Huntington Bancshares, Inc. - 5.875% PRF PERPETUAL USD 25 - Ser C 1/40th int

Solid Q3 execution + supportive macro, but “K-shaped” risk remains - Management said operating performance was “solid” despite a fluid environment; strong commercial pipelines and consumer spending trends. - Main challenge cited: higher interest rates + elevated energy/input prices could damp growth and exacerbate K-shaped consumer dynamics in later years (not a base-case downturn, but ongoing uncertainty).

Earnings/ROTC targets for 2027; disciplined capital returns continue - Bank reiterated/outlined value creation targets: 2027 EPS expected to grow >20% from 2025 and ROTCE rising into 17–18% range. - Tangible book value per share expected to grow >10% from 2025. - Capital return: ~$460mm share repurchases year-to-date at the time of the call; company expects substantial capital returns in upcoming quarters (and guided buyback plan discussed as ~$1.8–$1.9B between this year and next). - Dividends: the call referenced maintaining a ~4%+ dividend yield, supported by earnings power/TBV growth.

NII/NIM and fee growth outlook: NIM flat into Q4; strong fees as a growth engine - Q3: Net interest income ~ $2.1B, up ~0.9% QoQ and ~37% YoY; NIM rose 4 bps to 3.25%. - Outlook: NIM expected ~flat into Q4. - Fee revenue: value-added fee revenues +15% YoY (reported, inclusive of Veritex/Cadence partnerships). - Q4 fee guidance: ~$750mm (plus/minus normal variability) implying ~31% full-year fee growth.