713
- ---------------------------------------------------------------------------------------------------
Total net charge-off, excluding exited businesses     93,114      41,843       42,515       45,528
Net charge-offs related to exited businesses           1,824       1,857        2,385        3,748
- ---------------------------------------------------------------------------------------------------
TOTAL NET CHARGE-OFFS INCLUDING EXITED
 BUSINESSES                                        $  94,938    $ 43,700     $ 44,900     $ 49,276
===================================================================================================

NET CHARGE-OFFS - ANNUALIZED PERCENTAGES

Commercial                                              4.19%       1.21%        1.53%        1.15%
Commercial real estate                                  0.85        0.45         0.23         0.44
- ---------------------------------------------------------------------------------------------------
  Total commercial and commercial real estate           2.92        0.91         1.04         0.88
- ---------------------------------------------------------------------------------------------------

Consumer
  Auto leases                                           1.56        1.27         1.08         1.64
  Auto loans                                            1.21        1.01         0.92         1.47
- ---------------------------------------------------------------------------------------------------
     Total auto leases and loans                        1.39        1.15         1.01         1.57
- ---------------------------------------------------------------------------------------------------
  Home equity                                           0.45        0.38         0.43         0.41
  Residential mortgage                                  0.02        0.03         0.16         0.04
  Other loans                                           0.99        0.91         1.22         1.09
- ---------------------------------------------------------------------------------------------------
     Total consumer                                     0.91        0.77         0.74         1.06
- ---------------------------------------------------------------------------------------------------
TOTAL NET CHARGE-OFFS EXCLUDING EXITED
 BUSINESSES                                             1.81%       0.83%        0.88%        0.97%
Net charge-offs related to exited businesses            0.03        0.04         0.04         0.08
- ---------------------------------------------------------------------------------------------------
NET CHARGE-OFFS AS a % OF AVERAGE LOANS -
 INCLUDING EXITED BUSINESSES(3)                         1.84%       0.87%        0.92%        1.05%
===================================================================================================

                                                                            2001
- ---------------------------------------------------------------------------------------------------
(in thousands)                                     Fourth         Third        Second       First
- ---------------------------------------------------------------------------------------------------
                                                                               
ALLOWANCE FOR LOAN LOSSES, BEGINNING
 OF PERIOD                                        $334,827       $326,495     $276,116     $273,747
Loan losses                                        (60,110)       (45,063)     (71,104)     (33,222)
Recoveries of loans previously charged off           9,961          8,981        9,392        7,356
- ---------------------------------------------------------------------------------------------------
  Net loan losses                                  (50,149)       (36,082)     (61,712)     (25,866)
- ---------------------------------------------------------------------------------------------------
Provision for loan losses                          104,281(2)      46,027      113,655       29,709
Allowance of assets purchased                           --             --           --           --
Allowance of securitized loans                      (2,003)        (1,613)      (1,564)      (1,474)
- ---------------------------------------------------------------------------------------------------
ALLOWANCE FOR LOAN LOSSES, END OF PERIOD          $386,956       $334,827     $326,495     $276,116
===================================================================================================

Allowance for loan losses as a % of total loans       2.05%          1.77%        1.76%        1.51%
Allowance for loan losses as a % of non-
 performing loans                                    181.4%         173.4%       222.1%       269.8%
Allowance for loan losses as a % of non-
 performing assets                                   176.2%         166.4%       208.1%       237.2%

NET CHARGE-OFFS BY LOAN TYPE

Commercial                                        $ 19,475       $  8,755     $ 11,507     $  5,998
Commercial real estate                                 867              3        1,704        1,316
- ---------------------------------------------------------------------------------------------------
  Total commercial and commercial real estate       20,342          8,758       13,211        7,314
- ---------------------------------------------------------------------------------------------------

Consumer
  Auto leases                                       12,634         10,395       17,535        6,813
  Auto loans                                         8,474          5,351       21,652        8,150
- ---------------------------------------------------------------------------------------------------
     Total auto leases and loans                    21,108         15,746       39,187       14,963
- ---------------------------------------------------------------------------------------------------
  Home equity                                        3,313          3,772        2,310        2,125
  Residential mortgage                                 370             93          241            2
  Other loans                                        1,388            527        2,667        1,462
- ---------------------------------------------------------------------------------------------------
     Total consumer                                 26,179         20,138       44,405       18,552
- ---------------------------------------------------------------------------------------------------
Total net charge-off, excluding exited businesses   46,521         28,896       57,616       25,866
Net charge-offs related to exited businesses         3,628          7,186        4,096           --
- ---------------------------------------------------------------------------------------------------
TOTAL NET CHARGE-OFFS INCLUDING EXITED
 BUSINESSES                                       $ 50,149       $ 36,082     $ 61,712     $ 25,866
===================================================================================================

NET CHARGE-OFFS - ANNUALIZED PERCENTAGES

Commercial                                            1.34%          0.58%        0.77%        0.41%
Commercial real estate                                0.10             --         0.22         0.17
- ---------------------------------------------------------------------------------------------------
  Total commercial and commercial real estate         0.89           0.38         0.59         0.33
- ---------------------------------------------------------------------------------------------------

Consumer
  Auto leases                                         1.55           1.27         2.18         0.89
  Auto loans                                          1.43           0.93         4.13         1.46
- ---------------------------------------------------------------------------------------------------
     Total auto leases and loans                      1.50           1.13         2.95         1.13
- ---------------------------------------------------------------------------------------------------
  Home equity                                         0.48           0.55         0.35         0.33
  Residential mortgage                                0.18           0.05         0.12         0.00
  Other loans                                         1.29           0.48         2.35         1.16
- ---------------------------------------------------------------------------------------------------
     Total consumer                                   1.08           0.85         1.92         0.81
- ---------------------------------------------------------------------------------------------------
TOTAL NET CHARGE-OFFS EXCLUDING EXITED
 BUSINESSES                                           0.99%          0.62%        1.26%        0.57%
Net charge-offs related to exited businesses          0.07           0.14         0.08           --
- ---------------------------------------------------------------------------------------------------
NET CHARGE-OFFS AS a % OF AVERAGE LOANS -
 INCLUDING EXITED BUSINESSES(3)                       1.06%          0.76%        1.34%        0.57%
===================================================================================================


(1) See page 16 for definition of Operating Basis.
(2) Includes provision of $50.0 million recorded to increase the loan loss
    reserve in light of the higher charge-offs and non-performing assets
    experienced in the second half of 2001.
(3) Exited businesses include Second Tier auto and Truck and Equipment lending.

