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) January 18, 2006

HUNTINGTON BANCSHARES INCORPORATED

(Exact name of registrant as specified in its charter)

Maryland	0-2525	31-0724920
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer 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))

Item 2.02. Results of Operations and Financial Condition.

     On January 18, 2006, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the quarter and year ended December 31, 2005. Also on January 18, 2006, 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 January 18, 2006, 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 January 18, 2006, 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 January 31, 2006, at 800-642-1687; conference call ID 3483504.

     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 in the news release and the Quarterly Financial Review, are attached as Exhibits 99.1 and 99.2, respectively, and are being furnished under Item 2.02 of this Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(c) The following exhibits are being furnished herewith:

Exhibit 99.1 — News release of Huntington Bancshares Incorporated, dated January 18, 2006.

Exhibit 99.2 — Quarterly Financial Review, December 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: January 18, 2006	By:	/s/ 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, January 18, 2006.
Exhibit 99.2	Quarterly Financial Review, December 2005.

EX-99.1

Exhibit 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE
January 18, 2006
Contacts:
Analysts		Media
Jay Gould	(614) 480-4060	Jeri Grier-Ball	(614) 480-5413
Susan Stuart	(614) 480-3878	Maureen Brown	(614) 480-4588

HUNTINGTON BANCSHARES REPORTS:

• 2005 FOURTH QUARTER RESULTS

• NET INCOME OF $100.6 MILLION, UP 10%, AND EARNINGS PER COMMON SHARE OF $0.44, UP 13%;

• INCREASES IN NON-PERFORMING LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES;

• 2005 FULL-YEAR RESULTS

• NET INCOME OF $412.1 MILLION, UP 3%, AND RECORD EARNINGS PER COMMON SHARE OF $1.77, UP 4%;

• 2006 FULL-YEAR EARNINGS OUTLOOK

• DECLARES 16% INCREASE IN QUARTERLY CASH DIVIDEND ON ITS COMMON STOCK

     COLUMBUS, Ohio – Huntington Bancshares Incorporated (NASDAQ: HBAN; www.huntington.com) reported 2005 fourth quarter earnings of $100.6 million, or $0.44 per common share, up 10% and 13%, respectively, from $91.1 million, or $0.39 per common share, in the year-ago quarter. Earnings in the 2005 third quarter were $108.6 million, or $0.47 per common share.

     Earnings for full-year 2005 were $412.1 million, or $1.77 per common share, up 3% and 4%, respectively, from $398.9 million, or $1.71 per common share, in 2004.

FOURTH QUARTER PERFORMANCE DISCUSSION

     “Despite several positive trends in the quarter, fourth quarter performance was weaker than expected,” said Thomas E. Hoaglin, chairman, president, and chief executive officer. “This

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reflected two credit-related items. First, due to developments very late in the quarter, two credits totaling $12 million were classified as non-performing loans and accounted for most of the $15 million increase in non-performing assets. We don’t see this as being the start of a trend, as we expect our non-performing assets ratio for 2006 to remain relatively stable with the year-end ratio of 0.48%.

     “The second credit-related disappointment was a number of commercial loan downgrades, also occurring late in the quarter. Given our highly quantitative loan loss reserve methodology, these downgrades required a meaningful increase in our allowance for loan and lease losses. As a result, our provision for credit losses exceeded net charge-offs by $13.3 million. We also don’t view this as being the beginning of a trend, as we expect our 2006 full-year net charge-off ratio will be at the lower end of our 0.35%-0.45% targeted range. Our expectation going forward is that our provision for credit loss expense will be more reflective of net charge-off levels.”

     “Aside from these two credit-related issues, there were a number of good underlying performance trends in the quarter that point to positive momentum going into 2006,” he noted. “Our net interest margin increased three basis points. Average total commercial loans grew at an annualized 7% rate from the third quarter, with average core deposits increasing an annualized 3%. Trust services income increased for the ninth consecutive quarter, and expenses were well-controlled. Our net charge-off ratio was only 29 basis points, matching the low ratio of the prior quarter. And, we used excess capital to repurchase 5.2 million shares of common stock.”

     Highlights compared with 2005 third quarter included:

• $15.4 million, or 15%, increase in non-performing assets (NPA) with a 0.48% period-end NPA ratio, compared with 0.42% in the prior quarter.

• 1.10% period-end allowance for loan and lease losses (ALLL) ratio, up from 1.04% as provision for credit losses exceeded net charge-offs by $13.3 million.

• 3.34% net interest margin, up from 3.31% despite a one basis point negative impact from share repurchase activity.

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

• 1% decline (4% annualized) in average total consumer loans, including a decline in average total automobile loans and leases reflecting loan sales. Average residential mortgages and home equity loans were little changed.

• $8.8 million of securities losses, reflecting a decision to reposition a segment of the investment securities portfolio.

• 1% increase (3% annualized) in average total core deposits, driven by growth in commercial deposits.

• 0.29% annualized net charge-offs, unchanged with the prior quarter.

• 7.19% period-end tangible common equity ratio, down from 7.39%, reflecting the repurchase of 5.2 million common shares.

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

• $7.0 million after-tax ($0.03 earnings per share) positive net impact related to the recognition of the effect of federal tax refunds on income tax expense. Each quarter

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	of 2005 reflected similar impacts, resulting from the ability to carry back federal tax losses to prior years.
•	$10.4 million pre-tax ($0.03 earnings per share) negative impact from (1) the sale of investment securities as part of a plan to reposition a segment of the portfolio, which resulted in $8.8 million of pre-tax losses, and (2) a $1.6 million impact of mortgage servicing rights (MSR) recovery of temporary impairment net of hedge-related trading activity.

Significant Items Impacting Earnings Performance Comparisons ⁽¹⁾

Three Months Ended		Impact (2)
	(In millions, except per share)	Amount (3)			EPS
December 31, 2005 – GAAP earnings		$	100.6	(4)	$	0.44
•	Net impact of federal tax loss carry back		7.0	(4)		0.03
•	Securities losses plus MSR recovery of temporary impairment net of hedge-related trading activity		(10.4	)		(0.03	)
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 of temporary impairment net of hedge-related trading activity		(2.1	)		(0.01	)
December 31, 2004 – GAAP earnings		$	91.1	(4)	$	0.39
•	SEC/regulatory-related expenses		(6.5	)		(0.03	)
•	Property lease impairments		(7.8	)		(0.02	)
•	One time adjustment to consolidated securitization		3.7			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

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

2005 Fourth Quarter versus 2004 Fourth Quarter

     Fully taxable equivalent net interest income increased $5.6 million, or 2%, from the year-ago quarter, primarily reflecting the favorable impact of a $0.9 billion, or 3%, increase in average earning assets, partially offset by a 4 basis point, or an effective 1%, decline in the net interest margin. The fully taxable equivalent net interest margin of 3.34%, declined from 3.38% in the year-ago quarter, as the net interest margin in the year-ago quarter included a 6 basis point positive impact related to a securitization funding cost adjustment. Excluding this impact, the current quarter’s net interest margin would have increased 2 basis points from the year-ago period reflecting the benefit of higher-yielding loans, the unwinding of excess liquidity early in the year, and disciplined deposit pricing.

     Average total loans and leases increased $1.4 billion, or 6%, from the 2004 fourth quarter,

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with consumer and commercial loans contributing equally to the growth. Average total consumer loans increased $0.7 billion, or 6%, from the year-ago quarter, reflecting growth across all consumer loan categories. Average residential mortgages increased $0.5 billion, or 13%, and average home equity loans increased $0.2 billion, or 4%. Though residential mortgage and home equity loan growth rates were strong compared with the year-ago quarter, they have continued to slow.

     Compared with the year-ago quarter, average total automobile loans and leases increased only 1%. Average automobile loans increased $0.1 billion, or 5%, reflecting current automobile loan production and loan sales. Average direct financing leases declined 2% from the year-ago quarter, reflecting declining production levels due to lower consumer demand and aggressive price competition. Average operating lease assets declined $0.4 billion, or 62%, as this portfolio continued to run off. Total automobile loan and lease exposure at quarter end was 18%, down from 21% a year ago.

     Average total commercial loans increased $0.7 billion, or 7%, from the year-ago quarter. This reflected a $0.6 billion, or 8%, increase in total middle market C&I and CRE loans, and 4% growth in average small business C&I and CRE loans.

     Average total investment securities were $0.1 billion, or 2%, higher than in the year-ago quarter.

2005 Fourth Quarter versus 2005 Third Quarter

     Compared with the 2005 third quarter, fully taxable equivalent net interest income increased $2.1 million, or 1%, reflecting a three basis point increase in the net interest margin to 3.34%, as well as growth in average earning assets. The increase in the net interest margin largely reflected a neutrally positioned balance sheet and disciplined deposit pricing, partially offset by the impact of funding share repurchases.

     Average total loans and leases in the fourth quarter increased only slightly from the 2005 third quarter, as growth in average total commercial loans was offset by a decline in average total consumer loans.

     Average total commercial loans increased $0.2 billion, or 2%, from the third quarter. As noted in 2004, we established new criteria for categorizing new and renewed commercial loans as either C&I or CRE based on the underlying purpose of the loan. In November, we applied these criteria to all remaining loans not yet renewed, resulting in a net $500 million of loans reclassified from CRE to C&I, largely representing commercial loans secured by owner-occupied real estate. This reclassification was made to so that the entire commercial loan portfolio would be reported on the same basis. Underlying fourth quarter commercial loan trends, therefore, can be better discerned by looking at the performance of these two middle market commercial loan categories on a combined basis. On this basis, average total middle market C&I and CRE loans increased $0.2 billion, or 2%, from the third quarter. This growth came from our Central Ohio and Eastern Michigan regions, supplemented by a modest recovery of automobile dealer floor plan loans.

     Average total small business C&I and CRE loans declined slightly from the third quarter reflecting decreased demand.

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     Compared with the 2005 third quarter, average total consumer loans declined $0.2 billion, or 1%, primarily reflecting a 3% decrease in average automobile loans and leases. Average automobile loans declined, as production was more than offset by payments and loan sales. The decline in average direct financing leases reflected lower consumer demand and aggressive market pricing. Average home equity loans declined slightly and residential mortgages were little changed from third quarter levels. This reflected the continuation of slowing growth over the last several quarters due to a combination of factors including lower demand as interest rates levels increased, consumer pay downs, as well as our desire to maintain credit underwriting and pricing discipline.

     Average investment securities increased $0.3 billion, or 7%, from the 2005 third quarter, reflecting the purchase of floating rate asset-backed securities. During the fourth quarter a decision was made to restructure a portion of the investment portfolio to replace lower rate securities with higher rate securities. Specifically, $260 million of lower rate agency debt was sold, most of which was callable, which resulted in $8.8 million of securities losses. The proceeds were reinvested in well-structured agency collateralized mortgage obligations at higher rates.

Deposits

2005 Fourth Quarter versus 2004 Fourth Quarter

     Average total core deposits in the 2005 fourth quarter increased $0.4 billion, or 3%, from the year-ago quarter. All of this increase reflected growth in certificates of deposit less than $100,000, partially offset by declines in savings and other domestic time deposits and interest bearing demand deposits. This transfer of funds into certificates of deposit less than $100,000 and out of other deposit accounts reflected customer preference for higher fixed rate term deposit accounts. Average certificates of deposit less than $100,000 increased $1.0 billion, or 39%, with this increase partially offset by a 12% decline in savings and other domestic time deposits, as well as a 2% decline in interest bearing demand deposits.

2005 Fourth Quarter versus 2005 Third Quarter

     Compared with the 2005 third quarter, average total core deposits increased 1%. This primarily reflected 8% growth in certificates of deposits less than $100,000, primarily consumer driven, partially offset by declines in savings and other time deposits, as well as interest bearing demand deposits.

Non-Interest Income

2005 Fourth Quarter versus 2004 Fourth Quarter

     Non-interest income decreased $35.6 million, or 19%, from the year-ago quarter, mostly attributed to the $30.8 million decline in operating lease income, reflecting the continued run-off of the operating lease portfolio. The remaining categories decreased a total of $4.9 million with the primary drivers being:

• $10.9 million decline in securities gains as the current quarter reflected $8.8 million of securities losses related to the repositioning of a portion of the investment securities portfolio noted earlier. This contrasts with $2.1 million of securities gains in the year-ago

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quarter.

Partially offset by:

• $3.1 million, or 18%, increase in trust services income, due primarily to higher mutual fund, personal trust, and institutional trust assets under management.

• $2.1 million, or 24%, increase in mortgage banking income, primarily reflecting higher secondary marketing income.

