Huntington Bancshares Inc at Goldman Sachs U.S. Financial Services Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Ryan M. Nash - Goldman Sachs Group Inc - Analyst : Great. And thank you for prepared remarks, Steve. That's great. So maybe, Steve, we'll start off with some high-level questions. You've been able to deliver best-in-class loan growth in a relatively slower growth environment and most of your financial metrics continue to be best-in-class. Maybe just talk a little bit about, one, what has driven this? And can this success continue into 2026? Stephen Steinour - Huntington Bancshares Inc - Chairman of the Board, President, Chief Executive Officer of Huntington and President, Chief Executive Officer of Huntington Bank Well, we certainly think the foundation that's been built over the years, OCR, aggregate moderate to low-risk appetite, gives us a strong platform. But we saw with the combination, the partnership with TCF and ability to really get to another scale of operations. And we chose to invest when others weren't, post Silicon Valley, that ramped up both our specialty banking verticals in a very powerful way when that continues today, and they're not mature. But it also allowed us to operate in a number of new regions, North and South Carolina and Texas, that set up an expansion opportunity. And all of this is done with -- at the same time, we were reconfiguring our local model, our operating model locally and putting more emphasis on local delivery at a time when cost cuts and other things were happening and many of our competitors were pulling out. So those three combination of factors, I think, put us in an extraordinary advantage position. We continue to benefit from that today. And I think we've got a very strong operating model to go forward with both locally and nationally, and we've got momentum in all these businesses. We're very optimistic about what we've been able to achieve. These partnerships, and I can't emphasize that word enough partnerships, Dan Rollins has been spectacular. And so has Malcolm Holland. We got record time to close with Veritex. We're off to a great start. The commercial pipeline looks very strong. We're going to convert on January 17, on that MLK weekend when we expect to close cadence on Feb 1, and then convert on June 10. And so by the end of the first half, we're on common systems, platforms and an ability to go forward with standard goals and operating procedures.

Question: Ryan M. Nash - Goldman Sachs Group Inc - Analyst : We're going to get to Zach shorts, but just a couple more here for you, Steve. So you talked about -- you announced two acquisitions in reasonably short order, one in July with Veritex and more recently, Cadence in late October. Talk about the strategies in place to embed Huntington's operating model in to these banks. You referenced some of it in the slides and talk about what you're doing to retain the top talent at these institutions. Stephen Steinour - Huntington Bancshares Inc - Chairman of the Board, President, Chief Executive Officer of Huntington and President, Chief Executive Officer of Huntington Bank Well, first of all, these are partnerships. And so the ability to combine these companies is led, not just by the Huntington team but by the Veritex and Cadence team. Malcolm Holland has been just a tremendous partner. He's got an ongoing very active role. We'll be announcing some things in golf in the near future that are coming because of Malcolm and his relationships and focus, along with other activities, the Veritex's commercial loan pipeline is surprisingly strong to me at this point in advance of a conversion 30 days out. This is -- it's. I haven't seen this often in my career. And then Dan Rollins has just been spectacular. Literally, the three, four months we had in conversation and planning to get things right, have advanced our actual plans very significantly. And he's been deeply involved along with his team, just great partners. So as we sit here today, the organization decisions are done. The people -- there are over 5,000 people that have been -- that as of the end of this week, will have been notified. The system conversion activities are well underway. Now we'll do MCI for Veritex this weekend, and the activities for Cadence are in a parallel stream to set up that conversion as we go forward. And all of this happens because there's an ongoing interest, if you will. And we're very delighted both Malcolm and Dan, and largely, their teams are going to be with us going forward.

Question: Ryan M. Nash - Goldman Sachs Group Inc - Analyst : Awesome. So a lot of opportunity out there for you guys. Stephen Steinour - Huntington Bancshares Inc - Chairman of the Board, President, Chief Executive Officer of Huntington and President, Chief Executive Officer of Huntington Bank I think so.

Question: Ryan M. Nash - Goldman Sachs Group Inc - Analyst : Zach, I appreciate your patience and waiting for us to get to your part --

Question: Ryan M. Nash - Goldman Sachs Group Inc - Analyst : I'm always ready. So maybe just to start off, you guys obviously gave loan to deposit growth updates. You gave some commentary on full year. Maybe just give a little bit of color on, one, what you're seeing in the quarter? And then two, how is it setting Huntington up for 2023?

