| 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.
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TCF |
| (dollar amounts in millions) |
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UPB |
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Fair Value |
| Assets acquired: |
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| Cash and due from banks |
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$ |
466 |
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| Interest-bearing deposits at Federal Reserve Bank |
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719 |
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| Interest-bearing deposits in banks |
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312 |
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| Available-for-sale securities |
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8,900 |
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| Other securities |
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358 |
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| Loans held for sale |
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363 |
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| Loans and leases: |
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| Commercial: |
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| Commercial and industrial |
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$ |
12,726 |
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12,441 |
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| Commercial real estate |
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8,125 |
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|
7,869 |
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| Lease financing |
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2,929 |
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2,912 |
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| Total commercial |
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23,780 |
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23,222 |
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| Consumer: |
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| Automobile |
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322 |
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317 |
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| Residential mortgage |
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6,267 |
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6,273 |
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| Home equity |
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2,644 |
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2,607 |
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| RV and marine |
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581 |
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570 |
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| Other consumer |
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179 |
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|
167 |
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| Total consumer |
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9,993 |
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9,934 |
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| Total loans and leases |
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$ |
33,773 |
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33,156 |
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| Bank owned life insurance |
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181 |
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| Premises and equipment |
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360 |
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| Core deposit intangible |
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92 |
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| Other intangible assets |
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6 |
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| Servicing rights |
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59 |
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| Servicing rights and other intangible assets |
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157 |
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| Other assets |
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1,441 |
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| Total assets acquired |
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46,413 |
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| Liabilities and equity assumed: |
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| Deposits |
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38,663 |
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| Short-term borrowings |
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1,306 |
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| Long-term debt |
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1,516 |
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| Other liabilities |
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1,049 |
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| Total liabilities |
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42,534 |
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| Non-controlling interest |
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22 |
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| Net assets acquired |
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$ |
3,857 |
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| Consideration: |
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| Fair value of common stock issued |
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$ |
6,998 |
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| Fair value of preferred stock exchange |
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185 |
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| Total consideration |
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$ |
7,183 |
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| Goodwill |
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$ |
3,326 |
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| 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:
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| (dollar amounts in millions) |
Commercial |
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Consumer |
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Total |
| Par value (UPB) |
$ |
7,931 |
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$ |
1,333 |
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$ |
9,264 |
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| ALLL at acquisition |
(374) |
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(58) |
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(432) |
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| Non-credit (discount) |
(219) |
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(68) |
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(287) |
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| Fair value |
$ |
7,338 |
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$ |
1,207 |
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$ |
8,545 |
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| Business Acquisition, Pro Forma Information |
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Unaudited Pro Forma for |
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Three months ended |
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Nine months ended |
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September 30, |
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September 30, |
| (dollar amounts in millions) |
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2021 |
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2020 |
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2021 |
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2020 |
| Net interest income |
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$ |
1,160 |
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$ |
1,197 |
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$ |
3,625 |
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$ |
3,581 |
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| Noninterest income |
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|
535 |
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554 |
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1,604 |
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1,586 |
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| Net income attributable to Huntington Bancshares Inc |
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|
377 |
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|
364 |
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1,268 |
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|
433 |
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