Exhibit 99.1

FOR IMMEDIATE RELEASE
April 16, 2003

HUNTINGTON BANCSHARES REPORTS
2003 FIRST QUARTER EARNINGS OF $0.37 PER SHARE;
ANNOUNCES RESTATEMENT FOR AUTO LEASE ACCOUNTING

     COLUMBUS, Ohio – Huntington Bancshares Incorporated (NASDAQ: HBAN; www.huntington.com) today reported 2003 first quarter earnings of $87.3 million, or $0.37 per common share, and the restatement of 2002 results due to the reclassification of $3.2 billion of auto leases from direct finance leases to operating leases.

     The company determined, after recent consultations with Ernst & Young LLP, its independent accountants, that its auto leases do not meet the requirements for direct finance lease classification under Financial Accounting Standards No. 13, “Accounting for Leases”. Financial results for 2002 through the 2003 first quarter included in this release reflect this reclassification. Prior period financial results will be restated accordingly.

     The change to operating lease accounting impacted negatively 2003 first quarter earnings by $0.01 per share and reduced previously reported 2002 full year and fourth quarter earnings by $24.6 million ($0.10 per share) and $8.5 million ($0.03 per share), respectively. The cumulative effect of the restatement on total equity as of December 31, 2002, was a reduction of $3.2 million.

     “For 20 years Huntington followed the industry practice of accounting for auto leases using direct finance lease accounting,” said Thomas Hoaglin, chairman, president, and chief executive officer. “Direct finance lease accounting portrays leases in our financial statements in the same manner as loans. In contrast, operating lease accounting portrays auto leases as if we were a purchaser and renter of automobiles. In all of our SEC filed financial statements, including the 2002 Form 10-K filed March 20, 2003, the use of direct finance lease accounting has been disclosed and accepted by Ernst & Young. Subsequent to filing our 2002 Form 10-K, Ernst & Young advised us that auto leases, previously classified as direct finance leases and reported in the loan category, do not meet the requirements for direct finance lease classification.”

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     The company has discussed this reclassification and restatement with the Comptroller of the Currency. The restatement has no material impact on capital, and both the company and its bank subsidiary, The Huntington National Bank, remain “well capitalized” under regulatory capital requirements.

Lease Accounting Reclassification and Implications for Financial Statements

     Over the life of a lease the income and cash flows recognized under direct finance lease and operating lease accounting are exactly the same. However, the timing of revenue recognition is affected. Under operating lease accounting, revenue is recognized on a constant periodic basis versus declining periodic revenue recognition under the direct finance lease accounting. The implementation of operating lease accounting also changes how auto leases and related income and expenses are reported on the balance sheets and statements of income. The following table highlights the major differences on reporting financial results between the two accounting methodologies:

Discussion of 2003 First Quarter Results

NOTE: The following results reflect the impact of the reclassification of $3.2 billion in auto leases from direct finance leases to operating leases as discussed above. Prior period results have also been restated, though these amounts are subject to refinement in the Form 10-Q that will be filed on or before May 15, 2003. In order to comply with new SEC rules, Huntington has re-designed its press release this quarter to essentially eliminate discussion of non-GAAP financial measures, including operating earnings. Prior period releases had included a discussion of operating earnings, which excluded the impact of certain items primarily related to the strategic restructuring announced in July 2001. The first quarter 2003 and fourth quarter 2002 financial information provided in this press release were not impacted by these non-operating items.

     First quarter earnings were $87.3 million, or $0.37 per common share. This compares with $92.2 million, or $0.37 per common share, in the year-ago first quarter, and $76.6 million, or $0.33 per common share, in the fourth quarter of 2002.

     The year-ago quarter included a $175.3 million pre-tax gain ($56.7 million after tax, or $0.23 per common share) from the sale of the Florida banking operations and $56.2 million pre-tax ($36.5 million after tax, or $0.14 per common share) in restructuring charges. Excluding these two items, year-ago earnings were $71.9 million, or $0.29 per common share.

Management Comments

     “First quarter results reflect the progress Huntington has made in several very important areas,” said Hoaglin. “Our ability to grow loans at an 11% annualized rate given the state of the

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economy has been a real highlight, as was our ability to grow core deposits excluding retail CDs at a 12% rate. The quarter also saw record annuity sales. It is fairly remarkable that over the last five quarters we have been able to attract over $2.6 billion of customer assets in deposits, annuities or mutual funds. We are also pleased to report very stable credit quality trends, with net charge-offs and non-performing assets essentially flat compared with the fourth quarter. Loan loss reserves and capital remain strong, and we were able to use the capital freed up from the auto loan sale to repurchase additional shares.”

     “We also made progress in positioning Huntington for future growth by opening two new branches, and announcing the sale of our Martinsburg, West Virginia banking offices which will free up capital for further investment in the company,” he concluded.

