ファーストホライズンの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

FORM 8-K

_____________________________________

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

October 18, 2023

Date of Report (date of earliest event reported)

(Exact name of registrant as specified in its charter)


TN	001-15185		62-0803242
(State or other jurisdiction of incorporation)	(Commission File Number)		(I.R.S. Employer Identification No.)

165 Madison Avenue	Memphis,	Tennessee	38103
(Address of Principal Executive Offices)			(Zip Code)

(Registrant's telephone number, including area code) (901) 523-4444

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Exchange on which Registered
$0.625 Par Value Common Capital Stock	FHN	New York Stock Exchange LLC
Depositary Shares, each representing a 1/400th interest in	FHN PR B	New York Stock Exchange LLC
a share of Non-Cumulative Perpetual Preferred Stock, Series B
Depositary Shares, each representing a 1/400th interest in	FHN PR C	New York Stock Exchange LLC
a share of Non-Cumulative Perpetual Preferred Stock, Series C
Depositary Shares, each representing a 1/400th interest in	FHN PR D	New York Stock Exchange LLC
a share of Non-Cumulative Perpetual Preferred Stock, Series D
Depositary Shares, each representing a 1/4,000th interest in	FHN PR E	New York Stock Exchange LLC
a share of Non-Cumulative Perpetual Preferred Stock, Series E
Depositary Shares, each representing a 1/4,000th interest in	FHN PR F	New York Stock Exchange LLC
a share of Non-Cumulative Perpetual Preferred Stock, Series F

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o Furnished as Exhibit 99.1 is a copy of the First Horizon Corporation (“FHN” or "First Horizon") Third Quarter 2023 Earnings Release, released today.

ITEM 2.02. Results of Operations and Financial Condition.

ITEM 7.01. Regulation FD Disclosure.

Furnished as Exhibit 99.2 is a copy of the Investor Slide Presentation for the quarter ended September 30, 2023, released today.

Exhibits 99.1 and 99.2 are furnished pursuant to Item 2.02, “Results of Operations and Financial Condition” and Item 7.01, “Regulation FD Disclosure.” The exhibits speak as of the date thereof and FHN does not assume any obligation to update in the future the information therein.

Use of Non-GAAP Measures and Regulatory Measures that are not GAAP in the Exhibits

Certain measures included in or furnished by this report are “non-GAAP,” meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. Although other entities may use calculation methods that differ from those used by FHN for non-GAAP measures, FHN’s management believes such measures are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. Non-GAAP measures are reported to FHN’s management and Board of Directors through various internal reports.

The non-GAAP measures presented in, with, or by this report are: fully taxable equivalent measures; pre-provision net revenue ("PPNR"); loans and leases, allowance for credit losses (“ACL”), and ratios excluding Loans to Mortgage Companies (“LMC”); return on average tangible common equity (“ROTCE”); tangible common equity (“TCE”) to tangible assets (“TA”); tangible book value ("TBV") per common share; common equity tier 1 capital ("CET1") net of unrealized losses; and various consolidated results and performance measures and ratios adjusted for notable items identified in the exhibits.

Reconciliations of non-GAAP to GAAP measures and presentation of the most comparable GAAP items are presented near the end (immediately before the Glossary) of Exhibit 99.1-Earnings Release and at the end of Exhibit 99.2-Investor Slide Presentation.

Presentation of regulatory measures, even those which are not GAAP, provide a meaningful base for comparability to other financial institutions subject to the same regulations as FHN, as demonstrated by their use by banking regulators in reviewing capital adequacy of financial institutions. Although not GAAP terms, these regulatory measures are not considered “non-GAAP” under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in this report include: CET1, generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk weighted assets (“RWA”), which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios.

Forward-Looking Statements

The exhibit contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements pertain to FHN's beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results, or other developments. Forward-looking statements can be identified by the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other expressions that indicate future events and trends. Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic, and competitive uncertainties and contingencies, many of which are beyond FHN’s control, and many of which, with respect to future business decisions and actions (including acquisitions and divestitures), are subject to change and could cause FHN’s actual future results and outcomes to differ materially from those contemplated or implied by forward-looking statements or historical performance. Examples of uncertainties and contingencies include those mentioned: in the exhibit; in the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K, as amended; and in the forepart, and in Item 1A of Part II, of FHN’s Quarterly Report(s) on Form 10-Q filed this year. FHN assumes no obligation to update or revise any forward-looking statements that are made in this document or in any other statement, release, report, or filing from time to time. Throughout this presentation, numbers may not foot due to rounding, and references to EPS are fully diluted.

ITEM 9.01. Financial Statements and Exhibits.

(d)Exhibits


FIRST HORIZON CORPORATION			2			FORM 8-K CURRENT REPORT 10/18/2023

Each of the following Exhibits 99.1 and 99.2, furnished pursuant to Items 2.02 and 7.01, is not to be considered “filed” under the Securities Exchange Act of 1934, as amended (“Exchange Act”), and shall not be incorporated by reference into any of FHN’s previous or future filings under the Securities Act of 1933, as amended, or the Exchange Act.


Exhibit #						Description

99.1						First Horizon Corporation Third Quarter 2023 Earnings Release
99.2						First Horizon Corporation Investor Slide Presentation for the quarter ended September 30, 2023
104						Cover Page Interactive Data File, formatted in Inline XBRL


FIRST HORIZON CORPORATION			3			FORM 8-K CURRENT REPORT 10/18/2023

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FIRST HORIZON CORPORATION

(Registrant)

Date:

October 18, 2023

By:

/s/ Hope Dmuchowski

Hope Dmuchowski

Senior Executive Vice President—Chief Financial Officer

(Duly Authorized Officer and Principal Financial Officer)


FIRST HORIZON CORPORATION			4			FORM 8-K CURRENT REPORT 10/18/2023

EX-99.1 2 a3q2023earningsrelease.htm 3Q2023 EARNINGS RELEASE Document

First Horizon Corporation Reports Third Quarter 2023 Net Income Available to Common Shareholders of

$129 Million, or EPS of $0.23; $150 Million, or $0.27, on an Adjusted Basis*

Period end deposits increased $1.6 billion QoQ or 2%, up 6% year-to-date with common equity tier 1 ratio of 11.1%

Period end loans increased $0.5 billion QoQ, or 1%, up 6% year-to-date

ROTCE of 8.0% and adjusted ROTCE of 9.2% with tangible book value per share of $11.22*

MEMPHIS, TN (October 18, 2023) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported third quarter net income available to common shareholders ("NIAC") of $129 million, or earnings per share of $0.23, compared with second quarter 2023 NIAC of $317 million, or earnings per share of $0.56.

Third quarter 2023 results were reduced by a net $20 million after-tax, or $0.04 per share, of notable items compared with a benefit of $98 million, or $0.17 per share, in second quarter 2023. Excluding notable items, adjusted third quarter 2023 NIAC of $150 million, or $0.27 per share, decreased from $219 million, or $0.39 per share, in second quarter 2023.

“Our third quarter results demonstrated the strength and resilience of our company. Our loan and deposit trends continue to be solid. We opened more than 19,000 new deposit accounts bringing over $1 billion in new balances,” said Chairman, President and Chief Executive Officer Bryan Jordan. “We remain disciplined with credit quality; as the economic environment drives credit normalization, we expect credit to perform well over the cycle.”

“Thanks to the hard work of our associates, we’ve proven that we can be nimble and flexible with capital and expense control while managing the dynamics of our balance sheet across various economic cycles. Our actions will give us the ability to generate strong shareholder returns over the long-term,” continued Jordan.

Notable Items


Notable Items
Quarterly, Unaudited ($s in millions, except per share data)	3Q23		2Q23		3Q22
Summary of Notable Items:








Gain on merger termination	$	—	$	225	$	—

Gain on sale of title services business (other noninterest income)	—		—		21
Gain related to equity securities investment (other noninterest income)	—		—		10
Net Merger/acquisition/transaction-related items	—		(30)		(24)


Other notable expenses	(10)		(65)		—

Total Notable items (pre-tax)	(10)		130		7
Total Notable items (after-tax) *	(20)		98		5
EPS impact of notable items	$	(0.04)	$	0.17	$	0.01
Numbers may not foot due to rounding.
* 3Q23 includes after-tax notable items of $13 million comprised of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items.

Third quarter pre-tax net notable items include $10 million of restructuring costs. Additionally, third quarter includes after-tax notable items of $13 million comprised of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items.

*ROTCE, PPNR, tangible book value per share, loans and leases excluding LMC, and "Adjusted" results are Non-GAAP Financial Measures; NII, Total Revenue, NIM and PPNR are presented on a fully taxable equivalent basis; References to loans include leases and EPS are based on diluted shares; Capital ratios are preliminary. See page 5 for information on our use of Non-GAAP measures and their reconciliation to GAAP beginning on page 21.

Third Quarter 2023 versus Second Quarter 2023 Highlights

•Total revenue of $778 million decreased $253 million from decreased noninterest income due to a $225 million gain on merger termination recognized in second quarter and lower net interest income. Adjusted revenue of $782 million decreased $28 million, or 3%, primarily due to a decline in net interest income.

•Net interest income of $605 million decreased $26 million, or 4%, as the benefit of higher loan rates and loan balances was more than offset by higher funding costs from customer deposit growth.

•Noninterest income of $173 million decreased $227 million due to a $225 million gain on merger termination recognized in second quarter. Adjusted noninterest income of $173 million decreased $2 million as lower deferred compensation income was partially offset by higher FHLB dividends received in third quarter.

•Noninterest expense of $474 million decreased $81 million driven by a $55 million decline in other notable items and $30 million of merger-related costs recognized in second quarter. Adjusted noninterest expense of $465 million increased $4 million as an increase in other noninterest expense from higher FDIC fees was partially offset by lower personnel expense.

•Provision expense of $110 million increased $60 million largely driven by a credit loss on a single relationship and loan growth.

•Average interest-earning assets of $76.3 billion increased $1.0 billion driven by a $1.5 billion increase in loans somewhat offset by a $0.4 billion decrease in the investment security portfolio and a $0.2 billion decrease in interest-bearing deposits with banks.

•Average deposits of $66.5 billion increased $5.1 billion, or 8%, driven by a $6.6 billion increase in interest-bearing deposits partially offset by a $1.5 billion decrease in DDA and other noninterest-bearing deposits.

•Total deposit costs of 244 basis points increased 71 basis points, reflecting a full quarter impact from a successful deposit campaign and the impact of a higher Fed Funds rate.

•Period-end deposits of $67.0 billion increased $1.6 billion reflecting a $2.6 billion increase in interest-bearing deposits partially offset by a $1.0 billion decrease in noninterest-bearing.

•Average loans increased $1.5 billion driven by a $1.0 billion increase in commercial loans and a $0.5 billion increase in consumer loans.

•Period-end loans increased $0.5 billion, or 1%, driven by a $0.3 billion increase in commercial and a $0.2 billion increase in consumer.

•Allowance for credit losses ("ACL") to loans ratio increased slightly to 1.36% as of September 30, 2023. The ACL to nonperforming loans ratio of 214% increased from 206% at June 30, 2023.

•Net charge-offs of $95 million increased $72 million largely driven by a single credit from a company in bankruptcy; nonperforming loans of $394 million decreased $8 million and the nonperforming loan ratio of 0.64% decreased from 0.66% at June 30, 2023.

•ROCE of 6.3%; ROTCE of 8.0%; Adjusted ROTCE of 9.2%; CET 1 ratio of 11.1%; and total capital ratio of 13.6%.

•Tangible book value per share of $11.22 at September 30, 2023 compared with $11.50 at June 30, 2023. The decrease was driven by higher mark-to-market on the AFS securities portfolio and interest rate hedges.


SUMMARY RESULTS
Quarterly, Unaudited

										3Q23 Change vs.
($s in millions, except per share and balance sheet data)	3Q23			2Q23			3Q22			2Q23					3Q22
										$/bp			%		$/bp			%
Income Statement
Interest income - taxable equivalent1	$	1,084		$	1,019		$	737		$	65		6	%	$	347		47	%
Interest expense- taxable equivalent1	475			385			71			90			23		404			NM
Net interest income- taxable equivalent	609			635			666			(26)			(4)		(57)			(9)
Less: Taxable-equivalent adjustment	4			4			4			—			—		—			—
Net interest income	605			631			662			(26)			(4)		(57)			(9)
Noninterest income	173			400			213			(227)			(57)		(40)			(19)
Total revenue	778			1,031			875			(253)			(25)		(97)			(11)
Noninterest expense	474			555			468			(81)			(15)		6			1
Pre-provision net revenue3	304			475			406			(171)			(36)		(102)			(25)
Provision for credit losses	110			50			60			60			120		50			83
Income before income taxes	194			425			346			(231)			(54)		(152)			(44)
Provision for income taxes	52			96			78			(44)			(46)		(26)			(33)
Net income	142			329			268			(187)			(57)		(126)			(47)
Net income attributable to noncontrolling interest	5			5			3			—			—		2			67
Net income attributable to controlling interest	137			325			265			(188)			(58)		(128)			(48)
Preferred stock dividends	8			8			8			—			—		—			—
Net income available to common shareholders	$	129		$	317		$	257		$	(188)		(59)	%	$	(128)		(50)	%

Adjusted net income4	$	163		$	231		$	263		$	(68)		(29)	%	$	(100)		(38)	%
Adjusted net income available to common shareholders4	$	150		$	219		$	252		$	(69)		(32)	%	$	(102)		(40)	%
Common stock information
EPS	$	0.23		$	0.56		$	0.45		$	(0.33)		(59)	%	$	(0.22)		(49)	%
Adjusted EPS4	$	0.27		$	0.39		$	0.44		$	(0.12)		(31)	%	$	(0.17)		(39)	%


Diluted shares8	561			561			570			—			—	%	(9)			(2)	%
Key performance metrics
Net interest margin	3.17		%	3.38		%	3.48		%	(21)		bp			(31)		bp

Efficiency ratio	60.92			53.87			53.56			705					736
Adjusted efficiency ratio4	59.39			56.90			52.42			249					697
Effective income tax rate	26.67			22.63			22.58			404					409
Return on average assets	0.68			1.60			1.29			(92)					(61)
Adjusted return on average assets4	0.78			1.13			1.27			(35)					(49)
Return on average common equity (“ROCE")	6.3			16.4			13.9			(1,012)					(757)

Return on average tangible common equity (“ROTCE”)4	8.0			21.1			18.2			(1,315)					(1,028)
Adjusted ROTCE4	9.2			14.6			17.9			(538)					(868)
Noninterest income as a % of total revenue	22.27			38.82			24.30			(1,655)					(203)
Adjusted noninterest income as a % of total revenue4	22.16		%	21.63		%	21.37		%	53		bp			79		bp
Balance Sheet (billions)
Average loans	$	61.4		$	59.9		$	56.5		$	1.5		3	%	$	4.9		9	%
Average deposits	66.5			61.4			68.1			5.1			8		(1.6)			(2)
Average assets	83.2			82.3			82.6			0.9			1		0.7			1
Average common equity	$	8.2		$	7.7		$	7.4		$	0.4		5	%	$	0.8		11	%
Asset Quality Highlights

Allowance for credit losses to loans and leases	1.36		%	1.35		%	1.31		%	1		bp			5		bp

Net charge-off ratio	0.61			0.16			0.08			46					53

Nonperforming loan and leases ratio	0.64		%	0.66		%	0.51		%	(2)		bp			13		bp
Capital Ratio Highlights (current quarter is an estimate)



Common Equity Tier 1	11.1		%	11.1		%	9.9		%	4		bp			118		bp
Tier 1	12.1			12.1			11.7			3					41
Total Capital	13.6			13.6			13.1			5					53
Tier 1 leverage	10.5		%	10.5		%	9.8		%	(5)		bp			68		bp

Numbers may not foot due to rounding.