                                                                         Page 23

                       HUNTINGTON BANCSHARES INCORPORATED
                    NON-PERFORMING ASSETS AND PAST DUE LOANS
                               OPERATING BASIS(1)



                                                               2002                                         2001
- --------------------------------------------------------------------------------------   -----------------------------------------
(in thousands)                                FOURTH     Third      Second     First      Fourth     Third      Second     First
- ----------------------------------------------------------------------------------------------------------------------------------
                                                                                                  
Non-accrual loans:
  Commercial                                 $ 91,861   $147,392   $156,252   $162,959   $155,720   $143,132   $111,363   $ 57,646
  Commercial real estate                       26,765     47,537     45,795     43,295     45,180     37,772     23,418     32,108
  Residential mortgage                          9,443      8,488      8,776     11,896     11,086     10,923     10,916     11,303
- ----------------------------------------------------------------------------------------------------------------------------------
Total Nonaccrual Loans                        128,069    203,417    210,823    218,150    211,986    191,827    145,697    101,057
Renegotiated loans                                 --         37      1,268      1,268      1,276      1,286      1,290      1,297
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL NON-PERFORMING LOANS                    128,069    203,454    212,091    219,418    213,262    193,113    146,987    102,354
Other real estate, net                          8,654     10,675     11,146      6,112      6,384      8,050      9,913     14,031
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL NON-PERFORMING ASSETS                  $136,723   $214,129   $223,237   $225,530   $219,646   $201,163   $156,900   $116,385
==================================================================================================================================

Non-performing loans as a % of total loans       0.61%      0.99%      1.08%      1.13%      1.13%      1.02%      0.79%      0.56%
Non-performing assets as a % of total loans
 and other real estate                           0.65%      1.05%      1.14%      1.17%      1.16%      1.06%      0.85%      0.63%


ACCRUING LOANS PAST DUE 90 DAYS OR MORE      $ 73,122   $ 68,262   $ 58,449   $ 61,746   $ 76,295   $ 79,339   $ 54,228   $ 89,650
==================================================================================================================================


(1)  See page 16 for definition of Operating Basis.

                                                                         Page 24

EX-99.2

                                                                    EXHIBIT 99.2


                       HUNTINGTON BANCSHARES INCORPORATED
        FOURTH QUARTER AND FULL YEAR EARNINGS CONFERENCE CALL TRANSCRIPT
                           JANUARY 16, 2003 1:30PM EST

OPERATOR: Good day, ladies and gentlemen and welcome to the Huntington
Bancshares fourth quarter 2002 earnings conference call. At this time, all
participants are in a listen-only mode. Later, we will conduct a question and
answer session and instructions will follow at that time. As a reminder, this
conference call is being recorded. I would now like to introduce your host for
today's conference, Mr. Jay Gould, Director of Investor Relations. You may
begin.

JAY GOULD, DIRECTOR OF INVESTOR RELATIONS, HUNTINGTON BANCSHARES INCORPORATED:
Thank you, operator. And welcome, everyone to today's conference call. Before
formal remarks, some usual housekeeping items. Copies of the slides we will be
reviewing are on our Web site, Huntington.com. This call is being recorded and
will be available as a rebroadcast starting around 2:00 p.m. this afternoon
through the end of the month. Call the investor relations department at
614-480-5676 for more information on how to access the recordings or playbacks
or if you have difficulty getting a copy of the slides.

Today's discussion, including the Q&A period, may contain forward-looking
statements as defined by the Private Securities Litigation Reform Act of 1995.
Such statements are based on information and assumptions available at this time
and are subject to change, risk and uncertainties, which may cause actual
results to differ materially. We assume no obligation to update such statements.
For a complete discussion of risks and uncertainties, refer to the slide at the
end of today's presentation and material filed with the SEC.

Let's begin. Turning to slide two, also participating in today's call will be
Tom Hoaglin, Chairman, President and CEO, and Mike McMennamin, Vice Chairman and
Chief Financial Officer.

On slide three, as we've noted in previous conference calls, unless otherwise
noted, in today's discussion we will review results on an operating basis. While
the fourth quarter did not have any non-operating income statement items,
earnings from the second quarter of 2001 through the third quarter of 2002, did.

These non-operating items primarily related to the strategic restructuring
announced in July of 2001 and the subsequent sale of the Florida banking and
insurance operations. Therefore, to better understand underlying trends,
operating results for prior periods presented in today's materials and
discussion exclude the impact of restructuring and other charges and one-time
items, plus the run rate impact of the sold Florida operations. We continue to
report numbers unreported or GAAP basis, which makes no such adjustments.

Those, you will find in great detail within this quarter's earnings press
release and quarterly financial review, including a reconciliation to operating
earnings. The materials are available on our Web site, Huntington.com. Today's
presentation will take about 40 minutes. We want to get to your questions, so,
let's get started.

Tom?

THOMAS HOAGLIN, CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER, HUNTINGTON
BANCSHARES INCORPORATED:

Thank you, Jay and welcome, everyone. Thanks for joining us today.

Before getting into a detailed review of the fourth quarter, I want to comment
briefly on the new share repurchase authorization announced this morning. Slide
four summarizes this for you. As you know, a year ago our board of

                                       1


directors authorized a 22 million share repurchase program. Through the end of
last year, we purchased 19.2 million shares under that authorization. And this
year we have purchased 200,000 shares.

Today, we announced the cancellation of that authorization, which had 2.6
million shares remaining and replaced it with a new 8 million share
authorization. This represents about three percent of year-end shares
outstanding and a value of $153 million based upon yesterday's close of $19.11.

This action was taken as we believe maintaining an open share repurchase
authorization, provides a useful and shareholder-beneficial capital management
tool. And the prior authorization was approaching fulfillment. This new
authorization will be used to repurchase the 2.6 million shares not purchased
under the canceled authorization.

Unlike the prior authorization, we have no specific timetable for repurchasing
the full 8 million shares. Shares will be purchased from time to time after
considering a number of factors, including market conditions and management of
our capital resources.

Now, let's turn our attention to a review of fourth quarter performance.

Slide 5 provides the financial highlights of the quarter. A year ago, we
provided guidance of $1.32 to $1.36 per share for 2002 operating earnings. Given
all the uncertainty in the economy, as well as the task before to us turn around
Huntington, we're very pleased to have posted results at the top end of those
expectations. It confirms the progress we've made so far.

