SKY Financial 8-K Sky Financial Group Reports First Quarter Results

Exhibit 99.1

FOR IMMEDIATE RELEASE

CONTACT:	Kevin T. Thompson	Tim Dirrim
	Executive Vice President	Vice President
	Chief Financial Officer	Marketing Communications
	Sky Financial Group, Inc.	Sky Financial Group, Inc.
	(419) 254-6068	(419) 327-6330

Sky Financial Group Reports First Quarter Results

April 19, 2006 - Bowling Green, Ohio - Sky Financial Group, Inc. (NASDAQ: SKYF) today reported 2006 first quarter net income of $50.6 million, or $.46 per diluted share, compared to $30.7 million, or $.29 per diluted share, for the first quarter of 2005. Annualized return on assets and return on equity for the first quarter were 1.31% and 13.07%, respectively, compared with 0.83% and 8.51%, respectively, for the same period in 2005. The first quarter of 2005 was negatively affected by a higher provision for credit losses compared to the first quarter of 2006.

Sky Financial adopted Financial Accounting Standard No. 123(R),Share-Based Payment (FAS 123(R)) in the fourth quarter of 2005 using the modified retrospective method, and restated the first quarter of 2005 from the amounts previously reported.

“We were very pleased with our improved financial performance for the first quarter of 2006,” stated Marty E. Adams, president, chairman and chief executive officer. “Sky’s performance benefited from a stable net interest margin, lower provision for credit losses and strong results from Sky’s fee-based businesses. Over the remainder of the year, we will continue our disciplined approach to earnings growth and we look forward to a successful integration of our pending acquisition of Union Federal Bank in the third quarter of 2006.”

Core operating earnings, which reflect net income adjusted to exclude merger-related expenses that are not representative of ongoing operations, were $50.8 million for the first quarter of 2006 versus $30.7 million for the same period in 2005. Core operating earnings per diluted share for the first quarter of 2006 were $.46 versus $.29 for the first quarter of 2005. For the 2006 first quarter, on a core operating earnings basis, annualized return on assets and return on equity were 1.31% and 13.10%, respectively, compared with 0.83% and 8.51%, respectively, for the same period in 2005.

Cash operating earnings, which reflect core operating earnings excluding amortization of intangibles, were $53.3 million, or $.49 per diluted share, in the first quarter of 2006 compared to $33.0 million, or

1

$.31 per diluted share, in the first quarter of 2005. On a cash operating basis, the annualized return on average tangible equity was 21.49% for the first quarter of 2006 compared with 14.13% for the same period in 2005.

First Quarter Results

Net interest income for the first quarter was $132.8 million, up 7.1% from $124.0 million in the first quarter of 2005. The net interest margin for the first quarter was 3.78%, up 2 basis points from the fourth quarter of 2005 and up 9 basis points from the first quarter of 2005. The net interest margin performance continued to reflect prudent spread management and interest rate risk management practices, despite competitive market conditions in the areas that Sky Financial operates. In addition, the margin in the first quarter benefited from interest collected on certain non-accrual loans that increased the margin approximately 3 basis points.

Average earning assets increased 4.4% over the first quarter of 2005 due to organic growth and acquisitions. Average loans for the quarter increased 5.4% from the same quarter last year, with organic growth contributing 3.4% in addition to the acquisitions. Average deposits grew 3.2% from the first quarter of 2005, which included organic growth of .5% in addition to the acquisitions. Non-interest bearing deposits, Sky’s highest growth priority, were up 5.2% for the first quarter of 2006 compared to the first quarter of 2005, which included organic growth of 1.8%.

Non-interest revenues were $56.7 million for the first quarter of 2006, up 10.1% from $51.5 million in the first quarter of 2005, which includes a $0.9 million decrease in net gains on securities transactions. Non-interest revenues, excluding securities transactions, were up 12.0%, including the benefit from acquisitions, compared to the same quarter in 2005. Compared to the first quarter of 2005, trust services income and service charges on deposits were up 8.6% and 10.9%, respectively. Brokerage and insurance commissions were up 19.0% due mostly to acquisitions in late 2005 and higher performance-based income. Other income increased 12.3% over the first quarter of 2005 due to higher CheckCard fees and higher gains on the sales of loans. Mortgage banking revenues were down 3.3% mainly due to lower origination and sales revenue while the benefit of lower amortization in the first quarter of 2006 was mostly offset by recapture of impairment charges in the first quarter of 2005.

Non-interest expenses for the first quarter, which included $0.2 million of merger, integration and restructuring expenses related to the pending acquisition of Union Federal Bank and additional costs related to the fourth quarter 2005 acquisition of Falls Bank, were $106.2 million compared to $99.4 million in the first quarter of 2005. Excluding the merger, integration and restructuring expenses, the first quarter non-interest expenses were up 6.6% or $6.6 million over the first quarter of 2005. Expenses have increased over 2005’s first quarter mainly due to higher stock-based compensation expense for retirement eligible employees, higher costs of group health benefits and an increase of approximately 180 full-time equivalent employees compared to the first quarter of 2005. The increased number of employees is mainly due to additional employees from the acquisitions of Belmont Bancorp in the second quarter of

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2005, Falls Bank in the fourth quarter of 2005 and three insurance agencies in the third and fourth quarters of 2005. Expenses were further impacted by the addition of four new financial centers over the last twelve months. The efficiency ratio, on a cash operating basis, excluding the merger, integration and restructuring expenses and amortization of intangible assets, was 53.67% for the first quarter, compared to 54.39% for the same quarter in 2005.

