Unizan Financial Corp. Announces Negotiations to Extend the Huntington Merger Agreement and Reports Third Quarter 2004 Financial

Unizan Financial Corp. Announces Negotiations to Extend the
Huntington Merger Agreement and Reports Third Quarter 2004 Financial Results



CANTON, Ohio, Nov. 3  /PRNewswire-FirstCall/ -- Unizan Financial Corp.
(NASDAQ:UNIZ), today announced that it is negotiating an extension of its
pending merger agreement with Huntington Bancshares Incorporated (NASDAQ:HBAN).
 Huntington today announced that it intends to withdraw its current application
with the Federal Reserve Bank (FRB) to acquire Unizan and to resubmit the
application for regulatory approval of the merger pending the successful
resolution of the regulatory concerns as outlined in Huntington's press release
(which can be found on the Company's Web site at http://www.huntington.com/ ).

UNIZAN REPORTS THIRD QUARTER 2004 FINANCIAL RESULTS

Unizan Financial Corp. also announced its third quarter financial results. Net
income for the third quarter of 2004 was $2.9 million, or $0.13 per diluted
share. This compares with net income of $6.8 million, or $0.31 per diluted
share, for the third quarter of 2003, and net income of $3.1 million, or $0.14
per diluted share for the second quarter of 2004. During the third quarter of
2004, Unizan recognized a pre-tax gain of $488 thousand on the sale of its
Wooster Financial Center. Also during the quarter, Unizan recognized $476
thousand of pre-tax merger-related professional fees and certain severance and
benefit expenses. As part of its evaluation of the adequacy of its allowance
for loan losses, Unizan recognized a provision expense of $3.8 million during
the third quarter of 2004.

Net income for the nine months ended September 30, 2004 was $8.4 million or
$0.38 per diluted share compared to $20.7 million or $0.93 per diluted share
for the same period in 2003. During 2004, Unizan recognized salary expense of
$5.1 million pre-tax, or $3.3 million after-tax, in relation to the exercise of
certain stock options and an additional expense of $2.5 million pre-tax, or
$1.8 million after-tax, for merger-related professional fees and severance
accrual. The salary charge and merger-related expenses impacted net income by
$0.23 per diluted share for the first nine months of 2004.

Net interest income - Net interest income was $16.1 million for the three
months ended September 30, 2004, down 13.7% from the previous quarter and down
4.1% from the same quarter last year. Net interest income has declined due to a
lower level of outstanding earning assets compared with prior periods.
Additionally, the yields have been impacted by a change in the mix and duration
of outstanding assets and liabilities. The net interest margin was 2.75% for
the third quarter of 2004 compared to 3.09% for the second quarter of 2004 and
2.73% for the third quarter of 2003.  Net interest income was negatively
impacted during the third quarter of 2004 by faster than projected amortization
of the purchase accounting adjustments associated with the mark- to-market of
UNB Corp.'s loan portfolio at the time of the merger of equals between UNB
Corp. and BancFirst Ohio Corp. in March of 2002. During the third quarter of
2004, $1.2 million of amortization was recognized compared with $616 thousand
expected based on the projected life of the portfolio.

Provision for loan losses - The provision for loan losses was $3.8 million for
the three months ended September 30, 2004, compared to $3.0 million in the
previous quarter and $1.0 million in the third quarter of 2003. Net charge-
offs for the three months ended September 30, 2004, were $2.3 million compared
to $2.6 million for the second quarter of 2004 and $1.3 million for the same
period in 2003. The increase in net charge-offs from the third quarter of 2003
was mainly attributed to an increase in commercial real estate, government
guaranteed and residential real estate charge-offs.

Other income - Other income, excluding net securities activity, was $7.3
million for the third quarter of 2004 compared with $8.0 million for the same
period in 2003 and $7.0 million for the second quarter of 2004.

Gains on sales of loans totaled $1.0 million, compared with $1.8 million in the
third quarter of 2003 and $686 thousand in the second quarter of 2004. During
the third quarter of 2004, gains from the sale of the guaranteed portion of
Small Business Administration (SBA) and other government guaranteed loans were
$898 thousand, compared with $909 thousand of gains in the third quarter of
2003 and $480 thousand of gains in the second quarter of 2004. Second quarter
2004 gains from the sale of the guaranteed portion of SBA loans were impacted
by the temporary suspension and limitation placed on the SBA 7(a) loan program
during the first quarter of 2004.  In April 2004, legislation establishing
temporary provisions to extend SBA programs was enacted.

On October 1, 2004, the SBA issued a policy announcing the expiration of
certain temporary provisions established in April regarding its programs. The
key changes include a reduction in the maximum guarantee limit to $1.0 million
from $1.5 million along with slightly higher borrower and lender fees.

Gains from the sale of residential mortgage loans in the third quarter of 2004
were $110 thousand compared with $887 thousand of gains recognized in the third
quarter of 2003 and $206 thousand of gains in the second quarter of 2004.  With
the recent rise in rates and fewer customers who can benefit from refinancing,
fees associated with the mortgage related business have declined as refinancing
activity slowed.

Net security activity in the third quarter of 2004 resulted in a loss of $60
thousand compared to gains of $181 thousand in the prior quarter and $1.8
million in the third quarter of 2003.

