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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

October 23, 2020
Date of Report (date of earliest event reported)
 
First Horizon National Corporation
(Exact name of registrant as specified in its charter)
TN
001-1518562-0803242
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
165 Madison AvenueMemphis,Tennessee38103
(Address of Principal Executive Offices)
(Zip Code)
 (901 )523-4444
Registrant's telephone number, including area code

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

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

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

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

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

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

 Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Exchange on which Registered
$0.625 Par Value Common Capital Stock FHNNew York Stock Exchange LLC
Depositary Shares, each representing a 1/4,000th interest inFHN PR ANew York Stock Exchange LLC
a share of Non-Cumulative Perpetual Preferred Stock, Series A
Depositary Shares, each representing a 1/400th interest in FHN PR BNew 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 CNew 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 DNew York Stock Exchange LLC
a share of Non-Cumulative Perpetual Preferred Stock, Series D
Depositary Shares, each representing a 1/4,000th interest inFHN PR ENew York Stock Exchange LLC
a share of Non-Cumulative Perpetual Preferred Stock, Series E


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

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

ITEM 2.02. Results of Operations and Financial Condition.
ITEM 7.01. Regulation FD Disclosure.
 
Furnished as Exhibit 99.1 is a copy of the First Horizon National Corporation (“FHN”) Third Quarter 2020 Earnings Release, released today.

Furnished as Exhibit 99.2 is a copy of the Investor Slide Presentation for the quarter ended September 30, 2020, released today.

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

 
Use of Non-GAAP Measures and Regulatory Measures that are not GAAP in the Exhibits
 
Certain measures are included in the exhibits that are “non-GAAP,” meaning (under U.S. financial reporting rules) they are not presented in accordance with generally accepted accounting principles (“GAAP”) in the U.S. and also are not codified in the U.S. banking regulations currently applicable to FHN. Although other entities may use calculation methods that differ from those used by FHN for non-GAAP measures, FHN’s management believes such measures are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. Non-GAAP measures are reported to FHN’s management and directors through various internal reports.
 
Presentation of regulatory measures, some of which follow regulatory definitions rather than GAAP, provides a meaningful base for comparability to other financial institutions subject to the same regulations as FHN. Such measures are used by the various banking regulators in reviewing the performance, stability, and capital adequacy of financial institutions they regulate. Although not GAAP terms, these regulatory measures are not considered “non-GAAP” under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in the exhibits include: common equity tier 1 capital, generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk weighted assets (“RWA”), which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios.
 
The non-GAAP measures presented in the exhibits include: pre-provision net revenue ("PPNR"); return on average tangible common equity (“ROTCE”); tangible common equity (“TCE”) to tangible assets (“TA”); tangible book value ("TBV") per common share; and various consolidated results and performance measures and ratios adjusted for notable items identified in the exhibits. Additionally, certain combined historical information has been presented in the Investor Slide Presentation. This combined financial information adds together historical unaudited information from legacy FHN and legacy IBKC, adjusted for notable items, but without any adjustments, eliminations, or analysis required by GAAP purchase accounting or the SEC’s pro-forma rules, and is non-GAAP.

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

Forward-Looking Statements

This communication contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21 E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act") with respect to FHN's beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results or other developments. The words "believe," "expect," "anticipate," "intend," "estimate,"


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

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

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

ITEM 9.01. Financial Statements and Exhibits.
 
(d)Exhibits

The following Exhibit 99.1, furnished pursuant to Items 2.02 and 7.01, is not to be considered “filed” under the Securities Exchange Act of 1934, as amended (“Exchange Act”), and shall not be incorporated by reference into any of FHN’s previous or future filings under the Securities Act of 1933, as amended, or the Exchange Act.
 
