Exhibit 99.1

FOR IMMEDIATE RELEASE
July 17, 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 2003 SECOND QUARTER EARNINGS OF $0.42 PER SHARE

• ANNOUNCES EARNINGS RESTATEMENT AND ACCOUNTING CHANGES

• Increases 2003 first quarter net income by $2 million after tax

• Reduces 2000-2002 net income by $5 million after tax

• Reduces 1999 and prior-year net income by $27 million after tax

• Prospectively defer all loan and lease origination fees and expenses

• DECLARES A 9.4% INCREASE IN THE DIVIDEND ON ITS COMMON STOCK

2003 SECOND QUARTER EARNINGS

     COLUMBUS, Ohio – Huntington Bancshares Incorporated (NASDAQ: HBAN; www.huntington.com) reported 2003 second quarter earnings of $97.4 million, or $0.42 per common share, up $6.8 million or 8%, from $90.6 million, or $0.39 per common share, in the first quarter, and up $24.4 million or 33%, from $73.0 million, or $0.29 per common share in the year-ago quarter. (All prior period results reflect the restatement announced today and discussed below.)

     Significant items impacting quarterly performance comparisons between the first and second quarters of 2003 consisted of:

     2003 Second Quarter Items

• $11.6 million pre-tax gain from the sale of $569 million of automobile loans late in the quarter; $7.6 million after tax or $0.03 per share.

• $6.9 million pre-tax of securities gains; $4.5 million after tax or $0.02 per share.

• $6.4 million pre-tax impairment of mortgage servicing rights; $4.1 million after tax or $0.02 per share.

• $5.3 million pre-tax release of restructuring reserves; $3.4 million after tax or $0.01 per share.

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     2003 First Quarter Items

• $8.3 million pre-tax gain from the sale of $558 million of automobile loans late in the quarter; $5.4 million after tax or $0.02 per share.

• $1.2 million pre-tax of securities gains; $0.8 million after tax with no material per share impact.

• $1.0 million pre-tax release of restructuring reserves; $0.7 million after tax with no material per share impact.

     Excluding the impact of these items, 2003 second quarter earnings were $86.1 million, or $0.37 per share, and first quarter earnings were $83.7 million, or $0.36 per common share.

     Earnings for the first six months of 2003 were $188.0 million, or $0.81 per common share, up $18.9 million, or 11%, from $169.0 million, or $0.68 per common share, in same year-ago period. Significant items impacting year-to-date performance comparisons consisted of:

     2003 Six Month Results

• $19.9 million pre-tax gain from the sale of $1.1 billion of automobile loans; $12.9 million after tax or $0.06 per share.

• $8.1 million pre-tax of securities gains; $5.3 million after tax or $0.02 per share.

• $6.4 million pre-tax of mortgage servicing right impairment; $4.1 million after tax or $0.02 per share.

• $6.3 million pre-tax release of restructuring reserves; $4.1 million after tax or $0.02 per share.

     2002 Six Month Results

• $181.3 million pre-tax gain from the sale of the Florida banking operations; $60.7 million after tax or $0.24 per common share.

• $56.2 million pre-tax of restructuring charges; $36.5 million after tax or $0.15 per common share.

• $1.4 million pre-tax of securities gains; $0.9 million after tax with no material per share impact.

• $0.6 million pre-tax of mortgage servicing right impairment; $0.4 million after tax with no material per share impact.

     Excluding the impact of these items, results for the first six months of 2003 were $169.8 million, or $0.73 per common share, up 18% and 26%, respectively, from $144.3 million, or $0.58 per common share for the first six months of 2002.

     “Second quarter results reflected the progress Huntington continues to make in several very important areas,” said Thomas Hoaglin, chairman, president, and chief executive officer. “Earning performance was in line with our expectations. Net interest income increased despite a lower margin due to our continued ability to grow loans and leases. Late in the quarter $569 million of automobile loans were sold, bringing year-to-date sales to $1.1 billion, helping us lower our exposure to the automobile financing sector. Excluding the impact of the prior quarter’s sale of $558 million of automobile loans, average loans and leases increased 4% from the first quarter. Average core deposits excluding retail CDs increased 5%.”

     Commenting on credit quality trends, Hoaglin noted, “Net charge-offs increased and non-performing assets declined slightly. This performance was as expected, as the economic

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environment remains challenging for many of our customers, especially businesses. The increase in net charge-offs reflected higher commercial net charge-offs primarily related to one borrower. Importantly, commercial delinquencies and our watch list of problem credits continued to show modest improvement. We expect non-performing assets to remain relatively unchanged for the remainder of the year with net charge-offs showing improvement. Loan and lease loss reserves and capital levels remained strong.”

     “We remain on schedule to complete the previously announced sale of our Martinsburg, West Virginia banking offices later this month. This will generate an after tax gain of approximately $8 million after tax and free up capital for reinvestment,” he concluded.

Earnings Review Discussion

     In addition to the items impacting comparisons between quarters noted above, second quarter 2003 results compared with first quarter performance reflected:

• 2% growth in average loans and leases; 4% excluding the impact of the first quarter automobile loan sale.

• 13% decline in average operating lease assets.

• 5% growth in core deposits, excluding retail CD’s.

• 3.69% net interest margin, down from 3.84%.

• 1.79% loan loss reserve to loans ratio, up from 1.78%.

• 0.85% annualized net charge-offs, up from 0.69%.

• 0.70% non-performing assets ratio, down from 0.74%.

• 255% non-performing assets coverage ratio, up from 239%.

• 7.31% tangible common equity ratio, up from 7.25%.

     Fully taxable equivalent net interest income increased $1.8 million, or 1%, from the first quarter, reflecting growth in average earning assets substantially offset by a decline in the net interest margin. The fully taxable equivalent net interest margin declined to 3.69% from 3.84%, down 15 basis points, or an effective 4%, driven by a number of factors including significant prepayments of higher rate mortgages and mortgage backed securities, growth in lower rate but higher quality automobile loans and direct financing leases, and the difficulty in lowering deposit rates as fast as the decline in rates on loans and securities. Average total earning assets increased $0.9 billion, or 4%, of which $0.4 billion related to higher securities and $0.5 billion related to higher average loans and leases and mortgages held for sale.

     Compared with the year-ago quarter, fully taxable equivalent net interest income increased $24.6 million, or 13%, reflecting the benefit of a 20% increase in average earning assets, partially offset by a 25 basis point, or an effective 6%, decline in the net interest margin to 3.69% from 3.94%.

     Average securities increased $0.4 billion, or 11%, from the first quarter reflecting the investment of deposit inflows, proceeds from loan sales, and pay downs of operating leases in excess of loan and lease originations. Average mortgages held for sale increased $0.1 billion, or 31%, from the first quarter due to high loan originations reflecting continued heavy refinancing activity.

     Average loans and leases increased 2% from the first quarter, or 4% excluding the impact of automobile loan sales. Reflecting the impact of the low interest rate environment, average

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residential mortgages grew 3% and average home equity loans and lines of credit increased 4%. Average automobile loans and leases increased 1%, or 12% excluding the impact of the first quarter sale of $558 million of automobile loans. Loans sold in the first quarter impacted average loans and leases in that quarter by $459 million. Year-to-date sales of automobile loans totaled $1.1 billion with such sales reflecting a strategy to reduce balance sheet concentration in automobile finance-related assets. Total average commercial real estate loans increased 3%. In contrast, average commercial loans were essentially unchanged reflecting 3% growth in small business loans, offset by declines in larger commercial credits.

     Compared with the year-ago quarter, average loans and leases increased 16%. Average automobile loans and leases increased 52% with average automobile loans up 10%. Average automobile leases were up significantly reflecting the fact that this portfolio consists only of direct financing leases originated after April of last year. Average residential mortgages increased 36%, with average home equity loans and lines up 15%. Total average commercial real estate loans increased 11%.

     Total average core deposits in the 2003 second quarter increased $0.5 billion, or 3%, from the first quarter including a $0.2 billion decline in retail certificates of deposits (CDs). Retail CDs, which continue to be a relatively expensive source of funds, are being deemphasized in the company’s deposit generation strategies. Excluding retail CDs, average core deposits increased 5%. Compared with the year-ago quarter, average core deposits increased 5% even with a $0.7 billion decline in retail CDs. Average core deposits excluding retail CDs were up 13% from the year-ago quarter.

