| Schedule of Business Acquisitions, by Acquisition |
The following table provides a preliminary allocation of consideration paid for the fair value of assets acquired and liabilities and equity assumed from TCF as of June 9, 2021.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TCF |
| (dollar amounts in millions) |
|
UPB |
|
Fair Value |
| Assets acquired: |
|
|
|
|
| Cash and due from banks |
|
|
|
$ |
466 |
|
| Interest-bearing deposits at Federal Reserve Bank |
|
|
|
719 |
|
| Interest-bearing deposits in banks |
|
|
|
312 |
|
| Available-for-sale securities |
|
|
|
8,900 |
|
|
|
|
|
|
| Other securities |
|
|
|
358 |
|
| Loans held for sale |
|
|
|
363 |
|
| Loans and leases: |
|
|
|
|
| Commercial: |
|
|
|
|
| Commercial and industrial |
|
$ |
12,726 |
|
|
12,441 |
|
| Commercial real estate |
|
8,125 |
|
|
7,869 |
|
| Lease financing |
|
2,929 |
|
|
2,912 |
|
| Total commercial |
|
23,780 |
|
|
23,222 |
|
| Consumer: |
|
|
|
|
| Automobile |
|
322 |
|
|
317 |
|
| Residential mortgage |
|
6,267 |
|
|
6,273 |
|
| Home equity |
|
2,644 |
|
|
2,607 |
|
| RV and marine |
|
581 |
|
|
570 |
|
| Other consumer |
|
179 |
|
|
167 |
|
| Total consumer |
|
9,993 |
|
|
9,934 |
|
| Total loans and leases |
|
$ |
33,773 |
|
|
33,156 |
|
| Bank owned life insurance |
|
|
|
181 |
|
| Premises and equipment |
|
|
|
360 |
|
| Core deposit intangible |
|
|
|
92 |
|
| Other intangible assets |
|
|
|
6 |
|
| Servicing rights |
|
|
|
59 |
|
| Servicing rights and other intangible assets |
|
|
|
157 |
|
| Other assets |
|
|
|
1,441 |
|
| Total assets acquired |
|
|
|
46,413 |
|
| Liabilities and equity assumed: |
|
|
|
|
| Deposits |
|
|
|
38,663 |
|
| Short-term borrowings |
|
|
|
1,306 |
|
| Long-term debt |
|
|
|
1,516 |
|
| Other liabilities |
|
|
|
1,049 |
|
| Total liabilities |
|
|
|
42,534 |
|
| Non-controlling interest |
|
|
|
22 |
|
| Net assets acquired |
|
|
|
$ |
3,857 |
|
|
|
|
|
|
| Consideration: |
|
|
|
|
|
|
|
|
|
| Fair value of common stock issued |
|
|
|
$ |
6,998 |
|
| Fair value of preferred stock exchange |
|
|
|
185 |
|
| Total consideration |
|
|
|
$ |
7,183 |
|
| Goodwill |
|
|
|
$ |
3,326 |
|
|
| Purchased credit deteriorated loans and leases |
The following table provides a summary of loans and leases purchased as part of the TCF acquisition with credit deterioration at acquisition:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (dollar amounts in millions) |
Commercial |
|
Consumer |
|
Total |
| Par value (UPB) |
$ |
7,931 |
|
|
$ |
1,333 |
|
|
$ |
9,264 |
|
| ALLL at acquisition |
(374) |
|
|
(58) |
|
|
(432) |
|
| Non-credit (discount) |
(219) |
|
|
(68) |
|
|
(287) |
|
| Fair value |
$ |
7,338 |
|
|
$ |
1,207 |
|
|
$ |
8,545 |
|
|
| Business Acquisition, Pro Forma Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Pro Forma for |
|
|
|
Three months ended |
|
Six months ended |
|
|
|
June 30, |
|
June 30, |
| (dollar amounts in millions) |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
| Net interest income |
|
|
$ |
1,120 |
|
|
$ |
1,184 |
|
|
$ |
2,482 |
|
|
$ |
2,381 |
|
| Noninterest income |
|
|
529 |
|
|
529 |
|
|
1,062 |
|
|
1,032 |
|
| Net income attributable to Huntington Bancshares Inc |
|
|
235 |
|
|
189 |
|
|
901 |
|
|
69 |
|
|