Huntington Bancshares (HBAN) 8-K Results of Operations and Financial Condition

EXHIBIT 99.2

HUNTINGTON BANCSHARES INCORPORATED

Quarterly Financial Review
December 2005

Table of Contents

Consolidated Balance Sheets	1
Credit Exposure Composition	2
Deposit Composition	3
Consolidated Quarterly Average Balance Sheets	4
Consolidated Quarterly Net Interest Margin Analysis	5
Quarterly Average Loans and Direct Financing Leases and Deposit Composition By Business Segment	6
Selected Quarterly Income Statement Data	7
Quarterly Mortgage Banking Income and Net Impact of MSR Hedging	8
Quarterly Credit Reserves Analysis	9
Quarterly Net Charge-Off Analysis	10
Quarterly Non-Performing Assets and Past Due Loans and Leases	11
Quarterly Stock Summary, Capital, and Other Data	12
Quarterly Operating Lease Performance	13
Consolidated Annual Average Balance Sheets	14
Consolidated Annual Net Interest Margin Analysis	15
Selected Annual Income Statement Data	16
Annual Mortgage Banking Income and Net Impact of MSR Hedging	17
Annual Credit Reserves Analysis	18
Annual Net Charge-Off Analysis	19
Annual Non-Performing Assets and Past Due Loans and Leases	20
Annual Operating Lease Performance	21

Note:
The preparation of financial statement data in conformity with accounting principals generally accepted in the United States requires management to make estimates and assumptions that affect amounts reported. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform to the current period’s presentation.

Huntington Bancshares Incorporated
Consolidated Balance Sheets

										Change
	2005						2004			December '05 vs '04
(in thousands of dollars, except per share amounts)	December 31,			September 30,			December 31,			Amount			Percent
	(Unaudited)			(Unaudited)
Assets
Cash and due from banks	$	966,445		$	803,425		$	877,320		$	89,125			10.2	%
Federal funds sold and securities purchased under resale agreements		74,331			78,325			628,040			(553,709	)		(88.2	)
Interest bearing deposits in banks		22,391			22,379			22,398			(7	)		(0.0	)
Trading account securities		8,619			191,418			309,630			(301,011	)		(97.2	)
Loans held for sale		294,344			449,096			223,469			70,875			31.7
Investment securities		4,526,520			4,304,898			4,238,945			287,575			6.8
Loans and leases (1)		24,472,166			24,496,287			23,560,277			911,889			3.9
Allowance for loan and lease losses		(268,347	)		(253,943	)		(271,211	)		2,864			(1.1	)
Net loans and leases		24,203,819			24,242,344			23,289,066			914,753			3.9
Operating lease assets		229,077			274,190			587,310			(358,233	)		(61.0	)
Bank owned life insurance		1,001,542			993,407			963,059			38,483			4.0
Premises and equipment		360,677			358,876			355,115			5,562			1.6
Goodwill and other intangible assets		217,486			217,703			215,807			1,679			0.8
Customers’ acceptance liability		4,536			7,463			11,299			(6,763	)		(59.9	)
Accrued income and other assets		855,018			819,464			844,039			10,979			1.3
Total Assets	$	32,764,805		$	32,762,988		$	32,565,497		$	199,308			0.6	%
Liabilities and Shareholders’ Equity
Liabilities
Deposits(2)	$	22,409,675		$	22,349,122		$	20,768,161		$	1,641,514			7.9	%
Short-term borrowings		1,889,260			1,502,566			1,207,233			682,027			56.5
Federal Home Loan Bank advances		1,155,647			1,155,656			1,271,088			(115,441	)		(9.1	)
Other long-term debt		2,418,419			2,795,431			4,016,004			(1,597,585	)		(39.8	)
Subordinated notes		1,023,371			1,034,343			1,039,793			(16,422	)		(1.6	)
Allowance for unfunded loan commitments and letters of credit		36,957			38,098			33,187			3,770			11.4
Bank acceptances outstanding		4,536			7,463			11,299			(6,763	)		(59.9	)
Deferred federal income tax liability		743,655			768,344			783,628			(39,973	)		(5.1	)
Accrued expenses and other liabilities		525,784			489,290			897,466			(371,682	)		(41.4	)
Total Liabilities		30,207,304			30,140,313			30,027,859			179,445			0.6
Shareholders’ equity
Preferred stock — authorized 6,617,808 shares; none outstanding		—			—			—			—			—
Common stock — without par value; authorized 500,000,000 shares; issued 257,866,255 shares; outstanding 224,106,172; 229,005,823 and 231,605,281 shares, respectively.		2,491,326			2,490,919			2,484,204			7,122			0.3
Less 33,760,083; 28,860,432 and 26,260,974 treasury shares, respectively		(693,576	)		(575,941	)		(499,259	)		(194,317	)		38.9
Accumulated other comprehensive loss		(22,093	)		(21,839	)		(10,903	)		(11,190	)		N.M.
Retained earnings		781,844			729,536			563,596			218,248			38.7
Total Shareholders’ Equity		2,557,501			2,622,675			2,537,638			19,863			0.8
Total Liabilities and Shareholders’ Equity	$	32,764,805		$	32,762,988		$	32,565,497		$	199,308			0.6	%

