8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 19, 2005

HUNTINGTON BANCSHARES INCORPORATED

(Exact name of registrant as specified in its charter)

Maryland	0-2525	31-0724920
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)
Huntington Center
41 South High Street
Columbus, Ohio		43287
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (614) 480-8300

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

EX-99.1

EX-99.2

Item 2.02. Results of Operations and Financial Condition.

     On October 19, 2005, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the quarter ended September 30, 2005. Also on October 19, 2005, Huntington made a Quarterly Financial Review available on its web site, www.huntington-ir.com.

     Huntington’s senior management will host an earnings conference call October 19, 2005, at 1:00 p.m. EST. The call may be accessed via a live Internet webcast at www.huntington-ir.com or through a dial-in telephone number at 800-223-1238. Slides will be available at www.huntington-ir.com just prior to 1:00 p.m. EST on October 19, 2005, for review during the call. A replay of the web cast will be archived in the Investor Relations section of Huntington’s web site at www.huntington-ir.com. A telephone replay will be available two hours after the completion of the call through November 2, 2005, at 800-642-1687; conference call ID 8943795.

     The information contained or incorporated by reference in this Current Report on Form 8-K contains forward-looking statements, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. A number of factors, including but not limited to those set forth under the heading “Business Risks” included in Item 1 of Huntington’s Annual Report on
Form 10-K for the year ended December 31, 2004, and other factors described from time to time in Huntington’s other filings with the Securities and Exchange Commission, could cause actual conditions, events, or results to differ significantly from those described in the forward-looking statements. All forward-looking statements included in this Current Report on Form 8-K are based on information available at the time of the Report. Huntington assumes no obligation to update any forward-looking statement.

     The information contained or incorporated by reference in Item 2.02 of this Form 8-K shall be treated as “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

Item 9.01. Financial Statements and Exhibits.

     The exhibits referenced below shall be treated as “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

(c) Exhibits.

Exhibit 99.1 — News release of Huntington Bancshares Incorporated, dated October 19, 2005.

Exhibit 99.2 — Quarterly Financial Review, September 2005.

SIGNATURES

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

	HUNTINGTON BANCSHARES INCORPORATED
Date: October 19, 2005		By:	Donald R. Kimble
		Donald R. Kimble
		Chief Financial Officer and Controller

EXHIBIT INDEX

Exhibit No.	Description
Exhibit 99.1	News release of Huntington Bancshares Incorporated, October 19, 2005.
Exhibit 99.2	Quarterly Financial Review, September 2005.

EX-99.1

EXHIBIT 99.1

FOR IMMEDIATE RELEASE
October 19, 2005

Contacts:
Analysts		Media
Jay Gould	(614) 480-4060	Jeri Grier-Ball	(614) 480-5413
Susan Stuart	(614) 480-3878	Ron Newman	(614) 480-3077

HUNTINGTON BANCSHARES REPORTS 2005 THIRD QUARTER RESULTS;

NET INCOME OF $108.6 MILLION, UP 16%;

EARNINGS PER COMMON SHARE OF $0.47, UP 18%;

REAFFIRMS 2005 FULL YEAR EARNINGS PER SHARE GUIDANCE OF $1.78-$1.81

     COLUMBUS, Ohio – Huntington Bancshares Incorporated (NASDAQ: HBAN; www.huntington.com) reported 2005 third quarter earnings of $108.6 million, or $0.47 per common share, up 16% and 18%, respectively, from $93.5 million, or $0.40 per common share, in the year-ago quarter and up 2% and 4%, respectively, from $106.4 million, or $0.45 per common share, in the 2005 second quarter.

     Earnings for the first nine months of 2005 were $311.5 million, or $1.33 per common share, compared with $307.8 million, or $1.32 per common share, in the comparable year-ago period.

     “We are pleased with our third quarter financial performance and believe that our earnings momentum will enable us to meet our full-year 2005 earnings per share target of $1.78-$1.81,” said Thomas E. Hoaglin, chairman, president, and chief executive officer. “Operating leverage was again positive as third quarter revenues increased 1% from the prior quarter, while non-interest expense declined 6%. This resulted in a 7% spread, or 4%, after both are adjusted for operating lease accounting and significant non-run rate items. Our net interest margin was 3.31%, down from 3.36% in the second quarter. Of the 5 basis point decline, 2 basis points reflected lower mezzanine loan yields and one basis point was due to share repurchase activity. In addition, we were encouraged by growth in key non-interest income categories. Service charges on deposit accounts increased 8% from the second quarter, with brokerage and insurance income up 3% and other service charges and fees up 2%. Trust service income increased 3% and marked the eighth consecutive quarterly increase.”

     “Though total average loans and leases were little changed from the second quarter, average residential mortgages increased at an 8% annualized rate and home equity loans grew 4%,” he said. “Middle market commercial real estate loans and small business loans grew at 7% and 4% annualized rates, respectively. Average middle market C&I loans declined $193 million. This

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included a $157 million decline in dealer floor plan loans, which reflected lower dealer inventories due to the success of ‘employee pricing’ incentives and resulting higher automobile sales. The remaining $36 million decline reflected lower credit demand from borrowers, due to rising interest rates and economic uncertainty in certain sectors of the Midwest economy, as well as our commitment to maintain underwriting and pricing discipline in the face of intense competition.”

     “Competition for deposits remained aggressive,” he continued. “As such, we were pleased to see average total core deposits increase an annualized 5% in the third quarter. Commercial core deposit growth was strong, led by growth in interest bearing deposits and non-interest bearing accounts. Average consumer core deposits were down slightly. This reflected a decline in interest bearing money market deposits partially offset by an increase in retail CDs, reflecting the consumer preference for higher fixed rate deposits. Consumer non-interest bearing balances also declined slightly. We continued growing the number of both consumer and small business relationships.”

     “Credit quality remained solid and consistent with our expectations,” Hoaglin noted. “Annualized net charge-offs were 29 basis points and the non-performing assets ratio was 42 basis points. The allowance for loan and lease losses ratio was unchanged at 1.04% and represented a healthy 283% of period-end non-performing loans.”

     “Finally, our capital levels remained strong with our tangible common equity to assets ratio increasing slightly to 7.39% even though we repurchased 2.6 million shares during the quarter,” he concluded.

     Highlights compared with 2005 second quarter included:

• 2% growth (8% annualized) in average residential mortgages.

• 1% growth (4% annualized) in average total home equity loans and lines.

• 2% growth (7% annualized) in average commercial real estate loans.

• 1% growth (4% annualized) in average small business loans.

• $193 million decline in average middle-market C&I loans with $157 million related to lower levels auto dealer inventory floor plan loans.

• 1% growth (5% annualized) in average total core deposits.

• 3.31% net interest margin, down from 3.36%, with 2 basis points of the decline reflecting lower mezzanine loan yields and one basis point due to the impact of share repurchases.

• 3% growth in non-interest income, or 11%, excluding the decline in operating lease income. This reflected growth in key non-interest categories including service charges on deposit accounts (8%), trust services (3%), brokerage and insurance income (3%), and other service charges and fees (2%).

• 6% decline in non-interest expense, or 4% excluding the decline in operating lease expense.

• 0.29% annualized net charge-offs, compared with 0.27% in the prior quarter.

• 0.42% period-end non-performing asset (NPA) ratio, compared with 0.40% in the prior quarter.

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• 1.04% period-end allowance for loan and lease losses (ALLL) ratio, unchanged.

• 283% period-end ALLL to non-performing loan (NPL) ratio, down from 304%.

• 7.39% period-end tangible common equity ratio, up from 7.36%.

     Significant items impacting 2005 third quarter performance included (see table below):

• $6.8 million after-tax ($0.03 earnings per share) positive net impact, reflecting the recognition of the effect of federal tax refunds on income tax expense. Each of the last two quarters reflected similar impacts, which resulted from the ability to carry back federal tax losses to prior years.

• $5.0 million after-tax ($0.02 earnings per share) negative net impact, primarily reflected in increased income tax expense, resulting from a decision to repatriate foreign earnings. As previously disclosed, the earnings repatriation was under consideration in 2005.

• $2.1 million pre-tax ($0.01 earnings per share) negative impact of mortgage servicing rights (MSR) temporary impairment recovery net of hedge-related trading losses.

Significant Items Impacting Earnings Performance Comparisons⁽¹⁾

Three Months Ended	Impact(2)
(In millions, except per share)	Amount(3)			EPS
September 30, 2005 – GAAP earnings	$	108.6	(4)	$	0.47
• Net impact of federal tax loss carry back		6.8	(4)		0.03
• Net impact of repatriating foreign earnings		(5.0	)(4)		(0.02	)
• MSR recovery net of hedge-related trading losses		(2.1	)		(0.01	)
June 30, 2005 – GAAP earnings	$	106.4	(4)	$	0.45
• Net impact of federal tax loss carry back		6.6	(4)		0.03
• MSR temporary impairment net of hedge-related trading gains		(4.0	)		(0.01	)
• Severance and consolidation expenses		(3.6	)		(0.01	)
• Write-off of equity investment		(2.1	)		(0.01	)
September 30, 2004 – GAAP earnings	$	93.5	(4)	$	0.40
• SEC related expenses / accruals		(5.5	)		(0.02	)
• Unizan system conversion expense		(1.8	)		(0.01	)

(1)	Includes significant items with $0.01 EPS impact or greater
(2)	Favorable (unfavorable) impact on GAAP earnings
(3)	Pre-tax unless otherwise noted
(4)	After-tax

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Discussion of Performance

Net Interest Income, Net Interest Margin, Loans and Leases, and Investment Securities

     Fully taxable equivalent net interest income increased $15.4 million, or 7%, from the year-ago quarter, primarily reflecting the favorable impact of a $1.7 billion, or 6%, increase in average earning assets, as well as a one basis point increase in the net interest margin. The fully taxable equivalent net interest margin was 3.31% compared with 3.30% in the year-ago quarter. The stable net interest margin reflected a combination of factors. These included the benefit from growth in higher-yielding loans and redirecting part of the proceeds from maturing securities to fund loan growth, as well as an increase in both the proportion and the contribution of net free funds on the balance sheet. These positives were partially offset by the negative impacts from the flattening of the yield curve and share repurchase activity.

     Average total loans and leases increased $2.3 billion, or 10%, from the 2004 third quarter, reflecting growth in both consumer loans and commercial loans. Total average consumer loans increased $1.5 billion, or 12%, from the year-ago quarter, reflecting growth across all consumer loan categories. Average residential mortgages increased $0.7 billion, or 19%, and average home equity loans increased $0.3 billion, or 8%. Though residential mortgage and home equity growth rates were strong, the annualized 2005 third quarter growth rates of 8% and 4%, respectively, were approximately half the year-over-year growth rates. This reflected our commitment to maintaining underwriting and pricing discipline.

