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

July 19, 2022

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") Second Quarter 2022 Earnings Release, released today.

Furnished as Exhibit 99.2 is a copy of the Investor Slide Presentation for the quarter ended June 30, 2022, 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”); ROTCE or net income available to common before provision credit, tangible common equity (“TCE”) to tangible assets (“TA”); tangible book value ("TBV") per common share; and various consolidated results and performance measures and ratios adjusted for notable items identified in the exhibits.

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

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

Forward-Looking Statements

This report, including material incorporated into it 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 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

FIRST HORIZON CORPORATION	2	FORM 8-K CURRENT REPORT 7/19/2022

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 Second Quarter 2022 Earnings Release
99.2	First Horizon Corporation Investor Slide Presentation for the quarter ended June 30, 2022
104	Cover Page Interactive Data File, formatted in Inline XBRL
FIRST HORIZON CORPORATION	3	FORM 8-K CURRENT REPORT 7/19/2022
---	---	---

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:	July 19, 2022	By:	/s/ Hope Dmuchowski
		Hope Dmuchowski
		Senior Executive Vice President—Chief Financial Officer
		(Duly Authorized Officer and Principal Financial Officer)			FIRST HORIZON CORPORATION	4	FORM 8-K CURRENT REPORT 7/19/2022
---	---	---

Document

First Horizon Corporation Reports Second Quarter 2022 Net Income Available to Common Shareholders of

$166 Million, or EPS of $0.29; $195 Million, or $0.34, on an Adjusted Basis*

Pre-provision net revenue up 19% from the prior quarter and up 18% on an Adjusted basis*

ROTCE of 12.1% and Adjusted ROTCE of 14.2% with tangible book value per share of $10.18*

MEMPHIS, TN (July 19, 2022) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported second quarter net income available to common shareholders ("NIAC") of $166 million, or earnings per share of $0.29, compared with first quarter 2022 NIAC of $187 million, or earnings per share of $0.34.

Second quarter 2022 results were reduced by a net $29 million after-tax, or $0.05 per share, of notable items compared with a net $24 million, or $0.04 per share, in first quarter 2022. Excluding notable items, adjusted second quarter 2022 NIAC of $195 million, or $0.34 per share, decreased from $211 million, or $0.38 per share in first quarter 2022. Results reflect a $0.10 per share reduction tied to provision for credit losses as well as the impact of suspension of share repurchases and a 17.7 million increase in diluted shares following the first quarter 2022 preferred issuance related to the proposed TD transaction.

"Our results this quarter reflect strong net interest income and continued expense discipline which helped to mitigate the macroeconomic impact on our fixed income and wealth businesses and provision expense,” said Chairman and Chief Executive Officer Bryan Jordan. "Our high-growth markets and specialty lending businesses delivered loan growth of four percent, before the impact of paycheck protection program and mortgage warehouse loans. With continued strong credit quality and a highly asset-sensitive balance sheet, we are well positioned for the future and remain confident in the power of the proposed transaction with TD Bank Group.”

Notable Items

Notable Items
Quarterly, Unaudited ($s in millions, except per share data)	2Q22		1Q22		2Q21
Summary of Notable Items:
Merger/acquisition/transaction-related items:
IBKC:
Purchase accounting gain (other noninterest income)*	$	—	$	—	$	(2)
Merger/acquisition expense	(13)		(28)		(32)
Total IBKC merger/acquisition- related items	(13)		(28)		(34)
TD:
Transaction-related expense	(25)		(9)		—
Total TD transaction-related items	(25)		(9)		—
Total Net Merger/acquisition/transaction- related items:	(38)		(37)		(34)
Other notable items:
Gain on mortgage servicing rights (mortgage banking and title)	12		—		—
Gain related to a fintech investment	—		6		—
Visa derivative valuation adjustment (other noninterest expense)	(12)		—		—
Total net other notable items:	—		(6)		—
Total Notable items (pre-tax)	$	(38)	$	(32)	$	(34)
Total Notable items (after-tax)	(29)		(24)		(26)
EPS impact of notable items	$	(0.05)	$	(0.04)	$	(0.05)
Numbers may not foot due to rounding
*Purchase accounting gain is non-taxable income

Second quarter pre-tax net notable items included TD transaction-related costs of $25 million, and IBKC merger-related expense of $13 million. Other notable items reflect a $12 million mortgage servicing rights gain and $12 million tied to derivative valuation adjustments related to prior Visa Class-B share sales.

*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

Second Quarter 2022 Versus First Quarter 2022 Highlights

•Total revenue of $743 million increased $36 million and Adjusted revenue of $733 million increased $29 million reflecting the benefit of higher net interest income partially offset by lower noninterest income.

•Net interest income of $542 million increased $63 million, or 13%, despite a $6 million reduction in net merger-related and PPP benefits. Core net interest income was up $70 million as the benefit of higher rates, loan balances and investment portfolio income was partially offset by spread compression.

•Noninterest income of $201 million decreased $28 million and Adjusted noninterest income of $188 million decreased $35 million largely as strength in card and digital banking fees was more than offset by reductions in fixed income, deferred compensation and brokerage trust and insurance given the impact of higher long-term rates and macroeconomic uncertainty and volatility as well as lower other noninterest income.

•Noninterest expense of $489 million decreased $4 million and reflected a $13 million increase in notable items. Adjusted noninterest expense of $438 million decreased $17 million largely as lower personnel expense was partially offset by higher other noninterest expense.

•Provision expense of $30 million compared with provision credit of $40 million in first quarter 2022 reflecting the impact of loan growth and revised macroeconomic outlook.

•Average interest-earning assets of $79.7 billion decreased $2.4 billion largely as a $1.5 billion increase in loans was more than offset by a $3.9 billion decrease in interest-bearing deposits with banks.

•Average loans before the impact of PPP up $1.8 billion as a $159 million decrease in loans to mortgage companies was more than offset by higher other commercial and industrial balances.

•Period-end loans before the impact of PPP increased $1.8 billion, or 3%, driven by a $1.2 billion increase in commercial. Period-end commercial loans excluding PPP and loans to mortgage companies ("LMC") rose 4%.

•Average deposits of $71.9 billion decreased $2.2 billion, or 3%, driven by a $2.1 billion decrease in interest-bearing. Total deposit costs of 10 basis points increased 4 basis points.

•Allowance for credit losses ("ACL") to loans ratio of 1.24% remained relatively stable compared to 1.25% at March 31, 2022; the ACL to nonperforming loans ratio of 234% improved from 207% at March 31, 2022.

•Net charge-offs of $12 million in second quarter 2022 remained relatively stable; nonperforming loans of $301 million decreased 9% linked quarter and the nonperforming loan ratio of 0.53% improved from 0.60% as of March 31, 2022.

•ROCE of 9.1%; ROTCE of 12.1%; Adjusted ROTCE of 14.2%; CET 1 ratio of 9.8%; and total capital ratio of 13.0%.

•Tangible book value per share of $10.18 at June 30, 2022 decreased 3% from $10.46 at March 31, 2022 driven by a $0.43 reduction tied to the mark-to-market valuation adjustment on the securities portfolio.

Strategic Update

IBKC Merger

•On track to deliver approximately $200 million of targeted annualized IBKC merger net cost saves by 4Q22.

•Achieved $140 million of annualized net cost saves in 2Q22.

Proposed Acquisition by TD

•Expect deal to close in 1Q of TD’s 2023 fiscal year.

–FHN shareholder approval received on May 31st, 2022 with more than 99% of votes cast in favor.

–Public meeting with Fed and OCC scheduled for August 18th, 2022.

–Regulatory approval applications progressing.

SUMMARY RESULTS
Quarterly, Unaudited
										2Q22 Change vs.
($s in millions, except per share and balance sheet data)	2Q22			1Q22			2Q21			1Q22				2Q21
										/bp		%		/bp		%
Income Statement
Interest income - taxable equivalent1	$	586		$	513		$	545				14	%			8	%
Interest expense- taxable equivalent1	41			31			45			10		32		(4)		(9)
Net interest income- taxable equivalent	545			482			500			63		13		45		9
Less: Taxable-equivalent adjustment	3			3			3			—		—		—		—
Net interest income	542			479			497			63		13		45		9
Noninterest income	201			229			285			(28)		(12)		(84)		(29)
Total revenue	743			707			781			36		5		(38)		(5)
Noninterest expense	489			493			497			(4)		(1)		(8)		(2)
Pre-provision net revenue3	255			215			284			40		19		(29)		(10)
Provision for credit losses	30			(40)			(115)			70		NM		145		126
Income before income taxes	225			255			399			(30)		(12)		(174)		(44)
Provision for income taxes	48			57			88			(9)		(16)		(40)		(45)
Net income	177			198			311			(21)		(11)		(134)		(43)
Net income attributable to noncontrolling interest	3			3			3			—		—		—		—
Net income attributable to controlling interest	174			195			308			(21)		(11)		(134)		(44)
Preferred stock dividends	8			8			13			—		—		(5)		(38)
Net income available to common shareholders	$	166		$	187		$	295				(11)				(44)
Adjusted net income4	$	205		$	222		$	337				(8)				(39)
Adjusted net income available to common shareholders4	$	195		$	211		$	321				(8)	%			(39)	%
Common stock information
EPS	$	0.29		$	0.34		$	0.53				(15)	%			(45)	%
Adjusted EPS4	$	0.34		$	0.38		$	0.58				(11)	%			(41)	%
Diluted shares8	569			550			556			19		3	%	13		2	%
Key performance metrics
Net interest margin	2.74		%	2.37		%	2.47		%	37	bp			27	bp
Efficiency ratio	65.76			69.66			63.67			(390)				209
Adjusted efficiency ratio4	59.79			64.64			59.17			(485)				62
Effective income tax rate	21.30			22.41			22.03			(111)				(73)
Return on average assets	0.82			0.90			1.42			(8)				(60)
Adjusted return on average assets4	0.95			1.02			1.54			(7)				(59)
Return on average common equity (“ROCE")	9.1			9.9			15.5			(80)				(633)
Return on average tangible common equity (“ROTCE”)4	12.1			13.0			20.4			(91)				(829)
Adjusted ROTCE4	14.2			14.7			22.2			(53)				(803)
Noninterest income as a % of total revenue	27.06			32.31			36.43			(525)				(937)
Adjusted noninterest income as a % of total revenue4	25.68		%	31.63		%	36.49		%	(595)	bp			(1,081)	bp
Balance Sheet (billions)
Average loans	$	55.6		$	54.1		$	56.8				3	%			(2)	%
Average deposits	71.9			74.2			73.2			(2.2)		(3)		(1.2)		(2)
Average assets	86.3			88.6			87.6			(2.3)		(3)		(1.2)		(1)
Average common equity	$	7.3		$	7.6		$	7.7				(4)	%			(5)	%
Asset Quality Highlights
Allowance for credit losses to loans and leases	1.24		%	1.25		%	1.57		%	(1)	bp			(33)	bp
Net charge-off ratio	0.09			0.07			(0.07)			2				16
Nonperforming loan and leases ratio	0.53		%	0.60		%	0.61		%	(7)	bp			(8)	bp
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 1	9.8		%	10.0		%	10.3		%	(17)	bp			(48)	bp
Tier 1	11.6			11.8			11.4			(23)				17
Total Capital	13.0			13.2			13.1			(23)				(19)
Tier 1 leverage	9.1		%	8.8		%	8.2		%	31	bp			89	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.

Second Quarter 2022 versus First Quarter 2022

Net interest income

Net interest income of $542 million increased $63 million from first quarter 2022 despite a $6 million reduction tied to net merger-related and PPP benefits. Core net interest income up $70 million as the benefit of higher rates, loan balances and investment portfolio income was partially offset by spread compression. Net interest margin of 2.74% increased 37 basis points as the benefit of higher rates, lower excess cash, improved securities yields and loan growth was partially offset by the impact of higher funding costs and spread compression.

Noninterest income

Noninterest income of $201 million decreased $28 million largely as a $13 million benefit tied to notable items and an increase in card and digital banking fees was more than offset by a decrease in fixed income, deferred compensation and brokerage trust and insurance. Results reflect the impact of higher long-term rates and macroeconomic uncertainty and volatility as well as a reduction in other noninterest income. Fixed income average daily revenue of $612 thousand compared with $1.0 million in first quarter 2022.

Noninterest expense

Noninterest expense of $489 million decreased $4 million from first quarter 2022 driven by a $13 million decrease in notable items. Adjusted noninterest expense of $438 million decreased $17 million driven by a $31 million decrease in personnel expense largely tied to lower revenue-based incentives and commissions and deferred compensation. Results also reflect a $13 million increase in other noninterest expense largely reflecting a reduction in internal labor charged to the IBKC merger as well as the impact of higher fraud losses, travel and entertainment, FDIC insurance and customer relations. Linked quarter trends also reflect a $6 million benefit tied to incremental IBKC merger cost savings.