N.M., not a meaningful value.
(1)	See page 2 for detail of loans and leases.
(2)	See page 3 for detail of deposits.

1

Huntington Bancshares Incorporated
Credit Exposure Composition

														Change
	2005									2004				December '05 vs '04
(in thousands of dollars)	December 31,					September 30,				December 31,				Amount			Percent
	(Unaudited)					(Unaudited)
By Type
Commercial:
Middle market commercial and industrial (1)	$	5,084,244		20.6	%	$	4,790,680	19.3	%	$	4,660,141	19.3	%	$	424,103			9.1	%
Construction		1,521,897		6.2			1,762,237	7.1			1,592,125	6.6			(70,228	)		(4.4	)
Commercial (1)		2,015,498		8.2			1,885,027	7.6			1,881,835	7.8			133,663			7.1
Middle market commercial real estate		3,537,395		14.4			3,647,264	14.7			3,473,960	14.4			63,435			1.8
Small business commercial and industrial and commercial real estate		2,223,740		9.1			2,234,988	9.1			2,168,877	8.9			54,863			2.5
Total commercial		10,845,379		44.1			10,672,932	43.1			10,302,978	42.6			542,401			5.3
Consumer:
Automobile loans		1,985,304		8.0			2,063,285	8.3			1,948,667	8.1			36,637			1.9
Automobile leases		2,289,015		9.3			2,381,004	9.6			2,443,455	10.1			(154,440	)		(6.3	)
Home equity		4,638,841		18.8			4,684,904	18.9			4,554,540	18.9			84,301			1.9
Residential mortgage		4,193,139		17.0			4,180,350	16.9			3,829,234	15.9			363,905			9.5
Other loans		520,488		1.9			513,812	2.1			481,403	2.0			39,085			8.1
Total consumer		13,626,787		55.0			13,823,355	55.8			13,257,299	55.0			369,488			2.8
Total loans and direct financing leases	$	24,472,166		99.1		$	24,496,287	98.9		$	23,560,277	97.6		$	911,889			3.9
Operating lease assets		229,077		0.9			274,190	1.1			587,310	2.4			(358,233	)		(61.0	)
Total credit exposure	$	24,701,243		100.0	%	$	24,770,477	100.0	%	$	24,147,587	100.0	%	$	553,656			2.3	%
Total automobile exposure(2)	$	4,503,396		18.2	%	$	4,718,479	19.0	%	$	4,979,432	20.6	%	$	(476,036	)		(9.6	)%
By Business Segment(3)			��
Regional Banking:
Central Ohio	$	3,147,464		12.7	%	$	3,223,920	13.0	%	$	3,096,709	12.8	%	$	50,755			1.6	%
Northern Ohio		2,892,228		11.7			2,952,508	11.9			2,857,746	11.8			34,482			1.2
Southern Ohio / Kentucky		2,042,070		8.3			2,064,617	8.3			1,895,180	7.8			146,890			7.8
West Michigan		2,363,873		9.6			2,369,813	9.6			2,271,682	9.4			92,191			4.1
East Michigan		1,574,000		6.4			1,530,757	6.2			1,430,169	5.9			143,831			10.1
West Virginia		970,959		3.9			948,854	3.8			882,016	3.7			88,943			10.1
Indiana		1,027,455		4.2			967,324	3.9			961,700	4.0			65,755			6.8
Mortgage and equipment leasing groups		3,533,809		14.3			3,505,072	14.2			3,196,762	13.2			337,047			10.5
Regional Banking		17,551,858		71.1			17,562,865	70.8			16,591,964	68.7			959,894			5.8
Dealer Sales (4)		5,430,038		22.0			5,492,278	22.2			5,920,256	24.5			(490,218	)		(8.3	)
Private Financial and Capital Markets Group		1,719,347		6.9			1,715,334	7.0			1,635,367	6.8			83,980			5.1
Treasury / Other		—		—			—	—			—	—			—			—
Total credit exposure	$	24,701,243		100.0	%	$	24,770,477	100.0	%	$	24,147,587	100.0	%	$	553,656			2.3	%

