8-K - FHN - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

April 21, 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”) First Quarter 2021 Earnings Release, released today.

Furnished as Exhibit 99.2 is a copy of the Investor Slide Presentation for the quarter ended March 31, 2021, released today.

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

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

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

The non-GAAP measures presented in this report are: interest income and interest expense on a taxable equivalent basis, 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 Exhibit 99.1-Earnings Release and at the end of Exhibit 99.2-Investor Slide Presentation.

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

Forward-Looking Statements

This report, including material incorporated into it, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements pertain to FHN's beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results, or other developments. Forward-looking

statements can be identified by the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other expressions that indicate future events and trends. Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic, and competitive uncertainties and contingencies, many of which are beyond FHN’s control, and many of which, with respect to future business decisions and actions (including acquisitions and divestitures), are subject to change and could cause FHN’s actual future results and outcomes to differ materially from those contemplated or implied by forward-looking statements or historical performance. Examples of uncertainties and contingencies include, among other important factors: the possibility that the anticipated benefits of FHN’s 2020 merger of equals with IBERIABANK Corporation 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; potential adverse reactions or changes to business or associate relationships resulting from the 2020 merger; the potential impacts on FHN’s businesses and clients of the COVID-19 pandemic, including negative impacts from quarantines and other public restrictions, market declines and volatility, and changes in client behavior; potential claims relating to participation in government programs, especially lending or other financial services programs; global, general and local economic and business conditions, including economic recession or depression; the stability or volatility of values and activity in the residential housing and commercial real estate markets; expectations of and actual timing and amount of interest rate movements, including the slope and shape of the yield curve, which can have a significant impact on a financial services institution; market and monetary fluctuations, including fluctuations in mortgage markets; the financial condition of borrowers and other counterparties; competition within and outside the financial services industry; the occurrence of natural or man-made disasters, including pestilence, conflicts, or terrorist attacks, or other adverse external events; the effectiveness and cost-efficiency of FHN’s hedging practices; fraud, theft, or other incursions through conventional, electronic, or other means directly or indirectly affecting FHN or its clients, business counterparties, or competitors; FHN’s ability to adapt products and services to changing industry standards and client preferences; risks inherent in originating, selling, servicing, and holding loans and loan-based assets, including prepayment risks, pricing concessions, fluctuation in U.S. housing and other real estate prices, fluctuation of collateral values, and changes in client profiles; changes in the regulation of the U.S. financial services industry; changes in laws, regulations, and administrative actions, including executive orders, whether or not specific to the financial services industry; changes in accounting policies, standards, and interpretations; evolving capital and liquidity standards under applicable regulatory rules; accounting policies and processes requiring management to make estimates about matters that are uncertain; and other factors that may affect future results of FHN.

FHN cautions readers of this report that the list above is not exhaustive as of the date of this report. Further, FHN assumes no obligation to update or revise any forward-looking statements that are made in this report or in any other statement, release, report, or filing from time to time. Actual results could differ and FHN’s estimates and expectations could change, possibly materially, because of one or more factors, including those factors listed above or presented elsewhere in this report or those factors listed in material incorporated by reference into this report. In evaluating forward-looking statements and assessing FHN’s prospects, readers of this report should carefully consider the factors mentioned above along with the additional risk and uncertainty factors discussed in Items 1, 1A, and 7 of FHN’s most recent Annual Report on Form 10-K and in Item 1A of Part II of FHN’s Quarterly Report(s) on Form 10-Q filed this year, along with any additional factors which might materially affect future results and outcomes.

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 First Quarter 2021 Earnings Release
99.2	First Horizon Corporation Investor Slide Presentation for the quarter ended March 31, 2021
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:	April 21, 2021	By:	/s/ William C. Losch III
		William C. Losch III
		Senior Executive Vice President and Chief Financial Officer

Document

First Horizon Corporation Reports First Quarter Net Income Available to Common Shareholders of $225 million,

or EPS of $0.40; $284 million, or $0.51, on an Adjusted basis*

First quarter 2021 ROTCE of 15.9%; Adjusted ROTCE of 20.2% improved from 18.2% in fourth quarter 2020*

Tangible book value per share of $10.30 up 1% from fourth quarter 2020

MEMPHIS, TN (April 21, 2021) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported first quarter 2021 net income available to common shareholders ("NIAC") of $225 million, or earnings per share of $0.40, compared with fourth quarter 2020 NIAC of $234 million, or earnings per share of $0.42. First quarter 2021 results were reduced by a net $60 million after-tax, or $0.11 per share, of notable items largely related to the IBERIABANK Corporation Merger ("IBKC Merger") compared with a net $20 million after-tax reduction, or $0.04 per share, in fourth quarter 2020. Excluding notable items, adjusted first quarter 2021 NIAC of $284 million, or $0.51 per share, increased from $255 million, or $0.46 per share in fourth quarter 2020.*

"Our balanced business model and countercyclical businesses continued to perform well in the first quarter," said President and Chief Executive Officer Bryan Jordan. "Credit quality improved, and our expense discipline resulted in incremental cost savings. Merger integration efforts are going well, and I am proud of our associates’ unwavering support of our clients and communities. Annualized merger-related cost savings totaled $76 million in the first quarter, and since the inception of the most recent phase of the Paycheck Protection Program, we have assisted clients and their employees by funding over 15,000 loans totaling approximately $1.5 billion."

Jordan continued, "Thank you to our associates for their extraordinary dedication to our clients and communities and focus on growing our business all while helping to bring our two companies together."

Notable and Unusual Items

Notable Items
Quarterly, Unaudited
($s in millions, except per share data)	1Q21		4Q20		1Q20
Summary of Notable Items:
Purchase accounting gain	$	1	$	1	$	—
Merger/acquisition expense	(70)		(34)		(6)
Other notable expense	(10)		—		—
Total Notable items (pre-tax)	$	(79)	$	(33)	$	(6)
Total Notable items (after-tax)	(60)		(20)		(5)
EPS impact of notable items	$	(0.11)	$	(0.04)	$	(0.01)

First quarter 2021 earnings were reduced by a net $60 million after-tax impact, or $0.11 per share, tied to notable items compared with a net $20 million impact, or $0.04 per share, in fourth quarter 2020. First quarter notable items largely related to the IBKC Merger and include:

•$70 million of merger-related expense largely tied to IBKC merger integration costs.

•$10 million tied to derivative valuation adjustments related to prior Visa Class-B share sales.

•$1 million purchase accounting gain adjustment related to the IBKC Merger.

*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.

In addition to the above notable items, linked quarter adjusted trends were impacted by the following fourth quarter 2020 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.

First Quarter 2021 Highlights*

•Total revenue of $806 million remained relatively stable with fourth quarter 2020 levels as a reduction in net interest income was partially offset by higher noninterest income driven by strength in fixed income and brokerage, trust and insurance fees.

•Noninterest expense of $544 million increased $36 million from fourth quarter 2020 driven by a $46 million increase in notable items largely tied to the IBKC Merger. Adjusted noninterest expense of $464 million decreased $10 million from fourth quarter 2020 levels, in part reflecting the benefit of a $5 million increase in merger cost saves.

•Efficiency ratio of 68% compared with 63% in fourth quarter 2020. On an adjusted basis, efficiency improved to 57% compared with 58% in fourth quarter.

•Provision for credit losses benefit of $45 million improved $46 million from fourth quarter 2020, largely reflecting an improved overall macroeconomic outlook and included a $53 million decrease in allowance for credit losses.

•Average interest earning assets of $78.7 billion increased $1.7 billion largely as a $3.1 billion increase in excess cash was partially offset by a $1.6 billion decrease in loans given pandemic impacts on overall market conditions.

•Average deposits of $71.0 billion increased $1.3 billion, or 2%, driven by a $1.2 billion increase in noninterest- bearing deposits largely reflecting the impact of stimulus checks and Payroll Protection Program "PPP" loan funding.

•Allowance for credit losses to loans ratio decreased to 1.70% from 1.80% as of December 31, 2020, largely reflecting an improving macroeconomic outlook and strong asset quality; the allowance for loan losses to nonperforming loans ratio of 232% declined from 249% as of December 31, 2020.

•Net charge-offs of 0.06% decreased from 0.19% in fourth quarter 2020 reflecting continued improvement in overall asset quality; nonperforming loans of $394 million increased 2% from $386 million as of December 31, 2020. The nonperforming loan ratio of 0.67% remained relatively stable linked quarter.

•Tangible book value per share of $10.30 at March 31, 2021 increased 1% from $10.23 at December 31, 2020.

•ROCE of 12.0%; ROTCE of 15.9%; Adjusted ROTCE of 20.2%; CET 1 ratio of 10.0%; and total capital ratio of 12.8%.

•Repurchased 3.6 million shares of common stock during the quarter at a weighted average price of $16.12.

Strategic Update

•Progress across key merger milestones including conversion of mortgage and retail brokerage platform.

•Achieved $76 million of annualized net cost saves in first quarter 2021; on track to deliver a targeted $200 million of annualized cost saves.

•Expect to fully integrate systems in the Fall of 2021.

COVID-19 Update

•Funded approximately $1.3 billion of new PPP loans in first quarter 2021 compared with $4.2 billion in full year 2020.

•Loans on deferral represented 0.7% of total loans excluding PPP as of March 31, 2021, compared with 0.9% at December 31, 2020.

SUMMARY RESULTS, Continued
Quarterly, Unaudited
										1Q21 Change vs.
($s in millions, except per share and balance sheet data)	1Q21			4Q20			1Q20			4Q20			1Q20
										/bp		%	/bp		%
Income Statement
Interest income - taxable equivalent1	$	555		$	578		$	381				(4)			46
Interest expense- taxable equivalent1	45			53			76			(8)		(15)	(31)		(41)
Net interest income- taxable equivalent	511			525			305			(14)		(3)	206		68
Less: Taxable-equivalent adjustment	3			3			2			—		—	1		50
Net interest income	508			$	522		$	303				(3)	205		68
Noninterest income	298			288			175			10		3	123		71
Total revenue	806			810			478			(4)		(1)	328		69
Noninterest expense	544			508			302			36		7	242		80
Pre-provision net revenue3	262			302			175			(40)		(13)	87		49
Provision for credit losses4	(45)			1			154			(46)		NM	(199)		(129)
Income before income taxes	307			301			21			6		2	286		NM
Provision for income taxes	71			56			5			15		26	66		NM
Net income	235			245			16			(10)		(4)	219		NM
Net income attributable to noncontrolling interest	3			3			3			—		6	—		5
Net income attributable to controlling interest	233			242			14			(9)		(4)	219		NM
Preferred stock dividends	8			8			2			—		5	6		NM
Net income available to common shareholders	$	225		$	234		$	12				(4)			NM
Adjusted net income5	$	295		$	265		$	21				11			NM
Adjusted net income available to common shareholders5	$	284		$	255		$	17				12			NM
Common stock information
EPS	$	0.40		$	0.42		$	0.04				(5)			NM
Adjusted EPS5	$	0.51		$	0.46		$	0.05				11			NM
Diluted shares	558			557			313			1		—	245		78
Key performance metrics
Net interest margin	2.63		%	2.71		%	3.16		%	(8)	bp		(53)	bp
Efficiency ratio	67.53			62.71			63.26			482			427
Adjusted efficiency ratio5	57.49			58.34			61.76			(85)			(427)
Effective income tax rate	23.24			18.70			22.44			454			80
Return on average assets	1.12			1.16			0.15			(4)			97
Adjusted return on average assets5	1.40			1.26			0.19			14			121
Return on average common equity (“ROCE")	12.01			12.53			1.05			(52)			1,096
Return on average tangible common equity (“ROTCE”)5	15.90			16.73			1.59			(83)			1,431
Adjusted ROTCE5	20.15			18.18			2.19			197			1,796
Noninterest income as a % of total revenue	37.00			35.61			36.59			139			41
Adjusted noninterest income as a % of total revenue5	36.78		%	35.42		%	36.42		%	136	bp		36	bp
Balance Sheet (billions)
Average loans	$	58.2		$	59.8		$	30.5				(3)			91
Average deposits	71.0			69.6			32.9			1.3		2	38.1		116
Average assets	85.4			83.8			43.6			1.6		2	41.8		96
Average common equity	$	7.6		$	7.4		$	4.6				2			64
Asset Quality Highlights
Allowance for credit losses to loans and leases	1.70		%	1.80		%	1.45		%	(10)	bp		25	bp
Net charge-off ratio	0.06			0.19			0.10			(14)			(4)
Nonperforming loan and leases ratio	0.67		%	0.66		%	0.57		%	1	bp		10	bp
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 1	9.96		%	9.68		%	8.54		%	28	bp		142	bp
Tier 1	11.03			10.74			9.52			29			151
Total Capital	12.83			12.57			10.78			26			205
Tier 1 leverage	8.20		%	8.24		%	9.00		%	(4)	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.

First Quarter 2021 versus Fourth Quarter 2020

Net interest income

Net interest income of $508 million declined $14 million from fourth quarter 2020. Results were driven by the impact of a decrease in average loans, day count and lower short-term rates partially offset by improved funding costs. Net interest margin of 2.63% decreased from 2.71% in the prior quarter, largely driven by a 10 basis point reduction tied to excess cash. Core net interest margin, excluding the impact of net merger accounting accretion and PPP loans decreased 10 basis points partially offset by a 3 basis point benefit tied to a reduction in unusual items.

Noninterest income

Noninterest income of $298 million increased $10 million from fourth quarter 2020. Results reflect strength in fixed income and brokerage, trust and insurance partially offset by lower deferred compensation, mortgage banking and title fees and other noninterest income. Fixed income average daily revenue of $1.9 million improved from $1.5 million in fourth quarter 2020 reflecting the impact of continued overall economic factors including elevated liquidity levels and weak loan demand, as well as interest rate volatility.

Noninterest expense

Noninterest expense of $544 million increased $36 million from fourth quarter 2020 driven by a net $46 million increase in notable items largely related to the IBKC merger. Adjusted noninterest expense of $464 million decreased $10 million from fourth quarter 2020 as a modest increase in outside services was more than offset by reductions in other categories.

Loans and leases

Average loan and lease balances of $58.2 billion decreased $1.6 billion from fourth quarter 2020 reflecting an $893 million decrease in commercial and a $705 million decrease in consumer. Commercial loans trends largely reflected a $972 million decrease in loans to mortgage companies. Period-end loans and leases of $58.6 billion increased $368 million from fourth quarter 2020 largely driven by a $1.0 billion increase in commercial largely tied to PPP loans, offset by a $675 million decrease in consumer.

Deposits

Average deposits of $71.0 billion increased $1.3 billion from fourth quarter 2020 driven by a $1.2 billion increase in noninterest-bearing deposits largely reflecting the impact of stimulus checks and balance increases tied to PPP loans. Period-end deposits of $73.2 billion at March 31, 2021, increased $3.2 billion from $70.0 billion at December 31, 2020 driven by growth in noninterest-bearing deposits. Interest-bearing deposit costs of 20 basis points improved 6 basis points linked quarter, reflecting continued pricing discipline.

