Exhibit 99.1

FOR IMMEDIATE RELEASE
October 15, 2003

HUNTINGTON BANCSHARES INCORPORATED

	•		REPORTS 2003 THIRD QUARTER EARNINGS OF $0.39 PER SHARE
	•		ANNOUNCES EARNINGS RESTATEMENT
			—		Retroactive application of deferral accounting for all loan and lease origination fees and costs
			—		Reduces equity by $66 million
	•		ADOPTS FIN 46
			—		Consolidates $1.0 billion of securitized automobile loans

2003 THIRD QUARTER EARNINGS

     COLUMBUS, Ohio – Huntington Bancshares Incorporated (NASDAQ: HBAN; www.huntington.com) reported 2003 third quarter earnings of $90.9 million, or $0.39 per common share, down $5.6 million, or 6%, from $96.5 million, or $0.42 per common share, in the second quarter, but up $2.9 million, or 3%, from $88.0 million, or $0.36 per common share, in the year-ago quarter. The current quarter results included a negative $13.3 million cumulative effect of change in accounting principle as a result of adopting FASB Interpretation No. 46, Consolidation of Variable Interest Entities (FIN 46) effective July 1, 2003. Before the cumulative effect, 2003 third quarter earnings were $104.2 million, or $0.45 per common share, up $7.7 million, or 8%, from the second quarter, and up $16.2 million, or 18%, from the year-ago quarter on the same basis. All prior period results reflect the restatement announced today and discussed below.

     “Huntington continues to make progress in several very important areas, and we are quite pleased with some of the trends we are seeing,” said Thomas Hoaglin, chairman, president, and chief executive officer. “Net interest income increased as we continued to grow loans and leases and earning assets. Average core deposits excluding retail CD’s increased 5% again this quarter. Importantly, this growth rate was maintained following a reduction in our deposit pricing at the beginning of the quarter, which helped limit the decline in the fully taxable equivalent net interest margin to only one basis point.”

-1-

     Hoaglin also noted the improving credit quality trends saying, “Net charge-offs declined this quarter, while non-performing assets were essentially unchanged. Lower commercial net charge-offs were a significant driver of this trend. Our loan and lease loss reserve remained very strong as evidenced by the increase in our coverage ratio on non-performing assets to 270% from 255% in the previous quarter.”

     “While the tangible common equity to asset ratio declined to 6.78% in the third quarter from 7.07% in the second quarter, the decline reflected the consolidation of $1.0 billion of securitized automobile loans. Our tangible common equity ratio exceeds our revised long-term target of 6.50% to 6.75%,” he concluded.

Discussion of Results

     Third quarter results compared with sequential second quarter performance reflected:

	•		$1.3 billion, or 7%, increase in average loans and leases from the second quarter. Of this increase, $1.0 billion resulted from the FIN 46 consolidation.
	•		5% growth in core deposits, excluding retail CDs.
	•		13% decline in average operating lease assets.
	•		3.46% net interest margin, down from 3.47%.
	•		$13.3 million after-tax, or $0.06 per share, negative cumulative effect of change in accounting principle (FIN 46).
	•		$17.8 million pretax ($11.6 million after-tax or $0.05 per share) mortgage servicing rights (MSR) impairment recovery, compared with $6.4 million pretax impairment in the second quarter.
	•		$4.1 million pretax ($2.7 million after-tax or $0.01 per share) securities losses compared with $6.9 million pretax gain in the second quarter.
	•		$13.1 million pretax gain on sale of four West Virginia offices ($8.5 million after-tax or $0.04 per share).
	•		0.64% annualized net charge-offs, down from 0.85%.
	•		0.65% non-performing assets ratio, down from 0.70%.
	•		270% non-performing assets coverage ratio, up from 255%.
	•		6.78% tangible common equity ratio, down from 7.07%.

     Fully taxable equivalent net interest income increased $18.5 million, or 9%, from the second quarter, primarily reflecting growth in average earning assets, offset by a one basis point decline in the net interest margin. The fully taxable equivalent net interest margin decreased to 3.46% from 3.47% due to lower asset yields, though this impact was lessened by reduced deposit rates. Average total earning assets increased $1.9 billion, or 8%, of which $1.0 billion related to the FIN 46 consolidation of automobile loans, $0.4 billion related to higher investment securities, and $0.6 billion related to higher average loans and leases and mortgages held for sale. Excluding the consolidation of automobile loans, average earning assets increased $0.9 billion, or 4%, from the second quarter.