Loans and leases

Average loan and lease balances of $55.6 billion increased $1.5 billion reflecting a 3% increase in commercial and consumer. Commercial loan growth reflected a $747 million increase in commercial and industrial and a $397 million increase in commercial real estate. Results reflect a $336 million decrease in PPP loans and a $159 million reduction in loans to mortgage companies ("LMC"). Loan trends excluding PPP increased $1.8 billion compared to the prior quarter, driven by a $1.5 billion increase in commercial. Period-end loans and leases of $56.5 billion increased $1.5 billion from first quarter 2022, reflecting a 5% increase in consumer and a 2% increase in commercial. Loans before the impact of PPP were up $1.8 billion as a $454 million decrease in LMC was more than offset by a $1.2 billion increase in other commercial and industrial and a $456 million increase in commercial real estate. Before the impact of PPP and LMC, period-end loans increased $2.2 billion, or 4%, driven by a $1.7 billion increase in all other commercial loans.

Deposits

Average deposits of $71.9 billion decreased $2.2 billion, or 3%. Period-end deposits of $70.5 billion decreased $3.6 billion reflecting a $2.6 billion decrease in interest-bearing and a $937 million decrease in noninterest-bearing. Total deposit costs of 10 basis points increased 4 basis points with a 6 basis point increase in interest-bearing deposit costs.

Asset quality

Provision expense of $30 million compared with a $40 million provision credit in first quarter 2022 reflecting the impact of loan growth and revised macroeconomic outlook.

Net charge-offs of $12 million, or 9 basis points in the second quarter, remained relatively stable.

Nonperforming loans of $301 million decreased $31 million from first quarter 2022 levels. Second quarter 2022 ACL to nonperforming loans coverage ratio of 234% compared with 207% in first quarter 2022.

The ACL to loans ratio decreased to 1.24% from 1.25% in the first quarter 2022.

Capital

CET1 ratio of 9.8% in second quarter 2022 remained strong with 10.0% in first quarter 2022. Total capital ratio of 13.0% vs. 13.2% in first quarter 2022.

Income taxes

The second quarter 2022 effective tax rate of 21.3% compares with 22.4% in first quarter 2022. On an adjusted basis, the effective tax rate of 21.7% in the second quarter 2022 improved from 22.5% in first 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 $85.1 billion in assets as of June 30, 2022, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, mortgage, and title insurance services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

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

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

CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited
																2Q22 Change vs.
($s in millions, except per share data)	2Q22			1Q22			4Q21			3Q21			2Q21			1Q22			2Q21
																	%			%
Interest income - taxable equivalent1	$	586		$	513		$	534		$	536		$	545			14	%		8	%
Interest expense- taxable equivalent1	41			31			33			41			45			10	32		(4)	(9)
Net interest income- taxable equivalent	545			482			502			495			500			63	13		45	9
Less: Taxable-equivalent adjustment	3			3			3			3			3			—	—		—	—
Net interest income	542			479			498			492			497			63	13		45	9
Noninterest income:
Fixed income	51			73			82			96			102			(22)	(30)		(51)	(50)
Mortgage banking and title	34			22			28			34			38			12	55		(4)	(11)
Brokerage, trust, and insurance	36			37			36			37			35			(1)	(3)		1	3
Service charges and fees	57			57			56			56			54			—	—		3	6
Card and digital banking fees	23			20			19			21			21			3	15		2	10
Deferred compensation income	(17)			(4)			—			3			7			(13)	NM		(24)	NM
Other noninterest income	16			24			25			(1)			27			(8)	(33)		(11)	(41)
Total noninterest income	201			229			247			247			285			(28)	(12)		(84)	(29)
Total revenue	743			707			745			738			781			36	5		(38)	(5)
Noninterest expense:
Personnel expense:
Salaries and benefits	190			190			190			191			191			—	—		(1)	(1)
Incentives and commissions	93			94			93			101			109			(1)	(1)		(16)	(15)
Deferred compensation expense	(18)			(5)			7			4			6			(13)	NM		(24)	NM
Total personnel expense	265			280			290			296			306			(15)	(5)		(41)	(13)
Occupancy and equipment2	73			72			74			75			75			1	1		(2)	(3)
Outside services	70			84			81			89			63			(14)	(17)		7	11
Amortization of intangible assets	13			13			14			14			14			—	—		(1)	(7)
Other noninterest expense	68			44			70			52			40			24	55		28	70
Total noninterest expense	489			493			528			526			497			(4)	(1)		(8)	(2)
Pre-provision net revenue3	255			215			217			213			284			40	19		(29)	(10)
Provision for credit losses	30			(40)			(65)			(85)			(115)			70	NM		145	126
Income before income taxes	225			255			282			298			399			(30)	(12)		(174)	(44)
Provision for income taxes	48			57			53			63			88			(9)	(16)		(40)	(45)
Net income	177			198			229			235			311			(21)	(11)		(134)	(43)
Net income attributable to noncontrolling interest	3			3			3			3			3			—	—		—	—
Net income attributable to controlling interest	174			195			227			232			308			(21)	(11)		(134)	(44)
Preferred stock dividends	8			8			8			8			13			—	—		(5)	(38)
Net income available to common shareholders	$	166		$	187		$	219		$	224		$	295			(11)	%		(44)	%
Common Share Data
EPS	$	0.31		$	0.35		$	0.41		$	0.41		$	0.54			(12)	%		(43)	%
Basic shares	535			533			537			546			550			2	—		(15)	(3)
Diluted EPS	$	0.29		$	0.34		$	0.40		$	0.41		$	0.53			(15)			(45)
Diluted shares8	569			550			542			550			556			19	3	%	13	2	%
Effective tax rate	21.3		%	22.4		%	18.6		%	21.1		%	22.0		%

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
																2Q22 Change vs.
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
($s in millions, except per share data)	2Q22			1Q22			4Q21			3Q21			2Q21			1Q22			2Q21
																	%			%
Net interest income (FTE)1	$	545		$	482		$	502		$	495		$	500			13	%		9	%
Adjusted noninterest income:
Fixed income	51			73			82			96			102			(22)	(30)		(51)	(50)
Mortgage banking and title	22			22			28			34			38			—	—		(16)	(42)
Brokerage, trust, and insurance	36			37			36			37			35			(1)	(3)		1	3
Service charges and fees	57			57			56			56			54			—	—		3	6
Card and digital banking fees	23			20			19			21			21			3	15		2	10
Deferred compensation income	(17)			(4)			—			3			7			(13)	NM		(24)	NM
Adjusted other noninterest income	15			18			25			21			29			(3)	(17)		(14)	(48)
Adjusted total noninterest income	$	188		$	223		$	246		$	268		$	287			(16)	%		(34)	%
Total revenue (FTE)1	$	733		$	704		$	748		$	763		$	787			4	%		(7)	%
Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$	190		$	188		$	189		$	191		$	191			1	%		(1)	%
Adjusted Incentives and commissions	71			92			84			92			93			(21)	(23)	%	(22)	(24)
Deferred compensation expense	(18)			(5)			1			4			6			(13)	NM		(24)	NM
Adjusted total personnel expense	244			275			274			286			290			(31)	(11)	%	(46)	(16)
Adjusted occupancy and equipment2	72			72			73			74			75			—	—	%	(3)	(4)
Adjusted outside services	61			59			66			65			56			2	3	%	5	9
Adjusted amortization of intangible assets	12			12			13			13			13			—	—	%	(1)	(8)
Adjusted other noninterest expense	50			37			46			42			31			13	35	%	19	61
Adjusted total noninterest expense	$	438		$	455		$	474		$	480		$	465			(4)	%		(6)	%
Adjusted pre-provision net revenue3	$	295		$	249		$	274		$	284		$	321			18	%		(8)	%
Adjusted provision for credit losses	$	30		$	(40)		$	(65)		$	(85)		$	(115)			NM			126	%
Adjusted net income available to common shareholders	$	195		$	211		$	260		$	275		$	321			(8)	%		(39)	%
Adjusted Common Share Data
Adjusted diluted EPS	$	0.34		$	0.38		$	0.48		$	0.50		$	0.58			(11)	%		(41)	%
Diluted shares8	569			550			542			550			556			19	3	%	13	2	%
Adjusted effective tax rate	21.7		%	22.5		%	19.5		%	21.8		%	22.2		%
Adjusted ROTCE	14.2		%	14.7		%	17.5		%	18.4		%	22.2		%
Adjusted efficiency ratio	59.8		%	64.6		%	63.3		%	62.9		%	59.2		%

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)	2Q22		1Q22		4Q21		3Q21		2Q21
---	---	---	---	---	---	---	---	---	---	---
Summary of Notable Items:
IBKC Purchase accounting gain (other noninterest income)*	$	—	$	—	$	—	$	—	$	(2)
Gain/(loss) on TRUPS redemption (other noninterest income)	—		—		(3)		(23)		—
IBKC Branch sale gain (other noninterest income)	—		—		4		2		—
Gain related to a fintech investment	—		6		—		—		—
Gain on sale of mortgage servicing rights	12		—		—		—		—
IBKC merger/acquisition expense	(13)		(28)		(38)		(46)		(32)
TD transaction-related expense	(25)		(9)		—		—		—
Other notable expenses**	(12)		—		(16)		—		—
Total notable items	$	(38)	$	(32)	$	(54)	$	(68)	$	(34)
EPS impact of notable items	$	(0.05)	$	(0.04)	$	(0.08)	$	(0.09)	$	(0.05)

Numbers may not foot due to rounding

*Purchase accounting gain is non-taxable income.

**2Q22 includes $12 million of Visa derivative valuation expense; 4Q21 includes $10 million of Visa derivative valuation expense and $6 million of deferred compensation expense.

IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited		(In millions)	2Q22		1Q22		4Q21		3Q21		2Q21
---	---	---	---	---	---	---	---	---	---	---
Impacts of Notable Items:
Noninterest income:
Mortgage banking and title	$	(12)	$	—	$	—	$	—	$	—
Other noninterest income	—		(6)		—		22		2
Total noninterest income	$	(13)	$	(6)	$	—	$	22	$	2
Noninterest expense:
Personnel expenses:
Salaries and benefits	$	1	$	(2)	$	—	$	—	$	—
Incentives and commissions	(22)		(2)		(9)		(10)		(16)
Deferred compensation expense	—		—		(6)		—		—
Total personnel expenses	(21)		(4)		(16)		(10)		(16)
Occupancy and equipment2	(1)		—		—		(1)		—
Outside services	(9)		(25)		(15)		(24)		(6)
Amortization of intangible assets	(1)		(1)		(1)		(1)		(1)
Other noninterest expense	(18)		(7)		(23)		(10)		(9)
Total noninterest expense	$	(50)	$	(37)	$	(54)	$	(46)	$	(32)
Income before income taxes	$	38	$	32	$	54	$	68	$	34
Provision for income taxes	9		7		13		17		8
Net income/(loss) available to common shareholders	$	29	$	24	$	41	$	51	$	26

Numbers may not foot due to rounding

FINANCIAL RATIOS
Quarterly, Unaudited
																2Q22 Change vs.
	2Q22			1Q22			4Q21			3Q21			2Q21			1Q22				2Q21
FINANCIAL RATIOS																/bp		%		/bp		%
Net interest margin	2.74		%	2.37		%	2.42		%	2.41		%	2.47		%	37	bp			27	bp
Return on average assets	0.82		%	0.90		%	1.02		%	1.05		%	1.42		%	(8)				(60)
Adjusted return on average assets4	0.95		%	1.02		%	1.21		%	1.28		%	1.54		%	(7)				(59)
Return on average common equity (“ROCE”)	9.12		%	9.92		%	11.26		%	11.43		%	15.45		%	(80)				(633)
Return on average tangible common equity (“ROTCE”)4	12.07		%	12.98		%	14.72		%	14.95		%	20.36		%	(91)				(829)
Adjusted ROTCE4	14.15		%	14.68		%	17.51		%	18.36		%	22.18		%	(53)				(803)
Noninterest income as a % of total revenue	27.06		%	32.31		%	33.10		%	33.39		%	36.43		%	(525)				(937)
Adjusted noninterest income as a % of total revenue4	25.68		%	31.63		%	32.95		%	35.14		%	36.49		%	(595)				(1,081)
Efficiency ratio	65.76		%	69.66		%	70.88		%	71.21		%	63.67		%	(390)				209
Adjusted efficiency ratio4	59.79		%	64.64		%	63.31		%	62.87		%	59.17		%	(485)				62
CAPITAL DATA
CET1 capital ratio*	9.8		%	10.0		%	9.9		%	10.1		%	10.3		%	(17)	bp			(48)	bp
Tier 1 capital ratio*	11.6		%	11.8		%	11.0		%	11.2		%	11.4		%	(23)	bp			17	bp
Total capital ratio*	13.0		%	13.2		%	12.3		%	12.6		%	13.1		%	(23)	bp			(19)	bp
Tier 1 leverage ratio*	9.1		%	8.8		%	8.1		%	8.1		%	8.2		%	31	bp			89	bp
Risk-weighted assets (“RWA”) (billions)	$	67.3		$	65.0		$	64.2		$	63.0		$	62.0				4	%			9	%
Total equity to total assets	10.04		%	9.81		%	9.53		%	9.64		%	9.74		%	23	bp			30	bp
Tangible common equity/tangible assets (“TCE/TA”)4	6.55		%	6.44		%	6.73		%	6.80		%	6.87		%	11	bp			(32)	bp
Period-end shares outstanding (millions)	536			535			534			542			551			1		—	%	(15)		(3)	%
Cash dividends declared per common share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15				—				—
Book value per common share	$	13.50		$	13.82		$	14.39		$	14.24		$	14.07				(2)	%			(4)	%
Tangible book value per common share4	$	10.18		$	10.46		$	11.00		$	10.88		$	10.74				(3)	%			(5)	%
SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	80.13		%	74.23		%	73.25		%	74.65		%	77.36		%	590	bp			277	bp
Loans-to-deposit ratio (average balances)	77.25		%	72.93		%	73.29		%	75.28		%	77.68		%	432	bp			(43)	bp
Full-time equivalent associates	7,627			7,900			7,863			7,982			8,145			(273)		(3)	%	(518)		(6)	%

