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) April 19, 2006

HUNTINGTON BANCSHARES INCORPORATED

(Exact name of registrant as specified in its charter)

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

Huntington Center
41 South High Street
Columbus, Ohio	43287
(Address of principal executive offices)	(Zip Code)

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

Not Applicable

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

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

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

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

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

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

TABLE OF CONTENTS

EX-99.1

EX-99.2

Item 2.02. Results of Operations and Financial Condition.

     On April 19, 2006, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the quarter ended March 31, 2006. Also on April 19, 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 April 19, 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; conference ID 6597110. Slides will be available at www.huntington-ir.com just prior to 1:00 p.m. EST on April 19, 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 April 30, 2006, at 800-642-1687; conference call ID 6597110.

     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 “Risk Factors” included in Item 1A of Huntington’s Annual Report on Form 10-K for the year ended December 31, 2005, and other factors described from time to time in Huntington’s other filings with the Securities and Exchange Commission, could cause actual conditions, events, or results to differ significantly from those described in the forward-looking statements. All forward-looking statements included in this Current Report on Form 8-K are based on information available at the time of the Report. Huntington assumes no obligation to update any forward-looking statement.

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

Item 9.01. Financial Statements and Exhibits.

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

(d) Exhibits.

Exhibit 99.1 – News release of Huntington Bancshares Incorporated, dated April 19, 2006.
Exhibit 99.2 – Quarterly Financial Review, March 2006.

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: April 19, 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, April 19, 2006.
Exhibit 99.2	Quarterly Financial Review, March 2006.

EX-99.1

Exhibit 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE
April 19, 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:

• 2006 FIRST QUARTER NET INCOME OF $104.5 MILLION, UP 8%, AND EARNINGS PER COMMON SHARE OF $0.45, UP 10%

• CONFIRMS 2006 FULL-YEAR GAAP EARNINGS PER COMMON SHARE TARGET OF $1.78-$1.84

     COLUMBUS, Ohio – Huntington Bancshares Incorporated (NASDAQ: HBAN; www.huntington.com) reported 2006 first quarter earnings of $104.5 million, or $0.45 per common share, up 8% and 10%, respectively, from $96.5 million, or $0.41 per common share, in the year-ago quarter. Earnings in the 2005 fourth quarter were $100.6 million, or $0.44 per common share.

     Highlights compared with 2005 fourth quarter included:

• Completed the merger with Unizan Financial Corp. on March 1, 2006.

• 3.32% net interest margin, down from 3.34%, including a 3 basis point negative impact reflecting an adjustment to defer annual fees on home equity loans.

• 8% annualized growth in average total loans and leases, or an annualized 1% adjusted to exclude the impact of the Unizan merger and average total automobile loans and leases, where balances declined, reflecting our on-going program of selling a portion of new loan production. Growth in average total loans and leases included:

o 13% annualized growth in average total commercial loans, or 3% annualized excluding Unizan.

o 4% annualized growth in average home equity loans, but a 3% annualized decline excluding Unizan.

o 14% annualized growth in average residential mortgages, but less than 1% annualized excluding Unizan.

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• 14% annualized growth in average total core deposits, or 2% annualized excluding Unizan.

• 16% increase in brokerage and insurance income.

• 4% increase in trust services income.

• 6% increase in non-interest expense before operating lease expense, reflecting seasonally higher personnel benefits costs, stock option expensing, Unizan merger-related expenses, and higher amortization of intangibles expense.

• 0.39% annualized net charge-offs, up 10 basis points, of which 11 basis points, or $6.5 million, reflected the resolution of prior non-performing loans (NPLs) for which reserves had been previously established.

• 1.09% period-end allowance for loan and lease losses (ALLL) ratio, down slightly from 1.10%.

• $37.7 million increase in non-performing assets (NPAs), of which Unizan contributed $33.8 million, with a period-end NPA ratio of 0.59%, compared with 0.48% in the prior quarter.

• 6.97% period-end tangible common equity ratio, down from 7.19%, reflecting the repurchase of 4.8 million common shares, as well as the impact of the Unizan merger.

     “First quarter net income and earnings per share were slightly above our expectations,” said Thomas E. Hoaglin, chairman, president, and chief executive officer. “The closing of the merger with Unizan Financial Corp. on March 1, 2006 did not materially impact bottom line performance, though it did impact reported growth rates of certain balance sheet and income statement line items. Overall, we were pleased with the performance and believe it represented a good start for the year.”

     “Items that were particularly positive included revenue from brokerage and insurance, sales of derivative products as well as trust services income by our Private Financial and Capital Markets Group, which exceeded our expectations,” he continued. “Our net interest margin was essentially unchanged after giving consideration to an adjustment related to the recognition of home equity annual fees. And while underlying non-interest expense increased from the fourth quarter, this was expected as we began to expense stock options and experienced the typical seasonal increases in personnel costs. Core expenses were well controlled. Our operating leverage was 4% compared with the year-ago quarter after adjusting for operating lease accounting and other significant non-run rate items. We were pleased with this performance given the commencement of stock option expensing. Our period end tangible common equity ratio remained above our targeted range even after completion of the merger and the repurchase of 4.8 million common shares.”

     “Though net charge-offs increased, this mostly reflected the resolution of certain loans classified as NPLs for which reserves were established in the 2005 fourth quarter,” he said. “This also explains why provision expense was less than net charge-offs. We continue to believe full-year net-charge off performance will be at the lower end of our targeted range outlined in January. While non-performing assets increased, this primarily reflected the Unizan merger where about one-third of its non-performing assets include the government guaranteed portion of SBA loans. Loan loss reserve ratios were essentially stable.”

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     “A very tough competitive environment made loan and deposit growth a challenge,” he continued. “Average total loans and leases increased an annualized 1% from the 2005 fourth quarter excluding the impact of the Unizan merger, as well as the decline in average total automobile loans and leases where we have an on-going program of selling about 50% of loan production. Average total commercial loans before the impact of Unizan increased an annualized 3%. We were encouraged to see very strong commercial loan growth in March concurrent with an increase in utilization rates. From the end of February to the end of March, and before the impact of Unizan, commercial loans increased 1.5%, or an annualized 18%. Further, our commercial loan pipeline at quarter end was strong. As such, we believe commercial loan growth will improve going forward. Average home equity loans before the impact of Unizan declined an annualized 3%. On this same basis, average residential mortgages were essentially unchanged. Home equity and residential mortgage trends reflected the continued impact of higher interest rates and our strategy of maintaining disciplined underwriting and pricing. Average total core deposits before the impact of Unizan increased an annualized 2%. This reflected maintaining deposit pricing discipline in a very aggressive market. Importantly, we continued to show increases in retail banking households, as well as commercial and small business relationships.”

     “In sum, we are pleased with the start of the year and remain optimistic that we are on track to report full-year earnings per common share of $1.78-$1.84, as announced last January,” he concluded.

FIRST QUARTER PERFORMANCE DISCUSSION

Significant Factors Influencing Financial Performance Comparisons

     The merger with Unizan Financial Corp. (Unizan) with assets of $2.4 billion, including $1.6 billion of loans, and core deposits of $1.5 billion, was completed March 1, 2006. This acquisition impacted performance comparisons to prior-period results by:

• Adding approximately one-month’s impact from Unizan to average balance sheet items, most notably loans ($554 million for total loans and leases) and deposits ($516 million for total core deposits). (Please note that after Unizan’s loan and deposit systems are converted to Huntington’s systems later this month, certain loan and deposit sub-category data and metrics as reported for the 2006 first quarter could be subject to reclassification).

• Adding approximately one-month’s impact from Unizan to income statement items.

• Similarly impacting certain credit quality measures such as net charge-offs and period-end non-performing assets (NPAs).

     In addition, first quarter non-interest expense included $1.0 million of merger-related expenses in addition to Unizan’s run-rate amounts, which consisted primarily of retention bonuses, outside programming services, and marketing expenses.

     In the discussion of results, we refer to growth (amounts and percent) “before/excluding” Unizan, as we believe this is helpful in better discerning underlying growth rates and in analyzing performance trends without the impact of the Unizan merger. (See reconciliation tables in the Basis of Presentation disclosure at the end of this document).

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     Other specific significant items impacting 2006 first quarter performance included (see Table 1 below):

• $4.6 million pre-tax ($0.01 earnings per share) positive impact, consisting of a $9.2 million positive mark-to-market adjustment for MSRs, related to the implementation of SFAS 156, and a partially offsetting hedge-related loss of $4.6 million.

• $2.4 million pre-tax ($0.01 earnings per share) negative impact, reflecting an adjustment to defer annual fees related to home equity loans. No impact on prospective earnings is expected.