     Compared with the year-ago quarter, fully taxable equivalent net interest income increased $30.7 million, or 16%, reflecting a $4.9 billion, or 24%, increase in average earning assets, partially offset by a 23 basis point, or 6%, decline in the fully taxable equivalent net interest margin to 3.46% from 3.69%. Excluding the FIN 46 consolidation of automobile loans, average earnings assets increased $3.9 billion, or 19%, from the year-ago quarter.

-2-

     Average loans and leases increased $1.3 billion, or 7%, from the second quarter. Of this increase, $1.0 billion resulted from the FIN 46 consolidation. Excluding the impact of FIN 46, average loans and leases increased $0.3 billion, or 1%. The slower growth rate in average loans and leases in the third quarter was impacted by the sale of $567 million of automobile loans late in the second quarter and a decline in large commercial and industrial loans in the current quarter. Reflecting the impact of the low interest rate environment, average residential mortgages grew 10% and average home equity loans and lines of credit increased 4%. Average automobile loans and leases increased 25%, with the FIN 46 consolidation accounting for $1.0 billion, or 24 percentage points. Excluding the impact of the FIN 46 consolidation, average automobile loans and leases were up 1%, impacted by the automobile loans sold late in the second quarter. Total average commercial real estate loans increased 4%. In contrast, average commercial loans declined 4% reflecting declines in larger commercial credits, offset by 2% growth in small business loans.

     Compared with the year-ago quarter, average loans and leases increased $3.3 billion, or 19%, including the impact of the FIN 46 consolidation of $1.0 billion of automobile loans. Average automobile loans and leases increased $2.0 billion, or 61%, including the impact of adopting FIN 46. Excluding the FIN 46 consolidation, average automobile loans and leases increased $1.0 billion, or 30%. This increase was driven by a $1.1 billion increase in direct financing leases. Excluding the consolidation of securitized automobile loans, average automobile loans decreased $0.2 billion, or 6%, reflecting the $1.1 billion of automobile loans sold in the 2003 first half. Average residential mortgages increased 40%, with average home equity loans and lines up 14%. Total average commercial real estate loans increased 12%, while average commercial loans declined 2%.

     Average investment securities increased $0.4 billion, or 10%, from the second quarter reflecting the investment of proceeds from the second quarter sale of automobile loans. Average mortgages held for sale increased $0.3 billion, or 49%, from the second quarter due to high loan originations reflecting continued heavy refinancing activity.

     Total average core deposits in the third quarter increased $0.4 billion, or 2%, from the second quarter including a $0.2 billion decline in retail certificates of deposits (CDs). Excluding retail CDs, average core deposits increased 5%, reflecting 8% growth in interest bearing demand deposits and 6% growth in non-interest bearing demand deposits. Compared with the year-ago quarter, average core deposits increased 5% including a $0.9 billion decline in retail CDs. Average core deposits excluding retail CDs were up 14% from the year-ago quarter.

     Non-interest income decreased $4.2 million, or 2%, from the second quarter. The primary drivers of the reduction were:

	•		No gain on sale of automobile loans in the third quarter compared with a $13.5 million gain on sale of automobile loans in the second quarter.
	•		$11.0 million, or 9%, decline in operating lease income. Such declines are expected as the operating lease portfolio runs off. All new automobile leases originated after April 2002 are direct financing leases, the income from which is reflected in net interest income.
	•		$11.0 million decline in investment securities gains, reflecting $4.1 million of securities losses in the current quarter compared to securities gains of $6.9 million in the second quarter. Investment securities are viewed as a natural balance sheet hedge against

-3-

			changes in MSR valuations with securities gains (losses) used to partially offset MSR losses (gains).
	•		$4.2 million, or 15%, decline in other income, reflecting the elimination of securitization income due to FIN 46 implementation, lower revenues on early automobile lease terminations, and lower trading gains.

Partially offsetting these declines in non-interest income were:

	•		$13.1 million gain on sale of branch offices reflecting the previously announced sale of the four West Virginia branch offices, which closed in late July.
	•		$24.2 million increase in MSR valuation reflecting a $17.8 million MSR impairment recovery in the current quarter compared with $6.4 million of MSR impairment in the second quarter.
			The decline in interest rates through the second quarter resulted in a temporary impairment of MSR valuations over the last year. In contrast, the increase in interest rates during the third quarter and the related prospective slowdown in mortgage prepayments, resulted in a longer estimated life of the MSR cash flows, and the resultant increased MSR valuation. Mortgage banking income increased $23.0 million in the third quarter. Excluding the MSR valuation change between quarters, mortgage banking income decreased $1.2 million. At September 30, 2003, MSRs as a percent of serviced mortgages were 1.07%, up from 0.72% at June 30, 2003.