Credit Quality

The provision for credit losses for the first quarter was $7.2 million, decreasing from $30.8 million in the same quarter in 2005. The first quarter 2005 provision for credit losses was higher due to higher net charge-offs in the quarter, primarily from two large commercial credits and the sale of a group of non-performing consumer loans. In addition, the 2006 provision for credit losses reflects an improving credit risk profile achieved over the last year.

Net credit losses for the quarter were $8.0 million, or .29% annualized to average total loans, compared to $31.7 million, or 1.21%, for the first quarter of 2005. At March 31, 2006, non-performing loans to total loans was 1.16% versus 1.07% at the end of 2005 and 1.18% at March 31, 2005. Total non-performing loans at March 31, 2006, were $128.9 million, an increase of $9.4 million from $119.5 million at December 31, 2005 and an increase of $2.9 million from $126.0 million at March 31, 2005. The allowance for credit losses to non-performing loans at March 31, 2006, was 111% versus 121% at the end of 2005 and 119% at March 31, 2005. Non-performing loans continue to reflect the non-accrual status of loans with payments guaranteed by surety bonds issued by an insurance company, which remains in litigation. However, the total balance has decreased to $15.4 million from $20.4 million at December 31, 2005, as a result of the cash received during the quarter.

Continued Expansion

On February 3, 2006, Sky Financial announced the execution of a definitive agreement to acquire Union Federal Bank of Indianapolis and its parent company, Waterfield Mortgage Company, Inc., Ft. Wayne, Indiana. Sky Financial’s transaction is for the acquisition of Waterfield’s retail and commercial banking business conducted primarily through Union Federal Bank, which had approximately $2.7 billion in assets at the date of the agreement. The transaction is valued at $330 million, based upon Sky Financial’s closing stock price as of February 2, 2006 and is expected to close in the third quarter of 2006.

Outlook For 2006

Commenting on 2006, Kevin Thompson, chief financial officer, stated, “We are pleased with our progress in the first quarter of 2006 and are poised for a solid performance throughout the remainder of 2006. We are maintaining our projection of 2006 diluted earnings per share on a net income, or GAAP basis, of $1.90 to $1.95 per diluted share.”

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Conference Call

Today, April 19, 2006, at 2 p.m., Mr. Adams and members of Sky’s leadership team will host a conference call to provide an overview of 2006 first quarter performance and a business outlook. Participants are encouraged to call in beginning at 1:45 p.m. by dialing (800) 811-7286 (confirmation code: 3646796). R.S.V.P. is not required. The webcast can be accessed via the Investor Relations/Webcasts section (http://investor.skyfi.com/medialist.cfm) of the Sky website. A replay of the call will be available from 6 p.m., April 19, until midnight, April 24, by calling (888) 203-1112 (confirmation code: 3646796). The event will be archived on the Sky website indefinitely. For supplemental financial tables, please refer to the Investor Relations/Press Releases (http://investor.skyfi.com/releases.cfm) section on Sky’s web site.

Non-GAAP Financial Measures

In addition to results presented in accordance with GAAP, this press release contains certain non-GAAP financial measures. Sky believes that providing certain non-GAAP financial measures provides investors with information useful in understanding Sky’s financial performance, its performance trends and financial position. Specifically, Sky provides measures based on “core operating earnings,” which exclude merger-related expenses and discontinued operations that are not reflective of on-going operations or not expected to recur. In addition, Sky provides measures based on “cash operating earnings,” which further adjusts core operating earnings to exclude the effect of amortization of intangibles. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results. A reconciliation of these non-GAAP measures to the most comparable GAAP equivalent is included in the financial tables.

Forward-looking Statement

The information in this press release contains forward-looking statements including certain projections, plans and forecasts of expected future performance that are not historical facts and are subject to a number of risks and uncertainties. These forward-looking statements include, but are not limited to, the Company’s 2006 earnings per share projections. Actual results and performance could differ materially from those contemplated or implied by these forward-looking statements. For a summary of important factors that could affect Sky’s forward-looking statements, please refer to Sky’s filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov). Sky undertakes no obligation to update or revise these statements following the date of this release.

About Sky Financial Group, Inc.

Sky Financial Group is a $15.7 billion diversified financial holding company with its headquarters located in Bowling Green, Ohio. Sky’s asset size places it among the 40 largest publicly-held bank holding companies in the nation. Sky operates over 290 financial centers and over 300 ATMs serving communities in Ohio, Pennsylvania, Michigan, Indiana and West Virginia. Sky’s financial service affiliates include: Sky Bank, commercial and retail banking; Sky Trust, asset management services; and Sky Insurance, retail and commercial insurance agency services. Sky is located on the web at www.skyfi.com.

-end-

4

Summary Financials - First Quarter 2006

SKY FINANCIAL GROUP, INC.

