Exhibit 99.1

FOR IMMEDIATE RELEASE
October 15, 2003

Contacts:
Analysts		Media
Jay Gould	(614) 480-4060	Jeri Grier	(614) 480-5413
Susan Stuart	(614) 480-3878	Trasee Carr	(614) 480-5407

HUNTINGTON BANCSHARES INCORPORATED

• REPORTS 2003 THIRD QUARTER EARNINGS OF $0.39 PER SHARE

• ANNOUNCES EARNINGS RESTATEMENT

— Retroactive application of deferral accounting for all loan and lease origination fees and costs

— Reduces equity by $66 million

• ADOPTS FIN 46

— Consolidates $1.0 billion of securitized automobile loans

2003 THIRD QUARTER EARNINGS

     COLUMBUS, Ohio – Huntington Bancshares Incorporated (NASDAQ: HBAN; www.huntington.com) reported 2003 third quarter earnings of $90.9 million, or $0.39 per common share, down $5.6 million, or 6%, from $96.5 million, or $0.42 per common share, in the second quarter, but up $2.9 million, or 3%, from $88.0 million, or $0.36 per common share, in the year-ago quarter. The current quarter results included a negative $13.3 million cumulative effect of change in accounting principle as a result of adopting FASB Interpretation No. 46, Consolidation of Variable Interest Entities (FIN 46) effective July 1, 2003. Before the cumulative effect, 2003 third quarter earnings were $104.2 million, or $0.45 per common share, up $7.7 million, or 8%, from the second quarter, and up $16.2 million, or 18%, from the year-ago quarter on the same basis. All prior period results reflect the restatement announced today and discussed below.

     “Huntington continues to make progress in several very important areas, and we are quite pleased with some of the trends we are seeing,” said Thomas Hoaglin, chairman, president, and chief executive officer. “Net interest income increased as we continued to grow loans and leases and earning assets. Average core deposits excluding retail CD’s increased 5% again this quarter. Importantly, this growth rate was maintained following a reduction in our deposit pricing at the beginning of the quarter, which helped limit the decline in the fully taxable equivalent net interest margin to only one basis point.”

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     Hoaglin also noted the improving credit quality trends saying, “Net charge-offs declined this quarter, while non-performing assets were essentially unchanged. Lower commercial net charge-offs were a significant driver of this trend. Our loan and lease loss reserve remained very strong as evidenced by the increase in our coverage ratio on non-performing assets to 270% from 255% in the previous quarter.”

     “While the tangible common equity to asset ratio declined to 6.78% in the third quarter from 7.07% in the second quarter, the decline reflected the consolidation of $1.0 billion of securitized automobile loans. Our tangible common equity ratio exceeds our revised long-term target of 6.50% to 6.75%,” he concluded.

Discussion of Results

     Third quarter results compared with sequential second quarter performance reflected:

• $1.3 billion, or 7%, increase in average loans and leases from the second quarter. Of this increase, $1.0 billion resulted from the FIN 46 consolidation.

• 5% growth in core deposits, excluding retail CDs.

• 13% decline in average operating lease assets.

• 3.46% net interest margin, down from 3.47%.

• $13.3 million after-tax, or $0.06 per share, negative cumulative effect of change in accounting principle (FIN 46).

• $17.8 million pretax ($11.6 million after-tax or $0.05 per share) mortgage servicing rights (MSR) impairment recovery, compared with $6.4 million pretax impairment in the second quarter.

• $4.1 million pretax ($2.7 million after-tax or $0.01 per share) securities losses compared with $6.9 million pretax gain in the second quarter.

• $13.1 million pretax gain on sale of four West Virginia offices ($8.5 million after-tax or $0.04 per share).

• 0.64% annualized net charge-offs, down from 0.85%.

• 0.65% non-performing assets ratio, down from 0.70%.

• 270% non-performing assets coverage ratio, up from 255%.

• 6.78% tangible common equity ratio, down from 7.07%.

     Fully taxable equivalent net interest income increased $18.5 million, or 9%, from the second quarter, primarily reflecting growth in average earning assets, offset by a one basis point decline in the net interest margin. The fully taxable equivalent net interest margin decreased to 3.46% from 3.47% due to lower asset yields, though this impact was lessened by reduced deposit rates. Average total earning assets increased $1.9 billion, or 8%, of which $1.0 billion related to the FIN 46 consolidation of automobile loans, $0.4 billion related to higher investment securities, and $0.6 billion related to higher average loans and leases and mortgages held for sale. Excluding the consolidation of automobile loans, average earning assets increased $0.9 billion, or 4%, from the second quarter.

     Compared with the year-ago quarter, fully taxable equivalent net interest income increased $30.7 million, or 16%, reflecting a $4.9 billion, or 24%, increase in average earning assets, partially offset by a 23 basis point, or 6%, decline in the fully taxable equivalent net interest margin to 3.46% from 3.69%. Excluding the FIN 46 consolidation of automobile loans, average earnings assets increased $3.9 billion, or 19%, from the year-ago quarter.

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     Average loans and leases increased $1.3 billion, or 7%, from the second quarter. Of this increase, $1.0 billion resulted from the FIN 46 consolidation. Excluding the impact of FIN 46, average loans and leases increased $0.3 billion, or 1%. The slower growth rate in average loans and leases in the third quarter was impacted by the sale of $567 million of automobile loans late in the second quarter and a decline in large commercial and industrial loans in the current quarter. Reflecting the impact of the low interest rate environment, average residential mortgages grew 10% and average home equity loans and lines of credit increased 4%. Average automobile loans and leases increased 25%, with the FIN 46 consolidation accounting for $1.0 billion, or 24 percentage points. Excluding the impact of the FIN 46 consolidation, average automobile loans and leases were up 1%, impacted by the automobile loans sold late in the second quarter. Total average commercial real estate loans increased 4%. In contrast, average commercial loans declined 4% reflecting declines in larger commercial credits, offset by 2% growth in small business loans.

     Compared with the year-ago quarter, average loans and leases increased $3.3 billion, or 19%, including the impact of the FIN 46 consolidation of $1.0 billion of automobile loans. Average automobile loans and leases increased $2.0 billion, or 61%, including the impact of adopting FIN 46. Excluding the FIN 46 consolidation, average automobile loans and leases increased $1.0 billion, or 30%. This increase was driven by a $1.1 billion increase in direct financing leases. Excluding the consolidation of securitized automobile loans, average automobile loans decreased $0.2 billion, or 6%, reflecting the $1.1 billion of automobile loans sold in the 2003 first half. Average residential mortgages increased 40%, with average home equity loans and lines up 14%. Total average commercial real estate loans increased 12%, while average commercial loans declined 2%.

     Average investment securities increased $0.4 billion, or 10%, from the second quarter reflecting the investment of proceeds from the second quarter sale of automobile loans. Average mortgages held for sale increased $0.3 billion, or 49%, from the second quarter due to high loan originations reflecting continued heavy refinancing activity.

     Total average core deposits in the third quarter increased $0.4 billion, or 2%, from the second quarter including a $0.2 billion decline in retail certificates of deposits (CDs). Excluding retail CDs, average core deposits increased 5%, reflecting 8% growth in interest bearing demand deposits and 6% growth in non-interest bearing demand deposits. Compared with the year-ago quarter, average core deposits increased 5% including a $0.9 billion decline in retail CDs. Average core deposits excluding retail CDs were up 14% from the year-ago quarter.

     Non-interest income decreased $4.2 million, or 2%, from the second quarter. The primary drivers of the reduction were:

• No gain on sale of automobile loans in the third quarter compared with a $13.5 million gain on sale of automobile loans in the second quarter.

• $11.0 million, or 9%, decline in operating lease income. Such declines are expected as the operating lease portfolio runs off. All new automobile leases originated after April 2002 are direct financing leases, the income from which is reflected in net interest income.

• $11.0 million decline in investment securities gains, reflecting $4.1 million of securities losses in the current quarter compared to securities gains of $6.9 million in the second quarter. Investment securities are viewed as a natural balance sheet hedge against

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	changes in MSR valuations with securities gains (losses) used to partially offset MSR losses (gains).
•	$4.2 million, or 15%, decline in other income, reflecting the elimination of securitization income due to FIN 46 implementation, lower revenues on early automobile lease terminations, and lower trading gains.

