8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported) January 18, 2007

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 January 18, 2007, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the quarter and year ended December 31, 2006. Also on January 18, 2007, Huntington made a Quarterly Financial Review available on its web site, www.huntington-ir.com.

     Huntington’s senior management will host an earnings conference call January 18, 2007, 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 3326818. Slides will be available at www.huntington-ir.com just prior to 1:00 p.m. EST on January 18, 2007, for review during the call. A replay of the web cast will be archived in the Investor Relations section of Huntington’s web site at www.huntington-ir.com. A telephone replay will be available two hours after the completion of the call through January 31, 2007, at 800-642-1687; conference call ID 3326818.

     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/A 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 January 18, 2007.

Exhibit 99.2 – Quarterly Financial Review, December 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: January 18, 2007	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, January 18, 2007.
Exhibit 99.2	Quarterly Financial Review, December 2006.

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE
January 18, 2007

Contacts:
Analysts		Media
Jay Gould	(614) 480-4060	Jeri Grier-Ball	(614) 480-5413
		Maureen Brown	(614) 480-4588

HUNTINGTON BANCSHARES REPORTS:

• 2006 FOURTH QUARTER NET INCOME OF $87.7 MILLION AND EARNINGS PER COMMON SHARE OF $0.37

• Includes $0.10 per common share negative impact from significant items including the net impact of completing the balance sheet restructuring begun after the end of the 2006 third quarter ($0.05 per common share) and a contribution to the Huntington Foundation ($0.03 per common share)

• 2006 FULL-YEAR NET INCOME OF $461.2 MILLION AND EARNINGS PER COMMON SHARE OF $1.92

• 2007 FULL-YEAR GAAP EARNINGS TARGET OF $1.87-$1.92 PER SHARE

• 6% INCREASE IN QUARTERLY CASH DIVIDEND DECLARED ON ITS COMMON STOCK

     COLUMBUS, Ohio – Huntington Bancshares Incorporated (NASDAQ: HBAN; www.huntington.com) reported 2006 fourth quarter earnings of $87.7 million, or $0.37 per common share. Results in the year-ago fourth quarter were $100.6 million, or $0.44 per common share.

     Earnings for full-year 2006 were $461.2 million, or $1.92 per common share, compared with $412.1 million, or $1.77 per common share, in 2005.

     Highlights compared with the 2006 third quarter included:

• $0.37 earnings per common share, down from $0.65 per common share in the prior quarter.

• Current quarter results were negatively impacted by $0.10 per common share from significant items including the net impact of completing the balance sheet restructuring begun after the end of the 2006 third quarter ($0.05 per common share) and a contribution to the Huntington Foundation ($0.03 per common share).

• Third quarter 2006 results included an $0.18 per common share net positive impact due to a reduction of federal income tax expense ($0.35 per common share), partially

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offset by an investment securities impairment ($0.16 per common share) reflecting a decision to reposition that portfolio to better future performance, and the negative impact ($0.01 per common share) related to the write down of equity method investments.

• 3.28% net interest margin, up from 3.22%.

• 9% annualized growth in average total commercial loans.

• 8% annualized decline in average total consumer loans.

• 10% annualized decline in average total automobile loans and leases reflecting a decline in automobile leases and little growth in automobile loans given the on-going program of selling a portion of related loan production.

• 5% annualized decline in average home equity loans.

• 10% annualized decline in average residential mortgages, reflecting the sale of $120 million of loans at the end of the 2006 third quarter.

• 1% annualized decline in average total core deposits.

• Mixed performance in core fee income categories. Good growth in trust services and other service charges and fees, partially offset by declines in mortgage banking, service charges on deposit accounts, and brokerage and insurance income.

• 0.35% annualized net charge-offs, up 3 basis points.

• 1.04% period-end allowance for loan and lease losses (ALLL) ratio, down from 1.06%.

• 0.76% period-end non-performing asset (NPA) ratio, up from 0.65% at September 30, 2006, with 60% of total period end NPAs secured by residential real estate assets and assets guaranteed by the U.S. Government.

• 6.87% period-end tangible common equity ratio, down from 7.13%.

     “Underlying fourth quarter performance was generally in line with our expectations,” said Thomas E. Hoaglin, chairman, president, and chief executive officer. “By utilizing a portion of the excess capital remaining from the third quarter’s reduction of federal income taxes, we completed our balance sheet restructuring and made a sizable contribution to the Huntington Foundation. While completing the balance sheet restructuring negatively impacted reported fourth quarter results, it had the desired result of contributing to the 6 basis point increase in our net interest margin, and positions our margin for better performance as we head into 2007.”

     “On a financial performance basis, we were very pleased with the growth in average commercial loans. Average residential mortgages declined, reflecting portfolio sales. However, we were disappointed, though not surprised, by the decline in home equity loans, given softness in the residential real estate markets,” he said. “Continued growth in trust services and other service charges and fees were plusses. Importantly, expenses were well contained after taking into consideration the donation to the Huntington Foundation and severance and consolidation expenses primarily associated with a Regional Banking staff reduction initiative. On the credit side, we were pleased that our net charge-off experience of 35 basis points was at the low end of our long-term net charge-off range. Although we were disappointed with the 17% increase in NPAs, a significant portion related to residential real estate. While the credit environment is softening, we do not anticipate much change in the relative level of NPAs during 2007. In sum,

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though the environment is challenging as we go into 2007, we are comfortable that we will continue to grow our businesses and earnings.”

FOURTH QUARTER PERFORMANCE DISCUSSION

Significant Factors Influencing Financial Performance Comparisons

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

• $20.2 million pre-tax ($13.1 million after tax or $0.05 per common share) negative impact related to costs associated with the completion of the balance sheet restructuring announced in the 2006 third quarter. This consisted of $15.8 million pre-tax of investment securities losses, including $6.8 million of additional impairment on certain asset-backed securities not included in the third quarter restructuring, and $4.4 million pre-tax of other balance sheet restructuring expenses, most notably FHLB funding refinancing costs. As previously announced, 2006 third quarter results included an $84.5 million after-tax favorable impact related to the resolution of a federal income tax audit covering tax years 2002 and 2003, which resulted in the release of previously established federal income tax reserves, as well as the recognition of federal tax loss carry backs. Concurrently, a decision was made to reposition the investment securities portfolio to improve its performance. As a result, 2006 third quarter results included a $57.5 million pre-tax securities impairment estimate.

• $10.0 million pre-tax ($6.5 million after tax or $0.03 per common share) contribution to the Huntington Foundation.

• $5.2 million pre-tax ($3.4 million after tax or $0.01 per common share) increase in automobile lease residual value losses. This increase reflected higher relative losses on vehicles sold at auction, most notably high-line imports and larger sport utility vehicles. During the quarter, a further review was completed which resulted in additions to residual value reserves.

• $4.5 million pre-tax ($2.9 million after tax or $0.01 per common share) in severance and consolidation expenses. This reflected severance-related expenses associated with a reduction of 75 Regional Banking staff positions, as well as costs associated with the previously announced retirements of a vice chairman and an executive vice president.

• $3.3 million pre-tax ($2.1 million after tax or $0.01 per common share) in equity investment gains.

• $2.5 million pre-tax ($1.6 million after tax or $0.01 per common share) negative impact reflecting a mortgage servicing rights (MSR) mark-to-market net of hedge-related trading activity.

• $2.5 million pre-tax ($1.7 million after tax or $0.01 per common share) gain related to the sale of MasterCard^® stock.

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

Three Months Ended		Impact (2)
(in millions, except per share)		Pre-tax			EPS
December 31, 2006 – GAAP earnings		$	87.7	(3)	$	0.37
•	Equity investment gains		3.3			0.01
•	Gain on sale of MasterCard® stock		2.5			0.01
•	Completion of balance sheet restructuring		(20.2	)		(0.05	)
•	Huntington Foundation contribution		(10.0	)		(0.03	)
•	Automobile lease residual value losses		(5.2	)		(0.01	)
•	Severance and consolidation expenses		(4.5	)		(0.01	)
•	MSR mark-to-market net of hedge-related trading activity		(2.5	)		(0.01	)
September 30, 2006 – GAAP earnings		$	157.4	(3)	$	0.65
•	Reduction to federal income tax expense		84.5	(3)		0.35
•	Investment securities impairment		(57.5	)		(0.16	)
•	Adjustment for equity method investments		(2.1	)		(0.01	)
December 31, 2005 – GAAP earnings		$	100.6	(3)	$	0.44
•	Net impact of federal tax loss carry back		7.0	(3)		0.03
•	Securities losses plus MSR recovery of temporary impairment net of hedge-related trading activity		(10.4	)		(0.03	)

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

Balance Sheet Restructuring

     Subsequent to the end of the 2006 third quarter, the company initiated a review of its investment securities portfolio. The objective of this review was to reposition the portfolio to optimize performance in light of changing economic conditions and other factors. Such repositioning resulted 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 sale. 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 was recognized in the 2006 third quarter results.

     During the 2006 fourth quarter, this investment securities portfolio restructuring was completed. In addition, a decision was made to broaden the balance sheet restructuring and include refinancing a portion of FHLB funding, and to a much lesser degree, the sale of approximately $100 million of mortgage loans. As a result, 2006 fourth quarter results included $15.8 million pre-tax of investment securities losses, including $6.8 million other than temporary impairment recognized on certain securities backed by cash flows from pools of securitized sub-prime mortgages, and $4.4 million pre-tax of other balance sheet restructuring costs. This restructuring is expected to improve the net interest margin by 8-9 basis points, of which 7 were reflected in the fourth quarter.

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

2006 Fourth Quarter versus 2005 Fourth Quarter

     Fully taxable equivalent net interest income increased $14.6 million, or 6% ($17.7 million merger-related), from the year-ago quarter, reflecting the favorable impact of a $2.3 billion, or 8%, increase in average earning assets, as the fully taxable equivalent net interest margin declined 6 basis points to 3.28%. Average total loans and leases increased $1.8 billion, or 7% ($1.7 billion merger-related). The remaining non-merger related increase in average total loans and leases was $0.1 billion, up less than 1% from the year-ago quarter, which primarily reflected growth in commercial loans and residential mortgages, mostly offset by a decline in total average automobile loans and leases as we continued to sell a portion of that production.

     Average total commercial loans increased $1.5 billion, or 14% ($0.8 billion merger-related). This growth reflected a $0.9 billion, or 18%, increase in average middle market C&I loans, a $0.3 billion, or 9%, increase in average commercial real estate loans, and a $0.3 billion, or 14%, increase in average small business loans.

     Average residential mortgages increased $0.5 billion, or 11% ($0.4 billion merger-related). Average home equity loans increased $0.2 billion, or 4%, but would have declined slightly were it not for the Unizan merger.

     Compared with the year-ago quarter, average total automobile loans and leases decreased $0.4 billion, or 9%, with the Unizan merger having no significant impact. The decrease reflected the combination of two factors: (1) continued softness in loan and lease production levels over this period from low consumer demand and competitive pricing, and (2) little growth in 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 81%, as this portfolio continued to run off. Total automobile loan and lease exposure at quarter end was 15%, down from 18% a year earlier.

     Average total investment securities increased 2% from the 2005 fourth quarter.

     Average total core deposits in the 2006 fourth quarter increased $1.8 billion, or 10% ($1.5 billion merger-related), from the year-ago quarter. Most of the increase reflected higher average core certificates of deposit, which increased $1.5 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 $0.1 billion, despite $0.5 billion of growth related to the Unizan merger.

2006 Fourth Quarter versus 2006 Third Quarter

     Compared with the 2006 third quarter, fully taxable equivalent net interest income increased $2.7 million, or 1%. This reflected the positive impact of a 6 basis point increase in the net interest margin to 3.28% as average total earning assets remained essentially flat. The increase in the net interest margin reflected a combination of factors, but primarily the positive impact of the restructuring of the investment securities portfolio and a shift in the loan portfolio mix to a

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higher percentage of higher yield commercial loans, partially offset by higher rates on deposit accounts, reflecting the continued movement of lower cost deposits into higher cost certificates of deposits. While market place loan and deposit pricing remained aggressive, pricing pressure was less intense than in the prior quarter.

     Average total loans and leases were essentially unchanged from the 2006 third quarter, reflecting growth in average total commercial loans and offset by a decline in average total consumer loans .

     Average total commercial loans increased $0.3 billion, or 2%. Average middle market C&I loans increased $0.2 billion, or 4%, from the prior quarter. Average middle market CRE loans increased 1%, with average small business loans up slightly.

     Average residential mortgages decreased $0.1 billion, or 2%, reflecting the sale of $120 million of mortgage loans at the end of the 2006 third quarter. Average home equity loans declined 1%.

     Compared with the 2006 third quarter, average total automobile loans and leases declined 3%. The decline reflected a combination of factors including low demand for leases, as well as the sale of a portion of automobile loan and production. Average automobile loans increased 2% and direct financing leases declined 7%. Automobile loan and lease productions levels continued to decline with loan and lease production down 17% and 24%, respectively, from the third quarter.

     Average investment securities decreased $0.6 billion, or 11%, from the 2006 third quarter, reflecting the decision to sell certain investment securities.

     Average total core deposits in the 2006 fourth quarter declined slightly, reflecting a decline in average total consumer core deposits, partially offset by growth in average total commercial core deposits. Average core certificates of deposit increased 1%, reflecting the continued preference of customers for higher fixed rate certificates of deposit compared with lower rate savings and other time deposits, which declined 3%. This shift reflected the same factors impacting comparisons to the year-ago quarter noted above. Average non-interest bearing demand deposits increased 2%, whereas average interest bearing demand deposits declined 1%.

Provision for Credit Losses

     The provision for credit losses in the 2006 fourth quarter was $15.7 million, down $15.1 million from the year-ago quarter, but up $1.6 million from the 2006 third quarter. This quarter’s provision for credit losses reflected the impact of the resolution of two larger commercial real estate relationships and the benefit of slightly improved economic conditions. (See Credit Quality Discussion).

Non-Interest Income

2006 Fourth Quarter versus 2005 Fourth Quarter

     Non-interest income decreased $6.7 million from the year-ago quarter, including a $17.2 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

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before automobile operating lease income increased $10.5 million, or 8% ($7.2 million merger-related), reflecting :

• $6.5 million, or 15% ($1.6 million merger-related), increase in service charges on deposit accounts, reflecting a $4.0 million, or 14%, increase in personal service charges, primarily NSF/OD, and a $2.4 million, or 17%, increase in commercial service charge income.

• $5.6 million increase in other income ($2.1 million merger-related), reflecting $2.8 million in higher equity investment gains, and the $2.5 million gain on sale of MasterCard^® stock.

• $3.1 million, or 15% ($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, and (2) a $1.0 million increase in fees from Huntington Funds, reflecting 12% fund asset growth.

• $2.3 million, or 20% ($0.3 million merger-related), increase in other service charges and fees, primarily reflecting a $1.5 million, or 18%, increase in fees generated by higher debit card volume.

• $1.5 million, or 11% ($0.5 million merger-related), increase in brokerage and insurance income, reflecting the continued focus on both brokerage and insurance sales in our retail banking offices.

Partially offset by:

• $2.6 million, or 30%, decline in mortgage banking income, reflecting a $2.5 million negative impact of MSR valuation adjustments net of hedge-related losses in the current quarter compared with a negative $1.7 million in the year-ago quarter. The current quarter also included $1.1 million of lower secondary marketing income, as well as an $0.9 million loss on the sale of certain mortgage loans.

• $15.8 million of investment securities losses in the current quarter reflecting the completion of the investment portfolio restructuring noted above (see Significant Items), compared with $8.8 million of securities losses in the year-ago quarter.

