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

April 16, 2025

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 1/4,000th 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") First Quarter 2025 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 March 31, 2025, 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 the exhibits 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 included in the exhibits furnished by this report are identified in the exhibits, and in the reconciliations to GAAP measures. 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, provides 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 included in the measures furnished by this report 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 ("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

Each exhibit furnished by this report 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, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect 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 often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other similar 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. While there is no assurance that any list of uncertainties and contingencies is complete, examples of factors which could cause actual results to differ from those contemplated by forward-looking statements or historical performance include those mentioned: in each exhibit; in the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K; and in the forepart, and in Item 1A of Part II, of FHN’s Quarterly Report(s) on Form 10-Q filed after that Annual Report. Any forward-looking statements made by or on behalf of FHN speak only as of the date they are made and FHN assumes no obligation to update or revise any forward-looking statements that are made in any exhibit or in any other statement, release, report, or filing from time to time. Actual results could differ, and expectations could change, possibly materially, because of one or more factors, including those factors listed in the documents mentioned above, and other factors not listed. Throughout each exhibit, numbers may not foot due to rounding, references to EPS are fully diluted and capital ratios for the most recent quarter are estimates.


FIRST HORIZON CORPORATION			2			FORM 8-K CURRENT REPORT 04/16/2025

ITEM 9.01. Financial Statements and Exhibits.

(d)Exhibits

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 First Quarter 2025 Earnings Release
99.2						a1q25earningsslides.htm
104						Cover Page Interactive Data File, formatted in Inline XBRL


FIRST HORIZON CORPORATION			3			FORM 8-K CURRENT REPORT 04/16/2025

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:

April 16, 2025

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 04/16/2025

EX-99.1 2 a1q2025earningsrelease.htm EX-99.1 Document

First Horizon Corporation's Momentum Continues with Strong First Quarter 2025 Results

Net Income Available to Common Shareholders of $213 Million with an EPS of $0.41, a $0.12 Increase from Prior Quarter; $217 Million or $0.42 on an Adjusted Basis, Down $0.01 from Prior Quarter*

MEMPHIS, TN (April 16, 2025) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported first quarter net income available to common shareholders ("NIAC") of $213 million or earnings per share of $0.41, compared with fourth quarter 2024 NIAC of $158 million or earnings per share of $0.29. First quarter 2025 results were reduced by net $4 million after-tax, or $0.01 per share, of notable items compared with $71 million, or $0.13 per share, in fourth quarter 2024. Excluding notable items, adjusted first quarter 2025 NIAC was $217 million or $0.42 per share compared to $228 million or $0.43 per share in fourth quarter 2024.

"We are pleased to report strong performance as we begin 2025. Our commitment to delivering value to our shareholders through consistent returns is achieved by meeting client needs with tailored solutions, maintaining a strong associate culture, and supporting our communities with unwavering resolve," said President and CEO Bryan Jordan.

He continued, "Our business model prioritizes safety and soundness, profitability, and growth, equipping us to manage uncertainties and adapt to economic changes. For 161 years, First Horizon has demonstrated its ability to perform through diverse economic conditions and is well-positioned to achieve sustainable growth and continue delivering results that benefit our stakeholders for the long term."

Notable Items


Notable Items
Quarterly, Unaudited ($ in millions, except per share data)	1Q25		4Q24		1Q24
Summary of Notable Items:


Loss on AFS portfolio restructuring	$	—	$	(91)	$	—




FDIC special assessment (other noninterest expense)	(1)		1		(10)
Other notable expenses	(5)		(3)		(5)
Total notable items (pre-tax)	$	(6)	$	(94)	$	(15)
Total notable items (after-tax)	$	(4)	$	(71)	$	(12)

Numbers may not total due to rounding.

First quarter notable items included $1 million of expense for the FDIC special assessment and a $5 million impact related to Visa derivative valuation expenses.

*References to "adjusted" results exclude notable items and, along with return on tangible common equity, tangible book value per share, and certain other financial measures, are
non-GAAP financial measures. All references to loans include leases. All references to earnings per share are based on diluted shares. Please see page 4 for information on our use of non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 20.

First Quarter 2025 versus Fourth Quarter 2024

Net interest income

Net interest income (FTE) increased $1 million to $634 million and net interest margin of 3.42% increased 9 basis points. Both changes were driven by a 38 basis point reduction in interest-bearing deposit costs and partially offset by the impact of lower loan yields and loan volumes.

Noninterest income

Noninterest income increased $82 million to $181 million, as fourth quarter 2024 contained a $91 million notable loss associated with an opportunistic restructuring of a portion of the securities portfolio. Adjusted noninterest income decreased by $9 million from fourth quarter 2024 as deferred compensation income was $4 million lower. Fixed income remained flat from prior quarter despite average daily revenue (ADR) reduction to $586k, as revenue from other products within that business increased. Typical fluctuation levels in brokerage, trust and insurance income and other noninterest income resulted in reductions of $3 million and $2 million, respectively.

Noninterest expense

Noninterest expense of $488 million decreased $21 million from the prior quarter. First quarter notable items included $1 million of expense for the FDIC special assessment and a $5 million impact related to Visa derivative valuation expenses. Adjusted noninterest expense of $482 million decreased $24 million, including $4 million lower deferred compensation. Personnel expense, excluding deferred compensation, was $9 million higher due to annual merit adjustments and incremental expense associated with performance award adjustments. Outside services declined by $8 million as completed technology projects drove lower vendor costs. Other noninterest expense decreased by $22 million reflecting reductions from 4Q24 expenses that included a $10 million charitable contribution as well as checking account promotion expenses.

Loans and leases

Average loan and lease balances of $61.6 billion represented a $773 million decline compared to the prior quarter, while period-end balances were $62.2 billion, decreasing $350 million from fourth quarter 2024. Loans to mortgage companies (LMC) saw typical seasonal reductions while CRE balances declined due to pay downs. Loan yields of 5.89% decreased 20 basis points driven by lower short-term rates following the rate cuts by the Federal Reserve in fourth quarter 2024.

Deposits

Average deposits of $64.5 billion decreased $1.6 billion from fourth quarter 2024, which included a pay down of $0.7 billion of brokered CDs. Period-end deposits of $64.2 billion declined $1.4 billion, driven by the pay-off of $0.6 billion of brokered CDs. Interest-bearing deposit cost of 2.72% decreased 38 basis points from the prior quarter, with a spot rate of approximately 2.70% at the end of the quarter.

Asset quality

Provision expense of $40 million increased $30 million from the previous quarter. Net charge-offs were $29 million or 19 basis points, up from $13 million or 8 basis points in prior quarter. Nonperforming loans of $609 million increased $8 million, with an increase in C&I partially offset by reductions in commercial and consumer real estate. The ACL to loans ratio increased from fourth quarter 2024 to 1.45%, driven by uncertainty in the economic outlook.

Capital

CET1 ratio was 10.9%, slightly down from fourth quarter 2024 as $360 million of excess capital was returned to shareholders through the share repurchase program.

Income taxes

The effective tax rate and the adjusted effective tax rate for first quarter 2025 were both 22.0%, compared with an effective tax rate of 19.3% and adjusted tax rate of 21.0% for fourth quarter 2024.


SUMMARY RESULTS
Quarterly, Unaudited

										1Q25 Change vs.
($s in millions, except per share and balance sheet data)	1Q25			4Q24			1Q24			4Q24					1Q24
										$/bp			%		$/bp			%
Income Statement
Interest income - taxable equivalent1	$	1,017		$	1,071		$	1,076		$	(54)		(5)	%	$	(59)		(5)	%
Interest expense- taxable equivalent1	383			438			448			(55)			(13)		(65)			(14)
Net interest income- taxable equivalent	634			634			628			1			—		6			1
Less: Taxable-equivalent adjustment	3			4			4			—			(6)		—			(11)
Net interest income	631			630			625			1			—		7			1
Noninterest income	181			99			194			82			83		(13)			(7)
Total revenue	812			729			819			84			11		(7)			(1)
Noninterest expense	488			508			515			(21)			(4)		(27)			(5)
Pre-provision net revenue3	325			220			304			104			47		21			7
Provision for credit losses	40			10			50			30			NM		(10)			(20)
Income before income taxes	285			210			254			74			35		31			12
Provision for income taxes	63			41			57			22			54		5			10
Net income	222			170			197			52			31		25			13
Net income attributable to noncontrolling interest	4			4			5			—			(9)		(1)			(17)
Net income attributable to controlling interest	218			165			192			53			32		26			14
Preferred stock dividends	5			8			8			(3)			(34)		(3)			(37)
Net income available to common shareholders	$	213		$	158		$	184		$	55		35	%	$	29		16	%

Adjusted net income4	$	227		$	240		$	209		$	(14)		(6)	%	$	17		8	%
Adjusted net income available to common shareholders4	$	217		$	228		$	195		$	(11)		(5)	%	$	22		11	%
Common stock information
EPS	$	0.41		$	0.29		$	0.33		$	0.12		41	%	$	0.08		24	%
Adjusted EPS4	$	0.42		$	0.43		$	0.35		$	(0.01)		(2)	%	$	0.07		20	%


Diluted shares8	523			534			558			(11)			(2)	%	(34)			(6)	%
Key performance metrics
Net interest margin6	3.42		%	3.33		%	3.37		%	9		bp			5		bp

Efficiency ratio	60.06			61.98			62.92			(192)					(286)
Adjusted efficiency ratio4	59.09			61.43			60.78			(234)					(169)
Effective income tax rate	21.96			19.32			22.48			264					(52)
Return on average assets	1.11			0.82			0.97			29					14
Adjusted return on average assets4	1.14			1.17			1.03			(3)					11
Return on average common equity (“ROCE")	10.3			7.4			8.8			292					154

Return on average tangible common equity (“ROTCE”)4	12.8			9.2			11.0			364					186
Adjusted ROTCE4	13.1			13.3			11.6			(19)					143
Noninterest income as a % of total revenue	22.29			23.20			23.72			(91)					(143)
Adjusted noninterest income as a % of total revenue4	22.20		%	23.10		%	23.61		%	(90)		bp			(141)		bp
Balance Sheet (billions)
Average loans	$	61.6		$	62.4		$	61.2		$	(0.8)		(1)	%	$	0.5		1	%
Average deposits	64.5			66.1			65.4			(1.6)			(2)		(0.9)			(1)
Average assets	81.0			82.0			81.2			(1.0)			(1)		(0.3)			—
Average common equity	$	8.4		$	8.5		$	8.4		$	(0.1)		(1)	%	$	—		(1)	%
Asset Quality Highlights

Allowance for credit losses to loans and leases4	1.45		%	1.43		%	1.40		%	2		bp			5		bp

Nonperforming loan and leases ratio	0.98		%	0.96		%	0.82		%	2		bp			16		bp
Net charge-off ratio	0.19		%	0.08		%	0.27		%	11		bp			(8)		bp
Net charge-offs	$	29		$	13		$	40		$	16		119	%	$	(11)		(28)	%
Capital Ratio Highlights (current quarter is an estimate)



Common Equity Tier 1	10.9		%	11.2		%	11.3		%	(27)		bp			(38)		bp
Tier 1	12.0			12.2			12.3			(27)					(38)
Total Capital	13.7			13.9			13.9			(19)					(25)
Tier 1 leverage	10.5		%	10.6		%	10.8		%	(15)		bp			(33)		bp

Numbers may not total due to rounding.

See footnote disclosures on page 19 and glossary of terms on page 25.

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, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect 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 often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other similar 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. While there is no assurance that any list of uncertainties and contingencies is complete, examples of factors which could cause actual results to differ from those contemplated by forward-looking statements or historical performance 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 furnished as an exhibit; in the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K; and in the forepart, and in Item 1A of Part II, of FHN’s Quarterly Report(s) on Form 10-Q filed after that Annual Report. Any forward-looking statements made by or on behalf of FHN speak only as of the date they are made, and 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. Actual results could differ and expectations could change, possibly materially, because of one or more factors, including those factors listed in this document or the documents mentioned above, and other factors not listed.

Throughout this document, numbers may not total due to rounding, references to EPS are fully diluted, and capital ratios for the most recent quarter are estimates.

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"), 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.

Presentation of regulatory measures, even those which are not GAAP, provides 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 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 20.

Conference Call Information

Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on April 16, 2025 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 728634. 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 April 16 until midnight CT on April 30, 2025. To listen to the replay, dial 1-866-813-9403 (U.S. callers); the access code is 568167. A replay of the webcast will also be available on our website on April 16 and will be archived on the site for one year.