Partially offsetting these declines in non-interest income were:

•	$13.1 million gain on sale of branch offices reflecting the previously announced sale of the four West Virginia branch offices, which closed in late July.
•	$24.2 million increase in MSR valuation reflecting a $17.8 million MSR impairment recovery in the current quarter compared with $6.4 million of MSR impairment in the second quarter.
	The decline in interest rates through the second quarter resulted in a temporary impairment of MSR valuations over the last year. In contrast, the increase in interest rates during the third quarter and the related prospective slowdown in mortgage prepayments, resulted in a longer estimated life of the MSR cash flows, and the resultant increased MSR valuation. Mortgage banking income increased $23.0 million in the third quarter. Excluding the MSR valuation change between quarters, mortgage banking income decreased $1.2 million. At September 30, 2003, MSRs as a percent of serviced mortgages were 1.07%, up from 0.72% at June 30, 2003.

     Compared with the year-ago quarter, non-interest income declined $25.8 million, or 9%, primarily reflecting the following:

• $42.5 million, or 27%, decline in operating lease income as this portfolio continues to run off.

• $24.6 million Merchant Services gain in the year-ago quarter.

• $5.2 million decline in investment securities gains, reflecting $4.1 million of securities losses in the current quarter compared to securities gains of $1.1 million in the year ago quarter.

Partially offset by:

• $27.6 million increase in mortgage banking income, of which $24.4 million was due to an increase in MSR valuation, reflecting a $17.8 million recovery in the current quarter compared with a $6.6 million writedown in the year-ago quarter.

• $13.1 million gain on sale of the West Virginia banking offices in the current quarter.

• $4.6 million, or 12%, increase in services charges on deposit accounts.

• $3.2 million increase in mortgage banking income exclusive of MSR recovery/impairment.

     Non-interest expense increased $3.1 million, or 1%, from the second quarter reflecting a $5.3 million release of restructuring reserves in the second quarter. Excluding this release of restructuring reserves, third quarter non-interest expense decreased $2.2 million, or 1%. Contributing to this decline were the following:

• $9.8 million, or 10%, decline in operating lease expense, reflecting the continued run-off of that portfolio.

• $2.9 million, or 35%, decline in marketing expenses.

Partially offset by:

• $7.9 million, or 8%, increase in personnel costs including current period recognition of $3.0 million in pension settlement expense, as well as higher medical and incentive accruals.

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• $1.2 million, or 13%, increase in professional services. The current quarter included $4.5 million of expenses associated with the Securities and Exchange Commission formal investigation, up from $0.8 million in the second quarter.

     Compared with the year-ago quarter, non-interest expense declined $19.3 million, or 6%, primarily reflecting a $32.6 million, or 26%, decrease in operating lease expense. Partially offsetting the decrease was a $12.5 million, or 12%, increase in personnel costs primarily reflecting higher benefit expenses and sales commissions.

     Net charge-offs for the 2003 third quarter were $32.8 million, or an annualized 0.64% of average loans and leases, down from $41.1 million, or 0.85%, in the second quarter and down from $33.8 million, or 0.78%, in the year-ago quarter. This primarily reflected lower commercial loan charge-offs, which were an annualized 0.91% of related loans in the third quarter, down from 1.89% in the second quarter. This decline in commercial net charge-offs reflected improving trends, compared with the second quarter, which included the charge-off of a single commercial credit in the teleconferencing business. In contrast, commercial real estate net charge-offs increased to an annualized 0.36% in the third quarter from 0.06% in the second quarter, primarily reflecting the charge-off of a single credit.

     Total consumer net charge-offs were an annualized 0.61% in the third quarter, up from 0.57% in the second quarter, primarily reflecting an increase in automobile loan charge-offs. Home equity charge-offs declined to an annualized 0.39% from 0.44%, and residential charge-offs declined to 0.05% from 0.06%. Net charge-offs on automobile loans were an annualized 1.20% in the third quarter, up from 1.06% in the second quarter, reflecting the adverse impact of automobile loans sold in the first and second quarters. These sold portfolios included a larger relative component of newer loans with inherently lower net charge-off rates than the total portfolio. Net charge-offs on automobile leases decreased to an annualized 0.36% from 0.44% in the second quarter.

     Credit losses on operating lease assets, which are included in operating lease expense, were $10.0 million, compared with $11.6 million in the second quarter and $12.8 million in the year-ago quarter. Recoveries on operating lease assets, which are included in operating lease income, were $2.6 million, $2.7 million, and $2.9 million for the same periods. The ratio of credit losses net of recoveries to operating lease assets was an annualized 1.90% in the current quarter, 1.97% in the second quarter, and 1.53% in the year-ago quarter. The increase from a year ago reflects the declining balances in this portfolio. This portfolio 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 90-day delinquent, but still accruing, loans as a percent of total loans and leases was relatively unchanged at 0.31% at September 30, 2003. The 30-day delinquency ratio decreased to 1.25% at September 30, 2003, from 1.33% at the end of the second quarter, and was down significantly from 1.72% at the end of the year-ago quarter. This reflected improvement in the total consumer 30-day delinquency ratio to 1.72% at quarter end, down from 1.86% at the end of the second quarter and 2.00% a year earlier. Total commercial and commercial real estate 30-day delinquencies also declined to 0.67% at quarter end, down from 0.79% at June 30, 2003, and 1.45% a year ago.

     The provision for loan and lease losses in the third quarter was $51.6 million, up $2.4

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million, or 5%, from the second quarter due primarily to $18.8 million of provision expense reflecting loan growth, offset by $8.3 million of lower net charge-offs in the current period. The September 30, 2003, allowance for loan and lease losses as a percent of period-end loans and leases was 1.75%, down from 1.79% at June 30, 2003, reflecting the FIN 46 consolidation of $1.0 billion of automobile loans with a lower associated loan loss reserve, and was down from 2.08% at the end of the year-ago quarter. The allowance for loan and lease losses as a percent of non-performing assets increased to 270% at September 30, 2003, from 255% at June 30, 2003, and was well above the year-ago level of 173% due to the significant decline in non-performing assets over this period. Compared with the year-ago quarter, loan and lease loss provision expense was down $2.7 million, or 5%.

     Non-performing assets at September 30, 2003 were $137.1 million and represented 0.65% of period-end loans and leases and other real estate. This was up $3.4 million from $133.7 million, or 0.70%, of period-end loans and leases and other real estate owned at June 30, 2003, and down $77.1 million, or 36%, from the end of the year-ago quarter. Non-performing assets continued to be concentrated in the manufacturing and services sectors.

     At September 30, 2003, the tangible equity to assets ratio was 6.78%, down from 7.07% at June 30, 2003, and down from 7.65% at September 30, 2002. While the decrease from the second quarter primarily reflected the FIN 46 consolidation of automobile loans, there was no change in the risk of loss related to the consolidation. The decrease from a year ago primarily reflected share repurchase activity from July 1, 2002 through March 31, 2003. No shares were repurchased during the 2003 second or third quarters. The existing share repurchase authorization had 3.9 million shares remaining as of September 30, 2003.

2003 Outlook

     “It has been our practice to provide earnings guidance when appropriate,” said Hoaglin. “Going forward, we intend that any earnings guidance given will only be on a GAAP, or reported, basis. By providing earnings guidance on a GAAP basis, investors will be able to decide independently what, if any, adjustments they wish to make to this GAAP guidance in determining the appropriate level of earnings for their stock price valuation analysis.”

     In this regard, the company noted that earnings on a GAAP basis for the first nine months of 2003 were $1.21 per share ($0.39 in the first quarter, $0.42 in the second quarter, and $0.39 in the third quarter; quarterly amounts do not add to the year to date total due to rounding). The company expects 2003 fourth quarter earnings per share on a GAAP basis to be $0.37-$0.38 per share.

FIN 46 Adoption

     As previously announced on July 17, 2003, Huntington adopted FASB Interpretation No. 46, Consolidation of Variable Interest Entities (FIN 46) effective July 1, 2003. As a result, the company consolidated $1.0 billion of securitized automobile loans on the balance sheet in the third quarter. This resulted in a negative $13.3 million after-tax, or $0.06 per share, cumulative effect of change in accounting principle in third quarter results.

