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Exhibit 99.2
HUNTINGTON BANCSHARES INCORPORATED
[LOGO]
INVESTOR CONFERENCE
JULY 12, 2001
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PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 FORWARD LOOKING STATEMENT
DISCLOSURE
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Today's conference materials and related questions and answers conducted at this
conference contain forward-looking statements, including certain plans,
expectations, goals, and projections which are subject to numerous assumptions,
risks and uncertainties. Actual results could differ materially from those
contained or implied by such statements for a variety of factors including:
- - Changes in economic conditions
- - Movements in interest rates
- - Competitive pressures on product pricing and services
- - Success and timing of business strategies
- - The successful integration of acquired businesses
- - The nature, extent and timing of governmental actions and reforms
- - Extended disruption of vital infrastructure
[LOGO]
ALL FORWARD-LOOKING STATEMENTS INCLUDED IN THIS CONFERENCE INCLUDING RELATED
QUESTIONS AND ANSWERS, ARE BASED ON INFORMATION AVAILABLE AT THE TIME OF THE
CONFERENCE. HUNTINGTON ASSUMES NO OBLIGATION TO UPDATE ANY FORWARD-LOOKING
STATEMENT.
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AGENDA [LOGO]
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SUMMARY ASSESSMENT TOM HOAGLIN
AND STRATEGIC DIRECTION PRESIDENT AND CEO
RETAIL AND COMMERCIAL BANKING RON BALDWIN
PRIVATE FINANCIAL GROUP VICE CHAIRMAN
DEALER SALES MIKE MCMENNAMIN
RESTRUCTURING PLAN VICE CHAIRMAN AND CFO
FINANCIAL STRATEGY
WRAP-UP TOM HOAGLIN
PRESIDENT AND CEO
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A NEW AND EXPERIENCED TEAM [LOGO]
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ROLE APPOINTED
---- ---------
TOM HOAGLIN PRESIDENT AND CEO FEB. 2001
RON BALDWIN VICE CHAIRMAN - RETAIL & CORPORATE APR. 2001
MIKE MCMENNAMIN VICE CHAIRMAN - CFO OCT. 2000
RON SEIFFERT VICE CHAIRMAN - CORPORATE 22 YEARS
DAN BENHASE EVP - PRIVATE FINANCIAL GROUP JUNE 2000
WILLIE DOLLOFF EVP - OPERATIONS & TECHNOLOGY 28 YEARS
DAVE RENKE EVP - SALES & SERVICE JUNE 2001
NICK STANUTZ EVP - DEALER SALES 15 YEARS
A NEW TEAM WITH SIGNIFICANT INDUSTRY EXPERIENCE
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SUMMARY ASSESSMENT: FINANCIAL [LOGO]
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- - UNACCEPTABLE LEVEL OF EARNINGS GIVEN FRANCHISE POTENTIAL
- - ADDITIONAL CAPITAL NEEDED FOR FLEXIBILITY
- - HIGH EFFICIENCY RATIO
- FLAT REVENUES
- INCREASING EXPENSES
- - NEED FOR GREATER FINANCIAL DISCIPLINE AND PERFORMANCE ACCOUNTABILITY
- - TECHNOLOGY INVESTMENT MIX
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SUMMARY ASSESSMENT: MARKETS [LOGO]
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- - GOOD CORE MIDWESTERN GEOGRAPHIC PRESENCE
- - ATTRACTIVE FRANCHISE CONCENTRATED IN LARGE METROPOLITAN AREAS
- - OPPORTUNITY FOR INCREASED MARKET SHARE
- - NEED TO RATIONALIZE DISTRIBUTION NETWORK
- - NON-STRATEGIC PRESENCE IN FLORIDA
- - IMPROVEMENT NEEDED IN MICHIGAN
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SUMMARY ASSESSMENT: BUSINESS MODEL [LOGO]