Reported earnings were 36 cents per share, down from 41 cents per share in the
third quarter, which included a 7-cent per share gain from restructuring the
ownership of our merchant processing business. We discussed this in last
quarter's call. This quarter's 36 cent earnings per share was up 2 cents from
third quarter operating earnings per share. This brought full-year operating
earnings per share to $1.35 or up 11 percent from 2001 operating earnings per
share of $1.22.

Loan growth was again a highlight with average managed loans up 13 percent on an
annualized basis during the quarter and 10 percent from the fourth quarter of
last year. This is especially pleasing as it represented the fourth consecutive
quarterly increase in our loan growth.

Beginning with the year-ago quarter, the progression in this growth rate has
been one percent, five percent, eight percent, 11 percent and now 13 percent.
We, again, saw growth in core deposits, excluding retail CDs of three percent
annualized in the quarter. The cost of retail CDs has become increasingly
expensive versus alternative funding sources. As a result, we've de-emphasized
retail CDs as a funding source. Mike will say more on this later. Excluding the
write-off in retail CDs, personal deposits increased at a nine percent annual
rate, up from a five percent rate in the third quarter.

The next three items relate to credit quality. Excluding the impact of the
credit actions announced last week, underlying net charge-offs in the fourth
quarter were 81 basis points, down from 83 basis points in the third quarter.
Our non-performing asset coverage and loan loss reserve ratios at year-end were
strong and well above those of our peers. More on this later.

Turning to slide 6, there were also several other meaningful achievements, all
representing investments in Huntington's future. As you can see, it was a busy
quarter. Let me review just a few.

Under the banner of investing in Huntington's business, as detailed last week,
we took advantage of an opportunity to dispose of problem credits, more on that
in a moment.

A real highlight was that the just-released June 2002 FDIC data confirmed
improvement in our deposit market share in all of our states and major markets.
The fact that our deposit growth rates over the last year exceeded the average
of our peers left us pretty much convinced we were making progress, but was
really nice to have this confirmed.

We also opened six new offices, four in Ohio and two in Michigan.

                                       2


We launched a system-wide upgrade of our ATMs. This involved hardware and
software upgrades to the 850 machines. About 15 percent of them will be replaced
in the first half of this year. The added functionality will help us better and
more efficiently meet the needs of our ATM customers.

As a testimony to our ATM technology capabilities, in December, an analysis
ranking ATM performance of 13 peer banks with a combined total of over 54,000
ATMs, ranked Huntington number one in reliability.

We made a number of investments in our customers.

As planned, we completed the installation of our new enhanced teller system. It
was done on time and also done under budget. All of our banking office
personnel, from manager to teller, now have the technology to better serve our
customers.

We now exceed 120,000 active online banking customers. This represents 23
percent penetration of our DDA household base, up from 16 percent penetration
six months earlier.

Twenty-seven percent of our business banking DDA customers now have bundled
accounts up from one percent at the beginning of the year.

Bundled accounts permit customers the ability to customize product and price
accommodations that best match their individual needs. Increasing bundle account
penetration is important as this supports higher customer retention and improved
profitability.

And lastly, our 2002 equity mutual fund performance was superb with all seven of
our equity funds producing top quartile performance, including our growth fund,
which received a five-star rating from Morningstar.

Reflecting investment in our employees, we completed training of all personal
bankers, branch managers and customer service representatives on the new ARGO
teller technology platform. And 95 percent of our personal bankers completed a
refresher course in relationship banking. This training will enable us to better
serve the full needs of our customers.

Slide seven is a repeat from last week's conference call announcing our fourth
quarter credit activities. If you did not listen to that call, I encourage you
do so, it contains much more dialogue on the actions than we have time to cover
today. It is available through our Web site Huntington.com. In summary, we took
two actions.

First, we took advantage of an economically attractive opportunity to sell $47
million of non-performing assets with $21 million of associated charge-offs.
These were long-term workout situations and getting them behind us was the right
thing to do. This consisted of 22 relationships, including six of our top 25
non-performing assets as of September 30. The largest individual credit was $12
million and the next largest was $3 million.

Second, we fully charged off a $30 million credit to a company in the healthcare
finance business. These actions had no net earnings impact on fourth quarter
earnings as our loan loss reserve was sufficient to absorb the related losses.

With those introductory remarks, I turn it over to Mike to provide the details.
Mike?

MICHAEL MCMENNAMIN, VICE CHAIRMAN, CHIEF FINANCIAL OFFICER AND TREASURER,
HUNTINGTON BANCSHARES INCORPORATED:

Thanks, Tom.

Most of the following slides represent the standard deck of slides you're
familiar with. This was a very straight forward quarter, not withstanding the
credit actions we covered in detail last week. So, let's begin.

Turning to slide 9, the fourth quarter highlights compared with third quarter
results include net income of $85.1 million, or 36 cents per share, up four
percent and six percent respectively. Growth rates in managed loans and total
core deposits, excluding retail CDs, of 13 percent and three percent
respectively. A 4.07 percent net interest margin, down 19 basis points. A 54.0
percent efficiency ratio, up from 53.1. Eighty one basis points in net
charge-offs,

                                       3


excluding exited portfolios and the impact of the fourth quarter credit actions,
down 2 basis points. Including the fourth quarter credit actions, the net
charge-off ratio was 181 basis points. A 1.76 percent loan loss reserve ratio,
down from 2.00 percent; 7.62 percent tangible common equity ratio, down 38 basis
points, reflecting the impact of the stock buyback program. And a $6.2 million
mortgage servicing rights impairment, roughly comparable to the $6.6 million
impairment in the third quarter.

Slide 10 shows some performance highlights for five trailing quarters. I will
comment and detail on them later. So, let's move on.

Slide 11 compares the income statement for the fourth quarter, third quarter and
year-ago quarters. Net interest income was up slightly from the third quarter,
reflecting strong growth in earning assets but a 19 basis point contraction in
the net interest margin. Non-interest income before security gains was up $10
million.

Combining these items, total revenue before security gains was up $11 million or
three percent from the third quarter and up seven percent from a year ago.

Provision expense declined $2.8 million or five percent from the third quarter,
reflecting lower fourth quarter period end loan growth.

Non-interest expense increased $9 million or five percent, mostly due to higher
personnel costs associated with incentive compensation and pension and benefit
expenses.

We continue to be pleased with the revenue growth in this economic environment.

The left-hand graph on slide 12 shows the quarterly earnings per share pattern,
which over the last three quarters has moved up from 32 to 36 cents.

