8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

FORM 8-K

_____________________________________

CURRENT REPORT

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

April 18, 2023

Date of Report (date of earliest event reported)

(Exact name of registrant as specified in its charter)

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

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

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

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” or "First Horizon") First Quarter 2023 Earnings Release, released today.

Furnished as Exhibit 99.2 is a copy of the Investor Slide Presentation for the quarter ended March 31, 2023, released today.

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

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

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

The non-GAAP measures presented in, with, or by this report are: fully taxable equivalent measures; 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”); tangible common equity (“TCE”) to tangible assets (“TA”); tangible book value ("TBV") per common share; common equity tier 1 capital ("CET1") net of unrealized losses; and various consolidated results and performance measures and ratios adjusted for notable items identified in the exhibits. Additionally, certain combined historical information has been presented in the Investor Slide Presentation. This combined financial information adds together historical unaudited information from legacy FHN and legacy IBKC without any adjustments, eliminations, or analysis required by GAAP purchase accounting or the SEC’s pro-forma rules, and is non-GAAP.

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

Presentation of regulatory measures, even those which are not GAAP, provide a meaningful base for comparability to other financial institutions subject to the same regulations as FHN, as demonstrated by their use by banking regulators in reviewing capital adequacy of financial institutions. Although not GAAP terms, these regulatory measures are not considered “non-GAAP” under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in this report include: 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 or furnished by 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”), with respect to First Horizon Corporation’s (the “First Horizon”) beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results or other developments. The words “believe,” “expect,” “anticipate,” “intend,” “target,” “plan”, “estimate,” “should,” “likely,” “will,” “going forward” and other expressions that indicate future events and trends identify forward-looking statements.

Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic and competitive uncertainties and contingencies, many of which are beyond the control of First Horizon, and many of which, with respect to future business decisions and actions, are subject to change and which could cause actual results to differ materially from those contemplated or implied by forward-looking statements or historical performance. Examples of uncertainties and contingencies include factors previously disclosed in First Horizon’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”) as well as the following factors, among others: the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between First Horizon and The Toronto-Dominion Bank (“TD”); the outcome of any legal proceedings that may be instituted against First Horizon or TD, including potential litigation that may be instituted against First Horizon or its directors or officers related to the proposed transaction or the definitive merger agreement between First Horizon and TD related to the proposed transaction; the timing and completion of the transaction, including the possibility that the proposed transaction will not

FIRST HORIZON CORPORATION	2	FORM 8-K CURRENT REPORT 4/18/2023

close when expected or at all because required regulatory or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated; interloper risk; the risk that any announcements relating to the proposed combination could have adverse effects on the market price of the common stock of First Horizon; certain restrictions during the pendency of the merger that may impact First Horizon’s ability to pursue certain business opportunities or strategic transactions; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; reputational risk and potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; First Horizon’s success in executing its business plans and strategies and managing the risks involved in the foregoing; currency and interest rate fluctuations; exchange rates; success of hedging activities; material adverse changes in economic and industry conditions, including the availability of short and long-term financing; general competitive, economic, political and market conditions; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; other actions of the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Tennessee Department of Financial Institutions and other regulators, legislative and regulatory actions and reforms; the pandemic created by the outbreak of COVID-19 and its variants, and resulting effects on economic conditions, restrictions imposed by public health authorities or governments, fiscal and monetary policy responses by governments and financial institutions, and disruptions to global supply chains; and other factors that may affect future results of First Horizon.

First Horizon 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 First Horizon’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 First Horizon’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 First Horizon’s most recent Annual Report on Form 10-K, as amended; and in the forepart, and in Item 1A of Part II, of First Horizon’s Quarterly Report(s) on Form 10-Q filed this year. First Horizon 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

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

Exhibit #	Description
99.1	First Horizon Corporation First Quarter 2023 Earnings Release
99.2	First Horizon Corporation Investor Slide Presentation for the quarter ended March 31, 2023
104	Cover Page Interactive Data File, formatted in Inline XBRL		FIRST HORIZON CORPORATION	3	FORM 8-K CURRENT REPORT 4/18/2023
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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:	April 18, 2023	By:	/s/ Hope Dmuchowski
		Hope Dmuchowski
		Senior Executive Vice President—Chief Financial Officer
		(Duly Authorized Officer and Principal Financial Officer)			FIRST HORIZON CORPORATION	4	FORM 8-K CURRENT REPORT 4/18/2023
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Document

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

$243 Million, or EPS of $0.43; $259 Million, or $0.45, on an Adjusted Basis*

Pre-provision net revenue up 77% from the prior year and up 63% on an adjusted basis*

ROTCE of 17.4% and adjusted ROTCE of 18.6% with tangible book value per share of $10.89*

MEMPHIS, TN (April 18, 2023) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported first quarter net income available to common shareholders ("NIAC") of $243 million, or earnings per share of $0.43, compared with fourth quarter 2022 NIAC of $258 million, or earnings per share of $0.45.

First quarter 2023 results were reduced by a net $16 million after-tax, or $0.03 per share, of notable items compared with a net $34 million, or $0.06 per share, decrease in fourth quarter 2022. Excluding notable items, adjusted first quarter 2023 NIAC of $259 million, or $0.45 per share, decreased from $293 million, or $0.51 per share in fourth quarter 2022.

“This quarter’s results, highlighted by our continued strong capital position, disciplined credit culture, expense discipline, and well-diversified and stable funding mix, reflect the strength and stability of our franchise,“ said Chairman, President and Chief Executive Officer Bryan Jordan. “Despite ongoing macroeconomic uncertainty, we continue to grow deep client relationships across our 12-state footprint and in our specialty businesses.”

Jordan continued “As always, I thank our associates for their continued focus on driving value for our shareholders, clients, and communities, as we have for the last 159 years.”

Notable Items

Quarterly, Unaudited ($s in millions, except per share data)	1Q23		4Q22		1Q22
Summary of Notable Items:
IBKC:
Merger/acquisition expense	$	—	$	(4)	$	(28)
Total IBKC merger-acquisition-related items	—		(4)		(28)
TD:
Transaction-related expense	(21)		(31)		(9)
Total TD transaction-related items	(21)		(31)		(9)
Total Net Merger/acquisition/transaction-related items	(21)		(36)		(37)
Other notable items:
Gain on sale of title services business (other noninterest income)	—		1		—
Gain related to equity securities investment (other noninterest income)	—		—		6
Other notable expenses	—		(10)		—
Total other notable items	—		(9)		6
Total Notable items (pre-tax)	(21)		(45)		(32)
Total Notable items (after-tax)	$	(16)	$	(34)	$	(24)
EPS impact of notable items	$	(0.03)	$	(0.06)	$	(0.04)
Numbers may not foot due to rounding.

First quarter pre-tax net notable items include TD transaction-related costs of $21 million.

*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 5 for information on our use of Non-GAAP measures and their reconciliation to GAAP beginning on page 21.

1

First Quarter 2023 versus Fourth Quarter 2022 Highlights

•Total revenue of $859 million decreased $23 million and adjusted revenue of $863 million decreased $22 million, or 2%, primarily due to day count, seasonality and a 2 bp reduction in NIM.

•Net interest income of $688 million decreased $21 million, or 3%, as the benefit of higher loan rates and loan balances were more than offset by higher funding costs and day count.

•Noninterest income of $171 million decreased $3 million and adjusted noninterest income of $171 million decreased $2 million as higher fixed income and mortgage banking was more than offset by reductions in other noninterest income and deferred compensation.

•Noninterest expense of $478 million decreased $25 million and adjusted noninterest expense of $457 million decreased $1 million largely as an increase in associate minimum wage to $20 per hour and seasonally higher FICA taxes was offset by a reduction in production-based incentives and commissions, and deferred compensation.

•Provision expense of $50 million compared with $45 million in fourth quarter 2022 reflects the impact of a challenging macroeconomic outlook and 2% loan growth ex. LMC partially mitigated by lower net charge-offs.

•Average interest-earning assets of $72.1 billion decreased $729 million largely as a $510 million increase in loans and a $131 million increase in investment securities was more than offset by a $1.1 billion decrease in interest-bearing deposits with banks.

•Average loans increased $510 million as a 2% increase in consumer loans and a 1% increase in commercial real estate was partially offset by a $424 million decrease in loans to mortgage companies ("LMC").

•Period-end loans increased $943 million, or 2%, driven by a $562 million increase in commercial and a $382 million increase in consumer. Period-end commercial loans excluding LMC rose 2%.

•Average deposits of $62.2 billion decreased $2.7 billion, or 4%, driven by a $2.7 billion decrease in DDA and other noninterest-bearing deposits. Total deposit costs of 111 basis points increased 42 basis points.

•Allowance for credit losses ("ACL") to loans ratio increased to 1.35% from 1.33% at December 31, 2022. The ACL to nonperforming loans ratio of 189% decreased from 244% at December 31, 2022.

•Net charge-offs of $16 million decreased $10 million; nonperforming loans of $424 million increased $108 million linked quarter and the nonperforming loan ratio of 0.72% increased from 0.54% at December 31, 2022.

•ROCE of 13.3%; ROTCE of 17.4%; Adjusted ROTCE of 18.6%; CET 1 ratio of 10.4%; and total capital ratio of 13.6%.

•Tangible book value per share of $10.89 at March 31, 2023 compared with $10.23 at December 31, 2022 and reflected a $0.50 increase tied to adjusted NIAC and a $0.29 increase tied to MTM valuation adjustments on AFS securities and cash flow hedges.

Strategic Update

Pending Acquisition by TD

•As announced on March 1st, TD has informed First Horizon that TD does not expect that the necessary regulatory approvals will be received in time to complete the pending transaction by May 27, 2023 (the current outside date), and that TD cannot provide a new projected closing date.

•No further updates at this time.

SUMMARY RESULTS
Quarterly, Unaudited
										1Q23 Change vs.
($s in millions, except per share and balance sheet data)	1Q23			4Q22			1Q22			4Q22				1Q22
										/bp		%		/bp		%
Income Statement
Interest income - taxable equivalent1	$	923		$	860		$	513				7	%			80	%
Interest expense- taxable equivalent1	232			148			31			84		57		201		NM
Net interest income- taxable equivalent	691			712			482			(21)		(3)		209		43
Less: Taxable-equivalent adjustment	4			4			3			—		—		1		33
Net interest income	688			709			479			(21)		(3)		209		44
Noninterest income	171			174			229			(3)		(2)		(58)		(25)
Total revenue	859			882			707			(23)		(3)		152		21
Noninterest expense	478			503			493			(25)		(5)		(15)		(3)
Pre-provision net revenue3	381			379			215			2		1		166		77
Provision for credit losses	50			45			(40)			5		11		90		NM
Income before income taxes	331			334			255			(3)		(1)		76		30
Provision for income taxes	75			64			57			11		17		18		32
Net income	256			270			198			(14)		(5)		58		29
Net income attributable to noncontrolling interest	4			4			3			—		—		1		33
Net income attributable to controlling interest	251			266			195			(15)		(6)		56		29
Preferred stock dividends	8			8			8			—		—		—		—
Net income available to common shareholders	$	243		$	258		$	187				(6)	%			30	%
Adjusted net income4	$	271		$	304		$	222				(11)	%			22	%
Adjusted net income available to common shareholders4	$	259		$	293		$	211				(12)	%			23	%
Common stock information
EPS	$	0.43		$	0.45		$	0.34				(4)	%			26	%
Adjusted EPS4	$	0.45		$	0.51		$	0.38				(12)	%			18	%
Diluted shares8	572			572			550			—		—	%	22		4	%
Key performance metrics
Net interest margin	3.87		%	3.89		%	2.37		%	(2)	bp			150	bp
Efficiency ratio	55.65			57.07			69.66			(142)				(1,401)
Adjusted efficiency ratio4	52.95			51.70			64.64			125				(1,169)
Effective income tax rate	22.71			19.19			22.41			352				30
Return on average assets	1.32			1.35			0.90			(3)				42
Adjusted return on average assets4	1.40			1.52			1.02			(12)				38
Return on average common equity (“ROCE")	13.3			14.4			9.9			(108)				342
Return on average tangible common equity (“ROTCE”)4	17.4			19.1			13.0			(171)				445
Adjusted ROTCE4	18.6			21.7			14.7			(313)				387
Noninterest income as a % of total revenue	19.94			19.68			32.31			26				(1,237)
Adjusted noninterest income as a % of total revenue4	19.85		%	19.55		%	31.63		%	30	bp			(1,178)	bp
Balance Sheet (billions)
Average loans	$	58.1		$	57.6		$	54.1				1	%			7	%
Average deposits	62.2			64.9			74.2			(2.7)		(4)		(11.9)		(16)
Average assets	78.8			79.5			88.6			(0.7)		(1)		(9.7)		(11)
Average common equity	$	7.4		$	7.1		$	7.6				4	%			(3)	%
Asset Quality Highlights
Allowance for credit losses to loans and leases	1.35		%	1.33		%	1.25		%	2	bp			10	bp
Net charge-off ratio	0.11			0.18			0.07			(7)				4
Nonperforming loan and leases ratio	0.72		%	0.54		%	0.60		%	17	bp			11	bp
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 1	10.4		%	10.2		%	10.0		%	19	bp			39	bp
Tier 1	12.1			11.9			11.8			18				26
Total Capital	13.6			13.3			13.2			27				42
Tier 1 leverage	10.7		%	10.4		%	8.8		%	33	bp			188	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 20.

