Equibles

8-K

FIRST HORIZON CORP (FHN)

8-K 2022-01-20 For: 2022-01-20
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Added on April 04, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

FORM 8-K

_____________________________________

CURRENT REPORT

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

January 20, 2022

Date of Report (date of earliest event reported)

fhn-20220120_g1.jpg

(Exact name of registrant as specified in its charter)

TN 001-15185 62-0803242
(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
165 Madison Avenue Memphis, Tennessee 38103
(Address of Principal Executive Offices) (Zip Code)

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

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

ITEM 2.02. Results of Operations and Financial Condition.

ITEM 7.01. Regulation FD Disclosure.

Furnished as Exhibit 99.1 is a copy of the First Horizon Corporation (“FHN”) Fourth Quarter 2021 Earnings Release, released today.

Furnished as Exhibit 99.2 is a copy of the Investor Slide Presentation for the quarter ended December 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: fully taxable equivalent measures, core net interest income ("NII"), core net interest margin (“NIM”), pre-provision net revenue ("PPNR"), loans and leases, allowance for credit losses (“ACL”), and ratios excluding Loans to Mortgage Companies (“LMC”) and/or loans under the federal paycheck protection program ("PPP"), return on average tangible common equity (“ROTCE”); ROTCE or net income available to common before provision credit, 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 items identified in the exhibits.

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

Presentation of regulatory measures, even those which are not GAAP, provide a meaningful base for comparability to other financial institutions subject to the same regulations as FHN, as demonstrated by their use by banking regulators in reviewing capital adequacy of financial institutions. Although not GAAP terms, these regulatory measures are not considered “non-GAAP” under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in this report include: 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

FIRST HORIZON CORPORATION 2 FORM 8-K CURRENT REPORT 1/20/2022

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, including its exhibits, that the list above is not exhaustive as of the date of this report. 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 the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K; and in the forepart, and in Item 1A of Part II, of FHN’s Quarterly Report(s) on Form 10-Q filed this year. 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.

ITEM 9.01. Financial Statements and Exhibits.

(d)Exhibits

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

Exhibit # Description
99.1 First Horizon Corporation Fourth Quarter 2021 Earnings Release
99.2 First Horizon Corporation Investor Slide Presentation for the quarter ended December 31, 2021
104 Cover Page Interactive Data File, formatted in Inline XBRL
FIRST HORIZON CORPORATION 3 FORM 8-K CURRENT REPORT 1/20/2022
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SIGNATURES

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

FIRST HORIZON CORPORATION
(Registrant)
Date: January 20, 2022 By: /s/ Hope Dmuchowski
Hope Dmuchowski
Senior Executive Vice President—Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer) FIRST HORIZON CORPORATION 4 FORM 8-K CURRENT REPORT 1/20/2022
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Document

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First Horizon Corporation Reports Fourth Quarter Net Income Available to Common Shareholders of $219 Million,

or EPS of $0.40; $260 Million, or $0.48, on an Adjusted basis*

ROTCE of 14.7% and Adjusted ROTCE of 17.5% with tangible book value per share of $11.00*

2021 net income available to common shareholders of $962 million, or EPS of $1.74;

Adjusted EPS of $2.07 up 70% over 2020*

MEMPHIS, TN (January 20, 2022) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported fourth quarter 2021 net income available to common shareholders ("NIAC") of $219 million, or earnings per share of $0.40, compared with third quarter 2021 NIAC of $224 million, or earnings per share of $0.41.

Fourth quarter 2021 results were reduced by a net $41 million after-tax, or $0.08 per share, of notable items largely tied to the IBERIABANK Corporation Merger ("IBKC Merger"), compared with a net $51 million after-tax reduction, or $0.09 per share, in third quarter 2021. Excluding notable items, adjusted fourth quarter 2021 NIAC of $260 million, or $0.48 per share, decreased from $275 million, or $0.50 per share in third quarter. The decrease was led by a $0.03 per share reduction tied to lower provision credit.

Full year 2021 NIAC of $962 million, or earnings per share of $1.74, compares with $822 million, or earnings per share of $1.89, in 2020, largely reflecting the impact of the IBKC merger. 2021 results included a net $179 million after-tax reduction, or $0.32 per share, from notable items largely related to the IBKC merger compared with a net benefit of $294 million, or $0.68 per share, in 2020. On an adjusted basis, full year 2021 NIAC of $1.1 billion, or earnings per share of $2.07, compares with NIAC of $528 million, or $1.22 in 2020 respectively.

“Our solid results for the quarter and the year reflect the underlying momentum in our balanced business model and attractive geographic footprint," said President and Chief Executive Officer Bryan Jordan. "Our continued focus on execution drove improved net interest income, further merger savings and revenue synergies and improved asset quality that more than offset the impact of expected fee income headwinds. We also increased our return of capital to shareholders through common share repurchases."

Jordan continued, “I am grateful to our associates for their unwavering commitment to delivering on our purpose which is to help our clients and communities unlock their full potential through capital and counsel, particularly as we continued to navigate the effects of the pandemic and disruptive natural disasters. Throughout the year, we achieved a number of critical merger milestones, successfully integrating key systems in preparation for the final conversion of clients and signage scheduled for February. We made good strides onboarding new technology and digital capabilities, upgrading operating systems and achieving efficiencies to deliver a differentiated client experience across the organization. I am incredibly proud of the progress we have made and look forward to further capitalizing on the power of business model and footprint."

Jordan concluded, “As we look forward to 2022 and beyond, we believe we are well-positioned to benefit from our enhanced capabilities and expertise, dynamic markets and an improving economic and interest rate environment. We remain focused on growing our core business and selectively transforming by simplifying processes, advancing technology and redeploying investments to achieve higher-growth and return opportunities and deliver top-quartile results.”

*ROTCE, PPNR, Core net interest income (NII), tangible book value per share, loans and leases excluding PPP and/or LMC, and "Adjusted" results are Non-GAAP Financial Measures; NII, Total Revenue, NIM and PPNR are presented on a fully taxable equivalent basis; References to loans include leases and EPS are based on diluted shares; Capital ratios are preliminary. See page 7 for information on our use of Non-GAAP measures and their reconciliation to GAAP beginning on page 23.

1

Notable Items

Notable Items
Quarterly and Annually, Unaudited ($s in millions, except per share data) 4Q21 3Q21 4Q20 2021 2020
Summary of Notable Items:
Merger/acquisition-related items:
Purchase accounting gain (other noninterest income)* $ — $ — $ 1 $ (1) $ 533
Branch sale gain (other noninterest income) 4 2 — 5 —
Merger/acquisition expense (38) (46) (34) (187) (155)
Non-PCD provision expense — — — — (147)
Total Net Merger/acquisition- related items: (35) (45) (33) (183) 231
Other notable items:
Gain/(loss) on TruPS redemption (other noninterest income) (3) (23) — (26) —
Charitable contributions (other noninterest expense) — — — — (15)
Other notable expense (other noninterest expense) (16) — — (26) —
Total net other notable items: (19) (23) — (52) (15)
Total Notable items (pre-tax) $ (54) $ (68) $ (33) $ 235 $ 216
Total Notable items (after-tax) (41) (51) (20) (179) 294
EPS impact of notable items $ (0.08) $ (0.09) $ (0.04) $ (0.32) $ 0.68
Numbers may not foot due to rounding
*' Purchase accounting gain is non-taxable income

Fourth quarter 2021 GAAP results were reduced by a net $41 million after-tax impact, or $0.08 per share, of notable items compared with a net $51 million impact, or $0.09 per share, in third quarter 2021.

Fourth quarter net notable items were tied to:

•$35 million of net IBKC merger-related items.

•$10 million tied to derivative valuation adjustments related to prior Visa Class-B share sales included in other noninterest expense.

•$6 million deferred compensation costs resulting from litigation tied to a company that was fully divested more than 10 years ago.

•$3 million loss on retirement of legacy IBKC trust preferred securities included in other noninterest income.

Fourth Quarter 2021 Highlights

•Total revenue of $745 million increased $7 million from third quarter 2021 levels driven by a $6 million increase in net interest income. Adjusted revenue of $748 million decreased $15 million largely as expected reductions in fixed income and mortgage banking fees were partially offset by an increase in other noninterest income.

•Net interest income of $498 million increased $6 million, or 1%, from third quarter 2021 levels despite a $5 million reduction in net merger-related and PPP loan portfolio benefits. Core net interest income increased 3% driven by the benefit of lower funding costs.

•Noninterest expense of $528 million increased $2 million from third quarter 2021 driven by an $8 million increase in notable items. Adjusted noninterest expense of $474 million decreased $6 million from third quarter 2021 driven by a $12 million decrease in personnel expense largely tied to lower revenue-based incentives.

•Provision for credit losses was a benefit of $65 million compared with a benefit of $85 million in third quarter 2021, largely reflecting stabilizing economic outlook and overall credit quality improvement.

•Average interest-earning assets of $82.5 billion increased $694 million, or 1%, from third quarter 2021 largely as a $775 million increase in the securities portfolio, a $381 million increase in the trading portfolio and a $260 million increase in loans held for sale ("LHFS") partially offset by an $827 million decrease in average loans driven by a $1.5 billion decrease in Payceck Protection Program loans ("PPP").

•Average loans before the impact of PPP increased $654 million, or 1%, as a $740 million increase in commercial was partially offset by an $87 million decrease in consumer. Average commercial loans excluding PPP increased 2%.

•Period-end loans before the impact of PPP increased $402 million, or 1%, as a $446 million increase in commercial was partially offset by a $44 million decrease in consumer. Period-end commercial loans excluding PPP and LMC increased 3%.

•Average deposits of $74.6 billion increased $875 million, or 1%, from third quarter 2021 as a $1.8 billion increase in noninterest-bearing deposits was partially offset by a $921 million decrease in interest-bearing deposits. Interest-bearing deposit costs of 11 basis points improved 6 basis points from third quarter 2021.

•Allowance for credit losses to loans ratio of 1.34% decreased from 1.45% at September 30, 2021; the allowance for loan losses to nonperforming loans ratio of 244% increased from 211% at September 30, 2021.

•Net charge-offs of 0.01% in fourth quarter 2021 improved from 0.02% in third quarter 2021; nonperforming loans of $275 million decreased 21% from $347 million and the nonperforming loan ratio of 0.50% improved from 0.63% as of September 30, 2021.

•ROCE of 11.3%; ROTCE of 14.7%; Adjusted ROTCE of 17.5%; CET 1 ratio of 9.9%; and total capital ratio of 12.4%.

•Returned $225 million of capital to common shareholders including share repurchases and dividends.

•Share repurchases of 9 million shares of common stock at a weighted average price of $16.89 in the quarter.

•Tangible book value per share of $11.00 at December 31, 2021 increased 1% from $10.88 at September 30, 2021 despite a $0.24 impact tied to capital return.

Strategic Update

•On track to fully integrate systems in February 2022 and to deliver ~$200 million of targeted annualized net cost saves by 4Q22.

•Achieved $104 million of annualized net cost saves in 2021.

•Committed to delivering additional efficiencies in 2022.

COVID-19 Update

•~$5 billion Paycheck Protection Program loans forgiven in 2021. 2021 period-end PPP loans of $1.0 billion.

•Loans on deferral represented 0.2% of total loans excluding PPP as of December 31, 2021, down from September 30, 2021 levels of 0.3%.

SUMMARY RESULTS
Quarterly, Unaudited
4Q21 Change vs.
($s in millions, except per share and balance sheet data) 4Q21 3Q21 4Q20 3Q21 4Q20
/bp % /bp %
Income Statement
Interest income - taxable equivalent1 $ 534 $ 536 $ 578 — % (8) %
Interest expense- taxable equivalent1 33 41 53 (8) (20) (20) (38)
Net interest income- taxable equivalent 502 495 525 7 1 (23) (4)
Less: Taxable-equivalent adjustment 3 3 3 — — — —
Net interest income 498 492 522 6 1 (24) (5)
Noninterest income 247 247 288 — — (41) (14)
Total revenue 745 738 810 7 1 (65) (8)
Noninterest expense 528 526 508 2 — 20 4
Pre-provision net revenue4 217 213 302 4 2 (85) (28)
Provision for credit losses5 (65) (85) 1 20 24 (66) NM
Income before income taxes 282 298 301 (16) (5) (19) (6)
Provision for income taxes 53 63 56 (10) (16) (3) (6)
Net income 229 235 245 (6) (3) (16) (6)
Net income attributable to noncontrolling interest 3 3 3 — — — 6
Net income attributable to controlling interest 227 232 242 (5) (2) (15) (6)
Preferred stock dividends 8 8 8 — — — 5
Net income available to common shareholders $ 219 $ 224 $ 234 (2) (7)
Adjusted net income5 $ 271 $ 286 $ 265 (5) 2
Adjusted net income available to common shareholders5 $ 260 $ 275 $ 255 (5) % 2 %
Common stock information
EPS $ 0.40 $ 0.41 $ 0.42 (1) % (4) %
Adjusted EPS5 $ 0.48 $ 0.50 $ 0.46 (4) % 4 %
Diluted shares 542 550 556 (8) (1) % (14) (3) %
Key performance metrics
Net interest margin 2.42 % 2.41 % 2.72 % 1 bp (30) bp
Efficiency ratio 70.88 71.21 62.71 (33) 817
Adjusted efficiency ratio6 63.31 62.87 58.34 44 497
Effective income tax rate 18.63 21.13 18.70 (250) (7)
Return on average assets 1.02 1.05 1.16 (3) (14)
Adjusted return on average assets6 1.21 1.28 1.26 (7) (5)
Return on average common equity (“ROCE") 11.3 11.4 12.5 (17) (127)
Return on average tangible common equity (“ROTCE”)6 14.7 15.0 16.7 (23) (201)
Adjusted ROTCE6 17.5 18.4 18.2 (85) (67)
Noninterest income as a % of total revenue 33.10 33.39 35.61 (29) (251)
Adjusted noninterest income as a % of total revenue6 32.95 % 35.14 % 35.42 % (219) bp (247) bp
Balance Sheet (billions)
Average loans $ 54.7 $ 55.5 $ 59.8 (1) % (9) %
Average deposits 74.6 73.7 69.6 0.9 1 5.0 7
Average assets 89.0 88.4 83.8 0.6 1 5.2 6
Average common equity $ 7.7 $ 7.8 $ 7.4 (1) % 4 %
Asset Quality Highlights
Allowance for credit losses to loans and leases 1.34 % 1.45 % 1.80 % (11) bp (46) bp
Net charge-off ratio 0.01 0.02 0.19 (1) (18)
Nonperforming loan and leases ratio 0.50 % 0.63 % 0.66 % (13) bp (16) bp
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 1 9.9 % 10.1 % 9.7 % (15) bp 26 bp
Tier 1 11.1 11.2 10.7 (18) 32
Total Capital 12.4 12.6 12.6 (28) (21)
Tier 1 leverage 8.1 % 8.1 % 8.2 % (6) bp (16) 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.

SUMMARY RESULTS
Annual, Unaudited
($s in millions, except per share and balance sheet data) 2021 2020 2021 vs. 2020
/bp %
Income Statement
Interest income - taxable equivalent1 $ 2,170 $ 1,909 14 %
Interest expense- taxable equivalent1 163 235 (72) (31)
Net interest income- taxable equivalent 2,006 1,673 333 20
Less: Taxable-equivalent adjustment 12 11 1 9
Net interest income 1,994 1,662 332 20
Noninterest income 1,076 1,492 (416) (28)
Total revenue 3,070 3,155 (85) (3)
Noninterest expense 2,095 1,718 377 22
Pre-provision net revenue4 975 1,436 (461) (32)
Provision for credit losses5 (310) 503 (813) NM
Income before income taxes 1,285 933 352 38
Provision for income taxes 274 76 198 NM
Net income 1,010 857 153 18
Net income attributable to noncontrolling interest 11 12 (1) (8)
Net income attributable to controlling interest 999 845 154 18
Preferred stock dividends 37 23 14 61
Net income available to common shareholders $ 962 $ 822 17
Adjusted net income5 $ 1,189 $ 563 114
Adjusted net income available to common shareholders5 $ 1,140 $ 528 116 %
Common stock information
EPS $ 1.74 $ 1.89 (8) %
Adjusted EPS5 $ 2.07 $ 1.22 70 %
Diluted shares 551 434 117 27 %
Key performance metrics
Net interest margin 2.48 % 2.86 % (38) bp
Efficiency ratio 68.25 54.47 1,378
Adjusted efficiency ratio6 60.64 58.82 182
Effective income tax rate 21.36 8.15 1,321
Return on average assets 1.15 1.33 (18)
Adjusted return on average assets6 1.36 0.87 49
Return on average common equity (“ROCE") 12.5 13.7 (113)
Return on average tangible common equity (“ROTCE”)6 16.5 19.0 (257)
Adjusted ROTCE6 19.3 12.2 714
Noninterest income as a % of total revenue 35.04 47.31 (1,227)
Adjusted noninterest income as a % of total revenue6 36.38 % 36.45 % (7) bp
Balance Sheet (billions)
Average loans $ 56.3 $ 46.2 22 %
Average deposits 73.1 51.9 21.3 41
Average assets 87.6 64.3 23.3 36
Average common equity $ 7.7 $ 6.0 28 %
Asset Quality Highlights
Allowance for credit losses to loans and leases 1.34 % 1.80 % (11) bp
Net charge-off ratio — 0.20 (1,961)
Nonperforming loan and leases ratio 0.50 % 0.66 % (13) bp
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 1 9.9 % 9.7 % (15) bp
Tier 1 11.1 10.7 (18)
Total Capital 12.4 12.6 (28)
Tier 1 leverage 8.1 % 8.2 % (6) 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.