     Compared with the year-ago quarter, non-interest income declined $25.8 million, or 9%, primarily reflecting the following:

	•		$42.5 million, or 27%, decline in operating lease income as this portfolio continues to run off.
	•		$24.6 million Merchant Services gain in the year-ago quarter.
	•		$5.2 million decline in investment securities gains, reflecting $4.1 million of securities losses in the current quarter compared to securities gains of $1.1 million in the year ago quarter.

Partially offset by:

	•		$27.6 million increase in mortgage banking income, of which $24.4 million was due to an increase in MSR valuation, reflecting a $17.8 million recovery in the current quarter compared with a $6.6 million writedown in the year-ago quarter.
	•		$13.1 million gain on sale of the West Virginia banking offices in the current quarter.
	•		$4.6 million, or 12%, increase in services charges on deposit accounts.
	•		$3.2 million increase in mortgage banking income exclusive of MSR recovery/impairment.

     Non-interest expense increased $3.1 million, or 1%, from the second quarter reflecting a $5.3 million release of restructuring reserves in the second quarter. Excluding this release of restructuring reserves, third quarter non-interest expense decreased $2.2 million, or 1%. Contributing to this decline were the following:

	•		$9.8 million, or 10%, decline in operating lease expense, reflecting the continued run-off of that portfolio.
	•		$2.9 million, or 35%, decline in marketing expenses.

Partially offset by:

•

$7.9 million, or 8%, increase in personnel costs including current period recognition of $3.0 million in pension settlement expense, as well as higher medical and incentive accruals.

-4-

•

$1.2 million, or 13%, increase in professional services. The current quarter included $4.5 million of expenses associated with the Securities and Exchange Commission formal investigation, up from $0.8 million in the second quarter.

     Compared with the year-ago quarter, non-interest expense declined $19.3 million, or 6%, primarily reflecting a $32.6 million, or 26%, decrease in operating lease expense. Partially offsetting the decrease was a $12.5 million, or 12%, increase in personnel costs primarily reflecting higher benefit expenses and sales commissions.

     Net charge-offs for the 2003 third quarter were $32.8 million, or an annualized 0.64% of average loans and leases, down from $41.1 million, or 0.85%, in the second quarter and down from $33.8 million, or 0.78%, in the year-ago quarter. This primarily reflected lower commercial loan charge-offs, which were an annualized 0.91% of related loans in the third quarter, down from 1.89% in the second quarter. This decline in commercial net charge-offs reflected improving trends, compared with the second quarter, which included the charge-off of a single commercial credit in the teleconferencing business. In contrast, commercial real estate net charge-offs increased to an annualized 0.36% in the third quarter from 0.06% in the second quarter, primarily reflecting the charge-off of a single credit.

     Total consumer net charge-offs were an annualized 0.61% in the third quarter, up from 0.57% in the second quarter, primarily reflecting an increase in automobile loan charge-offs. Home equity charge-offs declined to an annualized 0.39% from 0.44%, and residential charge-offs declined to 0.05% from 0.06%. Net charge-offs on automobile loans were an annualized 1.20% in the third quarter, up from 1.06% in the second quarter, reflecting the adverse impact of automobile loans sold in the first and second quarters. These sold portfolios included a larger relative component of newer loans with inherently lower net charge-off rates than the total portfolio. Net charge-offs on automobile leases decreased to an annualized 0.36% from 0.44% in the second quarter.

     Credit losses on operating lease assets, which are included in operating lease expense, were $10.0 million, compared with $11.6 million in the second quarter and $12.8 million in the year-ago quarter. Recoveries on operating lease assets, which are included in operating lease income, were $2.6 million, $2.7 million, and $2.9 million for the same periods. The ratio of credit losses net of recoveries to operating lease assets was an annualized 1.90% in the current quarter, 1.97% in the second quarter, and 1.53% in the year-ago quarter. The increase from a year ago reflects the declining balances in this portfolio. This portfolio 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 90-day delinquent, but still accruing, loans as a percent of total loans and leases was relatively unchanged at 0.31% at September 30, 2003. The 30-day delinquency ratio decreased to 1.25% at September 30, 2003, from 1.33% at the end of the second quarter, and was down significantly from 1.72% at the end of the year-ago quarter. This reflected improvement in the total consumer 30-day delinquency ratio to 1.72% at quarter end, down from 1.86% at the end of the second quarter and 2.00% a year earlier. Total commercial and commercial real estate 30-day delinquencies also declined to 0.67% at quarter end, down from 0.79% at June 30, 2003, and 1.45% a year ago.