Exhibit # Description
   
99.1  
99.2 
104 Cover Page Interactive Data File, formatted in Inline XBRL




















SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 First Horizon National Corporation
  
   
Date:October 23, 2020By:/s/ William C. Losch III 
 William C. Losch III 
 Senior Executive Vice President and Chief Financial Officer














































First Horizon National Corporation



fhnlogo11.jpg


First Horizon National Corp. Reports Third Quarter Net Income Available to Common of $523 Million
and EPS of $0.95

Results include $269 million pre-tax, or $0.60 per share, of notable items largely related to the IBERIABANK merger

Adjusted net income available to common of $193 million or EPS of $0.35*

Reflects strong fee income and continued expense discipline partially offset by the impact of net interest income headwinds and a CECL reserve build of $13 million

ROCE of 28.49%; Adjusted ROTCE of 13.90%*

Tangible book value per share of $9.92 remained relatively stable

MEMPHIS, Tenn., October 23, 2020 – First Horizon National Corp. (NYSE: FHN or “First Horizon”) today reported third quarter 2020 net income available to common shareholders of $523 million, with earnings per share of $0.95. Third quarter 2020 results reflect the impact of the July 1, 2020, IBERIABANK Corporation merger (“IBKC Merger”) and the July 17, 2020, acquisition of 30 Truist branches ("Branch Acquisition") and include $269 million pre-tax, or $0.60 per share, from notable items largely related to the IBKC Merger. Excluding notable items, adjusted third quarter net income available to common shareholders totaled $193 million, or $0.35 per share.* Reported results prior to third quarter 2020 reflect legacy First Horizon results only.

“We achieved major milestones in third quarter 2020 with the completion of our merger of equals with IBERIABANK and the Truist branch acquisition,” said President and Chief Executive Officer Bryan Jordan. “We also delivered strong results despite continued macroeconomic and interest rate headwinds tied to the pandemic, highlighted by strong execution in our counter-cyclical fee income businesses and continued expense discipline.”

Jordan continued, “I am incredibly proud of the hard work and dedication of our associates as they continue to focus on delivering for our clients, communities and shareholders as we bring our two companies together. Our team has been extraordinarily resilient and focused through this year of great change. The benefits of our more diversified product set, enhanced scale, expanded presence in attractive southern markets and client-centric culture provide a strong framework to continue to deliver a superior client experience with enhanced productivity and synergies. The integration is well underway, and I have even more confidence today than when we announced the merger that we are better together and well positioned to deliver for all of our stakeholders."

Third Quarter 2020 Notable Items
Notable Items
Quarterly, Unaudited
(Millions)3Q202Q203Q19
Summary of Notable Items:
Purchase accounting gain$532 $— $— 
Merger/acquisition non-PCD provision expense(147)— — 
Merger/acquisition expense(101)(14)(9)
Charitable contributions(15)— — 
Other notable expenses— — (22)
Total Notable items$269 $(14)$(31)

*References to "Adjusted" results exclude notable items and are Non-GAAP Financial Measures. Please see page 5 for information on our use of Non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 23.

1
First Horizon National Corporation
Third quarter 2020 results include a net $269 million of notable items primarily tied to the IBKC Merger/Branch Acquisition including:
•A $532 million non-taxable merger purchase accounting gain in other noninterest income
•$101 million of merger/acquisition-related expense largely recorded in personnel, outside services and other non interest income including the Louisiana Foundation contribution
•$147 million of provision for loan losses related to non-purchase credit deteriorated (non-PCD) loans
•Results also reflect $15 million of other noninterest expense tied to the donation of Paycheck Protection Plan (PPP) fees to the First Horizon Foundation to assist low- and moderate -income communities.
Excluding the notable items, the IBKC Merger and Branch Acquisition added $225 million of net interest income,$91 million of noninterest income and $170 million of noninterest expense.