     Non-interest income increased $6.2 million, or 2%, from the first quarter reflecting a combination of factors. Other income was up $11.4 million with $3.3 million reflecting higher gains from the sale of automobile loans. The remaining $8.1 million of the increase in other income primarily reflected fees from the termination of operating lease assets, an increase in the market value of equity investments, as well as higher letter of credit fees. Securities gains totaled $6.9 million, up from $1.2 million in the first quarter. Service charges on deposits increased $1.0 million, or 3%, due to higher retail fees. Other service charges and fees were up $1.0 million, or 10%, reflecting higher transaction-based product fees off the seasonally weak first quarter. Trust services increased $0.7 million, or 4%, due to higher institutional fees.

     Partially offsetting these increases were declines in several fee income categories, including operating lease income, which decreased $9.5 million, or 7%. Operating lease income, as well as operating lease expense, will decline over time since all new automobile leases after April 2002 represent direct financing leases, the income of which is reflected in net interest income. Brokerage and insurance income declined $1.3 million, or 8%, due to an 18% decline in annuity sales, though mutual fund sales increased 45%. Mortgage banking income declined $2.8 million, or 20%, from the first quarter reflecting a $6.4 million impairment of mortgage servicing rights (MSR) in the current quarter, compared with no impairment in the 2003 first quarter. The MSR impairment reflected high mortgage prepayment levels as the low interest rate environment continued to produce high mortgage refinancing activity. Excluding the MSR impairment, mortgage banking income increased $3.6 million, or 26%, reflecting a 34% increase in closed loan production. At June 30, 2003, MSRs as a percent of serviced mortgages were 0.72%, down from 0.80% at March 31, 2003.

     Compared with the year-ago quarter, non-interest income declined $13.5 million, or 5%. This included a $43.8 million, or 26%, decline in operating lease income as this portfolio runs

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off. This decline was partially offset by a $21.2 million increase in other income including the $11.6 million gain on the sale of automobile loans in the current quarter, higher gains from operating lease terminations, an increase in the market value of equity investments, and increased trading revenue. Another positive factor was the $5.3 million, or 15%, increase in service charges on deposits from the year-ago quarter.

     Non-interest expense declined $18.3 million, or 6%, from the first quarter. Expense categories contributing to the decline included operating lease expense, down $8.6 million, or 8%, reflecting the run-off of that portfolio, and personnel costs, down $7.7 million, or 6%, due to a combination of lower salaries, benefit, and severance costs. Net occupancy expense decreased $1.2 million, or 7%, as the first quarter results included significant seasonal costs, while printing and supplies costs declined $1.4 million, or 39%.

     Partially offsetting these declines were increases in a number of expense categories including a $3.5 million, or 20%, increase in other expenses spread across a number of categories. Marketing expense increased $1.8 million, or 28%, with professional services expense up $0.6 million, or 6%, primarily related to legal and audit expenses associated with the restatement announced in May of this year and the Securities and Exchange Commission formal investigation.

     The 2003 second quarter non-interest expense also benefited from a $5.3 million release of restructuring reserves, of which $3.8 million related to reserves established in 1998 and $1.5 million to reserves established in 2001 and 2002. The 1998 reserve was established for, among other items, the exit of under performing product lines, including possible third party claims related to these exits. Management has reviewed this reserve and determined that future claims were unlikely or would be immaterial, and reduced the level of the reserve through a credit, or reserve release, to the restructuring charge line of non-interest expense. All changes in the estimated restructuring reserves required are now reflected as charges (in the case of increases to the reserve) or releases (in the case of decreases) to the restructuring charge line. This included $1.0 million in the 2003 first quarter and $7.2 million in the fourth quarter of 2002.

     Compared with the year-ago quarter, non-interest expense declined $25.6 million, or 8%. This reflected a $28.8 million, or 22%, decrease in operating lease expense and the benefit of the $5.3 million release of restructuring reserves in the current quarter, which were partially offset by a $7.2 million, or 7%, increase in personnel costs.

     Net charge-offs for the 2003 second quarter were $41.1 million, or an annualized 0.85% of average loans and leases, up from $32.8 million, or an annualized 0.69%, in the first quarter. This reflected higher commercial loan charge-offs, which were an annualized 1.89% of related loans in the second quarter, up from 1.06% in the first quarter. This increase in commercial net charge-offs primarily reflected one commercial credit in the teleconferencing business. Net charge-offs on automobile loans were an annualized 1.06% in the second quarter, down from 1.38% in the first quarter. Net charge-offs on automobile leases increased to an annualized 0.43% from 0.36% in the first quarter. The automobile lease portfolio represents direct financing leases originated after April 2002. Since these leases are relatively new, they have not yet reached their normalized expected net charge-off run rate. As a result, until this portfolio matures, related net charge-offs are expected to increase. Total net charge-offs in the year-ago quarter were $37.0 million, or an annualized 0.90% of average total loans.

     Credit losses on operating lease assets, which are included in operating lease expense, were

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$8.9 million, or an annualized 1.93% of average operating lease assets compared with $10.0 million, or 1.89%, in the first quarter and $7.9 million, or 1.09%, in the year-ago quarter. As noted above, this portfolio’s average balances will decrease over time since no new operating lease assets have been generated after April 2002. As a result, while the absolute level of credit losses is expected to decline over time, the ratio of credit losses expressed as a percent of a declining average operating lease assets, is expected to increase.

     The over 30-day delinquent, but still accruing, ratio for total loans and leases decreased slightly to 1.32% at June 30, 2003, from 1.34% at the end of the first quarter, and was down significantly from 1.88% at the end of the year-ago quarter. This reflected improvement in total commercial and commercial real estate delinquencies to 0.79% at quarter end, down from 0.85% at March 31, 2003, and 1.62% a year ago, whereas total consumer delinquencies were 1.86% at quarter end, up slightly from 1.84% at the end of the first quarter, but down from 2.20% a year earlier.

     Provision for loan and lease losses in the second quarter was $49.2 million, up $12.3 million, or 34%, from the first quarter due primarily to an $8.1 million provision expense reflecting loan growth, and to a lesser degree higher net charge-offs in the current period. The June 30, 2003, allowance for loan losses as a percent of period-end loans was 1.79%, up slightly from 1.78% at March 31, 2003 but down from 2.10% and the end of the year-ago quarter. The allowance for loan and lease losses as a percent of non-performing assets increased to 255% at June 30, 2003, from 239% at March 31, 2003, and was well above the year-ago level of 158% due to the significant decline in non-performing assets as discussed below. Compared with the year-ago quarter, loan and lease loss provision expense was down $0.7 million, or 1%.

     Non-performing assets at June 30, 2003 were $133.7 million and represented 0.70% of period-end loans and leases and other real estate. This was down $7.0 million from $140.7 million, or 0.74%, of period-end loans and leases and other real estate owned at March 31, 2003, and down $89.5 million, or 40%, from the end of the year-ago quarter. Non-performing assets continued to be concentrated in the manufacturing and services sectors.

     At June 30, 2003, the tangible equity to assets ratio was 7.31%, up slightly from 7.25% at March 31, 2003, but down from 8.42% at June 30, 2002. The decrease from a year ago primarily reflected share repurchase activity from July 1, 2002 through March 31, 2003 as no shares were repurchased during the 2003 second quarter. The existing share repurchase authorization had 3.9 million shares remaining as of June 30, 2003. As discussed below, the implementation of FIN 46 (Consolidation of Variable Interest Entities) will lower capital ratios. As such, no further meaningful share repurchases are planned for the immediate future unless market conditions change or excess capital becomes available through business transactions. In such cases, repurchases might be made from time-to-time in the open market or through privately negotiated transactions.

FIN 46 Implementation

     As required, FIN 46 (Consolidation of Variable Interest Entities) will be adopted effective July 1, 2003. As a result, the company expects that $1.0 billion of indirect automobile loans securitized in 2000 will be reconsolidated on the balance sheet in the third quarter. At the time of the securitization in 2000, outside ownership of 3% qualified the securitization for off balance sheet treatment as a special purpose entity (SPE). Under FIN 46, off balance sheet treatment for an SPE is only possible if the outside ownership is a minimum of 10%.

