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Huntington — bank health check

HBAN
Super regionalAssets $284.0B4-quarter TTMmerger closed Feb 1, 2026 — earlier quarters not like for like
Close · Oct 16, 202615.27P/E 11.4 · yield 4.1%
P/TBV1.63×TBVPS 9.38
Line · r 10%1.42×range 1.24–1.66×
+15% premiumP/TBV ÷ line − 1
Fed funds · last FOMC3.75–4.00%Sep 16, 2026 · +25bp
UST 3m · 2y · 10y · Oct 16, 20264.26 · 4.74 · 5.0910y−2y +0.35 · 10y−3m +0.83
KBE · YTD+4.8%1D +0.1% · 1Y +15.5% · 5Y +15%
KRE · YTD+7.7%1D +0.1% · 1Y +20.1% · 5Y −1%
SPY · YTD+11.9%1D −1.1% · 1Y +15.5% · 5Y +71%
Prices as ofOct 16, 2026Financials TTM through Sep 30, 2026

Valuation range

the line at three costs of equity
r 11% · 1.24×r 9% · 1.66×now 1.63×
0.0×1.0×2.0×3.0×4.0×

At r = 10% the line gives 1.42× for a 12.9% ROTCE; the market pays 1.63×, a 15% premium to the line.

Where it has traded

quarter-end P/TBV · 20 quarters · Sep 30, 2021 → Jun 30, 2026
1.00×1.38×1.75×2.13×2.50×2021202220232024202520262021-09-30 · 2.04× (close 15.46 · TBVPS 7.59)2021-12-31 · 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)p75 2.03×med 1.87×p25 1.77×now 1.63×
Five-year median 1.87×, middle half 1.77–2.03×, range 1.57–2.23×. Now 1.63×: −13% below its own median, higher than 15% of those quarters.Each quarter priced at its own TBVPS · the band is the 25th–75th percentile

Where the money goes

TTM through Jun 30, 2026 · $B
0510Interest income: 11.7 $B11.7InterestincomeInterest expense: −4.7 $B−4.7InterestexpenseNII: 7.0 $B7.0NIINon-interest income: 2.7 $B2.7Non-interestincomeNet revenue: 9.7 $B9.7NetrevenueOperating expenses: −6.2 $B−6.2OperatingexpensesProvision: −0.5 $B−0.5ProvisionPre-tax: 2.9 $B2.9Pre-taxTax: −0.5 $B−0.5TaxNet income: 2.4 $B2.4Netincome
assets $284.0B ÷ TCE $18.5B = 15.3× leverage · ROA 0.84% × 15.3 = ROTCE 12.9%

Revenue mix

NII vs. non-interest income · Super regional peers (4)
HBAN72 / 28
Tier average64 / 36

Efficiency 64.3% vs. tier 61.3% · ROTCE 12.9% vs. 15.9% · credit cost 5.5% vs. 5.0% · AOCI/TCE −11.9% vs. −17.5%.

Quarter by quarter

8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter
NII, $B2.1
Provision, $B0.13
Efficiency63.8%
AOCI / TCE−11.9%