Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 129

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 129
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 United States (defined by S&P Capital IQ Pro as Alabama, Arkansas, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virgina) or Texas with total assets between $25 billion and $75 billion. Merger targets, ethnic group-focused banks and savings banks, thrifts and mutuals were excluded from the selected companies. Pinnacle Financial Partners, Inc. and Synovus Financial Corp., which have agreed to a merger, were also excluded from the selected companies. The selected companies were as follows (shown in descending order of total assets by column):

| SouthState Bank Corporation           |     | BankUnited, Inc.                    |
| Cullen/Frost Bankers, Inc.            |     | United Bankshares, Inc.             |
| Bank OZK                              |     | Texas Capital Bancshares, Inc.      |
| Prosperity Bancshares, Inc.           |     | United Community Banks, Inc.        |
| Atlantic Union Bankshares Corporation |     | WesBanco, Inc.                      |
| Hancock Whitney Corporation           |     | Ameris Bancorp Renasant Corporation |

To perform this analysis, KBW used profitability and other financial information for the most recent completed fiscal quarter (“MRQ”) or latest 12 months (“LTM”) available or as of the end of such periods and market price information as of October 24, 2025. KBW also used 2025 and 2026 EPS estimates taken from publicly available consensus “street estimates” for Cadence and the selected companies. Certain financial data presented in the tables below may not correspond to the data presented in Cadence’s historical financial statements, or the data presented under the section entitled “ The Merger—Opinion of Huntington’s Financial Advisor,” as a result of the different periods, assumptions and methods used to compute the financial data presented. KBW’s analysis showed the following concerning the financial performance of Cadence and the selected companies:

|                                                      |     |         |     | Selected Companies |     |        |     |            |     |            |
|                                                      |     | Cadence |     | Average            |     | Median |     | 25th       
 Percentile |     | 75th       
 Percentile |
| MRQ Core Return on Average Assets(1)                 |     | 1.16%   |     | 1.33%              |     | 1.44%  |     | 1.24%      |     | 1.50