UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
QUARTERLY PERIOD ENDED SEPTEMBER 30, 2003

Commission File Number 0-2525

HUNTINGTON BANCSHARES INCORPORATED

         MARYLAND                                               31-0724920
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                              Identification No.)

41 SOUTH HIGH STREET, COLUMBUS, OHIO 43287

Registrant's telephone number (614) 480-8300

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.

Yes X No

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

Yes X No

There were 228,885,228 shares of Registrant's without par value common stock outstanding on October 31, 2003.

HUNTINGTON BANCSHARES INCORPORATED

INDEX

PART I.    FINANCIAL INFORMATION

Item 1.      Financial Statements

                 Consolidated Balance Sheets -
                 September 30, 2003 and 2002 and December 31, 2002                                 3

                 Consolidated Statements of Income -
                 For the three and nine months ended September 30, 2003 and 2002                   4

                 Consolidated Statements of Changes in Shareholders' Equity -
                 For the nine months ended September 30, 2003 and 2002                             5

                 Consolidated Statements of Cash Flows -
                 For the nine months ended September 30, 2003 and 2002                             6

                 Notes to Unaudited Consolidated Financial Statements                              7

Item 2.     Management's Discussion and Analysis of
                Financial Condition and Results of Operations                                     18

Item 3.     Quantitative and Qualitative Disclosures about Market Risk                            47

Item 4.     Controls and Procedures                                                               47


PART II.  OTHER INFORMATION

Item 6.     Exhibits and Reports on Form 8-K                                                      47-48

Signatures                                                                                        49

 

PART 1. FINANCIAL INFORMATION


FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS

                                                              September 30,         December 31,         September 30,
 (in thousands)                                                   2003                  2002                 2002
-------------------------------------------------------------------------------------------------------------------------
                                                               (Unaudited)           (Restated)           (Unaudited)
                                                                                                          (Restated)
ASSETS
Cash and due from banks                                             $ 775,423             $ 969,483          $ 1,014,713
Interest bearing deposits in banks                                     37,857                37,300               33,700
Trading account securities                                                415                   241                3,225
Federal funds sold and securities
     purchased under resale agreements                                 87,196                49,280               64,574
Loans held for sale                                                   411,792               528,379              369,724
Securities available for sale - at fair value                       4,278,385             3,403,369            3,235,546
Investment securities - fair value $5,235, $7,725 and
     $9,925, respectively                                               5,090                 7,546                9,733
Total loans and direct financing leases                            21,172,747            18,587,403           17,846,897
     Less allowance for loan and lease losses                         370,135               336,648              371,033
-------------------------------------------------------------------------------------------------------------------------
Net loans and direct financing leases                              20,802,612            18,250,755           17,475,864
-------------------------------------------------------------------------------------------------------------------------
Operating lease assets                                              1,454,590             2,200,525            2,455,165
Bank owned life insurance                                             917,261               886,214              875,492
Premises and equipment                                                338,863               341,366              339,984
Goodwill and other intangible assets                                  217,212               218,567              218,424
Customers' acceptance liability                                         9,208                16,745               18,340
Accrued income and other assets                                       759,282               620,355              598,402
-------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS                                                     $ 30,095,186          $ 27,530,125         $ 26,712,886
=========================================================================================================================