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

											2Q22 Change vs.
(In millions)	2Q22		1Q22		4Q21		3Q21		2Q21		1Q22			2Q21
												%			%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	31,276	$	30,798	$	31,068	$	31,516	$	32,528		2	%		(4)	%
Commercial real estate	12,942		12,487		12,109		12,194		12,292		455	4		650	5
Total Commercial	44,218		43,285		43,177		43,710		44,820		933	2		(602)	(1)
Consumer real estate	11,441		10,874		10,772		10,787		10,864		567	5		577	5
Credit card and other5	870		854		910		938		1,002		16	2		(132)	(13)
Total Consumer	12,311		11,727		11,682		11,725		11,867		585	5		444	4
Loans and leases, net of unearned income	56,529		55,012		54,859		55,435		56,687		1,516	3		(158)	—
Loans held for sale	870		1,014		1,172		1,052		977		(144)	(14)		(108)	(11)
Investment securities	9,628		9,943		9,419		8,798		8,398		(315)	(3)		1,230	15
Trading securities	1,392		1,823		1,601		1,319		1,035		(431)	(24)		357	34
Interest-bearing deposits with banks	9,475		13,548		14,907		14,829		13,451		(4,073)	(30)		(3,976)	(30)
Federal funds sold and securities purchased under agreements to resell	712		640		641		361		622		72	11		90	15
Total interest earning assets	78,606		81,980		82,600		81,794		81,170		(3,374)	(4)		(2,564)	(3)
Cash and due from banks	1,133		1,225		1,147		1,197		1,303		(91)	(7)		(170)	(13)
Goodwill and other intangible assets, net	1,782		1,795		1,808		1,822		1,836		(13)	(1)		(54)	(3)
Premises and equipment, net	636		669		665		692		714		(33)	(5)		(77)	(11)
Allowance for loan and lease losses	(624)		(622)		(670)		(734)		(815)		(2)	—		191	23
Other assets	3,598		3,614		3,542		3,766		3,700		(15)	—		(102)	(3)
Total assets	$	85,132	$	88,660	$	89,092	$	88,537	$	87,908		(4)	%		(3)	%
Liabilities and Shareholders' Equity:
Deposits:
Savings	$	24,376	$	25,772	$	26,457	$	27,425	$	27,416		(5)	%		(11)	%
Time deposits	2,888		3,165		3,500		3,920		4,304		(277)	(9)		(1,416)	(33)
Other interest-bearing deposits	16,172		17,126		17,054		15,571		15,728		(953)	(6)		444	3
Total interest-bearing deposits	43,436		46,063		47,012		46,916		47,447		(2,627)	(6)		(4,012)	(8)
Trading liabilities	394		513		426		315		531		(119)	(23)		(136)	(26)
Short-term borrowings	1,953		1,719		2,124		2,225		2,246		234	14		(293)	(13)
Term borrowings	1,599		1,591		1,590		1,584		1,672		8	1		(73)	(4)
Total interest-bearing liabilities	47,382		49,885		51,151		51,040		51,896		(2,503)	(5)		(4,514)	(9)
Noninterest-bearing deposits	27,114		28,052		27,883		27,348		25,833		(937)	(3)		1,281	5
Other liabilities	2,085		2,027		1,564		1,617		1,613		57	3		472	29
Total liabilities	76,581		79,964		80,598		80,005		79,343		(3,383)	(4)		(2,761)	(3)
Shareholders' Equity:
Preferred stock	1,014		1,014		520		520		520		—	—		494	95
Common stock	335		334		333		339		344		1	—		(9)	(3)
Capital surplus	4,791		4,769		4,742		4,866		4,997		22	—		(206)	(4)
Retained earnings	3,079		2,996		2,891		2,754		2,613		83	3		466	18
Accumulated other comprehensive loss, net	(963)		(711)		(288)		(241)		(203)		(252)	(35)		(760)	NM
Combined shareholders' equity	8,255		8,400		8,199		8,237		8,270		(145)	(2)		(15)	—
Noncontrolling interest	295		295		295		295		295		—	—		—	—
Total shareholders' equity	8,551		8,696		8,494		8,533		8,566		(145)	(2)		(15)	—
Total liabilities and shareholders' equity	$	85,132	$	88,660	$	89,092	$	88,537	$	87,908		(4)	%		(3)	%
Memo:
Total Deposits	$	70,550	$	74,114	$	74,895	$	74,265	$	73,281		(5)	%		(4)	%
Unfunded Loan Commitments:
Commercial	$	23,251	$	21,813	$	20,487	$	19,019	$	18,035		7	%		29	%
Consumer	$	3,972	$	3,882	$	3,936	$	3,892	$	4,031		2	%		(1)	%

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

											2Q22 Change vs.
(In millions)	2Q22		1Q22		4Q21		3Q21		2Q21		1Q22			2Q21
												%			%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	30,963	$	30,215	$	30,780	$	31,477	$	32,540		2	%		(5)	%
Commercial real estate	12,626		12,229		12,220		12,264		12,350		397	3		276	2
Total Commercial	43,589		42,445		43,001		43,741		44,890		1,144	3		(1,301)	(3)
Consumer real estate	11,120		10,769		10,738		10,819		10,926		351	3		194	2
Credit card and other5	867		869		943		948		1,013		(2)	—		(146)	(14)
Total Consumer	11,987		11,638		11,681		11,767		11,939		349	3		48	—
Loans and leases, net of unearned income	55,576		54,082		54,682		55,508		56,829		1,494	3		(1,253)	(2)
Loans held-for-sale	1,027		1,156		1,252		992		734		(129)	(11)		293	40
Investment securities	9,781		9,668		9,269		8,494		8,401		113	1		1,380	16
Trading securities	1,509		1,594		1,552		1,171		1,322		(85)	(5)		188	14
Interest-bearing deposits with banks	10,989		14,902		15,065		15,022		13,051		(3,912)	(26)		(2,062)	(16)
Federal funds sold and securities purchased under agreements to resell	857		753		650		587		648		104	14		209	32
Total interest earning assets	79,739		82,155		82,469		81,775		80,984		(2,415)	(3)		(1,244)	(2)
Cash and due from banks	1,281		1,226		1,263		1,263		1,267		55	4		14	1
Goodwill and other intangibles assets, net	1,789		1,802		1,815		1,829		1,843		(13)	(1)		(54)	(3)
Premises and equipment, net	645		655		676		703		714		(10)	(2)		(70)	(10)
Allowances for loan and lease losses	(621)		(658)		(714)		(793)		(884)		36	6		263	30
Other assets	3,493		3,407		3,515		3,624		3,635		86	3		(142)	(4)
Total assets	$	86,326	$	88,587	$	89,025	$	88,401	$	87,559		(3)	%		(1)	%
Liabilities and shareholders' equity:
Deposits:
Savings	$	24,841	$	26,330	$	26,731	$	27,793	$	27,238		(6)	%		(9)	%
Time deposits	3,040		3,343		3,695		4,121		4,487		(303)	(9)		(1,447)	(32)
Other interest-bearing deposits	16,273		16,558		15,900		15,333		16,029		(285)	(2)		244	2
Total interest-bearing deposits	44,154		46,230		46,326		47,248		47,754		(2,076)	(4)		(3,599)	(8)
Trading liabilities	585		614		556		527		560		(29)	(5)		25	4
Short-term borrowings	1,710		1,995		2,249		2,452		2,248		(285)	(14)		(538)	(24)
Term borrowings	1,597		1,591		1,575		1,665		1,672		6	—		(75)	(4)
Total interest-bearing liabilities	48,046		50,430		50,707		51,892		52,233		(2,384)	(5)		(4,187)	(8)
Noninterest-bearing deposits	27,791		27,926		28,282		26,485		25,404		(135)	—		2,387	9
Other liabilities	1,875		1,613		1,511		1,447		1,463		262	16		412	28
Total liabilities	77,712		79,969		80,499		79,824		79,100		(2,257)	(3)		(1,388)	(2)
Shareholders' Equity:
Preferred stock	1,014		695		520		520		513		318	46		500	98
Common stock	335		334		336		342		345		1	—		(10)	(3)
Capital surplus	4,778		4,753		4,811		4,936		5,023		25	1		(245)	(5)
Retained earnings	3,051		2,938		2,819		2,673		2,499		113	4		552	22
Accumulated other comprehensive loss, net	(859)		(398)		(256)		(190)		(217)		(461)	(116)		(642)	NM
Combined shareholders' equity	8,318		8,323		8,230		8,281		8,164		(5)	—		155	2
Noncontrolling interest	295		295		295		295		295		—	—		—	—
Total shareholders' equity	8,614		8,619		8,526		8,577		8,459		(5)	—		155	2
Total liabilities and shareholders' equity	$	86,326	$	88,587	$	89,025	$	88,401	$	87,559		(3)	%		(1)	%
Memo:
Total Deposits	$	71,945	$	74,156	$	74,608	$	73,733	$	73,158		(3)	%		(2)	%

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
																					2Q22 Change vs.
	2Q22				1Q22				4Q21				3Q21				2Q21				1Q22			2Q21
(In millions, except rates)	Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense			Income/Expense
																						%			%
Interest earning assets/Interest income:
Loans and leases, net of unearned income:
Commercial	$	382	3.52	%	$	339	3.24	%	$	365	3.37	%	$	372	3.37	%	$	380	3.39	%		13	%		1	%
Consumer	112		3.74		108		3.71		110		3.77		112		3.83		118		3.98		4	4		(6)	(5)
Loans and leases, net of unearned income	494		3.57		447		3.34		475		3.45		484		3.47		498		3.52		47	11		(4)	(1)
Loans held-for-sale	10		3.89		10		3.51		11		3.49		8		3.25		7		3.94		—	—		3	37
Investment securities	46		1.87		38		1.59		33		1.43		31		1.48		29		1.39		8	21		17	60
Trading securities	13		3.43		11		2.75		10		2.50		6		2.07		7		2.03		2	18		6	94
Interest-bearing deposits with banks	22		0.79		7		0.19		6		0.15		6		0.16		3		0.10		15	NM		19	NM
Federal funds sold and securities purchased under agreements	1		0.66		—		(0.04)		—		(0.09)		—		(0.03)		—		(0.06)		1	NM		1	NM
Interest income	$	586	2.95	%	$	513	2.52	%	$	534	2.58	%	$	536	2.61	%	$	545	2.70	%		14	%		8	%
Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$	5	0.08	%	$	3	0.05	%	$	4	0.06	%	$	9	0.12	%	$	11	0.16	%		67	%		(53)	%
Time deposits	4		0.50		4		0.51		5		0.56		6		0.62		7		0.65		—	—		(3)	(45)
Other interest-bearing deposits	9		0.22		4		0.09		4		0.10		5		0.12		6		0.15		5	125		3	53
Total interest-bearing deposits	18		0.16		11		0.10		13		0.11		20		0.17		24		0.20		7	64		(6)	(24)
Trading liabilities	4		2.52		3		1.69		2		1.38		1		1.11		2		1.17		1	33		2	145
Short-term borrowings	2		0.58		1		0.15		1		0.18		1		0.24		1		0.22		1	100		1	61
Term borrowings	17		4.38		17		4.29		17		4.30		18		4.39		18		4.38		—	—		(1)	(7)
Interest expense	41		0.34		31		0.25		33		0.26		41		0.31		45		0.34		10	32		(4)	(9)
Net interest income - tax equivalent basis	545		2.61		482		2.27		502		2.32		495		2.30		500		2.36		63	13		45	9
Fully taxable equivalent adjustment	(3)		0.13		(3)		0.10		(3)		0.10		(3)		0.11		(3)		0.11		—	—		—	1
Net interest income	$	542	2.74	%	$	479	2.37	%	$	498	2.42	%	$	492	2.41	%	$	497	2.47	%		13	%		9	%
Memo:
Total loan yield			3.57	%			3.34	%			3.45	%			3.47	%			3.52	%
Total deposit cost			0.10	%			0.06	%			0.07	%			0.11	%			0.13	%
Total funding cost			0.22	%			0.16	%			0.16	%			0.21	%			0.23	%

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															2Q22 change vs.
(In millions, except ratio data)	2Q22			1Q22			4Q21			3Q21			2Q21			1Q22			2Q21
																	%			%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$	129		$	153		$	125		$	144		$	122			(16)	%		5	%
Commercial real estate	11			12			9			58			70			(1)	(9)		(60)	(85)
Consumer real estate	159			165			138			143			149			(6)	(4)		10	7
Credit card and other	3			3			3			2			2			—	(5)		—	9
Total nonperforming loans and leases	$	301		$	332		$	275		$	347		$	344			(9)	%		(12)	%
Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.41		%	0.50		%	0.40		%	0.46		%	0.38		%
Commercial real estate	0.08			0.09			0.08			0.48			0.57
Consumer real estate	1.39			1.52			1.29			1.33			1.37
Credit card and other	0.29			0.32			0.31			0.22			0.24
Total nonperforming loans and leases to loans and leases	0.53		%	0.60		%	0.50		%	0.63		%	0.61		%

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										2Q22 change vs.
(In millions)	2Q22		1Q22		4Q21		3Q21		2Q21		1Q22			2Q21
												%			%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)	$	1	$	6	$	5	$	1	$	1		(90)	%		(59)	%
Commercial real estate	—		—		—		2		—		—	NM		—	NM
Consumer real estate	14		14		33		12		12		—	(2)		2	18
Credit card and other	3		3		2		2		1		—	(3)		2	NM
Total loans and leases 90 days or more past due and accruing	$	17	$	23	$	40	$	16	$	14		(23)	%		23	%

All values are in US Dollars.

