Huntington Bancshares Incorporated Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

ACQUISITION OF FIRSTMERIT CORPORATION (Tables)

ACQUISITION OF FIRSTMERIT CORPORATION (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Business Acquisitions, by Acquisition

The following table reflects consideration paid for FirstMerit's net assets and the amounts of acquired identifiable assets and liabilities assumed as of the acquisition date:



	FirstMerit
(dollar amounts in thousands)	UPB		Fair Value
Assets acquired:
Cash and due from banks			$	703,661
Interest-bearing deposits in banks			32,496
Loans held for sale			150,576
Available for sale and other securities			7,369,967
Loans and leases:
Commercial:
Commercial and industrial	$	7,410,503	7,252,692
Commercial real estate	1,898,875		1,844,150
Total commercial	9,309,378		9,096,842
Consumer:
Automobile	1,610,007		1,609,145
Home equity	1,579,832		1,537,791
Residential mortgage	1,098,588		1,092,050
RV and marine finance	1,823,312		1,816,575
Other consumer	324,350		323,512
Total consumer	6,436,089		6,379,073
Total loans and leases	$	15,745,467	15,475,915
Bank owned life insurance			633,612
Premises and equipment			228,635
Goodwill			1,320,818
Core deposit intangible			309,750
Other intangible assets			94,571
Servicing rights			15,317
Accrued income and other assets			506,578
Total assets acquired			26,841,896
Liabilities assumed:
Deposits			21,157,172
Short-term borrowings			1,163,851
Long-term debt			519,971
Accrued expenses and other liabilities			292,930
Total liabilities assumed			23,133,924
Total consideration paid			$	3,707,972

Consideration:
Cash paid			$	836,879
Fair value of common stock issued			2,766,773
Fair value of preferred stock exchange			104,320

Business Acquisition, Pro Forma Information

The following table presents financial information regarding the former FirstMerit operations included in our Consolidated Statements of Income from the date of acquisition (August 16, 2016) through December 31, 2016 under the column “Actual from acquisition date”. The following table also presents unaudited pro forma information as if the entities were combined for the full years ended December 31, 2016 and 2015, respectively under the “Unaudited Pro Forma” columns. The pro forma information does not necessarily reflect the results of operations that would have occurred had Huntington acquired FirstMerit on January 1, 2015. Furthermore, cost savings and other business synergies related to the acquisition are not reflected in the pro forma amounts.



	Actual from		Unaudited Pro Forma for
	acquisition date through		Year Ended December 31,
(dollar amounts in thousands)	December 31, 2016		2016		2015
Net interest income	$	277,143	$	2,788,074	$	2,599,840
Noninterest income	96,217		1,311,490		1,301,798
Net income	82,083		809,142		842,069