First Quarter 2023 versus Fourth Quarter 2022

Net interest income

Net interest income of $688 million decreased $21 million as the benefit of higher rates and loan balances was more than offset by higher funding costs and day count. Net interest margin of 3.87% decreased 2 basis points largely as the benefit of higher rates and loan growth was more than offset by the impact of higher funding costs and day count.

Noninterest income

Noninterest income of $171 million decreased $3 million and included a $1 million decrease in the benefit of notable items. Adjusted noninterest income of $171 million decreased $2 million as higher fixed income and mortgage banking was more than offset by reductions in other noninterest income and deferred compensation. Fixed income average daily revenue of $437 thousand increased 8% compared with $403 thousand in fourth quarter 2022, despite continuing challenging market conditions.

Noninterest expense

Noninterest expense of $478 million decreased $25 million and included a $25 million decrease in notable items. Adjusted noninterest expense of $457 million decreased $1 million largely as higher salaries and employee benefits was offset by a reduction in production-based incentives and commissions and deferred compensation.

Loans and leases

Average loan and lease balances of $58.1 billion increased $510 million largely reflecting a 2% increase in consumer. Commercial loan growth of $191 million was driven by a $194 million increase in commercial real estate. Consumer loan growth increased $319 million compared to the prior quarter, driven by a $352 million increase in consumer real estate. Results reflect a $424 million reduction in loans to mortgage companies ("LMC"). Loan balances excluding LMC increased $934 million compared to the prior quarter, driven by a $615 million increase in commercial.

Period-end loans and leases of $59.0 billion increased $943 million from fourth quarter 2022, reflecting a 1% increase in commercial and a 3% increase in consumer. Before the impact of LMC, period-end loans increased $1.2 billion, or 2%, driven by a $779 million increase in all other commercial loans.

Deposits

Average deposits of $62.2 billion decreased $2.7 billion, or 4%. Period-end deposits of $61.4 billion decreased $2.0 billion reflecting a $2.3 billion decrease in noninterest-bearing partially offset by a $0.3 billion increase in interest-bearing. Total deposit costs of 111 basis points increased 42 basis points with a 59 basis point increase in interest-bearing deposit costs.

Asset quality

Provision expense of $50 million compared with $45 million in fourth quarter 2022 reflects the impact of a challenging macroeconomic outlook partially offset by lower net charge-offs.

Net charge-offs of $16 million, or 11 basis points, compared with $26 million, or 18 basis points, in fourth quarter 2022.

Nonperforming loans of $424 million increased $108 million. First quarter 2023 ACL to nonperforming loans coverage ratio of 189% compared with 244% in fourth quarter 2022.

The ACL to loans ratio increased to 1.35% from 1.33% in the fourth quarter 2022.

Capital

CET1 ratio of 10.4% in first quarter 2023 compared with 10.2% in fourth quarter 2022. Total capital ratio of 13.6% vs. 13.3% in fourth quarter 2022.

Income taxes

The first quarter 2023 effective tax rate of 22.7% compared with 19.2% in fourth quarter 2022. On an adjusted basis, the effective tax rate of 22.9% in the first quarter 2023 increased from 19.8% in fourth quarter 2022.

Forward-Looking Statements

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

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

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

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

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

The non-GAAP measures presented in this earnings release are fully taxable equivalent measures, 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 21.

First Horizon Corp. (NYSE: FHN), with $80.7 billion in assets as of March 31, 2023, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

Contact: Investor Relations - investorrelations@firsthorizon.com

Media Relations - Beth.Ardoin@firsthorizon.com

CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited
																1Q23 Change vs.
($s in millions, except per share data)	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22			1Q22
																	%			%
Interest income - taxable equivalent1	$	923		$	860		$	737		$	586		$	513			7	%		80	%
Interest expense- taxable equivalent1	232			148			71			41			31			84	57		201	NM
Net interest income- taxable equivalent	691			712			666			545			482			(21)	(3)		209	43
Less: Taxable-equivalent adjustment	4			4			4			3			3			—	—		1	33
Net interest income	688			709			662			542			479			(21)	(3)		209	44
Noninterest income:
Fixed income	39			35			46			51			73			4	11		(34)	(47)
Mortgage banking and title	5			4			9			34			22			1	25		(17)	(77)
Brokerage, trust, and insurance	34			33			34			36			37			1	3		(3)	(8)
Service charges and fees	55			56			56			57			57			(1)	(2)		(2)	(4)
Card and digital banking fees	19			20			21			23			20			(1)	(5)		(1)	(5)
Deferred compensation income	3			7			(3)			(17)			(4)			(4)	(57)		7	NM
Other noninterest income	15			20			50			16			24			(5)	(25)		(9)	(38)
Total noninterest income	171			174			213			201			229			(3)	(2)		(58)	(25)
Total revenue	859			882			875			743			707			(23)	(3)		152	21
Noninterest expense:
Personnel expense:
Salaries and benefits	188			178			186			190			190			10	6		(2)	(1)
Incentives and commissions	80			97			92			93			94			(17)	(18)		(14)	(15)
Deferred compensation expense	3			7			(2)			(18)			(5)			(4)	(57)		8	NM
Total personnel expense	271			281			275			265			280			(10)	(4)		(9)	(3)
Occupancy and equipment2	70			71			71			73			72			(1)	(1)		(2)	(3)
Outside services	66			70			66			70			84			(4)	(6)		(18)	(21)
Amortization of intangible assets	12			13			13			13			13			(1)	(8)		(1)	(8)
Other noninterest expense	59			69			44			68			44			(10)	(14)		15	34
Total noninterest expense	478			503			468			489			493			(25)	(5)		(15)	(3)
Pre-provision net revenue3	381			379			406			255			215			2	1		166	77
Provision for credit losses	50			45			60			30			(40)			5	11		90	NM
Income before income taxes	331			334			346			225			255			(3)	(1)		76	30
Provision for income taxes	75			64			78			48			57			11	17		18	32
Net income	256			270			268			177			198			(14)	(5)		58	29
Net income attributable to noncontrolling interest	4			4			3			3			3			—	—		1	33
Net income attributable to controlling interest	251			266			265			174			195			(15)	(6)		56	29
Preferred stock dividends	8			8			8			8			8			—	—		—	—
Net income available to common shareholders	$	243		$	258		$	257		$	166		$	187			(6)	%		30	%
Common Share Data
EPS	$	0.45		$	0.48		$	0.48		$	0.31		$	0.35			(6)	%		28	%
Basic shares	537			536			536			535			533			1	—		4	1
Diluted EPS	$	0.43		$	0.45		$	0.45		$	0.29		$	0.34			(4)			26
Diluted shares8	572			572			570			569			550			—	—	%	22	4	%
Effective tax rate	22.7		%	19.2		%	22.6		%	21.3		%	22.4		%

All values are in US Dollars.

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

ADJUSTED5 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 9
Quarterly, Unaudited
																1Q23 Change vs.
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
($s in millions, except per share data)	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22			1Q22
																	%			%
Net interest income (FTE)1	$	691		$	712		$	666		$	545		$	482			(3)	%		43	%
Adjusted noninterest income:
Fixed income	39			35			46			51			73			4	11		(34)	(47)
Adjusted mortgage banking and title	5			4			9			22			22			1	25		(17)	(77)
Brokerage, trust, and insurance	34			33			34			36			37			1	3		(3)	(8)
Service charges and fees	55			56			56			57			57			(1)	(2)		(2)	(4)
Card and digital banking fees	19			20			21			23			20			(1)	(5)		(1)	(5)
Deferred compensation income	3			7			(3)			(17)			(4)			(4)	(57)		7	NM
Adjusted other noninterest income	15			20			18			15			18			(5)	(25)		(3)	(17)
Adjusted total noninterest income	$	171		$	173		$	181		$	188		$	223			(1)	%		(23)	%
Total revenue (FTE)1	$	863		$	885		$	847		$	733		$	704			(2)	%		23	%
Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$	188		$	178		$	185		$	190		$	188			6	%		—	%
Adjusted Incentives and commissions	64			70			68			71			92			(6)	(9)		(28)	(30)
Adjusted deferred compensation expense	3			7			(2)			(18)			(5)			(4)	(57)		8	NM
Adjusted total personnel expense	255			254			251			244			275			1	—		(20)	(7)
Adjusted occupancy and equipment2	70			71			70			72			72			(1)	(1)		(2)	(3)
Adjusted outside services	63			64			64			61			59			(1)	(2)		4	7
Adjusted amortization of intangible assets	12			12			12			12			12			—	—		—	—
Adjusted other noninterest expense	58			58			48			50			37			—	—		21	57
Adjusted total noninterest expense	$	457		$	458		$	444		$	438		$	455			—	%		—	%
Adjusted pre-provision net revenue3	$	406		$	428		$	403		$	295		$	249			(5)	%		63	%
Provision for credit losses	$	50		$	45		$	60		$	30		$	(40)			11	%		NM
Adjusted net income available to common shareholders	$	259		$	293		$	252		$	195		$	211			(12)	%		23	%
Adjusted Common Share Data
Adjusted diluted EPS	$	0.45		$	0.51		$	0.44		$	0.34		$	0.38			(12)	%		18	%
Diluted shares8	572			572			570			569			550			—	—	%	22	4	%
Adjusted effective tax rate	22.9		%	19.8		%	22.4		%	21.7		%	22.5		%
Adjusted ROTCE	18.6		%	21.7		%	17.9		%	14.2		%	14.7		%
Adjusted efficiency ratio	53.0		%	51.7		%	52.4		%	59.8		%	64.6		%

All values are in US Dollars.

Numbers may not foot due to rounding.

See footnote disclosures on page 20.

NOTABLE ITEMS
Quarterly, Unaudited		(In millions)	1Q23		4Q22		3Q22		2Q22		1Q22
---	---	---	---	---	---	---	---	---	---	---
Summary of Notable Items:
Gain on sale of title services business	$	—	$	1	$	21	$	—	$	—
Gain related to equity securities investments	—		—		10		—		6
Gain on sale of mortgage servicing rights	—		—		—		12		—
IBKC merger/acquisition expense	—		(4)		(3)		(13)		(28)
TD transaction-related expense	(21)		(31)		(21)		(25)		(9)
Other notable expenses*	—		(10)		—		(12)		—
Total notable items	(21)		(45)		7		(38)		(32)
EPS impact of notable items	$	(0.03)	$	(0.06)	$	0.01	$	(0.05)	$	(0.04)

Numbers may not foot due to rounding

* 4Q22 and 2Q22 includes $10 million and $12 million, respectively of Visa derivative valuation expense.

IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited		(In millions)	1Q23		4Q22		3Q22		2Q22		1Q22
---	---	---	---	---	---	---	---	---	---	---
Impacts of Notable Items:
Noninterest income:
Mortgage banking and title	$	—	$	—	$	—	$	(12)	$	—
Other noninterest income	—		(1)		(32)		—		(6)
Total noninterest income	$	—	$	(1)	$	(32)	$	(13)	$	(6)
Noninterest expense:
Personnel expenses:
Salaries and benefits	$	—	$	—	$	—	$	1	$	(2)
Incentives and commissions	(16)		(27)		(24)		(22)		(2)
Deferred compensation expense	—		—		—		—		—
Total personnel expenses	(16)		(27)		(25)		(21)		(4)
Occupancy and equipment2	—		—		(1)		(1)		—
Outside services	(3)		(6)		(2)		(9)		(25)
Amortization of intangible assets	—		(1)		(1)		(1)		(1)
Other noninterest expense	(2)		(11)		4		(18)		(7)
Total noninterest expense	$	(21)	$	(46)	$	(25)	$	(50)	$	(37)
Income before income taxes	$	21	$	45	$	(7)	$	38	$	32
Provision for income taxes	6		11		(2)		9		7
Net income/(loss) available to common shareholders	$	16	$	34	$	(5)	$	29	$	24