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- - MANAGEMENT TURNOVER HAS ADVERSELY IMPACTED ORGANIZATION AND CULTURE
- - HARD-WORKING, DEDICATED TEAM WITHOUT A CLEAR SENSE OF DIRECTION
- - CENTRALIZED DECISION-MAKING
- - LACK OF CUSTOMER FOCUS
- - NO UNIFORM, DISCIPLINED SALES AND SERVICE CULTURE
- - STRONG CREDIT CULTURE
- - LIMITED DEPOSIT GROWTH
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STRATEGY AND VISION [LOGO]
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- - THE "LOCAL BANK" WITH "NATIONAL" RESOURCES
- - FOCUS ON CUSTOMERS AND CORE MARKETS
- - EXPAND IN CORE MARKETS
- - PRESERVE CURRENT BUSINESS LINES
- - LIMIT DEALER SALES GROWTH
- - GROW WEALTH MANAGEMENT BUSINESS
HUNTINGTON '01 AND BEYOND
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MANAGEMENT STRUCTURE [LOGO]
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- - RETAIL AND COMMERCIAL BANKING
- REGIONAL MANAGEMENT
- CORPORATE STANDARDS
- - DEALER SALES AND PRIVATE FINANCIAL GROUP
- LINE OF BUSINESS
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ACTION STEPS [LOGO]
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- - NIE / REVENUE INITIATIVES
- $43MM - 2001 PROGRAM
- - REDUCE DIVIDEND 20%
- - DIVEST FLORIDA
- NOT STRATEGICALLY WELL POSITIONED
- UNATTRACTIVE RETURN ON CAPITAL
- - RESTRUCTURING AND SPECIAL CHARGE
- BRANCH CONSOLIDATION (43 BRANCHES)
- IMPAIRMENT RECOGNITION
- CREDIT CHARGE-OFFS
- ACCOUNTING AND LEGAL RESERVES
- - IMPROVE EARNINGS
- - IMPROVE OPERATING EFFICIENCY
- - IMPROVE CAPITAL POSITION
- - IMPROVE BALANCE SHEET FLEXIBILITY
- - FOCUS ON KEY STRATEGIC MARKETS
POSITION HUNTINGTON FOR FUTURE GROWTH
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CHANGING THE CULTURE [LOGO]
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- - SHAREHOLDER ORIENTATION
- - CUSTOMER FOCUS / CUSTOMER SERVICE
- - FINANCIAL DISCIPLINE AND ACCOUNTABILITY
- - HIGH PERFORMANCE STANDARDS
- - CULTURE OF EXPENSE CONTROL
- - TEAMWORK
- - EMPLOYEE PARTICIPATION
- - BROAD EMPLOYEE OWNERSHIP
CREATING A CULTURE OF PERFORMANCE
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FINANCIAL TARGETS [LOGO]
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TARGET
------
- - ANNUAL EPS GROWTH 10 - 12%
- - RETURN ON EQUITY 18 - 20%
- - DIVIDEND PAYOUT RATIO 35 - 45%
- - EFFICIENCY RATIO 48 - 52%
- - FEE INCOME RATIO 35 - 40%
- - CAPITAL RATIOS
- TANGIBLE COMMON EQUITY 6.5%
- RISK-BASED CAPITAL 11.0%
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[LOGO]
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RETAIL & COMMERCIAL BANKING
RON BALDWIN
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RETAIL AND COMMERCIAL BANKING [LOGO]
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- - CURRENT ASSESSMENT
- - COMPETITIVE STRENGTHS
- - CHALLENGES AND PLANS
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HUNTINGTON MARKETS
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Deposits - $13 B
Assets - $11 B
Offices - 368
Consumer households - 839,000
Commercial customers - 91,000
FDIC DEPOSITS BY STATE
[PIE GRAPH]
Michigan $4.0 B 29.9%
West Virginia $1.4 B 10.4%
Indiana $0.6 B 4.5%
Ohio $7.4 B 55.2%
[MAP]
The map illustrates Huntington's presence in Ohio, Michigan, West Virginia
and Indiana.