Numbers may not foot due to rounding.

CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited
	As of															2Q22 change vs.
(In millions, except ratio data)	2Q22			1Q22			4Q21			3Q21			2Q21			1Q22			2Q21
Charge-off, Recoveries and Related Ratios																	%			%
Gross Charge-offs
Commercial, financial, and industrial (C&I)	$	12		$	13		$	5		$	12		$	2			(6)	%		NM
Commercial real estate	—			—			—			2			—			—	NM		—	3
Consumer real estate	2			1			2			1			1			1	NM		2	NM
Credit card and other	7			5			4			5			3			2	38		3	106
Total gross charge-offs	$	21		$	19		$	11		$	19		$	6			14	%		NM
Gross Recoveries
Commercial, financial, and industrial (C&I)	$	(1)		$	(3)		$	(3)		$	(7)		$	(5)			62	%		76	%
Commercial real estate	(1)			—			—			(2)			(1)			(1)	NM		—	(45)
Consumer real estate	(6)			(5)			(5)			(7)			(8)			(1)	(14)		3	33
Credit card and other	(1)			(1)			(1)			—			(2)			—	(46)		1	37
Total gross recoveries	$	(9)		$	(9)		$	(10)		$	(16)		$	(16)			2	%		44	%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I)	$	11		$	10		$	1		$	5		$	(3)			12	%		NM
Commercial real estate	(1)			—			—			—			(1)			(1)	NM		—	(51)
Consumer real estate	(3)			(4)			(3)			(7)			(8)			1	19		4	57
Credit card and other	5			4			3			4			1			1	36		4	NM
Total net charge-offs	$	12		$	10		$	1		$	3		$	(10)			29	%		NM
Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I)	0.14		%	0.13		%	0.01		%	0.06		%	(0.04)		%
Commercial real estate	(0.03)			(0.01)			(0.01)			0.01			(0.02)
Consumer real estate	(0.12)			(0.15)			(0.10)			(0.24)			(0.28)
Credit card and other	2.49			1.85			1.26			1.86			0.51
Total loans and leases	0.09		%	0.07		%	0.01		%	0.02		%	(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										2Q22 Change vs.
(In millions)	2Q22		1Q22		4Q21		3Q21		2Q21		1Q22			2Q21
Summary of Changes in the Components of the Allowance For Credit Losses												%			%
Allowance for loan and lease losses - beginning	$	622	$	670	$	734	$	815	$	914		(7)	%		(32)	%
Charge-offs:
Commercial, financial, and industrial (C&I)	(12)		(13)		(5)		(12)		(2)		1	6		(10)	NM
Commercial real estate	—		—		—		(2)		—		—	NM		—	(3)
Consumer real estate	(2)		(1)		(2)		(1)		(1)		(1)	NM		(2)	NM
Credit card and other	(7)		(5)		(4)		(5)		(3)		(2)	(38)		(3)	(106)
Total charge-offs	(21)		(19)		(11)		(19)		(6)		(3)	(14)		(15)	NM
Recoveries:
Commercial, financial, and industrial (C&I)	1		3		3		7		5		(2)	(62)		(4)	(76)
Commercial real estate	1		—		—		2		1		1	NM		—	45
Consumer real estate	6		5		5		7		8		1	14		(3)	(33)
Credit card and other	1		1		1		—		2		—	46		(1)	(37)
Total Recoveries	9		9		10		16		16		—	(2)		(7)	(44)
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)	(2)		(36)		(40)		(5)		(60)		34	94		58	96
Commercial real estate	(12)		(3)		(9)		(48)		(22)		(9)	NM		11	49
Consumer real estate	16		(3)		(18)		(31)		(26)		19	NM		42	NM
Credit card and other	12		4		3		6		—		8	NM		12	NM
Total provision for loan and lease losses:	14		(38)		(63)		(78)		(109)		52	137		123	113
Allowance for loan and lease losses - ending	$	624	$	622	$	670	$	734	$	815		—	%		(23)	%
Reserve for unfunded commitments - beginning	$	64	$	66	$	68	$	75	$	81		(3)	%		(21)	%
Cumulative effect of change in accounting principle	—		—		—		—		—		—	NM		—	NM
Acquired reserve for unfunded commitments	—		—		—		—		—		—	NM		—	NM
Provision for unfunded commitments	16		(2)		(2)		(7)		(6)		18	NM		22	NM
Reserve for unfunded commitments - ending	$	80	$	64	$	66	$	68	$	75		25			7
Total allowance for credit losses- ending	$	704	$	686	$	736	$	802	$	890		3	%		(21)	%

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
	2Q22		1Q22		4Q21		3Q21		2Q21
Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	0.88	%	0.93	%	1.07	%	1.19	%	1.18	%
Commercial real estate	1.09	%	1.21	%	1.27	%	1.33	%	1.71	%
Consumer real estate	1.60	%	1.51	%	1.51	%	1.65	%	1.87	%
Credit card and other	3.01	%	2.31	%	2.14	%	2.03	%	1.71	%
Total allowance for loans and lease losses to loans and leases	1.10	%	1.13	%	1.22	%	1.32	%	1.44	%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	213	%	188	%	268	%	261	%	314	%
Commercial real estate	1,331	%	1,303	%	1,671	%	278	%	300	%
Consumer real estate	115	%	99	%	118	%	125	%	136	%
Credit card and other	1,021	%	730	%	699	%	926	%	725	%
Total allowance for loans and lease losses to nonperforming loans and leases	207	%	187	%	244	%	211	%	237	%

REGIONAL BANKING

Quarterly, Unaudited

																2Q22 Change vs.
	2Q22			1Q22			4Q21			3Q21			2Q21			1Q22				2Q21
																/bp		%		/bp		%
Income Statement (millions)
Net interest income	$	465		$	426		$	449		$	444		$	444				9	%			5	%
Noninterest income	114			114			115			113			109			—		—		5		5	%
Total revenue	579			540			564			557			553			39		7		26		5	%
Noninterest expense	297			301			300			292			270			(4)		(1)		27		10	%
Pre-provision net revenue3	282			238			263			265			283			44		18		(1)		—	%
Provision for credit losses	52			(30)			(60)			(52)			(88)			82		NM		140		NM
Income before income tax expense	230			269			323			317			371			(39)		(14)		(141)		(38)	%
Income tax expense	54			63			75			74			87			(9)		(14)		(33)		(38)	%
Net income	$	176		$	206		$	248		$	243		$	284				(15)	%			(38)	%
Average Balances (billions)
Total loans and leases	$	39.2		$	38.0		$	37.7		$	38.5		$	40.0				3	%			(2)	%
Interest-earning assets	39.2			38.0			37.8			38.5			40.0			1.2		3		(0.8)		(2)
Total assets	42.0			40.5			40.0			40.9			42.4			1.5		4		(0.4)		(1)
Total deposits	64.6			66.6			66.7			65.6			65.1			(2.0)		(3)		(0.5)		(1)
Key Metrics
Net interest margin6	4.78		%	4.56		%	4.75		%	4.60		%	4.47		%	22	bp			31	bp
Efficiency ratio	51.32		%	55.81		%	53.25		%	52.41		%	48.80		%	(449)	bp			252	bp
Loans-to-deposits ratio (period-end balances)	62.78		%	57.47		%	56.03		%	57.27		%	59.82		%	531	bp			296	bp
Loans-to-deposits ratio (average-end balances)	60.71		%	56.97		%	56.58		%	58.78		%	61.48		%	374	bp			(77)	bp
Return on average assets (annualized)	1.68		%	2.06		%	2.46		%	2.36		%	2.69		%	(38)	bp			(101)	bp
Return on allocated equity7	20.00		%	26.77		%	27.32		%	27.44		%	31.80		%	(677)	bp			(1,180)	bp
Financial center locations	417			417			427			438			490			—		—	%	(73)		(15)	%

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

																2Q22 Change vs.
	2Q22			1Q22			4Q21			3Q21			2Q21			1Q22				2Q21
																/bp		%		/bp		%
Income Statement (millions)
Net interest income	$	141		$	144		$	154		$	154		$	153				(2)	%			(8)	%
Noninterest income	96			105			120			142			150			(9)		(9)		(54)		(36)
Total revenue	237			250			274			295			303			(13)		(5)		(66)		(22)
Noninterest expense	116			136			128			138			145			(20)		(15)		(29)		(20)
Pre-provision net revenue3	121			113			146			157			157			8		7		(36)		(23)
Provision for credit losses	(18)			(2)			(3)			(33)			(21)			(16)		NM		3		14
Income before income tax expense	139			116			149			190			178			23		20		(39)		(22)
Income tax expense	34			28			36			46			43			6		21		(9)		(21)
Net income	$	105		$	87		$	113		$	144		$	135				21	%			(22)	%
Average Balances (billions)
Total loans and leases	$	15.8		$	15.5		$	16.3		$	16.3		$	16.0				2	%			(1)	%
Interest-earning assets	19.1			19.0			19.8			19.2			18.8			0.1		—		0.3		1
Total assets	20.2			20.2			21.0			20.5			20.1			—		—		0.1		1
Total deposits	6.3			6.5			6.7			6.2			5.5			(0.2)		(3)		0.8		15
Key Metrics
Fixed income product average daily revenue (thousands)	$	612		$	987		$	1,123		$	1,323		$	1,425				(38)	%			(57)	%
Net interest margin6	2.97		%	3.07		%	3.10		%	3.18		%	3.26		%	(10)	bp			(29)	bp
Efficiency ratio	48.98		%	54.65		%	46.74		%	46.83		%	48.00		%	(567)	bp			98	bp
Loans-to-deposits ratio (period-end balances)	268		%	256		%	264		%	274		%	308		%	1,225	bp			(3,989)	bp
Loans-to-deposits ratio (average-end balances)	250		%	239		%	245		%	266		%	293		%	1,073	bp			(4,258)	bp
Return on average assets (annualized)	2.09		%	1.75		%	2.14		%	2.79		%	2.69		%	34	bp			(60)	bp
Return on allocated equity7	25.50		%	22.68		%	27.87		%	32.19		%	29.75		%	282	bp			(425)	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. 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

											2Q22 Change vs.
	2Q22		1Q22		4Q21		3Q21		2Q21		1Q22			2Q21
												%			%
Income Statement (millions)
Net interest income/(expense)	$	(64)	$	(91)	$	(104)	$	(106)	$	(100)		30	%		36	%
Noninterest income	(8)		9		11		(8)		25		(17)	NM		(33)	(132)
Total revenues	(73)		(82)		(93)		(114)		(74)		9	11		1	1
Noninterest expense	76		55		100		95		82		21	38		(6)	(7)
Pre-provision net revenue3	(148)		(137)		(193)		(210)		(157)		(11)	(8)		9	6
Provision for credit losses	(4)		(7)		(2)		—		(6)		3	43		2	33
Income before income tax expense	(145)		(130)		(191)		(210)		(151)		(15)	(12)		6	4
Income tax expense (benefit)	(40)		(34)		(59)		(57)		(42)		(6)	(18)		2	5
Net income/(loss)	$	(105)	$	(96)	$	(132)	$	(153)	$	(109)		(9)	%		4	%
Average Balance Sheet (billions)
Interest bearing assets	$	21.5	$	25.2	$	25.0	$	24.0	$	22.1		(15)	%		(3)	%
Total assets	24.1		27.8		27.9		27.0		25.1		(3.7)	(13)		(1.0)	(4)	%

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.

