Item 2.02 Results of Operations and Financial Condition
Huntington Bancshares Incorporated has adjusted its 2008 third quarter net income to $75.1 million, or $0.17 per common share, down from the previously announced net income of $115.2 million, or $0.28 per common share. The adjusted earnings reflected an additional $58.6 million pre-tax ($40.1 million after tax), or $0.11 per common share, other-than-temporary impairment (OTTI) on Alt-A mortgage-backed securities. This increased the total 2008 third quarter other-than-temporary impairment to $76.6 million pre-tax.
At the time 2008 third quarter earnings were announced on October 16, 2008, the available data indicated two Alt-A mortgage-backed securities were other-than-temporarily impaired. After the October 16, 2008, earnings release and prior to filing of the related 2008 third quarter Form 10-Q, it became evident and was validated by our third party pricing consultant that defaults and losses on mortgage loans underlying these securities would worsen. Additionally, the expected loss severity assumption on defaulted loans was increased up to 50%. As a result of these assumption changes, the cash flows from six additional securities are now estimated to fall short of the required contractual interest and principal payments by approximately 2.4% over the estimated remaining life of these securities. As such, OTTI was recognized related to these additional six securities, which resulted in the adjustment to the previously announced 2008 third quarter earnings.
Expected principal losses for these securities range from 0.2% to 9.5%. As a result, these securities were written down to fair value as of September 30, 2008. These fair values reflect a weighted average yield on the expected cash flows of 14.4% and an expected weighted average remaining life of 8 years. The difference between the expected loss and the OTTI will be accreted into income over the estimated lives of the securities. Alt-A Mortgage Loan Backed Securities Portfolio

September 30, 2008 (in thousands of dollars) Impaired Unimpaired Total Par value $ 212,062 $ 342,844 $ 554,906 Book value 134,821 338,053 472,874 Unrealized losses - (90,405 ) (90,405 ) Fair value $ 134,821 $ 247,648 $ 382,469 Cumulative OTTI $ 76,553 $ - $ 76,553 Weighted average: (1) Fair value 64 % 72 % 69 % Collateral LTV 73 71 72 Expected loss 2.4 0.0 0.9

(1) Based on par values.

Attached as exhibit 99.1 to this Form 8-K is an updated version of the Quarterly Financial Review that accompanied the October 16, 2008 earnings press release, reflecting the impact of this adjustment.
The information contained or incorporated by reference in Item 2.02 of the Form 8-K shall be treated as "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

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Item 9.01 Financial Statements and Exhibits.
The exhibits referenced below shall e treated as "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended.
(d) Exhibits. The following exhibit is being furnished herewith:
Exhibit 99.1 - Quarterly Financial Review, September 2008.

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