Company: HBAN
Filing Date: 2025-07-21
Form Type: S-4
Source: 0001140361-25-026508
Chunk: 76

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-07-21
Form: S-4
Chunk 76
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 factors or the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of the process underlying its analyses and opinion. For purposes of the financial analyses described below, KBW utilized an implied transaction value for the merger of $33.91 per outstanding share of Veritex common stock, or approximately $1,875 million in the aggregate (inclusive of the implied value of Veritex restricted stock unit awards and in-the-money Veritex stock options), based on the 1.95x exchange ratio in the proposed merger and the closing price of Huntington common stock on July 11, 2025. Veritex Selected Companies Analysis. Using publicly available information, KBW compared the financial performance, financial condition and market performance of Veritex to seven selected major exchange-traded banks headquartered in the U.S. Southwestern region (defined as Colorado, Louisiana, New Mexico, Oklahoma, Texas and Utah) with total assets between $5 billion and $40 billion. Merger targets, ethnic group-focused banks, companies which were savings banks, thrifts or mutuals, companies with fee income to revenue ratios greater than 20% and companies for which research analyst estimates were not publicly available were excluded from the selected companies. The selected companies were as follows (shown by column in descending order of total assets):

| Prosperity Bancshares, Inc.        |     | Origin Bancorp, Inc.            |
| Texas Capital Bancshares, Inc.     |     | Southside Bancshares, Inc.      |
| Stellar Bancorp, Inc.              |     | Business First Bancshares, Inc. |
| National Bank Holdings Corporation |     |                                 |

To perform this analysis, KBW used profitability and other financial information for the quarter ended March 31, 2025 (“2025Q1”), for the latest twelve (12) months (“LTM”) ended March 31, 2025 or as of March 31, 2025 (except where noted below in the case of Veritex) and market price information as of July 11, 2025. KBW also used 2025 and 2026 earnings per share (“EPS”) estimates taken from publicly available consensus “street estimates” for Veritex and the selected companies. Certain financial data presented in the tables below may not correspond to the data presented in Veritex’s historical financial statements, as a result of the different periods, assumptions and methods used to compute the financial data presented.