The right-hand graph shows trends at pretax income before provision expense and
excluding security gains. This graph measures earnings progress before credit
costs. Pretax income on this basis was $171 million, one percent higher than the
third quarter and up five percent from the year-ago.

The left half of slide 13 shows the 19 basis point contraction of the net
interest margin in the fourth quarter to 4.07 percent from 4.26 percent. But
despite the margin contraction, net interest income in absolute dollars grew
slightly from the third quarter. This reflected the benefit of a five percent
increase in average earnings assets, which was mostly offset by a four percent
decline in the net interest margin. Compared to the year-ago quarter, net
interest income was up six percent, reflecting an 11 percent increase in average
earning assets with the loan component up 10 percent and the net interest margin
also down 19 basis points or four percent. As a point of reference, the decline
in the margin was pretty constant throughout the fourth quarter with December's
margin being 4.02 percent.

Slide 14 lists some of the factors that have and will continue to create net
interest margin compression.

The interest rate environment with historically low rates produced significant
prepayment activity in both the mortgage-backed securities and the investment
portfolio as well as residential mortgage loans. These assets were replaced with
lower yielding securities and loans.

In addition, we are not able to reduce deposit funding costs, commensurate with
declines in market interest rates as the absolute low level of rates results in
a de facto pricing floor for many of our products. The flatter yield curve
continued to result in lower yields on new auto loan and lease originations. The
growth in residential mortgages in recent quarters has been concentrated in
five-year ARMs. The net interest margin on these assets is lower than the
overall net interest margin, thus putting downward pressure on the margin. And
given our rapid loan growth, the portfolio composition continues to move toward
a higher weighting, of lower coupon loans, especially in the indirect auto loan
and lease portfolios... although we're comfortable the lower resultant
charge-offs in those portfolios will lead to a higher net return. For example,
50 percent of our auto loan portfolio and 35 percent of our auto lease portfolio
has been originated during the last 12 months in this period of low interest
rates.

                                       4


It's obvious that the November 50-basis point reduction in short-term rates has
adversely impacted our net interest margin because of our inability to reflect
the full impact on deposit pricing.

Average managed loan growth is highlighted on slide 15. As a reminder, managed
loans include about $1.1 billion of securitized auto loans. The data on this
slide is adjusted to exclude the impact of any sold, securitized or purchased
loans; like the $60 million increase in leases resulting from the third quarter
purchase of LeaseNet, so, that underlying loan growth trends are more
discernible. This is similar to a same-store-sales type of analysis.

In the fourth quarter, average managed loans increased at an annualized 13
percent rate from the third quarter. We're very pleased with this performance;
particularly following the 11 percent annualized loan growth in the third
quarter.

Total commercial and commercial real estate loans increased at a four percent
annualized rate during the quarter, highlighted by a seasonal increase in dealer
floor plan loans and small business commercial loans. As you may recall from
earlier conference calls, we're focusing on growing small business banking, that
is banking to companies with less than $10 million in sales.

Auto loans and leases increased at a 12 percent annualized rate, following
strong growth in the third quarter. These portfolios were up five percent from
the year-ago quarter, less than the 10 percent increase in our total loan
portfolio.

Home equity growth remained very strong at a 17 percent annualized rate,
compared with the 18 percent rate in the third quarter and up 15 percent from a
year ago.

Our focus on originating 3-1 and 5-1 ARM product continued to produce strong
residential loan growth, 72 percent on an annualized basis. This has been a good
product for Huntington with our $1.7 billion in average outstandings, more than
double the level of a year ago.

You will notice we have changed the format on slide 16 to strike a sub total
excluding the impact of retail CDs. Although interest rates are at low absolute
levels, retail CDs are currently a relatively expensive source of funds. As
such, other more attractive funding sources are currently being emphasized. As
one would expect, resulted in the decline in retail CDs as noted on this slide.

Excluding retail CDs, total core deposits increased at an annualized three
percent rate. This slow down in deposit growth also reflects lower rates offered
on corporate money market accounts to better reflect their value in this period
of very low interest rates. As a result, average corporate money market accounts
declined $165 million during the quarter.

Fourth quarter growth and total core deposits, excluding retail CDs and
corporate money market accounts, was 10 percent, the same as in the third
quarter, and up eight percent from the year-ago quarter. We like retail CDs and
corporate money market accounts, but we do want to be able to get them at the
right price.

Turning to slide 17, as Tom noted, the recently-released FDIC data showed our
deposit market shares in all of our states and major markets had increased from
June 2001 through June of last year. We thought you might like to see the
details. We're quite pleased with this performance. In our seven largest
markets, this represented an unweighted 15 percent improvement in market share
with the highest improvement being 26 percent increase in Columbus.

Let me turn the presentation over to Jay, who will comment on non-interest
income and expense trends. Jay?

GOULD: Thanks, Mike.

Slide 18 shows the non-interest income was up a very strong $10 million or nine
percent from the third quarter with the main drivers being strong increases in
mortgage banking, deposit service charges and brokerage and insurance.

The largest contributor to this increase was the 5.1 million increase in
mortgage banking income.

                                       5


Deposit service charges were up $3.7 million or 10 percent from the third
quarter. Like last quarter, the primary driver of this increase was higher
personal service charges, especially in NSF and overdraft fees. Compared to a
year ago, deposit service charges increased 17 percent, driven by a 23 percent
increase in personal service charges, again, reflecting NSF and overdraft fees
as well as monthly fees, and a nine percent increase in commercial service
charges.

Brokerage and insurance income was up $2.5 million from the third quarter and
nine percent from the year ago. This income line item also includes investment
banking fees. Retail investment sales reflect mostly mutual fund and annuity
sales activity. The mutual fund sales are 40 percent below that of a year ago,
it was encouraging to see them increase 11 percent from the third quarter level.
Annuity sales in the fourth quarter were essentially flat with the third
quarter, but up 17 percent from a year ago. Insurance fees increased off third
quarter levels driven by increases in life and title insurance with the latter
influenced by heavy refinance activity. Investment banking fees were
particularly strong and reflected increased capital market activity.

Other income in the current quarter was down $1.7 million, primarily reflecting
a decline from the third quarter's higher level of sales of derivative products
and trading profits.

Slide 19 shows some statistics on our mortgage banking and services operation.
Our total mortgage servicing book was $5.9 billion at year-end with $3.8 billion
of that service for investors. Mortgage servicing rights are capitalized only
for loans serviced for other investors.