2005 Fourth Quarter versus 2005 Third Quarter

     Compared with the 2005 third quarter, non-interest income decreased $13.4 million, or 8%. This included a $4.9 million decline in operating lease income, reflecting the run-off of the operating lease portfolio. The remaining fee income categories contributed a net $8.5 million decrease with the primary drivers being:

• $10.2 million decrease in mortgage banking income, as the current quarter reflected $0.4 million of MSR recovery of temporary impairment compared with $10.5 million of MSR recovery of temporary impairment in the third quarter.

• $8.8 million of investment securities losses compared with $0.1 million of securities gains in the prior quarter.

• $2.7 million, or 6%, decline in service charges on deposit accounts, reflecting lower commercial service charges.

Partially offset by:

• $13.1 million increase in other income as the prior quarter included $12.8 million of MSR hedge-related trading losses.

Non-Interest Expense

2005 Fourth Quarter versus 2004 Fourth Quarter

     Non-interest expense decreased $50.7 million, or 18%, from the year-ago quarter with $29.6 million of the decline reflecting the run-off of the operating lease portfolio. Of the remaining $21.1 million decline from the year-ago quarter, the primary drivers were:

• $8.1 million, or 31%, decline in net occupancy expense as the year-ago quarter included asset valuation write-downs and establishment of reserves related to certain specific properties.

• $7.3 million, or 28%, decline in other expense, as the year-ago quarter included $5.5 million of SEC and regulatory-related expenses, and a $1.7 million decline in residual value losses.

• $6.6 million, or 5%, decline in personnel expense, primarily reflecting lower incentive compensation and benefits expense.

• $2.1 million, or 22%, decline in professional services, due primarily to lower legal and consulting expense.

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Partially offset by:

• $1.8 million, or 33%, increase in marketing expense related to increased advertising expenditures.

• $1.1 million increase in outside data processing and other services with the largest increase in debit card processing expense, up $0.6 million.

2005 Fourth Quarter versus 2005 Third Quarter

     Compared with the 2005 third quarter, non-interest expense decreased $2.7 million, including a $4.1 million decline in operating lease expense, reflecting the run-off of the operating lease portfolio. The primary drivers of the remaining $1.4 million increase, excluding the impact of the operating lease expense decline, were:

• $1.6 million, or 9%, increase in outside data processing and other services.

• $1.3 million, or 8%, increase in net occupancy expense.

Partially offset by:

• $1.4 million, or 1%, decline in personnel costs, primarily reflecting lower incentive compensation, commensurate with slower loan growth, and lower benefits expense.

Income Taxes

     The company’s effective tax rate was 22.5% in the 2005 fourth quarter, down from 29.0% in the year-ago quarter, and from 28.4% in the 2005 third quarter. As previously disclosed, the effective tax rate in each quarter of 2005 included 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 2005 third 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 just below 30%.

Credit Quality

     Total net charge-offs for the 2005 fourth quarter were $17.6 million, or an annualized 0.29% of average total loans and leases. This was down from $20.9 million, or an annualized 0.36%, in the year-ago quarter, but little changed from $18.0 million, or a comparable annualized 0.29%, of average total loans and leases, in the 2005 third quarter.

     Total commercial net charge-offs in the fourth quarter were $3.6 million, or an annualized 0.13%, down from $5.2 million, or an annualized 0.21%, in the year-ago quarter. This reflected net recoveries in the current quarter in middle market C&I and CRE loans, which lowered total commercial net charge-offs by $2.0 million and $2.7 million, respectively, from the year-ago quarter. This benefit was partially offset by a $3.1 million increase in small business loan net charge-offs, which totaled $4.5 million in the current quarter, or an annualized 0.80% of related loans. Compared with the 2005 third quarter, current period total commercial net charge-offs were down $0.7 million from $4.3 million, or an annualized 0.16%, in the prior quarter.

     Total consumer net charge-offs in the current quarter were $14.0 million, or an annualized

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0.41% of related loans. This compared with $15.8 million, or 0.49%, in the year-ago quarter. The decline from the year-ago quarter reflected primarily 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 fourth quarter were $6.6 million, or an annualized 0.61% of related loans and leases, down from $7.5 million, or an annualized 0.70%, in the year-ago quarter. Home equity loan net charge-offs in the current quarter were $4.5 million, or an annualized 0.39%, down from $5.3 million, or 0.48%, in the year-ago quarter. Compared with the 2005 third quarter, total consumer net charge-offs increased slightly to $14.0 million, or an annualized 0.41%, from $13.7 million, or 0.40%. This reflected slightly higher residential mortgage and home equity loan net charge offs.

     NPAs were $117.2 million at December 31, 2005, and represented 0.48% of related assets, up from $108.6 million, or 0.46%, at the end of last year and up $15.4 million from $101.8 million, or 0.42%, at September 30, 2005. Non-performing loans and leases (NPLs), which exclude OREO, were $101.9 million at December 31, 2005, up $38.0 million from the year-earlier period, and $12.2 million from the end of the third quarter. The increase from the 2005 third quarter primarily reflected two credits totaling $12 million, one an automotive industry-related credit in our Northeast Ohio region, and the other a residential-related commercial real estate project in our West Michigan region. NPLs expressed as a percent of total loans and leases were 0.42% at December 31, 2005, up from 0.27% a year earlier and from 0.37% at September 30, 2005.

     The over 90-day delinquent, but still accruing, ratio was 0.23% at December 31, 2005, unchanged from the end of the year-ago quarter, and little changed from 0.21% at September 30, 2005.

Allowances for Credit Losses (ACL) and Loan Loss Provision

     We maintain 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 December 31, 2005, ALLL was $268.3 million, down from $271.2 million a year earlier, but up from $253.9 million at September 30, 2005. Expressed as a percent of period-end loans and leases, the ALLL ratio at December 31, 2005, was 1.10%, down from 1.15% a year ago, reflecting the improvement in economic conditions. The increase in the ALLL ratio from the third quarter reflected commercial credit downgrades in the manufacturing, services and commercial real estate sectors, largely in the Northern Ohio and East Michigan markets. These downgrades were reflected in the increase in the transaction and specific reserve components of the ALLL. The table below shows the change in the ALLL ratio and each reserve component from the 2004 fourth quarter and 2005 third quarter.

Components of ALLL as percent of total loans and leases:

										4Q05 change from
	4Q05			3Q05			4Q04			3Q05			4Q04
Transaction reserve		0.84	%		0.81	%		0.78	%		0.03	%		0.06	%
Economic reserve		0.21			0.20			0.32			0.01			(0.11	)
Specific reserve		0.05			0.03			0.05			0.02			—
Total ALLL		1.10	%		1.04	%		1.15	%		0.06	%		(0.05	)%

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     The ALLL as a percent of NPAs was 229% at December 31, 2005, down from 250% a year ago, and 249% at September 30, 2005.

     At December 31, 2005, the AULC was $37.0 million, up from $33.2 million at the end of the year-ago quarter, but down from $38.1 million at September 30, 2005.

     On a combined basis, the ACL as a percent of total loans and leases was 1.25% at December 31, 2005, down from 1.29% a year earlier, but up from 1.19% at the end of last quarter. The ACL as a percent of NPAs was 261% at December 31, 2005, down from 280% a year earlier and 287% at September 30, 2005.

     The provision for credit losses in the 2005 fourth quarter was $30.8 million, an $18.2 million increase from the year-ago quarter and a $13.1 million increase from the 2005 third quarter. The increase in provision expense from the year-ago quarter and the prior quarter reflected a combination of higher non-performing assets, as well as the downgrades in certain commercial credits discussed above.

Capital

     At December 31, 2005, the tangible equity to assets ratio was 7.19%, up slightly from 7.18% a year ago, but down from 7.39% at September 30, 2005. At December 31, 2005, the tangible equity to risk-weighted assets ratio was 7.88%, up slightly from 7.86% at the end of the year-ago quarter, but down from 8.19% at September 30, 2005. The increase in these ratios from a year ago reflected growth in retained earnings, with the improvement in the risk-weighted ratio also reflecting the reduced overall risk profile of earning assets. The declines from September 30, 2005, reflected the impact of share repurchases.

     During the quarter, 5.2 million shares of common stock were repurchased in the open market, leaving 9.8 million shares remaining under the 15 million share repurchase authorization announced October 18, 2005. We expect to repurchase shares from time-to-time in the open market or through privately negotiated transactions depending on market conditions.

FULL YEAR PERFORMANCE DISCUSSION

     Commenting on full-year performance, Hoaglin said, “Full-year net income and earnings per common share for Huntington came in below our expectations due to the weaker than expected fourth quarter results. Even so, full-year earnings per share were $1.77, up 4%, and represented a record year. We demonstrated improved performance and continued to gain momentum in a number of areas.”

     “Our net interest margin proved to be very stable in what was a challenging environment as interest rates rose and loan and deposit pricing was very aggressive,” he continued. “Average total loans and leases increased 10% and average total core deposits grew 5%. Trends in core fee income activities were mixed. Trust income increased 15%, other service charges grew 7%, and mortgage banking, including the net impact of MSR recoveries net of hedge-related trading activity, increased 29%. On the other hand, service charges on deposit accounts, as well as brokerage and insurance income, declined 2%. Expenses were well-controlled and our efficiency ratio improved. And our year-end capital ratios were strong, even as we repurchased

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9.6 million shares of our stock.”

     “Overall, revenues declined 8% while expenses decreased 14%, resulting in a reported operating leverage of 6%. We believe this overstates our operating leverage because of the impact of operating lease accounting and other large items that affect comparability between the two years (see Tables 1& 2). After adjusting for operating lease accounting and such items, revenue grew 3% and expenses fell 1%, resulting in 4% positive operating leverage.”

     “Credit quality performance was also mixed. Our 0.33% net charge-off ratio was below our targeted 0.35%-0.45% range. But credit downgrades late in December contributed to a 48% increase in provision for credit losses for the year. Our period end non-performing assets were 8% higher than a year earlier, though as noted earlier, we don’t see much change from where we ended the year. All in all, this performance gives us confidence of momentum as we go into 2006.”

Table 1 — Operating Leverage Analysis

								Better /(Worse)
	(In millions, except per share)	2005			2004			Amount			Percent
Revenue FTE — Reported (1)		$	1,608.1		$	1,741.6		$	(133.5	)		(7.7	)%
•	Operating lease expense		(108.3	)		(236.5	)
•	Securities losses (gains)		8.1			(15.8	)
•	Adjustment to consolidated securitization		—			(3.7	)
•	Gain on sale of auto loans (2)		—			(14.2	)
Revenue FTE — Adjusted		$	1,507.9		$	1,471.4		$	36.5			2.5	%
Non-interest expense — Reported		$	969.8		$	1,122.2		$	152.4			13.6	%
•	Operating lease expense		(108.3	)		(236.5	)
•	SEC/regulatory-related expenses		(3.7	)		(13.6	)
•	Severance and consolidation expenses and restructuring reserve releases		(4.6	)		1.2
•	Property lease impairments		—			(7.8	)
•	Unizan conversion expenses		—			(3.6	)
Non-interest expense — Adjusted		$	853.2		$	861.9		$	8.7			1.0	%
Operating leverage – Reported												5.9	%
Operating leverage – Adjusted												3.5	%
Efficiency ratio (3) – Reported			60.0	%		65.0	%
Efficiency ratio (3) – Adjusted			56.5	%		58.5	%

(1)	Fully taxable equivalent net interest income + non-interest income
(2)	Prior to flow sale program initiated in 2005
(3)	Non-interest expense less amortization of intangibles, divided by net interest income (FTE) and non-interest income excluding securities gains (losses)

-10-

Table 2 — Significant Items Impacting Earnings Performance Comparisons ⁽¹⁾

Twelve Months Ended		Impact(2)
	(In millions, except per share)	Amount(3)			EPS
December 31, 2005 – GAAP earnings		$	412.1	(4)	$	1.77
•	Net impact of federal tax loss carry back		26.9	(4)		0.12
•	Securities losses		(8.1	)		(0.02	)
•	MSR recovery of temporary impairment net of hedge-related trading activity		(7.3	)		(0.02	)
•	Single middle market C&I net charge-off in 1Q, net of allocated reserves		(6.4	)		(0.02	)
•	Net impact of repatriating foreign earnings		(5.0	) (4)		(0.02	)
•	Severance and consolidation expenses		(4.6	)		(0.01	)
•	Write-off of equity investment		(2.1	)		(0.01	)
•	SEC/regulatory-related expenses		(3.7	)		(0.01	)
December 31, 2004 – GAAP earnings		$	398.9	(4)	$	1.71
•	SEC/regulatory-related expenses		(13.6	)		(0.05	)
•	Property lease impairments		(7.8	)		(0.02	)
•	Unizan conversion expenses		(3.6	)		(0.01	)
•	Gain on sale of auto loans (5)		14.2			0.04
•	Single middle market C&I recovery		11.1			0.03
•	MSR recovery of temporary impairment net of hedge-related trading activity		(7.2	)		(0.02	)
•	Securities gains		15.8			0.04
•	Adjustment to consolidated securitization		3.7			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
(5)	Prior to flow sale program initiated in 2005

2006 OUTLOOK

     When earnings guidance is given, it is our 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.

