8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported) October 19, 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 October 19, 2006, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the quarter ended September 30, 2006. Also on October 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 October 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 6774065. Slides will be available at www.huntington-ir.com just prior to 1:00 p.m. EST on October 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 October 31, 2006, at 800-642-1687; conference call ID 6774065.

     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 October 19, 2006.

Exhibit 99.2 — Quarterly Financial Review, September 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: October 19, 2006	By:	/s/ Donald R. Kimble
		Donald R. Kimble
		Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
Exhibit 99.1	News release of Huntington Bancshares Incorporated, October 19, 2006.
Exhibit 99.2	Quarterly Financial Review, September 2006.

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE
October 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 THIRD QUARTER NET INCOME OF $157.4 MILLION AND EARNINGS PER COMMON SHARE OF $0.65

• 2006 NINE-MONTH NET INCOME OF $373.5 MILLION AND EARNINGS PER COMMON SHARE OF $1.56

      COLUMBUS, Ohio — Huntington Bancshares Incorporated (NASDAQ: HBAN; www.huntington.com) reported 2006 third quarter earnings of $157.4 million, or $0.65 per common share. As previously announced, 2006 third quarter earnings included a $0.19 per common share net benefit related to a favorable resolution of a federal income tax audit, partially offset by the recognition of investment securities impairment. Results in the year-ago third quarter were $108.6 million, or $0.47 per common share.

      Earnings for the first nine months of 2006 were $373.5 million, or $1.56 per common share, compared with $311.5 million, or $1.33 per common share, in 2005.

      Highlights compared with the 2006 second quarter included:

• $0.19 earnings per common share net positive impact related to:

• $0.35 per common share positive impact due to a reduction of federal income tax expense, partially offset by

• $0.16 per common share negative impact due to an investment securities impairment.

• 3.22% net interest margin, down from 3.34%.

• 3% annualized growth in average total commercial loans.

• 10% annualized growth in average residential mortgages.

• 8% annualized decline in average total automobile loans and leases reflecting the impact of the on-going program of selling a portion of related production.

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• 1% annualized growth in average total core deposits.

• Mixed non-interest income performance.

• 3% decline in non-interest expense before automobile operating lease expense.

• 0.32% annualized net charge-offs, up 11 basis points.

• 1.06% period-end allowance for loan and lease losses (ALLL) ratio, down from 1.09%.

• 0.65% period end non-performing asset (NPA) ratio, unchanged from June 30, 2006, with 59% of total period end NPAs representing residential real estate assets and loans guaranteed by the U.S. Government.

• 7.13% period-end tangible common equity ratio, up from 6.46%.

      “The net impact of the reduction of federal income taxes and securities impairment had a significant favorable impact to reported third quarter results and were positive developments for the company,” said Thomas E. Hoaglin, chairman, president, and chief executive officer. “The significant increase in our period end capital ratios provides us with additional capital flexibility and the repositioning of our investment securities portfolio is expected to result in a lift to our net interest margin going forward.”

      “Even without the net impact of these two items, underlying earnings were slightly better than expected,” he noted. “Growth in important fee income items, lower expenses, and steady credit quality helped counter the negative impacts of a decline in our net interest margin and the challenging environment for loan and deposit growth. We continue to believe we can compete effectively to win our fair share of loan and deposit growth opportunities, but are committed to continued discipline in both price and underwriting standards.”

THIRD QUARTER PERFORMANCE DISCUSSION

Significant Factors Influencing Financial Performance Comparisons

      Specific significant items impacting 2006 third quarter performance included (see Table 1 below):

• $84.5 million ($0.35 per common share) reduction of federal income tax expense related to the resolution of a federal income tax audit covering tax years 2002 and 2003 that resulted in the release of previously established federal income tax reserves, as well as the recognition of federal tax loss carry backs.

• $57.5 million pre-tax ($37.4 million after tax or $0.16 per common share) loss from securities impairment related to a decision to reposition the investment securities portfolio to improve its performance in coming quarters.

• $2.1 million pre-tax ($1.4 million after tax or $0.01 per common share) negative impact related to the write down of equity method investments.

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

Three Months Ended		Impact (2)
(in millions, except per share)		After-tax			EPS
September 30, 2006 — GAAP earnings		$	157.4		$	0.65
•	Reduction of federal income tax expense		84.5			0.35
•	Investment securities impairment		(57.5	)(3)		(0.16	)
•	Write down of equity method investments		(2.1	)(3)		(0.01	)
June 30, 2006 — GAAP earnings		$	111.6		$	0.46
•	Unizan merger-related expenses		(2.6	)(3)		(0.01	)
•	Equity investment gains		2.3	(3)		0.01
September 30, 2005 — GAAP earnings		$	108.6		$	0.47
•	Net impact of federal tax loss carry back		6.8			0.03
•	Net impact of repatriating foreign earnings		(5.0	)		(0.02	)
•	MSR recovery net of hedge-related trading losses		(2.1	)(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

Investment Securities Portfolio Repositioning

      Subsequent to the end of the quarter, the company initiated a review of its investment securities portfolio. The objective of this review is to reposition the portfolio to optimize performance in light of changing economic conditions and other factors. Such repositioning will likely result in the sale of securities and the reinvestment into securities expected to improve the predictability of cash flows and reduce credit risk. A total of $2.1 billion of securities, primarily consisting of U.S. Treasury and Agency securities as well as certain other asset-backed securities, were identified for impairment as part of this review. At September 30, 2006, these securities had total unrealized losses of $57.5 million ($37.4 million after tax, or $0.16 per common share), which has been recognized in the 2006 third quarter results. Management expects this repositioning will improve the net interest margin by 5-6 basis points in coming quarters.

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

2006 Third Quarter versus 2005 Third Quarter

      Fully taxable equivalent net interest income increased $14.0 million, or 6% ($17.7 million merger-related), from the year-ago quarter, reflecting the favorable impact of a $2.6 billion, or 9%, increase in average earning assets, as the fully taxable equivalent net interest margin declined 9 basis points to 3.22%. Average total loans and leases increased $1.9 billion, or 8% ($1.7 billion merger-related). The remaining increase in average total loans and leases was $0.2 billion, up less than 1% from the year-ago quarter, which primarily reflected growth in commercial loans, residential mortgages, and home equity loans, mostly offset by a decline in total average automobile loans and leases as we continued a program to sell a portion of that production.

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      Average total commercial loans increased $1.4 billion, or 14% ($0.8 billion merger-related). This growth reflected a $0.9 billion, or 19%, increase in average middle market C&I loans, a $0.3 billion, or 8%, increase in average commercial real estate loans, and a $0.3 billion, or 12%, increase in average small business loans.

      Average residential mortgages increased $0.6 billion, or 14% ($0.4 billion merger-related). Average home equity loans increased $0.2 billion, or 5%, substantially all from the Unizan merger.

      Compared with the year-ago quarter, average total automobile loans and leases decreased $0.4 billion, or 10%, with the Unizan merger having no significant impact. The decrease reflected the combination of two factors: (1) continued softness in production levels over this period from low consumer demand and competitive pricing, and (2) the sale of automobile loans as we continued a program of selling a portion of current loan production. Average automobile operating lease assets declined $0.2 billion, or 76%, as this portfolio continued to run off. Total automobile loan and lease exposure at quarter end was 15%, down from 19% a year ago.

      Average total investment securities increased $0.9 billion from the 2005 third quarter, attributed, in part, to securities purchased in the 2006 first quarter.

2006 Third Quarter versus 2006 Second Quarter

      Compared with the 2006 second quarter, fully taxable equivalent net interest income decreased $6.8 million, or 3%. This primarily reflected the negative impact of a 12 basis point decline in the net interest margin to 3.22% as average total earnings assets increased less than one percent. The decline in the net interest margin reflected a combination of factors, but primarily related to continued aggressive deposit pricing in the marketplace, the movement of lower cost deposits into higher cost certificates of deposit, and compression in home equity loans spreads.

      Average total loans and leases increased $0.1 billion, or less than 1%, from the 2006 second quarter.

      Average total commercial loans increased slightly. This primarily reflected growth in average middle market C&I loans as utilization rates increased.

      Average residential mortgages increased $0.1 billion, or 3%, with average home equity loans increasing slightly. The growth in average residential mortgages and home equity loans was negatively impacted by a planned decline in home equity broker-originated production, and a continued focus on credit underwriting and pricing discipline despite aggressive price competition.

      Compared with the 2006 second quarter, average total automobile loans and leases declined 2%. The decline reflected a combination of factors including low demand for leases, as well as sales of a portion of automobile loan and lease production. Average direct financing leases declined $0.1 billion, or 6%. Direct financing lease production decreased 16% from the prior quarter, with the absolute level of production over the last several quarters remaining at historically low levels due to continued low consumer demand and competitive pricing. In contrast, average automobile loans increased 2% despite automobile loan production decreasing

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1% from the prior quarter. Average automobile operating lease assets declined as this portfolio continued to run off with average balances approaching an immaterial level.

      Average investment securities decreased $0.1 billion, or 2%, from the 2006 second quarter.

Deposits

2006 Third Quarter versus 2005 Third Quarter

      Average total core deposits in the 2006 third quarter increased $2.0 billion, or 12% ($1.5 billion merger-related), from the year-ago quarter. Most of the increase reflected higher average core certificates of deposit, which increased $1.8 billion ($0.6 billion merger-related) resulting from continued customer demand for higher, fixed rate deposit products. Average interest bearing demand deposits increased $0.3 billion ($0.2 billion merger-related) and average non-interest bearing deposits increased $0.1 billion ($0.2 billion merger-related). Average savings and other domestic time deposits declined $0.2 billion despite $0.5 billion of growth related to the Unizan merger.

2006 Third Quarter versus 2006 Second Quarter

      Average total core deposits in the 2006 third quarter increased less than 1%, reflecting growth in average total commercial core deposits, mostly offset by a decline in average total consumer core deposits. Average core certificates of deposits increased $0.3 billion, or 5%, reflecting the continued preference of customers for higher fixed rate certificates of deposit compared with lower rate savings and other time deposits, which declined 6%. This shift reflected the same factors impacting comparisons to the year-ago quarter noted above. Average interest bearing deposits increased 1%, whereas average non-interest bearing demand deposits declined 2%.

Non-Interest Income

2006 Third Quarter versus 2005 Third Quarter

      Non-interest income decreased $62.8 million from the year-ago quarter, including a $19.2 million decline in automobile operating lease income. That portfolio continued to run off since no automobile operating leases have been originated since April 2002. Non-interest income before automobile operating lease income decreased $43.6 million, or 33%, reflecting:

• $57.3 million of investment securities losses in the current quarter reflecting the $57.5 million investment securities impairment noted above (see Significant Items).

• $23.3 million decline in mortgage banking income, reflecting a $10.7 million negative impact of MSR valuation adjustments in the current quarter compared with a positive $10.5 million MSR valuation adjustment in the year-ago quarter. The current quarter’s negative MSR valuation adjustment reflected in mortgage banking income was offset by net MSR-related trading gains recorded in other income (see below).

Partially offset by:

• $25.7 million increase in other income, primarily reflecting a $23.5 million positive impact in MSR hedge-related trading activities as the current quarter included a $10.7

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million of net trading gains compared with $12.8 million of net trading losses in the year-ago quarter, partially offset by a $2.1 million write down of certain equity method investments.

• $3.9 million, or 9% ($1.6 million merger-related), increase in service charges on deposit accounts, reflecting a $3.2 million, or 11%, increase in personal service charges, primarily NSF/OD, and a $0.7 million, or 4%, increase in commercial service charge income.

• $2.8 million, or 14% ($1.7 million merger-related), increase in trust services income, reflecting (1) a $1.6 million increase in higher personal trust income, mostly merger-related, as managed assets increased 13%, (2) a $0.8 million increase in fees from Huntington Funds, reflecting 9% managed asset growth, and (3) a $0.4 million increase in institutional trust income due to higher servicing fees with over half of the growth being merger-related.

• $2.0 million increase in bank owned life insurance income.

• $1.5 million, or 13% ($0.3 million merger-related), increase in other service charges and fees, primarily reflecting a $1.2 million, or 15%, increase in fees generated by higher debit card volume.

      Table 2 shows that on a reported basis non-interest income declined 39% from the year-ago period. However, when third quarter reported total non-interest income for both years is adjusted to exclude automobile operating lease income and the 2006 third quarter impact of the investment securities impairment and Unizan merger-related non-interest income, non-interest income increased 5% from the year-ago quarter. Management views this adjusted measure as more indicative of underlying non-interest income performance and is used for measuring the effectiveness of strategies to grow fee income.

Table 2 — Non-interest Income Analysis

(in millions)		3Q06		Better/(Worse)						3Q05
				Amount			Percent
Total non-interest income — reported		$	97.9	$	(62.8	)		(39	)%	$	160.7
Less:	Automobile operating lease income		8.6								27.8
Sub-total			89.3		(43.6	)		(33	)		132.9
Add:	Investment securities impairment		57.5								N/A
Less:	Unizan merger-related (1)		7.2								N/A
Total non-interest income — adjusted		$	139.7	$	6.8			5	%	$	132.8

(1) Estimated period impact

2006 Third Quarter versus 2006 Second Quarter

      Non-interest income decreased $65.1 million from the 2006 second quarter including the impact of a $3.6 million decline in automobile operating lease income as that portfolio continued to run off. Non-interest income before automobile operating lease income declined $61.5 million reflecting:

• $57.3 million of investment securities losses in the current quarter, reflecting the $57.5 million investment securities impairment noted above (see Significant Items).

• $22.5 million decline in mortgage banking income, primarily reflecting a $10.7 million

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negative impact of MSR valuation adjustments in the current quarter compared with a positive $8.3 million MSR valuation adjustment in the prior quarter. The current quarter’s negative MSR valuation adjustment was offset by net MSR-related trading gains recorded in other income (see below). Also contributing to the decrease in mortgage banking income from the second quarter was a $3.9 million decline in secondary marketing income.