Reflecting rapid repayments due to heavy refinance activity, given the fact that
interest rates declined during the second half of last year, the fourth quarter
included $6.2 million of mortgage servicing impairment, following the $6.6
million impairment in the third quarter. Over the last two quarters, we have
incurred $12.8 million of mortgage servicing impairment, which has reduced the
value of our capitalized mortgage servicing rights from 1.00 percent to 78 basis
points. This was incurred at a time when our mortgage servicing for other
investors increased from $2.7 to $3.8 billion.

Slide 20 details the $9 million increase in non-interest expense. The primary
driver of this change was higher personnel costs. Also posting increases were
outside and professional services, as well as other expense, while occupancy and
equipment and marketing showed declines.

Personnel costs increased $6.4 million, with higher incentive and benefit
expenses, contributing equally to the increases. While all lines of business
reflected higher performance base compensation in the fourth quarter, the
mortgage company and regional banking accounted for most of the incentive pay
increase. The higher benefits expense reflected increased medical costs.

Compared to the year-ago quarter, personnel costs were up 14 percent. Salary
expense, incentive compensation and benefit costs contributed about equally to
this increase. The increased salary expense reflected higher staffing levels,
associated with the broad-based strengthening of the management team, including
the credit workout area. Higher sales commissions were reflected in all lines of
business. The $2.1 million increase in outside services was driven by
volume-related costs, especially in the mortgage company. The $1.9 million
increase in professional services was influenced by legal and other costs
associated with the fourth quarter sale of non-performing loans. The $1.3
million increase in other expense was spread over a number of categories,
including printing and supplies as well as franchise and other taxes. The $1.4
million decline in occupancy and equipment expense primarily reflected lower
real estate tax expense. The decline in marketing reflected lower marketing and
research costs in the quarter.

Slide 21 shows the trend in our efficiency ratio, which moved up in the quarter,
but remained well below the peak in the first quarter of last year.

With those comments, let me turn the presentation back over to Mike.

MCMENNAMIN: Thanks, Jay.

Let me now review some of the recent credit trends.

                                       6


Slide 23 provides an overview of credit quality trends and reflects the impact
of our fourth quarter credit actions.

First, our non-performing asset ratio declined to 65 basis points from 105 basis
points and is well below the 116 basis point level of a year ago.

Net charge-offs, excluding losses on exited portfolios, but including those
associated with the fourth quarter credit actions, were 181 basis points. As Tom
Hoaglin mentioned, excluding the $51 million of charge-offs associated with the
credit actions, the underlying net charge-off ratio on the same basis would have
been 81 basis points, down slightly from the third quarter's 83 basis points.
I'll comment on individual loan category charge-offs in just a moment.

The only thing notable about the 90-day delinquency ratio is how steady it has
been.

The allowance for loan losses, reflecting the fourth quarter credit actions, was
1.76 percent, down from 2.00 percent at the end of the third quarter. The
non-performing coverage ratio increased significantly to 269 percent.

Slide 24 shows the trend in non-performing assets and how favorably the credit
actions impacted this level. Let me provide some additional non-performing asset
detail on slide 25.

This slide shows more detail on recent quarterly non-performing asset activity.
To help you see exactly the impact of the fourth quarter credit actions, they
are isolated in the box. As you can see, the $30 million in new non-performing
assets represented the healthcare finance credit going on non-performing assets
status in November. The $51 million of loan losses represents that $30 million
charge-off plus $21 million associated with the sold non-performing assets. The
sales figure of $26 million represents the net proceeds on the sale of the $47
million of non-performers.

Excluding these actions are two items of interest. First, you will note the
decline in new non-performing assets to $35.6 million, down from $47.2 million
in the previous quarter. This level of additions during the quarter is roughly
half that of the first two quarters of the year. Also this quarter, we had $12.7
million of non-performing assets going back to an accruing status.

Assuming no material adverse change in the economy, we anticipate continued
modest declines in non-performing assets going forward.

Slide 26 segments the non-performing assets by industry sector. You've seen this
before and in the pie chart mix on the left, nothing really new here. Given that
the mix of non-performing assets sold in the fourth quarter about matched that
of the entire non-performing asset pool, our non-performing assets continue to
be concentrated with about 37 percent in services followed by 25 percent in
manufacturing. We have no concentrations in the communications, recreation,
hotel or airline sectors.

We did, however, change the bar chart on the right to show specifically the
sector components of the $77 million reduction in non-performing assets during
the quarter. Manufacturing represented 39 percent of the $77 million with
"services" and "finance insurance and real estate" sectors, each accounting for
23 percent of the decline.

The next slide shows net charge-offs adjusted to exclude charge-offs on exited
portfolios. You will recall from earlier conference calls that reserves were
established in the second quarter of 2001 for two exited loan portfolios, truck
and equipment and sub-prime auto loans. The net charge-off rate was 181 basis
points in the quarter and was 81 basis points excluding the fourth quarter
credit actions.

Including the fourth quarter credit actions, commercial net charge-offs jumped
to 4.19 percent from 1.21 percent in the third quarter. Excluding the impact of
the fourth quarter credit actions, net commercial charge-offs would have been
1.07 percent, down 14 basis points in the quarter. Similarly, net commercial
real estate charge-offs increased 85 basis points from 45 basis points, but
would have been 8 basis points excluding the impact from the credit actions,
which would have been down 37 basis points from the prior quarter.

                                       7


Total consumer net charge-offs increased from 77 basis points in the third
quarter to 91 basis points. Driven by a 24-basis point increase in auto loan and
lease net charge-offs from 115 to 139 basis points.

We're disappointed with the magnitude of the increase in auto charge-offs as we
had anticipated a smaller seasonal increase. There are two factors driving the
increase. We are adversely affected by the nationwide increase in bankruptcy
filings. Charge-offs on bankrupt accounts are typically full balance charge-offs
with any sale proceeds being a recovery in future periods. Second, seasonal
weakness in used car prices increased the loss per vehicle. We believe the
decline in used car prices was no worse than the normal seasonal and we expect
the normal up tick in the first and second quarters of this year.

While we were disappointed in this quarter's results, we do not believe this is
indicative of declining asset quality. The average FICO score for the entire
portfolio has continued to increase, a result of the 730+ FICO scores in recent
quarters of loan and lease production. We rescore the entire portfolio quarterly
and have not seen any negative trends in this rescoring. Furthermore, the
average FICO score of delinquent accounts has been increasing in recent
quarters, which suggests lower, not higher, future losses. And lower future
losses continue to be our expectation in 2003.