Other expense - Other expense was $15.7 million for the three months ended
September 30, 2004, down $2.9 million or 15.4% from the previous quarter and
essentially equal to the same quarter last year.  The principal reason for the
decrease in other expense compared to the second quarter of 2004 was the
recognition of $1.4 million in salary expense related to the settlement of
options in cash or with shares held less than six months and the recognition of
$823 thousand of expense for merger-related professional fees and severance
accrual during the second quarter.

Provision for income taxes - The effective tax rate for the three months ended
September 30, 2004 was 26.3% compared to 28.4% in the previous quarter and
31.3% in the same quarter last year.   The Company's effective tax rates for
the second and third quarter of 2004 were impacted by tax-exempt income being a
larger portion of pre-tax income which had the effect of reducing the effective
tax rate from the third quarter of 2003.

Balance sheet - Total assets at September 30, 2004 were $2.59 billion compared
to $2.75 billion a year ago and $2.68 billion at the end of the second quarter
2004.  Assets declined 3.1% compared to the prior quarter and 5.6% compared to
the prior year. Compared to the prior year, securities declined by 17.5% while
loans decreased by 1.7%.  For the period of September 30, 2003 to September 30,
2004, residential real estate and home equity loans showed modest increases
that were more than offset by declines in commercial real estate, commercial
and aircraft loans.  For the period of June 30, 2004 to September 30, 2004,
total loans declined by 11.9% on an annualized basis. The decline in the third
quarter of 2004 was across all loan portfolios. The decline in aircraft was
mainly due to the closing of the aircraft lending centers. No new originations
of aircraft loans are expected. The decline in commercial real estate and
commercial loans is the result of fewer lending officers originating new loans.
The modest decline in consumer and residential real estate lending is primarily
attributable to focused efforts on existing client retention and limited new
client campaigns due to the delay and uncertainty regarding the pending merger.

Total deposits decreased by $192,257 or 9.6% compared to the prior year. A
total of $15.4 million of this decline was due to the sale of the Wooster
Financial Center. Of the deposits sold, $10.3 million were certificates of
deposits with the remaining distributed between demand and savings. From
September 30, 2003 to September 30, 2004, interest bearing demand deposits
declined by 18.6%, savings deposits, including money market accounts, declined
by 1.0% and certificate of deposits declined by 13.8% while non-interest
bearing deposits increased 1.0%. During the first half of 2003, Unizan Bank
executed a deposit gathering strategy utilizing introductory rates within the
interest bearing demand and money market deposit products. A portion of the
funds gathered were rate sensitive and have shifted to other higher yielding
alternatives. The decline in certificate of deposits was partially due to the
maturity of $60.2 million of brokered certificates of deposits and is
consistent with management's overall strategy to change the deposit mix.

Asset quality - Non-performing loans to total loans increased to 1.53% at
September 30, 2004 from 1.29% at September 30, 2003 and increased from 1.42% at
June 30, 2004.  Non-performing loans at September 30, 2004 were $29.2 million
compared to $24.9 million at September 30, 2003 and $27.8 million at June 30,
2004.

Non-performing loans, excluding the portion of the loans guaranteed by the
government, at September 30, 2004 were $22.2 million compared to $18.2 million
at September 30, 2003 and $21.7 million at June 30, 2004.  The $4.0 million
increase in non-performing loans from September 30, 2003 was mainly due to a
$2.3 million increase in non-performing aircraft loans and a $1.3 million
increase in non-performing commercial real estate loans. The $446 thousand or
2.1% increase in non-performing loans since June 30, 2004, is primarily
attributed to a $2.2 million increase to non-performing aircraft loans, a net
$569 thousand increase in non-performing government guaranteed loans, offset by
a $1.5 million decline in non-performing commercial loans, and a $986 thousand
decrease in non-performing residential real estate loans.

About Unizan

Unizan Financial Corp., a $2.6 billion holding company, is a financial services
organization headquartered in Canton, Ohio.  The company operates 43
full-service retail financial centers in five metropolitan markets in Ohio -
Canton, Columbus, Dayton, Newark and Zanesville. Through Unizan Financial
Corp.'s subsidiaries, Unizan Bank, National Association; Unizan Financial
Services Group, National Association; Unizan Banc Financial Services, Inc.; and
Unizan Financial Advisors, Inc., the company offers its client base corporate
and retail banking, Internet banking and wealth management products and
services.  Additionally, the company operates government guaranteed loan
programs through its business lending centers in Cincinnati, Cleveland,
Columbus and Dayton, Ohio; Detroit, Michigan; Mt. Arlington, New Jersey and
Indianapolis, Indiana.  For more information on Unizan Financial Corp. and its
subsidiaries, visit the company on the Web at http://www.unizan.com/ .

About Huntington

Huntington Bancshares Incorporated is a $32 billion regional bank holding
company headquartered in Columbus, Ohio.  Through its affiliated companies,
Huntington has more than 138 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 huntington.com; through its
technologically advanced, 24-hour telephone bank; and through its network of
approximately 700 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 an office located in the Cayman Islands and an office
located in Hong Kong.