First Horizon Corp. (NYSE: FHN), with $81.5 billion in assets as of March 31, 2025, 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 - Tyler Craft - Tyler.Craft@firsthorizon.com

Media Relations - Beth Ardoin - Beth.Ardoin@firsthorizon.com


CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited

																1Q25 Change vs.
($s in millions, except per share data)	1Q25			4Q24			3Q24			2Q24			1Q24			4Q24				1Q24
																$		%		$		%
Interest income - taxable equivalent1	$	1,017		$	1,071		$	1,123		$	1,097		$	1,076		$	(54)	(5)	%	$	(59)	(5)	%
Interest expense- taxable equivalent1	383			438			491			464			448			(55)		(13)		(65)		(14)
Net interest income- taxable equivalent	634			634			631			633			628			1		—		6		1
Less: Taxable-equivalent adjustment	3			4			4			4			4			—		(6)		—		(11)
Net interest income	631			630			627			629			625			1		—		7		1
Noninterest income:
Fixed income	49			49			47			40			52			—		—		(3)		(5)
Mortgage banking	8			8			9			10			9			1		7		—		(5)
Brokerage, trust, and insurance	38			41			39			38			36			(3)		(7)		2		6
Service charges and fees	52			53			59			58			57			—		—		(5)		(8)
Card and digital banking fees	18			19			19			20			19			(1)		(7)		(1)		(5)
Deferred compensation income9	(3)			1			6			3			9			(4)		NM		(11)		NM

Securities gains/(losses)	—			(91)			1			1			—			92		100		—		11
Other noninterest income	18			20			20			16			14			(2)		(8)		4		32
Total noninterest income	181			99			200			186			194			82		83		(13)		(7)
Total revenue	812			729			828			815			819			84		11		(7)		(1)
Noninterest expense:
Personnel expense:
Salaries and benefits	201			199			199			198			200			2		1		1		1
Incentives and commissions	81			76			76			79			92			5		6		(11)		(12)
Deferred compensation expense9	(3)			1			6			3			9			(4)		NM		(12)		NM
Total personnel expense	279			276			282			279			301			3		1		(22)		(7)
Occupancy and equipment2	78			76			73			72			72			2		2		6		9
Outside services	63			72			74			78			65			(8)		(12)		(2)		(3)
Amortization of intangible assets	10			11			11			11			11			(1)		(9)		(1)		(10)
Other noninterest expense	58			74			71			60			67			(16)		(21)		(9)		(13)
Total noninterest expense	488			508			511			500			515			(21)		(4)		(27)		(5)
Pre-provision net revenue3	325			220			316			315			304			104		47		21		7
Provision for credit losses	40			10			35			55			50			30		NM		(10)		(20)
Income before income taxes	285			210			281			260			254			74		35		31		12
Provision for income taxes	63			41			58			56			57			22		54		5		10
Net income	222			170			223			204			197			52		31		25		13
Net income attributable to noncontrolling interest	4			4			5			5			5			—		(9)		(1)		(17)
Net income attributable to controlling interest	218			165			218			199			192			53		32		26		14
Preferred stock dividends	5			8			5			15			8			(3)		(34)		(3)		(37)
Net income available to common shareholders	$	213		$	158		$	213		$	184		$	184		$	55	35	%	$	29	16	%
Common Share Data
EPS	$	0.41		$	0.30		$	0.40		$	0.34		$	0.33		$	0.11	37	%	$	0.08	24	%
Basic shares	517			528			534			544			555			(11)		(2)		(38)		(7)
Diluted EPS	$	0.41		$	0.29		$	0.40		$	0.34		$	0.33		$	0.12	41		$	0.08	24
Diluted shares8	523			534			538			547			558			(11)		(2)	%	(34)		(6)	%

Effective tax rate	22.0		%	19.3		%	20.6		%	21.5		%	22.5		%

Numbers may not total due to rounding.

See footnote disclosures on page 19 and glossary of terms on page 25.


ADJUSTED4 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 8
Quarterly, Unaudited


																1Q25 Change vs.
($s in millions, except per share data)	1Q25			4Q24			3Q24			2Q24			1Q24			4Q24				1Q24
																$		%		$		%


Net interest income (FTE)1	$	634		$	634		$	631		$	633		$	628		$	1	—	%	$	6	1	%
Adjusted noninterest income:
Fixed income	49			49			47			40			52			—		—		(3)		(5)
Mortgage banking	8			8			9			10			9			1		7		—		(5)
Brokerage, trust, and insurance	38			41			39			38			36			(3)		(7)		2		6
Service charges and fees	52			53			59			58			57			—		—		(5)		(8)
Card and digital banking fees	18			19			19			20			19			(1)		(7)		(1)		(5)
Deferred compensation income9	(3)			1			6			3			9			(4)		NM		(11)		NM

Adjusted securities gains/(losses)	—			—			1			1			—			—		NM		—		11	%
Adjusted other noninterest income	18			20			20			16			14			(2)		(8)		4		32
Adjusted total noninterest income	$	181		$	190		$	200		$	186		$	194		$	(9)	(5)	%	$	(13)	(7)	%
Total revenue (FTE)1	$	816		$	824		$	832		$	819		$	823		$	(8)	(1)	%	$	(7)	(1)	%

Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$	201		$	199		$	199		$	198		$	199		$	2	1	%	$	2	1	%
Adjusted Incentives and commissions	81			73			76			78			87			7		10		(6)		(7)
Deferred compensation expense9	(3)			1			6			3			9			(4)		NM		(12)		NM
Adjusted total personnel expense	279			274			281			279			295			5		2		(17)		(6)
Adjusted occupancy and equipment2	78			76			73			72			72			2		2		6		9
Adjusted outside services	63			71			73			75			65			(8)		(11)		(2)		(3)
Amortization of intangible assets	10			11			11			11			11			(1)		(9)		(1)		(10)
Adjusted other noninterest expense	52			74			59			58			57			(22)		(30)		(4)		(8)
Adjusted total noninterest expense	$	482		$	506		$	497		$	495		$	500		$	(24)	(5)	%	$	(18)	(4)	%

Adjusted pre-provision net revenue4	$	334		$	318		$	335		$	324		$	323		$	16	5	%	$	11	3	%

Provision for credit losses	$	40		$	10		$	35		$	55		$	50		$	30	NM		$	(10)	(20)	%







Adjusted net income available to common shareholders	$	217		$	228		$	224		$	195		$	195		$	(11)	(5)	%	$	22	11	%

Adjusted Common Share Data


Adjusted diluted EPS	$	0.42		$	0.43		$	0.42		$	0.36		$	0.35		$	(0.01)	(2)	%	$	0.07	20	%
Diluted shares8	523			534			538			547			558			(11)		(2)	%	(34)		(6)	%

Adjusted effective tax rate	22.0		%	21.0		%	20.8		%	21.5		%	22.5		%
Adjusted ROTCE	13.1		%	13.3		%	13.2		%	12.0		%	11.6		%
Adjusted efficiency ratio	59.1		%	61.4		%	59.9		%	60.5		%	60.8		%

Numbers may not total due to rounding.

See footnote disclosures on page 19 and glossary of terms on page 25.


NOTABLE ITEMS
Quarterly, Unaudited


(In millions)	1Q25		4Q24		3Q24		2Q24		1Q24
Summary of Notable Items:


Loss on AFS portfolio restructuring	$	—	$	(91)	$	—	$	—	$	—




FDIC special assessment (other noninterest expense)	(1)		1		2		(2)		(10)
Other notable expenses *	(5)		(3)		(17)		(3)		(5)
Total notable items (pre-tax)	$	(6)	$	(94)	$	(14)	$	(5)	$	(15)
Tax-related notable items	$	—	$	—	$	—	$	—	$	—
Preferred Stock Dividend **	$	—	$	—	$	—	$	(7)	$	—

Numbers may not total due to rounding.

* 4Q24, 3Q24, 2Q24, and 1Q24 include $3 million, $2 million, $3 million, and $5 million of restructuring expenses; 1Q25 and 3Q24 include $5 million and $15 million of Visa derivative valuation expenses

** 2Q24 includes $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.


IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited



($s in millions, except per share data)	1Q25		4Q24		3Q24		2Q24		1Q24
Impacts of Notable Items:



Noninterest income:







Securities (gains)/losses	$	—	$	91	$	—	$	—	$	—

Total noninterest income	$	—	$	91	$	—	$	—	$	—


Noninterest expense:
Personnel expenses:

Incentives and commissions	$	—	$	(2)	$	—	$	(1)	$	(5)

Total personnel expenses	—		(2)		(1)		(1)		(5)

Outside services	—		(1)		(1)		(3)		—

Other noninterest expense	(6)		1		(13)		(2)		(10)
Total noninterest expense	$	(6)	$	(2)	$	(14)	$	(5)	$	(15)


Income before income taxes	$	6	$	94	$	14	$	5	$	15
Provision for income taxes	1		23		4		1		3
Preferred stock dividends *	—		—		—		(7)		—
Net income/(loss) available to common shareholders	$	4	$	71	$	11	$	11	$	12
EPS impact of notable items	$	0.01	$	0.13	$	0.02	$	0.02	$	0.02

Numbers may not total due to rounding.

*2Q24 includes $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.


FINANCIAL RATIOS
Quarterly, Unaudited
																1Q25 Change vs.
	1Q25			4Q24			3Q24			2Q24			1Q24			4Q24					1Q24
FINANCIAL RATIOS																$/bp			%		$/bp			%
Net interest margin6	3.42		%	3.33		%	3.31		%	3.38		%	3.37		%	9		bp			5		bp

Return on average assets	1.11		%	0.82		%	1.08		%	1.00		%	0.97		%	29					14
Adjusted return on average assets4	1.14		%	1.17		%	1.13		%	1.02		%	1.03		%	(3)					11
Return on average common equity (“ROCE”)	10.30		%	7.38		%	10.10		%	8.98		%	8.76		%	292					154

Return on average tangible common equity (“ROTCE”)4	12.81		%	9.17		%	12.60		%	11.29		%	10.95		%	364					186
Adjusted ROTCE4	13.08		%	13.27		%	13.24		%	11.99		%	11.65		%	(19)					143
Noninterest income as a % of total revenue	22.29		%	23.20		%	24.06		%	22.75		%	23.72		%	(91)					(143)
Adjusted noninterest income as a % of total revenue4	22.20		%	23.10		%	23.95		%	22.64		%	23.61		%	(90)					(141)
Efficiency ratio	60.06		%	61.98		%	61.89		%	61.44		%	62.92		%	(192)					(286)
Adjusted efficiency ratio4	59.09		%	61.43		%	59.86		%	60.47		%	60.78		%	(234)					(169)
Allowance for credit losses to loans and leases4	1.45		%	1.43		%	1.44		%	1.41		%	1.40		%	2					5

CAPITAL DATA
CET1 capital ratio*	10.9		%	11.2		%	11.2		%	11.0		%	11.3		%	(27)		bp			(38)		bp
Tier 1 capital ratio*	12.0		%	12.2		%	12.2		%	12.1		%	12.3		%	(27)		bp			(38)		bp
Total capital ratio*	13.7		%	13.9		%	13.9		%	13.7		%	13.9		%	(19)		bp			(25)		bp
Tier 1 leverage ratio*	10.5		%	10.6		%	10.6		%	10.6		%	10.8		%	(15)		bp			(33)		bp
Risk-weighted assets (“RWA”) (billions)*	$	70.8		$	71.1		$	71.5		$	71.9		$	71.1		$	(0.3)		—	%	$	(0.4)		(1)	%
Total equity to total assets	11.10		%	11.09		%	11.27		%	10.89		%	11.21		%	1		bp			(11)		bp
Tangible common equity/tangible assets (“TCE/TA”)4	8.37		%	8.37		%	8.56		%	8.14		%	8.33		%	—		bp			4		bp
Period-end shares outstanding (millions)8	507			524			532			537			549			(17)			(3)	%	(42)			(8)	%
Cash dividends declared per common share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15		$	—		—	%	$	—		—	%
Book value per common share	$	16.40		$	16.00		$	16.15		$	15.34		$	15.23		$	0.40		2	%	$	1.17		8	%
Tangible book value per common share4	$	13.17		$	12.85		$	13.02		$	12.22		$	12.16		$	0.32		2	%	$	1.00		8	%


SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	96.90		%	95.40		%	93.80		%	96.89		%	93.93		%	150		bp			297		bp
Loans-to-deposit ratio (average balances)	95.57		%	94.44		%	94.19		%	95.49		%	93.54		%	113		bp			203		bp
Full-time equivalent associates	7,190			7,158			7,186			7,297			7,327			32			—	%	(137)			(2)	%

*Current quarter is an estimate.

See footnote disclosures on page 19 and glossary of terms on page 25.

CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited


											1Q25 Change vs.
(In millions)	1Q25		4Q24		3Q24		2Q24		1Q24		4Q24				1Q24
Assets:											$		%		$		%

Loans and leases:
Commercial, financial, and industrial (C&I)	$	33,354	$	33,428	$	33,092	$	33,452	$	32,911	$	(74)	—	%	$	443	1	%
Commercial real estate	14,139		14,421		14,705		14,669		14,426		(282)		(2)		(287)		(2)
Total Commercial	47,493		47,849		47,797		48,121		47,337		(356)		(1)		156		—
Consumer real estate	14,089		14,047		13,961		13,909		13,645		42		—		444		3
Credit card and other5	633		670		688		751		771		(36)		(5)		(137)		(18)
Total Consumer	14,722		14,716		14,648		14,660		14,416		6		—		306		2
Loans and leases, net of unearned income	62,215		62,565		62,445		62,781		61,753		(350)		(1)		462		1
Loans held for sale	510		551		494		471		395		(41)		(7)		115		29
Investment securities	9,333		9,166		9,530		9,221		9,460		167		2		(127)		(1)
Trading securities	1,376		1,387		1,549		1,249		1,161		(11)		(1)		215		18
Interest-bearing deposits with banks	1,164		1,538		1,286		1,452		1,885		(373)		(24)		(720)		(38)
Federal funds sold and securities purchased under agreements to resell	728		631		1,008		487		817		97		15		(89)		(11)
Total interest earning assets	75,326		75,838		76,311		75,662		75,470		(512)		(1)		(144)		—
Cash and due from banks	915		906		1,028		969		749		10		1		166		22
Goodwill and other intangible assets, net	1,643		1,653		1,663		1,674		1,685		(10)		(1)		(42)		(3)
Premises and equipment, net	569		574		572		584		586		(6)		(1)		(18)		(3)
Allowance for loan and lease losses	(822)		(815)		(823)		(821)		(787)		(7)		(1)		(35)		(5)
Other assets	3,861		3,996		3,883		4,162		4,094		(135)		(3)		(234)		(6)
Total assets	$	81,491	$	82,152	$	82,635	$	82,230	$	81,799	$	(660)	(1)	%	$	(308)	—	%

Liabilities and Shareholders' Equity:
Deposits:
Savings	$	26,242	$	26,695	$	26,634	$	25,437	$	25,847	$	(453)	(2)	%	$	394	2	%
Time deposits	5,918		6,613		8,326		7,163		6,297		(695)		(11)		(379)		(6)
Other interest-bearing deposits	16,213		16,252		15,403		15,845		17,186		(39)		—		(973)		(6)
Total interest-bearing deposits	48,373		49,560		50,363		48,446		49,331		(1,187)		(2)		(958)		(2)
Trading liabilities	670		550		767		423		467		120		22		203		44
Federal funds purchased and securities sold under agreements to repurchase	2,572		2,355		1,910		2,572		2,137		217		9		435		20
Short-term borrowings	1,223		1,045		675		1,943		566		178		17		657		116
Term borrowings	1,691		1,195		1,202		1,175		1,165		496		41		526		45
Total interest-bearing liabilities	54,529		54,705		54,918		54,559		53,665		(176)		—		864		2
Noninterest-bearing deposits	15,835		16,021		16,212		16,348		16,410		(186)		(1)		(576)		(4)
Other liabilities	2,084		2,315		2,189		2,368		2,550		(231)		(10)		(466)		(18)
Total liabilities	72,447		73,041		73,318		73,275		72,626		(593)		(1)		(178)		—
Shareholders' Equity:
Preferred stock	426		426		426		426		520		—		—		(94)		(18)
Common stock	317		328		333		336		343		(11)		(3)		(26)		(8)
Capital surplus	4,472		4,809		4,947		5,007		5,214		(336)		(7)		(742)		(14)
Retained earnings	4,516		4,382		4,304		4,172		4,072		135		3		445		11
Accumulated other comprehensive loss, net	(983)		(1,128)		(989)		(1,281)		(1,271)		145		13		287		23
Combined shareholders' equity	8,749		8,816		9,021		8,660		8,878		(67)		(1)		(129)		(1)
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	9,044		9,111		9,316		8,955		9,173		(67)		(1)		(129)		(1)
Total liabilities and shareholders' equity	$	81,491	$	82,152	$	82,635	$	82,230	$	81,799	$	(660)	(1)	%	$	(308)	—	%
Memo:
Total deposits	$	64,208	$	65,581	$	66,575	$	64,794	$	65,741	$	(1,373)	(2)	%	$	(1,533)	(2)	%
Loans to mortgage companies	$	3,369	$	3,471	$	3,244	$	2,934	$	2,366	$	(101)	(3)	%	$	1,003	42	%
Unfunded Loan Commitments:
Commercial	$	17,974	$	17,863	$	18,180	$	18,781	$	19,996	$	111	1	%	$	(2,022)	(10)	%
Consumer	$	4,190	$	4,203	$	4,281	$	4,334	$	4,383	$	(13)	—	%	$	(193)	(4)	%

Numbers may not total due to rounding. See footnote disclosures on page 19 and glossary of terms on page 25.

CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly, Unaudited


											1Q25 Change vs.
(In millions)	1Q25		4Q24		3Q24		2Q24		1Q24		4Q24				1Q24
Assets:											$		%		$		%
Loans and leases:
Commercial, financial, and industrial (C&I)	$	32,632	$	33,107	$	33,074	$	32,909	$	32,389	$	(475)	(1)	%	$	243	1	%
Commercial real estate	14,318		14,601		14,684		14,576		14,367		(283)		(2)		(49)		—
Total Commercial	46,951		47,709		47,758		47,485		46,756		(758)		(2)		195		—
Consumer real estate	14,046		14,008		13,935		13,783		13,615		37		—		430		3
Credit card and other5	649		701		720		761		781		(52)		(7)		(132)		(17)
Total Consumer	14,694		14,709		14,654		14,544		14,396		(15)		—		298		2
Loans and leases, net of unearned income	61,645		62,418		62,413		62,029		61,152		(773)		(1)		493		1
Loans held-for-sale	519		482		491		462		454		37		8		65		14
Investment securities	9,209		9,295		9,400		9,261		9,590		(86)		(1)		(381)		(4)
Trading securities	1,442		1,515		1,469		1,367		1,245		(73)		(5)		197		16
Interest-bearing deposits with banks	1,265		1,438		1,741		1,449		1,793		(173)		(12)		(528)		(29)
Federal funds sold and securities purchased under agreements to resell	713		594		607		676		544		119		20		169		31
Total interest earning assets	74,793		75,742		76,121		75,243		74,778		(949)		(1)		15		—
Cash and due from banks	886		911		905		904		948		(25)		(3)		(63)		(7)
Goodwill and other intangibles assets, net	1,648		1,658		1,669		1,680		1,691		(10)		(1)		(43)		(3)
Premises and equipment, net	570		571		578		585		587		(1)		—		(17)		(3)
Allowances for loan and lease losses	(827)		(821)		(827)		(810)		(789)		(6)		(1)		(38)		(5)
Other assets	3,896		3,889		3,921		4,120		4,028		6		—		(132)		(3)
Total assets	$	80,965	$	81,950	$	82,366	$	81,721	$	81,243	$	(985)	(1)	%	$	(279)	—	%

Liabilities and shareholders' equity:
Deposits:
Savings	$	26,544	$	26,836	$	26,062	$	25,462	$	25,390	$	(292)	(1)	%	$	1,154	5	%
Time deposits	6,329		7,407		8,167		6,683		6,628		(1,078)		(15)		(299)		(5)
Other interest-bearing deposits	16,096		15,726		15,923		16,484		16,735		371		2		(639)		(4)
Total interest-bearing deposits	48,970		49,969		50,153		48,629		48,753		(999)		(2)		217		—
Trading liabilities	692		578		576		605		462		115		20		231		50
Federal funds purchased and securities sold under agreements to repurchase	2,479		2,205		2,132		2,208		2,014		275		12		465		23
Short-term borrowings	681		441		884		1,267		537		240		55		144		27
Term borrowings	1,332		1,206		1,188		1,170		1,156		125		10		176		15
Total interest-bearing liabilities	54,154		54,398		54,931		53,879		52,921		(244)		—		1,233		2
Noninterest-bearing deposits	15,535		16,123		16,111		16,332		16,626		(589)		(4)		(1,091)		(7)
Other liabilities	2,165		2,213		2,196		2,561		2,445		(48)		(2)		(280)		(11)
Total liabilities	71,854		72,735		73,238		72,772		71,992		(881)		(1)		(139)		—
Shareholders' Equity:
Preferred stock	426		426		426		426		520		—		—		(94)		(18)
Common stock	323		330		334		340		347		(7)		(2)		(24)		(7)
Capital surplus	4,664		4,881		4,973		5,127		5,301		(217)		(4)		(637)		(12)
Retained earnings	4,468		4,382		4,254		4,122		4,028		86		2		440		11
Accumulated other comprehensive loss, net	(1,066)		(1,099)		(1,154)		(1,361)		(1,240)		33		3		175		14
Combined shareholders' equity	8,816		8,920		8,833		8,654		8,956		(104)		(1)		(140)		(2)
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	9,111		9,216		9,128		8,949		9,251		(104)		(1)		(140)		(2)
Total liabilities and shareholders' equity	$	80,965	$	81,950	$	82,366	$	81,721	$	81,243	$	(985)	(1)	%	$	(279)	—	%
Memo:
Total deposits	$	64,504	$	66,092	$	66,263	$	64,960	$	65,379	$	(1,588)	(2)	%	$	(875)	(1)	%
Loans to mortgage companies	$	2,819	$	3,283	$	2,875	$	2,440	$	1,847	$	(464)	(14)	%	$	972	53	%

Numbers may not total due to rounding.

See footnote disclosures on page 19 and glossary of terms on page 25.


CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited
																					1Q25 Change vs.
	1Q25				4Q24				3Q24				2Q24				1Q24				4Q24					1Q24
(In millions, except rates)	Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense					Income/Expense
																					$/bp			%		$/bp			%
Interest earning assets/Interest income:
Loans and leases, net of unearned income:


Commercial	$	715	6.18	%	$	771	6.43	%	$	813	6.78	%	$	800	6.78	%	$	782	6.73	%	$	(56)		(7)	%	$	(68)		(9)	%


Consumer	182		4.96		183		4.97		186		5.05		179		4.91		173		4.80		(2)			(1)		9			5
Loans and leases, net of unearned income	897		5.89		954		6.09		999		6.37		978		6.34		955		6.28		(57)			(6)		(58)			(6)
Loans held-for-sale	9		7.09		9		7.38		10		7.77		9		7.50		9		7.80		—			3		—			5
Investment securities	69		3.02		62		2.69		61		2.58		60		2.58		61		2.54		7			11		9			14
Trading securities	20		5.57		22		5.74		22		6.05		22		6.30		20		6.48		(2)			(8)		—			—
Interest-bearing deposits with banks	14		4.44		17		4.77		24		5.40		20		5.46		24		5.46		(3)			(20)		(11)			(43)
Federal funds sold and securities purchased under agreements	7		4.24		7		4.46		8		5.23		9		5.31		7		5.16		1			12		—			7
Interest income	$	1,017	5.50	%	$	1,071	5.63	%	$	1,123	5.88	%	$	1,097	5.86	%	$	1,076	5.78	%	$	(54)		(5)	%	$	(59)		(5)	%

Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$	175	2.67	%	$	210	3.11	%	$	225	3.43	%	$	208	3.29	%	$	206	3.27	%	$	(35)		(17)	%	$	(31)		(15)	%
Time deposits	62		4.00		81		4.35		95		4.63		74		4.45		73		4.42		(19)			(23)		(10)			(14)
Other interest-bearing deposits	92		2.31		99		2.49		114		2.85		117		2.86		119		2.86		(7)			(7)		(27)			(23)
Total interest-bearing deposits	329		2.72		389		3.10		434		3.44		399		3.30		398		3.28		(60)			(15)		(69)			(17)
Trading liabilities	7		4.29		6		4.01		6		4.13		7		4.46		5		4.31		1			26		2			48
Federal funds purchased and securities sold under agreements to repurchase	21		3.47		21		3.72		23		4.20		24		4.36		21		4.24		1			3		—			—
Short-term borrowings	7		4.40		5		4.75		12		5.52		17		5.48		7		5.43		2			41		—			2
Term borrowings	18		5.41		17		5.52		17		5.64		17		5.64		17		5.71		1			8		2			9
Interest expense	383		2.87		438		3.20		491		3.56		464		3.46		448		3.40		(55)			(13)		(65)			(14)
Net interest income - tax equivalent basis	634		2.63		634		2.43		631		2.32		633		2.40		628		2.38		1			—		6			1
Fully taxable equivalent adjustment	(3)		0.79		(4)		0.90		(4)		0.99		(4)		0.98		(4)		0.99		—			6		—			11
Net interest income	$	631	3.42	%	$	630	3.33	%	$	627	3.31	%	$	629	3.38	%	$	625	3.37	%	$	1		—	%	$	7		1	%

Memo:
Total loan yield			5.89	%			6.09	%			6.37	%			6.34	%			6.28	%	(20)		bp			(39)		bp
Total deposit cost			2.07	%			2.34	%			2.61	%			2.47	%			2.45	%	(27)		bp			(38)		bp
Total funding cost			2.23	%			2.47	%			2.75	%			2.66	%			2.59	%	(24)		bp			(36)		bp
Average loans and leases, net of unearned income	$	61,645			$	62,418			$	62,413			$	62,029			$	61,152			$	(773)		(1)	%	$	493		1	%
Average deposits	64,504				66,092				66,263				64,960				65,379				(1,588)			(2)	%	(875)			(1)	%
Average funded liabilities	69,689				70,521				71,042				70,210				69,547				$	(833)		(1)	%	$	141		—	%

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 total due to rounding.

See footnote disclosures on page 19 and glossary of terms on page 25.


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

	As of															1Q25 change vs.
(In millions, except ratio data)	1Q25			4Q24			3Q24			2Q24			1Q24			4Q24				1Q24
																$		%		$		%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$	195		$	173		$	190		$	167		$	206		$	21	12	%	$	(12)	(6)	%
Commercial real estate	284			294			259			261			157			(10)		(3)		127		81
Consumer real estate	129			133			128			143			140			(4)		(3)		(10)		(7)
Credit card and other5	1			2			1			2			2			—		(19)		—		(21)
Total nonperforming loans and leases	$	609		$	602		$	578		$	574		$	505		$	8	1	%	$	105	21	%

Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.58		%	0.52		%	0.57		%	0.50		%	0.63		%
Commercial real estate	2.01			2.04			1.76			1.78			1.09
Consumer real estate	0.92			0.95			0.92			1.03			1.02
Credit card and other5	0.19			0.23			0.20			0.25			0.20
Total nonperforming loans and leases to loans and leases	0.98		%	0.96		%	0.92		%	0.91		%	0.82		%

Numbers may not total due to rounding.

See footnote disclosures on page 19 and glossary of terms on page 25.