Third Quarter 2020 Highlights*
•Net income available to common of $523 million with EPS of $.0.95; Adjusted net income available to common of $193 million, or $0.35 per share excluding merger-related and other notable items*
•Total revenue of $1.4 billion increased $843 million from second quarter 2020 driven by the $532 merger purchase accounting gain and $313 million impact of the IBKC Merger
•Results reflect strength in fixed income and mortgage banking, which helped to mitigate net interest income headwinds and continued COVID-19 impacts on traditional banking businesses
•Expense of $587 million includes $101 million of notable items largely tied to IBKC Merger; Adjusted expense of $471 million reflects the impact of the IBKC Merger and continued expense discipline with the benefit of an additional $8 million of merger cost saves*
•Efficiency ratio improved to 43.31% from 62.74% at June 30, 2020; Adjusted efficiency ratio of 57.26%*
•Provision for credit losses totaled $227 million and included $147 million related to non-purchase credit deteriorated loans included in notable items; Adjusted provision expense of $80 million reflects a $13 million CECL-related reserve build*
•Tangible book value per share of $9.92 remained relatively stable at September 30, 2020
•ROCE of 28.49% with Adjusted ROTCE of 13.90%*; estimated CET 1 of 9.15% and total capital of 10.19%
•Period-end loan-to-deposit ratio of 87%
Strategic Plan Update
•Achieved merger cost saves of approximately $18 million year to date, with $8 million in third quarter 2020; targeting $170 million annualized in 2022
•Merger integration well underway with significant progress across key milestones including finalizing 100% of major tech system decisions, completing HR system conversion, aligning benefit plans and establishing go-to-market and organizational models
•Three-year strategic plan to be finalized in fourth quarter 2020
COVID-19 Update:
•Donated $15 million of fees associated with PPP to assist low- and moderate-income communities
•PPP portfolio of $4.2 billion, providing aid and jobs for more than 500,000 clients' employees
•Loan deferrals, excluding PPP, declined to 2.4% from a peak of 12.8%
•Closely monitoring industries currently impacted by COVID-19 disruptions with deep dive portfolio reviews
•Continue to prioritize health and safety, and remain focused on executing the business continuity plan, proactive client outreach and communication, and risk management
*References to "Adjusted" results exclude notable items and are Non-GAAP Financial Measures. Please see page 5 for information on our use of Non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 23.

2
First Horizon National Corporation

SUMMARY RESULTS, Continued
Quarterly, Unaudited
3Q20 change vs.
(In millions, except EPS)3Q202Q203Q192Q203Q19
$/bp%$/bp%
Income Statement
Net interest income$532 $305 $301 $227 74 $231 77 
Noninterest income1
823 206 172 617 NM651 NM
      Total revenue1,355 512 472 843 NM883 NM
Noninterest expense587 321 308 266 83 279 91 
Pre-provision net revenue2
768 191 164 577 NM604 NM
Provision for credit losses3
227 121 14 106 88 213 NM
Income before income taxes541 69 150 472 NM391 NM
Provision for income taxes2 13 36 (11)(85)(34)(94)
Net income539 57 114 482 NM425 NM
Net income attributable to noncontrolling interest3 3 3 — *— *
Net income/(loss) attributable to controlling interest536 54 111 482 NM425 NM
Preferred stock dividends13 2 2 11 NM11 NM
Net income/(loss) available to common shareholders$523 $52 $110 $471 NM$413 NM
Adjusted net income4
$208 $68 $138 $140 NM$70 51 
Adjusted net income/loss available to common shareholders4
$193 $64 $134 $129 NM$59 44 
Common stock information
EPS$0.95 $0.17 $0.35 $0.78 NM$0.60 NM
Adjusted EPS4
$0.35 $0.20 $0.43 $0.15 67 $(0.08)19 
Diluted shares551 313 314 238 76 237 75 
Key performance metrics
Net interest margin2.84 %2.90 %3.21 %(6)bp(37)bp
Efficiency ratio43.31 %62.74 %65.26 %NMNM
Adjusted efficiency ratio4
57.26 %59.95 %58.61 %(269)(135)
Effective income tax rate— %18 %24 %NMNM
Return on average assets2.63 %0.48 %1.08 %215155
Adjusted return on average assets4
1.01 %0.57 %1.31 %44(30)
Return on average common equity (“ROCE")28.49 %4.50 %9.50 %NMNM
Return on average tangible common equity (“ROTCE”)4
37.75 %6.74 %14.49 %NMNM
Adjusted return on average tangible common equity (“ROTCE”)4
13.90 %8.26 %17.73 %564(383)
Noninterest income as a % of total revenue60.72 %40.32 %36.25 %NMNM
Adjusted noninterest income as a % of total revenue4
35.32 %40.32 %36.25 %(500)(93)
Balance Sheet (billions)
Average loans$60 $34 $30 $26 77 $30 NM
Average deposits$67 $38 $32 $30 79 $35 NM
Average assets$82 $48 $42 $34 70 $40 95 
Average common equity$7 $5 $5 $3 56 $3 60 
Asset Quality Highlights
Allowance to loans and leases ratio1.65 %1.64 %0.62 %
Net charge-off ratio0.44 %0.20 %0.19 %
Nonperforming loan and leases ratio0.75 %0.69 %0.55 %
Capital Highlights (current quarter is an estimate)
Common Equity Tier 19.15 %9.25 %9.01 %
Tier 110.19 %10.69 %9.97 %
Total Capital11.97 %12.47 %11.01 %
Leverage8.25 %8.55 %9.05 %
Numbers may not foot due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 22.





