Quarterly Financial Review, June 2004

Exhibit 99.2

HUNTINGTON BANCSHARES INCORPORATED

Quarterly Financial Review

June 2004


Table of Contents

Consolidated Balance Sheets		1

Loans, Leases and Deposits		2

Consolidated Quarterly Average Balance Sheets		3

Consolidated Quarterly Net Interest Margin Analysis		4

Selected Quarterly Income Statement Data		5

Quarterly Credit Reserves and Net Charge-Off Analysis		6

Quarterly Non-Performing Assets and Past Due Loans and Leases		7

Quarterly Stock Summary, Capital, and Other Data		8

Quarterly Operating Lease Performance		9

Consolidated YTD Average Balance Sheets and Net Interest Margin Analysis		10

Selected YTD Income Statement Data		11

YTD Credit Reserves and Net Charge-Off Analysis		12

YTD Operating Lease Performance		13

Note:

The preparation of financial statements in conformity with accounting principals generally accepted in the United States requires management to make estimates and assumptions that affect amounts reported in the financial statements. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform to the current year’s presentation.

Huntington Bancshares Incorporated

Consolidated Balance Sheets


	June 30,			December 31,			June 30,			Change June ’04 vs. ’03
*(in thousands)*	2004			2003			2003			Amount			Percent
	*(Unaudited)*						*(Unaudited)*
Assets
Cash and due from banks	$	1,162,995		$	899,689		$	1,153,108		$	9,887		0.9	%
Federal funds sold and securities purchased under resale agreements		193,772			96,814			74,473			119,299		N.M.
Interest bearing deposits in banks		24,009			33,627			44,906			(20,897	)	(46.5	)
Trading account securities		20,577			7,589			19,426			1,151		5.9
Loans held for sale		314,262			226,729			713,722			(399,460	)	(56.0	)
Securities available for sale - at fair value		4,988,270			4,925,232			3,702,761			1,285,509		34.7
Investment securities - fair value $3,224; $3,937 and $6,780, respectively		3,169			3,828			6,593			(3,424	)	(51.9	)
Loans and leases ⁽¹⁾		21,775,669			21,075,118			19,059,533			2,716,136		14.3
Allowance for loan and lease losses		(286,935	)		(299,732	)		(307,667	)		20,732		(6.7	)

Net loans and leases		21,488,734			20,775,386			18,751,866			2,736,868		14.6

Operating lease assets		888,612			1,260,440			1,672,608			(783,996	)	(46.9	)
Bank owned life insurance		944,892			927,671			906,823			38,069		4.2
Premises and equipment		354,534			349,712			332,916			21,618		6.5
Goodwill and other intangible assets		216,215			217,009			218,080			(1,865	)	(0.9	)
Customers’ acceptance liability		6,613			9,553			8,372			(1,759	)	(21.0	)
Accrued income and other assets		814,552			786,047			731,559			82,993		11.3

Total Assets	$	31,421,206		$	30,519,326		$	28,337,213		$	3,083,993		10.9	%

Liabilities and Shareholders’ Equity
Deposits ⁽¹⁾	$	19,465,146		$	18,487,395		$	18,371,359		$	1,093,787		6.0	%
Short-term borrowings		1,130,830			1,452,304			918,771			212,059		23.1
Federal Home Loan Bank advances		1,270,455			1,273,000			1,273,000			(2,545	)	(0.2	)
Subordinated notes		1,011,506			990,470			496,666			514,840		N.M.
Other long-term debt		4,557,373			4,544,509			3,508,397			1,048,976		29.9
Company obligated mandatorily redeemable preferred capital securities of subsidiary trusts holding solely junior subordinated debentures of the parent company ⁽²⁾		—			—			300,000			(300,000	)	N.M.
Allowance for unfunded loan commitments and letters of credit		31,193			35,522			33,280			(2,087	)	(6.3	)
Bank acceptances outstanding		6,613			9,553			8,372			(1,759	)	(21.0	)
Accrued expenses and other liabilities		1,561,721			1,451,571			1,225,169			336,552		27.5

Total Liabilities		29,034,837			28,244,324			26,135,014			2,899,823		11.1

Shareholders’ equity
Preferred stock - authorized 6,617,808 shares; none outstanding		—			—			—			—		—
Common stock - without par value; authorized 500,000,000 shares; issued 257,866,255 shares; outstanding 229,475,821; 229,008,088 and 228,660,038 shares, respectively		2,482,069			2,483,542			2,483,105			(1,036	)	(0.0	)
Less 28,390,434; 28,858,167 and 29,206,217 treasury shares, respectively		(539,852	)		(548,576	)		(555,176	)		15,324		(2.8	)
Accumulated other comprehensive income (loss)		(27,204	)		2,678			40,817			(68,021	)	N.M.
Retained earnings		471,356			337,358			233,453			237,903		N.M.

Total Shareholders’ Equity		2,386,369			2,275,002			2,202,199			184,170		8.4

Total Liabilities and Shareholders’ Equity		$31,421,206		$	30,519,326		$	28,337,213		$	3,083,993		10.9	%

⁽¹⁾	See Page 2 for detail of Loans 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.

Huntington Bancshares Incorporated

Loans, Leases and Deposits

Loans and Leases Portfolio Composition (Direct Financing and Operating)


	June 30, 2004			December 31, 2003			June 30, 2003
*(in thousands)*	Balance		%	Balance		%	Balance		%
	*(Unaudited)*						*(Unaudited)*
By Type
Comercial
Commercial and industrial ⁽³⁾	$	5,277,196	23.3	$	5,313,517	23.8	$	5,531,136	26.7
Commercial real estate ⁽³⁾		4,514,277	19.9		4,172,083	18.7		3,951,058	19.1

Total Commercial		9,791,473	43.2		9,485,600	42.5		9,482,194	45.8

Consumer
Automobile loans		1,814,644	8.0		2,991,642	13.4		2,367,030	11.4
Automobile leases		2,184,633	9.6		1,902,170	8.5		1,480,696	7.1
Home equity		4,315,281	19.0		3,792,189	17.0		3,435,668	16.6
Residential mortgage		3,283,779	14.5		2,530,665	11.3		1,915,495	9.2
Other loans		385,859	1.7		372,852	1.7		378,450	1.8