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

	As of										1Q25 change vs.
(In millions)	1Q25		4Q24		3Q24		2Q24		1Q24		4Q24				1Q24
											$		%		$		%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)	$	1	$	1	$	1	$	—	$	—	$	—	(10)	%	$	—	41	%
Commercial real estate	—		—		—		—		—		—		NM		—		NM
Consumer real estate	7		19		13		3		6		(13)		(65)		1		10
Credit card and other5	—		1		3		2		3		(1)		(77)		(3)		(90)
Total loans and leases 90 days or more past due and accruing	$	8	$	21	$	17	$	6	$	10	$	(14)	(64)	%	$	(2)	(20)	%

Numbers may not total due to rounding.

See footnote disclosures on page 19 and glossary of terms on page 25.


CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited

	As of															1Q25 change vs.
(In millions, except ratio data)	1Q25			4Q24			3Q24			2Q24			1Q24			4Q24				1Q24
Charge-off, Recoveries and Related Ratios																$		%		$		%
Gross Charge-offs
Commercial, financial, and industrial (C&I)	$	34		$	13		$	12		$	24		$	28		$	21	NM		$	6	22	%
Commercial real estate	3			9			15			19			12			(7)		(72)		(10)		(79)
Consumer real estate	—			1			1			1			—			—		(46)		—		(14)
Credit card and other5	4			6			5			5			6			(2)		(36)		(2)		(31)
Total gross charge-offs	$	41		$	29		$	33		$	49		$	46		$	12	42	%	$	(6)	(12)	%
Gross Recoveries
Commercial, financial, and industrial (C&I)	$	(6)		$	(12)		$	(4)		$	(11)		$	(3)		$	6	51	%	$	(3)	(105)	%
Commercial real estate	(3)			—			(1)			—			—			(3)		NM		(3)		NM
Consumer real estate	(1)			(2)			(3)			(2)			(1)			1		50		—		15
Credit card and other5	(1)			(1)			(1)			(1)			(2)			—		(15)		—		24
Total gross recoveries	$	(12)		$	(15)		$	(9)		$	(15)		$	(6)		$	4	25	%	$	(6)	(93)	%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I)	$	28		$	1		$	8		$	13		$	25		$	27	NM		$	3	12	%
Commercial real estate	(1)			9			14			19			12			(10)		(108)		(13)		(106)
Consumer real estate	(1)			(2)			(2)			(1)			(1)			1		52		—		16
Credit card and other5	3			5			3			3			4			(2)		(48)		(1)		(33)
Total net charge-offs	$	29		$	13		$	24		$	34		$	40		$	16	119	%	$	(11)	(28)	%

Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I)	0.35		%	0.01		%	0.10		%	0.16		%	0.31		%
Commercial real estate	(0.02)			0.25			0.39			0.53			0.35
Consumer real estate	(0.02)			(0.05)			(0.05)			(0.04)			(0.03)
Credit card and other5	1.60			2.78			1.92			1.79			1.98
Total loans and leases	0.19		%	0.08		%	0.15		%	0.22		%	0.27		%

Numbers may not total due to rounding.

See footnote disclosures on page 19 and glossary of terms on page 25.


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

	As of										1Q25 Change vs.
(In millions)	1Q25		4Q24		3Q24		2Q24		1Q24		4Q24				1Q24
Summary of Changes in the Components of the Allowance For Credit Losses											$		%		$		%
Allowance for loan and lease losses - beginning	$	815	$	823	$	821	$	787	$	773	$	(7)	(1)	%	$	42	5	%













Charge-offs:
Commercial, financial, and industrial (C&I)	(34)		(13)		(12)		(24)		(28)		(21)		NM		(6)		(22)
Commercial real estate	(3)		(9)		(15)		(19)		(12)		7		72		10		79
Consumer real estate	—		(1)		(1)		(1)		—		—		46		—		14
Credit card and other5	(4)		(6)		(5)		(5)		(6)		2		36		2		31
Total charge-offs	(41)		(29)		(33)		(49)		(46)		(12)		(42)		6		12
Recoveries:
Commercial, financial, and industrial (C&I)	6		12		4		11		3		(6)		(51)		3		105
Commercial real estate	3		—		1		—		—		3		NM		3		NM
Consumer real estate	1		2		3		2		1		(1)		(50)		—		(15)
Credit card and other5	1		1		1		1		2		—		15		—		(24)
Total Recoveries	12		15		9		15		6		(4)		(25)		6		93
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)	28		(5)		15		9		34		33		NM		(5)		(16)
Commercial real estate	(2)		18		11		59		21		(20)		(113)		(23)		(111)
Consumer real estate	8		(10)		(3)		(1)		(3)		18		NM		11		NM
Credit card and other5	2		4		2		—		3		(1)		(37)		—		(15)
Total provision for loan and lease losses:	36		6		26		68		54		30		NM		(18)		(33)
Allowance for loan and lease losses - ending	$	822	$	815	$	823	$	821	$	787	$	8	1	%	$	35	5	%

Reserve for unfunded commitments - beginning	$	79	$	75	$	66	$	79	$	83	$	4	5	%	$	(4)	(5)	%


Provision for unfunded commitments	4		4		9		(13)		(4)		—		—		8		NM
Reserve for unfunded commitments - ending	$	83	$	79	$	75	$	66	$	79	$	4	5	%	$	4	5	%
Total allowance for credit losses- ending	$	905	$	894	$	897	$	887	$	865	$	11	1	%	$	39	5	%

Numbers may not total due to rounding.

See footnote disclosures on page 19 and glossary of terms on page 25.


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

	As of
	1Q25		4Q24		3Q24		2Q24		1Q24

Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	1.04	%	1.03	%	1.06	%	1.03	%	1.06	%
Commercial real estate	1.59	%	1.57	%	1.48	%	1.51	%	1.26	%
Consumer real estate	1.63	%	1.57	%	1.65	%	1.66	%	1.69	%
Credit card and other5	3.41	%	3.28	%	3.39	%	3.26	%	3.57	%
Total allowance for loans and lease losses to loans and leases	1.32	%	1.30	%	1.32	%	1.31	%	1.27	%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	178	%	199	%	185	%	205	%	168	%
Commercial real estate	79	%	77	%	84	%	85	%	115	%
Consumer real estate	178	%	167	%	180	%	161	%	165	%
Credit card and other5	1,752	%	1,438	%	1,672	%	1,295	%	1,766	%
Total allowance for loans and lease losses to nonperforming loans and leases	135	%	136	%	142	%	143	%	156	%

Allowance for credit losses ratios
Total allowance for credit losses to loans and leases4	1.45	%	1.43	%	1.44	%	1.41	%	1.40	%
Total allowance for credit losses to nonperforming loans and leases4	148	%	149	%	155	%	155	%	171	%

See footnote disclosures on page 19 and glossary of terms on page 25.

COMMERCIAL, CONSUMER, AND WEALTH

Quarterly, Unaudited


																1Q25 Change vs.
	1Q25			4Q24			3Q24			2Q24			1Q24			4Q24					1Q24
																$/bp			%		$/bp			%
Income Statement (millions)
Net interest income	$	624		$	635		$	634		$	637		$	625		$	(11)		(2)	%	$	(2)		—	%
Noninterest income	110			116			119			115			110			(6)			(5)		—			—
Total revenue	734			751			754			752			736			(17)			(2)		(2)			—
Noninterest expense	343			361			352			357			347			(19)			(5)		(4)			(1)
Pre-provision net revenue3	391			390			402			395			388			1			—		2			1
Provision for credit losses	38			15			42			56			44			23			NM		(6)			(14)
Income before income tax expense	353			375			359			339			344			(22)			(6)		9			2
Income tax expense	84			89			85			79			81			(5)			(6)		3			3
Net income	$	269		$	286		$	274		$	259		$	263		$	(17)		(6)	%	$	6		2	%

Average Balances (billions)
Total loans and leases	$	56.2		$	56.5		$	56.9		$	56.9		$	56.5		$	(0.3)		(1)	%	$	(0.3)		(1)	%
Interest-earning assets	56.2			56.5			56.9			56.9			56.5			(0.3)			(1)		(0.4)			(1)
Total assets	58.7			59.1			59.5			59.7			59.3			(0.4)			(1)		(0.6)			(1)
Total deposits	59.1			59.9			59.7			59.5			60.0			(0.7)			(1)		(0.8)			(1)

Key Metrics
Net interest margin6	4.52		%	4.49		%	4.46		%	4.53		%	4.47		%	3		bp			5		bp
Efficiency ratio	46.75		%	48.13		%	46.67		%	47.46		%	47.21		%	(138)		bp			(46)		bp
Loans-to-deposits ratio (period-end balances)	94.28		%	94.14		%	94.41		%	96.62		%	93.69		%	14		bp			59		bp
Loans-to-deposits ratio (average-end balances)	94.99		%	94.30		%	95.26		%	95.54		%	94.24		%	69		bp			75		bp
Return on average assets (annualized)	1.86		%	1.92		%	1.83		%	1.75		%	1.78		%	(6)		bp			8		bp
Return on allocated equity7	21.54		%	22.39		%	21.60		%	20.81		%	21.27		%	(85)		bp			27		bp
Financial center locations	414			416			416			418			418			(2)					(4)

Numbers may not total due to rounding.

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

See footnote disclosures on page 19 and glossary of terms on page 25.

Commercial, Consumer, and Wealth segment: Offers financial products and services, including traditional lending and deposit taking, to commercial and consumer clients primarily in the southern U.S. and other selected markets. Commercial, Consumer & Wealth also consists of lines of business that deliver product offerings and services with niche industry knowledge including asset-based lending, commercial real estate, equipment finance/leasing, energy, international banking, healthcare, and transportation and logistics. Additionally, Commercial, Consumer & Wealth provides investment, wealth management, financial planning, trust and asset management services for consumer clients as well as delivering treasury management solutions, loan syndications, and corporate banking services.

WHOLESALE

Quarterly, Unaudited


																1Q25 Change vs.
	1Q25			4Q24			3Q24			2Q24			1Q24			4Q24					1Q24
																$/bp			%		$/bp			%
Income Statement (millions)
Net interest income	$	50		$	54		$	52		$	46		$	42		$	(4)		(8)	%	$	8		19	%
Noninterest income	59			58			57			53			62			1			2		(2)			(4)
Total revenue	109			112			108			100			103			(3)			(3)		6			6
Noninterest expense	77			76			75			73			75			1			1		2			2
Pre-provision net revenue3	32			36			33			27			29			(4)			(11)		4			14
Provision for credit losses	3			1			(7)			1			7			2			NM		(4)			(54)
Income before income tax expense	29			35			40			26			21			(6)			(17)		8			36
Income tax expense	7			8			10			6			5			(1)			(17)		2			35
Net income	$	22		$	27		$	30		$	20		$	16		$	(4)		(17)	%	$	6		36	%

Average Balances (billions)
Total loans and leases	$	5.0		$	5.5		$	5.1		$	4.7		$	4.2		$	(0.5)		(9)	%	$	0.9		21	%
Interest-earning assets	7.8			8.2			7.7			7.3			6.4			(0.4)			(5)		1.4			21
Total assets	8.5			8.9			8.4			8.0			7.1			(0.4)			(4)		1.3			19
Total deposits	2.0			2.0			1.9			1.8			1.8			—			1		0.2			10

Key Metrics
Fixed income product average daily revenue (thousands)	$	586		$	659		$	593		$	488		$	731		$	(73)		(11)	%	$	(145)		(20)	%
Net interest margin6	2.59		%	2.64		%	2.67		%	2.57		%	2.61		%	(5)		bp			(2)		bp
Efficiency ratio	70.29		%	67.66		%	69.62		%	72.79		%	72.40		%	263		bp			(211)		bp
Loans-to-deposits ratio (period-end balances)	288		%	305		%	281		%	279		%	264		%	(1,691)		bp			2,385		bp
Loans-to-deposits ratio (average-end balances)	252		%	278		%	273		%	260		%	229		%	(2,603)		bp			2,316		bp
Return on average assets (annualized)	1.06		%	1.19		%	1.43		%	0.99		%	0.91		%	(13)		bp			15		bp
Return on allocated equity7	16.14		%	19.00		%	21.36		%	14.35		%	12.08		%	(286)		bp			406		bp

Numbers may not total due to rounding.

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

See footnote disclosures on page 19 and glossary of terms on page 25.

Wholesale segment: Consists of lines of business that deliver product offerings and services with differentiated industry knowledge. Wholesale’s lines of business include mortgage warehouse lending, franchise finance, correspondent banking, and mortgage. Additionally, Wholesale 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


											1Q25 Change vs.
	1Q25		4Q24		3Q24		2Q24		1Q24		4Q24				1Q24
											$		%		$		%
Income Statement (millions)
Net interest income/(expense)	$	(42)	$	(59)	$	(59)	$	(55)	$	(42)	$	17	28	%	$	—	—	%
Noninterest income	12		(75)		25		17		22		87		116		(10)		(47)
Total revenues	(30)		(134)		(34)		(37)		(20)		104		77		(10)		(51)
Noninterest expense	68		71		84		70		93		(3)		(4)		(25)		(27)
Pre-provision net revenue3	(98)		(205)		(118)		(108)		(113)		107		52		15		13
Provision for credit losses	(1)		(6)		—		(3)		(1)		5		80		—		(1)
Income before income tax expense	(97)		(199)		(118)		(105)		(112)		102		51		15		13
Income tax expense (benefit)	(28)		(57)		(37)		(30)		(29)		28		50		1		4
Net income/(loss)	$	(69)	$	(143)	$	(81)	$	(75)	$	(83)	$	74	52	%	$	14	16	%

Average Balance Sheet (billions)
Interest bearing assets	$	10.8	$	11.1	$	11.5	$	11.1	$	11.8	$	(0.3)	(2)	%	$	(1.0)	(8)	%
Total assets	13.8		14.0		14.4		14.0		14.7		(0.2)		(2)		(1.0)		(7)

Numbers may not 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, marketing, properties, technology, credit risk and bank operations are allocated to the activities of Commercial, Consumer & Wealth, Wholesale and Corporate. Additionally, the Corporate segment includes centralized management of capital and funding to support the business activities of the company including management of balance sheet funding, liquidity, and capital management and allocation. The Corporate segment also 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 are reconciled 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 20.