*References to "Adjusted" results exclude notable items and are Non-GAAP Financial Measures. Please see page 5 for information on our use of Non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 23.

3
First Horizon National Corporation
Net interest income
Net interest income of $532 million increased $227 million from second quarter 2020 driven by the $225 million impact of the IBKC Merger and Branch Acquisition and included a net $44 million benefit, or 20 basis points of net interest margin related to net purchase accounting accretion. Net interest margin of 2.84% compares with 2.90% in the prior quarter, largely reflecting continued headwinds from the low-rate environment. Net interest margin results also included faster prepayment speeds and the impact of excess cash balances.

Loans and leases
Loan and lease balances at September 30, 2020 of $59.7 billion increased $27.0 billion from June 30, 2020, driven by the addition of the IBERIABANK loan portfolio and Branch Acquisition. Period-end results also reflect a $1.6 billion increase in loans to mortgage companies.

Deposits
Deposits of $68.4 billion at September 30, 2020, increased from $37.8 billion at June 30, 2020, driven by the impact of the IBKC Merger and Branch Acquisition. Results also reflect continued higher levels of customer liquidity. Interest bearing deposit costs of 36 basis points improved 2 basis points linked quarter, reflecting lower rates and pricing discipline.

Noninterest income
Noninterest income of $823 million increased $617 million from second quarter 2020 driven by the $623 million impact of the IBKC Merger and Branch Acquisition, which included $532 million of notable items. Adjusted noninterest income of $291 million increased $85 million driven by the addition of IBKC.*

Noninterest expense
Noninterest expense of $587 million increased $266 million from second quarter 2020 driven by the $170 million impact of the IBKC Merger and Branch Acquisition and included $116 million of notable items. Adjusted noninterest expense totaled $471 million in third quarter 2020 and reflected a net $8 million benefit from merger-related cost saves.*

Asset Quality
Net charge-offs of $67 million, or 44 basis points, compared with $17 million, or 20 basis points in second quarter 2020 largely reflecting the impact of the IBKC Merger and losses tied to the energy portfolio.

Nonperforming loans of $447 million compared with $226 million in second quarter 2020, largely reflecting the impact of the IBKC Merger. Third quarter 2020 allowance to nonperforming coverage ratio at 221% compares with 238% from second quarter 2020. Third quarter 2020 nonperforming loans to loans ratio of 75 basis points compared with 69 basis points at second quarter 2020.