                           Unizan Financial Corp.
                        CONSOLIDATED BALANCE SHEETS

    (In thousands except per share data)

                                           09/30/04    06/30/04    03/31/04
    ASSETS
    Federal funds sold and interest
     bearing deposits with banks            $8,408      $5,446      $5,080
    Securities, net                        404,104     408,021     487,316
    Federal Home Loan Bank stock, at
     cost                                   35,788      35,410      35,061
    Loans originated and held for sale       2,353       2,118       4,744
    Loans:
       Commercial, financial and
        agricultural                       266,262     269,219     258,677
       Aircraft                            117,497     126,824     134,889
       Commercial real estate              610,061     646,900     662,289
       Residential real estate             441,338     446,738     449,057
       Consumer                            465,591     469,236     464,323
         Total Loans less unearned
          income                         1,900,749   1,958,917   1,969,235
    Less allowance for loan losses          26,387      24,922      24,611
          Net loans                      1,874,362   1,933,995   1,944,624
          Total earning assets           2,351,402   2,409,912   2,501,436
    Cash and cash equivalents               61,072      81,111      71,924
    Premises and equipment, net             22,787      23,891      24,641
    Goodwill                                91,971      91,971      91,971
    Other intangible assets                 16,157      17,025      17,836
    Accrued interest receivable and
     other assets                           76,500      77,546      77,987
              Total Assets              $2,593,502  $2,676,534  $2,761,184


    LIABILITIES
    Deposits:
       Non-interest bearing deposits      $213,621    $221,027    $214,844
       Demand - interest bearing           229,938     242,709     257,012
       Savings                             517,295     494,598     531,437
       Certificates and other time
        deposits                           856,914     908,903     942,850
          Total deposits                 1,817,768   1,867,237   1,946,143
    Total borrowings                       439,400     483,485     483,093
    Accrued taxes, expenses and other
     liabilities                            26,148      23,786      25,262
              Total Liabilities          2,283,316   2,374,508   2,454,498

    SHAREHOLDERS' EQUITY
    Common stock ($1.00 stated value,
     100,000,000 shares authorized;
        22,123,069 shares issued)           22,123      22,123      22,123
    Paid-in capital                        221,141     223,200     228,806
    Retained earnings                       74,560      74,654      74,461
    Stock held by deferred compensation
     plan, 122,209; 119,274;
     118,616; 118,616 and 115,808
     shares at cost, respectively           (2,112)     (2,039)     (2,016)
    Treasury stock, 64,059; 327,256;
     368,389; 440,276 and 474,665           (1,647)     (9,282)    (14,392)
        shares at cost, respectively
    Accumulated other comprehensive
     loss                                   (3,879)     (6,630)     (2,296)
              Total Shareholders'
               Equity                      310,186     302,026     306,686
              Total Liabilities and
               Shareholders' Equity     $2,593,502  $2,676,534  $2,761,184


                           Unizan Financial Corp.
                        CONSOLIDATED BALANCE SHEETS

    (In thousands except per share data)

                                                 12/31/03          9/30/03
    ASSETS
    Federal funds sold and interest
     bearing deposits with banks                  $1,942            $4,517
    Securities, net                              474,636           489,758
    Federal Home Loan Bank stock, at
     cost                                         34,716            34,369
    Loans originated and held for sale             2,679             8,138
    Loans:
       Commercial, financial and
        agricultural                             261,167           272,129
       Aircraft                                  133,277           136,388
       Commercial real estate                    658,699           634,344
       Residential real estate                   450,398           425,030
       Consumer                                  464,943           465,324
         Total Loans less unearned
          income                               1,968,484         1,933,215
    Less allowance for loan losses                24,611            24,612
          Net loans                            1,943,873         1,908,603
          Total earning assets                 2,482,457         2,469,997
    Cash and cash equivalents                     56,558            86,869
    Premises and equipment, net                   25,353            26,049
    Goodwill                                      91,971            91,971
    Other intangible assets                       18,661            19,500
    Accrued interest receivable and
     other assets                                 76,860            76,402
              Total Assets                    $2,727,249        $2,746,176


    LIABILITIES
    Deposits:
       Non-interest bearing deposits            $206,501          $211,404
       Demand - interest bearing                 276,037           282,391
       Savings                                   531,134           522,703
       Certificates and other time
        deposits                                 962,120           993,797
          Total deposits                       1,975,792         2,010,295
    Total borrowings                             421,885           406,436
    Accrued taxes, expenses and other
     liabilities                                  26,749            26,920
              Total Liabilities                2,424,426         2,443,651

    SHAREHOLDERS' EQUITY
    Common stock ($1.00 stated value,
     100,000,000 shares authorized;
        22,123,069 shares issued)                 22,123            22,123
    Paid-in capital                              223,613           223,863
    Retained earnings                             74,993            75,355
    Stock held by deferred compensation
     plan, 122,209; 119,274;
     118,616; 118,616 and 115,808
     shares at cost, respectively                 (2,016)           (1,966)
    Treasury stock, 64,059; 327,256;
     368,389; 440,276 and 474,665                (11,515)          (12,126)
     shares at cost, respectively
    Accumulated other comprehensive
     loss                                         (4,375)           (4,724)
              Total Shareholders' Equity         302,823           302,525
              Total Liabilities and
               Shareholders' Equity           $2,727,249        $2,746,176


                            Unizan Financial Corp.
                       COMPARATIVE STATEMENTS OF INCOME

  (In thousands except per share data)

                                                 Three months ended
                                            09/30/04    06/30/04    03/31/04
  Interest income:
    Interest on federal funds sold and
     interest bearing deposits with banks       $21         $13          $8
    Interest and dividends on securities      3,040       4,269       4,597
    Interest and fees on loans and loans
     held for sale                           26,693      27,573      27,674
            Total interest income            29,754      31,855      32,279

