Company: HBAN
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001140361-25-029894
Chunk: 81

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-08-08
Form: S-4/A
Chunk 81
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 condition and market performance of Huntington to six (6) selected major exchange-traded U.S. banks with total assets between $100 billion and $250 billion. Merger targets and Northern Trust Corporation (which is focused on asset servicing and wealth management) were excluded from the selected companies. The selected companies were as follows (shown by column in descending order of total assets):

| First Citizens BancShares, Inc. |     | M&T Bank Corporation          |
| Citizens Financial Group, Inc.  |     | KeyCorp                       |
| Fifth Third Bancorp             |     | Regions Financial Corporation |

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

|                                                         |     |                 |     | Selected Companies |     |        |     |         |     |            |
|                                                         |     | Huntington(1)   |     | 25th               
 Percentile         |     | Median |     | Average |     | 75th       
 Percentile |
| 2025Q1 Core Return on Average Assets(2)                 |     | 1.05% | 1.13%   |     | 0.90%              |     | 0.97%  |     | 0.99%   |     | 1.11%      |
| 2025Q1 Core Return on Average Tangible Common Equity(2) |     | 16.56% | 17.60% |     | 10.19%             |     | 11.79% |     | 12.84%  |     | 14.54%     |
| 2025Q1 Net Interest Margin                              |     | 3.10% | 3.11%   |     | 2.93%