     The adoption also required the deconsolidation of two business trusts which had been formed to issue trust preferred securities which qualified as Tier 1 capital for regulatory capital purposes. The related borrowings by the parent company are now reported in the balance sheet under the

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caption “Subordinated notes” and continue to qualify as Tier 1 capital. There was no cumulative effect on retained earnings or Huntington’s capital ratios as a result of this deconsolidation.

EARNINGS RESTATEMENT

Items Previously Announced

     On July 17, 2003, Huntington announced a series of voluntary actions related to the previously announced SEC investigation, resulting in a $30 million cumulative reduction in retained earnings. Included was a decision to restate earnings to correct for errors related to the timing of origination fees paid to automobile dealers, the 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.

     At the same time, the company announced the prospective application of deferral accounting for all loan origination fees and costs beginning July 1, 2003, and noted that a review was being conducted to determine whether to implement such deferral accounting on a retroactive basis.

Items Announced Today

     Today the company announced the application of deferral accounting for all loan origination fees and costs on a retroactive basis. This voluntary correction, plus the correction of two other errors, results in an incremental $66 million cumulative reduction in retained earnings. This reduction in equity consists of three items:

• $55 million related to a decision to retroactively apply deferral accounting for loan origination fees and costs,

• $4 million to correct an amount included in the July 17, 2003 announcement related to the automobile debt cancellation product, and

• $7 million to correct the timing of income recognition on a 1998 sale-leaseback transaction.

     Two other timing errors, which had no cumulative effect on retained earnings, were identified during an internal review of accounting procedures: the recognition of a gain on an interest rate swap initiated in 1992 and sold in 2000, and the recognition of income on Bank Owned Life Insurance in 2001 and 2002.

     The company will restate earnings to reflect these items and believes that correcting these errors improves financial reporting accuracy and transparency.

Combined Impact on Retained Earnings

     The total effect of the announcements made on July 17th and today is a cumulative $96 million reduction in equity. Earnings in prior periods have been restated to correct these errors with 80%, or $77 million, of the impact reflected in the years 2000 and earlier. In November the company will file an amended 2002 Annual Report on Form 10-K/A, as well as amended Quarterly Reports on Form 10-Q/A for the first and second quarters of 2003.

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     “Although the SEC investigation is ongoing, these announcements address the accounting issues known to us related to the SEC investigation or issues identified in our internal review of accounting procedures,” said Hoaglin. “We remain committed to cooperating fully with the SEC staff and to insuring complete compliance with both the letter and spirit of proper accounting and financial reporting transparency.”

Conference Call / Webcast Information

     Huntington’s senior management will host a conference call today to discuss these developments and results at 1:00 p.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) 553-2599. Slides will be available at www.huntington-ir.com just prior to 1:00 p.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 October 31, 2003, at (800) 615-3210; conference ID 271139. 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/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 $30 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
Key Statistics — Quarterly

										Percent Change vs.
(in thousands, except per share amounts)	3Q03			2Q03			3Q02			2Q03			3Q02
Net Interest Income	$	220,471		$	202,441		$	191,265			8.9	%		15.3	%
Provision for Loan and Lease Losses		51,615			49,193			54,304			4.9			(5.0	)
Securities (Losses) Gains		(4,107	)		6,887			1,140			N.M.			N.M.
Non-Interest Income		276,875			270,064			297,462			2.5			(6.9	)
Non-Interest Expense		300,231			302,397			319,547			(0.7	)		(6.0	)
Restructuring Charges (Releases)		—			(5,315	)		—			N.M.			—
Income Before Income Taxes		141,393			133,117			116,016			6.2			21.9
Income Taxes		37,213			36,659			28,034			1.5			32.7
Income before cumulative effect of change in accounting principle		104,180			96,458			87,982			8.0			18.4
Cumulative effect of change in accounting principle, net of tax		(13,330	)		—			—			—			—
Net Income	$	90,850		$	96,458		$	87,982			(5.8)	%		3.3	%
Income before cumulative effect of change in accounting principle — diluted	$	0.45		$	0.42		$	0.36			7.1	%		25.0	%
Net Income per common share — diluted	$	0.39		$	0.42		$	0.36			(7.1)	%		8.3	%
Cash dividends declared per common share	$	0.175		$	0.16		$	0.16			9.4	%		9.4	%
Book value per common share at end of period	$	9.80		$	9.64		$	9.45			1.7	%		3.7	%
Average common shares — basic		228,715			228,633			239,925			0.0	%		(4.7)	%
Average common shares — diluted		230,966			230,572			241,357			0.2	%		(4.3)	%
Return on average assets (1)		1.39	%		1.38	%		1.35	%
Return on average shareholders’ equity (1)		18.4	%		18.0	%		15.8	%
Net interest margin (2)		3.46	%		3.47	%		3.69	%
Efficiency ratio (3)		60.0	%		62.6	%		65.2	%
Average loans and leases	$	20,511,313		$	19,247,199		$	17,243,748			6.6	%		18.9	%
Average earning assets	$	25,564,291		$	23,642,944		$	20,689,767			8.1	%		23.6	%
Average core deposits (4)	$	15,801,300		$	15,421,145		$	15,069,960			2.5	%		4.9	%
Average core deposits — linked quarter annualized growth rate (4)		9.9	%		12.0	%		10.3	%
Average core deposits — excluding Retail CDs	$	13,240,345		$	12,623,311		$	11,616,898			4.9	%		14.0	%
Average core deposits excl. Retail CDs — linked quarter annualized growth rate		19.6	%		20.5	%		15.4	%
Average total assets	$	29,849,828		$	28,065,163		$	25,788,657			6.4	%		15.7	%
Average shareholders’ equity	$	2,241,689		$	2,153,268		$	2,216,088			4.1	%		1.2	%
Total assets at end of period	$	30,095,186		$	28,303,933		$	26,712,886			6.3	%		12.7	%
Total shareholders’ equity at end of period	$	2,243,643		$	2,204,418		$	2,243,937			1.8	%		(0.0)	%
Net charge-offs (NCOs)	$	32,774		$	41,056		$	33,785			(20.2	)%		(3.0)	%
NCOs as a % of average loans and leases		0.64	%		0.85	%		0.78	%
Non-performing loans and leases (NPLs) at end of period	$	121,881		$	120,154		$	203,454			1.4	%		(40.1	)%
Non-performing assets (NPAs) at end of period	$	137,077		$	133,722		$	214,129			2.5	%		(36.0	)%
NPAs as a % of total loans and leases and other real estate (OREO)		0.65	%		0.70	%		1.20	%
Allowance for loan and lease losses (ALL) as a % of total loans and leases at the end of period		1.75	%		1.79	%		2.08	%
ALL as a % of NPLs		304	%		284	%		182	%
ALL as a % of NPAs		270	%		255	%		173	%
Tier 1 risk-based capital (5(6)		8.38	%		8.32	%		8.82	%
Total risk-based capital (5)(6)		11.16	%		11.12	%		11.79	%
Tier 1 leverage (5)		7.95	%		8.26	%		9.06	%
Average equity / assets		7.51	%		7.67	%		8.59	%
Tangible equity / assets (6)		6.78	%		7.07	%		7.65	%

(1)	Based on income before cumulative effect of change in accounting principle, net of tax.
(2)	On a fully taxable equivalent basis assuming a 35% tax rate. The net interest margin measured on a non-tax equivalent basis was 3.42% in 3Q03, 3.43% in 2Q03, and 3.67% in 3Q02.
(3)	Non-interest expense less amortization of intangible assets ($0.2 million for all periods above) divided by the sum of fully taxable equivalent net interest income and non-interest income excluding securities (losses) gains.
(4)	Includes non-interest bearing and interest bearing demand deposits, savings deposits, retail CDs and other domestic time deposits.
(5)	Estimated at the end of September, 2003.
(6)	At end of period. Tangible equity (total equity less intangible assets) divided by tangible assets (total assets less intangible assets).

N.M. — Not Meaningful.