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     The company estimates the one-time cumulative effect of this accounting change will be an $18 million pre-tax charge ($12 million after tax or $0.05 per common share) in the 2003 third quarter results. Implementation is expected to reduce the tangible common equity to assets ratio by approximately 30 basis points. The company’s long-term tangible common equity to assets ratio target continues to be 7.00%, given the current asset mix and balance sheet risk profile.

2003 Outlook

     The lack of any meaningful economic recovery so far this year and the absolute low level of interest rates continue to be the most significant factors impacting 2003 performance. Regarding credit quality trends, the expectation is that non-performing asset levels will remain around current levels at least through year end and perhaps longer. Even so, net charge-offs are expected to improve for both commercial and consumer loans. The company anticipates 2003 full-year charge-offs will be in the 70-80 basis point range after giving consideration to the implementation of FIN 46, as well as the impact of the automobile loan sales in the first half of 2003.

     Earnings per share guidance continues to be $1.48-$1.52 per share. This is unchanged from the guidance in May, but takes into consideration the one-time negative $0.05 per share cumulative accounting change impact of implementing FIN 46, offset primarily by the positive impacts of the loan sale gains and the current restatement. This target also excludes any impact from the expensing of stock options.

EARNINGS RESTATEMENT AND ACCOUNTING CHANGES

     On June 26, 2003, Huntington announced that the staff of the Securities and Exchange Commission (SEC) is conducting a formal investigation. This formal investigation followed the operating lease restatement and allegations by a former Huntington employee regarding certain aspects of Huntington’s accounting and financial reporting practices. The company has also initiated a review of its financial and reporting practices.

     Today the company announced a series of voluntary actions related to the investigation including a decision to restate its earnings to correct for certain timing errors related to origination fees paid to automobile dealers, deferral of commissions paid to originate deposits, certain mortgage origination fee income, the recognition of pension settlements, and liabilities related to the sale of an automobile debt cancellation product. The restatement impacts previously reported earnings as follows:

($ millions)	Impact	After-tax
2003 first quarter	Increase	$	2
2000-2002	Reduction		(5	)
1999 and prior years	Reduction		(27	)
Total	Reduction	$	(30	)

     The cumulative impact of the restatement represents 1.3% of equity as of March 31, 2003.

     An issue still under review by the company relates to the application of SFAS 91 (Accounting for Nonrefundable Fees and Costs Associated with Originating or Acquiring Loans

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and Initial Direct Cost of Leases). Generally, SFAS 91 deals with the timing of recognition of loan and lease origination fees and certain expenses. The statement requires that such fees and costs, if material, be deferred and amortized over the estimated life of the asset.

     Generally, Huntington has not deferred these origination fees and certain expenses, but has recognized the net amount in the period of origination as has been disclosed in its audited financial statements. The company is reviewing the impact of this practice on its historical results. Any retroactive decision to defer these origination fees and expenses would only impact the timing, not the total amount of net revenue recognized over the life of the asset. The company has decided to defer these origination fees and expenses prospectively for all loans and leases originated after June 30, 2003.

     As a result of the restatement and these reporting changes announced today, the company will file an amended 2002 Annual Report on Form 10-K/A, as well as an amended Quarterly Report on Form 10-Q/A for the first quarter of 2003. All of the financial information included in this release and related schedules reflect this restatement.

     “From the outset, our main objective has been to cooperate fully and insure complete compliance with both the letter and spirit of proper accounting and financial reporting transparency,” said Hoaglin. “The restatement and change in accounting practice announced today address a variety of issues raised by the SEC investigation. While the investigation is on-going, we decided to take these actions now and are continuing to cooperate fully with the SEC staff.”

COMMON STOCK QUARTERLY DIVIDEND INCREASE

     Huntington today also announced that the board of directors has declared a quarterly cash dividend on its common stock of $0.175 per common share, up 9.4% from the current quarterly dividend of $0.16 per common share. The dividend is payable October 1, 2003, to shareholders of record on September 19, 2003.

     “We are especially pleased to announce this increase in our common stock dividend,” said Hoaglin. “We have appreciated the patience and encouragement of our many shareholders who have remained with us despite the actions we took in 2001, including the decision to reduce our dividend. Therefore the board is very pleased that our improved performance enables us to take this action. We are also increasing our dividend payout target range to 40%-45% of earnings, up from the previous target range of 35%-45%.”

Conference Call / Webcast Information

     Huntington’s senior management will host a conference call today to discuss these developments and results at 1:30p.m. EDT. The call may be accessed via a live Internet webcast at www.huntington-ir.com or through a dial-in telephone number at (800) 493-3979. Slides will be available at www.huntington-ir.com just prior to 1:30p.m. EDT 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 July 31, 2003, at (800) 615-3210; conference ID 184926. The conference call transcript and slides will be filed with the Securities and Exchange Commission on Form 8-K.

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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/A for the year ended December 31, 2002, 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 850 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.

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HUNTINGTON BANCSHARES INCORPORATED
Quarterly Key Statistics

										Percent Change vs.
(in thousands, except per share amounts)	2Q03			1Q03			2Q02			1Q03			2Q02
Net Interest Income	$	215,578		$	213,736		$	191,994			0.9	%		12.3	%
Provision for Loan and Lease Losses		49,193			36,844			49,876			33.5			(1.4	)
Securities Gains		6,887			1,198			966			N.M.			N.M.
Non-Interest Income		267,319			266,833			286,699			0.2			(6.8	)
Non-Interest Expense		311,359			325,339			331,691			(4.3	)		(6.1	)
Restructuring Charges		(5,315	)		(1,000	)		—			N.M.			—
Income Before Income Taxes		134,547			120,584			98,092			11.6			37.2
Income Taxes		37,160			30,008			25,081			23.8			48.2
Net Income	$	97,387		$	90,576		$	73,011			7.5	%		33.4	%
Net Income per common share — diluted	$	0.42		$	0.39		$	0.29			7.7	%		44.8	%
Cash dividends declared per common share	$	0.16		$	0.16		$	0.16			—	%		—	%
Book value per common share at end of period	$	9.93		$	9.72		$	9.58			2.2	%		3.7	%
Average common shares — basic		228,633			231,355			246,106			(1.2	)%		(7.1	)%
Average common shares — diluted		230,572			232,805			247,867			(1.0	)%		(7.0	)%
Return on average assets		1.39	%		1.34	%		1.17	%
Return on average shareholders’ equity		17.5	%		16.3	%		12.5	%
Net interest margin (1)		3.69	%		3.84	%		3.94	%
Efficiency ratio (2)		63.1	%		67.2	%		69.1	%
Average loans and leases	$	19,284,120		$	18,951,793		$	16,560,217			1.8	%		16.4	%
Average earning assets	$	23,679,865		$	22,805,232		$	19,667,976			3.8	%		20.4	%
Average core deposits (3)	$	15,421,145		$	14,971,891		$	14,693,332			3.0	%		5.0	%
Average core deposits — linked quarter annualized growth rate (3)		12.0	%		(1.1	)%		(39.6	)%
Average core deposits — excluding Retail CDs	$	12,623,311		$	12,008,402		$	11,184,911			5.1	%		12.9	%
Average core deposits excl. Retail CDs — linked quarter annualized growth rate		20.5	%		10.2	%		(29.8	)%
Average total assets	$	28,052,184		$	27,410,256		$	24,961,255			2.3	%		12.4	%
Average shareholders’ equity	$	2,234,330		$	2,247,536		$	2,351,291			(0.6	)%		(5.0	)%
Total assets at end of period	$	28,292,019		$	27,857,087		$	25,352,242			1.6	%		11.6	%
Total shareholders’ equity at end of period	$	2,270,537		$	2,223,487		$	2,328,331			2.1	%		(2.5	)%
Net charge-offs (NCOs)	$	41,056		$	32,836		$	36,997			25.0	%		11.0	%
NCOs as a % of average loans and leases		0.85	%		0.69	%		0.90	%
Non-performing loans and leases (NPLs) at end of period	$	120,154		$	126,641		$	212,091			(5.1	)%		(43.3	)%
Non-performing assets (NPAs) at end of period	$	133,722		$	140,725		$	223,237			(5.0	)%		(40.1	)%
NPAs as a % of total loans and leases and other real estate (OREO)		0.70	%		0.74	%		1.33	%
Allowance for loan and lease losses (ALL) as a % of total loans and leases at the end of period		1.79	%		1.78	%		2.10	%
ALL as a % of NPLs		283.8	%		266.1	%		165.8	%
ALL as a % of NPAs		255.0	%		239.5	%		157.5	%
Tier 1 risk-based capital (4) (5)		8.60	%		8.43	%		9.64	%
Total risk-based capital (4) (5)		11.42	%		11.32	%		12.67	%
Tier 1 leverage (4)		8.48	%		8.48	%		9.86	%
Average equity / assets		7.96	%		8.20	%		9.42	%
Tangible equity / assets (5)		7.31	%		7.25	%		8.42	%

(1)	On a fully tax equivalent basis assuming a 35% tax rate. The net interest margin measured on a non-tax equivalent basis was 3.65% in 2Q03, 3.79% in 1Q03, and 3.92% in 2Q02.
(2)	Non-interest expense less amortization of intangible assets ($0.2 million, $0.2 million, and $1.4 million, respectively) divided by the sum of fully taxable equivalent net interest income and non-interest income excluding securities gains.
(3)	Includes non-interest bearing and interest bearing demand deposits, savings deposits, CDs under $100,000 and IRA deposits.
(4)	Estimated at the end of June, 2003.
(5)	At end of period. Tangible equity (total equity less intangible assets) divided by tangible assets (total assets less intangible assets).
N.M. — Not Meaningful.