Certain previously reported amounts have been reclassified to agree with current presentation.

See footnote disclosures on page 20.

Third Quarter 2023 versus Second Quarter 2023

Net interest income

Net interest income of $605 million decreased $26 million as the benefit of higher rates and loan balances was more than offset by higher funding costs driven by customer deposit growth. Net interest margin of 3.17% decreased 21 basis points largely as the benefit of higher rates and loan growth was more than offset by the impact of higher funding costs.

Noninterest income

Noninterest income of $173 million decreased $227 million due to a $225 million gain on merger termination recognized in second quarter. Adjusted noninterest income of $173 million decreased $2 million driven by an $8 million decrease in deferred compensation and lower fixed income, partially offset by higher FHLB dividends received in third quarter. Fixed income average daily revenue of $301 thousand decreased 14% compared with $348 thousand in second quarter 2023 due to continuing challenging market conditions.

Noninterest expense

Noninterest expense of $474 million decreased $81 million and included an $85 million decrease in notable items. Adjusted noninterest expense of $465 million increased $4 million as an increase in other noninterest expense was partially offset by lower personnel expense.

Loans and leases

Average loan and lease balances of $61.4 billion increased $1.5 billion reflecting a 2% increase in commercial and a 4% increase in consumer. Commercial loan growth of $1.0 billion was driven by a $0.6 billion increase in C&I loans. Consumer loan growth increased $0.5 billion compared to the prior quarter driven by an increase in consumer real estate. Loan balances excluding loans to mortgage companies (LMC) increased $1.4 billion compared to the prior quarter, driven by a $0.9 billion increase in commercial and a $0.5 billion increase in consumer.

Period-end loans and leases of $61.8 billion increased $0.5 billion from second quarter 2023, reflecting a 1% increase in commercial and a 1% increase in consumer. Before the $0.5 billion decrease of LMC, period-end loans increased $0.9 billion, or 2%, driven by a $0.7 billion increase in commercial and a $0.2 billion increase in consumer.

Deposits

Average deposits of $66.5 billion increased $5.1 billion, or 8%, driven by FHN's promotional deposit campaigns. Period-end deposits of $67.0 billion increased $1.6 billion reflecting a $2.6 billion increase in interest-bearing deposits partially offset by a $1.0 billion decrease in noninterest-bearing. Total deposit costs of 244 basis points increased 71 basis points with a 81 basis point increase in interest-bearing deposit costs.

Asset quality

Provision expense of $110 million increased $60 million in third quarter largely reflecting a credit loss on a single relationship and the impact of 2% loan growth excluding LMC.

Net charge-offs increased to $95 million, or 61 basis points, from $23 million, or 16 basis points, in second quarter 2023, largely driven by a single credit from a company in bankruptcy.

Nonperforming loans of $394 million decreased $8 million. Third quarter 2023 ACL to nonperforming loans coverage ratio of 214% compared with 206% in second quarter 2023.

The ACL to loans ratio increased to 1.36% from 1.35% in second quarter 2023.

Capital

CET1 ratio of 11.1% and total capital ratio of 13.6% in third quarter 2023 consistent with second quarter 2023.

Income taxes

Third quarter 2023 effective tax rate of 26.7% compared with 22.6% in second quarter 2023. On an adjusted basis, the effective tax rate of 20.1% in the third quarter 2023 decreased from 21.6% in second quarter 2023. Third quarter includes after-tax notable items of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements pertain to FHN's beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results, or other developments. Forward-looking statements can be identified by the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other expressions that indicate future events and trends.

Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic, and competitive uncertainties and contingencies, many of which are beyond FHN’s control, and many of which, with respect to future business decisions and actions (including acquisitions and divestitures), are subject to change and could cause FHN’s actual future results and outcomes to differ materially from those contemplated or implied by forward-looking statements or historical performance. Examples of uncertainties and contingencies include those mentioned: in this document; in Items 2.02 and 7.01 of FHN’s Current Report on Form 8-K to which this document has been filed as an exhibit; in the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K, as amended; and in the forepart, and in Item 1A of Part II, of FHN’s Quarterly Report(s) on Form 10-Q filed this year.

FHN assumes no obligation to update or revise any forward-looking statements that are made in this document or in any other statement, release, report, or filing from time to time.

Use of Non-GAAP Measures and Regulatory Measures that are not GAAP

Certain measures included in this report are “non-GAAP,” meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. Although other entities may use calculation methods that differ from those used by FHN for non-GAAP measures, FHN’s management believes such measures are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. Non-GAAP measures are reported to FHN’s management and Board of Directors through various internal reports.

The non-GAAP measures presented in this earnings release are fully taxable equivalent measures, pre-provision net revenue ("PPNR"), Loans to Mortgage Companies ("LMC"), return on average tangible common equity (“ROTCE”), tangible common equity (“TCE”) to tangible assets (“TA”), tangible book value ("TBV") per common share, and various consolidated and segment results and performance measures and ratios adjusted for notable items.

Regulatory measures used in this financial supplement include: common equity tier 1 capital ("CET1"), generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk-weighted assets, which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios.

Refer to the tabular reconciliation of non-GAAP to GAAP measures and presentation of the most comparable GAAP items, beginning on page 21.

Conference Call Information

Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on October 18, 2023 by dialing 1-833-470-1428 (if calling from the U.S.) or 404-975-4839 (if calling from outside the U.S) and entering access code 535504. The conference call will begin at 8:30 a.m. CT.

Participants can also opt to listen to the live audio webcast at https://ir.firsthorizon.com/events-and-presentations/default.aspx.

A replay of the call will be available beginning at noon CT on October 19 until midnight CT on November 3, 2023. To listen to the replay, dial 1-866-813-9403 (U.S. callers); the access code is 902096. A replay of the webcast will also be available on our website on October 19 and will be archived on the site for one year.

First Horizon Corp. (NYSE: FHN), with $82.5 billion in assets as of September 30, 2023, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

Contact: Investor Relations - NRFlanders@firsthorizon.com

Media Relations - Beth.Ardoin@firsthorizon.com


CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited

																3Q23 Change vs.
($s in millions, except per share data)	3Q23			2Q23			1Q23			4Q22			3Q22			2Q23				3Q22
																$		%		$		%
Interest income - taxable equivalent1	$	1,084		$	1,019		$	923		$	860		$	737		$	65	6	%	$	347	47	%
Interest expense- taxable equivalent1	475			385			232			148			71			90		23		404		NM
Net interest income- taxable equivalent	609			635			691			712			666			(26)		(4)		(57)		(9)
Less: Taxable-equivalent adjustment	4			4			4			4			4			—		—		—		—
Net interest income	605			631			688			709			662			(26)		(4)		(57)		(9)
Noninterest income:
Fixed income	28			30			39			35			46			(2)		(7)		(18)		(39)
Mortgage banking and title	7			6			5			4			9			1		17		(2)		(22)
Brokerage, trust, and insurance	34			35			34			33			34			(1)		(3)		—		—
Service charges and fees	60			59			55			56			56			1		2		4		7
Card and digital banking fees	20			21			19			20			21			(1)		(5)		(1)		(5)
Deferred compensation income	—			8			3			7			(3)			(8)		(100)		3		100
Gain on merger termination	—			225			—			—			—			(225)		(100)		—		NM
Other noninterest income	25			17			15			20			50			8		47		(25)		(50)
Total noninterest income	173			400			171			174			213			(227)		(57)		(40)		(19)
Total revenue	778			1,031			859			882			875			(253)		(25)		(97)		(11)
Noninterest expense:
Personnel expense:
Salaries and benefits	188			191			188			178			186			(3)		(2)		2		1
Incentives and commissions	77			86			80			97			92			(9)		(10)		(15)		(16)
Deferred compensation expense	—			8			3			7			(2)			(8)		(100)		2		100
Total personnel expense	266			285			271			281			275			(19)		(7)		(9)		(3)
Occupancy and equipment2	67			68			70			71			71			(1)		(1)		(4)		(6)
Outside services	69			71			66			70			66			(2)		(3)		3		5
Amortization of intangible assets	12			12			12			13			13			—		—		(1)		(8)
Other noninterest expense	60			119			59			69			44			(59)		(50)		16		36
Total noninterest expense	474			555			478			503			468			(81)		(15)		6		1
Pre-provision net revenue3	304			475			381			379			406			(171)		(36)		(102)		(25)
Provision for credit losses	110			50			50			45			60			60		120		50		83
Income before income taxes	194			425			331			334			346			(231)		(54)		(152)		(44)
Provision for income taxes	52			96			75			64			78			(44)		(46)		(26)		(33)
Net income	142			329			256			270			268			(187)		(57)		(126)		(47)
Net income attributable to noncontrolling interest	5			5			4			4			3			—		—		2		67
Net income attributable to controlling interest	137			325			251			266			265			(188)		(58)		(128)		(48)
Preferred stock dividends	8			8			8			8			8			—		—		—		—
Net income available to common shareholders	$	129		$	317		$	243		$	258		$	257		$	(188)	(59)	%	$	(128)	(50)	%
Common Share Data
EPS	$	0.23		$	0.59		$	0.45		$	0.48		$	0.48		$	(0.36)	(61)	%	$	(0.25)	(52)	%
Basic shares	559			539			537			536			536			20		4		23		4
Diluted EPS	$	0.23		$	0.56		$	0.43		$	0.45		$	0.45		$	(0.33)	(59)		$	(0.22)	(49)
Diluted shares8	561			561			572			572			570			—		—	%	(9)		(2)	%

Effective tax rate	26.7		%	22.6		%	22.7		%	19.2		%	22.6		%

Numbers may not foot due to rounding. See footnote disclosures on page 20.


ADJUSTED5 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 9
Quarterly, Unaudited


																3Q23 Change vs.
($s in millions, except per share data)	3Q23			2Q23			1Q23			4Q22			3Q22			2Q23				3Q22
																$		%		$		%


Net interest income (FTE)1	$	609		$	635		$	691		$	712		$	666		$	(26)	(4)	%	$	(57)	(9)	%
Adjusted noninterest income:
Fixed income	28			30			39			35			46			(2)		(7)		(18)		(39)
Adjusted mortgage banking and title	7			6			5			4			9			1		17		(2)		(22)
Brokerage, trust, and insurance	34			35			34			33			34			(1)		(3)		—		—
Service charges and fees	60			59			55			56			56			1		2		4		7
Card and digital banking fees	20			21			19			20			21			(1)		(5)		(1)		(5)
Deferred compensation income	—			8			3			7			(3)			(8)		(100)		3		100
Gain on merger termination	—			—			—			—			—			—		NM		—		NM
Adjusted other noninterest income	25			17			15			20			18			8		47		7		39
Adjusted total noninterest income	$	173		$	175		$	171		$	173		$	181		$	(2)	(1)	%	$	(8)	(4)	%
Total revenue (FTE)1	$	782		$	810		$	863		$	885		$	847		$	(28)	(3)	%	$	(65)	(8)	%

Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$	188		$	187		$	188		$	178		$	185		$	1	1	%	$	3	2	%
Adjusted Incentives and commissions	68			65			64			70			68			3		5		—		—
Adjusted deferred compensation expense	—			8			3			7			(2)			(8)		(100)		2		100
Adjusted total personnel expense	256			260			255			254			251			(4)		(2)		5		2
Adjusted occupancy and equipment2	67			68			70			71			70			(1)		(1)		(3)		(4)
Adjusted outside services	69			68			63			64			64			1		1		5		8
Adjusted amortization of intangible assets	12			12			12			12			12			—		—		—		—
Adjusted other noninterest expense	60			53			58			58			48			7		13		12		25
Adjusted total noninterest expense	$	465		$	461		$	457		$	458		$	444		$	4	1	%	$	21	5	%

Adjusted pre-provision net revenue3	$	318		$	349		$	406		$	428		$	403		$	(31)	(9)	%	$	(85)	(21)	%

Provision for credit losses	$	110		$	50		$	50		$	45		$	60		$	60	120	%	$	50	83	%







Adjusted net income available to common shareholders	$	150		$	219		$	259		$	293		$	252		$	(69)	(32)	%	$	(102)	(40)	%

Adjusted Common Share Data


Adjusted diluted EPS	$	0.27		$	0.39		$	0.45		$	0.51		$	0.44		$	(0.12)	(31)	%	$	(0.17)	(39)	%
Diluted shares8	561			561			572			572			570			—		—	%	(9)		(2)	%

Adjusted effective tax rate	20.1		%	21.6		%	22.9		%	19.8		%	22.4		%
Adjusted ROTCE	9.2		%	14.6		%	18.6		%	21.7		%	17.9		%
Adjusted efficiency ratio	59.4		%	56.9		%	53.0		%	51.7		%	52.4		%

Numbers may not foot due to rounding.