Numbers may not foot due to rounding

FINANCIAL RATIOS
Quarterly, Unaudited
																1Q23 Change vs.
	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22				1Q22
FINANCIAL RATIOS																/bp		%		/bp		%
Net interest margin	3.87		%	3.89		%	3.49		%	2.74		%	2.37		%	(2)	bp			150	bp
Return on average assets	1.32		%	1.35		%	1.29		%	0.82		%	0.90		%	(3)				42
Adjusted return on average assets4	1.40		%	1.52		%	1.27		%	0.95		%	1.02		%	(12)				38
Return on average common equity (“ROCE”)	13.34		%	14.42		%	13.85		%	9.12		%	9.92		%	(108)				342
Return on average tangible common equity (“ROTCE”)4	17.43		%	19.14		%	18.23		%	12.07		%	12.98		%	(171)				445
Adjusted ROTCE4	18.55		%	21.68		%	17.89		%	14.15		%	14.68		%	(313)				387
Noninterest income as a % of total revenue	19.94		%	19.68		%	24.30		%	27.06		%	32.31		%	26				(1,237)
Adjusted noninterest income as a % of total revenue4	19.85		%	19.55		%	21.37		%	25.68		%	31.63		%	30				(1,178)
Efficiency ratio	55.65		%	57.07		%	53.56		%	65.76		%	69.66		%	(142)				(1,401)
Adjusted efficiency ratio4	52.95		%	51.70		%	52.42		%	59.79		%	64.64		%	125				(1,169)
CAPITAL DATA
CET1 capital ratio*	10.4		%	10.2		%	9.9		%	9.8		%	10.0		%	19	bp			39	bp
Tier 1 capital ratio*	12.1		%	11.9		%	11.7		%	11.6		%	11.8		%	18	bp			26	bp
Total capital ratio*	13.6		%	13.3		%	13.1		%	13.0		%	13.2		%	27	bp			42	bp
Tier 1 leverage ratio*	10.7		%	10.4		%	9.8		%	9.1		%	8.8		%	33	bp			188	bp
Risk-weighted assets (“RWA”) (billions)	$	69.5		$	69.2		$	68.6		$	67.3		$	65.0				1	%			7	%
Total equity to total assets	11.02		%	10.83		%	10.32		%	10.04		%	9.81		%	19	bp			121	bp
Tangible common equity/tangible assets (“TCE/TA”)4	7.41		%	7.12		%	6.64		%	6.55		%	6.44		%	29	bp			97	bp
Period-end shares outstanding (millions)	538			537			537			536			535			1		—	%	3		1	%
Cash dividends declared per common share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15				—	%			—	%
Book value per common share	$	14.11		$	13.48		$	12.99		$	13.50		$	13.82				5	%			2	%
Tangible book value per common share4	$	10.89		$	10.23		$	9.72		$	10.18		$	10.46				6	%			4	%
SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	96.10		%	91.51		%	86.88		%	80.13		%	74.23		%	459	bp			2,187	bp
Loans-to-deposit ratio (average balances)	93.33		%	88.73		%	82.99		%	77.25		%	72.93		%	460	bp			2,040	bp
Full-time equivalent associates	7,282			7,477			7,569			7,627			7,900			(195)		(3)	%	(618)		(8)	%

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 20.

CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited

											1Q23 Change vs.
(In millions)	1Q23		4Q22		3Q22		2Q22		1Q22		4Q22			1Q22
												%			%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	32,172	$	31,780	$	31,620	$	31,276	$	30,798		1	%		4	%
Commercial real estate	13,397		13,228		13,021		12,942		12,487		169	1		911	7
Total Commercial	45,570		45,008		44,641		44,218		43,285		562	1		2,285	5
Consumer real estate	12,668		12,253		11,864		11,441		10,874		415	3		1,794	17
Credit card and other5	807		840		849		870		854		(33)	(4)		(46)	(5)
Total Consumer	13,475		13,093		12,712		12,311		11,727		382	3		1,748	15
Loans and leases, net of unearned income	59,045		58,101		57,354		56,529		55,012		943	2		4,032	7
Loans held for sale	650		590		680		870		1,014		60	10		(364)	(36)
Investment securities	10,317		10,207		10,103		9,628		9,943		109	1		373	4
Trading securities	1,122		1,375		1,421		1,392		1,823		(253)	(18)		(701)	(38)
Interest-bearing deposits with banks	2,488		1,384		3,241		9,475		13,548		1,103	80		(11,061)	(82)
Federal funds sold and securities purchased under agreements to resell	309		482		690		712		640		(173)	(36)		(331)	(52)
Total interest earning assets	73,929		72,139		73,489		78,606		81,980		1,790	2		(8,051)	(10)
Cash and due from banks	987		1,061		1,193		1,133		1,225		(74)	(7)		(238)	(19)
Goodwill and other intangible assets, net	1,732		1,744		1,757		1,782		1,795		(12)	(1)		(63)	(4)
Premises and equipment, net	603		612		622		636		669		(9)	(2)		(66)	(10)
Allowance for loan and lease losses	(715)		(685)		(664)		(624)		(622)		(30)	(4)		(93)	(15)
Other assets	4,193		4,082		3,903		3,598		3,614		112	3		580	16
Total assets	$	80,729	$	78,953	$	80,299	$	85,132	$	88,660		2	%		(9)	%
Liabilities and Shareholders' Equity:
Deposits:
Savings	$	21,346	$	21,971	$	22,800	$	24,376	$	25,772		(3)	%		(17)	%
Time deposits	3,777		2,887		2,671		2,888		3,165		890	31		612	19
Other interest-bearing deposits	15,184		15,165		14,730		16,172		17,126		18	—		(1,942)	(11)
Total interest-bearing deposits	40,306		40,023		40,202		43,436		46,063		283	1		(5,756)	(12)
Trading liabilities	144		335		383		394		513		(191)	(57)		(369)	(72)
Short-term borrowings	6,484		2,506		1,416		1,953		1,719		3,979	NM		4,765	NM
Term borrowings	1,605		1,597		1,597		1,599		1,591		9	1		14	1
Total interest-bearing liabilities	48,540		44,461		43,598		47,382		49,885		4,079	9		(1,345)	(3)
Noninterest-bearing deposits	21,134		23,466		25,813		27,114		28,052		(2,332)	(10)		(6,918)	(25)
Other liabilities	2,161		2,480		2,605		2,085		2,027		(319)	(13)		134	7
Total liabilities	71,835		70,406		72,016		76,581		79,964		1,428	2		(8,129)	(10)
Shareholders' Equity:
Preferred stock	1,014		1,014		1,014		1,014		1,014		—	—		—	—
Common stock	336		336		335		335		334		—	—		2	1
Capital surplus	4,863		4,840		4,812		4,791		4,769		23	—		95	2
Retained earnings	3,595		3,430		3,254		3,079		2,996		165	5		599	20
Accumulated other comprehensive loss, net	(1,208)		(1,367)		(1,427)		(963)		(711)		159	12		(497)	(70)
Combined shareholders' equity	8,599		8,251		7,987		8,255		8,400		348	4		199	2
Noncontrolling interest	295		295		295		295		295		—	—		—	—
Total shareholders' equity	8,895		8,547		8,283		8,551		8,696		348	4		199	2
Total liabilities and shareholders' equity	$	80,729	$	78,953	$	80,299	$	85,132	$	88,660		2	%		(9)	%
Memo:
Total Deposits	$	61,440	$	63,489	$	66,014	$	70,550	$	74,114		(3)	%		(17)	%
Unfunded Loan Commitments:
Commercial	$	21,806	$	22,833	$	23,706	$	23,251	$	21,813		(4)	%		—	%
Consumer	$	4,404	$	4,329	$	4,248	$	3,972	$	3,882		2	%		13	%

All values are in US Dollars.

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

CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly, Unaudited

											1Q23 Change vs.
(In millions)	1Q23		4Q22		3Q22		2Q22		1Q22		4Q22			1Q22
												%			%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	31,558	$	31,562	$	31,120	$	30,963	$	30,215		—	%		4	%
Commercial real estate	13,290		13,095		12,926		12,626		12,229		194	1		1,060	9
Total Commercial	44,848		44,657		44,046		43,589		42,445		191	—		2,403	6
Consumer real estate	12,401		12,049		11,633		11,120		10,769		352	3		1,632	15
Credit card and other5	825		858		864		867		869		(33)	(4)		(43)	(5)
Total Consumer	13,226		12,907		12,496		11,987		11,638		319	2		1,588	14
Loans and leases, net of unearned income	58,074		57,564		56,543		55,576		54,082		510	1		3,991	7
Loans held-for-sale	596		597		761		1,027		1,156		(1)	—		(560)	(48)
Investment securities	10,263		10,132		10,315		9,781		9,668		131	1		595	6
Trading securities	1,284		1,311		1,342		1,509		1,594		(28)	(2)		(311)	(19)
Interest-bearing deposits with banks	1,468		2,618		6,341		10,989		14,902		(1,150)	(44)		(13,433)	(90)
Federal funds sold and securities purchased under agreements to resell	392		583		661		857		753		(191)	(33)		(361)	(48)
Total interest earning assets	72,076		72,805		75,963		79,739		82,155		(729)	(1)		(10,078)	(12)
Cash and due from banks	1,035		1,118		1,246		1,281		1,226		(82)	(7)		(191)	(16)
Goodwill and other intangibles assets, net	1,738		1,750		1,767		1,789		1,802		(12)	(1)		(64)	(4)
Premises and equipment, net	607		616		629		645		655		(9)	(1)		(47)	(7)
Allowances for loan and lease losses	(692)		(675)		(639)		(621)		(658)		(17)	(3)		(35)	(5)
Other assets	4,076		3,907		3,585		3,493		3,407		169	4		668	20
Total assets	$	78,841	$	79,521	$	82,551	$	86,326	$	88,587		(1)	%		(11)	%
Liabilities and shareholders' equity:
Deposits:
Savings	$	21,824	$	22,477	$	23,569	$	24,841	$	26,330		(3)	%		(17)	%
Time deposits	3,336		2,720		2,759		3,040		3,343		617	23		(7)	—
Other interest-bearing deposits	14,790		14,658		15,102		16,273		16,558		132	1		(1,767)	(11)
Total interest-bearing deposits	39,950		39,855		41,431		44,154		46,230		95	—		(6,280)	(14)
Trading liabilities	324		353		372		585		614		(29)	(8)		(289)	(47)
Short-term borrowings	3,695		1,821		1,711		1,710		1,995		1,874	103		1,700	85
Term borrowings	1,602		1,597		1,598		1,597		1,591		5	—		11	1
Total interest-bearing liabilities	45,572		43,626		45,112		48,046		50,430		1,946	4		(4,858)	(10)
Noninterest-bearing deposits	22,274		25,021		26,701		27,791		27,926		(2,747)	(11)		(5,652)	(20)
Other liabilities	2,289		2,459		2,068		1,875		1,613		(171)	(7)		675	42
Total liabilities	70,134		71,106		73,882		77,712		79,969		(972)	(1)		(9,834)	(12)
Shareholders' Equity:
Preferred stock	1,014		1,014		1,014		1,014		695		—	—		318	46
Common stock	336		336		335		335		334		—	—		2	1
Capital surplus	4,851		4,826		4,802		4,778		4,753		25	1		98	2
Retained earnings	3,518		3,358		3,175		3,051		2,938		160	5		579	20
Accumulated other comprehensive loss, net	(1,307)		(1,414)		(953)		(859)		(398)		106	8		(910)	NM
Combined shareholders' equity	8,411		8,119		8,373		8,318		8,323		292	4		88	1
Noncontrolling interest	295		295		295		295		295		—	—		—	—
Total shareholders' equity	8,707		8,415		8,669		8,614		8,619		292	3		88	1
Total liabilities and shareholders' equity	$	78,841	$	79,521	$	82,551	$	86,326	$	88,587		(1)	%		(11)	%
Memo:
Total Deposits	$	62,224	$	64,876	$	68,133	$	71,945	$	74,156		(4)	%		(16)	%

All values are in US Dollars.

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

CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited
																					1Q23 Change vs.
	1Q23				4Q22				3Q22				2Q22				1Q22				4Q22			1Q22
(In millions, except rates)	Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense			Income/Expense
																						%			%
Interest earning assets/Interest income:
Loans and leases, net of unearned income:
Commercial	$	668	6.04	%	$	607	5.40	%	$	496	4.47	%	$	382	3.52	%	$	339	3.24	%		10	%		97	%
Consumer	141		4.24		134		4.14		124		3.94		112		3.74		108		3.71		7	5		33	31
Loans and leases, net of unearned income	809		5.63		742		5.12		619		4.35		494		3.57		447		3.34		67	9		362	81
Loans held-for-sale	11		7.08		9		6.34		9		4.91		10		3.89		10		3.51		2	22		1	10
Investment securities	63		2.45		61		2.41		55		2.14		46		1.87		38		1.59		2	3		25	66
Trading securities	20		6.21		19		5.79		15		4.55		13		3.43		11		2.75		1	5		9	82
Interest-bearing deposits with banks	17		4.60		24		3.61		34		2.15		22		0.79		7		0.19		(7)	(29)		10	143
Federal funds sold and securities purchased under agreements	4		4.35		5		3.48		2		2.04		1		0.66		—		(0.04)		(1)	(20)		4	NM
Interest income	$	923	5.17	%	$	860	4.70	%	$	737	3.86	%	$	586	2.95	%	$	513	2.52	%		7	%		80	%
Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$	96	1.79	%	$	67	1.19	%	$	18	0.31	%	$	5	0.08	%	$	3	0.05	%		43	%		NM
Time deposits	16		1.96		6		0.90		2		0.50		4		0.50		4		0.51		10	NM		12	NM
Other interest-bearing deposits	58		1.59		39		1.05		21		0.56		9		0.22		4		0.09		19	49		54	NM
Total interest-bearing deposits	171		1.73		112		1.12		42		0.41		18		0.16		11		0.10		59	53		160	NM
Trading liabilities	3		3.83		3		3.59		3		3.03		4		2.52		3		1.69		—	—		—	—
Short-term borrowings	38		4.16		13		2.85		7		2.22		2		0.58		1		0.15		25	NM		37	NM
Term borrowings	20		4.98		19		4.81		18		4.57		17		4.38		17		4.29		1	5		3	18
Interest expense	232		2.06		148		1.35		71		0.63		41		0.34		31		0.25		84	57		201	NM
Net interest income - tax equivalent basis	691		3.11		712		3.35		666		3.23		545		2.61		482		2.27		(21)	(3)		209	43
Fully taxable equivalent adjustment	(4)		0.76		(4)		0.54		(4)		0.26		(3)		0.13		(3)		0.10		—	—		(1)	(33)
Net interest income	$	688	3.87	%	$	709	3.89	%	$	662	3.49	%	$	542	2.74	%	$	479	2.37	%		(3)	%		44	%
Memo:
Total loan yield			5.63	%			5.12	%			4.35	%			3.57	%			3.34	%
Total deposit cost			1.11	%			0.69	%			0.25	%			0.10	%			0.06	%
Total funding cost			1.38	%			0.85	%			0.39	%			0.22	%			0.16	%

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.

