Exhibit 99.1

FOR IMMEDIATE RELEASE
July 17, 2003

HUNTINGTON BANCSHARES

	•		REPORTS 2003 SECOND QUARTER EARNINGS OF $0.42 PER SHARE
	•		ANNOUNCES EARNINGS RESTATEMENT AND ACCOUNTING CHANGES

	•		Increases 2003 first quarter net income by $2 million after tax
	•		Reduces 2000-2002 net income by $5 million after tax
	•		Reduces 1999 and prior-year net income by $27 million after tax
	•		Prospectively defer all loan and lease origination fees and expenses

	•		DECLARES A 9.4% INCREASE IN THE DIVIDEND ON ITS COMMON STOCK

2003 SECOND QUARTER EARNINGS

     COLUMBUS, Ohio – Huntington Bancshares Incorporated (NASDAQ: HBAN; www.huntington.com) reported 2003 second quarter earnings of $97.4 million, or $0.42 per common share, up $6.8 million or 8%, from $90.6 million, or $0.39 per common share, in the first quarter, and up $24.4 million or 33%, from $73.0 million, or $0.29 per common share in the year-ago quarter. (All prior period results reflect the restatement announced today and discussed below.)

     Significant items impacting quarterly performance comparisons between the first and second quarters of 2003 consisted of:

     2003 Second Quarter Items

	•		$11.6 million pre-tax gain from the sale of $569 million of automobile loans late in the quarter; $7.6 million after tax or $0.03 per share.
	•		$6.9 million pre-tax of securities gains; $4.5 million after tax or $0.02 per share.
	•		$6.4 million pre-tax impairment of mortgage servicing rights; $4.1 million after tax or $0.02 per share.
	•		$5.3 million pre-tax release of restructuring reserves; $3.4 million after tax or $0.01 per share.

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     2003 First Quarter Items

	•		$8.3 million pre-tax gain from the sale of $558 million of automobile loans late in the quarter; $5.4 million after tax or $0.02 per share.
	•		$1.2 million pre-tax of securities gains; $0.8 million after tax with no material per share impact.
	•		$1.0 million pre-tax release of restructuring reserves; $0.7 million after tax with no material per share impact.

     Excluding the impact of these items, 2003 second quarter earnings were $86.1 million, or $0.37 per share, and first quarter earnings were $83.7 million, or $0.36 per common share.

     Earnings for the first six months of 2003 were $188.0 million, or $0.81 per common share, up $18.9 million, or 11%, from $169.0 million, or $0.68 per common share, in same year-ago period. Significant items impacting year-to-date performance comparisons consisted of:

     2003 Six Month Results

	•		$19.9 million pre-tax gain from the sale of $1.1 billion of automobile loans; $12.9 million after tax or $0.06 per share.
	•		$8.1 million pre-tax of securities gains; $5.3 million after tax or $0.02 per share.
	•		$6.4 million pre-tax of mortgage servicing right impairment; $4.1 million after tax or $0.02 per share.
	•		$6.3 million pre-tax release of restructuring reserves; $4.1 million after tax or $0.02 per share.

     2002 Six Month Results

	•		$181.3 million pre-tax gain from the sale of the Florida banking operations; $60.7 million after tax or $0.24 per common share.
	•		$56.2 million pre-tax of restructuring charges; $36.5 million after tax or $0.15 per common share.
	•		$1.4 million pre-tax of securities gains; $0.9 million after tax with no material per share impact.
	•		$0.6 million pre-tax of mortgage servicing right impairment; $0.4 million after tax with no material per share impact.

     Excluding the impact of these items, results for the first six months of 2003 were $169.8 million, or $0.73 per common share, up 18% and 26%, respectively, from $144.3 million, or $0.58 per common share for the first six months of 2002.

     “Second quarter results reflected the progress Huntington continues to make in several very important areas,” said Thomas Hoaglin, chairman, president, and chief executive officer. “Earning performance was in line with our expectations. Net interest income increased despite a lower margin due to our continued ability to grow loans and leases. Late in the quarter $569 million of automobile loans were sold, bringing year-to-date sales to $1.1 billion, helping us lower our exposure to the automobile financing sector. Excluding the impact of the prior quarter’s sale of $558 million of automobile loans, average loans and leases increased 4% from the first quarter. Average core deposits excluding retail CDs increased 5%.”