Partially offset by:

• $14.8 million increase in other income, primarily reflecting a $17.4 million positive impact in MSR hedge-related trading activities as the current quarter included a $10.7 million net trading gain compared with $6.7 million of net trading losses in the prior quarter, partially offset by a $2.1 million write down of certain equity method investments. The 2006 second quarter also benefited from $2.3 million of equity investment gains.

• $1.5 million increase in bank owned life insurance income.

• $1.5 million, or 3%, increase in service charges on deposit accounts. This reflected a $0.8 million, or 5%, increase in commercial service charges and a $0.7 million, or 2%, increase in personal service charges.

      Table 3 shows that on a reported basis non-interest income declined 40% from the 2006 second quarter. However, when 2006 third and second quarter reported total non-interest income is adjusted to exclude automobile operating lease income and the 2006 third quarter impact of the investment securities impairment, non-interest income declined 3%. Management views this adjusted measure as more indicative of underlying non-interest income performance for the 2006 third quarter compared with the prior quarter.

Table 3 — Non-interest Income Analysis

(in millions)		3Q06		Better/(Worse)						2Q06
				Amount			Percent
Total non-interest income — reported		$	97.9	$	(65.1	)		(40	)%	$	163.0
Less:	Automobile operating lease income		8.6								12.1
Sub-total			89.3		(61.5	)		(41	)		150.9
Add:	Investment securities impairment		57.5								N/A
Total non-interest income — adjusted		$	146.8	$	(4.1	)		(3	)%	$	150.9

Non-Interest Expense

2006 Third Quarter versus 2005 Third Quarter

      While non-interest expense increased $9.4 million, or 4%, from the year-ago quarter, automobile operating lease expense declined $15.6 million as that portfolio continued to run off. As a result, non-interest expense before automobile operating lease expense increased $25.0 million, or 12%, from the year-ago quarter, with $18.1 million attributable to Unizan ($17.6 million merger-related plus $0.3 million of merger integration costs). The primary drivers of the $25.0 million increase were:

• $16.3 million, or 14%, increase in personnel expense with Unizan contributing $7.9 million of the increase ($7.7 million merger-related plus $0.2 million of merger

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integration costs). The remaining $8.5 million increase included $4.9 million due to the expensing of share-based compensation, which began in 2006. Pension and health care expenses also increased.

• $2.7 million increase in the amortization of intangibles, substantially all merger-related.

• $2.0 million increase in other expense including $3.0 million of merger-related expense.

• $1.7 million increase in equipment expense ($0.5 million merger-related), reflecting higher depreciation associated with recent technology investments.

• $1.5 million in higher marketing expense ($0.3 million merger-related), due primarily to expanded market research efforts.

• $1.5 million increase in net occupancy expense ($1.3 million merger-related).

Partially offset by:

• $1.9 million decline in professional services. Though Unizan added $1.5 million to current period expense, this was more than offset by lower collection and other legal expenses.

      Discerning underlying non-interest expense performance trends requires adjusting reported non-interest expense so expenses in different periods can be analyzed on a comparable basis. Excluding automobile 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 share-based compensation that began in 2006, adds significant on-going expenses that did not exist in the 2005 third quarter and may thus understate the impact of expense control efforts.

      Table 4 shows that when third quarter reported total non-interest expense is adjusted to exclude automobile operating lease expense, share-based compensation expense, merger-related expenses including the increase in intangible amortization resulting from the merger, and merger integration costs, underlying non-interest expense increased 1% from the year-ago quarter.

Table 4 — Non-interest Expense Analysis

(in millions)		3Q06		Better/(Worse)						3Q05
				Amount			Percent
Total non-interest expense — reported		$	242.4	$	(9.4	)		(4	)%	$	233.1
Less:	Automobile operating lease expense		6.0								21.6
Sub-total			236.4		(25.0	)		(12	)		211.4
Less:	Share-based compensation		4.9								N/A
	Unizan merger-related (1)		17.6								N/A
	Unizan merger integration costs		0.4								N/A
Total non-interest expense — adjusted		$	213.5	$	(2.3	)		(1	)%	$	211.2

(1) Includes estimated period impact plus increased intangible amortization

2006 Third Quarter versus 2006 Second Quarter

      Non-interest expense decreased $9.9 million from the 2006 second quarter including a $2.7 million decline in automobile operating lease expense as that portfolio continued to run off. Non-interest expense before automobile operating lease expense declined $7.3 million, or 3%, reflecting:

• $4.1 million, or 3%, decrease in personnel costs reflecting a combination of factors

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including lower FICA and incentive-based compensation.

• $2.5 million, or 24%, decline in marketing expense due to lower television commercial costs as the prior quarter included expenses for the development of commercials.

Partially offset by:

• $1.3 million, or 6%, increase in other expense due to higher operational losses.

      Table 5 shows that when 2006 third and second quarter reported total non-interest expense is adjusted to exclude automobile operating lease expense and Unizan merger-related integration costs in the current period, non-interest expense decreased 2% from the 2006 second quarter.

Table 5 — Non-interest Expense Analysis

(in millions)		3Q06		Better/(Worse)					2Q06
				Amount		Percent
Total non-interest expense — reported		$	242.4	$	9.9		4	%	$	252.4
Less:	Automobile operating lease expense		6.0							8.7
Sub-total			236.4		7.3		3			243.7
Less:	Unizan merger integration costs		0.4							2.6
Total non-interest expense — adjusted		$	236.0	$	5.1		2	%	$	241.1

Operating Leverage

      A long-term objective of Management is to increase earnings primarily by growing revenues faster than expenses. Operating leverage measures the difference between these two growth rates. However, over any given measurement period, certain items may occur that distort reported revenue or expense trends. As such, reported revenue and expenses are adjusted so that the two measurement periods are on as much of a comparable basis as possible. This permits a clearer analysis of Management’s ability to achieve the long-term objective of generating positive operating leverage (see Basis of Presentation — Operating Leverage for a full discussion of the adjustment criteria methodology).

2006 Third Quarter versus 2005 Third Quarter

      Reported total revenues in the 2006 third quarter decreased 12% from the year-ago quarter, primarily reflecting the negative impact of the investment securities impairment in the current period. Reported total non-interest expense increased 4%. As a result, reported operating leverage for the 2006 third quarter compared with the year-ago quarter was a negative 16%. However, on an adjusted basis, revenue increased 7%, and adjusted expenses increased 8%, resulting in negative operating leverage of 1% (see Table 6).

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Table 6 — Operating Leverage Analysis ⁽¹⁾

								Better /(Worse)
(in millions)		3Q06			3Q05			Amount			Percent
Revenue FTE — Reported (2)		$	357.3		$	406.1		$	(48.8	)		(12.0	)%
•	Automobile operating lease expense		(6.0	)		(21.6	)
•	Securities losses (gains)		57.3			(0.1	)
•	Write down of equity method investments		2.1			—
Revenue FTE — Adjusted		$	410.8		$	384.4		$	26.4			6.9	%
Non-interest expense — Reported		$	242.4		$	233.1		$	(9.4	)		(4.0	)%
•	Automobile operating lease expense		(6.0	)		(21.6	)
•	Amortization of intangibles		(2.9	)		(0.2	)
•	Unizan merger integration costs		(0.4	)		(0.2	)
•	Share-based compensation	NA				4.6
Non-interest expense — Adjusted		$	233.1		$	215.7		$	(17.4	)		(8.1	)%
Operating leverage — Reported												(16.0	)%
Operating leverage — Adjusted												(1.2	)%
Efficiency ratio (3) — Reported			57.8	%		57.4	%
Efficiency ratio (3) — Adjusted			56.8	%		56.1	%

(1)	See Basis of Presentation — Operating Leverage for a discussion of adjustment criteria methodology
(2)	Fully taxable equivalent net interest income + non-interest income
(3)	Non-interest expense less amortization of intangibles, divided by net interest income (FTE) and non-interest income excluding securities gains (losses)

2006 Nine Months versus 2005 Nine Months

      While operating leverage is measured quarterly, the corporate objective is to create positive operating leverage annually. As such, reviewing operating leverage on a year-to-date basis provides insight into progress toward this annual goal. On a reported basis, revenue for the first nine months declined 2%, reflecting the negative impacts of investment securities impairment in the current quarter and the continued decline in automobile operating lease assets as discussed above. Since reported expenses declined 1%, this resulted in 1% negative operating leverage on a reported basis. However, on an adjusted basis, revenues increased 9% and expenses rose 6%, resulting in 3% positive operating leverage on an adjusted basis for the first nine months of 2006.

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Table 7 — Operating Leverage Analysis ⁽¹⁾

								Better /(Worse)
(in millions)		9 Mo.			9 Mo.			Amount			Percent
		2006			2005
Revenue FTE — Reported (2)		$	1,193.6		$	1,213.3		$	(19.7	)		(1.6	)%
•	Automobile operating lease expense		(27.3	)		(86.7	)
•	Securities losses (gains)		57.3			(0.7	)
•	MSR FAS 156 accounting change		(5.1	)		—
•	Adjustment to defer home equity annual fees		2.4			—
•	Write down of equity method investments		2.1			—
Revenue FTE — Adjusted		$	1,222.9		$	1,125.9		$	97.1			8.6	%
Non-interest expense — Reported		$	733.2		$	739.5		$	6.3			0.8	%
•	Automobile operating lease expense		(27.3	)		(86.7	)
•	Amortization of intangibles		(7.0	)		(0.6	)
•	SEC and regulatory-related expenses		—			(3.7	)
•	Severance and consolidation expenses		—			(3.6	)
•	Unizan merger integration costs		(4.1	)		(0.3	)
•	Share-based compensation	NA				13.5
Non-interest expense — Adjusted		$	694.8		$	658.1		$	(36.7	)		(5.6	)%
Operating leverage — Reported												(0.8	)%
Operating leverage — Adjusted												3.0	%
Efficiency ratio (3) — Reported			58.1	%		60.9	%
Efficiency ratio (3) — Adjusted			56.8	%		58.5	%

(1)	See Basis of Presentation — Operating Leverage for a discussion of adjustment criteria methodology
(2)	Fully taxable equivalent net interest income + non-interest income
(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 provision for income taxes in the 2006 third quarter was a negative $60.8 million. This reflected an $84.5 million reduction of federal income tax expense related to the resolution of a federal income tax audit covering tax years 2002 and 2003 that resulted in the release of previously established federal income tax reserves, as well as the recognition of federal tax loss carry backs. The provision for income taxes in the year-ago-quarter and 2006 second quarter was $43.1 million and $45.5 million, respectively. The effective tax rate for the 2006 fourth quarter is expected to increase to a more typical rate just below 30%.

Credit Quality

      Total net charge-offs for the 2006 third quarter were $21.2 million, or an annualized 0.32% of average total loans and leases. While this performance remained below the long-term targeted range of 0.35%-0.45%, it was higher than $18.0 million, or an annualized 0.29%, in the year-ago quarter and $14.0 million, or an annualized 0.21%, of average total loans and leases in the 2006 second quarter. The higher level of net charge-offs in the third quarter compared with the second quarter reflected $2.3 million of charge-offs related to the sale of non-performing loans and for which reserves had been previously established. The lower level of net charge-offs in the 2006 second quarter also reflected higher recoveries in that period.

      Total commercial net charge-offs in the third quarter were $6.8 million, or an annualized 0.23%, up $2.6 million from $4.3 million, or an annualized 0.16%, in the year-ago quarter. Current period commercial net charge-offs included $2.3 million related to the sale of non-performing commercial loans for which reserves had been previously established. Compared with the 2006 second quarter, current period total commercial net charge-offs increased $3.4 million.

      Total consumer net charge-offs in the current quarter were $14.4 million, up $0.7 million from $13.7 million in the year-ago quarter. However, when expressed as an annualized percentage, total consumer net charge-offs in the 2006 third quarter were 0.40% of average related loans, unchanged from the year-ago quarter. Compared with the 2006 second quarter, total consumer net charge-offs increased $3.9 million from $10.5 million, with a 10 basis point increase in the annualized net charge-off ratio to 0.40% from 0.30% of average related loans, reflecting a $2.0 million increase in home equity loan net charge-offs.

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      NPAs were $171.2 million at September 30, 2006, and represented 0.65% of related assets, which was essentially unchanged from June 30, 2006, but up $69.4 million from $101.8 million, or 0.42% of related assets, at the end of the year-ago quarter. Contributing to the $69.4 million increase in NPAs from the year-ago period were $32.8 million of NPLs acquired at the time of the Unizan merger, as well as a $29.8 million increase in other real estate owned (OREO). The increase in OREO included $16.4 million increase in foreclosed mortgage loans fully guaranteed by the U.S. government, which prior to the 2006 second quarter were previously reported as over 90-day delinquent but still accruing loans. This change in reporting also contributed to the $26.9 million increase in total NPLs guaranteed by the U.S. government, from $6.8 million at the end of the 2006 second quarter to $33.7 million at September 30, 2006. At September 30, 2006, 59% of total NPAs represented residential real estate assets and loans guaranteed by the U.S. Government, both of which have shown low, or no, loss content historically. This compares favorably with the 42% level of such NPAs at the end of the year-ago quarter, and 53% at June 30, 2006.

      NPLs, which exclude OREO, increased $39.6 million from the year-earlier period to $129.3 million at September 30, 2006, with $32.8 million of the increase represented by NPLs acquired in the Unizan merger. NPLs declined $6.0 million, or 4%, from June 30, 2006. NPLs expressed as a percent of total loans and leases were 0.49% at September 30, 2006, up from 0.37% a year earlier, but down slightly from 0.51% at June 30, 2006.

      The over 90-day delinquent, but still accruing, ratio was 0.24% at September 30, 2006, up slightly from 0.21% at the end of the year-ago quarter, and from 0.19% at June 30, 2006.