See footnote disclosures on page 20.

CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited
	As of															1Q23 change vs.
(In millions, except ratio data)	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22			1Q22
																	%			%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$	204		$	153		$	116		$	129		$	153			34	%		33	%
Commercial real estate	63			9			10			11			12			54	NM		51	NM
Consumer real estate	155			152			163			159			165			3	2		(10)	(6)
Credit card and other	2			2			3			3			3			—	(6)		(1)	(20)
Total nonperforming loans and leases	$	424		$	316		$	292		$	301		$	332			34	%		28	%
Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.63		%	0.48		%	0.37		%	0.41		%	0.50		%
Commercial real estate	0.47			0.07			0.08			0.08			0.09
Consumer real estate	1.22			1.24			1.37			1.39			1.52
Credit card and other	0.27			0.27			0.31			0.29			0.32
Total nonperforming loans and leases to loans and leases	0.72		%	0.54		%	0.51		%	0.53		%	0.60		%

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										1Q23 change vs.
(In millions)	1Q23		4Q22		3Q22		2Q22		1Q22		4Q22			1Q22
												%			%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)	$	—	$	11	$	1	$	1	$	6		(97)	%		(93)	%
Commercial real estate	—		—		—		—		—		—	NM		—	NM
Consumer real estate	7		18		17		14		14		(11)	(63)		(7)	(52)
Credit card and other	5		3		6		3		3		1	33		2	60
Total loans and leases 90 days or more past due and accruing	$	12	$	33	$	24	$	17	$	23		(65)	%		(49)	%

All values are in US Dollars.

Numbers may not foot due to rounding.

CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited
	As of															1Q23 change vs.
(In millions, except ratio data)	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22			1Q22
Charge-off, Recoveries and Related Ratios																	%			%
Gross Charge-offs
Commercial, financial, and industrial (C&I)	$	14		$	24		$	13		$	12		$	13			(41)	%		8	%
Commercial real estate	2			—			1			—			—			2	NM		2	NM
Consumer real estate	1			1			1			2			1			—	(22)		—	(6)
Credit card and other	5			7			7			7			5			(2)	(27)		—	8
Total gross charge-offs	$	22		$	32		$	21		$	21		$	19			(32)	%		18	%
Gross Recoveries
Commercial, financial, and industrial (C&I)	$	(2)		$	(3)		$	(2)		$	(1)		$	(3)			14	%		23	%
Commercial real estate	—			—			—			(1)			—			—	(33)		—	(13)
Consumer real estate	(2)			(2)			(6)			(6)			(5)			—	7		3	53
Credit card and other	(1)			(1)			(1)			(1)			(1)			—	(14)		—	(51)
Total gross recoveries	$	(6)		$	(6)		$	(9)		$	(9)		$	(9)			5	%		31	%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I)	$	12		$	21		$	11		$	11		$	10			(45)	%		18	%
Commercial real estate	2			—			—			(1)			—			2	NM		2	NM
Consumer real estate	(2)			(2)			(5)			(3)			(4)			—	(2)		3	62
Credit card and other	4			6			5			5			4			(2)	(34)		—	(1)
Total net charge-offs	$	16		$	26		$	12		$	12		$	10			(38)	%		64	%
Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I)	0.15		%	0.27		%	0.14		%	0.14		%	0.13		%
Commercial real estate	0.05			—			0.01			(0.03)			(0.01)
Consumer real estate	(0.05)			(0.05)			(0.17)			(0.12)			(0.15)
Credit card and other	1.93			2.76			2.46			2.49			1.85
Total loans and leases	0.11		%	0.18		%	0.08		%	0.09		%	0.07		%

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										1Q23 Change vs.
(In millions)	1Q23		4Q22		3Q22		2Q22		1Q22		4Q22			1Q22
Summary of Changes in the Components of the Allowance For Credit Losses												%			%
Allowance for loan and lease losses - beginning	$	685	$	664	$	624	$	622	$	670		3	%		2	%
Cumulative effect of change in accounting principle:
Commercial, financial, and industrial (C&I)	1		—		—		—		—		1	NM		1	NM
Commercial real estate	—		—		—		—		—		—	NM		—	NM
Consumer real estate	(7)		—		—		—		—		(7)	NM		(7)	NM
Credit card and other	—		—		—		—		—		—	NM		—	NM
Total cumulative effect of change in accounting principles	(6)		—		—		—		—		(6)	NM		(6)	NM
Allowance for loan and lease losses - beginning, adjusted	$	679	$	664	$	624	$	622	$	670		2	%		1	%
Charge-offs:
Commercial, financial, and industrial (C&I)	(14)		(24)		(13)		(12)		(13)		10	41		(1)	(8)
Commercial real estate	(2)		—		(1)		—		—		(2)	NM		(2)	NM
Consumer real estate	(1)		(1)		(1)		(2)		(1)		—	22		—	6
Credit card and other	(5)		(7)		(7)		(7)		(5)		2	27		—	(8)
Total charge-offs	(22)		(32)		(21)		(21)		(19)		10	31		(3)	(18)
Recoveries:
Commercial, financial, and industrial (C&I)	2		3		2		1		3		—	(14)		(1)	(22)
Commercial real estate	—		—		—		1		—		—	33		—	13
Consumer real estate	2		2		6		6		5		—	(7)		(3)	(54)
Credit card and other	1		1		1		1		1		—	14		—	51
Total Recoveries	6		6		9		9		9		—	2		(3)	(32)
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)	27		35		32		(2)		(36)		(8)	(22)		63	NM
Commercial real estate	6		(2)		8		(12)		(3)		8	NM		9	NM
Consumer real estate	15		5		5		16		(3)		11	NM		18	NM
Credit card and other	4		9		7		12		4		(5)	(57)		—	(7)
Total provision for loan and lease losses:	52		46		52		14		(38)		6	13		90	NM
Allowance for loan and lease losses - ending	$	715	$	685	$	664	$	624	$	622		4	%		15	%
Reserve for unfunded commitments - beginning	$	87	$	88	$	80	$	64	$	66		(1)	%		32	%
Cumulative effect of change in accounting principle	—		—		—		—		—		—	NM		—	NM
Acquired reserve for unfunded commitments	—		—		—		—		—		—	NM		—	NM
Provision for unfunded commitments	(2)		(1)		8		16		(2)		(1)	(100)		—	—
Reserve for unfunded commitments - ending	$	85	$	87	$	88	$	80	$	64		(2)	%		33	%
Total allowance for credit losses- ending	$	800	$	771	$	752	$	704	$	686		4	%		17	%

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
	1Q23		4Q22		3Q22		2Q22		1Q22
Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	1.01	%	0.97	%	0.93	%	0.88	%	0.93	%
Commercial real estate	1.12	%	1.10	%	1.14	%	1.09	%	1.21	%
Consumer real estate	1.65	%	1.63	%	1.63	%	1.60	%	1.51	%
Credit card and other	3.86	%	3.72	%	3.32	%	3.01	%	2.31	%
Total allowance for loans and lease losses to loans and leases	1.21	%	1.18	%	1.16	%	1.10	%	1.13	%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	159	%	202	%	253	%	213	%	188	%
Commercial real estate	238	%	1,554	%	1,422	%	1,331	%	1,303	%
Consumer real estate	135	%	131	%	119	%	115	%	99	%
Credit card and other	1,439	%	1,364	%	1,070	%	1,021	%	730	%
Total allowance for loans and lease losses to nonperforming loans and leases	169	%	217	%	228	%	207	%	187	%

REGIONAL BANKING

Quarterly, Unaudited

																1Q23 Change vs.
	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22				1Q22
																/bp		%		/bp		%
Income Statement (millions)
Net interest income	$	586		$	544		$	518		$	465		$	427				8	%			37	%
Noninterest income	107			107			110			114			114			—		—		(7)		(6)
Total revenue	693			650			628			579			541			43		7		152		28
Noninterest expense	322			322			304			301			306			—		—		16		5
Pre-provision net revenue3	371			328			324			278			235			43		13		136		58
Provision for credit losses	41			30			43			52			(30)			11		37		71		NM
Income before income tax expense	329			298			281			226			266			31		10		63		24
Income tax expense	77			70			66			53			63			7		10		14		22
Net income	$	252		$	228		$	215		$	173		$	203				11	%			24	%
Average Balances (billions)
Total loans and leases	$	41.8		$	41.1		$	40.1		$	39.2		$	38.0				2	%			10	%
Interest-earning assets	41.8			41.1			40.1			39.2			38.0			0.7		2		3.8		10
Total assets	44.5			43.8			42.8			41.9			40.5			0.7		2		4.0		10
Total deposits	57.8			59.6			61.9			64.5			66.6			(1.8)		(3)		(8.8)		(13)
Key Metrics
Net interest margin6	5.70		%	5.27		%	5.15		%	4.78		%	4.58		%	43	bp			112	bp
Efficiency ratio	46.52		%	49.59		%	48.44		%	52.03		%	56.55		%	(307)	bp			(1,003)	bp
Loans-to-deposits ratio (period-end balances)	73.95		%	70.81		%	66.77		%	62.77		%	57.46		%	314	bp			1,649	bp
Loans-to-deposits ratio (average-end balances)	72.39		%	69.02		%	64.78		%	60.75		%	57.02		%	337	bp			1,537	bp
Return on average assets (annualized)	2.30		%	2.06		%	1.99		%	1.66		%	2.03		%	24	bp			27	bp
Return on allocated equity7	27.78		%	25.05		%	23.95		%	19.65		%	23.51		%	273	bp			427	bp
Financial center locations	417			417			417			417			417			—		—	%	—		—	%

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 20.

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

SPECIALTY BANKING

Quarterly, Unaudited

																1Q23 Change vs.
	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22				1Q22
																/bp		%		/bp		%
Income Statement (millions)
Net interest income	$	125		$	134		$	138		$	141		$	144				(6)	%			(13)	%
Noninterest income	53			47			64			96			105			7		15		(52)		(49)
Total revenue	179			180			203			237			249			(2)		(1)		(70)		(28)
Noninterest expense	91			92			104			113			132			(1)		(1)		(41)		(31)
Pre-provision net revenue3	88			89			99			124			118			(1)		(1)		(30)		(25)
Provision for credit losses	10			18			17			(18)			(2)			(8)		(45)		12		NM
Income before income tax expense	78			71			81			142			120			7		10		(42)		(35)
Income tax expense	19			17			20			35			29			2		10		(10)		(35)
Net income	$	59		$	54		$	62		$	107		$	91				10	%			(35)	%
Average Balances (billions)
Total loans and leases	$	15.8		$	15.9		$	15.9		$	15.8		$	15.5				(1)	%			1	%
Interest-earning assets	18.1			18.4			18.6			19.1			19.0			(0.3)		(2)		(0.9)		(5)
Total assets	19.4			19.6			19.7			20.2			20.2			(0.2)		(1)		(0.8)		(4)
Total deposits	3.6			4.3			5.2			6.3			6.5			(0.7)		(17)		(2.9)		(45)
Key Metrics
Fixed income product average daily revenue (thousands)	$	437		$	403		$	524		$	612		$	987				8	%			(56)	%
Net interest margin6	2.80		%	2.89		%	2.96		%	2.96		%	3.07		%	(9)	bp			(27)	bp
Efficiency ratio	50.93		%	50.84		%	51.29		%	47.74		%	52.82		%	9	bp			(189)	bp
Loans-to-deposits ratio (period-end balances)	504		%	426		%	378		%	268		%	256		%	7,770	bp			24,822	bp
Loans-to-deposits ratio (average-end balances)	440		%	370		%	307		%	250		%	239		%	7,031	bp			20,053	bp
Return on average assets (annualized)	1.23		%	1.09		%	1.24		%	2.13		%	1.82		%	14	bp			(59)	bp
Return on allocated equity7	15.13		%	13.34		%	15.02		%	26.01		%	22.77		%	179	bp			(764)	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 20.