     Overall, the 2006 economic environment is expected to be little changed from 2005. While weakness in the automotive manufacturing and supplier sector is expected, our exposure is modest. How much this weakness impacts other banking activities is unknown. Our assumption is that this will also be modest and mostly concentrated in our East Michigan and Northern Ohio regions. Regarding interest rates, we expect those to be relatively stable. We are not counting

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on much change in the shape of the yield curve, and will continue to target our interest rate risk position at our customary neutral position.

     Within this type of environment, and on the same basis as reported 2005 earnings, we anticipate a 2006 earnings per share range of $1.87-$1.92. However, two changes must be considered, one a certainty and one yet to be determined. First, we will adopt stock option expensing effective January 1, 2006. This will negatively impact earnings per share about $0.05 for the year. Second, is the Unizan Financial Corp. acquisition. This transaction has not yet received regulatory approval and we can make no assurances about it. However, if approved, we estimate this could negatively impact 2006 earnings per share by $0.03-$0.04. If both of these items are considered, the targeted GAAP earnings per share range would be $1.78-$1.84.

     Below is a list of more specific 2006 performance assumptions:

- Revenue growth in the low- to mid-single digits reflecting:

- Commercial loan growth in the mid-to-high single digit range,

- Core deposit growth in the mid-single digit range,

- A net interest margin that is relatively stable, and

- Non-interest income growth in the mid-single digit range, including strong trust and brokerage income

- Expense growth in the low-single digit range

- Revenue that grows faster than expenses, resulting in positive operating leverage and continued improvement in our efficiency ratio

- A net charge-off ratio at the lower end of our 0.35%-0.45% targeted range

- Relatively stable NPA and allowance for loan loss ratios

- Repurchases throughout the year of the remaining 9.8 million shares from the current 15 million share authorization

16% INCREASE IN QUARTERLY CASH DIVIDEND DECLARED

     Huntington Bancshares Incorporated today announced that the board of directors has declared a quarterly cash dividend on its common stock of $0.25 per common share, a 16.0% increase from the current quarterly dividend of $0.215 per common share. The dividend is payable April 3, 2006, to shareholders of record on March 17, 2006.

     “The board is especially pleased to announce this sizable increase in our common stock dividend,” said Thomas Hoaglin, chairman, president and chief executive officer, “as it is made possible by our financial performance and reflects our optimism for continued progress. This comes only three quarters after our last increase. We have a very strong capital base, and even with this dividend increase, we expect to generate excess capital. Our board is always looking for ways to enhance returns for our shareholders. One way is through share repurchases, which we have been making. Another is through cash dividend increases. The increase announced today results in a dividend payout ratio above our long-term targeted payout range of 40%-50%, but is warranted in the current, slower growth environment.”

-12-

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 January 31, 2006 at 800-642-1687; conference ID 3483504.

Forward-looking Statement

     This press release contains certain forward-looking statements, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. A number of factors, including but not limited to those set forth under the heading “Business Risks” included in Item 1 of Huntington’s Annual Report on Form 10-K for the year ended December 31, 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 this release or 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

-13-

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 140 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.

###

-14-

HUNTINGTON BANCSHARES INCORPORATED
Quarterly Key Statistics
(Unaudited)

	2005						2004			Percent Changes vs.
(in thousands of dollars, except per share amounts)	Fourth			Third			Fourth			3Q05			4Q04
Net interest income	$	243,676		$	241,637		$	239,068			0.8	%		1.9	%
Provision for credit losses		30,831			17,699			12,654			74.2			N.M.
Non-interest income		147,322			160,740			182,940			(8.3	)		(19.5	)
Non-interest expense		230,355			233,052			281,014			(1.2	)		(18.0	)
Income before income taxes		129,812			151,626			128,340			(14.4	)		1.1
Provision for income taxes		29,239			43,052			37,201			(32.1	)		(21.4	)
Net Income	$	100,573		$	108,574		$	91,139			(7.4	)%		10.4	%
Net income per common share — diluted	$	0.44		$	0.47		$	0.39			(6.4	)%		12.8	%
Cash dividends declared per common share		0.215			0.215			0.200			—			7.5
Book value per common share at end of period		11.41			11.45			10.96			(0.3	)		4.1
Average common shares — basic		226,699			229,830			231,147			(1.4	)		(1.9	)
Average common shares — diluted		229,718			233,456			235,502			(1.6	)		(2.5	)
Return on average assets		1.22	%		1.32	%		1.13	%
Return on average shareholders’ equity		15.5			16.5			14.6
Net interest margin (1)		3.34			3.31			3.38
Efficiency ratio (2)		57.0			57.4			66.4
Effective tax rate		22.5			28.4			29.0
Average loans and leases	$	24,468,233		$	24,448,366		$	23,032,173			0.1			6.2
Average loans and leases — linked quarter annualized growth rate.		0.3	%		(0.2	)%		15.1	%
Average earning assets	$	29,444,360		$	29,404,945		$	28,506,464			0.1			3.3
Average total assets		32,614,335			32,739,357			32,060,518			(0.4	)		1.7
Average core deposits (3)		17,344,953			17,197,417			16,908,269			0.9			2.6
Average core deposits — linked quarter annualized growth rate (3)		3.4	%		5.1	%		9.7	%
Average shareholders’ equity		2,573,538			2,610,782			2,481,373			(1.4	)		3.7
Total assets at end of period	$	32,764,805		$	32,762,988		$	32,565,497			—			0.6
Total shareholders’ equity at end of period		2,557,501			2,622,675			2,537,638			(2.5	)		0.8
Net charge-offs (NCOs)	$	17,568		$	17,953		$	20,913			(2.1	)		(16.0	)
NCOs as a % of average loans and leases		0.29	%		0.29	%		0.36	%
Non-performing loans and leases (NPLs)	$	101,915		$	89,709		$	63,962			13.6			59.3
Non-performing assets (NPAs)		117,155			101,800			108,568			15.1			7.9
NPAs as a % of total loans and leases and other real estate (OREO)		0.48	%		0.42	%		0.46	%
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period		1.10			1.04			1.15
ALLL plus allowance for unfunded loan commitments and letters of credit as a % of total loans and leases at the end of period		1.25			1.19			1.29
ALLL as a % of NPLs		263			283			424
ALLL as a % of NPAs		229			249			250
Tier 1 risk-based capital ratio (4)		9.10			9.42			9.08
Total risk-based capital ratio (4)		12.38			12.70			12.48
Tier 1 leverage ratio (4)		8.34			8.50			8.42
Average equity / assets		7.89			7.97			7.74
Tangible equity / assets (5)		7.19			7.39			7.18

(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 certificates of deposit less than $100,000.
(4)	December 31, 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).

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HUNTINGTON BANCSHARES INCORPORATED
Annual Key Statistics

(Unaudited)

	Year Ended December 31,						Change
(in thousands of dollars, except per share amounts)	2005			2004			Amount			Percent
Net interest income	$	962,411		$	911,374		$	51,037			5.6	%
Provision for credit losses		81,299			55,062			26,237			47.6
Non-interest income		632,282			818,598			(186,316	)		(22.8	)
Non-interest expense		969,820			1,122,244			(152,424	)		(13.6	)
Income before income taxes		543,574			552,666			(9,092	)		(1.6	)
Provision for income taxes		131,483			153,741			(22,258	)		(14.5	)
Net Income	$	412,091		$	398,925		$	13,166			3.3	%
Net Income per common share — diluted	$	1.77		$	1.71		$	0.06			3.5	%
Cash dividends declared per common share		0.845			0.750			0.10			12.7
Average common shares — basic		230,142			229,913			229			0.1
Average common shares — diluted		233,475			233,856			(381	)		(0.2	)
Return on average assets		1.26	%		1.27	%
Return on average shareholders’ equity		16.0			16.8
Net interest margin (1)		3.33			3.33
Efficiency ratio (2)		60.0			65.0
Effective tax rate		24.2			27.8
Average loans and leases	$	24,309,768		$	22,126,894			2,182,874			9.9
Average earning assets		29,307,603			27,697,075			1,610,528			5.8
Average total assets		32,639,011			31,432,746			1,206,265			3.8
Average core deposits (3)		17,144,091			16,284,727			859,364			5.3
Average shareholders’ equity		2,582,721			2,374,137			208,584			8.8
Net charge-offs (NCOs)		80,057			78,535			1,522			1.9
NCOs as a % of average loans and leases		0.33	%		0.35	%

(1)	On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
(2)	Non-interest expense less amortization of intangibles ($0.8 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 certificates of deposit less than $100,000.

-16-

EX-99.2

EXHIBIT 99.2

HUNTINGTON BANCSHARES INCORPORATED

Quarterly Financial Review
December 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 Mortgage Banking Income and Net Impact of MSR Hedging	8
Quarterly Credit Reserves Analysis	9
Quarterly Net Charge-Off Analysis	10
Quarterly Non-Performing Assets and Past Due Loans and Leases	11
Quarterly Stock Summary, Capital, and Other Data	12
Quarterly Operating Lease Performance	13
Consolidated Annual Average Balance Sheets	14
Consolidated Annual Net Interest Margin Analysis	15
Selected Annual Income Statement Data	16
Annual Mortgage Banking Income and Net Impact of MSR Hedging	17
Annual Credit Reserves Analysis	18
Annual Net Charge-Off Analysis	19
Annual Non-Performing Assets and Past Due Loans and Leases	20
Annual Operating Lease Performance	21

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			December '05 vs '04
(in thousands of dollars, except per share amounts)	December 31,			September 30,			December 31,			Amount			Percent
	(Unaudited)			(Unaudited)
Assets
Cash and due from banks	$	966,445		$	803,425		$	877,320		$	89,125			10.2	%
Federal funds sold and securities purchased under resale agreements		74,331			78,325			628,040			(553,709	)		(88.2	)
Interest bearing deposits in banks		22,391			22,379			22,398			(7	)		(0.0	)
Trading account securities		8,619			191,418			309,630			(301,011	)		(97.2	)
Loans held for sale		294,344			449,096			223,469			70,875			31.7
Investment securities		4,526,520			4,304,898			4,238,945			287,575			6.8
Loans and leases (1)		24,472,166			24,496,287			23,560,277			911,889			3.9
Allowance for loan and lease losses		(268,347	)		(253,943	)		(271,211	)		2,864			(1.1	)
Net loans and leases		24,203,819			24,242,344			23,289,066			914,753			3.9
Operating lease assets		229,077			274,190			587,310			(358,233	)		(61.0	)
Bank owned life insurance		1,001,542			993,407			963,059			38,483			4.0
Premises and equipment		360,677			358,876			355,115			5,562			1.6
Goodwill and other intangible assets		217,486			217,703			215,807			1,679			0.8
Customers’ acceptance liability		4,536			7,463			11,299			(6,763	)		(59.9	)
Accrued income and other assets		855,018			819,464			844,039			10,979			1.3
Total Assets	$	32,764,805		$	32,762,988		$	32,565,497		$	199,308			0.6	%
Liabilities and Shareholders’ Equity
Liabilities
Deposits (2)	$	22,409,675		$	22,349,122		$	20,768,161		$	1,641,514			7.9	%
Short-term borrowings		1,889,260			1,502,566			1,207,233			682,027			56.5
Federal Home Loan Bank advances		1,155,647			1,155,656			1,271,088			(115,441	)		(9.1	)
Other long-term debt		2,418,419			2,795,431			4,016,004			(1,597,585	)		(39.8	)
Subordinated notes		1,023,371			1,034,343			1,039,793			(16,422	)		(1.6	)
Allowance for unfunded loan commitments and letters of credit		36,957			38,098			33,187			3,770			11.4
Bank acceptances outstanding		4,536			7,463			11,299			(6,763	)		(59.9	)
Deferred federal income tax liability		743,655			768,344			783,628			(39,973	)		(5.1	)
Accrued expenses and other liabilities		525,784			489,290			897,466			(371,682	)		(41.4	)
Total Liabilities		30,207,304			30,140,313			30,027,859			179,445			0.6
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 224,106,172; 229,005,823 and 231,605,281 shares, respectively.		2,491,326			2,490,919			2,484,204			7,122			0.3
Less 33,760,083; 28,860,432 and 26,260,974 treasury shares, respectively		(693,576	)		(575,941	)		(499,259	)		(194,317	)		38.9
Accumulated other comprehensive loss		(22,093	)		(21,839	)		(10,903	)		(11,190	)		N.M.
Retained earnings		781,844			729,536			563,596			218,248			38.7
Total Shareholders’ Equity		2,557,501			2,622,675			2,537,638			19,863			0.8
Total Liabilities and Shareholders’ Equity	$	32,764,805		$	32,762,988		$	32,565,497		$	199,308			0.6	%

