8-K

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

January 22, 2021

Date of Report (date of earliest event reported)

First Horizon Corporation

(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)

(901 )523-4444

Registrant's telephone number, including area code

(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 1/4,000th interest in	FHN PR A	New York Stock Exchange LLC
a share of Non-Cumulative Perpetual Preferred Stock, Series A
Depositary Shares, each representing a 1/400th interest in	FHN PR B	New York Stock Exchange LLC
a share of Non-Cumulative Perpetual Preferred Stock, Series B
Depositary Shares, each representing a 1/400th interest in	FHN PR C	New York Stock Exchange LLC
a share of Non-Cumulative Perpetual Preferred Stock, Series C
Depositary Shares, each representing a 1/400th interest in	FHN PR D	New York Stock Exchange LLC
a share of Non-Cumulative Perpetual Preferred Stock, Series D
Depositary Shares, each representing a 1/4,000th interest in	FHN PR E	New York Stock Exchange LLC
a share of Non-Cumulative Perpetual Preferred Stock, Series E

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

ITEM 2.02. Results of Operations and Financial Condition.

ITEM 7.01. Regulation FD Disclosure.

Furnished as Exhibit 99.1 is a copy of the First Horizon Corporation (“FHN”) Fourth Quarter 2020 Earnings Release, released today.

Furnished as Exhibit 99.2 is a copy of the Investor Slide Presentation for the quarter ended December 31, 2020, 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 are included in the exhibits that are “non-GAAP,” meaning (under U.S. financial reporting rules) they are not presented in accordance with generally accepted accounting principles (“GAAP”) in the U.S. and also are not codified in the 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 directors through various internal reports.

Presentation of regulatory measures, some of which follow regulatory definitions rather than GAAP, provides a meaningful base for comparability to other financial institutions subject to the same regulations as FHN. Such measures are used by the various banking regulators in reviewing the performance, stability, and capital adequacy of financial institutions they regulate. 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 the exhibits 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 (“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.

The non-GAAP measures presented in the exhibits include: 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 results and performance measures and ratios adjusted for notable or unusual items identified in the exhibits. Additionally, certain combined historical information has been presented in the Investor Slide Presentation. This combined financial information adds together historical unaudited information from legacy FHN and legacy IBKC, adjusted for notable items, but without any adjustments, eliminations, or analysis required by GAAP purchase accounting or the SEC’s pro-forma rules, and is non-GAAP.

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 the Earnings Release and at the end of the Investor Slide Presentation.

Forward-Looking Statements

This communication contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21 E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act") 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. The words "believe," "expect," "anticipate," "intend," "estimate,"

"should," "is likely," "will," "going forward" and other expressions that indicate future events and trends identify forward-looking statements.

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 the control of FHN, and many of which, with respect to future business decisions and actions, are subject to change and which could cause actual results to differ materially from those contemplated or implied by forward-looking statements or historical performance. Examples of uncertainties and contingencies include factors previously disclosed in FHN's respective reports filed with the U.S. Securities and Exchange Commission (the "SEC"), as well as the following factors, among others: the possibility that the anticipated benefits of FHN’s 2020 merger with IBERIABANK Corporation (the “2020 merger”) will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in any or all of FHN’s market areas; the possibility that the 2020 merger may be more expensive to integrate than anticipated, including as a result of unexpected factors or events; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships resulting from the 2020 merger; FHN’s success in executing its business plans and strategies following the 2020 merger, and managing the risks involved in the foregoing; the potential impacts on FHN’s businesses of the coronavirus COVID-19 pandemic, including negative impacts from quarantines, market declines, and volatility, and changes in customer behavior related to COVID-19; and other factors that may affect future results of FHN.

FHN cautions that the foregoing list of important factors that may affect future results is not exhaustive. Additional factors that could cause results to differ materially from those contemplated by forward-looking statements can be found in FHN's annual report on Form 10-K for the year ended December 31, 2019, and its quarterly report on Form 10-Q for the period ended March 31, 2020, both filed with the SEC and available on the SEC’s website, http://www.sec.gov, and also available in the "Investor Relations" section of FHN's website, http://www.FirstHorizon.com, under the heading "SEC Filings," and in other documents FHN files with the SEC.

ITEM 9.01. Financial Statements and Exhibits.

(d)Exhibits

The following Exhibit 99.1, 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 Fourth Quarter 2020 Earnings Release
99.2	First Horizon Corporation Investor Slide Presentation for the quarter ended December 31, 2020
104	Cover Page Interactive Data File, formatted in Inline XBRL

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
Date:	January 22, 2021	By:	/s/ William C. Losch III
		William C. Losch III
		Senior Executive Vice President and Chief Financial Officer

Document

First Horizon Corporation Reports Fourth Quarter Net Income Available to Common of $234 million,

or EPS of $0.42; $255 million, or $0.46, on an Adjusted basis*

Fourth quarter 2020 ROTCE of 16.7%; Adjusted ROTCE of 18.2%*

2020 net income available to common stockholders of $822 million, or EPS of $1.89; $528 million, or EPS of $1.22, on an Adjusted basis*

Tangible book value per share of $10.23 up 3% in the quarter

MEMPHIS, TN (January 22, 2021) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported fourth quarter 2020 net income available to common shareholders ("NIAC") of $234 million, or earnings per share of $0.42, compared with third quarter 2020 NIAC of $523 million, or earnings per share of $0.95. Fourth quarter 2020 results were reduced by a net $20 million after-tax, or $0.04 per share, of notable items largely related to the IBERIABANK Corporation Merger ("IBKC Merger") compared with a net $331 million after-tax benefit, or $0.60 per share, in third quarter 2020. Excluding notable items, adjusted fourth quarter NIAC totaled $255 million, or $0.46 per share, compared with $193 million, or $0.35 per share in third quarter 2020.*

Full year 2020 NIAC of $822 million, or earnings per share of $1.89, compares with $435 million, or earnings per share of $1.38, in 2019, largely reflecting the impact of the IBKC Merger which closed on July 1, 2020. 2020 results include a net $294 million after-tax benefit, or $0.68 per share, from notable items largely related to the IBKC merger and Truist branch acquisition compared with a net $90 million after-tax, or $0.29 per share, reduction tied to notable items in 2019. On an adjusted basis, full year 2020 NIAC of $528 million, or earnings per share of $1.22, compares with NIAC of $525 million, or $1.66 per share, in 2019. Results prior to third quarter 2020 reflect legacy First Horizon results only.

“I am tremendously proud of our performance this year and the results we delivered despite the challenging landscape. We clearly benefited from strong fixed income and mortgage banking fees and disciplined expense management," said Chief Executive Officer and President Bryan Jordan. “We are executing well on our merger of equals with IBERIABANK, and I am even more confident today in the power of our diversified business model, expanded footprint and combined expertise to meet the needs of our clients.”

Jordan continued, "I commend our associates for their unwavering commitment to our clients, communities and core values. Throughout a year of unprecedented challenges, our team achieved transformational milestones with incredible resiliency. Looking ahead, we remain focused on successfully executing on the integration, delivering on our strategic priorities, and investing in products and technology to ensure an exceptional client experience and help drive enhanced shareholder value."

Fourth Quarter and Full Year 2020 Notable and Unusual Items

Notable Items
Quarterly, Unaudited
($s in millions, except per share data)	4Q20		3Q20		4Q19		2020		2019
Summary of Notable Items:
Purchase accounting gain	$	1	$	532	$	—	$	533	$	—
Merger/acquisition non-PCD provision expense	—		(147)		—		(147)		—
Merger/acquisition expense	(34)		(101)		(16)		(155)		(39)
Charitable contributions	—		(15)		(11)		(15)		(11)
Other notable expenses	—		—		(10)		—		(64)
Total Notable items (pre-tax)	$	(33)	$	269	$	(37)	$	216	$	(114)
Total Notable items (after-tax)	(20)		331		(30)		294		(90)
EPS impact of notable items	$	0.04	$	(0.60)	$	0.10	$	(0.68)	$	0.29

*References to "Adjusted" results exclude notable items and 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 7 for information on our use of Non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 22

1

Fourth quarter 2020 results reflect a $20 million after-tax, or $0.04 per share, decrease tied to notable items compared with a net $269 million, or $0.60 per share, benefit in third quarter 2020. Fourth quarter notable items largely relate to the IBKC Merger/Branch Acquisition and include:

•$34 million of merger-related expense largely tied to IBKC merger integration costs

In addition to the above notable items, 4Q20 adjusted results were impacted by the following unusual items:

•$5 million net reduction to NII, or a 3 basis point net interest margin impact, largely tied to a promotional credit card offering.

•$3 million of securities losses in other noninterest income tied to modest repositioning of the securities portfolio.

•$8 million in incentives and commissions tied to a one-time $1,000 bonus to approximately 5,000 employees and COVID-related vacation carryover net accrual costs.

•$5 million benefit to other noninterest expense tied to lower regulatory-related costs, largely FDIC insurance.

2020 results reflect a $294 million after-tax benefit, or $0.68 per share, from notable items largely related to the IBKC merger and Truist branch acquisition.

Fourth Quarter 2020 Highlights*

•Total revenue of $810 million decreased $545 million from unusually high third quarter 2020 levels which included a $532 million merger purchase accounting gain in notable items. Adjusted revenue of $810 million decreased from $823 million in third quarter 2020 largely driven by an $8 million decrease tied to unusual items. Results also reflect the impact of net interest income headwinds and continued COVID-19 impacts on traditional banking businesses which were largely offset by continued strength in fixed income and mortgage banking.

•Noninterest expense of $508 million decreased $79 million from third quarter 2020 driven by a $82 million decrease in notable items. Adjusted expense of $474 million increased $3 million from third quarter 2020, and included a net $3 million increase tied to unusual items. Adjusted expense before the impact of unusual items largely reflects lower personnel expense and an increase in outside services which included the impact of seasonality. Results also reflect the benefit of a $6 million increase in merger cost saves from third quarter 2020.

•Provision for credit losses of $1 million decreased $226 million from third quarter 2020, largely reflecting an improved overall macroeconomic outlook and included a $28 million reserve release.

•Results reflect an efficiency ratio of 63%, or 59% on an adjusted basis.

•Tangible book value per share of $10.23 at December 31, 2020 increased 3% from $9.92 as of September 30, 2020. The IBKC Merger was accretive to tangible book value per share within six months, well ahead of the estimated two-year earnback period.

•ROCE of 12.53%; ROTCE of 16.73%; Adjusted ROTCE of 18.18%; CET 1 of 9.67%; and total capital of 12.55%

Strategic Plan Update

•Merger integration is well underway with targeted cost saves upsized from $170 million to $200 million

•Achieved annualized merger cost saves of approximately $56 million in fourth quarter 2020.

COVID-19 Update

•Accepting applications and continuing to monitor updates from the Small Business Administration regarding the second round of the Paycheck Protection Program ("PPP") and the ability to apply for a new or additional loan.

•Loans on deferral declined to 0.9% of total loans excluding PPP as of December 31, 2020, compared with 2.4% at September 30, 2020.

*References to "Adjusted" results exclude notable items and 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 7 for information on our use of Non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 22

2

SUMMARY RESULTS, Continued
Quarterly, Unaudited
										4Q20 Change vs.
($s in millions, except per share and balance sheet data)	4Q20			3Q20			4Q19			3Q20			4Q19
										/bp		%	/bp		%
Income Statement
Net interest income	$	522		$	532		$	311				(2)			68
Noninterest income1	288			823			183			(534)		(65)	105		57
Total revenue	810			1,355			495			(545)		(40)	315		64
Noninterest expense	508			587			328			(79)		(13)	180		55
Pre-provision net revenue2	302			768			166			(466)		(61)	136		82
Provision for credit losses3	1			227			9			(226)		(100)	(8)		(89)
Income before income taxes	301			541			157			(240)		(44)	144		92
Provision for income taxes	56			2			36			54		NM	20		57
Net income	245			539			121			(294)		(55)	124		102
Net income attributable to noncontrolling interest	3			3			3			—		(5)	—		(3)
Net income/(loss) attributable to controlling interest	242			536			118			(294)		(55)	124		104
Preferred stock dividends	8			13			2			(5)		(40)	6		NM
Net income/(loss) available to common shareholders	$	234		$	523		$	117				(55)			101
Adjusted net income4	$	265		$	208		$	151				27			75
Adjusted net income/(loss) available to common shareholders4	$	255		$	193		$	147				32			73
Common stock information
EPS	$	0.42		$	0.95		$	0.37				(56)			14
Adjusted EPS4	$	0.46		$	0.35		$	0.47				31			(2)
Diluted shares	557			551			313			6		1	244		78
Key performance metrics
Net interest margin	2.71		%	2.84		%	3.26		%	(13)	bp		(55)	bp
Efficiency ratio	62.71			43.31			66.35			1,940			(364)
Adjusted efficiency ratio4	58.57			57.26			58.88			131			(31)
Effective income tax rate	18.70			0.41			22.87			1,829			(417)
Return on average assets	1.16			2.63			1.12			(147)			4
Adjusted return on average assets4	1.26			1.01			1.40			25			(14)
Return on average common equity (“ROCE")	12.53			28.49			9.97			(1,596)			256
Return on average tangible common equity (“ROTCE”)4	16.73			37.75			15.03			(2,102)			170
Adjusted ROTCE4	18.18			13.90			18.88			428			(70)
Noninterest income as a % of total revenue	35.61			60.72			37.05			(2,511)			(144)
Adjusted noninterest income as a % of total revenue4	35.56		%	35.32		%	37.05		%	24	bp		(149)	bp
Balance Sheet (billions)
Average loans	$	59.8		$	60.1		$	30.7				—			95
Average deposits	69.6			67.1			32.8			2.5		4	36.9		112
Average assets	83.8			81.7			42.9			2.1		3	40.9		95
Average common equity	$	7.4		$	7.3		$	4.6				2			60
Asset Quality Highlights
Allowance for credit losses to loans and leases	1.80		%	1.80		%	0.66		%	—	bp		114	bp
Net charge-off ratio	0.19			0.44			0.04			(25)			15
Nonperforming loan and leases ratio	0.66		%	0.75		%	0.52		%	(8)	bp		14	bp
Capital Highlights (current quarter is an estimate)
Common Equity Tier 1	9.67		%	9.21		%	9.20		%	46	bp		47	bp
Tier 1	10.73			10.25			10.15			48			58
Total Capital	12.55			12.05			11.22			50			133
Tier 1 leverage	8.24		%	8.25		%	9.04		%	(1)	bp		(80)	bp

All values are in US Dollars.

Numbers may not foot due to rounding.

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

See footnote disclosures on page 22.

*References to "Adjusted" results exclude notable items and 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 7 for information on our use of Non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 22

3

SUMMARY RESULTS, Continued
Year-end, Unaudited
							2020 Change vs.
(In millions, except EPS)	2020			2019			2019
							/bp		%
Income Statement
Net interest income	$	1,662		$	1,210				37
Noninterest income1	1,492			654			838		128
Total revenue	3,155			1,864			1,291		69
Noninterest expense	1,718			1,233			485		39
Pre-provision net revenue2	1,436			631			805		128
Provision for credit losses3	503			45			458		NM
Income before income taxes	933			586			347		59
Provision for income taxes	76			133			(57)		(43)
Net income	857			452			405		89
Net income attributable to noncontrolling interest	12			11			1		5
Net income/(loss) attributable to controlling interest	845			441			404		92
Preferred stock dividends	23			6			17		NM
Net income available to common shareholders	$	822		$	435				89
Adjusted net income4	$	563		$	543				4
Adjusted net income/loss available to common shareholders4	$	528		$	525				1
Common stock information
EPS	$	1.89		$	1.38				37
Adjusted EPS4	$	1.22		$	1.66				(27)
Diluted shares	434			316			118		37
Key performance metrics
Net interest margin	2.86		%	3.28		%	(42)	bp
Efficiency ratio	54.47			66.15			(1,168)
Adjusted efficiency ratio4	59.06			60.02			(96)
Effective income tax rate	8.15			22.76			(1,461)
Return on average assets	1.33			1.08			25
Adjusted return on average assets4	0.87			1.30			(43)
Return on average common equity (“ROCE")	13.66			9.60			406
Return on average tangible common equity (“ROTCE”)4	19.03			14.71			432
Adjusted ROTCE4	12.15			17.60			(545)
Noninterest income as a % of total revenue	47.31			35.09			1,222
Adjusted noninterest income as a % of total revenue4	36.60		%	35.09		%	151	bp
Balance Sheet (billions)
Average loans	$	46.2		$	29.2				58
Average deposits	51.9			32.4			19.5		60
Average assets	64.3			41.7			22.6		54
Average common equity	$	6.0		$	4.5				33
Asset Quality Highlights
Allowance for credit losses to loans and leases	1.80		%	0.66		%	114	bp
Net charge-off ratio	0.19			0.04			15
Nonperforming loan and leases ratio	0.66		%	0.52		%	14	bp
Capital Highlights (current quarter is an estimate)
Common Equity Tier 1	9.67		%	9.20		%	47	bp
Tier 1	10.73			10.15			58
Total Capital	12.55			11.22			133
Leverage	8.24		%	9.04		%	(80)	bp

All values are in US Dollars.

*References to "Adjusted" results exclude notable items and 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 7 for information on our use of Non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 22

4

Fourth Quarter versus Third Quarter 2020

Net interest income

Net interest income of $522 million decreased $11 million from third quarter 2020 driven by an $8 million reduction in net loan accretion and securities premium amortization largely related to the IBKC merger and a net $5 million decrease largely tied to a promotional credit card offering included in unusual items. On a core basis, net interest income remained relatively stable. Net interest margin of 2.71% compares with 2.84% in the prior quarter and reflects a 13 basis point reduction tied to net merger accounting impacts and a 9 basis point reduction from higher excess cash balances. Core net interest margin excluding the impact of net merger accounting accretion, the impact of PPP loans and the impact of an increase in excess cash balances remained relatively stable.

Loans and leases

Average fourth quarter 2020 loan and lease balances of $59.8 billion decreased $298 million from third quarter 2020 largely reflecting a reduction in consumer real estate-secured and commercial real estate which more than offset a modest increase in commercial and industrial driven by growth in loans to mortgage companies. Period-end fourth quarter 2020 loans and leases of $58.2 billion decreased $1.5 billion driven by lower commercial and industrial, consumer real estate and commercial real estate.

Deposits

Average deposits of $69.6 billion increased $2.5 billion, driven by a $1.4 billion increase in savings and a $1.2 billion increase in demand deposits. Period-end deposits of $70.0 billion at December 31, 2020, increased $1.6 billion from $68.4 billion at September 30, 2020 reflecting growth in demand deposits, savings and other interest-bearing deposits. Interest-bearing deposit costs of 26 basis points improved 10 basis points linked quarter, reflecting continued pricing discipline.