Table 1 – Significant Items Impacting Earnings Performance Comparisons ⁽¹⁾

Three Months Ended	Impact (2)
(In millions, except per share)	After-tax			EPS
March 31, 2006 – GAAP earnings	$	104.5		$	0.45
•    MSR mark-to-market net of hedge-related trading activity		4.6	(3)		0.01
•    Adjustment to defer home equity annual fees		(2.4	)(3)		(0.01	)
December 31, 2005 – GAAP earnings	$	100.6		$	0.44
•    Net impact of federal tax loss carry back		7.0			0.03
•    Securities losses plus MSR recovery of temporary impairment net of hedge-related trading activity		(10.4	)(3)		(0.03	)
March 31, 2005 – GAAP earnings	$	96.5		$	0.41
•    Net impact of federal tax loss carry back		6.4			0.03
•    Single C&I charge-off impact, net of allocated reserves		(6.4	)(3)		(0.02	)
•    SEC and regulatory-related expenses		(2.0	)(3)		(0.01	)

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

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

2006 First Quarter versus 2005 First Quarter

     Fully taxable equivalent net interest income increased $9.5 million, or 4%, from the year-ago quarter, reflecting the favorable impact of a $1.1 billion, or 5%, increase in average earning assets, as well as a one basis point increase in the fully taxable equivalent net interest margin to 3.32%. The adjustment for annual fees related to home equity loans reduced the current quarter’s net interest margin by 3 basis points.

     Average total loans and leases increased $1.1 billion from the 2005 first quarter including $0.6 billion attributable to Unizan, which accounted for approximately half of the 5% increase.

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     Average total commercial loans increased $0.7 billion from the year-ago quarter, including $0.3 billion attributable to Unizan, which accounted for just under half of the 7% increase.

     Average total consumer loans increased $0.4 billion from the year-ago quarter, including $0.3 billion attributable to Unizan, which accounted for approximately two-thirds of the 3% increase. Average residential mortgages increased $0.4 billion, including $0.1 billion attributable to Unizan, which accounted for less than one-third of the 10% increase. Average home equity loans increased $0.1 billion with Unizan contributing approximately two-thirds of the 3% increase.

     Compared with the year-ago quarter, average total automobile loans and leases decreased $0.3 billion, or 6%, with Unizan having no material impact. Average automobile loans declined slightly, reflecting the sale of $170 million of such loans as our program of selling about 50% of current loan production continued. Automobile loan production has generally declined over the last several quarters, though it improved in the current quarter. Average operating lease assets declined $0.3 billion, or 62%, as this portfolio continued to run off. Total automobile loan and lease exposure at quarter end was under 17%, down from 20% a year ago.

     Average total investment securities increased $0.4 billion from the 2005 first quarter, most of which related to purchases to replace securities sold by Unizan prior to the merger.

2006 First Quarter versus 2005 Fourth Quarter

     Compared with the 2005 fourth quarter, fully taxable equivalent net interest income was essentially unchanged. This reflected the benefit of 3% growth in average earning assets, primarily attributable to the Unizan merger, offset by a two basis point decline in the fully taxable equivalent net interest margin to 3.32% and the negative impact of two fewer days in the current quarter. Excluding a three basis point negative impact related to the adjustment of annual home equity loan fees, the net interest margin would have been up slightly.

     Average total loans and leases increased $0.5 billion from the 2005 fourth quarter with an approximately $0.6 billion positive impact from the Unizan merger, more than offset by declines in the remaining loans and leases, primarily reflecting the on-going program of selling about 50% of automobile loan production.

     Average total commercial loans increased $0.4 billion from the 2005 fourth quarter, including $0.3 billion attributable to the Unizan merger. Excluding the impact of Unizan, total average commercial loans increased less than 1% from the 2005 fourth quarter.

     Average total consumer loans increased $0.1 billion compared with the 2005 fourth quarter. This reflected an approximate $0.3 billion positive impact of the Unizan merger, partially offset by a $0.1 billion, or 3%, decline in average automobile loans and leases as higher production was more than offset by payments and the effect of the on-going automobile loan sale program. Though automobile loan production has generally declined over recent quarters, it increased 38% from the 2005 fourth quarter and represented the second highest level of quarterly production in the last seven quarters. The decline in average direct financing leases primarily reflected a decline in production due to continued low consumer demand and competitive pricing, as well as payoffs. Average direct financing leases declined $0.2 billion, or 10%. This reflected the continued decline in new automobile lease production, down 22% from the 2005 fourth quarter. This was our lowest quarterly production level in years and reflected the continued decline in

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consumer demand for automobile leases, as well as aggressive price competition. The slight increase in average home equity loans and residential mortgages primarily reflected the positive impact of the Unizan merger. The lack of underlying growth in home equity loans and residential mortgages reflected the continuation of slower growth experienced over the last several quarters due to a combination of factors, including continued low 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 $0.4 billion from the 2005 fourth quarter, reflecting the impact of securities purchased to replace securities sold by Unizan prior to the merger.

Deposits

2006 First Quarter versus 2005 First Quarter

     Average total core deposits in the 2006 first quarter increased $0.9 billion from the year-ago quarter, including $0.5 billion attributable to Unizan, which accounted for over one-half of the 5% increase. All of the average total core deposit increase reflected growth in certificates of deposit less than $100,000, partially offset by declines in interest bearing demand deposits and savings and other domestic time deposits. This transfer of funds into certificates of deposit less than $100,000 and out of other deposit accounts reflected the continuation of customer preference for higher fixed rate term deposit accounts.

     Average certificates of deposit less than $100,000 increased $1.4 billion, or 54%, including $0.2 billion attributable to Unizan. This was partially offset by a 5%, or $0.4 billion, decline in average interest bearing demand deposits despite a modest increase due to the Unizan merger, as well as a 7%, or $0.2 billion, decline in savings and other domestic time deposits despite a $0.2 billion increase due to the Unizan merger.

2006 First Quarter versus 2005 Fourth Quarter

     Compared with the 2005 fourth quarter, average total core deposits increased $0.6 billion, including $0.5 billion attributable to Unizan, which accounted for most of the 3% increase. This primarily reflected a $0.4 billion increase in certificates of deposits less than $100,000, with Unizan contributing $0.2 billion, or about one-half of the 13% growth from the prior quarter. Savings and other time deposits, as well as interest bearing demand deposits, increased modestly due to the impact of the Unizan merger.

Non-Interest Income

2006 First Quarter versus 2005 First Quarter

     Non-interest income declined $8.5 million, or 5%, from the year-ago quarter, reflecting a $27.3 million decline in operating lease income. That portfolio continued to run off since no operating leases have been originated since April 2002. Non-interest income before operating lease income increased $18.8 million, or 16%, including approximately $1.9 million attributable to Unizan. The drivers of the $18.8 million increase included:

• $5.8 million increase in mortgage banking income, reflecting a $5.5 million higher MSR valuation adjustment, which included $9.2 million related to the implementation of SFAS

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	156, which allowed mark-to-market accounting for MSRs.
•	$5.0 million increase in other income, including approximately $0.3 million from the Unizan merger, as well as higher capital markets income and equity investment gains.
•	$3.1 million, or 17%, increase in trust services income, including approximately $0.5 million attributable to Unizan, as well as (1) higher personal trust income, reflecting organic managed asset growth, including increased managed assets from Florida offices opened during 2005, (2) higher Huntington Fund fees, primarily reflecting 15% managed asset growth, and (3) higher institutional trust income due to higher servicing fee income.
•	$2.2 million, or 17%, increase in brokerage and insurance income with the increase equally split between higher insurance and brokerage income, due to a 24% increase in annuity sales volume.
•	$1.8 million, or 5%, increase in service charges on deposit accounts, including approximately $0.5 million from the Unizan merger, as well as higher personal service charges, mostly NSF/OD, which was partially offset by a modest decline in commercial service charge income. As interest rates rise, commercial customers pay a greater proportion of their fees with compensating balances credits rather than directly in cash.
•	$1.4 million, or 13%, increase in other service charges and fees, including approximately $0.2 million from the Unizan merger, as well as fees generated by increased debit card volume.

Partially offset by:

• $1.0 million decline in securities gains as the year-ago quarter reflected $1.0 million in securities gains compared with modest securities losses in the current quarter.

2006 First Quarter versus 2005 Fourth Quarter

     Non-interest income increased $12.2 million, or 8%, from the 2005 fourth quarter. However, excluding the impact of a $5.0 million decline in operating lease income as that portfolio continued to run off, non-interest income before operating lease income increased $17.2 million, or 14%, including approximately $1.9 million attributable to Unizan. The primary reasons for the $17.2 million increase were:

• $8.8 million of securities losses in the 2005 fourth quarter.

• $6.9 million increase in mortgage banking income, as the current quarter reflected an MSR valuation adjustment that was $8.8 million higher, which included $9.2 million related to the implementation of SFAS 156, mark-to-market accounting for MSRs. This positive MSR valuation impact was partially offset by a $1.3 million decline in secondary marketing income.

• $2.1 million, or 16%, increase in brokerage and insurance income due primarily to higher brokerage income resulting from a 23% increase in annuity sales volumes.

• $0.9 million, or 4%, increase in trust services income, including approximately $0.5 million from the Unizan merger. This represented the 10^th consecutive quarterly increase in trust income.

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Partially offset by:

• $0.9 million, or 2%, decline in service charges on deposit accounts despite the benefit of approximately $0.5 million from the Unizan merger. The non-Unizan related decrease of $1.4 million primarily reflected lower personal NSF/OD service charges.

Non-Interest Expense

2006 First Quarter versus 2005 First Quarter

     Non-interest expense declined $19.9 million, or 8%, from the year-ago quarter, including a $23.3 million decline in operating lease expense as that portfolio continue to run off. Non-interest expense before operating lease expense increased $3.5 million from the year-ago quarter, reflecting approximately $5.2 million attributable to Unizan, including $1.0 million of merger-related expenses. The primary drivers of the $3.5 million increase were:

• $7.6 million, or 6%, increase in personnel expense, including approximately $2.7 million attributable to Unizan, as well as $4.3 million related to the expensing of stock options.

