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 22, 2009

HUNTINGTON BANCSHARES INCORPORATED

(Exact name of registrant as specified in its charter)

Maryland	1-34073	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))

Item 2.02. Results of Operations and Financial Condition.

     On January 22, 2009, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the quarter and year ended December 31, 2008. Also on January 22, 2009, 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 22, 2009, 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 77389849. Slides will be available at www.huntington-ir.com just prior to 1:00 p.m. EST on January 22, 2009, 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, 2009, at 800-642-1687; conference call ID 77389849.

     The information contained or incorporated by reference in this Current Report on Form 8-K contains certain forward-looking statements, including certain plans, expectations, goals, projections, and statements, 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: (1) deterioration in the loan portfolio could be worse than expected due to a number of factors such as the underlying value of the collateral could prove less valuable than otherwise assumed and assumed cash flows may be worse than expected; (2) changes in economic conditions; (3) movements in interest rates; (4) competitive pressures on product pricing and services; (5) success and timing of other business strategies; (6) the nature, extent, and timing of governmental actions and reforms; and (7) extended disruption of vital infrastructure. The Emergency Economic Stabilization Act of 2008 (EESA) passed 10/3/08 could have an undetermined material impact on company performance depending on rules of participation that have yet to be finalized. Additional factors that could cause results to differ materially from those described above can be found in Huntington’s 2007 Annual Report on Form 10-K, and documents subsequently filed by Huntington with the Securities and Exchange Commission. All forward-looking statements contained or incorporated by reference in this Current Report on Form 8-K are based on information available at the time of the release. Huntington assumes no obligation to update any forward-looking statement.

The fourth quarter 2008 Franklin Credit Management Corporation (Franklin) net charge-off information provided in the news release is not presented in accordance with Generally Accepted Accounting Standards (GAAP) because it excludes average loan balances related to Franklin in the narrative. Below is a reconciliation based on GAAP.

	2008						2007
(in millions)	Fourth			Third			Fourth
Commercial and industrial net charge-offs
Total	$	473.4		$	29.6		$	323.9
Franklin		(423.3	)		( -	)		(308.5	)
Non-Franklin	$	50.1		$	29.6		$	15.4
Commercial and industrial average loan balances:
Total	$	13,746		$	13,629		$	13,270
Franklin		(1,085	)		(1,114	)		(1,522	)
Non-Franklin	$	12,661		$	12,515		$	11,748
Commercial and industrial net charge-offs – annualized percentages
Total		13.78	%		0.87	%		9.76	%
Franklin		—			—			—
Non-Franklin		1.58	%		0.95	%		5.24	%
Total net charge-offs – annualized percentages
Total		5.41	%		0.92	%		3.77	%
Franklin		—			—			—
Non-Franklin		1.36	%		0.84	%		0.72	%

     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 22, 2009.

Exhibit 99.2 — Quarterly Financial Review, December 2008.

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 22, 2009	By:	/s/ Donald R. Kimble
		Donald R. Kimble
		Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
Exhibit 99.1	News release of Huntington Bancshares Incorporated, January 22, 2009.
Exhibit 99.2	Quarterly Financial Review, December 2008.

EX-99.1

Exhibit 99.1

NEWSRELEASE
FOR IMMEDIATE RELEASE
January 22, 2009

Contacts:

Analysts		Media
Jay Gould	(614) 480-4060	Jeri Grier	(614) 480-5413
Jim Graham	(614) 480-3878

HUNTINGTON BANCSHARES REPORTS:

• 2008 FOURTH QUARTER NET LOSS OF $417.3 MILLION, OR $1.20 PER COMMON SHARE

• $454.3 million pre-tax ($0.81 per share) negative impact from Franklin Credit Management Company (Franklin) relationship

• $141.7 million pre-tax ($0.25 per share) negative impact from net market-related losses

• 10.76% Tier 1 capital ratio and 13.96% Total risk-based capital ratio, or $2.2 billion and $1.9 billion in excess of the regulatory “well capitalized” minimums of 6% and 10%, respectively

• $162.0 million increase in the allowance for credit losses to 2.30%

• $961.3 million increase in non-performing assets, including the $650.2 million remaining balance to Franklin

• Annualized net charge-offs of 5.41%, including Franklin; 1.36% non-Franklin related

• 4% annualized growth in total average loans and leases

• 3% annualized growth in total average core deposits

• Management to forego 2008 bonuses

• Board compensation changed to stock

• 2008 FULL YEAR NET LOSS OF $113.8 MILLION, OR $0.44 PER COMMON SHARE

• REDUCTION IN QUARTERLY COMMON STOCK DIVIDEND TO $0.01 PER SHARE

     COLUMBUS, Ohio – Huntington Bancshares Incorporated (NASDAQ: HBAN; www.huntington.com) reported a 2008 fourth quarter net loss of $417.3 million, or $1.20 per

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common share. This compared with net income of $75.1 million, or $0.17 per common share, in the 2008 third quarter and a net loss of $239.3 million, or $0.65 per common share, in the year-ago quarter.

     For the year ending December 31, 2008, Huntington reported a net loss of $113.8 million, or $0.44 per common share, compared with net income of $75.2 million, or $0.25 per common share in 2007.

PERFORMANCE OVERVIEW

     Performance compared with the 2008 third quarter included:

• Net loss of $1.20 per common share, compared with net income of $0.17 per common share. Current quarter earnings were negatively impacted $0.81 per common share by the Franklin relationship and $0.25 per common share by market-related losses (see Significant Item discussion and Table 1 below).

• $560.6 million of net charge-offs, or an annualized 5.41% of average total loans, including $423.3 million related to Franklin. The non-Franklin related net charge-offs were $137.4 million, or an annualized 1.36% of related loans, up from an annualized 0.82% in the third quarter.

• 2.30% period-end allowance for credit losses (ACL) ratio, up from 1.90% at the end of the third quarter.

• $961.3 million increase in non-performing assets (NPAs), including $650.2 million related to the Franklin relationship. Period-end 3.97% NPA ratio, up from 1.64%.

• 3.18% net interest margin, down from 3.29% with 8 basis points of the decline associated with the Franklin relationship.

• 9% annualized linked-quarter growth in average total commercial loans and a 2% annualized linked-quarter decline in average total consumer loans.

• 3% annualized linked-quarter increase in average total core deposits.

• 10.76% and 13.96% period-end Tier 1 and Total risk-based capital ratios, compared with 8.80% and 12.03%, respectively, at September 30, 2008, and well above the regulatory “well capitalized” thresholds of 6.0% and 10.0%, respectively. The increase in both ratios included 2.99% due to issuance of preferred shares under the Trouble Asset Relief Program Capital Purchase Plan administered by the United States Treasury.

     “Fourth quarter performance was clearly disappointing, and Huntington’s performance mirrored the industry in that regard,” said Stephen D. Steinour, Huntington’s newly elected chairman, president, and chief executive officer. “The poor performance reflected the very difficult and challenging economic environment in which we find ourselves. Our relationship with Franklin Credit Management has been the primary worry of our investors. As such, my first priority was to take steps to address Franklin as an investor issue, which I believe we have now done.”

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     “There were some bright spots in the quarter, such as our ability to continue to grow loans and core deposits,” he continued. “Our lines of business continued to grow their customer bases and attract new business customers. We were able to use some of the TARP capital for loan originations and modifications, with the remainder temporarily paying down short-term borrowings, thus creating future lending capacity. From November 15, 2008, the date we received the TARP capital, through year end, we originated, renewed, or funded over $1.0 billion of commercial loans and almost $500 million of consumer loans. It also strengthened our regulatory Tier 1 and Total risk-based capital positions, which are now at least $1.9 billion above the regulatory “well capitalized” levels. Our liquidity position is robust.”

     “Yet these successes were overshadowed by the difficult and volatile market conditions that made revenue growth a challenge. This was most notable in the decreased value of our investment securities portfolio where additional impairment was recognized, as well as the decline in asset values in our asset management and brokerage areas. Margins remained under pressure due to the continued intense competition for deposits in our markets. And there was upward pressure on expenses from such things as higher FDIC insurance premiums and increased collection activities.”

     Commenting on non-Franklin related credit quality performance, Steinour noted, “Credit quality performance was mixed. Net charge-offs for our home equity and residential mortgage portfolios were in line with expectations. In contrast, non-Franklin related commercial loans deteriorated more than expected, as the fourth quarter’s accelerated weakening of the economy took its toll on our business borrowers’ ability to pay and collateral values. The automobile loan and lease net charge-off rate was slightly worse than expected, reflecting reduced sales and higher net charge-offs as used car prices fell. These factors contributed to the increase in non-Franklin related net charge-offs, as well as higher provision expense in order to replenish and build our reserve levels. While there will remain credit challenges, we believe they are addressable given our strong regulatory capital position.”

     “I think it is important that our investors, customers, and associates understand that despite this quarter’s performance and the continued challenges in coming quarters, Huntington has opportunities. Our strategic positioning as the ‘local’ bank is one to which our customers respond well, especially in difficult times. Our product and services menu is robust and we have good overall distribution and superb internet based delivery channels. I have always found that challenging times offer great opportunities and I am confident that will be true at Huntington as well,” he concluded.

DIVIDEND, MANAGEMENT AND BOARD COMPENSATION ANNOUNCEMENTS

     Huntington also announced that the board of directors has declared a quarterly cash dividend on its common stock of $0.01 per common share. The dividend is payable April 1, 2009, to shareholders of record on March 13, 2009.

     Regarding the decision to reduce the cash dividend, Steinour said, “This dividend reduction is clearly painful for our shareholders. Nevertheless, given that we reported a loss for 2008 and expect that 2009 will remain a challenging year, it is the right decision for these times.

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Importantly, and reflecting alignment with our shareholders, key members of management will forego 2008 bonuses, and going forward compensation to the board of directors will only be in common stock.”

FOURTH QUARTER PERFORMANCE DISCUSSION

Significant Items Influencing Financial Performance Comparisons

     Specific significant items impacting 2008 fourth quarter performance included (see Table 1 below):

• $454.3 million pre-tax ($0.81 per common share) negative impact related to our relationship with Franklin consisting of:

• $438.0 million of provision for credit losses,

• $9.0 million of interest income reversals as the loans were placed on nonaccrual loan status, and

• $7.3 million of interest rate swap write offs.

• $141.7 million pre-tax ($0.25 per common share) negative impact of net market-related losses consisting of:

• $127.1 million of securities losses, related to other-than-temporary impairment (OTTI) on certain investment securities,

• $12.6 million net negative impact of mortgage servicing rights (MSR) hedging consisting of a $22.1 million net impairment loss reflected in non-interest income, partially offset by a $9.5 million net interest income benefit, and

• $2.0 million of equity investment losses.

• $2.9 million ($0.01 per common share) increase to provision for income taxes, representing an increase to the previously established capital loss carry-forward valuation allowance related to the decline in value of Visa^® shares held and the reduction of shares resulting from the revised conversion ratio.

• $4.6 million pre-tax ($0.01 per common share) decline in other non-interest expense, representing a partial reversal of the 2007 fourth quarter accrual of $24.9 million for our portion of the bank guaranty covering indemnification charges against Visa^® following its funding of an escrow account for a portion of such indemnification.

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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 (3)
December 31, 2008 – GAAP loss	$	(417.3	)(3)	$	(1.20	)
• Franklin relationship		(454.3	)		(0.81	)
• Net market-related losses		(141.7	)		(0.25	)
• Visa®-related deferred tax valuation allowance provision		(2.9	)(3)		(0.01	)
• Visa® indemnification		4.6			0.01
September 30, 2008 – GAAP earnings	$	75.1	(3)	$	0.17
• Net market-related losses		(47.1	)		(0.08	)
• Visa®-related deferred tax valuation allowance provision		(3.7	)(3)		(0.01	)
December 31, 2007 – GAAP loss	$	(239.3	)(3)	$	(0.65	)
• Franklin relationship restructuring		(423.6	)		(0.75	)
• Net market-related losses		(63.5	)		(0.11	)
• Merger costs		(44.4	)		(0.08	)
• Aggregate impact of Visa® IPO		(24.9	)		(0.04	)
• Increases to litigation reserves		(8.9	)		(0.02	)

(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; EPS reflected on a fully diluted basis

Franklin Credit Management Relationship Actions

     Through the 2008 third quarter, the Franklin relationship continued to perform and accrue interest. While the cash flow generated by the underlying collateral was declining slightly, it continued to exceed the requirements of the 2007 fourth quarter restructuring agreement. However, during the 2008 fourth quarter the cash flows deteriorated significantly, reflecting a more severe than expected deterioration in the overall economy during the quarter. Principal payments associated with the first mortgage portfolios contracted significantly as the availability of credit was further reduced. An important source of principal reductions has been proceeds

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from the sale of properties in foreclosure, so the tightening credit scenario had a direct negative impact on the cash flows during the quarter. In addition, interest collections declined in the Franklin second mortgage portfolio as delinquencies continued to increase. These factors, coupled with the expectation that the severity of the economic downturn will further weaken the borrower’s ability to pay and the underlying value of the collateral, resulted in a significant deterioration in the value of Franklin’s mortgages. As such, the revaluation of the future expected cash flows led to the following 2008 fourth quarter actions:

• $423.3 million of our loans to Franklin were charged-off,

• $9.0 million of interest was reversed as the remaining loans were put on nonaccrual,

• $7.3 million of interest swap exposure was written off, and

• $438.0 million of provision expense was taken to replenish and increase the remaining specific loan loss reserve.

     As a result of these actions, at December 31, 2008, total loans outstanding to Franklin were $650.2 million, down $444.3 million, or 41%, from $1.095 billion at September 30, 2008. The specific allowance for loan losses on the Franklin exposure at December 31, 2008, was $130.0 million, up from $115.3 million at September 30, 2008, and represented 20% of the remaining loans outstanding. Subtracting the specific reserve from total loans outstanding, our total net exposure to Franklin at December 31, 208, was $520.2 million.

     “These actions should substantially address investor concerns regarding our exposure to Franklin,” said Steinour. “Our period-end net exposure to Franklin was $520.2 million, which represents the ending loan balance of $650.2 million, net of the $130.0 million period-end reserve. Importantly, considering only our share of first mortgage collateral, based on current valuations and a realizable value factor of 60%, plus $23 million of other collateral, mostly cash, the combined collateral represents 108% of our $520.2 million net exposure. In addition to the conservative collateral valuations methodology on the first mortgages, we have not ascribed any collateral value to the Franklin second mortgage portfolio, or the $5 million in monthly cash flow generated by that portfolio, which that will go directly to reduce the principal balance. Of equal importance, these actions create flexibility with the portfolio that should maximize the ultimate recovery of our remaining loans to Franklin. Going forward, our strategies related to this relationship include creating a structure that will help unlock the value of the Franklin servicing capabilities to third parties, and we are considering other structural changes in order to maximize its value to our shareholders.”

     “Addressing Franklin was my highest priority upon joining Huntington. Despite being here only a short while, we have spent hundreds of man-hours analyzing this situation in great detail and in dimensioning what actions would be required to accomplish this objective. While no assurances can be made, for these are unprecedented economic times, we believe our actions have positioned our exposure substantially in line with expected recoverable values,” he concluded.

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Troubled Asset Relief Program Capital Purchase Plan

     As previously announced on November 14, 2008, Huntington received $1.4 billion of equity capital by issuing to the U.S. Department of Treasury, fixed rate cumulative perpetual preferred stock.

     Commenting on the receipt of this capital, Steinour said, “This capital provides additional flexibility and we are committed to use it as intended to support and increase loan originations and our existing loan modification programs. We want to serve the loan demands of our customers and expect that over time this capital will contribute to those efforts. From November 15, 2008, the date we received the TARP capital, through year end, we originated or renewed over $1.7 billion of loans. This capital also significantly increased our regulatory Tier 1 and Total risk-based capital ratios to 10.76% and 13.96%, respectively, or at least $1.9 billion above the regulatory “well capitalized” minimums of 6.0% and 10.0%, respectively”.