Asset quality

Provision for credit losses benefit of $45 million compared to expense of $1 million in fourth quarter 2020, largely reflecting continued improvement in the overall macroeconomic outlook and a reduction in consumer loans.

Net charge-offs of $8 million, or 6 basis points, improved from $29 million, or 19 basis points, in fourth quarter 2020

reflecting continued improvement in overall asset quality.

Nonperforming loans of $394 million increased $7 million from fourth quarter 2020 driven by an increase in commercial real estate. First quarter 2021 allowance to nonperforming coverage ratio of 232% compared with 249% in fourth quarter 2020. First quarter 2021 nonperforming loans to loans ratio of 67 basis points compared with 66 basis points at fourth quarter 2020.

The allowance for credit losses to loans ratio decreased to 1.70% from 1.80% in fourth quarter 2020 reflecting an overall improvement in the macroeconomic environment and asset quality.

Capital

CET1 ratio of 10.0% in first quarter 2021 improved from 9.7% in fourth quarter 2020. The improvement was driven by growth in retained earnings and a reduction in risk-weighted assets tied to lower loan balances; the increase was partially offset by capital return through share repurchases and dividends.

On January 27, 2021, the board of directors authorized the company to repurchase up to $500 million of common stock. The board also approved payment of a quarterly cash dividend on its common stock of $0.15 per share. The dividend was paid April 1, 2021. Additionally, the board approved payment of cash dividends on First Horizon’s Series A, Series C, Series D and Series E Preferred Stock.

Returned $143 million in capital to common stockholders during the quarter including $58 million, or 3.6 million shares, of common stock repurchases at a weighted average price of $16.12.

Income taxes

The first quarter 2021 effective tax rate of 23.2% increased from fourth quarter 2020 level of 18.7%. On an adjusted basis, the effective tax rate of 23.4% in first quarter 2021 increased from 20.7% in fourth quarter 2020.

Conference call information

Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on April 21 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 3384998. 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 April 21 until midnight CT on May 5 . To listen to the replay, dial 1-877-344-7529 (U.S. callers) or 412-317-0088 (international callers); the access code is 10152345. 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 document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements pertain to FHN's beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results, or other developments. Forward-looking statements can be identified by the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other expressions that indicate future events and trends.

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

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

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

The non-GAAP measures presented in this earnings release are interest income and interest expense on a taxable equivalent basis, 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.

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

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

CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited
																1Q21 Change vs.
($s in millions, except per share data)	1Q21			4Q20			3Q20			2Q20			1Q20			4Q20			1Q20
																	%			%
Interest income - taxable equivalent1	$	555		$	578		$	601		$	349		$	381			(4)	%		46	%
Interest expense- taxable equivalent1	45			53			66			41			76			(8)	(15)		(31)	(41)
Net interest income- taxable equivalent	511			525			535			308			305			(14)	(3)		206	68
Less: Taxable-equivalent adjustment	3			3			3			3			2			—	—		1	50
Net interest income	508			522			532			305			303			(14)	(3)		205	68
Noninterest income:
Fixed income	126			104			111			112			96			22	21		30	32
Mortgage banking and title	53			57			66			4			2			(4)	(7)		51	NM
Brokerage, trust, and insurance	33			31			30			22			23			2	5		10	41
Service charges and fees	53			53			50			35			36			—	—		17	49
Card and digital banking fees	17			18			17			12			12			(1)	(7)		5	36
Deferred compensation income	3			9			4			8			(10)			(6)	(65)		13	132
Other noninterest income2	15			16			546			12			15			(1)	(6)		—	1
Total noninterest income	298			288			823			206			175			10	3		123	71
Total revenue	806			810			1,355			512			478			(4)	(1)		328	69
Noninterest expense:
Personnel expense:
Salaries and benefits	196			200			201			111			113			(4)	(2)		83	74
Incentives and commissions	120			110			126			79			81			10	9		39	48
Deferred compensation expense	3			9			3			9			(10)			(6)	(67)		13	129
Total personnel expense	318			319			329			200			183			(1)	—		135	73
Occupancy and equipment	76			76			77			46			44			—	—		32	72
Outside services	58			59			78			38			38			(1)	(1)		20	51
Amortization of intangible assets	14			15			15			5			5			(1)	(5)		9	NM
Other noninterest expense	78			39			89			31			31			39	100		47	NM
Total noninterest expense	544			508			587			321			302			36	7		242	80
Pre-provision net revenue3	262			302			768			191			175			(40)	(13)		87	49
Provision for credit losses4	(45)			1			227			121			154			(46)	NM		(199)	(129)
Income before income taxes	307			301			541			69			21			6	2		286	NM
Provision for income taxes	71			56			2			13			5			15	26		66	NM
Net income	235			245			539			57			16			(10)	(4)		219	NM
Net income attributable to noncontrolling interest	3			3			3			3			3			—	6		—	5
Net income attributable to controlling interest	233			242			536			54			14			(9)	(4)		219	NM
Preferred stock dividends	8			8			13			2			2			—	5		6	NM
Net income available to common shareholders	$	225		$	234		$	523		$	52		$	12			(4)	%		NM
Common Share Data
EPS	$	0.41		$	0.42		$	0.95		$	0.17		$	0.04			(2)			NM
Basic shares	552			553			550			312			312			(1)	—		240	77
Diluted EPS	$	0.40		$	0.42		$	0.95		$	0.17		$	0.04			(5)			NM
Diluted shares	558			557			551			313			313			1	—		245	78
Effective tax rate	23.2		%	18.7		%	0.4		%	18.4		%	22.4		%

All values are in US Dollars.

Numbers may not foot due to rounding. See footnote disclosures on page 21.

ADJUSTED5 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 10
Quarterly, Unaudited
																1Q21 Change vs.
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
($s in millions, except per share data)	1Q21			4Q20			3Q20			2Q20			1Q20			4Q20			1Q20
																	%			%
Net interest income (FTE)1	$	511		$	525		$	535		$	308		$	305			(3)	%		68	%
Adjusted noninterest income:
Fixed income	126			104			111			112			96			22	21		30	31
Mortgage banking and title	53			57			66			4			2			(4)	(7)		51	NM
Brokerage, trust, and insurance	33			31			30			22			23			2	5		10	43
Service charges and fees	53			53			50			35			36			—	—		17	47
Card and digital banking fees	17			18			17			12			12			(1)	(7)		5	42
Deferred compensation income	3			9			4			8			(10)			(6)	(65)		13	130
Adjusted other noninterest income	14			15			14			12			15			(1)	(6)		(1)	(7)
Adjusted total noninterest income	$	297		$	288		$	291		$	206		$	175			3	%		70	%
Total revenue (FTE)1	$	808		$	813		$	826		$	514		$	480			(1)	%		68	%
Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$	195		$	200		$	200		$	107		$	112			(3)	%		74	%
Adjusted Incentives and commissions	99			89			91			79			81			10	11	%	18	22
Deferred compensation expense	3			9			3			9			(10)			(6)	(67)	%	13	130
Adjusted total personnel expense	297			298			294			195			182			(1)	—	%	115	63
Adjusted occupancy and equipment	72			74			73			46			44			(2)	(3)	%	28	64
Adjusted outside services	54			52			46			33			37			2	4	%	17	46
Adjusted amortization of intangible assets	13			14			14			5			5			(1)	(5)	%	8	NM
Adjusted other noninterest expense	28			35			45			27			28			(7)	(20)	%	—	—
Adjusted total noninterest expense	$	464		$	474		$	471		$	307		$	296			(2)	%		57	%
Adjusted pre-provision net revenue5	$	343		$	339		$	355		$	207		$	183			1	%		87	%
Adjusted provision for credit losses4	$	(45)		$	1		$	80		$	121		$	154			NM			(129)	%
Adjusted net income available to common shareholders	$	284		$	255		$	193		$	64		$	17			12	%		NM
Adjusted Common Share Data
Adjusted diluted EPS	$	0.51		$	0.46		$	0.35		$	0.20		$	0.05			11	%		NM
Diluted shares	558			557			551			313			313			1	—	%	245	78	%
Adjusted effective tax rate	23.4		%	20.7		%	23.3		%	18.3		%	22.2		%
Adjusted ROTCE	20.2		%	18.2		%	13.9		%	8.3		%	2.2		%
Adjusted efficiency ratio	57.5		%	58.3		%	57.1		%	59.7		%	61.8		%

All values are in US Dollars.

Numbers may not foot due to rounding.

See footnote disclosures on page 21.

NOTABLE ITEMS
Quarterly, Unaudited		(In millions)	1Q21		4Q20		3Q20		2Q20		1Q20
---	---	---	---	---	---	---	---	---	---	---
Summary of Notable Items:
Purchase accounting gain	$	1	$	1	$	532	$	—	$	—
Merger/acquisition non-PCD provision expense	—		—		(147)		—		—
Merger/acquisition expense*	(70)		(34)		(101)		(14)		(6)
Charitable contributions	—		—		(15)		—		—
Other notable expenses	(10)		—		—		—		—
Total notable items	$	(79)	$	(33)	$	269	$	(14)	$	(6)
EPS impact of notable items	$	(0.11)	$	(0.04)	$	0.60	$	(0.04)	$	(0.01)

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, Unaudited		(In millions)	1Q21		4Q20		3Q20		2Q20		1Q20
---	---	---	---	---	---	---	---	---	---	---
Impacts of Notable Items:
Noninterest income:
Other noninterest income	$	(1)	$	(1)	$	(532)	$	—	$	—
Total noninterest income	$	(1)	$	(1)	$	(532)	$	—	$	—
Noninterest expense:
Personnel expenses:
Salaries and benefits	$	—	$	—	$	(1)	$	(5)	$	(1)
Incentives and commissions	(21)		(21)		(34)		—		—
Deferred compensation expense	—		—		—		—		—
Total personnel expenses	(21)		(21)		(35)		(5)		(1)
Occupancy and equipment	(4)		(2)		(4)		—		—
Outside services	(4)		(7)		(32)		(5)		(2)
Amortization of intangible assets	(1)		(1)		(1)		—		—
Other noninterest expense	(50)		(4)		(44)		(4)		(3)
Total noninterest expense	$	(80)	$	(34)	$	(116)	$	(14)	$	(6)
Provision for credit losses	$	—	$	—	$	(147)	$	—	$	—
Income before income taxes	$	79	$	33	$	(269)	$	14	$	6
Provision for income taxes	19		13		61		3		1
Net income/(loss) available to common shareholders	$	60	$	20	$	(331)	$	12	$	5

Numbers may not foot due to rounding

FINANCIAL RATIOS
Quarterly, Unaudited
																1Q21 change vs.
	1Q21			4Q20			3Q20			2Q20			1Q20			4Q20				1Q20
FINANCIAL RATIOS																/bp		%		/bp		%
Net interest margin	2.63		%	2.71		%	2.84		%	2.90		%	3.16		%	(8)	bp			(53)	bp
Return on average assets	1.12		%	1.16		%	2.63		%	0.48		%	0.15		%	(4)				97
Adjusted return on average assets5	1.40		%	1.26		%	1.01		%	0.57		%	0.19		%	14				121
Return on average common equity (“ROCE”)	12.01		%	12.53		%	28.49		%	4.50		%	1.05		%	(52)				1,096
Return on average tangible common equity (“ROTCE”)5	15.90		%	16.73		%	37.75		%	6.74		%	1.59		%	(83)				1,431
Adjusted ROTCE5	20.15		%	18.18		%	13.90		%	8.26		%	2.19		%	197				1,796
Noninterest income as a % of total revenue	37.00		%	35.61		%	60.72		%	40.32		%	36.59		%	139				41
Adjusted noninterest income as a % of total revenue5	36.78		%	35.42		%	35.20		%	40.12		%	36.42		%	136				36
Efficiency ratio	67.53		%	62.71		%	43.31		%	62.74		%	63.26		%	482				427
Adjusted efficiency ratio5	57.49		%	58.34		%	57.06		%	59.65		%	61.76		%	(85)				(427)
CAPITAL - PERIOD END
CET1 capital ratio*	9.96		%	9.68		%	9.21		%	9.25		%	8.54		%	28	bp			142	bp
Tier 1 capital ratio*	11.03		%	10.74		%	10.25		%	10.69		%	9.52		%	29	bp			151	bp
Total capital ratio*	12.83		%	12.57		%	12.05		%	12.47		%	10.78		%	26	bp			205	bp
Tier 1 leverage ratio*	8.20		%	8.24		%	8.25		%	8.55		%	9.00		%	(4)	bp			(80)	bp
Risk-weighted assets (“RWA”) (billions)	$	62.4		$	63.1		$	64.5		$	37.4		$	40.1				(1)	%			56	%
Total equity to total assets	9.49		%	9.86		%	9.81		%	10.71		%	10.71		%	(37)	bp			(122)	bp
Tangible common equity/tangible assets (“TCE/TA”)5	6.64		%	6.89		%	6.78		%	6.63		%	6.81		%	(25)	bp			(17)	bp
Period-end shares outstanding (millions)	552			555			555			312			312			(3)		—		241		77	%
Cash dividends declared per common share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15				—				—
Book value per common share	$	13.65		$	13.59		$	13.30		$	14.96		$	14.96				—				(9)	%
Tangible book value per common share5	$	10.30		$	10.23		$	9.92		$	9.99		$	9.96				1	%			3	%
SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	80.09		%	83.21		%	87.28		%	86.62		%	96.97		%	(312)	bp			(1,688)	bp
Loans-to-deposit ratio (average balances)	82.02		%	85.90		%	89.59		%	90.52		%	92.83		%	(388)	bp			(1,080)	bp
Full-time equivalent associates	8,284			8,466			8,121			5,006			4,969			(182)		(2)	%	3,315		67	%

All values are in US Dollars.

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

*Current quarter is an estimate.

See footnote disclosures on page 21.

CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited

											1Q21 change vs.
(In millions)	1Q21		4Q20		3Q20		2Q20		1Q20		4Q20			1Q20
												%			%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	33,951	$	33,103	$	33,656	$	21,394	$	22,124		3	%		53	%
Commercial real estate	12,470		12,275		12,511		4,813		4,640		195	2		7,830	NM
Total Commercial	46,421		45,379		46,167		26,207		26,764		1,042	2		19,657	73
Consumer real estate	11,053		11,725		12,328		6,052		6,119		(672)	(6)		4,933	81
Credit card and other6	1,126		1,128		1,212		449		495		(2)	—		631	128
Total Consumer	12,178		12,853		13,540		6,502		6,614		(675)	(5)		5,564	84
Loans and leases, net of unearned income	58,600		58,232		59,707		32,709		33,378		368	1		25,221	76
Loans held for sale	811		1,022		1,051		746		596		(211)	(21)		215	36
Investment securities	8,361		8,057		8,006		5,486		4,555		304	4		3,806	84
Trading securities	1,076		1,176		1,386		1,116		1,878		(100)	(9)		(801)	(43)
Interest-bearing deposits with banks	11,635		8,351		5,443		3,136		671		3,284	39		10,965	NM
Federal funds sold and securities purchased under agreements to resell	520		445		593		415		592		75	17		(72)	(12)
Total interest earning assets	81,004		77,284		76,186		43,608		41,669		3,720	5		39,334	94
Cash and due from banks	1,169		1,203		1,075		604		538		(34)	(3)		632	118
Goodwill and other intangible assets, net	1,850		1,864		1,876		1,552		1,558		(14)	(1)		292	19
Premises and equipment, net	719		759		756		448		448		(40)	(5)		271	61
Allowance for loan and lease losses7	(914)		(963)		(988)		(538)		(444)		49	5		(470)	(106)
Other assets	3,685		4,063		4,125		2,970		3,429		(378)	(9)		256	7
Total assets	$	87,513	$	84,209	$	83,030	$	48,645	$	47,197		4	%		85	%
Liabilities and Shareholders' Equity:
Deposits:
Savings	$	27,023	$	27,324	$	26,573	$	13,532	$	13,860		(1)	%		95	%
Time deposits	4,653		5,070		5,526		2,656		3,058		(418)	(8)		1,595	52
Other interest-bearing deposits	16,444		15,415		14,925		9,784		8,561		1,029	7		7,883	92
Total interest-bearing deposits	48,120		47,810		47,025		25,972		25,480		311	1		22,640	89
Trading liabilities	454		353		477		233		453		101	29		1	—
Short-term borrowings	2,203		2,198		2,142		2,392		5,325		4	—		(3,123)	(59)
Term borrowings	1,671		1,670		2,162		2,032		793		2	—		878	111
Total interest-bearing liabilities	52,448		52,030		51,805		30,628		32,050		417	1		20,397	64
Noninterest-bearing deposits	25,046		22,173		21,384		11,788		8,940		2,874	13		16,106	NM
Other liabilities	1,712		1,699		1,696		1,020		1,152		12	1		560	49
Total liabilities	79,206		75,903		74,885		43,436		42,142		3,303	4		37,064	88
Shareholders' Equity:
Preferred stock	470		470		470		240		96		—	—		375	NM
Common stock	345		347		347		195		195		(2)	—		150	77
Capital surplus	5,036		5,073		5,061		2,941		2,939		(37)	(1)		2,098	71
Retained earnings7	2,402		2,261		2,111		1,672		1,667		140	6		734	44
Accumulated other comprehensive loss, net	(242)		(140)		(140)		(135)		(136)		(102)	(73)		(106)	(78)
Combined shareholders' equity	8,012		8,012		7,849		4,913		4,760		—	—		3,251	68
Noncontrolling interest	295		295		295		295		295		—	—		—	—
Total shareholders' equity	8,307		8,307		8,144		5,208		5,056		—	—		3,251	64
Total liabilities and shareholders' equity	$	87,513	$	84,209	$	83,030	$	48,645	$	47,197		4	%		85	%
Memo:
Total Deposits	$	73,167	$	69,982	$	68,409	$	37,759	$	34,420		5	%		113	%

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.

CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly, Unaudited

											1Q21 change vs.
(In millions)	1Q21		4Q20		3Q20		2Q20		1Q20		4Q20			1Q20
												%			%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	33,279	$	34,196	$	34,051	$	22,694	$	19,470		(3)	%		71	%
Commercial real estate	12,424		12,400		12,414		4,710		4,422		24	—		8,002	NM
Total Commercial	45,703		46,596		46,465		27,404		23,891		(893)	(2)		21,812	91
Consumer real estate	11,400		12,030		12,444		6,087		6,134		(630)	(5)		5,266	86
Credit card and other6	1,119		1,194		1,209		476		498		(75)	(6)		621	125
Total Consumer	12,519		13,224		13,653		6,564		6,633		(705)	(5)		5,886	89
Loans and leases, net of unearned income	58,222		59,820		60,118		33,968		30,524		(1,598)	(3)		27,698	91
Loans held-for-sale	842		1,030		985		731		590		(188)	(18)		252	43
Investment securities	8,320		8,213		8,590		4,541		4,467		107	1		3,853	86
Trading securities	1,418		1,292		1,194		1,420		1,831		126	10		(413)	(23)
Interest-bearing deposits with banks	9,269		6,201		3,616		1,620		548		3,068	49		8,721	NM
Federal funds sold and securities purchased under agreements to resell	599		440		500		422		827		159	36		(228)	(28)
Total interest earning assets	78,670		76,995		75,002		42,702		38,788		1,675	2		39,882	103
Cash and due from banks	1,250		1,204		1,028		562		610		46	4		641	105
Goodwill and other intangibles assets, net	1,857		1,871		1,794		1,555		1,560		(14)	(1)		297	19
Premises and equipment, net	755		765		747		452		451		(10)	(1)		304	67
Allowances for loan and lease losses7	(949)		(985)		(980)		(476)		(354)		36	4		(595)	NM
Other assets	3,817		3,959		4,093		3,140		2,497		(142)	(4)		1,320	53
Total assets	$	85,401	$	83,809	$	81,683	$	47,934	$	43,552		2	%		96	%
Liabilities and shareholders' equity:
Deposits:
Savings	$	27,370	$	27,090	$	25,648	$	14,118	$	12,117		1	%		126	%
Time deposits	4,836		5,386		5,783		2,836		3,357		(550)	(10)		1,480	44
Other interest-bearing deposits	15,491		15,057		14,771		9,256		8,743		433	3		6,748	77
Total interest-bearing deposits	47,697		47,534		46,202		26,211		24,216		163	—		23,481	97
Trading liabilities	518		367		360		352		751		150	41		(233)	(31)
Short-term borrowings	2,280		2,113		2,469		2,603		3,211		167	8		(931)	(29)
Term borrowings	1,670		1,913		2,172		1,426		791		(242)	(13)		879	111
Total interest-bearing liabilities	52,164		51,926		51,202		30,593		28,967		238	—		23,198	80
Noninterest-bearing deposits	23,284		22,105		20,904		11,316		8,666		1,179	5		14,618	NM
Other liabilities	1,603		1,568		1,505		908		915		35	2		688	75
Total liabilities	77,052		75,600		73,611		42,816		38,550		1,452	2		38,502	100
Shareholders' Equity:
Preferred stock	470		470		468		150		96		—	—		375	NM
Common stock	346		347		345		195		195		—	—		152	78
Capital surplus	5,061		5,902		5,041		2,941		2,935		(841)	(14)		2,126	72
Retained earnings7	2,336		1,346		2,025		1,672		1,687		991	74		649	38
Accumulated other comprehensive loss, net	(161)		(151)		(103)		(135)		(206)		(10)	(7)		45	22
Combined shareholders' equity	8,054		7,914		7,777		4,822		4,707		140	2		3,347	71
Noncontrolling interest	295		295		295		295		295		—	—		—	—
Total shareholders' equity	8,349		8,209		8,072		5,118		5,002		140	2		3,347	67
Total liabilities and shareholders' equity	$	85,401	$	83,809	$	81,683	$	47,934	$	43,552		2	%		96	%
Memo:
Total Deposits	$	70,981	$	69,639	$	67,106	$	37,526	$	32,882		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 NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited
																					1Q21 change vs.
	1Q21				4Q20				3Q20				2Q20				1Q20				4Q20			1Q20
(In millions, except rates)	Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense			Income/Expense
																						%			%
Interest earning assets/Interest income:
Loans and leases, net of unearned income:
Commercial	$	382	3.39		$	406	3.46		$	419	3.59		$	243	3.56		$	257	4.33			(6)	%		49	%
Consumer	127		4.13		129		3.89		141		4.11		65		4.00		71		4.33		(1)	(1)		56	78
Loans and leases, net of unearned income	510		3.55		535		3.56		560		3.70		308		3.65		329		4.33		(25)	(5)		181	55
Loans held-for-sale	7		3.16		8		3.22		8		3.36		7		3.61		7		4.67		(2)	(20)		—	(5)
Investment securities	28		1.41		27		1.29		25		1.21		25		2.23		28		2.51		1	3		—	(1)
Trading securities	7		2.03		7		2.05		6		2.08		9		2.48		13		2.91		1	9		(6)	(45)
Interest-bearing deposits with banks	2		0.10		2		0.10		1		0.09		—		0.09		2		1.13		1	42		—	11
Federal funds sold and securities purchased under agreements	—		(0.12)		—		0.03		—		0.04		—		(0.06)		2		1.13		—	NM		(2)	(110)
Interest income	$	555	2.86		$	578	2.99		$	601	3.19		$	349	3.29		$	381	3.94			(4)	%		46	%
Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$	13	0.19		$	18	0.27		$	25	0.38		$	13	0.36		$	26	0.87			(31)	%		(52)	%
Time deposits	6		0.47		6		0.44		10		0.70		9		1.31		14		1.67		—	(5)		(8)	(60)
Other interest-bearing deposits	6		0.16		7		0.18		7		0.20		3		0.13		14		0.65		(1)	(13)		(8)	(57)
Total interest-bearing deposits	24		0.20		31		0.26		42		0.36		25		0.38		54		0.90		(7)	(22)		(30)	(55)
Trading liabilities	1		0.73		1		0.78		1		0.77		1		1.11		3		1.76		—	31		(2)	(72)
Short-term borrowings	1		0.21		1		0.23		1		0.20		1		0.22		10		1.24		—	(2)		(9)	(88)
Term borrowings	18		4.39		20		4.16		22		3.98		14		3.96		8		4.01		(2)	(8)		10	129
Interest expense	45		0.34		53		0.40		66		0.51		41		0.54		76		1.05		(8)	(15)		(31)	(41)
Net interest income - tax equivalent basis	511		2.52		525		2.59		535		2.68		308		2.75		305		2.89		(14)	(3)		206	68
Fully taxable equivalent adjustment	(3)		0.11		(3)		0.12		(3)		0.16		(3)		0.15		(2)		0.27		—	7		(1)	(48)
Net interest income	$	508	2.63		$	522	2.71		$	532	2.84		$	305	2.90		$	303	3.16			(3)	%		68	%
Memo:
Total loan yield			3.55	%			3.56	%			3.70	%			3.65	%			4.33	%
Total deposit cost			0.14	%			0.18	%			0.25	%			0.27	%			0.67	%
Total funding cost			0.24	%			0.28	%			0.36	%			0.40	%			0.81	%

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															1Q21 change vs.
(In millions, except ratio data)	1Q21			4Q20			3Q20			2Q20			1Q20			4Q20			1Q20
																	%			%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$	144		$	144		$	213		$	127		$	96			—	%		50	%
Commercial real estate	67			58			51			2			2			9	15		65	NM
Consumer real estate	180			182			180			96			91			(2)	(1)		89	97
Credit card and other	2			2			3			—			—			—	22		2	NM
Total nonperforming loans and leases	$	394		$	386		$	447		$	226		$	190			2	%		107	%
Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.42		%	0.43		%	0.63		%	0.60		%	0.43		%
Commercial real estate	0.54			0.48			0.41			0.04			0.05
Consumer real estate	1.63			1.56			1.46			1.59			1.49
Credit card and other	0.22			0.18			0.24			0.06			0.07
Total nonperforming loans and leases to loans and leases	0.67		%	0.66		%	0.75		%	0.69		%	0.57		%

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										1Q21 change vs.
(In millions)	1Q21		4Q20		3Q20		2Q20		1Q20		4Q20			1Q20
												%			%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)	$	—	$	—	$	—	$	—	$	—		(62)	%		(40)	%
Commercial real estate	—		—		—		—		—		—	NM		—	NM
Consumer real estate	12		15		14		13		12		(3)	(19)		—	3
Credit card and other	—		1		1		1		2		—	(37)		(1)	(76)
Total loans and leases 90 days or more past due and accruing	$	13	$	16	$	15	$	14	$	14		(20)	%		(8)	%

All values are in US Dollars.

Numbers may not foot due to rounding.

CONSOLIDATED NET CHARGE-OFFS
Quarterly, Unaudited
	As of															1Q21 change vs.
(In millions, except ratio data)	1Q21			4Q20			3Q20			2Q20			1Q20			4Q20			1Q20
Charge-off, Recoveries and Related Ratios																	%			%
Gross Charge-offs
Commercial, financial, and industrial (C&I)	$	15		$	35		$	69		$	18		$	7			(56)	%		128	%
Commercial real estate	3			—			4			—			1			3	NM		3	NM
Consumer real estate	1			1			2			2			2			—	(6)		(1)	(39)
Credit card and other	3			4			4			3			4			(1)	(16)		(1)	(23)
Total gross charge-offs	$	23		$	40		$	78		$	23		$	13			(43)	%		71	%
Gross Recoveries
Commercial, financial, and industrial (C&I)	$	(6)		$	(4)		$	(3)		$	(1)		$	(1)			(47)	%		NM
Commercial real estate	(2)			(1)			(2)			—			(1)			—	(43)		(1)	NM
Consumer real estate	(6)			(5)			(5)			(4)			(4)			(1)	(25)		(3)	(80)
Credit card and other	(1)			(1)			(1)			(1)			(1)			—	22		—	2
Total gross recoveries	$	(15)		$	(12)		$	(12)		$	(6)		$	(6)			(28)	%		(139)	%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I)	$	10		$	31		$	66		$	17		$	6			(69)	%		63	%
Commercial real estate	2			(1)			1			—			—			2	NM		2	NM
Consumer real estate	(5)			(4)			(3)			(2)			(1)			(1)	(38)		(4)	NM
Credit card and other	2			2			3			2			3			—	(13)		(1)	(32)
Total net charge-offs	$	8		$	29		$	67		$	17		$	7			(72)	%		11	%
Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I)	0.12		%	0.36		%	0.77		%	0.30		%	0.12		%
Commercial real estate	0.06			(0.02)			0.04			(0.01)			—
Consumer real estate	(0.18)			(0.12)			(0.11)			(0.13)			(0.08)
Credit card and other	0.65			0.68			0.83			1.35			2.12
Total loans and leases	0.06		%	0.19		%	0.44		%	0.20		%	0.10		%