     Table 2 shows that on a reported basis non-interest income declined 5% from the year-ago period. However, when fourth quarter reported total non-interest income for both years are adjusted to exclude automobile operating lease income, investment securities losses, the 2006 fourth quarter impact of the mortgage loan sale loss, and Unizan merger-related non-interest income, non-interest income increased 8% 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.

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Table 2 – Non-interest Income Analysis

(in millions)	4Q06		Better/(Worse)						4Q05
			Amount			Percent
Total non-interest income — reported	$	140.6	$	(6.7	)		(5	)%	$	147.3
Less: Automobile operating lease income		5.3								22.5
Sub-total		135.3		10.5			8			124.8
Add: Investment securities portfolio losses		15.8								8.8
Mortgage loan sale loss		0.9								N/A
Less: Unizan merger-related (1)		7.2								N/A
Total non-interest income — adjusted	$	144.7	$	11.2			8	%	$	133.6

(1) Estimated period impact

2006 Fourth Quarter versus 2006 Third Quarter

     Non-interest income increased $42.7 million from the 2006 third quarter including the impact of a $3.2 million decline in automobile operating lease income as that portfolio continued to run off. Non-interest income before automobile operating lease income increased $45.9 million, reflecting:

• $41.5 million positive change as the current quarter included $15.8 million of investment securities losses, which compared favorably to the $57.5 million of investment securities impairment recognized in the 2006 third quarter (see Significant Items).

• $6.1 million increase in other income, primarily reflecting the $2.5 million gain on the sale of MasterCard^® stock and $3.3 million in equity investment gains.

• $1.0 million, or 5%, increase in trust services income.

     Partially offset by:

• $2.3 million decline in mortgage banking income, primarily reflecting the $0.9 million loss on sale of mortgage loans in the current quarter compared to a $1.3 million gain in the third quarter.

• $1.3 million decrease in bank owned life insurance income.

     Table 3 shows that on a reported basis non-interest income increased 44% from the 2006 third quarter. However, when 2006 fourth and third quarter reported total non-interest income are adjusted to exclude (1) automobile operating lease income and (2) the impact of the balance sheet restructuring consisting of investment securities losses and a mortgage loan sale loss, non-interest income increased 4%. Management views this adjusted measure as more indicative of underlying non-interest income performance for the 2006 fourth quarter compared with the prior quarter.

Table 3 – Non-interest Income Analysis

(in millions)	4Q06		Better/(Worse)					3Q06
			Amount		Percent
Total non-interest income — reported	$	140.6	$	42.7		44	%	$	97.9
Less: Automobile operating lease income		5.3							8.6
Sub-total		135.3		45.9		51			89.3
Add: Investment securities portfolio losses / impairment		15.8							57.5
Mortgage loan sale loss (gain)		0.9							(1.3	)
Total non-interest income — adjusted	$	151.9	$	6.4		4	%	$	145.5

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Non-Interest Expense

2006 Fourth Quarter versus 2005 Fourth Quarter

     Non-interest expense increased $37.4 million, or 16%, from the year-ago quarter, despite a $13.2 million decline in automobile operating lease expense as that portfolio continued to run off. Non-interest expense before automobile operating lease expense increased $50.6 million, or 24%, from the year-ago quarter, with an estimated $18.0 million attributable to Unizan. The primary drivers of the $50.6 million increase were:

• $22.4 million increase in other expense, including $3.0 million of merger-related expense, a $10.0 million contribution to the Huntington Foundation, the effect of which will be to reduce contributions in future periods, $5.2 million of higher residual value losses on automobile leases, and $3.5 million related to the restructuring of FHLB advances.

• $21.8 million, or 19%, increase in personnel expense, with Unizan contributing $7.7 million of the increase. The remaining $14.1 million increase included $4.5 million of severance and consolidation costs associated with a reduction of 75 staff positions in Regional Banking and costs associated with the previously announced retirements of a vice chairman and an executive vice president. The staff reductions in Regional Banking are expected to reduce annualized personnel costs by approximately $6 million. The increase from the prior quarter also reflected $5.1 million of share-based compensation expense, reflecting the stock option expensing begun in 2006.

• $2.8 million increase in the amortization of intangibles, substantially all merger-related.

• $2.1 million, or 13%, increase in equipment expense ($0.5 million merger-related), reflecting higher depreciation associated with recent technology investments.

• $1.5 million, or 20%, increase in professional services expenses, all merger-related.

• $1.0 million, or 5%, increase in outside data processing and other services ($0.5 million merger-related).

     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 expensing of share-based compensation that began in 2006, adds significant on-going expenses that did not exist in the 2005 fourth quarter and their inclusion may understate the impact of expense control efforts.

     Table 4 shows that when 2006 and 2005 fourth quarter reported total non-interest expense are adjusted to exclude automobile operating lease expense, merger-related expenses including the increase in intangible amortization resulting from the merger; the 2005 fourth quarter is adjusted to reflect the effect of share-based compensation expense, which is included in reported 2006 fourth quarter expense but not in the prior-year quarter; and the 2006 fourth quarter is further adjusted to exclude the Huntington Foundation contribution, severance and consolidation costs, and the FHLB funding restructuring costs, underlying non-interest expense increased 5% from the year-ago quarter.

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Table 4 — Non-interest Expense Analysis

(in millions)	4Q06		Better/(Worse)						4Q05
			Amount			Percent
Total non-interest expense — reported	$	267.8	$	(37.4	)		(16	)%	$	230.4
Less: Automobile operating lease expense		4.0								17.2
Sub-total		263.8		(50.6	)		(24	)		213.2
Add: Share-based compensation		N/A								4.8
Less: Unizan merger-related (1)		18.0								N/A
Huntington Foundation contribution		10.0								N/A
Severance and consolidation expenses		4.4								N/A
FHLB funding restructuring/other losses		3.5								N/A
Total non-interest expense — adjusted	$	227.9	$	(9.9	)		(5	)%	$	218.0

(1) Includes estimated period impact plus increased intangible amortization

2006 Fourth Quarter versus 2006 Third Quarter

     Non-interest expense increased $25.4 million from the 2006 third quarter, despite a $2.0 million decline in automobile operating lease expense as that portfolio continued to run off. Non-interest expense before automobile operating lease expense increased $27.4 million, or 12%, reflecting:

• $20.2 million increase in other expense, reflecting the $10.0 million contribution to the Huntington Foundation, $5.2 million of higher residual value losses on automobile leases, and $3.5 million related to the restructuring of FHLB advances.

• $4.1 million, or 3%, increase in personnel costs, reflecting the current quarter’s $4.5 million of severance and consolidation costs.

• $2.5 million, or 39%, increase in professional services, reflecting higher expenses associated with collection activities, as well as costs related to revenue initiatives.

• $2.0 million, or 11%, increase in outside data processing and other services expense. Partially offset by:

• $1.6 million, or 21%, decline in marketing expense due to timing of campaigns.

     Table 5 shows that when 2006 fourth and third quarter reported total non-interest expense are adjusted to exclude automobile operating lease expense and Unizan merger-related integration costs in the prior period, and 2006 fourth quarter expenses are further adjusted to exclude the impact of the Huntington Foundation contribution, severance and consolidation costs, and the FHLB component of the balance sheet restructuring, non-interest expense increased 4% from the 2006 third quarter. Roughly, half of this increase was attributed to the increase in reserves for automobile lease residual value losses.

Table 5 — Non-interest Expense Analysis

(in millions)	4Q06			Better/(Worse)						3Q06
				Amount			Percent
Total non-interest expense — reported	$	267.8		$	(25.4	)		(10	)%	$	242.4
Less: Automobile operating lease expense		4.0									6.0
Sub-total		263.8			(27.4	)		(12	)		236.4
Less: Huntington Foundation contribution		10.0									N/A
Severance and consolidation expenses		4.5									N/A
FHLB funding restructuring/other losses		3.5									N/A
Unizan merger costs		(0.4	)								0.5
Total non-interest expense — adjusted	$	246.2		$	(10.3	)		(4	)%	$	235.9

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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. Management believes this permits a clearer analysis of the 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).

     While operating leverage is measured quarterly, the corporate objective is to create positive operating leverage annually. On a reported basis, full-year revenue declined less than one percent, with reported expenses increasing 3%. This resulted in 4% negative operating leverage on a reported basis. However, on an adjusted basis, revenues increased 8% and expenses rose 7%, resulting in 1% positive operating leverage on an adjusted basis for full-year 2006.

Table 6 — Operating Leverage Analysis ⁽¹⁾

	12 Mo.			12 Mo.			Better /(Worse)
(in millions)	2006			2005			Amount			Percent
Revenue FTE — reported (2)	$	1,596.3		$	1,608.1		$	(11.8	)		(1	)%
•      Automobile operating lease expense		(31.3	)		(103.9	)
•      Securities losses		73.2			8.1
•      MSR FAS 156 accounting change		(5.1	)		—
•      Gain on sale of MasterCard® stock		(3.3	)		—
•      Adjustment to defer home equity annual fees		2.4			—
•      Adjustment for equity method investments		3.2			—
•      Loss on sale of mortgage loans		0.9			—
Revenue FTE — adjusted	$	1,636.2		$	1,512.3		$	123.9			8	%
Non-interest expense — reported	$	1,001.0		$	969.8		$	(31.2	)		(3	)%
•      Automobile operating lease expense		(31.3	)		(103.9	)
•      Amortization of intangibles		(10.0	)		(0.8	)
•      Huntington Foundation contribution		(10.0	)		—
•      FHLB funding restructuring/other losses		(3.5	)		—
•      SEC and regulatory-related expenses		—			(5.1	)
•      Severance and consolidation expenses		(4.5	)		(3.6	)
•      Unizan merger costs		(3.7	)		(0.7	)
•      Share-based compensation	NA				18.3
Non-interest expense — adjusted	$	937.9		$	874.1		$	(63.9	)		(7	)%
Operating leverage — reported											(4	)%
Operating leverage — adjusted											1	%
Efficiency ratio (3) — reported		59.4	%		60.0	%
Efficiency ratio (3) — adjusted		57.3	%		57.8	%

(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)

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Income Taxes

     The provision for income taxes in the 2006 fourth quarter was $27.3 million with an effective tax rate of 23.8%. For the full year, the effective tax rate was 10.3%, reflecting the $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 effective tax rate for 2007 is expected to increase to a more typical rate just below 30%. Following the anticipated merger of Sky Financial Group, the effective tax rate is expected to approximate 30%.

Credit Quality

     Total net charge-offs for the 2006 fourth quarter were $23.0 million, or an annualized 0.35% of average total loans and leases. This performance remained at the low end of the long-term targeted range of 0.35%-0.45%, but was higher than $17.6 million, or an annualized 0.29%, in the year-ago quarter and $21.2 million, or an annualized 0.32%, of average total loans and leases in the 2006 third quarter.

     Total commercial net charge-offs in the fourth quarter were $6.8 million, or an annualized 0.22%, up $3.2 million from $3.6 million, or an annualized 0.13%, in the year-ago quarter. Compared with the 2006 third quarter, the increase in total commercial net charge-offs reflected the negative impact of higher middle market CRE net charge offs, partially offset by the benefit of net middle market C&I recoveries due to the recovery on one large credit charged off in 2002. The increase in middle market CRE net charge-offs was influenced by the continued stress in the housing market, and a charge-off associated with the strategic exit of a relationship with a major Ohio-based homebuilder.

     Total consumer net charge-offs in the current quarter were $16.2 million, up $2.2 million from $14.0 million in the year-ago quarter. When expressed as an annualized percentage, total consumer net charge-offs in the 2006 fourth quarter were 0.46% of average related loans, up from 0.41% in the year-ago quarter. Compared with the 2006 third quarter, total consumer net charge-offs increased $1.8 million from $14.4 million, with a 6 basis point increase in the annualized net charge-off ratio to 0.46% from 0.40% of average related loans, reflecting a $1.2 million increase in automobile loan and lease net charge-offs and a $1.4 million increase in residential mortgage net charge-offs. The increase in automobile loan and lease net charge-offs was somewhat seasonal, but also reflected softer used car markets. Overall, the automobile loan and lease portfolios continued to perform well within expectations. The higher residential

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mortgage net charge-offs reflected a level of larger-dollar losses that is not expected to continue.

     Home equity net charge-offs in the 2006 fourth quarter were $5.8 million, or an annualized 0.47%, up from $4.5 million, or an annualized 0.38%, in the year-ago quarter, but down from $6.7 million, or an annualized 0.53%, in the prior quarter.

     Despite this quarter’s increase in real estate-related problem credits, and unless housing market conditions materially worsen, the company’s conservative underwriting standards of the last several years, as well as on-going loss mitigation strategies are expected to result in only a modest, if any, increase in NPAs and net charge-offs in coming quarters. While the increase in NPAs was significant, net charge-offs associated with OREO are more a reflection of current period net charge-offs as the assets are revalued, than necessarily an indicator of higher future net charge-offs.

     NPAs were $199.6 million at December 31, 2006, and represented 0.76% of related assets. This represented an $82.4 million, or 70%, increase from $117.2 million, or 0.48% of related assets, at the end of the year-ago quarter, and a $28.4 million, or 17%, increase from $171.2 million, or 0.65% of related assets, at September 30, 2006.

     Contributing to the $82.4 million increase in NPAs from the year-ago period were $33.8 million acquired at the time of the Unizan merger, as well as a $34.2 million increase in other real estate owned (OREO). The increase in OREO reflected 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 $26.5 million increase in assets guaranteed by the U.S. government, from $7.3 million at the end of the 2005 fourth quarter to $33.9 million at December 31, 2006. At December 31, 2006, 60% of total NPAs were secured by residential real estate assets or were guaranteed by the U.S. Government, which have shown low loss experience historically. This compared favorably with the 42% level of such NPAs at the end of the year-ago quarter, and 59% at September 30, 2006.

     NPLs, which exclude OREO, increased $48.2 million, or 47%, from the year-earlier period to $150.1 million at December 31, 2006, with $32.8 million of the increase represented by NPLs acquired in the Unizan merger. NPLs increased $20.8 million, or 16%, from September 30, 2006, primarily due to softness in residential real estate markets. This resulted in an increase in middle market CRE NPLs, primarily related to two relationships, as well as broader-based increases in residential mortgage and home equity NPLs. The increase in small business banking NPLs was also broad-based, with no specific region contributing a disproportional amount of the increase. For residential real estate secured portfolios, as assets are transferred to NPL or OREO status, their values are written down to market values, with a resulting increase in related current period net charge-offs. This revaluation of the assets mitigates to some degree the potential for further net charge-offs associated with these assets in coming periods. NPLs expressed as a percent of total loans and leases were 0.57% at December 31, 2006, up from 0.42% a year earlier and from 0.49% at September 30, 2006.

     The over 90-day delinquent, but still accruing, ratio was 0.23% at December 31, 2006, unchanged from the end of the year-ago quarter, and down from 0.24% at September 30, 2006.

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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 December 31, 2006, the ALLL was $272.1 million, which was $3.7 million higher than $268.3 million a year earlier, but $8.1 million lower than $280.2 million at September 30, 2006. Expressed as a percent of period-end loans and leases, the ALLL ratio at December 31, 2006, was 1.04%, down from 1.10% a year ago and from 1.06% at September 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 7 shows the change in the ALLL ratio and each reserve component for the 2006 third and fourth quarters, as well as the 2005 fourth quarter.

Table 7 — Components of ALLL as Percent of Total Loans and Leases

										4Q06 change from
	4Q06			3Q06			4Q05			3Q06			4Q05
Transaction reserve (1)		0.86	%		0.86	%		0.89	%		—	%		(0.03	)%
Economic reserve		0.18			0.20			0.21			(0.02	)		(0.03	)
Total ALLL		1.04	%		1.06	%		1.10	%		(0.02	)%		(0.06	)%

(1) Includes specific reserve

     The decline in the economic reserve component at December 31, 2006, from the end of the third quarter primarily reflected improvements in consumer confidence and consumer spending, as well as the consistently low loss level experience of the past three years.