5 Credit card and other includes $168 million of commercial credit card balances at March 31, 2025.

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 Share count for all periods shown was impacted by share repurchases.

9 Balance fluctuates based on market conditions. 1Q25 decrease driven by equity market valuations.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

($s in millions, except per share data)	1Q25			4Q24			3Q24			2Q24			1Q24

Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$	9,044		$	9,111		$	9,316		$	8,955		$	9,173
Less: Noncontrolling interest (a)	295			295			295			295			295
Less: Preferred stock (a)	426			426			426			426			520
(B) Total common equity	$	8,322		$	8,389		$	8,595		$	8,234		$	8,358
Less: Intangible assets (GAAP) (b)	1,643			1,653			1,663			1,674			1,685
(C) Tangible common equity (Non-GAAP)	$	6,680		$	6,737		$	6,931		$	6,560		$	6,673

Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$	81,491		$	82,152		$	82,635		$	82,230		$	81,799
Less: Intangible assets (GAAP) (b)	1,643			1,653			1,663			1,674			1,685
(E) Tangible assets (Non-GAAP)	$	79,849		$	80,499		$	80,971		$	80,556		$	80,114












Period-end Shares Outstanding
(F) Period-end shares outstanding	507			524			532			537			549

Ratios


(A)/(D) Total equity to total assets (GAAP)	11.10		%	11.09		%	11.27		%	10.89		%	11.21		%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	8.37		%	8.37		%	8.56		%	8.14		%	8.33		%
(B)/(F) Book value per common share (GAAP)	$	16.40		$	16.00		$	16.15		$	15.34		$	15.23
(C)/(F) Tangible book value per common share (Non-GAAP)	$	13.17		$	12.85		$	13.02		$	12.22		$	12.16

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

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

Numbers may not total due to rounding.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

($s in millions, except per share data)		1Q25			4Q24			3Q24			2Q24			1Q24

Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)	a	$	213		$	158		$	213		$	184		$	184
Plus Total notable items (after-tax) (Non-GAAP) (a)		$	4		$	71		$	11		$	11		$	12
Adjusted net income available to common shareholders (Non-GAAP)	b	$	217		$	228		$	224		$	195		$	196

Diluted Shares (GAAP)8	c	523			534			538			547			558

Diluted EPS (GAAP)	a/c	$	0.41		$	0.29		$	0.40		$	0.34		$	0.33
Adjusted diluted EPS (Non-GAAP)	b/c	$	0.42		$	0.43		$	0.42		$	0.36		$	0.35

Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)		$	222		$	170		$	223		$	204		$	197
Plus Relevant notable items (after-tax) (Non-GAAP) (a)		$	4		$	71		$	11		$	4		$	12
Adjusted NI (Non-GAAP)		$	227		$	240		$	234		$	208		$	209

NI (annualized) (GAAP)	d	$	901		$	675		$	889		$	820		$	791
Adjusted NI (annualized) (Non-GAAP)	e	$	919		$	956		$	932		$	836		$	838

Average assets (GAAP)	f	$	80,965		$	81,950		$	82,366		$	81,721		$	81,243

ROA (GAAP)	d/f	1.11		%	0.82		%	1.08		%	1.00		%	0.97		%
Adjusted ROA (Non-GAAP)	e/f	1.14		%	1.17		%	1.13		%	1.02		%	1.03		%

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	$	864		$	627		$	849		$	739		$	739
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)	h	$	882		$	907		$	892		$	785		$	787

Average Common Equity (GAAP)	i	$	8,389		$	8,494		$	8,407		$	8,228		$	8,436
Intangible Assets (GAAP) (b)		1,648			1,658			1,669			1,680			1,691
Average Tangible Common Equity (Non-GAAP)	j	$	6,742		$	6,836		$	6,738		$	6,548		$	6,745



ROCE (GAAP)	g/i	10.30		%	7.38		%	10.10		%	8.98		%	8.76		%


ROTCE (Non-GAAP)	g/j	12.81		%	9.17		%	12.60		%	11.29		%	10.95		%
Adjusted ROTCE (Non-GAAP)	h/j	13.08		%	13.27		%	13.24		%	11.99		%	11.65		%

(a) Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 8.

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

Numbers may not total due to rounding.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

(In millions)		1Q25			4Q24			3Q24			2Q24			1Q24

Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	k	$	181		$	99		$	200		$	186		$	194
Plus notable items (pretax) (GAAP) (a)		—			91			—			—			—
Adjusted noninterest income (Non-GAAP)	l	$	181		$	190		$	200		$	186		$	194

Revenue (GAAP)	m	$	812		$	729		$	828		$	815		$	819
Taxable-equivalent adjustment		3			4			4			4			4
Revenue- Taxable-equivalent (Non-GAAP)		816			732			832			819			823
Plus notable items (pretax) (GAAP) (a)		—			91			—			—			—
Adjusted revenue (Non-GAAP)	n	$	816		$	824		$	832		$	819		$	823

Securities gains/(losses) (GAAP)	o	$	—		$	(91)		$	1		$	1		$	—

Noninterest income as a % of total revenue (GAAP)	(k-o)/ (m-o)	22.29		%	23.20		%	24.06		%	22.75		%	23.72		%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	l/n	22.20		%	23.10		%	23.95		%	22.64		%	23.61		%

Adjusted Efficiency Ratio
Noninterest expense (GAAP)	p	$	488		$	508		$	511		$	500		$	515
Plus notable items (pretax) (GAAP) (a)		$	(6)		$	(2)		$	(14)		$	(5)		$	(15)
Adjusted noninterest expense (Non-GAAP)	q	$	482		$	506		$	497		$	495		$	500

Revenue (GAAP)	r	$	812		$	729		$	828		$	815		$	819
Taxable-equivalent adjustment		3			4			4			4			4
Revenue- Taxable-equivalent (Non-GAAP)		816			732			832			819			823
Plus notable items (pretax) (GAAP) (a)		—			91			—			—			—
Adjusted revenue (Non-GAAP)	s	$	816		$	824		$	832		$	819		$	823

Securities gains/(losses) (GAAP)	t	$	—		$	(91)		$	1		$	1		$	—

Efficiency ratio (GAAP)	p/ (r-t)	60.06		%	61.98		%	61.89		%	61.44		%	62.92		%
Adjusted efficiency ratio (Non-GAAP)	q/s	59.09		%	61.43		%	59.86		%	60.47		%	60.78		%

(a) Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 8.

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

Numbers may not total due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION

Quarterly, Unaudited

($s in millions)



	Period-end								Average
	1Q25		4Q24		1Q25 vs. 4Q24				1Q25		4Q24		1Q25 vs. 4Q24










Loans excluding LMC
Total Loans (GAAP)	$	62,215	$	62,565	$	(350)	(1)	%	$	61,645	$	62,418	$	(773)	(1)	%
LMC (GAAP)	3,369		3,471		(101)		(3)	%	2,819		3,283		(464)		(14)	%
Total Loans excl. LMC (Non-GAAP)	58,846		59,095		(249)		—	%	58,826		59,135		(309)		(1)	%
Total Consumer (GAAP)	14,722		14,716		6		—	%	14,694		14,709		(15)		—	%
Total Commercial excl. LMC (Non-GAAP)	44,124		44,378		(255)		(1)	%	44,132		44,426		(294)		(1)	%
Total CRE (GAAP)	14,139		14,421		(282)		(2)	%	14,318		14,601		(283)		(2)	%
Total C&I excl. LMC (Non-GAAP)	$	29,985	$	29,957	$	27	—	%	$	29,814	$	29,825	(11)		—	%

Numbers may not total due to rounding.



		1Q25			4Q24			3Q24			2Q24			1Q24
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	$	822		$	815		$	823		$	821		$	787
Reserve for unfunded commitments (GAAP)		83			79			75			66			79
Allowance for credit losses (Non-GAAP)	B	$	905		$	894		$	897		$	887		$	865

Loans and leases (GAAP)	C	$	62,215		$	62,565		$	62,445		$	62,781		$	61,753
Nonaccrual loans and leases (GAAP)	D	$	609		$	602		$	578		$	574		$	505

Allowance for loans and lease losses to loans and leases (GAAP)	A/C	1.32		%	1.30		%	1.32		%	1.31		%	1.27		%
Allowance for credit losses to loans and leases (Non-GAAP)	B/C	1.45		%	1.43		%	1.44		%	1.41		%	1.40		%

Allowance for loans and lease losses to nonperforming loans and leases (GAAP)	A/D	135		%	136		%	142		%	143		%	156		%
Allowance for credit losses to nonperforming loans and leases (Non-GAAP)	B/D	148		%	149		%	155		%	155		%	171		%

Numbers may not total due to rounding.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

($s in millions)

	1Q25		4Q24		3Q24		2Q24		1Q24
Adjusted Pre-provision Net Revenue (PPNR)
Pre-tax income (GAAP)	$	285	$	210	$	281	$	260	$	254
Plus notable items (pretax) (GAAP) (a)	6		94		14		5		15
Adjusted Pre-tax income (non-GAAP)	$	290	$	304	$	296	$	265	$	269
Plus provision expense (GAAP)	40		10		35		55		50
Adjusted Pre-provision net revenue (PPNR) (non-GAAP)	$	330	$	314	$	331	$	320	$	319
Taxable-equivalent adjustment	3		4		4		4		4
Pre-provision net revenue-Taxable-equivalent (Non-GAAP)	$	334	$	318	$	335	$	324	$	323

(a) Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 8.

Numbers may not total due to rounding.







	1Q25		4Q24		3Q24		2Q24		1Q24
Adjusted personnel expense excluding deferred compensation expense
Personnel expense (GAAP)	$	279	$	276	$	282	$	279	$	301
Plus notable items (pretax) (GAAP) (a)	—		(2)		(1)		(1)		(5)
Adjusted personnel expense (non-GAAP)	$	279	$	274	$	281	$	279	$	295
Less deferred compensation expense (GAAP)	(3)		1		6		3		9
Adjusted personnel expense excluding deferred compensation expense (non-GAAP)	$	282	$	272	$	275	$	276	$	286

(a) Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 8.

Numbers may not total 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 excluding securities gains/(losses) to total revenue - taxable equivalent excluding securities gains/(losses).

Efficiency Ratio: Ratio is noninterest expense to total revenue - taxable equivalent excluding securities gains/(losses).

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.

Operating Segments

EX-99.2 3 a1q25earningsslides.htm EX-99.2 a1q25earningsslides

First Quarter 2025 Earnings April 16, 2025

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. 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 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, provides 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 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, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect 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 often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other similar 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. While there is no assurance that any list of uncertainties and contingencies is complete, examples of factors which could cause actual results to differ from those contemplated by forward-looking statements or historical performance 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 furnished as an exhibit; in the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K; and in the forepart, and in Item 1A of Part II, of FHN’s Quarterly Report(s) on Form 10-Q filed after that Annual Report. Any forward-looking statements made by or on behalf of FHN speak only as of the date they are made, and 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. Actual results could differ and expectations could change, possibly materially, because of one or more factors, including those factors listed in this document or the documents mentioned above, and other factors not listed. Throughout this document numbers may not total due to rounding, numbers are in millions unless otherwise noted, references to EPS are fully diluted, and capital ratios for the most recent quarter are estimates.

