Company: HBAN
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001140361-25-029894
Chunk: 78

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-08-08
Form: S-4/A
Chunk 78
---
 Southside Bancshares, Inc.      |
| Stellar Bancorp, Inc.              |     | Business First Bancshares, Inc. |
| National Bank Holdings Corporation |     |                                 |

To perform this analysis, KBW used profitability and other financial information for the quarter ended March 31, 2025 (“2025Q1”), for the latest twelve (12) months (“LTM”) ended March 31, 2025 or as of March 31, 2025 (except where noted below in the case of Veritex) and market price information as of July 11, 2025. KBW also used 2025 and 2026 earnings per share (“EPS”) estimates taken from publicly available consensus “street estimates” for Veritex and the selected companies. Certain financial data presented in the tables below may not correspond to the data presented in Veritex’s historical financial statements, as a result of the different periods, assumptions and methods used to compute the financial data presented.

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TABLE OF CONTENTS

KBW’s analysis showed the following concerning the financial performance of Veritex and the selected companies:

|                                                         |     |                 |     | Selected Companies |     |        |     |         |     |            |
|                                                         |     | Veritex(1)      |     | 25th               
 Percentile         |     | Median |     | Average |     | 75th       
 Percentile |
| 2025Q1 Core Return on Average Assets(2)                 |     | 0.97% | 1.06%   |     | 1.03%              |     | 1.05%  |     | 1.04%   |     | 1.11%      |
| 2025Q1 Core Return on Average Tangible Common Equity(2) |     | 10.25% | 10.76% |     | 10.36%             |     | 11.33% |     | 11.27%  |     | 13.49%     |
| 2025Q1 Net Interest Margin                              |     | 3.31% | 3.33%   |     | 3.17%              |     | 3.44%  |     | 3.49%   |     | 3.81%      |
| 2025Q1 Fee Income / Revenue(3)                          |     | 12.5