Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 136

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 136
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1x      |
| Price / FWD EPS                       |     | 11.5x        |     | 13.7x                 |     | 12.2x   |     | 12.9x  |     | 11.2x      |

83

TABLE OF CONTENTS

|                        |     |              |     | Selected Transactions |     |         |     |        |     |            |
|                        |     | Huntington / 
 Cadence      |     | 75th                  
 Percentile            |     | Average |     | Median |     | 25th       
 Percentile |
| Core Deposit Premium   |     | 9.5%         |     | 5.6%                  |     | 4.5%    |     | 4.9%   |     | 2.1%       |
| One-Day Market Premium |     | 9.0%         |     | 12.1%                 |     | 9.8%    |     | 11.0%  |     | 7.2%       |

| (1) | Huntington’s standalone closing stock price to tangible book value multiple was based on Huntington’s tangible book value per share as of September 30, 2025 pro forma for the acquisition of Veritex Holdings, Inc. (closed on October 20, 2025) based on publicly disclosed purchase accounting and other transaction adjustments and supplemental transaction adjustments provided by Huntington management. |

| (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. If core income not available, stated income per S&P Capital IQ Pro used. |

No company or transaction used as a comparison in the above selected transaction analysis is identical to Cadence or the proposed transaction. Accordingly, an analysis of these results is not mathematical. Rather, it involves complex considerations and judgments concerning differences in financial and operating characteristics of the companies involved. Relative Contribution Analysis . KBW analyzed the relative standalone contribution of Huntington and Cadence to various pro forma balance sheet and income statement items and the combined market capitalization of the combined company. This analysis did not include purchase accounting adjustments or cost savings. To perform this analysis, KBW used (i) balance sheet and income statement data as of or for the three-month and the 12-month periods ended September 30, 202