Slide 28 shows vintage performance of our indirect auto loan and lease
portfolios. We changed the presentation of the format so the specific
performance is more easily seen. Specifically, we've segmented both auto loans
and leases into various vintage pools. The table shows the percentage of the
total portfolio represented by each vintage at particular points in time.

The table also shows cumulative charge-off rates for three vintages beginning in
the followed quarter of 1999. These three vintages represent 94 percent of the
loan portfolio and 89 percent of the lease portfolio as of year-end.

Looking at loans, for example, loans originated from the fourth quarter of '99
through the fourth quarter of 2000, represented 17 percent of total auto loans
at the end of last year, down from 34 percent at the end of 2001. The cumulative
charge-offs after 18 months on this vintage of loans were 172 basis points. In
contrast, loans originated in 2001 represented 27 percent of the total portfolio
at the end of the year, but after 18 months the cumulative net charge-offs were
108 basis points or 37 percent better than the earlier vintage. The credit
quality of the 2000 vintage has improved even further.

Slide 29 portrays consumer delinquency trends on a 30-plus and 90-plus day
basis. As outlined in last quarter's call, we expected these ratios in the
fourth quarter to reflect a seasonal increase and they did.

The 30-day plus ratio was up 13 basis points and the 90-day plus ratio up 2
basis points. These increases were less than the increases in the 2001 fourth
quarter of 22 and 5 basis points respectively.

Slide 30 recaps the trend in the loan loss reserve which, as previously
mentioned, declined to 1.76 percent as a result of the fourth quarter credit
actions. In last week's conference call, we outlined in detail why we are
confident that our year-end loan loss reserve, even at this lower level, is very
strong. In summary, there are a host of reasons, including improved
underwriting, higher credit quality production, and the lower risk mix of our
loan portfolio, reflecting the fact that 70 percent of our loan growth last year
was in real estate and home equity loans.

Also, so you can better see underlying trends, we've isolated the $51 million of
charge-offs associated with the fourth quarter credit action. Doing so reveals
that our loan loss provision expense continued to exceed underlying net
charge-offs. In the fourth quarter, this difference was $13 million. Over the
last four quarters, our provision expense exceeded net charge-offs by a total of
$40 million, supporting our position that the year-end loan loss reserve is very
adequate.

Slide 31 was in last week's conference call and shows the impact fourth quarter
credit actions had on our relative loan loss reserve and non-performing assets
covering ratios, using September 30 data.

Let me close my segment with brief comments regarding capital.

                                       8


Slide 33 shows capital trends. At the end of last year, the tangible equity to
asset ratio was 7.62 percent, down from 8.00 percent at September 30. The
decline reflected the impact of the company's share repurchase program and
growth in assets, partially offset by earnings growth. During the quarter, we
repurchased 4.2 million shares of our stock.

There have been a number of strategic changes at Huntington over the last year
and a half. The most important was a sale of the Florida banking operations
which gave us the opportunity to recapitalize the company. Proceeds from this
sale raised our tangible equity asset ratio from 6.12 percent at the end of 2001
to 9.06 percent at the end of the first quarter in 2002. The repurchase of our
stock in 2002 reduced this ratio to 7.62 percent by the end of the year.

A key objective of the strategic restructuring plan was to position Huntington
as a strongly capitalized company. To that end, we are now targeting a
long-term, tangible equity asset ratio of 7.00 percent. This compares favorably
with the 6.50 to 6.75 percent level of other, comparable rated and sized, bank
holding companies.

We view this as a long-term target and one we don't expect to hit every quarter.

Let me turn it back over to Tom to begin our 2003 outlook discussion. Tom?

HOAGLIN: Thanks, Mike.

Turning to slide 35, let me highlight 2002's key strategic accomplishments. At
the top of the list is the fact that we achieved EPS consistent with the target
we established a year ago. At that time, given the uncertainty in the economy,
as well as our being in the early stages of our turn around, this was ambitious,
but we delivered.

Second, we completed the sale of Florida banking and insurance operations.

Third, we fulfilled the share repurchase commitment made to our shareholders.

And next, we completed the building of our senior management team. We also made
significant resource investments in customer service, in our businesses and in
our employees.

It was quite a year. So, what's our thinking about 2003?

Turning to slide 36, we've established the following goals.

First, we're targeting earnings per share growth of 11 to 13 percent off 2002
operating earnings of $1.35 per share... or $1.50 to $1.53 per share to be more
precise.

Second, we are focusing on four earnings drivers.

     -    Small business banking is the first. You've heard me speak to this
          before and know that last year we invested in resources to prepare
          this segment for growth and we saw some in the fourth quarter. We
          expect to see good results this year.

     -    Commercial banking is also expected to do better. Much of the last two
          years has been spent culling out the loan portfolio and making certain
          our management team and credit skills are strong. We expect progress
          this year and are hopeful the economy will work with us. We feel that
          many corporations have completed their inventory liquidation over the
          past couple of years, which could help set the stage for future loan
          growth, though our expectations are modest.

     -    Our focus on the home equity lending will continue. This is a core
          product and we anticipate continued good progress.

     -    Lastly, we will remain very focused on increasing our sales
          penetration. We now have some tools to help us and lots of training
          has been done. We now need to make progress.

                                       9


Third, we will look for opportunities to open some new offices to help build our
presence in key markets.

And building on our achievements in the last 18 months, we will continue to work
at ways to reduce credit costs.

Slide 37 outlines some of the broad assumptions behind the $1.50 to $1.53
earning per share goal. We expect revenue growth in the mid-single digits.

Net interest income, which represents two-thirds of our revenue, should benefit
from solid loan growth, perhaps slightly lower than we've experienced in the
second half of 2002. We do expect some pickup in commercial loan activity and
would not be surprised by a slowing in consumer loan growth from the rates in
2002.

Offsetting the benefit we expect from earning asset growth, is expected further
margin compression in 2003. As Mike mentioned, our margin was 4.02 percent in
December. While we would expect some further margin decline from that level, it
appears the largest share of the margin compression is behind us. Nevertheless,
in comparison to the 2002 full year margin of 4.21 percent, 2003 will compare
unfavorably.

Non-interest income should increase in the high single digits, led by strength
in deposit service charges, which represent approximately one-third of
non-interest income, and by brokerage and insurance income. In contrast,
mortgage banking income is expected to decline with an assumed decline in
refinancing volume.