Net Interest Income, Net Interest Margin, and Average Balance Sheet

2008 Fourth Quarter versus 2008 Third Quarter

     Compared with the 2008 third quarter, fully taxable equivalent net interest income decreased $14.1 million, or 4%. This primarily reflected an 11 basis point decline in the net interest margin to 3.18% from 3.29%. The 11 basis point decline in the net interest margin was almost entirely due to interest accrual reversals resulting from loans being placed on nonaccrual status, with 8 basis points associated with the Franklin relationship actions taken in the fourth quarter. While average total loans and leases increased during the quarter, this growth was more than offset by a decline in other earning assets, most notably investment securities and federal funds sold.

     Table 2 details the increase in average loans and leases.

Table 2 – Loans and Leases – 4Q08 vs. 3Q08

	Fourth		Third
	Quarter		Quarter		Change
(in billions)	2008		2008		Amount			%
Average Loans and Leases
Commercial and industrial	$	13.7	$	13.6	$	0.1			1	%
Commercial real estate		10.2		9.8		0.4			4
Total commercial	$	24.0	$	23.4	$	0.5			2	%
Automobile loans and leases		4.5		4.6		(0.1	)		(2	)
Home equity		7.5		7.5		0.1			1
Residential mortgage		4.7		4.8		(0.1	)		(2	)
Other consumer		0.7		0.7		0.0			1
Total consumer		17.5		17.6		(0.1	)		(0	)
Total loans and leases	$	41.4	$	41.0	$	0.4			1	%

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     Average total loans and leases increased $0.4 billion, or 1%, primarily due to growth in average total commercial loans that was partially offset by a decline in total average consumer loans.

     Average total commercial loans increased $0.5 billion, or 2%, reflecting 4% growth in average commercial real estate (CRE) loans and 1% growth in average commercial and industrial (C&I) loans. The fourth quarter CRE growth was comprised primarily of funding letters of credit that had supported floating rate bonds issued by our customers. This growth was not associated with the single family home builder segment as exposure to this segment declined slightly during the quarter.

     Average total consumer loans decreased $0.1 billion. Average total automobile loans and leases declined, reflecting a 28% decline in loan originations and a 46% decline in automobile direct financing lease production. The declines in origination volume reflected the industry wide dramatic decline in sales, and our decision to exit the automobile leasing business in the fourth quarter. We continue to consider our automobile loan business and dealer relationships as an important piece of the Huntington loan portfolio. Average residential mortgages also declined 2%, reflecting the continued slump in the housing markets, though average home equity loans increased 1%, due to increased volume in home equity line outstandings given the current interest rate environment. We continue to pursue origination strategies within the consumer segments, and are confident that we are meeting the demands of our borrowers. Yet, concerns about a weakening economy and job stability are curtailing customer demand.

     Table 3 details the $0.2 billion decline in average total deposits.

Table 3 – Deposits – 4Q08 vs. 3Q08

	Fourth		Third
	Quarter		Quarter		Change
(in billions)	2008		2008		Amount			%
Average Deposits
Demand deposits — non-interest bearing	$	5.2	$	5.1	$	0.1			2	%
Demand deposits — interest bearing		4.0		4.0		(0.0	)		(0	)
Money market deposits		5.5		5.9		(0.4	)		(6	)
Savings and other domestic deposits		4.8		4.9		(0.1	)		(2	)
Core certificates of deposit		12.5		11.9		0.6			5
Total core deposits		32.0		31.7		0.3			1
Other deposits		5.6		6.1		(0.5	)		(8	)
Total deposits	$	37.6	$	37.8	$	(0.2	)		(1	)%

     Average total deposits were down $0.2 billion, or 1%, from the prior quarter and reflected:

• $0.5 billion, or 8%, decrease in average non-core deposits, primarily reflecting a decline in other non-core domestic deposits.

     Partially offset by:

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• $0.3 billion, or 1%, increase in average total core deposits. The primary driver of the change was 5% growth in higher rate core certificates of deposits, partially offset by a 6% decline in lower rate money market accounts.

2008 Fourth Quarter versus 2007 Fourth Quarter

     Fully taxable equivalent net interest income decreased $8.3 million, or 2%, from the year-ago quarter. This reflected the unfavorable impact of an 8 basis point decline in the net interest margin to 3.18%. Average earning assets increased $0.3 billion, or 1%, reflecting a $1.3 billion, or 3%, increase in average total loans and leases, partially offset by declines in other earning assets, most notably federal funds sold.

     Table 4 details the $1.3 billion increase in average loans and leases.

Table 4 – Loans and Leases – 4Q08 vs. 4Q07

	Fourth Quarter				Change
(in billions)	2008		2007		Amount			%
Average Loans and Leases
Commercial and industrial	$	13.7	$	13.3	$	0.5			4	%
Commercial real estate		10.2		9.1		1.2			13
Total commercial	$	24.0	$	22.3	$	1.6			7	%
Automobile loans and leases		4.5		4.3		0.2			5
Home equity		7.5		7.3		0.2			3
Residential mortgage		4.7		5.4		(0.7	)		(13	)
Other consumer		0.7		0.7		(0.1	)		(7	)
Total consumer		17.5		17.8		(0.3	)		(2	)
Total loans and leases	$	41.4	$	40.1	$	1.3			3	%

     The $1.3 billion, or 3%, increase in average total loans and leases primarily reflected:

• $1.6 billion, or 7%, increase in average total commercial loans, with growth reflected in both C&I loans and CRE loans. The $1.2 billion, or 13%, increase in average CRE loans reflected a combination of factors, including the previously mentioned funding of letters of credit that had supported floating rate bonds, loans to existing borrowers, and draws on existing commitments, and loans to new business customers. The new loan activity, both to existing and new customers, was focused on traditional income producing property types and was not related to the single family residential developer segment. The $0.5 billion, or 4%, growth in average C&I loans reflected a combination of draws associated with existing commitments, new loans to existing borrowers, and some originations to new high credit quality customers. Given our consistent positioning in the market, we have been able to attract new relationships that historically dealt exclusively with

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competitors. These “house account” types of relationships are typically the highest quality borrowers and bring with them the added benefit of significant new deposit and other non-credit relationships.

Partially offset by:

• $0.3 billion, or 2%, decrease in average total consumer loans. This reflected a $0.7 billion, or 13%, decline in average residential mortgages, reflecting the impact of a loan sale in the 2008 second quarter, as well as the continued slump in the housing markets. Average home equity loans increased 3%, due to significant activity in home equity lines, particularly in the second half of the year due to the significantly lower rate environment. There was a decrease in the level of home equity loans, as borrowers moved back to the variable rate product. Huntington has underwritten home equity lines with credit policies designed to continue to improve the risk profile of the portfolio. Notably, our interest rate stress policies associated with this variable rate product continue to be in place. While clearly some borrowers have increased their funding percentage, the overall funding percentage on the home equity lines increased only slightly to 48%. Average automobile loans and leases increased 5% from the year-ago quarter, despite the dramatic decline in automobile sales that negatively affected growth in the 2008 fourth quarter due to the growth experienced earlier in 2008. Even though automobile loan origination volumes have declined, the impact of prepayments on this portfolio is lower because of loan sales in prior years.

• Table 5 details the $0.1 billion reported decrease in average total deposits.

Table 5 – Deposits – 4Q08 vs. 4Q07

	Fourth Quarter				Change
(in billions)	2008		2007		Amount			%
Average Deposits
Demand deposits — non-interest bearing	$	5.2	$	5.2	$	(0.0	)		(0	)%
Demand deposits — interest bearing		4.0		3.9		0.1			2
Money market deposits		5.5		6.8		(1.3	)		(20	)
Savings and other domestic deposits		4.8		5.0		(0.2	)		(3	)
Core certificates of deposit		12.5		10.7		1.8			17
Total core deposits		32.0		31.7		0.3			1
Other deposits		5.6		6.0		(0.4	)		(7	)
Total deposits	$	37.6	$	37.7	$	(0.1	)		(0	)%

     The $0.1 billion decrease in average total deposits reflected growth in average total core deposits, as average other deposits declined. Changes from the year-ago period reflected the continuation of customers transferring funds from lower rate to higher rate accounts like certificates of deposits as short-term rates have fallen. Specifically, average core certificates of deposit increased $1.8 billion, or 17%, whereas average money market deposits and savings and other domestic deposits decreased 20% and 3%, respectively.

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Provision for Credit Losses

     The provision for credit losses in the 2008 fourth quarter was $722.6 million, up $597.2 million from the third quarter, of which $438.0 million reflected the Franklin relationship actions during the current quarter. The provision for credit losses in the current quarter was $210.5 million higher than in the year-ago quarter. (See Franklin Credit Management Relationship Actions and Credit Quality discussions).

Non-Interest Income

2008 Fourth Quarter versus 2008 Third Quarter

     Non-interest income decreased $100.8 million, or 60%, from the third quarter.

Table 6 – Non-interest Income – 4Q08 vs. 3Q08

	Fourth			Third									Change Attributable to
	Quarter			Quarter			Change						Significant			Other
(in millions)	2008			2008			Amount			%			Items			Amount			%
Non-interest Income
Service charges on deposit accounts	$	75.2		$	80.5		$	(5.3	)		(7	)%	$	—		$	(5.3	)		(7	)%
Brokerage and insurance income		31.2			34.3			(3.1	)		(9	)		—			(3.1	)		(9	)
Trust services		27.8			31.0			(3.1	)		(10	)		—			(3.1	)		(10	)
Electronic banking		22.8			23.4			(0.6	)		(3	)		—			(0.6	)		(3	)
Bank owned life insurance income		13.6			13.3			0.3			2			—			0.3			2
Automobile operating lease income		13.2			11.5			1.7			15			—			1.7			15
Mortgage banking income (loss)		(6.7	)		10.3			(17.0	)	NM				(15.6	) (1)		(1.4	)		(14	)
Securities gains (losses)		(127.1	)		(73.8	)		(53.3	)		(72	)		(53.3	) (2)		—			0
Other income		17.1			37.3			(20.3	)		(54	)		(12.7	) (3)		(7.6	)		(20	)
Total non-interest income	$	67.1		$	167.9		$	(100.8	)		(60	)%	$	(81.6	)	$	(19.1	)		(11	)%
(1) Net impact of MSR hedging
MSR valuation adjustment	$	(63.4	)	$	(10.3	)	$	(53.1	)
Net trading (losses) gains		41.3			3.8			37.5
Impact to non interest income		(22.1	)		(6.5	)		(15.6	)
Net interest income impact		9.5			8.4			1.1
Net impact of MSR hedging	$	(12.6	)	$	1.9		$	(14.5	)
(2) Securities gains (losses)	$	(127.1	)	$	(73.8	)	$	(53.3	)
(3) Other income
Equity investment gains (losses)	$	(2.0	)	$	3.4		$	(5.4	)
Franklin swap losses		(7.3	)		—			(7.3	)
Impact to other income	$	(9.3	)	$	3.4		$	(12.7	)

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     The $100.8 million decrease in total non-interest income included $81.6 million from significant items (see Significant Item discussion). The remaining $19.1 million, or 11%, decline reflected:

• $7.6 million, or 20%, decline in other income, reflecting credit losses on non-Franklin interest rate swaps.

• $5.3 million, or 7%, decline in service charges on deposit accounts, primarily reflecting lower consumer NSF and overdraft fees.

• $3.1 million, or 10%, decline in trust services income, reflecting the impact of lower market values on asset management revenues.

• $3.1 million, or 9%, decline in brokerage and insurance income, primarily reflecting lower commercial line insurance income.

2008 Fourth Quarter versus 2007 Fourth Quarter

     Non-interest income decreased $103.5 million, or 61%, from the year-ago quarter.

Table 7 – Non-interest Income – 4Q08 vs. 4Q07

													Change Attributable to
	Fourth Quarter						Change						Significant			Other
(in millions)	2008			2007			Amount			%			Items			Amount			%
Non-interest Income
Service charges on deposit accounts	$	75.2		$	81.3		$	(6.0	)		(7	)%	$	—		$	(6.0	)		(7	)%
Brokerage and insurance income		31.2			30.3			0.9			3			—			0.9			3
Trust services		27.8			35.2			(7.4	)		(21	)		—			(7.4	)		(21	)
Electronic banking		22.8			21.9			0.9			4			—			0.9			4
Bank owned life insurance income		13.6			13.3			0.3			2			—			0.3			2
Automobile operating lease income		13.2			2.7			10.5		NM				—			10.5		NM
Mortgage banking income (loss)		(6.7	)		3.7			(10.4	)	NM				(10.3	) (1)		(0.1	)		(4	)
Securities gains (losses)		(127.1	)		(11.6	)		(115.5	)	NM				(115.5	) (2)		—			0
Other income		17.1			(6.2	)		23.2		NM				34.1	(3)		(10.9	)	NM
Total non-interest income	$	67.1		$	170.6		$	(103.5	)		(61	)%	$	(91.8	)	$	(11.7	)		(7	)%
(1) Net impact of MSR hedging
MSR valuation adjustment	$	(63.4	)	$	(21.2	)	$	(42.1	)
Net trading (losses) gains		41.3			9.5			31.8
Impact to non interest income		(22.1	)		(11.8	)		(10.3	)
Net interest income impact		9.5			3.2			6.3
Net impact of MSR hedging	$	(12.6	)	$	(8.6	)	$	(4.0	)
(2) Securities gains (losses)	$	(127.1	)	$	(11.6	)	$	(115.5	)
(3) Other income
Equity investment gains (losses)	$	(2.0	)	$	(9.4	)	$	7.4
Loss on loans held for sale		—			(34.0	)		34.0
Franklin swap losses		(7.3	)		—			(7.3	)
Impact to non interest income	$	(9.3	)	$	(43.4	)	$	34.1

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     The $103.5 million decrease in total non-interest income reflected the $91.8 million negative impact in the current quarter from significant items (see Significant Item discussion), as well as a 7% decline in the remaining components of non-interest income. The $10.9 million decline in other income reflected lower capital markets income.

Non-interest Expense

2008 Fourth Quarter versus 2008 Third Quarter

     Non-interest expense increased $51.1 million, or 15%, from the 2008 third quarter.

Table 8 – Non-interest Expense – 4Q08 vs. 3Q08

	Fourth			Third									Change Attributable to
	Quarter			Quarter			Change						Significant			Other
(in millions)	2008			2008			Amount			%			Items			Amount			%
Non-interest Expense
Personnel costs	$	196.8		$	184.8		$	12.0			6	%	$	—		$	12.0			6	%
Outside data processing and other services		31.2			32.4			(1.2	)		(4	)		—			(1.2	)		(4	)
Net occupancy		23.0			25.2			(2.2	)		(9	)		—			(2.2	)		(9	)
Equipment		22.3			22.1			0.2			1			—			0.2			1
Amortization of intangibles		19.2			19.5			(0.3	)		(1	)		—			(0.3	)		(1	)
Professional services		17.4			13.4			4.0			30			—			4.0			30
Marketing		9.4			7.0			2.3			33			—			2.3			33
Automobile operating lease expense		10.5			9.1			1.4			15			—			1.4			15
Telecommunications		5.9			6.0			(0.1	)		(2	)		—			(0.1	)		(2	)
Printing and supplies		4.2			4.3			(0.1	)		(3	)		—			(0.1	)		(3	)
Other expense		50.2			15.1			35.1		NM				16.8	(1)		18.3		NM
Total non-interest expense	$	390.1		$	339.0		$	51.1			15	%	$	16.8		$	34.3			10	%
(1) Other expense
Debt extinguishment loss (gain)	$	—		$	(21.4	)	$	21.4
VISA indemnification		(4.6	)		—			(4.6	)
Impact to non interest expense	$	(4.6	)	$	(21.4	)	$	16.8

     Of the $51.1 million increase, $16.8 million represented the impact of significant items (see Significant Item discussion). The remaining $34.3 million, or 10%, increase reflected:

• $18.3 million increase in other expense, reflecting a $7.4 million increase in automobile lease residual losses due to continued weakening in used car prices, as well as a $5.4 million increase in FDIC insurance expense as we depleted our one-time credit, previously being used to offset these insurance expenses.

• $12.0 million, or 6%, increase in personnel costs, reflecting the seasonal pension

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	settlement catch up, as well as severance and non-executive benefit accruals.
•	$4.0 million, or 30%, increase in professional services, reflecting an increase in legal fees associated with litigation and collection expenses.
•	$2.3 million, or 33%, increase in marketing costs.

Partially offset by:

• $2.2 million, or 9%, decline in net occupancy expense.

2008 Fourth Quarter versus 2007 Fourth Quarter

     Non-interest expense decreased $49.5 million, or 11%, from the year-ago quarter.