Allowances for Credit Losses (ACL) and Loan Loss Provision

      We maintain two reserves, both of which are available to absorb probable credit losses: the allowance for loan and lease losses (ALLL) and the allowance for unfunded loan commitments and letters of credit (AULC). When summed together, these reserves constitute the total ACL.

      At September 30, 2006, the ALLL was $280.2 million, $26.2 million higher than $253.9 million a year earlier, but $7.4 million lower than $287.5 million at June 30, 2006. Expressed as a percent of period-end loans and leases, the ALLL ratio at September 30, 2006, was 1.06%, up from 1.04% a year ago, but down slightly from 1.09% at June 30, 2006. The level of required loan loss reserves is determined using a highly quantitative methodology, which determines the required levels for both the transaction reserve and economic reserve components. Table 8 shows the change in the ALLL ratio and each reserve component for the 2006 second and third quarters, as well as the 2005 third quarter.

Table 8 — Components of ALLL as Percent of Total Loans and Leases

										3Q06 change from
	3Q06			2Q06			3Q05			2Q06			3Q05
Transaction reserve(1)		0.86	%		0.89	%		0.84	%		(0.03	)%		0.02	%
Economic reserve		0.20			0.20			0.20			—			—
Total ALLL		1.06	%		1.09	%		1.04	%		(0.03	)%		0.02	%

(1) Includes specific reserve

      The decline in the transaction reserve component at September 30, 2006, from the end of the second quarter, primarily reflected the sale or payoffs of certain NPAs at losses below previously established specific reserve levels. This resulted in the release of excess specific reserves

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associated with these NPAs.

      The ALLL as a percent of NPLs was 217% at September 30, 2006, down from 283% a year ago, but up from 213% at June 30, 2006. The ALLL as a percent of NPAs was 164% at September 30, 2006, down from 249% a year ago, and down slightly from 168% at June 30, 2006. At June 30, 2006, the AULC was $39.3 million, up from $38.1 million at the end of the year-ago quarter, and from $38.9 million at June 30, 2006.

      On a combined basis, the ACL as a percent of total loans and leases at September 30, 2006, was 1.21%, up from 1.19% a year ago, but down slightly from June 30, 2006. The ACL as a percent of NPAs was 187% at September 30, 2006, down from 287% a year earlier and 191% at June 30, 2006. The decline in the NPA coverage ratio reflected a number of factors, but especially the lower potential loss content of NPAs at the end of the current period compared with the prior year period as noted above, given the higher percentage of NPAs represented by residential real estate assets and U.S. Government guaranteed loans noted above.

Capital

      At September 30, 2006, the tangible equity to assets ratio was 7.11%, down from 7.39% a year ago but up from 6.48% at June 30, 2006. At September 30, 2006, the tangible equity to risk-weighted assets ratio was 7.94%, down from 8.19% at the end of the year-ago quarter but up from 7.29% at June 30, 2006.

      The decline in capital ratios from the year-ago period reflected the repurchase of 18.1 million shares over this 12-month period. However, during the quarter, no shares of common stock were repurchased in accordance with the terms of the 6.0 million share accelerated share repurchase program announced May 25, 2006. Under terms of that program, no additional open market purchases could be made until that program expired at the end of September 2006. There are currently 6.9 million shares remaining available under the current share repurchase authorization announced April 20, 2006. The company may make additional share purchases from time-to-time in the open market or through privately negotiated transactions depending on market conditions.

2006 OUTLOOK

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

      Below is a list of more specific 2006 fourth quarter performance assumptions, most of which are consistent with prior guidance in July 2006:

• Revenue growth in the low-single digits.⁽¹⁾

• Net interest margin up 4-6 basis points from the 2006 third quarter level.

• Expenses up slightly from third quarter levels due to higher expected incentive costs.⁽¹⁾

• A net charge-off ratio below the lower end of the company’s 0.35%-0.45% targeted range.

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• Relatively stable NPA and allowance for loan and lease loss ratios compared with levels at September 30, 2006.

⁽¹⁾ Excluding automobile operating lease accounting impact.

      Within this type of environment, and given actual nine-month 2006 GAAP earnings of $1.56 per share, targeted full-year 2006 GAAP earnings is $2.00-$2.02 per common share.

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; conference ID 6774065. 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 October 31, 2006 at 800-642-1687; conference ID 6774065.

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 “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 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.

Operating Leverage

      A long-term objective of Management is to increase earnings by growing revenues faster than expenses over a certain measured period, typically annually. Operating leverage measures the difference between the two growth rates; e.g., if revenues grow 6% and expenses grow 4%, 2% positive operating leverage is generated. However, over any given measurement period, certain items may occur that distort reported revenue or expense trends. For example, the introduction of a new accounting standard might distort the current period’s reported revenue growth rate. Similarly, an acquisition may result in certain reported merger-related charges that distort longer-term underlying expense performance trends. Therefore, to determine a clearer picture of underlying trends in operating leverage, Management adjusts reported revenues and/or expenses to remove the impact of such items that affect comparability and distort underlying operating leverage performance. This results in an adjusted operating leverage measurement, which helps Management and investors better understand core performance trends.

      Specific adjustments we consider include:

1. Reducing reported revenues by the amount of automobile operating lease expense. Doing so more closely mirrors the revenue reporting methodology of direct finance lease accounting. This is important in assessing the company’s on-going revenue trends in that, since April 2002, direct

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	financing lease accounting has been used for all new automobile leases originations, and the existing operating lease portfolio has continued to run-off.
2.	Excluding the impact of investment securities gains (losses) as it is our practice to exclude these from revenue and efficiency ratio calculations so as to provide better comparability of performance relative to peers. This is because such gains (losses) may fluctuate significantly between periods, and between companies, thus distorting underlying revenue trends for both the company, and in the context of peer performance comparisons.
3.	Excluding the impact from the amortization of intangible expense as it is our practice to exclude this from efficiency ratio calculations. Amortization of intangible expense typically arises from acquisition transactions, and results in a significant expense increase in periods soon after the acquisition. However, such amortization typically declines in later periods, thus distorting expense trends.
4.	Excluding or otherwise adjusting for the impact of significant revenues or expenses that are judged to be one-time or short-term in nature. Examples would be merger-related integration costs as they typically impact expenses for only a few quarters during the period of transition; e.g. restructuring charge, asset valuation adjustments, etc.
5.	Excluding changes due to new accounting standards that affect comparability of revenue or expenses between reported periods; e.g., stock-based compensation expensing. When a new accounting standard results in the restatement of historical period revenues and expenses, no adjustment is made. If there is no historical restatement, but it is possible to make a reasonable estimate of what the impact would have been, the prior period will be adjusted as if the standard had been in place; e.g. share-based compensation that began in 2006. However, if there is no historical restatement and it is not possible to estimate an historical period’s comparable amount, the current period is adjusted to exclude the impact from the operating leverage calculation until both periods being compared include its impact.

Estimating the Impact on Balance Sheet and Income Statement Results Due to the Unizan Merger

      The merger with Unizan Financial Corp. (Unizan) was completed on March 1, 2006. At the time of acquisition, Unizan had assets of $2.5 billion, including $1.6 billion of loans, and core deposits of $1.5 billion. Unizan results were only in consolidated results for a partial quarter in the 2006 first quarter but fully impact all quarters thereafter. As a result, performance comparisons between 2006 third quarter and year-to-date periods with comparable 2005 periods are affected, as Unizan results were not in the prior period. In contrast, comparisons between the 2006 third and second quarter results are not affected given Unizan fully impacted both of these quarters. Comparisons of the 2006 third quarter and year-to-date reported results compared with 2005 pre-merger reporting periods are impacted as follows:

• Increased certain reported period-end balance sheet and credit quality items (e.g., non-performing loans).

• Increased reported average balance sheet, revenue, expense, and credit quality results (e.g., net charge-offs).

• Increased reported non-interest expense items as a result of costs incurred as part of merger-integration activities, most notably employee retention bonuses, outside programming services related to systems conversions, and marketing expenses related to customer retention initiatives. These merger costs were $1.0 million in the 2006 first quarter, $2.6 million in the 2006 second quarter, and $0.4 million in the 2006 third quarter resulting in $4.1 million of merger costs for the first nine months of 2006.

      Given the impact of the merger on reported 2006 results, management believes that an understanding of the impacts of the merger is necessary to better understand underlying performance trends. When comparing post-merger period results to pre-merger periods, two terms relating to the impact of the Unizan merger on reported results are used:

•	“Merger-related” refers to amounts and percentage changes representing the impact attributable to the merger.
•	“Merger costs” represent expenses associated with merger integration activities.
	The following methodology has been implemented to estimate the approximate effect of the Unizan merger used to determine “merger-related” impacts.

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Balance Sheet Items

      For loans and leases, as well as core deposits, balances as of the acquisition date are pro-rated to the post-merger period being used in the comparison. To estimate the impact on 2006 first quarter average balances, one-third of the closing date balance was used as those balances were in reported results for only one month of the quarter. Full quarter and year-to-date estimated impacts for subsequent periods were developed using this same pro-rata methodology. This methodology assumes acquired balances will remain constant over time.

Income Statement Items

      For income statement line items, Unizan’s actual full year results for 2005 were used for pro-rating the impact on post-merger periods. For example, to estimate the 2006 first quarter impact of the merger on personnel costs, one-twelfth of Unizan’s full-year 2005 personnel costs was used. Full quarter and year-to-date estimated impacts for subsequent periods were developed using this same pro-rata methodology. This results in an approximate impact since the methodology does not adjust for any unusual items or seasonal factors in Unizan’s 2005 reported results, or synergies realized since the merger date. The one exception to this methodology relates to the amortization of intangibles expense where the actual post-merger amount was used.

      Table 9 below provides detail of changes to selected reported results to quantify the impact of the Unizan merger and the impact of all other factors using this methodology:

Table 9 — Estimated Impact of Unizan Merger

2006 Third Quarter versus 2005 Third Quarter

2006 Third Quarter versus 2005 Third Quarter

											Unizan				Other
Average Loans and Deposits	Third Quarter				Change						Merger		Merger
(in millions)	2006		2005		Amount			Percent			Related		Costs		Amount
Loans
Middle-market C&I	$	5,591	$	4,708	$	883			18.8	%	$	70	$	—	$	813
Middle-market CRE		3,917		3,642		275			7.6			723		—		(448	)
Small business		2,531		2,251		280			12.4			—		—		280
Total commercial		12,039		10,601		1,438			13.6			793		—		645
Automobile loans and leases		4,055		4,502		(447	)		(9.9	)		71		—		(518	)
Home equity		5,041		4,801		240			5.0			223		—		17
Residential mortgage		4,748		4,157		591			14.2			409		—		182
Other consumer		430		387		43			11.1			167		—		(124	)
Total consumer		14,274		13,847		427			3.1			870		—		(443	)
Total loans	$	26,313	$	24,448	$	1,865			7.6	%	$	1,663	$	—	$	202
Deposits
Demand deposits — non-interest bearing	$	3,509	$	3,406	$	103			3.0	%	$	173	$	—	$	(70	)
Demand deposits — interest bearing		7,858		7,539		319			4.2			243		—		76
Savings and other domestic time deposits		2,923		3,095		(172	)		(5.6	)		511		—		(683	)
Core certificates of deposit		5,334		3,557		1,777			50.0			620		—		1,157
Total core deposits		19,624		17,597		2,027			11.5			1,547		—		480
Other deposits		4,969		4,619		350			7.6			180		—		170
Total deposits	$	24,593	$	22,216	$	2,377			10.7	%	$	1,727	$	—	$	650

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												Unizan					Other
Selected Income Statement Categories	Third Quarter					Change						Merger		Merger
(in thousands)	2006			2005		Amount			Percent			Related		Costs			Amount
Net interest income — FTE	$	259,403		$	245,371	$	14,032			5.7	%	$	17,694	$	—		$	(3,662	)
Service charges on deposit accounts	$	48,718		$	44,817	$	3,901			8.7	%	$	1,578	$	—		$	2,323
Trust services		22,490			19,671		2,819			14.3			1,653		—			1,166
Brokerage and insurance income		14,697			13,948		749			5.4			456		—			293
Bank owned life insurance income		12,125			10,104		2,021			20.0			786		—			1,235
Other service charges and fees		12,989			11,449		1,540			13.5			309		—			1,231
Mortgage banking income (loss)		(2,166	)		21,116		(23,282	)		N.M.			258		—			(23,540	)
Securities gains (losses)		(57,332	)		101		(57,433	)		N.M.			—		—			(57,433	)
Gains on sales of automobile loans		863			502		361			71.9			—		—			361
Other income		36,946			11,210		25,736			N.M.			2,136		—			23,600
Sub-total before automobile operating lease income		89,330			132,918		(43,588	)		(32.8	)		7,176		—			(50,764	)
Automobile operating lease income		8,580			27,822		(19,242	)		(69.2	)		—		—			(19,242	)
Total non-interest income	$	97,910		$	160,740	$	(62,830	)		(39.1	)%	$	7,176	$	—		$	(70,006	)
Personnel costs	$	133,823		$	117,476	$	16,347			13.9	%	$	7,725	$	159		$	8,463
Net occupancy		18,109			16,653		1,456			8.7			1,290		(86	)		252
Outside data processing and other services		18,664			18,062		602			3.3			501		259			(158	)
Equipment		17,249			15,531		1,718			11.1			516		—			1,202
Professional services		6,438			8,323		(1,885	)		(22.6	)		1,473		29			(3,387	)
Marketing		7,846			6,364		1,482			23.3			267		—			1,215
Telecommunications		4,818			4,512		306			6.8			366		33			(93	)
Printing and supplies		3,416			3,102		314			10.1			—		48			266
Amortization of intangibles		2,902			203		2,699			N.M.			2,463		—			236
Other expense		23,177			21,189		1,988			9.4			3,027		—			(1,039	)
Sub-total before automobile operating lease expense		236,442			211,415		25,027			11.8			17,628		442			6,957
Automobile operating lease expense		5,988			21,637		(15,649	)		(72.3	)		—		—			(15,649	)
Total non-interest expense	$	242,430		$	233,052	$	9,378			4.0	%	$	17,628	$	442		$	(8,692	)