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

CORPORATE

Quarterly, Unaudited

											1Q23 Change vs.
	1Q23		4Q22		3Q22		2Q22		1Q22		4Q22			1Q22
												%			%
Income Statement (millions)
Net interest income/(expense)	$	(24)	$	31	$	6	$	(64)	$	(93)		NM			74	%
Noninterest income	11		21		39		(8)		9		(10)	(47)		1	15
Total revenues	(13)		52		45		(72)		(83)		(65)	(125)		70	84
Noninterest expense	64		89		61		75		55		(25)	(28)		9	17
Pre-provision net revenue3	(77)		(38)		(16)		(147)		(138)		(40)	(105)		61	44
Provision for credit losses	(1)		(3)		—		(4)		(7)		1	57		6	84
Income before income tax expense	(76)		(35)		(16)		(143)		(131)		(41)	(117)		55	42
Income tax expense (benefit)	(21)		(23)		(8)		(39)		(35)		2	8		14	39
Net income/(loss)	$	(55)	$	(12)	$	(9)	$	(104)	$	(96)		NM			43	%
Average Balance Sheet (billions)
Interest bearing assets	$	12.1	$	13.3	$	17.3	$	21.5	$	25.2		(9)	%		(52)	%
Total assets	14.9		16.0		20.0		24.1		27.8		(1.1)	(7)		(12.9)	(46)

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.

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

FOOTNOTES

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

2 Occupancy and Equipment expense includes Computer Software Expense.

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

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

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

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

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

8 First quarter 2022 includes 9.8 million shares related to the one month average impact of Series G convertible securities issued in connection with TD transaction; all other periods include 27.5 million shares related to the full impact of these shares.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)	1Q23			4Q22			3Q22			2Q22			1Q22
Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$	8,895		$	8,547		$	8,283		$	8,551		$	8,696
Less: Noncontrolling interest (a)	295			295			295			295			295
Less: Preferred stock (a)	1,014			1,014			1,014			1,014			1,014
(B) Total common equity	$	7,586		$	7,238		$	6,974		$	7,242		$	7,387
Less: Intangible assets (GAAP) (b)	1,732			1,744			1,757			1,782			1,795
(C) Tangible common equity (Non-GAAP)	$	5,853		$	5,494		$	5,217		$	5,459		$	5,592
Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$	80,729		$	78,953		$	80,299		$	85,132		$	88,660
Less: Intangible assets (GAAP) (b)	1,732			1,744			1,757			1,782			1,795
(E) Tangible assets (Non-GAAP)	$	78,997		$	77,209		$	78,542		$	83,350		$	86,865
Period-end Shares Outstanding
(F) Period-end shares outstanding	538			537			537			536			535
Ratios
(A)/(D) Total equity to total assets (GAAP)	11.02		%	10.83		%	10.32		%	10.04		%	9.81		%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	7.41		%	7.12		%	6.64		%	6.55		%	6.44		%
(B)/(F) Book value per common share (GAAP)	$	14.11		$	13.48		$	12.99		$	13.50		$	13.82
(C)/(F) Tangible book value per common share (Non-GAAP)	$	10.89		$	10.23		$	9.72		$	10.18		$	10.46

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

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

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(s in millions, except per share data)	1Q23			4Q22			3Q22			2Q22			1Q22
Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)	$	243		$	258		$	257		$	166		$	187
Plus Tax effected notable items (Non-GAAP) (a)	16			34			(5)			29			24
Adjusted net income available to common shareholders (Non-GAAP)	$	259		$	293		$	252		$	195		$	211
Diluted Shares (GAAP)8	572			572			570			569			550
Diluted EPS (GAAP)	$	0.43		$	0.45		$	0.45		$	0.29		$	0.34
Adjusted diluted EPS (Non-GAAP)	$	0.45		$	0.51		$	0.44		$	0.34		$	0.38
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)	$	256		$	270		$	268		$	177		$	198
Plus Tax effected notable items (Non-GAAP) (a)	16			34			(5)			29			24
Adjusted NI (Non-GAAP)	$	271		$	304		$	263		$	206		$	223
NI (annualized) (GAAP)	$	1,037		$	1,070		$	1,063		$	709		$	801
Adjusted NI (annualized) (Non-GAAP)	$	1,100		$	1,206		$	1,045		$	823		$	900
Average assets (GAAP)	$	78,841		$	79,521		$	82,551		$	86,326		$	88,587
ROA (GAAP)	1.32		%	1.35		%	1.29		%	0.82		%	0.90		%
Adjusted ROA (Non-GAAP)	1.40		%	1.52		%	1.27		%	0.95		%	1.02		%
Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE
Net income available to common shareholders ("NIAC") (annualized) (GAAP)	$	987		$	1,025		$	1,020		$	666		$	756
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)	$	1,050		$	1,161		$	1,001		$	781		$	855
Average Common Equity (GAAP)	$	7,398		$	7,106		$	7,360		$	7,305		$	7,628
Intangible Assets (GAAP) (b)	1,738			1,750			1,767			1,789			1,802
Adjusted Average Tangible Common Equity (Non-GAAP)	$	5,659		$	5,356		$	5,593		$	5,516		$	5,826
ROCE (GAAP)	13.34		%	14.42		%	13.85		%	9.12		%	9.92		%
ROTCE (Non-GAAP)	17.43		%	19.14		%	18.23		%	12.07		%	12.98		%
Adjusted ROTCE (Non-GAAP)	18.55		%	21.68		%	17.89		%	14.15		%	14.68		%

All values are in US Dollars.

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

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

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(In millions)		1Q23			4Q22			3Q22			2Q22			1Q22
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	k	$	171		$	174		$	213		$	201		$	229
Plus notable items (GAAP) (a)		—			(1)			(32)			(13)			(6)
Adjusted noninterest income (Non-GAAP)	l	$	171		$	173		$	181		$	188		$	222
Revenue (GAAP)	m	$	859		$	882		$	875		$	743		$	707
Taxable-equivalent adjustment		4			4			4			3			3
Revenue- Taxable-equivalent (Non-GAAP)		863			886			878			746			710
Plus notable items (GAAP) (a)		—			(1)			(32)			(13)			(6)
Adjusted revenue (Non-GAAP)	n	$	863		$	885		$	847		$	733		$	704
Noninterest income as a % of total revenue (GAAP)	k/m	19.94		%	19.68		%	24.30		%	27.06		%	32.31		%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	l/n	19.85		%	19.55		%	21.37		%	25.68		%	31.63		%
Adjusted Efficiency Ratio
Noninterest expense (GAAP)	o	$	478		$	503		$	468		$	489		$	493
Plus notable items (GAAP) (a)		(21)			(46)			(25)			(50)			(37)
Adjusted noninterest expense (Non-GAAP)	p	$	457		$	458		$	444		$	438		$	455
Revenue (GAAP)	q	$	859		$	882		$	875		$	743		$	707
Taxable-equivalent adjustment		4			4			4			3			3
Revenue- Taxable-equivalent (Non-GAAP)		863			886			878			746			710
Plus notable items (GAAP) (a)		—			(1)			(32)			(13)			(6)
Adjusted revenue (Non-GAAP)	r	$	863		$	885		$	847		$	733		$	704
Efficiency ratio (GAAP)	o/q	55.65		%	57.07		%	53.56		%	65.76		%	69.66		%
Adjusted efficiency ratio (Non-GAAP)	p/r	52.95		%	51.70		%	52.42		%	59.79		%	64.64		%

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

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

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(s in millions)
		1Q23 vs 4Q22
NII/NIM Analysis		%		NIM
1Q23 Reported (FTE)				3.87	%
Less: non-core items
PPP coupon income and fees				—
Loan Accretion				0.04
IBKC Premium Amortization				(0.03)
1Q23 Core (FTE) (Non-GAAP)	690	(3)	%	3.86	%
4Q22 Reported (FTE)	712			3.89	%
Less: non-core items
PPP coupon income and fees				—
Loan Accretion				0.04
IBKC Premium Amortization				(0.03)
4Q22 Core (FTE) (Non-GAAP)	711			3.89	%

All values are in US Dollars.

Numbers may not foot due to rounding.

	Period-end							Average
($s in millions)	1Q23		4Q22		1Q23 vs. 4Q22			1Q23		4Q22		1Q23 vs. 4Q22
Loans excluding LMC & PPP						%							%
Total Loans (GAAP)	$	59,045	$	58,101		2	%	$	58,074	$	57,564		1	%
PPP (GAAP)	53		76		(23)	(30)	%	57		121		(64)	(53)	%
LMC (GAAP)	2,040		2,258		(218)	(10)	%	1,875		2,299		(424)	(18)	%
Total Loans excl. LMC & PPP (Non-GAAP)	56,952		55,767		1,185	2	%	56,142		55,144		998	2	%
Total Consumer (GAAP)	13,475		13,093		382	3	%	13,226		12,907		319	2	%
Total Commercial excl. LMC & PPP (Non-GAAP)	43,477		42,674		803	2	%	42,916		42,237		679	2	%
Total CRE (GAAP)	13,397		13,228		169	1	%	13,290		13,095		195	1	%
Total C&I excl. LMC & PPP (Non-GAAP)	$	30,080	$	29,446		2	%	$	29,626	$	29,142		2	%
Loans excluding LMC
Total Loans (GAAP)	$	59,045	$	58,101		2	%	$	58,074	$	57,564		1	%
LMC (GAAP)	2,040		2,258		(218)	(10)	%	1,875		2,299		(424)	(18)	%
Total Loans excl. LMC (Non-GAAP)	57,005		55,843		1,162	2	%	56,199		55,265		934	2	%
Total Consumer (GAAP)	13,475		13,093		382	3	%	13,226		12,907		319	2	%
Total Commercial excl. LMC (Non-GAAP)	43,530		42,750		780	2	%	42,973		42,358		615	1	%
Total CRE (GAAP)	$	13,397	$	13,228		1	%	$	13,290	$	13,095		1	%
Total C&I excl. LMC (Non-GAAP)	$	30,133	$	29,522		2	%	$	29,683	$	29,263		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 (prior to July 2022). In addition to traditional lending and deposit taking, Specialty Banking also delivers treasury management solutions, loan syndications, and international banking. Additionally, Specialty Banking has a line of business focused on fixed income securities sales, trading, underwriting, and strategies for institutional clients in the U.S. and abroad, as well as loan sales, portfolio advisory services, and derivative sales.

Corporate 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.

25

a1q23fhnearningsslides-f

First Quarter 2023 Earnings April 18, 2023

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

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3 1Q23 GAAP financial summary1 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies 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, 1Q23 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.2First quarter 2022 includes 9.8 million shares related to the one month average impact of Series G convertible securities issued in connection with TD transaction; all other periods include 27.5 million shares related to the full impact of these shares. Reported 1Q23 Change vs. $s in millions except per share data 1Q23 4Q22 3Q22 2Q22 1Q22 4Q22 1Q22 $/bps % $/bps % Net interest income $ 688 $ 709 $ 662 $ 542 $ 479 $ (21) (3) % $ 209 44 % Fee income 171 174 213 201 229 (3) (2) % (58) (25) % Total revenue 859 882 875 743 707 (23) (3) % 152 21 % Expense 478 503 468 489 493 (25) (5) % (15) (3) % Pre-provision net revenue (PPNR) 381 379 406 255 215 2 1 % 166 77 % Provision for credit losses 50 45 60 30 (40) 5 11 % 90 NM Pre-tax income 331 334 346 225 255 (3) (1) % 76 30 % Income tax expense 75 64 78 48 57 11 17 % 18 32 % Net income 256 270 268 177 198 (14) (5) % 58 29 % Non-controlling interest 4 4 3 3 3 — — % 1 33 % Preferred dividends 8 8 8 8 8 — — % — — % Net income available to common shareholders (NIAC) $ 243 $ 258 $ 257 $ 166 $ 187 $ (15) (6) % $ 56 30 % $s in billions Avg loans $ 58.1 $ 57.6 $ 56.5 $ 55.6 $ 54.1 $ 0.5 1 % $ 4.0 7 % Period-end loans $ 59.0 $ 58.1 $ 57.4 $ 56.5 $ 55.0 $ 0.9 2 % $ 4.0 7 % Avg deposits $ 62.2 $ 64.9 $ 68.1 $ 71.9 $ 74.2 $ (2.7) (4) % $ (11.9) (16) % Period-end deposits $ 61.4 $ 63.5 $ 66.0 $ 70.5 $ 74.1 $ (2.0) (3) % $ (12.7) (17) % Key performance metrics Net interest margin (NIM) 3.87 % 3.89 % 3.49 % 2.74 % 2.37 % (2) bps 150 bps Loan to deposit ratio (avg.) 93.3 % 88.7 % 83.0 % 77.3 % 72.9 % 460 bps 2,040 bps ROCE 13.3 % 14.4 % 13.9 % 9.1 % 9.9 % (108) bps 342 bps ROTCE 17.4 % 19.1 % 18.2 % 12.1 % 13.0 % (171) bps 445 bps ROA 1.3 % 1.4 % 1.3 % 0.8 % 0.9 % (3) bps 42 bps Efficiency ratio 55.7 % 57.1 % 53.6 % 65.8 % 69.7 % (142) bps (1,401) bps FTEs 7,282 7,477 7,569 7,627 7,900 (195) (3) % (618) (8) % CET1 ratio 10.4 % 10.2 % 9.9 % 9.8 % 10.0 % 19 bps 39 bps Effective tax rate 22.7 % 19.2 % 22.6 % 21.3 % 22.4 % 352 bps 30 bps Per common share Diluted EPS $ 0.43 $ 0.45 $ 0.45 $ 0.29 $ 0.34 $ (0.02) (4) % $ 0.09 26 % Tangible book value per share $ 10.89 $ 10.23 $ 9.72 $ 10.18 $ 10.46 $ 0.66 6 % $ 0.43 4 % Avg. diluted shares outstanding2 572 572 570 569 550 — — % 22 4 %