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MARKET SHARE [LOGO]
[BAR GRAPH]
HBAN DEPOSIT, BRANCH, AND HOUSEHOLD % SHARE BY MAJOR MARKET
Columbus Cincinnati Cleveland Charleston Indianapolis Grand Rapids Detroit
HBAN Deposit Share 16.6% 3.1% 3.3% 9.8% 2.5% 10.0% 2.9%
HBAN Branch Share 13.4% 4.5% 6.9% 9.6% 3.4% 13.2% 3.9%
HBAN Household Share 27.6% 10.0% 11.9% 15.8% 5.3% 19.4% 4.4%
EXCLUDING FLORIDA
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COMMERCIAL TRENDS* [LOGO]
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($ BILLION)
ANNUALIZED GROWTH RATE
YTD ----------------------
2001 `00 VS `99 `01 VS `00**
---- ---------- ----------
COMM'L LOANS $ 7.7 5.6% 6.5%
COMM'L DEPOSITS $ 2.4 -1.8% -9.1%
GOVT. DEPOSITS $ 0.6 6.0% -69.0%
------- ----- ------
TOTAL DEPOSITS $ 3.0 0.0% -24.1%
COMM'L CUSTOMERS 91,000 2.9% 4.0%
*EXCLUDES FLORIDA
**YTD 2001: JAN - MAY AVERAGE DAILY BALANCE
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RETAIL TRENDS* [LOGO]
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($ BILLION)
ANNUALIZED GROWTH RATE
YTD ----------------------
2001 `00 VS `99 `01 VS `00**
---- ---------- ------------
RETAIL LOANS $ 3.0 7.2% 13.8%
RETAIL DEPOSITS
TRANS & SAVINGS $ 5.9 0.7% 11.6%
CDS $ 4.6 -5.1% -3.1%
----- ----- -----
TOTAL DEPOSITS $10.5 -2.0% 5.0%
RETAIL HOUSEHOLDS 839,000 1.2% 2.9%
*EXCLUDES FLORIDA
**YTD 2001: JAN - MAY AVERAGE DAILY BALANCE
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NET HOUSEHOLD ACQUISITION [LOGO]
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Graph entitled "Net Household Acquisition" indicates:
*lost households move from approximately 12,000 in July 1999 to approximately
6,000 in June 2001.
*new households move from approximately 7,000 in February 1999 to approximately
8,500 in August 1999, to approximately 4,500 in December 1999, to approximately
8,000 in June 2001.
SOURCE: HNB ANALYTIX
MARKETING DATABASE
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COMPETITIVE STRENGTHS [LOGO]
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- - ATTRACTIVE CORE MARKETS
- - NEW EXPERIENCED MANAGEMENT TEAM
- - STRONG OPERATING PLATFORM
- - SOUND CREDIT QUALITY
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NEW EXPERIENCED MANAGEMENT TEAM
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- - MARKET VETERANS
- CLEVELAND
- DETROIT
- INDIANAPOLIS
- CINCINNATI
- CHARLESTON
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STRONG OPERATING PLATFORM [LOGO]
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- - ONE BANKING CHARTER
- - ONE SYSTEMS PLATFORM
- - SERVICE QUALITY METRICS
- - IMAGE-ENHANCED TECHNOLOGY
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CHALLENGES AND PLANS [LOGO]
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- - SALES AND SERVICE ORGANIZATION
- - DISTRIBUTION NETWORK AND EFFICIENCY
- - MICHIGAN FRANCHISE
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CHALLENGE: SALES AND SERVICE ORGANIZATION
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PLAN
- ----
- - "LOCAL BANKERS" CLOSE TO CUSTOMER
- - RETAIL - DAILY SALES MANAGEMENT
- - COMMERCIAL - RELATIONSHIP PROFITABILITY DISCIPLINE
- - PROFIT-BASED INCENTIVES
- - BRANCH LEVEL PROFITABILITY
- - CROSS-SELL AND RETENTION FOCUS