STATEMENTS OF INCOME (Unaudited)

(Dollars in thousands, except per share data)	Three Months Ended March 31,					Percent Change
	2006			2005
Interest income	$	234,044		$	191,594	22.2	%
Interest expense		101,208			67,587	49.7
Net interest income		132,836			124,007	7.1
Provision for credit losses		7,154			30,823	(76.8	)
Net interest income after provision for credit losses		125,682			93,184	34.9
Non-interest income
Trust services income		5,881			5,414	8.6
Service charges and fees on deposit accounts		13,499			12,173	10.9
Mortgage banking income		5,563			5,755	(3.3	)
Brokerage and insurance commissions		19,792			16,630	19.0
Net securities gains (losses)		(5	)		878	(100.6	)
Other income		11,929			10,621	12.3
Total non-interest income		56,659			51,471	10.1
Non-interest expenses
Salaries and employee benefits		59,814			53,505	11.8
Occupancy and equipment expense		17,643			17,604	0.2
Merger, integration and restructuring expense		180			—	100.0
Other operating expenses		28,541			28,330	0.7
Total non-interest expense		106,178			99,439	6.8
Income before income taxes		76,163			45,216	68.4
Income taxes		25,523			14,497	76.1
Net income	$	50,640		$	30,719	64.8
SHARE DATA:
Earnings per share
Basic		0.47			0.29	62.1
Diluted		0.46			0.29	58.6
Core operating earnings per share*
Basic		0.47			0.29	62.1
Diluted		0.46			0.29	58.6
Cash operating earnings per share*
Basic		0.49			0.31	58.1
Diluted		0.49			0.31	58.1
Cash dividend declared per common share		0.23			0.22	—
Average shares outstanding
Basic		108,337,000			106,330,000	—
Diluted		109,287,000			107,591,000	—

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Summary Financials - First Quarter 2006

PERFORMANCE RATIOS:

	Three Months Ended March 31,
	2006			2005
Net Income	$	50,640		$	30,719
Return on average equity		13.07	%		8.51	%
Return on average assets		1.31			0.83
Efficiency ratio		55.81			56.41
Net interest margin (FTE)		3.78			3.69
CORE OPERATING *
Core operating earnings	$	50,757		$	30,719
Return on average equity		13.10	%		8.51	%
Return on average assets		1.31			0.83
Efficiency ratio		55.71			56.41
CASH OPERATING*
Cash operating earnings	$	53,277		$	33,029
Return on average tangible equity		21.49	%		14.13	%
Return on average tangible assets		1.43			0.93
Efficiency ratio		53.67			54.39

PERIOD END BALANCE SHEETS (Unaudited)

(Dollars in thousands)

	March 31,						Percent Change
	2006			2005
Cash and due from banks	$	260,304		$	217,333		19.8	%
Interest-earning deposits with banks		9,652			27,696		(65.2	)
Federal funds sold		23,000			—		100.0
Loans held for sale		23,395			27,946		(16.3	)
Securities available for sale		3,144,045			3,063,145		2.6
Total loans		11,093,918			10,662,957		4.0
Allowance for loan losses		(143,383	)		(150,122	)	(4.5	)
Net loans		10,950,535			10,512,835		4.2
Premises and equipment		165,598			156,829		5.6
Goodwill and other intangibles		587,231			539,678		8.8
Other assets		494,791			432,350		14.4
Total assets	$	15,658,551		$	14,977,812		4.5
Total interest-earning assets	$	14,294,010		$	13,781,744		3.7
Non-interest-bearing deposits	$	1,663,459		$	1,557,454		6.8
Interest-bearing deposits		9,339,539			8,883,838		5.1
Total deposits		11,002,998			10,441,292		5.4
Repos and federal funds purchased		915,821			942,150		(2.8	)
Debt and FHLB advances		1,982,984			2,043,946		(3.0	)
Other liabilities		190,177			143,243		32.8
Shareholders’ equity		1,566,571			1,407,181		11.3
Total liabilities and shareholders’ equity	$	15,658,551		$	14,977,812		4.5

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Summary Financials - First Quarter 2006

AVERAGE BALANCE SHEETS (Unaudited)

(Dollars in thousands)

	Three Months Ended March 31,						Percent Change
	2006			2005
Cash and due from banks	$	246,033		$	238,742		3.1	%
Interest-earning deposits with banks		12,546			37,938		(66.9	)
Federal funds sold		2,644			—		100.0
Loans held for sale		11,727			21,935		(46.5	)
Securities available for sale		3,115,505			3,054,277		2.0
Total loans		11,176,494			10,604,408		5.4
Allowance for loan losses		(144,415	)		(149,925	)	(3.7	)
Net loans		11,032,079			10,454,483		5.5
Premises and equipment		167,180			156,942		6.5
Goodwill and other intangibles		588,376			541,086		8.7
Other assets		483,232			421,298		14.7
Total assets	$	15,659,322		$	14,926,701		4.9
Total interest-earning assets	$	14,318,916		$	13,718,558		4.4
Non-interest-bearing deposits	$	1,645,047		$	1,563,661		5.2
Interest-bearing deposits		9,114,741			8,858,682		2.9
Total deposits		10,759,788			10,422,343		3.2
Repos and federal funds purchased		1,020,649			915,969		11.4
Debt and FHLB advances		2,132,077			1,982,049		7.6
Other liabilities		176,019			142,437		23.6
Shareholders’ equity		1,570,789			1,463,903		7.3
Total liabilities and shareholders’ equity	$	15,659,322		$	14,926,701		4.9

ASSET QUALITY DATA:

	March 31,
	2006			2005
Non-accrual loans	$	128,402		$	125,464
Restructured loans		463			526
Total non-performing loans		128,865			125,990
Investment securities		—			11,705
Other real estate owned		18,319			11,854
Total non-performing assets	$	147,184		$	149,549
Loans 90 days or more past due and still accruing	$	20,408		$	26,885
Allowance for credit losses		143,383			150,122
ASSET QUALITY RATIOS:
Non-accrual loans to total loans		1.16	%		1.18	%
Non-performing loans to total loans		1.16			1.18
Non-performing assets to total assets		0.94			1.00
Loans 90 days or more past due and still accruing to total loans		0.18			0.25
Allowance for credit losses to non-performing loans		111.27			119.15
Allowance for credit losses to non-performing assets		97.42			100.38
Allowance for credit losses to total loans		1.29			1.41
NET CHARGE-OFFS
	Three Months Ended March 31,
	2006			2005
Net charge-offs	$	8,030		$	31,748
Net charge-offs to average loans		0.29	%		1.21	%

7

Summary Financials - First Quarter 2006

SKY FINANCIAL GROUP, INC.