     The ALLL as a percent of NPLs was 181% at December 31, 2006, down from 263% a year ago and from 217% at September 30, 2006. The ALLL as a percent of NPAs was 136% at December 31, 2006, down from 229% a year ago and from 164% at September 30, 2006. At December 31, 2006, the AULC was $40.2 million, up from $37.0 million at the end of the year-ago quarter, and from $39.3 million at September 30, 2006.

     On a combined basis, the ACL as a percent of total loans and leases at December 31, 2006, was 1.19%, down from 1.25% a year ago and from 1.21% at September 30, 2006. The ACL as a percent of NPAs was 156% at December 31, 2006, down from 261% a year earlier and 187% at September 30, 2006. The decline in the NPA coverage ratio reflected (1) that a higher percentage of NPAs were secured by residential real estate or guaranteed by the U.S. Government, which have an inherently lower potential for loss, and (2) a reporting change in 2006 to include in NPAs foreclosed loans guaranteed by GNMA and serviced by Huntington, that had been previously reported as 90-day past due loans.

Capital

     At December 31, 2006, the tangible equity to assets ratio was 6.87%, down from 7.19% a year ago and from 7.13% at September 30, 2006. At December 31, 2006, the tangible equity to risk-weighted assets ratio was 7.61%, down from 7.91% at the end of the year-ago quarter and from 7.97% at September 30, 2006.

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     Contributing to the decline in capital ratios was the implementation of FASB Statement No. 158, Employer’s Accounting for Defined Benefit Pension and Other Postretirement Plans. This decreased equity by $83.0 million but had no effect on reported net income. This implementation contributed 24 basis points of the 26 basis point reduction in the tangible equity ratio from the end of the third quarter, and 24 basis points of the 32 basis point reduction from the end of last year. The decline in capital ratios from the year-ago period also reflected the repurchase of 16.0 million shares over this 12-month period, including 3.1 million shares repurchased in the fourth quarter. There are currently 3.9 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. Partially offsetting these negative impacts was the positive impact from retained earnings.

FULL YEAR PERFORMANCE DISCUSSION

     Earnings for full-year 2006 were $461.2 million, or $1.92 per common share, compared with $412.1 million, or $1.77 per common share, in 2005.

     Full-year 2006 results of $1.92 per common share included a net $0.10 per common share positive impact reflecting (See Table 8 below):

• $0.35 per common share positive impact due to a reduction of federal income tax expense in the 2006 third quarter,

     Partially offset by:

• $0.21 per common share negative impact of subsequent balance sheet restructuring consisting of the third quarter’s investment securities impairment ($0.16 per common share) and the completion of the balance sheet restructuring during the 2006 fourth quarter ($0.05 per common share),

• $0.03 per common share negative impact resulting from a fourth quarter contribution to the Huntington Foundation, and

     Full-year 2005 results of $1.77 per common share included a net $0.01 per common share positive impact, primarily reflecting $0.12 per common share related to a positive impact of a federal tax loss carry back, mostly offset by a number of other significant items (See Table 8 below).

     Adjusting for these significant items in both years, adjusted full-year earnings in 2006 were $1.82 per common share, up $0.06, or 3%, from the prior year.

     Commenting on full-year performance, Hoaglin said, “Full-year earnings on an adjusted basis were in line with our expectations and represented another record year for Huntington. This past year we clearly demonstrated continued improvement in our underlying performance. We also made progress in setting the stage for future earnings growth. Strategically, this reflected two events. First was the completion of the acquisition of Unizan Financial Corp. on March 1, 2006 and its subsequent successful integration. Second was the agreement we announced late in the fourth quarter to acquire Sky Financial Group. Both of these transactions will broaden our customer base, increase our market share, and provide growth opportunities.

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Huntington ended the year positioned to be a much more formidable competitor within our Midwest markets.”

     “From a financial performance perspective, we made progress in a number of areas that gives us confidence as we move into 2007. Even after taking into account the impact of the Unizan merger, average commercial loans increased, particularly gaining some momentum late in the year. On this same basis, and though we saw growth in average residential real estate and home equity loans, momentum in the second half of the year suffered as the residential real estate market entered a period of softness. We were pleased that our average margin was relatively stable, declining only 4 basis points during a difficult interest rate environment and a period of highly competitive loan and deposit pricing. Importantly, the capital resulting from the significant tax refund benefit helped facilitate the fourth quarter balance sheet restructuring that had the desired impact of increasing the fourth quarter net interest margin and sets the stage for margin stability going into 2007.”

     “Trends in core fee income activities were positive,” he continued. “Even after taking into account the positive impact from the Unizan merger, we saw very good increases in mortgage banking income, service charges on deposit accounts, trust services, other service charges and fees, and brokerage and insurance income. On the expense side, and after taking into account the significant items noted in Table 8 and the initiation of expensing for stock options this year, expenses were well contained. Year-end capital ratios were strong. “

     “Overall, reported revenues declined 1% while expenses increased 3%, resulting in a negative reported operating leverage of 4%. However, after adjusting for operating lease accounting and other large items that impact comparability between years (see Table 6), adjusted revenue grew 8% and expenses increased 7%, resulting in 1% positive operating leverage.”

     “Credit quality performance was in line with expectations with our 0.32% net charge-off ratio remaining below our targeted 0.35%-0.45% range. Yet, continued softness in some of our markets, and especially the residential real estate markets, resulted in a 70% increase in NPAs at year end. About 40% of this increase reflected the Unizan merger, with most of the remaining increase reflecting foreclosed mortgage loans fully guaranteed by the U.S. government, which prior to the 2006 third quarter were reported as over 90-day delinquent but still accruing loans. While higher on an absolute basis, it is important to note that 60% of our year-end NPAs were secured by residential real estate assets or were guaranteed by the U.S. Government. As we head into 2007, we do not see much change from where we ended the year.”

Table 8 — Significant Items Impacting Earnings Performance Comparisons ⁽¹⁾

Twelve Months Ended

		Impact(2)
(in millions, except per share)		Pre-tax			EPS
December 31, 2006 — GAAP earnings		$	461.2	(3)	$	1.92
•	Reduction to federal income tax expense		84.5	(3)		0.35
•	Equity investment gains		7.4			0.02
•	MSR FAS 156 accounting change		5.1			0.01
•	Gain on sale of MasterCard® stock		3.3			0.01
•	3Q investment securities impairment		(57.5	)		(0.16	)
•	4Q completion of balance sheet restructuring		(20.2	)		(0.05	)
•	Huntington Foundation contribution		(10.0	)		(0.03	)

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		Impact(2)
(in millions, except per share)		Pre-tax			EPS
•	Automobile lease residual value losses		(5.5	)		(0.01	)
•	Severance and consolidation expenses		(4.5	)		(0.01	)
•	Unizan merger costs		(3.7	)		(0.01	)
•	Adjustment for equity method investments		(3.2	)		(0.01	)
•	Adjustment to defer home equity annual fees		(2.4	)		(0.01	)
December 31, 2005 — GAAP earnings		$	412.1	(3)	$	1.77
•	Net impact of federal tax loss carry back		26.9	(3)		0.12
•	Securities losses		(8.1	)		(0.02	)
•	MSR mark-to-market net of hedge-related trading activity		(9.0	)		(0.02	)
•	Single C&I charge-off impact, net of allocated reserves		(6.4	)		(0.02	)
•	Net impact of repatriating foreign earnings		(5.0	)(3)		(0.02	)
•	Severance and consolidation expenses		(5.1	)		(0.01	)
•	SEC and regulatory-related expenses		(3.7	)		(0.01	)
•	Write-off of equity investment		(2.6	)		(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)	After-tax

2007 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.

     Overall, the 2007 economic environment is expected to be little changed from 2006. Weakness in the automotive manufacturing and supplier sector is expected to continue. Though our exposure is modest, how much this weakness impacts other banking activities is unknown. Our assumption is that this will remain modest and mostly concentrated in our East Michigan and Northern Ohio regions. Interest rates are expected to remain relatively stable and it is anticipated that the yield curve will continue to remain flat to slightly inverted. We will continue to target our interest rate risk position at our customary neutral position.

     On December 20, the company announced its pending merger with Sky Financial Group. This merger is subject to approval by Huntington and Sky Financial shareholders, regulatory approvals, and other customary closing conditions. As previously announced, the merger is expected to close early in the 2007 third quarter and is estimated to be accretive to 2007 GAAP earnings by $0.01 per share, excluding merger charges. The following list of assumptions is for Huntington excluding any impact from Sky Financial Group. The 2007 full year GAAP earnings per share guidance includes this targeted accretion.

• Revenue growth in the low- to mid-single digit range reflecting: ⁽¹⁾

• Full year net interest margin relatively consistent with that of the 2006 fourth quarter level.

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• Average total loan growth in the mid-single digit range, with total commercial loans in the mid- to upper-single digit range and total consumer loans being flat, reflecting continued softness in residential mortgages and home equity loans.

• Core deposit growth in the low- to mid-single digit range.

• Non-interest income growth in the mid- to higher-single digit range.

• Non-interest expense growth in the low single-digit range.

• Revenue that grows faster than expenses, resulting in positive operating leverage in the low single digit range and continued improvement in the efficiency ratio.

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

• Relatively stable NPA and allowance for loan and lease loss ratios compared with levels at December 31, 2006.

• No sizable stock repurchase activity.

⁽¹⁾ Excluding automobile operating lease accounting impact.

     Within this type of environment, targeted full-year 2007 GAAP earnings are $1.87-$1.92 per common share, inclusive of an estimated $0.01 earnings per share accretion impact from the Sky Financial Group merger.

6% INCREASE IN QUARTERLY CASH DIVIDEND DECLARED

     Huntington Bancshares Incorporated today announced that the board of directors has declared a quarterly cash dividend on its common stock of $0.265 per common share, a 6.0% increase from the current quarterly dividend of $0.25 per common share. The dividend is payable April 2, 2007, to shareholders of record on March 15, 2007.

     “The board is pleased to announce this increase in our common stock dividend,” said Hoaglin. “It is made possible by our financial performance and reflects our optimism for continued progress. We have a very strong capital base and expect to continue to generate excess capital. Our board recognizes the importance of dividends and dividend growth to our shareholders. The increase announced today continues a dividend payout ratio of approximately 55%, which we believe is warranted in the current, slower growth environment.”

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 3326818. Slides will be available at huntington-ir.com just prior to 1:00 p.m. (Eastern Time) today for review during the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s web site huntington-ir.com. A telephone replay will be available approximately two hours after the completion of the call through January 31, 2007 at 800-642-1687; conference ID 3326818.

Forward-looking Statement

     This press release contains certain forward-looking statements, including certain plans, expectations, goals, and projections, and including statements about the benefits of the merger between Huntington and Sky Financial Group,

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which are subject to numerous assumptions, risks, and uncertainties. Actual results could differ materially from those contained or implied by such statements for a variety of factors including: the businesses of Huntington and Sky Financial Group may not be integrated successfully or such integration may take longer to accomplish than expected; the expected cost savings and any revenue synergies from the merger may not be fully realized within the expected timeframes; disruption from the merger may make it more difficult to maintain relationships with clients, associates, or suppliers; the required governmental approvals of the merger may not be obtained on the proposed terms and schedule; Huntington and/or Sky Financial Group’s stockholders may not approve the merger; changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of other business strategies; the nature, extent, and timing of governmental actions and reforms; and extended disruption of vital infrastructure; and other 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/A 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 described in Huntington’s 2005 Annual Report on Form 10-K/A and documents subsequently filed by Huntington with the Securities and Exchange Commission. 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.

Additional Information About the Merger and Where to Find It

     In connection with the proposed merger between Huntington and Sky Financial Group, Huntington and Sky Financial will be filing relevant documents concerning the transaction with the Securities and Exchange Commission, including a registration statement on Form S-4, which will include a proxy statement/prospectus. Stockholders will be able to obtain a free copy of the proxy statement/prospectus, as well as other filings containing information about Huntington and Sky Financial Group, at the Securities and Exchange Commission’s internet site (http://www.sec.gov). Copies of the proxy statement/prospectus and the filings with the Securities and Exchange Commission that will be incorporated by reference in the proxy statement/prospectus can also be obtained, without charge, by directing a request to Huntington Bancshares Incorporated, Huntington Center, 41 South High Street, Columbus, Ohio 43287, Attention: Investor Relations, 614-480-5676, or Sky Financial Group, 221 South Church Street, Bowling Green, Ohio, 43402. The final proxy statement / prospectus will be mailed to stockholders of Huntington and Sky Financial Group.

     Stockholders are urged to read the proxy statement/prospectus, and other relevant documents filed with the Securities and Exchange Commission regarding the proposed transaction when they become available, because they will contain important information.

     The directors and executive officers of Huntington and Sky Financial Group and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed merger. Information regarding Huntington’s directors and executive officers is available in its proxy statement filed with the SEC by Huntington on March 8, 2006. Information regarding Sky Financial Group’s directors and executive officers is available in its proxy statement filed with the SEC by Sky Financial Group on February 23, 2006. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.

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

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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 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). It is our practice to exclude these from revenue and efficiency ratio calculations 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. 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 (1) expenses that arise from specific management initiatives such as severance and/or consolidation expenses, (2) gains or losses associated with the disposition of assets, (3) Huntington Foundation contributions, and (4) 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 fourth 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 fourth and third quarter results are not affected given Unizan fully impacted both of these quarters. Comparisons of the 2006 fourth 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 net merger costs were $1.0 million in the 2006 first quarter, $2.6 million in the 2006 second quarter, $0.5 million in the 2006 third quarter, and a negative $0.4 million in the 2006 fourth quarter, resulting in $3.7 million of merger costs for full year 2006.

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     Given the impact of the merger on reported 2006 results, management believes that an understanding of the impacts of the merger is necessary to understand better 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.