[LOGO]
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CHALLENGE: DISTRIBUTION NETWORK AND EFFICIENCY
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RUN-RATE
PLAN ($MM) IMPROVEMENT
- --------- -----------
- - BRANCH/ATM CONSOLIDATIONS $ 5.7
- CONSOLIDATE 43 OUT OF 368 BRANCHES
- AVERAGE DEPOSIT/BRANCH TO $36MM FROM $32MM
- REMOVE/OPTIMIZE 25% OF 579 OFF-SITE ATMS
- - REVENUE ENHANCEMENTS $ 5.7
- - EXPENSE REDUCTIONS $ 7.1
-----
$18.5
[LOGO]
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CHALLENGE: MICHIGAN FRANCHISE
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PLAN
- ----
- - NEW LEADERSHIP
- DETROIT
- GRAND RAPIDS BY JULY 31ST
- - STABILITY/RECOVERY
- - OPPORTUNISTIC
[LOGO]
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CONCLUSIONS [LOGO]
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- - IN THE RIGHT BUSINESSES
- - NEW LEADERSHIP IN PLACE
- - CROSS-SELL AND RETENTION FOCUSED
- - MICHIGAN FRANCHISE PERFORMING
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PRIVATE FINANCIAL GROUP [LOGO]
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- - 2001 REVENUES - $170MM (12% OF HBI REVENUE)
- - GOAL: 15 - 20% CAGR DRIVEN PRIMARILY BY ORGANIC GROWTH
- INCREASE MUTUAL FUND AND ANNUITY SALES
- INCREASE ASSETS UNDER MANAGEMENT - CURRENTLY $8.9 BILLION
- INCREASE INSURANCE SALES
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[LOGO]
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DEALER SALES
MIKE MCMENNAMIN
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COMPREHENSIVE SOLUTION FOR DEALERS
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- - MARKET LEADER (NON-CAPTIVES)
- #1 - CLEVELAND, COLUMBUS, CINCINNATI, KENTUCKY
- #2 OR #3 - TAMPA, ORLANDO
- - FULL SERVICE PROVIDER SINCE 1984
- CONSUMER FINANCING
- FLOOR PLAN LENDING
- COMMERCIAL LENDING
- - COMPREHENSIVE RETAIL PRODUCTS:
- LOANS AND LEASES
- USED VEHICLE FINANCING
- - FOCUSED PRESENCE
- LOCAL UNDERWRITING AND MANAGEMENT
- EXPERIENCED MANAGEMENT TEAM
- - FEES ENHANCE PROFITABILITY
- EXPORT OHIO FEES
- ACQUISITION, DISPOSITION, EARLY TERMINATION, LATE AND NSF,
PREPAYMENT, PROCESSING
MANAGED PORTFOLIO - MAY 31, 2001
- --------------------------------
LOANS $3.8
LEASES 3.2
FLOOR PLAN .5
COMMERCIAL .2
----
TOTAL $7.7B
[LOGO]
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KEY ISSUES [LOGO]
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- - NET INTEREST MARGINS AT HISTORICAL HIGHS
- 1Q01 INDUSTRY MARGIN +100 BP VS. 5 YEAR AVERAGE
- STRUCTURAL CHANGES VS. CYCLICAL
- - IMPROVING CREDIT QUALITY - 2Q01 VS. 2Q00
- FICO SCORES - 720 VS. 695
- "D" PAPER - 5% VS. 15%
- REDUCED POLICY EXCEPTIONS - 2% VS. 6%
- - PURCHASE OF RESIDUAL INSURANCE
- AA RATED CARRIER
- INSURED TO BLACK BOOK VALUE
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CONCLUSIONS [LOGO]
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- - WILL REMAIN IN AUTO LOAN AND LEASE BUSINESS
- - EXPECTED ROE: 13 - 16% OVER CYCLE
- WITH EQUITY ALLOCATION OF 9 - 11%
- - AUTO LOANS AND LEASES AS PERCENTAGE OF LOAN PORTFOLIO WILL NOT EXPAND
RESTRUCTURING PLAN AND FINANCIAL STRATEGY
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[LOGO]
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RESTRUCTURING PLAN AND FINANCIAL STRATEGY