2006 Nine Months versus 2005 Nine Months

	Nine Months Ended										Unizan				Other
Average Loans and Deposits	September 30,				Change						Merger		Merger
(in millions)	2006		2005		Amount			Percent			Related		Costs		Amount
Loans
Middle-market C&I	$	5,398	$	4,773	$	625			13.1	%	$	55	$	—	$	570
Middle-market CRE		3,946		3,583		363			10.1			563		—		(200	)
Small business		2,371		2,222		149			6.7			—		—		149
Total commercial		11,715		10,578		1,137			10.7			618		—		519
Automobile loans and leases		4,135		4,503		(368	)		(8.2	)		55		—		(423	)
Home equity		4,969		4,743		226			4.8			173		—		53
Residential mortgage		4,563		4,053		510			12.6			318		—		192
Other consumer		442		379		63			16.6			130		—		(67	)
Total consumer		14,109		13,678		431			3.2			676		—		(245	)
Total loans	$	25,824	$	24,256	$	1,568			6.5	%	$	1,294	$	—	$	274
Deposits
Demand deposits — non-interest bearing	$	3,513	$	3,358	$	155			4.6	%	$	135	$	—	$	20
Demand deposits — interest bearing		7,734		7,712		22			0.3			189		—		(167	)
Savings and other domestic time deposits		3,041		3,213		(172	)		(5.4	)		397		—		(569	)
Core certificates of deposit		4,939		3,146		1,793			57.0			482		—		1,311
Total core deposits		19,227		17,429		1,798			10.3			1,203		—		595
Other deposits		4,780		4,437		343			7.7			140		—		203
Total deposits	$	24,007	$	21,866	$	2,141			9.8	%	$	1,343	$	—	$	798

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	Nine Months Ended											Unizan				Other
Selected Income Statement Categories	September 30,					Change						Merger		Merger
(in thousands)	2006			2005		Amount			Percent			Related		Costs		Amount
Net interest income — FTE	$	773,098			728,291		44,807			6.2	%	$	41,286	$	—	$	3,521
Service charges on deposit accounts	$	137,165		$	125,751	$	11,414			9.1	%	$	3,682	$	—	$	7,732
Trust services		66,444			56,980		9,464			16.6			3,857		—		5,607
Brokerage and insurance income		44,235			40,518		3,717			9.2			1,064		—		2,653
Bank owned life insurance income		32,971			30,347		2,624			8.6			1,834		—		790
Other service charges and fees		37,570			32,860		4,710			14.3			721		—		3,989
Mortgage banking income (loss)		36,021			30,801		5,220			16.9			602		—		4,618
Securities gains (losses)		(57,387	)		715		(58,102	)		N.M.			—		—		(58,102	)
Gains on sales of automobile loans		1,843			756		1,087			N.M.			—		—		1,087
Other income		83,830			55,751		28,079			50.4			4,984		—		23,095
Sub-total before automobile operating lease income		382,692			374,479		8,213			2.2			16,744		—		(8,531	)
Automobile operating lease income		37,771			110,481		(72,710	)		(65.8	)		—		—		(72,710	)
Total non-interest income	$	420,463		$	484,960	$	(64,497	)		(13.3	)%	$	16,744	$	—	$	(81,241	)
Personnel costs	$	403,284		$	365,547	$	37,737			10.3	%	$	18,025	$	1,068	$	18,644
Net occupancy		54,002			53,152		850			1.6			3,010		174		(2,334	)
Outside data processing and other services		58,084			54,945		3,139			5.7			1,169		1,596		374
Equipment		51,761			47,031		4,730			10.1			1,204		45		3,481
Professional services		18,095			27,129		(9,034	)		(33.3	)		3,437		131		(12,602	)
Marketing		25,521			19,134		6,387			33.4			623		734		5,030
Telecommunications		14,633			14,195		438			3.1			854		148		(564	)
Printing and supplies		10,254			9,489		765			8.1			—		158		607
Amortization of intangibles		6,969			611		6,358			N.M.			5,809		—		549
Other expense		63,284			61,565		1,719			2.8			7,063		38		(5,382	)
Sub-total before automobile operating lease expense		705,887			652,798		53,089			8.1			41,194		4,092		7,803
Automobile operating lease expense		27,317			86,667		(59,350	)		(68.5	)		—		—		(59,350	)
Total non-interest expense	$	733,204		$	739,465	$	(6,261	)		(0.8	)%	$	41,194	$	4,092	$	(51,547	)

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.

-18-

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 over 370 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 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 Florida, 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.

###

-19-

HUNTINGTON BANCSHARES INCORPORATED
Quarterly Key Statistics
(Unaudited)

	2006						2005			Percent Changes vs.
(in thousands, except per share amounts)	Third			Second			Third			2Q06			3Q05
Net interest income	$	255,313		$	262,195		$	241,637			(2.6	)%		5.7	%
Provision for credit losses		14,162			15,745			17,699			(10.1	)		(20.0	)
Non-interest income (1)		97,910			163,019			160,740			(39.9	)		(39.1	)
Non-interest expense		242,430			252,359			233,052			(3.9	)		4.0
Income before income taxes		96,631			157,110			151,626			(38.5	)		(36.3	)
Provision (benefit) for income taxes (2)		(60,815	)		45,506			43,052			N.M.			N.M.
Net Income	$	157,446		$	111,604		$	108,574			41.1	%		45.0	%
Net income per common share — diluted	$	0.65		$	0.46		$	0.47			41.3	%		38.3	%
Cash dividends declared per common share		0.250			0.250			0.215			—			16.3
Book value per common share at end of period		13.15			12.38			11.45			6.2			14.8
Tangible book value per common share at end of period		10.50			9.70			10.50			8.2			—
Average common shares — basic		237,672			241,729			229,830			(1.7	)		3.4
Average common shares — diluted		240,896			244,538			233,456			(1.5	)		3.2
Return on average assets		1.75	%		1.25	%		1.32	%
Return on average shareholders’ equity		21.0			14.9			16.5
Net interest margin (3)		3.22			3.34			3.31
Efficiency ratio (4)		57.8			58.1			57.4
Effective tax rate (2)		(62.9	)		29.0			28.4
Average loans and leases	$	26,313,060		$	26,201,420		$	24,448,366			0.4			7.6
Average loans and leases — linked quarter annualized growth rate.		1.7	%		20.4	%		(0.2	)%
Average earning assets	$	31,970,236		$	31,958,537		$	29,373,985			—			8.8
Average total assets		35,769,712			35,690,312			32,739,357			0.2			9.3
Average core deposits (5)		19,623,429			19,561,326			17,596,746			0.3			11.5
Average core deposits — linked quarter annualized growth rate (5)		1.3	%		23.3	%		6.3	%
Average shareholders’ equity	$	2,969,643		$	2,995,043		$	2,610,782			(0.8	)		13.7
Total assets at end of period		35,661,948			36,265,777			32,762,988			(1.7	)		8.8
Total shareholders’ equity at end of period		3,129,746			2,939,156			2,622,675			6.5			19.3
Net charge-offs (NCOs)		21,239			13,952			17,953			52.2			18.3
NCOs as a % of average loans and leases		0.32	%		0.21	%		0.29	%
Non-performing loans and leases (NPLs)	$	129,312		$	135,263		$	89,709			(4.4	)		44.1
Non-performing assets (NPAs)		171,212			171,068			101,800			0.1			68.2
NPAs as a % of total loans and leases and other real estate (OREO)		0.65	%		0.65	%		0.42	%
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period		1.06			1.09			1.04
ALLL plus allowance for unfunded loan commitments and letters of credit as a % of total loans and leases at the end of period		1.21			1.24			1.19
ALLL as a % of NPLs		217			213			283
ALLL as a % of NPAs		164			168			249
Tier 1 risk-based capital ratio (6)		8.86			8.45			9.42
Total risk-based capital ratio (6)		12.71			12.29			12.70
Tier 1 leverage ratio (6)		7.92			7.62			8.50
Average equity / assets		8.30			8.39			7.97
Tangible equity / assets (7)		7.13			6.46			7.39

(1)	Includes $57.5 million of securities impairment losses as of September 30, 2006, due to the planned review of the securities portfolio.
(2)	Includes an $84.5 million benefit reflecting the resolution of a federal income tax audit of tax years 2002 and 2003.
(3)	On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
(4)	Non-interest expense less amortization of intangibles ($2.9 million for 3Q 2006, $3.0 million for 2Q 2006 and $0.2 million for 3Q 2005) divided by the sum of FTE net interest income and non-interest income excluding securities gains (losses).
(5)	Includes non-interest bearing and interest bearing demand deposits, savings and other domestic time deposits of $100,000 or more, and core certificates of deposit.
(6)	September 30, 2006 figures are estimated.
(7)	At end of period. Tangible equity (total equity less intangible assets) divided by tangible assets (total assets less intangible assets).

- 20 -

HUNTINGTON BANCSHARES INCORPORATED
Year To Date Key Statistics
(Unaudited)

	Nine Months Ended September 30,						Change
(in thousands, except per share amounts)	2006			2005			Amount			Percent
Net interest income	$	761,188		$	718,735		$	42,453			5.9	%
Provision for credit losses		49,447			50,468			(1,021	)		(2.0	)
Non-interest income (1)		420,463			484,960			(64,497	)		(13.3	)
Non-interest expense		733,204			739,465			(6,261	)		(0.8	)
Income before income taxes		399,000			413,762			(14,762	)		(3.6	)
Provision for income taxes (2)		25,494			102,244			(76,750	)		(75.1	)
Net Income	$	373,506		$	311,518		$	61,988			19.9	%
Net Income per common share — diluted	$	1.56		$	1.33		$	0.23			17.3	%
Cash dividends declared per common share		0.75			0.63			0.12			19.0
Average common shares — basic		236,790			231,290			5,500			2.4
Average common shares — diluted		239,933			234,727			5,206			2.2
Return on average assets		1.43	%		1.28	%
Return on average shareholders’ equity		17.2			16.1
Net interest margin (3)		3.29			3.33
Efficiency ratio (4)		58.1			60.9
Effective tax rate		6.4			24.7
Average loans and leases	$	25,823,345		$	24,256,366		$	1,566,979			6.5
Average earning assets		31,407,232			29,230,550			2,176,682			7.4
Average total assets		35,021,787			32,647,327			2,374,460			7.3
Average core deposits (5)		19,226,748			17,429,545			1,797,203			10.3
Average shareholders’ equity		2,898,839			2,585,816			313,023			12.1
Net charge-offs (NCOs)		59,406			62,489			(3,083	)		(4.9	)
NCOs as a % of average loans and leases		0.31	%		0.34	%

(1)	Includes $57.5 million of securities impairment losses as of September 30, 2006, due to the planned review of the securities portfolio.
(2)	Includes an $84.5 million benefit reflecting the resolution of a federal income tax audit of tax years 2002 and 2003.
(3)	On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
(4)	Non-interest expense less amortization of intangibles ($7.0 million for 2006 and $0.6 million for 2005) divided by the sum of FTE net interest income and non-interest income excluding securities gains (losses).
(5)	Includes non-interest bearing and interest bearing demand deposits, savings and other domestic time deposits of $100,000 or more, and core certificates of deposit.

- 21 -

EX-99.2

Exhibit 99.2

HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Review
September 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 Automobile Operating Lease Performance	13
Consolidated Year To Date Average Balance Sheets	14
Consolidated Year To Date Net Interest Margin Analysis	15
Selected Year To Date Income Statement Data	16
Year To Date Mortgage Banking Income and Net Impact of MSR Hedging	17
Year To Date Credit Reserves Analysis	18
Year To Date Net Charge-Off Analysis	19
Year To Date Non-Performing Assets and Past Due Loans and Leases	20
Year To Date Automobile 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
	2006			2005						September ’06 vs ’05
(in thousands, except number of shares)	September 30,			December 31,			September 30,			Amount			Percent
	(Unaudited)						(Unaudited)
Assets
Cash and due from banks	$	848,088		$	966,445		$	803,425		$	44,663			5.6	%
Federal funds sold and securities purchased under resale agreements		370,418			74,331			78,325			292,093			N.M.
Interest bearing deposits in banks		59,333			22,391			22,379			36,954			N.M.
Trading account securities		122,621			8,619			191,418			(68,797	)		(35.9	)
Loans held for sale		276,304			294,344			449,096			(172,792	)		(38.5	)
Investment securities		4,643,901			4,526,520			4,304,898			339,003			7.9
Loans and leases (1)		26,361,502			24,472,166			24,496,287			1,865,215			7.6
Allowance for loan and lease losses		(280,152	)		(268,347	)		(253,943	)		(26,209	)		10.3
Net loans and leases		26,081,350			24,203,819			24,242,344			1,839,006			7.6
Automobile operating lease assets		54,551			189,003			247,389			(192,838	)		(77.9	)
Bank owned life insurance		1,083,033			1,001,542			993,407			89,626			9.0
Premises and equipment		367,709			360,677			358,876			8,833			2.5
Goodwill		571,521			212,530			212,530			358,991			N.M.
Other intangible assets		61,239			4,956			5,173			56,066			N.M.
Accrued income and other assets		1,121,880			899,628			853,728			268,152			31.4
Total Assets	$	35,661,948		$	32,764,805		$	32,762,988		$	2,898,960			8.8	%
Liabilities and Shareholders’ Equity
Liabilities
Deposits (2)	$	24,738,395		$	22,409,675		$	22,349,122		$	2,389,273			10.7	%
Short-term borrowings		1,532,504			1,889,260			1,502,566			29,938			2.0
Federal Home Loan Bank advances		1,221,669			1,155,647			1,155,656			66,013			5.7
Other long-term debt		2,592,188			2,418,419			2,795,431			(203,243	)		(7.3	)
Subordinated notes		1,275,883			1,023,371			1,034,343			241,540			23.4
Allowance for unfunded loan commitments and letters of credit		39,302			36,957			38,098			1,204			3.2
Deferred federal income tax liability		615,291			743,655			768,344			(153,053	)		(19.9	)
Accrued expenses and other liabilities		516,970			530,320			496,753			20,217			4.1
Total Liabilities		32,532,202			30,207,304			30,140,313			2,391,889			7.9
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 237,921,076; 224,106,172 and 229,005,823 shares, respectively		2,556,168			2,491,326			2,490,919			65,249			2.6
Less 19,945,179; 33,760,083 and 28,860,432 treasury shares at cost, respectively		(445,359	)		(693,576	)		(575,941	)		130,582			(22.7	)
Accumulated other comprehensive loss		32,076			(22,093	)		(21,839	)		53,915			N.M.
Retained earnings		986,861			781,844			729,536			257,325			35.3
Total Shareholders’ Equity		3,129,746			2,557,501			2,622,675			507,071			19.3
Total Liabilities and Shareholders’ Equity	$	35,661,948		$	32,764,805		$	32,762,988		$	2,898,960			8.8	%