The allowance to loan ratio remained relatively stable at 1.65% up from 1.64% in the second quarter.
Provision for credit losses of $227 million increased $106 million from second quarter 2020 driven by a
$147 million notable item impact tied to the non-PCD loan portfolio impact of the IBKC Merger and Branch Acquisition. Adjusted provision for credit losses of $80 million decreased $41 million linked quarter.*

Capital
Estimated CET1 ratio of 9.15% in third quarter 2020 compared with 9.25% in second quarter 2020. There were no share repurchases in third quarter 2020.
Income tax
The effective tax rate of 0.41% in third quarter 2020 compared to 18.40% in the second quarter 2020 largely reflecting the impact of the IBKC Merger purchase accounting gain which is nontaxable. Excluding the impact from the merger, the adjusted tax rate was 23%.*

*References to "Adjusted" results exclude notable items and are Non-GAAP Financial Measures. Please see page 5 for information on our use of Non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 23.

4
First Horizon National Corporation
Conference call information
Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on October 23 by dialing 1-888-317-6003 (if calling from the U.S.) or 412-317-6061 (if calling from outside the U.S) and entering access code 4874702. The conference call will begin at 8:30 a.m. CT.

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

A replay of the call will be available beginning at noon CT on October 23 until midnight CT on November 6. To listen to the replay, dial 1-877-344-7529 (U.S. callers) or 412-317-0088 (international callers); the access code is 10148078. A replay of the webcast will also be available at http://ir.fhnc.com/Event by midnight CT on October 23 and will be archived on the site for one year.

Forward-Looking Statements

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

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

Certain measures are included in this financial supplement that are “non-GAAP,” meaning (under U.S. financial reporting rules) they are not presented in accordance with generally accepted accounting principles (“GAAP”) in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. Although other entities may use calculation methods that differ from those used by FHN for non-GAAP measures, FHN’s management believes such measures are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. Non-GAAP measures are reported to FHN’s management and Board of Directors through various internal reports.
 
Presentation of regulatory measures, some of which follow regulatory definitions rather than GAAP, provides a meaningful base for comparability to other financial institutions subject to the same regulations as FHN. Such measures are used by the various banking regulators in reviewing the performance, stability, and capital adequacy of financial institutions they regulate. Although not GAAP terms, these regulatory measures are not considered “non-GAAP” under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in this financial supplement include: common equity tier 1 capital, generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk weighted assets (“RWA”), which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios.
 
*References to "Adjusted" results exclude notable items and are Non-GAAP Financial Measures. Please see page 5 for information on our use of Non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 23.

5
First Horizon National Corporation
The non-GAAP measures presented in this earnings release are pre-provision net revenue ("PPNR"), return on average tangible common equity (“ROTCE”), tangible common equity (“TCE”) to tangible assets (“TA”), and tangible book value ("TBV") per common share, and various consolidated and segment results and performance measures and ratios adjusted for notable items.

Refer to the tabular reconciliation of non-GAAP to GAAP measures and presentation of the most comparable GAAP items beginning on page 23.





*References to "Adjusted" results exclude notable items and are Non-GAAP Financial Measures. Please see page 5 for information on our use of Non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 23.