  Interest expense:
    Interest on deposits                      9,058       8,816       9,150
    Interest on borrowings                    4,576       4,366       4,337
            Total interest expense           13,634      13,182      13,487
                 Net interest income         16,120      18,673      18,792
  Provision for loan losses                   3,750       2,950       1,000
                 Net interest income
                  after provision for
                  loan losses                12,370      15,723      17,792

  Other income:
    Trust, financial planning, brokerage
     and insurance sales                      1,793       2,050       1,953
    Customer service fees                     1,854       1,848       1,844
    Gains on sale of loans                    1,008         686       1,245
    Security gains/(losses), net                (60)        181          71
    Other operating income                    2,626       2,419       1,901
            Total other income                7,221       7,184       7,014

  Other expense:
    Salaries, wages, pension and
     benefits                                 8,211      10,494      12,774
    Occupancy expense                           875         795         867
    Furniture and equipment expense             520         572         534
    Taxes other than income taxes               557         610         630
    Intangible amortization expense             868         811         825
    Other operating expense                   4,652       5,252       5,784
            Total other expense              15,683      18,534      21,414

  Income before income taxes                  3,908       4,373       3,392
  Provision for income taxes                  1,029       1,242         980
  Net Income                                 $2,879      $3,131      $2,412

  Earnings per share:
    Basic                                     $0.13       $0.14       $0.11
    Diluted                                   $0.13       $0.14       $0.11

  Dividends per share                        $0.135      $0.135      $0.135

  Weighted average number of shares:
    Basic                                21,910,942  21,771,251  21,733,289
    Diluted                              22,052,059  21,989,444  21,972,349


                            Unizan Financial Corp.
                       COMPARATIVE STATEMENTS OF INCOME

  (In thousands except per share data)

                                                      Three months ended
                                                  12/31/03           9/30/03
  Interest income:
    Interest on federal funds sold and
     interest bearing deposits with banks             $8                $11
    Interest and dividends on
     securities                                    4,127              4,290
    Interest and fees on loans and
     loans held for sale                          28,401             28,238
            Total interest income                 32,536             32,539

  Interest expense:
    Interest on deposits                           9,764             10,576
    Interest on borrowings                         4,164              5,148
            Total interest expense                13,928             15,724
                 Net interest income              18,608             16,815
  Provision for loan losses                        1,492              1,026
                 Net interest income
                  after provision for
                  loan losses                     17,116             15,789

  Other income:
    Trust, financial planning,
     brokerage and insurance sales                 1,691              1,695
    Customer service fees                          2,107              1,996
    Gains on sale of loans                           993              1,796
    Security gains/(losses), net                    (502)             1,821
    Other operating income                         1,834              2,535
            Total other income                     6,123              9,843

  Other expense:
    Salaries, wages, pension and
     benefits                                     10,659              8,146
    Occupancy expense                                828                844
    Furniture and equipment expense                  562                586
    Taxes other than income taxes                    504                505
    Intangible amortization expense                  839                844
    Other operating expense                        5,598              4,744
            Total other expense                   18,990             15,669

  Income before income taxes                       4,249              9,963
  Provision for income taxes                       1,685              3,121
  Net Income                                      $2,564             $6,842

  Earnings per share:
    Basic                                          $0.12              $0.32
    Diluted                                        $0.12              $0.31

  Dividends per share                             $0.135             $0.135

  Weighted average number of shares:
    Basic                                     21,656,687         21,632,719
    Diluted                                   21,940,831         22,134,304

  NOTE: Per share data is based on the weighted average number of shares
  outstanding adjusted for stock dividends or splits calculated under the
  treasury method using the average and end of period stock market price for
  basic and diluted shares, respectively.


                              Unizan Financial Corp.
                         COMPARATIVE STATEMENTS OF INCOME

        (In thousands except per share data)

                                                     Nine Months Ended
                                                 09/30/04          09/30/03
        Interest income:
          Interest on federal funds
           sold and interest bearing
             deposits with banks                     $42              $165
          Interest and dividends on
           securities                             11,906            16,618
          Interest and fees on loans
           and loans held for sale                81,940            89,541
                  Total interest income           93,888           106,324

        Interest expense:
          Interest on deposits                    27,024            33,248
          Interest on borrowings                  13,279            14,953
                  Total interest expense          40,303            48,201
                       Net interest income        53,585            58,123
        Provision for loan losses                  7,700             3,341
                       Net interest
                        income after
                        provision for
                        loan losses               45,885            54,782

        Other income:
          Trust, financial planning,
           brokerage and insurance
           sales                                   5,796             5,508
          Customer service fees                    5,546             5,257
          Gains on sale of loans                   2,939             6,132
          Security gains, net                        192             2,275
          Other operating income                   6,946             5,307
                  Total other income              21,419            24,479

        Other expense:
          Salaries, wages, pension and benefits   31,479            26,560
          Occupancy expense                        2,537             2,604
          Furniture and equipment
           expense                                 1,626             1,753
          Taxes other than income taxes            1,797             1,547
          Intangible amortization
           expense                                 2,504             2,548
          Other operating expense                 15,688            14,167
                  Total other expense             55,631            49,179

        Income before income taxes                11,673            30,082
        Provision for income taxes                 3,251             9,423
        Net Income                                $8,422           $20,659

        Earnings per share:
          Basic                                    $0.39             $0.95
          Diluted                                  $0.38             $0.93

        Dividends per share                       $0.405            $0.405

        Weighted average number of
         shares:
          Basic                               21,805,547        21,692,316
          Diluted                             22,005,003        22,294,153

        NOTE: Per share data is based on the weighted average number of
        shares outstanding adjusted for stock dividends or splits calculated
        under the treasury method using the average and end of period stock
        market price for basic and diluted shares, respectively.


