Annual report pursuant to Section 13 and 15(d)

ACQUISITION OF TCF FINANCIAL CORPORATION (Tables)

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ACQUISITION OF TCF FINANCIAL CORPORATION (Tables)
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The following table provides the 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:
Residential mortgage 6,267  6,273 
Automobile 322  317 
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) 1,082 
Total liabilities 42,567 
Non-controlling interest 22 
Net assets acquired $ 3,824 
Consideration:
Fair value of common stock issued $ 6,998 
Fair value of preferred stock exchange 185 
Total consideration $ 7,183 
Goodwill (1) $ 3,359 
(1)Includes a measurement period adjustment for final tax positions related to the TCF acquisition which increased other liabilities and goodwill by $33 million.
Schedule Of Financing Receivables Purchased With Credit Deterioration 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
Year Ended December 31,
(dollar amounts in millions) 2021 2020
Net interest income $ 4,713  $ 4,774 
Noninterest income 2,112  2,127 
Net income attributable to Huntington Bancshares Inc 1,624  834