Exhibit 99.3 [COMPANY LOGO - HUNTINGTON] Third Quarter Earnings Review October 17, 2002 [LOGO] MEETING PARTICIPANTS Tom Hoaglin - Chairman, President and Chief Executive Officer Mike McMennamin - Vice Chairman and Chief Financial Officer Nick Stanutz - Exec. Vice President - Dealer Sales Group Head Jay Gould - Sr. Vice President - Investor Relations 2 [LOGO] BASIS OF PRESENTATION - OPERATING BASIS Reported results since the 2001 second quarter have been significantly impacted by a number of items, primarily related to the strategic restructuring announced in July 2001 and the subsequent sale of the Florida banking operations in the 2002 first quarter. In addition, reported 2002 first quarter results included Florida operations for only half the quarter versus a full quarter for each prior quarter. Also, the 2002 third quarter included a gain from the restructuring of the Merchant Services business. Therefore, to better understand underlying trends, the following slides and discussion are on an OPERATING basis, unless otherwise noted, which excludes the effect of these items from all prior periods, including the impact of the Florida operations. Please refer to the schedules accompanying the 2002 third quarter earnings press release, as well as the 2002 third quarter Quarterly Financial Review for schedules reconciling reported earnings with operating earnings and additional schedules excluding the impact of the Florida operations. 3 [LOGO] THIRD QUARTER HIGHLIGHTS Reported Results - ---------------- - - EPS of $0.41 - Includes $24.5 mm pre-tax gain ($16.0 mm after tax) from restructuring Merchant Services business. Operating Results - ----------------- - - EPS of $0.34 - Includes $6.6 mm pre-tax mortgage servicing rights impairment - - 11% annualized growth in loans - - 10% annualized growth in core deposits - - Improved credit quality trends - 2nd consecutive quarterly decline in NPAs...down 4% - 4th consecutive quarterly decline in new NPAs...down 35% - 3rd consecutive quarterly decline in net charge-offs...down 3% - Loan loss provision exceeded net charge-offs by $16.5 mm, or 38% - Maintained 2.00% loan loss reserve ratio - Increased NPA coverage to 191% - - Repurchased 6.2 million shares...15.0 million shares to date 4 [LOGO] THIRD QUARTER - OTHER ACHIEVEMENTS INVESTING IN THE BUSINESS - - Appointed new head of small business banking - - Purchased LeaseNet Group Inc. - net $60 million in receivables - - Restructured ownership interest in Huntington Merchant Services, LLC - - Sold J. Rolfe Davis Insurance Agency, Inc. INVESTING IN OUR EMPLOYEES - - Announced second employee stock option grant INVESTING IN OUR CUSTOMERS - - New teller technology now in 64% of the branches...completion by year end - - Launched new commercial loan processing system (CLOS) - - Launched new Situs small cap mutual fund - - Added another 28 new companies to our new business 401(k) platform 5 [LOGO] FINANCIAL PERFORMANCE 6 [LOGO] 2002 THIRD QUARTER PERFORMANCE HIGHLIGHTS (1) - - Net income $82.2 mm - - Earnings per share $0.34 - - Managed loan growth 11% annualized - - Core deposit growth 10% annualized - - Net interest margin 4.26% - - Efficiency ratio 53.1% - - Net charge-offs - adjusted (2) 0.83% - - NPAs $214.1 mm - - Loan loss reserve / loans 2.00% - - Tangible common equity ratio 8.00% - - Mortgage service rights impairment $6.6 mm (1) Excludes after-tax impact of $16.0 MM gain on the restructuring of the merchant services business (2) Excludes impact of net charge-offs on exited portfolios 7 [LOGO] THIRD QUARTER 2002 EARNINGS ($MM) Reported Adjustments Operating -------- ------------ --------- Net interest income $ 249.4 $ 249.4 Provision (60.2) (60.2) Non-interest income 113.7 113.7 Merchant services gain 24.5 $ 24.5 -- Securities gains 1.1 1.1 Non-interest expense (193.7) (193.7) ------- ------- ------- Pretax income 134.8 24.5 110.3 ------- ------- ------- Net income $ 98.1 $ 16.0 $ 82.2 ------- ------- ------- EPS $ 0.41 $ 0.07 $ 0.34 ======= ======= ======= 8 [LOGO] PERFORMANCE HIGHLIGHTS (1) 3Q02 2Q02 3Q01 ---- ---- ---- EPS - operating $0.34 $0.33 $0.32 ROA 1.26 % 1.31% 1.30% ROE 14.3 14.0 13.5 Efficiency ratio (2) 53.1 53.2 54.0 NIM 4.26 4.30 4.17 Tangible common equity/assets (3) 8.00 8.51 6.08 (1) Operating basis - Excludes after tax impact of restructuring and other charges of $33.0 MM in 3Q01, after tax impact of $16.0 MM gain on the restructuring of the merchant services business in 3Q02, the impact of Florida banking operations sold in 1Q02 and Florida insurance agency sold 7/2/02 (2) Excludes intangible amortization of $0.2 MM in 3Q02 and 2Q02, and $2.6 MM in 3Q01 (3) Period end 9 [LOGO] 2002 THIRD QUARTER EARNINGS (1) Change B (W) vs. ----------------------- 3Q01 2Q02 ------------- ($MM) 3Q02 2Q02 3Q01 Amt. Amt. Pct. ---- ---- ---- ---- ---- ---- Net interest income $ 249.4 $ 241.9 $ 230.5 $ 7.6 $ 19.0 8.2% Provision (60.2) (53.9) (46.0) (6.4) (14.2) (30.9) Non-interest income 113.7 114.3 110.0 (0.6) 3.7 3.3 Securities gains 1.1 1.0 1.1 0.2 0.1 7.6 Non-interest expense (193.7) (190.2) (187.1) (3.5) (6.7) (3.6) ------- ------- ------- ------ ------ --- Pretax income 110.3 113.1 108.5 (2.8) 1.8 1.7 ------- ------- ------- ------ ------ --- Net income $ 82.2 $ 81.7 $ 80.9 $ 0.5 $ 1.3 1.6% ------- ------- ------- ------ ------ --- EPS $ 0.34 $ 0.33 $ 0.32 $ 0.01 $ 0.02 6.3% ======= ======= ======= ====== ====== === Revenue (FTE) (2) $ 364.2 $357.2 $ 341.9 $ 7.0 $ 22.3 6.5% (1) Operating basis - Excludes after tax impact of restructuring and other charges of $33.0 MM in 3Q01, after tax impact of $16.0 MM gain on the restructuring of the merchant services business in 3Q02, the impact of Florida banking operations sold in 1Q02 and Florida insurance agency sold 7/2/02 (2) Calculated assuming a 35% tax rate and excluding securities gains 10 [LOGO] PERFORMANCE TRENDS (1) EARNINGS PER SHARE 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 $0.30 $0.32 $0.32 $0.32 $0.33 $0.34 PRETAX INCOME BEFORE LLP AND SECURITIES GAINS Y/Y% Chg ($MM) ------------------- 15% 10% 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 $144 $153 $162 $159 $166 $169 (1) Operating basis - Excludes after tax impact of restructuring and other charges of $33.0 MM in 3Q01, after tax impact of $16.0 MM gain on the restructuring of the merchant services business in 3Q02, the impact of Florida banking operations sold in 1Q02 and Florida insurance agency sold 7/2/02 11 [LOGO] PERFORMANCE TRENDS (1) Net Interest Income & Margin (FTE) ($MM) 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4.03% 4.17% 4.26% 4.21% 4.30% 4.26% $227 $232 $237 $234 $243 $251 Earning Assets (Avg) ($B) 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 $22.7 $22.2 $22.2 $22.4 $22.6 $23.4 (1) Excludes impact of Florida banking operations sold in 1Q02 12 [LOGO] NET INTEREST MARGIN DRIVERS - - Flattening of the yield curve - - Auto loan and leases originations... higher quality... lower margin - - Lower margin residential mortgages - - Mortgage prepayment activity - - "De facto" deposit repricing floors 13 [LOGO] MANAGED