• $1.3 million, or 21%, increase in marketing expense.

• $1.1 million, or 6%, increase in outside data processing and other services, reflecting $0.6 million of merger-related expenses, as well as higher debit card processing expense.

• $0.9 million increase in the amortization of intangibles related to the addition of $56 million of core deposit and other intangibles resulting from the Unizan merger.

Partially offset by:

• $4.1 million decline in professional services, reflecting $2.0 million of SEC and regulatory related expense in the year-ago quarter, as well as declines in collection and consulting expenses in the current quarter.

• $2.6 million, or 14%, decline in other expense, reflecting declines in operational losses, other real estate owned losses, and costs of sales incentive rewards.

• $1.3 million, or 7%, decline in net occupancy expense, despite an approximate $0.2 million increase from the Unizan merger, reflecting declines in building service, building repair, and other occupancy expenses, as well as higher rental income.

     Discerning underlying non-interest expense performance requires adjusting reported non-interest expense so expenses in different periods can be analyzed on a comparable basis. Excluding operating lease expense is helpful because its decline may overstate the impact of expense control efforts. Conversely, the merger with Unizan, as well as the expensing of stock options that appear for the first time in current quarter results adds expenses that previously did not exist and may leave the opposite impression.

     Table 2 shows that when first quarter reported total non-interest expense is adjusted to excluding operating lease expense, stock option expense, Unizan run-rate expenses, as well as merger-related expenses and the increase in intangible amortization resulting from the merger, underlying non-interest expense was down 3% from the year-ago quarter.

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Table 2 – Non-interest Expense Analysis

(In millions)	1Q06			% Change			1Q05
Total non-interest expense – reported	$	238.4			(8	)%	$	258.3
Less: Operating lease expense		(14.6	)					(37.9	)
Stock option expense		(4.3	)					N/A
Unizan merger (1)		(4.2	)					N/A
Unizan merger-related expenses		(1.0	)					N/A
Total non-interest expense – adjusted	$	214.2			(3	)%	$	220.4

(1) Includes run rate plus increased intangible amortization

2006 First Quarter versus 2005 Fourth Quarter

     Non-interest expense increased $8.1 million, or 4%, from the 2005 fourth quarter. However, excluding the impact of a $4.1 million decline in operating lease expense as that portfolio continued to run off, non-interest expense before operating lease expense increased $12.2 million, including approximately $5.2 million attributable to Unizan. The primary drivers of the $12.2 million increase included:

• $15.4 million, or 13%, increase in personnel costs, including approximately $2.7 million from the Unizan merger, as well as $4.3 million related to the adoption of expensing stock options, and a $6.2 million increase in benefits expense, primarily attributable to the annual reset of payroll taxes, higher pension costs, and increases to other benefit expenses.

Partially offset by:

• $3.4 million decline in other expense, reflecting a $2.1 million decrease in automobile lease residual value losses, as well as reductions in donations, insurance, and other miscellaneous expenses.

• $2.1 million decline in professional services, reflecting a more normal level of legal costs.

Operating Leverage

     Reported revenues in the 2006 first quarter increased less than 1% from the year-ago quarter while expenses decreased 8%, resulting in a reported operating leverage of 8%. We believe this overstates operating leverage performance between these two periods because of the impact of operating lease accounting and other large items that affect comparability (see Table 3). After adjusting for operating lease accounting and such items, adjusted revenue grew 6% and expenses increased 2%, resulting in 4% positive operating leverage.

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Table 3 – Operating Leverage Analysis

							Better /(Worse)
(In millions)	1Q06			1Q05			Amount			Percent
Revenue FTE — Reported (1)	$	407.1		$	406.1		$	1.0			0.2	%
•   Operating lease expense		(14.6	)		(37.9	)
•   Securities losses (gains)		—			(1.0	)
•   MSR mark-to-market (2)		(5.1	)		—
•   Adj. to defer home equity annual fees		2.4			—
Revenue FTE — Adjusted	$	389.7		$	367.3		$	22.4			6.1	%
Non-interest expense — Reported	$	238.4		$	258.3		$	19.9			7.7	%
•   Operating lease expense		(14.6	)		(37.9	)
•   SEC/regulatory-related expenses		—			(2.0	)
•   Unizan merger-related expenses		(1.0	)		—
Non-interest expense — Adjusted	$	222.8		$	218.4		$	(4.4	)		(2.0	)%
Operating leverage – Reported											7.9	%
Operating leverage – Adjusted											4.1	%
Efficiency ratio (3) – Reported		58.3	%		63.7	%
Efficiency ratio (3) – Adjusted		56.9	%		59.4	%

(1)	Fully taxable equivalent net interest income + non-interest income
(2)	Represents the mark-to-market prior to implementation of fair value hedging strategy
(3)	Non-interest expense less amortization of intangibles, divided by net interest income (FTE) and non-interest income excluding securities gains (losses)

Income Taxes

     The company’s effective tax rate was 28.1% in the 2006 first quarter, up from 22.8% in the year-ago quarter, and 22.5% in the 2005 fourth 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.

Credit Quality

     Total net charge-offs for the 2006 first quarter were $24.2 million, or an annualized 0.39% of average total loans and leases with the Unizan merger having no material impact. This was down from $28.3 million, or an annualized 0.47%, in the year-ago quarter. However, this was up from $17.6 million, or an annualized 0.29%, of average total loans and leases in the 2005 fourth quarter with 11 basis points of the increase in the net charge-off ratio, or $6.5 million in net charge-offs, related to the resolution of certain commercial loans that were classified as NPLs, and for which reserves were established in the 2005 fourth quarter.

     Total commercial net charge-offs in the first quarter were $10.6 million, or an annualized

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0.38%, down $5.6 million from $16.2 million, or an annualized 0.62%, in the year-ago quarter. Compared with the 2005 fourth quarter, however, current period total commercial net charge-offs increased $7.0 million, reflecting the resolution of certain loans that were classified as NPLs in the 2005 fourth quarter noted above.

     Total consumer net charge-offs in the current quarter were $13.7 million, or an annualized 0.40% of related loans, up from $12.1 million, or 0.36%, in the year-ago quarter. The increase reflected generally higher net charge-offs in all consumer loan categories due mostly to the impact of both slower growth, as well as the seasoning of these portfolios. Compared with the 2005 fourth quarter, total consumer net charge-offs decreased slightly from $14.0 million, or 0.41%.

     NPAs were $154.9 million at March 31, 2006, and represented 0.59% of related assets, up $81.6 million from $73.3 million, or 0.30%, at the end of the year-ago quarter, and up $37.7 million from $117.2 million, or 0.48%, at December 31, 2005. The Unizan merger added $33.8 million to NPAs in the current quarter, of which one-third represented the government guaranteed portion of Small Business Loan Administration (SBA) loans. NPLs, which exclude other real estate owned (OREO), were $135.5 million at March 31, 2006, up $75.6 million from the year-earlier period and $33.6 million from the end of the 2005 fourth quarter, of which $32.8 million represented NPLs acquired from Unizan. NPLs expressed as a percent of total loans and leases were 0.52% at March 31, 2006, up from 0.25% a year earlier and from 0.42% at December 31, 2005.

     The over 90-day delinquent, but still accruing, ratio was 0.20% at March 31, 2006, down slightly from 0.21% at the end of the year-ago quarter, and down from 0.23% at December 31, 2006. This represented the lowest 90-day delinquency ratio in over five years.

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 March 31, 2006, ALLL was $283.8 million, $19.4 million higher than $264.4 million a year earlier, and $15.5 million higher than $268.3 million at December 31, 2005. The Unizan merger added $22.2 million to the ALLL. Expressed as a percent of period-end loans and leases, the ALLL ratio at March 31, 2006, was 1.09%, unchanged from a year ago, and down slightly from 1.10% at December 31, 2005. Table 4 shows the change in the ALLL ratio and each reserve component from the 2005 first and fourth quarters.

Table 4 – Components of ALLL as Percent of Total Loans and Leases

										1Q06 change from
	1Q06			4Q05			1Q05			4Q05			1Q05
Transaction reserve (1)		0.88	%		0.89	%		0.82	%		(0.01	)%		0.06	%
Economic reserve		0.21			0.21			0.27			—			(0.06	)
Total ALLL		1.09	%		1.10	%		1.09	%		(0.01	)%		—	%

(1) Includes specific reserve

     The ALLL as a percent of NPAs was 183% at March 31, 2006, down from 361% a year ago,

-11-

and 229% at December 31, 2005. At March 31, 2006, the AULC was $39.3 million, up from $31.6 million at the end of the year-ago quarter and $37.0 million at December 31, 2005.

     On a combined basis, the ACL as a percent of total loans and leases at March 31, 2006, was 1.24%, up from 1.22% a year ago, though down slightly from 1.25% at December 31, 2005. The ACL as a percent of NPAs was 209% at March 31, 2006, down from 404% a year earlier and 261% at December 31, 2005.

     The provision for credit losses in the 2006 first quarter was $19.5 million, down $0.3 million from the year-ago quarter and down $11.3 million from the 2005 fourth quarter. The Unizan merger had no material impact on provision expense in the current quarter.