See footnote disclosures on page 20.


NOTABLE ITEMS
Quarterly, Unaudited



(In millions)	3Q23		2Q23		1Q23		4Q22		3Q22
Summary of Notable Items:



Gain on merger termination	$	—	$	225	$	—	$	—	$	—
Gain on sale of title services business	—		—		—		1		21
Gain related to equity securities investments	—		—		—		—		10

Net Merger/acquisition/transaction-related items	—		(30)		(21)		(36)		(24)
Other notable expenses*	(10)		(65)		—		(10)		—
Total notable items (pre-tax)	(10)		130		(21)		(45)		7
Tax-related notable items **	(13)		—		—		—		—
EPS impact of notable items	$	(0.04)	$	0.17	$	(0.03)	$	(0.06)	$	0.01

Numbers may not foot due to rounding

* 3Q23 includes $10 million of restructuring expenses; 2Q23 includes $50 million contribution to First Horizon Foundation; 2Q23 and 4Q22 includes $15 million and $10 million, respectively of Visa derivative valuation expense.

** 3Q23 includes after-tax notable items of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items.


IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited



(In millions)	3Q23		2Q23		1Q23		4Q22		3Q22
Impacts of Notable Items:



Noninterest income:






Gain on merger termination	$	—	$	(225)	$	—	$	—	$	—
Other noninterest income	—		—		—		(1)		(32)
Total noninterest income	$	—	$	(225)	$	—	$	(1)	$	(32)


Noninterest expense:
Personnel expenses:
Salaries and benefits	$	—	$	(4)	$	—	$	—	$	—
Incentives and commissions	(9)		(21)		(16)		(27)		(24)
Deferred compensation expense	—		—		—		—		—
Total personnel expenses	(10)		(25)		(16)		(27)		(25)
Occupancy and equipment2	—		—		—		—		(1)
Outside services	—		(4)		(3)		(6)		(2)
Amortization of intangible assets	—		—		—		(1)		(1)
Other noninterest expense	—		(66)		(2)		(11)		4
Total noninterest expense	$	(10)	$	(95)	$	(21)	$	(46)	$	(25)







Income before income taxes	$	10	$	(130)	$	21	$	45	$	(7)
Provision for income taxes *	(11)		(33)		6		11		(2)


Net income/(loss) available to common shareholders	$	20	$	(98)	$	16	$	34	$	(5)

Numbers may not foot due to rounding

* 3Q23 includes after-tax notable items of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items.


FINANCIAL RATIOS
Quarterly, Unaudited
																3Q23 Change vs.
	3Q23			2Q23			1Q23			4Q22			3Q22			2Q23					3Q22
FINANCIAL RATIOS																$/bp			%		$/bp			%
Net interest margin	3.17		%	3.38		%	3.88		%	3.89		%	3.48		%	(21)		bp			(31)		bp

Return on average assets	0.68		%	1.60		%	1.32		%	1.35		%	1.29		%	(92)					(61)
Adjusted return on average assets4	0.78		%	1.13		%	1.40		%	1.52		%	1.27		%	(35)					(49)
Return on average common equity (“ROCE”)	6.28		%	16.40		%	13.34		%	14.42		%	13.85		%	(1,012)					(757)

Return on average tangible common equity (“ROTCE”)4	7.95		%	21.10		%	17.43		%	19.14		%	18.23		%	(1,315)					(1,028)
Adjusted ROTCE4	9.21		%	14.59		%	18.55		%	21.68		%	17.89		%	(538)					(868)
Noninterest income as a % of total revenue	22.27		%	38.82		%	19.94		%	19.68		%	24.30		%	(1,655)					(203)
Adjusted noninterest income as a % of total revenue4	22.16		%	21.63		%	19.85		%	19.55		%	21.37		%	53					79
Efficiency ratio	60.92		%	53.87		%	55.65		%	57.07		%	53.56		%	705					736
Adjusted efficiency ratio4	59.39		%	56.90		%	52.95		%	51.70		%	52.42		%	249					697

CAPITAL DATA
CET1 capital ratio*	11.1		%	11.1		%	10.4		%	10.2		%	9.9		%	4		bp			118		bp
Tier 1 capital ratio*	12.1		%	12.1		%	12.1		%	11.9		%	11.7		%	3		bp			41		bp
Total capital ratio*	13.6		%	13.6		%	13.6		%	13.3		%	13.1		%	5		bp			53		bp
Tier 1 leverage ratio*	10.5		%	10.5		%	10.7		%	10.4		%	9.8		%	(5)		bp			68		bp
Risk-weighted assets (“RWA”) (billions)	$	71.8		$	71.5		$	69.5		$	69.2		$	68.6		$	—		1	%	$	3		5	%
Total equity to total assets	10.65		%	10.53		%	11.02		%	10.83		%	10.32		%	12		bp			33		bp
Tangible common equity/tangible assets (“TCE/TA”)4	7.76		%	7.71		%	7.41		%	7.12		%	6.64		%	5		bp			112		bp
Period-end shares outstanding (millions)9	559			559			538			537			537			—			—	%	22			4	%
Cash dividends declared per common share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15		$	—		—	%	$	—		—	%
Book value per common share	$	14.28		$	14.58		$	14.11		$	13.48		$	12.99		$	(0.30)		(2)	%	$	1.29		10	%
Tangible book value per common share4	$	11.22		$	11.50		$	10.89		$	10.23		$	9.72		$	(0.28)		(2)	%	$	1.50		15	%


SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	92.18		%	93.68		%	96.10		%	91.51		%	86.88		%	(150)		bp			530		bp
Loans-to-deposit ratio (average balances)	92.35		%	97.52		%	93.33		%	88.73		%	82.99		%	(517)		bp			936		bp
Full-time equivalent associates	7,340			7,327			7,282			7,477			7,569			13			—	%	(229)			(3)	%

Certain previously reported amounts have been reclassified to agree with current presentation.

*Current quarter is an estimate.

See footnote disclosures on page 20.

CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited


											3Q23 Change vs.
(In millions)	3Q23		2Q23		1Q23		4Q22		3Q22		2Q23				3Q22
Assets:											$		%		$		%

Loans and leases:
Commercial, financial, and industrial (C&I)	$	33,163	$	33,116	$	32,172	$	31,780	$	31,620	$	47	—	%	$	1,543	5	%
Commercial real estate	14,121		13,891		13,397		13,228		13,021		230		2		1,100		8
Total Commercial	47,283		47,006		45,570		45,008		44,641		277		1		2,642		6
Consumer real estate	13,685		13,475		12,668		12,253		11,864		210		2		1,821		15
Credit card and other5	809		813		807		840		849		(4)		(1)		(40)		(5)
Total Consumer	14,494		14,289		13,475		13,093		12,712		205		1		1,782		14
Loans and leases, net of unearned income	61,778		61,295		59,045		58,101		57,354		483		1		4,424		8
Loans held for sale	613		789		650		590		680		(176)		(22)		(67)		(10)
Investment securities	9,435		9,949		10,317		10,207		10,103		(514)		(5)		(668)		(7)
Trading securities	1,231		1,059		1,122		1,375		1,421		172		16		(190)		(13)
Interest-bearing deposits with banks	1,917		4,523		2,488		1,384		3,241		(2,606)		(58)		(1,324)		(41)
Federal funds sold and securities purchased under agreements to resell	416		282		309		482		690		134		48		(274)		(40)
Total interest earning assets	75,389		77,898		73,929		72,139		73,489		(2,509)		(3)		1,900		3
Cash and due from banks	1,022		1,137		987		1,061		1,193		(115)		(10)		(171)		(14)
Goodwill and other intangible assets, net	1,709		1,720		1,732		1,744		1,757		(11)		(1)		(48)		(3)
Premises and equipment, net	590		595		603		612		622		(5)		(1)		(32)		(5)
Allowance for loan and lease losses	(760)		(737)		(715)		(685)		(664)		(23)		(3)		(96)		(14)
Other assets	4,584		4,458		4,193		4,082		3,903		126		3		681		17
Total assets	$	82,533	$	85,071	$	80,729	$	78,953	$	80,299	$	(85,071)	(100)	%	$	(80,299)	(100)	%

Liabilities and Shareholders' Equity:
Deposits:
Savings	$	25,590	$	23,733	$	21,346	$	21,971	$	22,800	$	1,857	8	%	$	2,790	12	%
Time deposits	7,783		8,279		3,777		2,887		2,671		(496)		(6)		5,112		NM
Other interest-bearing deposits	15,817		14,620		15,184		15,165		14,730		1,197		8		1,087		7
Total interest-bearing deposits	49,190		46,632		40,306		40,023		40,202		2,558		5		8,988		22
Trading liabilities	366		174		144		335		383		192		110		(17)		(5)
Short-term borrowings	2,507		6,946		6,484		2,506		1,416		(4,439)		(64)		1,091		77
Term borrowings	1,157		1,156		1,605		1,597		1,597		1		—		(440)		(28)
Total interest-bearing liabilities	53,220		54,908		48,540		44,461		43,598		(1,688)		(3)		9,622		22
Noninterest-bearing deposits	17,825		18,801		21,134		23,466		25,813		(976)		(5)		(7,988)		(31)
Other liabilities	2,694		2,403		2,161		2,480		2,605		291		12		89		3
Total liabilities	73,740		76,112		71,835		70,406		72,016		(2,372)		(3)		1,724		2
Shareholders' Equity:
Preferred stock	520		520		1,014		1,014		1,014		—		—		(494)		(49)
Common stock	349		349		336		336		335		—		—		14		4
Capital surplus	5,337		5,324		4,863		4,840		4,812		13		—		525		11
Retained earnings	3,874		3,830		3,595		3,430		3,254		44		1		620		19
Accumulated other comprehensive loss, net	(1,582)		(1,359)		(1,208)		(1,367)		(1,427)		(223)		(16)		(155)		(11)
Combined shareholders' equity	8,498		8,664		8,599		8,251		7,987		(166)		(2)		511		6
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	8,794		8,960		8,895		8,547		8,283		(166)		(2)		511		6
Total liabilities and shareholders' equity	$	82,533	$	85,071	$	80,729	$	78,953	$	80,299	$	(2,538)	(3)	%	$	2,234	3	%
Memo:
Total deposits	$	67,015	$	65,433	$	61,440	$	63,489	$	66,014	$	1,582	2	%	$	1,001	2	%
Loans to mortgage companies	$	2,237	$	2,691	$	2,040	$	2,258	$	2,710	$	(454)	(17)	%	$	(473)	(17)	%
Unfunded Loan Commitments:
Commercial	$	22,063	$	22,134	$	21,844	$	22,875	$	23,778	$	(72)	—	%	$	(1,715)	(7)	%
Consumer	$	4,432	$	4,400	$	4,404	$	4,329	$	4,248	$	31	1	%	$	183	4	%

Numbers may not foot due to rounding. See footnote disclosures on page 20.

CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly, Unaudited


											3Q23 Change vs.
(In millions)	3Q23		2Q23		1Q23		4Q22		3Q22		2Q23				3Q22
Assets:											$		%		$		%

Loans and leases:
Commercial, financial, and industrial (C&I)	$	33,042	$	32,423	$	31,558	$	31,562	$	31,120	$	618	2	%	$	1,921	6	%
Commercial real estate	13,999		13,628		13,290		13,095		12,926		372		3		1,073		8
Total Commercial	47,041		46,051		44,848		44,657		44,046		990		2		2,995		7
Consumer real estate	13,575		13,058		12,401		12,049		11,633		517		4		1,942		17
Credit card and other5	816		815		825		858		864		1		—		(47)		(5)
Total Consumer	14,391		13,873		13,226		12,907		12,496		518		4		1,895		15
Loans and leases, net of unearned income	61,432		59,924		58,074		57,564		56,543		1,508		3		4,889		9
Loans held-for-sale	782		731		596		597		761		51		7		21		3
Investment securities	9,811		10,192		10,263		10,132		10,315		(381)		(4)		(504)		(5)
Trading securities	1,099		1,110		1,284		1,311		1,342		(11)		(1)		(243)		(18)
Interest-bearing deposits with banks	2,867		3,110		1,468		2,618		6,341		(243)		(8)		(3,474)		(55)
Federal funds sold and securities purchased under agreements to resell	315		279		392		583		661		36		13		(346)		(52)
Total interest earning assets	76,306		75,346		72,076		72,805		75,963		960		1		343		—
Cash and due from banks	997		1,024		1,035		1,118		1,246		(27)		(3)		(249)		(20)
Goodwill and other intangibles assets, net	1,714		1,726		1,738		1,750		1,767		(12)		(1)		(53)		(3)
Premises and equipment, net	592		598		607		616		629		(6)		(1)		(37)		(6)
Allowances for loan and lease losses	(766)		(728)		(692)		(675)		(639)		(38)		(5)		(127)		(20)
Other assets	4,377		4,338		4,076		3,907		3,585		39		1		792		22
Total assets	$	83,220	$	82,304	$	78,841	$	79,521	$	82,551	$	916	1	%	$	669	1	%

Liabilities and shareholders' equity:
Deposits:
Savings	$	24,963	$	21,542	$	21,824	$	22,477	$	23,569	$	3,421	16	%	$	1,394	6	%
Time deposits	8,087		5,520		3,336		2,720		2,759		2,567		47		5,328		NM
Other interest-bearing deposits	15,329		14,719		14,790		14,658		15,102		610		4		227		2
Total interest-bearing deposits	48,379		41,781		39,950		39,855		41,431		6,598		16		6,948		17
Trading liabilities	276		216		324		353		372		60		28		(96)		(26)
Short-term borrowings	3,760		7,999		3,695		1,821		1,711		(4,239)		(53)		2,049		120
Term borrowings	1,161		1,428		1,602		1,597		1,598		(267)		(19)		(437)		(27)
Total interest-bearing liabilities	53,575		51,424		45,572		43,626		45,112		2,151		4		8,463		19
Noninterest-bearing deposits	18,145		19,664		22,274		25,021		26,701		(1,519)		(8)		(8,556)		(32)
Other liabilities	2,522		2,187		2,289		2,459		2,068		335		15		454		22
Total liabilities	74,242		73,275		70,134		71,106		73,882		967		1		360		—
Shareholders' Equity:
Preferred stock	520		986		1,014		1,014		1,014		(466)		(47)		(494)		(49)
Common stock	349		337		336		336		335		12		4		14		4
Capital surplus	5,330		4,891		4,851		4,826		4,802		439		9		528		11
Retained earnings	3,861		3,759		3,518		3,358		3,175		102		3		686		22
Accumulated other comprehensive loss, net	(1,378)		(1,241)		(1,307)		(1,414)		(953)		(137)		(11)		(425)		(45)
Combined shareholders' equity	8,683		8,734		8,411		8,119		8,373		(51)		(1)		310		4
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	8,978		9,029		8,707		8,415		8,669		(51)		(1)		309		4
Total liabilities and shareholders' equity	$	83,220	$	82,304	$	78,841	$	79,521	$	82,551	$	916	1	%	$	669	1	%
Memo:
Total deposits	$	66,523	$	61,445	$	62,224	$	64,876	$	68,133	$	5,078	8	%	$	(1,610)	(2)	%
Loans to mortgage companies	$	2,353	$	2,262	$	1,875	$	2,299	$	2,917	$	90	4	%	$	(564)	(19)	%

Numbers may not foot due to rounding. See footnote disclosures on page 20.


CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited
																										3Q23 Change vs.
	3Q23					2Q23					1Q23					4Q22					3Q22					2Q23				3Q22
(In millions, except rates)	Income/Expense		Rate			Income/Expense		Rate			Income/Expense		Rate			Income/Expense		Rate			Income/Expense		Rate			Income/Expense				Income/Expense
																										$		%		$		%
Interest earning assets/Interest income:
Loans and leases, net of unearned income:


Commercial	$	779	6.58		%	$	727	6.34		%	$	668	6.04		%	$	607	5.40		%	$	496	4.47		%	$	52	7	%	$	283	57	%


Consumer	165		4.55			153		4.39			141		4.26			134		4.14			124		3.94			12		8		41		33
Loans and leases, net of unearned income	944		6.10			880		5.89			809		5.64			742		5.12			619		4.35			64		7		325		53
Loans held-for-sale	15		7.88			14		7.58			11		7.08			9		6.34			9		4.91			1		7		6		67
Investment securities	62		2.54			63		2.49			63		2.45			61		2.41			55		2.14			(1)		(2)		7		13
Trading securities	19		7.03			19		6.69			20		6.21			19		5.79			15		4.55			—		—		4		27
Interest-bearing deposits with banks	39		5.34			40		5.13			17		4.60			24		3.61			34		2.15			(1)		(3)		5		15
Federal funds sold and securities purchased under agreements	4		5.06			3		4.85			4		4.35			5		3.48			2		2.04			1		33		2		100
Interest income	$	1,084	5.64		%	$	1,019	5.42		%	$	923	5.18		%	$	860	4.70		%	$	737	3.86		%	$	65	6	%	$	347	47	%

Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$	219	3.48		%	$	141	2.63		%	$	96	1.79		%	$	67	1.19		%	$	18	0.31		%	$	78	55	%	$	201	NM
Time deposits	89		4.35			49		3.56			16		1.96			6		0.90			2		0.50			40		82		87		NM
Other interest-bearing deposits	102		2.64			75		2.06			58		1.59			39		1.05			21		0.56			27		36		81		NM
Total interest-bearing deposits	409		3.36			265		2.55			171		1.73			112		1.12			42		0.41			144		54		367		NM
Trading liabilities	3		4.20			2		3.82			3		3.83			3		3.59			3		3.03			1		50		—		—
Short-term borrowings	46		4.80			99		4.94			38		4.16			13		2.85			7		2.22			(53)		(54)		39		NM
Term borrowings	17		5.82			19		5.21			20		4.98			19		4.81			18		4.57			(2)		(11)		(1)		(6)
Interest expense	475		3.52			385		3.00			232		2.06			148		1.35			71		0.63			90		23		404		NM
Net interest income - tax equivalent basis	609		2.12			635		2.42			691		3.11			712		3.35			666		3.23			(26)		(4)		(57)		(9)
Fully taxable equivalent adjustment	(4)		1.05			(4)		0.96			(4)		0.76			(4)		0.54			(4)		0.25			—		—		—		—
Net interest income	$	605	3.17		%	$	631	3.38		%	$	688	3.88		%	$	709	3.89		%	$	662	3.48		%	$	(26)	(4)	%	$	(57)	(9)	%

Memo:
Total loan yield			6.10		%			5.89		%			5.64		%			5.12		%			4.35		%
Total deposit cost			2.44		%			1.73		%			1.11		%			0.69		%			0.25		%
Total funding cost			2.63		%			2.17		%			1.38		%			0.85		%			0.39		%
Average loans and leases, net of unearned income			$	61,432				$	59,924				$	58,074				$	57,564				$	56,543
Average deposits			66,523					61,445					62,224					64,876					68,133
Average funded liabilities			71,720					71,088					67,846					68,647					71,814

Net interest income and yields are adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax of 21 percent and, where applicable, state income taxes.

Earning assets yields are expressed net of unearned income.

Loan yields include loan fees, cash basis interest income, and loans on nonaccrual status.

Numbers may not foot due to rounding.

See footnote disclosures on page 20.


CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited

	As of															3Q23 change vs.
(In millions, except ratio data)	3Q23			2Q23			1Q23			4Q22			3Q22			2Q23				3Q22
																$		%		$		%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$	123		$	184		$	204		$	153		$	116		$	(61)	(33)	%	$	6	6	%
Commercial real estate	125			73			63			9			10			52		71		114		NM
Consumer real estate	145			144			155			152			163			1		—		(18)		(11)
Credit card and other5	2			2			2			2			3			—		(7)		(1)		(22)
Total nonperforming loans and leases	$	394		$	402		$	424		$	316		$	292		$	(8)	(2)	%	$	102	35	%

Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.37		%	0.55		%	0.63		%	0.48		%	0.37		%
Commercial real estate	0.88			0.52			0.47			0.07			0.08
Consumer real estate	1.06			1.07			1.22			1.24			1.37
Credit card and other5	0.26			0.27			0.29			0.27			0.31
Total nonperforming loans and leases to loans and leases	0.64		%	0.66		%	0.72		%	0.54		%	0.51		%

Numbers may not foot due to rounding.


CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Quarterly, Unaudited

	As of										3Q23 change vs.
(In millions)	3Q23		2Q23		1Q23		4Q22		3Q22		2Q23				3Q22
											$		%		$		%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)	$	3	$	1	$	—	$	11	$	1	$	2	NM		$	1	109	%
Commercial real estate	—		—		—		—		—		—		NM		—		NM
Consumer real estate	12		8		7		18		17		4		47		(5)		(31)
Credit card and other5	3		5		5		3		6		(2)		(47)		(3)		(55)
Total loans and leases 90 days or more past due and accruing	$	17	$	14	$	12	$	33	$	24	$	3	24	%	$	(7)	(30)	%

Numbers may not foot due to rounding.


CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited

	As of															3Q23 change vs.
(In millions, except ratio data)	3Q23			2Q23			1Q23			4Q22			3Q22			2Q23				3Q22
Charge-off, Recoveries and Related Ratios																$		%		$		%
Gross Charge-offs
Commercial, financial, and industrial (C&I) *	$	92		$	19		$	14		$	24		$	13		$	73	NM		$	79	NM
Commercial real estate	5			8			2			—			1			(4)		(43)		4		NM
Consumer real estate	1			1			1			1			1			—		(11)		—		(36)
Credit card and other5	7			5			5			7			7			2		51		—		3
Total gross charge-offs	$	104		$	33		$	22		$	32		$	21		$	71	NM		$	83	NM
Gross Recoveries
Commercial, financial, and industrial (C&I)	$	(5)		$	(5)		$	(2)		$	(3)		$	(2)		$	—	(7)	%	$	(3)	NM
Commercial real estate	—			(1)			—			—			—			—		42		—		NM
Consumer real estate	(2)			(3)			(2)			(2)			(6)			1		19		4		64
Credit card and other5	(1)			(1)			(1)			(1)			(1)			—		4		—		10
Total gross recoveries	$	(9)		$	(9)		$	(6)		$	(6)		$	(9)		$	1	6	%	$	—	5	%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I) *	$	86		$	14		$	12		$	21		$	11		$	72	NM		$	75	NM
Commercial real estate	4			8			2			—			—			(3)		(43)		4		NM
Consumer real estate	(2)			(2)			(2)			(2)			(5)			—		22		4		70
Credit card and other5	6			3			4			6			5			2		70		—		6
Total net charge-offs	$	95		$	23		$	16		$	26		$	12		$	72	NM		$	83	NM

Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I) *	1.04		%	0.18		%	0.15		%	0.27		%	0.14		%
Commercial real estate	0.12			0.23			0.05			—			0.01
Consumer real estate	(0.05)			(0.06)			(0.05)			(0.05)			(0.17)
Credit card and other5	2.77			1.65			1.93			2.76			2.46
Total loans and leases	0.61		%	0.16		%	0.11		%	0.18		%	0.08		%

Numbers may not foot due to rounding.

•3Q23 increase driven by a single credit from a company in bankruptcy.


CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS
Quarterly, Unaudited

	As of										3Q23 Change vs.
(In millions)	3Q23		2Q23		1Q23		4Q22		3Q22		2Q23				3Q22
Summary of Changes in the Components of the Allowance For Credit Losses											$		%		$		%
Allowance for loan and lease losses - beginning	$	737	$	715	$	685	$	664	$	624	$	22	3	%	$	113	18	%
Cumulative effect of change in accounting principle:
Commercial, financial, and industrial (C&I)	—		—		1		—		—		—		NM		—		NM
Commercial real estate	—		—		—		—		—		—		NM		—		NM
Consumer real estate	—		—		(7)		—		—		—		NM		—		NM
Credit card and other5	—		—		—		—		—		—		NM		—		NM
Total cumulative effect of change in accounting principles	—		—		(6)		—		—		—		NM		—		NM
Allowance for loan and lease losses - beginning, adjusted	$	737	$	715	$	679	$	664	$	624	$	22	3	%	$	113	18	%






Charge-offs:
Commercial, financial, and industrial (C&I) *	(92)		(19)		(14)		(24)		(13)		(73)		NM		(79)		NM
Commercial real estate	(5)		(8)		(2)		—		(1)		4		43		(4)		NM
Consumer real estate	(1)		(1)		(1)		(1)		(1)		—		11		—		36
Credit card and other5	(7)		(5)		(5)		(7)		(7)		(2)		(51)		—		(3)
Total charge-offs	(104)		(33)		(22)		(32)		(21)		(71)		NM		(83)		NM
Recoveries:
Commercial, financial, and industrial (C&I)	5		5		2		3		2		—		7		3		NM
Commercial real estate	—		1		—		—		—		—		(42)		—		NM
Consumer real estate	2		3		2		2		6		(1)		(19)		(4)		(65)
Credit card and other5	1		1		1		1		1		—		(4)		—		(10)
Total Recoveries	9		9		6		6		9		(1)		(6)		—		(3)
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I) *	96		15		27		35		32		81		NM		65		NM
Commercial real estate	14		16		6		(2)		8		(2)		(15)		6		79
Consumer real estate	5		10		15		5		5		(6)		(54)		(1)		(8)
Credit card and other5	3		3		4		9		7		—		4		(4)		(58)
Total provision for loan and lease losses:	118		45		52		46		52		73		NM		66		127
Allowance for loan and lease losses - ending	$	760	$	737	$	715	$	685	$	664	$	23	3	%	$	96	14	%

Reserve for unfunded commitments - beginning	$	90	$	85	$	87	$	88	$	80	$	5	6	%	$	10	12	%
Cumulative effect of change in accounting principle	—		—		—		—		—		—		NM		—		NM
Acquired reserve for unfunded commitments	—		—		—		—		—		—		NM		—		NM
Provision for unfunded commitments	(8)		5		(2)		(1)		8		(13)		NM		(16)		NM
Reserve for unfunded commitments - ending	$	82	$	90	$	85	$	87	$	88	$	(8)	(9)	%	$	(6)	(7)	%
Total allowance for credit losses- ending	$	842	$	827	$	800	$	771	$	752	$	15	2	%	$	90	12	%

Numbers may not foot due to rounding.

•3Q23 increase driven by a single credit from a company in bankruptcy.


CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES
Quarterly, Unaudited

	As of
	3Q23		2Q23		1Q23		4Q22		3Q22

Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	1.01	%	0.98	%	1.01	%	0.97	%	0.93	%
Commercial real estate	1.19	%	1.14	%	1.12	%	1.10	%	1.14	%
Consumer real estate	1.67	%	1.64	%	1.65	%	1.63	%	1.63	%
Credit card and other5	3.48	%	3.79	%	3.86	%	3.72	%	3.32	%
Total allowance for loans and lease losses to loans and leases	1.23	%	1.20	%	1.21	%	1.18	%	1.16	%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	273	%	177	%	159	%	202	%	253	%
Commercial real estate	135	%	219	%	238	%	1,554	%	1,422	%
Consumer real estate	158	%	154	%	135	%	131	%	119	%
Credit card and other5	1,364	%	1,384	%	1,439	%	1,364	%	1,070	%
Total allowance for loans and lease losses to nonperforming loans and leases	193	%	183	%	169	%	217	%	228	%

Allowance for credit losses ratios
Total allowance for credit losses to loans and leases4	1.36	%	1.35	%	1.35	%	1.33	%	1.31	%
Total allowance for credit losses to nonperforming loans and leases4	214	%	206	%	189	%	244	%	258	%

See footnote disclosures on page 20.