-10-

HUNTINGTON BANCSHARES INCORPORATED

YTD Key Statistics

	Six Months Ended June 30,
							Percent
(in thousands, except per share amounts)	2003			2002			Change
Net Interest Income	$	429,314		$	377,562			13.7	%
Provision for Loan and Lease Losses		86,037			88,886			(3.2	)
Securities Gains		8,085			1,423			N.M.
Non-Interest Income		534,152			589,072			(9.3	)
Gain on Sale of Florida Operations		—			181,344			(100.0	)
Non-Interest Expense		636,698			685,007			(7.1	)
Restructuring Charges		(6,315	)		56,184			N.M.
Income Before Income Taxes		255,131			319,324			(20.1	)
Income Taxes		67,168			150,302			(55.3	)
Net Income	$	187,963		$	169,022			11.2	%
Net Income per common share — diluted	$	0.81		$	0.68			19.1	%
Cash dividends declared per common share	$	0.32		$	0.32			—	%
Average common shares — basic		229,987			248,415			(7.4	)%
Average common shares — diluted		231,684			249,946			(7.3	)%
Return on average assets		1.37	%		1.32	%
Return on average shareholders’ equity		16.9	%		14.4	%
Net interest margin (1)		3.75	%		3.79	%
Efficiency ratio (2)		65.1	%		64.3	%
Average loans and leases	$	19,120,291		$	16,964,483			12.7	%
Average earning assets	$	23,246,381		$	20,166,259			15.3	%
Average core deposits (3)	$	15,197,759		$	15,495,592			(1.9	)%
Average core deposits — excluding Retail CDs	$	12,317,555		$	11,632,304			5.9	%
Average total assets	$	27,732,993		$	25,753,829			7.7	%
Average shareholders’ equity	$	2,240,897		$	2,366,208			(5.3	)%
Total assets at end of period	$	28,292,019		$	25,352,242			11.6	%
Total shareholders’ equity at end of period	$	2,270,537		$	2,328,331			(2.5	)%
Net charge-offs (NCOs)	$	73,892		$	79,969			(7.6	)%
NCOs as a % of average loans and leases		0.77	%		0.94	%
Non-performing loans and leases (NPLs) at end of period	$	120,154		$	212,091			(43.3	)%
Non-performing assets (NPAs) at end of period	$	133,722		$	223,237			(40.1	)%
NPAs as a % of total loans and leases and other real estate (OREO)		0.70	%		1.33	%
Allowance for loan and lease losses (ALL) as a % of total loans and leases at the end of period		1.79	%		2.10	%
ALL as a % of NPLs		283.8	%		165.8	%
ALL as a % of NPAs		255.0	%		157.5	%
Tier 1 risk-based capital (4) (5)		8.60	%		9.64	%
Total risk-based capital (4) (5)		11.42	%		12.67	%
Tier 1 leverage (4)		8.48	%		9.86	%
Average equity / assets		8.08	%		9.19	%
Tangible equity / assets (5)		7.31	%		8.42	%

(1)	On a fully tax equivalent basis assuming a 35% tax rate. The net interest margin measured on a non-tax equivalent basis was 3.72% and 3.77% for the first six months of 2003 and 2002, respectively.
(2)	Non-interest expense less amortization of intangible assets ($0.4 million and $1.6 million, respectively) divided by the sum of fully taxable equivalent net interest income and non-interest income excluding securities gains.
(3)	Includes non-interest bearing and interest bearing demand deposits, savings deposits, CDs under $100,000 and IRA deposits.
(4)	Estimated for the end of June, 2003.
(5)	At end of period. Tangible equity (total equity less intangible assets) divided by tangible assets (total assets less intangible assets).
N.M. — Not Meaningful.

-11-

HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Review
June 2003

Table of Contents

Consolidated Balance Sheets	1
Loans and Leases and Deposits	2
Consolidated Quarterly Average Balance Sheets and Net Interest Margin Analysis	3
Consolidated YTD Average Balance Sheets and Net Interest Margin Analysis	4
Selected Quarterly Income Statement Data	5
Selected YTD Income Statement Data	6
Quarterly Loan and Lease Loss Reserve and Net Charge-Off Analysis	7
YTD Loan and Lease Loss Reserve and Net Charge-Off Analysis	8
Quarterly Non-Performing Assets and Past Due Loans	9
Quarterly Stock Summary, Capital, and Other Data	10

Huntington Bancshares Incorporated
Consolidated Balance Sheets

		June 30,			June 30,			Change June '03 vs. '02
(in thousands)		2003			2002			Amount			Percent
Assets
Cash and due from banks		$	1,153,108		$	858,561		$	294,547			34.3	%
Interest bearing deposits in banks			44,906			28,385			16,521			58.2
Trading account securities			19,426			10,532			8,894			84.4
Federal funds sold and securities purchased under resale agreements			74,473			75,824			(1,351	)		(1.8	)
Loans held for sale			713,722			190,724			522,998			N.M.
Securities available for sale — at fair value			3,702,761			3,006,273			696,488			23.2
Investment securities — fair value $6,780 and $10,963, respectively			6,593			10,769			(4,176	)		(38.8	)
Total loans and direct financing leases (1)			19,098,929			16,784,144			2,314,785			13.8
	Less allowance for loan and lease losses		340,947			351,696			(10,749	)		(3.1	)
Net loans and direct financing leases			18,757,982			16,432,448			2,325,534			14.2
Operating lease assets			1,717,194			2,801,239			(1,084,045	)		(38.7	)
Bank owned life insurance			906,823			863,327			43,496			5.0
Premises and equipment			332,916			353,931			(21,015	)		(5.9	)
Goodwill and other intangible assets			218,080			210,685			7,395			3.5
Customers’ acceptance liability			8,372			16,778			(8,406	)		(50.1	)
Accrued income and other assets			635,663			492,766			142,897			29.0
Total Assets		$	28,292,019		$	25,352,242		$	2,939,777			11.6	%
Liabilities and Shareholders’ Equity
Total deposits (1)		$	18,371,359		$	16,861,100		$	1,510,259			9.0	%
Short-term borrowings			918,771			1,814,275			(895,504	)		(49.4	)
Federal Home Loan Bank advances			1,273,000			13,000			1,260,000			N.M.
Subordinated notes			496,666			880,706			(384,040	)		(43.6	)
Other long-term debt			3,508,397			2,082,438			1,425,959			68.5
Company obligated mandatorily redeemable preferred capital securities of subsidiary trusts holding solely junior subordinated debentures of the Parent Company			300,000			300,000			—			—
Bank acceptances outstanding			8,372			16,778			(8,406	)		(50.1	)
Accrued expenses and other liabilities			1,144,917			1,055,614			89,303			8.5
	Total Liabilities		26,021,482			23,023,911			2,997,571			13.0
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 228,660,038 and 242,919,872 shares, respectively		2,483,105			2,487,887			(4,782	)		(0.2	)
	Less 29,206,217 and 14,946,383 treasury shares, respectively		(555,176	)		(289,705	)		(265,471	)		91.6
	Accumulated other comprehensive income		40,817			28,655			12,162			42.4
	Retained earnings		301,791			101,494			200,297			N.M.
	Total Shareholders’ Equity		2,270,537			2,328,331			(57,794	)		(2.5	)
Total Liabilities and Shareholders’ Equity		$	28,292,019		$	25,352,242		$	2,939,777			11.6	%

(1)	See Page 2 for detail of Loans, Leases and Deposits.
N.M. — Not Meaningful.