Total Consumer		11,984,196	52.8		11,589,518	51.9		9,577,339	46.1

Total Loans and Direct Financing Leases		21,775,669	96.1		21,075,118	94.4		19,059,533	91.9
Operating Lease Assets		888,612	3.9		1,260,440	5.6		1,672,608	8.1

Total Credit Exposure	$	22,664,281	100.0	$	22,335,558	100.0	$	20,732,141	100.0

By Business Segment ⁽²⁾
Regional Banking
Central Ohio	$	5,651,503	24.9	$	4,652,070	20.8	$	4,080,058	19.7
Northern Ohio		2,694,289	11.9		2,578,970	11.5		2,712,000	13.1
Southern Ohio / Kentucky		1,759,202	7.8		1,676,930	7.5		1,547,715	7.5
West Michigan		2,215,775	9.8		2,076,734	9.3		1,967,040	9.5
East Michigan		1,359,098	6.0		1,267,682	5.7		1,224,192	5.9
West Virginia		811,057	3.6		801,938	3.6		796,304	3.8
Indiana		811,431	3.6		730,620	3.3		729,538	3.5

Total Regional Banking		15,302,355	67.6		13,784,944	61.7		13,056,847	63.0

Dealer Sales		5,840,012	25.8		7,058,563	31.6		6,296,608	30.4
Private Financial Group		1,381,077	6.1		1,296,412	5.8		1,181,000	5.7
Treasury / Other ⁽¹⁾		140,837	0.5		195,639	0.9		197,686	0.9

Total Credit Exposure	$	22,664,281	100.0	$	22,335,558	100.0	$	20,732,141	100.0

Deposit Liabilities


	June 30, 2004			December 31, 2003			June 30, 2003
*(in thousands)*	Balance		%	Balance		%	Balance		%
By Type
Demand deposits
Non-interest bearing	$	3,327,426	17.1	$	2,986,992	16.2	$	3,110,060	16.9
Interest bearing		7,124,144	36.6		6,411,380	34.7		6,331,755	34.5
Savings deposits		3,010,712	15.5		2,959,993	16.0		3,084,684	16.8
Retail certificates of deposit		2,412,178	12.4		2,461,531	13.3		2,739,492	14.9
Other domestic time deposits		595,066	3.1		631,205	3.4		663,627	3.6

Total Core Deposits		16,469,526	84.7		15,451,101	83.6		15,929,618	86.7

Domestic time deposits of $100,000 or more		808,415	4.2		789,341	4.3		826,410	4.5
Brokered time deposits and negotiable CDs		1,679,099	8.6		1,771,738	9.6		1,224,058	6.7
Foreign time deposits		508,106	2.5		475,215	2.5		391,273	2.1

Total Deposits	$	19,465,146	100.0	$	18,487,395	100.0	$	18,371,359	100.0

By Business Segment ⁽²⁾
Regional Banking
Central Ohio	$	4,386,070	22.5	$	4,183,982	22.6	$	5,045,374	27.5
Northern Ohio		3,773,657	19.4		3,505,457	19.0		3,528,580	19.2
Southern Ohio / Kentucky		1,559,163	8.0		1,441,875	7.8		1,412,881	7.7
West Michigan		2,599,217	13.4		2,457,296	13.3		2,582,219	14.1
East Michigan		2,080,533	10.7		1,988,200	10.8		2,077,642	11.3
West Virginia		1,368,802	7.0		1,314,450	7.1		1,339,246	7.3
Indiana		667,547	3.4		647,662	3.5		639,803	3.5

Total Regional Banking		16,434,989	84.4		15,538,922	84.1		16,625,745	90.6

Dealer Sales		71,340	0.4		77,408	0.4		68,471	0.4
Private Financial Group		1,016,282	5.2		1,164,020	6.3		1,028,579	5.6
Treasury / Other ⁽¹⁾		1,942,535	10.0		1,707,045	9.2		648,564	3.4

Total Deposits	$	19,465,146	100.0	$	18,487,395	100.0	$	18,371,359	100.0

⁽¹⁾	Comprised largely of brokered deposits and negotiable CDs.

⁽²⁾	Prior period amounts have been reclassified to conform to the current period business segment structure.

⁽³⁾	Effective June 30, 2004, $282 million of commercial and industrial loans were reclassified to commercial real estate to conform to the classification of these loans with the presentation of similar loans.

Huntington Bancshares Incorporated

Consolidated Quarterly Average Balance Sheets

(Unaudited)


	Average Balances
*(in millions)*	2004						2003									2Q04 vs. 2Q03
Fully Taxable Equivalent Basis	Second			First			Fourth			Third			Second			Amount			Percent
Assets
Interest bearing deposits in banks	$	69		$	79		$	83		$	90		$	45		$	24		53.3	%
Trading account securities		28			16			11			11			22			6		27.3
Federal funds sold and securities purchased under resale agreements		168			92			117			103			69			99		N.M.
Loans held for sale		254			207			295			898			601			(347	)	(57.7	)
Securities:
Taxable		4,861			4,646			4,093			3,646			3,385			1,476		43.6
Tax exempt		410			437			424			358			291			119		40.9

Total Securities		5,271			5,083			4,517			4,004			3,676			1,595		43.4

Loans and Leases:
Commercial and industrial		5,536			5,365			5,382			5,380			5,626			(90	)	(1.6	)
Real Estate
Construction		1,322			1,322			1,297			1,258			1,239			83		6.7
Commercial		2,906			2,876			2,830			2,744			2,621			285		10.9
Consumer
Automobile loans		2,337			3,041			3,529			3,594			2,830			(493	)	(17.4	)
Automobile leases		2,139			1,988			1,802			1,590			1,306			833		63.8

Automobile loans and leases		4,476			5,029			5,331			5,184			4,136			340		8.2

Home equity		4,142			3,880			3,678			3,503			3,359			783		23.3
Residential mortgage		2,986			2,674			2,501			2,075			1,887			1,099		58.2
Other loans		399			356			387			367			379			20		5.3