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4 Table of contents First Horizon’s strength and stability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 1Q23 key messages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 1Q23 overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 1Q23 notable items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 1Q23 adjusted financial highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 NII and NIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Deposit base . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Deposit mix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Adjusted fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Adjusted expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Asset quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Diversified high credit quality loan portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Accolades . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Strategic focus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

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5 First Horizon’s strength and stability • Strong capital position • Continued earnings strength with counter-cyclical businesses • Commercially-oriented, asset-sensitive balance sheet well positioned for current rate environment • Strong business mix with regional and specialty banking focus across attractive high growth footprint • Five-year projected population growth in First Horizon’s footprint is 50% higher than the national average2 • Focused on delivering profitable growth by leveraging product, treasury management, and marketing investments 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies 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, 1Q23 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.2FDIC data as of June 30, 2021: Average population growth of all of First Horizon’s MSAs weighted by market deposits with deposits capped at US$1B per branch • Disciplined risk management and credit culture has resulted in strong credit performance through economic cycles • Diversified deposit and loan composition reflecting stable mix • Experienced leadership team with a track record of delivering consistent risk-adjusted returns • Loyal, diversified client relationships across our 12-state footprint and our national specialty businesses • 159-year focus on serving our communities across our southeastern region $80.7B Total Assets $61.4B Total Deposits As of March 31, 2023 $59.0B Total Loans 417 Banking Centers Strength Stability

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6 Strong results driven by stable, diversified business mix1 Reflects 1Q23 vs. 4Q22 results. 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies 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, 1Q23 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% Net Interest Income 55% Deposits Insured by FDIC 53% Adjusted Efficiency Ratio +11% Fixed Income Fees Adjusted EPS $0.45 Adjusted PPNR $406 million CET1 10.36% -2 bps Net Interest Margin +2% PE Loans ex. LMC 0% Adjusted Expense -5% Adjusted PPNR 0.11% Annualized Net Charge-off % Adjusted ROTCE 18.6% TBV $10.89 NIM 3.87%

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7 Continued strong returns, credit quality and expense discipline in 1Q23 Continued Earnings Strength Solid Returns Stable Credit Quality Capital & Liquidity • Adjusted revenue of $863 million decreased $22 million, or 2%, QoQ due to lower net interest income driven primarily by day count, seasonality and minor NIM compression – NII down $21 million and NIM down 2 bps QoQ reflects increased funding costs and day count partially offset by higher loan rates and 1% loan growth – Fee income down $2 million, or 1%, as higher fixed income and mortgage banking was more than offset by reductions in other noninterest income and deferred compensation • Adjusted expense of $457 million down $1 million as an increase in associate minimum wage to $20 per hour and seasonally higher FICA taxes was offset by a reduction in production-based incentives and commissions, and deferred compensation • PPNR of $406 million down $22 million, or 5%, QoQ primarily impacted by day count and seasonality • Provision expense of $50 million reflects the impact of a challenging macroeconomic outlook and 2% loan growth ex. LMC partially mitigated by lower net charge-offs • Adjusted ROTCE of 18.6% • TBVPS of $10.89 increased 6% driven by a $0.50 increase tied to adj. NIAC net of change in intangibles and a $0.29 increase tied to MTM valuation adjustments on AFS securities and cash flow hedges • Credit remains strong with net charge-offs of 11 bps and NPLs of 72 bps • ACL coverage ratio of 1.35% vs. 1.33% QoQ • 55% of period end deposits insured by the FDIC • CET1 ratio remained strong at 10.4%; CET1 net of unrealized securities losses of 9.0% above regulatory capital threshold of 7.0%2 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies 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, 1Q23 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted.2CET1 net of unrealized securities losses is a non-GAAP number, refer to slide 18 for reconciliation. Adjusted EPS of $0.45 and PPNR of $406 million1 Pending TD Transaction • As announced on March 1st, TD has informed First Horizon that TD does not expect that the necessary regulatory approvals will be received in time to complete the pending transaction by May 27, 2023 (the current outside date), and that TD cannot provide a new projected closing date • No further updates at this time

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8 1Q23 notable items1 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies 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, 1Q23 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. 1Q23 TD transaction-related items Noninterest expense: Incentives and commissions $ 16 Outside services 3 Other noninterest expense 2 Total noninterest expense 21 1Q23 Total TD transaction-related costs $ (21) 1Q23 Total notable items (21) Tax impact of 1Q23 notable items 6 After-tax impact of 1Q23 notable items $ (16) EPS impact of 1Q23 notable items $ (0.03) Notable Items ($s in millions, except per share data) GAAP results reduced by $0.03 per share of notable items • TD transaction-related expense of $21 million – $16 million of TD transaction related expense attributable to incentives from retention payments – $3 million attributable to outside services from legal and professional services – $2 million of other noninterest expense attributable to labor related to systems integration preparation Pre-tax Notable Items

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9 • Adjusted EPS of $0.45 vs. $0.51, primarily impacted by day count, seasonality and higher effective tax rates – Adjusted ROTCE of 18.6% and TBV per share of $10.89 – Effective tax rate increased 314 bps due to higher discrete benefits in 4Q22 • Total revenue down $22 million, or 2% • NII down $21 million, or 3%, reflecting increased funding costs and day count partially offset by higher loan rates and 1% loan growth • Adjusted fee income down 1% as higher fixed income and mortgage banking was more than offset by reductions in other noninterest income and deferred compensation • Adjusted expense down $1 million as an increase in associate minimum wage to $20 per hour and seasonally higher FICA taxes were offset by a reduction in production-based incentives and commissions, and deferred compensation • Provision expense of $50 million vs. $45 million in 4Q22 reflects the impact of a challenging macroeconomic outlook partially mitigated by lower net charge-offs – Provision impacted by 2% loan growth ex. LMC 1Q23 adjusted financial highlights1 1Q23 Change vs. $s in millions except per share data 1Q23 4Q22 1Q22 4Q22 1Q22 $/bps % $/bps % Net Interest Income (FTE) $ 691 $ 712 $ 482 $ (21) (3) % $ 209 43 % Fee income 171 173 223 (2) (1) % (52) (23) % Total revenue (FTE) 863 885 704 (22) (2) % 159 23 % Expense 457 458 455 (1) — % 2 — % Pre-provision net revenue 406 428 249 (22) (5) % 157 63 % Provision for credit losses 50 45 (40) 5 11 % 90 NM Net charge-offs 16 26 10 (10) (38) % 6 64 % Reserve build/(release) 34 19 (50) 15 76 % 84 NM Net income available to common $ 259 $ 293 $ 211 $ (34) (12) % $ 48 23 % Key performance metrics Fee income as a % of total revenue 19.9 % 19.5 % 31.6 % 30 bps (1,178) bps Efficiency ratio 53.0 % 51.7 % 64.6 % 125 bps (1,169) bps ROTCE 18.6 % 21.7 % 14.7 % (313) bps 387 bps Diluted EPS $ 0.45 $ 0.51 $ 0.38 $ (0.06) (12) % $ 0.07 18 % Diluted shares2 572 572 550 — — % 22 4 % TBV per share $ 10.89 $ 10.23 $ 10.46 $ 0.66 6 % $ 0.43 4 % Effective tax rate 22.9 % 19.8 % 22.5 % 314 bps 42 bps PPNR up 63% year-over-year reflecting strength in NII and continued expense discipline 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies 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, 1Q23 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.2First quarter 2022 includes 9.8 million shares related to the one month average impact of Series G convertible securities issued in connection with TD transaction; all other periods include 27.5 million shares related to the full impact of these shares. 1Q23 vs. 4Q22 Highlights

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10 NII trends reflect increased funding costs & macroeconomic environment1 $482 $545 $666 $712 $691 $462 $532 $659 $711 $690 2.37% 2.74% 3.49% 3.89% 3.87% Core NII Reported NII Reported NIM 1Q22 2Q22 3Q22 4Q22 1Q23 ($s in millions) Core FTE NII and NIM Trends Core NIM 2.29% 2.69% 3.45% 3.89% 3.86% 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies 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, 1Q23 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. 21Q22 cumulative interest-bearing deposit beta of -31% is not shown on that chart due to immateriality. • FTE NII decreased $21 million, or 3%, while NIM decreased 2 bps to 3.87% – Lower day count drove $11 million of the NII decline – Benefit of higher loan rates driven by higher short term rates – Higher funding costs driven by lower deposit balances and continued migration from DDA to interest-bearing accounts • Higher IB rate paid as a result of deposit repricing and mix shift 1Q23 vs. 4Q22 $s in millions NII NIM 4Q22 Reported $ 712 3.89 % Loan Rates & Spreads 78 0.44 % Total Loan Volume/Mix 2 (0.02) % Day Count (11) — % Deposit & Funding Volume (30) (0.11) % Deposit Rates (57) (0.32) % Other (4) (0.01) % 1Q23 Reported $ 691 3.87 % Period end results reflect 2% loan growth and 2% C&I loan growth ex. LMC 1Q23 vs. 4Q22 Highlights 7% 14% 28% 37% 0.12% 0.77% 2.18% 3.65% 4.51% 0.10% 0.16% 0.41% 1.12% 1.73% 0.06% 0.10% 0.25% 0.69% 1.11% Cumulative IB Deposit Beta Avg. Fed Funds IB Rate Paid Total Deposit Rate 1Q22 2Q22 3Q22 4Q22 1Q23 2

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11 Continued strong deposit base above pre-pandemic levels1 Deposit trends2 • Average deposits of $62.2 billion decreased $2.7 billion, or 4% – Driven by a $2.7 billion decrease in DDA partially offset by a $95 million increase in interest-bearing deposits • Period-end deposits of $61.4 billion decreased $2.0 billion, or 3% – Driven by $2.3 billion decrease in DDA partially offset by a $283 million increase in interest-bearing • Pandemic related liquidity resulted in a large influx of deposits, largely in noninterest-bearing accounts • Strategic decision to hold pandemic-related excess cash at Fed drove disciplined pricing and lower exposure to unrealized securities losses • Increased marketing investments drove growth across multiple lines of business – Launched first post-pandemic new to bank deposit marketing campaign in February which generated ~$250 million in new deposits – Deepen client relationships through enhanced onboarding experiences, cross-sell opportunities and client events – Strongest FHN regional bank new account volume in three years 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies 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, 1Q23 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.2FHN and IBKC MOE closed in July 2020; 1Q20 and 2Q20 are combined FHN/IBKC data. Combined financial information adds together historical unaudited information from legacy FHN and legacy IBKC without any adjustments, eliminations, or analysis required by GAAP purchase accounting or the SEC’s pro-forma rules; it is Non-GAAP and reconciled to GAAP measures in the appendix. Average deposit growth CAGR from 1Q20 to 1Q23 of 2% 1Q23 vs. 4Q22 Highlights $58.8 $65.8$67.1 $69.6$71.0 $73.2$73.7$74.6$74.2$71.9 $68.1 $64.9 $62.2 $43.1 $45.7 $46.2 $47.5 $47.7 $47.8 $47.2 $46.3 $46.2 $44.2 $41.4 $39.9 $40.0 $15.6 $20.1 $20.9 $22.1 $23.3 $25.4 $26.5 $28.3 $27.9 $27.8 $26.7 $25.0 $22.3 Interest-bearing deposits Noninterest-bearing deposits (DDA) 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 ($s in billions) 2 2

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12 Well diversified and stable funding mix1 63% of 1Q23 deposits secured or collateralized • Stable cost-effective deposits from a diverse commercial and consumer client base across Regional, Specialty Bank segments, and 12-state footprint • Commercial deposits of $33 billion, or 53% vs. consumer of $29 billion, or 46% • Other wholesale funding sources support asset-oriented businesses such as specialty lending areas including fixed income products • Deposit base spread across the top growing states and MSAs by population growth in the United States2 All data as of March 31, 2023. 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 1Q23 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted.2Source: FDIC 2022 Summary of Deposit Highlights 55% of deposits insured by the FDIC 1Q23 diversified deposit mix by product 34% 35% 6% 25% Demand deposit accounts Savings Time deposits Other interest-bearing deposits 1Q23 deposits by state ($s in billions) TN, 38% FL, 19% NC, 11% LA, 12% AL, 3% TX, 3% GA, 2% AR, 2% All other states, 3% Specialty Bank, 5% $33.7 55% $22.8 37% $5.0 8% Insured Uninsured & uncollateralized Collateralized