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HUNTINGTON BANCSHARES INCORPORATED
Key Statistics — YTD

	Nine Months Ended
	September 30,
							Percent
(in thousands, except per share amounts)	2003			2002			Change
Net Interest Income	$	624,671		$	550,395			13.5	%
Provision for Loan and Lease Losses		137,652			143,190			(3.9	)
Securities Gains		3,978			2,563			N.M.
Non-Interest Income		818,665			884,816			(7.5	)
Gain on Sale of Florida Operations		—			181,188			(100.0	)
Non-Interest Expense		919,155			988,808			(7.0	)
Restructuring Charges (Releases)		(6,315	)		56,184			N.M.
Income Before Income Taxes		396,822			430,780			(7.9	)
Income Taxes		104,485			177,245			(41.1	)
Income before cumulative effect of change in accounting principle		292,337			253,535			15.3
Cumulative effect of change in accounting principle, net of tax		(13,330	)		—			—
Net Income	$	279,007		$	253,535			10.0	%
Income before cumulative effect of change in accounting principle — diluted	$	1.26		$	1.03			22.3	%
Net Income per common share — diluted	$	1.21		$	1.03			17.5	%
Cash dividends declared per common share	$	0.495		$	0.48			3.1	%
Average common shares — basic		229,558			245,554			(6.5	)%
Average common shares — diluted		231,353			247,021			(6.3	)%
Return on average assets (1)		1.37	%		1.32	%
Return on average shareholders’ equity (1)		17.8	%		14.9	%
Net interest margin (2)		3.52	%		3.64	%
Efficiency ratio (3)		62.9	%		64.4	%
Average loans and leases	$	19,566,882		$	17,050,389			14.8	%
Average earning assets	$	24,005,320		$	20,334,822			18.1	%
Average core deposits (4)	$	15,401,150		$	15,352,254			0.3	%
Average core deposits — excluding Retail CDs	$	12,628,532		$	11,627,211			8.6	%
Average total assets	$	28,460,315		$	25,756,257			10.5	%
Average shareholders’ equity	$	2,191,233		$	2,269,450			(3.4	)%
Total assets at end of period	$	30,095,186		$	26,712,886			12.7	%
Total shareholders’ equity at end of period	$	2,243,643		$	2,243,937			(0.0	)%
Net charge-offs (NCOs)	$	106,666		$	113,754			(6.2	)%
NCOs as a % of average loans and leases		0.73	%		0.89	%
Non-performing loans and leases (NPLs) at end of period	$	121,881		$	203,454			(40.1	)%
Non-performing assets (NPAs) at end of period	$	137,077		$	214,129			(36.0	)%
NPAs as a % of total loans and leases and other real estate (OREO)		0.65	%		1.20	%
Allowance for loan and lease losses (ALL) as a % of total loans and leases at the end of period		1.75	%		2.08	%
ALL as a % of NPLs		304	%		182	%
ALL as a % of NPAs		270	%		173	%
Tier 1 risk-based capital (5)(6)		8.38	%		8.82	%
Total risk-based capital (5)(6)		11.16	%		11.79	%
Tier 1 leverage (5)		7.95	%		9.06	%
Average equity / assets		7.70	%		8.81	%
Tangible equity / assets (6)		6.78	%		7.65	%

(1)	Based on income before cumulative effect of change in accounting principle, net of tax.
(2)	On a fully taxable equivalent basis assuming a 35% tax rate. The net interest margin measured on a non-tax equivalent basis was 3.48% and 3.62% for the first nine months of 2003 and 2002, respectively.
(3)	Non-interest expense less amortization of intangible assets ($0.6 million and $1.8 million, respectively) divided by the sum of fully taxable equivalent net interest income and non-interest income excluding securities gains.
(4)	Includes non-interest bearing and interest bearing demand deposits, savings deposits, CDs under $100,000 and IRA deposits.
(5)	Estimated for the end of September, 2003.
(6)	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
Quarterly Financial Review
September 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
Quarterly and YTD Operating Lease Performance	11

Restatement of Prior Periods:

Periods prior to the third quarter of 2003 have been restated for errors relating to the timing of the recognition of accounting for loan origination fees and costs. Additionally, these prior periods have been adjusted for other errors related to the timing of the recognition of certain other revenues and expenses. The cumulative effect of these items reduced retained earnings by $66 million. This amount, in addition to the cumulative effect that resulted from the correction of other timing errors that were reflected in the quarterly report on Form 10-Q for the period ended June 30, 2003, totaled $96 million. The company expects to file a restated annual report on Form 10-K/A, restated quarterly reports on Form 10-Q/A for the first two quarters of 2003, and its quarterly report on Form 10-Q for the period ended September 30, 2003 in November reflecting these restatements.

Adoption of Financial Interpretation No. 46:

On July 1, 2003, Huntington adopted FASB Interpretation No. 46, Consolidation of Variable Interest Entities (“FIN 46”). As a result of the adoption of this accounting standard, Huntington consolidated a securitization trust and related entities which held, collectively, $1 billion of indirect automobile loans and $960 million of liabilities. Also in the implementation of FIN 46, Huntington deconsolidated two business trusts which had been formed to issue preferred securities which qualified as Tier 1 capital for determining Huntington’s risk-based capital ratios. The related borrowings by the parent company are now reported in the balance sheet under the caption “Subordinated notes” and continue to qualify as Tier 1 capital. See Note 18 to Huntington’s 2002 Amended Annual Report for further information. The cumulative effect on retained earnings of adopting FIN 46 was a charge, or reduction, of $13.3 million, net of applicable taxes, and is reflected in Huntington’s income statement for the third quarter of 2003.

Huntington Bancshares Incorporated
Consolidated Balance Sheets

			September 30,			September 30,			Change September '03 vs. '02
(in thousands)			2003			2002			Amount			Percent
Assets
Cash and due from banks			$	775,423		$	1,014,713		$	(239,290	)		(23.6	)%
Interest bearing deposits in banks				37,857			33,700			4,157			12.3
Trading account securities				415			3,225			(2,810	)		(87.1	)
Federal funds sold and securities purchased under resale agreements				87,196			64,574			22,622			35.0
Loans held for sale				411,792			369,724			42,068			11.4
Securities available for sale — at fair value				4,278,385			3,235,546			1,042,839			32.2
Investment securities — fair value $5,235 and $9,925, respectively				5,090			9,733			(4,643	)		(47.7	)
Total loans and direct financing leases (1)				21,172,747			17,846,897			3,325,850			18.6
	Less allowance for loan and lease losses			370,135			371,033			(898	)		(0.2	)
Net loans and direct financing leases				20,802,612			17,475,864			3,326,748			19.0
Operating lease assets				1,454,590			2,455,165			(1,000,575	)		(40.8	)
Bank owned life insurance				917,261			875,492			41,769			4.8
Premises and equipment				332,190			339,984			(7,794	)		(2.3	)
Goodwill and other intangible assets				217,212			218,424			(1,212	)		(0.6	)
Customers’ acceptance liability				9,208			18,340			(9,132	)		(49.8	)
Accrued income and other assets				765,955			598,402			167,553			28.0
Total Assets			$	30,095,186		$	26,712,886		$	3,382,300			12.7	%
Liabilities and Shareholders’ Equity
Total deposits (1)			$	18,833,856		$	17,117,811		$	1,716,045			10.0	%
Short-term borrowings				1,400,047			2,220,022			(819,975	)		(36.9	)
Federal Home Loan Bank advances				1,273,000			613,000			660,000			N.M.
Subordinated notes				791,045			893,168			207,156			23.2
Other long-term debt				4,269,288			2,187,750			1,772,259			81.0
Company obligated mandatorily redeemable preferred capital securities of subsidiary trusts holding solely junior subordinated debentures of the Parent Company (2)				—			300,000			(300,000	)		(100.0	)
Bank acceptances outstanding				9,208			18,340			(9,132	)		(49.8	)
Accrued expenses and other liabilities				1,275,099			1,118,858			156,241			14.0
	Total Liabilities			27,851,543			24,468,949			3,382,594			13.8
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 228,869,936 and 237,544,288 shares, respectively		2,482,370			2,486,345			(3,975	)		(0.2	)
	Less 28,996,319 and 20,321,967 treasury shares, respectively			(550,766	)		(391,550	)		(159,216	)		40.7
	Accumulated other comprehensive income			25,865			60,556			(34,691	)		(57.3	)
	Retained earnings			286,174			88,586			197,588			N.M.
	Total Shareholders’ Equity			2,243,643			2,243,937			(294	)		(0.0	)
Total Liabilities and Shareholders’ Equity			$	30,095,186		$	26,712,886		$	3,382,300			12.7	%

(1)	See Page 2 for detail of Loans, Leases and Deposits.
(2)	In accordance with FIN 46, capital securities issued by Huntington Capital I and II, previously regarded as consolidated subsidiary trusts, are no longer reflected in Huntington’s balance sheet. The related parent company debt to these entities is reported in Subordinated notes.