Question: Ryan M. Nash - Goldman Sachs Group Inc - Analyst : So maybe just to dig in back to some of the pieces. Deposit growth and yet another outstanding quarter of growth. You're now saying high end of the full year range. Maybe just talk about what is driving that? And how sustainable do you think it is given competition and pricing pressure across all the banks? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 3:00PM, HBAN.OQ - Huntington Bancshares Inc at Goldman Sachs U.S. Financial Services Conference

Question: Ryan M. Nash - Goldman Sachs Group Inc - Analyst : Got it. That's super helpful. You reiterated the 7% fee income guidance, including Veritex, you gave a specific number. So even I could understand what that means. But maybe just help us understand some of the moving pieces within there. Obviously, there was tougher comps because capital markets was so strong last year. Maybe just walk us through some of the moving pieces within there.

Question: Ryan M. Nash - Goldman Sachs Group Inc - Analyst : So Steve didn't make it easy on you into 2026 with one deal closing and then converting another deal closing and then converting. So obviously, there's going to be -- it's going to be a messy year. Well, I know we'll get formal guidance early next year and revisions once cap closes. Just any broad strokes on your expectations or how we should think about into 2026.

Question: Ryan M. Nash - Goldman Sachs Group Inc - Analyst : So Zach, when I think about Huntington has had tremendous success in terms of managing your funding cost even while growing at a really fast pace. As you think about optimizing your overall funding cost, how do you expect to leverage Cadence and Veritex deposit franchises to both improve the funding mix? And obviously reduce the cost of funding.

Question: Ryan M. Nash - Goldman Sachs Group Inc - Analyst : So Steve, sort of a hallmark of your tenure as CEO has been the ability to generate positive operating leverage almost every single year that you've been in charge. How do you guys maintain positive operating leverage and expense flexibility during this integration. Obviously, lots of different moving pieces going on. Maybe just talk through that and Steve, if you have any comments. Go ahead Zach. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 3:00PM, HBAN.OQ - Huntington Bancshares Inc at Goldman Sachs U.S. Financial Services Conference

Question: Ryan M. Nash - Goldman Sachs Group Inc - Analyst : And slide 12 talks about your ability to unlock revenue synergies. You've outlined the potential for these. Maybe just talk a little bit about when will these begin to contribute? And is there any investment needed to start to see these revenue synergies kicking in? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 3:00PM, HBAN.OQ - Huntington Bancshares Inc at Goldman Sachs U.S. Financial Services Conference

Question: Ryan M. Nash - Goldman Sachs Group Inc - Analyst : Whenever we see deals like this, I think investors worry what could happen in terms of customer retention. And maybe just talk a little bit about what assumptions you made about customer attrition post merger? And what actions are you taking to outperform these assumptions? Stephen Steinour - Huntington Bancshares Inc - Chairman of the Board, President, Chief Executive Officer of Huntington and President, Chief Executive Officer of Huntington Bank So there's always a risk of customer attrition. And so that's a focal point from diligence on and the planning builds on the prior experiences and plans, and we just try to keep getting better and better with it. But it starts with, can we get the hearts and minds, can met the engagement of our new colleagues. And that's why the partnership is so important. The message is that Malcolm and Dan said right from the start with us and the management team, we're incredibly positive, and we're seeing that by interim surveys. So it's up to us now to continue to build that trust, the transparency. The reason we did the notification to all the colleagues now as we wanted them to know their status before Christmas and the holiday season versus after. So they had assurances where that's appropriate, 80%, roughly 80% got those assurances. So we're trying to do things that are sensitive and build, again, trust show the care and concern and therefore, the allegiance to us that they, in turn, will bring about the customer base. So we're going to have good conversions. We have to have good conversions. And again, this is where the partnering is so helpful. The tech teams at Cadence are working very closely with our tech teams now on making sure we get good conversions with Cadence. So we're in an execution mode. We build -- we build on -- we learn and build and get better, hopefully, as we go forward and do things better for both our new colleagues and customers.