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										1Q21 Change vs.
(In millions)	1Q21		4Q20		3Q20		2Q20		1Q20		4Q20			1Q20
Summary of Changes in the Components of the Allowance For Credit Losses												%			%
Allowance for loan and lease losses - beginning	$	963	$	988	$	538	$	444	$	200		(3)	%		NM
Cumulative effect of change in accounting principle:
Commercial, financial, and industrial (C&I)	—		—		—		—		19		—	NM		(19)	(100)
Commercial real estate	—		—		—		—		(7)		—	NM		7	100
Consumer real estate	—		—		—		—		93		—	NM		(93)	(100)
Credit card and other	—		—		—		—		2		—	NM		(2)	(100)
Total cumulative effect of change in accounting principles	—		—		—		—		106		—	NM		(106)	(100)
Allowance for loan and lease losses - beginning, adjusted	$	963	$	988	$	538	$	444	$	307		(3)	%		NM
Acquired purchased credit deteriorated allowance for loan and lease losses:
Commercial, financial, and industrial (C&I)	—		—		138		—		—		—	NM		—	NM
Commercial real estate	—		—		100		—		—		—	NM		—	NM
Consumer real estate	—		—		44		—		—		—	NM		—	NM
Credit card and other	—		—		5		—		—		—	NM		—	NM
Total acquired purchased credit deteriorated allowance for loan and lease losses	—		—		287		—		—		—	NM		—	NM
Charge-offs:
Commercial, financial, and industrial (C&I)	(15)		(35)		(69)		(18)		(7)		20	56		(9)	(128)
Commercial real estate	(3)		—		(4)		—		(1)		(3)	NM		(3)	NM
Consumer real estate	(1)		(1)		(2)		(2)		(2)		—	6		1	39
Credit card and other	(3)		(4)		(4)		(3)		(4)		1	16		1	23
Total charge-offs	(23)		(40)		(78)		(23)		(13)		17	43		(10)	(71)
Recoveries:
Commercial, financial, and industrial (C&I)	6		4		3		1		1		2	47		5	NM
Commercial real estate	2		1		2		—		1		—	43		1	NM
Consumer real estate	6		5		5		4		4		1	25		3	80
Credit card and other	1		1		1		1		1		—	(22)		—	(2)
Total Recoveries	15		12		12		6		6		3	28		9	139
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)*	(1)		(5)		99		81		119		4	81		(120)	(101)
Commercial real estate*	(8)		34		52		10		19		(42)	(124)		(27)	(143)
Consumer real estate*	(26)		(27)		74		19		—		1	5		(26)	NM
Credit card and other*	(6)		3		5		—		7		(9)	NM		(13)	NM
Total provision for loan and lease losses*:	(41)		4		230		110		145		(45)	NM		(186)	(128)
Allowance for loan and lease losses - ending	$	914	$	963	$	988	$	538	$	444		(5)	%		106	%
Reserve for unfunded commitments - beginning	$	85	$	89	$	50	$	39	$	6		(5)	%		NM
Cumulative effect of change in accounting principle	—		—		—		—		24		—	NM		(24)	(100)
Acquired reserve for unfunded commitments	—		(1)		41		—		—		1	100		—	NM
Provision for unfunded commitments	(4)		(3)		(3)		11		9		(1)	(33)		(13)	(143)
Reserve for unfunded commitments - ending	$	81	$	85	$	89	$	50	$	39		(5)			105
Total allowance for credit losses- ending	$	995	$	1,048	$	1,077	$	588	$	484		(5)	%		106	%

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
	1Q21		4Q20		3Q20		2Q20		1Q20
Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	1.30	%	1.37	%	1.45	%	1.49	%	1.15	%
Commercial real estate	1.86	%	1.97	%	1.66	%	1.19	%	1.03	%
Consumer real estate	2.00	%	2.07	%	2.15	%	2.38	%	2.01	%
Credit card and other	1.63	%	2.34	%	2.11	%	4.03	%	3.91	%
Total allowance for loans and lease losses to loans and leases	1.56	%	1.65	%	1.65	%	1.64	%	1.33	%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	307	%	315	%	230	%	250	%	265	%
Commercial real estate	345	%	415	%	407	%	2,771	%	2,175	%
Consumer real estate	123	%	133	%	147	%	149	%	135	%
Credit card and other	749	%	1,313	%	890	%	7,114	%	5,368	%
Total allowance for loans and lease losses to nonperforming loans and leases	232	%	249	%	221	%	238	%	234	%

REGIONAL BANKING

Quarterly, Unaudited

																1Q21 Change vs.
	1Q21			4Q20			3Q20			2Q20			1Q20			4Q20				1Q20
																/bp		%		/bp		%
Income Statement (millions)
Net interest income	$	426		$	430		$	448		$	211		$	194				(1)	%			120	%
Noninterest income	99			105			97			69			73			(6)		(6)		26		36	%
Total revenue	526			535			545			280			267			(9)		(2)		259		97	%
Noninterest expense	272			306			301			164			174			(34)		(11)		98		56	%
Pre-provision net revenue3	254			229			244			116			93			25		11		161		NM
Provision for credit losses4	(32)			(2)			194			102			98			(30)		NM		(130)		(133)	%
Income before income tax expense	286			231			49			13			(4)			55		24		290		NM
Income tax expense	66			53			9			1			(3)			13		25		69		NM
Net income	$	220		$	178		$	41		$	12		$	(1)				24	%			NM
Average Balances (billions)
Total loans and leases	$	40.1		$	40.6		$	41.6		$	19.1		$	17.2				(1)	%			133	%
Interest-earning assets	40.1			40.6			41.5			19.1			17.2			(0.5)		(1)		22.9		133
Total assets	42.4			43.0			43.7			21.0			19.0			(0.6)		(1)		23.4		123
Total deposits	62.0			60.7			59.3			30.2			27.2			1.3		2		34.8		128
Key Metrics
Net interest margin8	4.34		%	4.24		%	4.32		%	4.50		%	4.58		%	10	bp			(24)	bp
Efficiency ratio	51.66		%	57.26		%	55.24		%	58.61		%	65.12		%	(560)	bp			(1,346)	bp
Loans-to-deposits ratio (period-end balances)	62.53		%	65.37		%	68.14		%	62.34		%	64.37		%	(284)	bp			(184)	bp
Loans-to-deposits ratio (average-end balances)	64.60		%	66.91		%	70.13		%	63.11		%	63.21		%	(231)	bp			139	bp
Return on average assets (annualized)	2.10		%	1.65		%	0.37		%	0.24		%	(0.03)		%	45	bp			213	bp
Return on allocated equity9	24.05		%	17.97		%	4.31		%	2.58		%	(0.29)		%	608	bp			2,434	bp
Financial center locations	490			492			493			269			269			(2)		—	%	221		82	%

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, Unaudited

																1Q21 Change vs.
	1Q21			4Q20			3Q20			2Q20			1Q20			4Q20				1Q20
																/bp		%		/bp		%
Income Statement (millions)
Net interest income	$	159		$	173		$	161		$	130		$	109				(8)	%			46	%
Noninterest income	185			167			181			124			105			18		11		80		76
Total revenue	344			340			342			254			213			4		1		131		62
Noninterest expense	154			135			137			111			110			19		14		44		40
Pre-provision net revenue3	190			205			205			143			103			(15)		(7)		87		84
Provision for credit losses4	(7)			11			34			18			54			(18)		NM		(61)		(113)
Income before income tax expense	196			194			171			125			49			2		1		147		NM
Income tax expense	47			47			42			31			12			—		—		35		NM
Net income	$	149		$	147		$	129		$	94		$	37				1	%			NM
Average Balances (billions)
Total loans and leases	$	17.2		$	18.2		$	17.6		$	14.0		$	12.4				(6)	%			39	%
Interest-earning assets	20.2			21.1			20.3			16.7			15.7			(0.9)		(4)		4.4		28
Total assets	21.5			22.5			21.7			18.0			16.9			(1.0)		(4)		4.6		27
Total deposits	5.4			4.9			4.5			3.6			3.4			0.4		9		2.0		59
Key Metrics
Fixed income product average daily revenue (thousands)	$	1,885		$	1,505		$	1,545		$	1,592		$	1,264				25	%			49	%
Net interest margin8	3.19		%	3.26		%	3.16		%	3.14		%	2.78		%	(7)	bp			41	bp
Efficiency ratio	44.86		%	39.71		%	40.17		%	43.81		%	51.52		%	515	bp			(666)	bp
Loans-to-deposits ratio (period-end balances)	314		%	365		%	399		%	375		%	468		%	(5,086)	bp			(15,415)	bp
Loans-to-deposits ratio (average-end balances)	320		%	370		%	393		%	393		%	368		%	(4,944)	bp			(4,752)	bp
Return on average assets (annualized)	2.81		%	2.60		%	2.37		%	2.10		%	0.88		%	21	bp			193	bp
Return on allocated equity9	33.73		%	32.33		%	29.80		%	27.27		%	11.09		%	140	bp			2,264	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, Unaudited

											1Q21 Change vs.
	1Q21		4Q20		3Q20		2Q20		1Q20		4Q20			1Q20
												%			%
Income Statement (millions)
Net interest income/(expense)	$	(77)	$	(81)	$	(77)	$	(36)	$	—		5	%		NM
Noninterest income2	13		17		545		14		(3)		(4)	(24)		16	NM
Total revenues	(64)		(64)		468		(23)		(3)		—	—		(61)	NM
Noninterest expense	118		67		148		46		18		51	76		100	NM
Pre-provision net revenue3	(182)		(131)		319		(68)		(21)		(51)	(39)		(161)	NM
Provision for credit losses4	(6)		(7)		(1)		1		2		1	14		(8)	NM
Income before income tax expense	(176)		(124)		321		(69)		(23)		(52)	(42)		(153)	NM
Income tax expense (benefit)	(43)		(44)		(48)		(19)		(4)		1	2		(39)	NM
Net income/(loss)	$	(133)	$	(80)	$	369	$	(50)	$	(19)		(66)	%		NM
Average Balance Sheet (billions)
Interest bearing assets	$	18.4	$	15.3	$	13.2	$	6.9	$	5.9		21	%		NM
Total assets	21.5		18.3		16.3		8.9		7.6		3.2	17		13.9	NM

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.

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

FOOTNOTES

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

2 3Q20 includes a $532 million purchase accounting gain from FHN's merger with IBERIABANK.

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

4 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.

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

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

7 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.

8 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.

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

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)	1Q21			4Q20			3Q20			2Q20			1Q20
Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$	8,307		$	8,307		$	8,144		$	5,208		$	5,056
Less: Noncontrolling interest (a)	295			295			295			295			295
Less: Preferred stock (a)	470			470			470			240			96
(B) Total common equity	$	7,541		$	7,541		$	7,378		$	4,673		$	4,665
Less: Intangible assets (GAAP) (b)	1,850			1,864			1,876			1,552			1,558
(C) Tangible common equity (Non-GAAP)	$	5,691		$	5,677		$	5,502		$	3,120		$	3,107
Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$	87,513		$	84,209		$	83,030		$	48,645		$	47,197
Less: Intangible assets (GAAP) (b)	1,850			1,864			1,876			1,552			1,558
(E) Tangible assets (Non-GAAP)	$	85,663		$	82,345		$	81,154		$	47,092		$	45,640
Period-end Shares Outstanding
(F) Period-end shares outstanding	552			555			555			312			312
Ratios
(A)/(D) Total equity to total assets (GAAP)	9.49		%	9.86		%	9.81		%	10.71		%	10.71		%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	6.64		%	6.89		%	6.78		%	6.63		%	6.81		%
(B)/(F) Book value per common share (GAAP)	$	13.65		$	13.59		$	13.30		$	14.96		$	14.96
(C)/(F) Tangible book value per common share (Non-GAAP)	$	10.30		$	10.23		$	9.92		$	9.99		$	9.96

(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
	1Q21						4Q20						3Q20						2Q20						1Q20
($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 - FTE	$	552	$	3	$	555	$	574	$	3	$	578	$	598	$	3	$	601	$	347	$	3	$	349	$	378	$	2	$	381
Interest expense- FTE	45		—		45		53		—		53		66		—		66		41		—		41		76		—		76
Net interest income- FTE	508		3		511		522		3		525		532		3		535		305		3		308		303		2		305
Less: Taxable-equivalent adjustment	—		3		3		—		3		3		—		3		3		—		3		3		—		2		2
Net interest income	508		—		508		522		—		522		532		—		532		305		—		305		303		—		303
Noninterest income:
Fixed income	126		—		126		104		—		104		111		—		111		112		—		112		96		—		96
Mortgage banking and title	53		—		53		57		—		57		66		—		66		4		—		4		2		—		2
Brokerage, trust, and insurance	33		—		33		31		—		31		30		—		30		22		—		22		23		—		23
Service charges and fees	53		—		53		53		—		53		50		—		50		35		—		35		36		—		36
Card and digital banking fees	17		—		17		18		—		18		17		—		17		12		—		12		12		—		12
Deferred compensation income	3		—		3		9		—		9		4		—		4		8		—		8		(10)		—		(10)
Other noninterest income	15		(1)		14		16		(1)		15		546		(532)		14		12		—		12		15		—		15
Total noninterest income	298		(1)		297		288		(1)		288		823		(532)		291		206		—		206		175		—		175
Total revenue	806		(1)		805		810		(1)		810		1,355		(532)		823		512		—		512		478		—		478
Noninterest expense:
Personnel expense:
Salaries and benefits	196		—		195		200		—		200		201		(1)		200		111		(5)		107		113		(1)		112
Incentives and commissions	120		(21)		99		110		(21)		89		126		(34)		91		79		—		79		81		—		81
Deferred compensation expense	3		—		3		9		—		9		3		—		3		9		—		9		(10)		—		(10)
Total personnel expense	318		(21)		297		319		(21)		298		329		(35)		294		200		(5)		195		183		(1)		182
Occupancy and equipment	76		(4)		72		76		(2)		74		77		(4)		73		46		—		46		44		—		44
Outside services	58		(4)		54		59		(7)		52		78		(32)		46		38		(5)		33		38		(2)		37
Amortization of intangible assets	14		(1)		13		15		(1)		14		15		(1)		14		5		—		5		5		—		5
Other noninterest expense	78		(50)		28		39		(4)		35		89		(44)		45		31		(4)		27		31		(3)		28
Total noninterest expense	544		(80)		464		508		(34)		474		587		(116)		471		321		(14)		307		302		(6)		296
Pre-provision net revenue	262		79		340		302		33		335		768		(416)		352		191		14		205		175		6		181
Provision for credit losses	(45)		—		(45)		1		—		1		227		(147)		80		121		—		121		154		—		154
Income before income taxes	307		79		386		301		33		334		541		(269)		272		69		14		84		21		6		27
Provision for income taxes	71		19		90		56		13		69		2		61		63		13		3		15		5		1		6
Net income	235		60		295		245		20		265		539		(331)		208		57		12		68		16		5		21
Net income attributable to noncontrolling interest	3				3		3		—		3		3		—		3		3		—		3		3		—		3
Net income attributable to controlling interest	233		60		292		242		20		262		536		(331)		205		54		12		66		14		5		18
Preferred stock dividends	8		—		8		8		—		8		13		—		13		2		—		2		2		—		2
Net income available to common shareholders	$	225	$	60	$	284	$	234	$	20	$	255	$	523	$	(331)	$	193	$	52	$	12	$	64	$	12	$	5	$	17
Common Stock Data
EPS	$	0.41	$	(0.11)	$	0.51	$	0.42	$	(0.04)	$	0.46	$	0.95	$	0.60	$	0.35	$	0.17	$	(0.04)	$	0.21	$	0.04	$	(0.01)	$	0.05
Basic shares	552				552		553				553		550				550		312				312		312				312
Diluted EPS	$	0.40	$	(0.11)	$	0.51	$	0.42	$	(0.04)	$	0.46	$	0.95	$	0.60	$	0.35	$	0.17	$	(0.04)	$	0.20	$	0.04	$	(0.01)	$	0.05
Diluted shares	558				558		557				557		551				551		313				313		313				313
Memo:
Total Revenue-FTE (Non-GAAP)	$	806	$	2	$	808	$	810	$	2	$	813	$	1,355	$	(529)	$	826	$	512	$	3	$	514	$	478	$	2	$	480
PPNR-FTE (Non-GAAP)	$	262	$	82	$	343	$	302	$	36	$	339	$	768	$	(414)	$	355	$	191	$	17	$	207	$	175	$	8	$	183