*NON-GAAP DISCLOSURE RECONCILIATIONS

(Dollars in thousands)

Core operating earnings reflect net income adjusted to exclude the after-tax effect of discontinued operations and merger, integration and restructuring expenses that are not reflective of on-going operations or are not expected to recur.

Cash operating earnings are core operating earnings adjusted to exclude the after-tax effect of amortizing core deposits and other intangibles. Management believes that both core operating earnings and cash operating earnings assist the investor in understanding

the impact of merger, integration and restructuring expenses and amortization of intangibles on reported results.

Core operating earnings

The following reconciles GAAP income from continuing operations to core operating earnings for the three months ended March 31, 2006 and 2005:

	Three Months Ended March 31,
	2006			2005
Net income	$	50,640		$	30,719
Add: Merger, integration and restructuring expense		180			—
Tax effect		(63	)		—
After-tax non-operating items		117			—
Core operating earnings	$	50,757		$	30,719

Merger, integration and restructuring expense in 2006 reflect charges associated with the pending acquisition of Union Federal and additional costs from the Falls Bank acquisition.

Core operating earnings is used as the numerator to calculate core operating return on average assets, core operating return on average equity and core operating earnings per share. Additionally, merger, integration and restructuring expenses are deducted from non-interest expense in the numerator of the core operating efficiency ratio disclosed in the tables. The comparable information on a GAAP basis is also provided in the tables.

Cash operating earnings

The following table reconciles core operating earnings to cash operating earnings for the three months ended March 31, 2006 and 2005:

	Three Months Ended March 31,
	2006			2005
Core operating earnings	$	50,757		$	30,719
Add: Amortization of core deposits and other intangible assets		3,877			3,554
Tax effect		(1,357	)		(1,244	)
After-tax non-cash items		2,520			2,310
Cash operating earnings	$	53,277		$	33,029

Cash operating earnings is used as the numerator to calculate the cash operating return on average tangible equity and the cash operating return on average tangible assets. The denominator of each ratio is adjusted to deduct the average balance of intangible assets during the period. Additionally, amortization of core deposits and other intangible assets and merger, integration and restructuring expenses are deducted from non-interest expense in the numerator of the cash operating efficiency ratio disclosed in the tables. The comparable GAAP information is also included in the tables.

8

Summary Financials - First Quarter 2006

The following table reconciles average GAAP equity to average tangible equity for the three months ended March 31, 2006 and 2005:

	Three Months Ended March 31,
	2006			2005
Average GAAP equity	$	1,570,789		$	1,463,903
Goodwill		522,981			471,141
Core deposits and other intangibles		65,395			69,945
Deferred taxes		(22,888	)		(24,481	)
		565,488			516,605
Average tangible equity	$	1,005,301		$	947,298

The following table reconciles average GAAP assets to average tangible assets for the three months ended March 31, 2006 and 2005:

	Three Months Ended March 31,
	2006			2005
Average GAAP assets	$	15,659,322		$	14,926,701
Goodwill		522,981			471,141
Core deposits and other intangibles		65,395			69,945
Deferred taxes		(22,888	)		(24,481	)
		565,488			516,605
Average tangible assets	$	15,093,834		$	14,410,096

The following table reconciles GAAP earnings per share to core operating earnings per share and cash operating earnings per share (certain information does not add due to rounding):

Basic EPS

	Three Months Ended March 31,
	2006		2005
Net income	$	0.47	$	0.29
After-tax merger, integration and restructuring		0.00		—
Core operating earnings		0.47		0.29
After-tax amortization of core deposits and other intangible assets		0.02		0.02
Cash operating earnings	$	0.49	$	0.31

Diluted EPS

	Three Months Ended March 31,
	2006		2005
Net income	$	0.46	$	0.29
After-tax merger, integration and restructuring		0.00		—
Core operating earnings		0.46		0.29
After-tax amortization of core deposits and other intangible assets		0.02		0.02
Cash operating earnings	$	0.49	$	0.31

— end —

9

First Quarter 2006

Supplemental Financial Information

April 19, 2006

Supplemental Financial Information - First Quarter 2006

SKY FINANCIAL GROUP, INC.

FIVE QUARTERS STATEMENTS OF INCOME (unaudited)

(Dollars in thousands)