Noninterest income

Noninterest income of $288 million decreased $534 million from unusually high third quarter levels that included a $532 million benefit from notable items. On an adjusted basis, noninterest income of $288 million decreased $4 million driven by $3 million of securities losses in other noninterest income tied to modest repositioning of the securities portfolio. Adjusted noninterest income remained relatively stable including this impact as seasonally lower results in mortgage banking more than offset improvement in all other categories. Fixed income noninterest income decreased $7 million linked quarter largely reflecting the impact of day count and lower fees in other products. Fixed income average daily revenue of $1.5 million was relatively stable with third quarter levels.

Noninterest expense

Noninterest expense of $508 million decreased $79 million from third quarter 2020 driven by a net $82 million reduction in notable items. Adjusted noninterest expense of $474 million increased $3 million from third quarter 2020 driven by a net $3 million impact from unusual items in incentives and commissions and other noninterest expense. Results also reflect the benefit of an annualized $56 million increase in merger-related cost saves.*

Asset quality

Net charge-offs of $29 million, or 19 basis points, decreased from unusually high third quarter levels of $67 million, or 44 basis points, which reflected higher energy portfolio losses.

Nonperforming loans of $386 million decreased $60 million from third quarter 2020 driven by a reduction in energy. Fourth quarter 2020 allowance to nonperforming coverage ratio of 249% compared with 221% in third quarter 2020. Fourth quarter 2020 nonperforming loans to loans ratio of 66 basis points compared with 75 basis points at third quarter 2020.

The allowance for credit losses to loans ratio remained steady at 1.80%.

*References to "Adjusted" results exclude notable items and 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 7 for information on our use of Non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 22

5

Provision for credit losses of $1 million decreased $226 million from third quarter 2020 driven by a $147 million decrease in notable items tied to the IBKC Merger and Truist Branch Acquisition. Adjusted provision for credit losses of $1 million decreased $79 million linked quarter.*

Reserve release of $28 million reflects de-risking of the Energy portfolio through contracted loan sale expected to close in January 2021, lower balances and improving economic scenarios.

Capital

CET1 ratio of 9.67% in fourth quarter 2020 improved from 9.21% in third quarter 2020.

On October 27, 2020, the board of directors approved payment of a quarterly cash dividend on its common stock of $0.15 per share. The dividend was payable January 4, 2021, to the common shareholders of record on December 11, 2020. The board also approved payment of cash dividends on First Horizon’s Series A, Series B, Series C and Series E Preferred Stock.

Income taxes

The fourth quarter 2020 effective tax rate of 18.7% increased from the unusually low third quarter 2020 level of 0.4% which resulted from non-taxable IBKC Merger purchase accounting gain. On an adjusted basis, the effective tax rate of 20.7% in fourth quarter 2020 decreased from 23.3% in third quarter 2020.

Conference call information

Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on January 22 by dialing 1-888-317-6003 (if calling from the U.S.) or 412-317-6061 (if calling from outside the U.S) and entering access code 5989125. The conference call will begin at 8:30 a.m. CT.

Participants can also opt to listen to the live audio webcast with the accompanying slide presentation at http://ir.fhnc.com/Event.

A replay of the call will be available beginning at noon CT on January 22 until midnight CT on February 5 . To listen to the replay, dial 1-877-344-7529 (U.S. callers) or 412-317-0088 (international callers); the access code is 10150084. A replay of the webcast will also be available at http://ir.fhnc.com/Event and will be archived on the site for one year.

Forward-Looking Statements

This communication may contain forward-looking information, including guidance, involving significant risks and uncertainties. Forward-looking information is identified by words such as "believe," "expect," "anticipate," "intend," "estimate," "should," "is likely," "will," "going forward," and other expressions that indicate future events and trends and may be followed by or reference cautionary statements. A number of factors could cause actual results to differ materially from results stated in or suggested by forward-looking information. Those factors include: general economic and financial market conditions, including expectations of and actual timing and amount of interest rate movements including the slope of the yield curve; competition; ability to execute business plans; regional, national, and world-wide political developments; recent and future legislative and regulatory developments; inflation or deflation; market (particularly real estate market) and monetary fluctuations; pestilence; man-made or natural disasters; customer, investor and regulatory responses to any of those conditions or events; matters mentioned in this release; critical accounting estimates; FHN’s success in executing its business plans and strategies following its 2020 merger with IBERIABANK Corporation, and managing the risks involved; the potential impacts on FHN’s businesses of the coronavirus COVID-19 pandemic, including negative impacts from quarantines, market declines, and volatility, and changes in customer behavior related to COVID-19; and other factors described in FHN's annual report on Form 10-K, FHN’s other recent filings with the SEC, and FHN’s most recent earnings release and related materials. FHN disclaims any obligation to update any forward-looking statements to reflect future events or developments, or changes in expectations.

*References to "Adjusted" results exclude notable items and 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 7 for information on our use of Non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 22

6

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

Certain measures are included in this financial supplement that are “non-GAAP,” meaning (under U.S. financial reporting rules) they are not presented in accordance with generally accepted accounting principles (“GAAP”) 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.

Presentation of regulatory measures, some of which follow regulatory definitions rather than GAAP, provides a meaningful base for comparability to other financial institutions subject to the same regulations as FHN. Such measures are used by the various banking regulators in reviewing the performance, stability, and capital adequacy of financial institutions they regulate. 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, 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.

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

Refer to the tabular reconciliation of non-GAAP to GAAP measures and presentation of the most comparable GAAP items beginning on page 22 .

*References to "Adjusted" results exclude notable items and 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 7 for information on our use of Non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 22

7

CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited
																4Q20 Change vs.												2020 vs 2019
($s in millions, except per share data)	4Q20			3Q20			2Q20			1Q20			4Q19			3Q20			4Q19			2020			2019
																	%			%									%
Interest income	$	574		$	598		$	347		$	378		$	404			(4)	%		42	%	$	1,898		$	1,624			17	%
Interest expense	53			66			41			76			93			(13)	(20)		(40)	(43)		235			414			(179)	(43)
Net interest income	522			532			305			303			311			(11)	(2)		210	68		1,662			1,210			452	37
Noninterest income:
Fixed income	104			111			112			96			81			(7)	(6)		23	28		423			279			144	52
Mortgage banking and title	57			66			4			2			4			(8)	(13)		54	NM		129			10			119	NM
Brokerage, trust, and insurance	31			30			22			23			22			2	5		9	41		107			87			20	23
Service charges and fees	53			50			35			36			39			3	5		14	36		174			153			21	14
Card and digital banking fees	18			17			12			12			14			2	11		5	35		59			50			9	19
Deferred compensation income	9			4			8			(10)			3			5	123		5	NM		11			11			—	(2)
Other noninterest income1	16			546			12			15			20			(530)	(97)		(4)	(22)		589			64			525	NM
Total noninterest income	288			823			206			175			183			(534)	(65)		105	57		1,492			654			838	128
Total revenue	810			1,355			512			478			495			(545)	(40)		315	64		3,155			1,864			1,291	69
Noninterest expense:
Personnel expense:
Salaries and benefits	200			201			111			113			112			(1)	—		88	79		625			454			171	38
Incentives and commissions	110			126			79			81			63			(15)	(12)		47	75		396			228			168	73
Deferred compensation expense	9			3			9			(10)			4			6	NM		5	132		11			13			(2)	(15)
Total personnel expense	319			329			200			183			179			(10)	(3)		141	79		1,033			695			338	49
Occupancy and equipment	76			77			46			44			44			—	(1)		32	73		243			175			68	39
Outside services	59			78			38			38			54			(19)	(24)		5	8		213			190			23	12
Amortization of intangible assets	15			15			5			5			6			—	—		8	136		40			25			15	61
Other noninterest expense	39			89			31			31			45			(50)	(56)		(6)	(14)		189			148			41	28
Total noninterest expense	508			587			321			302			328			(79)	(13)		180	55		1,718			1,233			485	39
Pre-provision net revenue2	302			768			191			175			166			(466)	(61)		136	82		1,436			631			805	128
Provision for credit losses3	1			227			121			154			9			(226)	(100)		(8)	(89)		503			45			458	NM
Income before income taxes	301			541			69			21			157			(240)	(44)		144	92		933			586			347	59
Provision for income taxes	56			2			13			5			36			54	NM		20	57		76			133			(57)	(43)
Net income	245			539			57			16			121			(294)	(55)		124	102		857			452			405	89
Net income attributable to noncontrolling interest	3			3			3			3			3			—	(5)		—	(3)		12			11			1	5
Net income attributable to controlling interest	242			536			54			14			118			(294)	(55)		124	104		845			441			404	92
Preferred stock dividends	8			13			2			2			2			(5)	(40)		6	NM		23			6			17	NM
Net income available to common shareholders	$	234		$	523		$	52		$	12		$	117			(55)	%		101	%	$	822		$	435			89	%
Common Share Data
EPS	$	0.42		$	0.95		$	0.17		$	0.04		$	0.38			(56)			11		$	1.90		$	1.39			37
Basic shares	553			550			312			312			311			3	1		242	78		432			314			118	38
Diluted EPS	$	0.42		$	0.95		$	0.17		$	0.04		$	0.37			(56)			14		$	1.89		$	1.38			37
Diluted shares	557			551			313			313			313			6	1		244	78		434			316			118	37
Effective tax rate	18.7		%	0.4		%	18.4		%	22.4		%	22.9		%							8.2		%	22.8		%

All values are in US Dollars.

Numbers may not foot due to rounding.

See footnote disclosures on page 21.

ADJUSTED4 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 10
Quarterly, Unaudited
																4Q20 Change vs.
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
($s in millions, except per share data)	4Q20			3Q20			2Q20			1Q20			4Q19			3Q20			4Q19			2020			2019			2020 vs. 2019
																	%			%									%
Adjusted noninterest income:
Fixed income	$	104		$	111		$	112		$	96		$	81			(6)	%		28	%	$	423		$	279			52	%
Mortgage banking and title	57			66			4			2			4			(9)	(13)		53	NM		129			10			119	NM
Brokerage, trust, and insurance	31			30			22			23			22			1	5		9	43		107			87			20	23
Service charges and fees	53			50			35			36			39			3	6		14	36		174			153			21	14
Card and digital banking fees	18			17			12			12			14			1	8		4	31		59			50			10	19
Deferred compensation income	9			4			8			(10)			3			5	123		5	NM		11			11			—	(2)
Adjusted other noninterest income	15			14			12			15			20			1	7		(5)	(25)		56			64			(9)	(13)
Adjusted total noninterest income	$	288		$	291		$	206		$	175		$	183			(1)	%		57	%	$	960		$	654			47	%
Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$	200		$	200		$	107		$	112		$	107			—	%		87	%	$	619		$	449			38	%
Adjusted Incentives and commissions	89			91			79			81			63			(2)	(2)	%	26	42		341			219			121	55
Deferred compensation expense	9			3			9			(10)			4			6	NM		5	125		11			13			(2)	(15)
Adjusted total personnel expense	298			294			195			182			174			4	1	%	124	71		971			680			291	43
Adjusted occupancy and equipment	74			73			46			44			44			1	2	%	30	69		238			172			66	38
Adjusted outside services	52			46			33			37			36			6	13	%	16	44		166			143			23	16
Adjusted amortization of intangible assets	14			14			5			5			6			—	(2)	%	8	128		38			25			13	52
Adjusted other noninterest expense	35			45			27			28			31			(10)	(22)	%	4	13		136			98			38	39
Adjusted total noninterest expense	$	474		$	471		$	307		$	296		$	291			1	%		63	%	$	1,549		$	1,119			38	%
Adjusted pre-provision net revenue4	$	335		$	352		$	205		$	181		$	203			(5)	%		65	%	$	1,073		$	745			44	%
Adjusted provision for credit losses3	$	1		$	80		$	121		$	154		$	9			(99)	%		(89)	%	$	356		$	45			NM
Adjusted net income available to common shareholders	$	255		$	193		$	64		$	17		$	147			32	%		73	%	$	528		$	525			1	%
Adjusted Common Share Data
Adjusted diluted EPS	$	0.46		$	0.35		$	0.20		$	0.05		$	0.47			31	%		(2)	%	$	1.22		$	1.66			(27)	%
Diluted shares	557			551			313			313			313			6	1	%	244	78	%	434			316			118	37	%
Adjusted effective tax rate	20.7		%	23.3		%	18.3		%	22.2		%	22.2		%							21.5		%	22.5		%

All values are in US Dollars.

Numbers may not foot due to rounding.

See footnote disclosures on page 21.

NOTABLE ITEMS
Quarterly and Year-end, Unaudited		(In millions)	4Q20		3Q20		2Q20		1Q20		4Q19		2020		2019
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Summary of Notable Items:
Purchase accounting gain	$	1	$	532	$	—	$	—	$	—	$	533	$	—
Merger/acquisition non-PCD provision expense	—		(147)		—		—		—		(147)		—
Merger/acquisition expense*	(34)		(101)		(14)		(6)		(16)		(155)		(39)
Charitable contributions	—		(15)		—		—		(11)		(15)		(11)
Other notable expenses	—		—		—		—		(10)		—		(64)
Total notable items	$	(33)	$	269	$	(14)	$	(6)	$	(37)	$	216	$	(114)

Numbers may not foot due to rounding

•3Q20 includes $20 million of charitable contributions to establish the First Horizon Louisiana Foundation.

IMPACT OF NOTABLE ITEMS:
Quarterly and Year-end, Unaudited		(In millions)	4Q20		3Q20		2Q20		1Q20		4Q19		2020		2019
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Impacts of Notable Items:
Noninterest income:
Other noninterest income	$	(1)	$	(532)	$	—	$	—	$	—	$	(533)	$	—
Total noninterest income	$	(1)	$	(532)	$	—	$	—	$	—	$	(533)	$	—
Noninterest expense:
Personnel expenses:
Salaries and benefits	$	—	$	(1)	$	(5)	$	(1)	$	(4)	$	(7)	$	(5)
Incentives and commissions	(21)		(34)		—		—		—		(55)		(10)
Deferred compensation expense	—		—		—		—		—		—		—
Total personnel expenses	(21)		(35)		(5)		(1)		(4)		(62)		(15)
Occupancy and equipment	(2)		(4)		—		—		—		(6)		(3)
Outside services	(7)		(32)		(5)		(2)		(18)		(46)		(48)
Amortization of intangible assets	(1)		(1)		—		—		—		(2)		—
Other noninterest expense	(4)		(44)		(4)		(3)		(15)		(54)		(49)
Total noninterest expense	$	(34)	$	(116)	$	(14)	$	(6)	$	(37)	$	(170)	$	(114)
Provision for credit losses	$	—	$	(147)	$	—	$	—	$	—	$	(147)	$	—
Income before income taxes	$	33	$	(269)	$	14	$	6	$	37	$	(216)	$	114
Provision for income taxes	13		61		3		1		7		78		24
Net income/(loss) available to common shareholders	$	20	$	(331)	$	12	$	5	$	30	$	(294)	$	90

Numbers may not foot due to rounding

FINANCIAL RATIOS
Quarterly and Year-end, Unaudited
																4Q20 change vs.													2020 vs. 2019
	4Q20			3Q20			2Q20			1Q20			4Q19			3Q20			4Q19				2020			2019
FINANCIAL RATIOS																/bp		%	/bp		%								/bp		%
Net interest margin	2.71		%	2.84		%	2.90		%	3.16		%	3.26		%	(13)	bp		(55)	bp			2.86		%	3.28		%	(42)	bp
Return on average assets	1.16		%	2.63		%	0.48		%	0.15		%	1.12		%	(147)			4				1.33		%	1.08		%	25
Adjusted return on average assets4	1.26		%	1.01		%	0.57		%	0.19		%	1.40		%	25			(14)				0.87		%	1.30		%	(43)
Return on average common equity (“ROCE”)	12.53		%	28.49		%	4.50		%	1.05		%	9.97		%	(1,596)			256				13.66		%	9.60		%	406
Return on average tangible common equity (“ROTCE”)4	16.73		%	37.75		%	6.74		%	1.59		%	15.03		%	(2,102)			170				19.03		%	14.71		%	432
Adjusted ROTCE4	18.18		%	13.90		%	8.26		%	2.19		%	18.88		%	428			(70)				12.15		%	17.60		%	(545)
Noninterest income as a % of total revenue	35.61		%	60.72		%	40.32		%	36.59		%	37.05		%	(2,511)			(144)				47.31		%	35.09		%	1,222
Adjusted noninterest income as a % of total revenue4	35.56		%	35.32		%	40.32		%	36.59		%	37.05		%	24			(149)				36.60		%	35.09		%	151
Efficiency ratio	62.71		%	43.31		%	62.74		%	63.26		%	66.35		%	1,940			(364)				54.47		%	66.15		%	(1,168)
Adjusted efficiency ratio4	58.57		%	57.26		%	59.95		%	62.05		%	58.88		%	131			(31)				59.06		%	60.02		%	(96)
CAPITAL - PERIOD END (PRELIMINARY)
CET1 capital ratio	9.67		%	9.21		%	9.25		%	8.54		%	9.20		%	46	bp		47	bp			9.67		%	9.20		%	47	bp
Tier 1 capital ratio	10.73		%	10.25		%	10.69		%	9.52		%	10.15		%	48	bp		58	bp			10.73		%	10.15		%	58	bp
Total capital ratio	12.55		%	12.05		%	12.47		%	10.78		%	11.22		%	50	bp		133	bp			12.55		%	11.22		%	133	bp
Tier 1 leverage ratio	8.24		%	8.25		%	8.55		%	9.00		%	9.04		%	(1)	bp		(80)	bp			8.24		%	9.04		%	(80)	bp
Risk-weighted assets (“RWA”) (billions)	$	63.2		$	64.5		$	37.4		$	40.1		$	37.0				(2)			71		$	63.2		$	37.0				70
Total equity to total assets	9.86		%	9.81		%	10.71		%	10.71		%	11.72		%	5	bp		(186)	bp			9.86		%	11.72		%	(186)	bp
Tangible common equity/tangible assets (“TCE/TA”)4	6.89		%	6.78		%	6.63		%	6.81		%	7.48		%	11	bp		(59)	bp			6.89		%	7.48		%	(59)	bp
Period-end shares outstanding (millions)	555			555			312			312			311			—		—	244		78		555			311			244		78
Cash dividends declared per common share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.14				—			7		0.60			0.56					7
Book value per common share	$	13.59		$	13.30		$	14.96		$	14.96		$	15.04				2			(10)		$	13.59		$	15.04				(10)
Tangible book value per common share4	$	10.23		$	9.92		$	9.99		$	9.96		$	10.02				3			2		$	10.23		$	10.02				2
SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	83.21		%	87.28		%	86.62		%	96.97		%	95.78		%	(407)	bp		(1,257)	bp			83.21		%	95.78		%	(1,257)	bp
Loans-to-deposit ratio (average balances)	85.90		%	89.59		%	90.52		%	92.83		%	93.68		%	(369)	bp		(778)	bp			89.02		%	90.08		%	(106)	bp
Full-time equivalent associates	8,466			8,121			5,006			4,969			5,005			345		4	3,461		69	%	6,649			5,231			1,418		27

All values are in US Dollars.