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				December '05 vs '04
(in thousands of dollars)	December 31,				September 30,				December 31,				Amount			Percent
	(Unaudited)				(Unaudited)
By Type
Commercial:
Middle market commercial and industrial (1)	$	5,084,244	20.6	%	$	4,790,680	19.3	%	$	4,660,141	19.3	%	$	424,103			9.1	%
Construction		1,521,897	6.2			1,762,237	7.1			1,592,125	6.6			(70,228	)		(4.4	)
Commercial (1)		2,015,498	8.2			1,885,027	7.6			1,881,835	7.8			133,663			7.1
Middle market commercial real estate		3,537,395	14.4			3,647,264	14.7			3,473,960	14.4			63,435			1.8
Small business commercial and industrial and commercial real estate		2,223,740	9.1			2,234,988	9.1			2,168,877	8.9			54,863			2.5
Total commercial		10,845,379	44.1			10,672,932	43.1			10,302,978	42.6			542,401			5.3
Consumer:
Automobile loans		1,985,304	8.0			2,063,285	8.3			1,948,667	8.1			36,637			1.9
Automobile leases		2,289,015	9.3			2,381,004	9.6			2,443,455	10.1			(154,440	)		(6.3	)
Home equity		4,638,841	18.8			4,684,904	18.9			4,554,540	18.9			84,301			1.9
Residential mortgage		4,193,139	17.0			4,180,350	16.9			3,829,234	15.9			363,905			9.5
Other loans		520,488	1.9			513,812	2.1			481,403	2.0			39,085			8.1
Total consumer		13,626,787	55.0			13,823,355	55.8			13,257,299	55.0			369,488			2.8
Total loans and direct financing leases	$	24,472,166	99.1		$	24,496,287	98.9		$	23,560,277	97.6		$	911,889			3.9
Operating lease assets		229,077	0.9			274,190	1.1			587,310	2.4			(358,233	)		(61.0	)
Total credit exposure	$	24,701,243	100.0	%	$	24,770,477	100.0	%	$	24,147,587	100.0	%	$	553,656			2.3	%
Total automobile exposure (2)	$	4,503,396	18.2	%	$	4,718,479	19.0	%	$	4,979,432	20.6	%	$	(476,036	)		(9.6	)%
By Business Segment (3)
Regional Banking:
Central Ohio	$	3,147,464	12.7	%	$	3,223,920	13.0	%	$	3,096,709	12.8	%	$	50,755			1.6	%
Northern Ohio		2,892,228	11.7			2,952,508	11.9			2,857,746	11.8			34,482			1.2
Southern Ohio / Kentucky		2,042,070	8.3			2,064,617	8.3			1,895,180	7.8			146,890			7.8
West Michigan		2,363,873	9.6			2,369,813	9.6			2,271,682	9.4			92,191			4.1
East Michigan		1,574,000	6.4			1,530,757	6.2			1,430,169	5.9			143,831			10.1
West Virginia		970,959	3.9			948,854	3.8			882,016	3.7			88,943			10.1
Indiana		1,027,455	4.2			967,324	3.9			961,700	4.0			65,755			6.8
Mortgage and equipment leasing groups		3,533,809	14.3			3,505,072	14.2			3,196,762	13.2			337,047			10.5
Regional Banking		17,551,858	71.1			17,562,865	70.8			16,591,964	68.7			959,894			5.8
Dealer Sales (4)		5,430,038	22.0			5,492,278	22.2			5,920,256	24.5			(490,218	)		(8.3	)
Private Financial and Capital Markets Group		1,719,347	6.9			1,715,334	7.0			1,635,367	6.8			83,980			5.1
Treasury / Other		—	—			—	—			—	—			—			—
Total credit exposure	$	24,701,243	100.0	%	$	24,770,477	100.0	%	$	24,147,587	100.0	%	$	553,656			2.3	%

(1)	The fourth quarter of 2005 reflects a net reclassification of $500 million from middle market commercial real estate to middle market commercial and industrial, on November 1, 2005.
(2)	Sum of automobile loans and leases and automobile operating lease assets.
(3)	Prior period amounts have been reclassified to conform to the current period business segment structure.
(4)	Includes operating lease inventory.

2

Huntington Bancshares Incorporated
Deposit Composition

													Change
	2005								2004				December '05 vs '04
(in thousands of dollars)	December 31,				September 30,				December 31,				Amount			Percent
	(Unaudited)				(Unaudited)
By Type
Demand deposits — non-interest bearing	$	3,390,044	15.1	%	$	3,361,749	15.0	%	$	3,392,123	16.3	%	$	(2,079	)		(0.1	)%
Demand deposits — interest bearing		7,380,044	32.9			7,481,019	33.5			7,786,377	37.5			(406,333	)		(5.2	)
Savings and other domestic time deposits		3,094,136	13.8			3,186,354	14.3			3,502,552	16.9			(408,416	)		(11.7	)
Certificates of deposit less than $100,000		3,526,039	15.7			3,281,457	14.7			2,466,965	11.9			1,059,074			42.9
Total core deposits		17,390,263	77.5			17,310,579	77.5			17,148,017	82.6			242,246			1.4
Domestic time deposits of $100,000 or more		1,348,928	6.0			1,356,875	6.1			1,081,660	5.2			267,268			24.7
Brokered deposits and negotiable CDs		3,199,796	14.3			3,228,083	14.4			2,097,537	10.1			1,102,259			52.6
Deposits in foreign offices		470,688	2.2			453,585	2.0			440,947	2.1			29,741			6.7
Total deposits	$	22,409,675	100.0	%	$	22,349,122	100.0	%	$	20,768,161	100.0	%	$	1,641,514			7.9	%
Total core deposits:
Commercial	$	5,352,053	30.8	%	$	5,424,728	31.3	%	$	5,293,666	30.9	%	$	58,387			1.1	%
Personal		12,038,210	69.2			11,885,851	68.7			11,854,351	69.1			183,859			1.6
Total core deposits	$	17,390,263	100.0	%	$	17,310,579	100.0	%	$	17,148,017	100.0	%	$	242,246			1.4	%
By Business Segment (1)
Regional Banking:
Central Ohio	$	4,525,881	20.2	%	$	4,433,948	19.8	%	$	4,500,840	21.7	%	$	25,041			0.6	%
Northern Ohio		4,070,715	18.2			4,035,762	18.1			4,068,385	19.6			2,330			0.1
Southern Ohio / Kentucky		1,951,502	8.7			1,915,034	8.6			1,742,353	8.4			209,149			12.0
West Michigan		2,795,199	12.5			2,783,571	12.5			2,643,510	12.7			151,689			5.7
East Michigan		2,271,736	10.1			2,311,421	10.3			2,222,191	10.7			49,545			2.2
West Virginia		1,463,678	6.5			1,428,172	6.4			1,375,151	6.6			88,527			6.4
Indiana		726,768	3.2			770,834	3.4			663,927	3.2			62,841			9.5
Mortgage and equipment leasing groups		161,866	0.7			177,026	0.8			194,624	0.9			(32,758	)		(16.8	)
Regional Banking		17,967,345	80.2			17,855,768	79.9			17,410,981	83.8			556,364			3.2
Dealer Sales		65,255	0.3			72,411	0.3			74,969	0.4			(9,714	)		(13.0	)
Private Financial and Capital Markets Group		1,169,179	5.2			1,186,360	5.3			1,176,303	5.7			(7,124	)		(0.6	)
Treasury / Other (2)		3,207,896	14.3			3,234,583	14.5			2,105,908	10.1			1,101,988			52.3
Total deposits	$	22,409,675	100.0	%	$	22,349,122	100.0	%	$	20,768,161	100.0	%	$	1,641,514			7.9	%

(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			4Q05 vs 4Q04
(in millions of dollars)	Fourth			Third			Second			First			Fourth			Amount			Percent
Assets
Interest bearing deposits in banks	$	51		$	54		$	54		$	53		$	60		$	(9	)		(15.0	)%
Trading account securities		119			274			236			200			228			(109	)		(47.8	)
Federal funds sold and securities purchased under resale agreements		103			142			225			475			695			(592	)		(85.2	)
Loans held for sale		361			427			276			203			229			132			57.6
Investment securities:
Taxable		3,802			3,523			3,589			3,932			3,858			(56	)		(1.5	)
Tax-exempt		540			537			411			409			404			136			33.7
Total investment securities		4,342			4,060			4,000			4,341			4,262			80			1.9
Loans and leases: (1)
Commercial:
Middle market commercial and industrial (2)		4,946			4,708			4,901			4,710			4,503			443			9.8
Construction		1,675			1,720			1,678			1,642			1,577			98			6.2
Commercial (2)		1,923			1,922			1,905			1,883			1,852			71			3.8
Middle market commercial real estate		3,598			3,642			3,583			3,525			3,429			169			4.9
Small business commercial and industrial and commercial real estate		2,230			2,251			2,230			2,183			2,136			94			4.4
Total commercial		10,774			10,601			10,714			10,418			10,068			706			7.0
Consumer:
Automobile loans		2,018			2,078			2,069			2,008			1,913			105			5.5
Automobile leases		2,337			2,424			2,468			2,461			2,388			(51	)		(2.1	)
Automobile loans and leases		4,355			4,502			4,537			4,469			4,301			54			1.3
Home equity		4,653			4,681			4,636			4,570			4,489			164			3.7
Residential mortgage		4,165			4,157			4,080			3,919			3,695			470			12.7
Other loans		521			507			491			480			479			42			8.8
Total consumer		13,694			13,847			13,744			13,438			12,964			730			5.6
Total loans and leases		24,468			24,448			24,458			23,856			23,032			1,436			6.2
Allowance for loan and lease losses		(262	)		(256	)		(270	)		(282	)		(283	)		21			7.4
Net loans and leases		24,206			24,192			24,188			23,574			22,749			1,457			6.4
Total earning assets		29,444			29,405			29,249			29,128			28,506			938			3.3
Operating lease assets		245			309			409			529			648			(403	)		(62.2	)
Cash and due from banks		742			867			865			909			880			(138	)		(15.7	)
Intangible assets		218			217			218			218			216			2			0.9
All other assets		2,227			2,197			2,149			2,079			2,094			133			6.4
Total Assets	$	32,614		$	32,739		$	32,620		$	32,581		$	32,061		$	553			1.7	%
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits — non-interest bearing	$	3,444		$	3,406		$	3,352		$	3,314		$	3,401		$	43			1.3	%
Demand deposits — interest bearing		7,496			7,539			7,677			7,925			7,658			(162	)		(2.1	)
Savings and other domestic time deposits		2,984			3,095			3,230			3,317			3,395			(411	)		(12.1	)
Certificates of deposit less than $100,000		3,421			3,157			2,720			2,496			2,454			967			39.4
Total core deposits		17,345			17,197			16,979			17,052			16,908			437			2.6
Domestic time deposits of $100,000 or more		1,397			1,271			1,248			1,249			990			407			41.1
Brokered deposits and negotiable CDs		3,210			3,286			3,249			2,720			1,948			1,262			64.8
Deposits in foreign offices		490			462			434			442			465			25			5.4
Total deposits		22,442			22,216			21,910			21,463			20,311			2,131			10.5
Short-term borrowings		1,472			1,559			1,301			1,179			1,302			170			13.1
Federal Home Loan Bank advances		1,156			935			1,136			1,196			1,270			(114	)		(9.0	)
Subordinated notes and other long-term debt		3,687			3,960			4,100			4,517			5,099			(1,412	)		(27.7	)
Total interest bearing liabilities		25,313			25,264			25,095			25,041			24,581			732			3.0
All other liabilities		1,283			1,458			1,554			1,699			1,598			(315	)		(19.7	)
Shareholders’ equity		2,574			2,611			2,619			2,527			2,481			93			3.7
Total Liabilities and Shareholders’ Equity	$	32,614		$	32,739		$	32,620		$	32,581		$	32,061		$	553			1.7	%

(1)	For purposes of this analysis, non-accrual loans are reflected in the average balances of loans.
(2)	The fourth quarter of 2005 reflects a net reclassification of $500 million from middle market commercial real estate to middle market commercial and industrial, on November 1, 2005.