Total Consumer		12,003			11,939			11,897			11,129			9,761			2,242		23.0

Total Loans and Leases		21,767			21,502			21,406			20,511			19,247			2,520		13.1

Allowance for loan and lease losses		(310	)		(313	)		(350	)		(330	)		(304	)		(6	)	2.0

Net loans and leases		21,457			21,189			21,056			20,181			18,943			2,514		13.3

Total earning assets		27,557			26,979			26,429			25,617			23,660			3,897		16.5

Operating lease assets		977			1,166			1,355			1,565			1,802			(825	)	(45.8	)
Cash and due from banks		772			740			766			747			735			37		5.0
Intangible assets		216			217			217			218			218			(2	)	(0.9	)
All other assets		2,101			2,046			2,005			2,067			1,988			113		5.7

Total Assets	$	31,313		$	30,835		$	30,422		$	29,884		$	28,099		$	3,214		11.4	%

Liabilities and Shareholders’ Equity
Core deposits
Non-interest bearing deposits	$	3,223		$	3,017		$	3,131		$	3,218		$	3,046		$	177		5.8	%
Interest bearing demand deposits		7,168			6,609			6,466			6,558			6,100			1,068		17.5
Savings deposits		2,839			2,819			2,824			2,808			2,804			35		1.2
Retail certificates of deposit		2,400			2,399			2,492			2,561			2,798			(398	)	(14.2	)
Other domestic time deposits		600			637			631			656			673			(73	)	(10.8	)

Total core deposits		16,230			15,481			15,544			15,801			15,421			809		5.2

Domestic time deposits of $100,000 or more		795			788			828			803			808			(13	)	(1.6	)
Brokered time deposits and negotiable CDs		1,737			1,907			1,851			1,421			1,241			496		40.0
Foreign time deposits		542			549			522			536			426			116		27.2

Total deposits		19,304			18,725			18,745			18,561			17,896			1,408		7.9

Short-term borrowings		1,396			1,603			1,433			1,393			1,635			(239	)	(14.6	)
Federal Home Loan Bank advances		1,270			1,273			1,273			1,273			1,267			3		0.2
Subordinated notes and other long-term debt, including preferred capital securities		5,623			5,557			5,432			5,197			4,010			1,613		40.2

Total interest bearing liabilities		24,370			24,141			23,752			23,206			21,762			2,608		12.0

All other liabilities		1,397			1,399			1,311			1,221			1,140			257		22.5
Shareholders’ equity		2,323			2,278			2,228			2,239			2,151			172		8.0

Total Liabilities and Shareholders’ Equity	$	31,313		$	30,835		$	30,422		$	29,884		$	28,099		$	3,214		11.4	%

Huntington Bancshares Incorporated

Consolidated Quarterly Net Interest Margin Analysis

(Unaudited)


	Average Rates ⁽²⁾
*(in millions)*	2004				2003
Fully Taxable Equivalent Basis ⁽¹⁾	Second		First		Fourth		Third		Second
Assets
Interest bearing deposits in banks	1.07	%	0.71	%	0.60	%	0.51	%	1.58	%
Trading account securities	3.02		3.98		2.39		4.70		4.15
Federal funds sold and securities purchased under resale agreements	1.21		1.41		1.30		1.92		2.19
Loans held for sale	5.17		5.33		5.31		5.16		5.42
Securities:
Taxable	3.83		4.06		4.24		4.23		4.58
Tax exempt	7.07		6.88		6.91		6.93		6.91

Total Securities	4.09		4.30		4.49		4.47		4.77

Loans and Leases: ⁽²⁾
Commercial and industrial	4.25		4.49		4.82		4.84		5.26
Real Estate
Construction	3.70		3.68		4.24		4.17		4.07
Commercial	4.57		4.70		4.99		5.22		5.28
Consumer
Automobile loans	7.20		6.93		6.90		7.19		7.74
Automobile leases	5.06		4.94		4.98		4.99		4.69

Automobile loans and leases	6.17		6.14		6.25		6.51		6.78

Home equity	4.92		4.82		4.87		5.09		5.02
Residential mortgage	5.30		5.44		5.20		5.32		5.76
Other loans	7.48		7.24		7.19		7.38		7.22

Total Consumer	5.49		5.52		5.64		5.87		5.99

Total Loans and Leases	4.95		5.04		5.26		5.41		5.56

Total earning assets	4.76	%	4.89	%	5.11	%	5.23	%	5.42	%

Liabilities and Shareholders’ Equity
Core deposits
Non-interest bearing deposits
Interest bearing demand deposits	0.81	%	0.88	%	0.91	%	1.04	%	1.39	%
Savings deposits	0.82		0.94		1.22		1.35		1.55
Retail certificates of deposit	3.27		3.47		3.54		3.51		3.75
Other domestic time deposits	3.19		3.48		3.69		3.89		3.85

Total core deposits	1.45		1.53		1.65		1.76		2.09

Domestic time deposits of $100,000 or more	2.37		2.14		2.37		2.32		2.55
Brokered time deposits and negotiable CDs	1.57		1.51		1.52		1.63		1.79
Foreign time deposits	0.76		0.72		0.75		0.85		1.03

Total deposits	1.48		1.53		1.64		1.75		2.06

Short-term borrowings	0.80		0.83		0.78		0.85		1.06
Federal Home Loan Bank advances	2.52		2.50		2.24		1.81		1.76
Subordinated notes and other long-term debt, including preferred capital securities	2.24		2.33		2.63		2.78		2.85

Total interest bearing liabilities	1.66	%	1.71	%	1.85	%	1.93	%	2.11	%

Net interest rate spread	3.10	%	3.18	%	3.26	%	3.30	%	3.31	%
Impact of non-interest bearing funds on margin	0.19		0.18		0.16		0.16		0.16

Net Interest Margin	3.29	%	3.36	%	3.42	%	3.46	%	3.47	%

⁽¹⁾	Fully tax equivalent (FTE) yields are calculated assuming a 35% tax rate. See page 5 for the FTE adjustment.

