Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 136

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 136
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 Held For Investment              |     | 80.0%      |     | 20.0%      |
| Total Deposits                               |     | 80.0%      |     | 20.0%      |
| Tangible Common Equity                       |     | 77.8%      |     | 22.2%      |
| Income Statement:                            |     |            |     |            |
| LTM Core Earnings(2)                         |     | 80.2%      |     | 19.8%      |
| 2025 Estimated Earnings                      |     | 79.6%      |     | 20.4%      |
| 2026 Estimated Earnings                      |     | 80.0%      |     | 20.0%      |
| 2027 Estimated Earnings                      |     | 80.0%      |     | 20.0%      |
| Market Capitalization:                       |     |            |     |            |
| Pre-Deal Market Capitalization               |     | 78.8%      |     | 21.2%      |

| (1) | Implied pro forma fully diluted ownership percentages of Huntington shareholders and Cadence shareholders in the combined company based on the 2.475x exchange ratio provided for in the merger agreement were 77.2% and 22.8%, respectively. |

| (2) | Core income after taxes and before extraordinary items, excluding gain / (loss) on sale of securities, amortization of intangibles, and nonrecurring items as defined by S&P Capital IQ Pro. |

Financial Impact Analysis. KBW performed a pro forma financial impact analysis that combined projected income statement and balance sheet information of Huntington and Cadence. Using (i) closing balance sheet estimates assumed as of March 31, 2026 for Huntington provided by Huntington management and closing balance sheet estimates assumed as of March 31, 2026 for Cadence based on publicly available consensus “street estimates”, (ii) financial forecasts and projections of Huntington provided by Huntington management, (iii) publicly available 2026 and 2027 consensus EPS “street estimates” for Cadence and an assumed long-term EPS growth rate for Cadence provided by Cadence management, and (iv) pro forma assumptions (including, without limitation, the cost savings expected to result from the merger as well as certain purchase accounting and

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earnings adjustments