Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 133

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 133
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     | 11.7x              |     | 11.6x  |     | 10.7x      |     | 12.2x      |
| Price / 2026 EPS Estimate             |     | 9.7x       |     | —            |     | 10.2x              |     | 10.0x  |     | 9.7x       |     | 10.3x      |
| Dividend Yield                        |     | 3.9%       |     | —            |     | 3.3%               |     | 3.6%   |     | 3.3%       |     | 4.2%       |
| LTM Dividend Payout Ratio             |     | 43.4%      |     | —            |     | 37.5%              |     | 46.7%  |     | 36.9%      |     | 47.8%      |

| (1) | Pro forma metrics shown as of September 30, 2025 as adjusted 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. |

No company used as a comparison in the above selected companies analysis is identical to Huntington. 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.

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TABLE OF CONTENTS

Selected Transactions Analysis. KBW reviewed publicly available information related to eight selected U.S. bank transactions announced since January 1, 2020 with announced deal values between $2.0 billion and $10.0 billion. Merger of equals transactions and reverse mergers were excluded from the selected transactions. The selected transactions were as follows:

| Acquiror                               |     | Acquired Company                      |
| The PNC Financial Services Group, Inc. 
 Columbia Banking System, Inc.          
 SouthState Corporation                 
 U.S. Bancorp                           
 Citizens Financial Group, Inc.         
 New York Community Bancorp, Inc.       
 M&T Bank Corporation                   |     | FirstBank Holding Company             
 Pacific Premier Bancorp, Inc.         
 Independent Bank Group, Inc.          
 MUFG Union Bank, National Association 
 Investors Bancorp, Inc.               
 Flagstar Bancorp, Inc.                
 People’s United Financial, Inc.