3PPNR, TBVPS, and ROTCE are non-GAAP and are reconciled to GAAP measures in the Appendix. $ in millions except per share data Reported Results 1Q25 Change vs. 1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24 Net interest income $631 $630 $627 $629 $625 $1 —% $7 1% Fee income 181 99 200 186 194 82 83% (13) (7%) Total revenue 812 729 828 815 819 84 11% (7) (1%) Expense 488 508 511 500 515 (21) (4%) (27) (5%) Pre-provision net revenue (PPNR) 325 220 316 315 304 104 47% 21 7% Provision for credit losses 40 10 35 55 50 30 NM (10) (20%) Pre-tax income 285 210 281 260 254 74 35% 31 12% Income tax expense 63 41 58 56 57 22 54% 5 10% Net income 222 170 223 204 197 52 31% 25 13% Non-controlling interest 4 4 5 5 5 — (9%) (1) (17%) Preferred dividends 5 8 5 15 8 (3) (34%) (3) (37%) Net income available to common shareholders (NIAC) $213 $158 $213 $184 $184 $55 35% $29 16% EPS $0.41 $0.29 $0.40 $0.34 $0.33 $0.12 41% $0.08 24% Diluted shares 523 534 538 547 558 (11) (2%) (34) (6%) ROCE 10.3% 7.4% 10.1% 9.0% 8.8% 292bps 154bps ROTCE 12.8% 9.2% 12.6% 11.3% 11.0% 364bps 186bps ROA 1.1% 0.8% 1.1% 1.0% 1.0% 29bps 14bps Net interest margin 3.42% 3.33% 3.31% 3.38% 3.37% 9bps 5bps Fee income / total revenue 22.3% 23.2% 24.1% 22.8% 23.7% (91bps) (143bps) Efficiency ratio 60.1% 62.0% 61.9% 61.4% 62.9% (192bps) (286bps) FTEs (full-time equivalent associates) 7,190 7,158 7,186 7,297 7,327 32 —% (137) (2%) CET1 ratio 10.9% 11.2% 11.2% 11.0% 11.3% (27bps) (38bps) Effective tax rate 22.0% 19.3% 20.6% 21.5% 22.5% 264bps (52bps) Tangible book value per share (TBVPS) $13.17 $12.85 $13.02 $12.22 $12.16 $0.32 2% $1.00 8% Period end loans $62.2B $62.6B $62.4B $62.8B $61.8B ($0.4) (1%) $0.5 1% Period end deposits $64.2B $65.6B $66.6B $64.8B $65.7B ($1.4) (2%) ($1.5) (2%) Period end loan to deposit ratio 97% 95% 94% 97% 94% 150bps 297bps 1Q25 GAAP financial summary

4 1Q25 highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 1Q25 adjusted financial results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 1Q25 notable items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 NII and NIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Adjusted fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Adjusted expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Asset quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 2025 outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Strategic focus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Table of Contents

5Reflects 1Q25 vs. 4Q24 results. PPNR, ROTCE, TBVPS, ACL to loans ratio, and adjusted financial measures, including measures excluding deferred compensation, are non-GAAP and are reconciled to GAAP measures in the Appendix. Net interest income and margin are adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax of 21 percent and, where applicable, state income taxes. • Returned $360 million of capital to shareholders through share repurchases • TBVPS increased $0.32, driven by strong earnings and lower mark-to-market, supporting $0.15 of common dividends and share buybacks • Net charge-off rate of 19bps; ACL/loans ratio increase of 2bp to 1.45% on increased macroeconomic uncertainty • Adjusted PPNR of $334 million, up $16 million from 4Q24 • NIM expanded 9bps, as deposit repricing momentum continued with a 38bp reduction in interest-bearing deposit rate • Adjusted expenses excluding deferred comp decreased $20 million following elevated charitable contributions & client promotions in 4Q24 Earnings & Returns Capital & Credit Quality Period End Balance Sheet & Liquidity Adj. EPS Adj. ROTCE NIM Adj. Efficiency $0.42 13.1% 3.42% 59.1% Deposits Loans Loan-to-Deposit Ratio (2)% (1)% 97% CET1 TBVPS NCO% 10.9% $13.17 0.19% Earnings success on margin expansion in 1Q25 • Loan-to-deposit ratio of 97%, up slightly from 4Q24 • Total deposits decrease driven by $559 million brokered CD pay-offs; average total deposit cost decreased 27bps • Total loans down $350 million from 4Q24, driven by commercial real estate payoffs and loans to mortgage companies (LMC) seasonality, slightly offset by growth within C&I excluding LMC

6PPNR, ROTCE, TBVPS, ACL to loans ratio, and adjusted financial measures, including measures excluding deferred compensation, are non-GAAP and are reconciled to GAAP measures in the Appendix. Net interest income and margin are adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax of 21 percent and, where applicable, state income taxes. $ in millions, except per share data Adjusted Results 1Q25 Change vs. 1Q25 4Q24 1Q24 4Q24 1Q24 Net interest income (FTE) $634 $634 $628 $1 —% $6 1% Fee income $181 $190 $194 ($9) (5%) ($13) (7%) Total revenue (FTE) $816 $824 $823 ($8) (1%) ($7) (1%) Expense $482 $506 $500 ($24) (5%) ($18) (4%) Pre-provision net revenue $334 $318 $323 $16 5% $11 3% Provision for credit losses $40 $10 $50 $30 NM ($10) (20%) Net charge-offs $29 $13 $40 $16 119% ($11) (28%) Reserve build / (release) $11 ($3) $10 $14 NM $1 12% NIAC $217 $228 $195 ($11) (5%) $22 11% EPS $0.42 $0.43 $0.35 ($0.01) (2%) $0.07 20% Diluted shares 523 534 558 (11) (2%) (34) (6%) ROTCE 13.1% 13.3% 11.6% (19bps) 143bps ROA 1.1% 1.2% 1.0% (3bps) 11bps Net interest margin (NIM) 3.42% 3.33% 3.37% 9bps 5bps Fee income / total revenue 22.2% 23.1% 23.6% (90bps) (141bps) Efficiency ratio 59.1% 61.4% 60.8% (234bps) (169bps) CET1 Ratio 10.9% 11.2% 11.3% (27bps) (38bps) TBVPS $13.17 $12.85 $12.16 $0.32 2% $1.00 8% Effective tax rate 22.0% 21.0% 22.5% 99bps (55bps) 1Q25 adjusted financial highlights • Adjusted EPS of $0.42, a $0.01 decline from 4Q24 • Adjusted ROTCE of 13.1%, decreased 19bps from 4Q24 • Adjusted PPNR of $334 million, up 5% from 4Q24 • NII up $1 million linked quarter with NIM expansion of 9bps, driven by a 38bp reduction in interest-bearing deposit costs • Adjusted fee income decreased $5 million excluding deferred compensation, as fixed income and service charges held flat and other fluctuating revenue lines saw moderate declines • Adjusted expense excluding deferred compensation decreased $20 million from an elevated 4Q24 • Provision expense of $40 million increased $30 million from 4Q24 • Net charge-offs increased to $29 million with a reserve build of $11 million • Strong earnings resulted in CET1 ratio of 10.9% along with $360 million of share repurchases

7 1Q25 notable items Notable Items ($ in millions, except EPS) 1Q25 FDIC special assessment (other noninterest expense) ($1) Visa Derivative Valuation Expense (other noninterest expense) ($5) Pre-tax impact of notable items ($6) Tax impact on pre-tax notable items $1 NIAC impact of notable items ($4) EPS impact of notable items ($0.01) Pre-Tax Notable Items • $5 million tied to Visa derivative valuation expenses • Expense of $1 million associated with an updated FDIC special assessment

8 • Net interest income increased $1 million and net interest margin expanded 9bps versus 4Q24 ◦ Continued momentum from last quarter as average interest-bearing deposit costs improved another 38bps, while loan yields decreased by 20bps • 4Q24 securities portfolio restructuring contributed ~$8mm of incremental NII • As of 1Q25, 55%1 of loans are indexed to short-term rates • Fixed rate cash flows over the next year include ~$4 billion of fixed rate loans with a roll-off yield of ~4.6% and $1 billion of securities at a roll-off yield of ~2.6% $628 $633 $631 $634 $634 3.37% 3.38% 3.31% 3.33% 3.42% 1Q24 2Q24 3Q24 4Q24 1Q25 Net interest income ($) and NIM (%) Deposit pricing discipline delivered NIM expansion Net interest income and margin are adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax of 21 percent and, where applicable, state income taxes. 1Does not include the impact of interest rate hedges. For more detail on the hedges, see slide 18 in the Appendix. $ in millions NII Margin 4Q24 $634 3.33% Days ($8) Investment Portfolio Yield $8 0.04% Loan Yields ($31) (0.17%) Deposit Rate Paid $42 0.23% Other ($10) (0.01%) 1Q25 $634 3.42%

9 Period end deposits $65.7B $64.8B $66.6B $65.6B $64.2B $16.4 $16.3 $16.2 $16.0 $15.8 $19.2 $18.0 $16.3 $16.0 $16.2 $20.1 $20.3 $22.3 $21.5 $20.9 $9.0 $8.0 $9.2 $10.7 $10.5 $1.0 $2.1 $2.5 $1.4 $0.8 Noninterest bearing deposits Base rate deposits Promotional deposits & CDs Indexed deposits Brokered CDs 1Q24 2Q24 3Q24 4Q24 1Q25 Repriced deposits while retaining balances and clients • 1Q25 period end deposits of $64.2 billion ◦ Base rate and non-interest bearing deposits remained consistent quarter over quarter ◦ Decline of $1.4 billion versus 4Q24 largely driven by a $0.6 billion reduction in brokered CDs ◦ Retained ~95% of ~$16 billion of promotional deposits and CDs repriced in the first quarter, while achieving a 34bp reduction in the weighted average rate of these promotional deposits • 1Q25 average deposits of $64.5 billion ◦ Brokered CDs averaged $0.7 billion lower in 1Q25 ◦ DDA balances decline with first quarter seasonal lows • 1Q25 interest-bearing rate paid of 2.72%, down 38bps ◦ Achieved ~80% cumulative beta since Fed rate cuts began in 3Q24 ◦ Quarter end interest-bearing deposit spot rate was ~2.70%

10 Period end loans • 1Q25 period end loans of $62.2 billion, down 1% versus 4Q24 ◦ Loans to mortgage companies (LMC) saw typical seasonality, with balances down $101 million ◦ C&I excluding LMC grew $27 million ◦ CRE balances declined $282 million due to paydowns across the portfolio including classified CRE loans paying down • Period end line utilization of 43%1 • Loan yields compressed 20bps to 5.9%, driven by lower short- term rates following the Fed rate cuts in the fourth quarter 2024 • Asset sensitive profile reflected in loan composition of 55% variable rate, 12% ARM, and 32% fixed rate3 1Utilization rates exclude loans to mortgage companies. 2Credit card & other is $0.8B from 1Q24 to 2Q24, $0.7B in 3Q24 and 4Q24, and $0.6B in 1Q25. 3Does not include the impact of interest rate hedges. For more detail on the hedges, see slide 18 in the Appendix. Diversified portfolio across attractive geographic footprint $61.8B $62.8B $62.4B $62.6B $62.2B $30.5B $30.5B $29.8B $30.0B $30.0B $14.4B $14.7B $14.7B $14.4B $14.1B $13.6B $13.9B $14.0B $14.0B $14.1B $2.4B $2.9B $3.2B $3.5B $3.4B C&I ex LMC Commercial real estate (CRE) Consumer real estate LMC Credit card & other² 1Q24 2Q24 3Q24 4Q24 1Q25

11 • 1Q25 adjusted fee income excluding deferred compensation decreased $5 million from 4Q24 ◦ Fixed income remained flat with average daily revenue down 11%, offset by increased revenue associated with products not included in ADR ◦ Service charges and fees held steady, reflecting normalized run rates after changes made in 4Q24 ◦ Brokerage, trust, and insurance and other noninterest income decreased $3 million and $2 million respectively, which is in line with normal quarterly fluctuations and seasonality Stable fee income despite market volatility Adjusted financial measures, including measures excluding deferred compensation, are non-GAAP and are reconciled to GAAP measures in the Appendix. 1Fixed Income ADR is based upon Fixed Income trading revenues and excludes other product revenues (e.g. investment advisory, derivatives, loan trading and other service related revenues). $ in millions Adjusted Results 1Q25 Change vs. 1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24 Fixed income $49 $49 $47 $40 $52 $0 —% ($3) (5%) Mortgage banking $8 $8 $9 $10 $9 $1 7% $0 (5%) Service charges and fees $52 $53 $59 $58 $57 $0 —% ($5) (8%) Brokerage, trust, and insurance $38 $41 $39 $38 $36 ($3) (7%) $2 6% Card and digital banking fees $18 $19 $19 $20 $19 ($1) (7%) ($1) (5%) Deferred compensation income $(3) $1 $6 $3 $9 ($4) NM ($11) NM Securities gains/(losses) $0 $0 $1 $1 $0 $0 NM $0 11% Other noninterest income $18 $20 $20 $16 $14 ($2) (8%) $4 32% Total fee income $181 $190 $200 $186 $194 ($9) (5%) ($13) (7%) Fee income ex deferred comp $184 $189 $194 $183 $186 ($5) (3%) ($2) (1%) Fixed income ADR1 $586k $659k $593k $488k $731k ($73k) (11%) ($145k) (20%)

12 Continued prioritization of expense efficiency • 1Q25 adjusted expense excluding deferred compensation decreased $20 million versus 4Q24 ◦ Personnel expense excluding deferred compensation increased $9 million ▪ Salaries and benefits increased $2 million, as annual merit adjustments and benefits seasonality were partially offset by lower day count ▪ Incentives and commissions increased $7 million primarily reflecting accrual adjustments and performance-related awards ◦ Occupancy and equipment increased by $2 million, which included slightly higher seasonal utilities and incremental software depreciation ◦ Outside services declined by $8 million, driven by third-party expense reductions related to recently completed technology projects ◦ Other noninterest expense decreased by $22 million from an elevated 4Q24, which included a $10 million contribution to the First Horizon Foundation as well as incremental customer incentives related to deposit campaigns $ in millions Adjusted Results 1Q25 Change vs. 1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24 Salaries and benefits $201 $199 $199 $198 $199 $2 1% $2 1% Incentives and commissions $81 $73 $76 $78 $87 $7 10% ($6) (7%) Deferred compensation expense ($3) $1 $6 $3 $9 ($4) NM ($12) NM Total personnel expense $279 $274 $281 $279 $295 $5 2% ($17) (6%) Occupancy and equipment1 $78 $76 $73 $72 $72 $2 2% $6 9% Outside services $63 $71 $73 $75 $65 ($8) (11%) ($2) (3%) Amortization of intangible assets $10 $11 $11 $11 $11 ($1) (9%) ($1) (10%) Other noninterest expense $52 $74 $59 $58 $57 ($22) (30%) ($4) (8%) Adjusted total noninterest expense $482 $506 $497 $495 $500 ($24) (5%) ($18) (4%) Expense ex deferred comp $485 $505 $491 $492 $491 ($20) (4%) ($7) (1%) Full-time equivalent associates 7,190 7,158 7,186 7,297 7,327 32 —% (137) (2%) Adjusted financial measures, including measures excluding deferred compensation, are non-GAAP and are reconciled to GAAP measures in the Appendix. 1Occupancy and Equipment expense includes Computer Software Expense.