Table 9 – Non-interest Expense – 4Q08 vs. 4Q07

												Change Attributable to
	Fourth Quarter					Change						Significant			Mrgr. Rstrct.			Other
(in millions)	2008			2007		Amount			%			Items			Costs			Amount			% (4)
Non-interest Expense
Personnel costs	$	196.8		$	214.9	$	(18.1	)		(8	)%	$	—		$	(22.8	)	$	4.7			2	%
Outside data processing and other services		31.2			39.1		(7.9	)		(20	)		—			(7.0	)		(0.9	)		(3	)
Net occupancy		23.0			26.7		(3.7	)		(14	)		—			(1.2	)		(2.5	)		(10	)
Equipment		22.3			22.8		(0.5	)		(2	)		—			(0.2	)		(0.3	)		(1	)
Amortization of intangibles		19.2			20.2		(1.0	)		(5	)		—			—			(1.0	)		(5	)
Professional services		17.4			14.5		3.0			20			—			(3.4	)		6.4			58
Marketing		9.4			16.2		(6.8	)		(42	)		—			(6.9	)		0.1			1
Automobile operating lease expense		10.5			1.9		8.6		NM				—			—			8.6		NM
Telecommunications		5.9			8.5		(2.6	)		(31	)		—			(1.0	)		(1.7	)		(22	)
Printing and supplies		4.2			6.6		(2.4	)		(37	)		—			(1.0	)		(1.4	)		(25	)
Other expense		50.2			68.2		(18.0	)		(26	)		(29.4	) (1)		(0.9	)		12.3			18
Total non-interest expense	$	390.1		$	439.6	$	(49.5	)		(11	)%	$	(29.4	)	$	(44.4	)	$	24.4			6	%
(1) VISA indemnification	$	(4.6	)	$	24.9	$	(29.4	)

     Of the $49.5 million decline, $44.4 million represented Sky Financial merger/restructuring costs in the year-ago quarter with $29.4 million from significant items (see Significant Item discussion). The remaining $24.4 million, or 6%, increase primarily reflected a $12.3 million, or 18%, increase in other expense due to higher automobile lease residual losses, corporate insurance expense, and FDIC insurance premiums.

Income Taxes

     The provision for income taxes in the 2008 fourth quarter was a benefit of $251.9 million. For the full year, the provision for income taxes was a benefit of $182.2 million. The effective tax rate for the 2008 fourth quarter was a tax benefit of 37.6%.

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Credit Quality

     Credit quality performance in the 2008 fourth quarter was negatively impacted by the Franklin relationship actions (see Franklin Credit Management Relationship Actions), as well as accelerated economic weakness in our Midwest markets. These economic factors influenced the performance of net charge-offs (NCOs) and nonaccrual loans (NALs), as well as an expected commensurate significant increase in the provision for credit losses (see Provision for Credit Losses discussion) that significantly increased the absolute and relative levels of our allowance for credit losses (ACL).

Net Charge-Offs

     Total net charge-offs for the 2008 fourth quarter were $560.6 million, or an annualized 5.41% of average total loans and leases. This was up significantly from total net charge-offs in the 2008 third quarter of $83.8 million, or an annualized 0.82%. Fourth quarter net charge-offs in the year-ago quarter were $377.9 million, or an annualized 3.77%. The 2008 fourth quarter, as well as the year-ago quarter, included Franklin relationship-related net charge-offs of $423.3 million and $308.5 million, respectively.

     Total commercial net charge-offs for the 2008 fourth quarter were $511.8 million, or an annualized 8.54% of related loans, up from $40.6 million, or an annualized 0.69% in the 2008 third quarter. Total commercial net charge-offs in the year-ago quarter were $344.6 million, or an annualized 6.18%. Franklin relationship-related net charge-offs in the current and year-ago quarter were $423.3 million and $308.5 million, respectively. Non-Franklin C&I net charge-offs in the 2008 fourth quarter were $50.2 million, or an annualized 1.58%, of related loans. This compared with $29.6 million, or an annualized 0.95%, in the 2008 third quarter. The current quarter’s non-Franklin C&I net charge-offs reflected the impact of two relationships totaling $11.5 million, with the rest of the increase spread among smaller loans across the portfolio. The two larger relationships, and the majority of the rest of the charge-offs, had been included in our previous full-year net charge-off forecast. The increase compared with the third quarter was consistent with our view of the deteriorating economic situation.

     Current quarter CRE net charge-offs were $38.4 million, or an annualized 1.50%, up from $11.0 million, or an annualized 0.45% in the prior quarter. The fourth quarter losses were centered in the single family homebuilder portfolio, spread across the footprint. There was a $5.2 million loss associated with the retail center located in Indianapolis we have discussed in prior quarters.

     Total consumer net charge-offs in the current quarter were $48.8 million, or an annualized 1.12% of related loans, up from $43.1 million, or an annualized 0.98% in the third quarter, and from $33.3 million, or an annualized 0.75%, in the year-ago quarter.

     Automobile loan and lease net charge-offs were $18.6 million, or an annualized 1.64% in the current quarter, up from 1.15% in the prior period and 0.96% in the year-ago period. Net charge-offs for automobile loans were an annualized 1.53% in the current quarter, up from 1.02% in the third quarter, with net-charge-offs for automobile leases also increasing to an annualized 2.31%

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from 1.84%. Both automobile loan and automobile lease net charge-offs continued to be negatively impacted by declines in used car prices, with automobile lease net charge-off rates also being negatively impacted by a portfolio that is in a run-off mode. Although we anticipate that automobile loan and lease net charge-offs will remain under pressure due to continued economic weakness in our markets, we believe that our focus on prime borrowers over the last several years, and in particular our move to super prime originations in 2008, will continue to result in better performance relative to other peer bank automobile portfolios.

     Home equity net charge-offs in the 2008 fourth quarter were $19.2 million, or an annualized 1.02%, up from an annualized 0.85% in the prior quarter, and from an annualized 0.67%, in the year-ago quarter. This portfolio continued to be negatively impacted by the general economic and housing market slowdown. The impact was evident across our footprint, particularly so in our Michigan markets. Given that we have no exposure to the very volatile West Coast and minimal exposure to Florida markets, as less than 10% of the portfolio was originated via the broker channel, and our conservative assessment of the borrower’s ability to repay at the time of underwriting, we continue to believe our home equity net charge-off experience will compare very favorably relative to the industry.

     Residential mortgage net charge-offs were $7.3 million, or an annualized 0.62% of related average balances. This was up from an annualized 0.56% in the prior quarter and from 0.25% in the year-ago quarter. The residential portfolio is subject to the regional economic and housing related pressures, and we expect to see additional stress in our markets in future periods. Our portfolio performance will continue to be positively impacted by our origination strategy that specifically excluded the more exotic mortgage structures. In addition, loss mitigation strategies have been in place for over a year and are helping to successfully address risks in our ARM portfolio.

Nonaccrual Loans and Non-performing Assets

     Nonaccrual loans (NALs) were $1,502.1 million at December 31, 2008, and represented 3.66% of total loans and leases. This was significantly higher than $585.9 million, or 1.42%, at September 30, 2008, and $319.8 million, or 0.80%, at the end of the year-ago period. Of the $916.2 million increase in NALs from the end of the prior quarter, $650.2 million were related to the Franklin relationship (see Franklin Credit Management Relationship Actions), $146.9 million related to a 49% increase in CRE NALs and a $13.8 million, or 16%, increase in residential mortgage NALs. In contrast, home equity NALs declined $2.9 million, or 10%.

     Non-performing assets (NPAs), which include NALs, were $1,636.6 million at December 31, 2008. This was significantly higher than $675.3 million at September 30, 2008, and up from $472.9 million at the end of the year-ago period. The $961.3 million increase in NPAs from the end of the prior quarter reflected the $916.2 million increase in NALs. The entire $650.2 million Franklin relationship was placed on nonaccrual status.

     The over 90-day delinquent, but still accruing, ratio was 0.50% at December 31, 2008, up from 0.46% at September 30, 2008, and from 0.35% at the end of the year-ago quarter. The 4 basis point increase in the 90-day delinquent ratio from September 30, 2008, reflected a 16 basis point increase in the total consumer loan 90-day delinquent ratio to 0.77% from 0.61%, as the

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total commercial loan 90-day delinquent ratio declined to 0.30% from 0.35%.

Allowances for Credit Losses (ACL)

     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, 2008, the ALLL was $900.2 million, up from $720.7 million at September 30, 2008, and from $578.4 million a year ago. Expressed as a percent of period-end loans and leases, the ALLL ratio at December 31, 2008, was 2.19%, up from 1.75% at September 30, 2008, and from 1.44% a year ago. The $179.5 million increase from the end of the prior quarter primarily reflected the impact of the continued economic weakness across our Midwest markets, as the reserves associated with the Franklin relationship accounted for only $14.7 million of the increase. On an absolute basis the Franklin relationship reserve increased $14.7 million (from $115.3 million to $130.0 million), as a percent of outstanding loans, the reserve increased to 20% from 11% at the end of the prior quarter (see Franklin Credit Management Relationship Actions).

     Table 10 shows the change in the ALLL ratio and each reserve component for the 2008 fourth and third quarters and 2007 fourth quarter.

Table 10 – Components of ALLL as Percent of Total Loans and Leases

										4Q08 change from
	4Q08			3Q08			4Q07			3Q08			4Q07
Transaction reserve (1)		1.91	%		1.54	%		1.27	%		0.37	%		0.64	%
Economic reserve		0.28			0.21			0.17			0.07			0.11
Total ALLL		2.19	%		1.75	%		1.44	%		0.44	%		0.75	%

(1) Includes specific reserve

     The ALLL as a percent of NALs was 60% at December 31, 2008, down from 123% at September 30, 2008, and from 181% a year ago. At December 31, 2008, the AULC was $44.1 million, down from $61.6 million at September 30, 2008, and from $66.5 million at the end of the year-ago quarter.

     On a combined basis, the ACL as a percent of total loans and leases at December 31, 2008, was 2.30%, up from 1.90% at September 30, 2008, and from 1.61% a year ago. The ACL as a percent of NALs was 63% at December 31, 2008, down from 134% at September 30, 2008, and from 202% a year ago.

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Capital

     At December 31, 2008, the regulatory Tier 1 and Total risk-based capital ratios were 10.76% and 13.96%, respectively, up from 8.80% and 12.03%, respectively, at September 30, 2008. Both ratios are well above the regulatory “well capitalized” thresholds of 6.0% and 10.0%, respectively. The “well capitalized” level is the highest regulatory capital designation. The tangible equity to asset ratio at December 31, 2008, was 7.66%, up from 5.98% at the end of the prior quarter. These increases reflected the benefit of the $1.4 billion preferred stock we issued to the U.S. Treasury as we were approved to participate in the Trouble Asset Relief Program’s Capital Purchase Plan (see Troubled Asset Relief Program Capital Purchase Plan). In contrast, and reflecting the net loss for the quarter, the tangible common equity ratio declined to 3.98% at December 31, 2008, from 4.88% at the end of September 30, 2008.

2009 EXPECTATIONS

     Commenting on 2009 expectations Steinour noted, “We expect 2009 will be a challenging year as we do not expect to see any turnaround in the underlying economy through at least the end of this year. We expect to see continued levels of elevated charge-offs and provision expense. The net interest margin is likely to remain under modest pressure. We do expect to continue to grow our core deposits. Fee income will be challenged and we expect that higher collection expense levels will remain throughout the year.”

     “Within this type of environment, right-sizing the level of expense is critical. That is why we have launched an expense reduction initiative. What direction or magnitude this will take is not known at this time. But we will be looking in every area, and nothing is off limits,” he concluded.

Conference Call / Webcast Information

     Huntington’s senior management will host an earnings conference call on Thursday, January 22, 2009, at 1:00 p.m. (Eastern Daylight Time). 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 77389849. Slides will be available at www.huntington-ir.com just prior to 1:00 p.m. (Eastern Daylight Time) on January 22, 2009, for review during the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s web site www.huntington.com. A telephone replay will be available two hours after the completion of the call through January 31, 2009, at 800-642-1687; conference ID 77389849.

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Forward-looking Statement

     This press release contains certain forward-looking statements, including certain plans, expectations, goals, projections, and statements, 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: (1) deterioration in the loan portfolio could be worse than expected due to a number of factors such as the underlying value of the collateral could prove less valuable than otherwise assumed and assumed cash flows may be worse than expected; (2) changes in economic conditions; (3) movements in interest rates; (4) competitive pressures on product pricing and services; (5) success and timing of other business strategies; (6) the nature, extent, and timing of governmental actions and reforms, including the rules of participation for the Troubled Asset Relief Program voluntary Capital Purchase Plan under the Emergency Economic Stabilization Act of 2008, which may be changed unilaterally and retroactively by legislative or regulatory actions; and (7) extended disruption of vital infrastructure. Additional factors that could cause results to differ materially from those described above can be found in Huntington’s 2007 Annual Report on Form 10-K, and documents subsequently filed by Huntington with the Securities and Exchange Commission. All forward-looking statements included in this release are based on information available at the time of the release. Huntington assumes no obligation to update any forward-looking statement.

Basis of Presentation

Use of Non-GAAP Financial Measures

     This earnings release contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Huntington’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this release, the Quarterly Financial Review supplement to this earnings release, or the 2008 fourth quarter earnings conference call slides, which can be found on Huntington’s website at huntington-ir.com.

Significant Items

     Certain components of the Income Statement are naturally subject to more volatility than others. As a result, analysts/investors may view such items differently in their assessment of performance compared with their expectations and/or any implications resulting from them on their assessment of future performance trends. It is a general practice of analysts/investors to try and determine their perception of what “underlying” or “core” earnings performance is in any given reporting period, as this typically forms the basis for their estimation of performance in future periods.

     Therefore, Management believes the disclosure of certain “Significant Items” in current and prior period results aids analysts/investors in better understanding corporate performance so that they can ascertain for themselves what, if any, items they may wish to include/exclude from their analysis of performance; i.e., within the context of determining how that performance differed from their expectations, as well as how, if at all, to adjust their estimates of future performance accordingly.

     To this end, Management has adopted a practice of listing as “Significant Items” in its external disclosure documents (e.g., earnings press releases, investor presentations, Forms 10-Q and 10-K) individual and/or particularly volatile items that impact the current period results by $0.01 per share or more. (The one exception is the provision for credit losses discussed below). Such “Significant Items” generally fall within one of two categories: timing differences and other items.

Timing Differences

     Part of the company’s regular business activities are by their nature volatile; e.g. capital markets income, gains and losses on the sale of loans, etc. While such items may generally be expected to occur within a full-year reporting period, they may vary significantly from period to period. Such items are also typically a component of an

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Income Statement line item and not, therefore, readily discernable. By specifically disclosing such items, analysts/investors can better assess how, if at all, to adjust their estimates of future performance.

Other Items

     From time to time, an event or transaction might significantly impact revenues, expenses, or taxes in a particular reporting period that are judged to be one-time, short-term in nature, and/or materially outside typically expected performance. Examples would be (1) merger costs as they typically impact expenses for only a few quarters during the period of transition; e.g., restructuring charges, asset valuation adjustments, etc.; (2) changes in an accounting principle; (3) one-time tax assessments/refunds; (4) a large gain/loss on the sale of an asset; (5) outsized commercial loan net charge-offs related to fraud; etc. By disclosing such items, analysts/investors can better assess how, if at all, to adjust their estimates of future performance.

Provision for Credit Losses

     While the provision for credit losses may vary significantly between periods, Management typically excludes it from the list of “Significant Items”, unless in Management’s view, there is a significant specific credit(s), which is causing distortion in the period.

     Provision expense is always an assumption in analyst/investor expectations of earnings and there is apparent agreement among them that provision expense is included in their definition of “underlying” or “core” earnings unlike “timing differences” or “other items”. In addition, provision expense is an individual Income Statement line item so its value is easily known and, except in very rare situations, the amount in any reporting period always exceeds $0.01 per share. In addition, the factors influencing the level of provision expense receive detailed additional disclosure and analysis so that analysts/investors have information readily available to understand the underlying factors that result in the reported provision expense amount.