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

See footnote disclosures on page 21.

CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited

											4Q20 change vs.
(In millions)	4Q20		3Q20		2Q20		1Q20		4Q19		3Q20			4Q19
												%			%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	33,103	$	33,656	$	21,394	$	22,124	$	20,051		(2)	%		65	%
Commercial real estate	12,275		12,511		4,813		4,640		4,337		(236)	(2)		7,938	NM
Total Commercial	45,379		46,167		26,207		26,764		24,388		(788)	(2)		20,991	86
Consumer real estate	11,725		12,328		6,052		6,119		6,177		(603)	(5)		5,548	90
Credit card and other5	1,128		1,212		449		495		496		(84)	(7)		632	128
Total Consumer	12,853		13,540		6,502		6,614		6,673		(687)	(5)		6,180	93
Loans and leases, net of unearned income	58,232		59,707		32,709		33,378		31,061		(1,475)	(2)		27,171	87
Loans held for sale	1,022		1,051		746		596		594		(29)	(3)		428	72
Investment securities	8,057		8,006		5,486		4,555		4,455		51	1		3,602	81
Trading securities	1,176		1,386		1,116		1,878		1,346		(210)	(15)		(170)	(13)
Interest-bearing deposits with banks	8,351		5,443		3,136		671		482		2,908	53		7,869	NM
Federal funds sold and securities purchased under agreements to resell	445		593		415		592		633		(148)	(25)		(188)	(30)
Total interest earning assets	77,284		76,186		43,608		41,669		38,572		1,098	1		38,712	100
Cash and due from banks	1,203		1,075		604		538		634		129	12		569	90
Goodwill and other intangible assets, net	1,864		1,876		1,552		1,558		1,563		(12)	(1)		301	19
Premises and equipment, net	759		756		448		448		455		3	—		304	67
Allowance for loan and lease losses6	(963)		(988)		(538)		(444)		(200)		25	3		(763)	NM
Other assets	4,063		4,125		2,970		3,429		2,287		(62)	(2)		1,776	78
Total assets	$	84,209	$	83,030	$	48,645	$	47,197	$	43,311		1	%		94	%
Liabilities and Shareholders' Equity:
Deposits:
Savings	$	27,324	$	26,573	$	13,532	$	13,860	$	11,665		3	%		134	%
Time deposits	5,070		5,526		2,656		3,058		3,618		(455)	(8)		1,452	40
Other interest-bearing deposits	15,415		14,925		9,784		8,561		8,717		490	3		6,698	77
Total interest-bearing deposits	47,810		47,025		25,972		25,480		24,001		785	2		23,809	99
Trading liabilities	353		477		233		453		506		(124)	(26)		(153)	(30)
Short-term borrowings	2,198		2,142		2,392		5,325		3,518		57	3		(1,320)	(38)
Term borrowings	1,670		2,162		2,032		793		791		(492)	(23)		878	111
Total interest-bearing liabilities	52,030		51,805		30,628		32,050		28,816		225	—		23,215	81
Noninterest-bearing deposits	22,173		21,384		11,788		8,940		8,429		788	4		13,744	NM
Other liabilities	1,699		1,696		1,020		1,152		990		4	—		709	72
Total liabilities	75,903		74,885		43,436		42,142		38,235		1,017	1		37,668	99
Shareholders' Equity:
Preferred stocks	470		470		240		96		96		—	—		375	NM
Common stocks	347		347		195		195		195		—	—		152	78
Capital surplus	5,073		5,061		2,941		2,939		2,931		12	—		2,142	73
Retained earnings6	2,261		2,111		1,672		1,667		1,798		150	7		463	26
Accumulated other comprehensive loss, net	(140)		(140)		(135)		(136)		(240)		—	—		100	42
Combined shareholders' equity	8,012		7,849		4,913		4,760		4,781		163	2		3,231	68
Noncontrolling interest	295		295		295		295		295		—	—		—	—
Total shareholders' equity	8,307		8,144		5,208		5,056		5,076		163	2		3,231	64
Total liabilities and shareholders' equity	$	84,209	$	83,030	$	48,645	$	47,197	$	43,311		1	%		94	%
Memo:
Total Deposits	$	69,982	$	68,409	$	37,759	$	34,420	$	32,430		2	%		116	%

All values are in US Dollars.

Numbers may not foot due to rounding. Certain previously reported amounts have been reclassified to agree with current presentation. See footnote disclosures on page 21.

CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly and Year-end, Unaudited

											4Q20 change vs.										2020 vs. 2019
(In millions)	4Q20		3Q20		2Q20		1Q20		4Q19		3Q20			4Q19			2020		2019
												%			%							%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	34,196	$	34,051	$	22,694	$	19,470	$	19,740		—	%		73	%	$	27,655	$	18,283		51	%
Commercial real estate	12,400		12,414		4,710		4,422		4,264		(14)	—		8,136	NM		8,491		4,102		4,389	107
Total Commercial	46,596		46,465		27,404		23,891		24,004		131	—		22,592	94		36,146		22,385		13,761	61
Consumer real estate	12,030		12,444		6,087		6,134		6,194		(413)	(3)		5,836	94		9,191		6,103		3,088	51
Credit card and other5	1,194		1,209		476		498		509		(15)	(1)		685	135		846		701		145	21
Total Consumer	13,224		13,653		6,564		6,633		6,703		(429)	(3)		6,521	97		10,037		6,804		3,233	48
Loans and leases, net of unearned income	59,820		60,118		33,968		30,524		30,706		(298)	—		29,113	95		46,183		29,189		16,994	58
Loans held-for-sale	1,030		985		731		590		582		45	5		448	77		835		578		257	44
Investment securities	8,213		8,590		4,541		4,467		4,448		(377)	(4)		3,765	85		6,464		4,510		1,954	43
Trading securities	1,292		1,194		1,420		1,831		1,264		98	8		28	2		1,433		1,415		18	1
Interest-bearing deposits with banks	6,201		3,616		1,620		548		586		2,585	71		5,614	NM		3,006		871		2,135	NM
Federal funds sold and securities purchased under agreements to resell	440		500		422		827		656		(60)	(12)		(216)	(33)		547		603		(56)	(9)
Total interest earning assets	76,995		75,002		42,702		38,788		38,242		1,993	3		38,753	101		58,468		37,165		21,303	57
Cash and due from banks	1,204		1,028		562		610		610		177	17		594	97		852		602		250	42
Goodwill and other intangibles assets, net	1,871		1,794		1,555		1,560		1,566		77	4		305	19		1,696		1,575		121	8
Premises and equipment, net	765		747		452		451		451		18	2		314	70		604		467		137	29
Allowances for loan and lease losses6	(985)		(980)		(476)		(354)		(196)		(5)	(1)		(789)	NM		(700)		(191)		(509)	NM
Other assets	3,959		4,093		3,140		2,497		2,213		(134)	(3)		1,746	79		3,426		2,126		1,300	61
Total assets	$	83,809	$	81,683	$	47,934	$	43,552	$	42,886		3	%		95	%	$	64,346	$	41,744		54	%
Liabilities and shareholders' equity:
Deposits:
Savings	$	27,090	$	25,648	$	14,118	$	12,117	$	11,580		6	%		134	%	$	19,780	$	11,663		70	%
Time deposits	5,386		5,783		2,836		3,357		3,934		(396)	(7)		1,453	37		4,347		4,262		85	2
Other interest-bearing deposits	15,057		14,771		9,256		8,743		8,721		286	2		6,336	73		11,973		8,345		3,628	43
Total interest-bearing deposits	47,534		46,202		26,211		24,216		24,235		1,332	3		23,299	96		36,100		24,270		11,830	49
Trading liabilities	367		360		352		751		586		7	2		(219)	(37)		457		503		(46)	(9)
Short-term borrowings	2,113		2,469		2,603		3,211		2,709		(356)	(14)		(596)	(22)		2,597		1,977		620	31
Term borrowings	1,913		2,172		1,426		791		928		(259)	(12)		984	106		1,578		1,117		461	41
Total interest-bearing liabilities	51,926		51,202		30,593		28,967		28,458		724	1		23,468	82		40,732		27,868		12,864	46
Noninterest-bearing deposits	22,105		20,904		11,316		8,666		8,543		1,202	6		13,563	NM		15,779		8,133		7,646	94
Other liabilities	1,568		1,505		908		915		845		63	4		723	86		1,226		823		403	49
Total liabilities	75,600		73,611		42,816		38,550		37,846		1,989	3		37,754	100		57,737		36,823		20,914	57
Shareholders' Equity:
Preferred stock	470		468		150		96		96		2	1		375	NM		297		96		201	NM
Common stock	347		345		195		195		195		2	—		152	78		271		196		75	38
Capital surplus	5,902		5,041		2,941		2,935		2,928		861	17		2,973	102		4,215		2,960		1,255	42
Retained earnings6	1,346		2,025		1,672		1,687		1,766		(679)	(34)		(420)	(24)		1,679		1,666		13	1
Accumulated other comprehensive loss, net	(151)		(103)		(135)		(206)		(240)		(48)	(47)		90	37		(149)		(293)		144	49
Combined shareholders' equity	7,914		7,777		4,822		4,707		4,744		137	2		3,170	67		6,313		4,625		1,688	36
Noncontrolling interest	295		295		295		295		295		—	—		—	—		295		295		—	—
Total shareholders' equity	8,209		8,072		5,118		5,002		5,040		137	2		3,170	63		6,609		4,921		1,688	34
Total liabilities and shareholders' equity	$	83,809	$	81,683	$	47,934	$	43,552	$	42,886		3	%		95	%	$	64,346	$	41,744		54	%
Memo:
Total Deposits	$	69,639	$	67,106	$	37,526	$	32,882	$	32,777		4	%		112	%	$	51,879	$	32,403		60	%

All values are in US Dollars.

Numbers may not foot due to rounding. Certain previously reported amounts have been reclassified to agree with current presentation. See footnote disclosures on page 21.

CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly and Year-end, Unaudited
																4Q20 change vs.												2020 vs. 2019
	4Q20			3Q20			2Q20			1Q20			4Q19			3Q20			4Q19			2020			2019
(In millions, except rates)	Income/Expense		Rate	Income/Expense		Rate	Income/Expense		Rate	Income/Expense		Rate	Income/Expense		Rate	Income/Expense			Income/Expense			Income/Expense		Rate	Income/Expense		Rate	Income/Expense
																	%			%									%
Interest earning assets/Interest income:
Loans and leases, net of unearned income:
Commercial	$	406	3.46	$	419	3.59	$	243	3.56	$	257	4.33	$	280	4.63		(3)	%		45	%	$	1,324	3.66	$	1,091	4.87		21	%
Consumer	129		3.89	141		4.11	65		4.00	71		4.33	76		4.51	(12)	(9)		53	69		406		4.05	311		4.57	95	31
Loans and leases, net of unearned income	535		3.56	560		3.70	308		3.65	329		4.33	356		4.60	(25)	(4)		179	50		1,731		3.75	1,402		4.80	329	23
Loans held-for-sale	8		3.22	8		3.36	7		3.61	7		4.67	7		4.85	—	4		1	19		30		3.60	31		5.39	(1)	(2)
Investment securities	27		1.29	25		1.21	25		2.23	28		2.51	29		2.60	2	8		(2)	(7)		105		1.64	121		2.69	(16)	(13)
Trading securities	7		2.05	6		2.08	9		2.48	13		2.91	10		3.01	1	10		(3)	(34)		35		2.44	47		3.33	(12)	(26)
Interest-bearing deposits with banks	2		0.10	1		0.09	—		0.09	2		1.13	2		1.60	1	55		—	(22)		5		0.14	19		2.18	(14)	(76)
Federal funds sold and securities purchased under agreements	—		0.03	—		0.04	—		(0.06)	2		1.13	3		1.52	—	NM		(3)	(99)		2		0.43	12		2.02	(10)	(83)
Interest income	$	578	2.99	$	601	3.19	$	349	3.29	$	381	3.94	$	407	4.22		(4)	%		42	%	$	1,909	3.26	1,633		4.39		17	%
Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$	18	0.27	$	25	0.38	$	13	0.36	$	26	0.87	$	30	1.04		(28)	%		(40)	%	$	82	0.41	$	144	1.24		(43)	%
Time deposits	6		0.44	10		0.70	9		1.31	14		1.67	19		1.94	(4)	(41)		(13)	(69)		39		0.90	84		1.97	(45)	(54)
Other interest-bearing deposits	7		0.18	7		0.20	3		0.13	14		0.65	18		0.81	—	(2)		(11)	(62)		31		0.26	79		0.94	(48)	(61)
Total interest-bearing deposits	31		0.26	42		0.36	25		0.38	54		0.90	67		1.10	(11)	(26)		(36)	(54)		152		0.42	307		1.27	(155)	(51)
Trading liabilities	1		0.78	1		0.77	1		1.11	3		1.76	3		2.02	—	2		(2)	(76)		6		1.24	13		2.48	(7)	(56)
Short-term borrowings	1		0.23	1		0.20	1		0.22	10		1.24	12		1.74	—	22		(11)	(90)		14		0.53	41		2.08	(27)	(65)
Term borrowings	20		4.16	22		3.98	14		3.96	8		4.01	10		4.52	(2)	(10)		10	99		64		4.02	53		4.77	11	21
Interest expense	53		0.40	66		0.51	41		0.54	76		1.05	93		1.29	(13)	(20)		(40)	(43)		236		0.58	414		1.49	(178)	(43)
Net interest income - tax equivalent basis	525		2.59	535		2.68	308		2.75	305		2.89	314		2.93	(10)	(2)		211	67		1,673		2.68	1,219		2.90	454	37
Fully taxable equivalent adjustment	(3)		0.12	(3)		0.16	(3)		0.15	(2)		0.27	(2)		0.33	—	(7)		(1)	(60)		(11)		0.18	(9)		0.38	(2)	(24)
Net interest income	$	522	2.71	$	532	2.84	$	305	2.90	$	303	3.16	$	311	3.26		(2)	%		68	%	$	1,662	2.86	$	1,210	3.28		37	%

All values are in US Dollars.

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

Earning assets yields are expressed net of unearned income.

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

Numbers may not foot due to rounding.

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

See footnote disclosures on page 21.

CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited
	As of															4Q20 change vs.
(In millions, except ratio data)	4Q20			3Q20			2Q20			1Q20			4Q19			3Q20			4Q19
																	%			%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$	144		$	213		$	127		$	96		$	74			(33)	%		93	%
Commercial real estate	58			51			2			2			2			7	14		57	NM
Consumer real estate	182			180			96			91			86			2	1		97	113
Credit card and other	2			3			—			—			—			(1)	(30)		2	NM
Total nonperforming loans and leases	$	386		$	447		$	226		$	190		$	162			(14)	%		138	%
Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.43		%	0.63		%	0.60		%	0.43		%	0.37		%
Commercial real estate	0.48			0.41			0.04			0.05			0.04
Consumer real estate	1.56			1.46			1.59			1.49			1.39
Credit card and other	0.18			0.24			0.06			0.07			0.07
Total nonperforming loans and leases to loans and leases	0.66		%	0.75		%	0.69		%	0.57		%	0.52		%

All values are in US Dollars.

Numbers may not foot due to rounding.

CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Quarterly, Unaudited
	As of										4Q20 change vs.
(In millions)	4Q20		3Q20		2Q20		1Q20		4Q19		3Q20			4Q19
												%			%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)	$	—	$	—	$	—	$	—	$	2		77	%		(87)	%
Commercial real estate	—		—		—		—		—		—	NM		—	NM
Consumer real estate	15		14		13		12		18		2	14		(3)	(15)
Credit card and other	1		1		1		2		2		—	(23)		(1)	(56)
Total loans and leases 90 days or more past due and accruing	$	16	$	15	$	14	$	14	$	22		12	%		(25)	%

All values are in US Dollars.

Numbers may not foot due to rounding.

CONSOLIDATED NET CHARGE-OFFS
Quarterly, Unaudited
	As of															4Q20 change vs.
(In millions, except ratio data)	4Q20			3Q20			2Q20			1Q20			4Q19			3Q20			4Q19
Charge-off, Recoveries and Related Ratios																	%			%
Gross Charge-offs
Commercial, financial, and industrial (C&I)	$	35		$	69		$	18		$	7		$	5			(50)	%		NM
Commercial real estate	—			4			—			1			—			(3)	(89)		—	58
Consumer real estate	1			2			2			2			2			—	(18)		(1)	(32)
Credit card and other	4			4			3			4			4			—	—		—	(5)
Total gross charge-offs	$	40		$	78		$	23		$	13		$	12			(48)	%		NM
Gross Recoveries
Commercial, financial, and industrial (C&I)	$	(4)		$	(3)		$	(1)		$	(1)		$	(2)			(25)	%		(86)	%
Commercial real estate	(1)			(2)			—			(1)			—			1	53		(1)	NM
Consumer real estate	(5)			(5)			(4)			(4)			(6)			—	4		—	7
Credit card and other	(1)			(1)			(1)			(1)			(1)			—	(47)		(1)	(87)
Total gross recoveries	$	(12)		$	(12)		$	(6)		$	(6)		$	(9)			1	%		(32)	%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I)	$	31		$	66		$	17		$	6		$	3			(53)	%		NM
Commercial real estate	(1)			1			—			—			—			(2)	NM		(1)	NM
Consumer real estate	(4)			(3)			(2)			(1)			(3)			—	(4)		—	(9)
Credit card and other	2			3			2			3			3			—	(19)		(1)	(30)
Total net charge-offs	$	29		$	67		$	17		$	7		$	3			(57)	%		NM
Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I)	0.36		%	0.77		%	0.30		%	0.12		%	0.07		%
Commercial real estate	(0.02)			0.04			(0.01)			—			(0.01)
Consumer real estate	(0.12)			(0.11)			(0.13)			(0.08)			(0.21)
Credit card and other	0.68			0.83			1.35			2.12			2.29
Total loans and leases	0.19		%	0.44		%	0.20		%	0.10		%	0.04		%

All values are in US Dollars.

Numbers may not foot due to rounding.

CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS
Quarterly, Unaudited
	As of										4Q20 Change vs.
(In millions)	4Q20		3Q20		2Q20		1Q20		4Q19		3Q20			4Q19
Summary of Changes in the Components of the Allowance For Credit Losses												%			%
Allowance for loan and lease losses - beginning	$	988	$	538	$	444	$	200	$	193		84	%		NM
Cumulative effect of change in accounting principle:
Commercial, financial, and industrial (C&I)	—		—		—		19		—		—	NM		—	NM
Commercial real estate	—		—		—		(7)		—		—	NM		—	NM
Consumer real estate	—		—		—		93		—		—	NM		—	NM
Credit card and other	—		—		—		2		—		—	NM		—	NM
Total cumulative effect of change in accounting principles	—		—		—		106		—		—	NM		—	NM
Allowance for loan and lease losses - beginning, adjusted	$	988	$	538	$	444	$	307	$	193		84	%		NM
Acquired purchased credit deteriorated allowance for loan and lease losses:
Commercial, financial, and industrial (C&I)	—		138		—		—		—		(138)	(100)		—	NM
Commercial real estate	—		100		—		—		—		(100)	(100)		—	NM
Consumer real estate	—		44		—		—		—		(44)	(100)		—	NM
Credit card and other	—		5		—		—		—		(5)	(100)		—	NM
Total acquired purchased credit deteriorated allowance for loan and lease losses	—		287		—		—		—		(287)	(100)		—	NM
Charge-offs:
Commercial, financial, and industrial (C&I)	(35)		(69)		(18)		(7)		(5)		34	50		(30)	NM
Commercial real estate	—		(4)		—		(1)		—		3	89		—	(58)
Consumer real estate	(1)		(2)		(2)		(2)		(2)		—	18		1	32
Credit card and other	(4)		(4)		(3)		(4)		(4)		—	—		—	5
Total charge-offs	(40)		(78)		(23)		(13)		(12)		38	48		(29)	NM
Recoveries:
Commercial, financial, and industrial (C&I)	4		3		1		1		2		1	25		2	86
Commercial real estate	1		2		—		1		—		(1)	(53)		1	NM
Consumer real estate	5		5		4		4		6		—	(4)		—	(7)
Credit card and other	1		1		1		1		1		—	47		1	87
Total Recoveries	12		12		6		6		9		—	(1)		3	32
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)*	(5)		99		81		119		12		(104)	(106)		(17)	(147)
Commercial real estate*	34		52		10		19		—		(18)	(35)		33	NM
Consumer real estate*	(27)		74		19		—		(6)		(101)	(136)		(21)	NM
Credit card and other*	3		5		—		7		3		(2)	(46)		(1)	(20)
Total provision for loan and lease losses*:	4		230		110		145		10		(226)	(98)		(6)	(60)
Allowance for loan and lease losses - ending	$	963	$	988	$	538	$	444	$	200		(3)	%		NM
Reserve for unfunded commitments - beginning	$	89	$	50	$	39	$	6	$	7		76	%		NM
Cumulative effect of change in accounting principle	—		—		—		24		—		—	NM		—	NM
Acquired reserve for unfunded commitments	(1)		41		—		—		—		(42)	(103)		(1)	NM
Provision for unfunded commitments	(3)		(3)		11		9		(1)		—	—		(2)	NM
Reserve for unfunded commitments - ending	$	85	$	89	$	50	$	39	$	6		(5)			NM
Total allowance for credit losses- ending	$	1,048	$	1,077	$	588	$	484	$	206		(3)	%		NM

All values are in US Dollars.

Numbers may not foot due to rounding. * 3Q20 includes $30 million, $44 million, $70 million, and $3 million recognized within the C&I, Commercial real estate, Consumer real estate, and Credit card and other loan and leases portfolios, respectively, of provision expense associated with the recognition of Non-PCD provision related to mergers/acquisitions.

CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES
Quarterly, Unaudited
	As of
	4Q20		3Q20		2Q20		1Q20		4Q19
Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	1.37	%	1.45	%	1.49	%	1.15	%	0.61	%
Commercial real estate	1.97	%	1.66	%	1.19	%	1.03	%	0.83	%
Consumer real estate	2.07	%	2.15	%	2.38	%	2.01	%	0.46	%
Credit card and other	2.34	%	2.11	%	4.03	%	3.91	%	2.68	%
Total allowance for loans and lease losses to loans and leases	1.65	%	1.65	%	1.64	%	1.33	%	0.64	%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	315	%	230	%	250	%	265	%	165	%
Commercial real estate	415	%	407	%	2,771	%	2,175	%	1,979	%
Consumer real estate	133	%	147	%	149	%	135	%	33	%
Credit card and other	1,313	%	890	%	7,114	%	5,368	%	3,975	%
Total allowance for loans and lease losses to nonperforming loans and leases	249	%	221	%	238	%	234	%	124	%

REGIONAL BANKING

Quarterly and Year-end, Unaudited

																4Q20 Change vs.														2020 vs. 2019
	4Q20			3Q20			2Q20			1Q20			4Q19			3Q20				4Q19				2020			2019
																/bp		%		/bp		%								/bp		%
Income Statement (millions)
Net interest income	$	432		$	445		$	227		$	203		$	178				(3)	%			143	%	$	1,307		$	773				69	%
Noninterest income	105			97			69			73			76			8		8		29		38	%	344			289			55		19
Total revenue	536			542			296			276			254			(6)		(1)		282		111	%	1,651			1,062			589		55
Noninterest expense	297			287			156			160			159			10		3		138		87	%	901			626			275		44
Pre-provision net revenue2	239			255			140			116			95			(16)		(6)		144		NM		750			436			314		72
Provision for credit losses3	(2)			194			102			98			5			(196)		(101)		(7)		(140)	%	392			24			368		NM
Income before income tax expense	242			61			37			19			91			181		NM		151		NM		358			412			(54)		(13)
Income tax expense	56			12			7			3			20			44		NM		36		NM		77			94			(17)		(18)
Net income	$	186		$	49		$	30		$	16		$	71				NM				NM		$	281		$	318				(12)	%
Average Balances (billions)
Total loans and leases	$	40.6		$	41.7		$	19.1		$	17.2		$	16.7				(3)	%			143	%	$	29.7		$	16.3				82	%
Interest-earning assets	40.6			41.6			19.1			17.2			16.7			(1.0)		(2)		23.9		143		29.7			16.3			13.4		82
Total assets	43.1			43.8			21.0			19.1			18.6			(0.7)		(2)		24.5		132		31.8			18.3			13.5		74
Total deposits	60.7			59.5			30.2			27.2			27.0			1.2		2		33.7		125		44.5			26.8			17.7		66
Key Metrics
Net interest margin7	4.25		%	4.28		%	4.83		%	4.79		%	4.30		%	(3)	bp			(5)	bp			4.43		%	4.79		%	(36)	bp
Efficiency ratio	55.39		%	52.97		%	52.79		%	57.96		%	62.41		%	242	bp			(702)	bp			54.56%			58.92%			(436)	bp
Loans-to-deposits ratio (period-end balances)	65.37		%	68.14		%	62.34		%	64.39		%	61.76		%	(277)	bp			361	bp			65.37%			61.76%			361	bp
Loans-to-deposits ratio (average-end balances)	66.91		%	70.06		%	63.12		%	63.24		%	61.59		%	(315)	bp			532	bp			66.77%			60.63%			614	bp
Return on average assets (annualized)	1.72		%	0.45		%	0.58		%	0.34		%	1.50		%	127	bp			22	bp			0.88%			1.74%			(86)	bp
Return on allocated equity8	18.37		%	5.14		%	6.32		%	3.41		%	14.77		%	1,323	bp			360	bp			9.65%			16.85%			(720)	bp
Financial center locations	492			493			269			269			269			(1)		—	%	223		83	%

All values are in US Dollars.

Numbers may not add to total due to rounding.

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

See footnote disclosures on page 21.

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

SPECIALTY BANKING

Quarterly and Year-end, Unaudited

																4Q20 Change vs.														2020 vs. 2019
	4Q20			3Q20			2Q20			1Q20			4Q19			3Q20				4Q19				2020			2019
																/bp		%		/bp		%								/bp		%
Income Statement (millions)
Net interest income	$	177		$	163		$	136		$	107		$	138				8	%			28	%	$	583		$	444				31	%
Noninterest income	167			181			124			105			94			(14)		(8)		73		78		576			318			258		81
Total revenue	344			344			259			212			232			(1)		—		112		48		1,159			762			397		52
Noninterest expense	134			138			111			108			95			(4)		(3)		40		42		491			351			140		40
Pre-provision net revenue2	209			207			149			104			137			3		1		73		53		668			410			258		63
Provision for credit losses3	11			34			18			54			10			(24)		(69)		1		10		117			37			80		NM
Income before income tax expense	199			172			131			49			127			26		15		72		56		551			373			179		48
Income tax expense	48			42			32			12			31			6		15		17		56		134			91			43		47
Net income	$	150		$	130		$	99		$	37		$	96				15	%			57	%	$	417		$	281				48	%
Average Balances (billions)
Total loans and leases	$	18.2		$	17.4		$	14.0		$	12.4		$	13.1				5	%			40	%	$	15.5		$	11.8				31	%
Interest-earning assets	21.1			20.2			16.7			15.7			15.7			0.9		5		5.4		35		18.4			14.4			4.0		28
Total assets	22.3			21.6			18.0			16.9			16.8			0.7		3		5.5		33		19.7			15.5			4.2		27
Total deposits	4.9			4.4			3.6			3.4			3.4			0.5		12		1.6		46		4.1			3.2			0.9		29
Key Metrics
Fixed income product average daily revenue (thousands)	$	1,505		$	1,545		$	1,592		$	1,264		$	1,061				(3)	%			42	%	$	1,477		$	914				62	%
Net interest margin7	3.34		%	3.23		%	3.26		%	2.75		%	3.49		%	11	bp			(15)	bp			3.17		%	3.08		%	9	bp
Efficiency ratio	39.07		%	40.00		%	42.72		%	51.05		%	40.91		%	(93)	bp			(184)	bp			42.36%			46.14%			(378)	bp
Loans-to-deposits ratio (period-end balances)	365		%	399		%	375		%	468		%	408		%	(3,422)	bp			(4,315)	bp			365%			408%			(4,315)	bp
Loans-to-deposits ratio (average-end balances)	370		%	395		%	393		%	368		%	388		%	(2,524)	bp			(1,841)	bp			381%			374%			711	bp
Return on average assets (annualized)	2.69		%	2.40		%	2.20		%	0.89		%	2.26		%	29	bp			43	bp			2.11%			1.81%			30	bp
Return on allocated equity8	36.07		%	31.53		%	28.49		%	11.18		%	28.26		%	454	bp			781	bp			27.58%			21.84%			574	bp

All values are in US Dollars.

Numbers may not add to total due to rounding.

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

See footnote disclosures on page 21.

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

CORPORATE

Quarterly and Year-end, Unaudited

											4Q20 Change vs.										2020 vs. 2019
	4Q20		3Q20		2Q20		1Q20		4Q19		3Q20			4Q19			2020		2019
												%			%						/bp	%
Income Statement (millions)
Net interest income/(expense)	$	(87)	$	(76)	$	(57)	$	(8)	$	(5)		(13)	%		NM		$	(228)	$	(7)		NM
Noninterest income1	17		545		14		(3)		13		(528)	(97)		3	25		573		47		525	NM
Total revenues	(70)		469		(43)		(11)		9		(538)	(115)		(79)	NM		345		40		304	NM
Noninterest expense	77		162		54		34		75		(85)	(53)		2	3		327		256		71	28	%
Pre-provision net revenue2	(147)		307		(98)		(44)		(66)		(454)	(148)		(81)	(122)		18		(216)		234	108
Provision for credit losses3	(7)		(1)		1		2		(5)		(6)	NM		(2)	(40)		(6)		(16)		11	65
Income before income tax expense	(139)		308		(98)		(47)		(61)		(448)	(145)		(78)	(129)		24		(199)		223	112
Income tax expense (benefit)	(48)		(52)		(26)		(10)		(16)		4	8		(32)	NM		(135)		(52)		(83)	NM
Net income/(loss)	$	(92)	$	360	$	(72)	$	(37)	$	(45)		(125)	%		(103)	%	$	159	$	(147)		NM
Average Balance Sheet (billions)
Interest bearing assets	$	15.3	$	13.2	$	6.9	$	5.9	$	5.9		16	%		NM		$	10.3	$	6.4		60	%
Total assets	18.4		16.3		8.9		7.6		7.4		2.1	13		11.0	148	%	12.8		8.0		4.8	61

All values are in US Dollars.

Numbers may not foot due to rounding.

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

See footnote disclosures on page 21.

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

FOOTNOTES

1 3Q20 includes a $532 million purchase accounting gain from FHN's merger with IBERIABANK.

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

3 Beginning in 3Q20 FHN began recording credit expense on unfunded commitments as a component of provision for credit losses. Prior period amounts have been reclassified from other noninterest expense.

4 Represents a non-GAAP measure and is reconciled to the nearest GAAP measure in the non-GAAP to GAAP reconciliations beginning on page 22.

5 Credit card and other includes an insignificant amount of commercial credit card balances.

6 Effective 1/1/2020 FHN adopted ASU 2016-13, "Measurement of Credit Losses on Financial Instruments," (CECL) which resulted in an increase to the Allowance for loan and lease losses of $106 million and a net decrease to retained earnings of $96 million.

7 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.

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

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly and Year-end, Unaudited		($s in millions, except per share data)	4Q20			3Q20			2Q20			1Q20			4Q19			2020			2019
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$	8,307		$	8,144		$	5,208		$	5,056		$	5,076		$	8,307		$	5,076
Less: Noncontrolling interest (a)	295			295			295			295			295			295			295
Less: Preferred stock (a)	470			470			240			96			96			470			96
(B) Total common equity	$	7,541		$	7,378		$	4,673		$	4,665		$	4,685		$	7,541		$	4,685
Less: Intangible assets (GAAP) (b)	1,864			1,876			1,552			1,558			1,563			1,864			1,563
(C) Tangible common equity (Non-GAAP)	$	5,677		$	5,502		$	3,120		$	3,107		$	3,122		$	5,677		$	3,122
Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$	84,209		$	83,030		$	48,645		$	47,197		$	43,311		$	84,209		$	43,311
Less: Intangible assets (GAAP) (b)	1,864			1,876			1,552			1,558			1,563			1,864			1,563
(E) Tangible assets (Non-GAAP)	$	82,345		$	81,154		$	47,092		$	45,640		$	41,748		$	82,345		$	41,748
Period-end Shares Outstanding
(F) Period-end shares outstanding	555			555			312			312			311			555			311
Ratios
(A)/(D) Total equity to total assets (GAAP)	9.86		%	9.81		%	10.71		%	10.71		%	11.72		%	9.86		%	11.72		%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	6.89		%	6.78		%	6.63		%	6.81		%	7.48		%	6.89		%	7.48		%
(B)/(F) Book value per common share (GAAP)	$	13.59		$	13.30		$	14.96		$	14.96		$	15.04		$	13.59		$	15.04
(C)/(F) Tangible book value per common share (Non-GAAP)	$	10.23		$	9.92		$	9.99		$	9.96		$	10.02		$	10.23		$	10.02

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

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

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
	4Q20						3Q20						2Q20						1Q20						4Q19
($s in millions, except per share data)	GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP
Interest income	$	574	$	—	$	574	$	598	$	—	$	598	$	347	$	—	$	347	$	378	$	—	$	378	$	404	$	—	$	404
Interest expense	53		—		53		66		—		66		41		—		41		76		—		76		93		—		93
Net interest income	522		—		522		532		—		532		305		—		305		303		—		303		311		—		311
Noninterest income:
Fixed income	104		—		104		111		—		111		112		—		112		96		—		96		81		—		81
Mortgage banking and title	57		—		57		66		—		66		4		—		4		2		—		2		4		—		4
Brokerage, trust, and insurance	31		—		31		30		—		30		22		—		22		23		—		23		22		—		22
Service charges and fees	53		—		53		50		—		50		35		—		35		36		—		36		39		—		39
Card and digital banking fees	18		—		18		17		—		17		12		—		12		12		—		12		14		—		14
Deferred compensation income	9		—		9		4		—		4		8		—		8		(10)		—		(10)		3		—		3
Other noninterest income	16		(1)		15		546		(532)		14		12		—		12		15		—		15		20		—		20
Total noninterest income	288		(1)		288		823		(532)		291		206		—		206		175		—		175		183		—		183
Total revenue	810		(1)		810		1,355		(532)		823		512		—		512		478		—		478		495		—		495
Noninterest expense:
Personnel expense:
Salaries and benefits	200		—		200		201		(1)		200		111		(5)		107		113		(1)		112		112		(4)		107
Incentives and commissions	110		(21)		89		126		(34)		91		79		—		79		81		—		81		63		—		63
Deferred compensation expense	9		—		9		3		—		3		9		—		9		(10)		—		(10)		4		—		4
Total personnel expense	319		(21)		298		329		(35)		294		200		(5)		195		183		(1)		182		179		(4)		174
Occupancy and equipment	76		(2)		74		77		(4)		73		46		—		46		44		—		44		44		—		44
Outside services	59		(7)		52		78		(32)		46		38		(5)		33		38		(2)		37		54		(18)		36
Amortization of intangible assets	15		(1)		14		15		(1)		14		5		—		5		5		—		5		6				6
Other noninterest expense	39		(4)		35		89		(44)		45		31		(4)		27		31		(3)		28		45		(15)		31
Total noninterest expense	508		(34)		474		587		(116)		471		321		(14)		307		302		(6)		296		328		(37)		291
Pre-provision net revenue	302		33		335		768		(416)		352		191		14		205		175		6		181		166		37		203
Provision for credit losses	1		—		1		227		(147)		80		121		—		121		154		—		154		9		—		9
Income before income taxes	301		33		334		541		(269)		272		69		14		84		21		6		27		157		37		194
Provision for income taxes	56		13		69		2		61		63		13		3		15		5		1		6		36		7		43
Net income	245		20		265		539		(331)		208		57		12		68		16		5		21		121		30		151
Net income attributable to noncontrolling interest	3		—		3		3		—		3		3		—		3		3		—		3		3		—		3
Net income attributable to controlling interest	242		20		262		536		(331)		205		54		12		66		14		5		18		118		30		148
Preferred stock dividends	8		—		8		13		—		13		2		—		2		2		—		2		2		—		2
Net income available to common shareholders	$	234	$	20	$	255	$	523	$	(331)	$	193	$	52	$	12	$	64	$	12	$	5	$	17	$	117	$	30	$	147
Common Stock Data
EPS	$	0.42	$	0.04	$	0.46	$	0.95	$	(0.60)	$	0.35	$	0.17	$	0.04	$	0.21	$	0.04	$	0.01	$	0.05	$	0.38	$	0.10	$	0.47
Basic shares	553				553		550				550		312				312		312				312		311				311
Diluted EPS	$	0.42	$	0.04	$	0.46	$	0.95	$	(0.60)	$	0.35	$	0.17	$	0.04	$	0.20	$	0.04	$	0.01	$	0.05	$	0.37	$	0.10	$	0.47
Diluted shares	557				557		551				551		313				313		313				313		313				313

Amounts adjusted for notable items as detailed on page 11.