     Compared with the year-ago quarter, average total automobile loans and leases increased $0.4 billion, or 10%. Average automobile loans increased $0.2 billion, or 12%, reflecting 30% higher automobile loan production levels, stimulated by manufacturer employee pricing discounts in the current quarter, partially offset by loan sales over the past 12 months. Average direct financing leases increased $0.2 billion, or 8%, from the year-ago quarter despite 56% lower production levels reflecting lower automobile lease demand and aggressive price competition. Average operating lease assets declined $0.5 billion, or 61%, as this portfolio continued to run off. Total automobile loan and lease exposure at quarter end was 19%, down from 21% a year ago.

     Average total commercial loans increased $0.8 billion, or 8%, from the year-ago quarter. This increase reflected a $0.4 billion, or 10%, increase in middle market commercial and industrial (C&I) loans despite the negative impact from the current quarter decline in automobile dealer floor plan loans. Average middle market commercial real estate (CRE) loans increased $0.2 billion, or 6%, with small business C&I and CRE loans increasing $0.2 billion, or 8%.

     Average total investment securities declined $0.7 billion, or 14%, from the year-ago quarter. This decline reflected a combination of factors including lowering the level of excess liquidity and funding loan growth.

     Compared with the 2005 second quarter, fully taxable equivalent net interest income increased $0.5 million reflecting a $0.2 billion, or 1%, increase in average earning assets, offset by a 5 basis point decline in the net interest margin to 3.31% from 3.36%. Of the 5 basis point decline, 2 basis points related to lower yields on mezzanine-related loans and one basis point related to the impact of share repurchases. The remainder reflected continued loan and deposit pricing pressures, as well as the overall impact of a flatter yield curve.

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     Average total loans and leases in the third quarter were virtually unchanged from the 2005 second quarter as growth in average consumer loans was offset by a decline in average commercial loans.

     Total average commercial loans decreased $0.1 billion, or 1%, from the second quarter due to a $193 million, or 4%, decrease in average C&I loans, partially offset by a 2% increase in average CRE loans. Of the decline in average C&I loans, approximately $157 million related to a decline in dealer floor plan loans primarily reflecting lower utilization rates, as dealer automobile inventories fell. Growth in average small business C&I and CRE loans was 1%, slightly below the growth rates in the 2005 first and second quarters.

     Compared with the 2005 second quarter, average total consumer loans increased $0.1 billion, or 1%, primarily reflecting a 2% increase in residential mortgages and a 1% increase in average home equity loans. Growth rates in residential mortgages and home equity loans have slowed in each of the last three linked quarters. Average automobile loans and leases decreased 1%, reflecting a 2% decline in average automobile direct financing leases. Average automobile loans were little changed, as growth due to higher automobile loan production was offset by loan sales.

     Average investment securities increased $0.1 billion, or 2%, from the 2005 second quarter.

Deposits

     Average total core deposits in the 2005 third quarter were $17.2 billion, up $0.7 billion, or 4%, from the year-ago quarter. The largest contributor to this growth was a $0.7 billion, or 31%, increase in retail certificates of deposit. Interest bearing demand deposits grew $0.2 billion, or 2%, with all of the increase reflecting growth in commercial money market deposits, as consumer money market accounts declined. Non-interest bearing demand deposits increased $0.1 billion, or 4%, reflecting growth in both consumer and commercial non-interest bearing deposits. These increases were partially offset by a $0.3 billion, or 10%, decline in savings and other domestic time deposits.

     Compared with the 2005 second quarter, average total core deposits increased $0.2 billion, or 1%. This primarily reflected a $0.4 billion, or 16%, increase in retail certificates of deposits, primarily consumer driven. Non-interest bearing deposits also increased 2%, with all of this related to growth in commercial non-interest bearing deposits, as consumer non-interest bearing deposits declined. These increases were partially offset by a $0.1 billion, or 4%, decline in savings and other time deposits, and a $0.1 billion, or 2%, decline in interest bearing demand deposits.

Non-Interest Income

     Non-interest income decreased $29.2 million, or 15%, from the year-ago quarter with the entire decline attributed to the $35.2 million decline in operating lease income reflecting the continued run-off of the operating lease portfolio. The remaining fee income categories increased a total of $6.0 million with the primary drivers being:

• $16.7 million increase in mortgage banking income, reflecting a $10.5 million MSR temporary impairment recovery in the current quarter compared with a $4.1 million MSR

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temporary impairment in the year-ago quarter. Higher secondary marketing income was the primary contributor to the remainder of the increase.

• $2.6 million, or 15%, increase in trust services income, due primarily to higher personal trust, mutual fund, and institutional trust assets under management.

• $0.9 million, or 2%, increase in service charges on deposit accounts, reflecting higher activity-related personal service charges, partially offset by lower maintenance personal service charges.

• $0.7 million, or 6%, increase in brokerage and insurance income, reflecting higher credit insurance revenue and higher life and title insurance sales.

• $0.7 million, or 6%, increase in other service charges and fees, due to higher check card fees, partially offset by lower bill pay fees as a result of a decision to eliminate fees for this service beginning in the 2004 fourth quarter.

Partially offset by:

• $7.7 million decline in securities gains.

• $8.1 million, or 45%, decline in other non-interest income, primarily reflecting the negative impact of $12.8 million of MSR hedge-related trading losses in the current quarter compared with $2.3 million of MSR hedge-related trading losses in the year-ago quarter.

     Compared with the 2005 second quarter, non-interest income increased $4.6 million, or 3%. This was despite an $8.8 million decline in operating lease income, reflecting the run-off of the operating lease portfolio, as the remaining fee income categories contributed a net $13.4 million increase with the primary drivers being:

• $23.5 million increase in mortgage banking income, reflecting a $10.5 million MSR temporary impairment recovery in the current quarter compared with a $10.2 million MSR temporary impairment in the prior quarter. Higher secondary marketing income was the primary contributor to the balance of the increase.

• $3.3 million, or 8%, increase in service charges on deposit accounts, primarily due to higher personal NSF and overdraft charges and higher maintenance fees on deposit accounts.

• $0.6 million, or 3%, increase in trust services income, due to higher personal trust and mutual fund assets under management, as well as higher institutional trust servicing fees.

• $0.4 million, or 3%, increase in brokerage and insurance income, primarily reflecting higher annuity sales and higher credit insurance revenue.

Partially offset by:

• $15.2 million decrease in other income, reflecting the negative impact of $11.5 million of MSR hedge-related trading losses in the current quarter compared with $5.7 million of MSR hedge-related trading gains in the prior quarter, partially offset by higher safe deposit fees and securitization fee income.

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Non-Interest Expense

     Non-interest expense decreased $40.4 million, or 15%, from the year-ago quarter with $32.1 million of the decline reflecting the run-off of the operating lease portfolio. Of the remaining $8.3 million decline from the year-ago quarter, the primary drivers were:

• $4.3 million, or 3%, decline in personnel expense, primarily reflecting lower incentive compensation and benefits expense.

• $3.9 million, or 32%, decline in professional services, due primarily to lower SEC-related expenses.

• $2.7 million, or 12%, decline in other expense, primarily reflecting SEC-related accruals in the year-ago quarter.

Partially offset by:

• $1.8 million, or 36%, increase in marketing expense related to increased advertising expenditures.

• $1.2 million increase in the restructuring reserve charges line item, reflecting a restructuring reserve release in the year-ago quarter with no release in the current quarter.

     Compared with the 2005 second quarter, non-interest expense decreased $15.1 million, with $6.1 million reflecting the run-off of the operating lease portfolio. Of the remaining $9.0 million decrease from the prior quarter, the primary drivers were:

• $6.6 million, or 5%, decline in personnel costs, primarily reflecting lower incentive compensation, commensurate with slower loan growth, and lower benefits expense.

• $1.0 million, or 11%, decline in professional service, due to a decline in SEC-related expenses.

• $0.7 million, or 9%, decline in marketing expense, primarily reflecting a reduction in advertising.

Operating Leverage

     Compared with the 2005 second quarter, operating leverage was positive as revenue increased and expenses declined.

     On a fully taxable equivalent basis, total revenue for the 2005 third quarter was $406.1 million, an increase of $5.1 million, or 1%, from the prior quarter. Adjusting for the securities gains and losses, the impact of operating leases, the net impact of MSR impairment net of trading activities and the write-off of an equity investment in the prior quarter, total revenue was $385.3 million, up $6.7 million, or 2%. Non-interest expense decreased $15.1 million, or 6%, compared with the prior quarter. Adjusting for the decline in operating lease expenses, severance/consolidation expenses and $1.7 million of SEC/regulatory-related expenses in the prior quarter, non-interest expenses decreased 2%. This decline, along with the 2% increase in total revenue, adjusted for operating lease accounting and certain non-run rate items, resulted in a 4% operating leverage spread between the growth rates of total revenue and expense.

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Income Taxes

     The company’s effective tax rate was 28.4% in the 2005 third quarter, down slightly from 29.0% in the year-ago quarter, but up from 22.3% in the 2005 second quarter. As noted in the past two quarters, for 2005, the effective tax rate includes the positive impact on net income due to a federal tax loss carry back, tax exempt income, bank owned life insurance, asset securitization activities, and general business credits from investment in low income housing and historic property partnerships. These positive items were partially offset in the current quarter primarily due to an increase in pre-tax earnings and the repatriation of foreign earnings. In 2006, the effective tax rate is anticipated to increase to a more typical rate slightly below 30%.

Credit Quality

     Total net charge-offs for the 2005 third quarter were $18.0 million, or an annualized 0.29% of average total loans and leases. This was up from $16.5 million, or 0.30%, in the year-ago quarter and up from $16.3 million, or an annualized 0.27%, of average total loans and leases in the 2005 second quarter.

     Total commercial net charge-offs in the third quarter were $4.3 million, or an annualized 0.16%, up from $2.6 million, or an annualized 0.10%, in the year-ago quarter, driven primarily by higher small business C&I and CRE net charge-offs. Total small business net charge-offs in the 2005 third quarter were $3.1 million, or an annualized 0.54% of related loans, up from $1.2 million, or an annualized 0.23% in the year-ago quarter. Current period total commercial net charge-offs were down from $5.6 million, or an annualized 0.21%, in the prior quarter.

     Total consumer net charge-offs in the current quarter were $13.7 million, or an annualized 0.40% of related loans. This compared with $13.9 million, or 0.45%, in the year-ago quarter. The decline from the year-ago quarter reflected both lower automobile loan and lease net charge-offs and lower home equity net charge-offs. Total automobile loan and lease net charge-offs in the 2005 third quarter were $7.0 million, or an annualized 0.62% of related loans and leases, down from $7.6 million, or an annualized 0.74%, in the year-ago quarter. Home equity net charge-offs in the current quarter were $4.1 million, or an annualized 0.35% of related loans, down slightly from $4.3 million, or 0.39%, in the year-ago quarter. Compared with the 2005 second quarter, total consumer net charge-offs increased $3.0 million, primarily reflecting a $3.2 million increase in automobile loan and lease net charge-offs from the second quarter’s low levels, partially offset by a $1.0 million decrease in home equity loan net charge-offs.