     In addition, provision expense trends usually increase/decrease in a somewhat orderly pattern in conjunction with credit quality cycle changes; i.e., as credit quality improves provision expense generally declines and vice versa. While they may have differing views regarding magnitude and/or trends in provision expense, every analyst and most investors incorporate a provision expense estimate in their financial performance estimates.

Other Exclusions

     “Significant Items” for any particular period are not intended to be a complete list of items that may significantly impact future periods. A number of factors, including those described in Huntington’s 2007 Annual Report on Form 10-K and other factors described from time to time in Huntington’s other filings with the Securities and Exchange Commission, could significantly impact future periods.

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 and deposit 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.

- 20 -

Earnings per share equivalent data

     Significant 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 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 disclosed separately, with this then being the amount used to calculate the earnings per share equivalent.

NM or nm

     Percent changes of 100% or more are typically shown as “nm” or “not meaningful” unless required. Such large percent changes typically reflect the impact of unusual or particularly volatile 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 typically “not meaningful” for trend analysis purposes.

About Huntington

     Huntington Bancshares Incorporated is a $54 billion regional bank holding company headquartered in Columbus, Ohio. Huntington has more than 142 years of serving the financial needs of its customers. Huntington’s banking subsidiary, The Huntington National Bank, provides innovative retail and commercial financial products and services through over 600 regional banking offices in Indiana, Kentucky, Michigan, Ohio, Pennsylvania, and West Virginia. Huntington also offers retail and commercial financial services online at huntington.com; through its technologically advanced, 24-hour telephone bank; and through its network of almost 1,400 ATMs. Selected financial service activities are also conducted in other states including: Auto Finance & Dealer Services offices in Arizona, Florida, Tennessee, Texas, and Virginia; Private Financial and Capital Markets Group offices in Florida; and Mortgage Banking offices in Maryland and New Jersey. Huntington Insurance offers retail and commercial insurance agency services in Indiana, Ohio, Michigan, Pennsylvania, and West Virginia. International banking services are made available through the headquarters office in Columbus, a limited purpose office located in the Cayman Islands, and another located in Hong Kong.

###

- 21 -

HUNTINGTON BANCSHARES INCORPORATED
Quarterly Key Statistics ⁽¹⁾
(Unaudited)

	2008						2007			Percent Changes vs.
(in thousands, except per share amounts)	Fourth			Third			Fourth			3Q08			4Q07
Net interest income	$	376,365		$	388,636		$	382,933			(3.2	)%		(1.7)	%
Provision for credit losses		722,608			125,392			512,082			N.M.			41.1
Non-interest income		67,099			167,857			170,557			(60.0	)		(60.7	)
Non-interest expense		390,094			338,996			439,552			15.1			(11.3	)
(Loss) Income before income taxes		(669,238	)		92,105			(398,144	)		N.M.			68.1
(Benefit) Provision for income taxes		(251,949	)		17,042			(158,864	)		N.M.			58.6
Net (Loss) Income	$	(417,289	)	$	75,063		$	(239,280	)		N.M.	%		74.4	%
Dividends declared on preferred shares		23,158			12,091			—			91.5			—
Net (loss) income applicable to common shares	$	(440,447	)	$	62,972		$	(239,280	)		N.M.	%		84.1
Net (loss) income per common share — diluted	$	(1.20	)	$	0.17		$	(0.65	)		N.M.	%		84.6	%
Cash dividends declared per common share		0.1325			0.1325			0.265			—			(50.0	)
Book value per common share at end of period		14.53			15.86			16.24			(8.4	)		(10.5	)
Tangible book value per common share at end of period		5.55			6.84			7.13			(18.9	)		(22.2	)
Average common shares — basic		366,054			366,124			366,119			—			—
Average common shares — diluted (2)		366,054			367,361			366,119			(0.4	)		—
Return on average assets		(3.04	)%		0.55			(1.74	)%
Return on average shareholders’ equity		(23.7	)		4.7			(15.3	)
Return on average tangible shareholders’ equity (3)		(43.2	)		11.6			(30.7	)
Net interest margin (4)		3.18			3.29			3.26
Efficiency ratio (5)		64.6			50.3			73.5
Effective tax rate		(37.6	)		18.5			(39.9	)
Average loans and leases	$	41,436,810		$	41,004,234		$	40,109,361			1.1			3.3
Average loans and leases — linked quarter annualized growth rate.		4.2	%		(0.2	)		2.8	%
Average earning assets	$	47,575,350		$	47,640,822		$	47,274,130			(0.1	)		0.6
Average total assets		54,607,132			54,660,358			54,480,021			(0.1	)		0.2
Average core deposits (6)		31,997,644			31,738,625			31,670,411			0.8			1.0
Average core deposits — linked quarter annualized growth rate (6)		3.3	%		4.2			0.4	%
Average shareholders’ equity	$	7,017,683		$	6,321,364		$	6,211,206			11.0			13.0
Total assets at end of period		54,311,602			54,660,589			54,697,468			(0.6	)		(0.7	)
Total shareholders’ equity at end of period		7,196,791			6,373,906			5,949,140			12.9			21.0
Net charge-offs (NCOs)		560,620			83,751			377,907			N.M.			48.3
NCOs as a % of average loans and leases		5.41	%		0.82			3.77	%
Nonaccrual loans and leases (NALs)	$	1,502,147		$	585,941		$	319,771			N.M.			N.M.
NAL ratio		3.66	%		1.42			0.80	%
Non-performing assets (NPAs) (7)		1,636,646			675,319			472,902			N.M.			N.M.
NPA ratio		3.97	%		1.64			1.18	%
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period		2.19			1.75			1.44
ALLL plus allowance for unfunded loan commitments and letters of credit as a % of total loans and leases at the end of period		2.30			1.90			1.61
ALLL as a % of NALs		60			123			181
ALLL as a % of NPAs		55			107			122
Tier 1 risk-based capital ratio (8)		10.76			8.80			7.51
Total risk-based capital ratio (8)		13.96			12.03			10.85
Tier 1 leverage ratio (8)		9.82			7.99			6.77
Average equity / assets		12.85			11.56			11.40
Tangible equity / assets (9)		7.66			5.98			5.08
Tangible common equity / assets		3.98			4.88			5.08

N.M., not a meaningful value.

(1)	Comparisons for presented periods are impacted by a number of factors. Refer to “Significant Items”.
(2)	For the three-month periods ended December 31, 2008, and September 30, 2008, the impact of the convertible preferred stock issued in April of 2008 was excluded from the diluted share calculation. It was excluded because the result would have been higher than basic earnings per common share (anti-dilutive) for the period.
(3)	Net (loss) income excluding expense for amortization of intangibles for the period divided by average tangible shareholders’ equity. Average tangible shareholders’ equity equals average total stockholders’ equity less average intangible assets and goodwill. Expense for amortization of intangibles and average intangible assets are net of deferred tax liability, and calculated assuming a 35% tax rate.
(4)	On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
(5)	Non-interest expense less amortization of intangibles ($19.2 million in 4Q 2008, $19.5 million in 3Q 2008, and $20.2 million in 4Q 2007) divided by the sum of FTE net interest income and non-interest income excluding securities gains (losses).
(6)	Includes non-interest bearing and interest bearing demand deposits, money market deposits, savings and other domestic time deposits, and core certificates of deposit.
(7)	Beginning in the 2008 fourth quarter, nonperforming assets (NPAs) no longer include accruing restructured loans.
(8)	December 31, 2008 figures are estimated. Based on an interim decision by the banking agencies on December 14, 2006, Huntington has excluded the impact of adopting Statement 158 from the regulatory capital calculations.
(9)	At end of period. Tangible equity (total equity less goodwill and other intangible assets) divided by tangible assets (total assets less goodwill and other intangible assets). Other intangible assets are net of deferred tax.

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HUNTINGTON BANCSHARES INCORPORATED
Year to Date Key Statistics ⁽¹⁾
(Unaudited)

	Year Ended December 31,						Change
(in thousands, except per share amounts)	2008			2007			Amount			Percent
Net interest income	$	1,531,691		$	1,301,512		$	230,179			17.7	%
Provision for credit losses		1,057,463			643,628			413,835			64.3
Non-interest income		707,138			676,603			30,535			4.5
Non-interest expense		1,477,374			1,311,844			165,530			12.6
(Loss) Income before income taxes		(296,008	)		22,643			(318,651	)		N.M.
Benefit for income taxes		(182,202	)		(52,526	)		(129,676	)		N.M.
Net (Loss) Income	$	(113,806	)	$	75,169		$	(188,975	)		N.M.	%
Dividends declared on preferred shares		46,400			—			46,400			—
Net (loss) income applicable to common shares	$	(160,206	)	$	75,169		$	(235,375	)		N.M.	%
Net (loss) income per common share — diluted	$	(0.44	)	$	0.25		$	(0.69	)		N.M.	%
Cash dividends declared per common share		0.6625			1.06			(0.40	)		(37.5	)
Average common shares — basic		366,155			300,908			65,247			21.7
Average common shares — diluted (2)		366,155			303,455			62,700			20.7
Return on average assets		(0.21	)%		0.17
Return on average shareholders’ equity		(1.8	)		1.6
Return on average tangible shareholders’ equity (3)		(2.1	)		3.9
Net interest margin (4)		3.25			3.36
Efficiency ratio (5)		57.0			62.5
Effective tax rate		N.M.			N.M.
Average loans and leases	$	40,959,799		$	33,201,442		$	7,758,357			23.4
Average earning assets		47,786,991			39,355,933			8,431,058			21.4
Average total assets		54,921,419			44,711,676			10,209,743			22.8
Average core deposits (6)		31,666,585			25,797,413			5,869,172			22.8
Average shareholders’ equity		6,393,788			4,631,912			1,761,876			38.0
Net charge-offs (NCOs)		758,067			477,631			280,436			58.7
NCOs as a % of average loans and leases		1.85	%		1.44

N.M., not a meaningful value.

(1)	Comparisons for presented periods are impacted by a number of factors. Refer to “Significant Items.”
(2)	For the year ended December 31, 2008, the impact of the convertible preferred stock issued in April of 2008 was excluded from the diluted share calculation. It was excluded because the result would have been higher than basic earnings per common share (anti-dilutive) for the period.
(3)	Net income less expense excluding amortization of intangibles for the period divided by average tangible shareholders’ equity. Average tangible shareholders’ equity equals average total shareholders’ equity less average intangible assets and goodwill. Expense for amortization of intangibles and average intangible assets are net of deferred tax liability, and calculated assuming a 35% tax rate.
(4)	On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
(5)	Non-interest expense less amortization of intangibles ($76.9 million in 2008 and $45.2 million in 2007) divided by the sum of FTE net interest income and non-interest income excluding securities gains (losses).
(6)	Includes non-interest bearing and interest bearing demand deposits, money market deposits, savings and other domestic time deposits, and core certificates of deposit.

- 23 -

EX-99.2

Exhibit 99.2

HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Review
December 2008

Table of Contents
Consolidated Balance Sheets	1
Loans and Leases Composition	2
Deposit Composition	3
Consolidated Quarterly Average Balance Sheets	4
Consolidated Quarterly Net Interest Margin Analysis	5
Quarterly Average Loans and Leases and Deposit Composition By Business Segment	6
Selected Quarterly Income Statement Data	7
Quarterly Mortgage Banking Income	8
Quarterly Credit Reserves Analysis	9
Quarterly Net Charge-Off Analysis	10
Quarterly Nonaccrual Loans (NALs), Nonperforming Assets (NPAs) and Past Due Loans and Leases	11
Quarterly Common Stock Summary, Capital, and Other Data	12
Consolidated Annual Average Balance Sheets	13
Consolidated Annual Net Interest Margin Analysis	14
Selected Annual Income Statement Data	15
Annual Mortgage Banking Income	16
Annual Credit Reserves Analysis	17
Annual Net Charge-Off Analysis	18
Annual Nonaccrual Loans (NALs), Nonperforming Assets (NPAs) and Past Due Loans and Leases	19

Notes:

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.

This document reflects the post-Sky merger organization structure effective on July 1, 2007. Accordingly, the balances presented include the impact of the acquisition from that date.

Contents

Huntington Bancshares Incorporated
Consolidated Balance Sheets

										Change
	2008						2007			December ‘08 vs ‘07
(in thousands, except number of shares)	December 31,			September 30,			December 31,			Amount			Percent
	(Unaudited)			(Unaudited)
Assets
Cash and due from banks	$	806,693		$	901,239		$	1,416,597		$	(609,904	)		(43.1	)%
Federal funds sold and securities purchased under resale agreements		37,975			269,519			592,649			(554,674	)		(93.6	)
Interest bearing deposits in banks		292,561			298,297			340,090			(47,529	)		(14.0	)
Trading account securities		88,677			998,249			1,032,745			(944,068	)		(91.4	)
Loans held for sale		390,438			286,751			494,379			(103,941	)		(21.0	)
Investment securities		4,384,457			4,565,064			4,500,171			(115,714	)		(2.6	)
Loans and leases (1)		41,092,165			41,191,723			40,054,338			1,037,827			2.6
Allowance for loan and lease losses		(900,227	)		(720,738	)		(578,442	)		(321,785	)		55.6
Net loans and leases		40,191,938			40,470,985			39,475,896			716,042			1.8
Bank owned life insurance		1,364,466			1,353,400			1,313,281			51,185			3.9
Premises and equipment		519,500			527,798			557,565			(38,065	)		(6.8	)
Goodwill		3,054,985			3,056,386			3,059,333			(4,348	)		(0.1	)
Other intangible assets		356,703			375,914			427,970			(71,267	)		(16.7	)
Accrued income and other assets		2,823,209			1,556,987			1,486,792			1,336,417			89.9
Total Assets	$	54,311,602		$	54,660,589		$	54,697,468		$	(385,866	)		(0.7	)%
Liabilities and Shareholders’ Equity Liabilities
Deposits (2)	$	37,943,200		$	37,569,056		$	37,742,921		$	200,279			0.5	%
Short-term borrowings		1,309,157			1,974,368			2,843,638			(1,534,481	)		(54.0	)
Federal Home Loan Bank advances		2,588,976			3,483,001			3,083,555			(494,579	)		(16.0	)
Other long-term debt		2,330,763			2,497,002			1,937,078			393,685			20.3
Subordinated notes		1,939,052			1,864,728			1,934,276			4,776			0.2
Accrued expenses and other liabilities		1,003,663			898,528			1,206,860			(203,197	)		(16.8	)
Total Liabilities		47,114,811			48,286,683			48,748,328			(1,633,517	)		(3.4	)
Shareholders’ equity
Preferred stock — authorized 6,617,808 shares-
5.00% Series B Non-voting, Cumulative Preferred Stock, par value of $0.01 and liquidation value per share of $1,000; 1,398,071 shares issued and outstanding		1,308,667			—			—			1,308,667			—
8.50% Series A Non-cumulative Perpetual Convertible Preferred Stock, par value and liquidiation value per share of $1,000; 569,000 shares issued and outstanding.		569,000			569,000			—			569,000			—
Common stock -
Par value of $0.01 and authorized 1,000,000,000 shares; issued 366,972,250, 366,970,661, and 367,000,815 shares, respectively; outstanding 366,057,669, 366,068,762, and 366,261,676 shares respectively.		3,670			3,670			3,670			—			—
Capital surplus		5,322,428			5,228,381			5,237,783			84,645			1.6
Less 914,581, 901,899 and 739,139 treasury shares at cost, respectively		(15,530	)		(15,501	)		(14,391	)		(1,139	)		7.9
Accumulated other comprehensive loss		(357,043	)		(266,677	)		(49,611	)		(307,432	)		N.M.
Retained earnings		365,599			855,033			771,689			(406,090	)		(52.6	)
Total Shareholders’ Equity		7,196,791			6,373,906			5,949,140			1,247,651			21.0
Total Liabilities and Shareholders’ Equity	$	54,311,602		$	54,660,589		$	54,697,468		$	(385,866	)		(0.7	)%

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
Loans and Leases Composition