Page 1

Huntington Bancshares Incorporated
Loans, Leases and Deposits

Loans and Leases (Direct Financing and Operating)
(in thousands)

					June 30, 2003				June 30, 2002
By Type					Balance		%		Balance		%
Commercial					$	5,527,955		26.6	$	5,591,280		28.5
Commercial real estate						3,952,359		19.0		3,529,978		18.0
		Total Commercial and Commercial real estate				9,480,314		45.6		9,121,258		46.5
Consumer
		Automobile loans				2,376,635		11.4		2,610,845		13.3
		Automobile direct financing leases				1,510,681		7.3		276,260		1.4
		Home equity				3,435,766		16.5		2,990,726		15.3
		Residential mortgage				1,918,200		9.2		1,376,164		7.0
		Other loans				377,333		1.8		408,891		2.2
		Total Consumer				9,618,615		46.2		7,662,886		39.2
		Total Loans and Direct Financing Leases				19,098,929		91.8		16,784,144		85.7
		Operating lease assets				1,717,194		8.2		2,801,239		14.3
				Total	$	20,816,123		100.0	$	19,585,383		100.0
By Business Segment (1)
Regional Banking
	Central Ohio / West Virginia				$	4,875,149		23.4	$	4,583,224		23.4
	Northern Ohio					2,712,094		13.0		2,722,859		13.9
	Southern Ohio / Kentucky					1,547,572		7.4		1,431,148		7.3
	West Michigan					1,967,391		9.5		1,835,323		9.4
	East Michigan					1,224,920		5.9		1,053,660		5.4
	Indiana					729,538		3.5		681,765		3.5
				Total Regional Banking		13,056,664		62.7		12,307,979		62.9
Dealer Sales						6,413,298		30.8		6,334,819		32.3
Private Financial Group						1,180,836		5.7		866,440		4.4
Treasury / Other						165,325		0.8		76,145		0.4
			Total		$	20,816,123		100.0	$	19,585,383		100.0

Deposit Liabilities
(in thousands)

					June 30, 2003				June 30, 2002
By Type					Balance		%		Balance		%
Demand deposits
			Non-interest bearing		$	3,110,060		16.9	$	2,769,936		16.4
			Interest bearing			6,331,755		34.5		5,105,196		30.3
Savings deposits						3,084,684		16.8		2,839,115		16.8
Other domestic time deposits						3,400,399		18.5		4,238,688		25.1
		Total Core Deposits (2)				15,926,898		86.7		14,952,935		88.6
Domestic time deposits of $100,000 or more						826,410		4.5		765,163		4.5
Brokered time deposits and negotiable CDs						1,226,778		6.7		849,347		5.0
Foreign time deposits						391,273		2.1		293,655		1.9
			Total Deposits		$	18,371,359		100.0	$	16,861,100		100.0
By Business Segment (1)
Regional Banking
	Central Ohio / West Virginia				$	6,222,918		33.9	$	5,294,922		31.4
	Northern Ohio					3,691,951		20.1		3,391,039		20.1
	Southern Ohio / Kentucky					1,412,333		7.7		1,344,487		8.0
	West Michigan					2,582,241		14.1		2,556,598		15.2
	East Michigan					2,078,662		11.3		1,931,008		11.5
	Indiana					640,361		3.5		602,515		3.6
				Total Regional Banking		16,628,466		90.6		15,120,569		89.8
Dealer Sales						67,234		0.4		50,192		0.3
Private Financial Group						1,027,096		5.6		826,218		4.9
Treasury / Other (3)						648,563		3.4		864,121		5.0
			Total Deposits		$	18,371,359		100.0	$	16,861,100		100.0

(1)	Prior period amounts have been adjusted to reflect organizational changes and to conform to the current period’s presentation.
(2)	Core deposits include non-interest bearing and interest bearing demand deposits, savings deposits, CDs under $100,000, and IRA deposits.
(3)	Comprised largely of brokered deposits and negotiable CDs.

Page 2

Huntington Bancshares Incorporated
Consolidated Quarterly Average Balance Sheets and Net Interest Margin Analysis
(in millions)

					Quarterly Average Balances
					2003				2002
Fully Tax Equivalent Basis (1)					Second		First		Fourth		Third		Second
Assets
Interest bearing deposits in banks					$	45	$	37	$	34	$	35	$	29
Trading account securities						23		12		9		7		6
Federal funds sold and securities purchased under resale agreements						69		57		83		76		68
Mortgages held for sale						601		459		467		267		174
Securities:
		Taxable				3,382		3,014		3,029		2,953		2,735
		Tax exempt				275		275		234		108		96
				Total Securities		3,657		3,289		3,263		3,061		2,831
Loans and leases: (2)
	Commercial					5,623		5,621		5,553		5,502		5,614
	Real Estate
			Construction			1,240		1,188		1,071		1,248		1,259
			Commercial			2,621		2,565		2,601		2,316		2,233
	Consumer
				Automobile loans and leases		4,173		4,116		3,726		3,245		2,744
				Home equity		3,359		3,239		3,168		3,062		2,911
				Residential mortgage		1,890		1,834		1,696		1,487		1,387
				Other loans		379		388		398		405		414
				Total Consumer		9,801		9,577		8,988		8,199		7,456
Total loans and leases						19,285		18,951		18,213		17,265		16,562
Allowance for loan and lease losses						338		349		386		367		357
Net loans and leases						18,947		18,602		17,827		16,898		16,205
Total earning assets						23,680		22,805		22,069		20,711		19,670
Operating lease assets						1,848		2,126		2,382		2,657		2,906
Cash and due from banks						735		740		717		763		722
Intangible assets						218		218		225		202		213
All other assets						1,909		1,870		1,839		1,821		1,807
Total Assets					$	28,052	$	27,410	$	26,846	$	25,787	$	24,961
Liabilities and Shareholders’ Equity
Core deposits
	Non-interest bearing deposits				$	3,046	$	2,958	$	2,955	$	2,868	$	2,739
	Interest bearing demand deposits					6,100		5,597		5,305		5,269		4,920
	Savings deposits					2,804		2,771		2,746		2,766		2,808
	Retail certificates of deposit					2,799		2,963		3,305		3,453		3,509
	Other domestic time deposits					673		682		702		714		718
			Total core deposits			15,422		14,971		15,013		15,070		14,694
Domestic time deposits of $100,000 or more						808		769		730		777		843
Brokered time deposits and negotiable CDs						1,241		1,155		1,057		907		649
Foreign time deposits						426		515		409		370		296
	Total deposits					17,897		17,410		17,209		17,124		16,482
Short-term borrowings						1,634		1,947		2,115		1,793		1,636
Federal Home Loan Bank advances						1,267		1,216		848		228		14
Subordinated notes and other long-term debt, including preferred capital securities						4,010		3,570		3,380		3,281		3,375
	Total interest bearing liabilities					21,762		21,185		20,597		19,558		18,768
All other liabilities						1,010		1,019		1,048		1,066		1,103
Shareholders’ equity						2,234		2,248		2,246		2,295		2,351
Total Liabilities and Shareholders’ Equity					$	28,052	$	27,410	$	26,846	$	25,787	$	24,961
Net interest rate spread
Impact of non-interest bearing funds on margin
Net Interest Margin

[Additional columns below]

[Continued from above table, first column(s) repeated]