     NPAs were $101.8 million at September 30, 2005, and represented only 0.42% of related assets, up $21.3 million from $80.5 million, or 0.36%, at the end of the year-ago quarter and up $4.4 million from $97.4 million, or 0.40%, at June 30, 2005. Non-performing loans and leases (NPLs), which exclude OREO, were $89.7 million at September 30, 2005, up $21.9 million from the year-earlier period and $5.8 million from the end of the second quarter. Expressed as a percent of total loans and leases, NPLs remained at low levels and were 0.37% at September 30, 2005, up from 0.30% a year earlier and from 0.34% at June 30, 2005.

     The over 90-day delinquent, but still accruing, ratio was 0.21% at September 30, 2005, down from 0.24% at the end of the year-ago quarter, and little changed from 0.22% at June 30, 2005.

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Allowances for Credit Losses (ACL) and Loan Loss Provision

     Since the 2004 first quarter, the company has maintained two reserves, both of which are available to absorb possible credit losses: the allowance for loan and lease losses (ALLL) and the allowance for unfunded loan commitments (AULC). When summed together, these reserves constitute the total allowances for credit losses (ACL).

     The September 30, 2005, ALLL was $253.9 million, down from $282.7 million a year earlier and $254.8 million at June 30, 2005. Expressed as a percent of period-end loans and leases, the ALLL ratio at September 30, 2005, was 1.04%, down from 1.25% a year ago reflecting the improvement in economic indicators, the change in the mix of the loan portfolio to lower-risk residential mortgages, and the reduction of specific reserves related to improved or resolved individual problem commercial credits. Although the ALLL ratio was unchanged from the 2005 second quarter, the component mix changed with a 2 basis point decline in both the economic and specific reserves, offset by a 4 basis point increase in the transaction reserve. The table below shows the change in the ALLL ratio and each reserve component from the 2004 third quarter and 2005 second quarter.

Components of ALLL as percent of total loans and leases:

										3Q05 change from
	3Q05			2Q05			3Q04			2Q05			3Q04
Transaction reserve		0.81	%		0.77	%		0.84	%		0.04	%		(0.03	)%
Economic reserve		0.20			0.22			0.33			(0.02	)		(0.13	)
Specific reserve		0.03			0.05			0.08			(0.02	)		(0.05	)
Total ALLL		1.04	%		1.04	%		1.25	%		—	%		(0.21	)%

     The ALLL as a percent of NPAs was 249% at September 30, 2005, down from 351% a year ago, and 262% at June 30, 2005.

     At September 30, 2005, the AULC was $38.1 million, up from $30.0 million at the end of the year-ago quarter and from $37.5 million at June 30, 2005. At June 30, 2005, $6.3 million of the economic reserve was reclassified to the AULC.

     On a combined basis, the ACL as a percent of total loans and leases was 1.19% at September 30, 2005, down from 1.38% a year earlier and unchanged from the end of last quarter. The ACL as a percent of NPAs was 287% at September 30, 2005, down from 389% a year earlier and 300% at June 30, 2005.

     The provision for credit losses in the 2005 third quarter was $17.7 million, a $5.9 million increase from the year-ago quarter and a $4.8 million increase from the 2005 second quarter. The increase in provision expense from the year-ago quarter and the prior quarter primarily reflected the relatively stable credit quality in the current quarter compared with improving trends in the prior periods.

Capital

     At September 30, 2005, the tangible equity to assets ratio was 7.39%, up from 7.11% a year ago and 7.36% at June 30, 2005. At September 30, 2005, the tangible equity to risk-weighted assets ratio was 8.25%, up from 7.83% at the end of the year-ago quarter, and from 8.05% at June 30, 2005. The increases in these ratios primarily reflect the positive impact of earnings

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growth, as retained capital was generated at a 9% annualized rate during the quarter with the improvement in the risk-weighted ratio also reflecting the reduced overall risk profile of earning assets.

     During the quarter, 2.6 million shares of common stock were repurchased in the open market. Under the new 15 million share repurchase authorization announced October 18, 2005, the company expects to repurchase shares from time-to-time in the open market or through privately negotiated transactions depending on market conditions. The remaining shares under the prior authorization were cancelled and replaced by the new authorization.

Unizan Financial Corp. Update

     On October 6, 2005, the company announced its intention to proceed this month with the filing of its Federal Reserve application to acquire Unizan Financial Corp. As announced November 12, 2004, Huntington and Unizan entered into an amendment to their January 26, 2004 merger agreement extending the term of the agreement for one year from January 27, 2005 to January 27, 2006.

2005 Outlook

     When earnings guidance is given, it is the company’s practice to do so on a GAAP basis, unless otherwise noted. Such guidance includes the expected results of all significant forecasted activities. However, guidance typically excludes unusual or one-time items, as well as selected items where the timing and financial impact is uncertain, until such time as the impact can be reasonably forecasted.

     Today, the company reaffirmed full-year 2005 earnings per share guidance of $1.78-$1.81, noting that this guidance excludes any impact of future share repurchases. In addition, in 2005 the company has departed slightly from providing this guidance on a strictly GAAP basis solely to exclude the estimated $0.03 per common share benefit for the 2005 fourth quarter related to any future benefit from the federal tax loss carry back discussed above. This is excluded as it impacts only 2005 performance, and because offsetting impacts may occur during the fourth quarter from possible balance sheet restructurings and/or expense initiatives currently under review.

Conference Call / Webcast Information

     Huntington’s senior management will host an earnings conference call today at 1:00 p.m. (Eastern Time). The call may be accessed via a live Internet webcast at huntington-ir.com or through a dial-in telephone number at 800-223-1238. Slides will be available at huntington-ir.com just prior to 1:00 p.m. (Eastern Time) today for review during the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s web site huntington-ir.com. A telephone replay will be available approximately two hours after the completion of the call through November 2, 2005 at 800-642-1687; conference ID 8943795.

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

-10-

on Form 10-K for the year ended December 31, 2004, 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.

Basis of Presentation

Use of Non-GAAP Financial Measures

     This earnings release contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Huntington’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the Quarterly Financial Review supplement to this earnings release, which can be found on Huntington’s website at huntington-ir.com.

Annualized data

     Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts. For example, loan growth rates are most often expressed in terms of an annual rate like 8%. As such, a 2% growth rate for a quarter would represent an annualized 8% growth rate.

Fully taxable equivalent interest income and net interest margin

     Income from tax-exempt earnings assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at statutory rates. This adjustment puts all earning assets, most notably tax-exempt municipal securities and certain lease assets, on a common basis that facilitates comparison of results to results of competitors.

Earnings per share equivalent data

     Significant and/or one-time income or expense items may be expressed on a per common share basis. This is done for analytical and decision-making purposes to better discern underlying trends in total corporate earnings per share performance excluding the impact of such items. Investors may also find this information helpful in their evaluation of the company’s financial performance against published earnings per share mean estimate amounts, which typically exclude the impact of significant and/or one-time items. Earnings per share equivalents are usually calculated by applying a 35% effective tax rate to a pre-tax amount to derive an after-tax amount, which is divided by the average shares outstanding during the respective reporting period. Occasionally, when the item involves special tax treatment, the after-tax amount is separately disclosed, with this then being the amount used to calculate the earnings per share equivalent.

NM or nm

     Percent changes of 100% or more are shown as “nm” or “not meaningful”. Such large percent changes typically reflect the impact of one-time items within the measured periods. Since the primary purpose of showing a percent change is for discerning underlying performance trends, such large percent changes are “not meaningful” for this purpose.

About Huntington

     Huntington Bancshares Incorporated is a $33 billion regional bank holding company headquartered in Columbus, Ohio. Through its affiliated companies, Huntington has more than 139 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 huntington.com; through its technologically advanced, 24-hour telephone bank; and through its network of over 900 ATMs. Selected financial service activities are also conducted in other states including: Dealer Sales offices in Florida, Georgia, Tennessee, Pennsylvania, and Arizona; Private Financial and Capital Markets Group offices in Florida; and Mortgage Banking offices in Maryland and New Jersey. International banking services are made available through the headquarters office in Columbus and an office located in the Cayman Islands and an office located in Hong Kong.

###

-11-

HUNTINGTON BANCSHARES INCORPORATED

Quarterly Key Statistics
(Unaudited)

	2005						2004			Percent Changes vs.
(in thousands of dollars, except per share amounts)	Third			Second			Third			2Q05			3Q04
Net interest income	$	241,637		$	241,900		$	227,058			(0.1	)%		6.4	%
Provision for credit losses		17,699			12,895			11,785			37.3			50.2
Non-interest income		160,740			156,170			189,891			2.9			(15.4	)
Non-interest expense		233,052			248,136			273,423			(6.1	)		(14.8	)
Income before income taxes		151,626			137,039			131,741			10.6			15.1
Provision for income taxes		43,052			30,614			38,255			40.6			12.5
Net Income	$	108,574		$	106,425		$	93,486			2.0	%		16.1	%
Net income per common share — diluted	$	0.47		$	0.45		$	0.40			4.4	%		17.5	%
Cash dividends declared per common share		0.215			0.215			0.200			—			7.5
Book value per common share at end of period		11.45			11.40			10.69			0.4			7.1
Average common shares — basic		229,830			232,217			229,848			(1.0	)		—
Average common shares — diluted		233,456			235,671			234,348			(0.9	)		(0.4	)
Return on average assets		1.32	%		1.31	%		1.18	%
Return on average shareholders’ equity		16.5			16.3			15.4
Net interest margin (1)		3.31			3.36			3.30
Efficiency ratio (2)		57.4			61.8			66.3
Effective tax rate		28.4			22.3			29.0
Average loans and leases	$	24,448,366		$	24,457,747		$	22,194,826			—	%		10.2	%
Average loans and leases — linked quarter annualized growth rate.		(0.2	)%		10.1	%		7.9	%
Average earning assets	$	29,404,945		$	29,248,535		$	27,736,806			0.5			6.0
Average total assets	$	32,739,357		$	32,619,845		$	31,458,712			0.4			4.1
Average core deposits (3)		17,197,417			16,979,208			16,509,879			1.3			4.2
Average core deposits — linked quarter annualized growth rate (3)		5.1	%		(1.7	)%		6.9	%
Average shareholders’ equity		2,610,782			2,618,579			2,411,746			(0.3	)		8.3
Total assets at end of period	$	32,762,988		$	32,988,974		$	31,808,240			(0.7	)		3.0
Total shareholders’ equity at end of period		2,622,675			2,630,775			2,460,917			(0.3	)		6.6
Net charge-offs (NCOs)	$	17,953		$	16,264		$	16,480			10.4			8.9
NCOs as a % of average loans and leases		0.29	%		0.27	%		0.30	%
Non-performing loans and leases (NPLs)	$	89,709		$	83,860		$	67,784			7.0			32.3
Non-performing assets (NPAs)		101,800			97,418			80,476			4.5			26.5
NPAs as a % of total loans and leases and other real estate (OREO)		0.42	%		0.40	%		0.36	%
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period		1.04			1.04			1.25
ALLL plus allowance for unfunded loan commitments and letters of credit as a % of total loans and leases at the end of period		1.19			1.19			1.38
ALLL as a % of NPLs		283			304			417
ALLL as a % of NPAs		249			262			351
Tier 1 risk-based capital ratio (4)		9.49			9.18			9.10
Total risk-based capital ratio (4)		12.79			12.39			12.53
Tier 1 leverage ratio (4)		8.51			8.50			8.36
Average equity / assets		7.97			8.03			7.67
Tangible equity / assets (5)		7.39			7.36			7.11

(1)	On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
(2)	Non-interest expense less amortization of intangibles ($0.2 million for all periods above) divided by the sum of FTE net interest income and non-interest income excluding securities gains (losses).
(3)	Includes non-interest bearing and interest bearing demand deposits, savings and other domestic time deposits, and retail CDs.
(4)	September 30, 2005 figures are estimated.
(5)	At end of period. Tangible equity (total equity less intangible assets) divided by tangible assets (total assets less intangible assets).