     The provision for loan and lease losses in the third quarter was $51.6 million, up $2.4

-5-

million, or 5%, from the second quarter due primarily to $18.8 million of provision expense reflecting loan growth, offset by $8.3 million of lower net charge-offs in the current period. The September 30, 2003, allowance for loan and lease losses as a percent of period-end loans and leases was 1.75%, down from 1.79% at June 30, 2003, reflecting the FIN 46 consolidation of $1.0 billion of automobile loans with a lower associated loan loss reserve, and was down from 2.08% at the end of the year-ago quarter. The allowance for loan and lease losses as a percent of non-performing assets increased to 270% at September 30, 2003, from 255% at June 30, 2003, and was well above the year-ago level of 173% due to the significant decline in non-performing assets over this period. Compared with the year-ago quarter, loan and lease loss provision expense was down $2.7 million, or 5%.

     Non-performing assets at September 30, 2003 were $137.1 million and represented 0.65% of period-end loans and leases and other real estate. This was up $3.4 million from $133.7 million, or 0.70%, of period-end loans and leases and other real estate owned at June 30, 2003, and down $77.1 million, or 36%, from the end of the year-ago quarter. Non-performing assets continued to be concentrated in the manufacturing and services sectors.

     At September 30, 2003, the tangible equity to assets ratio was 6.78%, down from 7.07% at June 30, 2003, and down from 7.65% at September 30, 2002. While the decrease from the second quarter primarily reflected the FIN 46 consolidation of automobile loans, there was no change in the risk of loss related to the consolidation. The decrease from a year ago primarily reflected share repurchase activity from July 1, 2002 through March 31, 2003. No shares were repurchased during the 2003 second or third quarters. The existing share repurchase authorization had 3.9 million shares remaining as of September 30, 2003.

2003 Outlook

     “It has been our practice to provide earnings guidance when appropriate,” said Hoaglin. “Going forward, we intend that any earnings guidance given will only be on a GAAP, or reported, basis. By providing earnings guidance on a GAAP basis, investors will be able to decide independently what, if any, adjustments they wish to make to this GAAP guidance in determining the appropriate level of earnings for their stock price valuation analysis.”

     In this regard, the company noted that earnings on a GAAP basis for the first nine months of 2003 were $1.21 per share ($0.39 in the first quarter, $0.42 in the second quarter, and $0.39 in the third quarter; quarterly amounts do not add to the year to date total due to rounding). The company expects 2003 fourth quarter earnings per share on a GAAP basis to be $0.37-$0.38 per share.

FIN 46 Adoption

     As previously announced on July 17, 2003, Huntington adopted FASB Interpretation No. 46, Consolidation of Variable Interest Entities (FIN 46) effective July 1, 2003. As a result, the company consolidated $1.0 billion of securitized automobile loans on the balance sheet in the third quarter. This resulted in a negative $13.3 million after-tax, or $0.06 per share, cumulative effect of change in accounting principle in third quarter results.

     The adoption also required the deconsolidation of two business trusts which had been formed to issue trust preferred securities which qualified as Tier 1 capital for regulatory capital purposes. The related borrowings by the parent company are now reported in the balance sheet under the

-6-

caption “Subordinated notes” and continue to qualify as Tier 1 capital. There was no cumulative effect on retained earnings or Huntington’s capital ratios as a result of this deconsolidation.

EARNINGS RESTATEMENT

Items Previously Announced

     On July 17, 2003, Huntington announced a series of voluntary actions related to the previously announced SEC investigation, resulting in a $30 million cumulative reduction in retained earnings. Included was a decision to restate earnings to correct for errors related to the timing of origination fees paid to automobile dealers, the 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.

     At the same time, the company announced the prospective application of deferral accounting for all loan origination fees and costs beginning July 1, 2003, and noted that a review was being conducted to determine whether to implement such deferral accounting on a retroactive basis.