Fourth Quarter 2021 versus Third Quarter 2021

Net interest income

Net interest income of $498 million increased $6 million from third quarter 2021 despite a $5 million reduction in net merger-related and PPP benefits. Core net interest income of $466 million was up $12 million as the benefit of lower funding costs, higher loans held for sale and trading portfolio balances, and higher investment portfolio income more than offset the net impact of loan growth and tighter loan spreads. Net interest margin of 2.42% was relatively stable with third quarter 2021 as the benefit of lower funding costs offset the impact of tighter loan and investment portfolio spreads.

Noninterest income

Noninterest income of $247 million was stable as a net $22 million reduction tied to notable items was largely offset by expected declines in fixed income and mortgage banking and title fees. Adjusted noninterest income of $246 million decreased $22 million driven by expected declines in fixed income and mortgage banking and title fees. Fixed income average daily revenue of $1.1 million remained at relatively healthy levels compared with

$1.3 million in third quarter 2021.

Noninterest expense

Noninterest expense of $528 million increased $2 million from third quarter 2021 driven by a net $8 million decrease in notable items. Adjusted noninterest expense of $474 million decreased $6 million from third quarter 2021 levels as a $12 million reduction in personnel expense was partially offset by growth in outside services and other noninterest expense driven by a $4 million increase tied to demand deposit product accruals, costs tied to markets reopening, and FDIC premium costs partially offset by lower contribution costs and franchise taxes. Results reflect $1 million benefit tied to incremental merger cost savings.

Loans and leases

Average loan and lease balances of $54.7 billion decreased $827 million from third quarter 2021 driven by a $1.5 billion decrease in PPP loans. Loan trends excluding PPP increased $654 million, or 1%, compared to the prior quarter, and 5% annualized, driven by a $740 million increase in commercial. Commercial loan growth excluding PPP reflects a $735 million increase in other C&I with relatively stable loans to mortgage companies ("LMC') and commercial real estate balances. Period-end loans and leases of $54.9 billion decreased $576 million from third quarter 2021 driven by a $979 million reduction in the PPP portfolio and a $622 million decrease in LMC. Before the impact of PPP and LMC, period-end loans increased $1.0 billion, or 8% annualized, reflecting a $1.1 billion increase in commercial. Period-end commercial loan growth excluding PPP and LMC was driven by growth in other commercial and industrial loans.

Deposits

Average deposits of $74.6 billion increased $875 million, or 1% from third quarter 2021 as a $1.8 billion increase in noninterest-bearing deposits was partially offset by a $921 million reduction in interest-bearing deposits. Period-end deposits of $74.9 billion increased $630 million from third quarter 2021 as a $535 million increase in noninterest-bearing and a $95 million increase in interest-bearing deposits. Interest-bearing deposit costs of 11 basis points declined 6 basis points from third quarter 2021 levels reflecting continued discipline on deposit pricing.

Asset quality

Provision for credit losses benefit of $65 million compared to a benefit of $85 million in third quarter 2021, largely reflects stabilizing economic outlook and overall credit quality improvement.

Net charge-offs of $1 million, or 1 basis points in the fourth quarter, decreased from $3 million, or 2 basis points, in the third quarter 2021 reflecting strong asset quality overall.

Nonperforming loans of $275 million decreased $72 million from third quarter 2021 driven by a decrease in the commercial real estate portfolio. Fourth quarter 2021 allowance to nonperforming coverage ratio of 244% compared with 211% in third quarter 2021. Fourth quarter 2021 nonperforming loans to loans ratio of 50 basis points compared with 63 basis points in third quarter 2021.

The allowance for credit losses to loans ratio decreased to 1.34% from 1.45% in the third quarter 2021.

Capital

CET1 ratio of 9.9% in fourth quarter 2021 was stable compared with 10.1% in third quarter 2021.

First Horizon returned $225 million in capital to common stockholders during the quarter including $144 million, or 9 million shares, of common stock repurchases.

Income taxes

The fourth quarter 2021 effective tax rate of 18.6% decreased from third quarter 2021 rate of 21.1%. On an adjusted basis, the effective tax rate of 19.5% in the fourth quarter 2021 decreased from 21.8% in third quarter 2021.

Conference call information

Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on January 20 by dialing 1-844-200-6205 (if calling from the U.S.) or 929-526-1599 (if calling from outside the U.S) and entering access code 177675. 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 https://ir.firsthorizon.com/investor-relations/news-and-events/events-and-presentations/.

A replay of the call will be available beginning at noon CT on January 20 until midnight CT on February 3. To listen to the replay, dial 1-866-813-9403 (U.S. callers) or +44-204-525-0658 (international callers); the access code is 953908. A replay of the webcast will also be available on our website by 10:30 am CT on January 20 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 the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K; and in the forepart, and in Item 1A of Part II, of FHN’s Quarterly Report(s) on Form 10-Q filed this year.

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

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

Certain measures included in this report are “non-GAAP,” meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. Although other entities may use calculation methods that differ from those used by FHN for non-

GAAP measures, FHN’s management believes such measures are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. Non-GAAP measures are reported to FHN’s management and Board of Directors through various internal reports.

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

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 23.

First Horizon Corp. (NYSE: FHN), with $89.1 billion in assets as of December 31, 2021, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, mortgage, and title insurance services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

Contact: Investor Relations, Ellen Taylor (901) 523-4450

Media Relations, Beth Ardoin, (337) 278-6868

CONSOLIDATED INCOME STATEMENT
Quarterly/Annually, Unaudited
4Q21 Change vs. 2021 vs 2020
($s in millions, except per share data) 4Q21 3Q21 2Q21 1Q21 4Q20 3Q21 4Q20 2021 2020
% % %
Interest income - taxable equivalent1 $ 534 $ 536 $ 545 $ 555 $ 578 — % (8) % $ 2,170 $ 1,909 14 %
Interest expense- taxable equivalent1 33 41 45 45 53 (8) (20) (20) (38) 163 235 (72) (31)
Net interest income- taxable equivalent 502 495 500 511 525 7 1 (23) (4) 2,006 1,673 333 20
Less: Taxable-equivalent adjustment 3 3 3 3 3 — — — — 12 11 1 9
Net interest income 498 492 497 508 522 6 1 (24) (5) 1,994 1,662 332 20
Noninterest income:
Fixed income 82 96 102 126 104 (14) (15) (22) (21) 406 423 (17) (4)
Mortgage banking and title 28 34 38 53 57 (6) (18) (29) (51) 154 129 25 19
Brokerage, trust, and insurance 36 37 35 33 31 (1) (3) 5 14 141 107 34 32
Service charges and fees 56 56 54 53 53 — — 3 6 219 174 45 26
Card and digital banking fees 19 21 21 17 18 (2) (10) 1 3 78 59 19 32
Deferred compensation income — 3 7 3 9 (3) (100) (9) (100) 13 11 2 18
Other noninterest income2 25 (1) 27 15 16 26 NM 9 57 66 589 (523) (89)
Total noninterest income 247 247 285 298 288 — — (41) (14) 1,076 1,492 (416) (28)
Total revenue 745 738 781 806 810 7 1 (65) (8) 3,070 3,155 (85) (3)
Noninterest expense:
Personnel expense:
Salaries and benefits 190 191 191 196 200 (1) (1) (10) (5) 767 625 142 23
Incentives and commissions 93 101 109 120 110 (8) (8) (17) (16) 423 396 27 7
Deferred compensation expense 7 4 6 3 9 3 75 (2) (22) 20 11 9 82
Total personnel expense 290 296 306 318 319 (6) (2) (29) (9) 1,210 1,033 177 17
Occupancy and equipment3 74 75 75 76 76 (1) (1) (2) (3) 300 243 57 23
Outside services 81 89 63 58 59 (8) (9) 22 38 290 213 77 36
Amortization of intangible assets 14 14 14 14 15 — — (1) (5) 56 40 16 40
Other noninterest expense 70 52 40 78 39 18 35 31 80 239 189 50 26
Total noninterest expense 528 526 497 544 508 2 — 20 4 2,095 1,718 377 22
Pre-provision net revenue4 217 213 284 262 302 4 2 (85) (28) 975 1,436 (461) (32)
Provision for credit losses5 (65) (85) (115) (45) 1 20 24 (66) NM (310) 503 (813) NM
Income before income taxes 282 298 399 307 301 (16) (5) (19) (6) 1,285 933 352 38
Provision for income taxes 53 63 88 71 56 (10) (16) (3) (6) 274 76 198 NM
Net income 229 235 311 235 245 (6) (3) (16) (6) 1,010 857 153 18
Net income attributable to noncontrolling interest 3 3 3 3 3 — — — 6 11 12 (1) (8)
Net income attributable to controlling interest 227 232 308 233 242 (5) (2) (15) (6) 999 845 154 18
Preferred stock dividends 8 8 13 8 8 — — — 5 37 23 14 61
Net income available to common shareholders $ 219 $ 224 $ 295 $ 225 $ 234 (2) % (7) % $ 962 $ 822 17 %
Common Share Data
EPS $ 0.41 $ 0.41 $ 0.54 $ 0.41 $ 0.42 (1) % (3) % $ 1.76 $ 1.90 (7) %
Basic shares 537 546 550 552 553 (9) (2) (16) (3) 546 432 114 26
Diluted EPS $ 0.40 $ 0.41 $ 0.53 $ 0.40 $ 0.42 (1) (4) $ 1.74 $ 1.89 (8)
Diluted shares 542 550 556 557 556 (8) (1) % (14) (3) % 551 434 117 27 %
Effective tax rate 18.6 % 21.1 % 22.0 % 23.2 % 18.7 % 21.4 % 8.2 %

All values are in US Dollars.

Numbers may not foot due to rounding. See footnote disclosures on page 22.

ADJUSTED5 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 11
Quarterly/Annually, Unaudited
4Q21 Change vs. 2021 vs 2020
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
($s in millions, except per share data) 4Q21 3Q21 2Q21 1Q21 4Q20 3Q21 4Q20 2021 2020
% % %
Net interest income (FTE)1 $ 502 $ 495 $ 500 $ 511 $ 525 1 % (4) % $ 2,006 $ 1,673 20 %
Adjusted noninterest income:
Fixed income 82 96 102 126 104 (14) (15) (22) (21) 406 423 (17) (4)
Mortgage banking and title 28 34 38 53 57 (6) (18) (29) (51) 154 129 25 19
Brokerage, trust, and insurance 36 37 35 33 31 (1) (3) 5 14 141 107 34 32
Service charges and fees 56 56 54 53 53 — — 3 6 219 174 45 26
Card and digital banking fees 19 21 21 17 18 (2) (10) 1 3 78 59 19 32
Deferred compensation income — 3 7 3 9 (3) (100) (9) (100) 13 11 2 18
Adjusted other noninterest income 25 21 29 14 15 4 19 10 68 89 56 33 59
Adjusted total noninterest income $ 246 $ 268 $ 287 $ 297 $ 288 (8) % (14) % $ 1,099 $ 960 14 %
Total revenue (FTE)1 $ 748 $ 763 $ 787 $ 808 $ 813 (2) % (8) % $ 3,105 $ 2,633 18 %
Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits $ 189 $ 191 $ 191 $ 195 $ 200 (1) % (6) % $ 766 $ 619 24 %
Adjusted Incentives and commissions 84 92 93 99 89 (8) (9) % (5) (6) 367 341 26 8 %
Deferred compensation expense 1 4 6 3 9 (3) (75) % (8) (89) 14 11 3 27 %
Adjusted total personnel expense 274 286 290 297 298 (12) (4) % (24) (8) 1,147 971 176 18 %
Adjusted occupancy and equipment3 73 74 75 72 74 (1) (1) % (1) (2) 294 238 56 24 %
Adjusted outside services 66 65 56 54 52 1 2 % 14 27 241 166 75 45 %
Adjusted amortization of intangible assets 13 13 13 13 14 — — % (1) (5) 53 38 15 39 %
Adjusted other noninterest expense 46 42 31 28 35 4 10 % 11 32 148 136 12 9 %
Adjusted total noninterest expense $ 474 $ 480 $ 465 $ 464 $ 474 (1) % — % $ 1,883 $ 1,549 22 %
Adjusted pre-provision net revenue4 $ 274 $ 284 $ 321 $ 343 $ 339 (4) % (19) % $ 1,222 $ 1,084 13 %
Adjusted provision for credit losses5 $ (65) $ (85) $ (115) $ (45) $ 1 24 % NM $ (310) $ 356 NM
Adjusted net income available to common shareholders $ 260 $ 275 $ 321 $ 284 $ 255 (5) % 2 % $ 1,140 $ 528 116 %
Adjusted Common Share Data
Adjusted diluted EPS $ 0.48 $ 0.50 $ 0.58 $ 0.51 $ 0.46 (4) % 4 % $ 2.07 $ 1.22 70 %
Diluted shares 542 550 556 557 556 (8) (1) % (14) (3) % 551 434 117 27 %
Adjusted effective tax rate 19.5 % 21.8 % 22.2 % 23.4 % 20.7 % 21.8 % 21.5 %
Adjusted ROTCE 17.5 % 18.4 % 22.2 % 20.2 % 18.2 % 19.3 % 12.2 %
Adjusted efficiency ratio 63.3 % 62.9 % 59.2 % 57.5 % 58.3 % 60.6 % 58.8 %

All values are in US Dollars.

Numbers may not foot due to rounding.

See footnote disclosures on page 22.

NOTABLE ITEMS
Quarterly/Annually, Unaudited (In millions) 4Q21 3Q21 2Q21 1Q21 4Q20 2021 2020
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Summary of Notable Items:
Purchase accounting gain (other noninterest income)* $ — $ — $ (2) $ 1 $ 1 $ (1) $ 533
Gain/(loss) on TRUPS redemption (other noninterest income) (3) (23) — — — (26) —
Branch sale gain (other noninterest income) 4 2 — — — 5 —
Merger/acquisition expense (38) (46) (32) (70) (34) (187) (155)
Charitable contributions — — — — — — (15)
Other notable expenses** (16) — — (10) — (26) —
Merger/acquisition non-PCD provision expense — — — — — — (147)
Total notable items $ (54) $ (68) $ (34) $ (79) $ (33) $ 235 $ 216
EPS impact of notable items $ (0.08) $ (0.09) $ (0.05) $ (0.11) $ (0.04) $ (0.32) $ 0.68

Numbers may not foot due to rounding

*' Purchase accounting gain is non-taxable income.

** 4Q21 includes $10 million of Visa derivative valuation expense and $6 million of deferred compensation expense.

IMPACT OF NOTABLE ITEMS:
Quarterly/Annually, Unaudited (In millions) 4Q21 3Q21 2Q21 1Q21 4Q20 2021 2020
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Impacts of Notable Items:
Noninterest income:
Other noninterest income $ — $ 22 $ 2 $ (1) $ (1) $ 23 $ (533)
Total noninterest income $ — $ 22 $ 2 $ (1) $ (1) $ 23 $ (533)
Noninterest expense:
Personnel expenses:
Salaries and benefits $ — $ — $ — $ — $ — $ (1) $ (7)
Incentives and commissions (9) (10) (16) (21) (21) (56) (55)
Deferred compensation expense (6) — — — — (6) —
Total personnel expenses (16) (10) (16) (21) (21) (63) (62)
Occupancy and equipment3 — (1) — (4) (2) (5) (6)
Outside services (15) (24) (6) (4) (7) (49) (46)
Amortization of intangible assets (1) (1) (1) (1) (1) (3) (2)
Other noninterest expense (23) (10) (9) (50) (4) (92) (54)
Total noninterest expense $ (54) $ (46) $ (32) $ (80) $ (34) $ (212) $ (170)
Provision for credit losses $ — $ — $ — $ — $ — $ — $ (147)
Income before income taxes $ 54 $ 68 $ 34 $ 79 $ 33 $ 235 $ (216)
Provision for income taxes 13 17 8 19 13 56 78
Net income/(loss) available to common shareholders $ 41 $ 51 $ 26 $ 60 $ 20 $ 179 $ (294)