⁽²⁾	Loan and lease and deposit average rates include impact of applicable derivatives and non-deferrable fees.

Huntington Bancshares Incorporated

Selected Quarterly Income Statement Data

(Unaudited)


	2004						2003									2Q04 vs 1Q04					2Q04 vs 2Q03
*(in thousands, except per share amounts)*	Second			First			Fourth			Third			Second			$ Chg			% Chg		$ Chg			% Chg
Total Interest Income	$	324,167		$	325,931		$	335,097		$	333,320		$	317,325		$	(1,764	)	(0.5	)%	$	6,842		2.2	%
Total Interest Expense		101,604			103,246			110,782			112,849			114,884			(1,642	)	(1.6	)%		(13,280	)	(11.6	)%

Net Interest Income		222,563			222,685			224,315			220,471			202,441			(122	)	(0.1	)%		20,122		9.9	%
Provision for credit losses		5,027			25,596			26,341			51,615			49,193			(20,569	)	(80.4	)%		(44,166	)	(89.8	)%

Net Interest Income After Provision for Credit Losses		217,536			197,089			197,974			168,856			153,248			20,447		10.4	%		64,288		42.0	%

Operating lease income		78,706			88,867			105,307			117,624			128,574			(10,161	)	(11.4	)%		(49,868	)	(38.8	)%
Service charges on deposit accounts		43,596			41,837			44,763			42,294			40,914			1,759		4.2	%		2,682		6.6	%
Trust services		16,708			16,323			15,793			15,365			15,580			385		2.4	%		1,128		7.2	%
Brokerage and insurance income		13,523			15,197			14,344			13,807			14,196			(1,674	)	(11.0	)%		(673	)	(4.7	)%
Mortgage banking		23,322			(4,296	)		9,677			30,193			7,185			27,618		N.M.			16,137		N.M.
Bank owned life insurance income		11,309			10,485			10,410			10,438			11,043			824		7.9	%		266		2.4	%
Gain on sales of automobile loans		4,890			9,004			16,288			—			13,496			(4,114	)	(45.7	)%		(8,606	)	(63.8	)%
Gain on sale of branch offices		—			—			—			13,112			—			—		0.0	%		—		0.0	%
Other service charges and fees		10,645			9,513			9,237			10,499			11,372			1,132		11.9	%		(727	)	(6.4	)%
Securities gains (losses)		(9,230	)		15,090			1,280			(4,107	)		6,887			(24,320	)	N.M.			(16,117	)	N.M.
Other		24,659			25,619			19,411			23,543			27,704			(960	)	(3.7	)%		(3,045	)	(11.0	)%

Total Non-Interest Income		218,128			227,639			246,510			272,768			276,951			(9,511	)	(4.2	)%		(58,823	)	(21.2	)%

Personnel costs		119,715			121,624			115,762			113,170			105,242			(1,909	)	(1.6	)%		14,473		13.8	%
Operating lease expense		62,563			70,710			85,609			93,134			102,939			(8,147	)	(11.5	)%		(40,376	)	(39.2	)%
Outside data processing and other services		17,563			18,462			15,957			17,478			16,104			(899	)	(4.9	)%		1,459		9.1	%
Equipment		16,228			16,086			16,840			16,328			16,341			142		0.9	%		(113	)	(0.7	)%
Net occupancy		16,258			16,763			14,925			15,570			15,377			(505	)	(3.0	)%		881		5.7	%
Professional services		7,836			7,299			12,175			11,116			9,872			537		7.4	%		(2,036	)	(20.6	)%
Marketing		8,069			7,839			6,895			5,515			8,454			230		2.9	%		(385	)	(4.6	)%
Telecommunications		4,638			5,194			5,272			5,612			5,394			(556	)	(10.7	)%		(756	)	(14.0	)%
Printing and supplies		3,098			3,016			3,417			3,658			2,253			82		2.7	%		845		37.5	%
Amortization of intangibles		204			204			204			204			204			—		0.0	%		—		0.0	%
Loss on early extinguishment of debt		—			—			15,250			—			—			—		0.0	%		—		0.0	%
Restructuring reserve releases		—			—			(351	)		—			(5,315	)		—		0.0	%		5,315		0.0	%
Other		25,981			18,457			25,510			18,397			20,168			7,524		40.8	%		5,813		28.8	%

Total Non-Interest Expense		282,153			285,654			317,465			300,182			297,033			(3,501	)	(1.2	)%		(14,880	)	(5.0	)%

Income Before Income Taxes		153,511			139,074			127,019			141,442			133,166			14,437		10.4	%		20,345		15.3	%
Income taxes		43,384			34,901			33,758			37,230			36,676			8,483		24.3	%		6,708		18.3	%

Income before cumulative effect of change in accounting principle		110,127			104,173			93,261			104,212			96,490			5,954		5.7	%		13,637		14.1	%
Cumulative effect of change in accounting principle, net of tax ⁽¹⁾		—			—			—			(13,330	)		—			—		0.0	%		—		0.0	%

Net Income	$	110,127		$	104,173		$	93,261		$	90,882		$	96,490		$	5,954		5.7	%	$	13,637		14.1	%