                          Unizan Financial Corp.
                    CONSOLIDATED FINANCIAL HIGHLIGHTS
              (Dollars in thousands, except per share data)

                                             2004        2004        2004
  EARNINGS                                  3rd Qtr     2nd Qtr     1st Qtr
  Net Interest Income FTE (1)               $16,400      18,959      19,061
  Provision for loan losses                   3,750       2,950       1,000
  Other income                                7,281       7,003       6,943
  Security gains/(losses), net                  (60)        181          71
  Other expenses                             15,683      18,534      21,414
  FTE adjustment (1)                            280         286         269
  Net income                                 $2,879       3,131       2,412
  Net income per share - diluted              $0.13        0.14        0.11

  PERFORMANCE RATIOS
  Return on average assets (ROA)              0.44%       0.46%       0.36%
  Return on average common equity (ROE)       3.71%       4.12%       3.17%
  Tangible return on average tangible
   assets                                     0.55%       0.57%       0.45%
  Tangible return on avg. tangible
   common equity                              6.85%       7.49%       6.05%
  Net interest margin FTE                     2.75%       3.09%       3.08%
  Efficiency ratio (2)                       62.03%      59.60%      60.52%

  MARKET DATA
  Book value/common share                    $14.06       13.86       14.10
  Tangible book value/common share             9.16        8.86        9.05
  Period-end common share mkt value           27.61       26.10       24.91
  Market as a % of book                      196.4%      188.3%      176.7%
  Cash dividends/common share                $0.135       0.135       0.135
  Common stock dividend payout ratio        103.27%      93.80%     121.68%
  Average basic common shares            21,910,942  21,771,251  21,733,289
  Average diluted common shares          22,052,059  21,989,444  21,972,349
  Period end common shares               22,059,010  21,795,813  21,754,680
  Common stock market capitalization       $609,049     568,871     541,909

  ASSET QUALITY
  Gross charge-offs                          $2,952       3,372       1,683
  Net charge-offs                             2,285       2,639       1,000
  Delinquency Ratio                           1.60%       1.45%       1.67%
  Allowance for loan losses                 $26,387      24,922      24,611
  Non-accrual loans                          26,628      22,173      23,152
  Past due 90 days or more & accruing         2,546       5,612       5,488
  Other assets owned                          2,254       3,850       1,793
  Nonperforming assets (NPAs)                31,428      31,635      30,433
  Restructured loans                          2,461       2,496       2,530
  Net charge-off ratio                        0.47%       0.54%       0.20%
  Allowance/loans                             1.39%       1.27%       1.25%
  NPL to loans                                1.53%       1.42%       1.45%
  NPA to loans + other assets                 1.65%       1.61%       1.54%
  Allowance to NPLs                          90.45%      89.70%      85.93%

  AVERAGE BALANCES
  Assets                                 $2,615,839   2,713,206   2,728,886
  Deposits                                1,845,818   1,895,935   1,954,707
  Loans                                   1,935,094   1,964,587   1,971,090
  Earning assets                          2,376,178   2,469,808   2,486,312
  Shareholders' equity                      308,618     305,902     306,128

  ENDING BALANCES
  Assets                                 $2,593,502   2,676,534   2,761,184
  Deposits                                1,817,768   1,867,237   1,946,143
  Loans                                   1,900,749   1,958,917   1,969,235
  Goodwill and other intangible assets      108,128     108,996     109,807
  Earning assets                          2,351,402   2,409,912   2,501,436
  Total shareholders' equity                310,186     302,026     306,686


  Unizan Financial Corp.
  CONSOLIDATED FINANCIAL HIGHLIGHTS
  (Dollars in thousands, except per share data)

                                                  2003              2003
  EARNINGS                                       4th Qtr           3rd Qtr
  Net Interest Income FTE (1)                     18,909            17,103
  Provision for loan losses                        1,492             1,026
  Other income                                     6,625             8,022
  Security gains/(losses), net                      (502)            1,821
  Other expenses                                  18,990            15,669
  FTE adjustment (1)                                 301               288
  Net income                                       2,564             6,842
  Net income per share - diluted                    0.12              0.31

  PERFORMANCE RATIOS
  Return on average assets (ROA)                   0.38%             0.99%
  Return on average common equity (ROE)            3.35%             9.06%
  Tangible return on average tangible
   assets                                          0.48%             1.12%
  Tangible return on avg. tangible
   common equity                                   6.40%            15.61%
  Net interest margin FTE                          3.04%             2.73%
  Efficiency ratio (2)                            62.59%            54.98%