													Change
	2008								2007				December ‘08 vs ‘07
(in thousands)	December 31,				September 30,				December 31,				Amount			Percent
	(Unaudited)				(Unaudited)
By Type
Commercial:
Commercial and industrial	$	13,540,841	33.0	%	$	13,638,066	33.1	%	$	13,125,565	32.8	%	$	415,276			3.2	%
Commercial real estate:
Construction		2,080,328	5.1			2,111,027	5.1			1,961,839	4.9			118,489			6.0
Commercial		8,017,882	19.5			7,796,133	18.9			7,221,213	18.0			796,669			11.0
Commercial real estate		10,098,210	24.6			9,907,160	24.0			9,183,052	22.9			915,158			10.0
Total commercial		23,639,051	57.6			23,545,226	57.1			22,308,617	55.7			1,330,434			6.0
Consumer:
Automobile loans		3,900,893	9.5			3,917,576	9.5			3,114,029	7.8			786,864			25.3
Automobile leases		563,417	1.4			698,450	1.7			1,179,505	2.9			(616,088	)		(52.2	)
Home equity		7,556,428	18.4			7,496,875	18.2			7,290,063	18.2			266,365			3.7
Residential mortgage		4,761,384	11.6			4,854,260	11.8			5,447,126	13.6			(685,742	)		(12.6	)
Other loans		670,992	1.5			679,336	1.7			714,998	1.8			(44,006	)		(6.2	)
Total consumer		17,453,114	42.4			17,646,497	42.9			17,745,721	44.3			(292,607	)		(1.6	)
Total loans and leases	$	41,092,165	100.0		$	41,191,723	100.0		$	40,054,338	100.0		$	1,037,827			2.6
By Business Segment
Regional Banking:
Central Ohio	$	5,337,814	13.0	%	$	5,223,789	12.7	%	$	5,149,503	12.9	%	$	188,311			3.7	%
Northwest Ohio		2,122,673	5.2			2,179,160	5.3			2,280,648	5.7			(157,975	)		(6.9	)
Greater Cleveland		3,308,503	8.1			3,301,249	8.0			3,104,336	7.8			204,167			6.6
Greater Akron/Canton		2,627,732	6.4			2,598,991	6.3			2,477,467	6.2			150,265			6.1
Southern Ohio/Kentucky		3,150,179	7.7			3,021,163	7.3			2,668,073	6.7			482,106			18.1
Mahoning Valley		1,243,997	3.0			1,240,950	3.0			1,274,608	3.2			(30,611	)		(2.4	)
West Michigan		2,679,929	6.5			2,624,581	6.4			2,478,683	6.2			201,246			8.1
East Michigan		1,800,472	4.4			1,818,433	4.4			1,747,914	4.4			52,558			3.0
Pittsburgh		1,941,733	4.7			2,003,051	4.9			1,859,401	4.6			82,332			4.4
Central Indiana		1,562,470	3.8			1,585,247	3.8			1,421,401	3.5			141,069			9.9
West Virginia		1,325,169	3.2			1,221,503	3.0			1,155,719	2.9			169,450			14.7
Other Regional		4,774,381	11.6			4,771,863	11.6			5,061,767	12.5			(287,386	)		(5.7	)
Regional Banking		31,875,052	77.6			31,589,980	76.7			30,679,520	76.6			1,195,532			3.9
Auto Finance and Dealer Services		5,955,887	14.5			5,900,223	14.3			5,632,545	14.1			323,342			5.7
Private Financial, Capital Markets, and Insurance Group		2,611,001	6.3			2,606,956	6.3			2,553,872	6.3			57,129			2.2
Treasury / Other		650,225	1.6			1,094,564	2.7			1,188,401	3.0			(538,176	)		(45.3	)
Total loans and leases	$	41,092,165	100.0	%	$	41,191,723	100.0	%	$	40,054,338	100.0	%	$	1,037,827			2.6	%

2

Huntington Bancshares Incorporated
Deposit Composition

													Change
	2008								2007				December ‘08 vs ‘07
(in thousands)	December 31,				September 30,				December 31,				Amount			Percent
	(Unaudited)				(Unaudited)
By Type
Demand deposits — non-interest bearing	$	5,477,439	14.4	%	$	5,135,164	13.7	%	$	5,371,747	14.2	%	$	105,692			2.0	%
Demand deposits — interest bearing		4,082,701	10.8			4,052,032	10.8			4,048,873	10.7			33,828			0.8
Money market deposits		5,182,360	13.7			5,565,439	14.8			6,643,242	17.6			(1,460,882	)		(22.0	)
Savings and other domestic deposits		4,845,506	12.8			4,816,038	12.8			4,968,615	13.2			(123,109	)		(2.5	)
Core certificates of deposit		12,726,738	33.5			12,156,660	32.4			10,736,146	28.4			1,990,592			18.5
Total core deposits		32,314,744	85.2			31,725,333	84.5			31,768,623	84.1			546,121			1.7
Other domestic deposits of $100,000 or more		1,540,990	4.1			1,948,899	5.2			1,870,730	5.0			(329,740	)		(17.6	)
Brokered deposits and negotiable CDs		3,354,461	8.8			2,925,440	7.8			3,376,854	8.9			(22,393	)		(0.7	)
Deposits in foreign offices		733,005	1.9			969,384	2.5			726,714	2.0			6,291			0.9
Total deposits	$	37,943,200	100.0	%	$	37,569,056	100.0	%	$	37,742,921	100.0	%	$	200,279			0.5	%
Total core deposits:
Commercial	$	7,757,803	24.0	%	$	8,007,619	25.2	%	$	9,017,852	28.4	%	$	(1,260,049	)		(14.0)	%
Personal		24,556,941	76.0			23,717,714	74.8			22,750,771	71.6			1,806,170			7.9
Total core deposits	$	32,314,744	100.0	%	$	31,725,333	100.0	%	$	31,768,623	100.0	%	$	546,121			1.7	%
By Business Segment
Regional Banking:
Central Ohio	$	6,192,393	16.3	%	$	6,136,030	16.3	%	$	6,319,899	16.7	%	$	(127,506	)		(2.0)	%
Northwest Ohio		2,602,003	6.9			2,690,720	7.2			2,836,309	7.5			(234,306	)		(8.3	)
Greater Cleveland		3,170,350	8.4			3,248,385	8.6			3,201,791	8.5			(31,441	)		(1.0	)
Greater Akron/Canton		3,209,756	8.5			3,270,480	8.7			3,188,682	8.4			21,074			0.7
Southern Ohio/Kentucky		2,664,542	7.0			2,643,955	7.0			2,628,879	7.0			35,663			1.4
Mahoning Valley		2,268,922	6.0			2,263,719	6.0			2,333,794	6.2			(64,872	)		(2.8	)
West Michigan		2,933,489	7.7			3,021,528	8.0			2,918,709	7.7			14,780			0.5
East Michigan		2,659,385	7.0			2,663,131	7.1			2,444,269	6.5			215,116			8.8
Pittsburgh		2,652,212	7.0			2,749,254	7.3			2,536,007	6.7			116,205			4.6
Central Indiana		1,868,730	4.9			1,902,232	5.1			1,894,940	5.0			(26,210	)		(1.4	)
West Virginia		1,817,741	4.8			1,723,002	4.6			1,589,520	4.2			228,221			14.4
Other Regional		834,282	2.2			677,616	1.8			732,586	1.9			101,696			13.9
Regional Banking		32,873,805	86.6			32,990,052	87.8			32,625,385	86.4			248,420			0.8
Auto Finance and Dealer Services		66,595	0.2			67,040	0.2			59,783	0.2			6,812			11.4
Private Financial, Capital Markets, and Insurance Group		1,784,747	4.7			1,552,611	4.1			1,638,552	4.3			146,195			8.9
Treasury / Other (1)		3,218,053	8.5			2,959,353	7.9			3,419,201	9.1			(201,148	)		(5.9	)
Total deposits	$	37,943,200	100.0	%	$	37,569,056	100.0	%	$	37,742,921	100.0	%	$	200,279			0.5	%

⁽¹⁾ Comprised largely of national market deposits.

3

Huntington Bancshares Incorporated
Consolidated Quarterly Average Balance Sheets
(Unaudited)

	Average Balances															Change
Fully taxable equivalent basis	2008												2007			4Q08 vs 4Q07
(in millions)	Fourth			Third			Second			First			Fourth			Amount			Percent
Assets
Interest bearing deposits in banks	$	343		$	321		$	256		$	293		$	324		$	19			5.9	%
Trading account securities		940			992			1,243			1,186			1,122			(182	)		(16.2	)
Federal funds sold and securities purchased under resale agreements		48			363			566			769			730			(682	)		(93.4	)
Loans held for sale		329			274			501			565			493			(164	)		(33.3	)
Investment securities:
Taxable		3,789			3,975			3,971			3,774			3,807			(18	)		(0.5	)
Tax-exempt		689			712			717			703			689			—			—
Total investment securities		4,478			4,687			4,688			4,477			4,496			(18	)		(0.4	)
Loans and leases: (1)
Commercial:
Commercial and industrial		13,746			13,629			13,631			13,343			13,270			476			3.6
Commercial real estate:
Construction		2,103			2,090			2,038			2,014			1,892			211			11.2
Commercial		8,115			7,726			7,563			7,273			7,161			954			13.3
Commercial real estate		10,218			9,816			9,601			9,287			9,053			1,165			12.9
Total commercial		23,964			23,445			23,232			22,630			22,323			1,641			7.4
Consumer:
Automobile loans		3,899			3,856			3,636			3,309			3,052			847			27.8
Automobile leases		636			768			915			1,090			1,272			(636	)		(50.0	)
Automobile loans and leases		4,535			4,624			4,551			4,399			4,324			211			4.9
Home equity		7,523			7,453			7,365			7,274			7,297			226			3.1
Residential mortgage		4,737			4,812			5,178			5,351			5,437			(700	)		(12.9	)
Other loans		678			670			699			713			728			(50	)		(6.9	)
Total consumer		17,473			17,559			17,793			17,737			17,786			(313	)		(1.8	)
Total loans and leases		41,437			41,004			41,025			40,367			40,109			1,328			3.3
Allowance for loan and lease losses		(764	)		(731	)		(654	)		(630	)		(474	)		(290	)		(61.2	)
Net loans and leases		40,673			40,273			40,371			39,737			39,635			1,038			2.6
Total earning assets		47,575			47,641			48,279			47,657			47,274			301			0.6
Cash and due from banks		928			925			943			1,036			1,098			(170	)		(15.5	)
Intangible assets		3,421			3,441			3,449			3,472			3,440			(19	)		(0.6	)
All other assets		3,447			3,384			3,522			3,350			3,142			305			9.7
Total Assets	$	54,607		$	54,660		$	55,539		$	54,885		$	54,480		$	127			0.2	%
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits — non-interest bearing	$	5,205		$	5,080		$	5,061		$	5,034		$	5,218		$	(13	)		(0.2)	%
Demand deposits — interest bearing		3,988			4,005			4,086			3,934			3,929			59			1.5
Money market deposits		5,500			5,860			6,267			6,753			6,845			(1,345	)		(19.6	)
Savings and other domestic deposits		4,837			4,911			5,047			5,004			5,012			(175	)		(3.5	)
Core certificates of deposit		12,468			11,883			10,950			10,790			10,666			1,802			16.9
Total core deposits		31,998			31,739			31,411			31,515			31,670			328			1.0
Other domestic deposits of $100,000 or more		1,682			1,991			2,145			1,989			1,739			(57	)		(3.3	)
Brokered deposits and negotiable CDs		3,049			3,025			3,361			3,542			3,518			(469	)		(13.3	)
Deposits in foreign offices		854			1,048			1,110			885			748			106			14.2
Total deposits		37,583			37,803			38,027			37,931			37,675			(92	)		(0.2	)
Short-term borrowings		1,748			2,131			2,854			2,772			2,489			(741	)		(29.8	)
Federal Home Loan Bank advances		3,188			3,139			3,412			3,389			3,070			118			3.8
Subordinated notes and other long-term debt		4,252			4,382			3,928			3,814			3,875			377			9.7
Total interest bearing liabilities		41,566			42,375			43,160			42,872			41,891			(325	)		(0.8	)
All other liabilities		818			884			963			1,104			1,160			(342	)		(29.5	)
Shareholders’ equity		7,018			6,321			6,355			5,875			6,211			807			13.0
Total Liabilities and Shareholders’ Equity	$	54,607		$	54,660		$	55,539		$	54,885		$	54,480		$	127			0.2	%

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

4

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

	Average Rates (2)
	2008												2007
Fully taxable equivalent basis (1)	Fourth			Third			Second			First			Fourth
Assets
Interest bearing deposits in banks		1.44	%		2.17	%		2.77	%		3.97	%		4.30	%
Trading account securities		5.32			5.45			5.13			5.27			5.72
Federal funds sold and securities purchased under resale agreements		0.24			2.02			2.08			3.07			4.59
Loans held for sale		6.58			6.54			5.98			5.41			5.86
Investment securities:
Taxable		5.74			5.54			5.50			5.71			5.98
Tax-exempt		7.02			6.80			6.77			6.75			6.74
Total investment securities		5.94			5.73			5.69			5.88			6.10
Loans and leases: (3)
Commercial:
Commercial and industrial		5.01			5.46			5.53			6.32			6.92
Commercial real estate:
Construction		4.55			4.69			4.81			5.86			7.24
Commercial		5.07			5.33			5.47			6.27			7.09
Commercial real estate		4.96			5.19			5.32			6.18			7.12
Total commercial		4.99			5.35			5.45			6.27			7.00
Consumer:
Automobile loans		7.17			7.13			7.12			7.25			7.31
Automobile leases		5.82			5.70			5.59			5.53			5.52
Automobile loans and leases		6.98			6.89			6.81			6.82			6.78
Home equity		5.87			6.19			6.43			7.21			7.81
Residential mortgage		5.84			5.83			5.78			5.86			5.88
Other loans		9.25			9.71			9.98			10.43			10.91
Total consumer		6.28			6.41			6.48			6.84			7.10
Total loans and leases		5.53			5.80			5.89			6.51			7.05
Total earning assets		5.57	%		5.77	%		5.85	%		6.40	%		6.88	%
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits — non-interest bearing		—	%		—	%		—	%		—	%		—	%
Demand deposits — interest bearing		0.34			0.51			0.55			0.82			1.14
Money market deposits		1.31			1.66			1.76			2.83			3.67
Savings and other domestic deposits		1.66			1.74			1.83			2.27			2.54
Core certificates of deposit		4.02			4.05			4.37			4.68			4.83
Total core deposits		2.49			2.57			2.67			3.18			3.55
Other domestic deposits of $100,000 or more		3.38			3.47			3.77			4.38			5.00
Brokered deposits and negotiable CDs		3.39			3.37			3.38			4.43			5.24
Deposits in foreign offices		0.90			1.49			1.66			2.16			3.27
Total deposits		2.58			2.66			2.78			3.36			3.80
Short-term borrowings		0.85			1.42			1.66			2.78			3.74
Federal Home Loan Bank advances		3.04			2.92			3.01			3.94			5.03
Subordinated notes and other long-term debt		4.49			4.29			4.21			5.12			5.93
Total interest bearing liabilities		2.74	%		2.79	%		2.85	%		3.53	%		4.09	%
Net interest rate spread		2.83	%		2.98	%		3.00	%		2.87	%		2.79	%
Impact of non-interest bearing funds on margin		0.35			0.31			0.29			0.36			0.47
Net interest margin		3.18	%		3.29	%		3.29	%		3.23	%		3.26	%

(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, nonaccrual loans are reflected in the average balances of loans.