6
First Horizon National Corporation
FHN CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited
     3Q20 change vs.
(In millions, except per share data)3Q202Q201Q204Q193Q192Q203Q19
$ %$ %
Interest income$598 $347 $378 $404 $407 $251 72 $191 47 
Interest expense 66 41 76 93 107 25 61 (41)(38)
Net interest income532 305 303 311 301 227 74 231 77 
Noninterest income:
Fixed income111 112 96 81 78 (1)(1)33 42 
Mortgage banking and title66 4 2 4 2 62 NM64 NM
Brokerage, trust, and insurance30 22 23 22 22 8 36 8 36 
Service charges and fees50 35 36 39 40 15 43 10 25 
Card and digital banking fees17 12 12 14 13 5 42 4 31 
Deferred compensation income4 8 (10)3 — (4)(50)4 NM
Other noninterest income1
546 12 15 20 17 534 NM529 NM
Total noninterest income823 206 175 183 172 617 NM651 NM
Total revenue1,355 512 478 495 472 843 NM883 NM
Noninterest expense:
Personnel expenses:
Salaries and benefits201 111 113 112 111 90 81 90 81 
Incentives and commissions126 79 81 63 55 47 59 71 NM
Deferred compensation expense3 9 (10)4 1 (6)(67)2 NM
Total personnel expenses329 200 183 179 167 129 65 162 97 
Occupancy and equipment77 46 44 44 42 31 67 35 83 
Outside services78 38 38 54 47 40 NM31 66 
Amortization of intangible assets15 5 5 6 6 10 NM9 NM
Other noninterest expense89 31 31 45 46 58 NM43 93 
Total noninterest expense587 321 302 328 308 266 83 279 91 
Pre-provision net revenue2
768 191 175 166 164 577 NM604 NM
Provision for credit losses3
227 121 154 9 14 106 88 213 NM
Income before income taxes541 69 21 157 150 472 NM391 NM
Provision for income taxes2 13 5 36 36 (11)(85)(34)(94)
Net income539 57 16 121 114 482 NM425 NM
Net income attributable to noncontrolling interest3 3 3 3 3 — *— *
Net income attributable to controlling interest536 54 14 118 111 482 NM425 NM
Preferred stock dividends13 2 2 2 2 11 NM11 NM
Net income available to common shareholders$523 $52 $12 $117 $110 $471 NM$413 NM
Common Share Data
EPS$0.95 $0.17 $0.04 $0.38 $0.35 $0.78 NM$0.60 NM
Basic shares550 312 312 311 312 238 76 238 76 
Diluted EPS$0.95 $0.17 $0.04 $0.37 $0.35 $0.78 NM$0.60 NM
Diluted shares551 313 313 313 314 238 76 237 75 
Effective tax rate— %18 %22 %23 %24 %
Numbers may not foot due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 22.
7
First Horizon National Corporation

FHN ADJUSTED4 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 9
Quarterly, Unaudited
     3Q20 change vs.
(In millions, except per share data)3Q202Q201Q204Q193Q192Q203Q19
$%$%
Adjusted noninterest income:
Fixed income$111 $112 $96 $81 $78 $(1)(1)$33 42 
Mortgage banking and title66 4 2 4 2 62 NM64 NM
Brokerage, trust, and insurance30 22 23 22 22 8 36 8 36 
Service charges and fees50 35 36 39 40 15 43 10 25 
Card and digital banking fees17 12 12 14 13 5 42 4 31 
Deferred compensation income4 8 (10)3 — (4)(50)4 NM
Adjusted other noninterest income14 12 15 20 17 2 17 (3)(18)
Adjusted total noninterest income$291 $206 $175 $183 $172 $85 41 $119 69 
Adjusted noninterest expense:
Adjusted personnel expenses:
Adjusted salaries and benefits$200 $107 $112 $107 $109 $93 87 $91 83 
Adjusted Incentives and commissions91 79 81 63 59 12 15 32 54 
Deferred compensation expense3 9 (10)4 1 (6)(67)2 NM
Adjusted total personnel expenses294 195 182 174 168 99 51 126 75 
Adjusted occupancy and equipment73 46 44 44 42 27 59 31 74 
Adjusted outside services46 33 37 36 35 13 39 11 31 
Adjusted amortization of intangible assets14 5 5 6 6 9 NM8 NM
Adjusted other noninterest expense45 27 28 31 25 18 67 20 80 
Adjusted total noninterest expense$471 $307 $296 $291 $277 $164 53 $194 70 
Adjusted pre-provision net revenue4
$352 $205 $181 $203 $196 $147 72 $156 80 
Adjusted provision for credit losses3
$80 $121 $154 $9 $14 $(41)(34)$66 NM
Adjusted net income available to common shareholders$193 $64 $17 $147 $134 $129 NM$59 44 
Adjusted Common Share Data
Adjusted diluted EPS$0.35 $0.20 $0.05 $0.47 $0.43 $0.15 75 $(0.08)(19)
Diluted shares551 313 313 313 314 238 76 237 75 
Adjusted effective tax rate23 %18 %22 %22 %24 %
Numbers may not foot due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 22.