13 Non-performing loans (NPLs)Allowance for credit losses (ACL) Net charge-offs FHN NCO%1 Average NCO% of BKX Index2 $40 $34 $24 $13 $29 0.27% 0.22% 0.15% 0.08% 0.19% 0.56% 0.57% 0.57% 0.62% 1Q24 2Q24 3Q24 4Q24 1Q25 FHN NCOs Disciplined lending leads to strong performance across the cycle ACL/ loans ratio is non-GAAP and is reconciled to GAAP measures in the Appendix. 1Net charge-off % is annualized and as % of average loans. 2Excludes trust and investment banks. $865 $887 $897 $894 $905 1.40% 1.41% 1.44% 1.43% 1.45% ACL ACL/Loans 1Q24 2Q24 3Q24 4Q24 1Q25 $505 $574 $578 $602 $609 0.82% 0.91% 0.92% 0.96% 0.98% NPLs $ NPLs % 1Q24 2Q24 3Q24 4Q24 1Q25 • 1Q25 net charge-offs of $29 million in line with 2024 quarterly average and down year-over-year ◦ NCO ratio of 0.19%, consistent with guidance ◦ Results include $12 million of recoveries • Provision expense of $40 million in 1Q25 ◦ 1Q25 ACL to loans ratio increased to 1.45% to account for increased macroeconomic uncertainty • NPL ratio of 98bps, up 2bps from 4Q24

14 11.2% 0.31% (0.01)% (0.11)% (0.51)% 0.05% (0.01)% 10.9% 4Q24 Actual Adjusted NIAC Notable Items Common Dividend Share Buybacks Change in Loan Balances & Unfunded Commitments Other¹ 1Q25 Estimate Capital Ratios Common Equity Tier 1 (CET1) Tangible Book Value per Share (TBVPS) 13.9% 13.7% 13.9% 13.9% 13.7% CET1 ratio Tier 1 capital ratio Total capital ratio 1Q24 2Q24 3Q24 4Q24 1Q25 Earnings power supported return of capital to shareholders $12.85 $0.43 $(0.01) $(0.15) $0.27 $(0.25) $0.03 $13.17 4Q24 Actual Adjusted NIAC Impact² Notable Items Common Dividends Marks on AFS & Hedges Share Buybacks Other¹ 1Q25 Actual • CET1 ratio down slightly from 4Q24 to 10.9% ◦ Returned $360 million of capital to shareholders through share repurchases in first quarter ◦ Capital priorities focused on ongoing safety and soundness and profitable organic deployment into the loan portfolio • TBVPS of $13.17 increased $0.32 versus 4Q24, primarily driven by NIAC and lower mark-to-market impacts, which were partially offset by the $0.15 common dividend and the share buybacks TBVPS and adjusted financial measures are non-GAAP and are reconciled to GAAP measures in the Appendix. 1Other includes equity compensation. 2Net of change in intangibles. 11.3% 11.0% 11.2% 11.2% 10.9% 12.2%12.2%12.1%12.3% 12.0%

15 Earnings Drivers FY24 Adjusted Baseline FY25 vs FY24 Expectations Comments Adjusted Revenue (excluding deferred comp) $3,279 million Flat - Up 4% Composition of revenue will be driven by the quantity and pace of interest rate cuts and other macroeconomic variables. Adjusted Expense (excluding deferred comp) $1,978 million Up 2% - 4% Maintain disciplined expense management. Guidance range reflects potential for variable compensation increases in fixed income trading business. Net Charge-Offs 0.18% 0.15% - 0.25% Maintaining a range of possibilities as macroeconomic conditions evolve. Tax Rate 21.4% 21% - 23% Timing of discrete items impacts quarterly rate. CET1 Ratio 11.2% 10.5% - 11.0% Reflects expectations for modest loan growth in addition to opportunistic deployment of excess capital. Adjusted financial measures, including measures excluding deferred compensation, are non-GAAP and are reconciled to GAAP measures in the Appendix. Net interest income is adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax of 21 percent and, where applicable, state income taxes. Variability in deferred compensation may impact growth rates in noninterest income and noninterest expense but should have an offsetting and immaterial impact on pretax income. 2025 outlook reflects earnings growth expectations

16 Strategic capital management to opportunistically deploy excess capital and lower CET1 to 10% - 10.5% range Key steps to achieving intermediate term 15%+ ROTCE Highly attractive geographic footprint in growth markets with opportunities to drive loan and deposit growth Diversified business model with balance between asset sensitivity and counter-cyclical businesses provides opportunity to deliver outperformance through a variety of economic cycles Disciplined execution of strategy and continuous focus on efficiency and profitability Maintaining prudent credit culture that minimizes losses and maximizes long-term returns

Appendix

18 Actively managing liquidity and interest rate sensitivity Variable 55% Fixed 32% ARMs 12% $62.2B Floors 60% Swaps 40% $5.0B Loan repricing profile Balance sheet hedges Modest interest rate sensitivity1 +100bps +1.4% -100bps -2.3% • Modestly asset-sensitive profile driven by 55% variable rate loan mix • Within the ARM portfolio, only 7% of loans will be in their variable period within the next year • Floors with strike prices between 1.25% and 2.5% and maturities ranging from late 2027 to early 2029 • Receive fixed swaps with fixed rates between 2.6% and 3.0% and maturities in 2027 and 2029 1Estimate as of 3/31/25 change in the next 12 months’ NII for an instantaneous, parallel shock on a static balance sheet Insured 58% Neither 35%7% $64.2B 65% of deposits insured or collateralized Collateralized • Commercial deposits of $35 billion or 54% and consumer deposits of $29 billion or 46% • Attractive lower-cost deposit base with 25% comprised of non-interest bearing products • Contingency funding plan equates to ~144% of uninsured or uncollateralized deposits

19 Track record of strong results supported by stable, diversified business mix • Our diversified business model with a highly attractive geographic footprint provides opportunity to deliver strong performance through a variety of economic cycles • The counter-cyclical businesses (fixed income, loans to mortgage companies, and mortgage) provide a counterbalance to the asset sensitive balance sheet during periods of declining interest rates Adjusted pre-provision net revenue (PPNR) is a non-GAAP measure and is reconciled to pre-tax income (GAAP) in the Appendix. Numbers may not total due to rounding. 12019 and 1H20 are standalone FHN, as the IBKC merger-of-equals did not occur until July 1, 2020. 2Counter-cyclical PPNR includes direct and allocated fees and expenses, as well as net interest income net of funds transfer pricing. $754 $1,084 $1,222 $1,374 $1,370 $1,299 $1,355 All Other Adjusted PPNR Counter-Cyclicals² Avg Fed Funds Effective Rate 2019¹ (pre-IBKC) 2020¹ (IBKC in 2H20) 2021 2022 2023 2024 2025 YTD Annualized $— $200 $400 $600 $800 $1,000 $1,200 $1,400 0% 1% 2% 3% 4% 5% 6% 7% 8% $158 / 21% $406 / 37% $347 / 28% $81 / 6% $26 / 2% $108 / 8% $596 / 79% $678 / 63% $875 / 72% $1,266 / 92% $1,344 / 98% $1,218 / 94% Adjusted PPNR in millions Average Fed Funds Effective $80 / 6% $1,275 / 94%

20 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 —% 2.00% 4.00% 6.00% $0.0 $0.5 $1.0 $1.5 $2.0 FHN Financial’s strong full-cycle returns are counter-cyclical to bank franchise Lower Revenue Market Factor Higher Revenue 2023 Environment 2024 Environment Up Rate Direction Down Rapid increase in short term rates Decline in short-term rates Extreme (low/high) Market Volatility Moderate Extreme - MOVE index sharply higher MOVE index elevated Flat/Inverted Yield Curve Shape Steep Strongly inverted Slightly inverted Tight Corporate & Mortgage Spreads Wide Wide Wide Lower Depository Liquidity Greater Constrained - exacerbated by QT Constrained, but improving • FHN Financial provides fixed income sales & trading, investment advisory, interest rate derivatives and other services to financial institutions, municipalities and other institutional investors across the United States and internationally • In addition to trading revenues, FHN Financial generates ~$40 million annually of fee income from other products, including investment advisory, derivatives, loan trading and other service related revenue • 4,000+ active institutional clients • Clients include approximately one third of all US banks and 50% of banks with portfolios over $100 million in size FOMC easing during GFC FOMC ZIRP Policy Normalizing FOMC Policy FOMC easing during pandemic FOMC tightening to fight inflation Fed Funds Average ADR in millions $1.6 $1.2 $0.7 $1.3 $0.5 Early stage of FOMC easing $0.6

21 <$5 $3.2B $5-$10 $1.9B $10-$20 $2.7B $20-$30 $2.4B $30-$40 $1.8B $40-$50 $1.4B >$50 $0.7B CRE by property typeCRE by loan size2 CRE by state3 $3.1B $3.3B $2.6B $5.1B Floating Fixed 2025 2026 2027 2028+ High credit quality, diversified CRE portfolio All loan balances are period end unless otherwise noted. 1FHN’s CRE metrics database includes information for all loans in the Pro CRE LOB, as well as market/investor CRE loans $5+ million in commitments, which encompasses 75% of total CRE commitments. 2Loan size ranges in millions and dollar amounts are total funded balances in that size range to any single customer. 3Excludes CRE balances totaling $1.3B outside the Southeast and New York footprint. • Disciplined risk management practice and underwriting standards across CRE portfolio • No significant upcoming repricing events, as ~72% of loans are floating and maturities are dispersed over time • Granular portfolio with only 14 loans with commitments above $50 million • No property type comprises over ~8% of total loans • Average debt service coverage of 1.5x and average stabilized LTV of 54%1 $ in billions $14.1B 35% 10% 9% 15% 15% 9% 4% 3% Multi-Family Traditional Office Medical Office Retail Industrial Hospitality Other Land + Residential Maturity schedule 84% 81% 73% 59% 16% 19% 27% 41%

22 • Medical office comprises 50% of office exposure • Less than 5% of projects are 10 stories or taller • Total office portfolio vacancy rate of 10% • Within the traditional office portfolio1: ◦ Average debt service coverage of 1.6x ◦ Average stabilized LTV of 61% $2.7 billion office CRE portfolio $5.0 billion multi-family CRE portfolio1 2.6M 1.3M 1.3M 13.6M 2025 2026 2027 2028+ Multi-Family2 $ in millions Strong underwriting in the office and multi-family portfolios All loan balances are period end unless otherwise noted. 1FHN’s CRE metrics database includes a mix of proforma and updated information for all loans in the Professional CRE line of business , as well as market/investor CRE loans $5+ million in commitments, which encompasses 70% of traditional office CRE commitments and 87% of multi-family CRE commitments. 2Excludes traditional office balances totaling $63 million and multi-family balances totaling $117 million outside of the Southeast and New York footprint. Maps encompass entirety of traditional office and multi-family CRE portfolios. Traditional Office2 $ in millions • Average debt service coverage of 1.2x • Average stabilized LTV of 53% • Average property has 254 units • Low exposure to rent control, which is mostly related to low and moderate income housing focused on serving the communities in our footprint Office lease renewals Square feet in millions

23 82% 14% 4% Real estate installment loans HELOC Credit card and other C&I by state C&I by industry Consumer portfolio by product Granular C&I portfolio and real estate backed consumer portfolio 21% 21% 12% 10% 9% 7% 6% 6% 4% 4% All Other TN FL TX Other Southeastern NC LA CA GA AL 11% 10% 10% 8% 8%7% 7% 5% 5% 3% 26% Real Estate & Leasing Finance & Insurance Mortgage Warehouse Wholesale Trade Healthcare & Social Assistance Manufacturing Accommodation & Food Service Retail Trade Transportation & Warehousing Energy Other 14 Industries • The C&I portfolio is both geographically diverse and benefits from a lack of industry concentration ◦ No more than 11% C&I exposure to any industry ◦ Southeastern footprint is economically and demographically strong ◦ Exposure to markets outside the southeast primarily driven by specialty businesses • Consumer portfolio focused on real estate, with negligible exposure to auto or consumer credit card All loan balances are period end unless otherwise noted. $33.4B $14.7B

24 1Q25 investment portfolio composition1 Steady principal cash flows2 Investment portfolio $0.3B $0.3B $0.3B $0.3B 2Q25 3Q25 4Q25 1Q26 Agency MBS 41% Agency CMBS 27% Agency CMO 16% U.S. Agencies & Treasury 12% States & Municipalities 4% $9.6B $9.3B $9.4B $9.3B $9.2B 2.54% 2.58% 2.58% 2.69% 3.02% Average AFS Securities Average HTM Securities Average Yield 1Q24 2Q24 3Q24 4Q24 1Q25 Investment portfolio prudently managed to support liquidity and IRR • 1Q25 investment portfolio represents ~11% of total assets ◦ Moderate total portfolio effective duration of 4.5 ◦ Low reliance on the HTM designation at ~14% of total portfolio ◦ 96% U.S. government or agency-backed by GSEs • 1Q25 total unrealized losses on the AFS and HTM portfolios of $1.0B, decreased from 4Q24 levels 1Calculated based on period end market values. 2Estimated as of 3/31/2025; includes maturities and projected calls. 1Q24 2Q24 3Q24 4Q24 1Q25 % of total assets 12% 11% 11% 11% 11% Pre-tax unrealized losses ($1.4B) ($1.4B) ($1.0B) ($1.2B) ($1.0B) Effective duration 5.0 4.9 4.6 4.8 4.5 Unencumbered securities / total securities1 27% 25% 38% 29% 36%