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13 • Loans of $58.1 billion up $510 million driven by a $319 million increase in consumer and a $191 million increase in commercial – $934 million, or 2%, increase in loans before the impact of LMC – C&I loan growth ex. LMC up $420 million driven by Florida, Tennessee and Franchise Finance – Total core loan yields expanded 51 bps • Period-end loans of $59.0 billion up $943 million, or 2%, driven by a $562 million, or 1%, increase in commercial and a $382 million, or 3%, increase in consumer – $1.2 billion, or 2%, increase in loans before the impact of LMC – C&I loan growth ex. LMC up 2% driven by Tennessee, Asset Based Lending, Equipment Finance and Franchise Finance – Period end unfunded commitments decreased 4% driven primarily by reductions in LMC 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies 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, 1Q23 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 line utilization2 2Q22 3Q22 4Q22 1Q23 Utilization % 41% 42% 42% 42% $55.0B $58.1B $59.0B $55.6B $56.5B $57.6B $58.1B 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) 1Q22 . . . . 4Q22 1Q23 2Q22 3Q22 4Q22 1Q23 Loan trends 23% 51% 1% 21% 3% 20% —% 2% 49% 23% 6% 1% 2Q22 3Q22 4Q22 1Q23 Yields 3.57% 4.35% 5.12% 5.63% Core yields 3.43% 4.26% 5.07% 5.58% Avg 1M LIBOR 0.99% 2.47% 3.91% 4.62% Period-end Average Total loan growth of 2% ex LMC1 50% 23% 21% 2% —% 5% Period end loans ex LMC up 2% QoQ 51% 23% 21% 1%—% 3% 48% 23% 20% 2% 7% 51% 23% 21% 1% —% 4% 23% 51% 1% 21% 4%—% 1% 1Q23 vs. 4Q22 Highlights

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14 • Adjusted fee income down $2 million, or 1%, driven by decreases in other noninterest income and deferred compensation partially offset by increases in fixed income and mortgage banking • Fixed income increased $4 million and ADR up 8% despite continuing challenging market conditions • Mortgage banking fees increased $1 million with higher gain on sale spreads • Deferred compensation down $4 million largely offset in noninterest expense • Other noninterest income down $5 million primarily driven by higher than normal Bank Owned Life Insurance benefits in 4Q22 Adjusted fee income trends impacted by seasonality and broader market volatility1 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies 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, 1Q23 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. 1Q23 Change vs. $s in millions 1Q23 4Q22 3Q22 2Q22 1Q22 4Q22 1Q22 $/bps % $/bps % Fixed income $ 39 $ 35 $ 46 $ 51 $ 73 $4 11 % $(34) (47) % Service charges and fees 55 56 56 57 57 (1) (2) % (2) (4) % Mortgage banking & title 5 4 9 22 22 1 25 % (17) (77) % Brokerage, trust, and insurance 34 33 34 36 37 1 3 % (3) (8) % Card and digital banking fees 19 20 21 23 20 (1) (5) % (1) (5) % Deferred compensation income 3 7 (3) (17) (4) (4) (57) % 7 NM Other noninterest income 15 20 18 15 18 (5) (25) % (3) (17) % Total fee income $ 171 $ 173 $ 181 $ 188 $ 223 $(2) (1) % $(52) (23) % Key Metrics Fixed Income Average Daily Revenue (ADR) $ 0.4 $ 0.4 $ 0.5 $ 0.6 $ 1.0 $ — 8 % $ (0.6) (56) % Mortgage banking Originations Secondary $ 131 $ 145 $ 302 $ 467 $ 533 $ (14) (10) % $ (402) (75) % Portfolio $ 590 $ 575 $ 716 $ 1,120 $ 801 $ 15 3 % $ (211) (26) % Total $ 721 $ 720 $ 1,018 $ 1,587 $ 1,334 $ 1 — % $ (613) (46) % Gain on sale spread 2.39 % 2.04 % 2.03 % 2.41 % 2.65 % 35 bps (26) bps Mix Purchase 88 % 89 % 89 % 80 % 61 % Refinance 12 % 11 % 11 % 20 % 39 % Results driven by increases in fixed income and mortgage banking 1Q23 vs. 4Q22 Highlights

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15 Continued expense discipline kept adjusted expense flat1 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies 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, 1Q23 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 expense of $457 million down $1 million as higher salaries and employee benefits was offset by a reduction in production-based incentives and commissions, and deferred compensation – Continue to identity and implement cost saving opportunities • Personnel expense up $1 million – Salaries and benefits increased $10 million reflecting an increase in associate minimum wage to $20 per hour and seasonal increases to FICA taxes – Incentives and commissions down $6 million driven by production and performance based incentives – Deferred compensation expense down $4 million largely offset in noninterest income • Other noninterest expense flat as the benefit of lower fraud losses were offset by increased FDIC expense due to an annual increase in assessment rates 1Q23 Change vs. $s in millions 1Q23 4Q22 3Q22 2Q22 1Q22 4Q22 1Q22 $/bps % $/bps % Salaries and benefits $ 188 $ 178 $ 185 $ 190 $ 188 $ 10 6 % $ — — % Incentives and commissions 64 70 68 71 92 (6) (9) % (28) (30) % Deferred compensation expense 3 7 (2) (18) (5) (4) (57) % 8 NM Total personnel expense 255 254 251 244 275 1 — % (20) (7) % Occupancy and equipment 70 71 70 72 72 (1) (1) % (2) (3) % Outside services 63 64 64 61 59 (1) (2) % 4 7 % Amortization of intangible assets 12 12 12 12 12 — — % — — % Other noninterest expense 58 58 48 50 37 — — % 21 57 % Total noninterest expense $ 457 $ 458 $ 444 $ 438 $ 455 $ (1) — % $ 2 — % Full-time equivalent associates 7,282 7,477 7,569 7,627 7,900 (195) (3) % (618) (8) % Expenses flat despite minimum wage increase to $20 per hour and seasonality 2 1Q23 vs. 4Q22 Highlights

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16 Continued strong credit quality 1Net charge-off % is annualized and as % of average loans.21Q23 reserve build reflects the impact of a $5.8 million net pre-tax reduction in allowance for adoption of ASU 2022-02 3FHN completed its acquisition of Iberia Bank in July of 2020 $686 $704 $752 $771 $800 1.25% 1.25% 1.31% 1.33% 1.35% 207% 234% 258% 244% 189% ACL ACL/Loans ACL/NPLs 1Q22 2Q22 3Q22 4Q22 1Q23 Allowance for credit losses (ACL) Non-performing loans (NPLs) $332 $301 $292 $316 $424 0.60% 0.53% 0.51% 0.54% 0.72% NPLs $ NPLs % 1Q22 2Q22 3Q22 4Q22 1Q23 • Net charge-offs of $16 million decreased $10 million • Provision expense of $50 million compared with a $45 million in 4Q22 – ~$34 million reserve build reflects the impact of a challenging macroeconomic outlook partially mitigated by lower net charge-offs2 – Provision impacted by 2% loan growth ex. LMC • NPL ratio of 72 bps increased 17 bps driven primarily by two relationships • ACL coverage ratio of 1.35% vs. 1.33% • Disciplined lending leads to strong charge-off performance across multiple credit cycles 1 $10 $12 $12 $26 $16 $(40) $30 $60 $45 $50 0.07% 0.09% 0.08% 0.18% 0.11% NCOs Provision for credit losses NCO% 1Q22 2Q22 3Q22 4Q22 1Q23 Reserve build reflects the impact of loan growth and revised macroeconomic outlook 1Q23 vs. 4Q22 Highlights ($s in millions) Provision, credit losses, and net charge-offs 0.06% 0.09% 0.26% 0.00% 0.11% NCO % FY18 FY19 FY20 FY21 FY22 Historical net charge-offs3

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17 13% 11% 8% 7% 7% 7% 6% 6% 35% Fi na nc e & in su ra nc e Re al e st at e & le as in g H ea lth c ar e & s oc ia l M an uf ac tu rin g W ho le sa le tr ad e Ac co m & fo od S er v M W L Re ta il tr ad e O th er 27% 17% 16% 12% 11% 9% 5% 3% M ul ti- fa m ily Re ta il In du st ria l O ff ic e (n on -m ed ) H os pi ta lit y M ed ic al o ff ic e O th er La nd + re si de nt ia l • Disciplined risk management practice and underwriting standards across CRE and C&I portfolio • CRE balances to Risk Based Capital of 154% • Granular C&I loan book with less than 13% industry sector concentration across the portfolio • Continued strong asset quality with 98% of CRE graded pass and 97% of C&I graded pass 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies 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, 1Q23 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 represents categories with 5% or less concentration and includes energy, public admin, other services, arts & entertainment, education, professional, transportation, construction, utilities, agriculture, mining, information, management of companies, and admin/waste Diversified high credit quality loan portfolio Geographically diverse portfolio with minimal concentration across property types 1Q23 Highlights 26% 12% 12% 10% 9% 9% 9% 9% 4% FL TX NC GA TN All Other LA AL, AR, MS, NY SC PE C&I by Industry Sector2PE CRE by Property Type PE CRE by State Composition

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18 1Q22 2Q22 3Q22 4Q22 1Q23 CET1 ratio Tier 1 capital ratio Total capital ratio 1Q22 2Q22 3Q22 4Q22 1Q23 Strong capital position1 Capital levels 11.8% 13.2% 13.0% 11.6% 13.1% 11.7% 13.3% 11.9% 13.6% 12.1% $10.23 $0.50 $0.29 $0.05 $(0.15) $(0.03) $10.89 4Q22 actual Adjusted NIAC Net of Change in Intangibles AFS Securities & CF Hedges MTM Other Common Dividends Notable Items 1Q23 actual • CET1 ratio remained strong at 10.4% benefit of adjusted NIAC partially offset by a reduction tied to growth in loans and unfunded commitments, and common dividends • CET1 net of unrealized losses of 8.5% above regulatory capital threshold of 7.0% • TBVPS of $10.89 increased 6% driven by a $0.50 increase tied to adjusted NIAC and a $0.29 increase tied to MTM valuation adjustments on AFS securities and cash flow hedges • Total capital of 13.6% vs. 13.3% in 4Q22 • Company-run stress test results demonstrate strong ability to navigate the Fed CCAR Severely Adverse Scenario while maintaining capital levels well above regulatory minimums 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies 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, 1Q23 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2CET1 impact of available for sale (AFS) and held to maturity (HTM) unrealized losses are presented on an after-tax basis. 3Loan FV impact represents difference between book value and estimated fair value of loans and leases as of December 31, 2022 as disclosed in FHN’s 10-K filing. 4Other includes equity compensation Tangible book value per share4 10.0% 9.8% 9.9% 10.2% 10.4% 1Q23 vs. 4Q22 Highlights 10.4% (1.2)% (0.2)% 9.0% (0.5)% 8.5% 1Q23 CET1 Estimate AFS Impact HTM Impact 1Q23 Pro Forma Loan FV Impact 1Q23 Pro Forma incl. Loan FV Impact 1Q23 CET1 net of unrealized losses2,3 Low exposure to unrealized securities losses due to small portfolio size and moderate effective duration

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19 Award-winning franchise 2Awards are for FY2022 and include 12 small business banking awards and 11 middle market awards. 1Q23 First Horizon received over 30 accolades and First Horizon was the second highest recipient of Greenwich Awards overall 23 Greenwich Excellence and Best Brand Awards1 Recognized by Great Place to Work™ & Bloomberg Gender-Equality Index for Investment in Women Client Brand Campaign and Investor Relations Awards • Ease of Doing Business • Industry Understanding • Overall Satisfaction • Overall Satisfaction with RM • Values LT Relationships • RM Proactively Provides Advice • Trust • Values LT Relationships • Ease of Doing Business • South Region Awards: – Likelihood to Recommend – RM Proactively Provides Advice • Great Place to WorkTM recognizes employers who create an outstanding employee experience. • Joins 484 other companies as a member of the 2023 Bloomberg Gender-Equality Index (GEI) • Summit International Awards (Lets Find a Way Campaign) – Silver in the Financial/Banking Category for Marketing Effectiveness Awards – Leader Award • AVA Digital Campaign Award - Platinum • Best Overall Investor Relations (Mid-Cap) • Best Investor Relations in Sector - Financial Services • Best IR by a Senior Management Team (Small to Midcap) • Best Investor Relations Officer (Small to Midcap) • South Region Awards: – Overall Satisfaction – Cash Management: Overall Satisfaction • National Cash Management: – Customer Service – Product Implementation – Overall Satisfaction Middle Market Small Business Banking • National Awards: – Overall Satisfaction – Likelihood to Recommend – RM Proactively Provides Advice – Cash Management: Customer Service – Cash Management: Product Capabilities – Overall Satisfaction with RM – Industry Understanding

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20 2023 strategic focus to continue building enterprise value Focus on driving enhanced value for our shareholders, clients, communities and associates Remain disciplined, actively manage balance sheet and maintain excellent credit quality through strong risk management practices, specialty expertise, and diverse revenue streams Deepen existing relationships by continually engaging directly with our clients, offering experienced counsel, client focused events, forums, and sponsorships Continue to grow best-in-class franchise across our 12-state footprint with a relationship oriented, solutions approach and decisions made close to the client. These efforts are supported by tenured bankers with continued active involvement with our clients and in our communities Evolve the client experience by driving enhanced product and service capabilities, providing personalized experiences with technology enabled platforms. Improve reach by enabling our associates to better serve our clients with enhanced digital offerings and product diversification 1 2 3 4 5