LOAN GROWTH (1) Average ($B) Annualized Growth - ------- ----------------- 3Q02 vs. 2Q02 vs. 3Q02 vs. 3Q02 2Q02 1Q02 3Q01 ---- ---- ----- ---- Commercial $ 5.5 (8)% (3)% (8)% Commercial real estate 3.7 10 6 13 ------ ---- ----- ---- Total commercial/CRE 9.2 (1) -- -- ------ ---- ----- ---- Auto loan / lease 7.1 14 (3) 2 Home equity 3.1 18 17 13 Residential real estate 1.3 81 75 138 Other consumer 0.4 (10) (10) (12) ----- ---- ----- ---- Total consumer 11.9 21 14 12 ----- ---- ----- ---- Managed loans $21.1 11% 8% 7% ===== ==== ===== ==== (1) Growth percentages normalized for residential real estate loan securitizations and impact of Florida banking operations sold in 1Q02 14 [LOGO] CORE DEPOSIT TRENDS (1) Average ($B) Annualized Growth - ------- ----------------- 3Q02 vs. 2Q02 vs. 3Q02 vs. 3Q02 2Q02 1Q02 3Q01 ---- ---- ---- ---- Demand $ 2.9 19% --% 4% Interest bearing 5.3 28 51 43 Savings 2.8 (6) (3) (5) CD's 4.1 (5) 12 1 ----- -- -- -- Total $15.1 10% 19% 12% ===== == == == (1) Growth percentages normalized for impact of Florida banking operations sold in 1Q02 15 [LOGO] NON-INTEREST INCOME (1) ($MM) Better or (Worse) vs. --------------------- 3Q02 2Q02 2Q02(2) 3Q01 ---- ---- ---- ---- Deposit service charges $ 37.5 $ 2.1 6% 12% Mortgage banking 6.3 (4.4) (41) (55) Brokerage / insurance 13.9 (1.0) (7) -- Trust income 15.0 (1.3) (8) 1 Bank Owned Life Ins 11.4 -- -- 20 Other service charges 10.8 0.3 3 14 Other 18.7 3.7 24 27 -------- ------ --- --- Total $ 113.7 $ (0.6) (1)% 3% ======== ====== === === Total excl mortgage banking $ 107.4 $ 3.8 4% 12% (1) Excludes securities gains, gain on restructuring of Merchant Services business in 3Q02, and Florida insurance agency sold 7/2/02 (2) Linked quarter percentage growth is not annualized. 16 [LOGO] MORTGAGE SERVICING 3Q02 2Q02 ---- ---- Mortgage servicing portfolio $5.2 B $5.4 B Investor servicing portfolio $3.2 B $2.7 B Mortgage servicing rights $27.9 MM $26.9 MM MSR % of investor servicing portfolio 0.88 % 1.00 % MSR % of equity 1.19 % 1.25% 17 [LOGO] NON-INTEREST EXPENSE (1) ($MM) Better or (Worse) vs. --------------------- 3Q02 2Q02 2Q02(2) 3Q01 ---- ---- ---- --- Personnel costs $107.5 $(3.9) (4)% (6)% Occupancy & equipment 32.2 (0.9) (3) -- Outside services 15.1 1.5 9 (3) Marketing 7.5 (0.3) (4) (31) Amortization of intangibles 0.2 -- -- nmv Other 31.2 0.1 -- (3) ------ ----- --- -- Total $193.7 $(3.5) (2)% (4)% ====== ===== === === (1) Excludes pretax impact of restructuring charges and other charges of $50.8 MM in 3Q01 and Florida insurance agency sold 7/2/02 (2) Linked quarter percentage growth is not annualized 18 [LOGO] EFFICIENCY RATIO (1) 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 59.5% 56.0% 54.0% 52.7% 54.1% 53.2% 53.1% (1) FTE Revenue excluding securities gains and gain on sale of Florida operations/non-interest expense excludes intangible amortization and restructuring and other charges. Excludes impact of Florida banking operations sold in 1Q02 and Florida insurance agency sold 7/2/02 19 [LOGO] CREDIT REVIEW 20 [LOGO] CREDIT QUALITY OVERVIEW (1) 3Q02 2Q02 3Q01 ---- ---- ---- NPAs / total loans + OREO 1.05% 1.14% 1.06% Net charge-offs - adjusted (2) 0.83 0.88 0.62 90+ days past due 0.33 0.30 0.42 Consumer 0.42 0.41 0.55 Commercial 0.22 0.15 0.13 Commercial RE 0.25 0.20 0.54 Reserve / total loans 2.00 2.00 1.77 Reserve / NPAs 191 176 166 (1) Excludes impact of Florida banking operations sold in 1Q02. (2) Excludes impact of net charge-offs on exited portfolios. 