Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 49

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 49
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udited pro forma condensed combined financial information is an estimate, the actual rate in periods following the completion of the merger could differ by a material amount. A. Adjustment to cash and cash equivalents to recognize estimated costs directly attributable to the merger, including legal and advisory fees and change in control costs associated with the transaction. B. Adjustment to loans and leases to reflect estimated fair value adjustments, which include lifetime credit loss expectations for loans and leases, current interest rates, and liquidity. The adjustment includes the following:

| (dollars in millions)                                                             |     | September 30, 
          2025 |
|:----------------------------------------------------------------------------------|:----|--------------:|
| 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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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