     Commenting on credit quality trends, Hoaglin noted, “Net charge-offs increased and non-performing assets declined slightly. This performance was as expected, as the economic

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environment remains challenging for many of our customers, especially businesses. The increase in net charge-offs reflected higher commercial net charge-offs primarily related to one borrower. Importantly, commercial delinquencies and our watch list of problem credits continued to show modest improvement. We expect non-performing assets to remain relatively unchanged for the remainder of the year with net charge-offs showing improvement. Loan and lease loss reserves and capital levels remained strong.”

     “We remain on schedule to complete the previously announced sale of our Martinsburg, West Virginia banking offices later this month. This will generate an after tax gain of approximately $8 million after tax and free up capital for reinvestment,” he concluded.

Earnings Review Discussion

     In addition to the items impacting comparisons between quarters noted above, second quarter 2003 results compared with first quarter performance reflected:

	•		2% growth in average loans and leases; 4% excluding the impact of the first quarter automobile loan sale.
	•		13% decline in average operating lease assets.
	•		5% growth in core deposits, excluding retail CD’s.
	•		3.69% net interest margin, down from 3.84%.
	•		1.79% loan loss reserve to loans ratio, up from 1.78%.
	•		0.85% annualized net charge-offs, up from 0.69%.
	•		0.70% non-performing assets ratio, down from 0.74%.
	•		255% non-performing assets coverage ratio, up from 239%.
	•		7.31% tangible common equity ratio, up from 7.25%.

     Fully taxable equivalent net interest income increased $1.8 million, or 1%, from the first quarter, reflecting growth in average earning assets substantially offset by a decline in the net interest margin. The fully taxable equivalent net interest margin declined to 3.69% from 3.84%, down 15 basis points, or an effective 4%, driven by a number of factors including significant prepayments of higher rate mortgages and mortgage backed securities, growth in lower rate but higher quality automobile loans and direct financing leases, and the difficulty in lowering deposit rates as fast as the decline in rates on loans and securities. Average total earning assets increased $0.9 billion, or 4%, of which $0.4 billion related to higher securities and $0.5 billion related to higher average loans and leases and mortgages held for sale.

     Compared with the year-ago quarter, fully taxable equivalent net interest income increased $24.6 million, or 13%, reflecting the benefit of a 20% increase in average earning assets, partially offset by a 25 basis point, or an effective 6%, decline in the net interest margin to 3.69% from 3.94%.

     Average securities increased $0.4 billion, or 11%, from the first quarter reflecting the investment of deposit inflows, proceeds from loan sales, and pay downs of operating leases in excess of loan and lease originations. Average mortgages held for sale increased $0.1 billion, or 31%, from the first quarter due to high loan originations reflecting continued heavy refinancing activity.

     Average loans and leases increased 2% from the first quarter, or 4% excluding the impact of automobile loan sales. Reflecting the impact of the low interest rate environment, average

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residential mortgages grew 3% and average home equity loans and lines of credit increased 4%. Average automobile loans and leases increased 1%, or 12% excluding the impact of the first quarter sale of $558 million of automobile loans. Loans sold in the first quarter impacted average loans and leases in that quarter by $459 million. Year-to-date sales of automobile loans totaled $1.1 billion with such sales reflecting a strategy to reduce balance sheet concentration in automobile finance-related assets. Total average commercial real estate loans increased 3%. In contrast, average commercial loans were essentially unchanged reflecting 3% growth in small business loans, offset by declines in larger commercial credits.

     Compared with the year-ago quarter, average loans and leases increased 16%. Average automobile loans and leases increased 52% with average automobile loans up 10%. Average automobile leases were up significantly reflecting the fact that this portfolio consists only of direct financing leases originated after April of last year. Average residential mortgages increased 36%, with average home equity loans and lines up 15%. Total average commercial real estate loans increased 11%.

     Total average core deposits in the 2003 second quarter increased $0.5 billion, or 3%, from the first quarter including a $0.2 billion decline in retail certificates of deposits (CDs). Retail CDs, which continue to be a relatively expensive source of funds, are being deemphasized in the company’s deposit generation strategies. Excluding retail CDs, average core deposits increased 5%. Compared with the year-ago quarter, average core deposits increased 5% even with a $0.7 billion decline in retail CDs. Average core deposits excluding retail CDs were up 13% from the year-ago quarter.