REGIONAL BANKING

Quarterly, Unaudited


																3Q23 Change vs.
	3Q23			2Q23			1Q23			4Q22			3Q22			2Q23					3Q22
																$/bp			%		$/bp			%
Income Statement (millions)
Net interest income	$	583		$	612		$	586		$	544		$	518		$	(29)		(5)	%	$	65		13	%
Noninterest income	109			109			107			107			110			—			—		(1)			(1)
Total revenue	692			721			693			650			627			(29)			(4)		65			10
Noninterest expense	318			321			320			321			302			(3)			(1)		16			5
Pre-provision net revenue3	374			399			373			330			326			(25)			(6)		48			15
Provision for credit losses	104			43			41			30			43			61			142		61			142
Income before income tax expense	270			356			331			300			283			(86)			(24)		(13)			(5)
Income tax expense	63			84			78			70			66			(21)			(25)		(3)			(5)
Net income	$	207		$	272		$	253		$	229		$	216		$	(65)		(24)	%	$	(9)		(4)	%

Average Balances (billions)
Total loans and leases	$	43.9		$	42.9		$	41.8		$	41.1		$	40.1		$	1.0		2	%	$	3.8		9	%
Interest-earning assets	43.9			42.9			41.8			41.1			40.1			1.0			2		3.8			9
Total assets	46.7			45.6			44.5			43.8			42.8			1.1			2		3.9			9
Total deposits	58.8			55.9			57.8			59.6			61.9			2.9			5		(3.1)			(5)

Key Metrics
Net interest margin6	5.30		%	5.75		%	5.71		%	5.27		%	5.15		%	(45)		bp			15		bp
Efficiency ratio	45.97		%	44.59		%	46.21		%	49.30		%	48.11		%	138		bp			(214)		bp
Loans-to-deposits ratio (period-end balances)	74.40		%	74.98		%	73.95		%	70.81		%	66.77		%	(58)		bp			763		bp
Loans-to-deposits ratio (average-end balances)	74.78		%	76.72		%	72.39		%	69.02		%	64.78		%	(194)		bp			1,000		bp
Return on average assets (annualized)	1.76		%	2.39		%	2.31		%	2.08		%	2.01		%	(63)		bp			(25)		bp
Return on allocated equity7	22.19		%	29.55		%	27.96		%	25.21		%	24.14		%	(736)		bp			(195)		bp
Financial center locations	418			417			417			417			417			1			—	%	1			—	%

Numbers may not add to total due to rounding.

Certain previously reported amounts have been reclassified to agree with current presentation.

See footnote disclosures on page 20.

Regional Banking segment: Offers financial products and services, including traditional lending and deposit taking, to consumer and commercial customers primarily in the southern and southeastern U.S. and other selected markets. Regional Banking also provides investment, wealth management, financial planning, trust and asset management services for consumer customers.

SPECIALTY BANKING

Quarterly, Unaudited


																3Q23 Change vs.
	3Q23			2Q23			1Q23			4Q22			3Q22			2Q23					3Q22
																$/bp			%		$/bp			%
Income Statement (millions)
Net interest income	$	135		$	130		$	125		$	134		$	138		$	5		4	%	$	(3)		(2)	%
Noninterest income	46			48			53			47			64			(2)			(4)		(18)			(28)
Total revenue	181			177			179			181			203			4			2		(22)			(11)
Noninterest expense	89			88			93			93			105			1			1		(16)			(15)
Pre-provision net revenue3	92			89			86			87			97			3			3		(5)			(5)
Provision for credit losses	6			10			10			18			17			(4)			(40)		(11)			(65)
Income before income tax expense	87			79			76			70			80			8			10		7			9
Income tax expense	21			19			18			17			19			2			11		2			11
Net income	$	66		$	60		$	57		$	53		$	61		$	6		10	%	$	5		8	%

Average Balances (billions)
Total loans and leases	$	17.0		$	16.5		$	15.8		$	15.9		$	15.9		$	0.5		3	%	$	1.1		7	%
Interest-earning assets	19.3			18.7			18.1			18.4			18.6			0.6			3		0.7			4
Total assets	20.7			20.0			19.4			19.6			19.7			0.7			3		1.0			5
Total deposits	3.3			3.1			3.6			4.3			5.2			0.2			6		(1.9)			(36)

Key Metrics
Fixed income product average daily revenue (thousands)	$	301		$	348		$	437		$	403		$	524		$	(47)		(14)	%	$	(223)		(43)	%
Net interest margin6	2.78		%	2.77		%	2.80		%	2.89		%	2.96		%	1		bp			(18)		bp
Efficiency ratio	49.10		%	49.60		%	52.19		%	51.69		%	52.03		%	(50)		bp			(293)		bp
Loans-to-deposits ratio (period-end balances)	509		%	559		%	504		%	426		%	378		%	(5,000)		bp			13,096		bp
Loans-to-deposits ratio (average-end balances)	517		%	537		%	440		%	370		%	307		%	(2,000)		bp			20,983		bp
Return on average assets (annualized)	1.26		%	1.20		%	1.20		%	1.06		%	1.22		%	6		bp			4		bp
Return on allocated equity7	15.40		%	14.92		%	14.69		%	13.05		%	14.74		%	48		bp			66		bp

Numbers may not add to total due to rounding.

Certain previously reported amounts have been reclassified to agree with current presentation.

See footnote disclosures on page 20.

Specialty Banking segment: Consists of lines of business that deliver product offerings and services with specialized industry knowledge. Specialty Banking’s lines of business include asset-based lending, mortgage warehouse lending, commercial real estate, franchise finance, correspondent banking, equipment finance, mortgage, and title insurance (prior to July 2022). In addition to traditional lending and deposit taking, Specialty Banking also delivers treasury management solutions, loan syndications, and international banking. Additionally, Specialty Banking has a line of business focused on fixed income securities sales, trading, underwriting, and strategies for institutional clients in the U.S. and abroad, as well as loan sales, portfolio advisory services, and derivative sales.

CORPORATE

Quarterly, Unaudited


											3Q23 Change vs.
	3Q23		2Q23		1Q23		4Q22		3Q22		2Q23				3Q22
											$		%		$		%
Income Statement (millions)
Net interest income/(expense)	$	(113)	$	(111)	$	(24)	$	31	$	6	$	(2)	(2)	%	$	(119)	NM
Noninterest income	18		244		11		21		39		(226)		(93)		(21)		(54)
Total revenues	(95)		133		(13)		52		45		(228)		NM		(140)		NM
Noninterest expense	67		146		64		90		61		(79)		(54)		6		10
Pre-provision net revenue3	(162)		(13)		(77)		(38)		(17)		(149)		NM		(145)		NM
Provision for credit losses	—		(4)		(1)		(3)		—		4		100		—		NM
Income before income tax expense	(162)		(10)		(76)		(35)		(17)		(152)		NM		(145)		NM
Income tax expense (benefit)	(32)		(7)		(21)		(23)		(8)		(25)		NM		(24)		NM
Net income/(loss)	$	(130)	$	(3)	$	(55)	$	(12)	$	(9)	$	(127)	NM		$	(121)	NM

Average Balance Sheet (billions)
Interest bearing assets	$	13.0	$	13.7	$	12.1	$	13.3	$	17.3	$	(0.7)	(5)	%	$	(4.3)	(25)	%
Total assets	15.9		16.7		14.9		16.0		20.0		(0.8)		(5)		(4.1)		(20)

Numbers may not add to total due to rounding.

Certain previously reported amounts have been reclassified to agree with current presentation.

Corporate segment: Consists primarily of corporate support functions including risk management, audit, accounting, finance, executive office, and corporate communications. Shared support services such as human resources, properties, technology, credit risk and bank operations are allocated to the activities of Regional Banking, Specialty Banking, and Corporate. Additionally, the Corporate segment includes centralized management of capital and funding to support the business activities of the company including management of wholesale funding, liquidity, and capital management and allocation. Finally, the Corporate segment includes the revenue and expense associated with run-off businesses such as pre-2009 mortgage banking elements, run-off consumer and trust preferred loan portfolios, and other exited businesses.

FOOTNOTES

1 Taxable equivalent interest income and interest expense are non-GAAP measures and reconcile to net interest income (GAAP) in the table.

2 Occupancy and Equipment expense includes Computer Software Expense.

3 Pre-provision net revenue is a non-GAAP measure and is reconciled to income before income taxes (GAAP) in the table.

4 Represents a non-GAAP measure and is reconciled to the nearest GAAP measure in the non-GAAP to GAAP reconciliations beginning on page 21.

5 Credit card and other includes $187.1 million of commercial credit card balances at September 30, 2023.

6 Net interest margin is computed using total NII adjusted for FTE assuming a statutory federal income tax rate of 21 percent, and, where applicable state taxes.

7 Segment equity is allocated based on an internal allocation methodology.

8 2Q23 includes 19.7 million share impact of Series G convertible securities issued in connection with TD transaction based on the final conversion rate; 1Q23, 4Q22 and 3Q22 include 27.5 million shares based on the original maximum conversion rate.

9 3Q23 increase driven by the conversion of Series G convertible securities issued in connection with TD transaction.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

($s in millions, except per share data)	3Q23			2Q23			1Q23			4Q22			3Q22

Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$	8,794		$	8,960		$	8,895		$	8,547		$	8,283
Less: Noncontrolling interest (a)	295			295			295			295			295
Less: Preferred stock (a)	520			520			1,014			1,014			1,014
(B) Total common equity	$	7,978		$	8,144		$	7,586		$	7,238		$	6,974
Less: Intangible assets (GAAP) (b)	1,709			1,720			1,732			1,744			1,757
(C) Tangible common equity (Non-GAAP)	$	6,270		$	6,424		$	5,853		$	5,494		$	5,217

Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$	82,533		$	85,071		$	80,729		$	78,953		$	80,299
Less: Intangible assets (GAAP) (b)	1,709			1,720			1,732			1,744			1,757
(E) Tangible assets (Non-GAAP)	$	80,825		$	83,351		$	78,997		$	77,209		$	78,542












Period-end Shares Outstanding
(F) Period-end shares outstanding	559			559			538			537			537

Ratios


(A)/(D) Total equity to total assets (GAAP)	10.65		%	10.53		%	11.02		%	10.83		%	10.32		%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	7.76		%	7.71		%	7.41		%	7.12		%	6.64		%
(B)/(F) Book value per common share (GAAP)	$	14.28		$	14.58		$	14.11		$	13.48		$	12.99
(C)/(F) Tangible book value per common share (Non-GAAP)	$	11.22		$	11.50		$	10.89		$	10.23		$	9.72

(a) Included in Total equity on the Consolidated Balance Sheet.

(b) Includes goodwill and other intangible assets, net of amortization.

Numbers may not foot due to rounding.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

($s in millions, except per share data)		3Q23			2Q23			1Q23			4Q22			3Q22

Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)	a	$	129		$	317		$	243		$	258		$	257
Plus Tax effected notable items (Non-GAAP) (a)		$	20		$	(98)		$	16		$	34		$	(5)
Adjusted net income available to common shareholders (Non-GAAP)	b	$	150		$	219		$	259		$	293		$	252

Diluted Shares (GAAP)8	c	561			561			572			572			570

Diluted EPS (GAAP)	a/c	$	0.23		$	0.56		$	0.43		$	0.45		$	0.45
Adjusted diluted EPS (Non-GAAP)	b/c	$	0.27		$	0.39		$	0.45		$	0.51		$	0.44

Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)		$	142		$	329		$	256		$	270		$	268
Plus Tax effected notable items (Non-GAAP) (a)		$	20		$	(98)		$	16		$	34		$	(5)
Adjusted NI (Non-GAAP)		$	163		$	231		$	271		$	304		$	263

NI (annualized) (GAAP)	d	$	565		$	1,320		$	1,037		$	1,070		$	1,063
Adjusted NI (annualized) (Non-GAAP)	e	$	646		$	928		$	1,100		$	1,206		$	1,045

Average assets (GAAP)	f	$	83,220		$	82,304		$	78,841		$	79,521		$	82,551

ROA (GAAP)	d/f	0.68		%	1.60		%	1.32		%	1.35		%	1.29		%
Adjusted ROA (Non-GAAP)	e/f	0.78		%	1.13		%	1.40		%	1.52		%	1.27		%

Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE




Net income available to common shareholders ("NIAC") (annualized) (GAAP)	g	$	513		$	1,270		$	987		$	1,025		$	1,020
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)	h	$	594		$	878		$	1,050		$	1,161		$	1,001

Average Common Equity (GAAP)	i	$	8,163		$	7,747		$	7,398		$	7,106		$	7,360
Intangible Assets (GAAP) (b)		1,714			1,726			1,738			1,750			1,767


Adjusted Average Tangible Common Equity (Non-GAAP)	j	$	6,448		$	6,021		$	5,659		$	5,356		$	5,593

ROCE (GAAP)	g/i	6.28		%	16.40		%	13.34		%	14.42		%	13.85		%


ROTCE (Non-GAAP)	g/j	7.95		%	21.10		%	17.43		%	19.14		%	18.23		%
Adjusted ROTCE (Non-GAAP)	h/j	9.21		%	14.59		%	18.55		%	21.68		%	17.89		%

(a) Amounts adjusted for notable items as detailed on page 9.

(b) Includes goodwill and other intangible assets, net of amortization.