-12-

HUNTINGTON BANCSHARES INCORPORATED

Year To Date Key Statistics
(Unaudited)

	Nine Months Ended September 30,						Change
(in thousands of dollars, except per share amounts)	2005			2004			Amount			Percent
Net interest income	$	718,735		$	672,306		$	46,429			6.9	%
Provision for credit losses		50,468			42,408			8,060			19.0
Non-interest income		484,960			635,658			(150,698	)		(23.7	)
Non-interest expense		739,465			841,230			(101,765	)		(12.1	)
Income before income taxes		413,762			424,326			(10,564	)		(2.5	)
Provision for income taxes		102,244			116,540			(14,296	)		(12.3	)
Net Income	$	311,518		$	307,786		$	3,732			1.2	%
Net Income per common share — diluted	$	1.33		$	1.32		$	0.01			0.8	%
Cash dividends declared per common share		0.63			0.55			0.08			14.5
Average common shares — basic		231,290			229,501			1,789			0.8
Average common shares — diluted		234,727			233,307			1,420			0.6
Return on average assets		1.28	%		1.32	%
Return on average shareholders’ equity		16.1			17.6
Net interest margin (1)		3.33			3.31
Efficiency ratio (2)		60.9			64.5
Effective tax rate		24.7			27.5
Average loans and leases	$	24,256,366		$	21,822,931		$	2,433,435			11.2	%
Average earning assets		29,261,517			27,425,309			1,836,208			6.7
Average total assets		32,647,327			31,205,667			1,441,660			4.6
Average core deposits (3)		17,076,401			16,075,363			1,001,038			6.2
Average shareholders’ equity		2,585,816			2,338,130			247,686			10.6
Net charge-offs (NCOs)		62,489			57,622			4,867			8.4
NCOs as a % of average loans and leases		0.34	%		0.35	%

(1)	On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
(2)	Non-interest expense less amortization of intangibles ($0.6 million for both periods above) divided by the sum of FTE net interest income and non-interest income excluding securities gains (losses).
(3)	Includes non-interest bearing and interest bearing demand deposits, savings and other domestic time deposits, and retail CDs.

-13-

EX-99.2

EXHIBIT 99.2

HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Review
September 2005

Table of Contents

Consolidated Balance Sheets	1
Credit Exposure Composition	2
Deposit Composition	3
Consolidated Quarterly Average Balance Sheets	4
Consolidated Quarterly Net Interest Margin Analysis	5
Quarterly Average Loans and Direct Financing Leases and Deposit Composition By Business Segment	6
Selected Quarterly Income Statement Data	7
Quarterly Credit Reserves Analysis	8
Quarterly Net Charge-Off Analysis	9
Quarterly Non-Performing Assets and Past Due Loans and Leases	10
Quarterly Stock Summary, Capital, and Other Data	11
Quarterly Operating Lease Performance	12
Consolidated Year To Date Average Balance Sheets	13
Consolidated Year To Date Net Interest Margin Analysis	14
Selected Year To Date Income Statement Data	15
Year To Date Credit Reserves Analysis	16
Year To Date Net Charge-Off Analysis	17
Year To Date Operating Lease Performance	18

Note:

The preparation of financial statement data in conformity with accounting principals generally accepted in the United States requires management to make estimates and assumptions that affect amounts reported. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform to the current period’s presentation.

Huntington Bancshares Incorporated
Consolidated Balance Sheets

										Change
	2005			2004						September ’05 vs ’04
(in thousands of dollars, except per share amounts)	September 30,			December 31,			September 30,			Amount			Percent
	(Unaudited)						(Unaudited)
Assets
Cash and due from banks	$	803,425		$	877,320		$	1,053,358		$	(249,933	)		(23.7)	%
Federal funds sold and securities purchased under resale agreements		78,325			628,040			838,833			(760,508	)		(90.7	)
Interest bearing deposits in banks		22,379			22,398			36,155			(13,776	)		(38.1	)
Trading account securities		191,418			309,630			120,334			71,084			59.1
Loans held for sale		449,096			223,469			205,913			243,183			N.M.
Investment securities		4,304,898			4,238,945			4,150,044			154,854			3.7
Loans and leases (1)		24,496,287			23,560,277			22,587,259			1,909,028			8.5
Allowance for loan and lease losses		(253,943	)		(271,211	)		(282,650	)		28,707			(10.2	)
Net loans and leases		24,242,344			23,289,066			22,304,609			1,937,735			8.7
Operating lease assets		274,190			587,310			717,411			(443,221	)		(61.8	)
Bank owned life insurance		993,407			963,059			954,911			38,496			4.0
Premises and equipment		358,876			355,115			356,438			2,438			0.7
Goodwill and other intangible assets		217,703			215,807			216,011			1,692			0.8
Customers’ acceptance liability		7,463			11,299			8,787			(1,324	)		(15.1	)
Accrued income and other assets		819,464			844,039			845,436			(25,972	)		(3.1	)
Total Assets	$	32,762,988		$	32,565,497		$	31,808,240		$	954,748			3.0	%
Liabilities and Shareholders’ Equity
Liabilities
Deposits (2)	$	22,349,122		$	20,768,161		$	20,109,025		$	2,240,097			11.1	%
Short-term borrowings		1,502,566			1,207,233			1,215,887			286,679			23.6
Federal Home Loan Bank advances		1,155,656			1,271,088			1,270,454			(114,798	)		(9.0	)
Other long-term debt		2,795,431			4,016,004			4,094,185			(1,298,754	)		(31.7	)
Subordinated notes		1,034,343			1,039,793			1,040,901			(6,558	)		(0.6	)
Allowance for unfunded loan commitments and letters of credit		38,098			33,187			30,007			8,091			27.0
Bank acceptances outstanding		7,463			11,299			8,787			(1,324	)		(15.1	)
Deferred federal income tax liability		768,344			783,628			723,525			44,819			6.2
Accrued expenses and other liabilities		489,290			897,466			854,552			(365,262	)		(42.7	)
Total Liabilities		30,140,313			30,027,859			29,347,323			792,990			2.7
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 229,005,823; 231,605,281 and 230,153,486 shares, respectively.		2,490,919			2,484,204			2,482,904			8,015			0.3
Less 28,860,432; 26,260,974 and 27,712,769 treasury shares, respectively		(575,941	)		(499,259	)		(526,967	)		(48,974	)		9.3
Accumulated other comprehensive loss		(21,839	)		(10,903	)		(13,812	)		(8,027	)		58.1
Retained earnings		729,536			563,596			518,792			210,744			40.6
Total Shareholders’ Equity		2,622,675			2,537,638			2,460,917			161,758			6.6
Total Liabilities and Shareholders’ Equity	$	32,762,988		$	32,565,497		$	31,808,240		$	954,748			3.0	%

N.M., not a meaningful value.
(1)	See page 2 for detail of loans and leases.
(2)	See page 3 for detail of deposits.

1

Huntington Bancshares Incorporated
Credit Exposure Composition

													Change
	2005				2004								September ’05 vs ‘04
(in thousands of dollars)	September 30,				December 31,				September 30				Amount			Percent
	(Unaudited)								(Unaudited)
By Type
Commercial:
Middle market commercial and industrial	$	4,790,680	19.3	%	$	4,660,141	19.3	%	$	4,352,952	18.7	%	$	437,728			10.1	%
Construction		1,762,237	7.1			1,592,125	6.6			1,538,135	6.6			224,102			14.6
Commercial		1,885,027	7.6			1,881,835	7.8			1,898,015	8.1			(12,988	)		(0.7	)
Middle market commercial real estate		3,647,264	14.7			3,473,960	14.4			3,436,150	14.7			211,114			6.1
Small business commercial and industrial and commercial real estate		2,234,988	9.1			2,168,877	8.9			2,124,602	9.2			110,386			5.2
Total commercial		10,672,932	43.1			10,302,978	42.6			9,913,704	42.6			759,228			7.7
Consumer:
Automobile loans		2,063,285	8.3			1,948,667	8.1			1,884,924	8.1			178,361			9.5
Automobile leases		2,381,004	9.6			2,443,455	10.1			2,316,801	9.9			64,203			2.8
Home equity		4,684,904	18.9			4,554,540	18.9			4,429,626	19.0			255,278			5.8
Residential mortgage		4,180,350	16.9			3,829,234	15.9			3,565,670	15.3			614,680			17.2
Other loans		513,812	2.1			481,403	2.0			476,534	2.0			37,278			7.8
Total consumer		13,823,355	55.8			13,257,299	55.0			12,673,555	54.3			1,149,800			9.1
Total loans and direct financing leases	$	24,496,287	98.9		$	23,560,277	97.6		$	22,587,259	96.9		$	1,909,028			8.5
Operating lease assets		274,190	1.1			587,310	2.4			717,411	3.1			(443,221	)		(61.8	)
Total credit exposure	$	24,770,477	100.0	%	$	24,147,587	100.0	%	$	23,304,670	100.0	%	$	1,465,807			6.3	%
Total automobile exposure (1)	$	4,718,479	19.0	%	$	4,979,432	20.6	%	$	4,919,136	21.1	%	$	(200,657	)		(4.1	)%
By Business Segment (2)
Regional Banking:
Central Ohio	$	3,223,920	13.0	%	$	3,096,709	12.8	%	$	3,029,332	13.0	%	$	194,588			6.4	%
Northern Ohio		2,952,508	11.9			2,857,746	11.8			2,810,332	12.1			142,176			5.1
Southern Ohio / Kentucky		2,064,617	8.3			1,895,180	7.8			1,825,652	7.8			238,965			13.1
West Michigan		2,369,813	9.6			2,271,682	9.4			2,236,001	9.6			133,812			6.0
East Michigan		1,530,757	6.2			1,430,169	5.9			1,387,543	6.0			143,214			10.3
West Virginia		948,854	3.8			882,016	3.7			867,271	3.7			81,583			9.4
Indiana		967,324	3.9			961,700	4.0			862,833	3.7			104,491			12.1
Mortgage and equipment leasing groups		3,505,072	14.2			3,196,762	13.2			2,978,350	12.8			526,722			17.7
Regional Banking		17,562,865	70.8			16,591,964	68.7			15,997,314	68.7			1,565,551			9.8
Dealer Sales (3)		5,492,278	22.2			5,920,256	24.5			5,765,184	24.7			(272,906	)		(4.7	)
Private Financial and Capital Markets Group		1,715,334	7.0			1,635,367	6.8			1,542,172	6.6			173,162			11.2
Treasury / Other		—	—			—	—			—	—			—			—
Total credit exposure	$	24,770,477	100.0	%	$	24,147,587	100.0	%	$	23,304,670	100.0	%	$	1,465,807			6.3	%

(1)	Sum of automobile loans and leases and automobile operating lease assets.
(2)	Prior period amounts have been reclassified to conform to the current period business segment structure.
(3)	Includes operating lease inventory.