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

2

Huntington Bancshares Incorporated
Deposit Composition

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

(1)	Prior period amounts have been reclassified to conform to the current period business segment structure.
(2)	Comprised largely of brokered deposits and negotiable CDs.

3

Huntington Bancshares Incorporated
Consolidated Quarterly Average Balance Sheets
(Unaudited)

	Average Balances															Change
Fully taxable equivalent basis	2005												2004			4Q05 vs 4Q04
(in millions of dollars)	Fourth			Third			Second			First			Fourth			Amount			Percent
Assets
Interest bearing deposits in banks	$	51		$	54		$	54		$	53		$	60		$	(9	)		(15.0	)%
Trading account securities		119			274			236			200			228			(109	)		(47.8	)
Federal funds sold and securities purchased under resale agreements		103			142			225			475			695			(592	)		(85.2	)
Loans held for sale		361			427			276			203			229			132			57.6
Investment securities:
Taxable		3,802			3,523			3,589			3,932			3,858			(56	)		(1.5	)
Tax-exempt		540			537			411			409			404			136			33.7
Total investment securities		4,342			4,060			4,000			4,341			4,262			80			1.9
Loans and leases: (1)
Commercial:
Middle market commercial and industrial (2)		4,946			4,708			4,901			4,710			4,503			443			9.8
Construction		1,675			1,720			1,678			1,642			1,577			98			6.2
Commercial (2)		1,923			1,922			1,905			1,883			1,852			71			3.8
Middle market commercial real estate		3,598			3,642			3,583			3,525			3,429			169			4.9
Small business commercial and industrial and commercial real estate		2,230			2,251			2,230			2,183			2,136			94			4.4
Total commercial		10,774			10,601			10,714			10,418			10,068			706			7.0
Consumer:
Automobile loans		2,018			2,078			2,069			2,008			1,913			105			5.5
Automobile leases		2,337			2,424			2,468			2,461			2,388			(51	)		(2.1	)
Automobile loans and leases		4,355			4,502			4,537			4,469			4,301			54			1.3
Home equity		4,653			4,681			4,636			4,570			4,489			164			3.7
Residential mortgage		4,165			4,157			4,080			3,919			3,695			470			12.7
Other loans		521			507			491			480			479			42			8.8
Total consumer		13,694			13,847			13,744			13,438			12,964			730			5.6
Total loans and leases		24,468			24,448			24,458			23,856			23,032			1,436			6.2
Allowance for loan and lease losses		(262	)		(256	)		(270	)		(282	)		(283	)		21			7.4
Net loans and leases		24,206			24,192			24,188			23,574			22,749			1,457			6.4
Total earning assets		29,444			29,405			29,249			29,128			28,506			938			3.3
Operating lease assets		245			309			409			529			648			(403	)		(62.2	)
Cash and due from banks		742			867			865			909			880			(138	)		(15.7	)
Intangible assets		218			217			218			218			216			2			0.9
All other assets		2,227			2,197			2,149			2,079			2,094			133			6.4
Total Assets	$	32,614		$	32,739		$	32,620		$	32,581		$	32,061		$	553			1.7	%
Liabilities and Shareholders’ Equity
Deposits:
Demand deposits — non-interest bearing	$	3,444		$	3,406		$	3,352		$	3,314		$	3,401		$	43			1.3	%
Demand deposits — interest bearing		7,496			7,539			7,677			7,925			7,658			(162	)		(2.1	)
Savings and other domestic time deposits		2,984			3,095			3,230			3,317			3,395			(411	)		(12.1	)
Certificates of deposit less than $100,000		3,421			3,157			2,720			2,496			2,454			967			39.4
Total core deposits		17,345			17,197			16,979			17,052			16,908			437			2.6
Domestic time deposits of $100,000 or more		1,397			1,271			1,248			1,249			990			407			41.1
Brokered deposits and negotiable CDs		3,210			3,286			3,249			2,720			1,948			1,262			64.8
Deposits in foreign offices		490			462			434			442			465			25			5.4
Total deposits		22,442			22,216			21,910			21,463			20,311			2,131			10.5
Short-term borrowings		1,472			1,559			1,301			1,179			1,302			170			13.1
Federal Home Loan Bank advances		1,156			935			1,136			1,196			1,270			(114	)		(9.0	)
Subordinated notes and other long-term debt		3,687			3,960			4,100			4,517			5,099			(1,412	)		(27.7	)
Total interest bearing liabilities		25,313			25,264			25,095			25,041			24,581			732			3.0
All other liabilities		1,283			1,458			1,554			1,699			1,598			(315	)		(19.7	)
Shareholders’ equity		2,574			2,611			2,619			2,527			2,481			93			3.7
Total Liabilities and Shareholders’ Equity	$	32,614		$	32,739		$	32,620		$	32,581		$	32,061		$	553			1.7	%