8
First Horizon National Corporation

NOTABLE ITEMS
Quarterly, Unaudited
     
(In millions)3Q202Q201Q204Q193Q19
Noninterest income:
Other noninterest income$(532)$— $— $— $— 
Total noninterest income$(532)$— $— $— $— 
Noninterest expense:
Personnel expenses:
Salaries and benefits$(1)$(5)$(1)$(4)$(3)
Incentives and commissions(34)— — — 4 
Deferred compensation expense— — — — — 
Total personnel expenses(35)(5)(1)(4)1 
Occupancy and equipment(4)— — — — 
Outside services(32)(5)(2)(18)(12)
Amortization of intangible assets(1)— — — — 
Other noninterest expense(44)(4)(3)(15)(21)
Total noninterest expense$(116)$(14)$(6)$(37)$(31)
Provision for credit losses$(147)$— $— $— $— 
Income before income taxes$(269)$14 $6 $37 $31 
Provision for income taxes61 3 1 7 7 
Net income/(loss) available to common shareholders$(331)$12 $5 $30 $24 


(Millions)3Q202Q201Q204Q193Q19
Summary of Notable Items:
Purchase accounting gain$532 $— $— $— $— 
Merger/acquisition non-PCD provision expense(147)— — — — 
Merger/acquisition expense*(101)(14)(6)(16)(9)
Charitable contributions(15)— — (11)— 
Other notable expenses— — — (10)(22)
Total notable items$269 $(14)$(6)$(37)$(31)
Numbers may not foot due to rounding
•3Q20 includes $20 million of charitable contributions to establish the First Horizon Louisiana Foundation.
9
First Horizon National Corporation