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								September ’06 vs ’05
(in thousands)	September 30,				December 31,				September 30,				Amount			Percent
	(Unaudited)								(Unaudited)
By Type
Commercial:
Middle market commercial and industrial	$	5,751,178	21.8	%	$	5,084,244	20.6	%	$	4,790,680	19.4	%	$	960,498			20.0	%
Middle market commercial real estate:
Construction		1,148,036	4.3			1,521,897	6.2			1,762,237	7.1			(614,201	)		(34.9	)
Commercial		2,772,645	10.5			2,015,498	8.2			1,885,027	7.6			887,618			47.1
Middle market commercial real estate		3,920,681	14.8			3,537,395	14.4			3,647,264	14.7			273,417			7.5
Small business		2,535,940	9.6			2,223,740	9.1			2,234,988	9.1			300,952			13.5
Total commercial		12,207,799	46.2			10,845,379	44.1			10,672,932	43.2			1,534,867			14.4
Consumer:
Automobile loans		2,105,623	8.0			1,985,304	8.1			2,063,285	8.3			42,338			2.1
Automobile leases		1,910,257	7.2			2,289,015	9.3			2,381,004	9.6			(470,747	)		(19.8	)
Home equity		5,019,101	19.0			4,762,743	19.3			4,796,474	19.4			222,627			4.6
Residential mortgage		4,678,577	17.7			4,193,139	17.0			4,180,350	16.9			498,227			11.9
Other loans		440,145	1.7			396,586	1.4			402,242	1.6			37,903			9.4
Total consumer		14,153,703	53.6			13,626,787	55.1			13,823,355	55.8			330,348			2.4
Total loans and direct financing leases	$	26,361,502	99.8		$	24,472,166	99.2		$	24,496,287	99.0		$	1,865,215			7.6
Automobile operating lease assets		54,551	0.2			189,003	0.8			247,389	1.0			(192,838	)		(77.9	)
Total credit exposure	$	26,416,053	100.0	%	$	24,661,169	100.0	%	$	24,743,676	100.0	%	$	1,672,377			6.8	%
Total automobile exposure (1)	$	4,070,431	15.4	%	$	4,463,322	18.1	%	$	4,691,678	19.0	%	$	(621,247	)		(13.2)	%
By Business Segment (2)
Regional Banking:
Central Ohio	$	3,682,544	13.9	%	$	3,150,394	12.8	%	$	3,233,382	13.1	%	$	449,162			13.9	%
Northern Ohio		2,656,635	10.1			2,522,854	10.2			2,580,925	10.4			75,710			2.9
Southern Ohio / Kentucky		2,185,979	8.3			2,037,190	8.3			2,059,649	8.3			126,330			6.1
Eastern Ohio		1,348,217	5.1			369,870	1.5			372,124	1.5			976,093			N.M.
West Michigan		2,443,495	9.3			2,363,162	9.6			2,369,800	9.6			73,695			3.1
East Michigan		1,609,932	6.1			1,573,413	6.4			1,530,081	6.2			79,851			5.2
West Virginia		1,086,757	4.1			970,953	3.9			948,847	3.8			137,910			14.5
Indiana		962,216	3.6			1,025,807	4.2			958,119	3.9			4,097			0.4
Mortgage and equipment leasing groups		3,611,416	13.6			3,493,460	14.1			3,477,996	14.1			133,420			3.8
Regional Banking		19,587,191	74.1			17,507,103	71.0			17,530,923	70.9			2,056,268			11.7
Dealer Sales (3)		5,011,186	19.0			5,429,998	22.0			5,492,234	22.2			(481,048	)		(8.8	)
Private Financial and Capital Markets Group		1,817,676	6.9			1,724,068	7.0			1,720,519	6.9			97,157			5.6
Treasury / Other		—	—			—	—			—	—			—			—
Total credit exposure	$	26,416,053	100.0	%	$	24,661,169	100.0	%	$	24,743,676	100.0	%	$	1,672,377			6.8	%

N.M., not a meaningful value.
(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 automobile operating lease inventory.

2

Huntington Bancshares Incorporated
Deposit Composition

													Change
	2006				2005								September ’06 vs ’05
(in thousands)	September 30,				December 31,				September 30,				Amount			Percent
	(Unaudited)								(Unaudited)
By Type
Demand deposits — non-interest bearing	$	3,480,888	14.1	%	$	3,390,044	15.1	%	$	3,361,749	15.0	%	$	119,139			3.5	%
Demand deposits — interest bearing		7,921,405	32.0			7,380,044	32.9			7,481,019	33.5			440,386			5.9
Savings and other domestic time deposits		3,011,268	12.2			3,094,136	13.8			3,186,354	14.3			(175,086	)		(5.5	)
Core certificates of deposit (1)		5,313,473	21.5			3,988,474	17.8			3,684,313	16.5			1,629,160			44.2
Total core deposits		19,727,034	79.8			17,852,698	79.6			17,713,435	79.3			2,013,599			11.4
Other domestic time deposits of $100,000 or more (1)		1,259,719	5.1			886,493	4.0			954,019	4.3			305,700			32.0
Brokered deposits and negotiable CDs		3,183,489	12.9			3,199,796	14.3			3,228,083	14.4			(44,594	)		(1.4	)
Deposits in foreign offices		568,153	2.2			470,688	2.1			453,585	2.0			114,568			25.3
Total deposits	$	24,738,395	100.0	%	$	22,409,675	100.0	%	$	22,349,122	100.0	%	$	2,389,273			10.7	%
Total core deposits:
Commercial	$	6,214,462	31.5	%	$	5,352,053	30.0	%	$	5,424,728	30.6	%	$	789,734			14.6	%
Personal		13,512,572	68.5			12,500,645	70.0			12,288,707	69.4			1,223,865			10.0
Total core deposits	$	19,727,034	100.0	%	$	17,852,698	100.0	%	$	17,713,435	100.0	%	$	2,013,599			11.4	%
By Business Segment (2)
Regional Banking:
Central Ohio	$	4,884,052	19.7	%	$	4,520,594	20.2	%	$	4,424,543	19.8	%	$	459,509			10.4	%
Northern Ohio		3,662,243	14.8			3,498,463	15.6			3,461,841	15.5			200,402			5.8
Southern Ohio / Kentucky		2,212,366	8.9			1,951,322	8.7			1,914,856	8.6			297,510			15.5
Eastern Ohio		1,738,913	7.0			577,912	2.6			582,615	2.6			1,156,298			N.M.
West Michigan		2,941,889	11.9			2,790,787	12.5			2,779,510	12.4			162,379			5.8
East Michigan		2,354,689	9.5			2,263,898	10.1			2,301,627	10.3			53,062			2.3
West Virginia		1,513,206	6.1			1,463,592	6.5			1,428,090	6.4			85,116			6.0
Indiana		847,824	3.4			728,193	3.2			772,183	3.5			75,641			9.8
Mortgage and equipment leasing groups		146,075	0.6			161,866	0.7			177,026	0.8			(30,951	)		(17.5	)
Regional Banking		20,301,257	82.1			17,956,627	80.1			17,842,291	79.8			2,458,966			13.8
Dealer Sales		58,918	0.2			65,237	0.3			72,393	0.3			(13,475	)		(18.6	)
Private Financial and Capital Markets Group		1,144,731	4.6			1,179,915	5.3			1,199,855	5.4			(55,124	)		(4.6	)
Treasury / Other (3)		3,233,489	13.1			3,207,896	14.3			3,234,583	14.5			(1,094	)		(0.0	)
Total deposits	$	24,738,395	100.0	%	$	22,409,675	100.0	%	$	22,349,122	100.0	%	$	2,389,273			10.7	%

N.M., not a meaningful value.

(1)	For the current and all prior periods, consumer CDs of $100,000 or more have been reclassified from other domestic time deposits of $100,000 or more to core certificates of deposit. Core certificates of deposit is comprised primarily of consumer certificates of deposit both over and under $100,000. Other domestic time deposits of $100,000 or more is comprised primarily of individual retirement accounts greater than $100,000 and public fund certificates of deposit greater than $100,000.
(2)	Prior period amounts have been reclassified to conform to the current period business segment structure.
(3)	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	2006									2005						3Q06 vs 3Q05
(in millions)	Third			Second			First			Fourth			Third			Amount			Percent
Assets
Interest bearing deposits in banks	$	75		$	36		$	24		$	23		$	23		$	52			N.M.	%
Trading account securities		96			100			66			119			274			(178	)		(65.0	)
Federal funds sold and securities purchased under resale agreements		266			285			201			103			142			124			87.3
Loans held for sale		275			287			274			361			427			(152	)		(35.6	)
Investment securities:
Taxable		4,364			4,494			4,138			3,802			3,523			841			23.9
Tax-exempt		581			556			548			540			537			44			8.2
Total investment securities		4,945			5,050			4,686			4,342			4,060			885			21.8
Loans and leases: (1)
Commercial: (2)
Middle market commercial and industrial		5,591			5,458			5,132			4,946			4,708			883			18.8
Middle market commercial real estate:
Construction		1,122			1,243			1,454			1,675			1,720			(598	)		(34.8	)
Commercial		2,795			2,799			2,423			1,923			1,922			873			45.4
Middle market commercial real estate		3,917			4,042			3,877			3,598			3,642			275			7.6
Small business		2,531			2,456			2,121			2,230			2,251			280			12.4
Total commercial		12,039			11,956			11,130			10,774			10,601			1,438			13.6
Consumer:
Automobile loans		2,079			2,044			1,994			2,018			2,078			1			—
Automobile leases		1,976			2,095			2,221			2,337			2,424			(448	)		(18.5	)
Automobile loans and leases		4,055			4,139			4,215			4,355			4,502			(447	)		(9.9	)
Home equity		5,041			5,029			4,833			4,781			4,801			240			5.0
Residential mortgage		4,748			4,629			4,306			4,165			4,157			591			14.2
Other loans		430			448			447			393			387			43			11.1
Total consumer		14,274			14,245			13,801			13,694			13,847			427			3.1
Total loans and leases		26,313			26,201			24,931			24,468			24,448			1,865			7.6
Allowance for loan and lease losses		(291	)		(293	)		(283	)		(262	)		(256	)		(35	)		(13.7	)
Net loans and leases		26,022			25,908			24,648			24,206			24,192			1,830			7.6
Total earning assets		31,970			31,959			30,182			29,416			29,374			2,596			8.8
Automobile operating lease assets		68			105			159			216			287			(219	)		(76.3	)
Cash and due from banks		823			832			813			770			898			(75	)		(8.4	)
Intangible assets		634			638			362			218			217			417			N.M.
All other assets		2,565			2,449			2,256			2,256			2,219			346			15.6
Total Assets	$	35,769		$	35,690		$	33,489		$	32,614		$	32,739		$	3,030			9.3	%
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits — non-interest bearing	$	3,509		$	3,594		$	3,436		$	3,444		$	3,406		$	103			3.0	%
Demand deposits — interest bearing		7,858			7,778			7,562			7,496			7,539			319			4.2
Savings and other domestic time deposits		2,923			3,106			3,095			2,984			3,095			(172	)		(5.6	)
Core certificates of deposit (3)		5,334			5,083			4,389			3,891			3,557			1,777			50.0
Total core deposits		19,624			19,561			18,482			17,815			17,597			2,027			11.5
Other domestic time deposits of $100,000 or more(3)		1,141			1,086			938			927			871			270			31.0
Brokered deposits and negotiable CDs		3,307			3,263			3,143			3,210			3,286			21			0.6
Deposits in foreign offices		521			474			465			490			462			59			12.8
Total deposits		24,593			24,384			23,028			22,442			22,216			2,377			10.7
Short-term borrowings		1,660			2,042			1,669			1,472			1,559			101			6.5
Federal Home Loan Bank advances		1,349			1,557			1,453			1,156			935			414			44.3
Subordinated notes and other long-term debt		3,921			3,428			3,346			3,687			3,960			(39	)		(1.0	)
Total interest bearing liabilities		28,014			27,817			26,060			25,313			25,264			2,750			10.9
All other liabilities		1,276			1,284			1,264			1,283			1,458			(182	)		(12.5	)
Shareholders’ equity		2,970			2,995			2,729			2,574			2,611			359			13.7
Total Liabilities and Shareholders’ Equity	$	35,769		$	35,690		$	33,489		$	32,614		$	32,739		$	3,030			9.3	%

(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 were subject to reclassification when these loans were converted to Huntington’s loan systems.
(3)	For the current and all prior periods, consumer CDs of $100,000 or more have been reclassified from other domestic time deposits of $100,000 or more to core certificates of deposit. Core certificates of deposit is comprised primarily of consumer certificates of deposit both over and under $100,000. Other domestic time deposits of $100,000 or more is comprised primarily of individual retirement accounts greater than $100,000 and public fund certificates of deposit greater than $100,000.