     Non-interest income increased $6.2 million, or 2%, from the first quarter reflecting a combination of factors. Other income was up $11.4 million with $3.3 million reflecting higher gains from the sale of automobile loans. The remaining $8.1 million of the increase in other income primarily reflected fees from the termination of operating lease assets, an increase in the market value of equity investments, as well as higher letter of credit fees. Securities gains totaled $6.9 million, up from $1.2 million in the first quarter. Service charges on deposits increased $1.0 million, or 3%, due to higher retail fees. Other service charges and fees were up $1.0 million, or 10%, reflecting higher transaction-based product fees off the seasonally weak first quarter. Trust services increased $0.7 million, or 4%, due to higher institutional fees.

     Partially offsetting these increases were declines in several fee income categories, including operating lease income, which decreased $9.5 million, or 7%. Operating lease income, as well as operating lease expense, will decline over time since all new automobile leases after April 2002 represent direct financing leases, the income of which is reflected in net interest income. Brokerage and insurance income declined $1.3 million, or 8%, due to an 18% decline in annuity sales, though mutual fund sales increased 45%. Mortgage banking income declined $2.8 million, or 20%, from the first quarter reflecting a $6.4 million impairment of mortgage servicing rights (MSR) in the current quarter, compared with no impairment in the 2003 first quarter. The MSR impairment reflected high mortgage prepayment levels as the low interest rate environment continued to produce high mortgage refinancing activity. Excluding the MSR impairment, mortgage banking income increased $3.6 million, or 26%, reflecting a 34% increase in closed loan production. At June 30, 2003, MSRs as a percent of serviced mortgages were 0.72%, down from 0.80% at March 31, 2003.

     Compared with the year-ago quarter, non-interest income declined $13.5 million, or 5%. This included a $43.8 million, or 26%, decline in operating lease income as this portfolio runs

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off. This decline was partially offset by a $21.2 million increase in other income including the $11.6 million gain on the sale of automobile loans in the current quarter, higher gains from operating lease terminations, an increase in the market value of equity investments, and increased trading revenue. Another positive factor was the $5.3 million, or 15%, increase in service charges on deposits from the year-ago quarter.

     Non-interest expense declined $18.3 million, or 6%, from the first quarter. Expense categories contributing to the decline included operating lease expense, down $8.6 million, or 8%, reflecting the run-off of that portfolio, and personnel costs, down $7.7 million, or 6%, due to a combination of lower salaries, benefit, and severance costs. Net occupancy expense decreased $1.2 million, or 7%, as the first quarter results included significant seasonal costs, while printing and supplies costs declined $1.4 million, or 39%.

     Partially offsetting these declines were increases in a number of expense categories including a $3.5 million, or 20%, increase in other expenses spread across a number of categories. Marketing expense increased $1.8 million, or 28%, with professional services expense up $0.6 million, or 6%, primarily related to legal and audit expenses associated with the restatement announced in May of this year and the Securities and Exchange Commission formal investigation.

     The 2003 second quarter non-interest expense also benefited from a $5.3 million release of restructuring reserves, of which $3.8 million related to reserves established in 1998 and $1.5 million to reserves established in 2001 and 2002. The 1998 reserve was established for, among other items, the exit of under performing product lines, including possible third party claims related to these exits. Management has reviewed this reserve and determined that future claims were unlikely or would be immaterial, and reduced the level of the reserve through a credit, or reserve release, to the restructuring charge line of non-interest expense. All changes in the estimated restructuring reserves required are now reflected as charges (in the case of increases to the reserve) or releases (in the case of decreases) to the restructuring charge line. This included $1.0 million in the 2003 first quarter and $7.2 million in the fourth quarter of 2002.

     Compared with the year-ago quarter, non-interest expense declined $25.6 million, or 8%. This reflected a $28.8 million, or 22%, decrease in operating lease expense and the benefit of the $5.3 million release of restructuring reserves in the current quarter, which were partially offset by a $7.2 million, or 7%, increase in personnel costs.

     Net charge-offs for the 2003 second quarter were $41.1 million, or an annualized 0.85% of average loans and leases, up from $32.8 million, or an annualized 0.69%, in the first quarter. This reflected higher commercial loan charge-offs, which were an annualized 1.89% of related loans in the second quarter, up from 1.06% in the first quarter. This increase in commercial net charge-offs primarily reflected one commercial credit in the teleconferencing business. Net charge-offs on automobile loans were an annualized 1.06% in the second quarter, down from 1.38% in the first quarter. Net charge-offs on automobile leases increased to an annualized 0.43% from 0.36% in the first quarter. The automobile lease portfolio represents direct financing leases originated after April 2002. Since these leases are relatively new, they have not yet reached their normalized expected net charge-off run rate. As a result, until this portfolio matures, related net charge-offs are expected to increase. Total net charge-offs in the year-ago quarter were $37.0 million, or an annualized 0.90% of average total loans.