Capital

     At March 31, 2006, the tangible equity to assets ratio was 6.97%, down from 7.42% a year ago and from 7.19% at December 31, 2005. At March 31, 2006, the tangible equity to risk-weighted assets ratio was 7.78%, down from 7.84% at the end of the year-ago quarter and from 7.91% at December 31, 2005. The decrease in the tangible equity to assets ratio reflected approximately 2 basis points related to the issuance of capital for the Unizan merger, as well as 35 basis points, due to the impact of share repurchases.

     During the quarter, 4.8 million shares of common stock were repurchased in the open market leaving 5.0 million shares remaining under the 15 million share repurchase authorization announced October 18, 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.

     Below is a list of more specific 2006 performance assumptions, none of which have changed from our prior guidance in January 2006:

– Revenue growth in the low- to mid-single digits

– 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 of the remaining 5.0 million shares from the current 15 million share authorization

     Within this type of environment we continue to target 2006 GAAP earnings per share of $1.78-$1.84.

-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 April 30, 2006 at 800-642-1687; conference ID 6597110.

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, 2005, 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.

Unizan and other Non-GAAP Reconciliation Information:

				Change
(In millions)										Percent
	1Q06			Amount			Percent			Annualized			4Q05
Total loans and leases – GAAP	$	24,931		$	463			1.9	%		7.6	%	$	24,468
Less: Total automobile loans / leases		(4,215	)											(4,355	)
Unizan (net of automobile loans)		(530	)											N/A
Total loans and leases – adjusted	$	20,186		$	73			0.4	%		1.5	%	$	20,113
Total commercial loans – GAAP	$	11,130		$	356			3.3	%		13.2	%	$	10,774
Less: Unizan		(264	)											N/A
Commercial loans – adjusted	$	10,866		$	92			0.9	%		3.4	%	$	10,774
Home equity loans – GAAP	$	4,694		$	41			0.9	%		3.5	%	$	4,653
Less: Unizan		(74	)											N/A
Home equity loans – adjusted	$	4,620		($	33	)		(0.7	)%		(2.8	)%	$	4,653
Residential mortgages – GAAP	$	4,306		$	141			3.4	%		13.5	%	$	4,165
Less: Unizan		(136	)											N/A
Residential mortgages – adjusted	$	4,170		$	5			0.1	%		0.5	%	$	4,165
Total core deposits – GAAP	$	17,942		$	597			3.4	%		13.8	%	$	17,345
Less: Unizan		(516	)											N/A
Total core deposits – adjusted	$	17,426		$	81			0.5	%		1.9	%	$	17,345

-13-

Annualized data

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

Fully taxable equivalent interest income and net interest margin

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

Earnings per share equivalent data

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

NM or nm

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

About Huntington

     Huntington Bancshares Incorporated is a $36 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 380 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 almost 1,000 ATMs. Selected financial service activities are also conducted in other states including: Dealer Sales offices in Arizona, Florida, Georgia, North Carolina, Pennsylvania, South Carolina, and Tennessee; 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)

	2006			2005						Percent Changes vs.
(in thousands of dollars, except per share amounts)	First			Fourth			First			4Q05			1Q05
Net interest income	$	243,680		$	243,676		$	235,198			—	%		3.6	%
Provision for credit losses		19,540			30,831			19,874			(36.6	)		(1.7	)
Non-interest income		159,534			147,322			168,050			8.3			(5.1	)
Non-interest expense		238,415			230,355			258,277			3.5			(7.7	)
Income before income taxes		145,259			129,812			125,097			11.9			16.1
Provision for income taxes		40,803			29,239			28,578			39.5			42.8
Net Income	$	104,456		$	100,573		$	96,519			3.9	%		8.2	%
Net income per common share — diluted	$	0.45		$	0.44		$	0.41			2.3	%		9.8	%
Cash dividends declared per common share		0.250			0.215			0.200			16.3			25.0
Book value per common share at end of period		12.56			11.41			11.15			10.1			12.6
Tangible book value per common share at end of period		9.95			10.44			10.22			(4.7	)		(2.6	)
Average common shares — basic		230,976			226,699			231,824			1.9			(0.4	)
Average common shares — diluted		234,371			229,718			235,053			2.0			(0.3	)
Return on average assets		1.26	%		1.22	%		1.20	%
Return on average shareholders’ equity		15.5			15.5			15.5
Net interest margin (1)		3.32			3.34			3.31
Efficiency ratio (2)		58.3			57.0			63.7
Effective tax rate		28.1			22.5			22.8
Average loans and leases	$	24,931,138		$	24,468,233		$	23,856,482			1.9			4.5
Average loans and leases — linked quarter annualized growth rate		7.6	%		0.3	%		14.3	%
Average earning assets	$	30,206,257		$	29,444,360		$	29,128,027			2.6			3.7
Average total assets		33,488,628			32,614,335			32,581,040			2.7			2.8
Average core deposits (3)		17,942,442			17,344,953			17,050,969			3.4			5.2
Average core deposits — linked quarter annualized growth rate (3)		13.8	%		3.4	%		3.2	%
Average shareholders’ equity		2,729,188			2,573,538			2,527,168			6.0			8.0
Total assets at end of period	$	35,665,909		$	32,764,805		$	32,182,599			8.9			10.8
Total shareholders’ equity at end of period		3,080,180			2,557,501			2,589,773			20.4			18.9
Net charge-offs (NCOs)	$	24,216		$	17,568		$	28,272			37.8			(14.3	)
NCOs as a % of average loans and leases		0.39	%		0.29	%		0.47	%
Non-performing loans and leases (NPLs)	$	135,509		$	101,915		$	59,893			33.0			N.M.
Non-performing assets (NPAs)		154,893			117,155			73,303			32.2			N.M.
NPAs as a % of total loans and leases and other real estate (OREO)		0.59	%		0.48	%		0.30	%
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period		1.09			1.10			1.09
ALLL plus allowance for unfunded loan commitments and letters of credit as a % of total loans and leases at the end of period		1.24			1.25			1.22
ALLL as a % of NPLs		209			263			441
ALLL as a % of NPAs		183			229			361
Tier 1 risk-based capital ratio (4)		9.07			9.13			9.04
Total risk-based capital ratio (4)		12.23			12.42			12.33
Tier 1 leverage ratio (4)		8.65			8.34			8.45
Average equity / assets		8.15			7.89			7.76
Tangible equity / assets (5)		6.97			7.19			7.42

(1)	On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
(2)	Non-interest expense less amortization of intangibles ($1.1 million for 1Q 2006 and $0.2 million for all other 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)	March 31, 2006 figures are estimated.
(5)	At end of period. Tangible equity (total equity less intangible assets) divided by tangible assets (total assets less intangible assets).

-15-

EX-99.2

Exhibit 99.2

HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Review
March 2006

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

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
	2006			2005						March ‘06 vs ‘05
(in thousands of dollars, except number of shares)	March 31,			December 31,			March 31,			Amount			Percent
	(Unaudited)						(Unaudited)
Assets
Cash and due from banks	$	797,258		$	966,445		$	914,699		$	(117,441	)		(12.8	)%
Federal funds sold and securities purchased under resale agreements		349,098			74,331			144,980			204,118			N.M.
Interest bearing deposits in banks		23,204			22,391			29,551			(6,347	)		(21.5	)
Trading account securities		57,710			8,619			100,135			(42,425	)		(42.4	)
Loans held for sale		311,138			294,344			252,932			58,206			23.0
Investment securities		5,087,857			4,526,520			4,052,875			1,034,982			25.5
Loans and leases (1)		26,145,589			24,472,166			24,206,465			1,939,124			8.0
Allowance for loan and lease losses		(283,839	)		(268,347	)		(264,390	)		(19,449	)		7.4
Net loans and leases		25,861,750			24,203,819			23,942,075			1,919,675			8.0
Operating lease assets		174,839			229,077			466,550			(291,711	)		(62.5	)
Bank owned life insurance		1,060,305			1,001,542			973,164			87,141			9.0
Premises and equipment		375,740			360,677			354,979			20,761			5.8
Goodwill		579,246			212,530			212,200			367,046			N.M.
Other intangible assets		60,563			4,956			5,580			54,983			N.M.
Accrued income and other assets		927,201			859,554			732,879			194,322			26.5
Total Assets	$	35,665,909		$	32,764,805		$	32,182,599		$	3,483,310			10.8	%
Liabilities and Shareholders’ Equity
Liabilities
Deposits (2)	$	24,555,163		$	22,409,675		$	21,770,973		$	2,784,190			12.8	%
Short-term borrowings		1,687,536			1,889,260			1,033,496			654,040			63.3
Federal Home Loan Bank advances		1,658,486			1,155,647			903,871			754,615			83.5
Other long-term debt		2,035,576			2,418,419			3,138,626			(1,103,050	)		(35.1	)
Subordinated notes		1,283,359			1,023,371			1,025,612			257,747			25.1
Allowance for unfunded loan commitments and letters of credit		39,301			36,957			31,610			7,691			24.3
Deferred federal income tax liability		685,559			743,655			781,152			(95,593	)		(12.2	)
Accrued expenses and other liabilities		640,749			530,320			907,486			(266,737	)		(29.4	)
Total Liabilities		32,585,729			30,207,304			29,592,826			2,992,903			10.1
Shareholders’ equity
Preferred stock — authorized 6,617,808 shares; none outstanding		—			—			—			—			—
Common stock — without par value; authorized 500,000,000 shares; issued 257,866,255 shares; outstanding 245,205,510; 224,106,172 and 232,002,213 shares, respectively.		2,548,185			2,491,326			2,484,832			63,353			2.5
Less 12,660,745; 33,760,083 and 25,864,042 treasury shares, respectively		(273,120	)		(693,576	)		(490,139	)		217,019			(44.3	)
Accumulated other comprehensive loss		(31,434	)		(22,093	)		(18,686	)		(12,748	)		68.2
Retained earnings		836,549			781,844			613,766			222,783			36.3
Total Shareholders’ Equity		3,080,180			2,557,501			2,589,773			490,407			18.9
Total Liabilities and Shareholders’ Equity	$	35,665,909		$	32,764,805		$	32,182,599		$	3,483,310			10.8	%