N.M. — Not Meaningful.

Page 1

Huntington Bancshares Incorporated
Loans, Leases and Deposits

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

					September 30, 2003				September 30, 2002
By Type					Balance		%		Balance		%
Commercial					$	5,433,498		24.0	$	5,686,255		28.0
Commercial real estate						4,046,759		17.9		3,578,627		17.6
		Total Commercial and Commercial real estate				9,480,257		41.9		9,264,882		45.6
Consumer
		Automobile loans				3,708,777		16.4		2,878,282		14.2
		Automobile direct financing leases				1,687,618		7.5		633,647		3.1
		Home equity				3,589,968		15.9		3,132,557		15.4
		Residential mortgage				2,325,597		10.3		1,537,246		7.6
		Other loans				380,530		1.6		400,283		2.0
		Total Consumer				11,692,490		51.7		8,582,015		42.3
		Total Loans and Direct Financing Leases				21,172,747		93.6		17,846,897		87.9
		Operating lease assets				1,454,590		6.4		2,455,165		12.1
				Total	$	22,627,337		100.0	$	20,302,062		100.0
By Business Segment (1)
Regional Banking
	Central Ohio / West Virginia				$	5,292,963		23.4	$	4,776,670		23.5
	Northern Ohio					2,638,764		11.7		2,774,199		13.7
	Southern Ohio / Kentucky					1,623,163		7.2		1,455,788		7.2
	West Michigan					2,027,929		9.0		1,828,085		9.0
	East Michigan					1,305,740		5.8		1,140,142		5.6
	Indiana					741,371		3.2		682,439		3.4
				Total Regional Banking		13,629,930		60.3		12,657,323		62.4
Dealer Sales						7,548,992		33.4		6,527,128		32.2
Private Financial Group						1,259,801		5.6		976,181		4.8
Treasury / Other						188,614		0.7		141,430		0.6
			Total		$	22,627,337		100.0	$	20,302,062		100.0

Deposit Liabilities
(in thousands)

					September 30, 2003				September 30, 2002
By Type					Balance		%		Balance		%
Demand deposits
			Non-interest bearing		$	3,003,679		15.9	$	2,949,065		17.2
			Interest bearing			6,425,529		34.1		5,203,413		30.4
Savings deposits						2,999,620		15.9		2,849,060		16.6
Retail certificates of deposit						2,483,875		13.2		3,370,427		19.7
Other domestic time deposits						638,278		3.4		700,655		4.1
		Total Core Deposits (2)				15,550,981		82.5		15,072,620		88.0
Domestic time deposits of $100,000 or more						843,528		4.5		754,115		4.4
Brokered time deposits and negotiable CDs						1,836,670		9.8		979,075		5.7
Foreign time deposits						602,677		3.2		312,001		1.9
			Total Deposits		$	18,833,856		100.0	$	17,117,811		100.0
By Business Segment (1)
Regional Banking
	Central Ohio / West Virginia				$	5,422,728		28.8	$	5,619,537		32.8
	Northern Ohio					3,622,523		19.2		3,560,813		20.8
	Southern Ohio / Kentucky					1,436,834		7.6		1,344,600		7.9
	West Michigan					2,528,965		13.4		2,423,150		14.2
	East Michigan					2,000,855		10.6		1,924,362		11.2
	Indiana					661,068		3.6		649,568		3.8
				Total Regional Banking		15,672,973		83.2		15,522,030		90.7
Dealer Sales						64,875		0.3		47,684		0.3
Private Financial Group						1,116,911		5.9		788,456		4.6
Treasury / Other (3)						1,979,097		10.6		759,641		4.4
			Total Deposits		$	18,833,856		100.0	$	17,117,811		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, retail CDs, and other domestic time 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										Quarterly Average Rates (3)
					2003						2002				2003									2002
Fully Taxable Equivalent Basis (1)					Third		Second		First		Fourth		Third		Third			Second			First			Fourth			Third
Assets
Interest bearing deposits in banks					$	33	$	45	$	37	$	34	$	35		1.38	%		1.58	%		1.61	%		1.93	%		2.06	%
Trading account securities						11		23		12		9		7		4.70			4.15			4.63			3.37			4.95
Federal funds sold and securities purchased under resale agreements						103		69		57		83		76		1.92			2.19			2.14			1.83			1.40
Mortgages held for sale						898		602		459		467		267		5.16			5.42			5.56			5.84			6.57
Securities:
		Taxable				3,646		3,382		3,014		3,029		2,953		4.23			4.59			5.17			5.53			6.01
		Tax exempt				362		275		274		234		108		6.85			7.29			7.22			7.15			7.52
				Total Securities		4,008		3,657		3,288		3,263		3,061		4.46			4.79			5.34			5.64			6.07
Loans and leases: (2)
	Commercial					5,380		5,626		5,623		5,555		5,504		4.84			5.26			5.40			5.59			5.69
	Real Estate
			Construction			1,258		1,239		1,187		1,070		1,247		4.21			4.13			4.06			4.15			4.60
			Commercial			2,744		2,621		2,565		2,601		2,315		5.21			5.25			5.60			5.79			6.17
	Consumer
				Automobile loans and leases		5,184		4,136		4,085		3,699		3,225		6.51			6.78			7.40			7.83			8.50
				Home equity		3,503		3,359		3,238		3,166		3,060		5.09			5.02			5.17			5.64			5.83
				Residential mortgage		2,075		1,887		1,832		1,694		1,486		5.32			5.76			5.95			6.06			6.27
				Other loans		367		379		389		399		406		7.38			7.22			6.60			7.21			7.66
				Total Consumer		11,129		9,761		9,544		8,958		8,177		5.87			5.99			6.33			6.69			7.05
Total loans and leases						20,511		19,247		18,919		18,184		17,243		5.41			5.56			5.82			6.08			6.32
Allowance for loan and lease losses						363		338		349		386		367
Net loans and leases						20,148		18,909		18,570		17,798		16,876
Total earning assets						25,564		23,643		22,772		22,040		20,689		5.23	%		5.42	%		5.72	%		5.99	%		6.26	%
Operating lease assets						1,565		1,802		2,076		2,328		2,597
Cash and due from banks						804		735		740		717		763
Intangible assets						218		218		218		225		202
All other assets						2,062		2,005		1,967		1,937		1,905
Total Assets					$	29,850	$	28,065	$	27,424	$	26,861	$	25,789
Liabilities and Shareholders’ Equity
Core deposits
	Non-interest bearing deposits				$	3,218	$	3,046	$	2,958	$	2,955	$	2,868
	Interest bearing demand deposits					6,558		6,100		5,597		5,305		5,269		1.04	%		1.39	%		1.44	%		1.55	%		1.75	%
	Savings deposits					2,808		2,804		2,771		2,746		2,766		1.35			1.55			1.85			1.69			1.77
	Retail certificates of deposit					2,561		2,798		2,963		3,305		3,453		3.51			3.75			3.87			4.36			4.37
	Other domestic time deposits					656		673		682		702		714		3.89			3.85			4.00			4.19			4.37
			Total core deposits			15,801		15,421		14,971		15,013		15,070		1.76			2.09			2.28			2.51			2.65
Domestic time deposits of $100,000 or more						803		808		769		730		777		2.32			2.55			2.76			2.64			3.27
Brokered time deposits and negotiable CDs						1,421		1,241		1,155		1,057		907		1.63			1.79			1.98			2.25			2.37
Foreign time deposits						536		426		514		409		370		0.85			1.03			1.06			1.29			1.43
	Total deposits					18,561		17,896		17,409		17,209		17,124		1.75			2.06			2.24			2.46			2.63
Short-term borrowings						1,393		1,635		1,947		2,115		1,793		0.85			1.06			1.16			1.40			1.44
Federal Home Loan Bank advances						1,273		1,267		1,216		848		228		1.81			1.76			1.84			1.99			2.02
Subordinated notes and other long-term debt, including preferred capital securities						5,197		4,010		3,570		3,380		3,281		2.78			2.85			3.12			3.52			3.70
	Total interest bearing liabilities					23,206		21,762		21,184		20,597		19,558		1.93	%		2.11	%		2.26	%		2.51	%		2.70	%
All other liabilities						1,184		1,104		1,114		1,144		1,147
Shareholders’ equity						2,242		2,153		2,168		2,165		2,216
Total Liabilities and Shareholders’ Equity					$	29,850	$	28,065	$	27,424	$	26,861	$	25,789
Net interest rate spread																3.30	%		3.31	%		3.46	%		3.48	%		3.56	%
Impact of non-interest bearing funds on margin																0.16			0.16			0.17			0.14			0.13
Net Interest Margin																3.46	%		3.47	%		3.63	%		3.62	%		3.69	%

⁽¹⁾      Fully taxable equivalent yields are calculated assuming a 35% tax rate. See page 5 for the fully taxable equivalent adjustment.