     Credit losses on operating lease assets, which are included in operating lease expense, were

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$8.9 million, or an annualized 1.93% of average operating lease assets compared with $10.0 million, or 1.89%, in the first quarter and $7.9 million, or 1.09%, in the year-ago quarter. As noted above, this portfolio’s average balances will decrease over time since no new operating lease assets have been generated after April 2002. As a result, while the absolute level of credit losses is expected to decline over time, the ratio of credit losses expressed as a percent of a declining average operating lease assets, is expected to increase.

     The over 30-day delinquent, but still accruing, ratio for total loans and leases decreased slightly to 1.32% at June 30, 2003, from 1.34% at the end of the first quarter, and was down significantly from 1.88% at the end of the year-ago quarter. This reflected improvement in total commercial and commercial real estate delinquencies to 0.79% at quarter end, down from 0.85% at March 31, 2003, and 1.62% a year ago, whereas total consumer delinquencies were 1.86% at quarter end, up slightly from 1.84% at the end of the first quarter, but down from 2.20% a year earlier.

     Provision for loan and lease losses in the second quarter was $49.2 million, up $12.3 million, or 34%, from the first quarter due primarily to an $8.1 million provision expense reflecting loan growth, and to a lesser degree higher net charge-offs in the current period. The June 30, 2003, allowance for loan losses as a percent of period-end loans was 1.79%, up slightly from 1.78% at March 31, 2003 but down from 2.10% and the end of the year-ago quarter. The allowance for loan and lease losses as a percent of non-performing assets increased to 255% at June 30, 2003, from 239% at March 31, 2003, and was well above the year-ago level of 158% due to the significant decline in non-performing assets as discussed below. Compared with the year-ago quarter, loan and lease loss provision expense was down $0.7 million, or 1%.

     Non-performing assets at June 30, 2003 were $133.7 million and represented 0.70% of period-end loans and leases and other real estate. This was down $7.0 million from $140.7 million, or 0.74%, of period-end loans and leases and other real estate owned at March 31, 2003, and down $89.5 million, or 40%, from the end of the year-ago quarter. Non-performing assets continued to be concentrated in the manufacturing and services sectors.

     At June 30, 2003, the tangible equity to assets ratio was 7.31%, up slightly from 7.25% at March 31, 2003, but down from 8.42% at June 30, 2002. The decrease from a year ago primarily reflected share repurchase activity from July 1, 2002 through March 31, 2003 as no shares were repurchased during the 2003 second quarter. The existing share repurchase authorization had 3.9 million shares remaining as of June 30, 2003. As discussed below, the implementation of FIN 46 (Consolidation of Variable Interest Entities) will lower capital ratios. As such, no further meaningful share repurchases are planned for the immediate future unless market conditions change or excess capital becomes available through business transactions. In such cases, repurchases might be made from time-to-time in the open market or through privately negotiated transactions.

FIN 46 Implementation

     As required, FIN 46 (Consolidation of Variable Interest Entities) will be adopted effective July 1, 2003. As a result, the company expects that $1.0 billion of indirect automobile loans securitized in 2000 will be reconsolidated on the balance sheet in the third quarter. At the time of the securitization in 2000, outside ownership of 3% qualified the securitization for off balance sheet treatment as a special purpose entity (SPE). Under FIN 46, off balance sheet treatment for an SPE is only possible if the outside ownership is a minimum of 10%.

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     The company estimates the one-time cumulative effect of this accounting change will be an $18 million pre-tax charge ($12 million after tax or $0.05 per common share) in the 2003 third quarter results. Implementation is expected to reduce the tangible common equity to assets ratio by approximately 30 basis points. The company’s long-term tangible common equity to assets ratio target continues to be 7.00%, given the current asset mix and balance sheet risk profile.