Numbers may not foot due to rounding.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

(In millions)		3Q23			2Q23			1Q23			4Q22			3Q22

Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	k	$	173		$	400		$	171		$	174		$	213
Plus notable items (GAAP) (a)		—			(225)			—			(1)			(32)
Adjusted noninterest income (Non-GAAP)	l	$	173		$	175		$	171		$	173		$	181

Revenue (GAAP)	m	$	778		$	1,031		$	859		$	882		$	875
Taxable-equivalent adjustment		4			4			4			4			4
Revenue- Taxable-equivalent (Non-GAAP)		782			1,035			863			886			878
Plus notable items (GAAP) (a)		—			(225)			—			(1)			(32)
Adjusted revenue (Non-GAAP)	n	$	782		$	810		$	863		$	885		$	847

Noninterest income as a % of total revenue (GAAP)	k/m	22.27		%	38.82		%	19.94		%	19.68		%	24.30		%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	l/n	22.16		%	21.63		%	19.85		%	19.55		%	21.37		%

Adjusted Efficiency Ratio
Noninterest expense (GAAP)	o	$	474		$	555		$	478		$	503		$	468
Plus notable items (GAAP) (a)		(10)			(95)			(21)			(46)			(25)
Adjusted noninterest expense (Non-GAAP)	p	$	465		$	461		$	457		$	458		$	444

Revenue (GAAP)	q	$	778		$	1,031		$	859		$	882		$	875
Taxable-equivalent adjustment		4			4			4			4			4
Revenue- Taxable-equivalent (Non-GAAP)		782			1,035			863			886			878
Plus notable items (GAAP) (a)		—			(225)			—			(1)			(32)
Adjusted revenue (Non-GAAP)	r	$	782		$	810		$	863		$	885		$	847

Efficiency ratio (GAAP)	o/q	60.92		%	53.87		%	55.65		%	57.07		%	53.56		%
Adjusted efficiency ratio (Non-GAAP)	p/r	59.39		%	56.90		%	52.95		%	51.70		%	52.42		%

(a) Amounts adjusted for notable items as detailed on page 9.

(b) Includes goodwill and other intangible assets, net of amortization.

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION

Quarterly, Unaudited

($s in millions)



	Period-end								Average
	3Q23		2Q23		3Q23 vs. 2Q23				3Q23		2Q23		3Q23 vs. 2Q23










Loans excluding LMC
Total Loans (GAAP)	$	61,778	$	61,295	$	483	1	%	$	61,432	$	59,924	$	1,508	3	%
LMC (GAAP)	2,237		2,691		(454)		(17)	%	2,353		2,262		90		4	%
Total Loans excl. LMC (Non-GAAP)	59,541		58,604		937		2	%	59,079		57,662		1,417		2	%
Total Consumer (GAAP)	14,494		14,289		205		1	%	14,391		13,873		518		4	%
Total Commercial excl. LMC (Non-GAAP)	45,047		44,315		732		2	%	44,688		43,789		899		2	%
Total CRE (GAAP)	14,121		13,891		230		2	%	13,999		13,628		371		3	%
Total C&I excl. LMC (Non-GAAP)	$	30,926	$	30,424	$	502	2	%	$	30,689	$	30,161	$	528	2	%

Numbers may not foot due to rounding.



		3Q23			2Q23			1Q23			4Q22			3Q22
Allowance for credit losses to loans and leases and Allowance for credit losses to nonperforming loans and leases
Allowance for loan and lease losses (GAAP)	A	$	760		$	737		$	715		$	685		$	664
Reserve for unfunded commitments (GAAP)		82			90			85			87			88
Allowance for credit losses (Non-GAAP)	B	$	842		$	827		$	800		$	771		$	752

Loans and leases (GAAP)	C	$	61,778		$	61,295		$	59,045		$	58,101		$	57,354
Nonaccrual loans and leases (GAAP)	D	$	394		$	402		$	424		$	316		$	292

Allowance for loans and lease losses to loans and leases (GAAP)	A/C	1.23		%	1.20		%	1.21		%	1.18		%	1.16		%
Allowance for credit losses to loans and leases (Non-GAAP)	B/C	1.36		%	1.35		%	1.35		%	1.33		%	1.31		%

Allowance for loans and lease losses to nonperforming loans and leases (GAAP)	A/D	193		%	183		%	169		%	217		%	228		%
Allowance for credit losses to nonperforming loans and leases (Non-GAAP)	B/D	214		%	206		%	189		%	244		%	258		%

Numbers may not foot due to rounding.

GLOSSARY OF TERMS

Common Equity Tier 1 Ratio: Ratio consisting of common equity adjusted for certain unrealized gains/(losses) on available-for-sale securities, less disallowed portions of goodwill, other intangibles, and deferred tax assets as well as certain other regulatory deductions divided by risk-weighted assets.

Fully Taxable Equivalent (“FTE”): Reflects the amount of tax-exempt income adjusted to a level that would yield the same after-tax income had that income been subject to taxation.

Tier 1 Capital Ratio: Ratio consisting of shareholders’ equity adjusted for certain unrealized gains/(losses) on available-for-sale securities, plus qualifying portions of noncontrolling interests, less disallowed portions of goodwill, other intangible assets, and deferred tax assets as well as certain other regulatory deductions divided by risk-weighted assets.

Key Ratios

Return on Average Assets: Ratio is annualized net income to average total assets.

Return on Average Common Equity: Ratio is annualized net income available to common shareholders to average common equity.

Return on Average Tangible Common Equity: Ratio is annualized net income available to common shareholders to average tangible common equity.

Noninterest Income as a Percentage of Total Revenue: Ratio is noninterest income to total revenue - taxable equivalent.

Efficiency Ratio: Ratio is noninterest expense to total revenue - taxable equivalent .

Leverage Ratio: Ratio is tier 1 capital to average assets for leverage.

Asset Quality - Consolidated Key Ratios

Nonperforming loans and leases ("NPL") %: Ratio is nonaccruing loans and leases in the loan portfolio to total period-end loans and leases.

Net charge-offs %: Ratio is annualized net charge-offs to total average loans and leases.

Allowance / loans and leases: Ratio is allowance for loan and lease losses to total period-end loans and leases.

Allowance / Nonperforming loans and leases: Ratio is allowance for loan and lease losses to nonperforming loans and leases in the loan portfolio.

Allowance / charge-offs: Ratio is allowance for loan and lease losses to annualized net charge-offs.

Operating Segments

EX-99.2 3 a3q23earningsslides-fina.htm 3Q2023 EARNINGS DECK a3q23earningsslides-fina

Third Quarter 2023 Earnings October 18, 2023

2 Disclaimers Non-GAAP Information Certain measures included in this document are “non-GAAP,” meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. FHN’s management believes such measures, even though not always comparable to non-GAAP measures used by other financial institutions, are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. The non-GAAP measures presented in this document are listed, and are reconciled to the most comparable GAAP presentation, in the non-GAAP reconciliation table(s) appearing in the Appendix. In addition, presentation of regulatory measures, even those which are not GAAP, provide a meaningful base for comparability to other financial institutions subject to the same regulations as FHN. Although not GAAP terms, these regulatory measures are not considered “non-GAAP” under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in this document include: common equity tier 1 capital, generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk-weighted assets, which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios. Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements pertain to FHN's beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results, or other developments. Forward- looking statements can be identified by the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other expressions that indicate future events and trends. Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic, and competitive uncertainties and contingencies, many of which are beyond FHN’s control, and many of which, with respect to future business decisions and actions (including acquisitions and divestitures), are subject to change and could cause FHN’s actual future results and outcomes to differ materially from those contemplated or implied by forward-looking statements or historical performance. Examples of uncertainties and contingencies include those mentioned: in this document; in Items 2.02 and 7.01 of FHN’s Current Report on Form 8-K to which this document has been filed as an exhibit; in the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K, as amended; and in the forepart, and in Item 1A of Part II, of FHN’s Quarterly Report(s) on Form 10-Q filed this year. FHN assumes no obligation to update or revise any forward-looking statements that are made in this document or in any other statement, release, report, or filing from time to time. Throughout this presentation, numbers may not foot due to rounding, references to EPS are fully diluted, 3Q23 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases.

3 3Q23 GAAP financial summary1 1Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q23 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 22Q23 includes 19.7 million share impact of Series G convertible securities issued in connection with TD transaction based on the final conversion rate; 1Q23, 4Q22 and 3Q22 include 27.5 million shares based on the original maximum conversion rate. $s in millions except per share data Reported Results 3Q23 Change vs. 3Q23 2Q23 1Q23 4Q22 3Q22 2Q23 3Q22 Net interest income $ 605 $ 631 $ 688 $ 709 $ 662 $ (26) (4) % $ (57) (9) % Fee income 173 400 171 174 213 (227) (57) % (40) (19) % Total revenue 778 1,031 859 882 875 (253) (25) % (97) (11) % Expense 474 555 478 503 468 (81) (15) % 6 1 % Pre-provision net revenue (PPNR) 304 475 381 379 406 (171) (36) % (102) (25) % Provision for credit losses 110 50 50 45 60 60 120 % 50 83 % Pre-tax income 194 425 331 334 346 (231) (54) % (152) (44) % Income tax expense 52 96 75 64 78 (44) (46) % (26) (33) % Net income 142 329 256 270 268 (187) (57) % (126) (47) % Non-controlling interest 5 5 4 4 3 — — % 2 67 % Preferred dividends 8 8 8 8 8 — — % — — % Net income available to common shareholders (NIAC) $ 129 $ 317 $ 243 $ 258 $ 257 $ (188) (59) % $ (128) (50) % Diluted EPS $ 0.23 $ 0.56 $ 0.43 $ 0.45 $ 0.45 $ (0.33) (59) % $ (0.22) (49) % Average diluted shares outstanding2 561 561 572 572 570 — — % (9) (2) % ROCE 6.3 % 16.4 % 13.3 % 14.4 % 13.9 % (10.1) % (7.6) % ROTCE 8.0 % 21.1 % 17.4 % 19.1 % 18.2 % (13.2) % (10.3) % ROA 0.7 % 1.6 % 1.3 % 1.4 % 1.3 % (0.9) % (0.6) % Net interest margin 3.17 % 3.38 % 3.88 % 3.89 % 3.48 % (0.21) % (0.31) % Efficiency ratio 60.9 % 53.9 % 55.7 % 57.1 % 53.6 % 7.1 % 7.4 % FTEs 7,340 7,327 7,282 7,477 7,569 13 — % (229) (3) % CET1 ratio 11.1 % 11.1 % 10.4 % 10.2 % 9.9 % — % 1.2 % Effective tax rate 26.7 % 22.6 % 22.7 % 19.2 % 22.6 % 4.0 % 4.1 % Tangible book value per share $11.22 $11.50 $10.89 $10.23 $9.72 $ (0.28) (2) % $ 1.50 15 % Period end loans ($B) $61.8B $61.3B $59.0B $58.1B $57.4B $ 0.5 1 % $ 4.4 8 % Period end deposits ($B) $67.0B $65.4B $61.4B $63.5B $66.0B $ 1.6 2 % $ 1.0 2 % Period end loan to deposit ratio 92 % 94 % 96 % 92 % 87 % (2) % 5 %

4 Table of contents 3Q23 key messages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 3Q23 highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3Q23 adjusted financial highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 3Q23 notable items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 NII and NIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Adjusted fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Adjusted expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Asset quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 FY23 guidance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Strategic focus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

5 Client-Centric Model Remains Foundation for Success 1Associate retention from 9.30.22 to 9.30.23; excludes involuntary attrition. 2Client retention from 9.30.22 to 9.30.23. 3FHN was recognized in the 2022 Greenwich Excellence and Best Brand Awards. 4Utilized the 2023 Severely Adverse Scenario The Company's minimum common equity tier 1 ratio under stress of 8.7% reflects an additional $4.0 billion in pre-tax loss absorption capacity above the 4.5% regulatory required minimum. These results include a $0.15 quarterly common stock dividend throughout the nine-quarter forecast horizon. This excludes the recent conversion of the Series G preferred. Our experienced team has a proven track record of delivering high quality service to meet our clients’ and communities’ needs. This yields long-tenured, deep relationships that enable us to produce top quartile returns over the cycle. Recognized by multiple industry groups for service excellence, including 23 Greenwich Coalition recognitions, the second highest of any bank3Service Excellence Tenured Client Base 91% client retention from the prior year, with a median tenure of 16 years2 Experienced Talent 90% associate retention over the prior year, which compares favorably to industry averages. Average tenure of all associates is over 9 years1 Client Focused Continued focus on supporting client needs with 6% growth in both deposits and loans year-to-date Robust Capital 11.1% CET1 ratio, significantly above the 7% well capitalized threshold Safety & SoundnessStress test demonstrated $4.0B of loss absorption capacity above regulatory minimums4

6 • Deposits increased $1.6 billion QoQ, or 2%, up 6% year-to-date • Loan growth moderating as focus remains on deepening existing customer relationships • Period end loan-to-deposit (LDR) ratio improved to 92% from 94% • Strong capital position, which supported 1% PE loan growth • TBVPS decreased 2% driven by $(0.41) from higher mark-to-market impacts partially offset by $0.29 of adjusted NIAC • Credit impacted by a $72 million idiosyncratic C&I charge-off • Adjusted pre-tax pre-provision of $318 million • Strong net interest margin reflects benefit of asset sensitivity over the cycle, despite recent competitive pressure on funding costs • Fees and expenses relatively stable Strong results driven by stable, diversified business mix1 Reflects 3Q23 vs. 2Q23 results. 1Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q23 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. Earnings Strength and Solid Returns Capital and Credit Quality Strong Liquidity and Improving Funding Profile Adj. EPS Adj. ROTCE NIM Adj. Efficiency $0.27 9.2% 3.17% 59.4% CET1 TBV NCO% 11.1% $11.22 0.61% PE Deposit Growth PE Loan Growth LDR 2% 1% 92%

7 • 3Q23 adjusted EPS of $0.27 vs. $0.39 in 2Q23 – Adjusted ROTCE of 9.2%, the provision related to the $72mm idiosyncratic credit lowered adjusted ROTCE by ~3.4% • NII down $26 million, or 4% linked quarter – Reflects a full quarter impact of the 2Q23 deposit campaign, a partial quarter of the Fed move, 3% average loan growth, and repricing of fixed rate cash flows • Adjusted fee income up $6 million excluding deferred comp – Higher bank fees and FHLB dividends – Stable counter-cyclical business revenues • Adjusted expense up $12 million excluding deferred comp – $11 million of acquisition-related retention moved into core expenses, which was largely offset by other variable comp reductions • Provision expense of $110 million, resulting in a 1 bp increase in ACL coverage to 1.36% – Reflects 1% period end loan growth – 3Q23 included a $72 million idiosyncratic C&I charge-off, while the remaining NCOs were flat to 2Q23 3Q23 adjusted financial highlights1 $ in millions, except per share data Adjusted Results 3Q23 Change vs. 3Q23 2Q23 3Q22 2Q23 3Q22 Net interest income (FTE) $ 609 $ 635 $ 666 $ (26) (4) % $ (57) (9) % Fee income 173 175 181 (2) (1) % (8) (4) % Total revenue (FTE) 782 810 847 (28) (3) % (65) (8) % Expense 465 461 444 4 1 % 21 5 % Pre-provision net revenue 318 349 403 (31) (9) % (85) (21) % Provision for credit losses 110 50 60 60 120 % 50 83 % Net charge-offs 95 23 12 72 NM 83 NM Reserve build / (release) 15 27 48 (12) (44) % (33) (69) % Net income available to common $ 150 $ 219 $ 252 $ (69) (32) % $ (102) (40) % Diluted EPS $ 0.27 $ 0.39 $ 0.44 $ (0.12) (31) % $ (0.17) (39) % Diluted shares2 561 561 570 — — % (9) (2) % ROTCE 9.2 % 14.6 % 17.9 % (5.4) % (8.7) % ROA 0.8 % 1.1 % 1.3 % (0.4) % (0.5) % Net interest margin 3.17 % 3.38 % 3.48 % (0.21) % (0.31) % Fee income / total revenue 22.2 % 21.6 % 21.4 % 0.5 % 0.8 % Efficiency ratio 59.4 % 56.9 % 52.4 % 2.5 % 7.0 % TBV per share $ 11.22 $ 11.50 $ 9.72 $ (0.28) (2) % $ 1.50 15 % Effective tax rate 20.1 % 21.6 % 22.4 % (1.5) % (2.3) % Adaptable business model capable of managing through shifting macroeconomic environment 1Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q23 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 22Q23 includes 19.7 million share impact of Series G convertible securities issued in connection with TD transaction based on the final conversion rate; 1Q23, 4Q22 and 3Q22 include 27.5 million shares based on the original maximum conversion rate.