Non-interest expense will be a challenge in 2003 and our expectation is that it
will grow in the mid single digit range. Over the last year, we've made
significant investments in people, technology upgrades, systems improvements and
product distribution channels. These are the right long-term decisions for the
company in that they better position Huntington for improved future earnings
growth. But the short-run impact is pressure on 2003 expense growth as the full
run-rate impact of these investments is felt... primarily in personnel costs...
as well as equipment and occupancy expenses. Pressure on expenses is coming from
two other areas.

First is higher pension and benefit costs. Reflecting current interest rates and
expected return levels, we're lowering the assumed investment return on pension
assets from 9.75 percent to 8.50 percent. In addition, we've reduced the
discount rate used to value future benefit obligations from 7.50 percent to 6.75
percent.

Second is higher insurance costs. Premiums on several of our major corporate
insurance programs have increased following events of September 11th and some
well-publicized corporate bankruptcies. The largest increase was in our
professional liability coverage, which tripled.

Maintaining a two to three percent spread between the revenue and expense growth
rates is a strategic goal. In 2002, that spread was five percent with revenues
increasing seven percent and expenses two percent. Attaining our goal of a
positive spread between revenue and expense this year will be a challenge.

We expect significant improvement credit quality and charge-offs in 2003 with
underlying net charge-offs declining to the 65 to 75 basis point range. This
assumes some economic growth with improvement projected both for the commercial
and the auto portfolios.

We hope these general comments give you some guidance as you structure your
earnings projections for Huntington in 2003.

This completes our prepared remarks. Jay, Mike and I will be happy to take your
questions.

Let me turn the meeting back over to the operator, who will provide instructions
on conducting the question and answer period.

Operator?

OPERATOR: Thank you. If you have a question at this time, please press the 1 key
on our touch-tone telephone. If your question has been answered and you wish to
remove yourself from the queue, please press the pound key. Again, if you have a
question, press the 1 key. And one moment for questions.

                                       10


And our first question is from Roger Lister of Morgan Stanley.

ROGER LISTER, MORGAN STANLEY: Good afternoon. You've had tremendous success in
growing your market shares, particularly in some markets. Would you attribute
this to sort of like the first question and can you keep it up in 2003? And
then, secondly, do you set yourselves some kind of a target level, minimum level
of share that you think you need to be a competitor in a marketplace?

HOAGLIN: Roger, this is Tom. We have not thought about a -- the need for a
target -- a target market share in a particular market for us to be successful.
We have good share in some markets and low share in others and happily we -- we
are able to increase our earnings, our profitability in either situation.

What is important for us, I think, is to maximize our performance in geographies
close to where we're located as opposed to whether we cover an entire market
effectively. So, we may not have the highest number of banking offices in a
particular area, but we want to do the best job in our neighborhoods. I think we
can succeed in it that way. Mike?

MCMENNAMIN: I think I'd also comment, Roger, that we talked a little bit about a
couple of deposit products that we very much would like to grow - i.e. retail
CDs and corporate money market accounts - but we think that the pricing is
getting fairly aggressive in relationship to what funds are worth in this kind
of a rate environment.

So, we probably are going to be a little more discriminating as we look at
different types of deposits and the rates that are being paid for those, whether
they represent value in 2003. And that's the gist of our showing these deposit
growth numbers, slicing and dicing them in a couple of different ways without
retail CDs and without the corporate money market accounts, also.

LISTER: Maybe on a slightly different tact, but just looking across your
regions, you know, given the spread that you've got there, any difference in
terms of what's happening with credit quality across your markets? Either
consumer or sort of small business middle markets? Any differences in the trends
you're seeing?

MCMENNAMIN: I would say, Roger, in -- in small business and in consumer region,
regions wouldn't vary one from another in credit quality.

LISTER: What about any differences in middle market or...

MCMENNAMIN: The -- oh, was - I'd say -- I would say there are some differences
in middle market. We have had historically some challenges in where we have
higher -- where -- in markets where we have had higher levels of manufacturing
than in others as a portion of our portfolio. That has translated into some
weaker credit quality because the business mix in our portfolios isn't the same
in each market.

But I think as we see our performance going forward and the consistency of
underwriting that we're now and have been able to generate in the last year, we
don't expect major differences on an ongoing basis.

LISTER: Thank you.

OPERATOR: Thank you. And our next question is from John McDonald of UBS Warburg.

JOHN MACDONALD, UBS WARBURG: Good afternoon. I was wondering if, Mike, could you
give us color on where do you think the auto losses should be heading, you know,
if not next year -- this year, on a normalized basis, where do you -- where do
you think that the auto loss rates should be at?

MCMENNAMIN: John, as we've talked, the composition, the credit quality
composition of that portfolio has been increasing pretty significantly because
of changes in underwriting over the last couple of years. We think that the
losses in that portfolio in 2003 probably are some place in the 85 to 90 basis
point range. We think in 2004 they go lower. And that really is just a
reflection of the older vintages which were not as well underwritten.

                                       11


Those older vintages, are either running off the books or becoming a much
smaller percentage of the portfolio. And the last two or three quarters, we've
consistently had FICO scores on new loans and leases in excess of 730. That
continued in the fourth quarter and certainly is strategically what we want to
do, so, we think these loss rates come down for 2003 and come down further in
2004.

MACDONALD: OK. Thanks, Mike. And then in terms of your charge-off guidance for
next year, given your comfort with the reserve, we assume that your provision
would probably be matching the charge-offs, roughly?

MCMENNAMIN: I think that's something we probably wouldn't comment one way or the
other. We have to see how 2003 develops, but we would emphasize it was so much
of our loan growth in the last year, coming in either home equity or residential
mortgage loans, 70 percent of the total loan growth came in those areas, we
continue to feel very, very good about the adequacy of that reserve and
obviously also took quite a whack at our non-performing loans in the fourth
quarter, both with the loan sale, but also, excluding that fourth quarter credit
action, we would have had a $30 million decline in non-performing assets.

So, we feel we've really turned the corner in that area, barring significant
changes or negative changes in the economy. We feel very good about the reserve.

MACDONALD: Thanks, Mike.

OPERATOR: Thank you. And, ladies and gentlemen, once again, if you do have a
question, please press the one key. And our next question from Fred Cummings of
McDonald Investments.

FRED CUMMINGS, MCDONALD INVESTMENTS: Yes. Good afternoon.

Can you touch on the indirect auto area? Were charges up across the geographic
footprint or are you seeing problems in any one specific or several specific
states?