Amounts adjusted for notable items as detailed on page 11. Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(s in millions, except per share data)	1Q21			4Q20			3Q20			2Q20			1Q20
Adjusted Diluted EPS
Net income available to common ("NIAC") (GAAP)	$	225		$	234		$	523		$	52		$	12
Plus Tax effected notable items (Non-GAAP) (a)	60			20			(331)			12			5
Adjusted NIAC (Non-GAAP)	$	284		$	255		$	193		$	64		$	17
Diluted Shares (GAAP)	558			557			551			313			313
Diluted EPS (GAAP)	$	0.40		$	0.42		$	0.95		$	0.17		$	0.04
Adjusted diluted EPS (Non-GAAP)	$	0.51		$	0.46		$	0.35		$	0.20		$	0.05
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)	$	235		$	245		$	539		$	57		$	16
Plus Tax effected notable items (Non-GAAP) (a)	60			20			(331)			12			5
Adjusted NI (Non-GAAP)	$	295		$	265		$	208		$	68		$	21
NI (annualized) (GAAP)	$	955		$	974		$	2,144		$	228		$	66
Adjusted NI (annualized) (Non-GAAP)	$	1,198		$	1,055		$	829		$	275		$	84
Average assets (GAAP)	$	85,401		$	83,809		$	81,683		$	47,934		$	43,552
ROA (GAAP)	1.12		%	1.16		%	2.63		%	0.48		%	0.15		%
Adjusted ROA (Non-GAAP)	1.40		%	1.26		%	1.01		%	0.57		%	0.19		%
Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE
NIAC (annualized) (GAAP)	$	911		$	933		$	2,082		$	210		$	49
Adjusted NIAC (annualized) (Non-GAAP)	$	1,154		$	1,013		$	767		$	257		$	67
Average Common Equity (GAAP)	$	7,583		$	7,444		$	7,309		$	4,673		$	4,611
Intangible Assets (GAAP) (b)	1,857			1,871			1,794			1,555			1,560
Average Tangible Common Equity (Non-GAAP)	$	5,726		$	5,573		$	5,515		$	3,117		$	3,051
Equity Adjustment (Non-GAAP)	—			—			—			—			—
Adjusted Average Tangible Common Equity (Non-GAAP)	$	5,726		$	5,573		$	5,515		$	3,117		$	3,051
ROCE (GAAP)	12.01		%	12.53		%	28.49		%	4.50		%	1.05		%
ROTCE (Non-GAAP)	15.90		%	16.73		%	37.75		%	6.74		%	1.59		%
Adjusted ROTCE (Non-GAAP)	20.15		%	18.18		%	13.90		%	8.26		%	2.19		%

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, Unaudited
(In millions)		1Q21			4Q20			3Q20			2Q20			1Q20
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	k	$	298		$	288		$	823		$	206		$	175
Plus notable items (GAAP) (a)		(1)			(1)			(532)			—			—
Adjusted noninterest income (Non-GAAP)	l	$	297		$	288		$	291		$	206		$	175
Revenue (GAAP)	m	$	806		$	810		$	1,355		$	512		$	478
Taxable-equivalent adjustment		3			3			3			3			2
Revenue- Taxable-equivalent (Non-GAAP)		809			813			1,358			514			480
Plus notable items (GAAP) (a)		(1)			(1)			(532)			—			—
Adjusted revenue (Non-GAAP)	n	$	808		$	813		$	826		$	514		$	480
Noninterest income as a % of total revenue (GAAP)	k/m	37.00		%	35.61		%	60.72		%	40.32		%	36.59		%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	l/n	36.78		%	35.42		%	35.20		%	40.12		%	36.42		%
Adjusted Efficiency Ratio
Noninterest expense (GAAP)	o	$	544		$	508		$	587		$	321		$	302
Plus notable items (GAAP) (a)		(80)			(34)			(116)			(14)			(6)
Adjusted noninterest expense (Non-GAAP)	p	$	464		$	474		$	471		$	307		$	296
Revenue (GAAP)	q	$	806		$	810		$	1,355		$	512		$	478
Taxable-equivalent adjustment		3			3			3			3			2
Revenue- Taxable-equivalent (Non-GAAP)		809			813			1,358			514			480
Plus notable items (GAAP) (a)		(1)			(1)			(532)			—			—
Adjusted revenue (Non-GAAP)	r	$	808		$	813		$	826		$	514		$	480
Efficiency ratio (GAAP)	o/q	67.53		%	62.71		%	43.31		%	62.74		%	63.26		%
Adjusted efficiency ratio (Non-GAAP)	p/r	57.49		%	58.34		%	57.06		%	59.65		%	61.76		%

(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, Unaudited
(In millions)
NII/NIM Analysis
4Q20 Reported	$	525	2.71	%
PPP	20		(0.05)
Time Deposit Amortization	8		0.04
Loan Accretion	33		0.19
Premium Amortization	(18)		(0.10)
4Q20 Core (Non-GAAP)	$	482	2.63	%
Days	(8)		—
Funding Costs	11		0.06
4Q20 Unusual Items	5		0.03
LIBOR Impact and other	(2)		(0.02)
Interest-bearing cash excluding excess cash	(25)		(0.07)
Excess cash	1		(0.10)
1Q21 Core (Non-GAAP)	$	464	2.52	%
PPP	24		0.01	%
Time Deposit Amortization	4		0.02	%
Loan Accretion	32		0.17	%
Premium Amortization	(14)		(0.07)	%
1Q21 Reported	$	511	2.63	%

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 - taxable equivalent.

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

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

Asset Quality - Consolidated Key Ratios

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

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

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

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

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

Operating Segments

a1q2021earningsslides-fi

First Quarter 2021 Earnings April 21, 2021

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

3 1Q21 GAAP financial summary1 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, 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, 1Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Reported 1Q21 Change vs. $s in millions except per share data 1Q21 4Q20 3Q20 2Q20 1Q20 4Q20 1Q20 $/bps % $/bps % Net interest income $ 508 $ 522 $ 532 $ 305 $ 303 $ (14) (3) % $ 205 68 % Fee income 298 288 823 206 175 10 3 % 123 71 % Total revenue 806 810 1,355 512 478 (4) (1) % 328 69 % Expense 544 508 587 321 302 36 7 % 242 80 % Pre-provision net revenue (PPNR)¹ 262 302 768 191 175 (40) (13) % 87 49 % Provision for credit losses (45) 1 227 121 154 (46) NM (199) (129) % Pre-tax income 307 301 541 69 21 6 2 % 286 NM Income tax expense 71 56 2 13 5 15 26 % 66 NM Net income 235 245 539 57 16 (10) (4) % 219 NM Non-controlling interest 3 3 3 3 3 — 6 % — 5 % Preferred dividends 8 8 13 2 2 — 5 % 6 NM NIAC $ 225 $ 234 $ 523 $ 52 $ 12 $ (9) (4) % 213 NM $s in billions Avg loans $ 58.2 $ 59.8 $ 60.1 $ 34.0 $ 30.5 $ (1.6) (3) % $ 27.7 91 % Period-end loans $ 58.6 $ 58.2 $ 59.7 $ 32.7 $ 33.4 $ 0.4 1 % $ 25.2 76 % Avg deposits $ 71.0 $ 69.6 $ 67.1 $ 37.5 $ 32.9 $ 1.3 2 % $ 38.1 116 % Period-end deposits $ 73.2 $ 70.0 $ 68.4 $ 37.8 $ 34.4 $ 3.2 5 % $ 38.7 113 % Key performance metrics Net interest margin (NIM) 2.63 % 2.71 % 2.84 % 2.90 % 3.16 % (8) bps (53) bps Loan to deposit ratio (avg.) 82.0 % 85.9 % 89.6 % 90.5 % 92.8 % (388) bps (1,080) bps ROCE 12.0 % 12.5 % 28.5 % 4.5 % 1.1 % (52) bps 1,096 bps ROTCE 15.9 % 16.7 % 37.8 % 6.7 % 1.6 % (83) bps 1,431 bps ROA 1.1 % 1.2 % 2.6 % 0.5 % 0.2 % (4) bps 97 bps Efficiency ratio 67.5 % 62.7 % 43.3 % 62.7 % 63.3 % 482 bps 427 bps FTEs 8,284 8,466 8,121 5,006 4,969 (182) (2) % 3,315 67 % CET1 ratio 9.96 % 9.68 % 9.21 % 9.25 % 8.54 % 28 bps 142 bps Effective tax rate 23.2 % 18.7 % 0.4 % 18.4 % 22.4 % 454 bps 80 bps Per common share Diluted EPS $ 0.40 $ 0.42 $ 0.95 $ 0.17 $ 0.04 $ (0.02) (5) % $ 0.36 NM Tangible book value per share $ 10.30 $ 10.23 $ 9.92 $ 9.99 $ 9.96 $ 0.07 1 % $ 0.34 3 % Avg. diluted shares outstanding 558 557 551 313 313 1 — % 245 78 %

4 Table of contents Delivering on our commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 1Q21 overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 1Q21 notable items and other unusual items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 1Q21 adjusted financial highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 NII and NIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Adjusted fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Adjusted expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Total funding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Asset quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Allowance for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Merger integration update . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 2Q21 and updated FY2021 outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Key takeaways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

5 Delivering on our commitments • More diversified business model performing as expected – Strong fee income results helping mitigate interest rate headwinds • Controlling what we can control – Results reflect continued expense and deposit pricing discipline • MOE delivering revenue synergies and expense efficiencies • Strong credit quality performance – NCOs of 6 bps, or $8 million, on a $58.2 billion portfolio • Delivering enhanced returns

6 Continued execution driving strong start to 2021 More Diversified Model Performing as Expected Enhanced Returns Strong Credit Quality Capitalizing on MOE Benefits • Adjusted revenue of $808 million2 remained relatively stable despite NII headwinds and seasonal impacts with strong results in fixed income • Adjusted expense of $464 million decreased $10 million and reflects the benefit of expense discipline and incremental merger cost saves • Provision credit of $45 million; ACL decreased $53 million • Adjusted ROTCE of 20.2% improved from 18.2% in 4Q20; Adjusted ROTCE of 17.6% before the impact of provision credit • TBVPS of $10.30 up 1% QoQ as robust net income was partially offset by impact of capital return and securities portfolio MTM impact • CET1 ratio of 9.96% increased 28 bps largely reflecting growth in retained earnings • Returned $143 million of capital to common shareholders including dividends and 3.6 million of share repurchases at a weighted average price of $16.12 • Net charge-offs of 6 bps improved from 19 bps in 4Q20; NPLs of 67 bps vs. 66 bps in 4Q20 • ACL/Loans ratio of 2.06% excl. LMC/PPP portfolios; Total loss absorption capacity of 2.49% • Significant progress across key merger milestones – Expect to fully integrate systems in Fall of 2021 • On track to deliver ~$200 million of targeted cost saves – Achieved $76 million of annualized net cost saves in 1Q21 • ~$10 million of identified revenue synergies tied to ~$400 million of commercial loans 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, 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, 1Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. 2Presented on a fully taxable equivalent basis 1Q21 Adjusted EPS of $0.511and PPNR of $343 million2 reflects resiliency of more diversified business model, continued expense discipline and improved credit outlook

7 1Q21 notable items1 • 1Q21 results were reduced by $60 million after-tax, or $0.11 per share of notable items 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, 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, 1Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases.2Merger accounting adjustment is non-taxable income. EPS computed based on approximately 558 million diluted shares. 1Q21 merger-related notable items Noninterest income: Merger accounting adjustment: other noninterest income2 $ (1) Total noninterest income (1) Noninterest expense: Salaries and benefits — Incentives and commissions (21) Total personnel expenses (21) Occupancy and equipment (4) Outside services (4) Amortization of intangible assets (1) Other noninterest expense (40) Total noninterest expense (70) Total net merger-related notable items $ (69) 1Q21 Other notable items Valuation adjustments tied to prior Visa Class-B share sales $ (10) Total other 1Q21 notable items (10) Total net 1Q21 notable items (pre-tax) (79) Tax impact of 1Q21 notable items 19 After-tax impact of 1Q21 notable items $ (60) EPS impact of 1Q20 notable items2 $ (0.11) IBKC Cumulative Pre-tax Integration Costs Cost to Date Targeted 4Q19 - 4Q20 Purchase Acct. 1Q21 Total 2Q21 - 4Q21 2022 Total $ 180 $ 105 $ 70 $ 355 $ 90 $ 15 $ 460 Notable Items 4Q20 Adjusted Unusual Items 4Q20 adjusted ex- unusual items 1Q21 Adjusted QoQ ex- 4Q20 Unusual Items Item Commentary Net interest income (FTE) 525 $ (5) $ 530 511 (4) % Largely tied to a promotional credit card offering Fee income 288 (3) 291 297 2 % Securities losses in other noninterest income Revenue (FTE) 813 (8) 821 808 (2) % Incentives and commissions 89 8 81 99 22 % One-time employee bonus and COVID-related vacation net carryover costs Other noninterest expense 35 (5) 40 28 (30) % Lower regulatory-related costs, largely FDIC insurance Total expense 474 3 471 464 (2) % PPNR $ 339 $ (11) $ 350 343 (1) % ($s in millions except per share data) Unusual Items In addition to notable items, linked quarter trends reflect the impact of the following 4Q20 unusual items

8 • Adjusted EPS of $0.51 increased 11% QoQ; Adjusted ROTCE of 20.2% and TBV per share of $10.30 • Adjusted revenue of $808 million2 decreased $5 million from 4Q20 • NII2 decreased $14 million, or 3% from 4Q20 – Core NII decreased $18 million largely as the impact of lower loan balances, day count and lower short-term rates were partially offset by a reduction in funding costs • Adjusted fee income increased $10 million driven by strength in fixed income • Adjusted expense of $464 million decreased $10 million from 4Q20 levels – Results reflect the benefit of a $5 million reduction tied to incremental merger cost saves • Provision for credit losses was a credit of $45 million and improved $46 million QoQ largely reflecting an improved overall macroeconomic outlook 1Q21 adjusted financial highlights1 Adjusted FHN Adjusted FHN standalone 1Q21 Change vs. $s in millions except per share data 1Q21 4Q20 1Q20 4Q20 1Q20 $/bps % $/bps % Net Interest Income (FTE) $ 511 $ 525 $ 305 $ (14) (3) % $ 206 68 % Fee income 297 288 175 10 3 % 122 70 % Total revenue (FTE) 808 813 480 (5) (1) % 328 68 % Expense 464 474 296 (10) (2) % 168 57 % Pre-provision net revenue 343 339 183 4 1 % 160 87 % Provision for credit losses (45) 1 154 (46) NM (199) (129) % Net charge-offs 8 29 7 (21) (72) % 1 11 % Reserve build/(release) (53) (28) 147 (25) (91) % (200) (136) % NIAC $ 284 $ 255 $ 17 $ 30 12 % $ 267 NM Key performance Metrics Fee income as a % of total revenue 36.8 % 35.4 % 36.4 % 136 bps 36 bps Efficiency ratio 57.5 % 58.3 % 61.8 % (85) bps (427) bps ROTCE 20.2 % 18.2 % 2.2 % 197 bps 1,796 bps Diluted EPS $ 0.51 $ 0.46 $ 0.05 $ 0.05 11 % $ 0.46 NM TBV per share $ 10.30 $ 10.23 $ 9.96 $ 0.07 1 % $ 0.34 3 % Effective tax rate 23.4 % 20.7 % 22.2 % 266 bps 117 bps Adjusted NIAC up 12% QoQ despite NII headwinds driven by strength in fixed income and wealth and trust fees, continued expense discipline and strong asset quality 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, 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, 1Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. 2Presented on a fully taxable equivalent basis