					Quarterly Average Rates (3)
					2003						2002
Fully Tax Equivalent Basis (1)					Second			First			Fourth			Third			Second
Assets
Interest bearing deposits in banks						1.58	%		1.61	%		1.93	%		2.06	%		2.44	%
Trading account securities						4.15			4.63			3.37			4.95			5.37
Federal funds sold and securities purchased under resale agreements						2.19			2.14			1.83			1.40			1.51
Mortgages held for sale						5.42			5.56			5.84			6.57			7.07
Securities:
		Taxable				4.59			5.17			5.53			6.01			6.33
		Tax exempt				7.29			7.22			7.15			7.52			7.69
				Total Securities		4.79			5.34			5.64			6.07			6.37
Loans and leases: (2)
	Commercial					5.37			5.51			5.76			5.86			5.84
	Real Estate
			Construction			4.28			4.23			4.26			4.70			5.14
			Commercial			5.40			5.76			5.92			6.31			6.54
	Consumer
				Automobile loans and leases		7.62			8.13			8.61			9.79			9.76
				Home equity		5.21			5.35			5.82			5.96			6.05
				Residential mortgage		5.29			5.64			5.71			5.97			6.23
				Other loans		8.53			7.47			8.14			8.58			8.62
				Total Consumer		6.38			6.69			7.06			7.61			7.59
Total loans and leases						5.82			6.06			6.33			6.66			6.67
Allowance for loan and lease losses
Net loans and leases
Total earning assets						5.63	%		5.93	%		6.20	%		6.55	%		6.61	%
Operating lease assets
Cash and due from banks
Intangible assets
All other assets
Total Assets
Liabilities and Shareholders’ Equity
Core deposits
	Non-interest bearing deposits
	Interest bearing demand deposits					1.43	%		1.46	%		1.56	%		1.76	%		1.83	%
	Savings deposits					1.46			1.80			1.67			1.75			1.77
	Retail certificates of deposit					3.75			3.87			4.36			4.37			4.51
	Other domestic time deposits					3.85			4.00			4.19			4.37			4.48
			Total core deposits			2.09			2.28			2.51			2.65			2.76
Domestic time deposits of $100,000 or more						2.55			2.76			2.64			3.27			3.12
Brokered time deposits and negotiable CDs						1.79			1.98			2.25			2.37			2.48
Foreign time deposits						1.03			1.06			1.29			1.43			1.38
	Total deposits					2.06			2.24			2.46			2.63			2.74
Short-term borrowings						1.06			1.16			1.40			1.44			1.51
Federal Home Loan Bank advances						1.76			1.84			1.99			2.02			5.89
Subordinated notes and other long-term debt, including preferred capital securities						2.85			3.12			3.52			3.70			3.64
	Total interest bearing liabilities					2.11	%		2.26	%		2.51	%		2.70	%		2.80	%
All other liabilities
Shareholders’ equity
Total Liabilities and Shareholders’ Equity
Net interest rate spread						3.52	%		3.67	%		3.69	%		3.85	%		3.81	%
Impact of non-interest bearing funds on margin						0.17			0.17			0.17			0.15			0.13
Net Interest Margin						3.69	%		3.84	%		3.86	%		4.00	%		3.94	%

(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 3

Huntington Bancshares Incorporated
Consolidated YTD Average Balance Sheets and Net Interest Margin Analysis
(in millions)

					YTD				Interest Income /				YTD
					Average Balances				Expense				Average Rates (3)
Fully Tax Equivalent Basis (1)					2003		2002		2003		2002		2003			2002
Assets
Interest bearing deposits in banks					$	41	$	31	$	0.3	$	0.3		1.59	%		2.21	%
Trading account securities						17		6		0.4		0.1		4.31			4.18
Federal funds sold and securities purchased under resale agreements						63		65		0.7		0.5		2.16			1.47
Mortgages held for sale						531		277		14.5		9.3		5.47			6.70
Securities:
		Taxable				3,199		2,724		77.6		86.7		4.86			6.38
		Tax exempt				275		99		10.0		3.8		7.26			7.73
				Total Securities		3,474		2,823		87.6		90.5		5.05			6.43
Loans and leases: (2)
	Commercial					5,622		5,828		151.7		167.3		5.44			5.79
	Real Estate
			Construction			1,215		1,272		26.4		33.1		4.38			5.25
			Commercial			2,593		2,298		70.5		74.4		5.52			6.57
	Consumer
				Automobile loans and leases		4,146		2,772		162.1		128.5		7.87			9.34
				Home equity		3,299		3,059		86.1		95.0		5.23			6.23
				Residential mortgage		1,862		1,288		50.3		40.8		5.46			6.41
				Other loans		383		448		16.0		20.5		8.43			9.21
				Total Consumer		9,690		7,567		314.5		284.8		6.53			7.58
Total loans and leases						19,120		16,965		563.1		559.6		5.94			6.65
Allowance for loan and lease losses						343		364
Net loans and leases						18,777		16,601
Total earning assets / Total interest income / Rate						23,246		20,167		666.6		660.3		5.77	%		6.60	%
Operating lease assets						1,985		2,973
Cash and due from banks						738		770
Intangible assets						218		354
All other assets						1,889		1,854
Total Assets					$	27,733	$	25,754
Liabilities and Shareholders’ Equity
Core deposits
	Non-interest bearing deposits				$	2,984	$	2,889
	Interest bearing demand deposits					5,868		5,033		41.9		45.1		1.44	%		1.81	%
	Savings deposits					2,788		2,952		22.6		26.2		1.63			1.79
	Retail certificates of deposit					2,880		3,863		54.4		91.3		3.81			4.76
	Other domestic time deposits					678		759		13.2		17.4		3.92			4.63
			Total core deposits			15,198		15,496		132.1		180.0		2.18			2.88
Domestic time deposits of $100,000 or more						789		944		10.4		14.4		2.66			3.08
Brokered time deposits and negotiable CDs						1,198		476		11.2		5.9		1.88			2.48
Foreign time deposits						470		283		2.4		2.3		1.05			1.63
	Total deposits					17,655		17,199		156.1		202.6		2.15			2.85
Short-term borrowings						1,789		1,692		9.9		14.7		1.11			1.75
Federal Home Loan Bank advances						1,242		16		11.2		0.5		1.80			5.99
Subordinated notes and other long-term debt, including preferred capital securities						3,792		3,403		55.9		62.7		2.97			3.71
	Total interest bearing liabilities / Total interest expense / Rate					21,494		19,421		233.1		280.5		2.19	%		2.91	%
All other liabilities						1,014		1,078
Shareholders’ equity						2,241		2,366
Total Liabilities and Shareholders’ Equity					$	27,733	$	25,754
Net interest rate spread														3.58	%		3.69	%
Impact of non-interest bearing funds on margin														0.17			0.10
Net Interest Income (FTE) (1) / Margin									$	433.5	$	379.8		3.75	%		3.79	%

