Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 51

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 51
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:----|--------------:|
| Estimate of lifetime credit losses on acquired loans and leases                   |     |        $(574) |
| Estimate of fair value related to current interest rates and liquidity            |     |        -1,056 |
| Net fair value pro forma adjustments                                              |     |        -1,630 |
| Gross up of Purchase Credit Deteriorated (“PCD”) loans and leases for credit mark |     |           322 |
| Cumulative pro forma adjustments to loans and leases                              |     |      $(1,308) |

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TABLE OF CONTENTS

C. Adjustment to the allowance for loan and lease losses includes the following:

| (dollars in millions)                                              |     | September 30, 
          2025 |
|:-------------------------------------------------------------------|:----|--------------:|
| Reversal of historical Cadence allowance for loan and lease losses |     |          $496 |
| Estimate of lifetime credit losses for PCD loans and leases        |     |          -322 |
| Estimate of lifetime credit losses for non-PCD loans and leases    |     |          -252 |
| Net change in allowance for loan and lease losses                  |     |         $(78) |

D. Adjustment to property and equipment to reflect the estimated fair value of acquired premises and equipment. E. Eliminate historical Cadence goodwill of $1.5 billion at the closing date and record estimated goodwill associated with the merger of $3.5 billion. F. Eliminate historical Cadence core deposit and other intangible assets of $149 million and record an estimated core deposit intangible asset of $800 million related to the merger. G. Adjustment to deferred taxes associated with the estimated pro forma transaction accounting adjustments. Adjustment also includes a $2 million write-down of Cadence pension plan assets. H. Adjustment to deposits to reflect the estimated fair value of interest-bearing time deposits. I. Adjustment to long-term debt to reflect the estimated fair value of Cadence long-term debt. J. Adjustments to shareholders’ equity consisting of the following:

| (dollars in millions)                                                         |     | Preferred Stock |     | Common Stock |     | Capital Surplus |     |   Accumulated 
         Other 
 Comprehensive 
 Income (Loss) |     | Retained 
 Earnings |
| Elimination of Cadence historical equity balances                             |     |          $(167) |     |       $(466) |     |        $(2,813) |     |          $494 |     | $(3