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 Fourth Quarter versus 2005 Fourth Quarter

											Unizan		Other
Average Loans and Deposits	Fourth Quarter				Change						Merger
(in millions)	2006		2005		Amount			Percent			Related		Amount			Percent
Loans
Middle-market C&I	$	5,831	$	4,946	$	885			17.9	%	$	70	$	815			16.5	%
Middle-market CRE		3,938		3,598		340			9.4			723		(383	)		(10.6	)
Small business		2,543		2,230		313			14.0			—		313			14.0
Total commercial		12,312		10,774		1,538			14.3			793		745			6.9
Automobile loans and leases		3,949		4,355		(406	)		(9.3	)		71		(477	)		(11.0	)
Home equity		4,973		4,781		192			4.0			223		(31	)		(0.6	)
Residential mortgage		4,635		4,165		470			11.3			409		61			1.5
Other consumer		430		393		37			9.4			167		(130	)		(33.1	)
Total consumer		13,987		13,694		293			2.1			870		(577	)		(4.2	)
Total loans	$	26,299	$	24,468	$	1,831			7.5	%	$	1,663	$	168			0.7	%
Deposits
Demand deposits — non-interest bearing	$	3,580	$	3,444	$	136			3.9	%	$	173	$	(37	)		(1.1	)%
Demand deposits — interest bearing		7,767		7,496		271			3.6			243		28			0.4
Savings and other domestic time deposits		2,849		2,984		(135	)		(4.5	)		511		(646	)		(21.6	)
Core certificates of deposit		5,380		3,891		1,489			38.3			620		869			22.3
Total core deposits		19,576		17,815		1,761			9.9			1,547		214			1.2
Other deposits		5,132		4,627		505			10.9			180		325			7.0
Total deposits	$	24,708	$	22,442	$	2,266			10.1	%	$	1,727	$	539			2.4	%

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													Unizan					Other
Selected Income Statement Categories	Fourth Quarter						Change						Merger		Merger
(in thousands)	2006			2005			Amount			Percent			Related		Costs			Amount			Percent
Net interest income — FTE	$	262,104		$	247,513		$	14,591			5.9	%	$	17,694	$	—		$	(3,103	)		(1.3	)%
Service charges on deposit accounts	$	48,548		$	42,083		$	6,465			15.4	%	$	1,578	$	—		$	4,887			11.6	%
Trust services		23,511			20,425			3,086			15.1			1,653		—			1,433			7.0
Brokerage and insurance income		14,600			13,101			1,499			11.4			456		—			1,043			8.0
Bank owned life insurance income		10,804			10,389			415			4.0			786		—			(371	)		(3.6	)
Other service charges and fees		13,784			11,488			2,296			20.0			309		—			1,987			17.3
Mortgage banking income (loss)		6,169			8,818			(2,649	)		(30.0	)		258		—			(2,907	)		(33.0	)
Securities gains (losses)		(15,804	)		(8,770	)		(7,034	)		80.2			—		—			(7,034	)		80.2
Gains on sales of automobile loans		1,252			455			797			N.M.			—		—			797			N.M.
Other income		32,398			26,799			5,599			20.9			2,136		—			3,463			12.9
Sub-total before automobile operating lease income		135,262			124,788			10,474			8.4			7,176		—			3,298			2.6
Automobile operating lease income		5,344			22,534			(17,190	)		(76.3	)		—		—			(17,190	)		(76.3	)
Total non-interest income	$	140,606		$	147,322		$	(6,716	)		(4.6	)%	$	7,176	$	—		$	(13,892	)		(9.4	)%
Personnel costs	$	137,944		$	116,111		$	21,833			18.8	%	$	7,725	$	(373	)	$	14,481			12.5	%
Net occupancy		17,279			17,940			(661	)		(3.7	)		1,290		—			(1,951	)		(10.9	)
Outside data processing and other services		20,695			19,693			1,002			5.1			501		(82	)		583			3.0
Equipment		18,151			16,093			2,058			12.8			516		—			1,542			9.6
Professional services		8,958			7,440			1,518			20.4			1,473		24			21			0.3
Marketing		6,207			7,145			(938	)		(13.1	)		267		—			(1,205	)		(16.9	)
Telecommunications		4,619			4,453			166			3.7			366		—			(200	)		(4.5	)
Printing and supplies		3,610			3,084			526			17.1			—		1			525			17.0
Amortization of intangibles		2,993			218			2,775			N.M.			2,786		—			(11	)		(5.0	)
Other expense		43,365			20,995			22,370			N.M.			3,027		1			19,342			92.1
Sub-total before automobile operating lease expense		263,821			213,172			50,649			23.8			17,951		(429	)		33,127			15.5
Automobile operating lease expense		3,969			17,183			(13,214	)		(76.9	)		—		—			(13,214	)		(76.9	)
Total non-interest expense	$	267,790		$	230,355		$	37,435			16.3	%	$	17,951	$	(429	)	$	19,913			8.6	%

2006 Full Year versus 2005 Full Year

	Twelve Months Ended										Unizan		Other
Average Loans and Deposits	December 31,				Change						Merger
(in millions)	2006		2005		Amount			Percent			Related		Amount			Percent
Loans
Middle-market C&I	$	5,501	$	4,817	$	684			14.2	%	$	58	$	626			13.0	%
Middle-market CRE		3,950		3,586		364			10.2			603		(239	)		(6.7	)
Small business		2,414		2,224		190			8.5			—		190			8.5
Total commercial		11,865		10,627		1,238			11.6			661		577			5.4
Automobile loans and leases		4,088		4,465		(377	)		(8.4	)		59		(436	)		(9.8	)
Home equity		4,970		4,752		218			4.6			186		32			0.7
Residential mortgage		4,581		4,081		500			12.3			340		160			3.9
Other consumer		439		383		56			14.6			140		(84	)		(21.9	)
Total consumer		14,078		13,681		397			2.9			725		(328	)		(2.4	)
Total loans	$	25,943	$	24,308	$	1,635			6.7	%	$	1,386	$	249			1.0	%
Deposits
Demand deposits — non-interest bearing	$	3,530	$	3,379	$	151			4.5	%	$	144	$	7			0.2	%
Demand deposits — interest bearing		7,742		7,658		84			1.1			202		(118	)		(1.5	)
Savings and other domestic time deposits		2,992		3,156		(164	)		(5.2	)		426		(590	)		(18.7	)
Core certificates of deposit		5,050		3,334		1,716			51.5			517		1,199			36.0
Total core deposits		19,314		17,527		1,787			10.2			1,289		498			2.8
Other deposits		4,870		4,485		385			8.6			150		235			5.2
Total deposits	$	24,184	$	22,012	$	2,172			9.9	%	$	1,439	$	733			3.3	%

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	Twelve Months Ended												Unizan				Other
Selected Income Statement Categories	December 31,						Change						Merger		Merger
(in thousands)	2006			2005			Amount			Percent			Related		Costs		Amount			Percent
Net interest income — FTE	$	1,035,202		$	975,804		$	59,398			6.1	%	$	58,980	$	—	$	418			0.0	%
Service charges on deposit accounts	$	185,713		$	167,834		$	17,879			10.7	%	$	5,260	$	—	$	12,619			7.5	%
Trust services		89,955			77,405			12,550			16.2			5,510		—		7,040			9.1
Brokerage and insurance income		58,835			53,619			5,216			9.7			1,520		—		3,696			6.9
Bank owned life insurance income		43,775			40,736			3,039			7.5			2,620		—		419			1.0
Other service charges and fees		51,354			44,348			7,006			15.8			1,030		—		5,976			13.5
Mortgage banking income (loss)		41,491			28,333			13,158			46.4			860		—		12,298			43.4
Securities gains (losses)		(73,191	)		(8,055	)		(65,136	)		N.M.			—		—		(65,136	)		N.M.
Gains on sales of automobile loans		3,095			1,211			1,884			N.M.			—		—		1,884			N.M.
Other income		116,927			93,836			23,091			24.6			7,120		—		15,971			17.0
Sub-total before automobile operating lease income		517,954			499,267			18,687			3.7			23,920		—		(5,233	)		(1.0	)
Automobile operating lease income		43,115			133,015			(89,900	)		(67.6	)		—		—		(89,900	)		(67.6	)
Total non-interest income	$	561,069		$	632,282		$	(71,213	)		(11.3	)%	$	23,920	$	—	$	(95,133	)		(15.0	)%
Personnel costs	$	541,228		$	481,658		$	59,570			12.4	%	$	25,750	$	695	$	33,125			6.9	%
Net occupancy		71,281			71,092			189			0.3			4,300		260		(4,371	)		(6.1	)
Outside data processing and other services		78,779			74,638			4,141			5.5			1,670		1,531		940			1.3
Equipment		69,912			63,124			6,788			10.8			1,720		45		5,023			8.0
Professional services		27,053			34,569			(7,516	)		(21.7	)		4,910		137		(12,563	)		(36.3	)
Marketing		31,728			26,279			5,449			20.7			890		734		3,825			14.6
Telecommunications		19,252			18,648			604			3.2			1,220		148		(764	)		(4.1	)
Printing and supplies		13,864			12,573			1,291			10.3			—		159		1,132			9.0
Amortization of intangibles		9,962			829			9,133			N.M.			9,134		—		(1	)		(0.1	)
Other expense		106,649			82,560			24,089			29.2			10,090		40		13,959			16.9
Sub-total before automobile operating lease expense		969,708			865,970			103,738			12.0			59,684		3,749		40,305			4.7
Automobile operating lease expense		31,286			103,850			(72,564	)		(69.9	)		—		—		(72,564	)		(69.9	)
Total non-interest expense	$	1,000,994		$	969,820		$	31,174			3.2	%	$	59,684	$	3,749	$	(32,259	)		(3.3	)%

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.

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About Huntington

     Huntington Bancshares Incorporated is a $35 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 380 regional banking offices in Indiana, Kentucky, Michigan, Ohio, and West Virginia. Huntington also offers retail and commercial financial services online at huntington.com; through its technologically advanced, 24-hour telephone bank; and through its network of nearly 1,000 ATMs. Selected financial service activities are also conducted in other states including: Dealer Sales offices in Arizona, Florida, Georgia, North Carolina, New Jersey, 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.

###

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HUNTINGTON BANCSHARES INCORPORATED
Quarterly Key Statistics
(Unaudited)

	2006						2005		Percent Changes vs.
(in thousands, except per share amounts)	Fourth			Third			Fourth		3Q06			4Q05
Net interest income	$	257,989		$	255,313		$	243,676		1.0	%		5.9	%
Provision for credit losses		15,744			14,162			30,831		11.2			(48.9	)
Non-interest income (1)		140,606			97,910			147,322		43.6			(4.6	)
Non-interest expense		267,790			242,430			230,355		10.5			16.3
Income before income taxes		115,061			96,631			129,812		19.1			(11.4	)
Provision (benefit) for income taxes (2)		27,346			(60,815	)		29,239		N.M.			(6.5	)
Net Income	$	87,715		$	157,446		$	100,573		(44.3	)%		(12.8	)%
Net income per common share - diluted	$	0.37		$	0.65		$	0.44		(43.1	)%		(15.9	)%
Cash dividends declared per common share		0.250			0.250			0.215		—			16.3
Book value per common share at end of period		12.80			13.15			11.41		(2.7	)		12.2
Tangible book value per common share at end of period		10.12			10.50			10.44		(3.6	)		(3.1	)
Average common shares — basic		236,426			237,672			226,699		(0.5	)		4.3
Average common shares — diluted		239,881			240,896			229,718		(0.4	)		4.4
Return on average assets		0.98	%		1.75	%		1.22
Return on average shareholders’ equity		11.3			21.0			15.5
Net interest margin (3)		3.28			3.22			3.34
Efficiency ratio (4)		63.3			57.8			57.0
Effective tax rate (2)		23.8			(62.9	)		22.5
Average loans and leases	$	26,300,262		$	26,313,060		$	24,468,233		—			7.5
Average loans and leases - linked quarter annualized growth rate		(0.2	)%		1.7	%		0.3
Average earning assets	$	31,673,903		$	31,970,236		$	29,444,360		(0.9	)		7.6
Average total assets		35,469,530			35,769,712			32,614,335		(0.8	)		8.8
Average core deposits (5)		19,576,197			19,623,429			17,815,409		(0.2	)		9.9
Average core deposits — linked quarter annualized growth rate (5)		(1.0	)%		1.3	%		5.0
Average shareholders’ equity	$	3,084,345		$	2,969,643		$	2,573,538		3.9			19.8
Total assets at end of period		35,329,019			35,661,948			32,764,805		(0.9	)		7.8
Total shareholders’ equity at end of period		3,014,326			3,129,746			2,557,501		(3.7	)		17.9
Net charge-offs (NCOs)		22,969			21,239			17,568		8.1			30.7
NCOs as a % of average loans and leases		0.35	%		0.32	%		0.29
Non-performing loans and leases (NPLs)	$	150,095		$	129,312		$	101,915		16.1			47.3
Non-performing assets (NPAs)		199,582			171,212			117,155		16.6			70.4
NPAs as a % of total loans and leases and other real estate (OREO)		0.76	%		0.65	%		0.48
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period		1.04			1.06			1.10
ALLL plus allowance for unfunded loan commitments and letters of credit as a % of total loans and leases at the end of period		1.19			1.21			1.25
ALLL as a % of NPLs		181			217			263
ALLL as a % of NPAs		136			164			229
Tier 1 risk-based capital ratio (6)		8.89			8.95			9.13
Total risk-based capital ratio (6)		12.73			12.81			12.42
Tier 1 leverage ratio (6)		8.00			7.99			8.34
Average equity / assets		8.70			8.30			7.89
Tangible equity / assets (7)		6.87			7.13			7.19

(1)	Includes $57.5 million of securities impairment losses as of September 30, 2006.
(2)	Includes an $84.5 million benefit as of September 30, 2006, 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 ($3.0 million for 4Q 2006, $2.9 million for 3Q 2006 and $0.2 million for 4Q 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)	December 31, 2006 figures are estimated. The adoption of FAS 158 did not impact regulatory capital ratios at December 31, 2006.
(7)	At end of period. Tangible equity (total equity less intangible assets) divided by tangible assets (total assets less intangible assets).

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HUNTINGTON BANCSHARES INCORPORATED
Year To Date Key Statistics
(Unaudited)

	Year Ended December 31,						Change
(in thousands, except per share amounts)	2006			2005			Amount			Percent
Net interest income	$	1,019,177		$	962,411		$	56,766			5.9	%
Provision for credit losses		65,191			81,299			(16,108	)		(19.8	)
Non-interest income (1)		561,069			632,282			(71,213	)		(11.3	)
Non-interest expense		1,000,994			969,820			31,174			3.2
Income before income taxes		514,061			543,574			(29,513	)		(5.4	)
Provision for income taxes (2)		52,840			131,483			(78,643	)		(59.8	)
Net Income	$	461,221		$	412,091		$	49,130			11.9	%
Net Income per common share — diluted	$	1.92		$	1.77		$	0.15			8.5	%
Cash dividends declared per common share		1.000			0.845			0.16			18.3
Average common shares — basic		236,699			230,142			6,557			2.8
Average common shares — diluted		239,920			233,475			6,445			2.8
Return on average assets		1.31	%		1.26	%
Return on average shareholders’ equity		15.7			16.0
Net interest margin (3)		3.29			3.33
Efficiency ratio (4)		59.4			60.0
Effective tax rate (2)		10.3			24.2
Average loans and leases	$	25,943,554		$	24,309,768		$	1,633,786			6.7
Average earning assets		31,451,041			29,307,603			2,143,438			7.3
Average total assets		35,111,236			32,639,011			2,472,225			7.6
Average core deposits (5)		19,314,828			17,526,804			1,788,024			10.2
Average shareholders’ equity		2,945,597			2,582,721			362,876			14.1
Net charge-offs (NCOs)		82,376			80,057			2,319			2.9
NCOs as a % of average loans and leases		0.32	%		0.33	%

(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, at December 31, 2006, 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 ($10.0 million for 2006 and $0.8 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.