5

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

	Average Balances										Change
	2008								2007		4Q08 vs 4Q07
(in millions)	Fourth		Third		Second		First		Fourth		Amount			Percent
Loans and direct financing leases (1)
Regional Banking:
Central Ohio	$	5,368	$	5,202	$	5,199	$	5,099	$	5,040	$	328			6.5	%
Northwest Ohio		2,152		2,209		2,251		2,295		2,301		(149	)		(6.5	)
Greater Cleveland		3,304		3,274		3,241		3,148		3,085		219			7.1
Greater Akron/Canton		2,629		2,592		2,586		2,516		2,488		141			5.7
Southern Ohio/Kentucky		3,093		2,999		2,925		2,782		2,584		509			19.7
Mahoning Valley		1,227		1,224		1,268		1,266		1,279		(52	)		(4.1	)
West Michigan		2,708		2,633		2,572		2,508		2,472		236			9.5
East Michigan		1,812		1,819		1,792		1,734		1,761		51			2.9
Pittsburgh		1,975		1,983		1,932		1,902		1,856		119			6.4
Central Indiana		1,585		1,545		1,527		1,463		1,397		188			13.5
West Virginia		1,284		1,198		1,199		1,160		1,135		149			13.1
Other Regional		4,666		4,669		4,908		5,089		5,048		(382	)		(7.6	)
Regional Banking		31,803		31,347		31,400		30,962		30,446		1,357			4.5
Auto Finance and Dealer Services		5,909		5,928		5,877		5,720		5,587		322			5.8
Private Financial, Capital Markets, and Insurance Group		2,629		2,600		2,594		2,553		2,496		133			5.3
Treasury / Other		1,096		1,129		1,154		1,132		1,580		(484	)		(30.6	)
Total loans and direct financing leases	$	41,437	$	41,004	$	41,025	$	40,367	$	40,109	$	1,328			3.3	%
Deposit composition (1)
Regional Banking:
Central Ohio	$	6,160	$	6,331	$	6,596	$	6,359	$	6,158	$	2			0.0	%
Northwest Ohio		2,644		2,755		2,765		2,828		2,823		(179	)		(6.3	)
Greater Cleveland		3,136		3,272		3,317		3,189		3,097		39			1.3
Greater Akron/Canton		3,215		3,239		3,211		3,231		3,236		(21	)		(0.6	)
Southern Ohio/Kentucky		2,670		2,638		2,596		2,655		2,644		26			1.0
Mahoning Valley		2,260		2,281		2,277		2,312		2,331		(71	)		(3.0	)
West Michigan		2,931		2,981		2,906		2,904		2,923		8			0.3
East Michigan		2,657		2,612		2,458		2,420		2,406		251			10.4
Pittsburgh		2,685		2,609		2,562		2,545		2,553		132			5.2
Central Indiana		1,921		1,880		1,946		1,888		1,939		(18	)		(0.9	)
West Virginia		1,763		1,674		1,608		1,594		1,567		196			12.5
Other Regional		865		829		818		786		730		135			18.5
Regional Banking		32,907		33,101		33,060		32,711		32,407		500			1.5
Auto Finance and Dealer Services		61		62		54		54		61		—			—
Private Financial, Capital Markets, and Insurance Group		1,608		1,583		1,517		1,583		1,640		(32	)		(2.0	)
Treasury / Other		3,007		3,057		3,396		3,583		3,567		(560	)		(15.7	)
Total deposits	$	37,583	$	37,803	$	38,027	$	37,931	$	37,675	$	(92	)		(0.2	)%

⁽¹⁾ Prior period amounts have been reclassified to conform to the current period presentation.

6

Huntington Bancshares Incorporated
Selected Quarterly Income Statement Data ⁽¹⁾
(Unaudited)

	2008												2007			4Q08 vs 4Q07
(in thousands, except per share amounts)	Fourth			Third			Second			First			Fourth			Amount			Percent
Interest income	$	662,508		$	685,728		$	696,675		$	753,411		$	814,398		$	(151,890	)		(18.7)	%
Interest expense		286,143			297,092			306,809			376,587			431,465			(145,322	)		(33.7	)
Net interest income		376,365			388,636			389,866			376,824			382,933			(6,568	)		(1.7	)
Provision for credit losses		722,608			125,392			120,813			88,650			512,082			210,526			41.1
Net interest (loss) income after provision for credit losses		(346,243	)		263,244			269,053			288,174			(129,149	)		(217,094	)		N.M.
Service charges on deposit accounts		75,247			80,508			79,630			72,668			81,276			(6,029	)		(7.4	)
Brokerage and insurance income		31,233			34,309			35,694			36,560			30,288			945			3.1
Trust services		27,811			30,952			33,089			34,128			35,198			(7,387	)		(21.0	)
Electronic banking		22,838			23,446			23,242			20,741			21,891			947			4.3
Bank owned life insurance income		13,577			13,318			14,131			13,750			13,253			324			2.4
Automobile operating lease income		13,170			11,492			9,357			5,832			2,658			10,512			N.M.
Mortgage banking (loss) income		(6,747	)		10,302			12,502			(7,063	)		3,702			(10,449	)		N.M.
Securities (losses) gains		(127,082	)		(73,790	)		2,073			1,429			(11,551	)		(115,531	)		N.M.
Other income (loss)		17,052			37,320			26,712			57,707			(6,158	)		23,210			N.M.
Total non-interest income		67,099			167,857			236,430			235,752			170,557			(103,458	)		(60.7	)
Personnel costs		196,785			184,827			199,991			201,943			214,850			(18,065	)		(8.4	)
Outside data processing and other services		31,230			32,386			30,186			34,361			39,130			(7,900	)		(20.2	)
Net occupancy		22,999			25,215			26,971			33,243			26,714			(3,715	)		(13.9	)
Equipment		22,329			22,102			25,740			23,794			22,816			(487	)		(2.1	)
Amortization of intangibles		19,187			19,463			19,327			18,917			20,163			(976	)		(4.8	)
Professional services		17,420			13,405			13,752			9,090			14,464			2,956			20.4
Marketing		9,357			7,049			7,339			8,919			16,175			(6,818	)		(42.2	)
Automobile operating lease expense		10,483			9,093			7,200			4,506			1,918			8,565			N.M.
Telecommunications		5,892			6,007			6,864			6,245			8,513			(2,621	)		(30.8	)
Printing and supplies		4,175			4,316			4,757			5,622			6,594			(2,419	)		(36.7	)
Other expense		50,237			15,133			35,676			23,841			68,215			(17,978	)		(26.4	)
Total non-interest expense		390,094			338,996			377,803			370,481			439,552			(49,458	)		(11.3	)
(Loss) Income before income taxes		(669,238	)		92,105			127,680			153,445			(398,144	)		(271,094	)		68.1
(Benefit) Provision for income taxes		(251,949	)		17,042			26,328			26,377			(158,864	)		(93,085	)		58.6
Net (loss) income	$	(417,289	)	$	75,063		$	101,352		$	127,068		$	(239,280	)	$	(178,009	)		74.4	%
Dividends declared on preferred shares		23,158			12,091			11,151			—			—			23,158			—
Net (loss) income applicable to common shares	$	(440,447	)	$	62,972		$	90,201		$	127,068		$	(239,280	)	$	(201,167	)		84.1	%
Average common shares — basic		366,054			366,124			366,206			366,235			366,119			(65	)		(0.0)	%
Average common shares — diluted (2)		366,054			367,361			367,234			367,208			366,119			(65	)		(0.0	)
Per common share
Net (loss) income — basic	$	(1.20	)	$	0.17		$	0.25		$	0.35		$	(0.65	)	$	(0.55	)		84.6	%
Net (loss) income — diluted		(1.20	)		0.17			0.25			0.35			(0.65	)		(0.55	)		84.6
Cash dividends declared		0.1325			0.1325			0.1325			0.2650			0.2650			(0.1325	)		(50.0	)
Return on average total assets		(3.04	)%		0.55	%		0.73	%		0.93	%		(1.74	)		(1.30)	%		74.7
Return on average total shareholders’ equity		(23.7	)		4.7			6.4			8.7			(15.3	)		(8.4	)		54.9
Return on average tangible shareholders’ equity (3)		(43.2	)		11.6			15.0			22.0			(30.7	)		(12.50	)		40.7
Net interest margin (4)		3.18			3.29			3.29			3.23			3.26			(0.08	)		(2.5	)
Efficiency ratio (5)		64.6			50.3			56.9			57.0			73.5			(8.9	)		(12.1	)
Effective tax rate (benefit)		(37.6	)		18.5			20.6			17.2			(39.9	)		2.3			(5.8	)
Revenue — fully taxable equivalent (FTE)
Net interest income	$	376,365		$	388,636		$	389,866		$	376,824		$	382,933		$	(6,568	)		(1.7	)
FTE adjustment		3,641			5,451			5,624			5,502			5,363			(1,722	)		(32.1	)
Net interest income (4)		380,006			394,087			395,490			382,326			388,296			(8,290	)		(2.1	)
Non-interest income		67,099			167,857			236,430			235,752			170,557			(103,458	)		(60.7	)
Total revenue (4)	$	447,105		$	561,944		$	631,920		$	618,078		$	558,853		$	(111,748	)		(20.0	)%

N.M., not a meaningful value.
(1)	Comparisons for presented periods are impacted by a number of factors. Refer to “Significant Items.”
(2)	For the three-month periods ended December 31, 2008, September 30, 2008, and June 30, 2008, the impact of the convertible preferred stock issued in April of 2008 was excluded from the diluted share calculation. It was excluded because the result would have been higher than basic earnings per common share (anti-dilutive) for the period.
(3)	Net income excluding expense for amortization of intangibles for the period divided by average tangible shareholders’ equity. Average tangible shareholders’ equity equals average stockholders’ equity less equals average intangible assets and goodwill. Expense for amortization of intangibles and average intangible assets are net of deferred tax liability, and calculated assuming a 35% tax rate.
(4)	On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
(5)	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
(Unaudited)

				2008									2007			4Q08 vs 4Q07
(in thousands, except as noted)	Fourth			Third			Second			First			Fourth			Amount			Percent
Mortgage Banking Income
Origination and secondary marketing	$	7,180		$	7,647		$	13,098		$	9,332		$	5,879		$	1,301			22.1	%
Servicing fees		11,660			11,838			11,166			10,894			11,405			255			2.2
Amortization of capitalized servicing (1)		(6,462	)		(6,234	)		(7,024	)		(6,914	)		(5,929	)		(533	)		(9.0	)
Other mortgage banking income		2,959			3,519			5,959			4,331			4,113			(1,154	)		(28.1	)
Sub-total		15,337			16,770			23,199			17,643			15,468			(131	)		(0.8	)
MSR valuation adjustment (1)		(63,355	)		(10,251	)		39,031			(18,093	)		(21,245	)		(42,110	)		N.M.
Net trading gains (losses) related to MSR hedging		41,271			3,783			(49,728	)		(6,613	)		9,479			31,792			N.M.
Total mortgage banking (loss) income	$	(6,747	)	$	10,302		$	12,502		$	(7,063	)	$	3,702		$	(10,449	)		N.M.	%
Average trading account securities used to hedge MSRs (in millions)	$	857		$	941		$	1,190		$	1,139		$	1,073		$	(216	)		(20.1	)%
Capitalized mortgage servicing rights (2)		167,438			230,398			240,024			191,806			207,894			(40,456	)		(19.5	)
Total mortgages serviced for others (in millions) (2)		15,138			15,741			15,770			15,138			15,088			50			0.3
MSR % of investor servicing portfolio		1.11	%		1.46	%		1.52	%		1.27	%		1.38	%		(0.27	)%		(19.6	)
Net Impact of MSR Hedging
MSR valuation adjustment (1)	$	(63,355	)	$	(10,251	)	$	39,031		$	(18,093	)	$	(21,245	)	$	(42,110	)		N.M.	%
Net trading gains (losses) related to MSR hedging		41,271			3,783			(49,728	)		(6,613	)		9,479			31,792			N.M.
Net interest income related to MSR hedging		9,473			8,368			9,364			5,934			3,192			6,281			N.M.
Net impact of MSR hedging	$	(12,611	)	$	1,900		$	(1,333	)	$	(18,772	)	$	(8,574	)	$	(4,037	)		47.1	%
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)	At period end.

8

Huntington Bancshares Incorporated
Quarterly Credit Reserves Analysis
(Unaudited)

				2008									2007
(in thousands)	Fourth			Third			Second			First			Fourth
Allowance for loan and lease losses, beginning of period	$	720,738		$	679,403		$	627,615		$	578,442		$	454,784
Loan and lease losses		(571,053	)		(96,388	)		(78,084	)		(60,804	)		(388,506	)
Recoveries of loans previously charged off		10,433			12,637			12,837			12,355			10,599
Net loan and lease losses		(560,620	)		(83,751	)		(65,247	)		(48,449	)		(377,907	)
Provision for loan and lease losses		728,046			125,086			117,035			97,622			503,781
Economic reserve transfer		12,063			—			—			—			—
Allowance for loans transferred to held-for-sale		—			—			—			—			(2,216	)
Allowance for loan and lease losses, end of period	$	900,227		$	720,738		$	679,403		$	627,615		$	578,442
Allowance for unfunded loan commitments and letters of credit, beginning of period	$	61,640		$	61,334		$	57,556		$	66,528		$	58,227
(Reduction in) Provision for unfunded loan commitments and letters of credit losses		(5,438	)		306			3,778			(8,972	)		8,301
Economic reserve transfer		(12,063	)		—			—			—			—
Allowance for unfunded loan commitments and letters of credit, end of period	$	44,139		$	61,640		$	61,334		$	57,556		$	66,528
Total allowances for credit losses	$	944,366		$	782,378		$	740,737		$	685,171		$	644,970
Allowance for loan and lease losses (ALLL) as % of:
Transaction reserve		1.91	%		1.54	%		1.45	%		1.34	%		1.27	%
Economic reserve		0.28			0.21			0.21			0.19			0.17
Total loans and leases		2.19	%		1.75	%		1.66	%		1.53	%		1.44	%
Nonaccrual loans and leases (NALs)		60			123			127			166			181
Nonperforming assets (NPAs)		55			107			109			121			122
Total allowances for credit losses (ACL) as % of:
Total loans and leases		2.30	%		1.90	%		1.80	%		1.67	%		1.61	%
Nonaccrual loans and leases		63			134			138			182			202
Nonperforming assets		58			116			119			132			136

9

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

	2008												2007
(in thousands)	Fourth			Third			Second			First			Fourth
Net charge-offs by loan and lease type:
Commercial:
Commercial and industrial	$	473,426	(1)	$	29,646		$	12,361		$	10,732		$	323,905	(2)
Commercial real estate:
Construction		2,390			3,539			575			122			6,800
Commercial		35,991			7,446			14,524			4,153			13,936
Commercial real estate		38,381			10,985			15,099			4,275			20,736
Total commercial		511,807			40,631			27,460			15,007			344,641
Consumer:
Automobile loans		14,885			9,813			8,522			8,008			7,347
Automobile leases		3,666			3,532			2,928			3,211			3,046
Automobile loans and leases		18,551			13,345			11,450			11,219			10,393
Home equity		19,168			15,828			17,345			15,215			12,212
Residential mortgage		7,328			6,706			4,286			2,927			3,340
Other loans		3,766			7,241			4,706			4,081			7,321
Total consumer		48,813			43,120			37,787			33,442			33,266
Total net charge-offs	$	560,620		$	83,751		$	65,247		$	48,449		$	377,907
Net charge-offs — annualized percentages:
Commercial:
Commercial and industrial (1), (2)		13.78	%		0.87	%		0.36	%		0.32			% 9.76	%
Commercial real estate:
Construction		0.45			0.68			0.11			0.02			1.44
Commercial		1.77			0.39			0.77			0.23			0.78
Commercial real estate		1.50			0.45			0.63			0.18			0.92
Total commercial		8.54			0.69			0.47			0.27			6.18
Consumer:
Automobile loans		1.53			1.02			0.94			0.97			0.96
Automobile leases		2.31			1.84			1.28			1.18			0.96
Automobile loans and leases		1.64			1.15			1.01			1.02			0.96
Home equity		1.02			0.85			0.94			0.84			0.67
Residential mortgage		0.62			0.56			0.33			0.22			0.25
Other loans		2.22			4.32			2.69			2.29			4.02
Total consumer		1.12			0.98			0.85			0.75			0.75
Net charge-offs as a % of average loans		5.41	%		0.82	%		0.64	%		0.48	%		3.77	%

(1)	The 2008 fourth quarter includes charge-offs totaling $423.3 million associated with Franklin.
(2)	The 2007 fourth quarter includes charge-offs totaling $397.0 million associated with the Franklin restructuring. These charge-offs were reduced by the unamortized discount associated with the loans, and by other amounts received from Franklin totaling $88.5 million, resulting in net charge-offs totaling $308.5 million.