LIABILITIES AND SHAREHOLDERS' EQUITY
Total deposits                                                   $ 18,833,856          $ 17,499,326         $ 17,117,811
Short-term borrowings                                               1,400,047             2,141,016            2,220,022
Federal Home Loan Bank advances                                     1,273,000             1,013,000              613,000
Subordinated notes                                                    791,045               738,678              893,168
Other long-term debt                                                4,269,288             2,495,123            2,187,750
Company obligated mandatorily redeemable preferred
  capital securities of subsidiary trusts holding solely
   junior subordinated debentures of the Parent Company                   ---               300,000              300,000
Bank acceptances outstanding                                            9,208                16,745               18,340
Accrued expenses and other liabilities                              1,277,286             1,136,444            1,121,174
-------------------------------------------------------------------------------------------------------------------------
     Total Liabilities                                             27,853,730            25,340,332           24,471,265
-------------------------------------------------------------------------------------------------------------------------
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 228,869,936, 232,878,851,
          and 237,544,288 shares, respectively                      2,482,370             2,484,421            2,486,345
     Less 28,996,319, 24,987,404, and 20,321,967
          treasury shares, respectively                              (550,766)             (475,399)            (391,550)
     Accumulated other comprehensive income                            25,865                62,300               60,556
     Retained earnings                                                283,987               118,471               86,270
-------------------------------------------------------------------------------------------------------------------------
     Total Shareholders' Equity                                     2,241,456             2,189,793            2,241,621
-------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                       $ 30,095,186          $ 27,530,125         $ 26,712,886
=========================================================================================================================

See notes to unaudited consolidated financial statements.

CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

                                                                    THREE MONTHS ENDED                NINE MONTHS ENDED
                                                                       SEPTEMBER 30,                    SEPTEMBER 30,
-------------------------------------------------------------------------------------------------------------------------------
(in thousands, except per share amounts)                           2003             2002           2003              2002
-------------------------------------------------------------------------------------------------------------------------------
                                                                                 (Restated)                       (Restated)
Interest and fee income
     Loans and leases                                               $278,494         $273,462      $ 815,842         $ 813,631
     Securities                                                       42,510           45,800        126,621           135,005
     Other                                                            12,316            4,915         28,196            15,126
-------------------------------------------------------------------------------------------------------------------------------
TOTAL INTEREST INCOME                                                333,320          324,177        970,659           963,762
-------------------------------------------------------------------------------------------------------------------------------
     Deposits                                                         67,565           94,647        223,658           297,236
     Short-term borrowings                                             2,992            6,524         12,864            21,190
     Federal Home Loan Bank advances                                   5,883            1,176         17,102             1,646
     Subordinated notes and other long-term debt
        including preferred capital securities                        36,409           30,565         92,364            93,295
-------------------------------------------------------------------------------------------------------------------------------
TOTAL INTEREST EXPENSE                                               112,849          132,912        345,988           413,367
-------------------------------------------------------------------------------------------------------------------------------
NET INTEREST INCOME                                                  220,471          191,265        624,671           550,395
Provision for loan and lease losses                                   51,615           54,304        137,652           143,190
-------------------------------------------------------------------------------------------------------------------------------
NET INTEREST INCOME AFTER
  PROVISION FOR LOAN AND LEASE LOSSES                                168,856          136,961        487,019           407,205
-------------------------------------------------------------------------------------------------------------------------------
Operating lease income                                               117,624          160,164        384,391           507,815
Service charges on deposit accounts                                   42,294           37,706        123,077           112,129
Trust services                                                        15,365           14,997         45,856            46,745
Brokerage and insurance income                                        13,807           13,664         43,500            48,168
Other service charges and fees                                        10,499           10,837         32,209            31,998
Bank Owned Life Insurance income                                      10,438           10,723         32,618            32,401
Mortgage banking                                                      30,193            2,594         48,503            26,503
Gain on sale of Florida operations                                       ---              ---            ---           182,470
Merchant Services gain                                                   ---           24,550            ---            24,550
Gain on sales of automobile loans                                        ---              ---         23,751               ---
Gain on sale of branch offices                                        13,112              ---         13,112               ---
Securities (losses) gains                                             (4,107)           1,140          3,978             2,563
Other                                                                 23,543           22,227         71,648            54,507
-------------------------------------------------------------------------------------------------------------------------------
TOTAL NON-INTEREST INCOME                                            272,768          298,602        822,643         1,069,849
-------------------------------------------------------------------------------------------------------------------------------
Personnel costs                                                      113,170          100,662        331,501           307,806
Operating lease expense                                               93,134          125,743        307,661           398,223
Equipment                                                             16,328           17,378         49,081            50,986
Outside data processing and other services                            17,478           15,128         50,161            50,159
Net occupancy