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
	2006				2005								March ‘06 vs ‘05
(in thousands of dollars)	March 31,				December 31,				March 31,				Amount			Percent
	(Unaudited)								(Unaudited)
By Type
Commercial:
Middle market commercial and industrial	$	5,288,710	20.1	%	$	5,084,244	20.6	%	$	4,824,403	19.6	%	$	464,307			9.6	%
Middle market commercial real estate:
Construction		1,366,890	5.2			1,521,897	6.2			1,647,999	6.7			(281,109	)		(17.1	)
Commercial		3,046,368	11.6			2,015,498	8.2			1,913,849	7.8			1,132,519			59.2
Middle market commercial real estate		4,413,258	16.8			3,537,395	14.4			3,561,848	14.5			851,410			23.9
Small business		2,116,063	8.1			2,223,740	9.1			2,204,278	8.9			(88,215	)		(4.0	)
Total commercial		11,818,031	45.0			10,845,379	44.1			10,590,529	43.0			1,227,502			11.6
Consumer:
Automobile loans		2,053,777	7.8			1,985,304	8.0			2,066,264	8.4			(12,487	)		(0.6	)
Automobile leases		2,154,883	8.2			2,289,015	9.3			2,476,098	10.0			(321,215	)		(13.0	)
Home equity		4,816,196	18.3			4,638,841	18.8			4,594,586	18.6			221,610			4.8
Residential mortgage		4,604,705	17.5			4,193,139	17.0			3,995,769	16.2			608,936			15.2
Other loans		697,997	2.5			520,488	1.9			483,219	1.9			214,778			44.4
Total consumer		14,327,558	54.3			13,626,787	55.0			13,615,936	55.1			711,622			5.2
Total loans and direct financing leases	$	26,145,589	99.3		$	24,472,166	99.1		$	24,206,465	98.1		$	1,939,124			8.0
Operating lease assets		174,839	0.7			229,077	0.9			466,550	1.9			(291,711	)		(62.5	)
Total credit exposure	$	26,320,428	100.0	%	$	24,701,243	100.0	%	$	24,673,015	100.0	%	$	1,647,413			6.7	%
Total automobile exposure (1)	$	4,383,499	16.7	%	$	4,503,396	18.2	%	$	5,008,912	20.3	%	$	(625,413	)		(12.5	)%
By Business Segment (2)
Regional Banking:
Central Ohio	$	3,295,373	12.5	%	$	3,150,395	12.8	%	$	3,119,776	12.6	%	$	175,597			5.6	%
Northern Ohio		2,915,530	11.1			2,892,723	11.7			2,910,631	11.8			4,899			0.2
Southern Ohio / Kentucky		2,078,181	7.9			2,037,190	8.2			2,018,617	8.2			59,564			3.0
West Michigan		2,372,563	9.0			2,363,162	9.6			2,335,441	9.5			37,122			1.6
East Michigan		1,536,284	5.8			1,573,413	6.4			1,475,508	6.0			60,776			4.1
West Virginia		968,333	3.7			970,953	3.9			887,230	3.6			81,103			9.1
Indiana		977,589	3.7			1,025,807	4.2			990,747	4.0			(13,158	)		(1.3	)
Unizan (4)		1,641,972	6.2			—	—			—	—			1,641,972			—
Mortgage and equipment leasing groups		3,525,564	13.5			3,533,535	14.2			3,330,970	13.5			194,594			5.8
Regional Banking		19,311,389	73.4			17,547,178	71.0			17,068,920	69.2			2,242,469			13.1
Dealer Sales (3)		5,276,621	20.0			5,429,997	22.0			5,955,611	24.1			(678,990	)		(11.4	)
Private Financial and Capital Markets Group (4)		1,732,418	6.6			1,724,068	7.0			1,648,484	6.7			83,934			5.1
Treasury / Other		—	—			—	—			—	—			—			—
Total credit exposure	$	26,320,428	100.0	%	$	24,701,243	100.0	%	$	24,673,015	100.0	%	$	1,647,413			6.7	%

(1)	Sum of automobile loans and leases and automobile operating lease assets.
(2)	Prior period amounts have been reclassified to conform to the current period business segment structure.
(3)	Includes operating lease inventory.
(4)	In the first quarter of 2006, loans acquired from Unizan were reflected in the Regional Banking and PFCMG lines of business.

2

Huntington Bancshares Incorporated
Deposit Composition

													Change
	2006				2005								March ‘06 vs ‘05
(in thousands of dollars)	March 31,				December 31,				March 31,				Amount			Percent
	(Unaudited)								(Unaudited)
By Type
Demand deposits — non-interest bearing	$	3,776,790	15.4	%	$	3,390,044	15.1	%	$	3,186,187	14.6	%	$	590,603			18.5	%
Demand deposits — interest bearing		7,676,818	31.3			7,380,044	32.9			7,848,458	36.1			(171,640	)		(2.2	)
Savings and other domestic time deposits		3,585,840	14.6			3,094,136	13.8			3,468,004	15.9			117,836			3.4
Certificates of deposit less than $100,000		4,311,870	17.6			3,526,039	15.7			2,555,241	11.7			1,756,629			68.7
Total core deposits		19,351,318	78.9			17,390,263	77.5			17,057,890	78.3			2,293,428			13.4
Domestic time deposits of $100,000 or more		1,670,836	6.8			1,348,928	6.0			1,311,495	6.0			359,341			27.4
Brokered deposits and negotiable CDs		3,081,211	12.5			3,199,796	14.3			2,999,753	13.8			81,458			2.7
Deposits in foreign offices		451,798	1.8			470,688	2.2			401,835	1.9			49,963			12.4
Total deposits	$	24,555,163	100.0	%	$	22,409,675	100.0	%	$	21,770,973	100.0	%	$	2,784,190			12.8	%
Total core deposits:
Commercial	$	5,994,233	31.0	%	$	5,352,053	30.8	%	$	5,218,482	30.6	%	$	775,751			14.9	%
Personal		13,357,085	69.0			12,038,210	69.2			11,839,408	69.4			1,517,677			12.8
Total core deposits	$	19,351,318	100.0	%	$	17,390,263	100.0	%	$	17,057,890	100.0	%	$	2,293,428			13.4	%
By Business Segment (1)
Regional Banking:
Central Ohio	$	4,939,053	20.1	%	$	4,520,595	20.2	%	$	4,607,924	21.2	%	$	331,129			7.2	%
Northern Ohio		4,171,435	17.0			4,076,374	18.2			3,932,463	18.1			238,972			6.1
Southern Ohio / Kentucky		2,025,401	8.2			1,951,322	8.7			1,774,064	8.1			251,337			14.2
West Michigan		2,830,635	11.5			2,790,787	12.5			2,675,525	12.3			155,110			5.8
East Michigan		2,259,497	9.2			2,263,898	10.1			2,291,132	10.5			(31,635	)		(1.4	)
West Virginia		1,533,274	6.2			1,463,592	6.5			1,368,740	6.3			164,534			12.0
Indiana		809,176	3.3			728,193	3.2			718,875	3.3			90,301			12.6
Unizan (3)		1,510,995	6.2			—	—			—	—			1,510,995			—
Mortgage and equipment leasing groups		153,444	0.6			161,866	0.7			170,758	0.8			(17,314	)		(10.1	)
Regional Banking		20,232,910	82.4			17,956,627	80.1			17,539,481	80.6			2,693,429			15.4
Dealer Sales		63,573	0.3			65,237	0.3			68,996	0.3			(5,423	)		(7.9	)
Private Financial and Capital Markets Group		1,177,469	4.8			1,179,915	5.3			1,155,493	5.3			21,976			1.9
Treasury / Other (2)		3,081,211	12.5			3,207,896	14.3			3,007,003	13.8			74,208			2.5
Total deposits	$	24,555,163	100.0	%	$	22,409,675	100.0	%	$	21,770,973	100.0	%	$	2,784,190			12.8	%

(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)	In the first quarter of 2006, deposits acquired from Unizan were reflected in the Regional Banking line of business.