2

Huntington Bancshares Incorporated
Deposit Composition

													Change
	2005				2004								September ’05 vs ’04
(in thousand dollers)	September 30,				December 31,				September 30,				Amount			Percent
	(Unaudited)								(Unaudited)
By Type
Demand deposits — non-interest bearing	$	3,361,749	15.0	%	$	3,392,123	16.3	%	$	3,264,145	16.2	%	$	97,604			3.0	%
Demand deposits — interest bearing		7,481,019	33.5			7,786,377	37.5			7,471,779	37.2			9,240			0.1
Savings and other domestic time deposits		3,186,354	14.3			3,502,552	16.9			3,570,494	17.8			(384,140	)		(10.8	)
Retail certificates of deposit		3,281,457	14.7			2,466,965	11.9			2,441,387	12.1			840,070			34.4
Total core deposits		17,310,579	77.5			17,148,017	82.6			16,747,805	83.3			562,774			3.4
Domestic time deposits of $100,000 or more		1,356,875	6.1			1,081,660	5.2			997,952	5.0			358,923			36.0
Brokered deposits and negotiable CDs		3,228,083	14.4			2,097,537	10.1			1,896,135	9.4			1,331,948			70.2
Deposits in foreign offices		453,585	2.0			440,947	2.1			467,133	2.3			(13,548	)		(2.9	)
Total deposits	$	22,349,122	100.0	%	$	20,768,161	100.0	%	$	20,109,025	100.0	%	$	2,240,097			11.1	%
Total core deposits:
Commercial	$	5,424,728	31.3	%	$	5,293,666	30.9	%	$	5,227,613	31.2	%	$	197,115			3.8	%
Personal		11,885,851	68.7			11,854,351	69.1			11,520,192	68.8			365,659			3.2
Total core deposits	$	17,310,579	100.0	%	$	17,148,017	100.0	%	$	16,747,805	100.0	%	$	562,774			3.4	%
By Business Segment (1)
Regional Banking:
Central Ohio	$	4,433,948	19.8	%	$	4,500,840	21.7	%	$	4,227,005	21.0	%	$	206,943			4.9	%
Northern Ohio		4,035,762	18.1			4,068,385	19.6			4,012,247	20.0			23,515			0.6
Southern Ohio / Kentucky		1,915,034	8.6			1,742,353	8.4			1,599,685	8.0			315,349			19.7
West Michigan		2,783,571	12.5			2,643,510	12.7			2,699,059	13.4			84,512			3.1
East Michigan		2,311,421	10.3			2,222,191	10.7			2,165,533	10.8			145,888			6.7
West Virginia		1,428,172	6.4			1,375,151	6.6			1,380,934	6.9			47,238			3.4
Indiana		770,834	3.4			663,927	3.2			665,368	3.3			105,466			15.9
Mortgage and equipment leasing groups		177,026	0.8			194,624	0.9			199,944	1.0			(22,918	)		(11.5	)
Regional Banking		17,855,768	79.9			17,410,981	83.8			16,949,775	84.4			905,993			5.3
Dealer Sales		72,411	0.3			74,969	0.4			68,944	0.3			3,467			5.0
Private Financial and Capital Markets Group		1,186,360	5.3			1,176,303	5.7			1,126,807	5.6			59,553			5.3
Treasury / Other (2)		3,234,583	14.5			2,105,908	10.1			1,963,499	9.7			1,271,084			64.7
Total deposits	$	22,349,122	100.0	%	$	20,768,161	100.0	%	$	20,109,025	100.0	%	$	2,240,097			11.1	%

(1)	Prior period amounts have been reclassified to conform to the current period business segment structure.
(2)	Comprised largely of brokered deposits and negotiable CDs.

3

Huntington Bancshares Incorporated
Consolidated Quarterly Average Balance Sheets
(Unaudited)

	Average Balances															Change
Fully taxable equivalent basis	2005									2004						3Q05 vs 3Q04
(in millions of dollars)	Third			Second			First			Fourth			Third			Amount			Percent
Assets
Interest bearing deposits in banks	$	54		$	54		$	53		$	60		$	55		$	(1	)		(1.8	)%
Trading account securities		274			236			200			228			148			126			85.1
Federal funds sold and securities purchased under resale agreements		142			225			475			695			318			(176	)		(55.3	)
Loans held for sale		427			276			203			229			283			144			50.9
Investment securities:
Taxable		3,523			3,589			3,932			3,858			4,340			(817	)		(18.8	)
Tax-exempt		537			411			409			404			398			139			34.9
Total investment securities		4,060			4,000			4,341			4,262			4,738			(678	)		(14.3	)
Loans and leases: (1)
Commercial:
Middle market commercial and industrial		4,708			4,901			4,710			4,503			4,298			410			9.5
Construction		1,720			1,678			1,642			1,577			1,514			206			13.6
Commercial		1,922			1,905			1,883			1,852			1,913			9			0.5
Middle market commercial real estate		3,642			3,583			3,525			3,429			3,427			215			6.3
Small business commercial and industrial and commercial real estate		2,251			2,230			2,183			2,136			2,081			170			8.2
Total commercial		10,601			10,714			10,418			10,068			9,806			795			8.1
Consumer:
Automobile loans		2,078			2,069			2,008			1,913			1,857			221			11.9
Automobile leases		2,424			2,468			2,461			2,388			2,250			174			7.7
Automobile loans and leases		4,502			4,537			4,469			4,301			4,107			395			9.6
Home equity		4,681			4,636			4,570			4,489			4,337			344			7.9
Residential mortgage		4,157			4,080			3,919			3,695			3,484			673			19.3
Other loans		507			491			480			479			461			46			10.0
Total consumer		13,847			13,744			13,438			12,964			12,389			1,458			11.8
Total loans and leases		24,448			24,458			23,856			23,032			22,195			2,253			10.2
Allowance for loan and lease losses		(256	)		(270	)		(282	)		(283	)		(288	)		32			11.1
Net loans and leases		24,192			24,188			23,574			22,749			21,907			2,285			10.4
Total earning assets		29,405			29,249			29,128			28,506			27,737			1,668			6.0
Operating lease assets		309			409			529			648			800			(491	)		(61.4	)
Cash and due from banks		867			865			909			880			928			(61	)		(6.6	)
Intangible assets		217			218			218			216			216			1			0.5
All other assets		2,197			2,149			2,079			2,094			2,066			131			6.3
Total Assets	$	32,739		$	32,620		$	32,581		$	32,061		$	31,459		$	1,280			4.1	%
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits - non-interest bearing	$	3,406		$	3,352		$	3,314		$	3,401		$	3,276		$	130			4.0	%
Demand deposits - interest bearing		7,539			7,677			7,925			7,658			7,384			155			2.1
Savings and other domestic time deposits		3,095			3,230			3,317			3,395			3,436			(341	)		(9.9	)
Retail certificates of deposit		3,157			2,720			2,496			2,454			2,414			743			30.8
Total core deposits		17,197			16,979			17,052			16,908			16,510			687			4.2
Domestic time deposits of $100,000 or more		1,271			1,248			1,249			990			886			385			43.5
Brokered deposits and negotiable CDs		3,286			3,249			2,720			1,948			1,755			1,531			87.2
Deposits in foreign offices		462			434			442			465			476			(14	)		(2.9	)
Total deposits		22,216			21,910			21,463			20,311			19,627			2,589			13.2
Short-term borrowings		1,559			1,301			1,179			1,302			1,342			217			16.2
Federal Home Loan Bank advances		935			1,136			1,196			1,270			1,270			(335	)		(26.4	)
Subordinated notes and other long-term debt		3,960			4,100			4,517			5,099			5,244			(1,284	)		(24.5	)
Total interest bearing liabilities		25,264			25,095			25,041			24,581			24,207			1,057			4.4
All other liabilities		1,458			1,554			1,699			1,598			1,564			(106	)		(6.8	)
Shareholders’ equity		2,611			2,619			2,527			2,481			2,412			199			8.3
Total Liabilities and Shareholders’ Equity	$	32,739		$	32,620		$	32,581		$	32,061		$	31,459		$	1,280			4.1	%

⁽¹⁾ For purposes of this analysis, non-accrual loans are reflected in the average balances of loans.

4

Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin Analysis
(Unaudited)

	Average Rates(2)
	2005									2004
Fully taxable equivalent basis (1)	Third			Second			First			Fourth			Third
Assets
Interest bearing deposits in banks		2.13	%		1.47	%		1.88	%		1.61	%		0.91	%
Trading account securities		3.95			3.94			4.14			4.15			4.44
Federal funds sold and securities purchased under resale agreements		3.41			2.76			2.36			1.99			1.53
Loans held for sale		5.43			6.04			5.55			5.69			5.25
Investment securities:
Taxable		4.37			4.13			3.87			3.77			3.83
Tax-exempt		6.62			6.76			6.73			6.89			7.06
Total investment securities		4.67			4.40			4.14			4.07			4.10
Loans and leases: (3)
Commercial:
Middle market commercial and industrial		5.87			5.65			5.02			4.80			4.46
Construction		6.16			5.70			5.13			4.65			4.13
Commercial		5.90			5.44			5.15			4.80			4.45
Middle market commercial real estate		6.02			5.56			5.14			4.73			4.31
Small business commercial and industrial and commercial real estate		6.17			5.99			5.81			5.67			5.45
Total commercial		5.98			5.69			5.23			4.96			4.62
Consumer:
Automobile loans		6.44			6.57			6.83			7.31			7.65
Automobile leases		4.94			4.91			4.92			5.00			5.02
Automobile loans and leases		5.63			5.67			5.78			6.02			6.21
Home equity		6.60			6.24			5.77			5.30			4.84
Residential mortgage		5.45			5.37			5.36			5.53			5.48
Other loans		5.92			6.22			6.42			6.87			6.54
Total consumer		5.91			5.79			5.67			5.66			5.54
Total loans and leases		5.94			5.75			5.48			5.34			5.12
Total earning assets		5.72	%		5.52	%		5.21	%		5.05	%		4.89	%
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits - non-interest bearing		—	%		—	%		—	%		—	%		—	%
Demand deposits - interest bearing		1.87			1.64			1.45			1.21			1.06
Savings and other domestic time deposits		1.39			1.34			1.27			1.26			1.24
Retail certificates of deposit		3.58			3.49			3.43			3.38			3.32
Total core deposits		2.15			1.94			1.76			1.62			1.52
Domestic time deposits of $100,000 or more		3.60			3.27			2.92			2.51			2.40
Brokered deposits and negotiable CDs		3.66			3.25			2.80			2.26			1.84
Deposits in foreign offices		2.28			1.95			1.41			0.98			0.83
Total deposits		2.52			2.26			1.99			1.73			1.58
Short-term borrowings		2.74			2.16			1.66			1.17			0.92
Federal Home Loan Bank advances		3.08			3.02			2.90			2.68			2.60
Subordinated notes and other long-term debt		4.20			3.91			3.39			2.67			2.62
Total interest bearing liabilities		2.82	%		2.56	%		2.27	%		1.94	%		1.82	%
Net interest rate spread		2.90	%		2.96	%		2.94	%		3.11	%		3.07	%
Impact of non-interest bearing funds on margin		0.41			0.40			0.37			0.27			0.23
Net interest margin		3.31	%		3.36	%		3.31	%		3.38	%		3.30	%

(1)	Fully taxable equivalent (FTE) yields are calculated assuming a 35% tax rate. See page 7 for the FTE adjustment.
(2)	Loan, lease, and deposit average rates include impact of applicable derivatives and non-deferrable fees.
(3)	For purposes of this analysis, non-accrual loans are reflected in the average balances of loans.