MIKE MCMENNAMIN
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FINANCIAL GOALS [LOGO]
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- - MISSION - MAXIMIZE TOTAL RATE OF RETURN
- - EPS GROWTH
- LONG TERM 10 - 12%
- - ROE OF 18 - 20%
- - DIVIDEND PAYOUT RATIO OF 35 - 45%
- - TANGIBLE COMMON EQUITY greater than or equal to 6.5%
- - RISK-BASED CAPITAL RATIO greater than or equal to 11.0%
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FINANCIAL REPOSITIONING ACTIONS [LOGO]
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- - NIE INITIATIVES TO REDUCE COST STRUCTURE
- - 20% REDUCTION OF DIVIDEND
- - REDUCTION OF LOW MARGIN ASSETS
- - RESTRUCTURING CHARGE - $140MM AFTER TAX
- - CONSOLIDATE 12% OF BRANCHES
- - SALE OF FLORIDA FRANCHISE
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NIE INITIATIVES [LOGO]
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- - REDUCED 2001 NIE - $36MM
- - OUTSOURCING REVIEW - IT AND OPERATIONS
- - EFFICIENCY RATIO OBJECTIVE OF 48 - 52%
- - 2002 EFFICIENCY RATIO EST. AT 55 - 57%
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DIVIDEND POLICY [LOGO]
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- - 20% DIVIDEND CUT EFFECTIVE WITH THIRD QUARTER - $0.20 TO $0.16
- - DIVIDENDS ARE TAX-INEFFICIENT
- - VIEW REDUCTION AS OFFENSIVE, NOT DEFENSIVE
- - PAYOUT TARGET OF 35 - 45%
- - EXPECT PAYOUT TO BE LESS THAN 45% IN 2002
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BALANCE SHEET RESTRUCTURING [LOGO]
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- - ASSET LIABILITY MANAGEMENT - LIMITED INTEREST RATE RISK TOLERANCE
- - LOW MARGIN ASSETS - INEFFICIENT USE OF CAPITAL
- - INVESTMENT PORTFOLIO + RESIDENTIAL MORTGAGES - 18% OF EARNING ASSETS
VS. 27% IN 1999
- - FUNDING STRATEGY
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ESTIMATED RESTRUCTURING AND OTHER CHARGES [LOGO]
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TIMING
------
($ IN MILLIONS) TOTAL 2Q 3Q - 4Q
----- ----- -------
RESTRUCTURING $ 64 $ 64
BRANCHES/ATMS/OPS
FLORIDA RETENTION/TRANSITION
CORPORATE OVERHEAD
FACILITIES
E-COMMERCE
IMPAIRMENT 45 37 8
I/O STRIP
PG&E
AUTO RESIDUALS
OTHER
CREDIT 72 72 --
120 DAY DELINQUENCIES
SUB-PRIME AUTO
TRUCK & EQUIPMENT
OTHER RESERVES 34 2 32
--- --- ---
TOTAL PRE-TAX CHARGE $215 $111 $104
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NPAS/TOTAL LOANS + OREO [LOGO]
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1Q99 2Q99 3Q99 4Q99 1Q00 2Q00 3Q00 4Q00 1Q01
HUNTINGTON .48 .46 .47 .47 .45 .46 .44 .51 .60
PEER AVERAGE .55 .52 .54 .55 .55 .59 .61 .68 .83
PEER GROUP: ASO, BBT, CMA, FITB, FSR, KEY, NCC, OK, RGBK, USB
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NCO/AVERAGE LOANS [LOGO]
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1Q99 2Q99 3Q99 4Q99 1Q00 2Q00 3Q00 4Q00 1Q01
HUNTINGTON .51 .38 .39 .32 .35 .30 .46 .50 .55
PEER AVERAGE .40 .40 .39 .47 .42 .37 .45 .49 .59
PEER GROUP: ASO, BBT, CMA, FITB, FSR, KEY, NCC, OK, RGBK, USB
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FLORIDA [MAP] [LOGO]
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AT MARCH 31, 2001
OFFICES 139 The map illustrates
DEPOSITS $ 4.5B Huntington's Florida
#8 STATEWIDE RANK markets.