Discussion of Results

     First quarter 2003 results compared with sequential fourth quarter performance reflected:

	•		11% annualized growth in loans reflecting growth in residential mortgage, auto loans, home equity, commercial real estate and commercial loans.
	•		12% annualized growth in core deposits, excluding retail CD’s.
	•		3.62% net interest margin, down slightly from 3.63%.
	•		The sale of $560 million of auto loans late in the quarter to lower the auto loan concentration in the loan portfolio which resulted in a $7.0 million pre-tax gain ($4.5 million after tax or $0.02 per share).
	•		30% increase in mortgage banking income.
	•		11% increase in brokerage and insurance income reflecting record annuity sales.
	•		1% increase in non-interest expense.
	•		1.82% loan loss reserve to loans ratio, unchanged.
	•		0.79% non-performing assets ratio, little changed from 0.77%.
	•		231% non-performing assets coverage ratio, down from 238%.
	•		7.39% tangible common equity ratio, down from 7.61%.
	•		Repurchased 4.3 million common shares at a cost of $81 million, leaving 3.9 million shares remaining under the current share repurchase authorization.

     Fully taxable equivalent net interest income decreased $0.7 million from the fourth quarter primarily reflecting the negative impact of two less days in the quarter and a slightly lower net interest margin, partially offset by growth in earning assets, primarily loans. The net interest margin declined slightly to 3.62% from 3.63% driven by a number of factors including growth in lower rate, but higher quality, auto loans, and heavy prepayments of higher rate mortgages, partially offset by the maturity of $800 million in high rate CD’s. Average earning assets increased $0.5 billion, all related to growth in average loans, as other earning assets were basically unchanged.

     Average loans increased 11% on an annualized basis from the fourth quarter reflecting a 15% annualized growth in consumer loans. Average residential mortgages grew 33% annualized, reflecting continued strong demand for residential mortgages. Average home equity loans and lines of credit increased 9% annualized, with average auto loans up 16% annualized. Total average commercial and commercial real estate loans increased 6% annualized, reflecting a 5% annualized increase in average commercial loans and a 9% annualized increase in average commercial real estate loans.

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     Although interest rates are at low absolute levels, retail certificates of deposit (CDs) are currently a relatively expensive source of funds. Other more attractive funding sources were being emphasized which resulted in average retail CD balances declining $331 million. Total average core deposits, excluding retail CDs, increased $320 million, or 12%, annualized.

     Non-interest income, excluding securities gains, was up $9.0 million, or 3%, from the fourth quarter. This reflected a $4.7 million increase in other income, which included a $7.0 million pre-tax gain on the sale of $560 million of auto loans. Excluding the impact of the auto loan sale gain, other income was down $2.3 million, or 11%, reflecting a change in accounting for standby letters of credit. Mortgage banking income increased $3.5 million, or 30%, as the fourth quarter results included a $6.2 million mortgage servicing rights impairment. The current quarter had no such impairment. Brokerage and insurance income increased $1.6 million, or 11%, driven by record annuity sales and growth in insurance products. Reflecting seasonal factors, service charges on deposits declined $1.6 million, or 4%. Trust services income declined $0.4 million, or 3%, reflecting lower account balances driven by weak capital markets. Other services charges and fees declined $0.6 million, or 5%, due to the seasonal decline in transaction-based product fees.

     Non-interest expense was up $2.9 million, or 1%, from the fourth quarter driven primarily by higher personnel and net occupancy costs. Personnel costs were up $7.9 million, or 7%, reflecting a combination of factors including the annual FICA reset, higher pension costs, higher performance-based compensation and transition expenses related to a reduction in headcount. The $3.4 million increase in net occupancy expense reflected higher real estate taxes and snow removal costs. Operating lease expense was down $3.8 million. Professional services were down $1.7 million with other expense down $1.4 million.

     Net charge-offs for the 2003 first quarter were $31.9 million, or an annualized 0.71% of average loans. Excluding charge-offs on exited portfolios for which reserves were previously established, adjusted net charge-offs were $30.3 million, or 0.68% of average loans. This compares with comparable 2002 fourth quarter net charge-offs of $29.3 million, or an annualized 0.67% of average loans, excluding the impact of the fourth quarter credit actions, as well as net charge-offs on exited portfolios in that same period.

     The over 30-day delinquent, but still accruing, ratio for total loans decreased 18 basis points to 1.40% at the end of the first quarter from 1.58% at the end of the fourth quarter. This reflected a significant improvement in the consumer delinquency ratio to 2.03% from 2.23%, with total commercial and commercial real estate delinquencies declining to 0.85% from 1.00%.

     Loan loss provision expense in the first quarter was $35.7 million, exceeding the $31.9 million in net charge-offs by $3.8 million. The March 31, 2003, allowance for loan losses as a percent of period-end loans was 1.82%, unchanged from the level at December 31, 2002, and compares to 2.09% a year ago. The allowance for loan losses as a percent of non-performing assets decreased slightly to 231% at March 31, 2003, from 238% at the end of last year, but remained well above the year-ago level of 151%.