4

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

	Average Rates (2)
	2006									2005
Fully taxable equivalent basis (1)	Third			Second			First			Fourth			Third
Assets
Interest bearing deposits in banks		5.23	%		7.05	%		7.89	%		7.19	%		5.07	%
Trading account securities		4.32			4.51			2.94			4.53			3.95
Federal funds sold and securities purchased under resale agreements		5.13			4.75			4.30			3.78			3.41
Loans held for sale		6.24			6.23			5.92			5.68			5.43
Investment securities:
Taxable		5.49			5.34			5.04			4.70			4.37
Tax-exempt		6.80			6.83			6.71			6.77			6.62
Total investment securities		5.64			5.51			5.23			4.96			4.67
Loans and leases: (3)
Commercial:
Middle market commercial and industrial		7.35			7.26			6.80			6.28			5.87
Middle market commercial real estate:
Construction		8.48			8.01			7.55			7.27			6.58
Commercial		7.87			7.26			6.78			6.46			5.96
Middle market commercial real estate		8.05			7.49			7.07			6.84			6.25
Small business		7.27			7.10			6.67			6.43			6.18
Total commercial		7.56			7.30			6.87			6.50			6.07
Consumer:
Automobile loans		6.62			6.48			6.40			6.26			6.44
Automobile leases		5.10			5.01			4.97			4.98			4.94
Automobile loans and leases		5.88			5.74			5.65			5.57			5.63
Home equity		7.60			7.46			6.88			6.82			6.42
Residential mortgage		5.46			5.39			5.34			5.31			5.23
Other loans		9.60			9.41			8.51			8.13			7.95
Total consumer		6.46			6.35			6.08			6.00			5.85
Total loans and leases		6.96			6.79			6.43			6.22			5.94
Total earning assets		6.73	%		6.55	%		6.21	%		6.01	%		5.72	%
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits — non-interest bearing		—	%		—	%		—	%		—	%		—	%
Demand deposits — interest bearing		2.92			2.62			2.44			2.12			1.87
Savings and other domestic time deposits		1.75			1.59			1.49			1.44			1.39
Core certificates of deposit (4)		4.40			4.10			3.84			3.70			3.59
Total core deposits		3.20			2.89			2.65			2.41			2.20
Other domestic time deposits of $100,000 or more (4)		5.18			4.83			4.55			3.98			3.57
Brokered deposits and negotiable CDs		5.50			5.12			4.69			4.20			3.66
Deposits in foreign offices		3.12			2.68			2.62			2.66			2.28
Total deposits		3.66			3.34			3.07			2.79			2.52
Short-term borrowings		4.10			4.12			3.57			3.11			2.74
Federal Home Loan Bank advances		4.51			4.34			3.99			3.37			3.08
Subordinated notes and other long-term debt		5.75			5.67			5.22			4.72			4.20
Total interest bearing liabilities		4.02	%		3.74	%		3.43	%		3.12	%		2.82	%
Net interest rate spread		2.71	%		2.81	%		2.78	%		2.89	%		2.90	%
Impact of non-interest bearing funds on margin		0.51			0.53			0.54			0.45			0.41
Net interest margin		3.22	%		3.34	%		3.32	%		3.34	%		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.
(4)	For the current and all prior periods, consumer CDs of $100,000 or more have been reclassified from other domestic time deposits of $100,000 or more to core certificates of deposit. Core certificates of deposit is comprised primarily of consumer certificates of deposit both over and under $100,000. Other domestic time deposits of $100,000 or more is comprised primarily of individual retirement accounts greater than $100,000 and public fund certificates of deposit greater than $100,000.

5

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

	Average Balances										Change
	2006						2005				3Q06 vs 3Q05
(in millions)	Third		Second		First		Fourth		Third		Amount			Percent
Loans and direct financing leases (1)
Regional Banking:
Central Ohio	$	3,646	$	3,624	$	3,191	$	3,228	$	3,186	$	460			14.4	%
Northern Ohio		2,666		2,617		2,520		2,546		2,551		115			4.5
Southern Ohio / Kentucky		2,196		2,198		2,092		2,064		2,075		121			5.8
Eastern Ohio		1,397		1,433		872		372		375		1,022			N.M.
West Michigan		2,408		2,386		2,362		2,382		2,377		31			1.3
East Michigan		1,592		1,566		1,551		1,536		1,506		86			5.7
West Virginia		1,068		1,013		966		963		944		124			13.1
Indiana		950		978		1,018		972		979		(29	)		(3.0	)
Mortgage and equipment leasing groups		3,598		3,495		3,458		3,461		3,433		165			4.8
Regional Banking		19,521		19,310		18,030		17,524		17,426		2,095			12.0
Dealer Sales		4,972		5,134		5,183		5,225		5,316		(344	)		(6.5	)
Private Financial and Capital Markets Group		1,820		1,757		1,718		1,719		1,706		114			6.7
Treasury / Other		—		—		—		—		—		—			—
Total loans and direct financing leases	$	26,313	$	26,201	$	24,931	$	24,468	$	24,448	$	1,865			7.6	%
Deposit composition (1)
Regional Banking:
Central Ohio	$	4,778	$	4,810	$	4,602	$	4,498	$	4,480	$	298			6.7	%
Northern Ohio		3,619		3,539		3,603		3,546		3,505		114			3.3
Southern Ohio / Kentucky		2,193		2,244		2,058		1,938		1,861		332			17.8
Eastern Ohio		1,750		1,758		989		585		577		1,173			N.M.
West Michigan		2,901		2,805		2,791		2,774		2,666		235			8.8
East Michigan		2,311		2,253		2,255		2,287		2,257		54			2.4
West Virginia		1,498		1,497		1,471		1,428		1,408		90			6.4
Indiana		825		822		746		743		747		78			10.4
Mortgage and equipment leasing groups		183		189		162		202		215		(32	)		(14.9	)
Regional Banking		20,058		19,917		18,677		18,001		17,716		2,342			13.2
Dealer Sales		58		56		58		63		72		(14	)		(19.4	)
Private Financial and Capital Markets Group		1,142		1,144		1,150		1,161		1,134		8			0.7
Treasury / Other		3,335		3,267		3,143		3,217		3,294		41			1.2
Total deposits	$	24,593	$	24,384	$	23,028	$	22,442	$	22,216	$	2,377			10.7	%

⁽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)

	2006									2005						3Q06 vs 3Q05
(in thousands, except per share amounts)	Third			Second			First			Fourth			Third			Amount			Percent
Interest income	$	538,988		$	521,903		$	464,787		$	442,476		$	420,858		$	118,130			28.1	%
Interest expense		283,675			259,708			221,107			198,800			179,221			104,454			58.3
Net interest income		255,313			262,195			243,680			243,676			241,637			13,676			5.7
Provision for credit losses		14,162			15,745			19,540			30,831			17,699			(3,537	)		(20.0	)
Net interest income after provision for credit losses		241,151			246,450			224,140			212,845			223,938			17,213			7.7
Service charges on deposit accounts		48,718			47,225			41,222			42,083			44,817			3,901			8.7
Trust services		22,490			22,676			21,278			20,425			19,671			2,819			14.3
Brokerage and insurance income		14,697			14,345			15,193			13,101			13,948			749			5.4
Bank owned life insurance income		12,125			10,604			10,242			10,389			10,104			2,021			20.0
Other service charges and fees		12,989			13,072			11,509			11,488			11,449			1,540			13.5
Mortgage banking (loss) income		(2,166	)		20,355			17,832			10,909			21,116			(23,282	)		N.M.
Securities (losses) gains (1)		(57,332	)		(35	)		(20	)		(8,770	)		101			(57,433	)		N.M.
Gains on sales of automobile loans		863			532			448			455			502			361			71.9
Other income		36,946			22,102			24,782			24,708			11,210			25,736			N.M.
Sub-total before operating lease income		89,330			150,876			142,486			124,788			132,918			(43,588	)		(32.8	)
Automobile operating lease income		8,580			12,143			17,048			22,534			27,822			(19,242	)		(69.2	)
Total non-interest income		97,910			163,019			159,534			147,322			160,740			(62,830	)		(39.1	)
Personnel costs		133,823			137,904			131,557			116,111			117,476			16,347			13.9
Net occupancy		18,109			17,927			17,966			17,940			16,653			1,456			8.7
Outside data processing and other services		18,664			19,569			19,851			19,693			18,062			602			3.3
Equipment		17,249			18,009			16,503			16,093			15,531			1,718			11.1
Professional services		6,438			6,292			5,365			7,440			8,323			(1,885	)		(22.6	)
Marketing		7,846			10,374			7,301			7,145			6,364			1,482			23.3
Telecommunications		4,818			4,990			4,825			4,453			4,512			306			6.8
Printing and supplies		3,416			3,764			3,074			3,084			3,102			314			10.1
Amortization of intangibles		2,902			2,992			1,075			218			203			2,699			N.M.
Other expense		23,177			21,880			18,227			20,995			21,189			1,988			9.4
Sub-total before operating lease expense		236,442			243,701			225,744			213,172			211,415			25,027			11.8
Automobile operating lease expense		5,988			8,658			12,671			17,183			21,637			(15,649	)		(72.3	)
Total non-interest expense		242,430			252,359			238,415			230,355			233,052			9,378			4.0
Income before income taxes		96,631			157,110			145,259			129,812			151,626			(54,995	)		(36.3	)
Provision (benefit) for income taxes (2)		(60,815	)		45,506			40,803			29,239			43,052			(103,867	)		N.M.
Net income	$	157,446		$	111,604		$	104,456		$	100,573		$	108,574		$	48,872			45.0	%
Average common shares — diluted		240,896			244,538			234,363			229,718			233,456			7,440			3.2	%
Per common share
Net income — diluted	$	0.65		$	0.46		$	0.45		$	0.44		$	0.47		$	0.18			38.3
Cash dividends declared		0.250			0.250			0.250			0.215			0.215			0.035			16.3
Return on average total assets		1.75	%		1.25	%		1.26	%		1.22	%		1.32	%		0.43	%		32.6
Return on average total shareholders’ equity		21.0			14.9			15.5			15.5			16.5			4.5			27.3
Net interest margin (3)		3.22			3.34			3.32			3.34			3.31			(0.09	)		(2.7	)
Efficiency ratio (4)		57.8			58.1			58.3			57.0			57.4			0.4			0.7
Effective tax rate		(62.9	)		29.0			28.1			22.5			28.4			(91.3	)		N.M.
Revenue — fully taxable equivalent (FTE)
Net interest income	$	255,313		$	262,195		$	243,680		$	243,676		$	241,637		$	13,676			5.7
FTE adjustment		4,090			3,984			3,836			3,837			3,734			356			9.5
Net interest income (3)		259,403			266,179			247,516			247,513			245,371			14,032			5.7
Non-interest income		97,910			163,019			159,534			147,322			160,740			(62,830	)		(39.1	)
Total revenue (3)	$	357,313		$	429,198		$	407,050		$	394,835		$	406,111		$	(48,798	)		(12.0	)%

N.M., not a meaningful value.
(1)	Includes $57.5 million of securities impairment losses as of September 30, 2006, due to the planned review of the securities portfolio.
(2)	Includes an $84.5 million benefit reflecting the resolution of a federal income tax audit of tax years 2002 and 2003.
(3)	On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
(4)	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						3Q06 vs 3Q05
(in thousands)	Third			Second			First			Fourth			Third			Amount			Percent
Mortgage Banking Income
Origination fees	$	2,036		$	2,177		$	1,977		$	1,979		$	3,037		$	(1,001	)		(33.0	)%
Secondary marketing		1,034			4,914			2,022			3,346			3,408			(2,374	)		(69.7	)
Servicing fees		6,077			5,995			5,925			5,791			5,532			545			9.9
Amortization of capitalized servicing (4)		(4,484	)		(3,293	)		(3,532	)		(3,785	)		(4,626	)		142			3.1
Other mortgage banking income		3,887			2,280			2,227			3,193			3,308			579			17.5
Sub-total		8,550			12,073			8,619			10,524			10,659			(2,109	)		(19.8	)
MSR valuation adjustment		(10,716	)		8,281			9,213			385			10,457			(21,173	)		N.M.
Total mortgage banking income (loss)	$	(2,166	)	$	20,354		$	17,832		$	10,909		$	21,116		$	(23,282	)		N.M.	%
Capitalized mortgage servicing rights (1)	$	129,317		$	136,244		$	123,257		$	91,259		$	85,940		$	43,377			50.5	%
MSR allowance (1)		—			—			—			(404	)		(789	)		789			N.M.
Total mortgages serviced for others (1)		7,994,000			7,725,000			7,585,000			7,276,000			7,081,000			913,000			12.9
MSR % of investor servicing portfolio		1.62	%		1.76	%		1.63	%		1.25	%		1.21	%		0.41	%		33.9
Net Impact of MSR Hedging
MSR valuation adjustment (3) (4)	$	(10,716	)	$	8,281		$	9,213		$	385		$	10,457		$	(21,173	)		N.M.	%
Net trading gains (losses) related to MSR hedging (2)		10,678			(6,739	)		(4,638	)		(2,091	)		(12,831	)		23,509			N.M.
Net interest income related to MSR hedging		38			—			—			109			233			(195	)		(83.7	)
Net impact of MSR hedging	$	—		$	1,542		$	4,575		$	(1,597	)	$	(2,141	)	$	2,141			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 and subsequent quarters reflect the adoption of SFAS 156, under which MSRs are recorded and accounted for at fair value. Prior periods reflect temporary impairment or recovery, based on accounting for MSRs at the lower of cost or market.

⁽⁴⁾ The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.

