Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 111

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 111
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 which they were based are subject to risk and uncertainties, including factors affecting the financial performance of Huntington and future general industry and market conditions. 52-Week Trading Range Analysis Evercore reviewed historical trading prices of shares of Huntington common stock during the 52-week period ended October 24, 2025, noting that low and high prices (based on closing prices) during such period ranged from $12.49 to $18.20 per share of Huntington common stock, compared to the closing price of Huntington common stock of $16.07 on October 24, 2025. Cadence Standalone Analyses Selected Publicly Traded Companies Analysis Evercore reviewed and compared certain financial information of Cadence to corresponding financial multiples and ratios for the following selected publicly traded companies in the banking industry:

| • | Western Alliance Bancorporation |

| • | Zions Bancorporation, National Association |

| • | Webster Financial Corporation |

| • | First Horizon Corporation |

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| • | East West Bancorp, Inc. |

| • | UMB Financial Corporation |

| • | Old National Bancorp |

| • | Wintrust Financial Corporation |

| • | SouthState Bank Corporation |

| • | Valley National Bancorp |

| • | Cullen/Frost Bankers, Inc. |

| • | BOK Financial Corporation |

| • | F.N.B. Corporation |

| • | Associated Banc-Corp |

| • | Prosperity Bancshares, Inc. |

| • | Hancock Whitney Corporation |

| • | BankUnited, Inc. |

| • | Texas Capital Bancshares, Inc. |

For each of the selected companies, Evercore calculated price per share as a multiple of each of: (i) estimated EPS (based on consensus estimates) for the calendar year 2026 (which is referred to as “P / 2026E EPS”), and (ii) TBV per share as of the selected companies most recently completed fiscal quarter for which TBV per share information was publicly available as of October 24, 2025 (which is referred to as “P / TBVPS”), based on closing share prices as of October 24, 2025. Estimated financial data of the selected companies were based on publicly available research analysts’ estimates. This analysis indicated the following:

| Benchmark     |     | Median |
| P / 2026E EPS |     | 9.8x   |
| P / TBVPS     |     | 1.43x  |