Numbers may not foot due to rounding

FINANCIAL RATIOS
Quarterly/Annually, Unaudited
4Q21 change vs. 2021 vs. 2020
4Q21 3Q21 2Q21 1Q21 4Q20 3Q21 4Q20 2021 2020
FINANCIAL RATIOS /bp % /bp % /bp %
Net interest margin 2.42 % 2.41 % 2.47 % 2.62 % 2.72 % 1 bp (30) bp 2.48 % 2.86 % (38) bp
Return on average assets 1.02 % 1.05 % 1.42 % 1.12 % 1.16 % (3) (14) 1.15 % 1.33 % (18)
Adjusted return on average assets6 1.21 % 1.28 % 1.54 % 1.40 % 1.26 % (7) (5) 1.36 % 0.87 % 49
Return on average common equity (“ROCE”) 11.26 % 11.43 % 15.45 % 12.01 % 12.53 % (17) (127) 12.53 % 13.66 % (113)
Return on average tangible common equity (“ROTCE”)6 14.72 % 14.95 % 20.36 % 15.90 % 16.73 % (23) (201) 16.46 % 19.03 % (257)
Adjusted ROTCE5 17.51 % 18.36 % 22.18 % 20.15 % 18.18 % (85) (67) 19.29 % 12.15 % 714
Noninterest income as a % of total revenue 33.10 % 33.39 % 36.43 % 37.00 % 35.61 % (29) (251) 35.04 % 47.31 % (1,227)
Adjusted noninterest income as a % of total revenue6 32.95 % 35.14 % 36.49 % 36.78 % 35.42 % (219) (247) 36.38 % 36.45 % (7)
Efficiency ratio 70.88 % 71.21 % 63.67 % 67.53 % 62.71 % (33) 817 68.25 % 54.47 % 1,378
Adjusted efficiency ratio6 63.31 % 62.87 % 59.17 % 57.49 % 58.34 % 44 497 60.64 % 58.82 % 182
CAPITAL DATA
CET1 capital ratio* 9.9 % 10.1 % 10.3 % 10.0 % 9.7 % (15) bp 26 bp 9.9 % 9.7 % 26 bp
Tier 1 capital ratio* 11.1 % 11.2 % 11.4 % 11.0 % 10.7 % (18) bp 32 bp 11.1 % 10.7 % 32 bp
Total capital ratio* 12.4 % 12.6 % 13.1 % 12.8 % 12.6 % (28) bp (21) bp 12.4 % 12.6 % (21) bp
Tier 1 leverage ratio* 8.1 % 8.1 % 8.2 % 8.2 % 8.2 % (6) bp (16) bp 8.1 % 8.2 % (16) bp
Risk-weighted assets (“RWA”) (billions) $ 64.1 $ 63.0 $ 62.0 $ 62.3 $ 63.1 2 % 1 % $ 64.1 $ 63.1 1 %
Total equity to total assets 9.53 % 9.64 % 9.74 % 9.49 % 9.86 % (11) bp (33) bp 9.53 % 9.86 % (33) bp
Tangible common equity/tangible assets (“TCE/TA”)6 6.73 % 6.80 % 6.87 % 6.64 % 6.89 % (7) bp (16) bp 6.73 % 6.89 % (16) bp
Period-end shares outstanding (millions) 534 542 551 552 555 (8) (1) % (21) (4) % 534 555 (21) (4) %
Cash dividends declared per common share $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.15 — — $ 0.60 $ 0.60 —
Book value per common share $ 14.39 $ 14.24 $ 14.07 $ 13.65 $ 13.59 1 % 6 % $ 14.39 $ 13.59 6 %
Tangible book value per common share6 $ 11.00 $ 10.88 $ 10.74 $ 10.30 $ 10.23 1 % 8 % $ 11.00 $ 10.23 8 %
SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances) 73.25 % 74.65 % 77.36 % 80.09 % 83.21 % (140) bp (996) bp 73.25 % 83.21 % (996) bp
Loans-to-deposit ratio (average balances) 73.29 % 75.28 % 77.68 % 82.02 % 85.90 % (199) bp (1,261) bp 76.98 % 89.02 % (1,204) bp
Full-time equivalent associates 7,863 7,982 8,145 8,284 8,466 (119) (1) % (603) (7) % 8,067 6,649 1,418 21 %

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 22.

CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited

4Q21 change vs.
(In millions) 4Q21 3Q21 2Q21 1Q21 4Q20 3Q21 4Q20
% %
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I) $ 31,068 $ 31,516 $ 32,528 $ 33,951 $ 33,103 (1) % (6) %
Commercial real estate 12,109 12,194 12,292 12,470 12,275 (85) (1) (167) (1)
Total Commercial 43,177 43,710 44,820 46,421 45,379 (533) (1) (2,202) (5)
Consumer real estate 10,772 10,787 10,864 11,053 11,725 (15) — (953) (8)
Credit card and other7 910 938 1,002 1,126 1,128 (28) (3) (218) (19)
Total Consumer 11,682 11,725 11,867 12,178 12,853 (42) — (1,171) (9)
Loans and leases, net of unearned income 54,859 55,435 56,687 58,600 58,232 (576) (1) (3,373) (6)
Loans held for sale 1,172 1,052 977 811 1,022 120 11 150 15
Investment securities 9,419 8,798 8,398 8,361 8,057 621 7 1,362 17
Trading securities 1,601 1,319 1,035 1,076 1,176 282 21 425 36
Interest-bearing deposits with banks 14,907 14,829 13,451 11,635 8,351 79 1 6,556 79
Federal funds sold and securities purchased under agreements to resell 641 361 622 520 445 281 78 196 44
Total interest earning assets 82,600 81,794 81,170 81,004 77,284 806 1 5,316 7
Cash and due from banks 1,147 1,197 1,303 1,169 1,203 (50) (4) (56) (5)
Goodwill and other intangible assets, net 1,808 1,822 1,836 1,850 1,864 (14) (1) (56) (3)
Premises and equipment, net 665 692 714 719 759 (27) (4) (94) (12)
Allowance for loan and lease losses (670) (734) (815) (914) (963) 64 9 293 30
Other assets 3,542 3,766 3,700 3,685 4,063 (224) (6) (521) (13)
Total assets $ 89,092 $ 88,537 $ 87,908 $ 87,513 $ 84,209 1 % 6 %
Liabilities and Shareholders' Equity:
Deposits:
Savings $ 26,457 $ 27,425 $ 27,416 $ 27,023 $ 27,324 (4) % (3) %
Time deposits 3,500 3,920 4,304 4,653 5,070 (420) (11) (1,570) (31)
Other interest-bearing deposits 17,054 15,571 15,728 16,444 15,415 1,484 10 1,639 11
Total interest-bearing deposits 47,012 46,916 47,447 48,120 47,810 95 — (798) (2)
Trading liabilities 426 315 531 454 353 112 35 74 21
Short-term borrowings 2,124 2,225 2,246 2,203 2,198 (101) (5) (75) (3)
Term borrowings 1,590 1,584 1,672 1,671 1,670 6 — (80) (5)
Total interest-bearing liabilities 51,151 51,040 51,896 52,448 52,030 112 — (879) (2)
Noninterest-bearing deposits 27,883 27,348 25,833 25,046 22,173 535 2 5,710 26
Other liabilities 1,564 1,617 1,613 1,712 1,699 (53) (3) (136) (8)
Total liabilities 80,598 80,005 79,343 79,206 75,903 593 1 4,695 6
Shareholders' Equity:
Preferred stock 520 520 520 470 470 — — 50 11
Common stock 333 339 344 345 347 (5) (2) (13) (4)
Capital surplus 4,742 4,866 4,997 5,036 5,073 (124) (3) (331) (7)
Retained earnings 2,891 2,754 2,613 2,402 2,261 137 5 630 28
Accumulated other comprehensive loss, net (288) (241) (203) (242) (140) (47) (20) (148) (105)
Combined shareholders' equity 8,199 8,237 8,270 8,012 8,012 (39) — 187 2
Noncontrolling interest 295 295 295 295 295 — — — —
Total shareholders' equity 8,494 8,533 8,566 8,307 8,307 (39) — 187 2
Total liabilities and shareholders' equity $ 89,092 $ 88,537 $ 87,908 $ 87,513 $ 84,209 1 % 6 %
Memo:
Total Deposits $ 74,895 $ 74,265 $ 73,281 $ 73,167 $ 69,982 1 % 7 %
Unfunded Loan Commitments:
Commercial $ 20,487 $ 19,019 $ 18,035 $ 16,759 $ 17,201 8 % 19 %
Consumer $ 3,936 $ 3,892 $ 4,031 $ 4,067 $ 4,086 1 % (4) %

All values are in US Dollars.

Numbers may not foot due to rounding. See footnote disclosures on page 22.

CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly/Annually, Unaudited

4Q21 change vs. 2021 vs. 2020
(In millions) 4Q21 3Q21 2Q21 1Q21 4Q20 3Q21 4Q20 2021 2020
% % %
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I) $ 30,780 $ 31,477 $ 32,540 $ 33,279 $ 34,196 (2) % (10) % $ 32,011 $ 27,625 16 %
Commercial real estate 12,220 12,264 12,350 12,424 12,400 (44) — (179) (1) 12,314 8,519 3,795 45
Total Commercial 43,001 43,741 44,890 45,703 46,596 (740) (2) (3,595) (8) 44,325 36,144 8,181 23
Consumer real estate 10,738 10,819 10,926 11,400 12,030 (81) (1) (1,292) (11) 10,969 9,191 1,778 19
Credit card and other7 943 948 1,013 1,119 1,194 (5) (1) (251) (21) 1,005 848 157 19
Total Consumer 11,681 11,767 11,939 12,519 13,224 (86) (1) (1,543) (12) 11,974 10,039 1,935 19
Loans and leases, net of unearned income 54,682 55,508 56,829 58,222 59,820 (827) (1) (5,138) (9) 56,298 46,183 10,115 22
Loans held-for-sale 1,252 992 734 842 1,030 260 26 222 22 956 835 121 14
Investment securities 9,269 8,494 8,401 8,320 8,213 775 9 1,056 13 8,623 6,464 2,159 33
Trading securities 1,552 1,171 1,322 1,418 1,292 381 33 260 20 1,365 1,433 (68) (5)
Interest-bearing deposits with banks 15,065 15,022 13,051 9,269 6,201 43 — 8,864 143 13,123 3,006 10,117 NM
Federal funds sold and securities purchased under agreements to resell 650 587 648 599 440 63 11 210 48 621 547 74 14
Total interest earning assets 82,469 81,775 80,984 78,670 76,995 694 1 5,474 7 80,987 58,468 22,519 39
Cash and due from banks 1,263 1,263 1,267 1,250 1,204 — — 59 5 1,261 852 409 48
Goodwill and other intangibles assets, net 1,815 1,829 1,843 1,857 1,871 (14) (1) (56) (3) 1,836 1,696 140 8
Premises and equipment, net 676 703 714 755 765 (27) (4) (89) (12) 712 604 108 18
Allowances for loan and lease losses (714) (793) (884) (949) (985) 80 10 271 28 (834) (700) (134) (19)
Other assets 3,515 3,624 3,635 3,817 3,959 (109) (3) (444) (11) 3,647 3,426 221 6
Total assets $ 89,025 $ 88,401 $ 87,559 $ 85,401 $ 83,809 1 % 6 % $ 87,609 $ 64,346 36 %
Liabilities and shareholders' equity:
Deposits:
Savings $ 26,731 $ 27,793 $ 27,238 $ 27,370 $ 27,090 (4) % (1) % $ 27,283 $ 19,780 38 %
Time deposits 3,695 4,121 4,487 4,836 5,386 (426) (10) (1,691) (31) 4,281 4,347 (66) (2)
Other interest-bearing deposits 15,900 15,333 16,029 15,491 15,057 567 4 842 6 15,688 11,973 3,715 31
Total interest-bearing deposits 46,326 47,248 47,754 47,697 47,534 (921) (2) (1,208) (3) 47,252 36,100 11,152 31
Trading liabilities 556 527 560 518 367 29 6 189 51 540 457 83 18
Short-term borrowings 2,249 2,452 2,248 2,280 2,113 (203) (8) 136 6 2,308 2,597 (289) (11)
Term borrowings 1,575 1,665 1,672 1,670 1,913 (90) (5) (337) (18) 1,645 1,578 67 4
Total interest-bearing liabilities 50,707 51,892 52,233 52,164 51,926 (1,185) (2) (1,220) (2) 51,745 40,732 11,013 27
Noninterest-bearing deposits 28,282 26,485 25,404 23,284 22,105 1,797 7 6,177 28 25,879 15,779 10,100 64
Other liabilities 1,511 1,447 1,463 1,603 1,568 64 4 (58) (4) 1,505 1,226 279 23
Total liabilities 80,499 79,824 79,100 77,052 75,600 675 1 4,900 6 79,130 57,737 21,393 37
Shareholders' Equity:
Preferred stock 520 520 513 470 470 — — 50 11 506 297 209 70
Common stock 336 342 345 346 347 (5) (2) (10) (3) 342 271 71 26
Capital surplus 4,811 4,936 5,023 5,061 5,902 (125) (3) (1,091) (18) 4,957 4,215 742 18
Retained earnings 2,819 2,673 2,499 2,336 1,346 146 5 1,473 109 2,583 1,679 904 54
Accumulated other comprehensive loss, net (256) (190) (217) (161) (151) (66) (35) (105) (70) (206) (149) (57) (38)
Combined shareholders' equity 8,230 8,281 8,164 8,054 7,914 (51) (1) 316 4 8,183 6,313 1,870 30
Noncontrolling interest 295 295 295 295 295 — — — — 295 295 — —
Total shareholders' equity 8,526 8,577 8,459 8,349 8,209 (51) (1) 316 4 8,478 6,609 1,869 28
Total liabilities and shareholders' equity $ 89,025 $ 88,401 $ 87,559 $ 85,401 $ 83,809 1 % 6 % $ 87,609 $ 64,346 36 %
Memo:
Total Deposits $ 74,608 $ 73,733 $ 73,158 $ 70,981 $ 69,639 1 % 7 % $ 73,131 $ 51,879 41 %

All values are in US Dollars.

Numbers may not foot due to rounding. See footnote disclosures on page 22.

CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly/Annually, Unaudited
4Q21 change vs. 2021 vs. 2020
4Q21 3Q21 2Q21 1Q21 4Q20 3Q21 4Q20 2021 2020
(In millions, except rates) Income/Expense Rate Income/Expense Rate Income/Expense Rate Income/Expense Rate Income/Expense Rate Income/Expense Income/Expense Income/Expense Rate Income/Expense Rate Income/Expense
% % %
Interest earning assets/Interest income:
Loans and leases, net of unearned income:
Commercial $ 365 3.37 % $ 372 3.37 % $ 380 3.39 % $ 382 3.39 % $ 406 3.46 % (2) % (10) % $ 1,500 3.38 % $ 1,324 3.66 % 13 %
Consumer 110 3.77 112 3.83 118 3.98 127 4.09 129 3.90 (2) (1) (19) (15) 468 3.92 406 4.05 62 15
Loans and leases, net of unearned income 475 3.45 484 3.47 498 3.52 510 3.54 535 3.56 (9) (2) (60) (11) 1,970 3.49 1,732 3.75 238 14
Loans held-for-sale 11 3.49 8 3.25 7 3.94 7 3.16 8 3.22 3 35 3 31 33 3.44 30 3.60 3 9
Investment securities 30 1.43 31 1.48 29 1.39 28 1.41 27 1.29 (1) (3) 3 11 118 1.43 105 1.64 13 12
Trading securities 10 2.50 6 2.07 7 2.03 7 2.03 7 2.05 4 60 3 47 30 2.17 35 2.44 (5) (14)
Interest-bearing deposits with banks 6 0.15 6 0.16 3 0.10 2 0.10 2 0.10 — (2) 4 NM 17 0.13 5 0.14 13 NM
Federal funds sold and securities purchased under agreements — (0.09) — (0.03) — (0.06) — (0.12) — 0.03 — NM — NM — (0.08) 2 0.43 (2) (100)
Interest income $ 534 2.58 % $ 536 2.61 % $ 545 2.70 % $ 555 2.85 % $ 578 2.99 — % (7) % $ 2,170 2.68 $ 1,909 3.26 14 %
Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings $ 4 0.06 % $ 9 0.12 % $ 11 0.16 % $ 13 0.19 % $ 18 0.27 % (54) % (78) % $ 36 0.13 % $ 82 0.41 % (57) %
Time deposits 5 0.56 6 0.62 7 0.65 6 0.47 6 0.44 (1) (20) (1) (12) 25 0.57 39 0.90 (14) (37)
Other interest-bearing deposits 4 0.10 5 0.12 6 0.15 6 0.16 7 0.18 (1) (18) (3) (44) 20 0.13 31 0.26 (11) (34)
Total interest-bearing deposits 13 0.11 20 0.17 24 0.20 24 0.20 31 0.26 (7) (34) (18) (58) 81 0.17 152 0.42 (71) (47)
Trading liabilities 2 1.38 1 1.11 2 1.17 1 0.73 1 0.78 — 31 1 NM 6 1.11 6 1.24 — 5
Short-term borrowings 1 0.18 1 0.24 1 0.22 1 0.21 1 0.23 — (32) — (18) 5 0.21 14 0.53 (9) (65)
Term borrowings 17 4.30 18 4.39 18 4.38 18 4.39 20 4.16 (1) (7) (3) (15) 72 4.37 64 4.02 8 12
Interest expense 33 0.26 41 0.31 45 0.34 45 0.34 53 0.40 (8) (20) (20) (38) 163 0.32 235 0.58 (72) (31)
Net interest income - tax equivalent basis 502 2.32 495 2.30 500 2.36 511 2.51 525 2.59 7 1 (23) (4) 2,006 2.36 1,673 2.68 333 20
Fully taxable equivalent adjustment (3) 0.10 (3) 0.11 (3) 0.11 (3) 0.11 (3) 0.13 — (7) — 1 (12) 0.12 (11) 0.18 (1) (8)
Net interest income $ 498 2.42 % $ 492 2.41 % $ 497 2.47 % $ 508 2.62 % $ 522 2.72 % 1 % (4) % $ 1,994 2.48 % $ 1,662 2.86 % 20 %
Memo:
Total loan yield 3.45 % 3.47 % 3.52 % 3.54 % 3.56 % 3.49 % 3.75 %
Total deposit cost 0.07 % 0.11 % 0.13 % 0.14 % 0.18 % 0.11 % 0.29 %
Total funding cost 0.16 % 0.21 % 0.23 % 0.24 % 0.28 % 0.21 % 0.42 %

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 22.

CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited
As of 4Q21 change vs.
(In millions, except ratio data) 4Q21 3Q21 2Q21 1Q21 4Q20 3Q21 4Q20
% %
Nonperforming loans and leases
Commercial, financial, and industrial (C&I) $ 125 $ 144 $ 122 $ 144 $ 144 (13) % (13) %
Commercial real estate 9 58 70 67 58 (49) (84) (49) (84)
Consumer real estate 138 143 149 180 182 (5) (3) (44) (24)
Credit card and other 3 2 2 2 2 1 35 1 39
Total nonperforming loans and leases $ 275 $ 347 $ 344 $ 394 $ 386 (21) % (29) %
Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I) 0.40 % 0.46 % 0.38 % 0.42 % 0.43 %
Commercial real estate 0.08 0.48 0.57 0.54 0.48
Consumer real estate 1.29 1.33 1.37 1.63 1.56
Credit card and other 0.31 0.22 0.24 0.22 0.18
Total nonperforming loans and leases to loans and leases 0.50 % 0.63 % 0.61 % 0.67 % 0.66 %

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 4Q21 change vs.
(In millions) 4Q21 3Q21 2Q21 1Q21 4Q20 3Q21 4Q20
% %
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I) $ 5 $ 1 $ 1 $ — $ — NM NM
Commercial real estate — 2 — — — (2) (100) — NM
Consumer real estate 33 12 12 12 15 21 NM 18 115
Credit card and other 2 2 1 — 1 1 36 1 NM
Total loans and leases 90 days or more past due and accruing $ 40 $ 16 $ 14 $ 13 $ 16 147 % 144 %

All values are in US Dollars.

Numbers may not foot due to rounding.

CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited
As of 4Q21 change vs.
(In millions, except ratio data) 4Q21 3Q21 2Q21 1Q21 4Q20 3Q21 4Q20
Charge-off, Recoveries and Related Ratios % %
Gross Charge-offs
Commercial, financial, and industrial (C&I) $ 5 $ 12 $ 2 $ 15 $ 35 (61) % (87) %
Commercial real estate — 2 — 3 — (2) (99) — (97)
Consumer real estate 2 1 1 1 1 1 NM 1 35
Credit card and other 4 5 3 3 4 — (10) 1 16
Total gross charge-offs $ 11 $ 19 $ 6 $ 23 $ 40 (45) % (74) %
Gross Recoveries
Commercial, financial, and industrial (C&I) $ (3) $ (7) $ (5) $ (6) $ (4) 50 % 16 %
Commercial real estate — (2) (1) (2) (1) 2 81 1 64
Consumer real estate (5) (7) (8) (6) (5) 3 35 — 6
Credit card and other (1) — (2) (1) (1) (1) NM — 25
Total gross recoveries $ (10) $ (16) $ (16) $ (15) $ (12) 41 % 17 %
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I) $ 1 $ 5 $ (3) $ 10 $ 31 (76) % (96) %
Commercial real estate — — (1) 2 (1) (1) NM — 43
Consumer real estate (3) (7) (8) (5) (4) 4 58 1 23
Credit card and other 3 4 1 2 2 (1) (33) 1 46
Total net charge-offs $ 1 $ 3 $ (10) $ 8 $ 29 (67) % (97) %
Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I) 0.01 % 0.06 % (0.04) % 0.12 % 0.36 %
Commercial real estate (0.01) 0.01 (0.02) 0.06 (0.02)
Consumer real estate (0.10) (0.24) (0.28) (0.18) (0.12)
Credit card and other 1.26 1.86 0.51 0.65 0.68
Total loans and leases 0.01 % 0.02 % (0.07) % 0.06 % 0.19 %

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 4Q21 Change vs.
(In millions) 4Q21 3Q21 2Q21 1Q21 4Q20 3Q21 4Q20
Summary of Changes in the Components of the Allowance For Credit Losses % %
Allowance for loan and lease losses - beginning $ 734 $ 815 $ 914 $ 963 $ 988 (10) % (26) %
Charge-offs:
Commercial, financial, and industrial (C&I) (5) (12) (2) (15) (35) 7 61 30 87
Commercial real estate — (2) — (3) — 2 99 — 97
Consumer real estate (2) (1) (1) (1) (1) (1) NM (1) (35)
Credit card and other (4) (5) (3) (3) (4) — 10 (1) (16)
Total charge-offs (11) (19) (6) (23) (40) 9 45 30 74
Recoveries:
Commercial, financial, and industrial (C&I) 3 7 5 6 4 (3) (50) (1) (16)
Commercial real estate — 2 1 2 1 (2) (81) (1) (64)
Consumer real estate 5 7 8 6 5 (3) (35) — (6)
Credit card and other 1 — 2 1 1 1 NM — (25)
Total Recoveries 10 16 16 15 12 (7) (41) (2) (17)
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)* (40) (5) (60) (1) (5) (34) NM (34) NM
Commercial real estate* (9) (48) (22) (8) 34 39 82 (42) (126)
Consumer real estate* (18) (31) (26) (26) (27) 13 42 9 33
Credit card and other* 3 6 — (6) 3 (3) (47) 1 22
Total provision for loan and lease losses*: (63) (78) (109) (41) 4 15 19 (67) NM
Allowance for loan and lease losses - ending $ 670 $ 734 $ 815 $ 914 $ 963 (9) % (30) %
Reserve for unfunded commitments - beginning $ 68 $ 75 $ 81 $ 85 $ 89 (9) % (24) %
Cumulative effect of change in accounting principle — — — — — — NM — NM
Acquired reserve for unfunded commitments — — — — (1) — NM 1 100
Provision for unfunded commitments (2) (7) (6) (4) (3) 5 71 1 33
Reserve for unfunded commitments - ending $ 66 $ 68 $ 75 $ 81 $ 85 (3) (22)
Total allowance for credit losses- ending $ 736 $ 802 $ 890 $ 995 $ 1,048 (8) % (30) %

All values are in US Dollars.

Numbers may not foot due to rounding.

CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES
Quarterly, Unaudited
As of
4Q21 3Q21 2Q21 1Q21 4Q20
Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I) 1.07 % 1.19 % 1.18 % 1.30 % 1.37 %
Commercial real estate 1.27 % 1.33 % 1.71 % 1.86 % 1.97 %
Consumer real estate 1.51 % 1.65 % 1.87 % 2.00 % 2.07 %
Credit card and other 2.14 % 2.03 % 1.71 % 1.63 % 2.34 %
Total allowance for loans and lease losses to loans and leases 1.22 % 1.32 % 1.44 % 1.56 % 1.65 %
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I) 268 % 261 % 314 % 307 % 315 %
Commercial real estate 1,671 % 278 % 300 % 345 % 415 %
Consumer real estate 118 % 125 % 136 % 123 % 133 %
Credit card and other 699 % 926 % 725 % 749 % 1,313 %
Total allowance for loans and lease losses to nonperforming loans and leases 244 % 211 % 237 % 232 % 249 %

REGIONAL BANKING

Quarterly/Annually, Unaudited

4Q21 Change vs. 2021 vs. 2020
4Q21 3Q21 2Q21 1Q21 4Q20 3Q21 4Q20 2021 2020
/bp % /bp % /bp %
Income Statement (millions)
Net interest income $ 450 $ 445 $ 444 $ 426 $ 409 1 % 10 % $ 1,764 $ 1,264 40 %
Noninterest income 115 113 109 100 106 2 2 9 8 % 438 345 93 27 %
Total revenue 565 558 553 527 515 7 1 50 10 % 2,202 1,609 593 37 %
Noninterest expense 304 300 277 270 306 4 1 (2) (1) % 1,151 944 207 22 %
Pre-provision net revenue4 261 258 276 256 209 3 1 52 25 % 1,051 665 386 58 %
Provision for credit losses5 (60) (52) (88) (29) (2) (8) (15) (58) NM (229) 392 (621) NM
Income before income tax expense 321 310 364 285 211 11 4 110 52 % 1,280 273 1,007 NM
Income tax expense 75 72 85 66 48 3 4 27 56 % 299 56 243 NM
Net income $ 246 $ 238 $ 279 $ 219 $ 163 3 % 51 % $ 982 $ 217 NM
Average Balances (billions)
Total loans and leases $ 37.7 $ 38.5 $ 40.0 $ 40.2 $ 40.8 (2) % (8) % $ 39.1 $ 29.7 32 %
Interest-earning assets 37.7 38.5 40.0 40.2 40.8 (0.8) (2) (3.1) (8) 39.1 29.7 9.4 32
Total assets 44.0 44.9 46.4 46.5 47.2 (0.9) (2) (3.2) (7) 45.4 32.8 12.6 38
Total deposits 66.6 65.4 65.0 62.1 61.0 1.2 2 5.6 9 64.8 44.6 20.2 45
Key Metrics
Net interest margin8 4.76 % 4.60 % 4.47 % 4.32 % 4.02 % 16 bp 74 bp 4.54 % 4.28 % 26 bp
Efficiency ratio 53.82 % 53.73 % 50.13 % 51.30 % 59.47 % 9 bp (565) bp 52.27 % 58.66 % (639) bp
Loans-to-deposits ratio (period-end balances) 56.16 % 57.40 % 59.95 % 62.61 % 65.46 % (124) bp (930) bp 56.16 % 65.46 % (930) bp
Loans-to-deposits ratio (average-end balances) 56.71 % 58.92 % 61.61 % 64.69 % 66.77 % (221) bp (1,006) bp 60.39 % 66.69 % (630) bp
Return on average assets (annualized) 2.22 % 2.10 % 2.41 % 1.91 % 1.37 % 12 bp 85 bp 2.16 % 0.66 % 150 bp
Return on allocated equity9 25.80 % 25.71 % 30.29 % 23.73 % 16.26 % 9 bp 954 bp 26.37 % 7.47 % 1,890 bp
Financial center locations 426 438 490 490 492 (12) (3) % (66) (13) % 426 492 (66) (13) %

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 22.

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/Annually, Unaudited

4Q21 Change vs. 2021 vs. 2020
4Q21 3Q21 2Q21 1Q21 4Q20 3Q21 4Q20 2021 2020
/bp % /bp % /bp %
Income Statement (millions)
Net interest income $ 154 $ 154 $ 153 $ 158 $ 172 — % (10) % $ 619 $ 572 8 %
Noninterest income 120 142 150 185 167 (22) (15) (47) (28) 597 576 21 4
Total revenue 275 295 302 343 339 (20) (7) (64) (19) 1,216 1,149 67 6
Noninterest expense 130 141 146 154 135 (11) (8) (5) (4) 571 494 77 16
Pre-provision net revenue4 145 154 156 189 204 (9) (6) (59) (29) 645 655 (10) (2)
Provision for credit losses5 (3) (33) (21) (7) 11 30 91 (14) (127) (64) 117 (181) NM
Income before income tax expense 148 187 177 196 194 (39) (21) (46) (24) 709 538 171 32
Income tax expense 36 45 43 47 47 (9) (20) (11) (23) 171 131 40 31
Net income $ 112 $ 142 $ 134 $ 149 $ 147 (21) % (24) % $ 537 $ 407 32 %
Average Balances (billions)
Total loans and leases $ 16.3 $ 16.3 $ 16.0 $ 17.2 $ 18.2 — % (11) % $ 16.5 $ 15.6 6 %
Interest-earning assets 19.8 19.2 18.8 20.2 21.1 0.6 3 (1.3) (6) 19.5 18.5 1.0 5
Total assets 21.0 20.5 20.1 21.6 22.5 0.5 3 (1.5) (7) 20.8 19.8 1.0 5
Total deposits 6.7 6.2 5.5 5.3 4.9 0.5 8 1.8 37 5.9 4.1 1.8 46
Key Metrics
Fixed income product average daily revenue (thousands) $ 1,123 $ 1,323 $ 1,425 $ 1,885 $ 1,505 (15) % (25) % $ 1,436 $ 1,477 (3) %
Net interest margin8 3.11 % 3.18 % 3.25 % 3.17 % 3.26 % (7) bp (15) bp 3.18 % 3.10 % 8 bp
Efficiency ratio 47.34 % 47.68 % 48.29 % 44.89 % 39.74 % (34) bp 760 bp 46.97 % 43.01 % 396 bp
Loans-to-deposits ratio (period-end balances) 264 % 274 % 308 % 318 % 371 % (1,070) bp (10,675) bp 264 % 371 % (10,675) bp
Loans-to-deposits ratio (average-end balances) 245 % 266 % 293 % 325 % 375 % (2,067) bp (13,023) bp 279 % 384 % (10,502) bp
Return on average assets (annualized) 2.12 % 2.75 % 2.68 % 2.80 % 2.59 % (63) bp (47) bp 2.58 % 2.05 % 53 bp
Return on allocated equity9 27.32 % 33.81 % 31.60 % 33.39 % 31.97 % (649) bp (465) bp 31.58 % 25.70 % 588 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 22.

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/Annually, Unaudited

4Q21 Change vs. 2021 vs. 2020
4Q21 3Q21 2Q21 1Q21 4Q20 3Q21 4Q20 2021 2020
% % /bp %
Income Statement (millions)
Net interest income/(expense) $ (106) $ (106) $ (100) $ (77) $ (60) — % (77) % $ (389) $ (174) (124) %
Noninterest income2 11 (8) 25 12 16 19 NM (5) (31) 41 571 (530) (93)
Total revenues (95) (115) (74) (64) (44) 20 17 (51) (116) (348) 397 (745) NM
Noninterest expense 94 85 74 120 67 9 11 27 40 373 280 93 33
Pre-provision net revenue4 (189) (200) (148) (184) (111) 11 6 (78) (70) (721) 117 (838) NM
Provision for credit losses5 (2) — (6) (10) (7) (2) NM 5 71 (17) (5) (12) NM
Income before income tax expense (187) (200) (143) (174) (104) 13 6 (83) (80) (704) 122 (826) NM
Income tax expense (benefit) (58) (55) (40) (42) (39) (3) (5) (19) (49) (195) (111) (84) (76)
Net income/(loss) $ (129) $ (145) $ (102) $ (132) $ (65) 11 % (98) % $ (509) $ 233 NM
Average Balance Sheet (billions)
Interest bearing assets $ 25.0 $ 24.0 $ 22.1 $ 18.3 $ 15.1 4 % 65 % $ 22.4 $ 10.3 118 %
Total assets 24.0 23.0 21.1 17.3 14.1 1.0 4 9.9 70 % 21.4 11.7 9.6 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 22.

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 2020 includes a $533 million purchase accounting gain from FHN's merger with IBERIABANK.

3 Occupancy and Equipment expense includes Computer Software Expense.

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

5 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.

6 Represents a non-GAAP measure and is reconciled to the nearest GAAP measure in the non-GAAP to GAAP reconciliations beginning on page 23.