4

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

	Average Rates (2)
	2005												2004
Fully taxable equivalent basis (1)	Fourth			Third			Second			First			Fourth
Assets
Interest bearing deposits in banks		3.20	%		2.13	%		1.47	%		1.88	%		1.61	%
Trading account securities		4.53			3.95			3.94			4.14			4.15
Federal funds sold and securities purchased under resale agreements		3.78			3.41			2.76			2.36			1.99
Loans held for sale		5.68			5.43			6.04			5.55			5.69
Investment securities:
Taxable		4.70			4.37			4.13			3.87			3.77
Tax-exempt		6.77			6.62			6.76			6.73			6.89
Total investment securities		4.96			4.67			4.40			4.14			4.07
Loans and leases: (3)
Commercial:
Middle market commercial and industrial		6.28			5.87			5.65			5.02			4.80
Construction		6.70			6.16			5.70			5.13			4.65
Commercial		6.34			5.90			5.44			5.15			4.80
Middle market commercial real estate		6.51			6.02			5.56			5.14			4.73
Small business commercial and industrial and commercial real estate		6.41			6.17			5.99			5.81			5.67
Total commercial		6.38			5.98			5.69			5.23			4.96
Consumer:
Automobile loans		6.26			6.44			6.57			6.83			7.31
Automobile leases		4.98			4.94			4.91			4.92			5.00
Automobile loans and leases		5.57			5.63			5.67			5.78			6.02
Home equity		7.03			6.60			6.24			5.77			5.30
Residential mortgage		5.61			5.45			5.37			5.36			5.53
Other loans		5.98			5.92			6.22			6.42			6.87
Total consumer		6.09			5.91			5.79			5.67			5.66
Total loans and leases		6.22			5.94			5.75			5.48			5.34
Total earning assets		6.01	%		5.72	%		5.52	%		5.21	%		5.05	%
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits — non-interest bearing		—	%		—	%		—	%		—	%		—	%
Demand deposits — interest bearing		2.12			1.87			1.64			1.45			1.21
Savings and other domestic time deposits		1.44			1.39			1.34			1.27			1.26
Certificates of deposit less than $100,000		3.70			3.58			3.49			3.43			3.38
Total core deposits		2.36			2.15			1.94			1.76			1.62
Domestic time deposits of $100,000 or more		3.90			3.60			3.27			2.92			2.51
Brokered deposits and negotiable CDs		4.20			3.66			3.25			2.80			2.26
Deposits in foreign offices		2.66			2.28			1.95			1.41			0.98
Total deposits		2.79			2.52			2.26			1.99			1.73
Short-term borrowings		3.11			2.74			2.16			1.66			1.17
Federal Home Loan Bank advances		3.37			3.08			3.02			2.90			2.68
Subordinated notes and other long-term debt		4.72			4.20			3.91			3.39			2.67
Total interest bearing liabilities		3.12	%		2.82	%		2.56	%		2.27	%		1.94	%
Net interest rate spread		2.89	%		2.90	%		2.96	%		2.94	%		3.11	%
Impact of non-interest bearing funds on margin		0.45			0.41			0.40			0.37			0.27
Net interest margin		3.34	%		3.31	%		3.36	%		3.31	%		3.38	%

(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		4Q05 vs 4Q04
(in millions of dollars)	Fourth		Third		Second		First		Fourth		Amount			Percent
Loans and direct financing leases (1)
Regional Banking:
Central Ohio	$	3,222	$	3,181	$	3,173	$	3,105	$	3,073	$	149			4.8	%
Northern Ohio		2,919		2,926		2,921		2,867		2,810		109			3.9
Southern Ohio / Kentucky		2,069		2,080		2,067		1,967		1,862		207			11.1
West Michigan		2,382		2,377		2,366		2,297		2,255		127			5.6
East Michigan		1,537		1,507		1,479		1,444		1,402		135			9.6
West Virginia		963		944		907		878		875		88			10.1
Indiana		976		983		1,022		980		906		70			7.7
Mortgage and equipment leasing groups		3,461		3,433		3,364		3,266		3,064		397			13.0
Regional Banking		17,529		17,431		17,299		16,804		16,247		1,282			7.9
Dealer Sales		5,225		5,316		5,496		5,410		5,204		21			0.4
Private Financial and Capital Markets Group		1,714		1,701		1,663		1,642		1,581		133			8.4
Treasury / Other		—		—		—		—		—		—			—
Total loans and direct financing leases	$	24,468	$	24,448	$	24,458	$	23,856	$	23,032	$	1,436			6.2	%
Deposit composition (1)
Regional Banking:
Central Ohio	$	4,508	$	4,494	$	4,555	$	4,487	$	4,344	$	164			3.8	%
Northern Ohio		4,122		4,072		3,931		4,085		4,028		94			2.3
Southern Ohio / Kentucky		1,938		1,861		1,750		1,764		1,665		273			16.4
West Michigan		2,778		2,671		2,638		2,684		2,672		106			4.0
East Michigan		2,296		2,267		2,270		2,298		2,199		97			4.4
West Virginia		1,428		1,408		1,387		1,367		1,359		69			5.1
Indiana		742		746		723		698		679		63			9.3
Mortgage and equipment leasing groups		202		215		197		179		213		(11	)		(5.2	)
Regional Banking		18,014		17,734		17,451		17,562		17,159		855			5.0
Dealer Sales		62		72		69		71		72		(10	)		(13.9	)
Private Financial and Capital Markets Group		1,149		1,116		1,133		1,094		1,116		33			3.0
Treasury / Other		3,217		3,294		3,257		2,736		1,964		1,253			63.8
Total deposits	$	22,442	$	22,216	$	21,910	$	21,463	$	20,311	$	2,131			10.5	%

⁽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			4Q05 vs 4Q04
(in thousands of dollars, except per share amounts)	Fourth			Third			Second			First			Fourth			Amount			Percent
Interest income	$	442,476		$	420,858		$	402,326		$	376,105		$	359,215		$	83,261			23.2	%
Interest expense		198,800			179,221			160,426			140,907			120,147			78,653			65.5
Net interest income		243,676			241,637			241,900			235,198			239,068			4,608			1.9
Provision for credit losses		30,831			17,699			12,895			19,874			12,654			18,177			N.M.
Net interest income after provision for credit losses		212,845			223,938			229,005			215,324			226,414			(13,569	)		(6.0	)
Service charges on deposit accounts		42,083			44,817			41,516			39,418			41,747			336			0.8
Trust services		20,425			19,671			19,113			18,196			17,315			3,110			18.0
Brokerage and insurance income		13,101			13,948			13,544			13,026			12,879			222			1.7
Bank owned life insurance income		10,389			10,104			10,139			10,104			10,484			(95	)		(0.9	)
Other service charges and fees		11,488			11,449			11,252			10,159			10,617			871			8.2
Mortgage banking income (loss)		10,909			21,116			(2,376	)		12,061			8,822			2,087			23.7
Securities gains (losses)		(8,770	)		101			(343	)		957			2,100			(10,870	)		N.M.
Gains on sales of automobile loans		455			502			254			—			—			455			—
Other income		22,900			9,770			24,974			17,397			23,870			(970	)		(4.1	)
Sub-total before operating lease income		122,980			131,478			118,073			121,318			127,834			(4,854	)		(3.8	)
Operating lease income		24,342			29,262			38,097			46,732			55,106			(30,764	)		(55.8	)
Total non-interest income		147,322			160,740			156,170			168,050			182,940			(35,618	)		(19.5	)
Personnel costs		116,111			117,476			124,090			123,981			122,738			(6,627	)		(5.4	)
Net occupancy		17,940			16,653			17,257			19,242			26,082			(8,142	)		(31.2	)
Outside data processing and other services		19,693			18,062			18,113			18,770			18,563			1,130			6.1
Equipment		16,093			15,531			15,637			15,863			15,733			360			2.3
Professional services		7,440			8,323			9,347			9,459			9,522			(2,082	)		(21.9	)
Marketing		7,403			6,779			7,441			6,454			5,581			1,822			32.6
Telecommunications		4,453			4,512			4,801			4,882			4,596			(143	)		(3.1	)
Printing and supplies		3,084			3,102			3,293			3,094			3,148			(64	)		(2.0	)
Amortization of intangibles		218			203			204			204			205			13			6.3
Other expense		19,194			19,588			19,074			18,380			26,526			(7,332	)		(27.6	)
Sub-total before operating lease expense		211,629			210,229			219,257			220,329			232,694			(21,065	)		(9.1	)
Operating lease expense		18,726			22,823			28,879			37,948			48,320			(29,594	)		(61.2	)
Total non-interest expense		230,355			233,052			248,136			258,277			281,014			(50,659	)		(18.0	)
Income before income taxes		129,812			151,626			137,039			125,097			128,340			1,472			1.1
Provision for income taxes		29,239			43,052			30,614			28,578			37,201			(7,962	)		(21.4	)
Net income	$	100,573		$	108,574		$	106,425		$	96,519		$	91,139		$	9,434			10.4	%
Average common shares — diluted		229,718			233,456			235,671			235,053			235,502			(5,784	)		(2.5	)%
Per common share
Net income — diluted	$	0.44		$	0.47		$	0.45		$	0.41		$	0.39		$	0.05			12.8
Cash dividends declared		0.215			0.215			0.215			0.200			0.200			0.015			7.5
Return on average total assets		1.22	%		1.32	%		1.31	%		1.20	%		1.13	%		0.09	%		8.0
Return on average total shareholders’ equity		15.5			16.5			16.3			15.5			14.6			0.9			6.2
Net interest margin (1)		3.34			3.31			3.36			3.31			3.38			(0.04	)		(1.2	)
Efficiency ratio (2)		57.0			57.4			61.8			63.7			66.4			(9.4	)		(14.2	)
Effective tax rate		22.5			28.4			22.3			22.8			29.0			(6.5	)		(22.4	)
Revenue — fully taxable equivalent (FTE)
Net interest income	$	243,676		$	241,637		$	241,900		$	235,198		$	239,068		$	4,608			1.9
FTE adjustment		3,837			3,734			2,961			2,861			2,847			990			34.8
Net interest income (1)		247,513			245,371			244,861			238,059			241,915			5,598			2.3
Non-interest income		147,322			160,740			156,170			168,050			182,940			(35,618	)		(19.5	)
Total revenue (1)	$	394,835		$	406,111		$	401,031		$	406,109		$	424,855		$	(30,020	)		(7.1	)%

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 Mortgage Banking Income and Net Impact of MSR Hedging
(Unaudited)

	2005												2004			4Q05 vs 4Q04
(in thousands of dollars)	Fourth			Third			Second			First			Fourth			Amount			Percent
Mortgage Banking Income
Origination fees	$	1,979		$	3,037		$	3,066		$	2,699		$	3,264		$	(1,285	)		(39.4	)%
Secondary marketing		3,346			3,409			1,749			2,482			1,623			1,723			N.M.
Servicing fees		5,791			5,532			5,464			5,394			5,730			61			1.1
Amortization of capitalized servicing		(3,785	)		(4,626	)		(5,187	)		(4,761	)		(5,153	)		1,368			(26.5	)
Other mortgage banking income		3,193			3,307			2,763			2,487			2,620			573			21.9
Sub-total		10,524			10,659			7,855			8,301			8,084			2,440			30.2
MSR recovery / (impairment)		385			10,457			(10,231	)		3,760			738			(353	)		(47.8	)
Total mortgage banking income (loss)	$	10,909		$	21,116		$	(2,376	)	$	12,061		$	8,822		$	2,087			23.7	%
Capitalized mortgage servicing rights (1)	$	91,259		$	85,940		$	71,150		$	80,972		$	77,107		$	14,152			18.4	%
Total mortgages serviced for others (1)		7,276,000			7,081,000			6,951,000			6,896,000			6,861,000			415,000			6.0
Net Impact of MSR Hedging
MSR recovery / (impairment)	$	385		$	10,457		$	(10,231	)	$	3,760		$	738		$	(353	)		(47.8	)%
Net trading gains (losses) related to MSR hedging (2)		(2,091	)		(12,831	)		5,727			(4,182	)		(3,345	)		1,254			(37.5	)
Net interest income related to MSR hedging		109			233			512			834			1,451			(1,342	)		(92.5	)
Other MSR hedge activity (4)		—			—			—			—			—			—			—
Net impact of MSR hedging (3)	$	(1,597	)	$	(2,141	)	$	(3,992	)	$	412		$	(1,156	)	$	(441	)		38.1	%

N.M., not a meaningful value.