	2006			2005
	1st qtr			4th qtr		3rd qtr		2nd qtr		1st qtr
Fully taxable equivalent interest income	$	234,812		$	224,108	$	213,223	$	203,841	$	192,410
Interest income	$	234,044		$	223,243	$	212,358	$	203,029	$	191,594
Interest expense		101,208			91,017		81,939		75,029		67,587
Net interest income		132,836			132,226		130,419		128,000		124,007
Provision for credit losses		7,154			6,807		8,725		5,894		30,823
Net interest income after provision for credit losses		125,682			125,419		121,694		122,106		93,184
Non-interest income
Trust services income		5,881			5,511		5,598		5,395		5,414
Service charges and fees on deposit accounts		13,499			14,578		14,786		14,033		12,173
Mortgage banking income		5,563			5,632		7,681		5,923		5,755
Brokerage and insurance commissions		19,792			14,519		13,896		14,127		16,630
Net securities gains (losses)		(5	)		1,553		147		1,084		878
Other income		11,929			14,412		10,082		10,954		10,621
Total non-interest income		56,659			56,205		52,190		51,516		51,471
Non-interest expenses
Salaries and employee benefits		59,814			53,251		53,120		54,679		53,505
Occupancy and equipment expense		17,643			17,209		16,754		16,835		17,604
Merger, integration and restructuring expense		180			618		122		1,031		—
Other operating expenses		28,541			30,037		27,444		29,508		28,330
Total non-interest expense		106,178			101,115		97,440		102,053		99,439
Income from continuing operations before income taxes		76,163			80,509		76,444		71,569		45,216
Income taxes from continuing operations		25,523			27,168		26,099		23,783		14,497
Income from continuing operations		50,640			53,341		50,345		47,786		30,719
Income from discontinued operations, net of tax		—			372		—		—		—
Net income	$	50,640		$	53,713	$	50,345	$	47,786	$	30,719
Core operating earnings	$	50,757		$	53,743	$	50,424	$	48,456	$	30,719

Note: During the fourth quarter of 2005, Sky Financial adopted Financial Accounting Standards No. 123(R),Share Based Payment (FAS 123(R)). Sky Financial adopted FAS 123(R) using the modified retrospective method and restated the first three interim quarters of 2005. The first three quarters presented above have been restated from the amounts originally reported to included expense related to stock options. The additional salary and employee benefits expense was recorded as follows: (1) first quarter - $1.2 million ($0.8 million after tax); (2) second quarter - $1.1 million ($0.7 million after tax); and (3) third quarter - $1.0 million ($0.7 million after tax).

1

Supplemental Financial Information - First Quarter 2006

SKY FINANCIAL GROUP, INC.

FIVE QUARTER PERFORMANCE RATIOS AND SHARE DATA

(Unaudited)

PERFORMANCE RATIOS

	2006		2005
	1st qtr		4th qtr		3rd qtr		2nd qtr		1st qtr
Return on average equity	13.07	%	13.89	%	13.20	%	13.32	%	8.51	%
Return on average assets	1.31		1.39		1.31		1.27		0.83
CONTINUING OPERATIONS
	2006		2005
	1st qtr		4th qtr		3rd qtr		2nd qtr		1st qtr
Return on average equity	13.07	%	13.79	%	13.20	%	13.32	%	8.51	%
Return on average assets	1.31		1.38		1.31		1.27		0.83
Net interest rate spread (FTE)	3.30		3.32		3.35		3.37		3.36
Net interest rate margin (FTE)	3.78		3.76		3.75		3.73		3.69
Efficiency ratio	55.81		53.42		53.11		56.59		56.41
CORE OPERATING *
	2006		2005
	1st qtr		4th qtr		3rd qtr		2nd qtr		1st qtr
Return on average equity	13.10	%	13.90	%	13.22	%	13.51	%	8.51	%
Return on average assets	1.31		1.39		1.32		1.29		0.83
Efficiency ratio	55.71		53.09		53.04		56.02		56.41
CASH OPERATING*
	2006		2005
	1st qtr		4th qtr		3rd qtr		2nd qtr		1st qtr
Return on average tangible equity	21.49	%	23.08	%	21.87	%	22.33	%	14.13	%
Return on average tangible assets	1.43		1.51		1.43		1.40		0.93
Efficiency ratio	53.67		51.02		50.96		54.02		54.39

2

Supplemental Financial Information - First Quarter 2006

SKY FINANCIAL GROUP, INC.

FIVE QUARTER SHARE DATA

(Unaudited)

	2006		2005
	1st qtr		4th qtr		3rd qtr		2nd qtr		1st qtr
Earnings per share from continuing operations
Basic	$	0.47	$	0.49	$	0.47	$	0.45	$	0.29
Diluted		0.46		0.49		0.46		0.45		0.29
Earnings per share from discontinued operations
Basic		—		0.00		—		—		—
Diluted		—		0.00		—		—		—
Earnings per share
Basic		0.47		0.50		0.47		0.45		0.29
Diluted		0.46		0.49		0.46		0.45		0.29
Core operating earnings per share*
Basic		0.47		0.50		0.47		0.46		0.29
Diluted		0.46		0.49		0.47		0.45		0.29
Cash operating earnings per share*
Basic		0.49		0.52		0.49		0.48		0.31
Diluted		0.49		0.52		0.49		0.48		0.31
Cash dividend declared per common share		0.23		0.23		0.22		0.22		0.22
Book value per share		14.41		14.35		14.12		13.97		13.31
Average shares outstanding
Basic		108,337,000		107,844,000		107,236,000		105,752,000		106,330,000
Diluted		109,287,000		109,008,000		108,431,000		106,888,000		107,591,000
Book value calculation shares outstanding		108,704,939		108,307,601		107,469,752		107,183,099		105,752,028

3

Supplemental Financial Information - First Quarter 2006

SKY FINANCIAL GROUP, INC.