10

Huntington Bancshares Incorporated
Quarterly Nonaccrual Loans (NALs), Nonperforming Assets (NPAs) and Past Due Loans and Leases
(Unaudited)

	2008												2007
(in thousands)	December 31,			September 30,			June 30,			March 31,			December 31,
Nonaccrual loans and leases (NALs):
Commercial and industrial (1)	$	932,648		$	174,207		$	161,345		$	101,842		$	87,679
Commercial real estate		445,717			298,844			261,739			183,000			148,467
Residential mortgage		98,951			85,163			82,882			66,466			59,557
Home equity		24,831			27,727			29,076			26,053			24,068
Total nonaccrual loans and leases		1,502,147			585,941			535,042			377,361			319,771
Other real estate, net:
Residential		63,058			59,302			59,119			63,675			60,804
Commercial		59,440			14,176			13,259			10,181			14,467
Total other real estate, net		122,498			73,478			72,378			73,856			75,271
Impaired loans held for sale (2)		12,001			13,503			14,759			66,353			73,481
Other NPAs (3)		—			2,397			2,557			2,836			4,379
Total nonperforming assets	$	1,636,646		$	675,319		$	624,736		$	520,406		$	472,902
Nonaccrual loans and leases as a % of total loans and leases (NAL ratio)		3.66	%		1.42	%		1.30	%		0.92	%		0.80	%
NPA ratio (4)		3.97			1.64			1.52			1.26			1.18
Accruing restructured loans (5)
Franklin	$	—		$	364,939		$	368,379		$	1,157,361		$	1,187,368
Other		306,417			106,520			87,151			59,823			—
Total accruing restructured loans	$	306,417		$	471,459		$	455,530		$	1,217,184		$	1,187,368
Accruing loans and leases past due 90 days or more	$	203,985		$	191,518		$	136,914		$	152,897		$	140,977
Accruing loans and leases past due 90 days or more as a percent of total loans and leases		0.50	%		0.46	%		0.33	%		0.37	%		0.35	%

	2008												2007
(in thousands)	Fourth			Third			Second			First			Fourth
Nonperforming assets, beginning of period	$	675,319		$	624,736		$	520,406		$	472,902		$	435,042
New nonperforming assets		1,159,545			175,345			256,308			141,090			211,134
Returns to accruing status		(13,756	)		(9,104	)		(5,817	)		(13,484	)		(5,273	)
Loan and lease losses		(100,335	)		(52,792	)		(40,808	)		(27,896	)		(62,502	)
Payments		(66,536	)		(43,319	)		(46,091	)		(38,746	)		(30,756	)
Sales		(17,591	)		(19,547	)		(59,262	)		(13,460	)		(74,743	)
Nonperforming assets, end of period	$	1,636,646		$	675,319		$	624,736		$	520,406		$	472,902

(1)	The 2008 fourth quarter commercial and industrial NALs include the $650.2 million Franklin Credit Management Corporation (Franklin) Tranche A loan.
(2)	Represent impaired loans obtained from the Sky Financial acquisition. Held for sale loans are carried at the lower of cost or fair value less costs to sell. The decline from March 31, 2008 to June 30, 2008 was primarily due to the sale of these loans.
(3)	Other NPAs represent certain investment securities backed by mortgage loans to borrowers with lower FICO scores.
(4)	Nonperforming assets divided by the sum of loans and leases, impaired loans held for sale, net other real estate, and other NPAs.
(5)	Represents accruing loans that have been restructured. The 2007 fourth quarter and 2008 first quarter include both Tranche A and Tranche B of the Franklin relationship. The 2008 second and third quarters include Tranche B of the Franklin relationship, which was charged off in the 2008 fourth quarter.

11

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

Quarterly common stock summary

	2008								2007
(in thousands, except per share amounts)	Fourth		Third		Second		First		Fourth
Common stock price, per share
High (1)	$	11.650	$	13.500	$	11.750	$	14.870	$	18.390
Low (1)		5.260		4.370		4.940		9.640		13.500
Close		7.660		7.990		5.770		10.750		14.760
Average closing price		8.276		7.510		8.783		12.268		16.125
Dividends, per share
Cash dividends declared per common share	$	0.1325	$	0.1325	$	0.1325	$	0.2650	$	0.2650
Common shares outstanding
Average — basic		366,054		366,124		366,206		366,235		366,119
Average — diluted (2)		366,054		367,361		367,234		367,208		366,119
Ending		366,058		366,069		366,197		366,226		366,262
Book value per common share	$	14.53	$	15.86	$	15.87	$	16.13	$	16.24
Tangible book value per common share (3)		5.55		6.84		6.82		7.08		7.13

Capital data

	2008												2007
(in millions)	December 31,			September 30,			June 30,			March 31,			December 31,
Calculation of tangible equity / asset ratio:
Total shareholders’ equity	$	7,197		$	6,374		$	6,381		$	5,907		$	5,949
Less: goodwill		(3,055	)		(3,056	)		(3,057	)		(3,047	)		(3,059	)
Less: other intangible assets		(357	)		(376	)		(395	)		(409	)		(428	)
Add: related deferred tax liability (3)		125			132			138			143			150
Total tangible equity		3,910			3,073			3,068			2,593			2,612
Less: Preferred equity		(1,878	)		(569	)		(569	)		—			—
Total tangible common equity	$	2,032		$	2,504		$	2,499		$	2,593		$	2,612
Total assets	$	54,312		$	54,661		$	55,334		$	56,052		$	54,697
Less: goodwill		(3,055	)		(3,056	)		(3,057	)		(3,047	)		(3,059	)
Less: other intangible assets		(357	)		(376	)		(395	)		(409	)		(428	)
Add: related deferred tax liability (3)		125			132			138			143			150
Total tangible assets	$	51,025		$	51,360		$	52,020		$	52,739		$	51,360
Tangible equity / asset ratio		7.66	%		5.98	%		5.90	%		4.92	%		5.08	%
Tangible common equity / asset ratio		3.98			4.88			4.80			4.92			5.08
Other capital data:
Total risk-weighted assets (4)	$	46,793		$	46,608		$	46,602		$	46,546		$	46,044
Tier 1 leverage ratio (4)		9.82	%		7.99	%		7.88	%		6.83	%		6.77	%
Tier 1 risk-based capital ratio (4)		10.76			8.80			8.82			7.56			7.51
Total risk-based capital ratio (4)		13.96			12.03			12.05			10.87			10.85
Tangible equity / risk-weighted assets ratio (4)		8.37			6.59			6.58			5.57			5.67
Average equity / average assets		12.85			11.56			11.44			10.70			11.40
Other data:
Number of employees (full-time equivalent)		10,951			10,900			11,251			11,787			11,925
Number of domestic full-service banking offices (5)		613			612			625			627			625

(1)	High and low stock prices are intra-day quotes obtained from NASDAQ.
(2)	For the three-month periods ended December 31, 2008, September 30, 2008, and June 30, 2008, the impact of the convertible preferred stock issued in April of 2008 was excluded from the diluted share calculation. It was excluded because the result would have been higher than basic earnings per common share (anti-dilutive) for the period.
(3)	Other intangible assets are net of deferred tax liability, and calculated assuming a 35% tax rate.
(4)	December 31, 2008 figures are estimated. Based on an interim decision by the banking agencies on December 14, 2006, Huntington has excluded the impact of adopting Statement 158 from the regulatory capital calculations.
(5)	Includes 10 Private Financial Group offices.

12

Huntington Bancshares Incorporated
Consolidated Annual Average Balance Sheets
(Unaudited)

	Annual Average Balances
Fully taxable equivalent basis				Change from 2007									Change from 2006
(in millions)	2008			Amount			%			2007			Amount			%			2006			2005			2004
Assets
Interest bearing deposits in banks	$	303		$	43			16.5	%	$	260		$	207			N.M.		$	53		$	53		$	66
Trading account securities		1,090			448			69.8			642			550			N.M.			92			207			105
Federal funds sold and securities purchased under resale agreements		435			(156	)		(26.4	)		591			270			84.1			321			262			319
Loans held for sale		416			54			14.9			362			87			31.6			275			318			243
Investment securities:
Taxable		3,878			225			6.2			3,653			(544	)		(13.0	)		4,197			3,683			4,425
Tax-exempt		705			59			9.1			646			76			13.3			570			475			412
Total investment securities		4,583			284			6.6			4,299			(468	)		(9.8	)		4,767			4,158			4,837
Loans and leases: (1)
Commercial:
Commercial and industrial		13,588			2,952			27.8			10,636			3,313			45.2			7,323			6,170			5,466
Commercial real estate:
Construction		2,061			528			34.4			1,533			273			21.7			1,260			1,739			1,468
Commercial		7,671			2,397			45.4			5,274			1,992			60.7			3,282			2,718			2,867
Commercial real estate		9,732			2,925			43.0			6,807			2,265			49.9			4,542			4,457			4,335
Total commercial		23,320			5,877			33.7			17,443			5,578			47.0			11,865			10,627			9,801
Consumer:
Automobile loans		3,676			1,043			39.6			2,633			576			28.0			2,057			2,043			2,285
Automobile leases		851			(634	)		(42.7	)		1,485			(546	)		(26.9	)		2,031			2,422			2,192
Automobile loans and leases		4,527			409			9.9			4,118			30			0.7			4,088			4,465			4,477
Home equity		7,404			1,231			19.9			6,173			1,203			24.2			4,970			4,752			4,244
Residential mortgage		5,018			79			1.6			4,939			358			7.8			4,581			4,081			3,212
Other loans		691			162			30.6			529			90			20.5			439			385			393
Total consumer		17,640			1,881			11.9			15,759			1,681			11.9			14,078			13,683			12,326
Total loans and leases		40,960			7,758			23.4			33,202			7,259			28.0			25,943			24,310			22,127
Allowance for loan and lease losses		(695	)		(313	)		(81.9	)		(382	)		(95	)		(33.1	)		(287	)		(268	)		(298	)
Net loans and leases		40,265			7,445			22.7			32,820			7,164			27.9			25,656			24,042			21,829
Total earning assets		47,787			8,431			21.4			39,356			7,905			25.1			31,451			29,308			27,697
Cash and due from banks		958			28			3.0			930			105			12.7			825			845			843
Intangible assets		3,446			1,427			70.7			2,019			1,452			N.M.			567			218			216
All other assets		3,425			636			22.8			2,789			233			9.1			2,556			2,536			2,975
Total Assets	$	54,921		$	10,209			22.8		$	44,712		$	9,600			27.3		$	35,112		$	32,639		$	31,433
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits — non-interest bearing	$	5,095		$	657			14.8	%	$	4,438		$	908			25.7	%	$	3,530		$	3,379		$	3,230
Demand deposits — interest bearing		4,003			874			27.9			3,129			991			46.4			2,138			1,920			1,953
Money market deposits		6,093			(80	)		(1.3	)		6,173			569			10.2			5,604			5,738			5,254
Savings and other domestic deposits		4,949			948			23.7			4,001			941			30.8			3,060			3,206			3,434
Core certificates of deposit		11,527			3,470			43.1			8,057			3,007			59.5			5,050			3,334			2,689
Total core deposits		31,667			5,869			22.8			25,798			6,416			33.1			19,382			17,577			16,560
Other domestic deposits of $100,000 or more		1,951			563			40.6			1,388			343			32.8			1,045			859			590
Brokered deposits and negotiable CDs		3,243			4			0.1			3,239			(3	)		(0.1	)		3,242			3,119			1,837
Deposits in foreign offices		975			334			52.1			641			126			24.5			515			457			508
Total deposits		37,836			6,770			21.8			31,066			6,882			28.5			24,184			22,012			19,495
Short-term borrowings		2,374			129			5.7			2,245			445			24.7			1,800			1,379			1,410
Federal Home Loan Bank advances		3,281			1,254			61.9			2,027			658			48.1			1,369			1,105			1,271
Subordinated notes and other long-term debt		4,094			406			11.0			3,688			114			3.2			3,574			4,064			5,379
Total interest bearing liabilities		42,490			7,902			22.8			34,588			7,191			26.2			27,397			25,181			24,325
All other liabilities		942			(112	)		(10.6	)		1,054			(185	)		(14.9	)		1,239			1,496			1,504
Shareholders’ equity		6,394			1,762			38.0			4,632			1,686			57.2			2,946			2,583			2,374
Total Liabilities and Shareholders’ Equity	$	54,921		$	10,209			22.8	%	$	44,712		$	9,600			27.3	%	$	35,112		$	32,639		$	31,433

N.M., not a meaningful value.
(1)	For purposes of this analysis, nonaccrual loans are reflected in the average balances of loans.

13

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

	Annual Average Rates (2)
Fully Taxable Equivalent basis (1)	2008			2007			2006			2005			2004
Assets
Interest bearing deposits in banks		2.53	%		4.80	%		6.00	%		2.16	%		1.05	%
Trading account securities		5.28			5.84			4.19			4.08			4.15
Federal funds sold and securities purchased under resale agreements		2.46			5.05			5.00			2.27			1.73
Loans held for sale		6.01			5.69			6.10			5.64			5.35
Investment securities:
Taxable		5.62			6.07			5.47			4.31			3.88
Tax-exempt		6.83			6.72			6.75			6.71			6.98
Total investment securities		5.81			6.17			5.62			4.58			4.14
Loans and leases (3):
Commercial:
Commercial and industrial		5.67			7.44			7.32			5.88			4.58
Commercial real estate:
Construction		5.05			7.80			8.07			6.42			4.55
Commercial		5.61			7.50			7.45			5.99			4.95
Commercial real estate		5.49			7.57			7.61			6.16			4.81
Total commercial		5.59			7.49			7.43			6.00			4.68
Consumer:
Automobile loans		7.17			7.17			6.57			6.52			7.22
Automobile leases		5.65			5.41			5.07			4.94			5.00
Automobile loans and leases		6.88			6.53			5.82			5.66			6.14
Home equity		6.42			7.77			7.44			6.07			4.92
Residential mortgage		5.83			5.79			5.44			5.22			5.07
Other loans		9.85			10.51			9.07			10.23			7.51
Total consumer		6.50			6.92			6.37			5.80			5.48
Total loans and leases		5.99			7.22			6.86			5.89			5.13
Total earning assets		5.90	%		7.02	%		6.63	%		5.65	%		4.89	%
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits — non-interest bearing		—	%		—	%		—	%		—	%		—	%
Demand deposits — interest bearing		0.55			1.29			0.90			0.55			0.42
Money market deposits		1.93			3.77			3.45			2.18			1.25
Savings and other domestic deposits		1.88			2.40			1.75			1.41			1.29
Core certificates of deposit		4.27			4.85			4.25			3.56			3.36
Total core deposits		2.73			3.55			3.02			2.10			1.56
Other domestic deposits of $100,000 or more		3.76			5.08			5.00			3.32			1.88
Brokered deposits and negotiable CDs		3.66			5.41			5.22			3.51			1.80
Deposits in foreign offices		1.56			3.19			2.93			2.10			0.82
Total deposits		2.85			3.85			3.47			2.40			1.58
Short-term borrowings		1.78			4.13			4.01			2.49			0.93
Federal Home Loan Bank advances		3.29			5.06			4.38			3.13			2.62
Subordinated notes and other long-term debt		4.51			5.96			5.65			4.02			2.46
Total interest bearing liabilities		2.98			4.17			3.84			2.70			1.79
Net interest rate spread		2.92			2.85			2.79			2.95			3.10
Impact of non-interest bearing funds on margin		0.33			0.51			0.50			0.38			0.23
Net interest margin		3.25	%		3.36	%		3.29	%		3.33	%		3.33	%

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

14

Huntington Bancshares Incorporated
Selected Annual Income Statement Data ⁽¹⁾
(Unaudited)