(1)	At period end.
(2)	Included in other non-interest income.
(3)	The tables above exclude securities gains or losses related to the investment securities portfolio.
(4)	Included in other mortgage banking income.

8

Huntington Bancshares Incorporated
Quarterly Credit Reserves Analysis
(Unaudited)

	2005												2004
(in thousands of dollars)	Fourth			Third			Second			First			Fourth
Allowance for loan and lease losses, beginning of period	$	253,943		$	254,784		$	264,390		$	271,211		$	282,650
Loan and lease losses		(27,072	)		(25,830	)		(25,733	)		(37,213	)		(31,737	)
Recoveries of loans previously charged off		9,504			7,877			9,469			8,941			10,824
Net loan and lease losses		(17,568	)		(17,953	)		(16,264	)		(28,272	)		(20,913	)
Provision for loan and lease losses		31,972			17,112			13,247			21,451			9,474
Economic reserve transfer		—			—			(6,253	)		—			—
Allowance of assets sold and securitized		—			—			(336	)		—			—
Allowance for loan and lease losses, end of period	$	268,347		$	253,943		$	254,784		$	264,390		$	271,211
Allowance for unfunded loan commitments and letters of credit, beginning of period	$	38,098		$	37,511		$	31,610		$	33,187		$	30,007
Provision for unfunded loan commitments and letters of credit losses		(1,141	)		587			(352	)		(1,577	)		3,180
Economic reserve transfer		—			—			6,253			—			—
Allowance for unfunded loan commitments and letters of credit, end of period	$	36,957		$	38,098		$	37,511		$	31,610		$	33,187
Total allowances for credit losses	$	305,304		$	292,041		$	292,295		$	296,000		$	304,398
Allowance for loan and lease losses (ALLL) as % of:
Transaction reserve		0.84	%		0.81	%		0.77	%		0.81	%		0.78	%
Economic reserve		0.21			0.20			0.22			0.27			0.32
Specific reserve		0.05			0.03			0.05			0.01			0.05
Total loans and leases		1.10	%		1.04	%		1.04	%		1.09	%		1.15	%
Non-performing loans and leases (NPLs)		263			283			304			441			424
Non-performing assets (NPAs)		229			249			262			361			250
Total allowances for credit losses (ACL) as % of:
Total loans and leases		1.25	%		1.19	%		1.19	%		1.22	%		1.29	%
Non-performing loans and leases		300			326			349			494			476
Non-performing assets		261			287			300			404			280

9

Huntington Bancshares Incorporated
Quarterly Net Charge-Off Analysis
(Unaudited)

	2005												2004
(in thousands of dollars)	Fourth			Third			Second			First			Fourth
Net charge-offs by loan and lease type:
Commercial:
Middle market commercial and industrial	$	(744	)	$	(1,082	)	$	1,312		$	14,092		$	1,239
Construction		(175	)		495			(134	)		(51	)		704
Commercial		14			1,779			2,269			(152	)		1,834
Middle market commercial real estate		(161	)		2,274			2,135			(203	)		2,538
Small business commercial and industrial and commercial real estate		4,465			3,062			2,141			2,283			1,386
Total commercial		3,560			4,254			5,588			16,172			5,163
Consumer:
Automobile loans		3,213			3,895			1,664			3,216			4,406
Automobile leases		3,422			3,105			2,123			3,014			3,104
Automobile loans and leases		6,635			7,000			3,787			6,230			7,510
Home equity		4,498			4,093			5,065			3,963			5,346
Residential mortgage		941			522			430			439			608
Other loans		1,934			2,084			1,394			1,468			2,286
Total consumer		14,008			13,699			10,676			12,100			15,750
Total net charge-offs	$	17,568		$	17,953		$	16,264		$	28,272		$	20,913
Net charge-offs — annualized percentages:
Commercial:
Middle market commercial and industrial		(0.06	)%		(0.09	)%		0.11	%		1.20	%		0.11	%
Construction		(0.04	)		0.12			(0.03	)		(0.01	)		0.18
Commercial		—			0.37			0.48			(0.03	)		0.40
Middle market commercial real estate		(0.02	)		0.25			0.24			(0.02	)		0.30
Small business commercial and industrial and commercial real estate		0.80			0.54			0.38			0.42			0.26
Total commercial		0.13			0.16			0.21			0.62			0.21
Consumer:
Automobile loans		0.64			0.75			0.32			0.64			0.92
Automobile leases		0.59			0.51			0.34			0.49			0.52
Automobile loans and leases		0.61			0.62			0.33			0.56			0.70
Home equity		0.39			0.35			0.44			0.35			0.48
Residential mortgage		0.09			0.05			0.04			0.04			0.07
Other loans		1.48			1.64			1.14			1.22			1.91
Total consumer		0.41			0.40			0.31			0.36			0.49
Net charge-offs as a % of average loans		0.29	%		0.29	%		0.27	%		0.47	%		0.36	%

10

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

	2005												2004
(in thousands of dollars)	December 31,			September 30,			June 30,			March 31,			December 31,
Non-accrual loans and leases:
Middle market commercial and industrial	$	28,888		$	25,431		$	26,856		$	16,993		$	24,179
Middle market commercial real estate		15,763			13,073			15,331			6,682			4,582
Small business commercial and industrial and commercial real estate		28,931			26,098			19,788			16,387			14,601
Residential mortgage		17,613			16,402			14,137			12,498			13,545
Home equity		10,720			8,705			7,748			7,333			7,055
Total non-performing loans and leases		101,915			89,709			83,860			59,893			63,962
Other real estate, net:
Residential		14,214			11,182			10,758			10,571			8,762
Commercial (1)		1,026			909			2,800			2,839			35,844
Total other real estate, net		15,240			12,091			13,558			13,410			44,606
Total non-performing assets	$	117,155		$	101,800		$	97,418		$	73,303		$	108,568
Non-performing loans and leases as a % of total loans and leases		0.42	%		0.37	%		0.34	%		0.25	%		0.27	%
Non-performing assets as a % of total loans and leases and other real estate		0.48			0.42			0.40			0.30			0.46
Accruing loans and leases past due 90 days or more	$	56,138		$	50,780		$	53,371		$	50,086		$	54,283
Accruing loans and leases past due 90 days or more as a percent of total loans and leases		0.23	%		0.21	%		0.22	%		0.21	%		0.23	%

	2005												2004
(in thousands of dollars)	Fourth			Third			Second			First			Fourth
Non-performing assets, beginning of period	$	101,800		$	97,418		$	73,303		$	108,568		$	80,476
New non-performing assets (1)		52,553			37,570			47,420			33,607			61,684
Returns to accruing status		(3,228	)		(231	)		(250	)		(3,838	)		(2,248	)
Loan and lease losses		(9,063	)		(5,897	)		(6,578	)		(17,281	)		(8,578	)
Payments		(21,329	)		(21,203	)		(11,925	)		(10,404	)		(8,829	)
Sales (1)		(3,578	)		(5,857	)		(4,552	)		(37,349	)		(13,937	)
Non-performing assets, end of period	$	117,155		$	101,800		$	97,418		$	73,303		$	108,568

⁽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.

11

Huntington Bancshares Incorporated
Quarterly Stock Summary, Capital, and Other Data
(Unaudited)

Quarterly common stock summary

	2005								2004
(in thousands, except per share amounts)	Fourth		Third		Second		First		Fourth
Common stock price, per share
High (1)	$	24.640	$	25.410	$	24.750	$	24.780	$	25.380
Low (1)		20.970		22.310		22.570		22.150		23.110
Close		23.750		22.470		24.140		23.900		24.740
Average closing price		23.369		24.227		23.771		23.216		24.241
Dividends, per share
Cash dividends declared on common stock	$	0.215	$	0.215	$	0.215	$	0.200	$	0.200
Common shares outstanding
Average — basic		226,699		229,830		232,217		231,824		231,147
Average — diluted		229,718		233,456		235,671		235,053		235,502
Ending		224,106		229,006		230,842		232,192		231,605
Book value per share	$	11.41	$	11.45	$	11.40	$	11.15	$	10.96
Common share repurchases
Number of shares repurchased		5,175		2,598		1,818		—		—

Capital adequacy

		2005												2004
(in millions of dollars)		December 31,			September 30,			June 30,			March 31,			December 31,
Total risk-weighted assets (2)	$	29,701		$	29,352		$	29,973		$	30,267		$	29,542
Tier 1 leverage ratio (2)		8.34	%		8.50	%		8.50	%		8.45	%		8.42	%
Tier 1 risk-based capital ratio (2)		9.10			9.42			9.18			9.04			9.08
Total risk-based capital ratio (2)		12.38			12.70			12.39			12.33			12.48
Tangible equity / asset ratio		7.19			7.39			7.36			7.42			7.18
Tangible equity / risk-weighted assets ratio (2)		7.88			8.19			8.05			7.84			7.86
Average equity / average assets		7.89			7.97			8.03			7.76			7.74
Other data
Number of employees (full-time equivalent)		7,602			7,586			7,713			7,813			7,812
Number of domestic full-service banking offices (3)		344			346			344			343			342

(1)	High and low stock prices are intra-day quotes obtained from NASDAQ.
(2)	December 31, 2005 figures are estimated.
(3)	Includes five Private Financial Group offices in Florida.

12

Huntington Bancshares Incorporated
Quarterly Operating Lease Performance
(Unaudited)

	2005												2004			4Q05 vs 4Q04
(in thousands of dollars)	Fourth			Third			Second			First			Fourth			Amount			Percent
Balance Sheet:
Average operating lease assets outstanding	$	245,346		$	308,952		$	408,798		$	529,245		$	647,970		$	(402,624	)		(62.1	)%
Income Statement:
Net rental income	$	21,674		$	26,729		$	34,562		$	43,554		$	51,016		$	(29,342	)		(57.5	)%
Fees		1,482			1,419			1,773			1,857			2,111			(629	)		(29.8	)
Recoveries — early terminations		1,186			1,114			1,762			1,321			1,979			(793	)		(40.1	)
Total operating lease income		24,342			29,262			38,097			46,732			55,106			(30,764	)		(55.8	)
Depreciation and residual losses at termination		17,223			20,856			26,560			34,703			45,293			(28,070	)		(62.0	)
Losses — early terminations		1,503			1,967			2,319			3,245			3,027			(1,524	)		(50.3	)
Total operating lease expense		18,726			22,823			28,879			37,948			48,320			(29,594	)		(61.2	)
Net earnings contribution	$	5,616		$	6,439		$	9,218		$	8,784		$	6,786		$	(1,170	)		(17.2	)%
Earnings ratios (1)
Net rental income		35.3	%		34.6	%		33.8	%		32.9	%		31.5	%		3.8	%		12.1	%
Depreciation and residual losses at termination		28.1			27.0			26.0			26.2			28.0			0.1			0.4

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.