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

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/Annually, Unaudited
($s in millions, except per share data) 4Q21 3Q21 2Q21 1Q21 4Q20 2021 2020
Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP) $ 8,494 $ 8,533 $ 8,566 $ 8,307 $ 8,307 $ 8,494 $ 8,307
Less: Noncontrolling interest (a) 295 295 295 295 295 295 295
Less: Preferred stock (a) 520 520 520 470 470 520 470
(B) Total common equity $ 7,679 $ 7,717 $ 7,750 $ 7,541 $ 7,541 $ 7,679 $ 7,541
Less: Intangible assets (GAAP) (b) 1,808 1,822 1,836 1,850 1,864 1,808 1,864
(C) Tangible common equity (Non-GAAP) $ 5,871 $ 5,895 $ 5,914 $ 5,691 $ 5,677 $ 5,871 $ 5,677
Tangible Assets (Non-GAAP)
(D) Total assets (GAAP) $ 89,092 $ 88,537 $ 87,908 $ 87,513 $ 84,209 $ 89,092 $ 84,209
Less: Intangible assets (GAAP) (b) 1,808 1,822 1,836 1,850 1,864 1,808 1,864
(E) Tangible assets (Non-GAAP) $ 87,284 $ 86,715 $ 86,072 $ 85,663 $ 82,345 $ 87,284 $ 82,345
Period-end Shares Outstanding
(F) Period-end shares outstanding 534 542 551 552 555 534 555
Ratios
(A)/(D) Total equity to total assets (GAAP) 9.53 % 9.64 % 9.74 % 9.49 % 9.86 % 9.53 % 9.86 %
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) 6.73 % 6.80 % 6.87 % 6.64 % 6.89 % 6.73 % 6.89 %
(B)/(F) Book value per common share (GAAP) $ 14.39 $ 14.24 $ 14.07 $ 13.65 $ 13.59 $ 14.39 $ 13.59
(C)/(F) Tangible book value per common share (Non-GAAP) $ 11.00 $ 10.88 $ 10.74 $ 10.30 $ 10.23 $ 11.00 $ 10.23

(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
4Q21 3Q21 2Q21 1Q21 4Q20
($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 $ 531 $ 3 $ 534 $ 533 $ 3 $ 536 $ 542 $ 3 $ 545 $ 552 $ 3 $ 555 $ 574 $ 3 $ 578
Interest expense- FTE 33 — 33 41 — 41 45 — 45 45 — 45 53 — 53
Net interest income- FTE 498 3 502 492 3 495 497 3 500 508 3 511 522 3 525
Less: Taxable-equivalent adjustment — 3 3 — 3 3 — 3 3 — 3 3 — 3 3
Net interest income 498 — 498 492 — 492 497 — 497 508 — 508 522 — 522
Noninterest income:
Fixed income 82 — 82 96 — 96 102 — 102 126 — 126 104 — 104
Mortgage banking and title 28 — 28 34 — 34 38 — 38 53 — 53 57 — 57
Brokerage, trust, and insurance 36 — 36 37 — 37 35 — 35 33 — 33 31 — 31
Service charges and fees 56 — 56 56 — 56 54 — 54 53 — 53 53 — 53
Card and digital banking fees 19 — 19 21 — 21 21 — 21 17 — 17 18 — 18
Deferred compensation income — — — 3 — 3 7 — 7 3 — 3 9 — 9
Other noninterest income 25 — 25 (1) 22 21 27 2 29 15 (1) 14 16 (1) 15
Total noninterest income 247 — 246 247 22 268 285 2 287 298 (1) 297 288 (1) 288
Total revenue 745 — 745 738 22 760 781 2 784 806 (1) 805 810 (1) 810
Noninterest expense:
Personnel expense:
Salaries and benefits 190 — 189 191 — 191 191 — 191 196 — 195 200 — 200
Incentives and commissions 93 (9) 84 101 (10) 92 109 (16) 93 120 (21) 99 110 (21) 89
Deferred compensation expense 7 (6) 1 4 — 4 6 — 6 3 — 3 9 — 9
Total personnel expense 290 (16) 274 296 (10) 286 306 (16) 290 318 (21) 297 319 (21) 298
Occupancy and equipment 74 — 73 75 (1) 74 75 — 75 76 (4) 72 76 (2) 74
Outside services 81 (15) 66 89 (24) 65 63 (6) 56 58 (4) 54 59 (7) 52
Amortization of intangible assets 14 (1) 13 14 (1) 13 14 (1) 13 14 (1) 13 15 (1) 14
Other noninterest expense 70 (23) 46 52 (10) 42 40 (9) 31 78 (50) 28 39 (4) 35
Total noninterest expense 528 (54) 474 526 (46) 480 497 (32) 465 544 (80) 464 508 (34) 474
Pre-provision net revenue 217 54 271 213 68 281 284 34 318 262 79 340 302 33 335
Provision for credit losses (65) — (65) (85) — (85) (115) — (115) (45) — (45) 1 — 1
Income before income taxes 282 54 336 298 68 365 399 34 433 307 79 386 301 33 334
Provision for income taxes 53 13 65 63 17 80 88 8 96 71 19 90 56 13 69
Net income 229 41 271 235 51 286 311 26 337 235 60 295 245 20 265
Net income attributable to noncontrolling interest 3 — 3 3 — 3 3 — 3 3 — 3 3 — 3
Net income attributable to controlling interest 227 41 268 232 51 283 308 26 334 233 60 292 242 20 262
Preferred stock dividends 8 — 8 8 — 8 13 — 13 8 — 8 8 — 8
Net income available to common shareholders $ 219 $ 41 $ 260 $ 224 $ 51 $ 275 $ 295 $ 26 $ 321 $ 225 $ 60 $ 284 $ 234 $ 20 $ 255
Common Stock Data
EPS $ 0.41 $ (0.08) $ 0.48 $ 0.41 $ (0.09) $ 0.50 $ 0.54 $ (0.05) $ 0.58 $ 0.41 $ (0.11) $ 0.51 $ 0.42 $ (0.04) $ 0.46
Basic shares 537 537 546 546 550 550 552 552 553 553
Diluted EPS $ 0.40 $ (0.08) $ 0.48 $ 0.41 $ (0.09) $ 0.50 $ 0.53 $ (0.05) $ 0.58 $ 0.40 $ (0.11) $ 0.51 $ 0.42 $ (0.04) $ 0.46
Diluted shares 542 542 550 550 556 556 557 557 556 556
Memo:
Total Revenue-FTE (Non-GAAP) $ 745 $ 3 $ 748 $ 738 $ 24 $ 763 $ 781 $ 5 $ 787 $ 806 $ 2 $ 808 $ 810 $ 2 $ 813
PPNR-FTE (Non-GAAP) $ 217 $ 58 $ 274 $ 213 $ 71 $ 283 $ 284 $ 37 $ 321 $ 262 $ 82 $ 343 $ 302 $ 36 $ 339

Amounts adjusted for notable items as detailed on page 11.

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Year-end, Unaudited
2021 2020
($s in millions, except per share data) GAAP Notable Items Non-GAAP GAAP Notable Items Non-GAAP
Interest income - FTE $ 2,158 $ 12 $ 2,170 $ 1,898 $ 11 $ 1,909
Interest expense- FTE 163 — 163 235 — 235
Net interest income- FTE 1,994 12 2,006 1,662 11 1,673
Less: Taxable-equivalent adjustment — 12 12 — 11 11
Net interest income 1,994 — 1,994 1,662 — 1,662
Noninterest income:
Fixed income 406 — 406 423 — 423
Mortgage banking and title 154 — 154 129 — 129
Brokerage, trust, and insurance 141 — 141 107 — 107
Service charges and fees 219 — 219 174 — 174
Card and digital banking fees 78 — 78 59 — 59
Deferred compensation income 13 — 13 11 — 11
Other noninterest income 66 23 89 589 (533) 56
Total noninterest income 1,076 23 1,099 1,492 (533) 960
Total revenue 3,070 23 3,093 3,155 (533) 2,622
Noninterest expense:
Personnel expense:
Salaries and benefits 767 (1) 766 625 (7) 619
Incentives and commissions 423 (56) 367 396 (55) 341
Deferred compensation expense 20 (6) 14 11 — 11
Total personnel expense 1,210 (63) 1,147 1,033 (62) 971
Occupancy and equipment 300 (5) 294 243 (6) 238
Outside services 290 (49) 241 213 (46) 166
Amortization of intangible assets 56 (3) 53 40 (2) 38
Other noninterest expense 239 (92) 148 189 (54) 136
Total noninterest expense 2,095 (212) 1,883 1,718 (170) 1,549
Pre-provision net revenue 975 235 1,210 1,436 (363) 1,073
Provision for credit losses (310) — (310) 503 (147) 356
Income before income taxes 1,285 235 1,520 933 (216) 717
Provision for income taxes 274 56 331 76 78 154
Net income 1,010 179 1,189 857 (294) 563
Net income attributable to noncontrolling interest 11 — 11 12 — 12
Net income attributable to controlling interest 999 179 1,178 845 (294) 551
Preferred stock dividends 37 — 37 23 — 23
Net income available to common shareholders $ 962 $ 179 $ 1,140 $ 822 $ (294) $ 528
Common Stock Data
EPS $ 1.76 $ (0.33) $ 2.09 $ 1.90 $ 0.68 $ 1.22
Basic shares 546 546 432 432
Diluted EPS $ 1.74 $ (0.32) $ 2.07 $ 1.89 $ 0.68 $ 1.22
Diluted shares 551 551 434 434
Memo:
Total Revenue-FTE (Non-GAAP) 3,070 35 3,105 3,155 (522) 2,633
PPNR-FTE (Non-GAAP) 975 247 1,222 1,436 (353) 1,084

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) 4Q21 3Q21 2Q21 1Q21 4Q20 2021 2020
Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP) $ 219 $ 224 $ 295 $ 225 $ 234 $ 962 $ 822
Plus Tax effected notable items (Non-GAAP) (a) 41 51 26 60 20 179 (294)
Adjusted net income available to common shareholders (Non-GAAP) $ 260 $ 275 $ 321 $ 284 $ 255 $ 1,140 $ 528
Diluted Shares (GAAP) 542 550 556 557 556 551 434
Diluted EPS (GAAP) $ 0.40 $ 0.41 $ 0.53 $ 0.40 $ 0.42 $ 1.74 $ 1.89
Adjusted diluted EPS (Non-GAAP) $ 0.48 $ 0.50 $ 0.58 $ 0.51 $ 0.46 $ 2.07 $ 1.22
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP) $ 229 $ 235 $ 311 $ 235 $ 245 $ 1,010 $ 857
Plus Tax effected notable items (Non-GAAP) (a) 41 51 26 60 20 179 (294)
Adjusted NI (Non-GAAP) $ 271 $ 286 $ 337 $ 295 $ 265 $ 1,189 $ 563
NI (annualized) (GAAP) $ 910 $ 931 $ 1,247 $ 955 $ 974 $ 1,010 $ 857
Adjusted NI (annualized) (Non-GAAP) $ 1,074 $ 1,133 $ 1,353 $ 1,198 $ 1,055 $ 1,189 $ 563
Average assets (GAAP) $ 89,025 $ 88,401 $ 87,559 $ 85,401 $ 83,809 $ 87,609 $ 64,346
ROA (GAAP) 1.02 % 1.05 % 1.42 % 1.12 % 1.16 % 1.15 % 1.33 %
Adjusted ROA (Non-GAAP) 1.21 % 1.28 % 1.54 % 1.40 % 1.26 % 1.36 % 0.87 %
Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE
Net income available to common shareholders ("NIAC") (GAAP) $ 868 $ 887 $ 1,182 $ 911 $ 933 $ 962 $ 822
Adjusted Net income available to common shareholders (annualized) (Non-GAAP) $ 1,032 $ 1,089 $ 1,288 $ 1,154 $ 1,013 $ 1,140 $ 528
Average Common Equity (GAAP) $ 7,710 $ 7,761 $ 7,651 $ 7,583 $ 7,444 $ 7,677 $ 6,016
Intangible Assets (GAAP) (b) 1,815 1,829 1,843 1,857 1,871 1,836 1,696
Average Tangible Common Equity (Non-GAAP) $ 5,895 $ 5,932 $ 5,808 $ 5,726 $ 5,573 $ 5,841 $ 4,320
Equity Adjustment (Non-GAAP) — — — — — 71 23
Adjusted Average Tangible Common Equity (Non-GAAP) $ 5,895 $ 5,932 $ 5,808 $ 5,726 $ 5,573 $ 5,912 $ 4,343
ROCE (GAAP) 11.26 % 11.43 % 15.45 % 12.01 % 12.53 % 12.53 % 13.66 %
ROTCE (Non-GAAP) 14.72 % 14.95 % 20.36 % 15.90 % 16.73 % 16.46 % 19.03 %
Adjusted ROTCE (Non-GAAP) 17.51 % 18.36 % 22.18 % 20.15 % 18.18 % 19.29 % 12.15 %

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) 4Q21 3Q21 2Q21 1Q21 4Q20 2021 2020
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP) k $ 247 $ 247 $ 285 $ 298 $ 288 $ 1,076 $ 1,492
Plus notable items (GAAP) (a) — 22 2 (1) (1) 23 (533)
Adjusted noninterest income (Non-GAAP) l $ 246 $ 268 $ 287 $ 297 $ 288 $ 1,099 $ 960
Revenue (GAAP) m $ 745 $ 738 $ 781 $ 806 $ 810 $ 3,070 $ 3,155
Taxable-equivalent adjustment 3 3 3 3 3 12 11
Revenue- Taxable-equivalent (Non-GAAP) 748 741 784 809 813 3,082 3,166
Plus notable items (GAAP) (a) — 22 2 (1) (1) 23 (533)
Adjusted revenue (Non-GAAP) n $ 748 $ 763 $ 787 $ 808 $ 813 $ 3,105 $ 2,633
Noninterest income as a % of total revenue (GAAP) k/m 33.10 % 33.39 % 36.43 % 37.00 % 35.61 % 35.04 % 47.31 %
Adjusted noninterest income as a % of total revenue (Non-GAAP) l/n 32.95 % 35.14 % 36.49 % 36.78 % 35.42 % 36.38 % 36.45 %
Adjusted Efficiency Ratio
Noninterest expense (GAAP) o $ 528 $ 526 $ 497 $ 544 $ 508 $ 2,095 $ 1,718
Plus notable items (GAAP) (a) (54) (46) (32) (80) (34) (212) (170)
Adjusted noninterest expense (Non-GAAP) p $ 474 $ 480 $ 465 $ 464 $ 474 $ 1,883 $ 1,549
Revenue (GAAP) q $ 745 $ 738 $ 781 $ 806 $ 810 $ 3,070 $ 3,155
Taxable-equivalent adjustment 3 3 3 3 3 12 11
Revenue- Taxable-equivalent (Non-GAAP) 748 741 784 809 813 3,082 3,166
Plus notable items (GAAP) (a) — 22 2 (1) (1) 23 (533)
Adjusted revenue (Non-GAAP) r $ 748 $ 763 $ 787 $ 808 $ 813 $ 3,105 $ 2,633
Efficiency ratio (GAAP) o/q 70.88 % 71.21 % 63.67 % 67.53 % 62.71 % 68.25 % 54.47 %
Adjusted efficiency ratio (Non-GAAP) p/r 63.31 % 62.87 % 59.17 % 57.49 % 58.34 % 60.64 % 58.82 %

(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)
4Q21 vs 3Q21
NII/NIM Analysis NII % NIM
4Q21 Reported (FTE) $ 502 2.42 %
Less: non-core items
PPP coupon income and fees 30 0.10
Time Deposit Amortization 0 —
Loan Accretion 15 0.08
IBKC Premium Amortization (10) (0.05)
4Q21 Core (Non-GAAP) $ 466 3 % 2.28 %
3Q21 Reported (FTE) $ 495 2.41 %
Less: non-core items
PPP coupon income and fees 32 0.07
Time Deposit Amortization 0 —
Loan Accretion 20 0.10
IBKC Premium Amortization (12) (0.06)
3Q21 Core (Non-GAAP) $ 454 2.28 %

Numbers may not foot due to rounding.

Period-end Average
($s in millions) 4Q21 3Q21 4Q21 vs 3Q21 4Q21 3Q21 4Q21 vs 3Q21
Loans excluding LMC & PPP % %
Total C& I excl. LMC & PPP $ 25,512 $ 24,360 5 % $ 24,668 $ 23,932 3 %
Total CRE 12,109 12,194 (85) (1) % 12,220 12,264 (44) — %
Total Commercial excl. LMC & PPP 37,621 36,554 1,067 3 % 36,888 36,196 692 2 %
Total Consumer 11,682 11,726 (44) — % 11,681 11,767 (87) (1) %
Total Loans excl. LMC & PPP 49,303 48,279 1,024 2 % 48,569 47,963 607 1 %
PPP 1,038 2,017 (979) (49) % 1,444 2,925 (1,481) (51) %
LMC 4,518 5,139 (622) (12) % 4,669 4,620 50 1 %
Total Loans $ 54,859 $ 55,435 (1) % $ 54,682 $ 55,508 (1) %
Loans excluding PPP
Total Commercial excl. PPP $ 42,138 $ 41,693 1 % $ 41,557 $ 40,816 2 %
Total Consumer 11,682 11,726 (44) — % 11,681 11,767 (87) (1) %
Total Loans excl. PPP $ 53,820 $ 53,418 402 1 % $ 53,238 $ 52,583 654 1 %
PPP 1,038 2,017 (979) (49) % 1,444 2,925 (1,481) (51) %
Total Loans $ 54,859 $ 55,435 (1) % $ 54,682 $ 55,508 (827) (1) %

All values are in US Dollars.

Numbers may not foot due to rounding.

GLOSSARY OF TERMS

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

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

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

Key Ratios

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

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

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

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

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

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

Asset Quality - Consolidated Key Ratios

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

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

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

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

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

Operating Segments

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

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

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

29

fhn4q21earningsslidesvf

Fourth Quarter 2021 Earnings January 20, 2022

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 the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K; and in the forepart, and in Item 1A of Part II, of FHN’s Quarterly Report(s) on Form 10-Q filed this year. FHN assumes no obligation to update or revise any forward-looking statements that are made in this document or in any other statement, release, report, or filing from time to time. Throughout this presentation, numbers may not foot due to rounding, references to EPS are fully diluted, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases.