3

Huntington Bancshares Incorporated
Consolidated Quarterly Average Balance Sheets
(Unaudited)

				Average Balances												Change
Fully taxable equivalent basis	2006			2005												1Q06 vs 1Q05
(in millions of dollars)	First			Fourth			Third			Second			First			Amount			Percent
Assets
Interest bearing deposits in banks	$	48		$	51		$	54		$	54		$	53		$	(5	)		(9.4	)%
Trading account securities		13			119			274			236			200			(187	)		(93.5	)
Federal funds sold and securities purchased under resale agreements		201			103			142			225			475			(274	)		(57.7	)
Loans held for sale		274			361			427			276			203			71			35.0
Investment securities:
Taxable		4,191			3,802			3,523			3,589			3,932			259			6.6
Tax-exempt		548			540			537			411			409			139			34.0
Total investment securities		4,739			4,342			4,060			4,000			4,341			398			9.2
Loans and leases: (1)
Commercial: (2)
Middle market commercial and industrial		5,132			4,946			4,708			4,901			4,710			422			9.0
Middle market commercial real estate:
Construction		1,454			1,675			1,720			1,678			1,642			(188	)		(11.4	)
Commercial		2,423			1,923			1,922			1,905			1,883			540			28.7
Middle market commercial real estate		3,877			3,598			3,642			3,583			3,525			352			10.0
Small business		2,121			2,230			2,251			2,230			2,183			(62	)		(2.8	)
Total commercial		11,130			10,774			10,601			10,714			10,418			712			6.8
Consumer:
Automobile loans		1,994			2,018			2,078			2,069			2,008			(14	)		(0.7	)
Automobile leases		2,221			2,337			2,424			2,468			2,461			(240	)		(9.8	)
Automobile loans and leases		4,215			4,355			4,502			4,537			4,469			(254	)		(5.7	)
Home equity		4,694			4,653			4,681			4,636			4,570			124			2.7
Residential mortgage		4,306			4,165			4,157			4,080			3,919			387			9.9
Other loans		586			521			507			491			480			106			22.1
Total consumer		13,801			13,694			13,847			13,744			13,438			363			2.7
Total loans and leases		24,931			24,468			24,448			24,458			23,856			1,075			4.5
Allowance for loan and lease losses		(283	)		(262	)		(256	)		(270	)		(282	)		(1	)		(0.4	)
Net loans and leases		24,648			24,206			24,192			24,188			23,574			1,074			4.6
Total earning assets		30,206			29,444			29,405			29,249			29,128			1,078			3.7
Operating lease assets		200			245			309			409			529			(329	)		(62.2	)
Cash and due from banks		789			742			867			865			909			(120	)		(13.2	)
Intangible assets		362			218			217			218			218			144			66.1
All other assets		2,215			2,227			2,197			2,149			2,079			136			6.5
Total Assets	$	33,489		$	32,614		$	32,739		$	32,620		$	32,581		$	908			2.8	%
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits — non-interest bearing	$	3,436		$	3,444		$	3,406		$	3,352		$	3,314		$	122			3.7	%
Demand deposits — interest bearing		7,562			7,496			7,539			7,677			7,925			(363	)		(4.6	)
Savings and other domestic time deposits		3,095			2,984			3,095			3,230			3,317			(222	)		(6.7	)
Certificates of deposit less than $100,000		3,849			3,421			3,157			2,720			2,496			1,353			54.2
Total core deposits		17,942			17,345			17,197			16,979			17,052			890			5.2
Domestic time deposits of $100,000 or more		1,478			1,397			1,271			1,248			1,249			229			18.3
Brokered deposits and negotiable CDs		3,143			3,210			3,286			3,249			2,720			423			15.6
Deposits in foreign offices		465			490			462			434			442			23			5.2
Total deposits		23,028			22,442			22,216			21,910			21,463			1,565			7.3
Short-term borrowings		1,669			1,472			1,559			1,301			1,179			490			41.6
Federal Home Loan Bank advances		1,453			1,156			935			1,136			1,196			257			21.5
Subordinated notes and other long-term debt		3,346			3,687			3,960			4,100			4,517			(1,171	)		(25.9	)
Total interest bearing liabilities		26,060			25,313			25,264			25,095			25,041			1,019			4.1
All other liabilities		1,264			1,283			1,458			1,554			1,699			(435	)		(25.6	)
Shareholders’ equity		2,729			2,574			2,611			2,619			2,527			202			8.0
Total Liabilities and Shareholders’ Equity	$	33,489		$	32,614		$	32,739		$	32,620		$	32,581		$	908			2.8	%

(1)	For purposes of this analysis, non-accrual loans are reflected in the average balances of loans.
(2)	The middle market C&I and CRE loan balances in the first quarter of 2006 contain Unizan loan balances that are subject to reclassification when these loans are converted to Huntington’s loan systems.

4

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

		Average Rates (2)
	2006			2005
Fully taxable equivalent basis (1)	First			Fourth			Third			Second			First
Assets
Interest bearing deposits in banks		3.78	%		3.20	%		2.13	%		1.47	%		1.88	%
Trading account securities		4.49			4.53			3.95			3.94			4.14
Federal funds sold and securities purchased under resale agreements		4.30			3.78			3.41			2.76			2.36
Loans held for sale		5.92			5.68			5.43			6.04			5.55
Investment securities:
Taxable		5.00			4.70			4.37			4.13			3.87
Tax-exempt		6.71			6.77			6.62			6.76			6.73
Total investment securities		5.20			4.96			4.67			4.40			4.14
Loans and leases: (3)
Commercial:
Middle market commercial and industrial		6.80			6.28			5.87			5.65			5.02
Middle market commercial real estate:
Construction		7.55			7.27			6.58			6.04			5.54
Commercial		6.78			6.46			5.96			5.53			5.22
Middle market commercial real estate		7.07			6.84			6.25			5.77			5.37
Small business		6.67			6.43			6.18			6.01			5.82
Total commercial		6.87			6.50			6.07			5.76			5.31
Consumer:
Automobile loans		6.40			6.26			6.44			6.57			6.83
Automobile leases		4.97			4.98			4.94			4.91			4.92
Automobile loans and leases		5.65			5.57			5.63			5.67			5.78
Home equity		7.10			7.03			6.60			6.24			5.77
Residential mortgage		5.34			5.31			5.23			5.18			5.14
Other loans		6.39			5.98			5.92			6.22			6.42
Total consumer		6.08			6.00			5.85			5.74			5.61
Total loans and leases		6.43			6.22			5.94			5.75			5.48
Total earning assets		6.21	%		6.01	%		5.72	%		5.52	%		5.21	%
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits — non-interest bearing		—	%		—	%		—	%		—	%		—	%
Demand deposits — interest bearing		2.44			2.12			1.87			1.64			1.45
Savings and other domestic time deposits		1.49			1.44			1.39			1.34			1.27
Certificates of deposit less than $100,000		3.83			3.70			3.58			3.49			3.43
Total core deposits		2.61			2.36			2.15			1.94			1.76
Domestic time deposits of $100,000 or more		4.33			3.90			3.60			3.27			2.92
Brokered deposits and negotiable CDs		4.69			4.20			3.66			3.25			2.80
Deposits in foreign offices		2.62			2.66			2.28			1.95			1.41
Total deposits		3.07			2.79			2.52			2.26			1.99
Short-term borrowings		3.57			3.11			2.74			2.16			1.66
Federal Home Loan Bank advances		3.99			3.37			3.08			3.02			2.90
Subordinated notes and other long-term debt		5.22			4.72			4.20			3.91			3.39
Total interest bearing liabilities		3.43	%		3.12	%		2.82	%		2.56	%		2.27	%
Net interest rate spread		2.78	%		2.89	%		2.90	%		2.96	%		2.94	%
Impact of non-interest bearing funds on margin		0.54			0.45			0.41			0.40			0.37
Net interest margin		3.32	%		3.34	%		3.31	%		3.36	%		3.31	%

(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
	2006		2005								1Q06 vs 1Q05
(in millions of dollars)	First		Fourth		Third		Second		First		Amount			Percent
Loans and direct financing leases (1)
Regional Banking:
Central Ohio	$	3,166	$	3,228	$	3,185	$	3,179	$	3,112	$	54			1.7	%
Northern Ohio		2,886		2,918		2,927		2,922		2,868		18			0.6
Southern Ohio / Kentucky		2,077		2,064		2,075		2,062		1,962		115			5.9
West Michigan		2,362		2,382		2,377		2,366		2,297		65			2.8
East Michigan		1,551		1,536		1,506		1,478		1,443		108			7.5
West Virginia		966		963		944		907		878		88			10.0
Indiana		1,018		972		979		1,018		976		42			4.3
Unizan (2)		568		—		—		—		—		568			—
Mortgage and equipment leasing groups		3,458		3,461		3,433		3,363		3,266		192			5.9
Regional Banking		18,052		17,524		17,426		17,295		16,802		1,250			7.4
Dealer Sales		5,159		5,225		5,316		5,496		5,409		(250	)		(4.6	)
Private Financial and Capital Markets Group (2)		1,720		1,719		1,706		1,667		1,645		75			4.6
Treasury / Other		—		—		—		—		—		—			—
Total loans and direct financing leases	$	24,931	$	24,468	$	24,448	$	24,458	$	23,856	$	1,075			4.5	%
Deposit composition (1)
Regional Banking:
Central Ohio	$	4,559	$	4,497	$	4,482	$	4,545	$	4,476	$	83			1.9	%
Northern Ohio		4,184		4,132		4,082		3,941		4,094		90			2.2
Southern Ohio / Kentucky		1,986		1,938		1,861		1,750		1,764		222			12.6
West Michigan		2,791		2,774		2,666		2,630		2,678		113			4.2
East Michigan		2,255		2,287		2,257		2,261		2,289		(34	)		(1.5	)
West Virginia		1,471		1,428		1,408		1,387		1,367		104			7.6
Indiana		746		743		747		724		699		47			6.7
Unizan (2)		523		—		—		—		—		523			—
Mortgage and equipment leasing groups		162		202		215		197		179		(17	)		(9.5	)
Regional Banking		18,677		18,001		17,718		17,435		17,546		1,131			6.4
Dealer Sales		58		63		72		69		71		(13	)		(18.3	)
Private Financial and Capital Markets Group		1,150		1,161		1,133		1,150		1,109		41			3.7
Treasury / Other		3,143		3,217		3,293		3,256		2,737		406			14.8
Total deposits	$	23,028	$	22,442	$	22,216	$	21,910	$	21,463	$	1,565			7.3	%

(1)	Prior period amounts have been reclassified to conform to the current period business segment structure.
(2)	In the first quarter of 2006, loans acquired from Unizan were reflected in the Regional Banking and PFCMG lines of business, and deposits acquired from Unizan were reflected in the Regional Banking line of business.