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Year-end, Unaudited
	2020						2019
($s in millions, except per share data)	GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP
Interest income	$	1,898	$	—	$	1,898	$	1,624	$	—	$	1,624
Interest expense	235		—		235		414		—		414
Net interest income	1,662		—		1,662		1,210		—		1,210
Noninterest income:
Fixed income	423		—		423		279		—		279
Mortgage banking and title	129		—		129		10		—		10
Brokerage, trust, and insurance	107		—		107		87		—		87
Service charges and fees	174		—		174		153		—		153
Card and digital banking fees	59		—		59		50		—		50
Deferred compensation income	11		—		11		11		—		11
Other noninterest income	589		(533)		56		64		—		64
Total noninterest income	1,492		(533)		960		654		—		654
Total revenue	3,155		(533)		2,622		1,864		—		1,864
Noninterest expense:
Personnel expense:
Salaries and benefits	625		(7)		619		454		(5)		449
Incentives and commissions	396		(55)		341		228		(10)		219
Deferred compensation expense	11		—		11		13		—		13
Total personnel expense	1,033		(62)		971		695		(15)		680
Occupancy and equipment	243		(6)		238		175		(3)		172
Outside services	213		(46)		166		190		(48)		143
Amortization of intangible assets	40		(2)		38		25		—		25
Other noninterest expense	189		(54)		136		148		(49)		98
Total noninterest expense	1,718		(170)		1,549		1,233		(114)		1,119
Pre-provision net revenue	1,436		(363)		1,073		631		114		745
Provision for credit losses	503		(147)		356		45		—		45
Income before income taxes	933		(216)		717		586		114		700
Provision for income taxes	76		78		154		133		24		157
Net income	857		(294)		563		452		90		543
Net income attributable to noncontrolling interest	12		—		12		11		—		11
Net income attributable to controlling interest	845		(294)		551		441		90		531
Preferred stock dividends	23		—		23		6		—		6
Net income available to common shareholders	$	822	$	(294)	$	528	$	435	$	90	$	525
Common Stock Data
EPS	$	1.90	$	(0.68)	$	1.22	$	1.39	$	0.29	$	1.67
Basic shares	432				432		314				314
Diluted EPS	$	1.89	$	(0.68)	$	1.22	$	1.38	$	0.29	$	1.66
Diluted shares	434				434		316				316

Amounts adjusted for notable items as detailed on page 11.

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly and Year-end, Unaudited
(s in millions, except per share data)	4Q20			3Q20			2Q20			1Q20			4Q19			2020			2019
Adjusted Diluted EPS
Net income available to common ("NIAC") (GAAP)	$	234		$	523		$	52		$	12		$	117		$	822		$	435
Plus Tax effected notable items (Non-GAAP) (a)	20			(331)			12			5			30			(294)			90
Adjusted NIAC (Non-GAAP)	$	255		$	192		$	64		$	17		$	147		$	528		$	525
Diluted Shares (GAAP)	557			551			313			313			313			434			316
Diluted EPS (GAAP)	$	0.42		$	0.95		$	0.17		$	0.04		$	0.37		$	1.89		$	1.38
Adjusted diluted EPS (Non-GAAP)	$	0.46		$	0.35		$	0.20		$	0.05		$	0.47		$	1.22		$	1.66
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)	$	245		$	539		$	57		$	16		$	121		$	857		$	452
Plus Tax effected notable items (Non-GAAP) (a)	20			(331)			12			5			30			(294)			90
Adjusted NI (Non-GAAP)	$	265		$	208		$	68		$	21		$	151		$	563		$	543
NI (annualized) (GAAP)	$	974		$	2,144		$	228		$	66		$	481		$	857		$	452
Adjusted NI (annualized) (Non-GAAP)	$	1,055		$	828		$	275		$	84		$	600		$	563		$	543
Average assets (GAAP)	$	83,809		$	81,683		$	47,934		$	43,552		$	42,886		$	64,346		$	41,744
ROA (GAAP)	1.16		%	2.63		%	0.48		%	0.15		%	1.12		%	1.33		%	1.08		%
Adjusted ROA (Non-GAAP)	1.26		%	1.01		%	0.57		%	0.19		%	1.40		%	0.87		%	1.30		%
Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE
NIAC (annualized) (GAAP)	$	933		$	2,082		$	210		$	49		$	463		$	822		$	435
Adjusted NIAC (annualized) (Non-GAAP)	$	1,013		$	765		$	257		$	67		$	582		$	528		$	525
Average Common Equity (GAAP)	$	7,444		$	7,309		$	4,673		$	4,611		$	4,649		$	6,016		$	4,530
Intangible Assets (GAAP) (b)	1,871			1,794			1,555			1,560			1,566			1,696			1,575
Average Tangible Common Equity (Non-GAAP)	$	5,573		$	5,515		$	3,117		$	3,051		$	3,083		$	4,320		$	2,955
Equity Adjustment (Non-GAAP)	—			—			—			—			—			23			28
Adjusted Average Tangible Common Equity (Non-GAAP)	$	5,573		$	5,515		$	3,117		$	3,051		$	3,083		$	4,343		$	2,983
ROCE (GAAP)	12.53		%	28.49		%	4.50		%	1.05		%	9.97		%	13.66		%	9.60		%
ROTCE (Non-GAAP)	16.73		%	37.75		%	6.74		%	1.59		%	15.03		%	19.03		%	14.71		%
Adjusted ROTCE (Non-GAAP)	18.18		%	13.90		%	8.26		%	2.19		%	18.88		%	12.15		%	17.60		%

All values are in US Dollars.

(a) Amounts adjusted for notable items as detailed on page 11.

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

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly and Year-end, Unaudited
(In millions)		4Q20			3Q20			2Q20			1Q20			4Q19			2020			2019
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	k	$	288		$	823		$	206		$	175		$	183		$	1,492		$	654
Plus notable items (GAAP) (a)		(1)			(532)			—			—			—			(533)			—
Adjusted noninterest income (Non-GAAP)	l	$	288		$	291		$	206		$	175		$	183		$	960		$	654
Revenue (GAAP)	m	$	810		$	1,355		$	512		$	478		$	495		$	3,155		$	1,864
Plus notable items (GAAP) (a)		(1)			(532)			—			—			—			(533)			—
Adjusted revenue (Non-GAAP)	n	$	810		$	823		$	512		$	478		$	495		$	2,623		$	1,864
Noninterest income as a % of total revenue (GAAP)	k/m	35.61		%	60.72		%	40.32		%	36.59		%	37.05		%	47.31		%	35.09		%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	l/n	35.56		%	35.32		%	40.32		%	36.59		%	37.05		%	36.60		%	35.09		%
Adjusted Efficiency Ratio
Noninterest expense (GAAP)	o	$	508		$	587		$	321		$	302		$	328		$	1,718		$	1,233
Plus notable items (GAAP) (a)		(34)			(116)			(14)			(6)			(37)			(170)			(114)
Adjusted noninterest expense (Non-GAAP)	p	$	474		$	471		$	307		$	296		$	291		$	1,549		$	1,119
Revenue (GAAP)	q	$	810		$	1,355		$	512		$	478		$	495		$	3,155		$	1,864
Plus notable items (GAAP) (a)		(1)			(532)			—			—			—			(533)			—
Adjusted revenue (Non-GAAP)	r	$	810		$	823		$	512		$	478		$	495		$	2,622		$	1,864
Efficiency ratio (GAAP)	o/q	62.71		%	43.31		%	62.74		%	63.26		%	66.35		%	54.47		%	66.15		%
Adjusted efficiency ratio (Non-GAAP)	p/r	58.57		%	57.26		%	59.95		%	62.05		%	58.88		%	59.06		%	60.02		%

(a) Amounts adjusted for notable items as detailed on page 11.

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

Numbers may not foot due to rounding.

GLOSSARY OF TERMS

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

Current Expected Credit Loss (“CECL”): New accounting standard that focuses on estimation of expected losses over the life of the loans which is measured by the difference between amortized cost and the net amount expected to be collected.

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.

Non-Purchased Credit Deteriorated (“Non-PCD”) Financial Assets: Acquired individual financial assets (or acquired groups of financial assets with similar risk characteristics) that, as of the date of acquisition, do not have a more-than-insignificant deterioration in credit quality since origination, as determined by an acquirer’s assessment.

Purchased Credit Deteriorated (“PCD”) Financial Assets: Acquired individual financial assets (or acquired groups of financial assets with similar risk characteristics) that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by an acquirer’s assessment.

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

Key Ratios

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

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

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

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

Efficiency Ratio: Ratio is noninterest expense to total revenue.

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

Asset Quality - Consolidated Key Ratios

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

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

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

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

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

Operating Segments

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

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

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

27

a4q20earningsdeckvf

Fourth Quarter 2020 Earnings January 22, 2021

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2 Disclaimer Portions of this presentation use non-GAAP financial information. Each of those portions is so noted, and a reconciliation of that non-GAAP information to comparable GAAP information is provided in a footnote or in the appendix at the end of this presentation. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. This presentation also includes certain non-GAAP financial measures related to “tangible common equity” and certain financial measures excluding notable items, including merger-related charges. Notable items include certain revenue or expense items that may occur in a reporting period which management does not consider indicative of ongoing financial performance. Management believes it is useful for the investment community to consider financial metrics with and without notable items in order to enable a better understanding of company results, facilitate comparability of period-to-period financial results, and to evaluate and forecast those results. Although FHN has procedures in place to ensure that these measures are calculated using the appropriate GAAP or regulatory components, they have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of results under GAAP. For more information on these calculations and to view the reconciliations to the most comparable GAAP measures, please refer to the appendix of this presentation. Forward-Looking Statements This communication may contain forward-looking information, including guidance, involving significant risks and uncertainties. Forward- looking information is identified by words such as "believe," "expect," "anticipate," "intend," "estimate," "should," "is likely," "will," "going forward," and other expressions that indicate future events and trends and may be followed by or reference cautionary statements. A number of factors could cause actual results to differ materially from results stated in or suggested by forward-looking information. Those factors include: general economic and financial market conditions, including expectations of and actual timing and amount of interest rate movements including the slope of the yield curve; competition; ability to execute business plans; regional, national, and world-wide political developments; recent and future legislative and regulatory developments; inflation or deflation; market (particularly real estate market) and monetary fluctuations; pestilence; man-made or natural disasters; customer, investor and regulatory responses to any of those conditions or events; matters mentioned in this release; critical accounting estimates; FHN’s success in executing its business plans and strategies following its 2020 merger with IBERIABANK Corporation, and managing the risks involved; the potential impacts on FHN’s businesses of the coronavirus COVID-19 pandemic, including negative impacts from quarantines, market declines, and volatility, and changes in customer behavior related to COVID-19; and other factors described in FHN's annual report on Form 10-K, FHN’s other recent filings with the SEC, and FHN’s most recent earnings release and related materials. FHN disclaims any obligation to update any forward-looking statements to reflect future events or developments, or changes in expectations. Throughout this presentation, numbers may not foot due to rounding.

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3 4Q20 and FY2020 GAAP financial summary1 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q20 CET1 ratio is an estimate, and references to loans include leases. Reported 4Q20 Change vs. Reported 2020 vs. 2019 $s in millions except per share data 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 $/bps % $/bps % $/bps % Net interest income $ 522 $ 532 $ 305 $ 303 $ 311 $ (11) (2) % $ 210 68 % $ 1,662 $ 1,210 $ 452 37 % Fee income 288 823 206 175 183 (534) (65) % 105 57 % 1,492 654 838 128 % Total revenue 810 1,355 512 478 495 (545) (40) % 315 64 % 3,155 1,864 1,291 69 % Expense 508 587 321 302 328 (79) (13) % 180 55 % 1,718 1,233 485 39 % Pre-provision net revenue (PPNR)¹ 302 768 191 175 166 (466) (61) % 136 82 % 1,436 631 805 128 % Provision for credit losses 1 227 121 154 9 (226) (100) % (8) (89) % 503 45 458 NM Pre-tax income 301 541 69 21 157 (240) (44) % 144 92 % 933 586 347 59 % Income tax expense 56 2 13 5 36 54 NM 20 57 % 76 133 (57) (43) % Net income 245 539 57 16 121 (294) (55) % 124 102 % 857 452 405 89 % Non-controlling interest 3 3 3 3 3 — (5) % — (3) % 12 11 1 5 % Preferred dividends 8 13 2 2 2 (5) (40) % 6 NM 23 6 17 NM NIAC $ 234 $ 523 $ 52 $ 12 $ 117 $ (289) (55) % 118 101 % 822 435 387 89 % $s in billions Avg loans $ 59.8 $ 60.1 $ 34.0 $ 30.5 $ 30.7 $ (0.3) — % $ 29.1 95 % $ 46.2 $ 29.2 $ 17.0 58 % Period-end loans $ 58.2 $ 59.7 $ 32.7 $ 33.4 $ 31.1 $ (1.5) (2) % $ 27.2 87 % $ 58.2 $ 31.1 $ 27.2 87 % Avg deposits $ 69.6 $ 67.1 $ 37.5 $ 32.9 $ 32.8 $ 2.5 4 % $ 36.9 112 % $ 51.9 $ 32.4 $ 19.5 60 % Period-end deposits $ 70.0 $ 68.4 $ 37.8 $ 34.4 $ 32.4 $ 1.6 2 % $ 37.6 116 % $ 70.0 $ 32.4 $ 37.6 116 % Key performance metrics Net interest margin (NIM) 2.71 % 2.84 % 2.90 % 3.16 % 3.26 % (13) bps (55) bps 2.86 % 3.28 % (42) bps Loan to deposit ratio (avg.) 85.9 % 89.6 % 90.5 % 92.8 % 93.7 % (369) bps (778) bps 89.02 % 90.08 % (106) bps ROCE 12.5 % 28.5 % 4.5 % 1.1 % 10.0 % (1,596) bps 256 bps 13.66 % 9.60 % 406 bps ROTCE 16.7 % 37.8 % 6.7 % 1.6 % 15.0 % (2,102) bps 170 bps 19.03 % 14.71 % 432 bps ROA 1.2 % 2.6 % 0.5 % 0.2 % 1.1 % (147) bps 4 bps 1.33 % 1.08 % 25 bps Efficiency ratio 62.7 % 43.3 % 62.7 % 63.3 % 66.4 % 1,940 bps (364) bps 54.47 % 66.15 % (1,168) bps FTEs 8,466 8,121 5,006 4,969 5,005 345 4 % 3,461 69 % 6,649 5,231 1,418 27 % CET1 ratio 9.67 % 9.21 % 9.25 % 8.54 % 9.20 % 46 bps 47 bps 9.67 % 9.20 % 47 bps Effective tax rate 18.7 % 0.4 % 18.4 % 22.4 % 22.9 % 1,829 bps (417) bps 8.2 % 22.8 % (1,461) bps Per common share Diluted EPS $ 0.42 $ 0.95 $ 0.17 $ 0.04 $ 0.37 $ (0.53) (56) % $ 0.05 14 % $ 1.89 $ 1.38 $ 0.51 37 % Tangible book value per share $ 10.23 $ 9.92 $ 9.99 $ 9.96 $ 10.02 $ 0.31 3 % $ 0.21 2 % $ 10.23 $ 10.02 $ 0.21 2 % Avg. diluted shares outstanding 557 551 313 313 313 6 1 % 244 78 % 434 316 118 37 %

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4 Table of contents FHN: Strong execution in a challenging environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4Q20 notable items and other unusual items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 4Q20 adjusted financial highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 NII and NIM reflect benefit of merger and deposit pricing discipline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Adjusted fee income vs. adjusted FHN/IBKC combined . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Adjusted expense vs. adjusted FHN/IBKC combined . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Total funding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Prudently managing risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Significant reserves for current environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Update on areas of perceived risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Strong capital position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Merger integration update . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 1Q21 & FY2021 Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Key takeaways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

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5 FHN: Strong execution in a challenging environment Adjusted EPS of $0.46 in 4Q20 and $1.22 in FY20201 Countercyclical Businesses Helping Mitigate Low-rate Headwinds Robust Capital & Liquidity Solid Credit Quality Despite Environment Strategic Update • 4Q20 Adjusted PPNR of $335 million reflects a net $11 million reduction tied to unusual items with strong results in countercyclical businesses – NII of $522 million down 2%; Core NII up 1% driven by lower funding costs – Adjusted fees relatively stable QoQ largely reflecting improvement in traditional banking fees with seasonally lower fixed income/mortgage banking fees from strong 3Q20 levels – Adjusted expense of $474 million relatively stable QoQ • Adjusted provision expense of $1 million improved $79 million QoQ; $28 million reserve release • TBVPS of $10.23 increased 3% QoQ driven by continued strong earnings growth • CET1 ratio of 9.67% increased 46 bps largely reflecting growth in net income • ACL/Loans ratio of 2.14% excl. LMC/PPP portfolios; Total loss absorption capacity of 2.22% • Average loan-to-deposit ratio of 86% vs. 90% in 3Q20 • Net charge-offs of 19 bps vs. 44 bps in 3Q20; NPLs of 66 bps vs. 75 bps in 3Q20 • Total loss absorption capacity of 2.2% of loans with continued prudent stance on reserve levels • COVID-deferrals declined to 0.9% of total loans from 2.4% in 3Q20 • Significant progress across key merger milestones; Upsized expected cost saves to ~ $200 million – Achieved $56 million of annualized net cost saves in 4Q20 – Expect to fully integrate systems in fall of 2021 • IBKC transaction accretive to TBVPS within 6 months - well ahead of estimated 2-year earnback • Company-run stress test results show significantly lower stressed loss rates vs. CCAR-bank median 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q20 CET1 ratio is an estimate, and references to loans include leases.