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

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)	2Q22			1Q22			4Q21			3Q21			2Q21
Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$	8,551		$	8,696		$	8,494		$	8,533		$	8,566
Less: Noncontrolling interest (a)	295			295			295			295			295
Less: Preferred stock (a)	1,014			1,014			520			520			520
(B) Total common equity	$	7,242		$	7,387		$	7,679		$	7,717		$	7,750
Less: Intangible assets (GAAP) (b)	1,782			1,795			1,808			1,822			1,836
(C) Tangible common equity (Non-GAAP)	$	5,459		$	5,592		$	5,871		$	5,895		$	5,914
Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$	85,132		$	88,660		$	89,092		$	88,537		$	87,908
Less: Intangible assets (GAAP) (b)	1,782			1,795			1,808			1,822			1,836
(E) Tangible assets (Non-GAAP)	$	83,350		$	86,865		$	87,284		$	86,715		$	86,072
Period-end Shares Outstanding
(F) Period-end shares outstanding	536			535			534			542			551
Ratios
(A)/(D) Total equity to total assets (GAAP)	10.04		%	9.81		%	9.53		%	9.64		%	9.74		%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	6.55		%	6.44		%	6.73		%	6.80		%	6.87		%
(B)/(F) Book value per common share (GAAP)	$	13.50		$	13.82		$	14.39		$	14.24		$	14.07
(C)/(F) Tangible book value per common share (Non-GAAP)	$	10.18		$	10.46		$	11.00		$	10.88		$	10.74

(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
	2Q22						1Q22						4Q21						3Q21						2Q21
($s in millions, except per share data)	GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP
Interest income - FTE	$	583	$	3	$	586	$	510	$	3	$	513	$	531	$	3	$	534	$	533	$	3	$	536	$	542	$	3	$	545
Interest expense- FTE	41		—		41		31		—		31		33		—		33		41		—		41		45		—		45
Net interest income- FTE	542		3		545		479		3		482		498		3		502		492		3		495		497		3		500
Less: Taxable-equivalent adjustment	—		3		3		—		3		3		—		3		3		—		3		3		—		3		3
Net interest income	542		—		542		479		—		479		498		—		498		492		—		492		497		—		497
Noninterest income:
Fixed income	51		—		51		73		—		73		82		—		82		96		—		96		102		—		102
Mortgage banking and title	34		(12)		22		22		—		22		28		—		28		34		—		34		38		—		38
Brokerage, trust, and insurance	36		—		36		37		—		37		36		—		36		37		—		37		35		—		35
Service charges and fees	57		—		57		57		—		57		56		—		56		56		—		56		54		—		54
Card and digital banking fees	23		—		23		20		—		20		19		—		19		21		—		21		21		—		21
Deferred compensation income	(17)		—		(17)		(4)		—		(4)		—		—		—		3		—		3		7		—		7
Other noninterest income	16		—		15		24		(6)		18		25		—		25		(1)		22		21		27		2		29
Total noninterest income	201		(13)		188		229		(6)		223		247		—		246		247		22		268		285		2		287
Total revenue	743		(13)		730		707		(6)		702		745		—		745		738		22		760		781		2		784
Noninterest expense:
Personnel expense:
Salaries and benefits	190		1		191		190		(2)		188		190		—		189		191		—		191		191		—		191
Incentives and commissions	93		(22)		71		94		(2)		92		93		(9)		84		101		(10)		92		109		(16)		93
Deferred compensation expense	(18)		—		(18)		(5)		—		(5)		7		(6)		1		4		—		4		6		—		6
Total personnel expense	265		(21)		244		280		(4)		275		290		(16)		274		296		(10)		286		306		(16)		290
Occupancy and equipment	73		(1)		72		72		—		72		74		—		73		75		(1)		74		75		—		75
Outside services	70		(9)		61		84		(25)		59		81		(15)		66		89		(24)		65		63		(6)		56
Amortization of intangible assets	13		(1)		12		13		(1)		12		14		(1)		13		14		(1)		13		14		(1)		13
Other noninterest expense	68		(18)		50		44		(7)		37		70		(23)		46		52		(10)		42		40		(9)		31
Total noninterest expense	489		(50)		438		493		(37)		455		528		(54)		474		526		(46)		480		497		(32)		465
Pre-provision net revenue	255		38		293		215		32		246		217		54		271		213		68		281		284		34		318
Provision for credit losses	30		—		30		(40)		—		(40)		(65)		—		(65)		(85)		—		(85)		(115)		—		(115)
Income before income taxes	225		38		263		255		32		286		282		54		336		298		68		365		399		34		433
Provision for income taxes	48		9		57		57		7		64		53		13		65		63		17		80		88		8		96
Net income	177		29		205		198		24		222		229		41		271		235		51		286		311		26		337
Net income attributable to noncontrolling interest	3		—		3		3		—		3		3		—		3		3		—		3		3		—		3
Net income attributable to controlling interest	174		29		202		195		24		219		227		41		268		232		51		283		308		26		334
Preferred stock dividends	8		—		8		8		—		8		8		—		8		8		—		8		13		—		13
Net income available to common shareholders	$	166	$	29	$	195	$	187	$	24	$	211	$	219	$	41	$	260	$	224	$	51	$	275	$	295	$	26	$	321
Common Stock Data
EPS	$	0.31	$	(0.05)	$	0.36	$	0.35	$	(0.05)	$	0.40	$	0.41	$	(0.08)	$	0.48	$	0.41	$	(0.09)	$	0.50	$	0.54	$	(0.05)	$	0.58
Basic shares	535				535		533				533		537				537		546				546		550				550
Diluted EPS	$	0.29	$	(0.05)	$	0.34	$	0.34	$	(0.04)	$	0.38	$	0.40	$	(0.08)	$	0.48	$	0.41	$	(0.09)	$	0.50	$	0.53	$	(0.05)	$	0.58
Diluted shares8	569				569		550				550		542				542		550				550		556				556
Memo:
Total Revenue-FTE (Non-GAAP)	$	743	$	(10)	$	733	$	707	$	3	$	704	$	745	$	3	$	748	$	738	$	24	$	763	$	781	$	5	$	787
PPNR-FTE (Non-GAAP)	$	255	$	39	$	295	$	215	$	34	$	249	$	217	$	58	$	274	$	213	$	71	$	283	$	284	$	37	$	321

Amounts adjusted for notable items as detailed on page 9.

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(s in millions, except per share data)	2Q22			1Q22			4Q21			3Q21			2Q21
Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)	$	166		$	187		$	219		$	224		$	295
Plus Tax effected notable items (Non-GAAP) (a)	29			24			41			51			26
Adjusted net income available to common shareholders (Non-GAAP)	$	195		$	211		$	260		$	275		$	321
Diluted Shares (GAAP)8	569			550			542			550			556
Diluted EPS (GAAP)	$	0.29		$	0.34		$	0.40		$	0.41		$	0.53
Adjusted diluted EPS (Non-GAAP)	$	0.34		$	0.38		$	0.48		$	0.50		$	0.58
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)	$	177		$	198		$	229		$	235		$	311
Plus Tax effected notable items (Non-GAAP) (a)	29			24			41			51			26
Adjusted NI (Non-GAAP)	$	205		$	222		$	271		$	286		$	337
NI (annualized) (GAAP)	$	709		$	801		$	910		$	931		$	1,247
Adjusted NI (annualized) (Non-GAAP)	$	823		$	900		$	1,074		$	1,133		$	1,353
Average assets (GAAP)	$	86,326		$	88,587		$	89,025		$	88,401		$	87,559
ROA (GAAP)	0.82		%	0.90		%	1.02		%	1.05		%	1.42		%
Adjusted ROA (Non-GAAP)	0.95		%	1.02		%	1.21		%	1.28		%	1.54		%
Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE
Net income available to common shareholders ("NIAC") (GAAP)	$	666		$	756		$	868		$	887		$	1,182
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)	$	781		$	855		$	1,032		$	1,089		$	1,288
Average Common Equity (GAAP)	$	7,305		$	7,628		$	7,710		$	7,761		$	7,651
Intangible Assets (GAAP) (b)	1,789			1,802			1,815			1,829			1,843
Average Tangible Common Equity (Non-GAAP)	$	5,516		$	5,826		$	5,895		$	5,932		$	5,808
ROCE (GAAP)	9.12		%	9.92		%	11.26		%	11.43		%	15.45		%
ROTCE (Non-GAAP)	12.07		%	12.98		%	14.72		%	14.95		%	20.36		%
Adjusted ROTCE (Non-GAAP)	14.15		%	14.68		%	17.51		%	18.36		%	22.18		%

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)		2Q22			1Q22			4Q21			3Q21			2Q21
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	k	$	201		$	229		$	247		$	247		$	285
Plus notable items (GAAP) (a)		(13)			(6)			—			22			2
Adjusted noninterest income (Non-GAAP)	l	$	188		$	223		$	246		$	268		$	287
Revenue (GAAP)	m	$	743		$	707		$	745		$	738		$	781
Taxable-equivalent adjustment		3			3			3			3			3
Revenue- Taxable-equivalent (Non-GAAP)		746			710			748			741			784
Plus notable items (GAAP) (a)		(13)			(6)			—			22			2
Adjusted revenue (Non-GAAP)	n	$	733		$	704		$	748		$	763		$	787
Noninterest income as a % of total revenue (GAAP)	k/m	27.06		%	32.31		%	33.10		%	33.39		%	36.43		%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	l/n	25.68		%	31.63		%	32.95		%	35.14		%	36.49		%
Adjusted Efficiency Ratio
Noninterest expense (GAAP)	o	$	489		$	493		$	528		$	526		$	497
Plus notable items (GAAP) (a)		(50)			(37)			(54)			(46)			(32)
Adjusted noninterest expense (Non-GAAP)	p	$	438		$	455		$	474		$	480		$	465
Revenue (GAAP)	q	$	743		$	707		$	745		$	738		$	781
Taxable-equivalent adjustment		3			3			3			3			3
Revenue- Taxable-equivalent (Non-GAAP)		746			710			748			741			784
Plus notable items (GAAP) (a)		(13)			(6)			—			22			2
Adjusted revenue (Non-GAAP)	r	$	733		$	704		$	748		$	763		$	787
Efficiency ratio (GAAP)	o/q	65.76		%	69.66		%	70.88		%	71.21		%	63.67		%
Adjusted efficiency ratio (Non-GAAP)	p/r	59.79		%	64.64		%	63.31		%	62.87		%	59.17		%

(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)
		2Q22 vs 1Q22
NII/NIM Analysis		%		NIM
2Q22 Reported (FTE)	545			2.74	%
Less: non-core items
PPP coupon income and fees				0.02
Loan Accretion				0.08
IBKC Premium Amortization				(0.04)
2Q22 Core (FTE) (Non-GAAP)	532	15	%	2.69	%
1Q22 Reported (FTE)	482			2.37	%
Less: non-core items
PPP coupon income and fees				0.04
Loan Accretion				0.09
IBKC Premium Amortization				(0.05)
1Q22 Core (FTE) (Non-GAAP)	462			2.29	%
Less: day count impact				—
1Q22 Core (FTE) ex. day count	469			2.29	%

All values are in US Dollars.

Numbers may not foot due to rounding.

	Period-end							Average
($s in millions)	2Q22		1Q22		2Q22 vs 1Q22			2Q22		1Q22		2Q22 vs 1Q22
Loans excluding LMC & PPP						%							%
Total C& I excl. LMC & PPP	$	27,459	$	26,262		5	%	$	26,993	$	25,749		5	%
Total CRE	12,942		12,487		456	4	%	12,626		12,229		397	3	%
Total Commercial excl. LMC & PPP	40,401		38,749		1,652	4	%	39,619		37,978		1,641	4	%
Total Consumer	12,311		11,727		585	5	%	11,987		11,638		349	3	%
Total Loans excl. LMC & PPP	52,712		50,476		2,236	4	%	51,606		49,616		1,990	4	%
PPP	375		642		(268)	(42)	%	478		815		(336)	(41)	%
LMC	3,441		3,895		(454)	(12)	%	3,492		3,651		(159)	(4)	%
Total Loans	$	56,529	$	55,013		3	%	$	55,576	$	54,082		3	%
Loans excluding PPP
Total Commercial excl. PPP	$	43,842	$	42,642		3	%	$	43,111	$	41,629		4	%
Total Consumer	12,311		11,727		584	5	%	11,987		11,638		349	3	%
Total Loans excl. PPP	$	56,153	$	54,369	1,784	3	%	$	55,098	$	53,267	1,831	3	%
PPP	375		642		(268)	(42)	%	478		815		(336)	(41)	%
Total Loans	$	56,529	$	55,012		3	%	$	55,576	$	54,082	1,494	3	%

All values are in US Dollars.

Numbers may not foot due to rounding.

GLOSSARY OF TERMS

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

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

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

Key Ratios

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

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

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

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

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

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

Asset Quality - Consolidated Key Ratios

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

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

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

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

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

Operating Segments

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

Specialty Banking segment: Consists of lines of business that deliver product offerings and services with specialized industry knowledge. Specialty Banking’s lines of business include asset-based lending, mortgage warehouse lending, commercial real estate, franchise finance, correspondent banking, equipment finance, mortgage, and title insurance. In addition to traditional lending and deposit taking, Specialty Banking also delivers treasury management solutions, loan syndications, 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.

26

a2q22earningsslidesvf

Second Quarter 2022 Earnings July 19, 2022

---

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, 2Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases.