⁽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)

				Nine-Month				Nine-Month
				Average Balances				Average Rates (3)
Fully Taxable Equivalent Basis (1)				2003		2002		2003			2002
Assets
Interest bearing deposits in banks				$	38	$	33		1.53	%		2.14	%
Trading account securities					16		6		4.41			4.48
Federal funds sold and securities purchased under resale agreements					76		69		2.05			1.45
Mortgages held for sale					654		274		5.32			6.66
Securities:
		Taxable			3,350		2,801		4.63			6.25
		Tax exempt			304		102		7.09			7.65
			Total Securities		3,654		2,903		4.83			6.30
Loans and leases: (2)
		Commercial			5,542		5,720		5.17			5.64
		Real Estate
			Construction		1,229		1,265		4.22			4.71
			Commercial		2,644		2,303		5.31			6.33
		Consumer
			Automobile loans and leases		4,474		2,918		6.86			8.62
			Home equity		3,367		3,057		5.09			6.02
			Residential mortgage		1,932		1,351		5.66			6.79
			Other loans		379		436		7.06			8.13
			Total Consumer		10,152		7,762		6.05			7.25
Total loans and leases					19,567		17,050		5.59			6.40
Allowance for loan and lease losses					350		365
Net loans and leases					19,217		16,685
Total earning assets					24,005		20,335		5.45	%		6.36	%
Operating lease assets					1,812		2,804
Cash and due from banks					760		768
Intangible assets					218		303
All other assets					2,015		1,911
Total Assets				$	28,460	$	25,756
Liabilities and Shareholders’ Equity
Core deposits
	Non-interest bearing deposits			$	3,063	$	2,882
	Interest bearing demand deposits				6,100		5,113		1.28	%		1.78	%
	Savings deposits				2,795		2,888		1.58			1.80
	Retail certificates of deposit				2,773		3,725		3.72			4.64
	Other domestic time deposits				670		744		3.91			4.55
			Total core deposits		15,401		15,352		2.04			2.80
Domestic time deposits of $100,000 or more					793		888		2.54			3.14
Brokered time deposits and negotiable CDs					1,274		621		1.79			2.43
Foreign time deposits					492		312		0.98			1.55
	Total deposits				17,960		17,173		2.01			2.78
Short-term borrowings					1,656		1,726		1.04			1.64
Federal Home Loan Bank advances					1,253		88		1.80			2.49
Subordinated notes and other long-term debt, including preferred capital securities					4,265		3,362		2.89			3.71
	Total interest bearing liabilities				22,071		19,467		2.09	%		2.84	%
All other liabilities					1,135		1,138
Shareholders’ equity					2,191		2,269
Total Liabilities and Shareholders’ Equity				$	28,460	$	25,756
Net interest rate spread									3.36	%		3.52	%
Impact of non-interest bearing funds on margin									0.16			0.12
Net Interest Margin									3.52	%		3.64	%

(1)	Fully taxable equivalent yields are calculated assuming a 35% tax rate. See page 6 for the fully taxable equivalent adjustment.
(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

																	Third Quarter 2003
		2003									2002						Percent Change vs.
(in thousands, except per share amounts)		Third			Second			First			Fourth			Third			2Q03			3Q02
Total Interest Income		$	333,320		$	317,325		$	320,014		$	329,340		$	324,177			5.0	%		2.8	%
Total Interest Expense			112,849			114,884			118,255			130,161			132,912			(1.8	)		(15.1	)
Net Interest Income			220,471			202,441			201,759			199,179			191,265			8.9			15.3
Provision for loan and lease losses			51,615			49,193			36,844			51,236			54,304			4.9			(5.0	)
Net Interest Income After Provision for Loan and Lease Losses			168,856			153,248			164,915			147,943			136,961			10.2			23.3
Operating lease income			117,624			128,574			138,193			149,259			160,164			(8.5	)		(26.6	)
Service charges on deposit accounts			42,294			40,914			39,869			41,435			37,706			3.4			12.2
Trust services			15,365			15,580			14,911			15,306			14,997			(1.4	)		2.5
Brokerage and insurance income			13,807			14,196			15,497			13,941			13,664			(2.7	)		1.0
Other service charges and fees			10,499			11,372			10,338			10,890			10,837			(7.7	)		(3.1	)
Bank Owned Life Insurance income			10,438			11,043			11,137			10,722			10,723			(5.5	)		(2.7	)
Mortgage banking			30,193			7,185			11,125			5,530			2,594			N.M			N.M.
Merchant Services gain			—			—			—			—			24,550			—			(100.0	)
Gain on sales of automobile loans			—			13,496			10,255			—			—			(100.0	)		—
Gain on sale of branch offices			13,112			—			—			—			—			—			—
Securities (losses) gains			(4,107	)		6,887			1,198			2,339			1,140			(159.6	)		N.M.
Other			23,543			27,704			20,401			22,433			22,227			(15.0	)		5.9
Total Non-Interest Income			272,768			276,951			272,924			271,855			298,602			(1.5	)		(8.7	)
Personnel costs			113,170			105,242			113,089			110,231			100,662			7.5			12.4
Operating lease expense			93,134			102,939			111,588			120,747			125,743			(9.5	)		(25.9	)
Equipment			16,328			16,341			16,412			17,337			17,378			(0.1	)		(6.0	)
Outside data processing and other services			17,478			16,104			16,579			17,209			15,128			8.5			15.5
Net occupancy			15,619			15,426			16,657			13,422			14,727			1.3			6.1
Professional services			11,116			9,872			9,285			9,111			9,680			12.6			14.8
Marketing			5,515			8,454			6,626			6,186			7,491			(34.8	)		(26.4	)
Telecommunications			5,612			5,394			5,701			5,714			5,609			4.0			0.1
Printing and supplies			3,658			2,253			3,681			3,999			3,679			62.4			(0.6	)
Restructuring (releases) charges			—			(5,315	)		(1,000	)		(7,211	)		—			—			—
Other			18,601			20,372			16,909			32,616			19,450			(8.7	)		(4.4	)
Total Non-Interest Expense			300,231			297,082			315,527			329,361			319,547			1.1			(6.0	)
Income Before Income Taxes			141,393			133,117			122,312			90,437			116,016			6.2			21.9
Income taxes			37,213			36,659			30,613			21,208			28,034			1.5			32.7
Income before cumulative effect of change in accounting principle			104,180			96,458			91,699			69,229			87,982			8.0			18.4
Cumulative effect of change in accounting principle, net of tax (1)			(13,330	)		—			—			—			—			—			—
Net Income		$	90,850		$	96,458		$	91,699		$	69,229		$	87,982			(5.8)	%		3.3	%
Per Common Share
	Income before cumulative effect of change in accounting principle — Diluted	$	0.45		$	0.42		$	0.39		$	0.29		$	0.36			7.1	%		25.0	%
	Net Income — Diluted	$	0.39		$	0.42		$	0.39		$	0.29		$	0.36			(7.1	)%		8.3	%
	Cash Dividends Declared	$	0.175		$	0.16		$	0.16		$	0.16		$	0.16			9.4	%		9.4	%
Return on:
	Average total assets (2)		1.38	%		1.38	%		1.36	%		1.02	%		1.35	%
	Average total shareholders’ equity (2)		18.4	%		18.0	%		17.2	%		12.7	%		15.8	%
Net interest margin (3)			3.46	%		3.47	%		3.63	%		3.62	%		3.69	%
Efficiency ratio (4)			60.0	%		62.6	%		66.3	%		69.9	%		65.2	%
Effective tax rate			26.3	%		27.5	%		25.0	%		23.5	%		24.2	%
Revenue — Fully Taxable Equivalent (FTE)
Net Interest Income		$	220,471		$	202,441		$	201,759		$	199,179		$	191,265			8.9	%		15.3	%
Tax Equivalent Adjustment (3)			2,558			2,076			2,096			1,869			1,096			23.2			133.4
Net Interest Income			223,029			204,517			203,855			201,048			192,361			9.1			15.9
Non-Interest Income			272,768			276,951			272,924			271,855			298,602			(1.5	)		(8.7	)
Total Revenue		$	495,797		$	481,468		$	476,779		$	472,903		$	490,963			3.0	%		1.0	%
Total Revenue Excluding Securities (Losses) Gains		$	499,904		$	474,581		$	475,581		$	470,564		$	489,823			5.3	%		2.1	%