9 FTE NII and NIM reflect strong deposit pricing discipline1 $305 $308 $535 $525 $511 $297 $287 $479 $482 $464 3.16% 2.90% 2.84% 2.71% 2.63% Core NII Reported NII Reported NIM 1Q20 2Q20 3Q20 4Q20 1Q21 ($s in millions) FTE NII and NIM Trends Legacy FHN Core NIM1 3.07% 2.80% 2.68% 2.63% 2.52% 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, 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, 1Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. • FTE NII of $511 million decreased $14 million QoQ – Core NII of $464 million decreased $18 million QoQ largely reflecting the impact of lower loan balances, day count and lower short-term rates partially offset by improved funding costs • Reported NIM of 2.63% decreased 8 bps and reflected a 3 bp benefit tied to PPP loans and fees and merger-related impacts – Core NIM down 10 bps primarily driven by a 10 bp decrease tied to higher excess cash – Period-end excess cash of $10.8 billion vs. $7.6 billion in 4Q20 • Interest-bearing deposit costs of 20 bps improved 6 bps QoQ 4Q20 vs. 1Q21 $s in millions NII NIM 4Q20 Reported $ 525 2.71 % PPP Coupon Income and Fees 20 (0.05) Net merger-related impacts 23 0.13 4Q20 Core $ 482 2.63 % Daycount (8) — Funding costs 11 0.06 4Q20 unusual items 5 0.03 LIBOR impact and other (2) (0.02) Int-earning assets excluding excess cash (25) (0.07) Excess cash 1 (0.10) 1Q21 Core $ 464 2.52 % PPP coupon income and fees 24 (0.01) Net merger-related impacts 22 0.12 1Q21 Reported $ 511 2.63 %

10 • Adjusted fee income increased $10 million from 4Q20 – Strength in fixed income and brokerage, trust and insurance was partially offset by lower deferred comp and mortgage banking and title fees • Fixed income increased $22 million QoQ reflecting continued elevated liquidity and weak loan demand among fixed income customers, as well as interest rate volatility – ADR of $1.9 million up 25% QoQ • Mortgage banking and title decreased $4 million QoQ driven by lower gain on sale spreads and included the impact of seasonality – Purchase/Refi mix of ~50%/50% – Gain on sale spreads decreased 36 bps Adjusted fee income increased 3%1 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, 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, 1Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Adjusted FHN Adjusted FHN / IBKC combined 1Q21 Change vs. $s in millions 1Q21 4Q20 3Q20 2Q20 1Q20 4Q20 1Q20 $/bps % $/bps % Fixed income $ 126 $ 104 $ 111 $ 112 $ 96 $ 22 21 % $ 30 31 % Mortgage banking & title 53 57 66 53 32 (4) (7) % 21 66 Brokerage, trust, and insurance 33 31 30 33 34 2 5 % (1) (3) Service charges and fees 53 53 50 46 50 — — % 3 6 Card and digital banking fees 17 18 17 17 19 (1) (7) % (2) (11) Deferred compensation income 3 9 4 8 (10) (6) (65) % 13 (130) Other noninterest income 14 15 14 18 21 (1) (6) % (7) (33) Total fee income $ 297 $ 288 $ 291 $ 287 $ 240 $ 10 3 % $ 57 24 % Key Metrics Fixed Income Average Daily Revenue (ADR) $ 1.9 $ 1.5 $ 1.5 $ 1.6 $ 1.3 $ 0.4 25 % $ 0.6 49 % Mortgage banking Originations Secondary $ 1,144 $ 1,183 $ 1,186 $ 1,152 $ 581 $ (39) (3) % $ 563 97 % Portfolio $ 338 $ 341 $ 396 $ 675 $ 497 $ (3) (1) % $ (159) (32) % Total $ 1,482 $ 1,524 $ 1,582 $ 1,827 $ 1,078 $ (42) (3) % $ 404 37 % Gain on sale spread 3.72 % 4.08 % 3.93 % 2.86 % 3.07 % (36) bps 65 bps Mix Purchase 50 % 55 % 58 % 43 % 55 % Refinance 50 % 45 % 42 % 57 % 45 % Results reflect strength in fixed income and wealth and trust

11 Adjusted expense decreased 2%1 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, 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, 1Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Adjusted FHN Adjusted FHN / IBKC combined 1Q21 Change vs. $s in millions 1Q21 4Q20 3Q20 2Q20 1Q20 4Q20 1Q20 $/bps % $/bps % Salaries and benefits $ 195 $ 200 $ 200 $ 193 $ 194 $ (5) (3) % $ 1 1 % Incentives and commissions 99 89 91 97 100 10 11 % (1) (1) % Deferred compensation expense 3 9 3 10 (10) (6) (67) % 13 (130) % Total personnel expense 297 298 294 300 283 (1) — % 14 5 % Occupancy and equipment 72 74 73 74 72 (2) (3) % — — % Outside services 54 52 46 46 49 2 4 % 5 10 % Amortization of intangible assets 13 14 14 9 9 (1) (5) % 4 44 % Other noninterest expense 28 35 45 57 58 (7) (20) % (30) (52) % Total noninterest expense $ 464 $ 474 $ 471 $ 486 $ 471 $ (10) (2) % $ (7) (1) % Full-time equivalent associates 8,284 8,466 8,121 8,384 8,368 (182) (2) % (84) (1) % • Adjusted expense of $464 million decreased $10 million from 4Q20 – Results reflect the benefit of a $5 million reduction tied to incremental merger cost saves • Personnel expense remained relatively stable with 4Q20 levels – Incentives and commissions increased $10 million from 4Q20 driven by higher revenue-based incentives – Salaries and benefits decreased $5 million largely as the impact of day count, seasonally lower benefit costs and merger cost saves were partially offset by an increase tied to FICA tax resets Results reflect continued expense discipline and the benefit of merger efficiencies

12 Loans trends driven by mortgage-related activity and industry headwinds1 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, 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, 1Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. 2Utilization rates exclude Loans to Mortgage Companies. • Average loans of $58.2 billion decreased $1.6 billion QoQ – $893 million decrease in commercial largely reflects a $972 million decline in loans to mortgage companies (LMC) – $705 million decrease in consumer reflects continued refinance into secondary market – Overall trends reflect a high level of payoffs and continued overall muted demand – Commercial pipelines have strengthened and payoffs expected to moderate during remainder of 2021 • Period-end loans of $58.6 billion increased $368 million QoQ as a $1.0 billion increase in commercial was partially offset by a decrease in consumer – Results include a net $1.0 billion increase in Paycheck Protection Program (PPP) loans • Commercial utilization rates of 45% improved modestly QoQ2 Commercial line utilization2 Period-end FHN/IBKC combined 1Q20 Period-end FHN/IBKC combined 2Q20 Period-end 3Q20 Period-end 4Q20 Period-end 1Q21 Utilization % 48% 47% 44% 44% 45% $55.1B $57.9B $58.2B $58.6B $59.8B $58.2B 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 4Q19 * * * * * Period- end loans FHN/IBKC combined 1Q20 Period- end loans 4Q20 Period- end loans 1Q21 Average Loans 4Q20 Average Loans 1Q21 Loan trends 40% 26% 23% 2% 8% 40% 26% 22% 2% 10% 41% 21% 20% 2% 9% 7% 40% 21% 19% 2% 9% 9% 39% 21% 20% 2% 11% 7% 40% 21% 20% 2% 9% 8% 4Q19 1Q20 4Q20 1Q21 Yields 3.56% 3.55% Core yields 3.43% 3.40% Avg 1M LIBOR 1.79% 1.41 % 0.15% 0.12% Lending pipelines strengthening

13 Deposit pricing discipline helping to mitigate NII headwinds1 $64.0B $68.2B $74.2B $77.5B $74.0B $75.4B DDA Savings Time deposits Term borrowings Other interest-bearing deposits Short-term borrowings Trading Liabilities Period-end FHN/IBKC combined 4Q19 * * * * * * Period-end FHN/IBKC combined 1Q20 Period-end 4Q20 Period-end 1Q21 Average 4Q20 Average 1Q21 Interest-bearing liabilities & DDA trends • Average deposits of $71.0 billion increased $1.3 billion QoQ driven by a $1.2 billion increase in non interest-bearing – Period-end deposits of $73.2 billion increased $3.2 billion from 4Q20 driven by a $2.9 billion increase in non interest-bearing – Consumer deposit growth largely reflecting the impact of stimulus payments and new PPP loan originations • Total deposit cost of funds of 14 bps improved 4 bps QoQ – Interest-bearing deposit costs of 20 bps improved 6 bps QoQ • Total funding costs of 24 bps in 1Q21 improved from 28 bps in 4Q20 23% 34% 12% 3% 21% 23% 35% 10% 3% 20% 30% 37% 7% 2% 3% 21% 32% 35% 6% 2% 3% 21% 30% 37% 7% 3% 3% 20% 31% 36% 6% 2% 3% 21% 6% 1% 8% 1% —% 1% —% 1% 4Q19 1Q20 4Q20 1Q21 Deposit cost of funds 18 bps 14 bps Total cost of funds 28 bps 24 bps Avg 1M LIBOR 1.79% 1.41 % 0.15% 0.12% 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, 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, 1Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Interest-bearing deposit costs improved 6 bps QoQ

14 $227 1Q20 2Q20 3Q20 4Q20 1Q21 Strong credit quality performance 1Net charge-off % is annualized and as % of average loans. ($s in millions) Provision, credit losses, and net charge-offs Legacy FHN Allowance for credit losses (ACL) $484 $588 1.45% 1.80% 1.80% 1.80% 1.70% 255% 260% 241% 271% 253% ACL ACL/Loans ACL/NPLs 1Q20 2Q20 3Q20 4Q20 1Q21 $1,077 $1,048 $995 Legacy FHN Non-performing loans (NPL) $190 $226 $447 $386 $394 0.57% 0.69% 0.75% 0.66% 0.67% NPLs $ NPLs % 1Q20 2Q20 3Q20 4Q20 1Q21 • Net charge-offs of 6 bps improved 14 bps QoQ • NPL ratio of 67 bps remained relatively stable QoQ • ACL coverage ratio declined modestly QoQ to 1.70% – Provision credit of $45 million improved $46 million QoQ largely reflecting an improved overall macroeconomic outlook and a decrease in consumer loan balances • Transformed loan portfolio since Global Financial Crisis from higher-risk, real estate concentration to diversified commercial portfolio Legacy FHN 2008 1Q21 Non-performing loan ratio 4.91% 0.67% 1 $7 $17 $67 $29 $8 $154 $121 $80 $1 $(45) 0.10% 0.20% 0.44% 0.19% 0.06% NCOs Provision for credit losses Non-PCD NCO% 1Q20 2Q20 3Q20 4Q20 1Q21 NCOs of 6 bps, or $8 million, on a $58.2 billion portfolio

15 Significant reserves for current environment1 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, 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, 1Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. ($s in millions) 4Q20 vs. 1Q21 Allowance for credit losses (ACL) ACL/loans 1.70% 2.06% Total Total ex. LMC & PPP • Reserve release of $53 million – Largely reflects the impact of improving macroeconomic scenario forecasts and lower consumer loan balances – Utilized Moody’s February baseline scenario and applied additional modest weighting to alternative upside and downside scenarios • Also incorporated detailed portfolio reviews of industries currently affected by pandemic $s in millions 1Q21 Period-end % of Total Loans Total allowance for credit losses $ 995 1.70 % Total allowance for credit losses ex. LMC & PPP 990 2.06 % Unrecognized discount - acquired loans ex. LMC & PPP 204 0.43 % Total loss absorption capacity ex. LMC & PPP 1,194 2.49 % $1,048 $(8) $(45) $995 12/31/2020 Net charge-offs Provision expense/(credit) 3/31/2021 ACL/annualized NCOs 3061% Total

16 1Q20 2Q20 3Q20 4Q20 1Q21 CET1 ratio Tier 1 capital ratio Total capital ratio Strong capital position1 Capital levels 9.52% 10.78% 12.47% 10.69% 12.05% 10.25% 12.57% 10.74% 12.83% 11.03% Tangible book value per share 9.68% 0.45% (0.13)% (0.09)% (0.09)% 0.05% 0.10% 9.96% 4Q20 actual Adjusted NIAC Common Dividends Share Buybacks Notable Items Lower Loan Balances Other 1Q21 estimate $10.23 $0.59 $(0.15) $(0.11) $(0.11) $(0.19) $0.04 $10.30 4Q20 actual Adjusted NIAC, net of change in Intangibles Common Dividends Share Buybacks Notable Items AFS Securities MTM Other 1Q21 estimate • Robust PPNR1 and enhanced earnings power provide dividend support and additional loss-absorbing capital • TBVPS of $10.30 increased 1% QoQ • CET1 ratio of 9.96% improved ~28 bps largely reflecting: – 41 bp benefit from GAAP NIAC and lower RWAs partially offset by a 22 bp reduction tied to return of capital to common shareholders • Repurchased 3.6 million shares of common stock during the quarter at a weighted average price of $16.12 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, 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, 1Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. 4Q20 vs. 1Q21 CET1 ratio 8.54% 9.25% 9.21% 9.68% 9.96%

17 Merger integration update Integration Framework • Continue to make substantial progress toward achieving key merger milestones • Focused on retaining and growing client base with expanded products and services 1Q21 Milestones • Associate retention remains strong, including in leadership/critical positions (93%) • Continue to merge and enhance our culture via regular virtual leadership workshops, culture calls, and team building sessions • Converted Retail Brokerage • Converted mortgage servicing for retained loans • PPP origination on a single platform • Consolidated corporate properties in New York, Houston and Miami • Completed assessment of business requirements and data mapping ahead of first mock conversion • Finalizing branch consolidation / closure list for 2021 Upcoming Events • Wealth and Trust conversion • Continue upgrades and enhancements to systems/applications ahead of conversion • Migrating PPP forgiveness onto single platform • Move VirtualBank to cloud-based core (Finxact) • Continue consolidation of corporate properties • Mock conversion events • Associate training for all new systems • Core systems conversion scheduled for Fall 2021 P eo p le Sy st em s/ O p s Integration Highlights Targeting annualized cost saves of ~$200 million by 1H22 Achieved ~$19 million of savings in 1Q21 ~$10 million of identified annualized revenue synergies tied to ~$400 million of commercial loans Line of sight to additional fee income and balance sheet revenue synergies across consumer and commercial Annualized Savings Actual Estimated 4Q20 1Q21 2021 2022 ~$56mm ~$76mm ~$115mm ~$200mm