---

3 2Q22 GAAP financial summary1 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q22 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.2Second quarter 2022 includes 27.5 million shares related to the full impact of Series G convertible securities issued in connection with TD transaction; First quarter 2022 includes 9.8 million shares related to the one month average impact of these shares. Reported 2Q22 Change vs. $s in millions except per share data 2Q22 1Q22 4Q21 3Q21 2Q21 1Q22 2Q21 $/bps % $/bps % Net interest income $ 542 $ 479 $ 498 $ 492 $ 497 $ 63 13 % $ 45 9 % Fee income 201 229 247 247 285 (28) (12) % (84) (29) % Total revenue 743 707 745 738 781 36 5 % (38) (5) % Expense 489 493 528 526 497 (4) (1) % (8) (2) % Pre-provision net revenue (PPNR) 255 215 217 213 284 40 19 % (29) (10) % Provision for credit losses 30 (40) (65) (85) (115) 70 NM 145 126 % Pre-tax income 225 255 282 298 399 (30) (12) % (174) (44) % Income tax expense 48 57 53 63 88 (9) (16) % (40) (45) % Net income 177 198 229 235 311 (21) (11) % (134) (43) % Non-controlling interest 3 3 3 3 3 — — % — — % Preferred dividends 8 8 8 8 13 — — % (5) (38) % Net income available to common shareholders (NIAC) $ 166 $ 187 $ 219 $ 224 $ 295 $ (21) (11) % $ (129) (44) % $s in billions Avg loans $ 55.6 $ 54.1 $ 54.7 $ 55.5 $ 56.8 $ 1.5 3 % $ (1.3) (2) % Period-end loans $ 56.5 $ 55.0 $ 54.9 $ 55.4 $ 56.7 $ 1.5 3 % $ (0.2) — % Avg deposits $ 71.9 $ 74.2 $ 74.6 $ 73.7 $ 73.2 $ (2.2) (3) % $ (1.2) (2) % Period-end deposits $ 70.5 $ 74.1 $ 74.9 $ 74.3 $ 73.3 $ (3.6) (5) % $ (2.7) (4) % Key performance metrics Net interest margin (NIM) 2.74 % 2.37 % 2.42 % 2.41 % 2.47 % 37 bps 27 bps Loan to deposit ratio (avg.) 77.3 % 72.9 % 73.3 % 75.3 % 77.7 % 432 bps (43) bps ROCE 9.1 % 9.9 % 11.3 % 11.4 % 15.5 % (80) bps (633) bps ROTCE 12.1 % 13.0 % 14.7 % 15.0 % 20.4 % (91) bps (829) bps ROA 0.8 % 0.9 % 1.0 % 1.1 % 1.4 % (8) bps (60) bps Efficiency ratio 65.8 % 69.7 % 70.9 % 71.2 % 63.7 % (390) bps 209 bps FTEs 7,627 7,900 7,863 7,982 8,145 (273) (3) % (518) (6) % CET1 ratio 9.8 % 10.0 % 9.9 % 10.1 % 10.3 % (17) bps (48) bps Effective tax rate 21.3 % 22.4 % 18.6 % 21.1 % 22.0 % (111) bps (73) bps Per common share Diluted EPS $ 0.29 $ 0.34 $ 0.40 $ 0.41 $ 0.53 $ (0.05) (15) % $ (0.24) (45) % Tangible book value per share $ 10.18 $ 10.46 $ 11.00 $ 10.88 $ 10.74 $ (0.28) (3) % $ (0.56) (5) % Avg. diluted shares outstanding2 569 550 542 550 556 19 3 % 13 2 %

---

4 Table of contents 2Q22 key messages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 2Q22 overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2Q22 notable items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 2Q22 adjusted financial highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 NII and NIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Adjusted fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Adjusted expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Total funding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Asset quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Merger integration update . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Key takeaways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

---

5 Well positioned to benefit given economic recovery and outlook for rates Reflects 2Q22 vs. 1Q22 results. 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q22 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. +15% Core Net Interest Income +4 bps Total Deposit Costs ~$70 million IBKC Merger Annualized Revenue Synergies -16% Adjusted Noninterest Income Adjusted EPS1 $0.34 Adjusted ROTCE1 14.2% TBV $10.18 +7% Commercial Unfunded Commitments +5% C&I Loans ex. PPP & LMC -4% Adjusted Expense +18% Adjusted PPNR +11.8% Asset Sensitive to +100 bp Shock Scenario

---

6 2Q22 robust PPNR muted by higher provision despite continued strong credit Benefits of Diversified Model Solid Returns Strong Credit Quality IBKC Merger Update • Adjusted revenue of $733 million increased $29 million, or 4%, QoQ as strength in NII was partially offset by lower noninterest income largely given macroeconomic impacts – NII up $63 million QoQ reflecting the benefit of 3% loan growth and higher rates – Core NII up 15% with C&I loan growth of 5% ex. PPP and LMC – Fee income down 16% largely reflecting the impact of higher long-term rates and macroeconomic uncertainty and volatility on fixed income and deferred comp • Adjusted expense of $438 million down $17 million, or 4%, QoQ driven by lower personnel costs • PPNR of $295 million up $46 million, or 18%, QoQ • Provision expense of $30 million reflects the impact of loan growth/revised macroeconomic outlook • 2Q22 EPS impacted by suspension of share repurchases and the 17.7 million incremental diluted share impact of 1Q22 preferred issuance related to the proposed TD transaction • Adjusted ROTCE of 14.2% • TBVPS of $10.18 decreased $0.28 driven by a $0.43 reduction tied to MTM losses on the securities portfolio recorded in OCI • Credit remains strong with net charge-offs of 9 bps and NPLs of 53 bps • ACL/NPL coverage improved to 2.34x; ACL/Loans ratio of 1.33% excluding LMC/PPP loans • Expect to deliver ~$200 million of targeted annualized net cost saves by 4Q22 • Achieved $140 million of annualized net cost saves through 2Q22 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. Adjusted EPS of $0.34 and PPNR of $295 million1 Proposed TD Transaction • Expect deal to close in 1Q of TD’s 2023 fiscal year – FHN shareholder approval received on May 31st, 2022 with more than 99% of votes cast in favor – Public meeting with Fed and OCC scheduled for August 18th, 2022 – Regulatory approval applications progressing

---

7 2Q22 notable items1 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted.2Includes pre-closing expenses incurred by IBKC. 2Q22 IBKC merger-related notable items Noninterest expense: Total noninterest expense 13 2Q22 Total IBKC net merger-related notable items $ (13) 2Q22 TD transaction-related items Noninterest expense: Total noninterest expense 25 2Q22 Total TD transaction-related costs $ (25) 2Q22 Other notable items Noninterest income: Mortgage banking and title $ (12) Noninterest expense: Other noninterest expense 12 2Q22 Total other notable items $ — 2Q22 Total notable items (38) Tax impact of 2Q22 notable items 9 After-tax impact of 2Q22 notable items $ (29) EPS impact of 2Q22 notable items $ (0.05) IBKC Cumulative Net Pre-tax Integration Costs Cost to Date Targeted 4Q19 - 1Q222 Purchase Acct. 2Q22 Total Remaining Total $ 388 $ 100 $ 12 $ 501 $20 - $30 $520 - $530 Notable Items ($s in millions, except per share data) GAAP results reduced by $29 million after-tax, or $0.05 per share, of notable items • IBKC merger-related expense of $13 million • TD transaction-related expense of $25 million • Other notable items reflect a $12 million mortgage servicing rights gain and $12 million tied to derivative valuation adjustments related to prior Visa Class-B share sales Pre-tax Notable Items

---

8 • Adjusted EPS of $0.34 vs. $0.38; includes a $0.10 per share reduction tied to a change in provision for credit losses – Adjusted ROTCE of 14.2% and TBV per share of $10.18 • Total revenue up $29 million, or 4% • NII up $63 million, or 13%, given 3% loan growth and benefit of higher rates – Core NII up $70 million, or 15% • Adjusted fee income down 16% largely reflecting declines in fixed income and deferred comp given the impact of higher long-term rates and macroeconomic uncertainty & volatility • Adjusted expense down $17 million, or 4%, driven by lower incentives and commissions and deferred comp • Provision expense of $30 million vs. $40 million provision credit in 1Q22 reflects the impact of loan growth and revised macroeconomic outlook 2Q22 adjusted financial highlights1 2Q22 Change vs. $s in millions except per share data 2Q22 1Q22 2Q21 1Q22 2Q21 $/bps % $/bps % Net Interest Income (FTE) $ 545 $ 482 $ 500 $ 63 13 % $ 45 9 % Fee income 188 223 287 (35) (16) % (99) (34) % Total revenue (FTE) 733 704 787 29 4 % (54) (7) % Expense 438 455 465 (17) (4) % (27) (6) % Pre-provision net revenue 295 249 321 46 18 % (26) (8) % Provision for credit losses 30 (40) (115) 70 NM 145 126 % Net charge-offs 12 10 (10) 3 29 % 22 NM Reserve build/(release) 18 (50) (105) 67 136 % 123 117 % Net income available to common $ 195 $ 211 $ 321 $ (16) (8) % $ (126) (39) % Key performance metrics Fee income as a % of total revenue 25.7 % 31.6 % 36.5 % (595) bps (1,081) bps Efficiency ratio 59.8 % 64.6 % 59.2 % (485) bps 62 bps ROTCE 14.2 % 14.7 % 22.2 % (53) bps (803) bps Diluted EPS $ 0.34 $ 0.38 $ 0.58 $ (0.04) (11) % $ (0.24) (41) % Diluted shares2 569 550 556 19 3 % 13 2 % TBV per share $ 10.18 $ 10.46 $ 10.74 $ (0.28) (3) % $ (0.56) (5) % Effective tax rate 21.7 % 22.5 % 22.2 % (85) bps (50) bps PPNR up 18% driven by strength in NII and lower expense 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q22 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. 2Second quarter 2022 includes 27.5 million shares related to the full impact of Series G convertible securities issued in connection with TD transaction; First quarter 2022 includes 9.8 million shares related to the one month average impact of these shares. 2Q22 vs. 1Q22 Highlights

---

9 NII trends reflect the benefit of rising rates and loan growth 1 $500 $495 $502 $482 $545 $450 $454 $466 $462 $532 2.47% 2.41% 2.42% 2.37% 2.74% Core NII Reported NII Reported NIM 2Q21 3Q21 4Q21 1Q22 2Q22 ($s in millions) FTE NII and NIM Trends Core NIM 2.36% 2.28% 2.28% 2.29% 2.69% 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q22 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. • FTE NII up $63 million, or 13%, and NIM up 37 bps despite a $6 million, or 2 bps, reduction in net merger- related and PPP benefits • Core NII of $532 million up $70 million, or 15% – Benefit of higher rates, loan balances and investment portfolio income partially offset by spread compression – Securities portfolio balances increased 1% to $9.8 billion • Core NIM increased 40 bps to 2.69% – Benefit of higher rates, lower excess cash, improved securities yields and loan growth partially offset by the impact of higher funding costs and spread compression – Period-end excess cash of $8.7 billion decreased from $12.7 billion in 1Q22 2Q22 vs. 1Q22 $s in millions NII NIM 1Q22 Reported 482 2.37 % PPP coupon income and fees 12 0.04 % Net merger-related impacts 8 0.04 % 1Q22 Core $ 462 2.29 % Loan balances & rates/spreads 52 0.21 % Securities portfolio & cash 21 0.22 % Day count & other 7 0.02 % Funding costs (9) (0.05) % 2Q22 Core $ 532 2.69 % PPP coupon income and fees 7 0.02 % Net merger-related impacts 6 0.04 % 2Q22 Reported $ 545 2.74 % Results reflect higher investment portfolio income and 5% C&I loan growth ex. PPP and LMC 2Q22 vs. 1Q22 Highlights

---

10 • Adjusted fee income decreased $35 million, or 16%, driven by a reduction in fixed income, deferred comp and other noninterest income • Fixed income decreased $22 million reflecting the impact of higher long-term rates and macroeconomic uncertainty & volatility; ADR of $612 thousand • Mortgage banking and title fees were stable as the impact of lower mortgage origination volume given the higher long-term rates and continued mix shift toward portfolio loans was offset by an increase in title • Deferred compensation down $13 million • Card and digital banking fees improved $3 million largely reflecting the impact of rebate benefits, seasonality, and methodology changes following conversion • Other noninterest income down $3 million driven by lower swap-related income Adjusted fee income trends impacted by higher rates and macro volatility1 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q22 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. 2Q22 Change vs. $s in millions 2Q22 1Q22 4Q21 3Q21 2Q21 1Q22 2Q21 $/bps % $/bps % Fixed income $ 51 $ 73 $ 82 $ 96 $ 102 $(22) (30) % $(51) (50) % Service charges and fees 57 57 56 56 54 — — % 3 6 % Mortgage banking & title 22 22 28 34 38 — — % (16) (42) % Brokerage, trust, and insurance 36 37 36 37 35 (1) (3) % 1 3 % Card and digital banking fees 23 20 19 21 21 3 15 % 2 10 % Deferred compensation income (17) (4) — 3 7 (13) NM (24) NM Other noninterest income 15 18 25 21 29 (3) (17) % (14) (48) % Total fee income $ 188 $ 223 $ 246 $ 268 $ 287 $(35) (16) % $(99) (34) % Key Metrics Fixed Income Average Daily Revenue (ADR) $ 0.6 $ 1.0 $ 1.1 $ 1.3 $ 1.4 $ (0.4) (38) % $ (0.8) (57) % Mortgage banking Originations Secondary $ 467 $ 533 $ 706 $ 772 $ 998 $ (66) (12) % $ 531 (53) % Portfolio $ 1,120 $ 801 $ 874 $ 829 $ 791 $ 319 40 % $ (329) 42 % Total $ 1,578 $ 1,334 $ 1,580 $ 1,601 $ 1,789 $ 244 18 % $ 211 (12) % Gain on sale spread 2.41 % 2.65 % 2.98 % 2.91 % 3.19 % (24) bps (78) bps Mix Purchase 80 % 61 % 51 % 56 % 65 % Refinance 20 % 39 % 49 % 44 % 35 % Results driven by declines in fixed income and deferred comp 2Q22 vs. 1Q22 Highlights

