Company: HBAN
Filing Date: 2025-08-15
Form Type: 424B3
Source: 0001140361-25-031511
Chunk: 82

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-08-15
Form: 424B3
Chunk 82
---
 Financial Services, Inc.    |     | Lakeland Bancorp, Inc.           |
| Raymond James Financial, Inc.         |     | TriState Capital Holdings, Inc.  |
| Valley National Bancorp               |     | Bank Leumi Le-Israel Corporation |
| First Interstate BancSystem, Inc.     |     | Great Western Bancorp, Inc.      |
| Old National Bancorp                  |     | First Midwest Bancorp, Inc.      |
| New York Community Bancorp, Inc.      |     | Flagstar Bancorp, Inc.           |
| Independent Bank Corp.                |     | Meridian Bancorp, Inc.           |

For each selected transaction, KBW derived the following implied transaction statistics, in each case based on the transaction consideration value paid for the acquired company and using financial data based on the acquired company’s then latest publicly available financial statements prior to the announcement of the respective transaction and then publicly available consensus “street estimates” for the acquired company at the announcement of the respective transaction:

| • | Price per common share to tangible book value per share of the acquired company (in the case of two selected transactions involving a private acquired company, this transaction statistic was calculated as total transaction consideration divided by total tangible common equity); |

| • | Pay to Trade ratio (calculated as the price to tangible book value multiple paid in the respective transaction divided by the acquiror’s standalone closing stock price to tangible book value per share multiple); |

48

TABLE OF CONTENTS

| • | Price per common share to LTM core EPS of the acquired company (in the case of two selected transactions involving a private acquired company, this transaction statistic was calculated as total transaction consideration divided by LTM core net income); |

| • | Price per common share to estimated EPS of the acquired company for the first full year after the announcement of the respective transaction, referred to as FWD EPS; and |

| • | Tangible equity premium to core deposits (total deposits less time deposits greater than $100,000) of the acquired company, referred to as core deposit premium. |

KBW also reviewed the price per common share paid for the acquired company for the 12 selected transactions involving publicly traded acquired companies as a premium/(discount) to the closing price of the acquired company one-day prior to the announcement of the acquisition (expressed as a percentage and referred to as the one day market premium). The resulting transaction multiples and premiums for the selected transactions were compared with the corresponding transaction multiples and premiums for the proposed merger based