  MARKET DATA
  Book value/common share                          13.97             13.97
  Tangible book value/common share                  8.86              8.83
  Period-end common share mkt value                20.25             19.95
  Market as a % of book                           145.0%            142.8%
  Cash dividends/common share                      0.135             0.135
  Common stock dividend payout ratio             114.12%            43.22%
  Average basic common shares                 21,656,687        21,632,719
  Average diluted common shares               21,940,831        22,134,304
  Period end common shares                    21,682,793        21,648,404
  Common stock market capitalization             439,077           431,886

  ASSET QUALITY
  Gross charge-offs                                2,265             1,901
  Net charge-offs                                  1,494             1,330
  Delinquency Ratio                                1.61%             1.65%
  Allowance for loan losses                       24,611            24,612
  Non-accrual loans                               20,566            19,888
  Past due 90 days or more & accruing              5,333             5,032
  Other assets owned                               2,143             2,095
  Nonperforming assets (NPAs)                     28,042            27,015
  Restructured loans                               2,565             2,598
  Net charge-off ratio                             0.31%             0.27%
  Allowance/loans                                  1.25%             1.27%
  NPL to loans                                     1.32%             1.29%
  NPA to loans + other assets                      1.42%             1.40%
  Allowance to NPLs                               95.03%            98.76%

  AVERAGE BALANCES
  Assets                                       2,706,490         2,732,860
  Deposits                                     1,994,244         2,039,429
  Loans                                        1,947,729         1,946,693
  Earning assets                               2,466,001         2,483,198
  Shareholders' equity                           303,902           299,681

  ENDING BALANCES
  Assets                                       2,727,249         2,746,176
  Deposits                                     1,975,792         2,010,295
  Loans                                        1,968,484         1,933,215
  Goodwill and other intangible assets           110,632           111,471
  Earning assets                               2,482,457         2,469,997
  Total shareholders' equity                     302,823           302,525

  (1) - FTE defined as fully tax-equivalent
  (2) - Excludes amortization of intangibles and impairment of goodwill
        expenses. Third quarter 2004 excludes $488 pre-tax gain on sale of
        Wooster Financial Center and $476 pre-tax merger related
        professional fees and severance accrual. Second quarter 2004
        excludes $1,427 pre-tax stock option expense and $823 pre-tax merger
        related professional fees and severance accrual. First quarter 2004
        excludes $3,638 pre-tax stock option expense and $1,203 pre-tax
        merger related professional fees. Fourth quarter 2003 excludes
        $2,159 pre-tax expense related to a severance agreement.

  Certain previously reported amounts may have been reclassified to conform
  to current reporting presentation.


                            Unizan Financial Corp.
                   Average Balance Sheet and Related Yields

                                      Three Months Ended September 30, 2004
                                          Average      Income/
  (dollars in thousands)                  Balance      Expense  Rate (1)

  Interest-earning assets

    Interest bearing deposits and
       federal funds sold                   $9,113        $21    0.92 %
    Securities                             431,971      3,309    3.05
    Total loans (2)                      1,935,094     26,704    5.49

      Total interest-earning assets (3)  2,376,178     30,034    5.03


  Nonearning assets:

    Cash and due from banks                 58,010
    Other nonearning assets                206,434
    Allowance for loan losses              (24,783)

  Total assets                          $2,615,839


  Interest bearing liabilities:

    Demand deposits                       $231,466       $308    0.53 %
    Savings deposits                       505,279      1,561    1.23
    Time deposits                          886,615      7,189    3.23
    Subordinated note (4)                   20,619        505    9.74
    Company obligated mandatorily
       redeemable trust preferred (4)            -          -       -
  Other borrowings                         418,646      4,071    3.87

  Total interest bearing liabilities     2,062,625     13,634    2.63


  Noninterest bearing liabilities:

    Demand deposits                        222,458
    Other liabilities                       22,138
    Shareholders' equity                   308,618

      Total liabilities and equity      $2,615,839

  Net interest income and interest
     rate spread (3)                                  $16,400    2.40 %

  Net interest margin (5)                                        2.75 %


                            Unizan Financial Corp.
                   Average Balance Sheet and Related Yields

                                      Three Months Ended September 30, 2003
                                          Average      Income/
  (dollars in thousands)                  Balance      Expense  Rate (1)

  Interest-earning assets

    Interest bearing deposits and
       federal funds sold                   $5,592        $11     0.78 %
    Securities                             530,913      4,548     3.40
    Total loans (2)                      1,946,693     28,268     5.76

      Total interest-earning assets (3)  2,483,198     32,827     5.24


  Nonearning assets:

    Cash and due from banks                 62,423
    Other nonearning assets                211,902
    Allowance for loan losses              (24,663)

      Total assets                      $2,732,860


  Interest bearing liabilities:

    Demand deposits                       $289,340       $598     0.82 %
    Savings deposits                       529,680      1,420     1.06
    Time deposits                        1,017,192      8,558     3.34
    Subordinated note (4)                        -          -        -
    Company obligated mandatorily
       redeemable trust preferred (4)       20,000        505    10.02
    Other borrowings                       343,660      4,643     5.36

      Total interest bearing
        liabilities                      2,199,872     15,724     2.84


  Noninterest bearing liabilities:

    Demand deposits                        203,217
    Other liabilities                       30,090
    Shareholders' equity                   299,681

      Total liabilities and equity      $2,732,860

  Net interest income and interest
     rate spread (3)                                  $17,103     2.40 %

  Net interest margin (5)                                         2.73 %


                            Unizan Financial Corp.
                   Average Balance Sheet and Related Yields