FIVE QUARTER AVERAGE BALANCE SHEETS (Unaudited)

(Dollars in thousands)

	2006			2005
	1st qtr			4th qtr			3rd qtr			2nd qtr			1st qtr
Cash and due from banks	$	246,033		$	249,407		$	266,045		$	236,822		$	238,742
Interest-earning deposits with banks		12,546			16,690			30,680			34,747			37,938
Federal funds sold		2,644			930			1,033			3,164			—
Loans held for sale		11,727			18,048			27,661			21,832			21,935
Securities available for sale		3,115,505			3,049,214			3,042,872			3,077,456			3,054,277
Total loans		11,176,494			10,946,325			10,791,361			10,721,064			10,604,408
Allowance for loan losses		(144,415	)		(149,914	)		(152,901	)		(150,898	)		(149,925	)
Net loans		11,032,079			10,796,411			10,638,460			10,570,166			10,454,483
Premises and equipment		167,180			165,570			167,698			159,843			156,942
Goodwill and other intangibles		588,376			589,410			577,631			549,951			541,086
Other assets		483,232			472,562			445,424			441,068			421,298
Total assets	$	15,659,322		$	15,358,242		$	15,197,504		$	15,095,049		$	14,926,701
Total interest-earning assets	$	14,318,916		$	14,031,207		$	13,893,607		$	13,858,263		$	13,718,558
Non-interest-bearing deposits	$	1,645,047		$	1,698,192		$	1,679,171		$	1,622,138		$	1,563,661
Interest-bearing deposits		9,114,741			9,098,470			9,083,148			8,895,799			8,858,682
Total deposits		10,759,788			10,796,662			10,762,319			10,517,937			10,422,343
Repos and federal funds purchased		1,020,649			828,989			794,554			892,024			915,969
Debt and FHLB advances		2,132,077			2,027,218			1,980,981			2,109,609			1,982,049
Other liabilities		176,019			171,142			146,767			137,036			142,437
Shareholders’ equity		1,570,789			1,534,231			1,512,883			1,438,443			1,463,903
Total liabilities and shareholders’ equity	$	15,659,322		$	15,358,242		$	15,197,504		$	15,095,049		$	14,926,701

4

Supplemental Financial Information - First Quarter 2006

SKY FINANCIAL GROUP, INC.

FIVE QUARTER PERIOD END BALANCE SHEETS (Unaudited)

(Dollars in thousands)

	2006			2005
	1st qtr			4th qtr			3rd qtr			2nd qtr			1st qtr
Cash and due from banks	$	260,304		$	318,114		$	289,089		$	284,906		$	217,333
Interest-earning deposits with banks		9,652			15,037			14,196			19,245			27,696
Federal funds sold		23,000			—			—			—			—
Loans held for sale		23,395			24,184			20,685			14,979			27,946
Securities available for sale		3,144,045			3,097,472			3,052,117			3,056,836			3,063,145
Total loans		11,093,918			11,149,222			10,914,530			10,821,336			10,662,957
Allowance for loan losses		(143,383	)		(144,461	)		(153,351	)		(152,543	)		(150,122	)
Net loans		10,950,535			11,004,761			10,761,179			10,668,793			10,512,835
Premises and equipment		165,598			166,797			165,517			167,132			156,829
Goodwill and other intangibles		587,231			588,939			582,798			577,008			539,678
Other assets		494,791			467,987			451,384			431,602			432,350
Total assets	$	15,658,551		$	15,683,291		$	15,336,965		$	15,220,501		$	14,977,812
Total interest-earning assets	$	14,294,010		$	14,285,915		$	14,001,528		$	13,912,396		$	13,781,744
Non-interest-bearing deposits	$	1,663,459		$	1,734,113		$	1,722,735		$	1,689,340		$	1,557,454
Interest-bearing deposits		9,339,539			9,021,563			9,132,059			8,920,127			8,883,838
Total deposits		11,002,998			10,755,676			10,854,794			10,609,467			10,441,292
Repos and federal funds purchased		915,821			1,053,244			780,585			845,146			942,150
Debt and FHLB advances		1,982,984			2,125,788			1,963,594			2,110,206			2,043,946
Other liabilities		190,177			194,706			220,937			158,483			143,243
Shareholders’ equity		1,566,571			1,553,877			1,517,055			1,497,199			1,407,181
Total liabilities and shareholders’ equity	$	15,658,551		$	15,683,291		$	15,336,965		$	15,220,501		$	14,977,812

5

Supplemental Financial Information - First Quarter 2006

SKY FINANCIAL GROUP, INC.

FIVE QUARTER LOAN TABLE (Unaudited)

(Dollars in thousands)

PERIOD END

	2006			2005
	1st qtr			4th qtr			3rd qtr			2nd qtr			1st qtr
Residential mortgage	$	1,125,633		$	1,134,698		$	1,096,703		$	1,105,896		$	1,082,756
Home equity		1,696,999			1,730,752			1,737,937			1,751,449			1,701,716
Consumer		695,392			711,197			736,363			768,837			797,857
Commercial real estate		4,539,276			4,552,226			4,447,272			4,479,275			4,408,069
Commercial & industrial		3,036,618			3,020,349			2,896,255			2,715,879			2,672,559
Total loans	$	11,093,918		$	11,149,222		$	10,914,530		$	10,821,336		$	10,662,957
Residential mortgage		10	%		10	%		10	%		10	%		10	%
Home equity		15	%		16	%		16	%		16	%		16	%
Consumer		6	%		6	%		7	%		7	%		8	%
Commercial real estate		41	%		41	%		41	%		42	%		41	%
Commercial & industrial		28	%		27	%		26	%		25	%		25	%
Total loans		100	%		100	%		100	%		100	%		100	%