8

Huntington Bancshares Incorporated
Quarterly Credit Reserves Analysis
(Unaudited)

	2006									2005
(in thousands)	Third			Second			First			Fourth			Third
Allowance for loan and lease losses, beginning of period	$	287,517		$	283,839		$	268,347		$	253,943		$	254,784
Acquired allowance for loan and lease losses		100	(1)		1,498	(1)		22,187			—			—
Loan and lease losses		(29,127	)		(24,325	)		(33,405	)		(27,072	)		(25,830	)
Recoveries of loans previously charged off		7,888			10,373			9,189			9,504			7,877
Net loan and lease losses		(21,239	)		(13,952	)		(24,216	)		(17,568	)		(17,953	)
Provision for loan and lease losses		13,774			16,132			17,521			31,972			17,112
Economic reserve transfer		—			—			—			—			—
Allowance of assets sold and securitized		—			—			—			—			—
Allowance for loan and lease losses, end of period	$	280,152		$	287,517		$	283,839		$	268,347		$	253,943
Allowance for unfunded loan commitments and letters of credit, beginning of period	$	38,914		$	39,301		$	36,957		$	38,098		$	37,511
Acquired AULC		—			—			325			—			—
Provision for unfunded loan commitments and letters of credit losses		388			(387	)		2,019			(1,141	)		587
Economic reserve transfer		—			—			—			—			—
Allowance for unfunded loan commitments and letters of credit, end of period	$	39,302		$	38,914		$	39,301		$	36,957		$	38,098
Total allowances for credit losses	$	319,454		$	326,431		$	323,140		$	305,304		$	292,041
Allowance for loan and lease losses (ALLL) as % of:
Transaction reserve		0.86	%		0.89	%		0.88	%		0.89	%		0.84	%
Economic reserve		0.20			0.20			0.21			0.21			0.20
Total loans and leases		1.06	%		1.09	%		1.09	%		1.10	%		1.04	%
Non-performing loans and leases (NPLs)		217			213			209			263			283
Non-performing assets (NPAs)		164			168			183			229			249
Total allowances for credit losses (ACL) as % of:
Total loans and leases		1.21	%		1.24	%		1.24	%		1.25	%		1.19	%
Non-performing loans and leases		247			241			238			300			326
Non-performing assets		187			191			209			261			287

⁽¹⁾ Represents an adjustment of the allowance and corresponding adjustment to loan balances resulting from the Unizan merger.

9

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

	2006									2005
(in thousands)	Third			Second			First			Fourth			Third
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Middle market commercial and industrial	$	1,742		$	(484	)	$	6,887		$	(744	)	$	(1,082	)
Middle market commercial real estate:
Construction		(2	)		(161	)		(241	)		(175	)		495
Commercial		644			1,557			210			14			1,779
Middle market commercial real estate		642			1,396			(31	)		(161	)		2,274
Small business		4,451			2,530			3,709			4,465			3,062
Total commercial		6,835			3,442			10,565			3,560			4,254
Consumer:
Automobile loans		1,759			1,172			2,977			3,213			3,895
Automobile leases		2,306			1,758			3,515			3,422			3,105
Automobile loans and leases		4,065			2,930			6,492			6,635			7,000
Home equity		6,734			4,776			4,524			4,498			4,093
Residential mortgage		876			688			715			941			522
Other loans		2,729			2,116			1,920			1,934			2,084
Total consumer		14,404			10,510			13,651			14,008			13,699
Total net charge-offs	$	21,239		$	13,952		$	24,216		$	17,568		$	17,953
Net charge-offs (recoveries) — annualized percentages:
Commercial:
Middle market commercial and industrial		0.12	%		(0.04	)%		0.54	%		(0.06	)%		(0.09	)%
Middle market commercial real estate:
Construction		—			(0.05	)		(0.07	)		(0.04	)		0.12
Commercial		0.09			0.22			0.03			—			0.37
Middle market commercial real estate		0.07			0.14			—			(0.02	)		0.25
Small business		0.70			0.41			0.70			0.80			0.54
Total commercial		0.23			0.12			0.38			0.13			0.16
Consumer:
Automobile loans		0.34			0.23			0.60			0.64			0.75
Automobile leases		0.47			0.34			0.63			0.59			0.51
Automobile loans and leases		0.40			0.28			0.62			0.61			0.62
Home equity		0.53			0.38			0.37			0.38			0.34
Residential mortgage		0.07			0.06			0.07			0.09			0.05
Other loans		2.54			1.89			1.72			1.97			2.15
Total consumer		0.40			0.30			0.40			0.41			0.40
Net charge-offs as a % of average loans		0.32	%		0.21	%		0.39	%		0.29	%		0.29	%

10

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

	2006									2005
(in thousands)	September 30,			June 30,			March 31,			December 31,			September 30,
Non-accrual loans and leases:
Middle market commercial and industrial	$	37,082		$	45,713		$	45,723		$	28,888		$	25,431
Middle market commercial real estate		27,538			24,970			18,243			15,763			13,073
Small business		21,356			27,328			28,389			28,931			26,098
Residential mortgage		30,289			22,786			29,376			17,613			16,402
Home equity		13,047			14,466			13,778			10,720			8,705
Total non-performing loans and leases		129,312			135,263			135,509			101,915			89,709
Other real estate, net:
Residential		40,615			34,743			17,481			14,214			11,182
Commercial		1,285			1,062			1,903			1,026			909
Total other real estate, net		41,900			35,805			19,384			15,240			12,091
Total non-performing assets	$	171,212		$	171,068		$	154,893		$	117,155		$	101,800
Non-performing loans and leases guaranteed by the U.S. government (1)	$	33,676		$	30,710		$	18,256		$	7,324		$	6,812
Non-performing loans and leases as a % of total loans and leases		0.49	%		0.51	%		0.52	%		0.42	%		0.37	%
Non-performing assets as a % of total loans and leases and other real estate		0.65			0.65			0.59			0.48			0.42
Accruing loans and leases past due 90 days or more (1)	$	62,054		$	48,829		$	52,297		$	56,138		$	50,780
Accruing loans and leases past due 90 days or more as a percent of total loans and leases		0.24	%		0.19	%		0.20	%		0.23	%		0.21	%

	2006									2005
(in thousands)	Third			Second			First			Fourth			Third
Non-performing assets, beginning of period	$	171,068		$	154,893		$	117,155		$	101,800		$	97,418
New non-performing assets (1)		55,490			52,498			53,768			52,553			37,570
Acquired non-performing assets		—			—			33,843			—			—
Returns to accruing status		(11,880	)		(12,143	)		(14,310	)		(3,228	)		(231	)
Loan and lease losses		(14,143	)		(6,826	)		(13,314	)		(9,063	)		(5,897	)
Payments		(16,709	)		(12,892	)		(13,195	)		(21,329	)		(21,203	)
Sales		(12,614	)		(4,462	)		(9,054	)		(3,578	)		(5,857	)
Non-performing assets, end of period	$	171,212		$	171,068		$	154,893		$	117,155		$	101,800

⁽¹⁾ Beginning in the second quarter of 2006, OREO includes balances of foreclosures on loans serviced for GNMA that were reported in 90 day past due loans and leases in prior periods. These balances are fully guaranteed by the US Government.

11

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

Quarterly common stock summary

	2006						2005
(in thousands, except per share amounts)	Third		Second		First		Fourth		Third
Common stock price, per share
High (1)	$	24.820	$	24.410	$	24.750	$	24.640	$	25.410
Low (1)		23.000		23.120		22.560		20.970		22.310
Close		23.930		23.580		24.130		23.750		22.470
Average closing price		23.942		23.732		23.649		23.369		24.227
Dividends, per share
Cash dividends declared on common stock	$	0.250	$	0.250	$	0.250	$	0.215	$	0.215
Common shares outstanding
Average — basic		237,672		241,729		230,968		226,699		229,830
Average — diluted		240,896		244,538		234,363		229,718		233,456
Ending		237,921		237,361		245,183		224,106		229,006
Book value per share	$	13.15	$	12.38	$	12.56	$	11.41	$	11.45
Tangible book value per share		10.50		9.70		9.95		10.44		10.50
Common share repurchases
Number of shares repurchased		—		8,100		4,831		5,175		2,598

Capital adequacy

	2006									2005
(in millions)	September 30,			June 30,			March 31,			December 31,			September 30,
Total risk-weighted assets (2)	$	31,433		$	31,614		$	31,298		$	29,599		$	29,352
Tier 1 leverage ratio (2)		7.92	%		7.62	%		8.53	%		8.34	%		8.50	%
Tier 1 risk-based capital ratio (2)		8.86			8.45			8.94			9.13			9.42
Total risk-based capital ratio (2)		12.71			12.29			12.91			12.42			12.70
Tangible equity / asset ratio		7.13			6.46			6.97			7.19			7.39
Tangible equity / risk-weighted assets ratio (2)		7.94			7.29			7.80			7.91			8.19
Average equity / average assets		8.30			8.39			8.15			7.89			7.97
Other data
Number of employees (full-time equivalent)		7,894			8,075			8,078			7,602			7,586
Number of domestic full-service banking offices (3)		381			379			385			344			346

(1)	High and low stock prices are intra-day quotes obtained from NASDAQ.
(2)	September 30, 2006 figures are estimated.
(3)	Includes Private Financial Group offices in Florida.

12

Huntington Bancshares Incorporated
Quarterly Automobile Operating Lease Performance
(Unaudited)

	2006						2005				3Q06 vs 3Q05
(in thousands)	Third		Second		First		Fourth		Third		Amount			Percent
Balance Sheet:
Average automobile operating lease assets outstanding	$	68,223	$	104,585	$	159,073	$	215,976	$	287,308	$	(219,085	)		(76.3	)%
Income Statement:
Net rental income	$	7,258	$	10,678	$	15,173	$	19,866	$	25,289	$	(18,031	)		(71.3	)%
Fees		401		669		732		1,482		1,419		(1,018	)		(71.7	)
Recoveries — early terminations		921		796		1,143		1,186		1,114		(193	)		(17.3	)
Total automobile operating lease income		8,580		12,143		17,048		22,534		27,822		(19,242	)		(69.2	)
Depreciation and residual losses at termination		5,494		8,083		11,501		15,680		19,670		(14,176	)		(72.1	)
Losses — early terminations		494		575		1,170		1,503		1,967		(1,473	)		(74.9	)
Total automobile operating lease expense		5,988		8,658		12,671		17,183		21,637		(15,649	)		(72.3	)
Net earnings contribution	$	2,592	$	3,485	$	4,377	$	5,351	$	6,185	$	(3,593	)		(58.1	)%

Definition of term(s):

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

13

Huntington Bancshares Incorporated
Consolidated Year To Date Average Balance Sheets
(Unaudited)

	YTD Average Balances
Fully taxable equivalent basis	Nine Months Ended September 30,						Change
(in millions)	2006			2005			Amount			Percent
Assets
Interest bearing deposits in banks	$	44		$	22		$	22			100.0	%
Trading account securities		115			237			(122	)		(51.5	)
Federal funds sold and securities purchased under resale agreements		251			298			(47	)		(15.8	)
Loans held for sale		279			303			(24	)		(7.9	)
Investment securities:
Taxable		4,333			3,662			671			18.3
Tax-exempt		562			453			109			24.1
Total investment securities		4,895			4,115			780			19.0
Loans and leases:(1)
Commercial:
Middle market commercial and industrial		5,398			4,773			625			13.1
Middle market commercial real estate:
Construction		1,272			1,680			(408	)		(24.3	)
Commercial		2,674			1,903			771			40.5
Middle market commercial real estate		3,946			3,583			363			10.1
Small business		2,371			2,222			149			6.7
Total commercial		11,715			10,578			1,137			10.7
Consumer:
Automobile loans		2,039			2,052			(13	)		(0.6	)
Automobile leases		2,096			2,451			(355	)		(14.5	)
Automobile loans and leases		4,135			4,503			(368	)		(8.2	)
Home equity		4,969			4,743			226			4.8
Residential mortgage		4,563			4,053			510			12.6
Other loans		442			379			63			16.6
Total consumer		14,109			13,678			431			3.2
Total loans and leases		25,824			24,256			1,568			6.5
Allowance for loan and lease losses		(289	)		(269	)		(20	)		(7.4	)
Net loans and leases		25,535			23,987			1,548			6.5
Total earning assets		31,408			29,231			2,177			7.4
Automobile operating lease assets		110			397			(287	)		(72.3	)
Cash and due from banks		823			911			(88	)		(9.7	)
Intangible assets		545			218			327			N.M.
All other assets		2,425			2,158			267			12.4
Total Assets	$	35,022		$	32,646		$	2,376			7.3	%
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits — non-interest bearing	$	3,513		$	3,358		$	155			4.6	%
Demand deposits — interest bearing		7,734			7,712			22			0.3
Savings and other domestic time deposits		3,041			3,213			(172	)		(5.4	)
Core certificates of deposit(2)		4,939			3,146			1,793			57.0
Total core deposits		19,227			17,429			1,798			10.3
Other domestic time deposits of $100,000 or more (2)		1,055			903			152			16.8
Brokered deposits and negotiable CDs		3,238			3,088			150			4.9
Deposits in foreign offices		487			446			41			9.2
Total deposits		24,007			21,866			2,141			9.8
Short-term borrowings		1,790			1,347			443			32.9
Federal Home Loan Bank advances		1,453			1,088			365			33.5
Subordinated notes and other long-term debt		3,570			4,190			(620	)		(14.8	)
Total interest bearing liabilities		27,307			25,133			2,174			8.6
All other liabilities		1,303			1,569			(266	)		(17.0	)
Shareholders’ equity		2,899			2,586			313			12.1
Total Liabilities and Shareholders’ Equity	$	35,022		$	32,646		$	2,376			7.3	%

N.M., not a meaningful value.

(1)

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

(2)

For the current and all prior periods, consumer CDs of $100,000 or more have been reclassified from other domestic time deposits of $100,000 or more to core certificates of deposit. Core certificates of deposit is comprised primarily of consumer certificates of deposit both over and under $100,000. Other domestic time deposits of $100,000 or more is comprised primarily of individual retirement accounts greater than $100,000 and public fund certificates of deposit greater than $100,000.