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

4

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

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

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

5

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

	Average Balances										Change
	2005								2004		4Q05 vs 4Q04
(in millions of dollars)	Fourth		Third		Second		First		Fourth		Amount			Percent
Loans and direct financing leases (1)
Regional Banking:
Central Ohio	$	3,222	$	3,181	$	3,173	$	3,105	$	3,073	$	149			4.8	%
Northern Ohio		2,919		2,926		2,921		2,867		2,810		109			3.9
Southern Ohio / Kentucky		2,069		2,080		2,067		1,967		1,862		207			11.1
West Michigan		2,382		2,377		2,366		2,297		2,255		127			5.6
East Michigan		1,537		1,507		1,479		1,444		1,402		135			9.6
West Virginia		963		944		907		878		875		88			10.1
Indiana		976		983		1,022		980		906		70			7.7
Mortgage and equipment leasing groups		3,461		3,433		3,364		3,266		3,064		397			13.0
Regional Banking		17,529		17,431		17,299		16,804		16,247		1,282			7.9
Dealer Sales		5,225		5,316		5,496		5,410		5,204		21			0.4
Private Financial and Capital Markets Group		1,714		1,701		1,663		1,642		1,581		133			8.4
Treasury / Other		—		—		—		—		—		—			—
Total loans and direct financing leases	$	24,468	$	24,448	$	24,458	$	23,856	$	23,032	$	1,436			6.2	%
Deposit composition (1)
Regional Banking:
Central Ohio	$	4,508	$	4,494	$	4,555	$	4,487	$	4,344	$	164			3.8	%
Northern Ohio		4,122		4,072		3,931		4,085		4,028		94			2.3
Southern Ohio / Kentucky		1,938		1,861		1,750		1,764		1,665		273			16.4
West Michigan		2,778		2,671		2,638		2,684		2,672		106			4.0
East Michigan		2,296		2,267		2,270		2,298		2,199		97			4.4
West Virginia		1,428		1,408		1,387		1,367		1,359		69			5.1
Indiana		742		746		723		698		679		63			9.3
Mortgage and equipment leasing groups		202		215		197		179		213		(11	)		(5.2	)
Regional Banking		18,014		17,734		17,451		17,562		17,159		855			5.0
Dealer Sales		62		72		69		71		72		(10	)		(13.9	)
Private Financial and Capital Markets Group		1,149		1,116		1,133		1,094		1,116		33			3.0
Treasury / Other		3,217		3,294		3,257		2,736		1,964		1,253			63.8
Total deposits	$	22,442	$	22,216	$	21,910	$	21,463	$	20,311	$	2,131			10.5	%