6

Huntington Bancshares Incorporated
Selected Quarterly Income Statement Data
(Unaudited)

	2006			2005												1Q06 vs 1Q05
(in thousands of dollars, except per share amounts)	First			Fourth			Third			Second			First			Amount			Percent
Interest income	$	464,787		$	442,476		$	420,858		$	402,326		$	376,105		$	88,682			23.6	%
Interest expense		221,107			198,800			179,221			160,426			140,907			80,200			56.9
Net interest income		243,680			243,676			241,637			241,900			235,198			8,482			3.6
Provision for credit losses		19,540			30,831			17,699			12,895			19,874			(334	)		(1.7	)
Net interest income after provision for credit losses		224,140			212,845			223,938			229,005			215,324			8,816			4.1
Service charges on deposit accounts		41,222			42,083			44,817			41,516			39,418			1,804			4.6
Trust services		21,278			20,425			19,671			19,113			18,196			3,082			16.9
Brokerage and insurance income		15,193			13,101			13,948			13,544			13,026			2,167			16.6
Bank owned life insurance income		10,242			10,389			10,104			10,139			10,104			138			1.4
Other service charges and fees		11,509			11,488			11,449			11,252			10,159			1,350			13.3
Mortgage banking income (loss)		17,832			10,909			21,116			(2,376	)		12,061			5,771			47.8
Securities gains (losses)		(20	)		(8,770	)		101			(343	)		957			(977	)		N.M.
Gains on sales of automobile loans		448			455			502			254			—			448			—
Other income		22,440			22,900			9,770			24,974			17,397			5,043			29.0
Sub-total before operating lease income		140,144			122,980			131,478			118,073			121,318			18,826			15.5
Operating lease income		19,390			24,342			29,262			38,097			46,732			(27,342	)		(58.5	)
Total non-interest income		159,534			147,322			160,740			156,170			168,050			(8,516	)		(5.1	)
Personnel costs		131,557			116,111			117,476			124,090			123,981			7,576			6.1
Net occupancy		17,966			17,940			16,653			17,257			19,242			(1,276	)		(6.6	)
Outside data processing and other services		19,851			19,693			18,062			18,113			18,770			1,081			5.8
Equipment		16,503			16,093			15,531			15,637			15,863			640			4.0
Professional services		5,365			7,440			8,323			9,347			9,459			(4,094	)		(43.3	)
Marketing		7,798			7,403			6,779			7,441			6,454			1,344			20.8
Telecommunications		4,825			4,453			4,512			4,801			4,882			(57	)		(1.2	)
Printing and supplies		3,074			3,084			3,102			3,293			3,094			(20	)		(0.6	)
Amortization of intangibles		1,075			218			203			204			204			871			N.M.
Other expense		15,794			19,194			19,588			19,074			18,380			(2,586	)		(14.1	)
Sub-total before operating lease expense		223,808			211,629			210,229			219,257			220,329			3,479			1.6
Operating lease expense		14,607			18,726			22,823			28,879			37,948			(23,341	)		(61.5	)
Total non-interest expense		238,415			230,355			233,052			248,136			258,277			(19,862	)		(7.7	)
Income before income taxes		145,259			129,812			151,626			137,039			125,097			20,162			16.1
Provision for income taxes		40,803			29,239			43,051			30,615			28,578			12,225			42.8
Net income	$	104,456		$	100,573		$	108,575		$	106,424		$	96,519		$	7,937			8.2	%
Average common shares — diluted		234,371			229,718			233,456			235,671			235,053			(682	)		(0.3	)%
Per common share
Net income — diluted	$	0.45		$	0.44		$	0.47		$	0.45		$	0.41		$	0.04			9.8
Cash dividends declared		0.250			0.215			0.215			0.215			0.200			0.050			25.0
Return on average total assets		1.26	%		1.22	%		1.32	%		1.31	%		1.20	%		0.06	%		5.0
Return on average total shareholders’ equity		15.5			15.5			16.5			16.3			15.5			—			—
Net interest margin (1)		3.32			3.34			3.31			3.36			3.31			0.01			0.3
Efficiency ratio (2)		58.3			57.0			57.4			61.8			63.7			(5.4	)		(8.5	)
Effective tax rate		28.1			22.5			28.4			22.3			22.8			5.3			23.2
Revenue — fully taxable equivalent (FTE)
Net interest income	$	243,680		$	243,676		$	241,637		$	241,900		$	235,198		$	8,482			3.6
FTE adjustment		3,836			3,837			3,734			2,961			2,861			975			34.1
Net interest income (1)		247,516			247,513			245,371			244,861			238,059			9,457			4.0
Non-interest income		159,534			147,322			160,740			156,170			168,050			(8,516	)		(5.1	)
Total revenue (1)	$	407,050		$	394,835		$	406,111		$	401,031		$	406,109		$	941			0.2	%

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)

	2006			2005												1Q06 vs 1Q05
(in thousands of dollars)	First			Fourth			Third			Second			First			Amount			Percent
Mortgage Banking Income
Origination fees	$	1,977		$	1,979		$	3,037		$	3,066		$	2,699		$	(722	)		(26.8	)%
Secondary marketing		2,022			3,346			3,409			1,749			2,482			(460	)		(18.5	)
Servicing fees		5,925			5,791			5,532			5,464			5,394			531			9.8
Amortization of capitalized servicing		(3,532	)		(3,785	)		(4,626	)		(5,187	)		(4,761	)		1,229			(25.8	)
Other mortgage banking income		2,227			3,193			3,307			2,763			2,487			(260	)		(10.5	)
Sub-total		8,619			10,524			10,659			7,855			8,301			318			3.8
MSR valuation adjustment		9,213			385			10,457			(10,231	)		3,760			5,453			N.M.
Total mortgage banking income (loss)	$	17,832		$	10,909		$	21,116		$	(2,376	)	$	12,061		$	5,771			47.8	%
Capitalized mortgage servicing rights (1)	$	123,257		$	91,259		$	85,940		$	71,150		$	80,972		$	42,285			52.2	%
MSR allowance (1)		—			(404	)		(789	)		(11,246	)		(1,015	)		1,015			N.M.
Total mortgages serviced for others (1)		7,386,000			7,276,000			7,081,000			6,951,000			6,896,000			490,000			7.1
Net Impact of MSR Hedging
MSR valuation adjustment (3)	$	9,213		$	385		$	10,457		$	(10,231	)	$	3,760		$	5,453			N.M.	%
Net trading gains (losses) related to MSR hedging (2)		(4,638	)		(2,091	)		(12,831	)		5,727			(4,182	)		(456	)		10.9
Net interest income related to MSR hedging		—			109			233			512			834			(834	)		N.M.
Net impact of MSR hedging	$	4,575		$	(1,597	)	$	(2,141	)	$	(3,992	)	$	412		$	4,163			N.M.	%

N.M., not a meaningful value.

⁽¹⁾ At period end.

⁽²⁾ Included in other non-interest income.

⁽³⁾ The first quarter of 2006 reflects the adoption of SFAS 156, which records MSRs at fair value. Prior periods reflect temporary impairment or recovery, based on accounting for MSRs at the lower of cost or market.