- 26 -

EX-99.2

Exhibit 99.2

HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Review
December 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 Annual Average Balance Sheets	14
Consolidated Annual Net Interest Margin Analysis	15
Selected Annual Income Statement Data	16
Annual Mortgage Banking Income and Net Impact of MSR Hedging	17
Annual Credit Reserves Analysis	18
Annual Net Charge-Off Analysis	19
Annual Non-Performing Assets and Past Due Loans and Leases	20
Annual 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			December ’06 vs ’05
(in thousands, except number of shares)	December 31,			September 30,			December 31,			Amount			Percent
	(Unaudited)			(Unaudited)
Assets
Cash and due from banks	$	1,080,163		$	848,088		$	966,445		$	113,718			11.8
Federal funds sold and securities purchased under resale agreements		440,584			370,418			74,331			366,253			N.M.
Interest bearing deposits in banks		74,168			59,333			22,391			51,777			N.M.
Trading account securities		36,056			122,621			8,619			27,437			N.M.
Loans held for sale		270,422			276,304			294,344			(23,922	)		(8.1	)
Investment securities		4,362,924			4,643,901			4,526,520			(163,596	)		(3.6	)
Loans and leases (1)		26,153,425			26,361,502			24,472,166			1,681,259			6.9
Allowance for loan and lease losses		(272,068	)		(280,152	)		(268,347	)		(3,721	)		1.4
Net loans and leases		25,881,357			26,081,350			24,203,819			1,677,538			6.9
Automobile operating lease assets		28,331			54,551			189,003			(160,672	)		(85.0	)
Bank owned life insurance		1,089,028			1,083,033			1,001,542			87,486			8.7
Premises and equipment		372,772			367,709			360,677			12,095			3.4
Goodwill		570,876			571,521			212,530			358,346			N.M.
Other intangible assets		59,487			61,239			4,956			54,531			N.M.
Accrued income and other assets		1,062,851			1,121,880			899,628			163,223			18.1
Total Assets	$	35,329,019		$	35,661,948		$	32,764,805		$	2,564,214			7.8
Liabilities and Shareholders’ Equity
Liabilities
Deposits (2)	$	25,047,770		$	24,738,395		$	22,409,675		$	2,638,095			11.8
Short-term borrowings		1,676,189			1,532,504			1,889,260			(213,071	)		(11.3	)
Federal Home Loan Bank advances		996,821			1,221,669			1,155,647			(158,826	)		(13.7	)
Other long-term debt		2,229,140			2,592,188			2,418,419			(189,279	)		(7.8	)
Subordinated notes		1,286,657			1,275,883			1,023,371			263,286			25.7
Allowance for unfunded loan commitments and letters of credit		40,161			39,302			36,957			3,204			8.7
Deferred federal income tax liability		443,921			615,291			743,655			(299,734	)		(40.3	)
Accrued expenses and other liabilities		594,034			516,970			530,320			63,714			12.0
Total Liabilities		32,314,693			32,532,202			30,207,304			2,107,389			7.0
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 235,474,366; 237,921,076 and 224,106,172 shares, respectively		2,560,569			2,556,168			2,491,326			69,243			2.8
Less 22,391,889; 19,945,179 and 33,760,083 treasury shares at cost, respectively		(506,946	)		(445,359	)		(693,576	)		186,630			(26.9	)
Accumulated other comprehensive loss		(55,066	)		32,076			(22,093	)		(32,973	)		N.M.
Retained earnings		1,015,769			986,861			781,844			233,925			29.9
Total Shareholders’ Equity		3,014,326			3,129,746			2,557,501			456,825			17.9
Total Liabilities and Shareholders’ Equity	$	35,329,019		$	35,661,948		$	32,764,805		$	2,564,214			7.8

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				December ’06 vs ’05
(in thousands)	December 31,				September 30,				December 31,				Amount			Percent
	(Unaudited)				(Unaudited)
By Type
Commercial:
Middle market commercial and industrial	$	5,988,363	22.9	%	$	5,751,178	21.8	%	$	5,084,244	20.6	%	$	904,119			17.8	%
Middle market commercial real estate:
Construction		986,508	3.8			1,148,036	4.3			1,521,897	6.2			(535,389	)		(35.2	)
Commercial		2,839,433	10.8			2,772,645	10.5			2,015,498	8.2			823,935			40.9
Middle market commercial real estate		3,825,941	14.6			3,920,681	14.8			3,537,395	14.4			288,546			8.2
Small business		2,540,148	9.6			2,535,940	9.6			2,223,740	9.1			316,408			14.2
Total commercial		12,354,452	47.1			12,207,799	46.2			10,845,379	44.1			1,509,073			13.9
Consumer:
Automobile loans		2,125,821	8.1			2,105,623	8.0			1,985,304	8.1			140,517			7.1
Automobile leases		1,769,424	6.8			1,910,257	7.2			2,289,015	9.3			(519,591	)		(22.7	)
Home equity		4,926,900	18.8			5,019,101	19.0			4,762,743	19.3			164,157			3.4
Residential mortgage		4,548,918	17.4			4,678,577	17.7			4,193,139	17.0			355,779			8.5
Other loans		427,910	1.7			440,145	1.7			396,586	1.4			31,324			7.9
Total consumer		13,798,973	52.8			14,153,703	53.6			13,626,787	55.1			172,186			1.3
Total loans and direct financing leases	$	26,153,425	99.9		$	26,361,502	99.8		$	24,472,166	99.2		$	1,681,259			6.9
Automobile operating lease assets		28,331	0.1			54,551	0.2			189,003	0.8			(160,672	)		(85.0	)
Total credit exposure	$	26,181,756	100.0	%	$	26,416,053	100.0	%	$	24,661,169	100.0	%	$	1,520,587			6.2	%
Total automobile exposure (1)	$	3,923,576	15.0	%	$	4,070,431	15.4	%	$	4,463,322	18.1	%	$	(539,746	)		(12.1	)%
By Business Segment (2)
Regional Banking:
Central Ohio	$	3,570,157	13.6	%	$	3,682,544	13.9	%	$	3,150,394	12.8	%	$	419,763			13.3	%
Northern Ohio		2,619,465	10.0			2,656,635	10.1			2,522,854	10.2			96,611			3.8
Southern Ohio / Kentucky		2,196,779	8.4			2,185,979	8.3			2,037,190	8.3			159,589			7.8
Eastern Ohio		1,309,260	5.0			1,348,217	5.1			369,870	1.5			939,390			N.M.
West Michigan		2,421,117	9.2			2,443,495	9.3			2,363,162	9.6			57,955			2.5
East Michigan		1,636,901	6.3			1,609,932	6.1			1,573,413	6.4			63,488			4.0
West Virginia		1,107,222	4.2			1,086,757	4.1			970,953	3.9			136,269			14.0
Indiana		968,369	3.7			962,216	3.6			1,025,807	4.2			(57,438	)		(5.6	)
Mortgage and equipment leasing groups		3,571,054	13.7			3,611,416	13.6			3,493,460	14.1			77,594			2.2
Regional Banking		19,400,324	74.1			19,587,191	74.1			17,507,103	71.0			1,893,221			10.8
Dealer Sales(3)		4,937,095	18.9			5,011,186	19.0			5,429,998	22.0			(492,903	)		(9.1	)
Private Financial and Capital Markets Group		1,844,337	7.0			1,817,676	6.9			1,724,068	7.0			120,269			7.0
Treasury / Other		—	—			—	—			—	—			—			—
Total credit exposure	$	26,181,756	100.0	%	$	26,416,053	100.0	%	$	24,661,169	100.0	%	$	1,520,587			6.2	%

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				December ’06 vs ’05
(in thousands)	December 31,				September 30,				December 31,				Amount			Percent
	(Unaudited)				(Unaudited)
By Type
Demand deposits — non-interest bearing	$	3,615,745	14.4	%	$	3,480,888	14.1	%	$	3,390,044	15.1	%	$	225,701			6.7	%
Demand deposits — interest bearing		7,751,544	30.9			7,921,405	32.0			7,380,044	32.9			371,500			5.0
Savings and other domestic time deposits		2,986,287	11.9			3,011,268	12.2			3,094,136	13.8			(107,849	)		(3.5	)
Core certificates of deposit		5,364,610	21.4			5,313,473	21.5			3,988,474	17.8			1,376,136			34.5
Total core deposits		19,718,186	78.6			19,727,034	79.8			17,852,698	79.6			1,865,488			10.4
Other domestic time deposits of $100,000 or more		1,191,984	4.8			1,259,719	5.1			886,493	4.0			305,491			34.5
Brokered deposits and negotiable CDs		3,345,943	13.4			3,183,489	12.9			3,199,796	14.3			146,147			4.6
Deposits in foreign offices		791,657	3.2			568,153	2.2			470,688	2.1			320,969			68.2
Total deposits	$	25,047,770	100.0	%	$	24,738,395	100.0	%	$	22,409,675	100.0	%	$	2,638,095			11.8	%
Total core deposits:
Commercial	$	6,063,372	30.8	%	$	6,214,462	31.5	%	$	5,352,053	30.0	%	$	711,319			13.3	%
Personal		13,654,814	69.2			13,512,572	68.5			12,500,645	70.0			1,154,169			9.2
Total core deposits	$	19,718,186	100.0	%	$	19,727,034	100.0	%	$	17,852,698	100.0	%	$	1,865,488			10.4	%
By Business Segment (1)
Regional Banking:
Central Ohio	$	4,984,296	19.9	%	$	4,884,052	19.7	%	$	4,520,594	20.2	%	$	463,702			10.3	%
Northern Ohio		3,572,069	14.3			3,662,243	14.8			3,498,463	15.6			73,606			2.1
Southern Ohio / Kentucky		2,275,875	9.1			2,212,366	8.9			1,951,322	8.7			324,553			16.6
Eastern Ohio		1,716,499	6.9			1,738,913	7.0			577,912	2.6			1,138,587			N.M.
West Michigan		2,757,440	11.0			2,941,889	11.9			2,790,787	12.5			(33,347	)		(1.2	)
East Michigan		2,419,482	9.7			2,354,689	9.5			2,263,898	10.1			155,584			6.9
West Virginia		1,513,768	6.0			1,513,206	6.1			1,463,592	6.5			50,176			3.4
Indiana		819,278	3.3			847,824	3.4			728,193	3.2			91,085			12.5
Mortgage and equipment leasing groups		171,900	0.7			146,075	0.6			161,866	0.7			10,034			6.2
Regional Banking		20,230,607	80.8			20,301,257	82.1			17,956,627	80.1			2,273,980			12.7
Dealer Sales		58,885	0.2			58,918	0.2			65,237	0.3			(6,352	)		(9.7	)
Private Financial and Capital Markets Group		1,162,335	4.6			1,144,731	4.6			1,179,915	5.3			(17,580	)		(1.5	)
Treasury / Other (2)		3,595,943	14.4			3,233,489	13.1			3,207,896	14.3			388,047			12.1
Total deposits	$	25,047,770	100.0	%	$	24,738,395	100.0	%	$	22,409,675	100.0	%	$	2,638,095			11.8	%

N.M., not a meaningful value.
(1)	Prior period amounts have been reclassified to conform to the current period business segment structure.
(2)	Comprised largely of brokered deposits and negotiable CDs.

3

Huntington Bancshares Incorporated

Consolidated Quarterly Average Balance Sheets
(Unaudited)

	Average Balances															Change
Fully taxable equivalent basis	2006												2005			4Q06 vs 4Q05
(in millions)	Fourth			Third			Second			First			Fourth			Amount			Percent
Assets
Interest bearing deposits in banks	$	77		$	75		$	36		$	24		$	51		$	26			51.0	%
Trading account securities		116			96			100			66			119			(3	)		(2.5	)
Federal funds sold and securities purchased under resale agreements		531			266			285			201			103			428			N.M.
Loans held for sale		265			275			287			274			361			(96	)		(26.6	)
Investment securities:
Taxable		3,792			4,364			4,494			4,138			3,802			(10	)		(0.3	)
Tax-exempt		594			581			556			548			540			54			10.0
Total investment securities		4,386			4,945			5,050			4,686			4,342			44			1.0
Loans and leases: (1)
Commercial: (2)
Middle market commercial and industrial		5,831			5,591			5,458			5,132			4,946			885			17.9
Middle market commercial real estate:
Construction		1,077			1,122			1,243			1,454			1,675			(598)			(35.7	)
Commercial		2,861			2,795			2,799			2,423			1,923			938			48.8
Middle market commercial real estate		3,938			3,917			4,042			3,877			3,598			340			9.4
Small business		2,543			2,531			2,456			2,121			2,230			313			14.0
Total commercial		12,312			12,039			11,956			11,130			10,774			1,538			14.3
Consumer:
Automobile loans		2,111			2,079			2,044			1,994			2,018			93			4.6
Automobile leases		1,838			1,976			2,095			2,221			2,337			(499)			(21.4	)
Automobile loans and leases		3,949			4,055			4,139			4,215			4,355			(406	)		(9.3	)
Home equity		4,973			5,041			5,029			4,833			4,781			192			4.0
Residential mortgage		4,635			4,748			4,629			4,306			4,165			470			11.3
Other loans		430			430			448			447			393			37			9.4
Total consumer		13,987			14,274			14,245			13,801			13,694			293			2.1
Total loans and leases		26,299			26,313			26,201			24,931			24,468			1,831			7.5
Allowance for loan and lease losses		(282	)		(291	)		(293	)		(283	)		(262	)		(20	)		(7.6	)
Net loans and leases		26,017			26,022			25,908			24,648			24,206			1,811			7.5
Total earning assets		31,674			31,970			31,959			30,182			29,444			2,230			7.6
Automobile operating lease assets		40			68			105			159			216			(176	)		(81.5	)
Cash and due from banks		830			823			832			813			742			88			11.9
Intangible assets		631			634			638			362			218			413			N.M.
All other assets		2,577			2,565			2,449			2,256			2,256			321			14.2
Total Assets	$	35,470		$	35,769		$	35,690		$	33,489		$	32,614		$	2,856			8.8	%
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits — non-interest bearing	$	3,580		$	3,509		$	3,594		$	3,436		$	3,444		$	136			3.9	%
Demand deposits — interest bearing		7,767			7,858			7,778			7,562			7,496			271			3.6
Savings and other domestic time deposits		2,849			2,923			3,106			3,095			2,984			(135	)		(4.5	)
Core certificates of deposit		5,380			5,334			5,083			4,389			3,891			1,489			38.3
Total core deposits		19,576			19,624			19,561			18,482			17,815			1,761			9.9
Other domestic time deposits of $100,000 or more		1,282			1,141			1,086			938			927			355			38.3
Brokered deposits and negotiable CDs		3,252			3,307			3,263			3,143			3,210			42			1.3
Deposits in foreign offices		598			521			474			465			490			108			22.0
Total deposits		24,708			24,593			24,384			23,028			22,442			2,266			10.1
Short-term borrowings		1,832			1,660			2,042			1,669			1,472			360			24.5
Federal Home Loan Bank advances		1,121			1,349			1,557			1,453			1,156			(35	)		(3.0	)
Subordinated notes and other long-term debt		3,583			3,921			3,428			3,346			3,687			(104	)		(2.8	)
Total interest bearing liabilities		27,664			28,014			27,817			26,060			25,313			2,351			9.3
All other liabilities		1,142			1,276			1,284			1,264			1,283			(141	)		(11.0	)
Shareholders’ equity		3,084			2,970			2,995			2,729			2,574			510			19.8
Total Liabilities and Shareholders’ Equity	$	35,470		$	35,769		$	35,690		$	33,489		$	32,614		$	2,856			8.8	%