95% DEPOSITS IN MSAS
23.5% HBI DEPOSITS
LOANS $ 2.2B
LOANS/DEPOSITS 49%
DEPOSITS/BRANCH $31.8MM
MARKET CHARACTERISTICS:
FLORIDA MARKETS ARE ATTRACTIVE DEMOGRAPHICALLY. NATIONALLY, #4 IN POPULATION AND
#8 IN PROJECTED POPULATION GROWTH
HBI FRANCHISE CHARACTERISTICS:
RELATIVELY SMALL PRESENCE IS CONCENTRATED IN CENTRAL FLORIDA. BANKING MARKET
DOMINATED BY TOP THREE PLAYERS HOLDING 47% MARKET SHARE
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FLORIDA SALE RATIONALE [LOGO]
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- - INEFFICIENT USE OF CAPITAL - less than 10% ROE
- - REPRESENTS 30% OF HBI CAPITAL
- - NOT GEOGRAPHICALLY STRATEGIC
- - SMALLER PLAYER IN CONCENTRATED MARKET
- - EXCESS CAPITAL USED FOR STOCK REPURCHASE
- - SALE WILL BE ACCRETIVE
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RECAP - FINANCIAL REPOSITIONING
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- - 20% REDUCTION OF DIVIDEND
- - REDUCTION OF LOW MARGIN ASSETS
- - RESTRUCTURING CHARGE - $140MM AFTER TAX
- - CONSOLIDATE 12% OF BRANCHES
- - SALE OF FLORIDA FRANCHISE
[LOGO]
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EARNINGS PROJECTIONS
[LOGO]
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2001 EARNINGS PROJECTION [LOGO]
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CORE
$ IN MILLIONS 1Q01
ANNUALIZED
----------
NET INT. INCOME $981 NIM% 3.93%
PROVISION (134) NCO% 0.55%
----
NET CREDIT INCOME 847
NON INT. INCOME 463
NON INT. EXPENSE (920) EFFICIENCY 61%
----
PRE-TAX $390
TAX (113)
----
NET INCOME $277 EPS $1.10
EXCLUDES SECURITY GAINS AND LOSS FROM MUTUAL FUND REIMBURSEMENT (PG&E)
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2001 EARNINGS PROJECTION [LOGO]
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- - KEY ASSUMPTIONS - 2ND HALF 2001
- LOAN GROWTH - 6 - 8%
- NIM - 3.90 - 3.95%
- NET CHARGEOFFS - .65%
- REVENUE GROWTH - 2 - 4%
- EFFICIENCY RATIO - 57 - 59%
- - 2001 EPS ESTIMATE $1.15 - $1.17
- - TANGIBLE CAPITAL RATIO (POST FLORIDA SALE) - 9 - 10%
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2002 EPS PROJECTION [LOGO]
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- - KEY DRIVERS
- LOAN GROWTH - 5 - 7%
- NIM - 3.95 - 4.00%
- NET CHARGE-OFFS - .65%
- REVENUE GROWTH - 5 - 6%
- EFFICIENCY RATIO - 55 - 57%
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2002 EARNINGS PROJECTION [LOGO]
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EPS
---
2001 EPS ESTIMATE $1.15 - $1.17
GROWTH 0.12 - 0.13
RESTRUCTURE CHARGE/BRANCH CONSOL. 0.04 - 0.06
FLORIDA MARKET DISPOSITION 0.02 - 0.06
ACCOUNTING CHANGE - GOODWILL 0.11 - 0.11
2002 EPS ESTIMATE -------------
$1.44 - $1.53
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[LOGO]
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WRAP - UP
TOM HOAGLIN
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HUNTINGTON '01 AND BEYOND [LOGO]
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- - CAPTURE OPPORTUNITY FOR NEAR-TERM VALUE CREATION
- - CREATE A CULTURE OF PERFORMANCE - RELENTLESS FOCUS ON EXECUTION
- - LEVERAGE CORE MARKETS AND BRAND STRENGTH - "THE LOCAL BANK"
- - CUSTOMER-CENTRIC STRATEGY - DECENTRALIZED OPERATING STRUCTURE, SALES
AND SERVICE FOCUS
- - FINANCIAL DISCIPLINE
- - CAPITAL STRENGTH
MANAGEMENT WILL BE ACCOUNTABLE TO SHAREHOLDERS AND FOCUSED ON RETURNS
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SUMMARY [LOGO]
================================================================================
- - WE ARE COMMITTED TO GROWING EPS AND REBUILDING SHAREHOLDER VALUE
- - WE ARE TAKING DECISIVE ACTIONS TO STRENGTHEN HUNTINGTON AND POSITION IT
FOR FUTURE GROWTH
- - OUR PROBLEMS ARE FIXABLE
- - WE HAVE THE MANAGEMENT TEAM TO EXECUTE OUR STRATEGIES AND GROW OUR CORE
FRANCHISE
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[LOGO]