Average common shares - diluted		232,659			232,915			231,986			230,966			230,572			(256	)	(0.1	)%		2,087		0.9	%
Per Common Share
Income before cumulative effect of change in accounting principle -Diluted	$	0.47		$	0.45		$	0.40		$	0.45		$	0.42		$	0.02		4.4	%	$	0.05		11.9	%
Net Income - Diluted	$	0.47		$	0.45		$	0.40		$	0.39		$	0.42		$	0.02		4.4	%	$	0.05		11.9	%
Cash Dividends Declared	$	0.175		$	0.175		$	0.175		$	0.175		$	0.16		$	—		0.0	%	$	0.02		9.4	%
Return on:
Average total assets ⁽²⁾		1.41	%		1.36	%		1.22	%		1.38	%		1.38	%		0.06	%	4.1	%		0.04	%	2.7	%
Average total shareholders’ equity ⁽²⁾		19.1	%		18.4	%		16.6	%		18.5	%		18.0	%		0.68	%	3.7	%		1.07	%	6.0	%
Net interest margin ⁽³⁾		3.29	%		3.36	%		3.42	%		3.46	%		3.47	%		(0.07	)%	(2.1	)%		(0.18	)%	(5.2	)%
Efficiency ratio ⁽⁴⁾		62.3	%		65.1	%		67.1	%		60.0	%		62.5	%		(2.87	)%	(4.4	)%		(0.28	)%	(0.5	)%
Effective tax rate		28.3	%		25.1	%		26.6	%		26.3	%		27.5	%		3.17	%	12.6	%		0.72	%	2.6	%
Revenue - Fully Taxable Equivalent (FTE) Net Interest Income	$	222,563		$	222,685		$	224,315		$	220,471		$	202,441		$	(122	)	(0.1	)%	$	20,122		9.9	%
Tax Equivalent Adjustment ⁽³⁾		2,919			3,023			2,954			2,558			2,076			(104	)	(3.4	)%		843		40.6	%

Net Interest Income		225,482			225,708			227,269			223,029			204,517			(226	)	(0.1	)%		20,965		10.3	%
Non-Interest Income		218,128			227,639			246,510			272,768			276,951			(9,511	)	(4.2	)%		(58,823	)	(21.2	)%

Total Revenue	$	443,610		$	453,347		$	473,779		$	495,797		$	481,468		$	(9,737	)	(2.1	)%	$	(37,858	)	(7.9	)%

⁽¹⁾	Due to the adoption of FASB Interpretation No. 46 for variable interest entities.

⁽²⁾	Based on income before cumulative effect of change in accounting principle, net of tax.

⁽³⁾	On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.

⁽⁴⁾	Non-interest expense less amortization of intangibles divided by the sum of FTE net interest income and non-interest income excluding securities gains (losses).

N.M. - Not Meaningful.

Huntington Bancshares Incorporated

Quarterly Credit Reserves and Net Charge-off Analysis

(Unaudited)


	2004						2003
*(in thousands)*	Second			First			Fourth			Third			Second
Allowance for Loan and Leases Losses, Beginning of Period	$	295,377		$	299,732		$	336,398		$	307,667		$	303,636

Loan and lease losses		(30,845	)		(37,167	)		(68,023	)		(43,261	)		(49,985	)
Recoveries of loans previously charged off		18,330			8,540			12,880			10,487			8,929

Net loan and lease losses		(12,515	)		(28,627	)		(55,143	)		(32,774	)		(41,056	)

Provision for credit losses		5,027			25,596			26,341			51,615			49,193
Net change in allowance for unfunded loan commitments and letters of credit		896			3,433			(1,785	)		(457	)		101
Allowance of assets sold and securitized ⁽¹⁾		(1,850	)		(4,757	)		(6,079	)		10,347			(4,207	)

Allowance for Loan and Lease Losses, End of Period	$	286,935		$	295,377		$	299,732		$	336,398		$	307,667

Allowance for Unfunded Loan Commitments and Letters of Credit, Beginning of Period	$	32,089		$	35,522		$	33,737		$	33,280		$	33,381
Net change		(896	)		(3,433	)		1,785			457			(101	)

Allowance for Unfunded Loan Commitments and Letters of Credit, End of Period	$	31,193		$	32,089		$	35,522		$	33,737		$	33,280

Total Allowance for Credit Losses	$	318,128		$	327,466		$	335,254		$	370,135		$	340,947

Allowance for loan and lease losses as a % of:
Total loans and leases		1.32	%		1.39	%		1.42	%		1.59	%		1.61	%
Non-performing loans and leases		464	%		383	%		397	%		276	%		256	%
Non-performing assets		384	%		322	%		343	%		245	%		230	%

Allowance for loan and lease losses plus allowance for unfunded loan commitments and letters of credit as a % of:
Total loans and leases		1.46	%		1.55	%		1.59	%		1.75	%		1.79	%
Non-performing loans and leases		515	%		425	%		444	%		304	%		284	%
Non-performing assets		426	%		357	%		384	%		270	%		255	%

Net Charge-offs by Loan and Lease Type

Commercial and industrial	$	(2,803	)	$	5,956		$	31,186		$	12,222		$	26,546
Commercial real estate		2,940			1,637			5,743			3,621			607

Total commercial		137			7,593			36,929			15,843			27,153

Consumer
Automobile loans		5,604			13,422			11,346			10,773			7,524
Automobile leases		2,159			3,159			1,936			1,450			1,422

Automobile loans and leases		7,763			16,581			13,282			12,223			8,946

Home equity		3,019			3,116			3,464			3,416			3,671
Residential mortgage		302			316			174			246			267
Other loans		1,294			1,021			1,294			1,046			1,019

Total consumer		12,378			21,034			18,214			16,931			13,903

Total Net Charge-offs	$	12,515		$	28,627		$	55,143		$	32,774		$	41,056

Net Charge-offs - Annualized Percentages

Commercial and industrial		(0.20	)%		0.44	%		2.32	%		0.91	%		1.89	%
Commercial real estate		0.28			0.16			0.56			0.36			0.06

Total commercial		0.01			0.32			1.55			0.68			1.14

Consumer
Automobile loans		0.96			1.77			1.29			1.20			1.06
Automobile leases		0.40			0.64			0.43			0.36			0.44

Automobile loans and leases		0.69			1.32			1.00			0.94			0.87

Home equity		0.29			0.32			0.38			0.39			0.44
Residential mortgage		0.04			0.05			0.03			0.05			0.06
Other loans		1.30			1.15			1.34			1.14			1.08

Total consumer		0.41			0.70			0.61			0.61			0.57

Net Charge-offs as a % of Average Loans		0.23	%		0.53	%		1.03	%		0.64	%		0.85	%

⁽¹⁾	The third quarter 2003 includes the reserve for loan losses associated with automobile loans contained in one of Huntington’s securitization trusts consolidated as a result of the adoption of FASB Interpretation No. 46 on July 1, 2003.