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

4

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

	Average Rates (2)
	2006												2005
Fully taxable equivalent basis (1)	Fourth			Third			Second			First			Fourth
Assets
Interest bearing deposits in banks		5.50	%		5.23	%		7.05	%		7.89	%		3.20	%
Trading account securities		4.10			4.32			4.51			2.94			4.53
Federal funds sold and securities purchased under resale agreements		5.35			5.13			4.75			4.30			3.78
Loans held for sale		6.01			6.24			6.23			5.92			5.68
Investment securities:
Taxable		6.05			5.49			5.34			5.04			4.70
Tax-exempt		6.68			6.80			6.83			6.71			6.77
Total investment securities		6.13			5.64			5.51			5.23			4.96
Loans and leases: (3)
Commercial:
Middle market commercial and industrial		7.50			7.35			7.26			6.80			6.28
Middle market commercial real estate:
Construction		8.44			8.48			8.01			7.55			7.27
Commercial		7.57			7.87			7.26			6.78			6.46
Middle market commercial real estate		7.81			8.05			7.49			7.07			6.84
Small business		7.30			7.27			7.10			6.67			6.43
Total commercial		7.56			7.56			7.30			6.87			6.50
Consumer:
Automobile loans		6.75			6.62			6.48			6.40			6.26
Automobile leases		5.21			5.10			5.01			4.97			4.98
Automobile loans and leases		6.03			5.88			5.74			5.65			5.57
Home equity		7.75			7.62			7.46			6.88			6.82
Residential mortgage		5.55			5.46			5.39			5.34			5.31
Other loans		9.28			9.41			9.21			8.38			8.13
Total consumer		6.58			6.46			6.35			6.08			6.00
Total loans and leases		7.04			6.96			6.79			6.43			6.22
Total earning assets		6.86	%		6.73	%		6.55	%		6.21	%		6.01	%
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits — non-interest bearing		—	%		—	%		—	%		—	%		—	%
Demand deposits — interest bearing		2.97			2.92			2.62			2.44			2.12
Savings and other domestic time deposits		1.90			1.75			1.59			1.49			1.44
Core certificates of deposit		4.58			4.40			4.10			3.84			3.70
Total core deposits		3.32			3.20			2.89			2.65			2.41
Other domestic time deposits of $100,000 or more		5.29			5.18			4.83			4.55			3.98
Brokered deposits and negotiable CDs		5.53			5.50			5.12			4.69			4.20
Deposits in foreign offices		3.18			3.12			2.68			2.62			2.66
Total deposits		3.78			3.66			3.34			3.07			2.79
Short-term borrowings		4.21			4.10			4.12			3.57			3.11
Federal Home Loan Bank advances		4.50			4.51			4.34			3.99			3.37
Subordinated notes and other long-term debt		5.96			5.75			5.67			5.22			4.72
Total interest bearing liabilities		4.12	%		4.02	%		3.74	%		3.43	%		3.12	%
Net interest rate spread		2.74	%		2.71	%		2.81	%		2.78	%		2.89	%
Impact of non-interest bearing funds on margin		0.54			0.51			0.53			0.54			0.45
Net interest margin		3.28	%		3.22	%		3.34	%		3.32	%		3.34	%

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

5

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

	Average Balances										Change
	2006						2005				4Q06 vs 4Q05
(in millions)	Fourth		Third		Second		First		Fourth		Amount			Percent
Loans and direct financing leases (1)
Regional Banking:
Central Ohio	$	3,641	$	3,646	$	3,579	$	3,191	$	3,228	$	413			12.8	%
Northern Ohio		2,648		2,666		2,615		2,520		2,546		102			4.0
Southern Ohio / Kentucky		2,176		2,196		2,193		2,092		2,064		112			5.4
Eastern Ohio		1,325		1,397		1,487		872		372		953			N.M.
West Michigan		2,439		2,408		2,386		2,362		2,382		57			2.4
East Michigan		1,617		1,592		1,565		1,551		1,536		81			5.3
West Virginia		1,098		1,068		1,013		966		963		135			14.0
Indiana		996		950		977		1,018		972		24			2.5
Mortgage and equipment leasing groups		3,595		3,598		3,495		3,458		3,461		134			3.9
Regional Banking		19,535		19,521		19,310		18,030		17,524		2,011			11.5
Dealer Sales		4,915		4,972		5,134		5,183		5,225		(310	)		(5.9	)
Private Financial and Capital Markets Group		1,849		1,820		1,757		1,718		1,719		130			7.6
Treasury / Other		—		—		—		—		—		—			—
Total loans and direct financing leases	$	26,299	$	26,313	$	26,201	$	24,931	$	24,468	$	1,831			7.5	%
Deposit composition (1)
Regional Banking:
Central Ohio	$	4,804	$	4,778	$	4,810	$	4,602	$	4,498	$	306			6.8	%
Northern Ohio		3,597		3,619		3,539		3,603		3,546		51			1.4
Southern Ohio / Kentucky		2,229		2,193		2,244		2,058		1,938		291			15.0
Eastern Ohio		1,733		1,750		1,758		989		585		1,148			N.M.
West Michigan		2,819		2,901		2,805		2,791		2,774		45			1.6
East Michigan		2,370		2,311		2,253		2,255		2,287		83			3.6
West Virginia		1,519		1,498		1,497		1,471		1,428		91			6.4
Indiana		922		825		822		746		743		179			24.1
Mortgage and equipment leasing groups		195		183		189		162		202		(7	)		(3.5	)
Regional Banking		20,188		20,058		19,917		18,677		18,001		2,187			12.1
Dealer Sales		56		58		56		58		63		(7	)		(11.1	)
Private Financial and Capital Markets Group		1,170		1,142		1,144		1,150		1,161		9			0.8
Treasury / Other		3,294		3,335		3,267		3,143		3,217		77			2.4
Total deposits	$	24,708	$	24,593	$	24,384	$	23,028	$	22,442	$	2,266			10.1	%

⁽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			4Q06 vs 4Q05
(in thousands, except per share amounts)	Fourth			Third			Second			First			Fourth			Amount			Percent
Interest income	$	544,841		$	538,988		$	521,903		$	464,787		$	442,476		$	102,365			23.1	%
Interest expense		286,852			283,675			259,708			221,107			198,800			88,052			44.3
Net interest income		257,989			255,313			262,195			243,680			243,676			14,313			5.9
Provision for credit losses		15,744			14,162			15,745			19,540			30,831			(15,087	)		(48.9	)
Net interest income after provision for credit losses		242,245			241,151			246,450			224,140			212,845			29,400			13.8
Service charges on deposit accounts		48,548			48,718			47,225			41,222			42,083			6,465			15.4
Trust services		23,511			22,490			22,676			21,278			20,425			3,086			15.1
Brokerage and insurance income		14,600			14,697			14,345			15,193			13,101			1,499			11.4
Other service charges and fees		13,784			12,989			13,072			11,509			11,488			2,296			20.0
Bank owned life insurance income		10,804			12,125			10,604			10,242			10,389			415			4.0
Mortgage banking income		6,169			8,512			13,616			13,194			8,818			(2,649	)		(30.0	)
Gains on sales of automobile loans		1,252			863			532			448			455			797			N.M.
Securities (losses) gains (1)		(15,804	)		(57,332	)		(35	)		(20	)		(8,770	)		(7,034	)		80.2
Other income		32,398			26,268			28,841			29,420			26,799			5,599			20.9
Sub-total before operating lease income		135,262			89,330			150,876			142,486			124,788			10,474			8.4
Automobile operating lease income		5,344			8,580			12,143			17,048			22,534			(17,190	)		(76.3	)
Total non-interest income		140,606			97,910			163,019			159,534			147,322			(6,716	)		(4.6	)
Personnel costs		137,944			133,823			137,904			131,557			116,111			21,833			18.8
Outside data processing and other services		20,695			18,664			19,569			19,851			19,693			1,002			5.1
Net occupancy		17,279			18,109			17,927			17,966			17,940			(661	)		(3.7	)
Equipment		18,151			17,249			18,009			16,503			16,093			2,058			12.8
Marketing		6,207			7,846			10,374			7,301			7,145			(938	)		(13.1	)
Professional services		8,958			6,438			6,292			5,365			7,440			1,518			20.4
Telecommunications		4,619			4,818			4,990			4,825			4,453			166			3.7
Printing and supplies		3,610			3,416			3,764			3,074			3,084			526			17.1
Amortization of intangibles		2,993			2,902			2,992			1,075			218			2,775			N.M.
Other expense		43,365			23,177			21,880			18,227			20,995			22,370			N.M.
Sub-total before operating lease expense		263,821			236,442			243,701			225,744			213,172			50,649			23.8
Automobile operating lease expense		3,969			5,988			8,658			12,671			17,183			(13,214	)		(76.9	)
Total non-interest expense		267,790			242,430			252,359			238,415			230,355			37,435			16.3
Income before income taxes		115,061			96,631			157,110			145,259			129,812			(14,751	)		(11.4	)
Provision (benefit) for income taxes (2)		27,346			(60,815	)		45,506			40,803			29,239			(1,893	)		(6.5	)
Net income	$	87,715		$	157,446		$	111,604		$	104,456		$	100,573		$	(12,858	)		(12.8)	%
Average common shares — diluted		239,881			240,896			244,538			234,363			229,718			10,163			4.4	%
Per common share
Net income — diluted	$	0.37		$	0.65		$	0.46		$	0.45		$	0.44		$	(0.07	)		(15.9	)
Cash dividends declared		0.250			0.250			0.250			0.250			0.215			0.035			16.3
Return on average total assets		0.98	%		1.75	%		1.25	%		1.26	%		1.22			(0.24)	%		(19.7	)
Return on average total shareholders’ equity		11.3			21.0			14.9			15.5			15.5			(4.2	)		(27.1	)
Net interest margin (3)		3.28			3.22			3.34			3.32			3.34			(0.06	)		(1.8	)
Efficiency ratio (4)		63.3			57.8			58.1			58.3			57.0			6.3			11.1
Effective tax rate		23.8			(62.9	)		29.0			28.1			22.5			1.3			5.8
Revenue — fully taxable equivalent (FTE)
Net interest income	$	257,989		$	255,313		$	262,195		$	243,680		$	243,676		$	14,313			5.9
FTE adjustment		4,115			4,090			3,984			3,836			3,837			278			7.2
Net interest income (3)		262,104			259,403			266,179			247,516			247,513			14,591			5.9
Non-interest income		140,606			97,910			163,019			159,534			147,322			(6,716	)		(4.6	)
Total revenue (3)	$	402,710		$	357,313		$	429,198		$	407,050		$	394,835		$	7,875			2.0	%

N.M., not a meaningful value.
(1)	Includes $57.5 million of securities impairment losses as of September 30, 2006.
(2)	Includes an $84.5 million benefit at September 30, 2006, 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			4Q06 vs 4Q05
(in thousands)	Fourth			Third			Second			First			Fourth			Amount			Percent
Mortgage Banking Income
Origination fees	$	1,830		$	2,036		$	2,177		$	1,977		$	1,979		$	(149	)		(7.5)	%
Secondary marketing		2,227			1,034			4,914			2,022			3,346			(1,119	)		(33.4	)
Servicing fees		6,662			6,077			5,995			5,925			5,791			871			15.0
Amortization of capitalized servicing(1)		(3,835	)		(4,484	)		(3,293	)		(3,532	)		(3,785	)		(50	)		(1.3	)
Other mortgage banking income		1,778			3,887			2,281			2,227			3,193			(1,415	)		(44.3	)
Sub-total		8,662			8,550			12,074			8,619			10,524			(1,862	)		(17.7	)
MSR valuation adjustment (1), (2)		(1,907	)		(10,716	)		8,281			9,213			385			(2,292	)		N.M.
Net trading (losses) gains related to MSR hedging		(586	)		10,678			(6,739	)		(4,638	)		(2,091	)		1,505			(72.0	)
Total mortgage banking income (loss)	$	6,169		$	8,512		$	13,616		$	13,194		$	8,818		$	(2,649	)		(30.0)	%
Capitalized mortgage servicing rights(3)	$	131,104		$	129,317		$	136,244		$	123,257		$	91,259		$	39,845			43.7	%
MSR allowance(3)		—			—			—			—			(404	)		404			N.M.
Total mortgages serviced for others(3)		8,252,000			7,994,000			7,725,000			7,585,000			7,276,000			976,000			13.4
MSR % of investor servicing portfolio		1.59	%		1.62	%		1.76	%		1.63	%		1.25	%		0.34	%		27.2

N.M., not a meaningful value.
(1)	The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.
(2)	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.
(3)	At period end.

8

Huntington Bancshares Incorporated
Quarterly Credit Reserves Analysis
(Unaudited)

	2006												2005
(in thousands)	Fourth			Third			Second			First			Fourth
Allowance for loan and lease losses, beginning of period	$	280,152		$	287,517		$	283,839		$	268,347		$	253,943
Acquired allowance for loan and lease losses		—			100	(1)		1,498	(1)		22,187			—
Loan and lease losses		(32,835	)		(29,127	)		(24,325	)		(33,405	)		(27,072	)
Recoveries of loans previously charged off		9,866			7,888			10,373			9,189			9,504
Net loan and lease losses		(22,969	)		(21,239	)		(13,952	)		(24,216	)		(17,568	)
Provision for loan and lease losses		14,885			13,774			16,132			17,521			31,972
Allowance for loan and lease losses, end of period	$	272,068		$	280,152		$	287,517		$	283,839		$	268,347
Allowance for unfunded loan commitments and letters of credit, beginning of period	$	39,302		$	38,914		$	39,301		$	36,957		$	38,098
Acquired AULC		—			—			—			325			—
Provision for unfunded loan commitments and letters of credit losses		859			388			(387	)		2,019			(1,141	)
Allowance for unfunded loan commitments and letters of credit, end of period	$	40,161		$	39,302		$	38,914		$	39,301		$	36,957
Total allowances for credit losses	$	312,229		$	319,454		$	326,431		$	323,140		$	305,304
Allowance for loan and lease losses (ALLL) as % of:
Transaction reserve		0.86	%		0.86	%		0.89	%		0.88	%		0.89	%
Economic reserve		0.18			0.20			0.20			0.21			0.21
Total loans and leases		1.04	%		1.06	%		1.09	%		1.09	%		1.10	%
Non-performing loans and leases (NPLs)		181			217			213			209			263
Non-performing assets (NPAs)		136			164			168			183			229
Total allowances for credit losses (ACL) as % of:
Total loans and leases		1.19	%		1.21	%		1.24	%		1.24	%		1.25	%
Non-performing loans and leases		208			247			241			238			300
Non-performing assets		156			187			191			209			261

⁽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)	Fourth			Third			Second			First			Fourth
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Middle market commercial and industrial	$	(1,827	)	$	1,742		$	(484	)	$	6,887		$	(744	)
Middle market commercial real estate:
Construction		3,957			(2	)		(161	)		(241	)		(175	)
Commercial		144			644			1,557			210			14
Middle market commercial real estate		4,101			642			1,396			(31	)		(161	)
Small business		4,535			4,451			2,530			3,709			4,465
Total commercial		6,809			6,835			3,442			10,565			3,560
Consumer:
Automobile loans		2,422			1,759			1,172			2,977			3,213
Automobile leases		2,866			2,306			1,758			3,515			3,422
Automobile loans and leases		5,288			4,065			2,930			6,492			6,635
Home equity		5,820			6,734			4,776			4,524			4,498
Residential mortgage		2,226			876			688			715			941
Other loans		2,826			2,729			2,116			1,920			1,934
Total consumer		16,160			14,404			10,510			13,651			14,008
Total net charge-offs	$	22,969		$	21,239		$	13,952		$	24,216		$	17,568
Net charge-offs (recoveries) — annualized percentages:
Commercial:
Middle market commercial and industrial		(0.13)	%		0.12	%		(0.04)	%		0.54	%		(0.06)	%
Middle market commercial real estate:
Construction		1.47			—			(0.05	)		(0.07	)		(0.04	)
Commercial		0.02			0.09			0.22			0.03			—
Middle market commercial real estate		0.42			0.07			0.14			—			(0.02	)
Small business		0.71			0.70			0.41			0.70			0.80
Total commercial		0.22			0.23			0.12			0.38			0.13
Consumer:
Automobile loans		0.46			0.34			0.23			0.60			0.64
Automobile leases		0.62			0.47			0.34			0.63			0.59
Automobile loans and leases		0.54			0.40			0.28			0.62			0.61
Home equity		0.47			0.53			0.38			0.37			0.38
Residential mortgage		0.19			0.07			0.06			0.07			0.09
Other loans		2.63			2.54			1.89			1.72			1.97
Total consumer		0.46			0.40			0.30			0.40			0.41
Net charge-offs as a % of average loans		0.35	%		0.32	%		0.21	%		0.39	%		0.29	%