                                      Nine Months Ended September 30, 2004
                                          Average      Income/
  (dollars in thousands)                  Balance      Expense  Rate (1)

  Interest-earning assets

    Interest bearing deposits and
       federal funds sold                   $6,535        $42    0.86 %
    Securities                             480,472     12,703    3.53
    Total loans (2)                      1,956,844     81,978    5.60

      Total interest-earning assets (3)  2,443,851     94,723    5.18


  Nonearning assets:

    Cash and due from banks                 58,164
    Other nonearning assets                208,312
    Allowance for loan losses              (24,607)

      Total assets                      $2,685,720


  Interest bearing liabilities:

    Demand deposits                       $245,507       $997    0.54 %
    Savings deposits                       513,807      4,058    1.05
    Time deposits                          920,700     21,969    3.19
    Subordinated note (4)                   20,619      1,514    9.81
    Company obligated mandatorily
       redeemable trust preferred (4)            -          -       -
    Other borrowings                       436,032     11,765    3.60

      Total interest bearing
        liabilities                      2,136,665     40,303    2.52


  Noninterest bearing liabilities:

    Demand deposits                        218,612
    Other liabilities                       23,554
    Shareholders' equity                   306,889

      Total liabilities and equity      $2,685,720

  Net interest income and interest
     rate spread (3)                                  $54,420    2.66 %

  Net interest margin (5)                                        2.97 %


                            Unizan Financial Corp.
                   Average Balance Sheet and Related Yields

                                       Nine Months Ended September 30, 2003
                                          Average      Income/
  (dollars in thousands)                  Balance      Expense  Rate (1)

  Interest-earning assets

    Interest bearing deposits and
       federal funds sold                  $19,778       $165     1.12 %
    Securities                             530,491     17,371     4.38
    Total loans (2)                      1,953,226     89,606     6.13

      Total interest-earning assets (3)  2,503,495    107,142     5.72


  Nonearning assets:

    Cash and due from banks                 59,170
    Other nonearning assets                213,549
    Allowance for loan losses              (25,025)

      Total assets                      $2,751,189

  Interest bearing liabilities:

    Demand deposits                       $284,634     $1,931     0.91 %
    Savings deposits                       489,716      4,043     1.10
    Time deposits                        1,045,657     27,274     3.49
    Subordinated note (4)                        -          -        -
    Company obligated mandatorily
       redeemable trust preferred (4)       20,000      1,514    10.12
    Other borrowings                       381,575     13,439     4.71

      Total interest bearing
        liabilities                      2,221,582     48,201     2.90


  Noninterest bearing liabilities:

    Demand deposits                        193,231
    Other liabilities                       35,132
    Shareholders' equity                   301,244

      Total liabilities and equity      $2,751,189

  Net interest income and interest
     rate spread (3)                                  $58,941     2.82 %

  Net interest margin (5)                                         3.15 %


  (1) Calculated on an annualized basis.

  (2) Loan fees are included in interest income on loans.

  (3) Interest income is computed on a fully tax equivalent (FTE) basis,
      using a tax rate of 35%.

  (4) As of December 31, 2003, based on new accounting guidance issued under
      FASB Interpretation No. 46, the amounts previously reported as
      "company obligated mandatorily redeemable trust preferred" have been
      recaptioned "subordinated note". The deconsolidation of the Trust
      increased the Company's balance sheet by $619, the difference
      representing the Company's common ownership in the Trust.

  (5) The net interest margin represents net interest income as a percentage
      of average interest-earning assets.


                           Unizan Financial Corp.
                  NONPERFORMING AND UNDERPERFORMING ASSETS

  (dollars in thousands)

                                            09/30/04    06/30/04    03/31/04
  Non-performing loans:
   Commercial                                $1,683      $3,180      $1,294
   Commercial real estate                     5,620       5,433       5,713
   Government guaranteed                      9,438       7,926       9,334
   Aircraft                                   2,450         291       2,003
   Residential real estate                    8,577       9,563       8,713
   Direct installment loans                      63          45         161
   Indirect installment loans                   160         155         212
   Home equity                                1,183       1,192       1,210
  Total non-performing loans                $29,174     $27,785     $28,640
   Less: Government guaranteed amount         7,023       6,080       6,965
  Total non-performing loans excluding
   government guaranteed amount             $22,151     $21,705     $21,675

  Total non-performing loans                $29,174     $27,785     $28,640
   Other assets owned                         2,254       3,850       1,793
  Total non-performing assets               $31,428     $31,635     $30,433
   Less: Government guaranteed amount         7,759       6,816       7,541
  Total non-performing assets excluding
   government guaranteed amount             $23,669     $24,819     $22,892

  Restructured loans                         $2,461      $2,496      $2,530

  Ratio of:
  Non-performing loans to total loans         1.53%       1.42%       1.45%
  Non-performing assets to total assets       1.21%       1.18%       1.10%
  Non-performing assets to total loans +
   other assets                               1.65%       1.61%       1.54%
  Allowance to total loans                    1.39%       1.27%       1.25%
  Allowance to non-performing loans          90.45%      89.70%      85.93%

  Ratio of (excluding government
   guaranteed amount):
  Non-performing loans to total loans         1.17%       1.11%       1.10%
  Non-performing assets to total assets       0.91%       0.93%       0.83%
  Non-performing assets to total loans +
   other assets                               1.24%       1.26%       1.16%
  Allowance to non-performing loans         119.12%     114.82%     113.55%


               NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES

                                           09/30/04    06/30/04    03/31/04
  Average loans and leases:
   Commercial                              $195,561    $198,914    $188,992
   Commercial real estate                   636,693     653,138     664,241
   Government guaranteed                     64,643      61,280      61,676
   Aircraft                                 121,690     132,578     133,725
   Residential real estate                  444,772     448,009     453,362
   Indirect installment loans               108,903     116,422     123,426
   Home equity                              326,582     317,320     307,116
   Other consumer                            36,250      36,926      38,552
  Total average loans and leases         $1,935,094  $1,964,587  $1,971,090

  Net charge-offs (recoveries):
   Commercial                                  $175        $425        $(17)
   Commercial real estate                       772         712         261
   Government guaranteed                        353         141         255
   Aircraft                                     (47)        548           -
   Residential real estate                      236         (21)        (50)
   Indirect installment loans                   416         384         371
   Home equity                                  164         196          11
   Other consumer                               216         254         169
  Total                                      $2,285      $2,639      $1,000


                                            09/30/04    06/30/04    03/31/04
  Net charge-offs (recoveries) to
   average loans and leases
   (annualized):
   Commercial                                 0.36%       0.85%      -0.04%
   Commercial real estate                     0.49%       0.44%       0.16%
   Government guaranteed                      2.18%       0.92%       1.65%
   Aircraft                                  -0.15%       1.65%       0.00%
   Residential real estate                    0.21%      -0.02%      -0.04%
   Indirect installment loans                 1.53%       1.32%       1.20%
   Home equity                                0.20%       0.25%       0.01%
   Other consumer                             2.38%       2.75%       1.75%
  Total                                       0.47%       0.54%       0.20%


                           Unizan Financial Corp.
                  NONPERFORMING AND UNDERPERFORMING ASSETS

  (dollars in thousands)

                                                 12/31/03          9/30/03
  Non-performing loans:
   Commercial                                     $1,292            $1,348
   Commercial real estate                          4,112             4,294
   Government guaranteed                           8,939             8,573
   Aircraft                                          247               134
   Residential real estate                         9,838             8,911
   Direct installment loans                           37               118
   Indirect installment loans                        212               331
   Home equity                                     1,222             1,211
  Total non-performing loans                     $25,899           $24,920
   Less: Government guaranteed amount              6,537             6,765
  Total non-performing loans excluding
   government guaranteed amount                  $19,362           $18,155

  Total non-performing loans                     $25,899           $24,920
   Other assets owned                              2,143             2,095
  Total non-performing assets                    $28,042           $27,015
   Less: Government guaranteed amount              6,969             7,314
  Total non-performing assets excluding
   government guaranteed amount                  $21,073           $19,701

  Restructured loans                              $2,565            $2,598

  Ratio of:
  Non-performing loans to total loans              1.32%             1.29%
  Non-performing assets to total assets            1.03%             0.98%
  Non-performing assets to total loans
   + other assets                                  1.42%             1.40%
  Allowance to total loans                         1.25%             1.27%
  Allowance to non-performing loans               95.03%            98.76%

  Ratio of (excluding government
   guaranteed amount):
  Non-performing loans to total loans              0.98%             0.94%
  Non-performing assets to total assets            0.77%             0.72%
  Non-performing assets to total loans
   + other assets                                  1.07%             1.02%
  Allowance to non-performing loans              127.11%           135.57%


               NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES

                                                12/31/03          9/30/03
  Average loans and leases:
   Commercial                                   $193,154          $216,557
   Commercial real estate                        648,784           622,248
   Government guaranteed                          62,591            58,665
   Aircraft                                      133,267           135,368
   Residential real estate                       439,369           443,603
   Indirect installment loans                    130,478           140,271
   Home equity                                   298,712           283,578
   Other consumer                                 41,374            46,403
  Total average loans and leases              $1,947,729        $1,946,693

  Net charge-offs (recoveries):
   Commercial                                        $57               $43
   Commercial real estate                            101               266
   Government guaranteed                             102                48
   Aircraft                                         (124)                -
   Residential real estate                            38                26
   Indirect installment loans                        716               620
   Home equity                                       286                33
   Other consumer                                    318               294
  Total                                           $1,494            $1,330


                                                  12/31/03          9/30/03
  Net charge-offs (recoveries) to
   average loans and leases
   (annualized):
   Commercial                                      0.12%             0.08%
   Commercial real estate                          0.06%             0.17%
   Government guaranteed                           0.65%             0.33%
   Aircraft                                       -0.37%             0.00%
   Residential real estate                         0.03%             0.02%
   Indirect installment loans                      2.20%             1.77%
   Home equity                                     0.38%             0.05%
   Other consumer                                  3.07%             2.53%
  Total                                            0.31%             0.27%


DATASOURCE: Unizan Financial Corp.



CONTACT:  Investors, Roger L. Mann, President and Chief Executive

Officer, [phone], or [phone], or  , or

Media, Sandy K. Upperman, Vice President, Corporate Communications,

[phone], or  , both of Unizan Financial Corp.



Web site:  http://www.unizan.com/ 



Company News On-Call:  http://www.prnewswire.com/comp/127633.html 

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