---

11 Adjusted expense down 4% driven by lower personnel costs 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q22 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 $438 million decreased $17 million, or 4%, largely as lower personnel costs were partially offset by an increase in other noninterest expense – $6 million benefit tied to incremental merger cost saves • Personnel expense down $31 million – Salaries and benefits up modestly largely as the benefit of lower FICA taxes and merger saves was partially offset by the incremental impact of 1Q22 merit increases, day count, FHN-announced minimum wage increase to $18/hr and seasonally higher medical and profit-sharing costs – Incentives and commissions down $21 million largely reflecting reduced revenue-based incentives • Outside services up $2 million • Other noninterest expense increased $13 million largely reflecting a reduction in internal labor charged to IBKC merger as well as the impact of higher fraud losses, travel and entertainment, FDIC insurance and customer relations costs 2Q22 Change vs. $s in millions 2Q22 1Q22 4Q21 3Q21 2Q21 1Q22 2Q21 $/bps % $/bps % Salaries and benefits $ 190 $ 188 $ 189 $ 191 $ 191 $ 2 1 % $ (1) (1) % Incentives and commissions 71 92 84 92 93 (21) (23) % (22) (24) % Deferred compensation expense (18) (5) 1 4 6 (13) NM (24) NM Total personnel expense 244 275 274 286 290 (31) (11) % (46) (16) % Occupancy and equipment 72 72 73 74 75 — — % (3) (4) % Outside services 61 59 66 65 56 2 3 % 5 9 % Amortization of intangible assets 12 12 13 13 13 — — % (1) (8) % Other noninterest expense 50 37 46 42 31 13 35 % 19 61 % Total noninterest expense $ 438 $ 455 $ 474 $ 480 $ 465 $ (17) (4) % $ (27) (6) % Full-time equivalent associates 7,627 7,900 7,863 7,982 8,145 (273) (3) % (518) (6) % Results largely reflect lower revenue-based incentives and commissions and deferred comp 2 2Q22 vs. 1Q22 Highlights

---

12 • Loans of $55.6 billion up $1.5 billion on a 3% increase in commercial and consumer – C&I loan growth ex. PPP & LMC up 5% driven by Texas, Florida, Tennessee, and Georgia – Total core loan yields expanded 27 bps • Period-end loans of $56.5 billion up $1.5 billion, or 3%, driven by a $933 million, or 2%, increase in commercial and $584 million, or 5%, increase in consumer – $2.2 billion, or 4%, increase in loans before the impact of PPP and LMC – C&I loan growth ex. PPP & LMC up 5% driven by Florida, Corporate Banking, Mid-Atlantic and Georgia – Unfunded commitments increased 6% 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Utilization rates exclude Loans to Mortgage Companies. Period-end commercial line utilization2 3Q21 4Q21 1Q22 2Q22 Utilization % 44% 42% 41% 41% $56.7B $55.0B $56.5B $55.5B $54.7B $54.1B $55.6B 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) 2Q21 . . . . 1Q22 2Q22 3Q21 4Q21 1Q22 2Q22 Loan trends 23% 49% 2% 20% 6% 19% 1% 2% 43% 22% 8% 5% 3Q21 4Q21 1Q22 2Q22 Yields 3.47% 3.45% 3.34% 3.57% Core yields 3.25% 3.20% 3.16% 3.43% Avg 1M LIBOR 0.09% 0.09% 0.22% 0.99% Period-end Average Total loan growth of 3%1 45% 22% 20% 2% 3% 9% C&I ex PPP & LMC up 5% QoQ 2Q22 vs. 1Q22 Highlights 49% 23% 20% 2% 1% 6% 42% 22% 19% 2% 9% 48% 23% 20% 2% 2% 7% 23% 48% 2% 20% 7% 1%7%

---

13 Demand Deposit Accounts (DDA) Savings Time deposits Other interest-bearing deposits 2Q21 . . . . . 1Q22 2Q22 3Q21 4Q21 1Q22 2Q22 Deposit costs reflect pricing discipline and impact of rising rates1 Interest-bearing liabilities & DDA trends • Average deposits of $71.9 billion decreased $2.2 billion, or 3%, driven by a $2.1 billion decrease in interest-bearing deposits – Period-end deposits of $70.5 billion decreased $3.6 billion with a $2.6 billion decrease in interest-bearing and a $937 million decrease in DDA • Deposit costs of 10 bps increased 4 bps – Interest-bearing deposit costs of 16 bps increased 6 bps despite 77 bp increase in average LIBOR – Interest-bearing deposit betas of 10% in the quarter • Total funding costs of 22 bps increased 6 bps given higher rates 36% 33% 4% 27% 35% 35% 5% 25% 36% 34% 4% 26% 3Q21 4Q21 1Q22 2Q22 Deposit cost of funds 11 bps 7 bps 6 bps 10 bps Total cost of funds 21 bps 16 bps 16 bps 22 bps Avg 1M LIBOR 0.09% 0.09% 0.22% 0.99% 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q22 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. Improved deposit mix with interest-bearing deposits down $2.1 billion 36% 34% 5% 26% 36% 33% 4% 27% Period-end Average 2Q22 vs. 1Q22 Highlights 33% 35% 6% 26% 37% 33% 4% 27% $75.8B $78.4B$79.0B$78.4B $74.5B $77.9B$77.7B

---

14 Continued strong credit quality 1Net charge-off % is annualized and as % of average loans. $890 $802 $736 $686 $704 1.57% 1.45% 1.34% 1.25% 1.24% 259% 231% 267% 207% 234% ACL ACL/Loans ACL/NPLs 2Q21 3Q21 4Q21 1Q22 2Q22 Allowance for credit losses (ACL) Non-performing loans (NPLs) $344 $347 $275 $332 $301 0.61% 0.63% 0.50% 0.60% 0.53% NPLs $ NPLs % 2Q21 3Q21 4Q21 1Q22 2Q22 • Net charge-offs of $12 million remained relatively stable • NPL ratio of 53 bps decreased 7 bps • ACL coverage ratio of 1.24% vs. 1.25%; ACL coverage ex. LMC and PPP of 1.33% • 234% ACL coverage of NPLs • Provision expense of $30 million compared with a $40 million provision credit in 1Q22 – $18 million reserve build reflects the impact of loan growth and revised macroeconomic outlook 1 $(10) $3 $1 $10 $12 $(115) $(85) $(65) $(40) $30 (0.07)% 0.02% 0.01% 0.07% 0.09% NCOs Provision for credit losses NCO% 2Q21 3Q21 4Q21 1Q22 2Q22 Reserve build reflects the impact of loan growth and revised macroeconomic outlook 2Q22 vs. 1Q22 Highlights ($s in millions) Provision, credit losses, and net charge-offs

---

15 2Q21 3Q22 4Q22 1Q22 #VALUE! CET1 ratio Tier 1 capital ratio Total capital ratio 2Q21 3Q21 4Q21 1Q22 2Q22 Strong capital position1 Capital levels 11.4% 13.1% 12.6% 11.2% 12.3% 11.0% 13.2% 11.8% 13.0% 11.6% Tangible book value per share 10.0% 0.33% (0.33)% (0.13)% (0.04)% 9.8% 1Q22 actual Adjusted NIAC and other Loans/ unfunded commitments growth Common Dividend Notable Items 2Q22 estimate $10.46 $0.39 $(0.43) $(0.15) $(0.05) $(0.03) $10.18 1Q22 actual Adjusted NIAC, net of change in Intangibles AFS Securities MTM Common Dividends Notable Items Other 2Q22 actual • TBVPS of $10.18 decreased 3% driven by a $0.43 reduction tied to MTM valuation adjustments on securities • CET1 ratio remained strong at 9.8% – The benefit of NIAC more than offset by a reduction tied to growth in loans and unfunded commitments and common dividends • Total capital of 12.95% vs. 13.18% in 1Q21 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q22 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. 2Q22 vs. 1Q22 CET1 ratio 10.3% 10.1% 9.9% 10.0% 9.8% 2Q22 vs. 1Q22 Highlights

---

16 IBKC Merger • Successfully completed systems and signage conversion • Remain on track to meet annualized cost saves target by 4Q22 Proposed Acquisition by TD • Expect deal to close in 1Q of TD’s 2023 fiscal year – FHN shareholder approval received on May 31st, 2022 with more than 99% of votes cast in favor – Public meeting with Fed and OCC scheduled for August 18th, 2022 – Applications for regulatory approvals progressing • Launched Integration Management Office and development of plans for legal day one are underway • Current focus on talent identification and retention – Retention programs established IBKC merger integration and TD acquisition update IBKC Merger Highlights Targeting annualized cost saves of ~$200 million by 4Q22 Achieved ~$35 million of savings in 2Q22 ~$70 million of identified annualized revenue synergies largely tied to commercial loans Additional synergies tied to debt capital markets, mortgage and private client/wealth In Period Savings Actual Estimated 2021 2022 ~$92mm ~$160mm Annualized Run-Rate Savings Actual Estimated 1Q22 2Q22 4Q22 ~$116mm ~$140mm ~$200mm

---

17 Focused on driving enhanced value • Focused on driving enhanced value for our associates, clients, communities and shareholders as we plan to join forces with TD • Deliver further benefits of diversified business model through revenue synergies and loan growth – Leverage benefits of MOE integrated systems and product set to serve clients – Drive continuous improvement in productivity and efficiency beyond the integration • Actively manage balance sheet and maintain excellent credit quality – Continue to improve overall balance sheet asset and funding mix – Maintain strong risk management practices

---

APPENDIX 18

---

19 NII accretion schedule & NII/NIM reconciliation to GAAP financials Estimated IBKC Securities Premium Amortization1 Estimated IBKC Loan Accretion Estimated Loan Accretion - Other Acquisitions $s in millions $s in millions $s in millions 3Q22 $ (8) 3Q22 $ 12 3Q22 $ 3 4Q22 $ (7) 4Q22 $ 10 4Q22 $ 3 2023 and beyond $ (70) 2023 and beyond $ 50 2023 and beyond $ 8 1Estimated based on market rates and prepayment assumptions as of 6/30/2022. 2Q21 Reported to Core Reconciliation $s in millions NII NIM 2Q21 Reported (FTE) $ 500 2.47 % Less: non-core items PPP coupon income and fees 35 0.03 Time Deposit Amortization 1 — Loan Accretion 25 0.14 IBKC Premium Amortization (12) (0.06) 2Q21 Core (FTE) $ 450 2.36 % 3Q21 Reported to Core Reconciliation $s in millions NII NIM 3Q21 Reported (FTE) $ 495 2.41 % Less: non-core items PPP coupon income and fees 32 0.07 Loan Accretion 20 0.10 IBKC Premium Amortization (12) (0.06) 3Q21 Core (FTE) $ 454 2.28 % 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 % 4Q21 Reported to Core Reconciliation $s in millions NII NIM 4Q21 Reported (FTE) $ 502 2.42 % Less: non-core items PPP coupon income and fees 30 0.10 Loan Accretion 15 0.08 IBKC Premium Amortization (10) (0.05) 4Q21 Core (FTE) $ 466 2.28 % 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 %

---

20 Notable Items ($s in millions except per share data) Favorable / (Unfavorable) (In millions, except per share data) 2Q22 1Q22 4Q21 3Q21 2Q21 Noninterest income: Gain on mortgage servicing rights (mortgage banking and title) $ (12) $ — $ — $ — $ — Purchase accounting gain (other noninterest income)1 — — — — 2 Retirement of legacy IBKC TruPS (other noninterest income) — — 3 23 — Branch sale gain (other noninterest income) — — (4) (2) — Gain on fintech investment (other noninterest income) — (6) — — — Total noninterest income (12) (6) — 22 2 Noninterest expense: Salaries and benefits 1 (2) — — — Incentives and commissions (22) (2) (9) (10) (16) Deferred compensation expense — — (6) — — Total personnel expenses (21) (4) (16) (10) (16) Occupancy and equipment (1) — — (1) — Outside services (9) (25) (15) (24) (6) Amortization of intangible assets (1) (1) (1) (1) (1) Other noninterest expense (18) (7) (23) (10) (9) Total noninterest expense (50) (37) (54) (46) (32) Income before income taxes 38 32 54 68 34 Tax impact of notable items 9 7 13 17 8 After-tax impact of notable items $ 29 $ 24 $ 41 $ 51 $ 26 EPS impact of notable items $ (0.05) $ (0.04) $ (0.08) $ (0.09) $ (0.05) Diluted shares 569 550 542 550 556 1Purchase accounting gain is non-taxable income.