⁽¹⁾ Prior period amounts have been reclassified to conform to the current period business segment structure.

6

Huntington Bancshares Incorporated
Selected Quarterly Income Statement Data
(Unaudited)

	2005												2004			4Q05 vs 4Q04
(in thousands of dollars, except per share amounts)	Fourth			Third			Second			First			Fourth			Amount			Percent
Interest income	$	442,476		$	420,858		$	402,326		$	376,105		$	359,215		$	83,261			23.2	%
Interest expense		198,800			179,221			160,426			140,907			120,147			78,653			65.5
Net interest income		243,676			241,637			241,900			235,198			239,068			4,608			1.9
Provision for credit losses		30,831			17,699			12,895			19,874			12,654			18,177			N.M.
Net interest income after provision for credit losses		212,845			223,938			229,005			215,324			226,414			(13,569	)		(6.0	)
Service charges on deposit accounts		42,083			44,817			41,516			39,418			41,747			336			0.8
Trust services		20,425			19,671			19,113			18,196			17,315			3,110			18.0
Brokerage and insurance income		13,101			13,948			13,544			13,026			12,879			222			1.7
Bank owned life insurance income		10,389			10,104			10,139			10,104			10,484			(95	)		(0.9	)
Other service charges and fees		11,488			11,449			11,252			10,159			10,617			871			8.2
Mortgage banking income (loss)		10,909			21,116			(2,376	)		12,061			8,822			2,087			23.7
Securities gains (losses)		(8,770	)		101			(343	)		957			2,100			(10,870	)		N.M.
Gains on sales of automobile loans		455			502			254			—			—			455			—
Other income		22,900			9,770			24,974			17,397			23,870			(970	)		(4.1	)
Sub-total before operating lease income		122,980			131,478			118,073			121,318			127,834			(4,854	)		(3.8	)
Operating lease income		24,342			29,262			38,097			46,732			55,106			(30,764	)		(55.8	)
Total non-interest income		147,322			160,740			156,170			168,050			182,940			(35,618	)		(19.5	)
Personnel costs		116,111			117,476			124,090			123,981			122,738			(6,627	)		(5.4	)
Net occupancy		17,940			16,653			17,257			19,242			26,082			(8,142	)		(31.2	)
Outside data processing and other services		19,693			18,062			18,113			18,770			18,563			1,130			6.1
Equipment		16,093			15,531			15,637			15,863			15,733			360			2.3
Professional services		7,440			8,323			9,347			9,459			9,522			(2,082	)		(21.9	)
Marketing		7,403			6,779			7,441			6,454			5,581			1,822			32.6
Telecommunications		4,453			4,512			4,801			4,882			4,596			(143	)		(3.1	)
Printing and supplies		3,084			3,102			3,293			3,094			3,148			(64	)		(2.0	)
Amortization of intangibles		218			203			204			204			205			13			6.3
Other expense		19,194			19,588			19,074			18,380			26,526			(7,332	)		(27.6	)
Sub-total before operating lease expense		211,629			210,229			219,257			220,329			232,694			(21,065	)		(9.1	)
Operating lease expense		18,726			22,823			28,879			37,948			48,320			(29,594	)		(61.2	)
Total non-interest expense		230,355			233,052			248,136			258,277			281,014			(50,659	)		(18.0	)
Income before income taxes		129,812			151,626			137,039			125,097			128,340			1,472			1.1
Provision for income taxes		29,239			43,052			30,614			28,578			37,201			(7,962	)		(21.4	)
Net income	$	100,573		$	108,574		$	106,425		$	96,519		$	91,139		$	9,434			10.4	%
Average common shares — diluted		229,718			233,456			235,671			235,053			235,502			(5,784	)		(2.5	)%
Per common share
Net income — diluted	$	0.44		$	0.47		$	0.45		$	0.41		$	0.39		$	0.05			12.8
Cash dividends declared		0.215			0.215			0.215			0.200			0.200			0.015			7.5
Return on average total assets		1.22	%		1.32	%		1.31	%		1.20	%		1.13	%		0.09	%		8.0
Return on average total shareholders’ equity		15.5			16.5			16.3			15.5			14.6			0.9			6.2
Net interest margin(1)		3.34			3.31			3.36			3.31			3.38			(0.04	)		(1.2	)
Efficiency ratio(2)		57.0			57.4			61.8			63.7			66.4			(9.4	)		(14.2	)
Effective tax rate		22.5			28.4			22.3			22.8			29.0			(6.5	)		(22.4	)
Revenue — fully taxable equivalent (FTE)
Net interest income	$	243,676		$	241,637		$	241,900		$	235,198		$	239,068		$	4,608			1.9
FTE adjustment		3,837			3,734			2,961			2,861			2,847			990			34.8
Net interest income (1)		247,513			245,371			244,861			238,059			241,915			5,598			2.3
Non-interest income		147,322			160,740			156,170			168,050			182,940			(35,618	)		(19.5	)
Total revenue (1)	$	394,835		$	406,111		$	401,031		$	406,109		$	424,855		$	(30,020	)		(7.1	)%