3 4Q21 and 2021 GAAP financial summary1 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or 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, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. Reported 4Q21 Change vs. Reported 2021 vs. 2020 $s in millions except per share data 4Q21 3Q21 2Q21 1Q21 4Q20 3Q21 4Q20 2021 2020 $/bps % $/bps % $/bps % Net interest income $ 498 $ 492 $ 497 $ 508 $ 522 $ 6 1 % $ (24) (5) % $ 1,994 $ 1,662 $ 332 20 % Fee income 247 247 285 298 288 — — % (41) (14) % 1,076 1,492 (416) (28) % Total revenue 745 738 781 806 810 7 1 % (65) (8) % 3,070 3,155 (85) (3) % Expense 528 526 497 544 508 2 — % 20 4 % 2,095 1,718 377 22 % Pre-provision net revenue (PPNR) 217 213 284 262 302 4 2 % (85) (28) % 975 1,436 (461) (32) % Provision for credit losses (65) (85) (115) (45) 1 20 24 % (66) NM (310) 503 (813) NM Pre-tax income 282 298 399 307 301 (16) (5) % (19) (6) % 1,285 933 352 38 % Income tax expense 53 63 88 71 56 (10) (16) % (3) (6) % 274 76 198 NM Net income 229 235 311 235 245 (6) (3) % (16) (6) % 1,010 857 153 18 % Non-controlling interest 3 3 3 3 3 — — % — 6 % 11 12 (1) (8) % Preferred dividends 8 8 13 8 8 — — % — 5 % 37 23 14 61 % Net income available to common shareholders (NIAC) $ 219 $ 224 $ 295 $ 225 $ 234 $ (5) (2) % $ (15) (7) % 962 822 140 17 % $s in billions Avg loans $ 54.7 $ 55.5 $ 56.8 $ 58.2 $ 59.8 $ (0.8) (1) % $ (5.1) (9) % $ 56.3 $ 46.2 $ 10.1 22 % Period-end loans $ 54.9 $ 55.4 $ 56.7 $ 58.6 $ 58.2 $ (0.6) (1) % $ (3.4) (6) % $ 54.9 $ 58.2 $ (3.4) (6) % Avg deposits $ 74.6 $ 73.7 $ 73.2 $ 71.0 $ 69.6 $ 0.9 1 % $ 5.0 7 % $ 73.1 $ 51.9 $ 21.3 41 % Period-end deposits $ 74.9 $ 74.3 $ 73.3 $ 73.2 $ 70.0 $ 0.6 1 % $ 4.9 7 % $ 74.9 $ 70.0 $ 4.9 7 % Key performance metrics Net interest margin (NIM) 2.42 % 2.41 % 2.47 % 2.62 % 2.72 % 1 bps (30) bps 2.48 % 2.86 % (38) bps Loan to deposit ratio (avg.) 73.3 % 75.3 % 77.7 % 82.0 % 85.9 % (199) bps (1,261) bps 77.0 % 89.0 % (1,204) bps ROCE 11.3 % 11.4 % 15.5 % 12.0 % 12.5 % (17) bps (127) bps 12.5 % 13.7 % (113) bps ROTCE 14.7 % 15.0 % 20.4 % 15.9 % 16.7 % (23) bps (201) bps 16.5 % 19.0 % (257) bps ROA 1.0 % 1.1 % 1.4 % 1.1 % 1.2 % (3) bps (14) bps 1.2 % 1.3 % (18) bps Efficiency ratio 70.9 % 71.2 % 63.7 % 67.5 % 62.7 % (33) bps 817 bps 68.3 % 54.5 % 1,378 bps FTEs 7,863 7,982 8,145 8,284 8,466 (119) (1) % (603) (7) % 8,067 6,649 1,418 21 % CET1 ratio 9.9 % 10.1 % 10.3 % 10.0 % 9.7 % (15) bps 26 bps 9.9 % 9.7 % 26 bps Effective tax rate 18.6 % 21.1 % 22.0 % 23.2 % 18.7 % (250) bps (7) bps 21.4 % 8.2 % 1,321 bps Per common share Diluted EPS $ 0.40 $ 0.41 $ 0.53 $ 0.40 $ 0.42 $ — (1) % $ (0.02) (4) % $ 1.74 $ 1.89 $ (0.15) (8) % Tangible book value per share $ 11.00 $ 10.88 $ 10.74 $ 10.30 $ 10.23 $ 0.12 1 % $ 0.77 8 % $ 11.00 $ 10.23 $ 0.77 8 % Avg. diluted shares outstanding 542 550 556 557 556 (8) (1) % (14) (3) % 551 434 117 27 %

4 Table of contents 4Q21 key messages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4Q21 overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 4Q21 notable items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 4Q21 adjusted financial highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 NII and NIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Adjusted fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Adjusted expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Total funding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Asset quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Merger integration update . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 FY22 outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 1Q22 outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Key takeaways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

5 Well positioned to benefit given economic recovery and outlook for rates Reflects 4Q21 vs. 3Q21 results. 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or 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, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. +3% Core Net Interest Income -9% Incentives and Commissions -6 bps Interest-Bearing Deposit Costs +16% Asset Sensitive to +100 bp shock scenario $225 million Total Capital Return 1 bp Net Charge-Offs ~$45 million MOE Revenue Synergies -8% Adjusted Noninterest Income Adjusted EPS1 $0.48 Adjusted ROTCE 17.5% TBV $11.00 +8% Commercial Unfunded Commitments +2% Commercial Loans ex. PPP -1% Adjusted Expense -24% Adjusted Provision Credit

6 4Q21 results reflect improving NII, credit quality and capital returns Benefits of Diversified Model Enhanced Returns Strong Credit Quality MOE Update • Adjusted revenue of $748 million decreased 2% QoQ – NII up $7 million QoQ despite a $5 million reduction in net merger-related and PPP benefits – Core NII up 3% driven by the benefit of lower funding costs ▪ Average commercial loan growth of 2% ex. PPP – Fee income down 8% largely reflecting expected declines in fixed income and mortgage banking • Adjusted expense of $474 million down $6 million QoQ despite a $3 million impact tied to bonuses to front-line associates • Provision credit of $65 million largely reflecting stabilizing economic outlook and overall credit quality improvement • Adjusted ROTCE of 17.5%; Adjusted ROTCE of 14.0% before the impact of provision credit • TBVPS of $11.00 up 1% QoQ as net income was partially offset by $0.24 impact of capital return • Returned $225 million of capital to common shareholders including 9 million shares repurchased • Credit remains exceptionally strong with net charge-offs of 1 bp and NPLs of 50 bps • ACL/NPL coverage of 2.67x; ACL/Loans ratio of 1.48% excl. LMC/PPP loans • System integration set for conversion in February of 2022 – Expect to deliver ~$200 million of targeted annualized net cost saves by 4Q22 – Achieved $104 million of annualized net cost saves in 4Q21 • Committed to continuous improvement in productivity and efficiency beyond the integration 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or 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, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. Adjusted EPS of $0.48 and PPNR of $274 million1

7 4Q21 notable items1 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or 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, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Includes pre-closing expenses incurred by IBKC. 4Q21 Total IBKC merger-related notable items Noninterest income: Branch sale gain (other noninterest income) $ (4) Total noninterest income (4) Noninterest expense: Incentives and commissions (9) Total personnel expenses (9) Outside services (15) Amortization of intangible assets (1) Other noninterest expense (13) Total noninterest expense (38) 4Q21 Total IBKC net merger-related notable items $ 35 4Q21 Other notable items Noninterest income: Retirement of legacy IBKC TruPS $ 3 Total noninterest income 3 Noninterest expense: Deferred compensation expense (6) Valuation adjustments tied to prior Visa Class-B share sales (10) Total noninterest expense (16) 4Q21 Total other notable items (19) 4Q21 Total notable items (54) Tax impact of 4Q21 notable items 13 After-tax impact of 4Q21 notable items $ (41) EPS impact of 4Q21 notable items $ (0.08) IBKC Cumulative Net Pre-tax Integration Costs Cost to Date Targeted 4Q19 - 3Q212 Purchase Acct. 4Q21 Total 1Q22 2Q22 - 4Q22 Total $ 325 $ 100 $ 35 $ 460 $35 - $40 $25 - $30 $520 - $530 Notable Items ($s in millions, except per share data) GAAP results reduced by $41 million after-tax, or $0.08 per share, of notable items • 4Q21 pre-tax merger-related expense of $38 million • Merger-related noninterest income reflects $4 million of net branch sale gains • Other notable items reflect – $3 million pre-tax non-cash charge on retirement of legacy IBKC Trust Preferred Securities (TruPS) – $6 million deferred compensation costs resulting from litigation tied to a company that was fully divested more than 10 years ago – $10 million tied to derivative valuation adjustments related to prior Visa Class-B share sales Notable Items

8 • Adjusted EPS of $0.48 vs. $0.50; includes a $0.03 per share reduction tied to lower provision credit – Adjusted ROTCE of 17.5% and TBV per share of $11.00 • NII up $7 million – Core NII up $12 million driven by the benefit of lower funding costs, higher LHFS and trading portfolio balances, higher investment portfolio income and commercial loan growth • Adjusted fee income down 8% largely reflecting expected declines in fixed income, mortgage banking and NSF fees • Adjusted expense of $474 million down $6 million despite a $3 million impact tied to bonuses to front-line associates – Results largely reflect lower revenue-based incentives and commissions • Provision credit of $65 million vs. $85 million in 3Q21 largely reflecting stabilizing economic outlook and overall credit quality improvement 4Q21 adjusted financial highlights1 Adjusted FHN 4Q21 Change vs. $s in millions except per share data 4Q21 3Q21 4Q20 3Q21 4Q20 $/bps % $/bps % Net Interest Income (FTE) $ 502 $ 495 $ 525 $ 7 1 % $ (23) (4) % Fee income 246 268 288 (22) (8) % (42) (14) % Total revenue (FTE) 748 763 813 (15) (2) % (65) (8) % Expense 474 480 474 (6) (1) % — — % Pre-provision net revenue 274 284 339 (10) (4) % (65) (19) % Provision for credit losses (65) (85) 1 20 24 % (66) NM Net charge-offs 1 3 29 (2) (67) % (28) (97) % Reserve build/(release) (66) (88) (28) 22 25 % (38) (137) % Net income available to common $ 260 $ 275 $ 255 $ (15) (5) % $ 6 2 % Key performance Metrics Fee income as a % of total revenue 33.0 % 35.1 % 35.4 % (219) bps (247) bps Efficiency ratio 63.3 % 62.9 % 58.3 % 44 bps 497 bps ROTCE 17.5 % 18.4 % 18.2 % (85) bps (67) bps Diluted EPS $ 0.48 $ 0.50 $ 0.46 $ (0.02) (4) % $ 0.02 4 % TBV per share $ 11.00 $ 10.88 $ 10.23 $ 0.12 1 % $ 0.77 8 % Effective tax rate 19.5 % 21.8 % 20.7 % (230) bps (124) bps NII and PPNR outperformance reflects impact of lower funding costs 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or 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, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 4Q21 vs. 3Q21 Highlights

9 NII outperformance driven by lower deposit costs1 $525 $511 $500 $495 $502 $482 $464 $450 $454 $466 2.72% 2.62% 2.47% 2.41% 2.42% Core NII Reported NII Reported NIM 4Q20 1Q21 2Q21 3Q21 4Q21 ($s in millions) FTE NII and NIM Trends Core NIM 2.63% 2.52% 2.36% 2.28% 2.28% 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or 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, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Other earning assets defined as changes in loans held for sale balances, trading portfolio size and fed funds/repo book • FTE NII up 1% and NIM up 1 bp despite a $5 million reduction in net merger-related and PPP benefits • Core NII of $466 million up $12 million, or 3% – Benefit of lower funding costs, higher LHFS and trading portfolio balances, and higher investment portfolio income more than offset the net impact of loan growth and tighter spreads – Securities portfolio stable QoQ at 11% of period-end interest-earning assets • Core NIM stable at 2.28% – Benefit of lower funding costs offset impact of tighter loan and investment portfolio spreads – Period-end excess cash of $14.1 billion vs. $14.0 billion in 3Q21 • Deposit costs reduction provided 4 bps benefit to NIM 4Q21 vs. 3Q21 $s in millions NII NIM 3Q21 Reported 495 2.41 % PPP Coupon Income and Fees 32 0.07 % Net merger-related impacts 9 0.05 % 3Q21 Core $ 454 2.28 % Funding costs 8 0.04 Other earning assets2 4 — Investment portfolio 3 (0.01) Loan balances & spread impact (3) (0.03) 4Q21 Core $ 466 2.28 % PPP Coupon Income and Fees 30 0.10 % Net merger-related impacts 6 0.03 % 4Q21 Reported $ 502 2.42 % Continued deposit pricing discipline, securities portfolio investments and commercial loan growth ex. PPP drove solid growth in core NII 4Q21 vs. 3Q21 Highlights

10 • Adjusted fee income decreased $22 million, or 8%, largely reflecting expected declines in fixed income and mortgage including the impact of seasonality as well as the impact of pricing changes in service charges and fees • Fixed income decreased $14 million – ADR of $1.1 million remained healthy; full year of $1.4 million • Service charges and fees stable despite a $1 million impact tied to NSF pricing changes • Mortgage banking and title decreased $6 million as the impact of lower origination volume and mix shift toward portfolio was partially offset by the benefit of higher gain on sale margins • Card and digital banking fees decreased $2 million largely as a $4 million decrease tied to a revenue-sharing adjustment more than offset the benefit of seasonally higher transaction volumes • Other noninterest income up $4 million largely reflecting the impact of higher SBA servicing income Adjusted fee income trends in line with expectations1 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or 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, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. Adjusted FHN 4Q21 Change vs. $s in millions 4Q21 3Q21 2Q21 1Q21 4Q20 3Q21 4Q20 $/bps % $/bps % Fixed income $ 82 $ 96 $ 102 $ 126 $ 104 $(14) (15) % $(22) (21) % Service charges and fees 56 56 54 53 53 — — % 3 6 % Mortgage banking & title 28 34 38 53 57 (6) (18) % (29) (51) % Brokerage, trust, and insurance 36 37 35 33 31 (1) (3) % 5 14 % Card and digital banking fees 19 21 21 17 18 (2) (10) % 1 3 % Deferred compensation income — 3 7 3 9 (3) (100) % (9) (100) % Other noninterest income 25 21 29 14 15 4 19 % 10 68 % Total fee income $ 246 $ 268 $ 287 $ 297 $ 288 $(22) (8) % $(42) (14) % Key Metrics Fixed Income Average Daily Revenue (ADR) $ 1.1 $ 1.3 $ 1.4 $ 1.9 $ 1.5 $ (0.2) (15) % $ (0.4) (25) % Mortgage banking Originations Secondary $ 706 $ 772 $ 998 $ 1,144 $ 1,183 $ (66) (9) % $ (477) (40) % Portfolio $ 874 $ 829 $ 791 $ 338 $ 341 $ 45 5 % $ 533 156 % Total $ 1,580 $ 1,601 $ 1,789 $ 1,482 $ 1,524 $ (21) (1) % $ 56 4 % Gain on sale spread 2.98 % 2.91 % 3.19 % 3.72 % 4.08 % 7 bps (110) bps Mix Purchase 51 % 56 % 65 % 50 % 55 % Refinance 49 % 44 % 35 % 50 % 45 % Results largely reflect expected declines in fixed income, mortgage and NSF 4Q21 vs. 3Q21 Highlights

11 Adjusted expense largely impacted by lower revenue-based incentives 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or 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, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Occupancy and Equipment expense includes Computer Software Expense. Adjusted FHN 4Q21 Change vs. $s in millions 4Q21 3Q21 2Q21 1Q21 4Q20 3Q21 4Q20 $/bps % $/bps % Salaries and benefits $ 189 $ 191 $ 191 $ 195 $ 200 $ (2) (1) % $ (11) (6) % Incentives and commissions 84 92 93 99 89 (8) (9) % (5) (6) % Deferred compensation expense 1 4 6 3 9 (3) (75) % (8) (89) % Total personnel expense 274 286 290 297 298 (12) (4) % (24) (8) % Occupancy and equipment 73 74 75 72 74 (1) (1) % (1) (2) % Outside services 66 65 56 54 52 1 2 % 14 27 % Amortization of intangible assets 13 13 13 13 14 — — % (1) (5) % Other noninterest expense 46 42 31 28 35 4 10 % 11 32 % Total noninterest expense $ 474 $ 480 $ 465 $ 464 $ 474 $ (6) (1) % $ — — % Full-time equivalent associates 7,863 7,982 8,145 8,284 8,466 (119) (1) % (603) (7) % • Adjusted expense of $474 million decreased $6 million, or 1% – $1 million benefit tied to incremental merger cost saves • Personnel expense down $12 million – Salaries and benefits decreased $2 million as the benefit of merger saves and lower 401-k costs were partially offset by an increase in FICA taxes from unusually low 3Q levels – Incentives and commissions decreased $8 million largely as a reduction in revenue- based incentives was partially offset by a $3 million impact tied to bonuses to front- line associates • Outside services remained relatively stable, slight increase driven by branding initiatives tied to advertising in preparation for conversion • Other noninterest expense up $4 million as a $4 million increase largely tied to DDA product accruals, higher travel and entertainment expense and FDIC premium costs were partially offset by lower contribution costs and franchise taxes Lower revenue-based incentives partially offset by $3 million of front-line associate bonuses 2 4Q21 vs. 3Q21 Highlights

12 • Loans of $54.7 billion down $827 million driven by a $1.5 billion decrease in PPP loans – $654 million, or 1%, increase in loans before the impact of PPP largely reflecting a $740 million, or 2%, increase in commercial with relatively stable LMC and CRE balances – C&I loan growth ex. PPP & LMC up 3% • Period-end loans of $54.9 billion down $576 million driven by a $979 million decrease in PPP and a $622 million decrease in LMC – $1.0 billion, or 2%, increase in loans before the impact of PPP and LMC driven by a $1.2 billion, or 5%, increase in other C&I – Commercial loan growth ex. PPP & LMC up 3% driven by equipment finance, correspondent and franchise finance and in geographies such as Mid- Atlantic, Middle TN, and FL – Unfunded commitments increased 7% 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or 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, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Utilization rates exclude Loans to Mortgage Companies. Period-end commercial line utilization2 1Q21 2Q21 3Q21 4Q21 Utilization % 45% 45% 44% 42% $58.2B $55.4B $54.9B $58.2B $56.8B $55.5B $54.7B Commercial and Industrial (C&I) excl. LMC & PPP Commercial real estate (CRE) Consumer real estate Credit card and other Payroll Protection Program (PPP) Loans to mortgage companies (LMC) 4Q20 . . . . 3Q21 4Q21 1Q21 2Q21 3Q21 4Q21 Loan trends 44% 20% 2% 9% 41% 21% 22% 2% 7% 47% 22% 19% 2% 9% 4% 20% 8% 9% 40% 21% 19% 2% 2% 2% 43% 20% 22% 8% 5% 1Q21 2Q21 3Q21 4Q21 Yields 3.54% 3.52% 3.47% 3.45% Core yields 3.40% 3.35% 3.25% 3.20% Avg 1M LIBOR 0.12% 0.10% 0.09% 0.09% 42% 19% 22% 2% 8% 8% 8% Period-end Average Annualized loan growth of 5% before the impact of PPP1 45% 22% 20% 2% 3% 9% 4Q21 vs. 3Q21 Highlights Period-end C&I ex PPP & LMC up 5% QoQ