10

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

	2006												2005
(in thousands)	December 31,			September 30,			June 30,			March 31,			December 31,
Non-accrual loans and leases:
Middle market commercial and industrial	$	35,657		$	37,082		$	45,713		$	45,723		$	28,888
Middle market commercial real estate		34,831			27,538			24,970			18,243			15,763
Small business		25,852			21,356			27,328			28,389			28,931
Residential mortgage		38,489			30,289			22,786			29,376			17,613
Home equity		15,266			13,047			14,466			13,778			10,720
Total non-performing loans and leases		150,095			129,312			135,263			135,509			101,915
Other real estate, net:
Residential		47,898			40,615			34,743			17,481			14,214
Commercial		1,589			1,285			1,062			1,903			1,026
Total other real estate, net		49,487			41,900			35,805			19,384			15,240
Total non-performing assets	$	199,582		$	171,212		$	171,068		$	154,893		$	117,155
Non-performing assets guaranteed by the U.S. government (1)	$	33,858		$	33,676		$	30,710		$	18,256		$	7,324
Non-performing loans and leases as a % of total loans and leases		0.57	%		0.49	%		0.51	%		0.52	%		0.42	%
Non-performing assets as a % of total loans and leases and other real estate		0.76			0.65			0.65			0.59			0.48
Accruing loans and leases past due 90 days or more (1)	$	59,114		$	62,054		$	48,829		$	52,297		$	56,138
Accruing loans and leases past due 90 days or more as a percent of total loans and leases		0.23	%		0.24	%		0.19	%		0.20	%		0.23	%
	2006												2005
(in thousands)	Fourth			Third			Second			First			Fourth
Non-performing assets, beginning of period	$	171,212		$	171,068		$	154,893		$	117,155		$	101,800
New non-performing assets (1)		66,249			55,490			52,498			53,768			52,553
Acquired non-performing assets		—			—			—			33,843			—
Returns to accruing status		(5,666	)		(11,880	)		(12,143	)		(14,310	)		(3,228	)
Loan and lease losses		(11,908	)		(14,143	)		(6,826	)		(13,314	)		(9,063	)
Payments		(16,673	)		(16,709	)		(12,892	)		(13,195	)		(21,329	)
Sales		(3,632	)		(12,614	)		(4,462	)		(9,054	)		(3,578	)
Non-performing assets, end of period	$	199,582		$	171,212		$	171,068		$	154,893		$	117,155

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

11

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

Quarterly common stock summary

	2006												2005
(in thousands, except per share amounts)	Fourth			Third			Second			First			Fourth
Common stock price, per share
High (1)	$	24.970		$	24.820		$	24.410		$	24.750		$	24.640
Low (1)		22.870			23.000			23.120			22.560			20.970
Close		23.750			23.930			23.580			24.130			23.750
Average closing price		24.315			23.942			23.732			23.649			23.369
Dividends, per share
Cash dividends declared on common stock	$	0.250		$	0.250		$	0.250		$	0.250		$	0.215
Common shares outstanding
Average — basic		236,426			237,672			241,729			230,968			226,699
Average — diluted		239,881			240,896			244,538			234,363			229,718
Ending		235,474			237,921			237,361			245,183			224,106
Book value per share	$	12.80		$	13.15		$	12.38		$	12.56		$	11.41
Tangible book value per share		10.12			10.50			9.70			9.95			10.44
Common share repurchases
Number of shares repurchased		3,050			—			8,100			4,831			5,175
Capital adequacy
	2006												2005
(in millions)	December 31,			September 30,			June 30,			March 31,			December 31,
Total risk-weighted assets (2)	$	31,332		$	31,330		$	31,614		$	31,298		$	29,599
Tier 1 leverage ratio (2)		8.00	%		7.99	%		7.62	%		8.53	%		8.34	%
Tier 1 risk-based capital ratio (2)		8.89			8.95			8.45			8.94			9.13
Total risk-based capital ratio (2)		12.73			12.81			12.29			12.91			12.42
Tangible equity / asset ratio		6.87			7.13			6.46			6.97			7.19
Tangible equity / risk-weighted assets ratio (2)		7.61			7.97			7.29			7.80			7.91
Average equity / average assets		8.70			8.30			8.39			8.15			7.89
Other data
Number of employees (full-time equivalent)		8,081			8,077			8,075			8,078			7,602
Number of domestic full-service banking offices (3)		381			381			379			385			344

(1)	High and low stock prices are intra-day quotes obtained from NASDAQ.
(2)	December 31, 2006 figures are estimated. The adoption of FAS 158 did not impact regulatory capital ratios at December 31, 2006.
(3)	Includes Private Financial Group offices in Florida.

12

Huntington Bancshares Incorporated
Quarterly Automobile Operating Lease Performance
(Unaudited)

	2006								2005		4Q06 vs 4Q05
(in thousands)	Fourth		Third		Second		First		Fourth		Amount			Percent
Balance Sheet:
Average automobile operating lease assets outstanding	$	40,145	$	68,223	$	104,585	$	159,073	$	215,976	$	(175,831	)		(81.4	)%
Income Statement:
Net rental income	$	4,403	$	7,258	$	10,678	$	15,173	$	19,866	$	(15,463	)		(77.8	)%
Fees		219		401		669		732		1,482		(1,263	)		(85.2	)
Recoveries — early terminations		722		921		796		1,143		1,186		(464	)		(39.1	)
Total automobile operating lease income		5,344		8,580		12,143		17,048		22,534		(17,190	)		(76.3	)
Depreciation and residual losses at termination		3,513		5,494		8,083		11,501		15,680		(12,167	)		(77.6	)
Losses — early terminations		456		494		575		1,170		1,503		(1,047	)		(69.7	)
Total automobile operating lease expense		3,969		5,988		8,658		12,671		17,183		(13,214	)		(76.9	)
Net earnings contribution	$	1,375	$	2,592	$	3,485	$	4,377	$	5,351	$	(3,976	)		(74.3	)%

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 Annual Average Balance Sheets
(Unaudited)

	Annual Average Balances
Fully taxable equivalent basis				Change from 2005									Change from 2004
(in millions)	2006			Amount			%			2005			Amount			%			2004			2003			2002
Assets
Interest bearing deposits in banks	$	53		$	—			—	%	$	53		$	(13	)		(19.7	)%	$	66		$	37		$	33
Trading account securities		92			(115	)		(55.6	)		207			102			97.1			105			14			7
Federal funds sold and securities purchased under resale agreements		321			59			22.5			262			(57	)		(17.9	)		319			87			72
Loans held for sale		275			(43	)		(13.5	)		318			75			30.9			243			564			322
Investment securities:
Taxable		4,197			514			14.0			3,683			(742	)		(16.8	)		4,425			3,533			2,859
Tax-exempt		570			95			20.0			475			63			15.3			412			334			135
Total investment securities		4,767			609			14.6			4,158			(679	)		(14.0	)		4,837			3,867			2,994
Loans and leases: (1) (2)
Commercial:
Middle market commercial and industrial		5,501			684			14.2			4,817			361			8.1			4,456			4,633			4,810
Middle market commercial real estate:
Construction		1,223			(455	)		(27.1	)		1,678			258			18.2			1,420			1,219			1,151
Commercial		2,727			819			42.9			1,908			(14	)		(0.7	)		1,922			1,800			1,670
Middle market commercial real estate		3,950			364			10.2			3,586			244			7.3			3,342			3,019			2,821
Small business		2,414			190			8.5			2,224			221			11.0			2,003			1,787			1,642
Total commercial		11,865			1,238			11.7			10,627			826			8.4			9,801			9,439			9,273
Consumer:
Automobile loans		2,057			14			0.7			2,043			(242	)		(10.6	)		2,285			3,260			2,744
Automobile leases		2,031			(391	)		(16.1	)		2,422			230			10.5			2,192			1,423			452
Automobile loans and leases		4,088			(377	)		(8.4	)		4,465			(12	)		(0.3	)		4,477			4,683			3,196
Home equity		4,970			218			4.6			4,752			508			12.0			4,244			3,400			2,976
Residential mortgage		4,581			500			12.3			4,081			869			27.1			3,212			2,076			1,438
Other loans		439			54			14.0			385			(8	)		(2.0	)		393			426			534
Total consumer		14,078			395			2.9			13,683			1,357			11.0			12,326			10,585			8,144
Total loans and leases		25,943			1,633			6.7			24,310			2,183			9.9			22,127			20,024			17,417
Allowance for loan and lease losses		(287	)		(19	)		(7.1	)		(268	)		30			10.1			(298	)		(330	)		(344	)
Net loans and leases		25,656			1,614			6.7			24,042			2,213			10.1			21,829			19,694			17,073
Total earning assets		31,451			2,143			7.3			29,308			1,611			5.8			27,697			24,593			20,845
Automobile operating lease assets		93			(258	)		(73.5	)		351			(540	)		(60.6	)		891			1,697			2,602
Cash and due from banks		825			(20	)		(2.4	)		845			2			0.2			843			774			744
Intangible assets		567			349			N.M.			218			2			0.9			216			218			293
All other assets		2,463			278			12.7			2,185			101			4.8			2,084			2,020			1,923
Total Assets	$	35,112		$	2,473			7.6	%	$	32,639		$	1,206			3.8	%	$	31,433		$	28,972		$	26,063
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits — non-interest bearing	$	3,530		$	151			4.5	%	$	3,379		$	149			4.6	%	$	3,230		$	3,080		$	2,902
Demand deposits — interest bearing		7,742			84			1.1			7,658			451			6.3			7,207			6,193			5,161
Savings and other domestic time deposits		2,992			(163	)		(5.2	)		3,155			(275	)		(8.0	)		3,431			3,462			3,583
Core certificates of deposit		5,050			1,716			51.5			3,334			644			23.9			2,689			3,115			4,175
Total core deposits		19,314			1,788			10.2			17,526			969			5.9			16,557			15,850			15,821
Other domestic time deposits of $100,000 or more		1,113			203			22.3			910			317			53.5			593			389			295
Brokered deposits and negotiable CDs		3,242			123			3.9			3,119			1,282			69.8			1,837			1,419			731
Deposits in foreign offices		515			58			12.7			457			(51	)		(10.0	)		508			500			337
Total deposits		24,184			2,172			9.9			22,012			2,517			12.9			19,495			18,158			17,184
Short-term borrowings		1,800			421			30.5			1,379			(31	)		(2.2	)		1,410			1,600			1,856
Federal Home Loan Bank advances		1,369			264			23.9			1,105			(166	)		(13.1	)		1,271			1,258			279
Subordinated notes and other long-term debt		3,574			(490	)		(12.1	)		4,064			(1,315	)		(24.4	)		5,379			4,559			3,335
Total interest bearing liabilities		27,397			2,216			8.8			25,181			856			3.5			24,325			22,495			19,752
All other liabilities		1,239			(257	)		(17.2	)		1,496			(8	)		(0.5	)		1,504			1,201			1,170
Shareholders’ equity		2,946			363			14.1			2,583			209			8.8			2,374			2,196			2,239
Total Liabilities and Shareholders’ Equity	$	35,112		$	2,473			7.6	%	$	32,639		$	1,206			3.8	%	$	31,433		$	28,972		$	26,063

N.M., not a meaningful value.
(1)	For purposes of this analysis, non-accrual loans are reflected in the average balances of loans.
(2)	The 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.

14

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

	Annual Average Rates (2)
Fully Taxable Equivalent basis (1)	2006			2005			2004			2003			2002
Assets
Interest bearing deposits in banks		6.00	%		2.16	%		1.05	%		1.53	%		2.38	%
Trading account securities		4.19			4.08			4.15			4.02			4.11
Federal funds sold and securities purchased under resale agreements		5.00			2.27			1.73			1.80			1.56
Loans held for sale		6.10			5.64			5.35			5.32			6.35
Investment securities:
Taxable		5.47			4.31			3.88			4.52			6.05
Tax-exempt		6.75			6.71			6.98			7.04			7.47
Total investment securities		5.62			4.58			4.14			4.73			6.12
Loans and leases (3):
Commercial:
Middle market commercial and industrial		7.38			5.79			4.41			4.82			5.50
Middle market commercial real estate:
Construction		8.19			6.43			4.52			4.21			4.57
Commercial		7.41			5.93			4.58			4.97			5.76
Middle market commercial real estate		7.65			6.16			4.55			4.66			5.27
Small business		7.20			6.18			5.50			5.91			6.73
Total commercial		7.43			6.00			4.68			5.00			5.65
Consumer:
Automobile loans		6.57			6.52			7.22			7.43			8.67
Automobile leases		5.07			4.94			5.00			5.12			5.14
Automobile loans and leases		5.82			5.66			6.14			6.73			8.17
Home equity		7.44			6.07			4.92			4.89			5.59
Residential mortgage		5.44			5.22			5.07			5.40			6.35
Other loans		9.07			10.23			7.51			8.55			9.35
Total consumer		6.37			5.80			5.48			5.95			6.98
Total loans and leases		6.86			5.89			5.13			5.50			6.27
Total earning assets		6.63	%		5.65	%		4.89	%		5.35	%		6.23	%
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits — non-interest bearing		—	%		—	%		—	%		—	%		—	%
Demand deposits — interest bearing		2.74			1.77			1.03			1.18			1.71
Savings and other domestic time deposits		1.68			1.36			1.28			1.96			2.24
Core certificates of deposit		4.25			3.56			3.36			3.67			4.48
Total core deposits		3.02			2.10			1.56			2.00			2.76
Other domestic time deposits of $100,000 or more		4.99			3.39			1.90			1.17			2.50
Brokered deposits and negotiable CDs		5.22			3.51			1.80			1.70			2.36
Deposits in foreign offices		2.93			2.10			0.82			0.92			1.47
Total deposits		3.47			2.40			1.58			1.91			2.69
Short-term borrowings		4.01			2.49			0.93			0.98			1.56
Federal Home Loan Bank advances		4.38			3.13			2.62			1.94			2.00
Subordinated notes and other long-term debt		5.65			4.02			2.46			2.82			3.70
Total interest bearing liabilities		3.84			2.70			1.79			2.03			2.75
Net interest rate spread		2.79			2.95			3.10			3.32			3.48
Impact of non-interest bearing funds on margin		0.50			0.38			0.23			0.17			0.14
Net interest margin		3.29	%		3.33	%		3.33	%		3.49	%		3.62	%

N.M., not a meaningful value.
(1)	Fully taxable equivalent (FTE) yields are calculated assuming a 35% tax rate. See page 16 for the FTE adjustment.
(2)	Loan and lease and deposit average rates include impact of applicable derivatives and non-deferrable fees.
(3)	For purposes of this analysis, non-accrual loans are reflected in the average balances of loans.