18 2Q21 and Updated FY2021 Outlook Earnings Drivers Expectations for 1Q21 Adjusted Results 1Q21 Actual Results 1Q21 Adjusted Baseline 2Q21 Adjusted Expectations Adjusted 4Q20 Annualized Baseline 2021 Adjusted Expectations Comments Net Interest Income Mid single-digit % NII decline (2.7)% ✔ $511 million (FTE) Flat to low single- digit % decrease $2,088 million (FTE) Low to mid single- digit % decrease 2Q21: Assumes continued growth in excess cash, higher PPP and LMC balances and continued focus on deposit pricing discipline FY21: Expect continued low interest rates, accelerating PPP forgiveness and decreased merger accretion benefits Avg. earning assets up slightly +2.2% ✔ $78.670 billion avg. interest earning assets Low single-digit % increase with average loans down modestly $76.995 avg. interest earning assets Mid single-digit % increase with average loans down mid-single digits Avg. loans down modestly (2.7)% ✔ Noninterest Income Mid-teens % decline +3.2% $297 million High single-digit to low double-digit % decrease $1,144 million Mid to high single-digit % decrease Reflects relatively resilient results in fixed income with lower mortgage banking given higher rates and tight housing market Noninterest Expense Low to mid single-digit % decline (2.1)% ✔ $464 million Relatively stable $1,886 million Low to mid single-digit % decrease Ongoing focus on efficiency in addition to merger cost savesLow single-digit % decline (ex. Incentives & commissions) (5.1)% $365 million - excluding incentives & commissions Low single-digit % increase $1,531 million - excluding incentives & commissions Low single-digit % decrease Net Charge- Offs ~20-30bps 6 bps 6 bps 5 bps - 15 bps 19 bps 10 bps - 20 bps 2Q21/FY21: Potential for continued reserve releases if macroeconomic trends continue to improve CET1 Ratio ~ 9.50% 9.96% 9.96% ~10% 9.68% ~9.50% - 10% Focus on organic growth with optionality to repurchase shares Assumes continued low-rate environment and mid single-digit GDP growth rate with improving pace of recovery in 2H21 assuming gradual improvement in COVID-19 pandemic

19 Well positioned to deliver strong execution • Expanded franchise in attractive, high-growth Southern markets • More diversified business model performing as expected – Strong fee income results helping mitigate interest rate headwinds • Controlling what we can control – Results reflect continued expense and deposit pricing discipline • MOE delivering revenue synergies and expense efficiencies – Continued progress toward ~$200 million of cost saves • Strong credit quality performance – NCOs of 6 bps, or $8 million, on a $58.2 billion portfolio • Delivering enhanced returns Significant opportunities to drive relative outperformance and build shareholder value

APPENDIX 20

21 Update on areas of perceived risk Portfolio by industry as of 3/31/2021 $s in billions Balance % of total loans Subject to more heightend monitoring % of total loans Other C&I $ 6.1 10.4 % $ — — % Finance & Insurance 3.0 5.1 — — Health Care & Social Assistance 2.2 3.8 — — 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 3.7 — — Quick serve restaurants and other lower-risk categories 1.1 1.9 — — Higher-risk accommodation and food service 0.7 1.1 0.7 1.1 Accommodation & Food Service 1.8 3.0 — — Wholesale Trade 1.9 3.2 — — Energy 1.6 2.7 1.6 2.7 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 1.2 2.0 — — Golf courses and other outdoor lower- risk sectors 0.3 0.5 — — 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 $ 23.5 40.0 % $ — — % Other CRE 8.9 15.1 — — Lower-risk CRE retail 2.1 3.6 — — Higher-risk CRE retail 0.1 0.2 0.1 0.2 CRE - Retail 2.2 3.8 — — Lower-risk CRE hospitality 1.0 1.8 — — Higher-risk CRE hospitality 0.3 0.5 0.3 0.5 CRE - Hospitality 1.4 2.3 — — Total CRE excluding PPP $ 12.5 21.2 % — — % Total commercial loans excluding LMC and PPP $ 36.0 61.3 % $ 4.7 8.0 % Loans to mortgage companies (LMC) 5.6 9.6 Paycheck protection program (PPP) 5.1 8.6 Total commercial loans $ 46.7 79.5 % Total consumer loans $ 12.1 20.5 % Total loans $ 58.8 100.0 % Total loans excl. LMC and PPP $ 48.1 81.8 % • Continuing to closely monitor industries currently impacted by COVID-19 disruptions; Criticized loans of $2.1 billion vs. $2.0 billion as of December 31, 2020 • Certain challenged sectors are experiencing early stages of recovery • Consumer portfolio asset quality relatively stable; refreshed weighted avg. FICO score of ~769 • 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 – ~63% quick service restaurants and other lower risk categories with normalizing trends; higher-risk portfolio largely reflects regional and national casual dining brands • Energy – ~$219 million in oil field services, ~$849 million in E&P - Portfolio clients are hedged 60% through 2021, 28% through 2022 and 17% through 2023 • Retail Trade – Substantially all essential services and other more resilient sectors including home improvement and auto-related • Arts/Entertainment – ~45% 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 – ~0.5% of CRE-Retail on active deferral vs. ~41% peak deferral • CRE – Hospitality – Predominately flagged properties and limited service/extended stay properties – ~12% of CRE hospitality is on active deferral vs. ~68% peak deferral Portfolios subject to more heightened monitoring decreased 2% QoQ to $4.7 billion, or ~8.0% 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.

22 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 6.4 % C&I excl. Energy, LMC, & PPP 21.9 0.3 1.5 Total C&I excl. LMC & PPP 23.5 0.4 1.9 CRE - Other 8.9 0.1 1.3 CRE - Retail 2.2 0.1 2.4 CRE - Hospitality 1.4 0.1 4.6 Total CRE excl. PPP 12.5 0.2 1.9 Total Commercial excl. LMC & PPP 36.0 0.7 1.9 Total Consumer 12.1 0.2 2.0 Total Loans excl. LMC & PPP 48.1 0.9 1.9 LMC 5.6 — 0.1 PPP 5.1 — — Total Loans $ 58.8 $ 0.9 1.5 % Reserve for unfunded commitments $ 58.8 $ 0.1 0.1 % Total Loans to Allowance for Credit Losses $ 58.8 $ 1.0 1.7 % 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 5,500 $ 1,229 9.7 % 884 $ 160 1.3 % Commercial excl. PPP 4,291 5,343 12.8 % 100 232 0.6 % Total excl. PPP 9,791 $ 6,572 12.1 % 984 $ 392 0.7 % Allowance for Credit Losses (ACL) to Loans Ratio $s in millions Loan Balance ACL Balance ACL/Loans Total Loans 58,766 $ 995 1.7 % Loans to Mortgage Companies (LMC) 5,633 5 0.1 PPP 5,070 — — Total excl. LMC & PPP $ 48,062 $ 990 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 1Q21. Energy-related loans represented across various categories.Numbers may not add to total due to rounding.

23 Notable Items ($s in millions except per share data) Favorable / (Unfavorable) (In millions, except per share data) 1Q21 4Q20 3Q20 Noninterest income: Merger accounting adjustment other noninterest income1 $ (1) $ (1) $ (532) Total noninterest income (1) (1) (532) Noninterest expense: Salaries and benefits — — (1) Incentives and commissions (21) (21) (34) Total personnel expenses (21) (21) (35) Occupancy and equipment (4) (2) (4) Outside services (4) (7) (32) Amortization of intangible assets (1) (1) (1) Other noninterest expense (50) (4) (44) Total noninterest expense (80) (34) (116) Total net notable items (pre-tax) 79 33 (269) Tax impact of notable items 19 13 61 After-tax impact of notable itmes 60 $ 20 (331) EPS impact of notable items $ (0.11) $ 0.04 $ 0.60 Diluted shares 558 557 553 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) 1Merger accounting adjustment is non-taxable income.

24 Estimated 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 1Q21 $ 14 1Q21 $ 24 1Q21 $ 8 2Q21-4Q21 $ 35 2Q21-4Q21 $ 47 2Q21-4Q21 $ 14 2022 $ 36 2022 $ 44 2022 $ 13 2023 and beyond $ 65 2023 and beyond $ 80 2023 and beyond $ 11 1Q21 Reported to Core Reconciliation $s in millions NII Margin 1Q21 Reported (FTE) 511 2.63 % Less: non-core items PPP coupon income and fees 24 (0.01) Time Deposit Amortization 4 0.02 Loan Accretion 32 0.17 IBKC Premium Amortization (14) (0.07) 1Q21 Core (FTE) $ 464 2.52 % 3Q20 Reported to Core Reconciliation $s in millions NII Margin 3Q20 Reported (FTE) $ 535 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 (FTE) $ 479 2.68 % 1Estimated based on market rates and prepayment assumptions as of 3/31/2021. $s in millions 4Q20 4Q20 ex-unusual items 1Q20 Adjusted QoQ NII - Reported (FTE) $ 508 $ 513 511 (4) % NIM - Reported 2.63 % 2.66 % 464 (5) % NII - Core (FTE) $ 479 $ 484 2.63 % (11) NIM - Core (FTE) 2.63 % 2.65 % 2.52 % (13) 2Q20 Reported to Core Reconciliation $s in millions NII Margin 2Q20 Reported (FTE) $ 308 2.90 % Less: non-core items PPP loans and fees 15 0.04 Current Period loan accretion 6 0.06 2Q20 Core (FTE) $ 287 2.80 % 1Q20 Reported to Core Reconciliation $s in millions NII Margin 1Q20 Reported (FTE) $ 305 3.16 % Less: non-core items PPP loans and fees — — Current Period loan accretion 9 0.09 1Q20 Core (FTE) $ 297 3.07 % 4Q20 Reported to Core Reconciliation $s in millions NII Margin 4Q20 Reported (FTE) $ 525 2.71 % Less: non-core items PPP Coupon Income and Fees 20 (0.05) Time Deposit Amortization 8 0.04 Loan Accretion 33 0.19 IBKC Premium Amortization (18) (0.10) 4Q20 Core (FTE) $ 482 2.63 % 4Q20 Reported (FTE) 525 2.71 Less: unusual items (5) (0.03) 4Q20 Reported ex-unusual items $ 530 2.74 % 4Q20 Core (FTE) $ 482 2.63 % Less: unusual items (5) (0.03) 4Q20 Core ex-unusual items $ 488 2.65 %

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 1Q21 4Q20 3Q20 2Q20 1Q20 ($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 - FTE $ 552 $ 3 $ 555 $ 574 $ 3 $ 578 $ 598 $ 3 $ 601 $ 347 $ 3 $ 349 $ 378 $ 2 $ 381 Interest expense- FTE 45 — 45 53 — 53 66 — 66 41 — 41 76 — 76 Net interest income- FTE 508 3 511 522 3 525 532 3 535 305 3 308 303 2 305 Less: Taxable-equivalent adjustment — 3 3 — 3 3 — 3 3 — 3 3 — 2 2 Net interest income 508 — 508 522 — 522 532 — 532 305 — 305 303 — 303 Noninterest income: Fixed income 126 — 126 104 — 104 111 — 111 112 — 112 96 — 96 Mortgage banking and title 53 — 53 57 — 57 66 — 66 4 — 4 2 — 2 Brokerage, trust, and insurance 33 — 33 31 — 31 30 — 30 22 — 22 23 — 23 Service charges and fees 53 — 53 53 — 53 50 — 50 35 — 35 36 — 36 Card and digital banking fees 17 — 17 18 — 18 17 — 17 12 — 12 12 — 12 Deferred compensation income 3 — 3 9 — 9 4 — 4 8 — 8 (10) — (10) Other noninterest income 15 (1) 14 16 (1) 15 546 (532) 14 12 — 12 15 — 15 Total noninterest income 298 (1) 297 288 (1) 288 823 (532) 291 206 — 206 175 — 175 Total revenue 806 (1) 805 810 (1) 810 1,355 (532) 823 512 — 512 478 — 478 Noninterest expense: Personnel expense: Salaries and benefits 196 — 195 200 — 200 201 (1) 200 111 (5) 107 113 (1) 112 Incentives and commissions 120 (21) 99 110 (21) 89 126 (34) 91 79 — 79 81 — 81 Deferred compensation expense 3 — 3 9 — 9 3 — 3 9 — 9 (10) — (10) Total personnel expense 318 (21) 297 319 (21) 298 329 (35) 294 200 (5) 195 183 (1) 182 Occupancy and equipment 76 (4) 72 76 (2) 74 77 (4) 73 46 — 46 44 — 44 Outside services 58 (4) 54 59 (7) 52 78 (32) 46 38 (5) 33 38 (2) 37 Amortization of intangible assets 14 (1) 13 15 (1) 14 15 (1) 14 5 — 5 5 5 Other noninterest expense 78 (50) 28 39 (4) 35 89 (44) 45 31 (4) 27 31 (3) 28 Total noninterest expense 544 (80) 464 508 (34) 474 587 (116) 471 321 (14) 307 302 (6) 296 Pre-provision net revenue 262 79 340 302 33 335 768 (416) 352 191 14 205 175 6 181 Provision for credit losses (45) — (45) 1 — 1 227 (147) 80 121 — 121 154 — 154 Income before income taxes 307 79 386 301 33 334 541 (269) 272 69 14 84 21 6 27 Provision for income taxes 71 19 90 56 13 69 2 61 63 13 3 15 5 1 6 Net income 235 60 295 245 20 265 539 (331) 208 57 12 68 16 5 21 Net income attributable to noncontrolling interest 3 3 3 — 3 3 — 3 3 — 3 3 — 3 Net income attributable to controlling interest 233 60 292 242 20 262 536 (331) 205 54 12 66 14 5 18 Preferred stock dividends 8 — 8 8 — 8 13 — 13 2 — 2 2 — 2 Net income available to common shareholders $ 225 $ 60 $ 284 $ 234 $ 20 $ 255 $ 523 $ (331) $ 193 $ 52 $ 12 $ 64 $ 12 $ 5 $ 17 Common Stock Data EPS $ 0.41 $ (0.11) $ 0.51 $ 0.42 $ (0.04) $ 0.46 $ 0.95 $ 0.60 $ 0.35 $ 0.17 $ (0.04) $ 0.21 $ 0.04 $ (0.01) $ 0.05 Basic shares 552 552 553 553 550 550 312 312 312 312 Diluted EPS $ 0.40 $ (0.11) $ 0.51 $ 0.42 $ (0.04) $ 0.46 $ 0.95 $ 0.60 $ 0.35 $ 0.17 $ (0.04) $ 0.20 $ 0.04 $ (0.01) $ 0.05 Diluted shares 558 558 557 557 551 551 313 313 313 313 Memo: Total Revenue-FTE (Non-GAAP) $ 806 $ 2 $ 808 $ 810 $ 2 $ 813 $ 1,355 $ (529) $ 826 $ 512 $ 3 $ 514 $ 478 $ 2 $ 480 PPNR-FTE (Non-GAAP) 262 82 343 302 36 339 768 (414) 355 191 17 207 175 8 183