     Non-performing assets at March 31, 2003 were $140.7 million and represented 0.79% of period-end loans and other real estate owned. This was up slightly from $136.7 million, or 0.77%, at December 31, 2002, but down significantly from $225.5 million, or 1.38% of period-end loans and other real estate and the end of the year-ago quarter. Non-performing assets continued to be concentrated in the manufacturing and services sectors.

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     At March 31, 2003, the tangible equity to assets ratio was 7.39%, down from 7.62% at December 31, 2002. This decrease reflected the impact of the company’s share repurchase program and strong growth in assets, partially offset by earnings growth. During the quarter 4.3 million shares were repurchased, leaving 3.9 million shares under the current share repurchase authorization. Further purchases will be made from time-to-time in the open market or through privately negotiated transactions depending upon market conditions.

2003 OUTLOOK

     The direction of the economy and interest rates continue to be the most significant factors impacting 2003 performance. Reflecting an economy that continues to search for direction, our outlook is that non-performing assets will remain around these levels for the next few quarters, and we anticipate 2003 full-year charge-offs will be in the 65 – 75 basis point range, after giving affect to the operating lease reclassification.

     Earnings in 2003 are expected to be adversely impacted by $0.03 per share resulting from operating lease accounting, thus adjusting full-year expectations to $1.47 – $1.51 per share. This expectation does not include any impact from the implementation of FIN 46 (Consolidation of Variable Interest Entities), which will be adopted no later than the third quarter, or the expensing of stock options, which is under review.

Conference Call / Webcast Information

Huntington’s senior management will host a conference call today to discuss these developments and results at 1:00p.m.. EDT. The call may be accessed via a live Internet webcast at www.huntington-ir.com or through a dial-in telephone number at (800) 491-3988. Slides will be available at www.huntington-ir.com just prior to 1:00p.m. EDT today for review during the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s web site www.huntington-ir.com. A telephone replay will be available two hours after the completion of the call through April 30, 2003, at (888) 211-2648; conference ID 3217251. The conference call transcript and slides will be filed with the Securities and Exchange Commission on Form 8-K.

Forward-looking Statement

This press release contains certain forward-looking statements, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. A number of factors, including but not limited to those set forth under the heading “Business Risks” included in Item 1 of Huntington’s Annual Report on Form 10-K for the year ended December 31, 2002, and other factors described from time to time in Huntington’s other filings with the Securities and Exchange Commission, could cause actual conditions, events, or results to differ significantly from those described in the forward-looking statements. All forward-looking statements included in this news release are based on information available at the time of the release. Huntington assumes no obligation to update any forward-looking statement.

About Huntington

Huntington Bancshares Incorporated is a $28 billion regional bank holding company headquartered in Columbus, Ohio. Through its affiliated companies, Huntington has more than 137 years of serving the financial needs of its customers. Huntington provides innovative retail and commercial financial products and services through more than 300 regional banking offices in Indiana, Kentucky, Michigan, Ohio and West Virginia. Huntington also offers retail and commercial financial services online at www.huntington.com; through its technologically advanced, 24-hour telephone bank; and through its network of more than 850 ATMs. Selected financial service activities are also conducted in other states including: Dealer Sales offices in Florida, Georgia, Tennessee, Pennsylvania and Arizona; Private Financial Group offices in Florida; and Mortgage Banking offices in Florida, Maryland and New Jersey. International banking services are made available through the headquarters office in Columbus and additional offices located in the Cayman Islands and Hong Kong.

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HUNTINGTON BANCSHARES INCORPORATED
Quarterly Key Statistics ⁽¹⁾

(1)		Prior periods restated for change in accounting for automobile leases from direct financing leases to operating leases.
(2)		1Q02 excludes the gain on the sale of the Florida operations and special charges.
(3)		Includes non-interest bearing and interest bearing demand deposits, savings deposits, CDs under $100,000 and IRA deposits.
(4)		Estimated.
(5)		At end of period. Tangible equity (total equity less intangible assets) divided by tangible assets (total assets less intangible assets).
N.M. — Not Meaningful.

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HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Review
March 2003

Table of Contents

Note: The following results reflect the impact of the reclassification of $3.2 billion in automobile leases from direct financing leases to operating leases. Prior period results have been restated, though these amounts are subject to refinement in Huntington’s Form 10-Q that will be filed with the Securities and Exchange Commission on or before May 15, 2003.

Huntington Bancshares Incorporated
Consolidated Balance Sheets⁽¹⁾

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Huntington Bancshares Incorporated
Loans and Deposits ⁽¹⁾

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Huntington Bancshares Incorporated
Consolidated Quarterly Average Balance Sheets and Net Interest Margin Analysis ⁽¹⁾
(in millions)