8

Huntington Bancshares Incorporated
Quarterly Credit Reserves Analysis
(Unaudited)

	2006			2005
(in thousands of dollars)	First			Fourth			Third			Second			First
Allowance for loan and lease losses, beginning of period	$	268,347		$	253,943		$	254,784		$	264,390		$	271,211
Acquired allowance for loan and lease losses		22,187			—			—			—			—
Loan and lease losses		(33,405	)		(27,072	)		(25,830	)		(25,733	)		(37,213	)
Recoveries of loans previously charged off		9,189			9,504			7,877			9,469			8,941
Net loan and lease losses		(24,216	)		(17,568	)		(17,953	)		(16,264	)		(28,272	)
Provision for loan and lease losses		17,521			31,972			17,112			13,247			21,451
Economic reserve transfer		—			—			—			(6,253	)		—
Allowance of assets sold and securitized		—			—			—			(336	)		—
Allowance for loan and lease losses, end of period	$	283,839		$	268,347		$	253,943		$	254,784		$	264,390
Allowance for unfunded loan commitments and letters of credit, beginning of period	$	36,957		$	38,098		$	37,511		$	31,610		$	33,187
Acquired AULC		325			—			—			—			—
Provision for unfunded loan commitments and letters of credit losses		2,019			(1,141	)		587			(352	)		(1,577	)
Economic reserve transfer		—			—			—			6,253			—
Allowance for unfunded loan commitments and letters of credit, end of period	$	39,301		$	36,957		$	38,098		$	37,511		$	31,610
Total allowances for credit losses	$	323,140		$	305,304		$	292,041		$	292,295		$	296,000
Allowance for loan and lease losses (ALLL) as % of:
Transaction reserve		0.88	%		0.89	%		0.84	%		0.82	%		0.82	%
Economic reserve		0.21			0.21			0.20			0.22			0.27
Total loans and leases		1.09	%		1.10	%		1.04	%		1.04	%		1.09	%
Non-performing loans and leases (NPLs)		209			263			283			304			441
Non-performing assets (NPAs)		183			229			249			262			361
Total allowances for credit losses (ACL) as % of:
Total loans and leases		1.24	%		1.25	%		1.19	%		1.19	%		1.22	%
Non-performing loans and leases		238			300			326			349			494
Non-performing assets		209			261			287			300			404

9

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

	2006			2005
(in thousands of dollars)	First			Fourth			Third			Second			First
Net charge-offs by loan and lease type:
Commercial:
Middle market commercial and industrial	$	6,887		$	(744	)	$	(1,082	)	$	1,312		$	14,092
Middle market commercial real estate:
Construction		(241	)		(175	)		495			(134	)		(51	)
Commercial		210			14			1,779			2,269			(152	)
Middle market commercial real estate		(31	)		(161	)		2,274			2,135			(203	)
Small business		3,709			4,465			3,062			2,141			2,283
Total commercial		10,565			3,560			4,254			5,588			16,172
Consumer:
Automobile loans		2,977			3,213			3,895			1,664			3,216
Automobile leases		3,515			3,422			3,105			2,123			3,014
Automobile loans and leases		6,492			6,635			7,000			3,787			6,230
Home equity		4,515			4,498			4,093			5,065			3,963
Residential mortgage		715			941			522			430			439
Other loans		1,929			1,934			2,084			1,394			1,468
Total consumer		13,651			14,008			13,699			10,676			12,100
Total net charge-offs	$	24,216		$	17,568		$	17,953		$	16,264		$	28,272
Net charge-offs — annualized percentages:
Commercial:
Middle market commercial and industrial		0.54	%		(0.06	)%		(0.09	)%		0.11	%		1.20	%
Middle market commercial real estate:
Construction		(0.07	)		(0.04	)		0.12			(0.03	)		(0.01	)
Commercial		0.03			—			0.37			0.48			(0.03	)
Middle market commercial real estate		—			(0.02	)		0.25			0.24			(0.02	)
Small business		0.70			0.80			0.54			0.38			0.42
Total commercial		0.38			0.13			0.16			0.21			0.62
Consumer:
Automobile loans		0.60			0.64			0.75			0.32			0.64
Automobile leases		0.63			0.59			0.51			0.34			0.49
Automobile loans and leases		0.62			0.61			0.62			0.33			0.56
Home equity		0.38			0.39			0.35			0.44			0.35
Residential mortgage		0.07			0.09			0.05			0.04			0.04
Other loans		1.32			1.48			1.64			1.14			1.22
Total consumer		0.40			0.41			0.40			0.31			0.36
Net charge-offs as a % of average loans		0.39	%		0.29	%		0.29	%		0.27	%		0.47	%

10

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

	2006			2005
(in thousands of dollars)	March 31,			December 31,			September 30,			June 30,			March 31,
Non-accrual loans and leases:
Middle market commercial and industrial	$	45,723		$	28,888		$	25,431		$	26,856		$	16,993
Middle market commercial real estate		18,243			15,763			13,073			15,331			6,682
Small business		28,389			28,931			26,098			19,788			16,387
Residential mortgage		29,376			17,613			16,402			14,137			12,498
Home equity		13,778			10,720			8,705			7,748			7,333
Total non-performing loans and leases		135,509			101,915			89,709			83,860			59,893
Other real estate, net:
Residential		17,481			14,214			11,182			10,758			10,571
Commercial		1,903			1,026			909			2,800			2,839
Total other real estate, net		19,384			15,240			12,091			13,558			13,410
Total non-performing assets	$	154,893		$	117,155		$	101,800		$	97,418		$	73,303
Non-performing loans and leases guaranteed by the U.S. government	$	18,256		$	7,324		$	6,812		$	5,892		$	4,264
Non-performing loans and leases as a % of total loans and leases		0.52	%		0.42	%		0.37	%		0.34	%		0.25	%
Non-performing assets as a % of total loans and leases and other real estate		0.59			0.48			0.42			0.40			0.30
Accruing loans and leases past due 90 days or more	$	52,297		$	56,138		$	50,780		$	53,371		$	50,086
Accruing loans and leases past due 90 days or more as a percent of total loans and leases		0.20	%		0.23	%		0.21	%		0.22	%		0.21	%

	2006			2005
(in thousands of dollars)	First			Fourth			Third			Second			First
Non-performing assets, beginning of period	$	117,155		$	101,800		$	97,418		$	73,303		$	108,568
New non-performing assets		53,768			52,553			37,570			47,420			33,607
Acquired non-performing assets		33,843			—			—			—			—
Returns to accruing status		(14,310	)		(3,228	)		(231	)		(250	)		(3,838	)
Loan and lease losses		(13,314	)		(9,063	)		(5,897	)		(6,578	)		(17,281	)
Payments		(13,195	)		(21,329	)		(21,203	)		(11,925	)		(10,404	)
Sales		(9,054	)		(3,578	)		(5,857	)		(4,552	)		(37,349	)
Non-performing assets, end of period	$	154,893		$	117,155		$	101,800		$	97,418		$	73,303

11

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

Quarterly common stock summary

	2006		2005
(in thousands, except per share amounts)	First		Fourth		Third		Second		First
Common stock price, per share
High (1)	$	24.750	$	24.640	$	25.410	$	24.750	$	24.780
Low (1)		22.560		20.970		22.310		22.570		22.150
Close		24.130		23.750		22.470		24.140		23.900
Average closing price		23.649		23.369		24.227		23.771		23.216
Dividends, per share
Cash dividends declared on common stock	$	0.250	$	0.215	$	0.215	$	0.215	$	0.200
Common shares outstanding
Average — basic		230,976		226,699		229,830		232,217		231,824
Average — diluted		234,371		229,718		233,456		235,671		235,053
Ending		245,206		224,106		229,006		230,842		232,192
Book value per share	$	12.56	$	11.41	$	11.45	$	11.40	$	11.15
Tangible book value per share		9.95		10.44		10.50		10.45		10.22
Common share repurchases
Number of shares repurchased		4,831		5,175		2,598		1,818		—

Capital adequacy

	2006			2005
(in millions of dollars)	March 31,			December 31,			September 30,			June 30,			March 31,
Total risk-weighted assets (2)	$	31,361		$	29,599		$	29,352		$	29,973		$	30,267
Tier 1 leverage ratio (2)		8.65	%		8.34	%		8.50	%		8.50	%		8.45	%
Tier 1 risk-based capital ratio (2)		9.07			9.13			9.42			9.18			9.04
Total risk-based capital ratio (2)		12.23			12.42			12.70			12.39			12.33
Tangible equity / asset ratio		6.97			7.19			7.39			7.36			7.42
Tangible equity / risk-weighted assets ratio (2)		7.78			7.91			8.19			8.05			7.84
Average equity / average assets		8.15			7.89			7.97			8.03			7.76
Other data
Number of employees (full-time equivalent)		8,078			7,602			7,586			7,713			7,813
Number of domestic full-service banking offices (3) (4)		385			344			346			344			343

(1)	High and low stock prices are intra-day quotes obtained from NASDAQ.
(2)	March 31, 2006 figures are estimated.
(3)	Includes Private Financial Group offices in Florida.
(4)	Includes 42 Unizan offices.

12

Huntington Bancshares Incorporated Quarterly
Operating Lease Performance
(Unaudited)

	2006			2005												1Q06 vs 1Q05
(in thousands of dollars)	First			Fourth			Third			Second			First			Amount			Percent
Balance Sheet:
Average operating lease assets outstanding	$	199,998		$	245,346		$	308,952		$	408,798		$	529,245		$	(329,247	)		(62.2	)%
Income Statement:
Net rental income	$	17,515		$	21,674		$	26,729		$	34,562		$	43,554		$	(26,039	)		(59.8	)%
Fees		732			1,482			1,419			1,773			1,857			(1,125	)		(60.6	)
Recoveries — early terminations		1,143			1,186			1,114			1,762			1,321			(178	)		(13.5	)
Total operating lease income		19,390			24,342			29,262			38,097			46,732			(27,342	)		(58.5	)
Depreciation and residual losses at termination		13,437			17,223			20,856			26,560			34,703			(21,266	)		(61.3	)
Losses — early terminations		1,170			1,503			1,967			2,319			3,245			(2,075	)		(63.9	)
Total operating lease expense		14,607			18,726			22,823			28,879			37,948			(23,341	)		(61.5	)
Net earnings contribution	$	4,783		$	5,616		$	6,439		$	9,218		$	8,784		$	(4,001	)		(45.5	)%
Earnings ratios (1)
Net rental income		35.0	%		35.3	%		34.6	%		33.8	%		32.9	%		2.1	%		6.4	%
Depreciation and residual losses at termination		26.9			28.1			27.0			26.0			26.2			0.7			2.7

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