Huntington Bancshares Incorporated

Quarterly Non-Performing Assets and Past Due Loans and Leases

(Unaudited)


	2004						2003
*(in thousands)*	Second			First			Fourth			Third			Second
Non-accrual loans and leases:
Commercial and industrial	$	32,044		$	45,056		$	43,387		$	82,413		$	86,021
Commercial real estate		15,782			20,019			22,399			30,545			22,398
Residential mortgage		13,952			12,052			9,695			8,923			11,735

Total Non-Performing Loans and Leases		61,778			77,127			75,481			121,881			120,154
Other real estate, net		12,918			14,567			11,905			15,196			13,568

Total Non-Performing Assets	$	74,696		$	91,694		$	87,386		$	137,077		$	133,722

Non-performing loans and leases as a % of total loans and leases		0.28	%		0.36	%		0.36	%		0.58	%		0.63	%
Non-performing assets as a % of total loans and leases and other real estate		0.34	%		0.43	%		0.41	%		0.65	%		0.70	%

Accruing loans and leases past due 90 days or more	$	51,490		$	59,697		$	55,913		$	66,060		$	55,287

Accruing loans and leases past due 90 days or more as a percent of total loans and leases		0.24	%		0.28	%		0.27	%		0.31	%		0.29	%

	2004						2003
*(in thousands)*	Second			First			Fourth			Third			Second
Non-Performing Assets, Beginning of Period	$	91,694		$	87,386		$	137,077		$	133,722		$	140,725
New non-performing assets		25,727			27,208			38,367			52,213			83,104
Returns to accruing status		(1,493	)		(54	)		(454	)		(319	)		(9,866	)
Loan and lease losses		(12,872	)		(10,463	)		(39,657	)		(22,090	)		(30,204	)
Payments		(13,571	)		(10,717	)		(22,710	)		(18,905	)		(26,831	)
Sales		(14,789	)		(1,666	)		(25,237	)		(7,544	)		(23,206	)

Non-Performing Assets, End of Period	$	74,696		$	91,694		$	87,386		$	137,077		$	133,722

Huntington Bancshares Incorporated

Quarterly Stock Summary, Capital, and Other Data

(Unaudited)


Quarterly Common Stock Summary
	2004						2003
	Second			First			Fourth			Third			Second
Common Stock Price
High ⁽¹⁾	$	23.120		$	23.780		$	22.550		$	20.890		$	21.540
Low ⁽¹⁾		20.890			21.000			19.850			19.220			18.030
Close		22.980			22.030			22.500			19.850			19.510
Average Closing Price		22.050			22.501			21.584			20.199			19.790

Dividends
Cash dividends declared on common stock	$	0.175		$	0.175		$	0.175		$	0.175		$	0.16

Common shares outstanding (000s)
Average — Basic		229,429			229,227			228,902			228,715			228,633
Average — Diluted		232,659			232,915			231,986			230,966			230,572
Ending		229,476			229,410			229,008			228,870			228,660
Book value per share	$	10.40		$	10.31		$	9.93		$	9.79		$	9.63

Common Share Repurchase Program (000s)
Number of Shares Repurchased		—			—			—			—			—

Capital Data - End of Period
	2004						2003
*(in millions)*	Second			First			Fourth			Third			Second
Total Risk-Adjusted Assets ⁽²⁾	$	28,392		$	28,236		$	28,164		$	27,949		$	27,456

Tier 1 Risk-Based Capital Ratio ⁽²⁾		8.93	%		8.74	%		8.53	%		8.40	%		8.32	%
Total Risk-Based Capital Ratio ⁽²⁾		12.41	%		12.38	%		11.95	%		11.19	%		11.11	%
Tier 1 Leverage Ratio ⁽²⁾		8.16	%		8.08	%		7.98	%		7.94	%		8.25	%

Tangible Equity / Asset Ratio		6.95	%		6.97	%		6.79	%		6.77	%		7.06	%
Tangible Equity / Risk-Weighted Assets Ratio ⁽²⁾		7.64	%		7.61	%		7.30	%		7.24	%		7.23	%

Other Data - End of Period
	2004						2003
	Second			First			Fourth			Third			Second
Number of employees (full-time equivalent)		8,045			7,915			7,983			7,906			7,986
Number of domestic full-service banking offices ⁽³⁾		341			337			338			337			341

⁽¹⁾	High and low stock prices are intra-day quotes obtained from NASDAQ.

⁽²⁾	First quarter 2004 figures are estimated.

⁽³⁾	Includes three Private Financial Group offices in Florida.

Huntington Bancshares Incorporated

Quarterly Operating Lease Performance

(Unaudited)


	2004						2003
	Second			First			Fourth			Third			Second
Balance Sheet *(in millions)*
Average operating lease assets outstanding	$	977		$	1,166		$	1,355		$	1,565		$	1,802

Income Statement *(in thousands)*
Net rental income	$	72,402		$	83,517		$	98,223		$	109,645		$	120,502
Fees		4,838			3,543			5,204			5,372			5,414
Recoveries - early terminations		1,466			1,807			1,880			2,607			2,658

Total Operating Lease Income		78,706			88,867			105,307			117,624			128,574

Depreciation and residual losses at termination		57,412			63,932			76,768			83,112			91,387
Losses - early terminations		5,151			6,778			8,841			10,022			11,552

Total Operating Lease Expense		62,563			70,710			85,609			93,134			102,939

Net Earnings Contribution	$	16,143		$	18,157		$	19,698		$	24,490		$	25,635

Earnings ratios ⁽¹⁾
Net rental income		29.6	%		28.7	%		29.0	%		28.0	%		26.7	%
Depreciation and residual losses at termination		23.5	%		21.9	%		22.7	%		21.2	%		20.3	%

Definition of terms:

Net rental income includes the lease payments earned on the equipment and vehicles that Huntington leases to its customers under operating leases. Fees include late fees, early payment fees and other non-origination fees. Recoveries represent payments received on a cash basis subsequent to a customer’s default on an operating lease and a recognition of an impairment loss on the lease. Depreciation represents the periodic depreciation of equipment and vehicles to their residual value owned by Huntington under operating leases and any accelerated depreciation where Huntington expects to receive less than the residual value from the sale of the vehicle and from insurance proceeds at the end of the lease term. Losses represent impairments recognized on equipment and vehicles where the lessee has defaulted on the operating lease.