(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 4

Huntington Bancshares Incorporated
Selected Quarterly Income Statement Data

																	Second Quarter 2003
		2003						2002									Percent Change vs.
(in thousands, except per share amounts)		Second			First			Fourth			Third			Second			1Q03			2Q02
Total Interest Income		$	330,462		$	331,991		$	341,446		$	339,378		$	322,816			(0.5	)%		2.4	%
Total Interest Expense			114,884			118,255			130,161			132,912			130,822			(2.9	)		(12.2	)
Net Interest Income			215,578			213,736			211,285			206,466			191,994			0.9			12.3
Provision for loan and lease losses			49,193			36,844			51,236			54,304			49,876			33.5			(1.4	)
Net Interest Income After Provision for Loan and Lease Losses			166,385			176,892			160,049			152,162			142,118			(5.9	)		17.1
Operating lease income			124,209			133,755			143,465			154,367			168,047			(7.1	)		(26.1	)
Service charges on deposit accounts			40,914			39,869			41,435			37,706			35,608			2.6			14.9
Trust services			15,580			14,911			15,306			14,997			16,247			4.5			(4.1	)
Brokerage and insurance income			14,196			15,497			13,941			13,664			16,899			(8.4	)		(16.0	)
Other service charges and fees			11,372			10,338			10,890			10,837			10,529			10.0			8.0
Bank Owned Life Insurance income			11,043			11,137			11,443			11,443			11,443			(0.8	)		(3.5	)
Mortgage banking			11,033			13,789			10,006			5,685			10,115			(20.0	)		9.1
Merchant Services gain			—			—			—			24,550			—			—			—
Securities gains			6,887			1,198			2,339			1,140			966			N.M			N.M.
Other			38,972			27,537			21,620			21,323			17,811			41.5			118.8
Total Non-Interest Income			274,206			268,031			270,445			295,712			287,665			2.3			(4.7	)
Personnel costs			114,047			121,743			119,137			109,056			106,808			(6.3	)		6.8
Operating lease expense			102,939			111,588			120,747			125,743			131,695			(7.8	)		(21.8	)
Equipment			16,341			16,412			17,337			17,378			16,659			(0.4	)		(1.9	)
Outside data processing and other services			16,104			16,579			17,209			15,128			16,592			(2.9	)		(2.9	)
Net occupancy			15,583			16,815			13,454			14,815			14,756			(7.3	)		5.6
Professional services			9,872			9,285			9,111			9,680			7,864			6.3			25.5
Marketing			8,454			6,626			6,186			7,491			7,231			27.6			16.9
Telecommunications			5,394			5,701			5,714			5,609			5,320			(5.4	)		1.4
Printing and supplies			2,253			3,681			3,999			3,679			3,683			(38.8	)		(38.8	)
Restructuring charges			(5,315	)		(1,000	)		(7,211	)		—			—			N.M			—
Other			20,372			16,909			32,616			19,450			21,083			20.5			(3.4	)
Total Non-Interest Expense			306,044			324,339			338,299			328,029			331,691			(5.6	)		(7.7	)
Income Before Income Taxes			134,547			120,584			92,195			119,845			98,092			11.6			37.2
Income taxes			37,160			30,008			21,572			29,122			25,081			23.8			48.2
Net Income		$	97,387		$	90,576		$	70,623		$	90,723		$	73,011			7.5	%		33.4	%
Per Common Share
	Net Income — Diluted	$	0.42		$	0.39		$	0.30		$	0.38		$	0.29			7.7	%		44.8	%
	Cash Dividends Declared	$	0.16		$	0.16		$	0.16		$	0.16		$	0.16			—	%		—	%
Return on:
	Average total assets		1.39	%		1.34	%		1.04	%		1.40	%		1.17	%
	Average total shareholders’ equity		17.5	%		16.3	%		12.5	%		15.7	%		12.5	%
Net interest margin (1)			3.69	%		3.84	%		3.86	%		4.00	%		3.94	%
Efficiency ratio (2)			63.1	%		67.2	%		70.3	%		65.3	%		69.1	%
Effective tax rate			27.6	%		24.9	%		23.4	%		24.3	%		25.6	%
Revenue — Fully Taxable Equivalent (FTE)
Net Interest Income		$	215,578		$	213,736		$	211,285		$	206,466		$	191,994			0.9	%		12.3	%
Tax Equivalent Adjustment (1)			2,076			2,096			1,869			1,096			1,071			(1.0	)		93.8
Net Interest Income			217,654			215,832			213,154			207,562			193,065			0.8			12.7
Non-Interest Income			274,206			268,031			270,445			295,712			287,665			2.3			(4.7	)
Total Revenue		$	491,860		$	483,863		$	483,599		$	503,274		$	480,730			1.7	%		2.3	%
Total Revenue Excluding Securities Gains		$	484,973		$	482,665		$	481,260		$	502,134		$	479,764			0.5	%		1.1	%

(1)	On a fully tax equivalent basis assuming a 35% tax rate.
(2)	Non-interest expense less amortization of intangible assets divided by the sum of fully taxable equivalent net interest income and non-interest income excluding securities gains.

N.M. — Not Meaningful.

Page 5

Huntington Bancshares Incorporated
Selected YTD Income Statement Data

								Percent
(in thousands, except per share amounts)		2003			2002			Change
Total Interest Income		$	662,453		$	658,017			0.7	%
Total Interest Expense			233,139			280,455			(16.9	)
Net Interest Income			429,314			377,562			13.7
Provision for loan and lease losses			86,037			88,886			(3.2	)
Net Interest Income After Provision for Loan and Lease Losses			343,277			288,676			18.9
Operating lease income			257,964			343,953			(25.0	)
Service charges on deposit accounts			80,783			74,423			8.5
Trust services			30,491			31,748			(4.0	)
Brokerage and insurance income			29,693			34,504			(13.9	)
Mortgage banking			24,822			28,469			(12.8	)
Bank Owned Life Insurance income			22,180			23,119			(4.1	)
Other service charges and fees			21,710			21,161			2.6
Gain on sale of Florida operations			—			181,344			(100.0	)
Securities gains			8,085			1,423			N.M.
Other			66,509			31,695			109.8
Total Non-Interest Income			542,237			771,839			(29.7	)
Personnel costs			235,790			222,491			6.0
Operating lease expense			214,527			272,480			(21.3	)
Equipment			32,753			33,608			(2.5	)
Outside data processing and other services			32,683			35,031			(6.7	)
Net occupancy			32,398			31,995			1.3
Professional services			19,157			14,294			34.0
Marketing			15,080			14,234			5.9
Telecommunications			11,095			11,338			(2.1	)
Printing and supplies			5,934			7,520			(21.1	)
Restructuring charges			(6,315	)		56,184			(111.2	)
Other			37,281			42,016			(11.3	)
Total Non-Interest Expense			630,383			741,191			(14.9	)
Income Before Income Taxes			255,131			319,324			(20.1	)
Income taxes			67,168			150,302			(55.3	)
Net Income		$	187,963		$	169,022			11.2	%
Per Common Share
	Net Income — Diluted	$	0.81		$	0.68			19.1	%
	Cash Dividends Declared	$	0.32		$	0.32			—	%
Return on:
	Average total assets		1.37	%		1.32	%
	Average total shareholders’ equity		16.9	%		14.4	%
Net interest margin (1)			3.75	%		3.79	%
Efficiency ratio (2)			65.1	%		64.3	%
Effective tax rate (3)			26.3	%		47.1	%
Revenue — Fully Taxable Equivalent (FTE)
Net Interest Income		$	429,314		$	377,562			13.7	%
Tax Equivalent Adjustment (1)			4,172			2,240			86.3
Net Interest Income			433,486			379,802			14.1
Non-Interest Income			542,237			771,839			(29.7	)
Total Revenue		$	975,723		$	1,151,641			(15.3	)
Total Revenue Excluding Securities Gains		$	967,638		$	1,150,218			(15.9	)%

(1)	On a fully tax equivalent basis assuming a 35% tax rate.
(2)	Non-interest expense less amortization of intangible assets divided by the sum of fully taxable equivalent net interest income and non-interest income excluding securities gains.
(3)	For 2002, excluding gain on sale of Florida operations, restructuring charges, and applicable taxes, the effective tax rate was 25.4%.

N.M. — Not Meaningful.

Page 6

Huntington Bancshares Incorporated
Quarterly Loan and Lease Loss Reserve and Net Charge-off Analysis

			2003						2002
(in thousands)			Second			First			Fourth			Third			Second
Allowance for Loan and Lease Losses, Beginning of Period			$	337,017		$	336,648		$	371,033		$	351,696		$	340,851
Loan and lease losses				(49,985	)		(40,265	)		(93,890	)		(43,748	)		(45,728	)
Recoveries of loans and leases previously charged off				8,929			7,429			10,732			9,963			8,731
	Net loan and lease losses			(41,056	)		(32,836	)		(83,158	)		(33,785	)		(36,997	)
Provision for loan and lease losses				49,193			36,844			51,236			54,304			49,876
Allowance of assets (sold) / purchased				(3,477	)		(2,981	)		—			1,264			—
Allowance of securitized loans				(730	)		(658	)		(2,463	)		(2,446	)		(2,034	)
Allowance for Loan and Lease Losses, End of Period			$	340,947		$	337,017		$	336,648		$	371,033		$	351,696
Allowance for loan and lease losses as a % of total loans and leases				1.79	%		1.78	%		1.81	%		2.08	%		2.10	%
Allowance for loan and lease losses as a % of non-performing loans and leases				283.8	%		266.1	%		262.9	%		182.4	%		165.8	%
Allowance for loan and lease losses as a % of non-performing assets				255.0	%		239.5	%		246.2	%		173.3	%		157.5	%
Net Charge-offs by Type
Commercial			$	26,546		$	14,904		$	59,811		$	16,837		$	21,528
Commercial real estate				607			546			7,536			4,085			2,037
	Total commercial and commercial real estate			27,153			15,450			67,347			20,922			23,565
Consumer
	Automobile direct financing leases			1,422			920			730			202			498
	Automobile loans			7,524			10,623			10,398			8,602			7,356
	Home equity			3,671			4,053			3,526			2,934			3,096
	Residential mortgage			267			145			72			123			555
	Other loans			1,019			1,645			1,085			1,002			1,927
		Total consumer		13,903			17,386			15,811			12,863			13,432
Total Net Charge-offs			$	41,056		$	32,836		$	83,158		$	33,785		$	36,997
Net Charge-offs as a % of Average Loans and Leases
Commercial				1.89	%		1.06	%		4.31	%		1.21	%		1.54	%
Commercial real estate				0.06			0.06			0.82			0.45			0.23
	Total commercial and commercial real estate			1.15			0.66			2.92			0.92			1.04
Consumer
	Automobile direct financing leases			0.43			0.36			0.38			0.17			1.20
	Automobile loans			1.06			1.38			1.41			1.23			1.14
	Home equity			0.44			0.50			0.45			0.38			0.43
	Residential mortgage			0.06			0.03			0.02			0.03			0.16
	Other loans			1.08			1.70			1.09			0.98			1.87
		Total consumer		0.57			0.73			0.70			0.62			0.72
Net Charge-offs as a % of Average Loans and Leases				0.85	%		0.69	%		1.83	%		0.78	%		0.90	%