Items Announced Today

     Today the company announced the application of deferral accounting for all loan origination fees and costs on a retroactive basis. This voluntary correction, plus the correction of two other errors, results in an incremental $66 million cumulative reduction in retained earnings. This reduction in equity consists of three items:

	•		$55 million related to a decision to retroactively apply deferral accounting for loan origination fees and costs,
	•		$4 million to correct an amount included in the July 17, 2003 announcement related to the automobile debt cancellation product, and
	•		$7 million to correct the timing of income recognition on a 1998 sale-leaseback transaction.

     Two other timing errors, which had no cumulative effect on retained earnings, were identified during an internal review of accounting procedures: the recognition of a gain on an interest rate swap initiated in 1992 and sold in 2000, and the recognition of income on Bank Owned Life Insurance in 2001 and 2002.

     The company will restate earnings to reflect these items and believes that correcting these errors improves financial reporting accuracy and transparency.

Combined Impact on Retained Earnings

     The total effect of the announcements made on July 17th and today is a cumulative $96 million reduction in equity. Earnings in prior periods have been restated to correct these errors with 80%, or $77 million, of the impact reflected in the years 2000 and earlier. In November the company will file an amended 2002 Annual Report on Form 10-K/A, as well as amended Quarterly Reports on Form 10-Q/A for the first and second quarters of 2003.

-7-

     “Although the SEC investigation is ongoing, these announcements address the accounting issues known to us related to the SEC investigation or issues identified in our internal review of accounting procedures,” said Hoaglin. “We remain committed to cooperating fully with the SEC staff and to insuring complete compliance with both the letter and spirit of proper accounting and financial reporting transparency.”

Conference Call / Webcast Information

     Huntington’s senior management will host a conference call today to discuss these developments and results at 1:00 p.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) 553-2599. Slides will be available at www.huntington-ir.com just prior to 1:00 p.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 October 31, 2003, at (800) 615-3210; conference ID 271139. 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/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 $30 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.

###

-8-

HUNTINGTON BANCSHARES INCORPORATED
Key Statistics — Quarterly

N.M. — Not Meaningful.

9

HUNTINGTON BANCSHARES INCORPORATED
Key Statistics — YTD

N.M. — Not Meaningful.

10

HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Review
September 2003

Table of Contents

Restatement of Prior Periods:

Periods prior to the third quarter of 2003 have been restated for errors relating to the timing of the recognition of accounting for loan origination fees and costs. Additionally, these prior periods have been adjusted for other errors related to the timing of the recognition of certain other revenues and expenses. The cumulative effect of these items reduced retained earnings by $66 million. This amount, in addition to the cumulative effect that resulted from the correction of other timing errors that were reflected in the quarterly report on Form 10-Q for the period ended June 30, 2003, totaled $96 million. The company expects to file a restated annual report on Form 10-K/A, restated quarterly reports on Form 10-Q/A for the first two quarters of 2003, and its quarterly report on Form 10-Q for the period ended September 30, 2003 in November reflecting these restatements.

Adoption of Financial Interpretation No. 46:

On July 1, 2003, Huntington adopted FASB Interpretation No. 46, Consolidation of Variable Interest Entities (“FIN 46”). As a result of the adoption of this accounting standard, Huntington consolidated a securitization trust and related entities which held, collectively, $1 billion of indirect automobile loans and $960 million of liabilities. Also in the implementation of FIN 46, Huntington deconsolidated two business trusts which had been formed to issue preferred securities which qualified as Tier 1 capital for determining Huntington’s risk-based capital ratios. The related borrowings by the parent company are now reported in the balance sheet under the caption “Subordinated notes” and continue to qualify as Tier 1 capital. See Note 18 to Huntington’s 2002 Amended Annual Report for further information. The cumulative effect on retained earnings of adopting FIN 46 was a charge, or reduction, of $13.3 million, net of applicable taxes, and is reflected in Huntington’s income statement for the third quarter of 2003.

Huntington Bancshares Incorporated
Consolidated Balance Sheets

(1)		See Page 2 for detail of Loans, Leases and Deposits.
(2)		In accordance with FIN 46, capital securities issued by Huntington Capital I and II, previously regarded as consolidated subsidiary trusts, are no longer reflected in Huntington’s balance sheet. The related parent company debt to these entities is reported in Subordinated notes.

N.M. — Not Meaningful.

Page 1

Huntington Bancshares Incorporated
Loans, Leases and Deposits

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