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6 4Q20 notable items and other unusual items1 • 4Q20 results were reduced by $20 million after-tax, or $0.04 per share of notable items 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q20 CET1 ratio is an estimate, and references to loans include leases.2Merger accounting adjustment is non-taxable income. EPS computed based on approximately 557 million diluted shares. 4Q20 IBKC merger-related notable items Noninterest income: Merger accounting adjustment: other noninterest income2 $ 1 Total noninterest income 1 Noninterest expense: Incentives and commissions (21) Total personnel expenses (21) Occupancy and equipment (2) Outside services (7) Amortization of intangible assets (1) Other noninterest expense (4) Total noninterest expense (34) Total IBKC net notable items $ (33) Tax impact of 4Q20 notable items 13 After-tax impact of 4Q20 notable items $ (20) EPS impact of 4Q20 notable items2 $ (0.04) IBKC Cumulative Pre-tax Integration Costs Cost to Date Targeted 4Q19 - 3Q20 Purchase Acct. 4Q20 Total 2021 2022 Total $ 146 $ 120 $ 34 $ 300 $ 125 $ 35 $ 460 In addition to merger-related notable items, Adjusted results were also reduced by the following unusual items: Notable Items Unusual Items • Increase in merger-related expense reflects impact of $30 million increase in annual targeted cost saves 4Q20 Adjusted Unusual Items 4Q20 adjusted ex- unusual items Item Commentary Net interest income $ 522 $ (5) $ 527 Largely tied to a promotional credit card offering Fee income 288 (3) 291 Securities losses in other noninterest income Revenue 810 (8) 818 Incentives and commissions 89 8 81 One-time employee bonus and COVID-related vacation net carryover costs Other noninterest expense 35 (5) 40 Lower regulatory-related costs, largely FDIC insurance Total expense 474 3 471 PPNR $ 335 $ (11) $ 346 ($s in millions except per share data)

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7 • Adjusted EPS of $0.46 increased 31% QoQ; TBV per share of $10.23 increased 3% • Adjusted revenue of $810 million down $13 million driven by an $8 million impact from unusual items • NII down $11 million QoQ driven by a reduction in net merger-related and PPP loan benefits; results also reduced by a $5 million unusual item; Core NII remained relatively stable • Adjusted fee income down $4 million QoQ driven by $3 million of securities losses in other noninterest income tied to modest repositioning of the investment portfolio • Adjusted expense relatively stable QoQ – Results included a net $3 million increase tied to unusual items – Results also reflect the benefit of a $6 million reduction tied to merger cost saves with a total of $14 million in 4Q20 • Provision for credit losses of $1 million, decreased $79 million from adjusted 3Q20 levels largely reflecting improved overall macroeconomic outlook 4Q20 adjusted financial highlights1 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q20 CET1 ratio is an estimate, and references to loans include leases. Adjusted FHN Adjusted FHN standalone 4Q20 Change vs. QoQ ex- unusual items$s in millions except per share data 4Q20 3Q20 4Q19 3Q20 4Q19 $/bps % $/bps % Net interest income $ 522 $ 532 $ 311 $ (11) (2) % $ 211 68 % (1)% Fee income 288 291 183 (4) (1) % 105 57 % —% Total revenue 810 823 495 (13) (2) % 315 64 % (1)% Expense 474 471 291 3 1 % 183 63 % —% Pre-provision net revenue 335 352 203 (17) (5) % 132 65 % (2)% Provision for credit losses 1 80 9 (79) (99) % (8) (89) % Net charge-offs 29 67 3 (38) (57) % 26 NM Reserve build/(release) (28) 13 6 (41) NM (34) NM NIAC $ 255 $ 193 $ 147 $ 62 32 % $ 108 73 % Key performance Metrics Fee income as a % of total revenue 36 % 35 % 37 % 24 bps (149) bps Efficiency ratio 58.6 % 57.3 % 58.9 % 131 bps (31) bps ROTCE 18.2 % 13.9 % 18.9 % 428 bps (70) bps Diluted EPS $ 0.46 $ 0.35 $ 0.47 $ 0.11 31 % $ (0.01) (2) % TBV per share $ 10.23 $ 9.92 $ 10.02 $ 0.31 3 % $ 0.21 2 % Effective tax rate 20.7 % 23.3 % 22.2 % (258) bps (144) bps

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8 NII and NIM reflect benefit of merger and deposit pricing discipline1 $311 $303 $305 $532 $522 $296 $294 $284 $476 $479 3.26% 3.16% 2.90% 2.84% 2.71% Core NII Reported NII Reported NIM 4Q19 1Q20 2Q20 3Q20 4Q20 ($s in millions) NII and NIM Trends Legacy FHN Core NIM1 3.10% 3.07% 2.80% 2.68% 2.63% 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q20 CET1 ratio is an estimate, and references to loans include leases. • NII down $11 million and NIM down 13 bps QoQ on lower net merger-related and PPP loan benefits – Core NII up $8 million before an unusual item driven by a $13 million reduction in funding costs – Core NIM down 2 bps before the impact of an unusual item and excess cash – Period-end excess cash ~$7.6 billion vs. $4.6 billion in 3Q20 • Interest-bearing deposit costs of 26 bps improved 10 bps QoQ – Targeting ~21 bps vs. 24 in last ZIRP cycle 3Q20 vs. 4Q20 $s in millions NII Margin 3Q20 Reported $ 532 2.84 % Less: non-core items (see appendix) (56) (0.15) 3Q20 Core $ 476 2.68 Downward Repricing of Deposit Costs 11 0.06 Debt Maturity and Corresponding Swap 2 0.01 Runoff of Investment Securities Portfolio (3) — Unusual item (5) (0.03) Higher Fed Cash Balances 1 (0.09) Net Change in Loans & Other (2) — 4Q20 Core $ 479 2.63 % PPP loans and fees 20 (0.04) Current Period loan accretion 33 0.22 Time Deposit Amortization 8 (0.18) Securities Premium Amortization (18) 0.08 4Q20 Reported $ 522 2.71 % Ex-unusual items $527 $484 2.74% 2.65%

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9 • Adjusted fee income stable before $3 million of securities losses in unusual items • Fixed income decreased $7 million QoQ largely reflecting the impact of day count and lower fees in other products; up $23 million YoY – ADR of $1.5 million relatively stable QoQ and up 42% YoY • Mortgage banking and title down $9 million QoQ, reflecting seasonal declines; up $31 million YoY • Service charges and fees increased $3 million largely reflecting higher cash management fees • Relatively modest improvements in all other categories Adjusted fee income vs. adjusted FHN/IBKC combined1 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q20 CET1 ratio is an estimate, and references to loans include leases. Adjusted FHN Adjusted FHN /IBKC combined 4Q20 Change vs. QoQ ex- unusual items$s in millions 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 $/bps % $/bps % Fixed income $ 104 $ 111 $ 112 $ 96 $ 81 $ (7) (6) % $ 23 28 % Mortgage banking & title 57 66 53 32 26 (9) (13) % 31 120 Brokerage, trust, and insurance 31 30 33 34 33 1 5 % (2) (5) Service charges and fees 53 50 46 50 54 3 6 % (1) (2) Card and digital banking fees 18 17 17 19 20 1 8 % (2) (8) Deferred compensation income 9 4 8 (10) 3 5 123 % 6 NM Other noninterest income 15 14 18 21 26 1 7 % (11) (43) 29% Total Fee Income $ 288 $ 291 $ 287 $ 240 $ 244 $ (4) (1) % $ 44 18 % —% Key Metrics Fixed Income Average Daily Revenue (ADR) $ 1.5 $ 1.5 $ 1.6 $ 1.3 $ 1.1 $ — (3) % $ 0.4 42 % Mortgage banking Originations Secondary $ 1,120 $ 1,186 $ 1,152 $ 581 $ 573 $ (66) (6) % $ 547 95 % Portfolio $ 350 $ 396 $ 675 $ 497 $ 714 $ (46) (12) % $ (364) (51) % Gain on sale spread 4.00 % 3.93 % 2.86 % 3.07 % 2.85 % 7 bps 115 bps

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10 Adjusted expense vs. adjusted FHN/IBKC combined1 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q20 CET1 ratio is an estimate, and references to loans include leases. Adjusted FHN Adjusted FHN /IBKC combined 4Q20 Change vs. QoQ ex- unusual items$s in millions 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 $/bps % $/bps % Salaries and benefits $ 200 $ 200 $ 193 $ 194 $ 193 $ — — % $ 7 4 % Incentives and commissions 89 91 97 100 83 (2) (2) % 6 7 % (11) % Deferred compensation expense 9 3 10 (10) 4 6 NM 5 125 % Total personnel expense 298 294 300 283 279 4 1 % 19 7 % (1) % Occupancy and equipment 74 73 74 72 73 1 2 % 1 2 % Outside services 52 46 46 49 49 6 13 % 3 6 % Amortization of intangible assets 14 14 9 9 10 — (2) % 4 37 % Other noninterest expense 35 45 57 58 50 (10) (22) % (15) (30) % (11) % Total noninterest expense $ 474 $ 471 $ 486 $ 471 $ 462 $ 3 1 % $ 12 3 % — % Full-time equivalent associates 8,466 8,121 8,384 8,368 8,406 345 4 % 60 1 % • Adjusted expense relatively stable before the net $3 million impact tied to unusual items in incentives/commission and other noninterest expense – Results also reflect the benefit of a $6 million increase in merger cost saves • Personnel expense up $4 million – Salaries and benefits remained stable – Incentives/commissions down $2 million largely tied to a reduction in revenue-based incentives despite $8 million of unusual items – Deferred compensation up $6 million largely offset in noninterest income • Outside services increased $6 million largely reflecting higher advertising and technology costs and the impact of seasonality • Other noninterest expense decreased $10 million and included ~$5 million benefit tied to lower regulatory-related costs, largely FDIC insurance

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11 Total loans1 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q20 CET1 ratio is an estimate, and references to loans include leases. 2Utilization rates exclude Loans to Mortgage Companies. • Average 4Q20 loans of $59.8 billion decreased $298 million from 3Q20 – Lower consumer real estate-secured and commercial real estate more than offset a modest increase in C&I driven by growth in loans to mortgage companies (LMC) – Average LMC of $6.5 billion, up ~$691 million QoQ, reflecting strong volume • Period-end loans of $58.2 billion decreased $1.5 billion QoQ – Driven by a $687 million decline in consumer loans as well as a $349 million decrease in other C&I, a $236 million reduction in CRE and a $203 million decrease in LMC • Utilization rates of 46% remained relatively stable with 3Q20 levels2 1Q20 to 4Q20 line utilization Period-end FHN/IBKC combined 1Q20 Period-end FHN/IBKC combined 2Q20 Period-end 3Q20 Period-end 4Q20 Utilization % 53% 48% 47% 46% $54.9B $55.1B $59.7B $58.2B $60.1B $59.8B Total Commercial excl. LMC & PPP Commercial real estate (CRE) Consumer real estate Credit card and other PPP Loans to mortgage co. Period- end loans FHN/IBKC combined 3Q19 * * * * * Period- end loans FHN/IBKC combined 4Q19 Period- end loans 3Q20 Period- end loans 4Q20 Average Loans 3Q20 Average Loans 4Q20 Loan trends 40% 26% 24% 2% 9% 40% 26% 23% 2% 8% 40% 21% 21% 2% 9% 7% 41% 21% 20% 2% 9% 7% 40% 21% 21% 2% 10% 7% 40% 21% 20% 2% 11% 7% 3Q19 4Q19 3Q20 4Q20 Yields 3.70% 3.56% Core Yields 3.46% 3.43% Avg 1M LIBOR 2.17% 1.79% 0.16% 0.15%

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12 Total funding1 $64.7B $64.0B $73.2B $74.2B $72.1B $74.0B DDA Savings Time deposits Term borrowings Other interest-bearing deposits Short-term borrowings Trading Liabilities Period-end FHN/IBKC combined 3Q19 * * * * * * Period-end FHN/IBKC combined 4Q19 Period-end 3Q20 Period-end 4Q20 Average 3Q20 Average 4Q20 Interest-bearing liabilities & DDA trends • Average 4Q20 deposits of $69.6 billion increased $2.5 billion QoQ reflecting an increase in interest- bearing and demand deposits – 4Q20 period-end deposits of $70.0 billion increased $1.6 billion from 3Q20 levels largely reflecting growth in demand deposits, savings and other IB deposits • Total deposit cost of funds of 0.18% in 4Q20, down from 0.25% in 3Q20 – Interest-bearing deposit costs of 26 bps; prior ZIRP cycle rate of 24 bps in 3Q15 • 4Q20 borrowings of $4.2 billion decreased $560 million from 3Q20 – Total funding costs of 0.40% in 4Q20, decreased from 0.51% in 3Q20 23% 32% 14% 4% 19% 23% 34% 12% 3% 21% 29% 36% 8% 3% 3% 20% 30% 37% 7% 2% 3% 21% 29% 36% 8% 3% 3% 20% 30% 37% 7% 3% 3% 20% 7% 1% 6% 1% 1% —% 0.5% —% 3Q19 4Q19 3Q20 4Q20 Deposit Cost of Funds 0.25% 0.18% Total Cost of Funds 0.51% 0.40% Avg 1M LIBOR 2.17% 1.79% 0.16% 0.15% 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q20 CET1 ratio is an estimate, and references to loans include leases.

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13 $227 Provision for credit losses Non-PCD NCO% 4Q19 1Q20 2Q20 3Q20 4Q20 Prudently managing risk 1Net charge-off % is annualized and as % of average loans. ($s in millions) Provision, credit losses, and net charge-offs Legacy FHN Allowance for credit losses (ACL) $206 $484 0.66% 1.45% 1.80% 1.80% 1.80%127% 255% 260% 241% 271% ACL ACL/Loans ACL/NPLs 4Q19 1Q20 2Q20 3Q20 4Q20 $588 $1,077 $1,048 Legacy FHN Non-performing loans (NPL) $162 $190 $226 $447 $386 0.52% 0.57% 0.69% 0.75% 0.66% NPLs $ NPLs % 4Q19 1Q20 2Q20 3Q20 4Q20 • Net charge-offs of $29 million driven by $23 million of losses in the energy portfolio • NPL ratio of 66 bps, down 9 bps QoQ • Allowance for credit losses to loans ratio continued to remain steady at 1.80% • Transformed loan portfolio since Global Financial Crisis from higher-risk, real estate concentration to commercially diversified portfolio Legacy FHN 2008 4Q20 Non-performing loans ratio 4.91% 0.66%1 $3 $7 $17 $67 $29 $9 $154 $121 $80 $1 0.04% 0.10% 0.20% 0.44% 0.19% NCOs Provision for credit losses Non-PCD NCO% 4Q19 1Q20 2Q20 3Q20 4Q20

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14 Significant reserves for current environment1 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q20 CET1 ratio is an estimate, and references to loans include leases. ($s in millions) 3Q20 vs. 4Q20 Allowance for credit losses (ACL) ACL/loans 1.80% 2.14% Total Total ex. LMC & PPP • Reserve release of $28 million – Reduction in Energy portfolio including expected January 2021 loan sale – Lower balances and improving economic scenarios • Utilized Moody’s November 2020 baseline scenario and applied additional modest weighting to alternative upside and downside scenarios • Also incorporated – Detailed portfolio reviews of industries currently affected by pandemic – Additional factors such as the reemergence of COVID cases, disjointed vaccine rollout, and overall economic uncertainty $s in millions 3Q20 Period-end % of Total Loans 4Q20 Period-end % of Total Loans Total allowance for credit losses $ 1,077 1.80 % $ 1,048 1.80 % Unrecognized discount - acquired loans 284 0.48 242 0.42 Total loss absorption capacity $ 1,361 2.28 % $ 1,290 2.22 % $1,077 $(29) $1 $1,048 9/30/2020 Net charge-offs Provision expense 12/31/2020 ACL/annualized NCOs 915% Total

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15 Update on areas of perceived risk Portfolio by industry as of 12/31/2020 $s in billions Balance % of total loans Subject to more heightend monitoring % of total loans Other C&I $ 6.2 10.6 % $ — — % Finance & Insurance 3.0 5.2 — — Health Care & Social Assistance 2.1 3.7 — — Non-real estate leasing 0.6 1.1 — — Real estate leasing 1.6 2.7 1.6 2.7 Real Estate Rental & Leasing 2.2 3.8 — — Quick serve restaurants and other lower risk categories 1.1 2.0 — — Higher-risk accommodation and food service 0.7 1.2 0.7 1.2 Accommodation & Food Service 1.8 3.1 — — Wholesale Trade 1.9 3.2 — — Energy 1.6 2.8 1.6 2.8 Manufacturing 1.6 2.7 — — Grocery stores, gas stations, convenience stores, home improvement, auto-related and other lower-risk retail 1.2 2.1 — — Higher-risk retail trade 0.1 0.1 0.1 0.1 Retail Trade 1.3 2.2 — — Transportation & Warehousing 1.3 2.2 — — Golf courses and other outdoor lower risk sectors 0.3 0.6 — — Fitness centers, recreational centers and other higher-risk arts, entertainment and recreation 0.4 0.6 0.4 0.6 Arts, Entertainment & Recreation 0.7 1.2 — — Total C&I excluding LMC and PPP $ 23.8 40.7 % $ 4.3 7.4 % Lower-risk Other CRE 8.6 14.7 — — Higher-risk Other CRE 0.2 0.3 0.2 0.3 Other CRE 8.7 15.0 — — Lower-risk CRE retail 2.2 3.8 — — Higher-risk CRE retail 0.1 0.2 0.1 0.2 CRE - Retail 2.3 3.9 — — Lower-risk CRE hospitality 1.0 1.7 — — Higher-risk CRE hospitality 0.3 0.5 0.3 0.5 CRE - Hospitality 1.3 2.2 — — Total CRE excluding PPP $ 12.3 21.1 % 0.6 1.0 % Total commercial loans excluding LMC and PPP $ 36.1 61.8 % $ 4.9 8.4 % Loans to mortgage companies (LMC) 5.5 9.4 Paycheck protection program (PPP) 4.1 6.9 Total commercial loans $ 45.7 78.1 % Total consumer loans $ 12.8 21.9 % Total loans $ 58.4 100.0 % Total loans excl. LMC and PPP $ 48.9 83.7 % • Continuing to closely monitor industries currently impacted by COVID-19 disruptions; Performed deep dive review on $7.2 billion of commercial portfolio in 4Q20 • Other sectors such as essential services, recreational goods, manufacturing, and home improvement performing well • Consumer portfolio asset quality relatively stable; refreshed weighted avg. FICO score of ~752 • Real Estate Rental/Leasing – ~29% non-real estate rental and leasing, primarily equipment with ~71% real estate-related, largely REITs which are diversified across property types • Accommodation/Food Service – ~62% quick service restaurants and other lower risk categories with normalizing trends; higher-risk portfolio largely reflects regional and national casual dining brands • Energy – ~$240 million in oil field services, ~$863 million in E&P - Portfolio clients are hedged ~59% through 2021, 29% through 2022 and 15% through 2023 • Retail Trade – Substantially all essential services and other more resilient sectors including home improvement and auto-related • Arts/Entertainment – ~47% tied to golf courses and other lower risk outdoor sectors • CRE – Retail – Granular portfolio with ~1,850+ tenants largely focused on value- and necessity-based properties; limited geographic/major tenant concentration; limited regional mall/power center exposure – ~0.6% of CRE-Retail on active deferral vs. ~41% peak deferral • CRE – Hospitality – ~84% flagged properties and ~57% limited service/ extended stay properties – ~14% of CRE hospitality is on active deferral vs. ~68% peak deferral Portfolios subject to more heightened monitoring decreased 24% to $4.9 billion, or ~8.4% of loans ex. LMC/PPP Data based on loan balances from credit systems and does not reflect certain general ledger accounting adjustments including unrecognized loan discounts. NAICs codes as of 4Q20. Energy-related loans represented across various categories.