AVERAGES

	2006			2005
	1st qtr			4th qtr			3rd qtr			2nd qtr			1st qtr
Residential mortgage	$	1,132,588		$	1,106,292		$	1,102,936		$	1,088,328		$	1,103,778
Home equity		1,711,076			1,732,682			1,745,278			1,721,724			1,717,047
Consumer		701,714			724,727			755,634			777,458			798,477
Commercial real estate		4,524,839			4,536,494			4,419,506			4,451,084			4,405,092
Commercial & industrial		3,106,277			2,846,130			2,768,007			2,682,470			2,580,014
Total loans	$	11,176,494		$	10,946,325		$	10,791,361		$	10,721,064		$	10,604,408
Residential mortgage		10	%		10	%		10	%		10	%		10	%
Home equity		15	%		16	%		16	%		16	%		16	%
Consumer		6	%		7	%		7	%		7	%		8	%
Commercial real estate		41	%		41	%		41	%		42	%		42	%
Commercial & industrial		28	%		26	%		26	%		25	%		24	%
Total loans		100	%		100	%		100	%		100	%		100	%

6

Supplemental Financial Information - First Quarter 2006

SKY FINANCIAL GROUP, INC.

FIVE QUARTER FUNDING TABLE (Unaudited)

(Dollars in thousands)

PERIOD END

	2006		2005
	1st qtr		4th qtr		3rd qtr		2nd qtr		1st qtr
Non-interest-bearing demand deposits	$	1,663,459	$	1,734,113	$	1,722,735	$	1,689,340	$	1,557,454
Interest-bearing demand deposits		385,747		333,491		410,783		367,174		359,620
Savings deposits		3,426,386		3,416,583		3,585,227		3,670,735		3,825,900
Time deposits		5,527,406		5,271,489		5,136,049		4,882,218		4,698,318
Total deposits		11,002,998		10,755,676		10,854,794		10,609,467		10,441,292
Short-term borrowings		915,821		1,053,244		780,585		846,268		942,150
Junior subordinated debentures owed to unconsolidated trust		182,288		184,799		187,790		190,491		188,326
Debt and FHLB advances		1,800,696		1,940,989		1,775,804		1,918,593		1,855,620
Total funding sources	$	13,901,803	$	13,934,708	$	13,598,973	$	13,564,819	$	13,427,388

AVERAGE

	2006		2005
	1st qtr		4th qtr		3rd qtr		2nd qtr		1st qtr
Non-interest-bearing demand deposits	$	1,645,047	$	1,698,192	$	1,679,171	$	1,622,138	$	1,563,661
Interest-bearing demand deposits		345,545		368,885		400,426		357,348		347,180
Savings deposits		3,396,816		3,524,370		3,651,598		3,751,675		3,879,783
Time deposits		5,372,380		5,205,215		5,031,124		4,786,776		4,631,719
Total deposits		10,759,788		10,796,662		10,762,319		10,517,937		10,422,343
Short-term borrowings		1,020,649		829,152		794,554		894,356		915,969
Junior subordinated debentures owed to unconsolidated trust		184,440		185,934		189,509		189,801		189,726
Debt and FHLB advances		1,947,637		1,841,121		1,791,472		1,917,476		1,792,323
Total funding sources	$	13,912,514	$	13,652,869	$	13,537,854	$	13,519,570	$	13,320,361

7

Supplemental Financial Information - First Quarter 2006

ASSET QUALITY DATA:

	2006		2005
	1st qtr		4th qtr		3rd qtr		2nd qtr		1st qtr
Non-accrual loans	$	128,402	$	119,030	$	126,131	$	126,537	$	125,464
Restructured loans		463		479		495		516		526
Total non-performing loans		128,865		119,509		126,626		127,053		125,990
Investment securities		—		—		10,299		10,395		11,705
Other real estate owned		18,319		17,476		14,700		11,511		11,854
Total non-performing assets	$	147,184	$	136,985	$	151,625	$	148,959	$	149,549
Loans 90 days or more past due and still accruing	$	20,408	$	27,987	$	24,424	$	25,848	$	26,885
Net charge-offs		8,030		16,223		7,997		5,817		31,748
Allowance for loan losses		143,383		144,461		153,351		152,543		150,122

ASSET QUALITY RATIOS:

	2006		2005
	1st qtr		4th qtr		3rd qtr		2nd qtr		1st qtr
Non-accrual loans to total loans	1.16	%	1.07	%	1.16	%	1.17	%	1.18	%
Non-performing loans to total loans	1.16		1.07		1.16		1.17		1.18
Non-performing assets to total assets	0.94		0.87		0.99		0.98		1.00
Loans 90 days or more past due and still accruing to total loans	0.18		0.25		0.22		0.24		0.25
Net charge-offs to average loans	0.29		0.59		0.29		0.22		1.21
Allowance for credit losses to non-performing loans	111.27		120.88		121.11		120.06		119.15
Allowance for credit losses to non-performing assets	97.42		105.46		101.14		102.41		100.38
Allowance for credit losses to total loans	1.29		1.30		1.41		1.41		1.41

8

Supplemental Financial Information - First Quarter 2006

SKY FINANCIAL GROUP, INC.

*NON-GAAP DISCLOSURE RECONCILIATIONS

(Dollars in thousands)

Core operating earnings reflect net income adjusted to exclude the after-tax effect of discontinued operations and merger, integration and restructuring expenses that are not reflective of on-going operations or are not expected to recur.

Cash operating earnings are core operating earnings adjusted to exclude the after-tax effect of amortizing core deposits and other intangibles. Management believes that both core operating earnings and cash operating earnings assist the investor in understanding the impact of merger, integration and restructuring expenses and amortization of intangibles on reported results.