5

Huntington Bancshares Incorporated
Quarterly Average Loans and Direct Financing Leases
   and Deposit Composition By Business Segment

(Unaudited)

	Average Balances										Change
	2005						2004				3Q05 vs 3Q04
(in millions of dollars)	Third		Second		First		Fourth		Third		Amount		Percent
Loans and direct financing leases (1)
Regional Banking:
Central Ohio	$	3,181	$	3,173	$	3,105	$	3,073	$	3,008	$	173		5.8	%
Northern Ohio		2,926		2,921		2,867		2,810		2,747		179		6.5
Southern Ohio / Kentucky		2,080		2,067		1,967		1,862		1,794		286		15.9
West Michigan		2,377		2,366		2,297		2,255		2,230		147		6.6
East Michigan		1,507		1,479		1,444		1,402		1,376		131		9.5
West Virginia		944		907		878		875		840		104		12.4
Indiana		983		1,022		980		906		835		148		17.7
Mortgage and equipment leasing groups		3,433		3,364		3,266		3,064		2,847		586		20.6
Regional Banking		17,431		17,299		16,804		16,247		15,677		1,754		11.2
Dealer Sales		5,316		5,496		5,410		5,204		4,982		334		6.7
Private Financial and Capital Markets Group		1,701		1,663		1,642		1,581		1,536		165		10.7
Treasury / Other		—		—		—		—		—		—		—
Total loans and direct financing leases	$	24,448	$	24,458	$	23,856	$	23,032	$	22,195	$	2,253		10.2	%
Deposit composition (1)
Regional Banking:
Central Ohio	$	4,494	$	4,555	$	4,487	$	4,344	$	4,190	$	304		7.3	%
Northern Ohio		4,072		3,931		4,085		4,028		3,937		135		3.4
Southern Ohio / Kentucky		1,861		1,750		1,764		1,665		1,573		288		18.3
West Michigan		2,671		2,638		2,684		2,672		2,641		30		1.1
East Michigan		2,267		2,270		2,298		2,199		2,132		135		6.3
West Virginia		1,408		1,387		1,367		1,359		1,373		35		2.5
Indiana		746		723		698		679		665		81		12.2
Mortgage and equipment leasing groups		215		197		179		213		202		13		6.4
Regional Banking		17,734		17,451		17,562		17,159		16,713		1,021		6.1
Dealer Sales		72		69		71		72		72		—		—
Private Financial and Capital Markets Group		1,116		1,133		1,094		1,116		1,049		67		6.4
Treasury / Other		3,294		3,257		2,736		1,964		1,793		1,501		83.7
Total deposits	$	22,216	$	21,910	$	21,463	$	20,311	$	19,627	$	2,589		13.2	%

⁽¹⁾ Prior period amounts have been reclassified to conform to the current period business segment structure.

6

Huntington Bancshares Incorporated
Selected Quarterly Income Statement Data
(Unaudited)

	2005									2004						3Q05 vs 3Q04
(in thousands of dollars, except per share amounts)	Third			Second			First			Fourth			Third			Amount			Percent
Interest income	$	420,858		$	402,326		$	376,105		$	359,215		$	338,002		$	82,856			24.5	%
Interest expense		179,221			160,426			140,907			120,147			110,944			68,277			61.5
Net interest income		241,637			241,900			235,198			239,068			227,058			14,579			6.4
Provision for credit losses		17,699			12,895			19,874			12,654			11,785			5,914			50.2
Net interest income after provision for credit losses		223,938			229,005			215,324			226,414			215,273			8,665			4.0
Service charges on deposit accounts		44,817			41,516			39,418			41,747			43,935			882			2.0
Trust services		19,671			19,113			18,196			17,315			17,064			2,607			15.3
Brokerage and insurance income		13,948			13,544			13,026			12,879			13,200			748			5.7
Bank owned life insurance income		10,104			10,139			10,104			10,484			10,019			85			0.8
Other service charges and fees		11,449			11,252			10,159			10,617			10,799			650			6.0
Mortgage banking income (loss)		21,116			(2,376	)		12,061			8,822			4,448			16,668			N.M.
Securities gains (losses)		101			(343	)		957			2,100			7,803			(7,702	)		(98.7	)
Gains on sales of automobile loans		502			254			—			—			312			190			60.9
Other income		9,770			24,974			17,397			23,870			17,899			(8,129	)		(45.4	)
Sub-total before operating lease income		131,478			118,073			121,318			127,834			125,479			5,999			4.8
Operating lease income		29,262			38,097			46,732			55,106			64,412			(35,150	)		(54.6	)
Total non-interest income		160,740			156,170			168,050			182,940			189,891			(29,151	)		(15.4	)
Personnel costs		117,476			124,090			123,981			122,738			121,729			(4,253	)		(3.5	)
Net occupancy		16,653			17,257			19,242			26,082			16,838			(185	)		(1.1	)
Outside data processing and other services		18,062			18,113			18,770			18,563			17,527			535			3.1
Equipment		15,531			15,637			15,863			15,733			15,295			236			1.5
Professional services		8,323			9,347			9,459			9,522			12,219			(3,896	)		(31.9	)
Marketing		6,779			7,441			6,454			5,581			5,000			1,779			35.6
Telecommunications		4,512			4,801			4,882			4,596			5,359			(847	)		(15.8	)
Printing and supplies		3,102			3,293			3,094			3,148			3,201			(99	)		(3.1	)
Amortization of intangibles		203			204			204			205			204			(1	)		(0.5	)
Restructuring reserve releases		—			—			—			—			(1,151	)		1,151			N.M.
Other expense		19,588			19,074			18,380			26,526			22,317			(2,729	)		(12.2	)
Sub-total before operating lease expense		210,229			219,257			220,329			232,694			218,538			(8,309	)		(3.8	)
Operating lease expense		22,823			28,879			37,948			48,320			54,885			(32,062	)		(58.4	)
Total non-interest expense		233,052			248,136			258,277			281,014			273,423			(40,371	)		(14.8	)
Income before income taxes		151,626			137,039			125,097			128,340			131,741			19,885			15.1
Provision for income taxes		43,052			30,614			28,578			37,201			38,255			4,797			12.5
Net income	$	108,574		$	106,425		$	96,519		$	91,139		$	93,486		$	15,088			16.1	%
Average common shares - diluted		233,456			235,671			235,053			235,502			234,348			(892	)		(0.4)	%
Per common share
Net income - diluted	$	0.47		$	0.45		$	0.41		$	0.39		$	0.40		$	0.07			17.5
Cash dividends declared		0.215			0.215			0.200			0.200			0.200			0.015			7.5
Return on average total assets		1.32	%		1.31	%		1.20	%		1.13	%		1.18	%		0.14	%		11.9
Return on average total shareholders’ equity		16.5			16.3			15.5			14.6			15.4			1.1			7.1
Net interest margin (1)		3.31			3.36			3.31			3.38			3.30			0.01			0.3
Efficiency ratio (2)		57.4			61.8			63.7			66.4			66.3			(8.9	)		(13.4	)
Effective tax rate		28.4			22.3			22.8			29.0			29.0			(0.6	)		(2.1	)
Revenue — fully taxable equivalent (FTE)
Net interest income	$	241,637		$	241,900		$	235,198		$	239,068		$	227,058		$	14,579			6.4
FTE adjustment		3,734			2,961			2,861			2,847			2,864			870			30.4
Net interest income (1)		245,371			244,861			238,059			241,915			229,922			15,449			6.7
Non-interest income		160,740			156,170			168,050			182,940			189,891			(29,151	)		(15.4	)
Total revenue (1)	$	406,111		$	401,031		$	406,109		$	424,855		$	419,813		$	(13,702	)		(3.3)	%

N.M., not a meaningful value.
(1)	On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
(2)	Non-interest expense less amortization of intangibles divided by the sum of FTE net interest income and non-interest income excluding securities gains (losses).

7

Huntington Bancshares Incorporated
Quarterly Credit Reserves Analysis

(Unaudited)

	2005									2004
(in thousands of dollars)	Third			Second			First			Fourth			Third
Allowance for loan and lease losses, beginning of period	$	254,784		$	264,390		$	271,211		$	282,650		$	286,935
Loan and lease losses		(25,830	)		(25,733	)		(37,213	)		(31,737	)		(26,366	)
Recoveries of loans previously charged off		7,877			9,469			8,941			10,824			9,886
Net loan and lease losses		(17,953	)		(16,264	)		(28,272	)		(20,913	)		(16,480	)
Provision for loan and lease losses		17,112			13,247			21,451			9,474			12,971
Economic reserve transfer		—			(6,253	)		—			—			—
Allowance of assets sold and securitized		—			(336	)		—			—			(776	)
Allowance for loan and lease losses, end of period	$	253,943		$	254,784		$	264,390		$	271,211		$	282,650
Allowance for unfunded loan commitments and letters of credit, beginning of period	$	37,511		$	31,610		$	33,187		$	30,007		$	31,193
Provision for unfunded loan commitments and letters of credit losses		587			(352	)		(1,577	)		3,180			(1,186	)
Economic reserve transfer		—			6,253			—			—			—
Allowance for unfunded loan commitments and letters of credit, end of period	$	38,098		$	37,511		$	31,610		$	33,187		$	30,007
Total allowances for credit losses	$	292,041		$	292,295		$	296,000		$	304,398		$	312,657
Allowance for loan and lease losses (ALLL) as % of:
Transaction reserve		0.81	%		0.77	%		0.81	%		0.78	%		0.84	%
Economic reserve		0.20			0.22			0.27			0.32			0.33
Specific reserve		0.03			0.05			0.01			0.05			0.08
Total loans and leases		1.04	%		1.04	%		1.09	%		1.15	%		1.25	%
Non-performing loans and leases (NPLs)		283			304			441			424			417
Non-performing assets (NPAs)		249			262			361			250			351
Total allowances for credit losses (ACL) as % of:
Total loans and leases		1.19	%		1.19	%		1.22	%		1.29	%		1.38	%
Non-performing loans and leases		326			349			494			476			461
Non-performing assets		287			300			404			280			389