(1)	As a percent of average operating lease assets, quarterly and year-to-date amounts annualized.

Huntington Bancshares Incorporated

Consolidated YTD Average Balance Sheets and Net Interest Margin Analysis

(Unaudited)


*(in millions)*	YTD Average Balances											YTD Average Rates
	Six Months Ending June 30,						2004 vs. 2003					Six Months Ending June 30,
Fully Tax Equivalent Basis	2004			2003			Amount			%		2004		2003
Assets

Interest bearing deposits in banks	$	74		$	41		$	33		80.5		0.88	%	1.58	%
Trading account securities		22			17			5		29.4		3.36		4.40
Federal funds sold and securities purchased under resale agreements		130			63			67		N.M.		1.28		2.15
Loans held for sale		231			531			(300	)	(56.5	)	5.25		5.47
Securities:
Taxable		4,753			3,202			1,551		48.4		3.94		4.85
Tax exempt		423			290			133		45.9		6.97		6.88

Total Securities		5,176			3,492			1,684		48.2		4.19		5.02

Loans and Leases:
Commercial and industrial		5,451			5,625			(174	)	(3.1	)	4.37		5.28
Real Estate
Construction		1,322			1,214			108		8.9		3.69		4.06
Commercial		2,891			2,593			298		11.5		4.63		5.35
Consumer
Automobile loans		2,689			2,954			(265	)	(9.0	)	7.05		7.73
Automobile leases		2,064			1,153			911		79.0		5.02		5.29

Automobile loans and leases		4,753			4,107			646		15.7		6.17		7.05

Home equity		4,011			3,298			713		21.6		4.88		5.08
Residential mortgage		2,830			1,859			971		52.2		5.37		5.80
Other loans		377			383			(6	)	(1.6	)	7.37		6.85

Total Consumer		11,971			9,647			2,324		24.1		5.51		6.13

Total Loans and Leases		21,635			19,079			2,556		13.4		5.00		5.64

Allowance for loan and lease losses		(328	)		(343	)		(15	)	4.4

Net loans and leases		21,307			18,736			2,571		13.7

Total earning assets		27,268			23,223			4,045		17.4		4.83	%	5.52	%

Operating lease assets		1,070			1,937			(867	)	(44.8	)
Cash and due from banks		756			738			18		2.4
Intangible assets		217			218			(1	)	(0.5	)
All other assets		2,075			1,974			101		5.1

Total Assets	$	31,058		$	27,747		$	3,311		11.9

Liabilities and Shareholders’ Equity

Core deposits
Non-interest bearing deposits	$	3,120		$	2,984		$	136		4.6
Interest bearing demand deposits		6,889			5,868			1,021		17.4		0.92	%	1.44	%
Savings deposits		2,829			2,788			41		1.5		0.88		1.63
Retail certificates of deposit		2,400			2,880			(480	)	(16.7	)	3.37		3.81
Other domestic time deposits		618			678			(60	)	(8.8	)	3.34		3.92

Total core deposits		15,856			15,198			658		4.3		1.49		2.18

Domestic time deposits of $100,000 or more		792			789			3		0.4		2.26		2.66
Brokered time deposits and negotiable CDs		1,822			1,198			624		52.1		1.54		1.88
Foreign time deposits		545			470			75		16.0		0.74		1.05

Total deposits		19,015			17,655			1,360		7.7		1.51		2.15

Short-term borrowings		1,499			1,790			(291	)	(16.3	)	0.82		1.11
Federal Home Loan Bank advances		1,272			1,242			30		2.4		2.51		1.80
Subordinated notes and other long-term debt, including preferred capital securities		5,590			3,791			1,799		47.5		2.28		2.97

Total interest bearing liabilities		24,256			21,494			2,762		12.9		1.68	%	2.19	%

All other liabilities		1,381			1,111			270		24.3
Shareholders’ equity		2,301			2,158			143		6.6

Total Liabilities and Shareholders’ Equity	$	31,058		$	27,747		$	3,311		11.9

Net interest rate spread												3.15	%	3.33	%
Impact of non-interest bearing funds on margin												0.17		0.19

Net Interest Margin												3.32	%	3.52	%

Huntington Bancshares Incorporated

Selected YTD Income Statement Data

(Unaudited)


	Six Months Ended June 30,						2004 vs. 2003
*(in thousands of dollars, except per share amounts)*	2004			2003			Amount			Percent
Total Interest Income	$	650,098		$	637,339		$	12,759		2.0	%
Total Interest Expense		204,850			233,139			(28,289	)	(12.1	)%

Net Interest Income		445,248			404,200			41,048		10.2	%
Provision for loan and lease losses		30,623			86,037			(55,414	)	(64.4	)%

Net Interest Income After Provision for Loan and Lease Losses		414,625			318,163			96,462		30.3	%

Operating lease income		167,573			266,767			(99,194	)	(37.2	)%
Service charges on deposit accounts		85,433			80,783			4,650		5.8	%
Trust services		33,031			30,491			2,540		8.3	%
Brokerage and insurance income		28,720			29,693			(973	)	(3.3	)%
Mortgage banking		19,026			18,310			716		3.9	%
Bank Owned Life Insurance income		21,794			22,180			(386	)	(1.7	)%
Gain on sales of automobile loans		13,894			23,751			(9,857	)	(41.5	)%
Other service charges and fees		20,158			21,710			(1,552	)	(7.1	)%
Securities gains		5,860			8,085			(2,225	)	(27.5	)%
Other		50,278			48,105			2,173		4.5	%