(1)	Due to the prospective adoption of FASB Interpretation No. 46 for variable interest entities.
(2)	Based on income before cumulative effect of change in accounting principle, net of tax.
(3)	On a fully taxable equivalent basis assuming a 35% tax rate.
(4)	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 (losses) gains.

N.M. — Not Meaningful.

Page 5

Huntington Bancshares Incorporated
Selected YTD Income Statement Data

		Nine Months Ended
		September 30,
								Percent
(in thousands, except per share amounts)		2003			2002			Change
Total Interest Income		$	970,659		$	963,762			0.7	%
Total Interest Expense			345,988			413,367			(16.3	)
Net Interest Income			624,671			550,395			13.5
Provision for loan and lease losses			137,652			143,190			(3.9	)
Net Interest Income After Provision for Loan and Lease Losses			487,019			407,205			19.6
Operating lease income			384,391			507,815			(24.3	)
Service charges on deposit accounts			123,077			112,129			9.8
Trust services			45,856			46,745			(1.9	)
Brokerage and insurance income			43,500			48,168			(9.7	)
Mortgage banking			48,503			26,503			83.0
Bank Owned Life Insurance income			32,618			32,401			0.7
Other service charges and fees			32,209			31,998			0.7
Gain on sale of Florida operations			—			181,188			(100.0	)
Merchant Services gain			—			24,550			(100.0	)
Gain on sales of automobile loans			23,751			—			—
Gain on sale of branch offices			13,112			—			—
Securities gains			3,978			2,563			N.M.
Other			71,648			54,507			31.4
Total Non-Interest Income			822,643			1,068,567			(23.0	)
Personnel costs			331,501			307,806			7.7
Operating lease expense			307,661			398,223			(22.7	)
Equipment			49,081			50,986			(3.7	)
Outside data processing and other services			50,161			50,159			0.0
Net occupancy			47,702			46,323			3.0
Professional services			30,273			23,974			26.3
Marketing			20,595			21,725			(5.2	)
Telecommunications			16,707			16,947			(1.4	)
Printing and supplies			9,592			11,199			(14.3	)
Restructuring (releases) charges			(6,315	)		56,184			(111.2	)
Other			55,882			61,466			(9.1	)
Total Non-Interest Expense			912,840			1,044,992			(12.6	)
Income Before Income Taxes			396,822			430,780			(7.9	)
Income taxes			104,485			177,245			(41.1	)
Income before cumulative effect of change in accounting principle			292,337			253,535			15.3
Cumulative effect of change in accounting principle, net of tax (1)			(13,330	)		—			—
Net Income		$	279,007		$	253,535			10.0	%
Per Common Share
	Income before cumulative effect of change in accounting principle — Diluted	$	1.26		$	1.03			22.3	%
	Net Income — Diluted	$	1.21		$	1.03			17.5	%
	Cash Dividends Declared	$	0.495		$	0.48			3.1	%
Return on:
	Average total assets (2)		1.37	%		1.32	%
	Average total shareholders’ equity (2)		17.8	%		14.9	%
Net interest margin (3)			3.52	%		3.64	%
Efficiency ratio (4)			62.9	%		64.4	%
Effective tax rate			26.3	%		41.1	%
Revenue — Fully Taxable Equivalent (FTE)
Net Interest Income		$	624,671		$	550,395			13.5	%
Tax Equivalent Adjustment (3)			6,730			3,336			101.7
Net Interest Income			631,401			553,731			14.0
Non-Interest Income			822,643			1,068,567			(23.0	)
Total Revenue		$	1,454,044		$	1,622,298			(10.4	)
Total Revenue Excluding Securities Gains		$	1,450,066		$	1,619,735			(10.5	)%

(1)	Due to the prospective adoption of FASB Interpretation No. 46 for variable interest entities.
(2)	Based on income before cumulative effect of change in accounting principle, net of tax.
(3)	On a fully taxable equivalent basis assuming a 35% tax rate.
(4)	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 6

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

			2003									2002
(in thousands)			Third			Second			First			Fourth			Third
Allowance for Loan and Lease Losses, Beginning of Period			$	340,947		$	337,017		$	336,648		$	371,033		$	351,696
Loan and lease losses				(43,261	)		(49,985	)		(40,265	)		(93,890	)		(43,748	)
Recoveries of loans and leases previously charged off				10,487			8,929			7,429			10,732			9,963
	Net loan and lease losses			(32,774	)		(41,056	)		(32,836	)		(83,158	)		(33,785	)
Provision for loan and lease losses				51,615			49,193			36,844			51,236			54,304
Allowance of assets (sold) / purchased				—			(3,477	)		(2,981	)		—			1,264
Allowance of securitized loans (1)				10,347			(730	)		(658	)		(2,463	)		(2,446	)
Allowance for Loan and Lease Losses, End of Period			$	370,135		$	340,947		$	337,017		$	336,648		$	371,033
Allowance for loan and lease losses as a % of total loans and leases				1.75	%		1.79	%		1.78	%		1.81	%		2.08	%
Allowance for loan and lease losses as a % of non-performing loans and leases				304	%		284	%		266	%		263	%		182	%
Allowance for loan and lease losses as a % of non-performing assets				270	%		255	%		239	%		246	%		173	%
Net Charge-offs by Type
Commercial			$	12,222		$	26,546		$	14,904		$	59,811		$	16,837
Commercial real estate				3,621			607			546			7,536			4,085
	Total commercial and commercial real estate			15,843			27,153			15,450			67,347			20,922
Consumer
	Automobile direct financing leases			1,450			1,422			920			730			202
	Automobile loans			10,773			7,524			10,623			10,398			8,602
	Home equity			3,416			3,671			4,053			3,526			2,934
	Residential mortgage			246			267			145			72			123
	Other loans			1,046			1,019			1,645			1,085			1,002
		Total consumer		16,931			13,903			17,386			15,811			12,863
Total Net Charge-offs			$	32,774		$	41,056		$	32,836		$	83,158		$	33,785
Net Charge-offs as a % of Average Loans and Leases
Commercial				0.91	%		1.89	%		1.06	%		4.31	%		1.21	%
Commercial real estate				0.36			0.06			0.06			0.82			0.45
	Total commercial and commercial real estate			0.68			1.14			0.66			2.92			0.92
Consumer
	Automobile direct financing leases			0.36			0.44			0.37			0.38			0.17
	Automobile loans			1.20			1.06			1.38			1.41			1.23
	Home equity			0.39			0.44			0.50			0.45			0.38
	Residential mortgage			0.05			0.06			0.03			0.02			0.03
	Other loans			1.14			1.08			1.69			1.09			0.98
		Total consumer		0.61			0.57			0.73			0.71			0.62
Net Charge-offs as a % of Average Loans and Leases				0.64	%		0.85	%		0.69	%		1.83	%		0.78	%

⁽¹⁾ The third quarter 2003 includes the reserve for loan losses associated with automobile loans contained in one of Huntington’s securitization trusts consolidated as a result of the adoption of FASB Interpretation No. 46 on July 1, 2003.

