Company: HBAN
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001140361-25-029894
Chunk: 86

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-08-08
Form: S-4/A
Chunk 86
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                              |     | 94.3%      |     | 5.7%       |

49

TABLE OF CONTENTS

|                                 |     | Huntington 
 % of Total |     | Veritex    
 % of Total |
| Gross Loans Held For Investment |     | 93.4%      |     | 6.6%       |
| Total Deposits                  |     | 93.9%      |     | 6.1%       |
| Tangible Common Equity          |     | 91.4%      |     | 8.6%       |
| Income Statement:               |     |            |     |            |
| 2025 Estimated Earnings         |     | 94.7%      |     | 5.3%       |
| 2026 Estimated Earnings         |     | 94.8%      |     | 5.2%       |

Veritex Dividend Discount Model Analysis. KBW performed a dividend discount model analysis of Veritex to estimate a range for the implied equity value of Veritex. In this analysis, KBW used publicly available consensus “street estimates” of Veritex and assumed long-term growth rates for Veritex provided by Veritex management, and KBW assumed discount rates ranging from 12.0% to 14.0%. The range of values was derived by adding (i) the present value of the implied future excess capital available for dividends that Veritex could generate over the period from March 31, 2025 through December 31, 2029 as a standalone company, and (ii) the present value of Veritex’s implied terminal value at the end of such period. KBW assumed that Veritex would maintain a tangible common equity to tangible assets ratio of 9.00% and would retain sufficient earnings to maintain that level. In calculating the terminal value of Veritex, KBW applied a range of 10.0x to 14.0x Veritex’s estimated 2030 earnings. This dividend discount model analysis resulted in a range of implied values per share of Veritex common stock of $22.11 to $30.04. The dividend discount model analysis is a widely used valuation methodology, but the results of such methodology are highly dependent on the assumptions that must be made, including asset and earnings growth rates, terminal values, and discount rates. The foregoing dividend discount model analysis did not purport to be indicative of