8 3Q23 notable items1 1Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q23 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. After-tax Notable Items 3Q23 Restructuring costs (after-tax) (7) Tax impact of 3Q23 notable tax items (13) After-tax impact of 3Q23 notable items $ (20) EPS impact of 3Q23 notable items $ (0.04) GAAP results reduced by a net $0.04 per share impact from notable items • Pre-tax restructuring costs of $10 million related to streamlining the number of regions within the Regional Bank, as well as reductions in force, primarily within mortgage • 3Q23 includes $13 million of net tax expense, including two notable tax events – $24 million tax liability related to the book value surrender of approximately $214 million of bank owned life insurance (BOLI) policies – $11 million benefit from merger-related tax items Pre-Tax Notable Items Notable Tax Items

9 NII trends reflect increased funding costs & macroeconomic environment1 $666 $712 $691 $635 $609 3.48% 3.89% 3.88% 3.38% 3.17% 3Q22 4Q22 1Q23 2Q23 3Q23 Net Interest Income (FTE) and NIM Trends 1Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q23 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. • 3Q23 net interest income down $26 million versus 2Q23 – Reflects a full quarter impact of the 2Q23 deposit campaign and a partial quarter benefit of the July rate hike on floating asset yields – Widening credit spreads, continued repricing of fixed rate cash flows, and average loan growth of 3% improved NII – Deposit mix rotation continues to be a headwind, however 2% deposit growth enabled the pay down of all remaining FHLB borrowings • Net interest margin declined 21bps versus 2Q23 as the deposit beta accelerated faster than loan spread repricing Net interest margin remains strong, despite moderating from cyclical highs $ in millions NII Margin 2Q23 $635 3.38% Days $4 Deposit Rates $(63) (0.33)% Deposit Mix & Funding Volume $(20) (0.09)% Loan Rates & Spreads $36 0.18% Loan Volumes & Mix $20 0.04% Investment Securities $(1) 0.01% Other $(2) (0.01)% 3Q23 $609 3.17%

10 $66.0B $63.5B $61.4B $65.4B $67.0B $40.2 $40.0 $40.3 $46.6 $49.2 $25.8 $23.5 $21.1 $18.8 $17.8 Interest-bearing deposits Noninterest-bearing deposits (DDA) 3Q22 4Q22 1Q23 2Q23 3Q23 Demonstrated successful customer acquisition capability Period end deposits • 3Q23 period-end deposits of $67.0 billion increased $1.6 billion or 2%, versus 2Q23 – Loan-to-deposit ratio of 92% improved from 94% – 68% of deposits are FDIC insured or collateralized • Deposit growth driven by customer balance acquisition; brokered deposits effectively flat to prior quarter – Opened over 19,000 new deposit accounts, acquiring over $1 billion in balances – The customers that participated in the second quarter deposit campaign have increased their balances by ~$200 million • Full quarter impact of the successful deposit campaign and a higher Fed Funds rate drove an increase in interest- bearing deposit costs from 2.55% to 3.36% – Cumulative interest-bearing deposit beta of 63% – Implemented base rate reductions in latter part of the quarter, reducing the blended rate on the $22 billion portfolio by 10bps to 1.53% – Rate guarantees on 2Q23 deposit campaigns begin to reprice in 4Q23, creating opportunity to moderate funding cost • With interest rates at 20 year highs, deposit mix shift continues with DDA declining to 27% of total deposits, though still ~$2B above nominal pre-pandemic levels 1Industry defined as the H8 deposit data from 6/28/23 to 9/27/23. 2Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q23 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. Deposit growth of 2.4% significantly outperforms industry growth of 0.3%1

11 • 3Q23 period-end loans of $61.8 billion up $0.5 billion or 1% versus 2Q23 – $0.9 billion or 2% increase in loans excluding loans to mortgage companies (LMC), which decreased by $454 million – C&I growth was diversified across multiple industries, geographies, and lines of business – CRE growth driven by fund-ups of $510 million on existing loans, primarily in multi-family Class A apartments, while total commitments are flat – On balance sheet mortgage production focused on the Medical Doctor (MD) program, which comprised over 60% of originations • Total unfunded commitments stable to prior quarter • Period end line utilization of 42%2 • Loan yields expanded 21bps – New mortgage yields widened 90bps linked quarter – Spreads on new commercial originations are up 54bps year-over-year • Asset sensitive profile reflected in loan composition of 67% floating vs 33% fixed rate 1Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q23 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted.2Utilization rates exclude Loans to Mortgage Companies. Period end loan trends Diversified portfolio across attractive geographic footprint1 Focused on deepening relationships and appropriately pricing

12 • 3Q23 adjusted fee income excluding deferred compensation up $6 million or 4% versus 2Q23 – Fixed income decreased $2 million with ADR down modestly, driven by continued challenging market conditions – Intentional pricing strategy drove volume into the secondary market, increasing mortgage banking income by $1 million – Service charges and fees up $1 million driven by higher treasury management and consumer fees – Other noninterest income up $8 million primarily driven by $5 million of incremental FHLB stock dividends related to second quarter borrowing levels and growth of $1 million in swap fees – Strong customer deposit growth enabled the full pay-off of all FHLB borrowings this quarter Fee income stable with fixed income and mortgage cyclically low 1Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q23 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. $ in millions Adjusted Results 3Q23 Change vs. 3Q23 2Q23 1Q23 4Q22 3Q22 2Q23 3Q22 Fixed income $28 $30 $39 $35 $46 $(2) (7) % $(18) (39) % Mortgage banking & title $7 $6 $5 $4 $9 $1 17 % $(2) (22) % Service charges and fees $60 $59 $55 $56 $56 $1 2 % $4 7 % Brokerage, trust, and insurance $34 $35 $34 $33 $34 $(1) (3) % $0 — % Card and digital banking fees $20 $21 $19 $20 $21 $(1) (5) % $(1) (5) % Deferred compensation income $0 $8 $3 $7 $(3) $(8) (100) % $3 100 % Other noninterest income $25 $17 $15 $20 $18 $8 47 % $7 39 % Total fee income $173 $175 $171 $173 $181 $(2) (1) % $(8) (4) % Average daily revenue (ADR) $301k $348k $437k $403k $524k $(47)k (14) % $(223)k (43) % Adjusted fee income up $6 million excluding deferred compensation

13 Results reflect continued expense discipline • 3Q23 adjusted expense of $465 million up $4 million versus 2Q23 – Personnel expense excluding deferred compensation up $4mm – $11mm of merger retention award incentives moving out of the merger line and into core results – Partially offset by lower levels of other variable compensation – Other expense drivers include: – $1 million of higher FDIC costs – Return to more normalized levels from 2Q23, which benefited from a few discrete non-recurring items $ in millions Adjusted Results 3Q23 Change vs. 3Q23 2Q23 1Q23 4Q22 3Q22 2Q23 3Q22 Salaries and benefits $188 $187 $188 $178 $185 $1 1 % $3 2 % Incentives and commissions $68 $65 $64 $70 $68 $3 5 % $0 — % Deferred compensation expense $0 $8 $3 $7 $(2) $(8) (100) % $2 100 % Total personnel expense $256 $260 $255 $254 $251 $(4) (2) % $5 2 % Occupancy and equipment $67 $68 $70 $71 $70 $(1) (1) % $(3) (4) % Outside services $69 $68 $63 $64 $64 $1 1 % $5 8 % Amortization of intangible assets $12 $12 $12 $12 $12 $0 — % $0 — % Other noninterest expense $60 $53 $58 $58 $48 $7 13 % $12 25 % Total noninterest expense $465 $461 $457 $458 $444 $4 1 % $21 5 % Full-time equivalent associates 7,340 7,327 7,282 7,477 7,569 13 — % (229) (3) % 1Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q23 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted.2Occupancy and Equipment expense includes Computer Software Expense. Increase in expense driven by transfer of acquisition-related retention into core expense 2

14 Disciplined lending leads to strong performance across the cycle $ in millions. 1Net charge-off % is annualized and as % of average loans. $752 $771 $800 $827 $842 1.31% 1.33% 1.35% 1.35% 1.36% ACL ACL/Loans 3Q22 4Q22 1Q23 2Q23 3Q23 Allowance for credit losses (ACL) Non-performing loans (NPLs) $292 $316 $424 $402 $394 0.51% 0.54% 0.72% 0.66% 0.64% NPLs $ NPLs % 3Q22 4Q22 1Q23 2Q23 3Q23 • 3Q23 net charge-offs of $95 million increased $72 million – 3Q23 included a $72 million idiosyncratic C&I charge- off related to a credit that converted from Chapter 11 to Chapter 7 bankruptcy in August – Other charge-offs of $23 million were in-line with the prior quarter • Provision expense of $110 million in 3Q23 – ~$15 million reserve build reflects the impact of 2% loan growth excluding LMC • NPL ratio of 64 bps down 2 bps from 2Q23 • 3Q23 ACL coverage ratio increased to 1.36% 1 $12 $26 $16 $23 $95 0.08% 0.18% 0.11% 0.16% 0.61% NCOs NCO% 3Q22 4Q22 1Q23 2Q23 3Q23 Reserve build reflects the impact of loan growth and macroeconomic uncertainty Net charge-offs

15 3Q22 4Q22 1Q23 2Q23 3Q23 CET1 ratio Tier 1 capital ratio Total capital ratio 3Q22 4Q22 1Q23 2Q23 3Q23 Strong capital position1 Capital levels 11.7% 13.1% 13.3% 11.9% 13.6% 12.1% 13.6% 12.1% 13.6% 12.1% $11.50 $0.29 $(0.04) $(0.15) $(0.41) $0.03 $11.22 2Q23 Adjusted NIAC⁵ Notable Items Common Dividend Mark on AFS & Hedges Other 3Q23 • 3Q23 CET1 ratio remained strong at 11.1% as the benefit of adjusted NIAC offsets reductions from deploying capital into loans, paying common dividends, and notable items – CET1 net of unrealized losses of 8.6% above regulatory capital threshold of 7.0% • 3Q23 TBVPS of $11.22 decreased 2% versus 2Q23, driven by higher mark-to-market on the AFS securities portfolio and interest rate hedges, partially offset by adjusted NIAC5 • 3Q23 total capital of 13.6% flat to 2Q23 1Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q23 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2CET1 impact of available for sale (AFS) and held to maturity (HTM) unrealized losses are presented on an after-tax basis. 3Loan FV impact represents the difference between book value and estimated fair value of loans and leases as of June 30, 2023 as disclosed in FHN’s 10-Q filing. 4Other includes equity compensation. 5Net of change in intangibles. Tangible book value per share4 9.9% 10.2% 10.4% 11.1% 11.1% 11.1% (1.6)% (0.2)% 9.3% (0.7)% 8.6% 3Q23 CET1 Estimate AFS Impact HTM Impact Pro Forma Loan FV Impact Pro Forma incl. Loan FV Impact 3Q23 CET1 net of unrealized losses2,3 Lower exposure to unrealized losses due to smaller portfolio and moderate effective duration

16 FY2023 Outlook Earnings Drivers FY22 Adjusted Baseline1 FY23 Adjusted Expectations Comments Average Loans $56 billion Updated: Up 7% – 9% Prior: Up 3% – 5% Successful deposit campaign enabled better-than-expected loan growth, with a focus on full relationships Net Interest Income (FTE) $2,405 million Up 6% – 9% Assumes no additional rate hikes in 2023; DDA balances return to pre-pandemic levels Noninterest Income2 $765 million Down 6% – 10% Fixed income and mortgage stabilizing at cyclical low levels Noninterest Expense2 $1,795 million Up 6% – 8% Increased investment in technology, marketing, and personnel Net Charge-Offs 11 bps Updated: 25 bps – 35 bps Prior: 15 bps – 25 bps Modest normalization from very benign levels; update reflects $72 million idiosyncratic C&I charge-off in 3Q23, with remaining charge-offs expected to be in-line with prior guidance Tax Rate 21.5% 20% – 22% Timing of discrete items impacts quarterly rate CET1 Ratio 10.2% Updated: 11.0 % – 11.2% Prior: 11.25% – 11.75% Updated to reflect revised loan growth; no share buybacks in 2023 1Adjusted measures are non-GAAP and are reconciled in the appendix. 2Variability in Deferred Compensation may impact growth rates in noninterest income and noninterest expense but should have an offsetting and immaterial impact on pretax income. PPNR guidance continues to be within the range conveyed at investor day Updates from investor day guidance shown in blue