8

Huntington Bancshares Incorporated
Quarterly Net Charge-Off Analysis

(Unaudited)

	2005									2004
(in thousands of dollars)	Third			Second			First			Fourth			Third
Net charge-offs by loan and lease type:
Commercial:
Middle market commercial and industrial	$	(1,082	)	$	1,312		$	14,092		$	1,239		$	(102	)
Construction		495			(134	)		(51	)		704			(19	)
Commercial		1,779			2,269			(152	)		1,834			1,490
Middle market commercial real estate		2,274			2,135			(203	)		2,538			1,471
Small business commercial and industrial and commercial real estate		3,062			2,141			2,283			1,386			1,195
Total commercial		4,254			5,588			16,172			5,163			2,564
Consumer:
Automobile loans		3,895			1,664			3,216			4,406			5,142
Automobile leases		3,105			2,123			3,014			3,104			2,415
Automobile loans and leases		7,000			3,787			6,230			7,510			7,557
Home equity		4,093			5,065			3,963			5,346			4,259
Residential mortgage		522			430			439			608			534
Other loans		2,084			1,394			1,468			2,286			1,566
Total consumer		13,699			10,676			12,100			15,750			13,916
Total net charge-offs	$	17,953		$	16,264		$	28,272		$	20,913		$	16,480
Net charge-offs - annualized percentages:
Commercial:
Middle market commercial and industrial		(0.09	)%		0.11	%		1.20	%		0.11	%		(0.01	)%
Construction		0.12			(0.03	)		(0.01	)		0.18			(0.01	)
Commercial		0.37			0.48			(0.03	)		0.40			0.31
Middle market commercial real estate		0.25			0.24			(0.02	)		0.30			0.17
Small business commercial and industrial and commercial real estate		0.54			0.38			0.42			0.26			0.23
Total commercial		0.16			0.21			0.62			0.21			0.10
Consumer:
Automobile loans		0.75			0.32			0.64			0.92			1.11
Automobile leases		0.51			0.34			0.49			0.52			0.43
Automobile loans and leases		0.62			0.33			0.56			0.70			0.74
Home equity		0.35			0.44			0.35			0.48			0.39
Residential mortgage		0.05			0.04			0.04			0.07			0.06
Other loans		1.64			1.14			1.22			1.91			1.36
Total consumer		0.40			0.31			0.36			0.49			0.45
Net charge-offs as a % of average loans		0.29	%		0.27	%		0.47	%		0.36	%		0.30	%

9

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

(Unaudited)

	2005									2004
(in thousands of dollars)	September 30,			June 30,			March 31,			December 31,			September 30,
Non-accrual loans and leases:
Middle market commercial and industrial	$	25,431		$	26,856		$	16,993		$	24,179		$	20,098
Middle market commercial real estate		13,073			15,331			6,682			4,582			14,717
Small business commercial and industrial and commercial real estate		26,098			19,788			16,387			14,601			12,087
Residential mortgage		16,402			14,137			12,498			13,545			13,197
Home equity		8,705			7,748			7,333			7,055			7,685
Total non-performing loans and leases		89,709			83,860			59,893			63,962			67,784
Other real estate, net:
Residential		11,182			10,758			10,571			8,762			8,840
Commercial (1)		909			2,800			2,839			35,844			3,852
Total other real estate, net		12,091			13,558			13,410			44,606			12,692
Total non-performing assets	$	101,800		$	97,418		$	73,303		$	108,568		$	80,476
Non-performing loans and leases as a % of total loans and leases		0.37	%		0.34	%		0.25	%		0.27	%		0.30	%
Non-performing assets as a % of total loans and leases and other real estate		0.42			0.40			0.30			0.46			0.36
Accruing loans and leases past due 90 days or more	$	50,780		$	53,371		$	50,086		$	54,283		$	53,456
Accruing loans and leases past due 90 days or more as a percent of total loans and leases		0.21	%		0.22	%		0.21	%		0.23	%		0.24	%

	2005									2004
(in thousands of dollars)	Third			Second			First			Fourth			Third
Non-performing assets, beginning of period	$	97,418		$	73,303		$	108,568		$	80,476		$	74,696
New non-performing assets (1)		37,570			47,420			33,607			61,684			22,740
Returns to accruing status		(231	)		(250	)		(3,838	)		(2,248	)		—
Loan and lease losses		(5,897	)		(6,578	)		(17,281	)		(8,578	)		(5,424	)
Payments		(21,203	)		(11,925	)		(10,404	)		(8,829	)		(10,202	)
Sales (1)		(5,857	)		(4,552	)		(37,349	)		(13,937	)		(1,334	)
Non-performing assets, end of period	$	101,800		$	97,418		$	73,303		$	108,568		$	80,476

⁽¹⁾ At December 31, 2004, other real estate owned included $35.7 million of properties that related to the work-out of $5.9 million of mezzanine loans. These properties were subject to $29.8 million of non-recourse debt to another financial institution. Both properties were sold in the first quarter of 2005.

10

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

(Unaudited)

Quarterly common stock summary

	2005						2004
(in thousands, except per share amounts)	Third		Second		First		Fourth		Third
Common stock price, per share
High (1)	$	25.410	$	24.750	$	24.780	$	25.380	$	25.150
Low (1)		22.310		22.570		22.150		23.110		22.700
Close		22.470		24.140		23.900		24.740		24.910
Average closing price		24.227		23.771		23.216		24.241		24.105
Dividends, per share
Cash dividends declared on common stock	$	0.215	$	0.215	$	0.200	$	0.200	$	0.200
Common shares outstanding
Average — basic		229,830		232,217		231,824		231,147		229,848
Average — diluted		233,456		235,671		235,053		235,502		234,348
Ending		229,006		230,842		232,192		231,605		230,153
Book value per share	$	11.45	$	11.40	$	11.15	$	10.96	$	10.69
Common share repurchase program
Number of shares repurchased		2,598		1,818		—		—		—

Capital adequacy

	2005									2004
(in millions of dollars)	September 30,			June 30,			March 31,			December 31,			September 30,
Total risk-weighted assets (2)	$	29,157		$	29,973		$	30,267		$	29,542		$	28,679
Tier 1 leverage ratio (2)		8.51	%		8.50	%		8.45	%		8.42	%		8.36	%
Tier 1 risk-based capital ratio (2)		9.49			9.18			9.04			9.08			9.10
Total risk-based capital ratio (2)		12.79			12.39			12.33			12.48			12.53
Tangible equity / asset ratio		7.39			7.36			7.42			7.18			7.11
Tangible equity / risk-weighted assets ratio (2)		8.25			8.05			7.84			7.86			7.83
Average equity / average assets		7.97			8.03			7.76			7.74			7.67
Other data
Number of employees (full-time equivalent)		7,586			7,713			7,813			7,812			7,906
Number of domestic full-service banking offices (3)		346			344			343			342			341

(1)	High and low stock prices are intra-day quotes obtained from NASDAQ.
(2)	September 30, 2005 figures are estimated.
(3)	Includes three Private Financial Group offices in Florida.

11

Huntington Bancshares Incorporated
Quarterly Operating Lease Performance

(Unaudited)

	2005									2004						3Q05 vs 3Q04
(in thousands of dollars)	Third			Second			First			Fourth			Third			Amount			Percent
Balance Sheet:
Average operating lease assets outstanding	$	308,952		$	408,798		$	529,245		$	647,970		$	800,145		$	(491,193	)		(61.4	)%
Income Statement:
Net rental income	$	26,729		$	34,562		$	43,554		$	51,016		$	60,267		$	(33,538	)		(55.6	)%
Fees		1,419			1,773			1,857			2,111			2,965			(1,546	)		(52.1	)
Recoveries — early terminations		1,114			1,762			1,321			1,979			1,180			(66	)		(5.6	)
Total operating lease income		29,262			38,097			46,732			55,106			64,412			(35,150	)		(54.6	)
Depreciation and residual losses at termination		20,856			26,560			34,703			45,293			49,917			(29,061	)		(58.2	)
Losses — early terminations		1,967			2,319			3,245			3,027			4,968			(3,001	)		(60.4	)
Total operating lease expense		22,823			28,879			37,948			48,320			54,885			(32,062	)		(58.4	)
Net earnings contribution	$	6,439		$	9,218		$	8,784		$	6,786		$	9,527		$	(3,088	)		(32.4	)%
Earnings ratios (1)
Net rental income		34.6	%		33.8	%		32.9	%		31.5	%		30.1	%		4.5	%		15.0	%
Depreciation and residual losses at termination		27.0			26.0			26.2			28.0			25.0			2.0			8.0

Definition of term(s):

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

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

12

Huntington Bancshares Incorporated
Consolidated Year To Date Average Balance Sheets

(Unaudited)

	YTD Average Balances
Fully taxable equivalent basis	Nine Months Ended September 30,						Change
(in millions of dollars)	2005			2004			Amount			Percent
Assets
Interest bearing deposits in banks	$	53		$	67		$	(14	)		(20.9	)%
Trading account securities		237			64			173			N.M.
Federal funds sold and securities purchased under resale agreements		298			193			105			54.4
Loans held for sale		303			248			55			22.2
Investment securities:
Taxable		3,662			4,615			(953	)		(20.7	)
Tax-exempt		453			415			38			9.2
Total investment securities		4,115			5,030			(915	)		(18.2	)
Loans and leases: (1)
Commercial:
Middle market commercial and industrial		4,773			4,431			342			7.7
Construction		1,680			1,355			325			24.0
Commercial		1,903			1,902			1			0.1
Middle market commercial real estate		3,583			3,257			326			10.0
Small business commercial and industrial and commercial real estate		2,222			2,024			198			9.8
Total commercial		10,578			9,712			866			8.9
Consumer:
Automobile loans		2,052			2,410			(358	)		(14.9	)
Automobile leases		2,451			2,126			325			15.3
Automobile loans and leases		4,503			4,536			(33	)		(0.7	)
Home equity		4,630			4,086			544			13.3
Residential mortgage		4,053			3,049			1,004			32.9
Other loans		492			440			52			11.8
Total consumer		13,678			12,111			1,567			12.9
Total loans and leases		24,256			21,823			2,433			11.1
Allowance for loan and lease losses		(269	)		(303	)		34			11.2
Net loans and leases		23,987			21,520			2,467			11.5
Total earning assets		29,262			27,425			1,837			6.7
Operating lease assets		415			980			(565	)		(57.7	)
Cash and due from banks		880			814			66			8.1
Intangible assets		218			216			2			0.9
All other assets		2,141			2,074			67			3.2
Total Assets	$	32,647		$	31,206		$	1,441			4.6	%
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits — non-interest bearing	$	3,358		$	3,172		$	186			5.9	%
Demand deposits — interest bearing		7,712			7,055			657			9.3
Savings and other domestic time deposits		3,213			3,444			(231	)		(6.7	)
Retail certificates of deposit		2,793			2,404			389			16.2
Total core deposits		17,076			16,075			1,001			6.2
Domestic time deposits of $100,000 or more		1,256			823			433			52.6
Brokered deposits and negotiable CDs		3,088			1,800			1,288			71.6
Deposits in foreign offices		446			522			(76	)		(14.6	)
Total deposits		21,866			19,220			2,646			13.8
Short-term borrowings		1,347			1,447			(100	)		(6.9	)
Federal Home Loan Bank advances		1,088			1,271			(183	)		(14.4	)
Subordinated notes and other long-term debt		4,190			5,474			(1,284	)		(23.5	)
Total interest bearing liabilities		25,133			24,240			893			3.7
All other liabilities		1,570			1,456			114			7.8
Shareholders’ equity		2,586			2,338			248			10.6
Total Liabilities and Shareholders’ Equity	$	32,647		$	31,206		$	1,441			4.6	%

N.M., not a meaningful value.