MCMENNAMIN: Fred, it really was pretty much across the footprint. There was no
geographical concentration of the increase. It occurred pretty much in all of
our regions.

CUMMINGS: OK. That's my only question. Thank you.

MCMENNAMIN: Thank you.

OPERATOR: Thank you. And our next question is from Dennis Klaeser, Robert W.
Baird.

DENNIS KLAESER, ROBERT W. BAIRD: Yes. Good afternoon. Obviously residential loan
growth, both home equity and first mortgages, was very important to your balance
sheet last year. I'm wondering, from an interest rate risk management
standpoint, how does that impact the management on your balance sheet? And what
are the characteristics of those underlying loans? And then going forward for
2003, how do you see that growth changing and really see the continued change in
a composition of your overall portfolio?

MCMENNAMIN: Well, the -- obviously if you look at the residential mortgage loans
and try to figure out what the re-pricing characteristics of those are, these,
as we stated, the greater preponderance of those loans, are for a five-year
fixed rate and then float on a one-year adjustable basis. So the longest they're
going to be is five years.

Now, if you look at ARM statistics historically, there tends to be a relatively
high prepayment rate on ARM loans, even if rates are -- almost irregardless of
rates, prepayment rates are higher on those loans than they are on fixed coupon
or fixed rate loans.

Our sense is that you probably won't get the kind of historical prepayments on
these loans going forward when as and if interest rates increase, that will
moderate payments significantly. We would assume an average duration of those
five-year loans of something along the lines of three years. Something along
that order.

KLAESER: OK.

                                       12


OPERATOR: Thank you. And our next question is from Steven Wharton of Loomis
Sayles.

STEVE WHARTON, LOOMIS SAYLES: Good afternoon. I just had a few follow-up
questions. I wanted to follow up on the one question. So, in your guidance in
2003, are you assuming that provision will equal the charge-offs or not?

MCMENNAMIN: In our guidance for 2003, we would assume that provision expense
would cover charge-offs and also would provide, Steve, for growth in the loan
portfolio.

Now, what actually will happen to the reserve level is a function of what
happens to credit quality in 2003. We've tried to be fairly aggressive in
adjusting the level of that reserve and in the past quarters to reflect what's
going on in the economy and in our portfolio. So, it's a little hard for to us
say if we plan on increasing or reducing the reserve next year, but in our
plans, we assume that we're going to provide for charge-offs and we would also
provide for loan growth - in our provision expense.

WHARTON: OK. OK. This may explain the part of my quandary. I guess you earned
about 36 cents in the fourth quarter on a core basis and you said you had a core
charge-off rate of about 81 basis points. So, if I annualize that 36 cents, I
get about $1.44, relative to your $1.50 guidance. You gave net charge-off
guidance for 2003 of about 70 basis points mid point range and if I just look at
the difference between the 81 basis points and the 70, that's 11 basis points,
which I was coming up with... roughly 6 cents a share in benefit that you were
basically forecasting from improved credit. And you see where I'm going with
this, that gets you to about $1.50 a share. Most of the earnings growth will
come from improved credit next year. Is that the right way to look at this?

MCMENNAMIN: I think there is no question that a significant -- that we will get
positive -- we have wind in our back we think next year because of improved
credit. And also have wind in our back because of a reduced share count, just by
what we've purchased in 2002.

On an operating basis, it's going to be a pretty tough environment as Tom
mentioned. We've got net interest margin compression that's going to be going
from a level of 421 for a full year 2002, going down, we think, as we -- as we
suggested, below four percent. So, that's a fair amount of wind in our face,
even with what we think will be pretty strong underlying earning asset growth.
That, plus some of the expense pressures that Tom has talked about, we think
creates some strong headwind in 2003.

HOAGLIN: Steve, this is Tom. What I would say, you know, we do expect earnings
lift because of credit quality improvement. We do expect earnings lift because
of the share repurchase program and we do expect some, what I would call
relatively modest growth in earnings, sort of in the core franchise.

WHARTON: OK. Final question on the mortgage line.

I was just noticing it looks like for the full year, your mortgage banking
revenues went from $59 million to $48 million. And I just wondered, is there any
way you can break that out a little bit more finely? In 2002, you know, how much
came from gains versus maybe servicing income versus any impairment charges that
were incurred during the year?

MCMENNAMIN: Steve, to the best of my recollection, there was no impairment in
2001. We had almost $13 million of impairment in 2002. Apparently we did have $5
million of impairment in 2001. So, the net increase of impairment was about $8
million, year-over-year.

WHARTON: Thank you.

OPERATOR: Thank you. And we do have a follow-up from Fred Cummings.

CUMMINGS: Yes, Tom. I wanted to ask you - you guys made pretty good progress in
executing your strategic plan. Now, what's your attitude about possibly pursuing
any bank or depository-type acquisitions here over the next 12-18 months?

                                       13


HOAGLIN: Fred, I kind of thought maybe you wouldn't let me get away without
responding to that in some way. So, thanks for your question.

As you know, I have considered it sort of "illegal", if you will, for Huntington
to think about any acquisitions, particularly bank acquisitions or major deposit
acquisitions until now because we -- we really had to focus first and foremost
on putting ourselves in a position to execute well, strengthening the team,
making sure the direction was right, reviewing our products, et cetera.

I feel as we begin 2003, I'm much more comfortable about Huntington's position
on all of those accounts than I did certainly about two years ago. And so I
think it is important for us now to begin to think about how we might best
expand. What's the role for de novo expansion, what's the role in acquisitions?
We certainly don't contemplate doing anything precipitously. We don't ever
contemplate doing anything that could be destructive in shareholder value. But I
think it is important for us now to think about the growth plan in acquisition
and de novo going forward.

So, we're going to take some time this year to work on that. I guess the major
message to you is just that, that we're now beginning to think about it as
opposed to any particular conclusions.

CUMMINGS: OK. Thanks, Tom.

OPERATOR: Thank you. And ladies and gentlemen, once again, if you have a
question, please press the one key. One moment for questions. And I am showing
no further questions.

GOULD: Operator, thank you very much. I think we will bring the call to a close,
then. I want to thank all of our investors and analysts and customers and the
like who listen to these things for participating with us today. Thank you.

OPERATOR: Ladies and gentlemen, this concludes today's conference. Thank you for
your participation and you may disconnect at this time. Have a nice day.

                                       ###

                                       14

EX-99.3

Exhibit 99.3