13 $70.0B $74.3B $74.9B $71.0B $73.2B $73.7B $74.6B Demand Deposit Accounts (DDA) Savings Time deposits Other interest-bearing deposits 4Q20 . . . . . 3Q21 4Q21 1Q21 2Q21 3Q21 4Q21 Deposit pricing discipline lifts net interest income in 4Q211 Interest-bearing liabilities & DDA trends 30% • Total deposits of $74.6 billion increased $875 million, or 1%, driven by $1.8 billion increase in DDA – Period-end deposits of $74.9 billion increased $630 million driven by a $535 million increase in DDA • Deposit costs improved to 7 bps reflecting active management of exception-priced deposits – 6 bps reduction in interest-bearing deposit costs to 11 bps • Total funding costs of 16 bps improved from 21 bps 37% 7% 26% 35% 35% 5% 25% 31% 36% 6% 26% 33% 35% 6% 26% 36% 34% 5% 26% 1Q21 2Q21 3Q21 4Q21 Deposit cost of funds 14 bps 13 bps 11 bps 7 bps Total cost of funds 24 bps 23 bps 21 bps 16 bps Avg 1M LIBOR 0.12% 0.10% 0.09% 0.09% 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or 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, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. Interest-bearing deposit costs down 6 bps and improved deposit mix 34% 35% 5% 25% 35% 33% 4% 27% Period-end Average 4Q21 vs. 3Q21 Highlights

14 Strong credit quality performance 1Net charge-off % is annualized and as % of average loans. Provision, credit losses, and net charge-offs $1,048 $995 $890 $802 $736 1.80% 1.70% 1.57% 1.45% 1.34% 271% 253% 259% 231% 267% ACL ACL/Loans ACL/NPLs 4Q20 1Q21 2Q21 3Q21 4Q21 Allowance for credit losses (ACL) Non-performing loans (NPLs) $386 $394 $344 $347 $275 0.66% 0.67% 0.61% 0.63% 0.50% NPLs $ NPLs % 4Q20 1Q21 2Q21 3Q21 4Q21 • Net charge offs of 1 bp remained relatively stable • NPL ratio of 50 bps improved 13 bps • ACL coverage ratio of 1.34% vs. 1.45%; ACL coverage ex. LMC and PPP of 1.48% • ACL coverage of NPLs improved to 267% – Provision credit of $65 million compared with $85 million in 3Q21 largely reflects stabilizing economic outlook and overall credit quality improvement1 $29 $8 $(10) $3 $1$1 $(45) $(115) $(85) $(65) 0.19% 0.06% (0.07)% 0.02% 0.01% NCOs Provision for credit losses NCO% 4Q20 1Q21 2Q21 3Q21 4Q21 Stabilizing economic outlook and improving asset quality trends 4Q21 vs. 3Q21 Highlights

15 4Q20 1Q21 2Q21 3Q21 4Q21 CET1 ratio Tier 1 capital ratio Total capital ratio 4Q20 1Q21 2Q21 3Q21 4Q21 Strong capital position1 Capital levels 10.7% 12.6% 12.8% 11.0% 13.1% 11.4% 12.6% 11.2% 12.4% 11.1% Tangible book value per share 10.1% 0.41% (0.23)% (0.14)% (0.13)% (0.07)% (0.01)% 9.9% 3Q21 actual Adjusted NIAC Share Buybacks Loans/ unfunded commitments growth Common Dividend Notable Items Other 4Q21 estimate $10.88 $0.51 $(0.15) $(0.09) $(0.08) $(0.08) $11.00 3Q21 actual Adjusted NIAC, net of change in Intangibles Common Dividends Share Buybacks Notable Items AFS Securities MTM, Other 4Q21 actual • TBVPS of $11.00 increased 1% QoQ and reflects $0.24 reduction tied to return on capital • CET1 ratio remained strong at 9.9% – NIAC more than offset by a 36 bp reduction tied to return of capital and a 14 bp reduction tied to loan growth and higher unfunded commitments • Repurchased 9 million shares of common stock during the quarter 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or 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, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 4Q21 vs. 3Q21 CET1 ratio 9.7% 10.0% 10.3% 10.1% 9.9% 4Q21 vs. 3Q21 Highlights

16 Integration Framework • Continue to make substantial progress toward achieving key merger milestones • Focused on retaining and growing client base with expanded products and services 4Q21 Milestones • Associate retention remains in-line with expectations, including in leadership/critical positions ~92% • Continue to merge and enhance our culture via regular virtual/in person leadership workshops, culture calls, and team building sessions • Completed third mock conversion • Successful upgrades to online banking platforms • Completion of email migrations and rollout of new PCs for associates • Onboarding and training of additional call center support • Finalized client communications to be sent in 1Q22 • Launch of banker outreach efforts Upcoming Events • Conversion dress rehearsals • Finalize IVR and call center upgrades • Client communications begin in earnest, including microsite launch and banker outreach calling efforts • Continued training for all associates on new systems • Installation of First Horizon signage at all locations • Core systems conversion scheduled for February 2022 Merger integration update Pe op le Sy st em s/ O ps Integration Highlights Targeting annualized cost saves of ~$200 million by 4Q22 Achieved ~$26 million of savings in 4Q21 ~$45 million of identified annualized revenue synergies largely tied to commercial loans Additional synergies tied to debt capital markets, mortgage and private client/wealth In Period Savings Actual Estimated 1Q21- 3Q21 4Q21 2021 2022 ~$66mm ~$26mm ~$92mm ~$160mm Annualized Run-Rate Savings Actual Estimated 3Q21 4Q21 1Q22 4Q22 ~$96mm ~$104mm ~$108mm ~$200mm

17 FY2022 Outlook Earnings Drivers FY21 Adjusted Baseline FY22 Adjusted Expectations Comments Net Interest Income (FTE) $2,006 million Relatively stable Assumes ~$120 million reduction in accretion/ amortization and PPP benefits offset by the benefit of higher rates, loan growth and low deposit costs Avg. Interest Earning Assets $80.987 billion Up modestly with average loans down modestly Expect loan growth ex. PPP in the mid-single digit % range Noninterest Income $1,099 million Low teens % decline Expect further pressure in fixed income, mortgage banking and other partially offset by improvement in wealth, service charges and card fees Noninterest Expense $1,883 million Relatively stable Expect lower commissions and incentives and the benefit of merger saves to be largely offset by the impact of inflationary pressuresNoninterest Expense ex. Incentives & Commissions $1,516 million Low single-digit % increase Net Charge-Offs 0 bps 5 bps - 15 bps Expect continued positive credit grade migration. Potential for need to begin building reserves to support loan growth in 2H22 CET1 Ratio 9.9% ~9.5% - 10.0% Focus on organic growth with optionality to repurchase shares Assumes forward yield curve as of 1/11/22, with 25 bps Fed Funds increases in March, July, and December. 2022 Unemployment of ~3.7%, real GDP growth of ~4.5%, and HPI of ~4.5%

18 1Q22 Outlook Earnings Drivers 4Q21 Adjusted Baseline 1Q22 Adjusted Expectations Comments Net Interest Income (FTE) $502 million High end of mid single-digit % decrease Assumes lower accretion and PPP benefits with relatively stable core NII and lower day count Avg. Interest Earning Assets $82.469 billion Down modestly with average loans down modestly Modest loan growth ex. PPP Noninterest Income $246 million Mid single-digit % decrease Reflects expected further pressure from NSF pricing changes, seasonality and lower other noninterest income Noninterest Expense $474 million Low single-digit % decrease Expect seasonally higher salaries and benefits to be more than offset by lower incentives and commissions and other costsNoninterest Expense ex. Incentives & Commissions $390 million Low single-digit % decrease Net Charge-Offs 1 bps Relatively stable to up modestly Expect continued positive credit grade migration and reserve release CET1 Ratio 9.9% ~9.5% - 10.0% Focus on organic growth with optionality to repurchase shares Assumes forward yield curve as of 1/11/22, with 25 bps Fed Funds increases in March, July, and December. 2022 Unemployment of ~3.7%, real GDP growth of ~4.5%, and HPI of ~4.5%

19 Focused on delivering enhanced shareholder value • Deliver further benefits of diversified business model through revenue synergies and loan growth – Complete systems integration and product and capabilities alignment – Redeploy expense and capital to higher growth/return opportunities – Prudent investments in technology to support dynamic digital needs of clients and associates – Drive continuous improvement in productivity and efficiency beyond the integration • Actively manage capital and balance sheet and maintain excellent credit quality – Opportunistically return capital through share repurchases – Continue to improve overall balance sheet asset and funding mix – Maintain strong risk management practices • Deliver top-quartile ROTCE Significant opportunities to drive relative outperformance and build shareholder value

APPENDIX 20

21 Underlying FY2021 & 4Q21 performance vs. guidance Earnings Drivers Previous Expectations for 4Q21 Adjusted Results 4Q21 Adjusted Actual Results Previous Expectations for FY21 Adjusted Results1 FY21 Adjusted Actual Results Net Interest Income (FTE) High end of low single-digit % decrease 1% Mid single-digit % decrease (4)% ✔ Avg. Interest Earning Assets Down modestly 1% Mid single-digit % increase 5% ✔ Average loans down modestly (1)% ✔ Average loans down mid single-digits (6)% ✔ Noninterest Income Mid to high single-digit % decrease (8)% ✔ Mid single-digit % decrease (4)% ✔ Noninterest Expense Low single-digit % decrease (1)% ✔ Low single-digit % decrease 0% Noninterest Expense ex. Incentives & Commissions Relatively stable 0% ✔ Low single-digit % decrease (1)% ✔ Net Charge-Offs 5 bps - 15 bps 1 bps 0 bps - 10 bps 0 bps ✔ CET1 Ratio ~9.5% - 10.0% 9.9% ✔ ~10% - 10.5% 9.9% ✔ 1Reflects changes from 4Q20 annualized baseline

22 Well-positioned to benefit from rising rates ($s in millions) Net Interest Income Interest Rate Sensitivity Illustrative impact to NII & NIM RQ1 RQ2 RQ3 RQ4 NII NIM NII NIM NII NIM NII NIM +100 bps gradual $16 0.08% $34 0.16% $56 0.27% $80 0.38% +100 bps shock $66 0.33% $78 0.38% $81 0.39% $85 0.40% Loan Portfolio1 • $55.2 billion: variable/fixed repricing mix of 64%/36% net of hedges • ~$28.5 billion tied to LIBOR/ARRs and ~$4.5 billion tied to Prime • ~$8.2 billion of variable rate loans with in-the- money floors Deposits1 • $75.0 billion: $47.1 billion interest-bearing deposits and $27.9 billion non-interest DDA – ~$4.7 billion of indexed interest-bearing non- maturity deposits Securities Portfolio • Completed planned $1.0 billion investment of excess cash in securities in 4Q21 at ~1.7% average yield • Will continue to assess opportunities to manage excess cash levels without taking outsized interest rate risk • Assumes yield curve as of 12/31/21, static balance sheet and ~25% interest-bearing deposit betas • Gradual scenario rate hike assumptions: of 25 bps in RQ3 for +25 scenario; 25 bps in RQ1 and RQ3 for +50 scenario; and 25 bps in each quarter for +100 bps scenario • A 10 percentage point reduction in interest-bearing deposit betas would imply an additional annual benefit to modeled impact of: – $38 million of NII and 0.05% of NIM to +100 bps shock scenario – $23 million of NII and 0.03% of NIM to +100 bps gradual scenario 1.8% 5.6% 9.8% 3.7% 7.6% 16.4% Gradual Scenario Shock Scenario +25 bps +50 bps +100 bps 1Reflects period-end balances excluding unearned items and other miscellaneous adjustments .

23 NII accretion schedule & NII/NIM 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 1Q22 $ (10) 1Q22 $ 14 1Q22 $ 4 2Q22-4Q22 $ (25) 2Q22-4Q22 $ 34 2Q22-4Q22 $ 9 2023 and beyond $ (67) 2023 and beyond $ 75 2023 and beyond $ 13 1Q21 Reported to Core Reconciliation $s in millions NII NIM 1Q21 Reported (FTE) $ 511 2.62 % 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 % 1Estimated based on market rates and prepayment assumptions as of 12/31/2021. 4Q20 Reported to Core Reconciliation $s in millions NII NIM 4Q20 Reported (FTE) $ 525 2.72 % 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 % 2Q21 Reported to Core Reconciliation $s in millions NII NIM 2Q21 Reported (FTE) $ 500 2.47 % Less: non-core items PPP coupon income and fees 35 0.03 Time Deposit Amortization 1 — Loan Accretion 25 0.14 IBKC Premium Amortization (12) (0.06) 2Q21 Core (FTE) $ 450 2.36 % 3Q21 Reported to Core Reconciliation $s in millions NII NIM 3Q21 Reported (FTE) $ 495 2.41 % Less: non-core items PPP coupon income and fees 32 0.07 Time Deposit Amortization 0 — Loan Accretion 20 0.10 IBKC Premium Amortization (12) (0.06) 3Q21 Core (FTE) $ 454 2.28 % 4Q21 Reported to Core Reconciliation $s in millions NII NIM 4Q21 Reported (FTE) $ 502 2.42 % Less: non-core items PPP coupon income and fees 30 0.10 Time Deposit Amortization 0 — Loan Accretion 15 0.08 IBKC Premium Amortization (10) (0.05) 4Q21 Core (FTE) $ 466 2.28 %

24 Notable Items ($s in millions except per share data) Favorable / (Unfavorable) (In millions, except per share data) 4Q21 3Q21 2Q21 1Q21 4Q20 2021 2020 Noninterest income: Purchase accounting gain (other noninterest income)1 $ — $ — $ 2 $ (1) $ (1) $ 1 $ 533 Retirement of legacy IBKC TruPS (other noninterest income) 3 23 — — — 26 — Branch sale gain (other noninterest income) (4) (2) — — — (5) Total noninterest income — 22 2 (1) (1) 23 (533) Noninterest expense: Salaries and benefits — — — — — (1) (7) Incentives and commissions (9) (10) (16) (21) (21) (56) (55) Deferred compensation expense (6) — — — — (6) — Total personnel expenses (16) (10) (16) (21) (21) (63) (62) Occupancy and equipment — (1) — (4) (2) (5) (6) Outside services (15) (24) (6) (4) (7) (49) (46) Amortization of intangible assets (1) (1) (1) (1) (1) (3) (2) Other noninterest expense (23) (10) (9) (50) (4) (92) (54) Total noninterest expense (54) (46) (32) (80) (34) (212) (170) Total net notable items (pre-tax) 54 68 34 79 33 235 (363) Provision for credit losses — — — — — — (147) Income before income taxes 54 68 34 79 33 235 (216) Tax impact of notable items 13 17 8 19 13 56 78 After-tax impact of notable items $ 41 $ 51 $ 26 $ 60 $ 20 $ 179 $ (294) EPS impact of notable items $ (0.08) $ (0.09) $ (0.05) $ (0.11) $ (0.04) $ (0.32) $ 0.68 Diluted shares 542 550 556 557 556 551 434 1Purchase accounting gain is non-taxable income.