21 [LOGO] NON-PERFORMING ASSET COMPOSITION (1) ($MM) 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 0.85% 1.06% 1.16% 1.17% 1.14% 1.05% $156.9 $201.2 $219.6 $225.5 $223.2 $214.1 (1) Excludes impact of Florida banking operations sold in 1Q02. 22 [LOGO] NON-PERFORMING ASSET FLOW ANALYSIS - REPORTED BASIS(1) Period End ($MM) 3Q02 2Q02 1Q02 4Q01 3Q01 ---- ---- ---- ---- ---- NPA beginning of period $223.2 $225.5 $227.5 $210.1 $166.0 New NPAs 47.2 73.0 74.4 86.0 95.0 Loan losses (25.5) (28.3) (26.1) (34.6) (12.5) Payments (26.3) (44.3) (37.7) (28.3) (34.2) Sales (2) (4.2) (2.4) (8.9) (4.1) (3.3) Acquired 0.1 -- -- -- -- Other (0.4) (0.3) (3.7) (1.5) (0.9) ----- ------ ------ ----- ------ NPA end of period $214.1 $223.2 $225.5 $227.5 $210.1 (1) Impact of Florida not material. (2) 1Q02 includes $6.5 MM related to the sale of Florida banking operations and 2Q01 includes $14.9 MM related to PG & E. 23 [LOGO] NON-PERFORMING ASSETS - BY SECTOR Manufacturing 30% F.I.R.E. 13% Construction 7% Retail Trade 2% Agriculture 3% Trans./Comm. 1% Wholesale Trade 1% Energy 0% Other 9% % OF $109 MM CHANGE VS 12/31/00 Services 40% Manufacturing 53% F.I.R.E. 16% Construction 4% Retail Trade 0% Agriculture 2% Trans./Comm. -1% Wholesale Trade 0% Energy 0% Other -14% 24 [LOGO] NET CHARGE-OFFS - ADJUSTED (1) ($MM) 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 0.74% 0.62% 0.99% 0.97% 0.88% 0.83% $34 $29 $47 $46 $43 $42 3Q02 2Q02 3Q01 ---- ---- ---- Commercial 1.21% 1.53% 0.58% Commercial real estate 0.43 0.22 0.00 ---- ---- ---- Total commercial 0.90 1.02 0.38 ---- ---- ---- Consumer Auto loans - indirect 1.01 0.92 0.93 Auto lease 1.27 1.08 1.27 ---- ---- ---- Indirect 1.15 1.01 1.13 Other direct 0.91 1.22 0.48 Home equity 0.38 0.43 0.55 Residential real estate 0.04 0.18 0.06 ---- ---- ---- Total consumer 0.78 0.75 0.86 ---- ---- ---- Total 0.83% 0.88% 0.62% (1) Excludes impact of net charge-offs on exited portfolios. Reported total consumer net charge-offs were 0.84% in 3Q02, 0.83% in 2Q02, and 1.11% in 3Q01. Reported total net charge-offs were 0.87% in 3Q02, 0.92% in 2Q02 and 0.76% in 3Q01. Excludes impact of Florida banking operations sold in 1Q02. 25 [LOGO] VINTAGE PERFORMANCE AUTO LOANS - INDIRECT Cumulative Charge-off Rate % of Portfolio @ ----------------- 12/00 12/01 3/02 6/02 9/02 ----- ----- ---- ---- ---- Pre - 4Q98 22% 8% 4% 3% 2% - - 4Q98-3Q99 24% 12% 11% 9% 7% - - 4Q99-3Q00 42% 25% 24% 20% 17% - - 4Q00-4Q01 12% 55% 61% 43% 39% - - 1Q02-3Q02 -- -- -- 25% 35% --- --- --- --- --- 100% 100% 100% 100% 100% # Quarters After Origination AUTO LEASES Cumulative Charge-off Rate % of Portfolio @ ----------------- 12/00 12/01 3/02 6/02 9/02 ----- ----- ---- ---- ---- Pre - 4Q98 16% 6% 4% 3% 2% - - 4Q98-3Q99 33% 22% 19% 16% 14% - - 4Q99-3Q00 42% 31% 30% 27% 21% - - 4Q00-4Q01 9% 41% 47% 38% 34% - - 1Q02-3Q02 -- -- -- 16% 29% --- --- --- --- --- 100% 100% 100% 100% 100% # Quarters After Origination 26 [LOGO] CONSUMER DELINQUENCY TRENDS (1) 30+ Days 3Q01 4Q01 1Q02 2Q02 3Q02 3.10% 3.32% 2.36% 2.26% 2.10% 90+ Days 3Q01 4Q01 1Q02 2Q02 3Q02 0.55% 0.60% 0.44% 0.41% 0.42% (1) % of related outstandings at EOP. Excludes impact of Florida banking operations sold in 1Q02 27 [LOGO] LOAN LOSS RESERVE (1) ($MM) 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 1.76% 1.77% 2.05% 2.00% 2.00% 2.00% $326 $335 $387 $386 $393 $408 LOAN LOSS RESERVE FLOW ANALYSIS ($M) 3Q02 2Q02 1Q02 -------- -------- -------- LLR- beginning $ 393.0 $ 386.1 $ 387.0 Charge-offs (56.6) (57.5) (60.2) Recoveries 12.9 12.6 10.9 -------- -------- -------- Net charge-offs (43.7) (44.9) (49.3) Provision exp. 60.2 53.9 50.6 Assets purchased 1.3 -- -- Loans securitized (2.4) (2.0) (2.2) -------- -------- -------- LLR-ending $ 408.4 $ 393.0 $ 386.1 28 (1) Excludes impact of Florida banking operations sold in 1Q02 [LOGO] CAPITAL REVIEW 29 [LOGO] CAPITAL TRENDS - REPORTED BASIS (1) 3Q02 2Q02 3Q01 ---- ---- ---- Tier 1 risk-based capital 9.13% 9.72% 6.97% Total risk-based capital 12.09 12.75 10.13 Tier 1 leverage 9.41 9.94 7.10 Tangible equity / assets 8.00(2) 8.51 6.08 Double leverage (3) 86 83 110 (1) Period end (2) Estimated at 7.5%-7.8% by 12/31/02 assuming continuation of share repurchase program (3) (Parent company investments in subsidiaries + goodwill) / equity 30 [LOGO] SHARE REPURCHASE PROGRAM Commitment to repurchase $300 - 400 MM - - Program commenced February 21 - - Repurchased 15.0 million shares through September 30...$294 million - - Committed to continued repurchase at reasonable prices and volumes 31 [LOGO] FOCUS ON DEALER SALES 32 [LOGO] DEALER SALES - A SIGNIFICANT BUSINESS - - A Huntington core business since the early 1950's - - 34% of Huntington's managed loan portfolio - 9/30/02 - - 550 employees - - 3,500 dealer relationships Avg. Managed Balances --------------------- ($MM) Loans Leases 1Q01 3,856 3,082 2Q01 3,891 3,189 3Q01 4,084 3,214 4Q01 4,138 3,204 1Q02 3,935 3,145 2Q02 3,766 3,094 3Q02 3,937 3,172 33 [LOGO] DEALER SALES - BUSINESS MODEL - - Local market presence - sales and underwriting - - Provider of core products - loan, lease, floor plan - - Ancillary products and services - treasury, cash management, investments - - Tenure of staff - - Customer service - efficient and effective 34 [LOGO] DEALER SALES - GEOGRAPHIC PROFILE 9 Month Production - ------------------- ($MM) 2002 2001 % Chg. ---- ---- ------ Ohio $994 $992 2.0% Florida 483 481 0.4 Michigan 340 393 (13.5) Kentucky 221 213 3.8 Indiana 202 219 (7.8) W. Virginia 116 156 (25.6) Other 239 178 34.3 ----- ------ ---- Total $2,595 $2,635 (1.5)% [STATES MAP] Ohio 38% Florida 19 Michigan 13 Kentucky 9 Indiana 8 West Virginia 4 Arizona 3 - Entered market June 2001 Pennsylvania 2 Georgia 0 - Entered market August 2002 35 [LOGO] DEALER SALES - MARKET SHARE IN MAJOR MARKETS 2000 2001 2002 YTD ---- ---- -------- OHIO - ---- GMAC 12.3% 15.0% 13.1% Ford Motor Credit 14.4 14.3 10.3 - ------------------------------------------------------------------------------- Huntington 7.8 6.3* 6.5 - ------------------------------------------------------------------------------- Fifth Third 4.8 4.7 5.9 National City 6.1 4.9 5.3 Chase 1.9 4.2 4.8 MICHIGAN - -------- GMAC n/a 37.5 31.8 Ford Motor Credit n/a 17.1 10.4 Chrysler Finance Corp. n/a 8.3 9.4 Fifth Third n/a 3.2 5.3 Chase n/a 2.9 4.8 - ------------------------------------------------------------------------------- Huntington n/a 2.4* 3.2 - ------------------------------------------------------------------------------- FLORIDA - ------- GMAC 9.5 11.3 11.4 Ford Motor Credit 15.8 15.1 11.0 SunTrust 8.0 7.6 9.9 - ------------------------------------------------------------------------------- Huntington 4.3 4.1* 4.0 - ------------------------------------------------------------------------------- Chase 2.1 4.1 3.5 *Market erosion caused by heavy 4Q01 GM incentives 36 [LOGO] DEALER SALES - AUTO INDUSTRY VEHICLE SALES (000's of units) 3Q02 3Q01 % ---- ---- ---- Change ------ New and used vehicle sales* (retail) 18,649 17,976 3.7% Huntington vehicles financed 53 49 8.9% * Source: JD Powers and Wall Street Journal 37 [LOGO] INDIRECT AUTO - QUARTERLY PRODUCTION