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APPENDIX 21

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22 $9.7 $9.8 $10.3 $10.1 $10.3 1.59% 1.87% 2.14% 2.41% 2.45% Average AFS Securities Average HTM Securities Average Yield 1Q22 2Q22 3Q22 4Q22 1Q23 Investment portfolio1 • Portfolio represents ~13% of total assets • Moderate total portfolio effective duration of 5.2 years • Low reliance on HTM designation at ~13% of total portfolio • 94% U.S. Government or Agency-backed by GSEs • Total unrealized losses of $1.3B vs $1.4B in 4Q22 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies 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, 1Q23 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Calculated based on period end market values. 3Estimated as of 3/31/23; includes maturities and projected calls 1Q23 Highlights Prudently managed to support liquidity and IRR Steady principal cash flows3 $267 $304 $248 $250 2Q23 3Q23 4Q23 1Q24 1Q22-1Q23 investment portfolio ($ in billions) 1Q22 2Q22 3Q22 4Q22 1Q23 % of total assets 11% 11% 12% 13% 13% Total unrealized losses (pre-tax) $(0.6) $(1.0) $(1.5) $(1.4) $(1.3) Effective duration (years) 5.1 5.4 5.3 5.3 5.2 Unencumbered securities / total securities2 47% 39% 52% 45% 44% ($s in billions) ($s in millions) Agency MBS 44% Agency CMBS 23% Agency CMO 14% U.S. Agencies & Treasury 12% States & Municipalities 6% 1Q23 investment portfolio composition2

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23 NII/NIM reconciliation to GAAP financials 1Q22 Reported to Core Reconciliation $s in millions NII NIM 1Q22 Reported (FTE) $ 482 2.37 % Less: non-core items PPP coupon income and fees 12 0.04 Loan Accretion 17 0.09 IBKC Premium Amortization (10) (0.05) 1Q22 Core (FTE) $ 462 2.29 % 2Q22 Reported to Core Reconciliation $s in millions NII NIM 2Q22 Reported (FTE) $ 545 2.74 % Less: non-core items PPP coupon income and fees 7 0.02 Loan Accretion 15 0.08 IBKC Premium Amortization (8) (0.04) 2Q22 Core (FTE) $ 532 2.69 % 4Q22 Reported to Core Reconciliation $s in millions NII NIM 4Q22 Reported (FTE) $ 712 3.89 % Less: non-core items PPP coupon income and fees — — Loan Accretion 7 0.04 IBKC Premium Amortization (6) (0.03) 4Q22 Core (FTE) $ 711 3.89 % 3Q22 Reported to Core Reconciliation $s in millions NII NIM 3Q22 Reported (FTE) $ 666 3.49 % Less: non-core items PPP coupon income and fees 2 — Loan Accretion 12 0.07 IBKC Premium Amortization (7) (0.04) 3Q22 Core (FTE) $ 659 3.45 % 1Q23 Reported to Core Reconciliation $s in millions NII NIM 1Q23 Reported (FTE) $ 691 3.87 % Less: non-core items PPP coupon income and fees — — Loan Accretion 7 0.04 IBKC Premium Amortization (6) (0.03) 1Q23 Core (FTE) $ 690 3.86 % Numbers may not foot due to rounding

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24 Notable Items ($s in millions except per share data) ** 4Q22 and 2Q22 includes $10 million and $12 million, respectively of Visa derivative valuation expense (In millions) 1Q23 4Q22 3Q22 2Q22 1Q22 Summary of Notable Items: Gain on sale of title services business $ — $ 1 $ 21 $ — $ — Gain related to equity securities investments — — 10 — 6 Gain on sale of mortgage servicing rights — — — 12 — IBKC merger/acquisition expense — (4) (3) (13) (28) TD transaction-related expense (21) (31) (21) (25) (9) Other notable expenses** — (10) — (12) — Total notable items (21) (45) 7 (38) (32) EPS impact of notable items $ (0.03) $ (0.06) $ 0.01 $ (0.05) $ (0.04)

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25 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. (a) Included in Total equity on the Consolidated Balance Sheet. (b) Includes goodwill and other intangible assets, net of amortization. Numbers may not foot due to rounding. CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION Quarterly, Unaudited ($s in millions, except per share data) 1Q23 4Q22 3Q22 2Q22 1Q22 Tangible Common Equity (Non-GAAP) (A) Total equity (GAAP) $ 8,895 $ 8,547 $ 8,283 $ 8,551 $ 8,696 Less: Noncontrolling interest (a) 295 295 295 295 295 Less: Preferred stock (a) 1,014 1,014 1,014 1,014 1,014 (B) Total common equity $ 7,586 $ 7,238 $ 6,974 $ 7,242 $ 7,387 Less: Intangible assets (GAAP) (b) 1,732 1,744 1,757 1,782 1,795 (C) Tangible common equity (Non-GAAP) $ 5,853 $ 5,494 $ 5,217 $ 5,459 $ 5,592 Tangible Assets (Non-GAAP) (D) Total assets (GAAP) $ 80,729 $ 78,953 $ 80,299 $ 85,132 $ 88,660 Less: Intangible assets (GAAP) (b) 1,732 1,744 1,757 1,782 1,795 (E) Tangible assets (Non-GAAP) $ 78,997 $ 77,209 $ 78,542 $ 83,350 $ 86,865 Period-end Shares Outstanding (F) Period-end shares outstanding 538 537 537 536 535 Ratios (A)/(D) Total equity to total assets (GAAP) 11.02 % 10.83 % 10.32 % 10.04 % 9.81 % (C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) 7.41 % 7.12 % 6.64 % 6.55 % 6.44 % (B)/(F) Book value per common share (GAAP) $ 14.11 $ 13.48 $ 12.99 $ 13.50 $ 13.82 (C)/(F) Tangible book value per common share (Non-GAAP) $ 10.89 $ 10.23 $ 9.72 $ 10.18 $ 10.46

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26 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION Quarterly, Unaudited ($s in millions, except per share data) 1Q23 4Q22 3Q22 2Q22 1Q22 Adjusted Diluted EPS Net income available to common shareholders ("NIAC") (GAAP) a $ 243 $ 258 $ 257 $ 166 $ 187 Plus Tax effected notable items (Non-GAAP) (a) 16 34 (5) 29 24 Adjusted net income available to common shareholders (Non-GAAP) b $ 259 $ 293 $ 252 $ 195 $ 211 Diluted Shares (GAAP)8 c 572 572 570 569 550 Diluted EPS (GAAP) a/c $ 0.43 $ 0.45 $ 0.45 $ 0.29 $ 0.34 Adjusted diluted EPS (Non-GAAP) b/c $ 0.45 $ 0.51 $ 0.44 $ 0.34 $ 0.38 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $ 256 $ 270 $ 268 $ 177 $ 198 Plus Tax effected notable items (Non-GAAP) (a) 16 34 (5) 29 24 Adjusted NI (Non-GAAP) $ 271 $ 304 $ 263 $ 206 $ 223 NI (annualized) (GAAP) d $ 1,037 $ 1,070 $ 1,063 $ 709 $ 801 Adjusted NI (annualized) (Non-GAAP) e $ 1,100 $ 1,206 $ 1,045 $ 823 $ 900 Average assets (GAAP) f $ 78,841 $ 79,521 $ 82,551 $ 86,326 $ 88,587 ROA (GAAP) d/f 1.32 % 1.35 % 1.29 % 0.82 % 0.90 % Adjusted ROA (Non-GAAP) e/f 1.40 % 1.52 % 1.27 % 0.95 % 1.02 % Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE Net income available to common shareholders ("NIAC") (GAAP) g $ 987 $ 1,025 $ 1,020 $ 666 $ 756 Adjusted Net income available to common shareholders (annualized) (Non-GAAP) h $ 1,050 $ 1,161 $ 1,001 $ 781 $ 855 Average Common Equity (GAAP) i $ 7,398 $ 7,106 $ 7,360 $ 7,305 $ 7,628 Intangible Assets (GAAP) (b) 1,738 1,750 1,767 1,789 1,802 Average Tangible Common Equity (Non-GAAP) j $ 5,659 $ 5,356 $ 5,593 $ 5,516 $ 5,826 Equity Adjustment (Non-GAAP) — — — — — Adjusted Average Tangible Common Equity (Non-GAAP) k $ 5,659 $ 5,356 $ 5,593 $ 5,516 $ 5,826 ROCE (GAAP) g/i 13.34 % 14.42 % 13.85 % 9.12 % 9.92 % ROTCE (Non-GAAP) g/j 17.43 % 19.14 % 18.23 % 12.07 % 12.98 % Adjusted ROTCE (Non-GAAP) h/k 18.55 % 21.68 % 17.89 % 14.15 % 14.68 %

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27 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION Quarterly, Unaudited (In millions) 1Q23 4Q22 3Q22 2Q22 1Q22 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) k $ 171 $ 174 $ 213 $ 201 $ 229 Plus notable items (GAAP) (a) — (1) (32) (13) (6) Adjusted noninterest income (Non-GAAP) l $ 171 $ 173 $ 181 $ 188 $ 222 Revenue (GAAP) m $ 859 $ 882 $ 875 $ 743 $ 707 Taxable-equivalent adjustment 4 4 4 3 3 Revenue- Taxable-equivalent (Non-GAAP) 863 886 878 746 710 Plus notable items (GAAP) (a) — (1) (32) (13) (6) Adjusted revenue (Non-GAAP) n $ 863 $ 885 $ 847 $ 733 $ 704 Noninterest income as a % of total revenue (GAAP) k/m 19.94 % 19.68 % 24.30 % 27.06 % 32.31 % Adjusted noninterest income as a % of total revenue (Non-GAAP) l/n 19.85 % 19.55 % 21.37 % 25.68 % 31.63 % Adjusted Efficiency Ratio Noninterest expense (GAAP) o $ 478 $ 503 $ 468 $ 489 $ 493 Plus notable items (GAAP) (a) (21) (46) (25) (50) (37) Adjusted noninterest expense (Non-GAAP) p $ 457 $ 458 $ 444 $ 438 $ 455 Revenue (GAAP) q $ 859 $ 882 $ 875 $ 743 $ 707 Taxable-equivalent adjustment 4 4 4 3 3 Revenue- Taxable-equivalent (Non-GAAP) 863 886 878 746 710 Plus notable items (GAAP) (a) — (1) (32) (13) (6) Adjusted revenue (Non-GAAP) r $ 863 $ 885 $ 847 $ 733 $ 704 Efficiency ratio (GAAP) o/q 55.65 % 57.07 % 53.56 % 65.76 % 69.66 % Adjusted efficiency ratio (Non-GAAP) p/r 52.95 % 51.70 % 52.42 % 59.79 % 64.64 %

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28 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. Numbers may not foot due to rounding Period-end Average ($s in millions) 1Q23 4Q22 1Q23 vs. 4Q22 1Q23 4Q22 1Q23 vs. 4Q22 Loans excluding LMC & PPP $ % $ % Total Loans (GAAP) $ 59,045 $ 58,101 $ 944 2 % $ 58,074 $ 57,564 $ 510 1 % PPP (GAAP) 53 76 (23) (30) % 57 121 (64) (53) % LMC (GAAP) 2,040 2,258 (218) (10) % 1,875 2,299 (424) (18) % Total Loans excl. LMC & PPP (Non-GAAP) 56,952 55,767 1,185 2 % 56,142 55,144 998 2 % Total Consumer (GAAP) 13,475 13,093 382 3 % 13,226 12,907 319 2 % Total Commercial excl. LMC & PPP (Non-GAAP) 43,477 42,674 803 2 % 42,916 42,237 679 2 % Total CRE (GAAP) 13,397 13,228 169 1 % 13,290 13,095 195 1 % Total C&I excl. LMC & PPP (Non-GAAP) $ 30,080 $ 29,446 $ 634 2 % $ 29,626 $ 29,142 $ 484 2 % Loans excluding LMC Total Loans (GAAP) $ 59,045 $ 58,101 $ 944 2 % $ 58,074 $ 57,564 $ 510 1 % LMC (GAAP) 2,040 2,258 (218) (10) % 1,875 2,299 (424) (18) % Total Loans excl. LMC (Non-GAAP) 57,005 55,843 1,162 2 % 56,199 55,265 934 2 % Total Consumer (GAAP) 13,475 13,093 382 3 % 13,226 12,907 319 2 % Total Com ercial excl. LMC (Non-GAAP) $ 43,530 $ 42,750 $ 780 2 % $ 42,973 $ 42,358 $ 615 1 % Total CRE (GAAP) $ 13,397 $ 13,228 $ 169 1 % $ 13,290 $ 13,095 $ 195 1 % Total C& I excl. LMC $ 30,133 $ 29,522 $ 611 2 % $ 29,683 $ 29,263 $ 420 1 %

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29 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. Average ($s in billions) 1Q20 2Q20 Interest-bearing deposits Legacy FHN $ 24.2 $ 26.2 Legacy IBKC 18.9 19.5 Combined Company 43.1 45.7 Noninterest-bearing deposits (DDA) Legacy FHN 8.7 11.3 Legacy IBKC 7.0 8.8 Combined Company 15.6 20.1 Total Deposits Legacy FHN 32.9 37.5 Legacy IBKC 25.9 28.3 Combined Company $ 58.8 $ 65.8 Combined financial information adds together historical unaudited information from legacy FHN and legacy IBKC without any adjustments, eliminations, or analysis required by GAAP purchase accounting or the SEC’s pro-forma rules.

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