Total Non-Interest Income		445,767			549,875			(104,108	)	(18.9	)%

Personnel costs		241,339			218,331			23,008		10.5	%
Operating lease expense		133,273			214,527			(81,254	)	(37.9	)%
Outside data processing and other services		36,025			32,683			3,342		10.2	%
Equipment		32,314			32,753			(439	)	(1.3	)%
Net occupancy		33,021			31,986			1,035		3.2	%
Professional services		15,135			19,157			(4,022	)	(21.0	)%
Marketing		15,908			15,080			828		5.5	%
Telecommunications		9,832			11,095			(1,263	)	(11.4	)%
Printing and supplies		6,114			5,934			180		3.0	%
Amortization of intangibles		408			408			—		0.0	%
Restrucuturing reserve releases		—			(6,315	)		6,315		(100.0	)%
Other		44,438			36,873			7,565		20.5	%

Total Non-Interest Expense		567,807			612,512			(44,705	)	(7.3	)%

Income Before Income Taxes		292,585			255,526			37,059		14.5	%
Provision for income taxes		78,285			67,306			10,979		16.3	%

Net Income	$	214,300		$	188,220			26,080		13.9	%

Per Common Share
Net Income - Diluted	$	0.92		$	0.81		$	0.11		13.6	%
Cash Dividends Declared	$	0.35		$	0.32		$	0.03		9.4	%

Return on:
Average total assets		1.36	%		1.35	%		0.02	%	1.2	%
Average total shareholders’ equity		18.4	%		17.3	%		1.08	%	6.2	%
Net interest margin ⁽¹⁾		3.32	%		3.52	%		-0.20	%	(5.7	)%
Efficiency ratio ⁽²⁾		63.7	%		64.4	%		-0.75	%	(1.2	)%
Effective tax rate		26.8	%		26.3	%		0.42	%	1.6	%

Revenue - Fully Taxable Equivalent (FTE)
Net Interest Income	$	445,248		$	404,200			41,048		10.2	%
Tax Equivalent Adjustment ⁽¹⁾		5,942			4,172			1,770		42.4	%

Net Interest Income		451,190			408,372			42,818		10.5	%
Non-Interest Income		445,767			549,875			(104,108	)	(18.9	)%

Total Revenue	$	896,957		$	958,247		$	(61,290	)	(6.4	)%

⁽¹⁾	On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.

⁽²⁾	Non-interest expense less amortization of intangibles divided by the sum of FTE net interest income and non-interest income excluding securities gains.

Huntington Bancshares Incorporated

YTD Credit Reserves and Net Charge-off Analysis

(Unaudited)


	Six Months Ended June 30,
*(in thousands)*	2004			2003
Allowance for Loan and Leases Losses, Beginning of Period	$	299,732		$	324,837

Loan and lease losses		(68,012	)		(90,250	)
Recoveries of loans previously charged off		26,870			16,358

Net loan and lease losses		(41,142	)		(73,892	)

Provision for credit losses		30,623			86,037
Net change in allowance for unfunded loan commitments and letters of credit		4,329			(21,459	)
Allowance of assets sold and securitized		(6,607	)		(7,846	)

Allowance for Loan and Lease Losses, End of Period	$	286,935		$	307,677

Allowance for Unfunded Loan Commitments and Letters of Credit, Beginning of Period	$	35,522		$	11,821

Net change		(4,329	)		21,459

Allowance for Unfunded Loan Commitments and Letters of Credit, End of Period	$	31,193		$	33,280

Total Allowance for Credit Losses	$	318,128		$	340,957

Allowance for loan and lease losses as a % of:
Total loans and leases		1.32	%		1.61	%
Non-performing loans and leases		464	%		256	%
Non-performing assets		384	%		230	%

Allowance for loan and lease losses plus allowance for unfunded loan commitments and letters of credit as a % of:
Total loans and leases		1.46	%		1.79	%
Non-performing loans and leases		515	%		284	%
Non-performing assets		426	%		255	%

Net Charge-offs by Loan and Lease Type

Commercial and industrial	$	3,153		$	41,450
Commercial real estate		4,577			1,153

Total commercial		7,730			42,603

Consumer
Automobile loans		19,026			18,147
Automobile leases		5,318			2,342

Automobile loans and leases		24,344			20,489

Home equity		6,135			7,724
Residential mortgage		618			412
Other loans		2,315			2,664

Total consumer		33,412			31,289

Total Net Charge-offs	$	41,142		$	73,892

Net Charge-offs - Annualized Percentages
Commercial and industrial		0.12	%		1.47	%
Commercial real estate		0.22			0.06

Total commercial		0.16			0.90

Consumer
Automobile loans		1.42			1.23
Automobile leases		0.52			0.40

Automobile loans and leases		1.02			1.00

Home equity		0.31			0.47
Residential mortgage		0.04			0.04
Other loans		1.23			1.39

Total consumer		0.56			0.65

Net Charge-offs as a % of Average Loans		0.38	%		0.77	%

Huntington Bancshares Incorporated

YTD Operating Lease Performance

(Unaudited)


	Six Months Ended June 30,						2004 vs. 2003
	2004			2003			Amount			%
Balance Sheet *(in millions)*
Average operating lease assets outstanding	$	1,070		$	1,937		$	(867	)	(44.8	)%

Income Statement *(in thousands)*
Net rental income	$	155,919		$	250,776		$	(94,857	)	(37.8	)%
Fees		8,381			11,047			(2,666	)	(24.1	)%
Recoveries - early terminations		3,273			4,944			(1,671	)	(33.8	)%

Total Operating Lease Income		167,573			266,767			(99,194	)	(37.2	)%

Depreciation and residual losses at termination		121,344			190,670			(69,326	)	(36.4	)%
Losses - early terminations		11,929			23,857			(11,928	)	(50.0	)%

Total Operating Lease Expense		133,273			214,527			(81,254	)	(37.9	)%

Net Earnings Contribution	$	34,300		$	52,240		$	(17,940	)	(34.3	)%

Earnings ratios ⁽¹⁾
Net rental income		29.1	%		25.9	%		3.3	%	12.6	%
Depreciation and residual losses at termination		22.7	%		19.7	%		3.0	%	15.2	%

Definition of terms:

(1)	As a percent of average operating lease assets, quarterly and year-to-date amounts annualized.