	Year Ended December 31,
				Change from 2007									Change from 2006
(in thousands, except per share amounts)	2008			Amount			%			2007			Amount			%			2006			2005			2004
Interest income	$	2,798,322		$	55,359			2.0	%	$	2,742,963		$	672,444			32.5	%	$	2,070,519		$	1,641,765		$	1,347,315
Interest expense		1,266,631			(174,820	)		(12.1	)		1,441,451			390,109			37.1			1,051,342			679,354			435,941
Net interest income		1,531,691			230,179			17.7			1,301,512			282,335			27.7			1,019,177			962,411			911,374
Provision for credit losses		1,057,463			413,835			64.3			643,628			578,437			N.M.			65,191			81,299			55,062
Net interest income after provision for credit losses		474,228			(183,656	)		(27.9	)		657,884			(296,102	)		(31.0	)		953,986			881,112			856,312
Service charges on deposit accounts		308,053			53,860			21.2			254,193			68,480			36.9			185,713			167,834			171,115
Brokerage and insurance income		137,796			45,421			49.2			92,375			33,540			57.0			58,835			53,619			54,799
Trust services		125,980			4,562			3.8			121,418			31,463			35.0			89,955			77,405			67,410
Electronic banking		90,267			19,200			27.0			71,067			19,713			38.4			51,354			44,348			41,574
Bank owned life insurance income		54,776			4,921			9.9			49,855			6,080			13.9			43,775			40,736			42,297
Automobile operating lease income		39,851			32,041			N.M.			7,810			(35,305	)		(81.9	)		43,115			133,015			285,431
Mortgage banking income		8,994			(20,810	)		(69.8	)		29,804			(11,687	)		(28.2	)		41,491			28,333			26,786
Securities (losses) gains		(197,370	)		(167,632	)		N.M.			(29,738	)		43,453			(59.4	)		(73,191	)		(8,055	)		15,763
Other income		138,791			58,972			73.9			79,819			(40,203	)		(33.5	)		120,022			95,047			113,423
Total non-interest income		707,138			30,535			4.5			676,603			115,534			20.6			561,069			632,282			818,598
Personnel costs		783,546			96,718			14.1			686,828			145,600			26.9			541,228			481,658			485,806
Outside data processing and other services		128,163			918			0.7			127,245			48,466			61.5			78,779			74,638			72,115
Net occupancy		108,428			9,055			9.1			99,373			28,092			39.4			71,281			71,092			75,941
Equipment		93,965			12,483			15.3			81,482			11,570			16.5			69,912			63,124			63,342
Amortization of intangibles		76,894			31,743			70.3			45,151			35,189			N.M.			9,962			829			817
Professional services		53,667			13,347			33.1			40,320			13,267			49.0			27,053			34,569			36,876
Marketing		32,664			(13,379	)		(29.1	)		46,043			14,315			45.1			31,728			26,279			24,600
Automobile operating lease expense		31,282			26,121			N.M.			5,161			(26,125	)		(83.5	)		31,286			103,850			235,080
Telecommunications		25,008			506			2.1			24,502			5,250			27.3			19,252			18,648			19,787
Printing and supplies		18,870			619			3.4			18,251			4,387			31.6			13,864			12,573			12,463
Other expense		124,887			(12,601	)		(9.2	)		137,488			30,839			28.9			106,649			82,560			95,417
Total non-interest expense		1,477,374			165,530			12.6			1,311,844			310,850			31.1			1,000,994			969,820			1,122,244
(Loss) Income before income taxes		(296,008	)		(318,651	)		N.M.			22,643			(491,418	)		(95.6	)		514,061			543,574			552,666
(Benefit) Provision for income taxes		(182,202	)		(129,676	)		N.M.			(52,526	)		(105,366	)		N.M.			52,840			131,483			153,741
Net (loss) income	$	(113,806	)		(188,975	)		N.M.		$	75,169			(386,052	)		(83.7	)%	$	461,221		$	412,091		$	398,925
Dividends declared on preferred shares		46,400			46,400		N.M.				—			—			—			—			—			—
Net (loss) income applicable to common shares	$	(160,206	)		(235,375	)		N.M.		$	75,169			(386,052	)		(83.7	)%	$	461,221		$	412,091		$	398,925
Average common shares — basic		366,155			65,247			21.7	%		300,908			64,209			27.1	%		236,699			230,142			229,913
Average common shares — diluted (2)		366,155			62,700			20.7	%		303,455			63,535			26.5	%		239,920			233,475			233,856
Per common share
Net (loss) income per common share — basic		(0.44	)		(0.69	)		N.M.			0.25			(1.70	)		(87.2	)		1.95			1.79			1.74
Net (loss) income per common share — diluted		(0.44	)		(0.69	)		N.M.			0.25			(1.67	)		(87.0	)		1.92			1.77			1.71
Cash dividends declared		0.6625			(0.398	)		(37.5	)		1.060			0.060			6.0			1.000			0.845			0.750
Return on average total assets		(0.21	)%		(0.38	)%		N.M.			0.17	%		(1.14	)%		(87.02	)		1.31	%		1.26	%		1.27	%
Return on average total shareholders’ equity		(1.8	)		(3.4	)		N.M.			1.6			(14.1	)		(89.8	)		15.7			16.0			16.8
Return on average tangible shareholders’ equity (3)		(2.1	)		(6.0	)		N.M.			3.9			(15.6	)		(80.0	)		19.5			17.4			18.5
Net interest margin (4)		3.25			(0.11	)		(3.3	)		3.36			0.07			2.1			3.29			3.33			3.33
Efficiency ratio (5)		57.0			(5.5	)		(8.8	)		62.5			3.1			5.2			59.4			60.0			65.0
Effective tax rate		N.M.			N.M.			N.M.			N.M.			N.M.			N.M.			10.3			24.2			27.8
Revenue — fully taxable equivalent (FTE)
Net interest income	$	1,531,691		$	230,179			17.7	%	$	1,301,512		$	282,335			27.7	%	$	1,019,177		$	962,411		$	911,374
FTE adjustment (4)		20,218			969			5.0			19,249			3,224			20.1			16,025			13,393			11,653
Net interest income		1,551,909			231,148			17.5			1,320,761			285,559			27.6			1,035,202			975,804			923,027
Non-interest income		707,138			30,535			4.5			676,603			115,534			20.6			561,069			632,282			818,598
Total revenue	$	2,259,047		$	261,683			13.1	%	$	1,997,364		$	401,093			25.1	%	$	1,596,271		$	1,608,086		$	1,741,625

N.M., not a meaningful value.
(1)	Comparisons for presented periods are impacted by a number of factors. Refer to the “Significant Items”.
(2)	For the year ended December 31, 2008, the impact of the convertible preferred stock issued in April of 2008 was excluded from the diluted share calculation. It was excluded because the result would have been higher than basic earnings per common share (anti-dilutive) for the period.
(3)	Net income excluding expense for amortization of intangibles for the period divided by average tangible shareholders’ equity. Average tangible shareholders’ equity equals average total shareholders’ equity less average intangible assets and goodwill. Expense for amortization of intangibles and average intangible assets are net of deferred tax liability, and calculated assuming a 35% tax rate.
(4)	On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
(5)	Non-interest expense less amortization of intangibles divided by the sum of FTE net interest income and non-interest income excluding securities (losses) gains.

15

Huntington Bancshares Incorporated
Annual Mortgage Banking Income
(Unaudited)

	Year Ended December 31,
(in thousands, except as noted)	2008			2007			2006			2005			2004
Mortgage Banking Income
Origination and secondary marketing	$	37,257		$	25,965		$	18,217		$	24,934		$	22,709
Servicing fees		45,558			36,012			24,659			22,181			21,696
Amortization of capitalized servicing (1)		(26,634	)		(20,587	)		(15,144	)		(18,359	)		(19,019	)
Other mortgage banking income		16,768			13,198			10,173			8,583			10,024
Sub-total		72,949			54,588			37,905			37,339			35,410
MSR valuation adjustment (1)		(52,668	)		(16,131	)		4,871			4,371			1,378
Net trading losses related to MSR hedging		(11,287	)		(8,653	)		(1,285	)		(13,377	)		(10,002	)
Total mortgage banking income	$	8,994		$	29,804		$	41,491		$	28,333		$	26,786
Average trading account securities used to hedge MSRs (in millions)	$	1,031		$	594		$	26		$	195		$	94
Capitalized mortgage servicing rights (2)		167,438			207,894			131,104			91,259			77,107
MSR allowance (2)		—			—			—			(404	)		(4,775	)
Total mortgages serviced for others (in millions) (2)		15,754			15,088			8,252			7,276			6,861
MSR % of investor servicing portfolio		1.06	%		1.38	%		1.59	%		1.25	%		1.12	%
Net Impact of MSR Hedging
MSR valuation adjustment (1)	$	(52,668	)	$	(16,131	)	$	4,871		$	4,371		$	1,378
Net trading losses related to MSR hedging		(11,287	)		(8,653	)		(1,285	)		(13,377	)		(10,002	)
Net interest income related to MSR hedging		33,139			5,797			36			1,688			1,450
Other MSR hedge activity		—			—			—			—			(4,492	)
Net impact of MSR hedging	$	(30,816	)	$	(18,987	)	$	3,622		$	(7,318	)	$	(11,666	)

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

16

Huntington Bancshares Incorporated
Annual Credit Reserves Analysis
(Unaudited)

	Year Ended December 31,
(in thousands)	2008			2007			2006			2005			2004
Allowance for loan and lease losses, beginning of period	$	578,442		$	272,068		$	268,347		$	271,211		$	299,732
Acquired allowance for loan and lease losses		—			188,128			23,785			—			—
Loan and lease losses		(806,329	)		(517,943	)		(119,692	)		(115,848	)		(126,115	)
Recoveries of loans previously charged off		48,262			40,312			37,316			35,791			47,580
Net loan and lease losses		(758,067	)		(477,631	)		(82,376	)		(80,057	)		(78,535	)
Provision for loan and lease losses		1,067,789			628,802			62,312			83,782			57,397
Economic reserve transfer		12,063			—			—			(6,253	)		—
Allowance of assets sold and securitized		—			—			—			(336	)		(7,383	)
Allowance for loans transferred to held-for-sale		—			(32,925	)		—			—			—
Allowance for loan and lease losses, end of period	$	900,227		$	578,442		$	272,068		$	268,347		$	271,211
Allowance for unfunded loan commitments and letters of credit, beginning of period	$	66,528		$	40,161		$	36,957		$	33,187		$	35,522
Acquired AULC		—			11,541			325			—			—
(Reduction in) provision for unfunded loan commitments and letters of credit losses		(10,326	)		14,826			2,879			(2,483	)		(2,335	)
Economic reserve transfer		(12,063	)		—			—			6,253			—
Allowance for unfunded loan commitments and letters of credit, end of period	$	44,139		$	66,528		$	40,161		$	36,957		$	33,187
Total allowances for credit losses	$	944,366		$	644,970		$	312,229		$	305,304		$	304,398
Allowance for loan and lease losses (ALLL) as % of:
Transaction reserve		1.91	%		1.27	%		0.86	%		0.89	%		0.83	%
Economic reserve		0.28			0.17			0.18			0.21			0.32
Total loans and leases		2.19	%		1.44	%		1.04	%		1.10	%		1.15	%
Nonaccrual loans and leases (NALs)		60			181			189			263			424
Nonperforming assets (NPAs)		55			122			141			229			250
Total allowances for credit losses (ACL) as % of:
Total loans and leases		2.30	%		1.61	%		1.19	%		1.25	%		1.29	%
Nonaccrual loans and leases		63			202			217			300			476
Nonperforming assets		58			136			261			280			384

17

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

	Year Ended December 31,
(in thousands)	2008			2007			2006			2005			2004
Net charge-offs by loan and lease type:
Commercial:
Commercial and industrial	$	526,165	(1)	$	345,840	(2)	$	20,868		$	25,000		$	6,573
Commercial real estate:
Construction		6,626			11,854			3,553			135			2,425
Commercial		62,114			27,250			3,230			4,439			6,459
Commercial real estate		68,740			39,104			6,783			4,574			8,884
Total commercial		594,905			384,944			27,651			29,574			15,457
Consumer:
Automobile loans		41,228			17,185			8,330			11,988			28,574
Automobile leases		13,337			10,507			10,445			11,664			10,837
Automobile loans and leases		54,565			27,692			18,775			23,652			39,411
Home equity		67,556			34,426			21,854			17,619			15,074
Residential mortgage		21,247			11,371			4,505			2,332			1,760
Other loans		19,794			19,198			9,591			6,880			6,833
Total consumer		163,162			92,687			54,725			50,483			63,078
Total net charge-offs	$	758,067		$	477,631		$	82,376		$	80,057		$	78,535
Net charge-offs — annualized percentages:
Commercial:
Commercial and industrial (1), (2)		3.87	%		3.25	%		0.28	%		0.41	%		0.12	%
Commercial real estate:
Construction		0.32			0.77			0.28			0.01			0.17
Commercial		0.81			0.52			0.10			0.16			0.23
Commercial real estate		0.71			0.57			0.15			0.10			0.20
Total commercial		2.55			2.21			0.23			0.28			0.16
Consumer:
Automobile loans		1.12			0.65			0.40			0.59			1.25
Automobile leases		1.57			0.71			0.51			0.48			0.49
Automobile loans and leases		1.21			0.67			0.46			0.53			0.88
Home equity		0.91			0.56			0.44			0.37			0.36
Residential mortgage		0.42			0.23			0.10			0.06			0.05
Other loans		2.86			3.63			2.18			1.79			1.74
Total consumer		0.92			0.59			0.39			0.37			0.51
Net charge-offs as a % of average loans		1.85	%		1.44	%		0.32	%		0.33	%		0.35	%

(1)	2008 includes charge-offs totaling $423.3 million associated with Franklin.
(2)	2007 includes charge-offs totaling $397.0 million associated with the Franklin restructuring. These charge-offs were reduced by the unamortized discount associated with the loans, and by other amounts received by Franklin totaling $88.5 million, resulting in net charge-offs totaling $308.5 million.

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Huntington Bancshares Incorporated
Annual Nonaccrual Loans (NALs), Nonperforming Assets (NPAs) and Past Due Loans and Leases
(Unaudited)

	December 31,
(in thousands)	2008			2007			2006			2005			2004
Nonaccrual loans and leases (NALs):
Middle market commercial and industrial (1)	$	932,648		$	87,679		$	58,393		$	55,273		$	34,692
Middle market commercial real estate		445,717			148,467			37,947			18,309			8,670
Residential mortgage		98,951			59,557			32,527			17,613			13,545
Home equity		24,831			24,068			15,266			10,720			7,055
Total nonaccrual loans and leases		1,502,147			319,771			144,133			101,915			63,962
Other real estate, net:
Residential		63,058			60,804			47,031			14,214			8,501
Commercial		59,440			14,467			2,456			1,026			36,105
Total other real estate, net		122,498			75,271			49,487			15,240			44,606
Impaired loans held for sale (2)		12,001			73,481			—			—			—
Other NPAs (3)		—			4,379			—			—			—
Total nonperforming assets	$	1,636,646		$	472,902		$	193,620		$	117,155		$	108,568
Nonperforming loans and leases as a % of total loans and leases (NAL ratio)		3.66	%		0.80	%		0.55	%		0.42	%		0.27	%
NPA ratio (4)		3.97			1.18			0.74			0.48			0.46
Accruing restructured loans (5)
Franklin	$	—		$	1,187,368		$	—		$	—		$	—
Other		306,417			—			—			—			—
Total accruring restructured loans	$	306,417		$	1,187,368		$	—		$	—		$	—
Accruing loans and leases past due 90 days or more	$	203,985		$	140,977		$	59,114		$	56,138		$	54,283
Accruing loans and leases past due 90 days or more as a percent of total loans and leases		0.50	%		0.35	%		0.23	%		0.23	%		0.23	%

	December 31,
(in thousands)	2008			2007			2006			2005			2004
Nonperforming assets, beginning of period	$	472,902		$	193,620		$	117,155		$	108,568		$	87,386
New nonperforming assets		1,732,288			468,056			222,043			171,150			137,359
Acquired nonperforming assets		—			144,492			33,843			—			—
Returns to accruing status		(42,161	)		(24,952	)		(43,999	)		(7,547	)		(3,795	)
Loan and lease losses		(221,831	)		(126,754	)		(46,191	)		(38,819	)		(37,337	)
Payments		(194,692	)		(86,093	)		(59,469	)		(64,861	)		(43,319	)
Sales		(109,860	)		(95,467	)		(29,762	)		(51,336	)		(31,726	)
Non-performing assets, end of period	$	1,636,646		$	472,902		$	193,620		$	117,155		$	108,568

(1)	2008 commercial and industrial NALs include the Franklin Credit Management Corporation (Franklin) Tranche A loan.
(2)	Represent impaired loans obtained from the Sky acquisition. Held for sale loans are carried at the lower of cost or fair value less costs to sell.
(3)	Other NPAs represent certain investment securities backed by mortgage loans to borrowers with lower FICO scores.
(4)	Nonperforming assets divided by the sum of loans and leases, impaired loans held for sale, net other real estate, and other NPAs.
(5)	Represents accruing loans that have been restructured. 2008 includes both Tranche A and Tranche B of the Franklin relationship. Tranche B of the Franklin relationship was charged off in 2008.

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