13

Huntington Bancshares Incorporated
Consolidated Annual Average Balance Sheets
(Unaudited)

Annual Average Balances
Fully taxable equivalent basis				Change from 2004									Change from 2003
(in millions of dollars)	2005			Amount			%			2004			Amount			%			2003			2002			2001
Assets
Interest bearing deposits in banks	$	53		$	(13	)		(19.7	)%	$	66		$	29			78.4	%	$	37		$	33		$	7
Trading account securities		207			102			97.1			105			91			N.M.			14			7			25
Federal funds sold and securities purchased under resale agreements		262			(57	)		(17.9	)		319			232			N.M.			87			72			107
Loans held for sale		318			75			30.9			243			(321	)		(56.9	)		564			322			360
Investment securities:
Taxable		3,683			(742	)		(16.8	)		4,425			892			25.2			3,533			2,859			3,144
Tax-exempt		475			63			15.3			412			78			23.4			334			135			174
Total investment securities		4,158			(679	)		(14.0	)		4,837			970			25.1			3,867			2,994			3,318
Loans and leases: (1)
Commercial:
Middle market commercial and industrial (2)		4,817			361			8.1			4,456			(177	)		(3.8	)		4,633			4,810			5,075
Construction		1,678			258			18.2			1,420			201			16.5			1,219			1,151			1,040
Commercial (2)		1,908			(14	)		(0.7	)		1,922			122			6.8			1,800			1,670			1,522
Middle market commercial real estate		3,586			244			7.3			3,342			323			10.7			3,019			2,821			2,562
Small business commercial and industrial and commercial real estate		2,224			221			11.0			2,003			216			12.1			1,787			1,642			2,574
Total commercial		10,627			826			8.4			9,801			362			3.8			9,439			9,273			10,211
Consumer:
Automobile loans		2,043			(242	)		(10.6	)		2,285			(975	)		(29.9	)		3,260			2,744			N.M.
Automobile leases		2,422			230			10.5			2,192			769			54.0			1,423			452			N.M.
Automobile loans and leases		4,465			(12	)		(0.3	)		4,477			(206	)		(4.4	)		4,683			3,196			2,839
Home equity		4,636			449			10.7			4,187			746			21.7			3,441			3,029			3,334
Residential mortgage		4,081			869			27.1			3,212			1,186			58.5			2,026			1,438			1,048
Other loans		501			51			11.3			450			15			3.4			435			481			654
Total consumer		13,683			1,357			11.0			12,326			1,741			16.4			10,585			8,144			7,875
Total loans and leases		24,310			2,183			9.9			22,127			2,103			10.5			20,024			17,417			18,086
Allowance for loan and lease losses		(268	)		30			10.1			(298	)		32			9.7			(330	)		(344	)		(286	)
Net loans and leases		24,042			2,213			10.1			21,829			2,135			10.8			19,694			17,073			17,800
Total earning assets		29,308			1,611			5.8			27,697			3,104			12.6			24,593			20,845			21,903
Operating lease assets		372			(525	)		(58.5	)		897			(800	)		(47.1	)		1,697			2,602			2,970
Cash and due from banks		845			2			0.2			843			69			8.9			774			757			912
Intangible assets		218			2			0.9			216			(2	)		(0.9	)		218			293			736
All other assets		2,164			86			4.1			2,078			58			2.9			2,020			1,910			1,891
Total Assets	$	32,639		$	1,206			3.8	%	$	31,433		$	2,461			8.5	%	$	28,972		$	26,063		$	28,126
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits — non-interest bearing	$	3,379		$	149			4.6	%	$	3,230		$	150			4.9	%	$	3,080		$	2,902		$	3,304
Demand deposits — interest bearing		7,658			451			6.3			7,207			1,014			16.4			6,193			5,161			5,005
Savings and other domestic time deposits		3,155			(276	)		(8.0	)		3,431			(31	)		(0.9	)		3,462			3,583			4,381
Certificates of deposit less than $100,000		2,952			535			22.1			2,417			(285	)		(10.5	)		2,702			3,619			4,980
Total core deposits		17,144			859			5.3			16,285			848			5.5			15,437			15,265			17,670
Domestic time deposits of $100,000 or more		1,292			427			49.4			865			63			7.9			802			851			1,280
Brokered deposits and negotiable CDs		3,119			1,282			69.8			1,837			418			29.5			1,419			731			128
Deposits in foreign offices		457			(51	)		(10.0	)		508			8			1.6			500			337			283
Total deposits		22,012			2,517			12.9			19,495			1,337			7.4			18,158			17,184			19,361
Short-term borrowings		1,379			(31	)		(2.2	)		1,410			(190	)		(11.9	)		1,600			1,856			2,099
Federal Home Loan Bank advances		1,105			(166	)		(13.1	)		1,271			13			1.0			1,258			279			19
Subordinated notes and other long-term debt		4,064			(1,315	)		(24.4	)		5,379			820			18.0			4,559			3,335			3,411
Total interest bearing liabilities		25,181			856			3.5			24,325			1,830			8.1			22,495			19,752			21,586
All other liabilities		1,496			(8	)		(0.5	)		1,504			303			25.2			1,201			1,170			905
Shareholders’ equity		2,583			209			8.8			2,374			178			8.1			2,196			2,239			2,331
Total Liabilities and Shareholders’ Equity	$	32,639		$	1,206			3.8	%	$	31,433		$	2,461			8.5	%	$	28,972		$	26,063		$	28,126

N.M., not a meaningful value.

(1)	For purposes of this analysis, non-accrual loans are reflected in the average balances of loans.
(2)	The fourth quarter of 2005 reflects a net reclassification of $500 million from middle market commercial real estate to middle market commercial and industrial, on November 1, 2005.

14

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

	Annual Average Rates (2)
Fully Taxable Equivalent basis (1)	2005			2004			2003			2002			2001
Assets
Interest bearing deposits in banks		2.16	%		1.05	%		1.53	%		2.38	%		3.43	%
Trading account securities		4.08			4.15			4.02			4.11			5.13
Federal funds sold and securities purchased under resale agreements		2.91			1.73			1.80			1.56			4.19
Loans held for sale		5.64			5.35			5.32			6.35			6.95
Investment securities:
Taxable		4.24			3.88			4.52			6.06			6.58
Tax-exempt		6.71			6.98			7.04			7.42			7.49
Total investment securities		4.52			4.14			4.73			6.12			6.63
Loans and leases:
Commercial:
Middle market commercial and industrial		5.79			4.41			4.95			5.45			6.96
Construction		6.01			4.09			4.09			4.57			6.99
Commercial		5.79			4.44			4.84			5.91			7.44
Middle market commercial real estate		5.90			4.29			4.54			5.36			7.26
Small business commercial and industrial and commercial real estate		6.18			5.50			5.91			6.73			7.96
Total commercial		5.91			4.59			5.00			5.65			7.29
Consumer:
Automobile loans		6.52			7.22			7.38			8.67			N.M
Automobile leases		4.94			5.00			5.09			5.14			N.M
Automobile loans and leases		5.66			6.14			6.68			8.17			8.94
Home equity		6.41			4.91			5.14			5.96			8.23
Residential mortgage		5.45			5.48			5.85			6.55			8.19
Other loans		6.13			6.38			6.71			7.40			8.40
Total consumer		5.87			5.56			5.93			6.98			8.44
Total loans and leases		5.89			5.11			5.49			6.27			7.79
Total earning assets		5.65	%		4.89	%		5.35	%		6.23	%		7.58	%
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits — non-interest bearing		—	%		—	%		—	%		—	%		—	%
Demand deposits — interest bearing		1.77			1.03			1.18			1.71			2.64
Savings and other domestic time deposits		1.36			1.28			1.94			2.24			3.54
Certificates of deposit less than $100,000		3.56			3.36			3.68			4.58			5.65
Total core deposits		2.06			1.53			1.94			2.70			3.95
Domestic time deposits of $100,000 or more		3.44			2.37			2.50			3.39			5.22
Brokered deposits and negotiable CDs		3.51			1.80			1.70			2.36			5.12
Deposits in foreign offices		2.10			0.82			0.92			1.47			3.82
Total deposits		2.40			1.58			1.91			2.69			4.06
Short-term borrowings		2.49			0.93			0.98			1.56			4.57
Federal Home Loan Bank advances		3.13			2.57			1.94			2.00			6.17
Subordinated notes and other long-term debt		4.02			2.46			2.82			3.70			5.52
Total interest bearing liabilities		2.70			1.79			2.03			2.75			4.34
Net interest rate spread		2.95			3.10			3.32			3.48			3.24
Impact of non-interest bearing funds on margin		0.38			0.23			0.17			0.14			0.05
Net interest margin		3.33	%		3.33	%		3.49	%		3.62	%		3.29	%

N.M., not a meaningful value.

(1)	Fully taxable equivalent (FTE) yields are calculated assuming a 35% tax rate. See page 16 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.

15

Huntington Bancshares Incorporated
Selected Annual Income Statement Data
(Unaudited)

	Year Ended December 31,
				Change from 2004									Change from 2003
(in thousands of dollars, except per share amounts)	2005			Amount			%			2004			Amount			%			2003			2002			2001
Interest income	$	1,641,765		$	294,450			21.9	%	$	1,347,315		$	41,559			3.2	%	$	1,305,756		$	1,293,195		$	1,654,790
Interest expense		679,354			243,413			55.8			435,941			(20,829	)		(4.6	)		456,770			543,621			939,501
Net interest income		962,411			51,037			5.6			911,374			62,388			7.3			848,986			749,574			715,289
Provision for credit losses		81,299			26,237			47.7			55,062			(108,931	)		(66.4	)		163,993			194,426			257,326
Net interest income after provision for credit losses		881,112			24,800			2.9			856,312			171,319			25.0			684,993			555,148			457,963
Service charges on deposit accounts		167,834			(3,281	)		(1.9	)		171,115			3,275			2.0			167,840			153,564			165,012
Trust services		77,405			9,995			14.8			67,410			5,761			9.3			61,649			62,051			60,298
Brokerage and insurance income		53,619			(1,180	)		(2.2	)		54,799			(3,045	)		(5.3	)		57,844			62,109			75,013
Bank owned life insurance income		40,736			(1,561	)		(3.7	)		42,297			(731	)		(1.7	)		43,028			43,123			41,123
Other service charges and fees		44,348			2,774			6.7			41,574			128			0.3			41,446			42,888			48,217
Mortgage banking income		41,710			9,414			29.1			32,296			(25,884	)		(44.5	)		58,180			32,033			54,518
Securities gains		(8,055	)		(23,818	)		N.M.			15,763			10,505			N.M.			5,258			4,902			723
Gains on sales of automobile loans		1,211			(12,995	)		(91.5	)		14,206			(25,833	)		(64.5	)		40,039			—			—
Gain on sale of branch offices		—			—			—			—			(13,112	)		N.M.			13,112			—			—
Gain on sale of Florida operations		—			—			—			—			—			—			—			182,470			—
Merchant services gain		—			—			—			—			—			—			—			24,550			—
Other income		75,041			(17,006	)		(18.5	)		92,047			988			1.1			91,059			76,940			63,305
Sub-total before operating lease income		493,849			(37,658	)		(7.1	)		531,507			(47,948	)		(8.3	)		579,455			684,630			508,209
Operating lease income		138,433			(148,658	)		(51.8	)		287,091			(202,607	)		(41.4	)		489,698			657,074			691,733
Total non-interest income		632,282			(186,316	)		(22.8	)		818,598			(250,555	)		(23.4	)		1,069,153			1,341,704			1,199,942
Personnel costs		481,658			(4,148	)		(0.9	)		485,806			38,543			8.6			447,263			418,037			454,210
Net occupancy		71,092			(4,849	)		(6.4	)		75,941			13,460			21.5			62,481			59,539			76,449
Outside data processing and other services		74,638			2,523			3.5			72,115			5,997			9.1			66,118			67,368			69,692
Equipment		63,124			(218	)		(0.3	)		63,342			(2,579	)		(3.9	)		65,921			68,323			80,560
Professional services		34,569			(2,307	)		(6.3	)		36,876			(5,572	)		(13.1	)		42,448			33,085			32,862
Marketing		28,077			1,588			6.0			26,489			(1,001	)		(3.6	)		27,490			27,911			31,057
Telecommunications		18,648			(1,139	)		(5.8	)		19,787			(2,192	)		(10.0	)		21,979			22,661			27,984
Printing and supplies		12,573			110			0.9			12,463			(546	)		(4.2	)		13,009			15,198			18,367
Amortization of intangibles		829			12			1.5			817			1			0.1			816			2,019			41,225
Restructuring reserve releases		—			1,151			N.M.			(1,151	)		5,515			(82.7	)		(6,666	)		48,973			79,957
Loss on early extinguishment of debt		—			—			—			—			(15,250	)		N.M.			15,250			—			—
Other expense		76,236			(17,045	)		(18.3	)		93,281			12,501			15.5			80,780			92,063			91,438
Sub-total before operating lease expense		861,444			(24,322	)		(2.7	)		885,766			48,877			5.8			836,889			855,177			1,003,801
Operating lease expense		108,376			(128,102	)		(54.2	)		236,478			(156,792	)		(39.9	)		393,270			518,970			558,626
Total non-interest expense		969,820			(152,424	)		(13.6	)		1,122,244			(107,915	)		(8.8	)		1,230,159			1,374,147			1,562,427
Income before income taxes		543,574			(9,092	)		(1.6	)		552,666			28,679			5.5			523,987			522,705			95,478
Provision for income taxes		131,483			(22,258	)		(14.5	)		153,741			15,447			11.2			138,294			198,974			(39,319	)
Income before cumulative effect of change in accounting principle		412,091			13,166			3.3			398,925			13,232			3.4			385,693			323,731			134,797
Cumulative effect of change in accounting principle, net of tax (1)		—			—			—			—			13,330			N.M.			(13,330	)		—			—
Net income	$	412,091			13,166			3.3	%	$	398,925			26,562			7.1	%	$	372,363		$	323,731		$	134,797
Average common shares — diluted		233,475			(381	)		(0.2	)%		233,856			2,274			1.0	%		231,582			244,012			251,716
Per common share
Income before cumulative effect of change in accounting principle per common share — basic	$	1.79		$	0.05			2.9	%	$	1.74		$	0.06			3.6	%	$	1.68		$	1.34		$	0.54
Net income per common share — basic		1.79			0.05			2.9			1.74			0.12			7.4			1.62			1.34			0.54
Income before cumulative effect of change in accounting principle per common share — diluted		1.77			0.06			3.5			1.71			0.04			2.4			1.67			1.33			0.54
Net income per common share — diluted		1.77			0.06			3.5			1.71			0.10			6.2			1.61			1.33			0.54
Cash dividends declared		0.845			0.095			12.7			0.750			0.080			11.9			0.670			0.640			0.720
Return on average total assets		1.26	%		(0.01	)%		(0.79	)		1.27	%		(0.02	)%		(1.55	)		1.29	%		1.24	%		0.48	%
Return on average total shareholders’ equity		16.0			(0.8	)		(4.8	)		16.8			(0.2	)		(1.2	)		17.0			14.5			5.8
Net interest margin (1)		3.33			—			—			3.33			(0.16	)		(4.6	)		3.49			3.62			3.29
Efficiency ratio (2)		60.0			(5.0	)		(7.7	)		65.0			1.1			1.7			63.9			65.6			79.2
Effective tax rate		24.2			(3.6	)		(12.9	)		27.8			1.40			5.3			26.4			38.1			(41.2	)(5)
Revenue — fully taxable equivalent (FTE)
Net interest income	$	962,411		$	51,037			5.6	%	$	911,374		$	62,388			7.3	%	$	848,986		$	749,574		$	715,289
FTE adjustment (1)		13,393			1,740			14.9			11,653			1,969			20.3			9,684			5,205			6,352
Net interest income		975,804			52,777			5.7			923,027			64,357			7.5			858,670			754,779			721,641
Non-interest income		632,282			(186,316	)		(22.8	)		818,598			(250,555	)		(23.4	)		1,069,153			1,341,704			1,199,942
Total revenue	$	1,608,086		$	(133,539	)		(7.7	)%	$	1,741,625		$	(186,198	)		(9.7	)%	$	1,927,823		$	2,096,483		$	1,921,583