Core operating earnings

The following reconciles GAAP income from continuing operations to core operating earnings for each of the five quarters presented in the tables:

	2006			2005
	1st qtr			4th qtr			3rd qtr			2nd qtr			1st qtr
Income from continuing operations	$	50,640		$	53,341		$	50,345		$	47,786		$	30,719
Merger, integration and restructuring expense		180			618			122			1,031			—
Tax effect		(63	)		(216	)		(43	)		(361	)		—
After-tax non-operating items		117			402			79			670			—
			��
Core operating earnings	$	50,757		$	53,743		$	50,424		$	48,456		$	30,719

Merger, integration and restructuring expense in 2006 reflect charges associated with the a pending acquisition of Union Federal and additional costs from the Falls Bank acquisition.

Merger, integration and restructuring expense in 2005 reflect charges associated with the acquisition of Belmont Bancorp in the second quarter, the cost associated with the acquisition of Falls Bank recorded in the third and fourth quarters and the cost associated with the pending acquisition of Union Federal recorded in the fourth quarter.

Core operating earnings is used as the numerator to calculate core operating return on average assets, core operating return on average equity and core operating earnings per share. Additionally, merger, integration and restructuring expenses are deducted from non-interest expense in the numerator of the core operating efficiency ratio disclosed in the tables. The comparable information on a GAAP basis is also provided in the tables.

9

Supplemental Financial Information - First Quarter 2006

Cash operating earnings

The following reconciles core operating earnings to cash operating earnings for the five quarters presented in the tables:

	2006			2005
	1st qtr			4th qtr			3rd qtr			2nd qtr			1st qtr
Core operating earnings	$	50,757		$	53,743		$	50,424		$	48,456		$	30,719
Amortization of core deposits and other intangible assets		3,877			3,909			3,814			3,610			3,554
Tax effect		(1,357	)		(1,368	)		(1,335	)		(1,264	)		(1,244	)
After-tax non-operating items		2,520			2,541			2,479			2,346			2,310
Cash operating earnings	$	53,277		$	56,284		$	52,903		$	50,802		$	33,029

Cash operating earnings is used as the numerator to calculate the cash operating return on average tangible equity and the cash operating return on average tangible assets. The denominator of each ratio is adjusted to deduct the average balance of intangible assets during the period. Additionally, amortization of core deposits and other intangible assets and merger, integration and restructuring expenses are deducted from non-interest expense in the numerator of the cash operating efficiency ratio disclosed in the tables. The comparable GAAP information is also included in the tables.

10

Supplemental Financial Information - First Quarter 2006

The following table reconciles average GAAP equity to average tangible equity for each of the period ends presented in the tables.

	2006			2005
	1st qtr			4th qtr			3rd qtr			2nd qtr			1st qtr
Average GAAP equity	$	1,570,789		$	1,534,231		$	1,512,883		$	1,438,443		$	1,463,903
Goodwill		522,981			524,217			507,944			481,190			471,141
Core deposits and other intangibles		65,395			65,193			69,687			68,761			69,945
Deferred taxes		(22,888	)		(22,818	)		(24,390	)		(24,066	)		(24,481	)
		565,488			566,592			553,241			525,885			516,605
Average tangible equity	$	1,005,301		$	967,639		$	959,642		$	912,558		$	947,298

The following table reconciles average GAAP assets to average tangible assets for each of the period ends presented in the tables.

	2006			2005
	1st qtr			4th qtr			3rd qtr			2nd qtr			1st qtr
Average GAAP assets	$	15,659,322		$	15,358,242		$	15,197,504		$	15,095,049		$	14,926,701
Goodwill		522,981			524,217			507,944			481,190			471,141
Core deposits and other intangibles		65,395			65,193			69,687			68,761			69,945
Deferred taxes		(22,888	)		(22,818	)		(24,390	)		(24,066	)		(24,481	)
		565,488			566,592			553,241			525,885			516,605
Average tangible assets	$	15,093,834		$	14,791,650		$	14,644,263		$	14,569,164		$	14,410,096

11

Supplemental Financial Information - First Quarter 2006

The following table reconciles GAAP earnings per share to core operating earnings per share and cash operating earnings per share (certain information does not add due to rounding):

Basic EPS

	2006		2005
	1st qtr		4th qtr			3rd qtr		2nd qtr		1st qtr
Net income	$	0.47	$	0.50		$	0.47	$	0.45	$	0.29
After-tax earnings from discontinued operations		—		(0.00	)		—		—		—
After-tax merger, integration and restructuring		0.00		0.00			0.00		0.01		—
Core operating earnings		0.47		0.50			0.47		0.46		0.29
After-tax amortization of core deposits and other intangible assets		0.02		0.02			0.02		0.02		0.02
Cash operating earnings	$	0.49	$	0.52		$	0.49	$	0.48	$	0.31

Diluted EPS

	2006		2005
	1st qtr		4th qtr			3rd qtr		2nd qtr		1st qtr
Net income	$	0.46	$	0.49		$	0.46	$	0.45	$	0.29
After-tax earnings from discontinued operations		—		(0.00	)		—		—		—
After-tax merger, integration and restructuring		0.00		0.00			0.00		0.01		0.00
Core operating earnings		0.46		0.49			0.47		0.45		0.29
After-tax amortization of core deposits and other intangible assets		0.02		0.02			0.02		0.02		0.02
Cash operating earnings	$	0.49	$	0.52		$	0.49	$	0.48	$	0.31

12