15

Huntington Bancshares Incorporated
Selected Annual Income Statement Data
(Unaudited)

	Year Ended December 31,
				Change from 2005									Change from 2004
(in thousands, except per share amounts)	2006			Amount			%			2005			Amount			%			2004			2003			2002
Interest income	$	2,070,519		$	428,754			26.1	%	$	1,641,765		$	294,450			21.9	%	$	1,347,315		$	1,305,756		$	1,293,195
Interest expense		1,051,342			371,988			54.8			679,354			243,413			55.8			435,941			456,770			543,621
Net interest income		1,019,177			56,766			5.9			962,411			51,037			5.6			911,374			848,986			749,574
Provision for credit losses		65,191			(16,108	)		(19.8	)		81,299			26,237			47.7			55,062			163,993			194,426
Net interest income after provision for credit losses		953,986			72,874			8.3			881,112			24,800			2.9			856,312			684,993			555,148
Service charges on deposit accounts		185,713			17,879			10.7			167,834			(3,281	)		(1.9	)		171,115			167,840			153,564
Trust services		89,955			12,550			16.2			77,405			9,995			14.8			67,410			61,649			62,051
Brokerage and insurance income		58,835			5,216			9.7			53,619			(1,180	)		(2.2	)		54,799			57,844			62,109
Other service charges and fees		51,354			7,006			15.8			44,348			2,774			6.7			41,574			41,446			42,888
Bank owned life insurance income		43,775			3,039			7.5			40,736			(1,561	)		(3.7	)		42,297			43,028			43,123
Mortgage banking income		41,491			13,158			46.4			28,333			1,547			5.8			26,786			58,180			32,751
Gains on sales of automobile loans		3,095			1,884			N.M.			1,211			(12,995	)		(91.5	)		14,206			40,039			—
Securities (losses) gains (1)		(73,191	)		(65,136	)		N.M.			(8,055	)		(23,818	)		N.M.			15,763			5,258			4,902
Gain on sale of branch offices		—			—			—			—			—			—			—			13,112			—
Gain on sale of Florida operations		—			—			—			—			—			—			—			—			182,470
Merchant services gain		—			—			—			—			—			—			—			—			24,550
Other income		116,927			23,091			24.6			93,836			(5,381	)		(5.4	)		99,217			91,059			76,222
Sub-total before operating lease income		517,954			18,687			3.7			499,267			(33,900	)		(6.4	)		533,167			579,455			684,630
Automobile operating lease income		43,115			(89,900	)		(67.6	)		133,015			(152,416	)		(53.4	)		285,431			489,698			657,074
Total non-interest income		561,069			(71,213	)		(11.3	)		632,282			(186,316	)		(22.8	)		818,598			1,069,153			1,341,704
Personnel costs		541,228			59,570			12.4			481,658			(4,148	)		(0.9	)		485,806			447,263			418,037
Outside data processing and other services		78,779			4,141			5.5			74,638			2,523			3.5			72,115			66,118			67,368
Net occupancy		71,281			189			0.3			71,092			(4,849	)		(6.4	)		75,941			62,481			59,539
Equipment		69,912			6,788			10.8			63,124			(218	)		(0.3	)		63,342			65,921			68,323
Marketing		31,728			5,449			20.7			26,279			1,679			6.8			24,600			25,648			26,655
Professional services		27,053			(7,516	)		(21.7	)		34,569			(2,307	)		(6.3	)		36,876			42,448			33,085
Telecommunications		19,252			604			3.2			18,648			(1,139	)		(5.8	)		19,787			21,979			22,661
Printing and supplies		13,864			1,291			10.3			12,573			110			0.9			12,463			13,009			15,198
Amortization of intangibles		9,962			9,133			N.M.			829			12			1.5			817			816			2,019
Restructuring reserve releases		—			—			—			—			1,151			N.M.			(1,151	)		(6,666	)		48,973
Loss on early extinguishment of debt		—			—			—			—			—			—			—			15,250			—
Other expense		106,649			24,089			29.2			82,560			(14,008	)		(14.5	)		96,568			82,622			93,319
Sub-total before operating lease expense		969,708			103,738			12.0			865,970			(21,194	)		(2.4	)		887,164			836,889			855,177
Automobile operating lease expense		31,286			(72,564	)		(69.9	)		103,850			(131,230	)		(55.8	)		235,080			393,270			518,970
Total non-interest expense		1,000,994			31,174			3.2			969,820			(152,424	)		(13.6	)		1,122,244			1,230,159			1,374,147
Income before income taxes		514,061			(29,513	)		(5.4	)		543,574			(9,092	)		(1.6	)		552,666			523,987			522,705
Provision for income taxes (2)		52,840			(78,643	)		(59.8	)		131,483			(22,258	)		(14.5	)		153,741			138,294			198,974
Income before cumulative effect of change in accounting principle		461,221			49,130			11.9			412,091			13,166			3.3			398,925			385,693			323,731
Cumulative effect of change in accounting principle, net of tax		—			—			—			—			—			—			—			(13,330	)		—
Net income	$	461,221			49,130			11.9	%	$	412,091			13,166			3.3	%	$	398,925		$	372,363		$	323,731
Average common shares — diluted		239,920			6,445			2.8	%		233,475			(381	)		(0.2	)%		233,856			231,582			244,012
Per common share
Income before cumulative effect of change in September 30, 2006 figures are estimated	$	1.95		$	0.16			8.9	%	$	1.79		$	0.05			2.9	%	$	1.74		$	1.68		$	1.34
Net income per common share — basic		1.95			0.16			8.9			1.79			0.05			2.9			1.74			1.62			1.34
Income before cumulative effect of change in accounting principle per common share — diluted		1.92			0.15			8.5			1.77			0.06			3.5			1.71			1.67			1.33
Net income per common share — diluted		1.92			0.15			8.5			1.77			0.06			3.5			1.71			1.61			1.33
Cash dividends declared		1.000			0.155			18.3			0.845			0.095			12.7			0.750			0.670			0.640
Return on average total assets		1.31	%		0.05	%		3.97			1.26	%		(0.01	)%		(0.79	)		1.27	%		1.29	%		1.24	%
Return on average total shareholders’ equity		15.7			(0.3	)		(1.9	)		16.0			(0.8	)		(4.8	)		16.8			17.0			14.5
Net interest margin (3)		3.29			(0.04	)		(1.2	)		3.33			—			—			3.33			3.49			3.62
Efficiency ratio (4)		59.4			(0.6	)		(1.0	)		60.0			(5.0	)		(7.7	)		65.0			63.9			65.6
Effective tax rate		10.3			(13.9	)		(57.4	)		24.2			(3.60	)		(12.9	)		27.8			26.4			38.1	(5)
Revenue — fully taxable equivalent (FTE)
Net interest income	$	1,019,177		$	56,766			5.9	%	$	962,411		$	51,037			5.6	%	$	911,374		$	848,986		$	749,574
FTE adjustment		16,025			2,632			19.7			13,393			1,740			14.9			11,653			9,684			5,205
Net interest income (3)		1,035,202			59,398			6.1			975,804			52,777			5.7			923,027			858,670			754,779
Non-interest income		561,069			(71,213	)		(11.3	)		632,282			(186,316	)		(22.8	)		818,598			1,069,153			1,341,704
Total revenue	$	1,596,271		$	(11,815	)		(0.7	)%	$	1,608,086		$	(133,539	)		(7.7	)%	$	1,741,625		$	1,927,823		$	2,096,483

N.M., not a meaningful value.
(1)	Includes $57.5 million of securities impairment losses as of December 31, 2006.
(2)	Includes an $84.5 million benefit at December 31, 2006, 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
Annual Mortgage Banking Income and Net Impact of MSR Hedging
(Unaudited)

	Year Ended December 31,
(in thousands)	2006			2005			2004			2003			2002
Mortgage Banking Income
Origination fees	$	8,020		$	10,781		$	12,377		$	17,272		$	10,547
Secondary marketing		10,197			10,986			8,340			23,607			21,264
Servicing fees		24,659			22,181			21,696			16,906			11,430
Amortization of capitalized servicing (1)		(15,144	)		(18,359	)		(19,019	)		(25,966	)		(12,051	)
Other mortgage banking income		10,173			11,750			7,524			11,404			14,956
Sub-total		37,905			37,339			30,918			43,223			46,146
MSR recovery / (impairment) (1), (2)		4,871			4,371			1,378			14,957			(14,113	)
Net trading (losses) gains related to MSR hedging		(1,285	)		(13,377	)		(5,510	)		—			718
Total mortgage banking income (loss)	$	41,491		$	28,333		$	26,786		$	58,180		$	32,751
Capitalized mortgage servicing rights (3)	$	131,104		$	91,259		$	77,107		$	71,087		$	29,271
MSR allowance (3)		—			(404	)		(4,775	)		(6,153	)		(21,110	)
Total mortgages serviced for others (3)		8,252,000			7,276,000			6,861,000			6,394,000			3,776,000
MSR % of investor servicing portfolio		1.59	%		1.25	%		1.12	%		1.11	%		0.78	%

N.M., not a meaningful value.
(1)	The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.
(2)	In 2006, Huntington adopted 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.
(3)	At period end.

17

Huntington Bancshares Incorporated
Annual Credit Reserves Analysis
(Unaudited)

	Year Ended December 31,
(in thousands)	2006			2005			2004			2003			2002
Allowance for loan and lease losses, beginning of period	$	268,347		$	271,211		$	299,732		$	300,503		$	345,402
Acquired allowance for loan and lease losses		23,785			—			—			—			—
Loan and lease losses		(119,692	)		(115,848	)		(126,115	)		(201,534	)		(234,352	)
Recoveries of loans previously charged off		37,316			35,791			47,580			39,725			37,440
Net loan and lease losses		(82,376	)		(80,057	)		(78,535	)		(161,809	)		(196,912	)
Provision for loan and lease losses		62,312			83,782			57,397			164,616			182,211
Economic reserve transfer		—			(6,253	)		—			—			—
Allowance of assets sold and securitized		—			(336	)		(7,383	)		(3,578	)		(30,198	)
Allowance for loan and lease losses, end of period	$	272,068		$	268,347		$	271,211		$	299,732		$	300,503
Allowance for unfunded loan commitments and letters of credit, beginning of period	$	36,957		$	33,187		$	35,522		$	36,145		$	23,930
Acquired AULC		325			—			—			—			—
Provision for unfunded loan commitments and letters of credit losses		2,879			(2,483	)		(2,335	)		(623	)		12,215
Economic reserve transfer		—			6,253			—			—			—
Allowance for unfunded loan commitments and letters of credit, end of period	$	40,161		$	36,957		$	33,187		$	35,522		$	36,145
Total allowances for credit losses	$	312,229		$	305,304		$	304,398		$	335,254		$	336,648
Allowance for loan and lease losses (ALLL) as % of:
Transaction reserve		0.86	%		0.89	%		0.83	%		1.02	%		N.A.	%
Economic reserve		0.18			0.21			0.32			0.40			N.A.
Total loans and leases		1.04	%		1.10	%		1.15	%		1.42	%		1.62	%
Non-performing loans and leases (NPLs)		181			263			424			397			235
Non-performing assets (NPAs)		136			229			250			343			220
Total allowances for credit losses (ACL) as % of:
Total loans and leases		1.19	%		1.25	%		1.29	%		1.59	%		1.81	%
Non-performing loans and leases		208			300			476			444			263
Non-performing assets		156			261			280			384			246

N.A., not applicable.

18

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

	Year Ended December 31,
(in thousands)	2006			2005			2004			2003			2002
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Middle market commercial and industrial	$	6,318		$	13,578		$	1,920		$	75,803		$	104,703
Middle market commercial real estate:
Construction		3,553			135			2,465			2,928			4,216
Commercial		2,555			3,910			5,506			5,019			11,968
Middle market commercial real estate		6,108			4,045			7,971			7,947			16,184
Small business		15,225			11,951			5,566			11,625			14,516
Total commercial		27,651			29,574			15,457			95,375			135,403
Consumer:
Automobile loans		8,330			11,988			28,574			40,266			39,115
Automobile leases		10,445			11,664			10,837			5,728			1,431
Automobile loans and leases		18,775			23,652			39,411			45,994			40,546
Home equity		21,854			17,619			15,074			12,114			11,840
Residential mortgage		4,505			2,332			1,760			832			872
Other loans		9,591			6,880			6,833			7,494			8,251
Total consumer		54,725			50,483			63,078			66,434			61,509
Total net charge-offs	$	82,376		$	80,057		$	78,535		$	161,809		$	196,912
Net charge-offs (recoveries) — annualized percentages:
Commercial:
Middle market commercial and industrial		0.11	%		0.28	%		0.04	%		1.64	%		2.18	%
Middle market commercial real estate:
Construction		0.29			0.01			0.17			0.24			0.37
Commercial		0.09			0.20			0.29			0.28			0.72
Middle market commercial real estate		0.15			0.11			0.24			0.26			0.57
Small business		0.63			0.54			0.28			0.65			0.88
Total commercial		0.23			0.28			0.16			1.01			1.46
Consumer:
Automobile loans		0.40			0.59			1.25			1.24			1.43
Automobile leases		0.51			0.48			0.49			0.40			0.32
Automobile loans and leases		0.46			0.53			0.88			0.98			1.27
Home equity		0.44			0.37			0.36			0.35			0.40
Residential mortgage		0.10			0.06			0.05			0.04			0.06
Other loans		2.18			1.79			1.74			1.78			1.55
Total consumer		0.39			0.37			0.51			0.63			0.76
Net charge-offs as a % of average loans		0.32	%		0.33	%		0.35	%		0.81	%		1.13	%

N.M., not a meaningful value.

19

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

	December 31,
(in thousands)	2006			2005			2004			2003			2002
Non-accrual loans and leases:
Middle market commercial and industrial	$	35,657		$	28,888		$	24,179		$	33,745		$	79,691
Middle market commercial real estate		34,831			15,763			4,582			18,434			19,875
Small business		25,852			28,931			14,601			13,607			19,060
Residential mortgage		38,489			17,613			13,545			9,695			9,443
Home equity		15,266			10,720			7,055			—			—
Total non-performing loans and leases		150,095			101,915			63,962			75,481			128,069
Other real estate, net:
Residential		47,898			14,214			8,762			6,918			7,915
Commercial		1,589			1,026			35,844			4,987			739
Total other real estate, net		49,487			15,240			44,606			11,905			8,654
Total non-performing assets	$	199,582		$	117,155		$	108,568		$	87,386		$	136,723
Non-performing assets guaranteed by the U.S. government (1)	$	33,858		$	7,324		$	3,550		$	2,295		$	1,291
Non-performing loans and leases as a % of total loans and leases		0.57	%		0.42	%		0.27	%		0.36	%		0.69	%
Non-performing assets as a % of total loans and leases and other real estate		0.76			0.48			0.46			0.41			0.74
Accruing loans and leases past due 90 days or more (1)	$	59,114		$	56,138		$	54,283		$	55,913		$	61,526
Accruing loans and leases past due 90 days or more as a percent of total loans and leases		0.23	%		0.23	%		0.23	%		0.27	%		0.33	%

	December 31,
(in thousands)	2006			2005			2004			2003			2002
Non-performing assets, beginning of period	$	117,155		$	108,568		$	87,386		$	136,723		$	227,493
New non-performing assets (1)		228,005			171,150			137,359			222,043			260,229
Acquired non-performing assets		33,843			—			—			—			—
Returns to accruing status		(43,999	)		(7,547	)		(3,795	)		(16,632	)		(17,124	)
Loan and lease losses		(46,191	)		(38,819	)		(37,337	)		(109,905	)		(152,616	)
Payments		(59,469	)		(64,861	)		(43,319	)		(83,886	)		(136,774	)
Sales		(29,762	)		(51,336	)		(31,726	)		(60,957	)		(44,485	)
Non-performing assets, end of period	$	199,582		$	117,155		$	108,568		$	87,386		$	136,723

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

20

Huntington Bancshares Incorporated
Annual Automobile Operating Lease Performance
(Unaudited)

	At December 31,
(in thousands)	2006		2005		2004		2003		2002
Balance Sheet:
Average automobile operating lease assets outstanding	$	92,613	$	351,213	$	890,930	$	1,696,535	$	2,602,154
Income Statement:
Net rental income	$	37,512	$	121,101	$	265,542	$	458,644	$	615,453
Fees		2,021		6,531		13,457		21,623		28,542
Recoveries — early terminations		3,582		5,383		6,432		9,431		13,079
Total automobile operating lease income		43,115		133,015		285,431		489,698		657,074
Depreciation and residual losses at termination		28,591		94,816		215,047		350,550		463,783
Losses — early terminations		2,695		9,034		20,033		42,720		55,187
Total automobile operating lease expense		31,286		103,850		235,080		393,270		518,970
Net earnings contribution	$	11,829	$	29,165	$	50,351	$	96,428	$	138,104

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