Page 7

Huntington Bancshares Incorporated
YTD Loan and Lease Loss Reserve and Net Charge-off Analysis

(in thousands)			2003			2002
Allowance for Loan and Lease Losses, Beginning of Period			$	336,648		$	369,332
Loan and lease losses				(90,250	)		(96,714	)
Recoveries of loans and leases previously charged off				16,358			16,745
	Net loan and lease losses			(73,892	)		(79,969	)
Provision for loan and lease losses				86,037			88,886
Allowance of assets (sold) / purchased				(6,458	)		(22,297	)
Allowance of securitized loans				(1,388	)		(4,256	)
Allowance for Loan and Lease Losses, End of Period			$	340,947		$	351,696
Allowance for loan and lease losses as a % of total loans and leases				1.79	%		2.10	%
Allowance for loan and lease losses as a % of non-performing loans and leases				283.8	%		165.8	%
Allowance for loan and lease losses as a % of non-performing assets				255.0	%		157.5	%
Net Charge-offs by Type
Commercial			$	41,450		$	41,114
Commercial real estate				1,153			6,020
	Total commercial and commercial real estate			42,603			47,134
Consumer
	Automobile direct financing leases			2,342			498
	Automobile loans			18,147			20,115
	Home equity			7,724			7,046
	Residential mortgage			412			677
	Other loans			2,664			4,499
		Total consumer		31,289			32,835
Total Net Charge-offs			$	73,892		$	79,969
Net Charge-offs as a % of Average Loans and Leases
Commercial				1.47	%		1.41	%
Commercial real estate				0.06			0.34
	Total commercial and commercial real estate			0.90			1.00
Consumer
	Automobile direct financing leases			0.40			0.77
	Automobile loans			1.22			1.52
	Home equity			0.47			0.46
	Residential mortgage			0.04			0.11
	Other loans			1.39			2.01
		Total consumer		0.65			0.87
Net Charge-offs as a % of Average Loans and Leases				0.77	%		0.94	%

Page 8

Huntington Bancshares Incorporated
Quarterly Non-Performing Assets and Past Due Loans and Leases

		2003						2002
(in thousands)		Second			First			Fourth			Third			Second
Non-accrual loans and leases:
	Commercial	$	86,021		$	94,754		$	91,861		$	147,392		$	156,252
	Commercial real estate		22,398			22,585			26,765			47,537			45,795
	Residential mortgage		11,735			9,302			9,443			8,488			8,776
Total Nonaccrual Loans and Leases			120,154			126,641			128,069			203,417			210,823
Renegotiated loans			—			—			—			37			1,268
Total Non-Performing Loans and Leases			120,154			126,641			128,069			203,454			212,091
Other real estate, net			13,568			14,084			8,654			10,675			11,146
Total Non-Performing Assets		$	133,722		$	140,725		$	136,723		$	214,129		$	223,237
Non-performing loans and leases as a % of total loans and leases			0.63	%		0.67	%		0.69	%		1.14	%		1.26	%
Non-performing assets as a % of total loans and leases and other real estate			0.70	%		0.74	%		0.73	%		1.20	%		1.33	%
Accruing loans and leases past due 90 days or more		$	55,287		$	57,241		$	61,526		$	57,337		$	47,663

	2003						2002
(in thousands)	Second			First			Fourth			Third			Second
Non-Performing Assets, Beginning of Period	$	140,725		$	136,723		$	214,129		$	223,237		$	225,530
New non-performing assets		83,104			48,359			65,506			47,219			73,002
Returns to accruing status		(9,866	)		(5,993	)		(12,658	)		(380	)		(337	)
Loan and lease losses		(30,204	)		(17,954	)		(72,767	)		(25,480	)		(28,297	)
Payments		(26,831	)		(15,440	)		(28,500	)		(26,308	)		(44,303	)
Sales		(23,206	)		(4,970	)		(28,987	)		(4,215	)		(2,358	)
Loans and leases acquired		—			—			—			56			—
Non-Performing Assets, End of Period	$	133,722		$	140,725		$	136,723		$	214,129		$	223,237

Page 9

Huntington Bancshares Incorporated
Quarterly Stock Summary, Capital, and Other Data

Quarterly Common Stock Summary

	2003				2002
	Second		First		Fourth		Third		Second
High	$	21.540	$	19.800	$	19.980	$	20.430	$	21.770
Low		18.030		17.780		16.160		16.000		18.590
Close		19.510		18.590		18.710		18.190		19.420
Average closing price		19.790		18.876		18.769		19.142		20.089
Cash dividends declared	$	0.16	$	0.16	$	0.16	$	0.16	$	0.16
Common shares outstanding (000s)
Average — Basic		228,633		231,355		233,581		239,925		246,106
Average — Diluted		230,572		232,805		235,083		241,357		247,867
Ending		228,660		228,642		232,879		237,544		242,920
Common Share Repurchase Programs (000s) (1)
Number of Shares Repurchased		—		4,300		4,110		6,262		7,329

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

Capital Data — End of Period

	2003						2002
(in millions)	Second (2)			First			Fourth			Third			Second
Total risk-adjusted assets	$	27,374		$	27,292		$	27,196		$	26,304		$	25,281
Tier 1 risk-based capital ratio		8.60	%		8.43	%		8.54	%		9.04	%		9.64	%
Total risk-based capital ratio		11.42	%		11.32	%		11.43	%		12.00	%		12.67	%
Tier 1 leverage ratio		8.48	%		8.48	%		8.74	%		9.31	%		9.86	%
Tangible Equity / Asset Ratio		7.31	%		7.25	%		7.47	%		7.89	%		8.42	%
Tangible Equity / Risk-Weighted Asset Ratio		7.50	%		7.35	%		7.50	%		7.95	%		8.38	%

Other Data — End of Period

	2003				2002
	Second (2)		First		Fourth		Third		Second
Number of employees (full-time equivalent)		8,093		8,134		8,177		8,117		8,174
Number of domestic full-service banking offices (3)		341		342		343		336		336

(1)	Under the current authorization, there were 3.9 million of shares remaining to be repurchased at June 30, 2003.
(2)	Estimated.
(3)	Includes three Private Financial Group offices in Florida.

Page 10

Huntington Bancshares Incorporated
Quarterly Operating Lease Performance

			2003						2002
			Second			First			Fourth			Third			Second
Balance Sheet (in millions)
Average operating lease assets outstanding			$	1,848		$	2,126		$	2,382		$	2,657		$	2,906
Income Statement (in thousands)
Net rental income			$	120,502		$	130,274		$	139,610		$	150,016		$	160,658
Fees				1,049			1,195			1,287			1,423			3,538
Recoveries — early terminations				2,658			2,286			2,568			2,928			3,851
		Total Operating Lease Income		124,209			133,755			143,465			154,367			168,047
Depreciation and residual losses at termination				91,387			99,283			106,399			112,900			119,941
Losses — early terminations				11,552			12,305			14,348			12,843			11,754
		Total Operating Lease Expense		102,939			111,588			120,747			125,743			131,695
		Net Earnings Contribution	$	21,270		$	22,167		$	22,718		$	28,624		$	36,352
Earnings ratios (1)
	Net rental income			26.08	%		24.51	%		23.44	%		22.58	%		22.11	%
	Depreciation			19.78	%		18.68	%		17.87	%		17.00	%		16.51	%

(1) As a percent of average operating lease assets, quarterly amounts annualized.

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