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 4Q21 3Q21 2Q21 1Q21 4Q20 ($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 $ 531 $ 3 $ 534 $ 533 $ 3 $ 536 $ 542 $ 3 $ 545 $ 552 $ 3 $ 555 $ 574 $ 3 $ 578 Interest expense- FTE 33 — 33 41 — 41 45 — 45 45 — 45 53 — 53 Net interest income- FTE 498 3 502 492 3 495 497 3 500 508 3 511 522 3 525 Less: Taxable-equivalent adjustment — 3 3 — 3 3 — 3 3 — 3 3 — 3 3 Net interest income 498 — 498 492 — 492 497 — 497 508 — 508 522 — 522 Noninterest income: Fixed income 82 — 82 96 — 96 102 — 102 126 — 126 104 — 104 Mortgage banking and title 28 — 28 34 — 34 38 — 38 53 — 53 57 — 57 Brokerage, trust, and insurance 36 — 36 37 — 37 35 — 35 33 — 33 31 — 31 Service charges and fees 56 — 56 56 — 56 54 — 54 53 — 53 53 — 53 Card and digital banking fees 19 — 19 21 — 21 21 — 21 17 — 17 18 — 18 Deferred compensation income — — — 3 — 3 7 — 7 3 — 3 9 — 9 Other noninterest income 25 — 25 (1) 22 21 27 2 29 15 (1) 14 16 (1) 15 Total noninterest income 247 — 246 247 22 268 285 2 287 298 (1) 297 288 (1) 288 Total revenue 745 — 745 738 22 760 781 2 784 806 (1) 805 810 (1) 810 Noninterest expense: Personnel expense: Salaries and benefits 190 — 189 191 — 191 191 — 191 196 — 195 200 — 200 Incentives and commissions 93 (9) 84 101 (10) 92 109 (16) 93 120 (21) 99 110 (21) 89 Deferred compensation expense 7 (6) 1 4 — 4 6 — 6 3 — 3 9 — 9 Total personnel expense 290 (16) 274 296 (10) 286 306 (16) 290 318 (21) 297 319 (21) 298 Occupancy and equipment 74 — 73 75 (1) 74 75 — 75 76 (4) 72 76 (2) 74 Outside services 81 (15) 66 89 (24) 65 63 (6) 56 58 (4) 54 59 (7) 52 Amortization of intangible assets 14 (1) 13 14 (1) 13 14 (1) 13 14 (1) 13 15 (1) 14 Other noninterest expense 70 (23) 46 52 (10) 42 40 (9) 31 78 (50) 28 39 (4) 35 Total noninterest expense 528 (54) 474 526 (46) 480 497 (32) 465 544 (80) 464 508 (34) 474 Pre-provision net revenue 217 54 271 213 68 281 284 34 318 262 79 340 302 33 335 Provision for credit losses (65) — (65) (85) — (85) (115) — (115) (45) — (45) 1 — 1 Income before income taxes 282 54 336 298 68 365 399 34 433 307 79 386 301 33 334 Provision for income taxes 53 13 65 63 17 80 88 8 96 71 19 90 56 13 69 Net income 229 41 271 235 51 286 311 26 337 235 60 295 245 20 265 Net income attributable to noncontrolling interest 3 — 3 3 — 3 3 — 3 3 — 3 3 — 3 Net income attributable to controlling interest 227 41 268 232 51 283 308 26 334 233 60 292 242 20 262 Preferred stock dividends 8 — 8 8 — 8 13 — 13 8 — 8 8 — 8 Net income available to common shareholders $ 219 $ 41 $ 260 $ 224 $ 51 $ 275 $ 295 $ 26 $ 321 $ 225 $ 60 $ 284 $ 234 $ 20 $ 255 Common Stock Data EPS $ 0.41 $ (0.08) $ 0.48 $ 0.41 $ (0.09) $ 0.50 $ 0.54 $ (0.05) $ 0.58 $ 0.41 $ (0.11) $ 0.51 $ 0.42 $ (0.04) $ 0.46 Basic shares 537 537 546 546 550 550 552 552 553 553 Diluted EPS $ 0.40 $ (0.08) $ 0.48 $ 0.41 $ (0.09) $ 0.50 $ 0.53 $ (0.05) $ 0.58 $ 0.40 $ (0.11) $ 0.51 $ 0.42 $ (0.04) $ 0.46 Diluted shares 542 542 550 550 556 556 557 557 556 556 Memo: Total Revenue-FTE (Non-GAAP) $ 745 $ 3 $ 748 $ 738 $ 24 $ 763 $ 781 $ 5 $ 787 $ 806 $ 2 $ 808 $ 810 $ 2 $ 813 PPNR-FTE (Non-GAAP) 217 58 274 213 71 283 284 37 321 262 82 343 302 36 339

26 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. Adjusted FHN historical annual income statements 2021 2020 ($s in millions, except per share data) GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP Interest income $ 2,158 $ — $ 2,158 $ 1,898 $ — $ 1,898 Interest expense 163 — 163 235 — 235 Net interest income 1,994 — 1,994 1,662 — 1,662 Noninterest income: Fixed income 406 — 406 423 — 423 Mortgage banking and title 154 — 154 129 — 129 Brokerage, trust, and insurance 141 — 141 107 — 107 Service charges and fees 219 — 219 174 — 174 Card and digital banking fees 78 — 78 59 — 59 Deferred compensation income 13 — 13 11 — 11 Other noninterest income 66 23 89 589 (533) 56 Total noninterest income 1,076 23 1,099 1,492 (533) 960 Total revenue 3,070 23 3,093 3,155 (533) 2,622 Noninterest expense: Personnel expense: Salaries and benefits 767 (1) 766 625 (7) 619 Incentives and commissions 423 (56) 367 396 (55) 341 Deferred compensation expense 20 (6) 14 11 — 11 Total personnel expense 1,210 (63) 1,147 1,033 (62) 971 Occupancy and equipment 300 (5) 294 243 (6) 238 Outside services 290 (49) 241 213 (46) 166 Amortization of intangible assets 56 (3) 53 40 (2) 38 Other noninterest expense 239 (92) 148 189 (54) 136 Total noninterest expense 2,095 (212) 1,883 1,718 (170) 1,549 Pre-provision net revenue 975 235 1,210 1,436 (363) 1,073 Provision for credit losses (310) — (310) 503 (147) 356 Income before income taxes 1,285 235 1,520 933 (216) 717 Provision for income taxes 274 56 331 76 78 154 Net income 1,010 179 1,189 857 (294) 563 Net income attributable to noncontrolling interest 11 — 11 12 — 12 Net income attributable to controlling interest 999 179 1,178 845 (294) 551 Preferred stock dividends 37 — 37 23 — 23 Net income available to common shareholders $ 962 $ 179 $ 1,140 $ 822 $ (294) $ 528 Common Stock Data EPS $ 1.76 $ (0.33) $ 2.09 $ 1.90 $ 0.68 $ 1.22 Basic shares 546 546 432 432 Diluted EPS $ 1.74 $ (0.32) $ 2.07 $ 1.89 $ 0.68 $ 1.22 Diluted shares 551 551 434 434

27 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. ($s in millions, except per share data) 4Q21 3Q21 2Q21 1Q21 4Q20 2021 2020 Tangible Common Equity (Non-GAAP) (A) Total equity (GAAP) $ 8,494 $ 8,533 $ 8,566 $ 8,307 $ 8,307 $ 8,494 $ 8,307 Less: Noncontrolling interest 295 295 295 295 295 295 295 Less: Preferred stock 520 520 520 470 470 520 470 (B) Total common equity $ 7,679 $ 7,717 $ 7,750 $ 7,541 $ 7,541 $ 7,679 $ 7,541 Less: Intangible assets (GAAP) 1,808 1,822 1,836 1,850 1,864 1,808 1,864 (C) Tangible common equity (Non-GAAP) $ 5,871 $ 5,895 $ 5,914 $ 5,691 $ 5,677 $ 5,871 $ 5,677 Tangible Assets (Non-GAAP) (D) Total assets (GAAP) $ 89,092 $ 88,537 $ 87,908 $ 87,513 $ 84,209 $ 89,092 $ 84,209 Less: Intangible assets (GAAP) 1,808 1,822 1,836 1,850 1,864 1,808 1,864 (E) Tangible assets (Non-GAAP) $ 87,284 $ 86,715 $ 86,072 $ 85,663 $ 82,345 $ 87,284 $ 82,345 Period-end Shares Outstanding (F) Period-end shares outstanding 534 542 551 552 555 534 555 Ratios (A)/(D) Total equity to total assets (GAAP) 9.53 % 9.64 % 9.74 % 9.49 % 9.86 % 9.53 % 9.86 % (C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) 6.73 % 6.80 % 6.87 % 6.64 % 6.89 % 6.73 % 6.89 % (B)/(F) Book value per common share (GAAP) $ 14.39 $ 14.24 $ 14.07 $ 13.65 $ 13.59 $ 14.39 $ 13.59 (C)/(F) Tangible book value per common share (Non-GAAP) $ 11.00 $ 10.88 $ 10.74 $ 10.30 $ 10.23 $ 11.00 $ 10.23

28 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. ($s in millions, except per share data) 4Q21 3Q21 2Q21 1Q21 4Q20 2021 2020 Adjusted Diluted EPS Net income available to common shareholders ("NIAC") (GAAP) a $ 219 $ 224 $ 295 $ 225 $ 234 $ 962 $ 822 Plus Tax effected notable items (Non-GAAP) 41 51 26 60 20 179 (294) Adjusted Net income available to common shareholders (Non-GAAP) b $ 260 $ 275 $ 321 $ 284 $ 255 $ 1,140 $ 528 Diluted Shares (GAAP) c 542 550 556 557 556 551 434 Diluted EPS (GAAP) a/c $ 0.40 $ 0.41 $ 0.53 $ 0.40 $ 0.42 $ 1.74 $ 1.89 Adjusted diluted EPS (Non-GAAP) b/c $ 0.48 $ 0.50 $ 0.58 $ 0.51 $ 0.46 $ 2.07 $ 1.22 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $ 229 $ 235 $ 311 $ 235 $ 245 $ 1,010 $ 857 Plus Tax effected notable items (Non-GAAP) 41 51 26 60 20 179 (294) Adjusted NI (Non-GAAP) $ 271 $ 286 $ 337 $ 295 $ 265 $ 1,189 $ 563 NI (annualized) (GAAP) d $ 910 $ 931 $ 1,247 $ 955 $ 974 $ 1,010 $ 857 Adjusted NI (annualized) (Non-GAAP) e $ 1,074 $ 1,133 $ 1,353 $ 1,198 $ 1,055 $ 1,189 $ 563 Average assets (GAAP) f $ 89,025 $ 88,401 $ 87,559 $ 85,401 $ 83,809 $ 87,609 $ 64,346 ROA (GAAP) d/f 1.02 % 1.05 % 1.42 % 1.12 % 1.16 % 1.2 % 1.3 % Adjusted ROA (Non-GAAP) e/f 1.21 % 1.28 % 1.54 % 1.40 % 1.26 % 1.4 % 0.9 % Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE Net income available to common shareholders (annualized) (GAAP) g $ 868 $ 887 $ 1,182 $ 911 $ 933 $ 962 $ 822 Adjusted Net income available to common shareholders (annualized) (Non- GAAP) h $ 1,032 $ 1,089 $ 1,288 $ 1,154 $ 1,013 $ 1,140 $ 528 Average Common Equity (GAAP) i $ 7,710 $ 7,761 $ 7,651 $ 7,583 $ 7,444 $ 7,677 $ 6,016 Intangible Assets (GAAP) 1,815 1,829 1,843 1,857 1,871 1,836 1,696 Average Tangible Common Equity (Non-GAAP) j $ 5,895 $ 5,932 $ 5,808 $ 5,726 $ 5,573 $ 5,841 $ 4,320 Equity Adjustment (Non-GAAP) — — — — — 71 23 Adjusted Average Tangible Common Equity (Non-GAAP) k $ 5,895 $ 5,932 $ 5,808 $ 5,726 $ 5,573 $ 5,912 $ 4,343 ROCE (GAAP) g/i 11.3 % 11.4 % 15.5 % 12.0 % 12.5 % 12.53 % 13.66 % ROTCE (Non-GAAP) g/j 14.7 % 15.0 % 20.4 % 15.9 % 16.7 % 16.46 % 19.03 % Adjusted ROTCE (Non-GAAP) h/j 17.5 % 18.4 % 22.2 % 20.2 % 18.2 % 19.29 % 12.15 %

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. $ in millions except per share data) 4Q21 3Q21 2Q21 1Q21 4Q20 2021 2020 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) a $ 247 $ 247 $ 285 $ 298 $ 288 $ 1,076 $ 1,492 Plus notable items (GAAP) — 22 2 (1) (1) 23 (533) Adjusted noninterest income (Non-GAAP) b 246 268 287 297 288 1,099 960 Revenue (GAAP) c 745 738 781 806 810 $ 3,070 $ 3,155 Taxable-equivalent adjustment 3 3 3 3 3 $ 12 $ 11 Revenue- Taxable-equivalent (Non-GAAP) $ 748 $ 741 $ 784 $ 809 $ 813 $ 3,082 $ 3,166 Plus notable items (GAAP) (a) — 22 2 (1) (1) $ 23 $ (533) Adjusted revenue (Non-GAAP) d 748 763 787 808 813 $ 3,105 $ 2,633 Noninterest income as a % of total revenue (GAAP) a/c 33.10 % 33.39 % 36.43 % 37.00 % 35.61 % 35.04 % 47.31 % Adjusted noninterest income as a % of total revenue (Non-GAAP) b/d 32.95 % 35.14 % 36.49 % 36.78 % 35.42 % 36.38 % 36.45 % Adjusted Efficiency Ratio Noninterest expense (GAAP) e $ 528 $ 526 $ 497 $ 544 $ 508 $ 2,095 $ 1,718 Plus notable items (GAAP) (54) (46) (32) (80) (34) (212) (170) Adjusted noninterest expense (Non-GAAP) f 474 480 465 464 474 1,883 1,549 Revenue (GAAP) g 745 738 781 806 810 3,070 3,155 Taxable-equivalent adjustment 3 3 3 3 3 12 11 Revenue- Taxable-equivalent (Non-GAAP) $ 748 $ 741 $ 784 $ 809 $ 813 $ 3,082 $ 3,166 Plus notable items (GAAP) (a) — 22 2 (1) (1) 23 (533) Adjusted revenue (Non-GAAP) h 748 763 787 808 813 3,105 2,633 Efficiency ratio (GAAP) e/g 70.88 % 71.21 % 63.67 % 67.53 % 62.71 % 68.25 % 54.47 % Adjusted efficiency ratio (Non-GAAP) f/h 63.31 % 62.87 % 59.17 % 57.49 % 58.34 % 60.64 % 58.82 % Adjusted Reserve Build Provision for credit losses (GAAP) i $ (65) (85) $ (115) $ (45) $ 1 $ (310) $ 503 Plus notable items (GAAP) — — — — — — (147) Adjusted provision for credit losses (Non-GAAP) j $ (65) $ (85) $ (115) $ (45) $ 1 $ (310) $ 356 Net Charge-offs (GAAP) k $ 1 $ 3 $ (10) $ 8 $ 29 $ 2 $ 119 Reserve Build/(Release) i-k $ (66) $ (88) $ (105) $ (53) $ (28) $ (312) $ 384 Adjusted Reserve Build/(Release) j-k $ (66) $ (88) $ (105) $ (53) $ (28) $ (312) $ 237

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. $ in millions except per share data) 4Q21 Net income available to common shareholders (GAAP) $ 219 Tax effected Notable Items $ 41 Adjusted Net income available to common shareholders (Non-GAAP) $ 260 Tax effected provision credit $ (53) Adjusted Net income available to common shareholders before provision credit (Non-GAAP) $ 207 Net income available to common shareholders (annualized) (GAAP) a $ 868 Adjusted Net income available to common shareholders (annualized) Non- GAAP) b $ 1,032 Adjusted Net income available to common shareholders before provision credit (annualized) (Non-GAAP) c 820 Average Common Equity (GAAP) d $ 7,710 Intangible Assets (GAAP) $ 1,815 Average Tangible Common Equity (Non-GAAP) e $ 5,895 Equity Adjustment for provision credit (Non-GAAP) $ 18 Adjusted Average Tangible Common Equity (Non-GAAP) f $ 5,877 ROCE (GAAP) a/d 11.3 % ROTCE (Non-GAAP) a/e 14.7 % Adjusted ROTCE (Non-GAAP) b/e 17.5 % Adjusted ROTCE before provision credit (Non-GAAP) c/f 14.0 %

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. Numbers may not foot due to rounding Period-end Average $s in millions 4Q21 3Q21 4Q21 vs 3Q21 4Q21 3Q21 4Q21 vs 3Q21 Loans excluding LMC & PPP $ % $ % Total C& I excl. LMC & PPP $ 25,512 $ 24,360 $ 1,152 5 % $ 24,668 $ 23,932 $ 735 3 % Total CRE 12,109 12,194 (85) (1) % 12,220 12,264 (44) — % Total Commercial excl. LMC & PPP 37,621 36,554 1,067 3 % 36,888 36,196 692 2 % Total Consumer 11,682 11,726 (44) — % 11,681 11,767 (87) (1) % Total Loans excl. LMC & PPP 49,303 48,279 1,024 2 % 48,569 47,963 607 1 % PPP 1,038 2,017 (979) (49) % 1,444 2,925 (1,481) (51) % LMC 4,518 5,139 (622) (12) % 4,669 4,620 50 1 % Total Loans $ 54,859 $ 55,435 $ (576) (1) % $ 54,682 $ 55,508 $ (827) (1) % Loans excluding PPP Total Commercial excl. PPP $ 42,138 $ 41,693 $ 446 1 % $ 41,557 $ 40,816 $ 740 2 % Total Consumer 11,682 11,726 (44) — % 11,681 11,767 (87) (1) % Total Loans excl. PPP $ 53,820 $ 53,418 402 1 % $ 53,238 $ 52,583 654 1 % PPP 1,038 2,017 (979) (49) % 1,444 2,925 (1,481) (51) % Total Loans $ 54,859 $ 55,435 $ (576) (1) % $ 54,682 $ 55,508 (827) (1) % Allowance for Credit Losses (ACL) to Loans Ratio $s in millions Loan Balance ACL Balance ACL/Loans Total Loans $ 54,859 $ 736 1.3 % Loans to Mortgage Companies (LMC) 4,518 4 0.1 PPP 1,038 — — Total excl. LMC & PPP $ 49,303 $ 732 1.5 %

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