17 Diversified business model with highly attractive geographic footprint provides opportunity to deliver outperformance through a variety of economic cycles Strategic focus on delivering enhanced shareholder value 1 Strong balance sheet and prudent risk management to drive increased capital efficiency and returns 2 Client-centric model committed to serving as trusted advisor through Capital + Counsel as a core differentiator3 Disciplined execution of strategy and continuous improvement mindset to further enhance efficiency and productivity 4 Investing in the well-being of associates and communities is central to our purpose5

APPENDIX 18

19Numbers may not foot due to rounding. 1Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q23 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted.2Other includes equity compensation. 3Q23 CET1 Walkforward1,2 11.1% 0.21% (0.03)% 0.05% (0.12)% (0.07)% 11.1% 2Q23 CET1 Adjusted NIAC Notable Items Other Common Dividend Change in Loan Balances & Unfunded Commitments 3Q23 Estimate

20 7% 4% 4% 2% 2% 2% 1% 1% Multi- family Retail Industrial Office (non- med) Hospitality Medical office Other Land + residential • Disciplined risk management practice and underwriting standards across CRE portfolio • $4 million of net charge offs in 3Q23 from CRE in the total portfolio – $3 million of net charge-offs in office portfolio • Granular CRE loan book with less than 7% property type concentration across the total loan portfolio • Continued strong asset quality with 98.2% of CRE graded pass • Vacancy rate of 11% in office CRE, which compares favorably to the industry, which is experiencing vacancy of 19% in the southeast1 1FHN’s CRE database includes information for loans in the Pro CRE LOB, as well as market CRE loans above $5mm. Vacancy rates are based on this population. Industry statistics from Moody’s as of 2Q23. Diversified, high credit quality CRE portfolio Geographically diverse portfolio with minimal concentration across property types 27% 13% 12% 11% 10% 10% 9% 9% FL TX NC Other South Eastern All Other GA TN LA PE CRE by Property TypePE CRE by State Composition (% of total loans)

21 TN, 37% FL, 19% NC, 12% LA, 12% AL, 4% TX, 4% GA, 2% AR, 2% All other states, 3% Specialty Bank, 5% Well-diversified and stable funding mix1 • Stable, cost-effective deposits from a diverse commercial and consumer client base across 12-state footprint and specialty lines of business • Commercial deposits of $37.3 billion , or 56% and consumer of $29.7 billion, or 44% • Attractive lower-cost deposit base with 27% DDA 68% of 3Q23 deposits insured or collateralized All data as of September 30, 2023. 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q23 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 68% of deposits insured or collateralized 3Q23 diversified deposit mix by product 27% 38% 12% 24% Demand deposit accounts Savings Time deposits Other interest-bearing deposits 3Q23 deposits by state ($s in billions) $40.8 61% $21.4 32% $4.8 7% Insured Uninsured & uncollateralized Collateralized

22 $244 $241 $234 $264 4Q23 1Q24 2Q24 3Q24 Agency MBS 43% Agency CMBS 24% Agency CMO 14% U.S. Agencies & UST 12% States & Municipalities 6% $10.3B $10.1B $10.3B $10.2B $9.8B 2.14% 2.41% 2.45% 2.49% 2.54% Average AFS Securities Average HTM Securities Average Yield 3Q22 4Q22 1Q23 2Q23 3Q23 Investment portfolio1 • Portfolio represents ~12% of total assets • Effective duration of 5.2 years • Low reliance on HTM designation at ~14% of total portfolio • 94% U.S. Government or Agency-backed by GSEs • Total unrealized losses of $1.8B vs $1.4B in 2Q23 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q23 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Calculated based on period end market values. 3Estimated as of 9/30/23; includes maturities and projected calls 3Q23 Highlights Prudently managed to support liquidity and IRR Steady principal cash flows3 Investment portfolio ($ in billions) 3Q22 4Q22 1Q23 2Q23 3Q23 % of total assets 12% 13% 13% 12% 12% Total unrealized losses (pre-tax) $(1.5) $(1.4) $(1.3) $(1.4) $(1.8) Effective duration (years) 5.3 5.3 5.2 5.2 5.2 Unencumbered securities / total securities2 52% 45% 44% 35% 33% ($ in millions) 3Q23 investment portfolio composition2

23 Notable Items ($s in millions except per share data) *3Q23 includes $10 million of restructuring expenses; 2Q23 includes $50 million contribution to First Horizon Foundation; 2Q23 and 4Q22 includes $15 million and $10 million, respectively of Visa derivative valuation expense. 2022 includes $22 million of Visa derivative valuation expense. **3Q23 includes after-tax notable items of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items. (In millions) 3Q23 2Q23 1Q23 4Q22 3Q22 Summary of Notable Items: Gain on merger termination $ — $ 225 $ — $ — $ — Gain on sale of title services business — — — 1 21 Gain related to equity securities investments — — — — 10 Net Merger/acquisition/transaction-related items — (30) (21) (36) (24) Other notable expenses* (10) (65) — (10) — Total notable items (pre-tax) (10) 130 (21) (45) 7 Tax related notable items** (13) — — — — EPS impact of notable items $ (0.04) $ 0.17 $ (0.03) $ (0.06) $ 0.01 (In millions) 2022 Summary of Notable Items: IBKC Branch sale gain (other noninterest income) $ 1 Gain on sale of title services business 22 Gain related to equity securities investments 16 Gain on sale of mortgage servicing rights 12 Merger related expenses (136) Other notable expenses* (22) Total notable items (107) EPS impact of notable items $ (0.15)

24 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. (a) Included in Total equity on the Consolidated Balance Sheet. (b) Includes goodwill and other intangible assets, net of amortization. Numbers may not foot due to rounding. CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION ($s in millions, except per share data) Quarterly, Unaudited 3Q23 2Q23 1Q23 4Q22 3Q22 Tangible Common Equity (Non-GAAP) (A) Total equity (GAAP) $ 8,794 $ 8,960 $ 8,895 $ 8,547 $ 8,283 Less: Noncontrolling interest (a) 295 295 295 295 295 Less: Preferred stock (a) 520 520 1,014 1,014 1,014 (B) Total common equity $ 7,978 $ 8,144 $ 7,586 $ 7,238 $ 6,974 Less: Intangible assets (GAAP) (b) 1,709 1,720 1,732 1,744 1,757 (C) Tangible common equity (Non-GAAP) $ 6,270 $ 6,424 $ 5,853 $ 5,494 $ 5,217 Tangible Assets (Non-GAAP) (D) Total assets (GAAP) $ 82,533 $ 85,071 $ 80,729 $ 78,953 $ 80,299 Less: Intangible assets (GAAP) (b) 1,709 1,720 1,732 1,744 1,757 (E) Tangible assets (Non-GAAP) $ 80,825 $ 83,351 $ 78,997 $ 77,209 $ 78,542 Period-end Shares Outstanding (F) Period-end shares outstanding 559 559 538 537 537 Ratios (A)/(D) Total equity to total assets (GAAP) 10.65 % 10.53 % 11.02 % 10.83 % 10.32 % (C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) 7.76 % 7.71 % 7.41 % 7.12 % 6.64 % (B)/(F) Book value per common share (GAAP) $ 14.28 $ 14.58 $ 14.11 $ 13.48 $ 12.99 (C)/(F) Tangible book value per common share (Non-GAAP) $ 11.22 $ 11.50 $ 10.89 $ 10.23 $ 9.72

25 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION ($s in millions, except per share data) Quarterly, Unaudited 3Q23 2Q23 1Q23 4Q22 3Q22 Adjusted Diluted EPS Net income available to common shareholders ("NIAC") (GAAP) a $ 129 $ 317 $ 243 $ 258 $ 257 Plus Tax effected notable items (Non-GAAP) (a) 20 (98) 16 34 (5) Adjusted net income available to common shareholders (Non-GAAP) b $ 150 $ 219 $ 259 $ 293 $ 252 Diluted Shares (GAAP)8 c 561 561 572 572 570 Diluted EPS (GAAP) a/c $ 0.23 $ 0.56 $ 0.43 $ 0.45 $ 0.45 Adjusted diluted EPS (Non-GAAP) b/c $ 0.27 $ 0.39 $ 0.45 $ 0.51 $ 0.44 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $ 142 $ 329 $ 256 $ 270 $ 268 Plus Tax effected notable items (Non-GAAP) (a) 20 (98) 16 34 (5) Adjusted NI (Non-GAAP) $ 163 $ 231 $ 271 $ 304 $ 263 NI (annualized) (GAAP) d $ 565 $ 1,320 $ 1,037 $ 1,070 $ 1,063 Adjusted NI (annualized) (Non-GAAP) e $ 646 $ 928 $ 1,100 $ 1,206 $ 1,045 Average assets (GAAP) f $ 83,220 $ 82,304 $ 78,841 $ 79,521 $ 82,551 ROA (GAAP) d/f 0.68 % 1.60 % 1.32 % 1.35 % 1.29 % Adjusted ROA (Non-GAAP) e/f 0.78 % 1.13 % 1.40 % 1.52 % 1.27 % Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE Net income available to common shareholders ("NIAC") (annualized) (GAAP) g $ 513 $ 1,270 $ 987 $ 1,025 $ 1,020 Adjusted Net income available to common shareholders (annualized) (Non-GAAP) h $ 594 $ 878 $ 1,050 $ 1,161 $ 1,001 Average Common Equity (GAAP) i $ 8,163 $ 7,747 $ 7,398 $ 7,106 $ 7,360 Intangible Assets (GAAP) (b) 1,714 1,726 1,738 1,750 1,767 Average Tangible Common Equity (Non-GAAP) j $ 6,448 $ 6,021 $ 5,659 $ 5,356 $ 5,593 ROCE (GAAP) g/i 6.28 % 16.40 % 13.34 % 14.42 % 13.85 % ROTCE (Non-GAAP) g/j 7.95 % 21.10 % 17.43 % 19.14 % 18.23 % Adjusted ROTCE (Non-GAAP) h/j 9.21 % 14.59 % 18.55 % 21.68 % 17.89 % (a) Amounts adjusted for notable items as detailed on page 22 (b) Includes goodwill and other intangible assets, net of amortization. Numbers may not foot due to rounding

26 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION (In millions) Quarterly, Unaudited 3Q23 2Q23 1Q23 4Q22 3Q22 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) k $ 173 $ 400 $ 171 $ 174 $ 213 Plus notable items (GAAP) (a) — (225) — (1) (32) Adjusted noninterest income (Non-GAAP) l $ 173 $ 175 $ 171 $ 173 $ 181 Revenue (GAAP) m $ 778 $ 1,031 $ 859 $ 882 $ 875 Taxable-equivalent adjustment 4 4 4 4 4 Revenue- Taxable-equivalent (Non-GAAP) 782 1,035 863 886 878 Plus notable items (GAAP) (a) — (225) — (1) (32) Adjusted revenue (Non-GAAP) n $ 782 $ 810 $ 863 $ 885 $ 847 Noninterest income as a % of total revenue (GAAP) k/m 22.27 % 38.82 % 19.94 % 19.68 % 24.30 % Adjusted noninterest income as a % of total revenue (Non-GAAP) l/n 22.16 % 21.63 % 19.85 % 19.55 % 21.37 % Adjusted Efficiency Ratio Noninterest expense (GAAP) o $ 474 $ 555 $ 478 $ 503 $ 468 Plus notable items (GAAP) (a) (10) (95) (21) (46) (25) Adjusted noninterest expense (Non-GAAP) p $ 465 $ 461 $ 457 $ 458 $ 444 Revenue (GAAP) q $ 778 $ 1,031 $ 859 $ 882 $ 875 Taxable-equivalent adjustment 4 4 4 4 4 Revenue- Taxable-equivalent (Non-GAAP) 782 1,035 863 886 878 Plus notable items (GAAP) (a) — (225) — (1) (32) Adjusted revenue (Non-GAAP) r $ 782 $ 810 $ 863 $ 885 $ 847 Efficiency ratio (GAAP) o/q 60.92 % 53.87 % 55.65 % 57.07 % 53.56 % Adjusted efficiency ratio (Non-GAAP) p/r 59.39 % 56.90 % 52.95 % 51.70 % 52.42 % (a) Amounts adjusted for notable items as detailed on page 22 (b) Includes goodwill and other intangible assets, net of amortization. Numbers may not foot due to rounding

27 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. Numbers may not foot due to rounding Period-end Average ($s in millions) 3Q23 2Q23 3Q23 vs. 2Q23 3Q23 2Q23 3Q23 vs. 2Q23 Loans excluding LMC Total Loans (GAAP) $ 61,778 $ 61,295 $ 483 1 % $ 61,432 $ 59,924 $ 1,508 3 % LMC (GAAP) 2,237 2,691 (454) (17) % 2,353 2,262 90 4 % Total Loans excl. LMC (Non-GAAP) 59,541 58,604 937 2 % 59,079 57,662 1,417 2 % Total Consumer (GAAP) 14,494 14,289 205 1 % 14,391 13,873 518 4 % Total Commercial excl. LMC (Non-GAAP) 45,047 44,315 732 2 % 44,688 43,789 899 2 % Total CRE (GAAP) 14,121 13,891 230 2 % 13,999 13,628 371 3 % Total C& I excl. LMC (Non-GAAP) $ 30,926 $ 30,424 $ 502 2 % $ 30,689 $ 30,161 $ 528 2 % FY 2022 Adjusted Results (In millions) 2022 Net interest income (GAAP) $ 2,392 Taxable-equivalent adjustment 13 Net interest income - taxable-equivalent (Non-GAAP) $ 2,405 Noninterest income (GAAP) $ 816 Plus notable items (GAAP) (a) (51) Adjusted noninterest income (Non-GAAP) $ 765 Noninterest expense (GAAP) $ 1,953 Plus notable items (GAAP) (a) (158) Adjusted noninterest expense (Non-GAAP) $ 1,795

28 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. (a) Amounts adjusted for notable items as detailed on page 22. Numbers may not foot due to rounding