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.

16

Huntington Bancshares Incorporated
Annual Mortgage Banking Income and Net Impact of MSR Hedging
(Unaudited)

	Year Ended December 31,
(in thousands of dollars)	2005			2004			2003			2002			2001
Mortgage Banking Income
Origination fees	$	10,781		$	12,377		$	17,272		$	10,547		$	18,479
Secondary marketing		10,986			8,340			23,607			21,264			22,611
Servicing fees		22,181			21,696			16,906			11,430			11,152
Amortization of capitalized servicing		(18,359	)		(19,019	)		(25,966	)		(12,051	)		(6,590	)
Other mortgage banking income		11,750			7,524			11,404			14,956			19,818
Sub-total		37,339			30,918			43,223			46,146			65,470
MSR recovery / (impairment)		4,371			1,378			14,957			(14,113	)		(6,322	)
Total mortgage banking income (loss)	$	41,710		$	32,296		$	58,180		$	32,033		$	59,148
Capitalized mortgage servicing rights (1)	$	91,259		$	77,107		$	71,087		$	29,271		$	35,282
Total mortgages serviced for others (1)		7,276,000			6,861,000			6,394,000			3,776,000			2,947,000
Net Impact of MSR Hedging
MSR recovery / (impairment)	$	4,371		$	1,378		$	14,957		$	(14,113	)	$	(6,322	)
Net trading gains (losses) related to MSR hedging (2)		(13,377	)		(5,510	)		—			718			—
Net interest income related to MSR hedging		1,688			1,450			—			—			—
Other MSR hedge activity (4)		—			(4,492	)		—			—			—
Net impact of MSR hedging (3)	$	(7,318	)	$	(7,174	)	$	14,957		$	(13,395	)	$	(6,322	)

N.M., not a meaningful value.

(1)	At period end.
(2)	Included in other non-interest income.
(3)	The tables above exclude securities gains or losses related to the investment securities portfolio.
(4)	Included in other mortgage banking income.

17

Huntington Bancshares Incorporated
Annual Credit Reserves Analysis
(Unaudited)

	Year Ended December 31,
(in thousands of dollars)	2005			2004			2003			2002			2001
Allowance for loan and lease losses, beginning of period	$	271,211		$	299,732		$	300,503		$	345,402		$	246,758
Loan and lease losses		(115,848	)		(126,115	)		(201,534	)		(234,352	)		(174,540	)
Recoveries of loans previously charged off		35,791			47,580			39,725			37,440			28,271
Net loan and lease losses		(80,057	)		(78,535	)		(161,809	)		(196,912	)		(146,269	)
Provision for loan and lease losses		83,782			57,397			164,616			182,211			251,567
Economic reserve transfer		(6,253	)		—			—			—			—
Allowance of assets sold and securitized		(336	)		(7,383	)		(3,578	)		(30,198	)		(6,654	)
Allowance for loan and lease losses, end of period	$	268,347		$	271,211		$	299,732		$	300,503		$	345,402
Allowance for unfunded loan commitments and letters of credit, beginning of period	$	33,187		$	35,522		$	36,145		$	23,930		$	18,171
Provision for unfunded loan commitments and letters of credit losses		(2,483	)		(2,335	)		(623	)		12,215			5,759
Economic reserve transfer		6,253			—			—			—			—
Allowance for unfunded loan commitments and letters of credit, end of period	$	36,957		$	33,187		$	35,522		$	36,145		$	23,930
Total allowances for credit losses	$	305,304		$	304,398		$	335,254		$	336,648		$	369,332
Allowance for loan and lease losses (ALLL) as % of:(1)
Transaction reserve		0.84	%		0.78	%		0.88	%		N.A.	%		N.A.	%
Economic reserve		0.21			0.32			0.40			N.A.			N.A.
Specific reserve		0.05			0.05			0.14			N.A.			N.A.
Total loans and leases		1.10	%		1.15	%		1.42	%		1.62	%		1.87	%
Non-performing loans and leases (NPLs)		263			424			397			235			156
Non-performing assets (NPAs)		229			250			343			220			152
Total allowances for credit losses (ACL) as % of:
Total loans and leases		1.25	%		1.29	%		1.59	%		1.81	%		2.00	%
Non-performing loans and leases		300			476			444			263			167
Non-performing assets		261			280			384			246			162

     N.A., not applicable.

⁽¹⁾ Huntington began calculating a separate transaction, economic, and specific reserve in the first quarter of 2003.

18

Huntington Bancshares Incorporated
Annual Net Charge-Off Analysis
(Unaudited)

	Year Ended December 31,
(in thousands of dollars)	2005			2004			2003			2002			2001
Net charge-offs by loan and lease type:
Commercial:
Middle market commercial and industrial	$	13,578		$	1,920		$	75,803		$	104,703		$	45,338
Construction		135			2,465			2,928			4,216			789
Commercial		3,910			5,506			5,019			11,968			1,420
Middle market commercial real estate		4,045			7,971			7,947			16,184			2,209
Small business commercial and industrial and commercial real estate		11,951			5,566			11,625			14,516			15,750
Total commercial		29,574			15,457			95,375			135,403			63,297
Consumer:
Automobile loans		11,988			28,574			40,266			39,115			N.M.
Automobile leases		11,664			10,837			5,728			1,431			N.M.
Automobile loans and leases		23,652			39,411			45,994			40,546			55,071
Home equity		17,619			15,074			12,114			11,840			11,458
Residential mortgage		2,332			1,760			832			872			785
Other loans		6,880			6,833			7,494			8,251			15,658
Total consumer		50,483			63,078			66,434			61,509			82,972
Total net charge-offs	$	80,057		$	78,535		$	161,809		$	196,912		$	146,269
Net charge-offs — annualized percentages:
Commercial:
Middle market commercial and industrial		0.28	%		0.04	%		1.64	%		2.18	%		0.89	%
Construction		0.01			0.17			0.24			0.37			0.08
Commercial		0.20			0.29			0.28			0.72			0.09
Middle market commercial real estate		0.11			0.24			0.26			0.57			0.09
Small business commercial and industrial and commercial real estate		0.54			0.28			0.65			0.88			0.61
Total commercial		0.28			0.16			1.01			1.46			0.62
Consumer:
Automobile loans		0.59			1.25			1.24			1.43			N.M.
Automobile leases		0.48			0.49			0.40			0.32			N.M.
Automobile loans and leases		0.53			0.88			0.98			1.27			1.94
Home equity		0.38			0.36			0.35			0.39			0.34
Residential mortgage		0.06			0.05			0.04			0.06			0.07
Other loans		1.37			1.52			1.72			1.72			2.39
Total consumer		0.37			0.51			0.63			0.76			1.05
Net charge-offs as a % of average loans		0.33	%		0.35	%		0.81	%		1.13	%		0.81	%

N.M., not a meaningful value.

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

(Unaudited)

	Year Ended December 31,
(in thousands of dollars)	2005			2004			2003			2002			2001
Non-accrual loans and leases:
Middle market commercial and industrial	$	28,888		$	24,179		$	33,745		$	79,691		$	143,140
Middle market commercial real estate		15,763			4,582			18,434			19,875			35,848
Small business commercial and industrial and commercial real estate		28,931			14,601			13,607			19,060			29,009
Residential mortgage		17,613			13,545			9,695			9,443			13,112
Home equity		10,720			7,055			—			—			—
Total non-performing loans and leases		101,915			63,962			75,481			128,069			221,109
Other real estate, net:
Residential		14,214			8,762			6,918			7,915			4,915
Commercial (1)		1,026			35,844			4,987			739			1,469
Total other real estate, net		15,240			44,606			11,905			8,654			6,384
Total non-performing assets	$	117,155		$	108,568		$	87,386		$	136,723		$	227,493
Non-performing loans and leases as a % of total loans and leases		0.42	%		0.27	%		0.36	%		0.69	%		1.20	%
Non-performing assets as a % of total loans and leases and other real estate		0.48			0.46			0.41			0.74			1.23
Accruing loans and leases past due 90 days or more	$	56,138		$	54,283		$	55,913		$	61,526		$	76,013
Accruing loans and leases past due 90 days or more as a percent of total loans and leases		0.23	%		0.23	%		0.27	%		0.33	%		0.41	%

	Year Ended December 31,
(in thousands of dollars)	2005			2004			2003			2002			2001
Non-performing assets, beginning of period	$	108,568		$	87,386		$	136,723		$	227,493		$	105,397
New non-performing assets (1)		171,150			137,359			222,043			260,229			329,882
Returns to accruing status		(7,547	)		(3,795	)		(16,632	)		(17,124	)		(2,767	)
Loan and lease losses		(38,819	)		(37,337	)		(109,905	)		(152,616	)		(67,491	)
Payments		(64,861	)		(43,319	)		(83,886	)		(136,774	)		(106,889	)
Sales (1)		(51,336	)		(31,726	)		(60,957	)		(44,485	)		(30,639	)
Non-performing assets, end of period	$	117,155		$	108,568		$	87,386		$	136,723		$	227,493

⁽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.

20

Huntington Bancshares Incorporated
Annual Operating Lease Performance
(Unaudited)

	At December 31,
(in thousands of dollars)	2005			2004			2003			2002			2001
Balance Sheet:
Average operating lease assets outstanding	$	372,132		$	896,773		$	1,696,535		$	2,601,666		$	2,969,902
Income Statement:
Net rental income	$	126,519		$	267,202		$	458,644		$	615,453		$	654,625
Fees		6,531			13,457			21,623			28,542			27,573
Recoveries — early terminations		5,383			6,432			9,431			13,079			9,535
Total operating lease income		138,433			287,091			489,698			657,074			691,733
Depreciation and residual losses at termination		99,342			216,445			350,550			463,783			506,267
Losses — early terminations		9,034			20,033			42,720			55,187			52,359
Total operating lease expense		108,376			236,478			393,270			518,970			558,626
Net earnings contribution	$	30,057		$	50,613		$	96,428		$	138,104		$	133,107
Earnings ratios (1)
Net rental income		34.0	%		29.8	%		27.0	%		23.7	%		22.0	%
Depreciation and residual losses at termination		26.7			24.1			20.7			17.8			17.0

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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