N.M., not a meaningful value.

(1)	On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
(2)	Non-interest expense less amortization of intangibles divided by the sum of FTE net interest income and non-interest income excluding securities gains (losses).

7

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

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

N.M., not a meaningful value.

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

8

Huntington Bancshares Incorporated
Quarterly Credit Reserves Analysis
(Unaudited)

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

9

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

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

10

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

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

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

⁽¹⁾ At December 31, 2004, other real estate owned included $35.7 million of properties that related to the work-out of $5.9 million of mezzanine loans. These properties were subject to $29.8 million of non-recourse debt to another financial institution. Both properties were sold in the first quarter of 2005.

11

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

Quarterly common stock summary

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

Capital adequacy

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

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

12

Huntington Bancshares Incorporated
Quarterly Operating Lease Performance
(Unaudited)

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

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

⁽¹⁾ As a percent of average operating lease assets, annualized.

13

Huntington Bancshares Incorporated
Consolidated Annual Average Balance Sheets
(Unaudited)

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

N.M., not a meaningful value.

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

14

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

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

N.M., not a meaningful value.

(1)	Fully taxable equivalent (FTE) yields are calculated assuming a 35% tax rate. See page 16 for the FTE adjustment.
(2)	Loan and lease and deposit average rates include impact of applicable derivatives and non-deferrable fees.
(3)	For purposes of this analysis, non-accrual loans are reflected in the average balances of loans.

15

Huntington Bancshares Incorporated
Selected Annual Income Statement Data
(Unaudited)

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

N.M., not a meaningful value.

(1)	On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
(2)	Non-interest expense less amortization of intangibles divided by the sum of FTE net interest income and non-interest income excluding securities gains.

16

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

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

N.M., not a meaningful value.

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

17

Huntington Bancshares Incorporated
Annual Credit Reserves Analysis
(Unaudited)

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

     N.A., not applicable.

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

18

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

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

N.M., not a meaningful value.

19

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

(Unaudited)

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

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

⁽¹⁾ At December 31, 2004, other real estate owned included $35.7 million of properties that related to the work-out of $5.9 million of mezzanine loans. These properties were subject to $29.8 million of non-recourse debt to another financial institution. Both properties were sold in the first quarter of 2005.

20

Huntington Bancshares Incorporated
Annual Operating Lease Performance
(Unaudited)

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

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

⁽¹⁾ As a percent of average operating lease assets, annualized.

21