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16 Strong capital position1 9.20% 8.54% 9.25% 9.21% 9.67% CET1 ratio Tier 1 capital ratio Total capital ratio 4Q19 1Q20 2Q20 3Q20 4Q20 Capital levels 10.15% 11.22% 10.78% 9.52% 12.47% 10.69% 12.05% 10.25% 12.55% 10.73% Tangible book value per share 9.21% 0.39% (0.13)% (0.03)% 0.17% 0.05% 9.67% 3Q20 actual Adjusted NIAC Common Dividends Notable Items Lower Loan Balances Other 4Q20 estimate $9.92 $0.48 $(0.15) $(0.04) $0.02 $10.23 3Q20 actual Adjusted NIAC, net of change in Intangibles Common Dividends Notable Items Other¹ 4Q20 estimate • Robust PPNR1 and enhanced earnings power provide dividend support and additional loss-absorbing capital • Tangible book value per share of $10.23 at December 31, 2020 increased 3% from $9.92 as of September 30, 2020. – IBKC Merger now accretive to tangible book value per share, well ahead of estimated two-year earn-back period • CET1 ratio of 9.67% includes 17 bp impact tied to lower loan balances • Company-run stress test results show significantly lower stressed loss rates vs. CCAR-bank median 1All data prior to 3Q20 is for FHN standalone. Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q20 CET1 ratio is an estimate, and references to loans include leases. 3Q20 vs. 4Q20 CET1 ratio

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17 Merger integration update Integration Framework • Aligning cultures & establishing good cadence • Integration work continues to be done effectively in largely remote manner • Finalized 3-year Strategic Plan 4Q20 Milestones • Associate retention remains strong, including in leadership/critical positions (95%) • New sales team structures and credit partnerships for combined organization successfully implemented • Mortgage origination consolidated onto a best-in-class system • Launched a new and improved wire system • Completed major upgrades to online banking system • Consolidated procurement and expense management systems • Upgraded a consolidated project management system for combined company • Converted training systems and migrated associates to a new digital training platform • Completed build out of detailed internal and external communications and training calendars Upcoming Events • Conversion of IBERIA Financial Services to First Horizon Advisors • Commence PPP origination for both legacy banks on a single platform • Continue consolidation of corporate properties in Miami, New York and Houston markets • Continue upgrades and enhancements to systems/applications ahead of conversion • Complete assessment of business requirements and data mapping ahead of first mock conversion scheduled for 2Q21 P eo p le Sy st em s/ O p s Increased targeted annualized cost saves to ~$200 million by 1H22 • Achieved ~$32 million YTD with ~$14 million in 4Q20 Seeing strong early success on revenue synergies not included in deal economics Continue to introduce system and application upgrades and enhancements ahead of scheduled conversion Annualized Savings Actual Estimated 3Q20 4Q20 2021 2022 ~$32mm ~$56mm ~$115mm ~$200mm Integration Highlights

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18 Earnings Drivers 4Q20 Adjusted Baseline 1Q21 Adjusted Expectations Adjusted 4Q20 Annualized Baseline 2021 Adjusted Expectations Comments Net Interest Income $525 million (FTE) $76.985 billion - 4Q20 avg. earning assets Mid single-digit % decline Avg. earning assets up slightly, with avg. loans down modestly $2.088 billion (FTE) $76.985 billion - 4Q20 avg. earning assets Low to mid single-digit % decline Avg. earning assets relatively stable to down modestly with average loans modestly lower • 1Q21: Reflects lower net loan accretion/ securities premium amortization and day count • FY21: Largely reflects lower net loan accretion/ securities premium amortization • Assumes continued muted loan demand Noninterest Income $287 million Mid-teens % decline $1.144 billion Low-teens % decline • 1Q21: Reflects the impact of seasonality, partially offset by expectation for relatively strong environment for fixed income and mortgage banking • FY21: Expectation for relatively strong environment for fixed income and mortgage banking Noninterest Expense $474 million $385 million - excluding incentives & commissions Low to mid single - digit % decline Low single-digit % decline $1.886 billion $1.531 billion - excluding incentives & commissions Low to mid single -digit % decline Low single-digit % decline • Efficiency ratio relatively stable to up modestly vs. 4Q20 levels • Ongoing focus on efficiency in addition to merger cost saves Net Charge-Offs 19 bps ~20 - 30 bps 19 bps ~ 25 - 35 bps • Combination of CECL and lower visibility around pace of COVID-pandemic recovery provides potential for increased variability in provision CET1 Ratio 9.67% ~ 9.50% 9.67% 4Q20 ~ 9.50% • Optionality to opportunistically repurchase shares Assumes prolonged low-rate environment and mid single-digit GDP growth rate with some recovery in 2H21 assuming gradual improvement in COVID-19 pandemic 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q20 CET1 ratio is an estimate, and references to loans include leases. 1Q21 & FY2021 Outlook1

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19 Well-positioned to deliver strong execution • Expanded franchise in attractive Southern markets • Diversified business model with countercyclical businesses helping to mitigate pressure from low rates • Uniquely positioned to deliver significant cost savings in a challenging environment – Strong progress towards ~$200 million of cost saves, upsized from ~$170 million • Continued prudent risk management with strong reserves – ~45% of loan book marked with ~$1.3 billion of total loss absorption capacity Significant opportunities to drive relative outperformance and build shareholder value

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20 APPENDIX

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21 Notable Items ($s in millions except per share data) Favorable / (Unfavorable) (In millions, except per share data) 4Q20 3Q20 2020 2019 Noninterest income: Merger accounting adjustment other noninterest income1 $ (1) $ (532) $ (533) $ — Total noninterest income (1) (532) (533) — Noninterest expense: Salaries and benefits — (1) (7) (5) Incentives and commissions (21) (34) (55) (10) Total personnel expenses (21) (35) (62) (15) Occupancy and equipment (2) (4) (6) (3) Outside services (7) (32) (46) (48) Amortization of intangible assets (1) (1) (2) — Other noninterest expense (4) (44) (54) (49) Total noninterest expense (34) (116) (170) (114) Non-PCD provision for credit losses — (147) (147) — Total net notable items (pre-tax) 33 (269) (216) 114 Tax impact of notable items 13 61 78 24 After-tax impact of notable itmes $ 20 $ (331) $ (294) $ 90 EPS impact of notable items $ 0.04 $ (0.60) $ (0.68) $ 0.29 Diluted shares 557 551 434 316 Favorable / (Unfavorable) F H FHN IBKC Financial Statement Caption P r e - T Pre-Tax After-Tax at Marginal Tax Rate Pre-Tax After-Tax at Marginal Tax Rate 2Q20 Salaries and benefits $ $ (5) $ (4) $ (2) $ (2) Incentives and commissions — — (2) (2) Occupancy and equipment — — (1) (1) Outside services (6) (5) (9) (7) Other noninterest expense (4) (3) (1) (1) Total Acquisition and Hazard related expenses $ (14) (12) (15) (12) Other noninterest income - (Gain) loss on sale of investments $ — — (6) (5) Total Notable items $ $ (14) $ (12) $ (9) $ (7) 1Q20 Salaries and benefits $ $ (1) $ (1) $ (2) $ (2) Occupancy and equipment — — (1) — Outside services (2) (2) — — Other noninterest expense (3) (2) — — Total Acquisition and Hazard related expenses $ (6) (5) (3) (3) Total Notable items $ $ (6) $ (5) $ (3) $ (3) 4Q19 Salaries and benefits $ $ (4) $ (4) $ (2) $ (1) Outside services (18) (15) (9) (4) Other noninterest expense (3) (2) — — Total Acquisition, Rebranding, Restructuring related expenses $ (26) (21) (11) (6) Other noninterest expense - Charitable Contributions $ (11) (9) — — Total Notable items $ $ (37) $ (30) $ (11) $ (6) 1Merger accounting adjustment is non-taxable income.

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22 FY2020 adjusted financial highlights1 Adjusted FHN Adjusted FHN standalone 2020 Change vs. 2019 $s in millions except per share data 2020 2019 $/bps % Net interest income $ 1,662 $ 1,210 $ 452 37 % Fee income 960 654 305 47 % Total revenue 2,623 1,864 759 41 % Expense 1,549 1,119 429 38 % Pre-provision net revenue 1,073 745 328 44 % Provision for credit losses 356 45 311 NM Net charge-offs 119 27 92 NM Reserve build/(release) 237 18 218 NM NIAC $ 528 $ 525 $ 3 1 % Key performance Metrics Fee income as a % of total revenue 37 % 35 % 151 bps Efficiency ratio 59 % 60 % (96) bps ROTCE2 12.15 % 17.60 % (545) bps Diluted EPS $ 1.22 $ 1.66 $ (0.45) (27) % TBV per share $ 10.23 $ 10.02 $ 0.21 2 % Effective tax rate 21.5 % 22.5 % (99) bps • Adjusted EPS of $1.22 decreased $0.45 as the impact of the IBKC merger/Truist branch acquisition was more than offset by a $311 million CECL-related provision increase – Adjusted PPNR up 44% YoY driven by the $272 million impact of the IBKC merger/Truist branch acquisition • NII up $452 million YoY – Results reflect $433 million benefit tied to IBKC merger/Truist branch acquisition • Adjusted fee income up $305 million driven by a net $178 million benefit from the IBKC merger as well as strength in fixed income which helped mitigate COVID-related declines in traditional banking fees • Adjusted expense up $429 million driven by the $339 million impact of the IBKC merger/Truist branch acquisition – Efficiency ratio of 59% • Provision for credit losses of $356 million increased $311 million driven by CECL and COVID-19 impacts 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q20 CET1 ratio is an estimate, and references to loans include leases. Results prior to 3Q20 do not reflect the impact of the IBKC merger/Truist branch acquisition

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23 FHN reserve and deferrals by portfolio $s in billions Loan Balance Allowance for Loan Losses Allowance Coverage Ratio Portfolios excl. Loans to Mortgage Companies (LMC) & PPP Energy $ 1.6 $ 0.1 5.9 % C&I excl. Energy, LMC, & PPP 22.1 0.4 1.6 Total C&I excl. LMC & PPP 23.8 0.4 1.9 CRE - Other 8.7 0.1 1.4 CRE - Retail 2.3 0.1 2.4 CRE - Hospitality 1.3 0.1 5.0 Total CRE excl. PPP 12.3 0.2 2.0 Total Commercial excl. LMC & PPP 36.1 0.7 1.9 Total Consumer 12.8 0.3 2.1 Total Loans excl. LMC & PPP 48.9 1.0 2.0 LMC 5.5 — 0.1 PPP 4.1 — — Total Loans $ 58.4 $ 1.0 1.7 % Reserve for unfunded commitments $ 58.4 $ 0.1 0.1 % Total Loans to Allowance for Credit Losses $ 58.4 $ 1.0 1.8 % Have Taken a COVID-19 Deferral Are Still on Deferral $s in millions Approx. # of Deferrals Balances with Deferrals % of Total Balances Approx. # of Deferrals Balances with Deferrals % of Total Balances Consumer 5,635 $ 1,304 10.0 % 986 $ 218 1.7 % Commercial excl. PPP 4,465 5,479 13.2 % 128 301 0.7 % Total excl. PPP 10,100 $ 6,782 12.4 % 1,140 $ 518 0.9 % Allowance for Credit Losses (ACL) to Loans Ratio $s in millions Loan Balance ACL Balance ACL/Loans Total Loans $ 58,232 $ 1,048 1.8 % Loans to Mortgage Companies (LMC) 5,404 5 0.1 PPP 4,052 — — Total excl. LMC & PPP $ 48,776 $ 1,043 2.1 % Data based on loan balances from credit systems and does not reflect certain general ledger accounting adjustments including unrecognized loan discounts. NAICs codes as of 4Q20. Energy-related loans represented across various categories.Numbers may not add to total due to rounding.

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24 Future Accretion Schedule & Reconciliation to GAAP financials Estimated IBKC Securities Premium Amortization1 Estimated IBKC Loan Accretion Estimated Loan Accretion - Other Acquisitions $s in millions $s in millions $s in millions 2021 $ 50 2021 $ 60 2021 $ 22 2022 32 2022 48 2022 13 2023 and beyond $ 68 2023 and beyond $ 87 2023 and beyond $ 11 4Q20 Reported to Core Reconciliation $s in millions NII Margin 4Q20 Reported $ 522 2.71 % Less: non-core items PPP loans and fees 20 (0.04) Current Period loan accretion 33 0.22 Time Deposit Amortization 8 (0.18) Securities Premium Amortization (18) 0.08 4Q20 Core $ 479 2.63 % 4Q20 Reported $ 522 2.71 % Less: unusual items (5) (0.03) 4Q20 Reported ex-unusual items $ 527 2.74 % 4Q20 Core $ 479 2.63 % Less: unusual items (5) (0.03) 4Q20 Core ex-unusual items $ 484 2.65 % 3Q20 Reported to Core Reconciliation $s in millions NII Margin 3Q20 Reported $ 532 2.84 % Less: non-core items PPP loans and fees 26 (0.02) Current Period loan accretion 44 0.30 Time Deposit Amortization 8 (0.26) Securities Premium Amortization (22) 0.13 3Q20 Core $ 476 2.68 % 1Estimated based on market rates and prepayment assumptions as of 12/31/2020. $s in millions 4Q20 4Q20 ex-unusual items 3Q20 4Q20 vs 3Q20 4Q20 ex-unusual items vs. 3Q20 NII - Reported $ 522 $ 527 $ 532 $ (10) $ (5) NIM - Reported 2.71 % 2.74 % 2.84 % (0.13) % (0.10) % NII - Core $ 479 $ 484 $ 476 $ 3 $ 8 NIM - Core 2.63 % 2.65 % 2.68 % (0.05) % (0.02) % 2Q20 Reported to Core Reconciliation $s in millions NII Margin 2Q20 Reported $ 305 2.90 % Less: non-core items PPP loans and fees 15 0.04 Current Period loan accretion 6 0.06 2Q20 Core $ 284 2.80 % 1Q20 Reported to Core Reconciliation $s in millions NII Margin 1Q20 Reported $ 303 3.16 % Less: non-core items PPP loans and fees — — Current Period loan accretion 9 0.09 1Q20 Core $ 284 2.80 % 4Q19 Reported to Core Reconciliation $s in millions NII Margin 4Q19 Reported $ 311 3.26 % Less: non-core items PPP loans and fees — — Current Period loan accretion 16 0.16 4Q19 Core $ 284 2.80 %

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25 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. Adjusted FHN historical quarterly income statements 4Q20 3Q20 2Q20 1Q20 4Q19 ($s in millions, except per share data) GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP Interest income $ 574 $ — $ 574 $ 598 $ — $ 598 $ 347 $ — $ 347 $ 378 $ — $ 378 $ 404 $ — $ 404 Interest expense 53 — 53 66 — 66 41 — 41 76 — 76 93 — 93 Net interest income 522 — 522 532 — 532 305 — 305 303 — 303 311 — 311 Noninterest income: Fixed income 104 — 104 111 — 111 112 — 112 96 — 96 81 — 81 Mortgage banking and title 57 — 57 66 — 66 4 — 4 2 — 2 4 — 4 Brokerage, trust, and insurance 31 — 31 30 — 30 22 — 22 23 — 23 22 — 22 Service charges and fees 53 — 53 50 — 50 35 — 35 36 — 36 39 — 39 Card and digital banking fees 18 — 18 17 — 17 12 — 12 12 — 12 14 — 14 Deferred compensation income 9 — 9 4 — 4 8 — 8 (10) — (10) 3 — 3 Other noninterest income 16 (1) 15 546 (532) 14 12 — 12 15 — 15 20 — 20 Total noninterest income 288 (1) 288 823 (532) 291 206 — 206 175 — 175 183 — 183 Total revenue 810 (1) 810 1,355 (532) 823 512 — 512 478 — 478 495 — 495 Noninterest expense: Personnel expense: Salaries and benefits 200 — 200 201 (1) 200 111 (5) 107 113 (1) 112 112 (4) 107 Incentives and commissions 110 (21) 89 126 (34) 91 79 — 79 81 — 81 63 — 63 Deferred compensation expense 9 — 9 3 — 3 9 — 9 (10) — (10) 4 — 4 Total personnel expense 319 (21) 298 329 (35) 294 200 (5) 195 183 (1) 182 179 (4) 174 Occupancy and equipment 76 (2) 74 77 (4) 73 46 — 46 44 — 44 44 — 44 Outside services 59 (7) 52 78 (32) 46 38 (5) 33 38 (2) 37 54 (18) 36 Amortization of intangible assets 15 (1) 14 15 (1) 14 5 — 5 5 — 5 6 6 Other noninterest expense 39 (4) 35 89 (44) 45 31 (4) 27 31 (3) 28 45 (15) 31 Total noninterest expense 508 (34) 474 587 (116) 471 321 (14) 307 302 (6) 296 328 (37) 291 Pre-provision net revenue 302 33 335 768 (416) 352 191 14 205 175 6 181 166 37 203 Provision for credit losses 1 — 1 227 (147) 80 121 — 121 154 — 154 9 — 9 Income before income taxes 301 33 334 541 (269) 272 69 14 84 21 6 27 157 37 194 Provision for income taxes 56 13 69 2 61 63 13 3 15 5 1 6 36 7 43 Net income 245 20 265 539 (331) 208 57 12 68 16 5 21 121 30 151 Net income attributable to noncontrolling interest 3 — 3 3 — 3 3 — 3 3 — 3 3 — 3 Net income attributable to controlling interest 242 20 262 536 (331) 205 54 12 66 14 5 18 118 30 148 Preferred stock dividends 8 — 8 13 — 13 2 — 2 2 — 2 2 — 2 Net income available to common shareholders $ 234 $ 20 $ 255 $ 523 $ (331) $ 193 $ 52 $ 12 $ 64 $ 12 $ 5 $ 17 $ 117 $ 30 $ 147 Common Stock Data EPS $ 0.42 $ 0.04 $ 0.46 $ 0.95 $ (0.60) $ 0.35 $ 0.17 $ 0.04 $ 0.21 $ 0.04 $ 0.01 $ 0.05 $ 0.38 $ 0.10 $ 0.47 Basic shares 553 553 550 550 312 312 312 312 311 311 Diluted EPS $ 0.42 $ 0.04 $ 0.46 $ 0.95 $ (0.60) $ 0.35 $ 0.17 $ 0.04 $ 0.20 $ 0.04 $ 0.01 $ 0.05 $ 0.37 $ 0.10 $ 0.47 Diluted shares 557 557 551 551 313 313 313 313 313 313