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 Combined Historical Data: non-interest income and expense 2Q20 1Q20 ($s in millions, except per share data) FHN IBKC Combined FHN IBKC Combined Noninterest income: Fixed income $ 112 $ — $ 112 $ 96 $ — $ 96 Mortgage banking and title 4 49 53 2 29 32 Brokerage, trust, and insurance 22 11 33 23 10 34 Service charges and fees 35 11 46 36 14 50 Card and digital banking fees 12 5 17 12 6 19 Deferred compensation income 8 — 8 (10) — (10) Other noninterest income 12 5 18 15 6 21 Total noninterest income $ 206 $ 81 $ 287 $ 175 $ 65 $ 240 Noninterest expense: Personnel expense: Salaries and benefits $ 111 $ 81 $ 193 $ 113 $ 81 $ 194 Incentives and commissions 75 22 97 80 20 100 Deferred compensation expense 9 — 10 (10) — (10) Total personnel expense 195 104 300 182 101 283 Occupancy and equipment 46 28 74 44 28 72 Outside services 32 14 46 36 12 49 Amortization of intangible assets 5 4 9 5 4 9 Other noninterest expense 27 30 57 28 30 58 Total noninterest expense $ 307 $ 179 $ 486 $ 296 $ 174 $ 471

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. Adjusted 1Q21 FHN compared to adjusted combined historical data: non-interest income and expense 1Q21 4Q20 3Q20 2Q20 1Q20 1Q21 vs 4Q20 1Q21 vs 1Q20 ($s in millions, except per share data) FHN FHN FHN FHN/IBKC Combined FHN/IBKC Combined $/bps % $/bps % Noninterest income: Fixed income $ 126 $ 104 $ 111 $ 112 $ 96 $ 22 21 % $ 30 31 % Mortgage banking and title 53 57 66 53 32 (4) (7) 21 66 Brokerage, trust, and insurance 33 31 30 33 34 2 6 (1) (3) Service charges and fees 53 53 50 46 50 — — 3 6 Card and digital banking fees 17 18 17 17 19 (1) (6) (2) (11) Deferred compensation income 3 9 4 8 (10) (6) (67) 13 (130) Other noninterest income 14 15 14 18 21 (1) (7) (7) (33) Total noninterest income $ 297 $ 288 $ 291 $ 287 $ 240 $ 9 3 % $ 57 24 % Noninterest expense: Personnel expense: Salaries and benefits $ 195 $ 200 $ 200 $ 193 $ 194 $ (5) (3) % $ 1 1 % Incentives and commissions 99 89 91 97 100 10 11 (1) (1) Deferred compensation expense 3 9 3 10 (10) (6) (67) 13 (130) Total personnel expense 297 298 294 300 283 (1) — 14 5 Occupancy and equipment 72 74 73 74 72 (2) (3) — — Outside services 54 52 46 46 49 2 4 5 10 Amortization of intangible assets 13 14 14 9 9 (1) (7) 4 44 Other noninterest expense 28 35 45 57 58 (7) (20) (30) (52) Total noninterest expense $ 464 $ 474 $ 471 $ 486 $ 471 $ (10) (2) % $ (7) (1) %

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. FHN Adjusted 1Q21 compared to Adjusted 4Q20 excluding unusual items 1Q21 4Q20 1Q21 vs. 4Q20 Adj. ex-unusual items ($s in millions, except per share data) Adjusted Adjusted Unusual Items Ex-unusual items $ % Net interest income (FTE) 511 525 $ 5 $ 530 $ (19) (4) % Noninterest income: Fixed income 126 104 — 104 22 21 % Mortgage banking and title 53 57 — 57 (4) (7) % Brokerage, trust, and insurance 33 31 — 31 2 5 % Service charges and fees 53 53 — 53 — — % Card and digital banking fees 17 18 — 18 (1) (7) % Deferred compensation income 3 9 — 9 (6) (65) % Other noninterest income 14 15 3 18 (4) (23) % Total noninterest income $ 297 $ 288 $ 3 $ 291 $ 6 2 % Total revenue (FTE) $ 808 $ 813 $ 8 $ 821 $ (13) (2) % Noninterest expense: Personnel expense: Salaries and benefits $ 195 $ 200 $ — $ 200 $ (5) (3) % Incentives and commissions 99 89 (8) 81 18 22 % Deferred compensation expense 3 9 — 9 (6) (67) % Total personnel expense 297 298 (8) 290 7 2 % Occupancy and equipment 72 74 — 74 (2) (3) % Outside services 54 52 — 52 2 4 % Amortization of intangible assets 13 14 — 14 (1) (7) % Other noninterest expense 28 35 5 40 (12) (30) % Total noninterest expense $ 464 $ 474 $ (3) $ 471 $ (7) (2) % Pre-provision net revenue $ 343 $ 335 $ 11 $ 346 $ (3) (1) % Memo: Expense ex. incentives and commisions $ 365 $ 385 $ 5 $ 390 $ 775 $ (25) (6) %

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. 1Q21 & 4Q20 compared to Combined Historical Balance Sheet Data 1Q21 4Q20 1Q20 4Q19 $s in millions FHN FHN FHN IBKC Combined FHN IBKC Combined Loans and Leases: Commercial $ 46,421 79 % $ 45,379 78 % $ 26,764 $ 17,141 $ 43,905 76 % $ 24,388 $ 16,612 $ 41,000 74 % Loans to Mortgage Companies (LMC) 5,530 9 5,404 9 5,714 — 5,714 10 4,411 — 4,411 8 PPP 5,071 9 4,052 7 — — — — — — — — Commercial Loans excl. LMC & PPP 35,820 61 35,923 62 21,050 17,141 38,191 66 19,977 16,612 36,589 66 Consumer real estate 11,053 19 11,725 20 6,119 6,776 12,895 22 6,177 6,726 12,903 23 Credit card and other 1,126 2 1,128 2 495 625 1,120 2 496 683 1,179 2 Loans and leases, net of unearned income $ 58,600 100 % $ 58,232 100 % $ 33,378 $ 24,542 $ 57,920 100 % $ 31,061 $ 24,021 $ 55,082 100 % Interest-bearing liabilities & DDA: Interest-bearing deposits: Savings $ 27,023 35 % $ 27,324 37 % $ 13,860 $ 10,010 $ 23,870 35 % $ 11,665 $ 9,805 $ 21,470 34 % Time deposits 4,653 6 5,070 7 3,058 3,841 6,899 10 3,618 4,274 7,892 12 Other interest-bearing deposits 16,444 21 15,415 21 8,561 5,046 13,607 20 8,717 4,821 13,538 21 Total interest-bearing deposits 48,120 62 47,810 64 25,480 18,897 44,377 65 24,001 18,900 42,901 67 Trading liabilities 454 1 353 — 453 — 453 1 506 — 506 1 Short-term borrowings 2,203 3 2,198 3 5,325 391 5,716 8 3,518 204 3,722 6 Term borrowings 1,671 2 1,670 2 793 1,288 2,081 3 791 1,344 2,135 3 Total interest-bearing liabilities 52,448 68 52,030 70 32,050 20,576 52,626 77 28,816 20,447 49,263 77 DDA 25,046 32 22,173 30 8,940 6,629 15,569 23 8,429 6,320 14,749 23 Total interest-bearing liabilities & DDA $ 77,494 100 % $ 74,203 100 % $ 40,990 $ 27,205 $ 68,195 100 % $ 37,245 $ 26,767 $ 64,012 100 % Loans to Deposits ratio 80 % 83 % 97 % 96 % 97 % 96 % 95 % 96 %

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. ($s in millions, except per share data) 1Q21 4Q20 3Q20 2Q20 1Q20 Tangible Common Equity (Non-GAAP) (A) Total equity (GAAP) $ 8,307 $ 8,307 $ 8,144 $ 5,208 $ 5,056 Less: Noncontrolling interest 295 295 295 295 295 Less: Preferred stock 470 470 470 240 96 (B) Total common equity $ 7,541 $ 7,541 $ 7,378 $ 4,673 $ 4,665 Less: Intangible assets (GAAP) 1,850 1,864 1,876 1,552 1,558 (C) Tangible common equity (Non-GAAP) $ 5,691 $ 5,677 $ 5,502 $ 3,120 $ 3,107 Tangible Assets (Non-GAAP) (D) Total assets (GAAP) $ 87,513 $ 84,209 $ 83,030 $ 48,645 $ 47,197 Less: Intangible assets (GAAP) 1,850 1,864 1,876 1,552 1,558 (E) Tangible assets (Non-GAAP) $ 85,663 $ 82,345 $ 81,154 $ 47,092 $ 45,640 Period-end Shares Outstanding (F) Period-end shares outstanding 552 555 555 312 312 Ratios (A)/(D) Total equity to total assets (GAAP) 9.49 % 9.86 % 9.81 % 10.71 % 10.71 % (C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) 6.64 % 6.89 % 6.78 % 6.63 % 6.81 % (B)/(F) Book value per common share (GAAP) $ 13.65 $ 13.59 $ 13.30 $ 14.96 $ 14.96 (C)/(F) Tangible book value per common share (Non-GAAP) $ 10.30 $ 10.23 $ 9.92 $ 9.99 $ 9.96

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) 1Q21 4Q20 3Q20 2Q20 1Q20 Adjusted Diluted EPS Net income available to common ("NIAC") (GAAP) a $ 225 $ 234 $ 523 $ 52 $ 12 Plus Tax effected notable items (Non-GAAP) 60 20 (331) 12 5 Adjusted NIAC (Non-GAAP) b $ 284 $ 255 $ 193 $ 64 $ 17 Diluted Shares (GAAP) c 558 557 551 313 313 Diluted EPS (GAAP) a/c $ 0.40 $ 0.42 $ 0.95 $ 0.17 $ 0.04 Adjusted diluted EPS (Non-GAAP) b/c $ 0.51 $ 0.46 $ 0.35 $ 0.20 $ 0.05 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $ 235 $ 245 $ 539 $ 57 $ 16 Plus Tax effected notable items (Non-GAAP) 60 20 (331) 12 5 Adjusted NI (Non-GAAP) $ 295 $ 265 $ 208 $ 68 $ 21 NI (annualized) (GAAP) d $ 955 $ 974 $ 2,144 $ 228 $ 66 Adjusted NI (annualized) (Non-GAAP) e $ 1,198 $ 1,055 $ 829 $ 275 $ 84 Average assets (GAAP) f $ 85,401 $ 83,809 $ 81,683 $ 47,934 $ 43,552 ROA (GAAP) d/f 1.12 % 1.16 % 2.63 % 0.48 % 0.15 % Adjusted ROA (Non-GAAP) e/f 1.40 % 1.26 % 1.01 % 0.57 % 0.19 % Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE NIAC (annualized) (GAAP) g $ 911 $ 933 $ 2,082 $ 210 $ 49 Adjusted NIAC (annualized) (Non-GAAP) h $ 1,154 $ 1,013 $ 767 $ 257 $ 67 Average Common Equity (GAAP) i $ 7,583 $ 7,444 $ 7,309 $ 4,673 $ 4,611 Intangible Assets (GAAP) 1,857 1,871 1,794 1,555 1,560 Average Tangible Common Equity (Non-GAAP) j $ 5,726 $ 5,573 $ 5,515 $ 3,117 $ 3,051 Equity Adjustment (Non-GAAP) — — — — — Adjusted Average Tangible Common Equity (Non-GAAP) k $ 5,726 $ 5,573 $ 5,515 $ 3,117 $ 3,051 ROCE (GAAP) g/i 12.01 % 12.53 % 28.49 % 4.50 % 1.05 % ROTCE (Non-GAAP) g/j 15.90 % 16.73 % 37.75 % 6.74 % 1.59 % Adjusted ROTCE (Non-GAAP) h/k 20.15 % 18.18 % 13.90 % 8.26 % 2.19 %

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. $ in millions except per share data) 1Q21 4Q20 3Q20 2Q20 1Q20 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) a $ 298 $ 288 $ 823 $ 206 $ 175 Plus notable items (GAAP) (1) (1) (532) — — Adjusted noninterest income (Non-GAAP) b 297 288 291 206 175 Revenue (GAAP) c 806 810 1,355 512 478 Taxable-equivalent adjustment 3 3 3 3 2 Revenue- Taxable-equivalent (Non-GAAP) $ 809 $ 813 $ 1,358 $ 514 $ 480 Plus notable items (GAAP) (a) (1) (1) (532) — — Adjusted revenue (Non-GAAP) d 808 813 826 514 480 Noninterest income as a % of total revenue (GAAP) a/c 37.00 % 35.61 % 60.72 % 40.32 % 36.59 % Adjusted noninterest income as a % of total revenue (Non-GAAP) b/d 36.78 % 35.42 % 35.20 % 40.12 % 36.42 % Adjusted Efficiency Ratio Noninterest expense (GAAP) e $ 544 $ 508 $ 587 $ 321 $ 302 Plus notable items (GAAP) (80) (34) (116) (14) (6) Adjusted noninterest expense (Non-GAAP) f 464 474 471 307 296 Revenue (GAAP) g 806 810 1,355 512 478 Taxable-equivalent adjustment 3 3 3 3 2 Revenue- Taxable-equivalent (Non-GAAP) $ 809 $ 813 $ 1,358 $ 514 $ 480 Plus notable items (GAAP) (a) (1) (1) (532) — — Adjusted revenue (Non-GAAP) h 808 813 826 514 480 Efficiency ratio (GAAP) e/g 67.53 % 62.71 % 43.31 % 62.74 % 63.26 % Adjusted efficiency ratio (Non-GAAP) f/h 57.49 % 58.34 % 57.06 % 59.65 % 61.76 % Adjusted Reserve Build Provision for credit losses (GAAP) i $ (45) 1 $ 227 $ 121 $ 154 Plus notable items (GAAP) — — (147) — — Adjusted provision for credit losses (Non-GAAP) j $ (45) $ 1 $ 80 $ 121 $ 154 Net Charge-offs (GAAP) k $ 8 $ 29 $ 67 $ 17 $ 7 Reserve Build/(Release) i-k $ (53) $ (28) $ 160 $ 104 $ 147 Adjusted Reserve Build/(Release) j-k $ (53) $ (28) $ 13 $ 104 $ 147

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) 1Q21 NIAC (GAAP) $ 225 Tax effected Notable Items $ 60 Adjusted NIAC (Non-GAAP) $ 284 Tax effected provision credit $ (36) Adjusted NIAC before provision credit (Non-GAAP) $ 248 NIAC (annualized) (GAAP) a $ 911 Adjusted NIAC (annualized) Non-GAAP) b $ 1,154 Adjusted NIAC before provision credit (annualized) (Non-GAAP) c 1,007 Average Common Equity (GAAP) d $ 7,583 Intangible Assets (GAAP) $ 1,857 Average Tangible Common Equity (Non-GAAP) e $ 5,726 Equity Adjustment for provision credit (Non-GAAP) $ 12 Adjusted Average Tangbile Common Equity (Non-GAAP) f $ 5,715 ROCE (GAAP) a/d 12.0 % ROTCE (Non-GAAP) a/e 15.9 % Adjusted ROTCE (Non-GAAP) b/e 20.2 % Adjusted ROTCE before provision credit (Non-GAAP) c/f 17.6 %