14

Huntington Bancshares Incorporated
Consolidated Year To Date Net Interest Margin Analysis
(Unaudited)

	YTD Average Rates (2)
	Nine Months Ended September 30,
Fully Taxable Equivalent basis (1)	2006			2005
Assets
Interest bearing deposits in banks		6.16	%		4.32	%
Trading account securities		3.08			4.00
Federal funds sold and securities purchased under resale agreements		4.76			2.79
Loans held for sale		6.13			5.63
Investment securities:
Taxable		5.29			4.09
Tax-exempt		6.78			6.69
Total investment securities		5.46			4.37
Loans and leases (3):
Commercial:
Middle market commercial and industrial		7.14			5.52
Middle market commercial real estate:
Construction		7.97			6.06
Commercial		7.33			5.58
Middle market commercial real estate		7.54			5.81
Small business		7.03			6.00
Total commercial		7.25			5.72
Consumer:
Automobile loans		6.51			6.61
Automobile leases		5.02			4.92
Automobile loans and leases		5.75			5.69
Home equity		7.32			6.04
Residential mortgage		5.40			5.18
Other loans		9.17			8.25
Total consumer		6.30			5.73
Total loans and leases		6.73			5.73
Total earning assets		6.50	%		5.49	%
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits — non-interest bearing		—	%		—	%
Demand deposits — interest bearing		2.67			1.65
Savings and other domestic time deposits		1.61			1.33
Core certificates of deposit (4)		4.13			3.50
Total core deposits		2.92			1.99
Other domestic time deposits of $100,000 or more (4)		4.87			3.18
Brokered deposits and negotiable CDs		5.11			3.27
Deposits in foreign offices		2.82			1.89
Total deposits		3.37			2.26
Short-term borrowings		3.94			2.23
Federal Home Loan Bank advances		4.28			2.99
Subordinated notes and other long-term debt		5.55			3.82
Total interest bearing liabilities		3.74			2.55
Net interest rate spread		2.76			2.94
Impact of non-interest bearing funds on margin		0.53			0.39
Net interest margin		3.29	%		3.33	%

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.
(4)	For the current and all prior periods, consumer CDs of $100,000 or more have been reclassified from other domestic time deposits of $100,000 or more to core certificates of deposit. Core certificates of deposit is comprised primarily of consumer certificates of deposit both over and under $100,000. Other domestic time deposits of $100,000 or more is comprised primarily of individual retirement accounts greater than $100,000 and public fund certificates of deposit greater than $100,000.

15

Huntington Bancshares Incorporated
Selected Year To Date Income Statement Data
(Unaudited)

	Nine Months Ended September 30,						Change
(in thousands, except per share amounts)	2006			2005			Amount			Percent
Interest income	$	1,525,678		$	1,199,289		$	326,389			27.2	%
Interest expense		764,490			480,554			283,936			59.1
Net interest income		761,188			718,735			42,453			5.9
Provision for credit losses		49,447			50,468			(1,021	)		(2.0	)
Net interest income after provision for credit losses		711,741			668,267			43,474			6.5
Service charges on deposit accounts		137,165			125,751			11,414			9.1
Trust services		66,444			56,980			9,464			16.6
Brokerage and insurance income		44,235			40,518			3,717			9.2
Bank owned life insurance income		32,971			30,347			2,624			8.6
Other service charges and fees		37,570			32,860			4,710			14.3
Mortgage banking income		36,021			30,801			5,220			16.9
Securities (losses) gains (1)		(57,387	)		715			(58,102	)		N.M.
Gains on sales of automobile loans		1,843			756			1,087			N.M.
Other income		83,830			55,751			28,079			50.4
Sub-total before operating lease income		382,692			374,479			8,213			2.2
Automobile operating lease income		37,771			110,481			(72,710	)		(65.8	)
Total non-interest income		420,463			484,960			(64,497	)		(13.3	)
Personnel costs		403,284			365,547			37,737			10.3
Net occupancy		54,002			53,152			850			1.6
Outside data processing and other services		58,084			54,945			3,139			5.7
Equipment		51,761			47,031			4,730			10.1
Professional services		18,095			27,129			(9,034	)		(33.3	)
Marketing		25,521			19,134			6,387			33.4
Telecommunications		14,633			14,195			438			3.1
Printing and supplies		10,254			9,489			765			8.1
Amortization of intangibles		6,969			611			6,358			N.M.
Other expense		63,284			61,565			1,719			2.8
Sub-total before operating lease expense		705,887			652,798			53,089			8.1
Automobile operating lease expense		27,317			86,667			(59,350	)		(68.5	)
Total non-interest expense		733,204			739,465			(6,261	)		(0.8	)
Income before income taxes		399,000			413,762			(14,762	)		(3.6	)
Provision for income taxes (2)		25,494			102,244			(76,750	)		(75.1	)
Net income	$	373,506		$	311,518		$	61,988			19.9	%
Average common shares — diluted		239,933			234,727			5,206			2.2	%
Per common share
Net income per common share — diluted	$	1.56		$	1.33		$	0.23			17.3	%
Cash dividends declared		0.750			0.630			0.120			19.0
Return on average total assets		1.43	%		1.28	%		0.15	%		11.7	%
Return on average total shareholders’ equity		17.2			16.1			1.1			6.8
Net interest margin (3)		3.29			3.33			(0.04	)		(1.2	)
Efficiency ratio (4)		58.1			60.9			(2.8	)		(4.6	)
Effective tax rate		6.4			24.7			(18.3	)		(74.1	)
Revenue — fully taxable equivalent (FTE)
Net interest income	$	761,188		$	718,735		$	42,453			5.9	%
FTE adjustment (3)		11,910			9,556			2,354			24.6
Net interest income		773,098			728,291			44,807			6.2
Non-interest income		420,463			484,960			(64,497	)		(13.3	)
Total revenue	$	1,193,561		$	1,213,251		$	(19,690	)		(1.6	)%

N.M., not a meaningful value.
(1)	Includes $57.5 million of securities impairment losses as of September 30, 2006, due to the planned review of the securities portfolio.
(2)	Includes an $84.5 million benefit reflecting the resolution of a federal income tax audit of tax years 2002 and 2003.
(3)	On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
(4)	Non-interest expense less amortization of intangibles divided by the sum of FTE net interest income and non-interest income excluding securities gains (losses).

16

Huntington Bancshares Incorporated
Year To Date Mortgage Banking Income and Net Impact of MSR Hedging
(Unaudited)

	Nine Months Ended September 30,						Change
(in thousands)	2006			2005			Amount			Percent
Mortgage Banking Income
Origination fees	$	6,190		$	8,802		$	(2,612	)		(29.7)	%
Secondary marketing		7,970			7,640			330			4.3
Servicing fees		17,997			16,390			1,607			9.8
Amortization of capitalized servicing (4)		(11,309	)		(14,574	)		3,265			22.4
Other mortgage banking income		8,394			8,557			(163	)		(1.9	)
Sub-total		29,242			26,815			2,427			9.1
MSR recovery / (impairment)		6,778			3,986			2,792			70.0
Total mortgage banking income (loss)	$	36,020		$	30,801		$	5,219			16.9	%
Capitalized mortgage servicing rights (1)	$	129,317		$	85,940		$	43,377			50.5	%
MSR allowance (1)		—			(789	)		789			N.M.
Total mortgages serviced for others (1)		7,994,000			7,081,000			913,000			12.9
MSR % of investor servicing portfolio		1.62	%		1.21	%		0.41	%		33.9
Net Impact of MSR Hedging
MSR valuation adjustment (3) (4)	$	6,778		$	3,986		$	2,792			70.0	%
Net trading gains (losses) related to MSR hedging (2)		(699	)		(11,286	)		10,587			(93.8	)
Net interest income related to MSR hedging		38			1,579			(1,541	)		(97.6	)
Net impact of MSR hedging	$	6,117		$	(5,721	)	$	11,838			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 and subsequent quarters, reflect the adoption of SFAS 156, under which MSRs were recorded and accounted for at fair value. Prior periods reflect temporary impairment or recovery, based on accounting for MSRs at the lower of cost or market.
(4)	The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.

17

Huntington Bancshares Incorporated
Year To Date Credit Reserves Analysis
(Unaudited)

	Nine Months Ended September 30,
(in thousands)	2006			2005
Allowance for loan and lease losses, beginning of period	$	268,347		$	271,211
Acquired allowance for loan and lease losses		23,784			—
Loan and lease losses		(86,857	)		(88,776	)
Recoveries of loans previously charged off		27,451			26,287
Net loan and lease losses		(59,406	)		(62,489	)
Provision for loan and lease losses		47,427			51,810
Economic reserve transfer		—			(6,253	)
Allowance of assets sold and securitized		—			(336	)
Allowance for loan and lease losses, end of period	$	280,152		$	253,943
Allowance for unfunded loan commitments and letters of credit, beginning of period	$	36,957		$	33,187
Acquired AULC		325			—
Provision for unfunded loan commitments and letters of credit losses		2,020			(1,342	)
Economic reserve transfer		—			6,253
Allowance for unfunded loan commitments and letters of credit, end of period	$	39,302		$	38,098
Total allowances for credit losses	$	319,454		$	292,041
Allowance for loan and lease losses (ALLL) as % of:
Transaction reserve		0.86	%		0.84	%
Economic reserve		0.20			0.20
Total loans and leases		1.06	%		1.04	%
Non-performing loans and leases (NPLs)		217			283
Non-performing assets (NPAs)		164			249
Total allowances for credit losses (ACL) as % of:
Total loans and leases		1.21	%		1.19	%
Non-performing loans and leases		247			326
Non-performing assets		187			287
N.A., not applicable.

18

Huntington Bancshares Incorporated
Year To Date Net Charge-Off Analysis
(Unaudited)

	Nine Months Ended September 30,
(in thousands)	2006			2005
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Middle market commercial and industrial	$	8,145		$	14,322
Middle market commercial real estate:
Construction		(404	)		310
Commercial		2,411			3,896
Middle market commercial real estate		2,007			4,206
Small business		10,690			7,486
Total commercial		20,842			26,014
Consumer:
Automobile loans		5,908			8,775
Automobile leases		7,579			8,242
Automobile loans and leases		13,487			17,017
Home equity		16,034			13,121
Residential mortgage		2,279			1,391
Other loans		6,764			4,946
Total consumer		38,564			36,475
Total net charge-offs	$	59,406		$	62,489
Net charge-offs (recoveries) — annualized percentages:
Commercial:
Middle market commercial and industrial		0.20	%		0.40	%
Middle market commercial real estate:
Construction		(0.04	)		0.02
Commercial		0.12			0.27
Middle market commercial real estate		0.07			0.16
Small business		0.60			0.45
Total commercial		0.24			0.33
Consumer:
Automobile loans		0.39			0.57
Automobile leases		0.48			0.45
Automobile loans and leases		0.43			0.50
Home equity		0.43			0.37
Residential mortgage		0.07			0.05
Other loans		2.04			1.74
Total consumer		0.36			0.36
Net charge-offs as a % of average loans		0.31	%		0.34	%
N.M., not a meaningful value.

19

Huntington Bancshares Incorporated
Year To Date Non-Performing Assets and Past Due Loans and Leases
(Unaudited)

	September 30,
(in thousands)	2006			2005
Non-accrual loans and leases:
Middle market commercial and industrial	$	37,082		$	25,431
Middle market commercial real estate		27,538			13,073
Small business		21,356			26,098
Residential mortgage		30,289			16,402
Home equity		13,047			8,705
Total non-performing loans and leases		129,312			89,709
Other real estate, net:
Residential		40,615			11,182
Commercial		1,285			909
Total other real estate, net		41,900			12,091
Total non-performing assets	$	171,212		$	101,800
Non-performing loans and leases guaranteed by the U.S. government (1)	$	33,676		$	6,812
Non-performing loans and leases as a % of total loans and leases		0.49	%		0.37	%
Non-performing assets as a % of total loans and leases and other real estate		0.65			0.42
Accruing loans and leases past due 90 days or more (1)	$	62,054		$	50,780
Accruing loans and leases past due 90 days or more as a percent of total loans and leases		0.24	%		0.21	%

	September 30,
(in thousands)	2006			2005
Non-performing assets, beginning of period	$	117,155		$	108,568
New non-performing assets (1)		161,756			118,597
Acquired non-performing assets		33,843			—
Returns to accruing status		(38,333	)		(4,319	)
Loan and lease losses		(34,283	)		(29,756	)
Payments		(42,796	)		(43,532	)
Sales		(26,130	)		(47,758	)
Non-performing assets, end of period	$	171,212		$	101,800

⁽¹⁾ Beginning in the second quarter of 2006, OREO includes balances of foreclosures on loans serviced for GNMA that were reported in 90 day past due loans and leases in prior periods. These balances are fully guaranteed by the US Government.

20

Huntington Bancshares Incorporated
Year To Date Automobile Operating Lease Performance
(Unaudited)

	Nine Months Ended September 30,				2006 vs 2005
(in thousands)	2006		2005		Amount			Percent
Balance Sheet:
Average automobile operating lease assets outstanding	$	110,294	$	396,787	$	(286,493	)		(72.2)	%
Income Statement:
Net rental income	$	33,109	$	101,235	$	(68,126	)		(67.3	)
Fees		1,802		5,049		(3,247	)		(64.3	)
Recoveries — early terminations		2,860		4,197		(1,337	)		(31.9	)
Total automobile operating lease income		37,771		110,481		(72,710	)		(65.8	)
Depreciation and residual losses at termination		25,078		79,136		(54,058	)		(68.3	)
Losses — early terminations		2,239		7,531		(5,292	)		(70.3	)
Total automobile operating lease expense		27,317		86,667		(59,350	)		(68.5	)
Net earnings contribution	$	10,454	$	23,814	$	(13,360	)		(56.1	)%

Definition of terms:

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

21