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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. Adjusted FHN historical annual income statements 2020 2019 ($s in millions, except per share data) GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP Interest income $ 1,898 $ — $ 1,898 $ 1,624 $ — $ 1,624 Interest expense 235 — 235 414 — 414 Net interest income 1,662 — 1,662 1,210 — 1,210 Noninterest income: Fixed income 423 — 423 279 — 279 Mortgage banking and title 129 — 129 10 — 10 Brokerage, trust, and insurance 107 — 107 87 — 87 Service charges and fees 174 — 174 153 — 153 Card and digital banking fees 59 — 59 50 — 50 Deferred compensation income 11 — 11 11 — 11 Other noninterest income 589 (533) 56 64 — 64 Total noninterest income 1,492 (533) 960 654 — 654 Total revenue 3,155 (533) 2,622 1,864 — 1,864 Noninterest expense: Personnel expense: Salaries and benefits 625 (7) 619 454 (5) 449 Incentives and commissions 396 (55) 341 228 (10) 219 Deferred compensation expense 11 — 11 13 — 13 Total personnel expense 1,033 (62) 971 695 (15) 680 Occupancy and equipment 243 (6) 238 175 (3) 172 Outside services 213 (46) 166 190 (48) 143 Amortization of intangible assets 40 (2) 38 25 — 25 Other noninterest expense 189 (54) 136 148 (49) 98 Total noninterest expense 1,718 (170) 1,549 1,233 (114) 1,119 Pre-provision net revenue 1,436 (363) 1,073 631 114 745 Provision for credit losses 503 (147) 356 45 — 45 Income before income taxes 933 (216) 717 586 114 700 Provision for income taxes 76 78 154 133 24 157 Net income 857 (294) 563 452 90 543 Net income attributable to noncontrolling interest 12 — 12 11 — 11 Net income attributable to controlling interest 845 (294) 551 441 90 531 Preferred stock dividends 23 — 23 6 — 6 Net income available to common shareholders $ 822 $ (294) $ 528 $ 435 $ 90 $ 525 Common Stock Data EPS $ 1.90 $ (0.68) $ 1.22 $ 1.39 $ 0.29 $ 1.67 Basic shares 432 432 314 314 Diluted EPS $ 1.89 $ (0.68) $ 1.22 $ 1.38 $ 0.29 $ 1.66 Diluted shares 434 434 316 316

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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. Combined Historical Data: non-interest income and expense 2Q20 1Q20 4Q19 ($s in millions, except per share data) FHN IBKC Combined FHN IBKC Combined FHN IBKC Combined Noninterest income: Fixed income $ 112 $ — $ 112 $ 96 $ — $ 96 $ 81 $ — $ 81 Mortgage banking and title 4 49 53 2 29 32 4 22 26 Brokerage, trust, and insurance 22 11 33 23 10 34 22 11 33 Service charges and fees 35 11 46 36 14 50 39 15 54 Card and digital banking fees 12 5 17 12 6 19 14 7 20 Deferred compensation income 8 — 8 (10) — (10) 3 — 3 Other noninterest income 12 11 23 15 6 21 20 6 26 Total noninterest income $ 206 $ 86 $ 293 $ 175 $ 65 $ 240 $ 183 $ 60 $ 244 Noninterest expense: Personnel expense: Salaries and benefits $ 111 $ 83 $ 195 $ 113 $ 83 $ 196 $ 112 $ 82 $ 194 Incentives and commissions 79 24 104 81 20 101 63 25 88 Deferred compensation expense 9 — 10 (10) — (10) 4 — 4 Total personnel expense 200 108 308 183 103 286 179 107 286 Occupancy and equipment 46 29 75 44 28 73 44 29 73 Outside services 38 23 61 38 12 51 54 23 77 Amortization of intangible assets 5 4 9 5 4 9 6 4 10 Other noninterest expense 31 30 61 31 30 61 45 19 64 Total noninterest expense $ 321 $ 194 $ 515 $ 302 $ 177 $ 480 $ 328 $ 182 $ 510

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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. Adjusted 4Q20 FHN compared to adjusted combined historical data: non-interest income and expense 4Q20 2Q20 1Q20 4Q19 4Q20 vs 4Q19 ($s in millions, except per share data) FHN FHN IBKC Combined FHN IBKC Combined FHN IBKC Combined $/bps % Noninterest income: Fixed income $ 104 $ 112 $ — $ 112 $ 96 $ — $ 96 $ 81 $ — $ 81 $ 23 28 % Mortgage banking and title 57 4 49 53 2 29 32 4 22 26 31 120 Brokerage, trust, and insurance 31 22 11 33 23 10 34 22 11 33 (2) (5) Service charges and fees 53 35 11 46 36 14 50 39 15 54 (1) (2) Card and digital banking fees 18 12 5 17 12 6 19 14 7 20 (2) (8) Deferred compensation income 9 8 — 8 (10) — (10) 3 — 3 6 NM Other noninterest income 15 12 5 18 15 6 21 20 6 26 (11) (43) Total noninterest income $ 288 $ 206 $ 81 $ 287 $ 175 $ 65 $ 240 $ 183 $ 60 $ 244 $ 44 18 % Noninterest expense: Personnel expense: Salaries and benefits $ 200 $ 111 $ 81 $ 193 $ 113 $ 81 $ 194 $ 112 $ 80 $ 193 $ 7 4 % Incentives and commissions 89 75 22 97 80 20 100 58 25 83 6 7 Deferred compensation expense 9 9 — 10 (10) — (10) 4 — 4 5 125 Total personnel expense 298 195 104 300 182 101 283 174 105 279 19 7 Occupancy and equipment 74 46 28 74 44 28 72 44 29 73 1 2 Outside services 52 32 14 46 36 12 49 36 14 49 3 6 Amortization of intangible assets 14 5 4 9 5 4 9 6 4 10 4 37 Other noninterest expense 35 27 30 57 28 30 58 31 19 50 (15) (30) Total noninterest expense $ 474 $ 307 $ 179 $ 486 $ 296 $ 174 $ 471 $ 291 $ 170 $ 462 $ 12 3 %

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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. FHN 4Q20 before unusual items and Adjusted 4Q20 compared to prior quarter 4Q20 3Q20 4Q20 GAAP ex- unusual items vs. 3Q20 4Q20 3Q20 4Q20 Adj. ex- unusual items vs. 3Q20 Adj.($s in millions, except per share data) GAAP Unusual Items Non- GAAP GAAP Adjusted Unusual Items Ex-unusual items Adjusted $ $ % Net interest income $ 522 $ 5 $ 527 $ 532 $ (6) $ 522 $ 5 $ 527 $ 532 $ (5) (1) % Noninterest income: Fixed income 104 — 104 111 (7) 104 — 104 111 (7) (6) Mortgage banking and title 57 — 57 66 (8) 57 — 57 66 (9) (14) Brokerage, trust, and insurance 31 — 31 30 2 31 — 31 30 1 3 Service charges and fees 53 — 53 50 3 53 — 53 50 3 6 Card and digital banking fees 18 — 18 17 2 18 — 18 17 1 6 Deferred compensation income 9 — 9 4 5 9 — 9 4 5 125 Other noninterest income 16 3 19 546 (527) 15 3 18 14 4 29 Total noninterest income $ 288 $ 3 $ 292 $ 823 $ (531) $ 288 $ 3 $ 291 $ 291 $ — — % Total revenue $ 810 $ 8 $ 818 $ 1,355 $ (537) $ 810 $ 8 $ 818 $ 823 $ (5) (1) % Noninterest expense: Personnel expense: Salaries and benefits $ 200 $ — $ 200 $ 201 $ (1) $ 200 $ — $ 200 $ 200 $ — — % Incentives and commissions 110 (8) 102 126 (23) 89 (8) 81 91 (10) (11) Deferred compensation expense 9 — 9 3 6 9 — 9 3 6 NM Total personnel expense 319 (8) 311 329 (18) 298 (8) 290 294 (4) (1) Occupancy and equipment 76 — 76 77 — 74 — 74 73 1 1 Outside services 59 — 59 78 (19) 52 — 52 46 6 13 Amortization of intangible assets 15 — 15 15 — 14 — 14 14 — — Other noninterest expense 39 5 44 89 (45) 35 5 40 45 (5) (11) Total noninterest expense $ 508 $ (3) $ 505 $ 587 $ (82) $ 474 $ (3) $ 471 $ 471 $ — — % Pre-provision net revenue $ 302 $ 11 $ 313 $ 768 $ (455) $ 335 $ 11 $ 346 $ 352 $ (6) (2) %

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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. 4Q20 & 3Q20 compared to Combined Historical Balance Sheet Data 4Q20 3Q20 4Q19 3Q19 $s in millions FHN FHN FHN IBKC Combined FHN IBKC Combined Loans and Leases: Commercial $ 45,379 78 % $ 46,167 77 % $ 24,388 $ 16,612 $ 41,000 74 % $ 24,523 $ 16,300 $ 40,823 74 % Loans to Mortgage Companies (LMC) 5,404 9 5,607 9 4,411 — 4,411 8 5,038 — 5,038 9 PPP 4,052 7 4,175 7 — — — — — — — — Commercial Loans excl. LMC & PPP 35,923 62 36,385 61 19,977 16,612 36,589 66 19,485 16,300 35,785 65 Consumer real estate 11,725 20 12,328 21 6,177 6,726 12,903 23 6,245 6,703 12,948 24 Credit card and other 1,128 2 1,212 2 496 683 1,179 2 493 673 1,166 2 Loans and leases, net of unearned income $ 58,232 100 % $ 59,707 100 % $ 31,061 $ 24,021 $ 55,082 100 % $ 31,261 $ 23,677 $ 54,938 100 % Interest-bearing liabilities & DDA: Interest-bearing deposits: Savings $ 27,324 37 % $ 26,573 36 % $ 11,665 $ 9,805 $ 21,470 34 % $ 11,489 $ 9,326 $ 20,815 32 % Time deposits 5,070 7 5,526 8 3,618 4,274 7,892 12 4,176 4,629 8,805 14 Other interest-bearing deposits 15,415 21 14,925 20 8,717 4,821 13,538 21 8,011 4,503 12,514 19 Total interest-bearing deposits 47,810 64 47,025 64 24,001 18,900 42,901 67 23,676 18,459 42,135 65 Trading liabilities 353 — 477 1 506 — 506 1 720 — 720 1 Short-term borrowings 2,198 3 2,142 3 3,518 204 3,722 6 3,948 498 4,446 7 Term borrowings 1,670 2 2,162 3 791 1,344 2,135 3 1,195 1,394 2,589 4 Total interest-bearing liabilities 52,030 70 51,805 71 28,816 20,447 49,263 77 29,539 20,351 49,890 77 DDA 22,173 30 21,384 29 8,429 6,320 14,749 23 8,269 6,519 14,788 23 Total interest-bearing liabilities & DDA $ 74,203 100 % $ 73,189 100 % $ 37,245 $ 26,767 $ 64,012 100 % $ 37,808 $ 26,870 $ 64,678 100 % Loans to Deposits ratio 83 % 87 % 96 % 95 % 96 % 98 % 95 % 97 %

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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. ($s in millions, except per share data) 4Q20 3Q20 2Q20 1Q20 4Q19 2020 2019 Tangible Common Equity (Non-GAAP) (A) Total equity (GAAP) $ 8,307 $ 8,144 $ 5,208 $ 5,056 $ 5,076 $ 8,307 $ 5,076 Less: Noncontrolling interest 295 295 295 295 295 295 295 Less: Preferred stock 470 470 240 96 96 470 96 (B) Total common equity $ 7,541 $ 7,378 $ 4,673 $ 4,665 $ 4,685 $ 7,541 $ 4,685 Less: Intangible assets (GAAP) 1,864 1,876 1,552 1,558 1,563 1,864 1,563 (C) Tangible common equity (Non-GAAP) $ 5,677 $ 5,502 $ 3,120 $ 3,107 $ 3,122 $ 5,677 $ 3,122 Tangible Assets (Non-GAAP) (D) Total assets (GAAP) $ 84,209 $ 83,030 $ 48,645 $ 47,197 $ 43,311 $ 84,209 $ 43,311 Less: Intangible assets (GAAP) 1,864 1,876 1,552 1,558 1,563 1,864 1,563 (E) Tangible assets (Non-GAAP) $ 82,345 $ 81,154 $ 47,092 $ 45,640 $ 41,748 $ 82,345 $ 41,748 Period-end Shares Outstanding (F) Period-end shares outstanding 555 555 312 312 311 555 311 Ratios (A)/(D) Total equity to total assets (GAAP) 9.86 % 9.81 % 10.71 % 10.71 % 11.72 % 9.86 % 11.72 % (C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) 6.89 % 6.78 % 6.63 % 6.81 % 7.48 % 6.89 % 7.48 % (B)/(F) Book value per common share (GAAP) $ 13.59 $ 13.30 $ 14.96 $ 14.96 $ 15.04 $ 13.59 $ 15.04 (C)/(F) Tangible book value per common share (Non-GAAP) $ 10.23 $ 9.92 $ 9.99 $ 9.96 $ 10.02 $ 10.23 $ 10.02

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32 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) 4Q20 3Q20 2Q20 1Q20 4Q19 2020 2019 Adjusted Diluted EPS Net income available to common ("NIAC") (GAAP) a $ 234 $ 523 $ 52 $ 12 $ 117 $ 822 $ 435 Plus Tax effected notable items (Non-GAAP) 20 (331) 12 5 30 (294) 90 Adjusted NIAC (Non-GAAP) b $ 255 $ 192 $ 64 $ 17 $ 147 $ 528 $ 525 Diluted Shares (GAAP) c 557 551 313 313 313 434 316 Diluted EPS (GAAP) a/c $ 0.42 $ 0.95 $ 0.17 $ 0.04 $ 0.37 $ 1.89 $ 1.38 Adjusted diluted EPS (Non-GAAP) b/c $ 0.46 $ 0.35 $ 0.20 $ 0.05 $ 0.47 $ 1.22 $ 1.66 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $ 245 $ 539 $ 57 $ 16 $ 121 $ 857 $ 452 Plus Tax effected notable items (Non-GAAP) 20 (331) 12 5 30 (294) 90 Adjusted NI (Non-GAAP) $ 265 $ 208 $ 68 $ 21 $ 151 $ 563 $ 543 NI (annualized) (GAAP) d $ 974 $ 2,144 $ 228 $ 66 $ 481 $ 857 $ 452 Adjusted NI (annualized) (Non-GAAP) e $ 1,055 $ 828 $ 275 $ 84 $ 600 $ 563 $ 543 Average assets (GAAP) f $ 83,809 $ 81,683 $ 47,934 $ 43,552 $ 42,886 $ 64,346 $ 41,744 ROA (GAAP) d/f 1.16 % 2.63 % 0.48 % 0.15 % 1.12 % 1.33 % 1.08 % Adjusted ROA (Non-GAAP) e/f 1.26 % 1.01 % 0.57 % 0.19 % 1.40 % 0.87 % 1.30 % Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE NIAC (GAAP) g $ 234 $ 523 $ 52 $ 12 $ 117 $ 822 $ 435 Plus Tax effected notable items (Non-GAAP) $ 20 $ (331) $ 12 $ 5 $ 30 $ (294) $ 90 Adjusted NIAC (Non-GAAP) h $ 255 $ 192 $ 64 $ 17 $ 147 $ 528 $ 525 Average Common Equity (GAAP) i $ 7,444 $ 7,309 $ 4,673 $ 4,611 $ 4,649 $ 6,016 $ 4,530 Intangible Assets (GAAP) 1,871 1,794 1,555 1,560 1,566 1,696 1,575 Average Tangible Common Equity (Non-GAAP) j $ 5,573 $ 5,515 $ 3,117 $ 3,051 $ 3,083 $ 4,320 $ 2,955 Equity Adjustment (Non-GAAP) — — — — — 23 28 Adjusted Average Tangible Common Equity (Non-GAAP) k $ 5,573 $ 5,515 $ 3,117 $ 3,051 $ 3,083 $ 4,343 $ 2,983 ROCE (GAAP) g/i 12.53 % 28.49 % 4.50 % 1.05 % 9.97 % 13.66 % 9.60 % Adjusted ROCE (Non-GAAP) h/i 13.61 % 10.49 % 5.51 % 1.45 % 12.52 % 8.78 % 11.59 % ROTCE (Non-GAAP) g/j 16.73 % 37.75 % 6.74 % 1.59 % 15.03 % 19.03 % 14.71 % Adjusted ROTCE (Non-GAAP) h/k 18.18 % 13.90 % 8.26 % 2.19 % 18.88 % 12.15 % 17.60 %

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33 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. $ in millions except per share data) 4Q20 3Q20 2Q20 1Q20 4Q19 2020 2019 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) a $ 288 $ 823 $ 206 $ 175 $ 183 $ 1,492 $ 654 Plus notable items (GAAP) (1) (532) — — — (533) — Adjusted noninterest income (Non-GAAP) b 288 291 206 175 183 960 654 Revenue (GAAP) c 810 1,355 512 478 495 3,155 1,864 Plus notable items (GAAP) (1) (532) — — — (533) — Adjusted revenue (Non-GAAP) d $ 810 $ 823 $ 512 $ 478 $ 495 $ 2,623 $ 1,864 Noninterest income as a % of total revenue (GAAP) a/c 35.61 % 60.72 % 40.32 % 36.59 % 37.05 % 47.31 %% 35.09 % Adjusted noninterest income as a % of total revenue (Non-GAAP) b/d 35.56 % 35.32 % 40.32 % 36.59 % 37.05 % 36.60 %% 35.09 % Adjusted Efficiency Ratio Noninterest expense (GAAP) e $ 508 $ 587 $ 321 $ 302 $ 328 $ 1,718 $ 1,233 Plus notable items (GAAP) (34) (116) (14) (6) (37) (170) (114) Adjusted noninterest expense (Non-GAAP) f 474 471 307 296 291 1,549 1,119 Revenue (GAAP) g 810 1,355 512 478 495 3,155 1,864 Plus notable items (GAAP) (1) (532) — — — (533) — Adjusted revenue (Non-GAAP) h $ 810 $ 823 $ 512 $ 478 $ 495 $ 2,622 $ 1,864 Efficiency ratio (GAAP) e/f 62.71 % 43.31 % 62.74 % 63.26 % 66.35 % 54.47 % % 66.15 % Adjusted efficiency ratio (Non-GAAP) g/h 58.57 % 57.26 % 59.95 % 62.05 % 58.88 % 59.06 % % 60.02 % Adjusted Reserve Build Provision for credit losses (GAAP) i $ 1 $ 227 $ 121 $ 154 $ 9 $ 503 $ 45 Plus notable items (GAAP) — (147) — — — (147) — Adjusted provision for credit losses (Non-GAAP) j $ 1 $ 80 $ 121 $ 154 $ 9 $ 356 $ 45 Net Charge-offs (GAAP) k $ 29 $ 67 $ 17 $ 7 $ 3 $ 119 $ 27 Reserve Build/(Release) i-k $ (28) $ 160 $ 104 $ 147 $ 6 $ 384 $ 18 Adjusted Reserve Build/(Release) j-k $ (28) $ 13 $ 104 $ 147 $ 6 $ 237 $ 18

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