2003 Outlook

     The lack of any meaningful economic recovery so far this year and the absolute low level of interest rates continue to be the most significant factors impacting 2003 performance. Regarding credit quality trends, the expectation is that non-performing asset levels will remain around current levels at least through year end and perhaps longer. Even so, net charge-offs are expected to improve for both commercial and consumer loans. The company anticipates 2003 full-year charge-offs will be in the 70-80 basis point range after giving consideration to the implementation of FIN 46, as well as the impact of the automobile loan sales in the first half of 2003.

     Earnings per share guidance continues to be $1.48-$1.52 per share. This is unchanged from the guidance in May, but takes into consideration the one-time negative $0.05 per share cumulative accounting change impact of implementing FIN 46, offset primarily by the positive impacts of the loan sale gains and the current restatement. This target also excludes any impact from the expensing of stock options.

EARNINGS RESTATEMENT AND ACCOUNTING CHANGES

     On June 26, 2003, Huntington announced that the staff of the Securities and Exchange Commission (SEC) is conducting a formal investigation. This formal investigation followed the operating lease restatement and allegations by a former Huntington employee regarding certain aspects of Huntington’s accounting and financial reporting practices. The company has also initiated a review of its financial and reporting practices.

     Today the company announced a series of voluntary actions related to the investigation including a decision to restate its earnings to correct for certain timing errors related to origination fees paid to automobile dealers, deferral of commissions paid to originate deposits, certain mortgage origination fee income, the recognition of pension settlements, and liabilities related to the sale of an automobile debt cancellation product. The restatement impacts previously reported earnings as follows:

     The cumulative impact of the restatement represents 1.3% of equity as of March 31, 2003.

     An issue still under review by the company relates to the application of SFAS 91 (Accounting for Nonrefundable Fees and Costs Associated with Originating or Acquiring Loans

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and Initial Direct Cost of Leases). Generally, SFAS 91 deals with the timing of recognition of loan and lease origination fees and certain expenses. The statement requires that such fees and costs, if material, be deferred and amortized over the estimated life of the asset.

     Generally, Huntington has not deferred these origination fees and certain expenses, but has recognized the net amount in the period of origination as has been disclosed in its audited financial statements. The company is reviewing the impact of this practice on its historical results. Any retroactive decision to defer these origination fees and expenses would only impact the timing, not the total amount of net revenue recognized over the life of the asset. The company has decided to defer these origination fees and expenses prospectively for all loans and leases originated after June 30, 2003.

     As a result of the restatement and these reporting changes announced today, the company will file an amended 2002 Annual Report on Form 10-K/A, as well as an amended Quarterly Report on Form 10-Q/A for the first quarter of 2003. All of the financial information included in this release and related schedules reflect this restatement.

     “From the outset, our main objective has been to cooperate fully and insure complete compliance with both the letter and spirit of proper accounting and financial reporting transparency,” said Hoaglin. “The restatement and change in accounting practice announced today address a variety of issues raised by the SEC investigation. While the investigation is on-going, we decided to take these actions now and are continuing to cooperate fully with the SEC staff.”

COMMON STOCK QUARTERLY DIVIDEND INCREASE

     Huntington today also announced that the board of directors has declared a quarterly cash dividend on its common stock of $0.175 per common share, up 9.4% from the current quarterly dividend of $0.16 per common share. The dividend is payable October 1, 2003, to shareholders of record on September 19, 2003.

     “We are especially pleased to announce this increase in our common stock dividend,” said Hoaglin. “We have appreciated the patience and encouragement of our many shareholders who have remained with us despite the actions we took in 2001, including the decision to reduce our dividend. Therefore the board is very pleased that our improved performance enables us to take this action. We are also increasing our dividend payout target range to 40%-45% of earnings, up from the previous target range of 35%-45%.”

Conference Call / Webcast Information

     Huntington’s senior management will host a conference call today to discuss these developments and results at 1:30p.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) 493-3979. Slides will be available at www.huntington-ir.com just prior to 1:30p.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.com. A telephone replay will be available two hours after the completion of the call through July 31, 2003, at (800) 615-3210; conference ID 184926. The conference call transcript and slides will be filed with the Securities and Exchange Commission on Form 8-K.

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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/A 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

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HUNTINGTON BANCSHARES INCORPORATED

YTD Key Statistics

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HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Review
June 2003

Table of Contents

Huntington Bancshares Incorporated
Consolidated Balance Sheets

Page 1

Huntington Bancshares Incorporated
Loans, Leases and Deposits

Loans and Leases (Direct Financing and Operating)
(in thousands)

Deposit Liabilities
(in thousands)