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Huntington — bank health check

HBAN
Super regionalAssets $287.8B4-quarter TTMmerger closed Feb 1, 2026 — earlier quarters not like for like
Close · Oct 26, 202615.73P/E 12.5 · yield 3.9%
P/TBV1.78×TBVPS 8.81
Line · r 10%1.54×range 1.35–1.80×
+16% premiumP/TBV ÷ line − 1
Fed funds · last FOMC3.75–4.00%Sep 16, 2026 · +25bp
UST 3m · 2y · 10y · Oct 26, 20264.22 · 4.68 · 5.0010y−2y +0.32 · 10y−3m +0.78
KBE · YTD+8.9%1D +0.4% · 1Y +14.4% · 5Y +17%
KRE · YTD+12.2%1D +0.4% · 1Y +18.8% · 5Y +0%
SPY · YTD+12.3%1D +0.8% · 1Y +13.1% · 5Y +68%
Prices as ofOct 26, 2026Financials TTM through Sep 30, 2026

Valuation range

the line at three costs of equity
r 11% · 1.35×r 9% · 1.80×now 1.78×
0.0×1.0×2.0×3.0×4.0×

At r = 10% the line gives 1.54× for a 13.8% ROTCE; the market pays 1.78×, a 16% premium to the line.

Where it has traded

quarter-end P/TBV · 20 quarters · Dec 31, 2021 → Sep 30, 2026
1.00×1.38×1.75×2.13×2.50×2021202220232024202520262021-12-31 · 2.03× (close 15.42 · TBVPS 7.59)2022-03-31 · 2.08× (close 14.62 · TBVPS 7.02)2022-06-30 · 1.85× (close 12.03 · TBVPS 6.50)2022-09-30 · 2.22× (close 13.18 · TBVPS 5.93)2022-12-31 · 2.23× (close 14.10 · TBVPS 6.32)2023-03-31 · 1.64× (close 11.20 · TBVPS 6.83)2023-06-30 · 1.57× (close 10.78 · TBVPS 6.86)2023-09-30 · 1.57× (close 10.40 · TBVPS 6.62)2023-12-31 · 1.74× (close 12.72 · TBVPS 7.30)2024-03-31 · 1.92× (close 13.95 · TBVPS 7.26)2024-06-30 · 1.78× (close 13.18 · TBVPS 7.38)2024-09-30 · 1.81× (close 14.70 · TBVPS 8.14)2024-12-31 · 2.09× (close 16.27 · TBVPS 7.80)2025-03-31 · 1.82× (close 15.01 · TBVPS 8.25)2025-06-30 · 1.95× (close 16.76 · TBVPS 8.60)2025-09-30 · 1.92× (close 17.27 · TBVPS 8.97)2025-12-31 · 1.83× (close 17.35 · TBVPS 9.47)2026-03-31 · 1.62× (close 15.65 · TBVPS 9.68)2026-06-30 · 1.89× (close 17.73 · TBVPS 9.38)2026-09-30 · 1.73× (close 15.26 · TBVPS 8.81)p75 1.97×med 1.84×p25 1.74×now 1.78×
Five-year median 1.84×, middle half 1.74–1.97×, range 1.57–2.23×. Now 1.78×: −3% below its own median, higher than 30% of those quarters.Each quarter priced at its own TBVPS · the band is the 25th–75th percentile

Where the money goes

TTM through Sep 30, 2026 · $B
0510Interest income: 12.5 $B12.5InterestincomeInterest expense: −4.9 $B−4.9InterestexpenseNII: 7.6 $B7.6NIINon-interest income: 2.8 $B2.8Non-interestincomeNet revenue: 10.4 $B10.4NetrevenueOperating expenses: −6.8 $B−6.8OperatingexpensesProvision: −0.5 $B−0.5ProvisionPre-tax: 3.1 $B3.1Pre-taxTax: −0.6 $B−0.6TaxNet income: 2.5 $B2.5Netincome
assets $287.8B ÷ TCE $18.0B = 16.0× leverage · ROA 0.87% × 16.0 = ROTCE 13.8%

Revenue mix

NII vs. non-interest income · Super regional peers (4)
HBAN73 / 27
Tier average65 / 35

Efficiency 65.3% vs. tier 61.8% · ROTCE 13.8% vs. 16.6% · credit cost 5.2% vs. 4.6% · AOCI/TCE −16.5% vs. −21.0%.

Quarter by quarter

8 quarters · Dec 31, 2024 → Sep 30, 2026 · a gap is a dropped quarter
NII, $B2.1
Provision, $B0.12
Efficiency63.5%
AOCI / TCE−16.5%