Page 7

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

			Nine Months Ended September 30,
(in thousands)			2003			2002
Allowance for Loan and Lease Losses, Beginning of Period			$	336,648		$	369,332
Loan and lease losses				(133,511	)		(140,462	)
Recoveries of loans and leases previously charged off				26,845			26,708
	Net loan and lease losses			(106,666	)		(113,754	)
Provision for loan and lease losses				137,652			143,190
Allowance of assets (sold) / purchased				(6,458	)		(21,033	)
Allowance of securitized loans (1)				8,959			(6,702	)
Allowance for Loan and Lease Losses, End of Period			$	370,135		$	371,033
Allowance for loan and lease losses as a % of total loans and leases				1.75	%		2.08	%
Allowance for loan and lease losses as a % of non-performing loans and leases				304	%		182	%
Allowance for loan and lease losses as a % of non-performing assets				270	%		173	%
Net Charge-offs by Type
Commercial			$	53,672		$	57,951
Commercial real estate				4,774			10,105
	Total commercial and commercial real estate			58,446			68,056
Consumer
	Automobile direct financing leases			3,792			700
	Automobile loans			28,920			28,717
	Home equity			11,140			9,980
	Residential mortgage			658			800
	Other loans			3,710			5,501
		Total consumer		48,220			45,698
Total Net Charge-offs			$	106,666		$	113,754
Net Charge-offs as a % of Average Loans and Leases
Commercial				1.29	%		1.35	%
Commercial real estate				0.16			0.38
	Total commercial and commercial real estate			0.83			0.98
Consumer
	Automobile direct financing leases			0.39			0.39
	Automobile loans			1.22			1.43
	Home equity			0.44			0.44
	Residential mortgage			0.05			0.08
	Other loans			1.31			1.68
		Total consumer		0.63			0.78
Net Charge-offs as a % of Average Loans and Leases				0.73	%		0.89	%

⁽¹⁾ 2003 includes the reserve for loan losses associated with automobile loans contained in one of Huntington’s securitization trusts consolidated as a result of the adoption of FASB Interpretation No. 46 on July 1, 2003.

Page 8

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

		2003									2002
(in thousands)		Third			Second			First			Fourth			Third
Non-accrual loans and leases:
	Commercial	$	82,413		$	86,021		$	94,754		$	91,861		$	147,392
	Commercial real estate		30,545			22,398			22,585			26,765			47,537
	Residential mortgage		8,923			11,735			9,302			9,443			8,488
Total Nonaccrual Loans and Leases			121,881			120,154			126,641			128,069			203,417
Renegotiated loans			—			—			—			—			37
Total Non-Performing Loans and Leases			121,881			120,154			126,641			128,069			203,454
Other real estate, net			15,196			13,568			14,084			8,654			10,675
Total Non-Performing Assets		$	137,077		$	133,722		$	140,725		$	136,723		$	214,129
Non-performing loans and leases as a % of total loans and leases			0.58	%		0.63	%		0.67	%		0.69	%		1.14	%
Non-performing assets as a % of total loans and leases and other real estate			0.65	%		0.70	%		0.74	%		0.74	%		1.20	%
Accruing loans and leases past due 90 days or more		$	66,060		$	55,287		$	57,241		$	61,526		$	57,337
Accruing loans and leases past due 90 days or more as a percent of total loans and leases			0.31	%		0.29	%		0.30	%		0.33	%		0.32	%

	2003									2002
(in thousands)	Third			Second			First			Fourth			Third
Non-Performing Assets, Beginning of Period	$	133,722		$	140,725		$	136,723		$	214,129		$	223,237
New non-performing assets		52,213			83,104			48,359			65,506			47,275
Returns to accruing status		(319	)		(9,866	)		(5,993	)		(12,658	)		(380	)
Loan and lease losses		(22,090	)		(30,204	)		(17,954	)		(72,767	)		(25,480	)
Payments		(18,905	)		(26,831	)		(15,440	)		(28,500	)		(26,308	)
Sales		(7,544	)		(23,206	)		(4,970	)		(28,987	)		(4,215	)
Non-Performing Assets, End of Period	$	137,077		$	133,722		$	140,725		$	136,723		$	214,129

Page 9

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

Quarterly Common Stock Summary

	2003						2002
	Third		Second		First		Fourth		Third
High	$	20.890	$	21.540	$	19.800	$	19.980	$	20.430
Low		19.220		18.030		17.780		16.160		16.000
Close		19.850		19.510		18.590		18.710		18.190
Average closing price		20.199		19.790		18.876		18.769		19.142
Cash dividends declared	$	0.175	$	0.16	$	0.16	$	0.16	$	0.16
Common shares outstanding (000s)
Average — Basic		228,715		228,633		231,355		233,581		239,925
Average — Diluted		230,966		230,572		232,805		235,083		241,357
Ending		228,870		228,660		228,642		232,879		237,544
Common Share Repurchase Programs (000s) (1)
Number of shares repurchased		—		—		4,300		4,110		6,262

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

Capital Data — End of Period

	2003									2002
(in millions)	Third (2)			Second			First			Fourth			Third
Total risk-weighted assets	$	28,042		$	27,569		$	27,436		$	27,149		$	26,229
Tier 1 risk-based capital ratio		8.38	%		8.32	%		8.14	%		8.32	%		8.82	%
Total risk-based capital ratio		11.16	%		11.12	%		11.01	%		11.22	%		11.79	%
Tier 1 leverage ratio		7.95	%		8.26	%		8.22	%		8.49	%		9.06	%
Tangible Equity / Assets Ratio		6.78	%		7.07	%		7.02	%		7.23	%		7.65	%
Tangible Equity / Risk-Weighted Assets Ratio		7.23	%		7.20	%		7.07	%		7.27	%		7.72	%

Other Data — End of Period

	2003						2002
	Third		Second		First		Fourth		Third
Number of employees (full-time equivalent)		8,054		8,093		8,134		8,177		8,117
Number of domestic full-service banking offices (3)		337		341		342		343		336

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

Page 10

Huntington Bancshares Incorporated
Quarterly and YTD Operating Lease Performance

			2003									2002						Nine Months
			Third			Second			First			Fourth			Third			2003			2002
Balance Sheet (in millions)
Average operating lease assets outstanding			$	1,565		$	1,802		$	2,076		$	2,328		$	2,597		$	1,812		$	2,804
Income Statement (in thousands)
	Net rental income		$	109,645		$	120,502		$	130,274		$	139,610		$	150,016		$	360,421		$	475,715
	Fees			5,372			5,414			5,633			7,081			7,220			16,419			21,589
	Recoveries — early terminations			2,607			2,658			2,286			2,568			2,928			7,551			10,511
		Total Operating Lease Income		117,624			128,574			138,193			149,259			160,164			384,391			507,815
Depreciation and residual losses at termination				83,112			91,387			99,283			106,399			112,900			273,782			357,085
Losses — early terminations				10,022			11,552			12,305			14,348			12,843			33,879			41,138
		Total Operating Lease Expense		93,134			102,939			111,588			120,747			125,743			307,661			398,223
		Net Earnings Contribution	$	24,490		$	25,635		$	26,605		$	28,512		$	34,421		$	76,730		$	109,592
Earnings ratios (1)
	Net rental income			28.02	%		26.75	%		25.10	%		23.99	%		23.11	%		26.52	%		22.62	%
	Depreciation			21.24	%		20.29	%		19.13	%		18.28	%		17.39	%		20.15	%		16.98	%

Definition of terms:

Net rental income includes the lease payments earned on the vehicles that Huntington leases to its customers under operating leases. Fees include late fees, early payment fees and other non-origination fees. Recoveries represent payments received on a cash basis subsequent to a customer’s default on an operating lease and a recognition of an impairment loss on the lease. Depreciation represents the periodic depreciation of vehicles to their residual value owned by Huntington under operating leases and any accelerated depreciation where Huntington expects to receive less than the residual value from the sale of the vehicle and from insurance proceeds at the end of the lease term. Losses represent impairments recognized on vehicles where the lessee has defaulted on the operating lease.

⁽¹⁾ As a percent of average operating lease assets, quarterly and year-to-date amounts annualized.

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