---

21 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. Adjusted FHN historical quarterly income statements 2Q22 1Q22 4Q21 3Q21 2Q21 ($s in millions, except per share data) GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP Interest income - FTE $ 583 $ 3 $ 586 $ 510 $ 3 $ 513 $ 531 $ 3 $ 534 $ 533 $ 3 $ 536 $ 542 $ 3 $ 545 Interest expense- FTE 41 — 41 31 — 31 33 — 33 41 — 41 45 — 45 Net interest income- FTE 542 3 545 479 3 482 498 3 502 492 3 495 497 3 500 Less: Taxable-equivalent adjustment — 3 3 — 3 3 — 3 3 — 3 3 — 3 3 Net interest income 542 — 542 479 — 479 498 — 498 492 — 492 497 — 497 Noninterest income: Fixed income 51 — 51 73 — 73 82 — 82 96 — 96 102 — 102 Mortgage banking and title 34 (12) 22 22 — 22 28 — 28 34 — 34 38 — 38 Brokerage, trust, and insurance 36 — 36 37 — 37 36 — 36 37 — 37 35 — 35 Service charges and fees 57 — 57 57 — 57 56 — 56 56 — 56 54 — 54 Card and digital banking fees 23 — 23 20 — 20 19 — 19 21 — 21 21 — 21 Deferred compensation income (17) — (17) (4) — (4) — — — 3 — 3 7 — 7 Other noninterest income 16 — 15 24 (6) 18 25 — 25 (1) 22 21 27 2 29 Total noninterest income 201 (13) 188 229 (6) 223 247 — 246 247 22 268 285 2 287 Total revenue 743 (13) 730 707 (6) 702 745 — 745 738 22 760 781 2 784 Noninterest expense: Personnel expense: Salaries and benefits 190 1 191 190 (2) 188 190 — 189 191 — 191 191 — 191 Incentives and commissions 93 (22) 71 94 (2) 92 93 (9) 84 101 (10) 92 109 (16) 93 Deferred compensation expense (18) — (18) (5) — (5) 7 (6) 1 4 — 4 6 — 6 Total personnel expense 265 (21) 244 280 (4) 275 290 (16) 274 296 (10) 286 306 (16) 290 Occupancy and equipment 73 (1) 72 72 — 72 74 — 73 75 (1) 74 75 — 75 Outside services 70 (9) 61 84 (25) 59 81 (15) 66 89 (24) 65 63 (6) 56 Amortization of intangible assets 13 (1) 12 13 (1) 12 14 (1) 13 14 (1) 13 14 (1) 13 Other noninterest expense 68 (18) 50 44 (7) 37 70 (23) 46 52 (10) 42 40 (9) 31 Total noninterest expense 489 (50) 438 493 (37) 455 528 (54) 474 526 (46) 480 497 (32) 465 Pre-provision net revenue 255 38 293 215 32 246 217 54 271 213 68 281 284 34 318 Provision for credit losses 30 — 30 (40) — (40) (65) — (65) (85) — (85) (115) — (115) Income before income taxes 225 38 263 255 32 286 282 54 336 298 68 365 399 34 433 Provision for income taxes 48 9 57 57 7 64 53 13 65 63 17 80 88 8 96 Net income 177 29 205 198 24 222 229 41 271 235 51 286 311 26 337 Net income attributable to noncontrolling interest 3 — 3 3 — 3 3 — 3 3 — 3 3 — 3 Net income attributable to controlling interest 174 29 202 195 24 219 227 41 268 232 51 283 308 26 334 Preferred stock dividends 8 — 8 8 — 8 8 — 8 8 — 8 13 — 13 Net income available to common shareholders $ 166 $ 29 $ 195 $ 187 $ 24 $ 211 $ 219 $ 41 $ 260 $ 224 $ 51 $ 275 $ 295 $ 26 $ 321 Common Stock Data EPS $ 0.31 $ (0.05) $ 0.36 $ 0.35 $ (0.05) $ 0.40 $ 0.41 $ (0.08) $ 0.48 $ 0.41 $ (0.09) $ 0.50 $ 0.54 $ (0.05) $ 0.58 Basic shares 535 535 533 533 537 537 546 546 550 550 Diluted EPS $ 0.29 $ (0.05) $ 0.34 $ 0.34 $ (0.04) $ 0.38 $ 0.40 $ (0.08) $ 0.48 $ 0.41 $ (0.09) $ 0.50 $ 0.53 $ (0.05) $ 0.58 Diluted shares 569 569 550 550 542 542 550 550 556 556 Memo: Total Revenue-FTE (Non-GAAP) $ 743 $ (10) $ 733 $ 707 $ 3 $ 704 $ 745 $ 3 $ 748 $ 738 $ 24 $ 763 $ 781 $ 5 $ 787 PPNR-FTE (Non-GAAP) 255 39 295 215 34 249 217 58 274 213 71 283 284 37 321

---

22 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. ($s in millions, except per share data) 2Q22 1Q22 4Q21 3Q21 2Q21 Tangible Common Equity (Non-GAAP) (A) Total equity (GAAP) $ 8,551 $ 8,696 $ 8,494 $ 8,533 $ 8,566 Less: Noncontrolling interest 295 295 295 295 295 Less: Preferred stock 1,014 1,014 520 520 520 (B) Total common equity $ 7,242 $ 7,387 $ 7,679 $ 7,717 $ 7,750 Less: Intangible assets (GAAP) 1,782 1,795 1,808 1,822 1,836 (C) Tangible common equity (Non-GAAP) $ 5,459 $ 5,592 $ 5,871 $ 5,895 $ 5,914 Tangible Assets (Non-GAAP) (D) Total assets (GAAP) $ 85,132 $ 88,660 $ 89,092 $ 88,537 $ 87,908 Less: Intangible assets (GAAP) 1,782 1,795 1,808 1,822 1,836 (E) Tangible assets (Non-GAAP) $ 83,350 $ 86,865 $ 87,284 $ 86,715 $ 86,072 Period-end Shares Outstanding (F) Period-end shares outstanding 536 535 534 542 551 Ratios (A)/(D) Total equity to total assets (GAAP) 10.04 % 9.81 % 9.53 % 9.64 % 9.74 % (C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) 6.55 % 6.44 % 6.73 % 6.80 % 6.87 % (B)/(F) Book value per common share (GAAP) $ 13.50 $ 13.82 $ 14.39 $ 14.24 $ 14.07 (C)/(F) Tangible book value per common share (Non-GAAP) $ 10.18 $ 10.46 $ 11.00 $ 10.88 $ 10.74

---

23 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. ($s in millions, except per share data) 2Q22 1Q22 4Q21 3Q21 2Q21 Adjusted Diluted EPS Net income available to common shareholders ("NIAC") (GAAP) a $ 166 $ 187 $ 219 $ 224 $ 295 Plus Tax effected notable items (Non-GAAP) 29 24 41 51 26 Adjusted Net income available to common shareholders (Non-GAAP) b $ 195 $ 211 $ 260 $ 275 $ 321 Diluted Shares (GAAP) c 569 550 542 550 556 Diluted EPS (GAAP) a/c $ 0.29 $ 0.34 $ 0.40 $ 0.41 $ 0.53 Adjusted diluted EPS (Non-GAAP) b/c $ 0.34 $ 0.38 $ 0.48 $ 0.50 $ 0.58 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $ 177 $ 198 $ 229 $ 235 $ 311 Plus Tax effected notable items (Non-GAAP) 29 24 41 51 26 Adjusted NI (Non-GAAP) $ 205 $ 222 $ 271 $ 286 $ 337 NI (annualized) (GAAP) d $ 709 $ 801 $ 910 $ 931 $ 1,247 Adjusted NI (annualized) (Non-GAAP) e $ 823 $ 900 $ 1,074 $ 1,133 $ 1,353 Average assets (GAAP) f $ 86,326 $ 88,587 $ 89,025 $ 88,401 $ 87,559 ROA (GAAP) d/f 0.82 % 0.90 % 1.02 % 1.05 % 1.42 % Adjusted ROA (Non-GAAP) e/f 0.95 % 1.02 % 1.21 % 1.28 % 1.54 % Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE Net income available to common shareholders (annualized) (GAAP) g $ 666 $ 756 $ 868 $ 887 $ 1,182 Adjusted Net income available to common shareholders (annualized) (Non- GAAP) h $ 781 $ 855 $ 1,032 $ 1,089 $ 1,288 Average Common Equity (GAAP) i $ 7,305 $ 7,628 $ 7,710 $ 7,761 $ 7,651 Intangible Assets (GAAP) 1,789 1,802 1,815 1,829 1,843 Average Tangible Common Equity (Non-GAAP) j $ 5,516 $ 5,826 $ 5,895 $ 5,932 $ 5,808 ROCE (GAAP) g/i 9.1 % 9.9 % 11.3 % 11.4 % 15.5 % ROTCE (Non-GAAP) g/j 12.1 % 13.0 % 14.7 % 15.0 % 20.4 % Adjusted ROTCE (Non-GAAP) h/j 14.2 % 14.7 % 17.5 % 18.4 % 22.2 %

---

24 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions except per share data) 2Q22 1Q22 4Q21 3Q21 2Q21 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) a $ 201 $ 229 $ 247 $ 247 $ 285 Plus notable items (GAAP) (13) (6) — 22 2 Adjusted noninterest income (Non-GAAP) b 188 223 246 268 287 Revenue (GAAP) c 743 707 745 738 781 Taxable-equivalent adjustment 3 3 3 3 3 Revenue- Taxable-equivalent (Non-GAAP) $ 746 $ 710 $ 748 $ 741 $ 784 Plus notable items (GAAP) (a) (13) (6) — 22 2 Adjusted revenue (Non-GAAP) d 733 704 748 763 787 Noninterest income as a % of total revenue (GAAP) a/c 27.06 % 32.31 % 33.10 % 33.39 % 36.43 % Adjusted noninterest income as a % of total revenue (Non-GAAP) b/d 25.68 % 31.63 % 32.95 % 35.14 % 36.49 % Adjusted Efficiency Ratio Noninterest expense (GAAP) e $ 489 $ 493 $ 528 $ 526 $ 497 Plus notable items (GAAP) (50) (37) (54) (46) (32) Adjusted noninterest expense (Non-GAAP) f 438 455 474 480 465 Revenue (GAAP) g 743 707 745 738 781 Taxable-equivalent adjustment 3 3 3 3 3 Revenue- Taxable-equivalent (Non-GAAP) $ 746 $ 710 $ 748 $ 741 $ 784 Plus notable items (GAAP) (a) (13) (6) — 22 2 Adjusted revenue (Non-GAAP) h 733 704 748 763 787 Efficiency ratio (GAAP) e/g 65.76 % 69.66 % 70.88 % 71.21 % 63.67 % Adjusted efficiency ratio (Non-GAAP) f/h 59.79 % 64.64 % 63.31 % 62.87 % 59.17 %

---

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. Numbers may not foot due to rounding Period-end Average $s in millions 2Q22 1Q22 2Q22 vs 1Q22 2Q22 1Q22 2Q22 vs 1Q22 Loans excluding LMC & PPP $ % $ % Total C& I excl. LMC & PPP $ 27,459 $ 26,262 $ 1,197 5 % $ 26,993 $ 25,749 $ 1,244 5 % Total CRE 12,942 12,487 456 4 % 12,626 12,229 397 3 % Total Commercial excl. LMC & PPP 40,401 38,749 1,652 4 % 39,619 37,978 1,641 4 % Total Consumer 12,311 11,727 585 5 % 11,987 11,638 349 3 % Total Loans excl. LMC & PPP 52,712 50,476 2,236 4 % 51,606 49,616 1,990 4 % PPP 375 642 (268) (42) % 478 815 (336) (41) % LMC 3,441 3,895 (454) (12) % 3,492 3,651 (159) (4) % Total Loans $ 56,529 $ 55,013 $ 1,516 3 % $ 55,576 $ 54,082 $ 1,494 3 % Loans excluding PPP Total Commercial excl. PPP $ 43,842 $ 42,642 $ 1,200 3 % $ 43,111 $ 41,629 $ 1,482 4 % Total Consumer 12,311 11,727 584 5 % 11,987 11,638 349 3 % Total Loans excl. PPP $ 56,153 $ 54,369 1,784 3 % $ 55,098 $ 53,267 1,831 3 % PPP 375 642 (268) (42) % 478 815 (336) (41) % Total Loans $ 56,529 $ 55,012 $ 1,517 3 % $ 55,576 $ 54,082 1,494 3 % Allowance for Credit Losses (ACL) to Loans Ratio $s in millions Loan Balance ACL Balance ACL/Loans Total Loans $ 56,529 $ 704 1.2 % Loans to Mortgage Companies (LMC) 3,441 2 0.1 PPP 375 — Total excl. LMC & PPP $ 52,712 $ 701 1.3 %

---