⁽¹⁾ For purposes of this analysis, non-accrual loans are reflected in the average balances of loans.

13

Huntington Bancshares Incorporated
Consolidated Year To Date Net Interest Margin Analysis

(Unaudited)

	YTD Average Rates (2)
	Nine Months Ended September 30,
Fully Taxable Equivalent basis (1)	2005			2004
Assets
Interest bearing deposits in banks		1.82	%		0.88	%
Trading account securities		4.00			4.17
Federal funds sold and securities purchased under resale agreements		2.79			1.42
Loans held for sale		5.63			5.24
Investment securities:
Taxable		4.09			3.91
Tax-exempt		6.69			7.00
Total investment securities		4.37			4.17
Loans and leases:
Commercial:
Middle market commercial and industrial		5.52			4.28
Construction		5.67			3.86
Commercial		5.50			4.32
Middle market commercial real estate		5.58			4.13
Small business commercial and industrial and commercial real estate		5.99			5.41
Total commercial		5.64			4.46
Consumer:
Automobile loans		6.61			7.20
Automobile leases		4.92			5.00
Automobile loans and leases		5.69			6.17
Home equity		6.21			4.84
Residential mortgage		5.39			5.36
Other loans		6.18			6.21
Total consumer		5.79			5.52
Total loans and leases		5.73			5.03
Total earning assets		5.49	%		4.84	%
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits - non-interest bearing		—	%		—	%
Demand deposits - interest bearing		1.65			0.96
Savings and other domestic time deposits		1.33			1.29
Retail certificates of deposit		3.50			3.35
Total core deposits		1.95			1.50
Domestic time deposits of $100,000 or more		3.27			2.31
Brokered deposits and negotiable CDs		3.27			1.64
Deposits in foreign offices		1.89			0.77
Total deposits		2.26			1.53
Short-term borrowings		2.23			0.85
Federal Home Loan Bank advances		2.99			2.54
Subordinated notes and other long-term debt		3.82			2.39
Total interest bearing liabilities		2.55			1.74
Net interest rate spread		2.94			3.10
Impact of non-interest bearing funds on margin		0.39			0.21
Net interest margin		3.33	%		3.31	%

(1)	Fully taxable equivalent (FTE) yields are calculated assuming a 35% tax rate. See page 15 for the FTE adjustment.
(2)	Loan and lease and deposit average rates include impact of applicable derivatives and non-deferrable fees.
(3)	For purposes of this analysis, non-accrual loans are reflected in the average balances of loans.

14

Huntington Bancshares Incorporated
Selected Year To Date Income Statement Data

(Unaudited)

	Nine Months Ended September 30,						Change
(in thousands of dollars, except per share amounts)	2005			2004			Amount			Percent
Interest income	$	1,199,289		$	988,100		$	211,189			21.4	%
Interest expense		480,554			315,794			164,760			52.2
Net interest income		718,735			672,306			46,429			6.9
Provision for credit losses		50,468			42,408			8,060			19.0
Net interest income after provision for credit losses		668,267			629,898			38,369			6.1
Service charges on deposit accounts		125,751			129,368			(3,617	)		(2.8	)
Trust services		56,980			50,095			6,885			13.7
Brokerage and insurance income		40,518			41,920			(1,402	)		(3.3	)
Bank owned life insurance income		30,347			31,813			(1,466	)		(4.6	)
Other service charges and fees		32,860			30,957			1,903			6.1
Mortgage banking income		30,801			23,474			7,327			31.2
Securities gains		715			13,663			(12,948	)		(94.8	)
Gains on sales of automobile loans		756			14,206			(13,450	)		(94.7	)
Other income		52,141			68,177			(16,036	)		(23.5	)
Sub-total before operating lease income		370,869			403,673			(32,804	)		(8.1	)
Operating lease income		114,091			231,985			(117,894	)		(50.8	)
Total non-interest income		484,960			635,658			(150,698	)		(23.7	)
Personnel costs		365,547			363,068			2,479			0.7
Net occupancy		53,152			49,859			3,293			6.6
Outside data processing and other services		54,945			53,552			1,393			2.6
Equipment		47,031			47,609			(578	)		(1.2	)
Professional services		27,129			27,354			(225	)		(0.8	)
Marketing		20,674			20,908			(234	)		(1.1	)
Telecommunications		14,195			15,191			(996	)		(6.6	)
Printing and supplies		9,489			9,315			174			1.9
Amortization of intangibles		611			612			(1	)		(0.2	)
Restructuring reserve releases		—			(1,151	)		1,151			N.M.
Other expense		57,042			66,755			(9,713	)		(14.6	)
Sub-total before operating lease expense		649,815			653,072			(3,257	)		(0.5	)
Operating lease expense		89,650			188,158			(98,508	)		(52.4	)
Total non-interest expense		739,465			841,230			(101,765	)		(12.1	)
Income before income taxes		413,762			424,326			(10,564	)		(2.5	)
Provision for income taxes		102,244			116,540			(14,296	)		(12.3	)
Net income	$	311,518		$	307,786		$	3,732			1.2	%
Average common shares — diluted		234,727			233,307			1,420			0.6	%
Per common share
Net income per common share — diluted	$	1.33		$	1.32		$	0.01			0.8	%
Cash dividends declared		0.630			0.550			0.080			14.5
Return on average total assets		1.28	%		1.32	%		(0.04	)%		(3.0	)%
Return on average total shareholders’ equity		16.1			17.6			(1.5	)		(8.5	)
Net interest margin (1)		3.33			3.31			0.02			0.6
Efficiency ratio (2)		60.9			64.5			(3.6	)		(5.6	)
Effective tax rate		24.7			27.5			(2.8	)		(10.2	)
Revenue — fully taxable equivalent (FTE)
Net interest income	$	718,735		$	672,306		$	46,429			6.9	%
FTE adjustment (1)		9,556			8,806			750			8.5
Net interest income		728,291			681,112			47,179			6.9
Non-interest income		484,960			635,658			(150,698	)		(23.7	)
Total revenue	$	1,213,251		$	1,316,770		$	(103,519	)		(7.9	)%
N.M., not a meaningful value.

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

15

Huntington Bancshares Incorporated
Year To Date Credit Reserves Analysis

(Unaudited)

	Nine Months Ended September 30,
(in thousands of dollars)	2005			2004
Allowance for loan and lease losses, beginning of period	$	271,211		$	299,732
Loan and lease losses		(88,776	)		(94,378	)
Recoveries of loans previously charged off		26,287			36,756
Net loan and lease losses		(62,489	)		(57,622	)
Provision for loan and lease losses		51,810			47,923
Economic reserve transfer		(6,253	)		—
Allowance of assets sold and securitized		(336	)		(7,383	)
Allowance for loan and lease losses, end of period	$	253,943		$	282,650
Allowance for unfunded loan commitments and letters of credit, beginning of period	$	33,187		$	35,522
Provision for unfunded loan commitments and letters of credit losses		(1,342	)		(5,515	)
Economic reserve transfer		6,253			—
Allowance for unfunded loan commitments and letters of credit, end of period	$	38,098		$	30,007
Total allowances for credit losses	$	292,041		$	312,657

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Huntington Bancshares Incorporated
Year To Date Net Charge-Off Analysis

(Unaudited)

	Nine Months Ended September 30,
(in thousands of dollars)	2005			2004
Net charge-offs by loan and lease type:
Commercial:
Middle market commercial and industrial	$	14,322		$	681
Construction		310			1,761
Commercial		3,896			3,672
Middle market commercial real estate		4,206			5,433
Small business commercial and industrial and commercial real estate		7,486			4,180
Total commercial		26,014			10,294
Consumer:
Automobile loans		8,775			24,168
Automobile leases		8,242			7,733
Automobile loans and leases		17,017			31,901
Home equity		13,121			9,728
Residential mortgage		1,391			1,152
Other loans		4,946			4,547
Total consumer		36,475			47,328
Total net charge-offs	$	62,489		$	57,622
Net charge-offs - annualized percentages:
Commercial:
Middle market commercial and industrial		0.40	%		0.02	%
Construction		0.02			0.17
Commercial		0.27			0.26
Middle market commercial real estate		0.16			0.22
Small business commercial and industrial and commercial real estate		0.45			0.28
Total commercial		0.33			0.14
Consumer:
Automobile loans		0.57			1.34
Automobile leases		0.45			0.48
Automobile loans and leases		0.50			0.94
Home equity		0.38			0.32
Residential mortgage		0.05			0.05
Other loans		1.34			1.38
Total consumer		0.36			0.52
Net charge-offs as a % of average loans		0.34	%		0.35	%

17

Huntington Bancshares Incorporated
Year To Date Operating Lease Performance

(Unaudited)

	Nine Months Ended September 30,						2005 vs 2004
(in thousands of dollars)	2005			2004			Amount			Percent
Balance Sheet:
Average operating lease assets outstanding	$	414,858		$	980,312		$	(565,454	)		(57.7	)%
Income Statement:
Net rental income	$	104,845		$	216,186		$	(111,341	)		(51.5	)
Fees		5,049			11,346			(6,297	)		(55.5	)
Recoveries — early terminations		4,197			4,453			(256	)		(5.7	)
Total operating lease income		114,091			231,985			(117,894	)		(50.8	)
Depreciation and residual losses at termination		82,119			171,152			(89,033	)		(52.0	)
Losses — early terminations		7,531			17,006			(9,475	)		(55.7	)
Total operating lease expense		89,650			188,158			(98,508	)		(52.4	)
Net earnings contribution	$	24,441		$	43,827		$	(19,386	)		(44.2	)%
Earnings ratios(1)
Net rental income		33.7	%		29.4	%		4.3	%		14.6	%
Depreciation and residual losses at termination		26.4			23.3			3.1			13.3

Definition of terms:

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

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

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