Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 137

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 137
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 percentages of Huntington shareholders and Cadence shareholders in the combined company based on the 2.475x exchange ratio provided for in the merger agreement were 77.2% and 22.8%, respectively. |

| (2) | Core income after taxes and before extraordinary items, excluding gain / (loss) on sale of securities, amortization of intangibles, and nonrecurring items as defined by S&P Capital IQ Pro. |

Financial Impact Analysis. KBW performed a pro forma financial impact analysis that combined projected income statement and balance sheet information of Huntington and Cadence. Using (i) closing balance sheet estimates assumed as of March 31, 2026 for Huntington provided by Huntington management and closing balance sheet estimates assumed as of March 31, 2026 for Cadence based on publicly available consensus “street estimates”, (ii) financial forecasts and projections of Huntington provided by Huntington management, (iii) publicly available 2026 and 2027 consensus EPS “street estimates” for Cadence and an assumed long-term EPS growth rate for Cadence provided by Cadence management, and (iv) pro forma assumptions (including, without limitation, the cost savings expected to result from the merger as well as certain purchase accounting and

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earnings adjustments and other merger-related adjustments and the restructuring charge assumed with respect thereto) provided by Huntington management, KBW analyzed the potential financial impact of the merger on certain projected financial results of Huntington. This analysis indicated the merger could be accretive to Huntington’s estimated 2026 EPS and estimated 2027 EPS and could be dilutive to Huntington’s estimated tangible book value per share at closing assumed as of March 31, 2026. The analysis also indicated that, based on Huntington’s projected pro forma financial results attributable to a share of Cadence common stock using the 2.475x exchange ratio provided for in the merger agreement, the merger could be accretive relative to Cadence’s estimated 2026 EPS and estimated 2027 EPS and could be dilutive relative to Cadence’s estimated tangible book value per share at closing assumed as of March 31, 2026. Furthermore, the analysis indicated that, pro forma for the merger, each of Huntington’s tangible common equity to tangible assets ratio, Tier 1 Leverage Ratio, Common Equity Tier 1 Ratio, Tier 1 Capital Ratio and Total Risk-based Capital Ratio at closing assumed as of March 31, 2026 could be lower. For all of