25 Notable Items Numbers may not total due to rounding * 4Q24, 3Q24, 2Q24, and 1Q24 include $3 million, $2 million, $3 million, and $5 million of restructuring expenses; 1Q25 and 3Q24 include $5 million and $15 million of Visa derivative valuation expenses. ** 2Q24 includes $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock. $ in millions, except EPS 1Q25 4Q24 3Q24 2Q24 1Q24 Summary of Notable Items: Loss on AFS portfolio restructuring $— $(91) $— $— $— FDIC special assessment (other noninterest expense) $(1) $1 $2 $(2) $(10) Other notable expenses * $(5) $(3) $(17) $(3) $(5) Total notable items (pre-tax) $(6) $(94) $(14) $(5) $(15) Tax-related notable items $— $— $— $— $— Preferred Stock Dividend ** $— $— $— $(7) $—

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. (a) Included in total equity on the Consolidated Balance Sheet. (b) Includes goodwill and other intangible assets, net of amortization. Numbers may not total due to rounding. $s in millions, except per share data Quarterly, Unaudited 1Q25 4Q24 3Q24 2Q24 1Q24 Tangible Common Equity (non-GAAP) (A) Total equity (GAAP) $9,044 $9,111 $9,316 $8,955 $9,173 Less: Noncontrolling interest (a) 295 295 295 295 295 Less: Preferred stock (a) 426 426 426 426 520 (B) Total common equity $8,322 $8,389 $8,595 $8,234 $8,358 Less: Intangible assets (GAAP) (b) 1,643 1,653 1,663 1,674 1,685 (C) Tangible common equity (non-GAAP) $6,680 $6,737 $6,931 $6,560 $6,673 Tangible Assets (non-GAAP) (D) Total assets (GAAP) $81,491 $82,152 $82,635 $82,230 $81,799 Less: Intangible assets (GAAP) (b) 1,643 1,653 1,663 1,674 1,685 (E) Tangible assets (non-GAAP) $79,849 $80,499 $80,971 $80,556 $80,114 Period end Shares Outstanding (F) Period end shares outstanding 507 524 532 537 549 Ratios (A)/(D) Total equity to total assets (GAAP) 11.10% 11.09% 11.27% 10.89% 11.21% (C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (non-GAAP) 8.37% 8.37% 8.56% 8.14% 8.33% (B)/(F) Book value per common share (GAAP) $16.40 $16.00 $16.15 $15.34 $15.23 (C)/(F) Tangible book value per common share (non-GAAP) $13.17 $12.85 $13.02 $12.22 $12.16

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. $s in millions, except per share data Quarterly, Unaudited 1Q25 4Q24 3Q24 2Q24 1Q24 Adjusted EPS Net income available to common shareholders ("NIAC") (GAAP) a $213 $158 $213 $184 $184 Plus Total notable items (after-tax) (non-GAAP) (a) 4 71 11 11 12 Adjusted net income available to common shareholders (non-GAAP) b $217 $228 $224 $195 $196 Diluted Shares (GAAP) c 523 534 538 547 558 EPS (GAAP) a/c $0.41 $0.29 $0.40 $0.34 $0.33 Adjusted EPS (non-GAAP) b/c $0.42 $0.43 $0.42 $0.36 $0.35 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $222 $170 $223 $204 $197 Plus Relevant notable items (after-tax) (Non-GAAP) (a) $4 $71 $11 $4 $12 Adjusted NI (Non-GAAP) $227 $240 $234 $208 $209 NI (annualized) (GAAP) d $901 $675 $889 $820 $791 Adjusted NI (annualized) (Non-GAAP) e $919 $956 $932 $836 $838 Average assets (GAAP) f $80,965 $81,950 $82,366 $81,721 $81,243 ROA (GAAP) d/f 1.11% 0.82% 1.08% 1.00% 0.97% Adjusted ROA (Non-GAAP) e/f 1.14% 1.17% 1.13% 1.02% 1.03% 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 $864 $627 $849 $739 $739 Adjusted Net income available to common shareholders (annualized) (Non-GAAP) h $882 $907 $892 $785 $787 Average Common Equity (GAAP) i $8,389 $8,494 $8,407 $8,228 $8,436 Intangible Assets (GAAP) (b) $1,648 $1,658 $1,669 $1,680 $1,691 Average Tangible Common Equity (Non-GAAP) j $6,742 $6,836 $6,738 $6,548 $6,745 ROCE (GAAP) g/i 10.30% 7.38% 10.10% 8.98% 8.76% ROTCE (Non-GAAP) g/j 12.81% 9.17% 12.60% 11.29% 10.95% Adjusted ROTCE (Non-GAAP) h/j 13.08% 13.27% 13.24% 11.99% 11.65% (a) Adjusted for notable items as detailed on page 25. (b) Includes goodwill and other intangible assets, net of amortization. Numbers may not total due to rounding.

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. $s in millions Quarterly, Unaudited 1Q25 4Q24 3Q24 2Q24 1Q24 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) k $181 $99 $200 $186 $194 Plus notable items (pretax) (GAAP) (a) $— $91 $— $— $— Adjusted noninterest income (Non-GAAP) l $181 $190 $200 $186 $194 Revenue (GAAP) m $812 $729 $828 $815 $819 Taxable-equivalent adjustment $3 $4 $4 $4 $4 Revenue- Taxable-equivalent (Non-GAAP) $816 $732 $832 $819 $823 Plus notable items (pretax) (GAAP) (a) $— $91 $— $— $— Adjusted revenue (Non-GAAP) n $816 $824 $832 $819 $823 Securities gains/(losses) (GAAP) o $— $(91) $1 $1 $— Noninterest income as a % of total revenue (GAAP) (k-o)/ (m-o) 22.29% 23.20% 24.06% 22.75% 23.72% Adjusted noninterest income as a % of total revenue (Non-GAAP) l/n 22.20% 23.10% 23.95% 22.64% 23.61% Adjusted Efficiency Ratio Noninterest expense (GAAP) p $488 $508 $511 $500 $515 Plus notable items (pretax) (GAAP) (a) $(6) $(2) $(14) $(5) $(15) Adjusted noninterest expense (Non-GAAP) q $482 $506 $497 $495 $500 Revenue (GAAP) r $812 $729 $828 $815 $819 Taxable-equivalent adjustment 3 4 4 4 4 Revenue- Taxable-equivalent (Non-GAAP) 816 732 832 819 823 Plus notable items (pretax) (GAAP) (a) — 91 — — — Adjusted revenue (Non-GAAP) s $816 $824 $832 $819 $823 Securities gains/(losses) (GAAP) t $— $(91) $1 $1 $— Efficiency ratio (GAAP) p/ (r-t) 60.06% 61.98% 61.89% 61.44% 62.92% Adjusted efficiency ratio (Non-GAAP) q/s 59.09% 61.43% 59.86% 60.47% 60.78% (a) Adjusted for notable items as detailed on page 25. Numbers may not total due to rounding.

29 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. $s in millions Period end Average 1Q25 4Q24 1Q25 vs. 4Q24 1Q25 4Q24 1Q25 vs. 4Q24 Loans excluding LMC Total Loans (GAAP) $62,215 $62,565 $(350) (1)% $61,645 $62,418 $(773) (1)% LMC (GAAP) 3,369 3,471 (101) (3)% 2,819 3,283 (464) (14)% Total Loans excl. LMC (non-GAAP) 58,846 59,095 (249) —% 58,826 59,135 (309) (1)% Total Consumer (GAAP) 14,722 14,716 6 —% 14,694 14,709 (15) —% Total Commercial excl. LMC (non-GAAP) 44,124 44,378 (255) (1)% 44,132 44,426 (294) (1)% Total CRE (GAAP) 14,139 14,421 (282) (2)% 14,318 14,601 (283) (2)% Total C&I excl. LMC (non-GAAP) $29,985 $29,957 $27 —% $29,814 $29,825 $(11) —% $s in millions Quarterly, Unaudited 1Q25 4Q24 3Q24 2Q24 1Q24 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 $822 $815 $823 $821 $787 Reserve for unfunded commitments (GAAP) 83 79 75 66 79 Allowance for credit losses (Non-GAAP) B $905 $894 $897 $887 $865 Loans and leases (GAAP) C $62,215 $62,565 $62,445 $62,781 $61,753 Nonaccrual loans and leases (GAAP) D $609 $602 $578 $574 $505 Allowance for loans and lease losses to loans and leases (GAAP) A/C 1.32% 1.30% 1.32% 1.31% 1.27% Allowance for credit losses to loans and leases (Non-GAAP) B/C 1.45% 1.43% 1.44% 1.41% 1.40% Allowance for loans and lease losses to nonperforming loans and leases (GAAP) A/D 135% 136% 142% 143% 156% Allowance for credit losses to nonperforming loans and leases (Non-GAAP) B/D 148% 149% 155% 155% 171% Numbers may not total due to rounding.

30 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) Adjusted for notable items as detailed on page 25. Numbers may not total due to rounding. $s in millions Quarterly, Unaudited 1Q25 4Q24 3Q24 2Q24 1Q24 Adjusted noninterest income excluding deferred compensation income Noninterest income (GAAP) $181 $99 $200 $186 $194 Plus notable items (pretax) (GAAP) (a) — 91 — — — Adjusted noninterest income (non-GAAP) $181 $190 $200 $186 $194 Less deferred compensation income (GAAP) (3) 1 6 3 9 Adjusted noninterest income excluding deferred compensation income (non-GAAP) $184 $189 $194 $183 $186 Adjusted revenue excluding deferred compensation income Revenue (GAAP) $812 $729 $828 $815 $819 Taxable-equivalent adjustment $3 $4 $4 $4 $4 Revenue- Taxable-equivalent (non-GAAP) $816 $732 $832 $819 $823 Plus notable items (pretax) (GAAP) (a) $— $91 $— $— $— Adjusted revenue (non-GAAP) $816 $824 $832 $819 $823 Less deferred compensation income (GAAP) (3) 1 6 3 9 Adjusted revenue excluding deferred compensation income (non-GAAP) $818 $823 $826 $816 $814 Adjusted noninterest expense excluding deferred compensation expense Noninterest expense (GAAP) $488 $508 $511 $500 $515 Plus notable items (pretax) (GAAP) (a) $(6) $(2) $(14) $(5) $(15) Adjusted noninterest expense (non-GAAP) $482 $506 $497 $495 $500 Less deferred compensation expense (GAAP) (3) 1 6 3 9 Adjusted noninterest expense excluding deferred compensation expense (non-GAAP) $485 $505 $491 $492 $491 Adjusted personnel expense excluding deferred compensation expense Personnel expense (GAAP) $279 $276 $282 $279 $301 Plus notable items (pretax) (GAAP) (a) $— $(2) $(1) $(1) $(5) Adjusted personnel expense (non-GAAP) $279 $274 $281 $279 $295 Less deferred compensation expense (GAAP) (3) 1 6 3 9 Adjusted personnel expense excluding deferred compensation expense (non-GAAP) $282 $272 $275 $276 $286

31 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) Adjusted for notable items as detailed on page 25. Numbers may not total due to rounding. Notable items can be found in the appendices of earnings releases in previously furnished 8-K filings related to the periods shown. $s in millions Quarterly, Unaudited 1Q25 4Q24 3Q24 2Q24 1Q24 Adjusted Pre-provision Net Revenue (PPNR) Pre-tax income (GAAP) $ 285 $ 210 $ 281 $ 260 $ 254 Plus notable items (pretax) (GAAP) (a) 6 94 14 5 15 Adjusted Pre-tax income (non-GAAP) $ 290 $ 304 $ 296 $ 265 $ 269 Plus provision expense (GAAP) 40 10 35 55 50 Adjusted Pre-provision net revenue (PPNR) (non-GAAP) $ 330 $ 314 $ 331 $ 320 $ 319 Taxable-equivalent adjustment 3 4 4 4 4 Pre-provision net revenue-Taxable-equivalent (non-GAAP) $ 334 $ 318 $ 335 $ 324 $ 323 $s in millions 2024 2025 YTD 2019 2020 2021 2022 2023 Annualized Adjusted Pre-provision Net Revenue (PPNR) Pre-tax Income (GAAP) $586 $933 $1,284 $1,159 $1,128 $1,005 $1,155 Provision Expense (GAAP) 45 503 (310) 95 260 150 162 Total PPNR (non-GAAP) $631 $1,436 $974 $1,254 $1,388 $1,155 $1,317 Taxable-equivalent adjustment (9) (11) (12) (13) (16) (15) (14) Notable Items (GAAP) (a) (114) 363 (235) (107) 33 (129) (24) Adjusted PPNR (non-GAAP) $754 $1,084 $1,222 $1,374 $1,370 $1,299 $1,355 All Other Adjusted PPNR (non-GAAP) $596 $678 $875 $1,266 $1,344 $1,218 $1,275 Counter-cyclical Adjusted PPNR (non-GAAP) $158 $406 $347 $108 $26 $81 $80