     3Q20 change vs.
FINANCIAL RATIOS3Q202Q201Q204Q193Q192Q203Q19
Net interest margin2.84 %2.90 %3.16 %3.26 %3.21 %(2)(12)
Return on average assets2.63 %.48 %.15 %1.12 %1.08 %NMNM
Adjusted return on average assets4
1.01 %.57 %.19 %1.40 %1.31 %77(23)
Return on average common equity (“ROCE”)28.49 %4.50 %1.05 %9.97 %9.50 %NMNM
Return on average tangible common equity (“ROTCE”)4
37.75 %6.74 %1.59 %15.03 %14.49 %NMNM
Adjusted return on average tangible common equity (“ROTCE”)4
13.90 %8.26 %2.19 %18.88 %17.73 %68(22)
Noninterest income as a % of total revenue60.72 %40.32 %36.59 %37.05 %36.25 %5168
Adjusted noninterest income as a % of total revenue4
35.32 %40.32 %36.59 %37.05 %36.25 %(12)(3)
Efficiency ratio43.31 %62.74 %63.26 %66.35 %65.26 %(31)(34)
Adjusted efficiency ratio4
57.26 %59.95 %62.05 %58.88 %58.61 %(4)(2)
CAPITAL - PERIOD END (PRELIMINARY)
CET1 capital ratio9.15 %9.25 %8.54 %9.20 %9.01 %(1)2
Tier 1 capital ratio10.19 %10.69 %9.52 %10.15 %9.97 %(5)2
Total capital ratio11.97 %12.47 %10.78 %11.22 %11.01 %(4)9
Tier 1 leverage ratio8.25 %8.55 %9.00 %9.04 %9.05 %(4)(9)
Risk-weighted assets (“RWA”) (millions)$65 $37 $40 $37 $37 7676
Total equity to total assets 9.81 %10.71 %10.71 %11.72 %11.43 %(8)(14)
Tangible common equity/tangible assets (“TCE/TA”)4
6.78 %6.63 %6.81 %7.48 %7.20 %2(6)
Period-end shares outstanding (millions)555 312 312 311 311 7878
Cash dividends declared per common share$0.15 $0.15 $0.15 $0.14 $0.14 *7
Book value per common share$13.30 $14.96 $14.96 $15.04 $14.80 (11)(10)
Tangible book value per common share4
$9.92 $9.99 $9.96 $10.02 $9.76 (1)2
SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)87.28 %86.62 %96.97 %95.78 %97.86 %1(11)
Loans-to-deposit ratio (average balances)89.59 %90.52 %92.83 %93.68 %92.73 %(1)(3)
Full-time equivalent associates8,121 5,006 4,969 5,005 5,116 6259
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 22..
10
First Horizon National Corporation
FHN CONSOLIDATED PERIOD-END BALANCE SHEET
Quarterly, Unaudited 
     3Q20 change vs.
(In millions)3Q202Q201Q204Q193Q192Q203Q19
$%$%
Assets:      
Loans and leases:
Commercial, financial, and industrial (C&I)$33,656 $21,394 $22,124 $20,051 $20,294 $12,262 57 $13,362 66 
Commercial real estate12,511 4,813 4,640 4,337 4,229 7,698 NM8,282 NM
Consumer real estate12,328 6,052 6,119 6,177 6,245 6,276 NM6,083 97 
Credit card and other1,212 449 495 496 493 763 NM719 NM
Loans and leases, net of unearned income59,707 32,709 33,378 31,061 31,261 26,998 83 28,446 91 
Loans held for sale1,051 746 596 594 555 305 41 496 89 
Investment securities7,996 5,476 4,545 4,445 4,416 2,520 46 3,580 81 
Trading securities1,386 1,116 1,878 1,346 1,395 270 24 (9)(1)
Interest-bearing deposits with banks5,443 3,136 671 482 364 2,307 74 5,079 NM
Federal funds sold and securities purchased under agreements to resell593 415 592 633 746 178 43 (153)(21)
Total interest earning assets76,176 43,598 41,659 38,562 38,737 32,578 75 37,439 97 
Cash and due from banks1,075 604 538 634 750 471 78 325 43 
Goodwill and other intangible assets, net1,876 1,552 1,558 1,563 1,569 324 21 307 20 
Premises and equipment, net756 448 448 455 452 308 69 304 67 
Allowance for loan and lease losses5
(988)(538)(444)(200)(193)(450)(84)(795)NM
Other assets4,135 2,980 3,439 2,297 2,403 1,155 39 1,732 72 
Total assets$83,030 $48,645 $47,197 $43,311 $43,718 $34,385 71 $39,312 90 
Liabilities and Shareholders' Equity:
Deposits:
Savings$26,573 $13,532 $13,860 $11,665 $11,489 $13,041 96 $15,084 NM
Time deposits5,526 2,656 3,058 3,618 4,176 2,870 NM1,350 32 
Other interest-bearing deposits14,925 9,784 8,561 8,717 8,011 5,141 53 6,914 86 
Total interest-bearing deposits47,025 25,972 25,480 24,001 23,676 21,053 81 23,349 99 
Trading liabilities477 233 453 506 720 244 NM(243)(34)
Short-term borrowings2,142 2,392 5,325 3,518 3,948 (250)(10)(1,806)(46)
Term borrowings2,162 2,032 793 791 1,195 130 6 967 81 
Total interest-bearing liabilities51,805 30,628 32,050 28,816 29,539 21,177 69 22,266 75 
Noninterest-bearing deposits21,384 11,788 8,940 8,429 8,269 9,596 81 13,115 NM
Other liabilities1,696 1,020 1,152 990 914 676 66 782 86 
Total liabilities74,885 43,436 42,142 38,235 38,722 31,449 72 36,163 93 
Shareholders' Equity:
Preferred stocks470 240 96 96 96 230 96 374 NM
Common stocks347 195 195 195 194 152 78 153 79 
Capital surplus5,061 2,941 2,939 2,931 2,925 2,120 72 2,136 73 
Retained earnings5
2,111 1,672 1,667 1,798 1,726 439 26 385 22 
Accumulated other comprehensive loss, net(140)(135)(136)(240)(241)(5)(4)101 42 
Combined shareholders' equity7,849 4,913 4,760 4,781 4,701 2,936 60 3,148 67 
Noncontrolling interest295 295 295 295 295 — *— *
Total shareholders' equity8,144 5,208 5,056 5,076 4,996 2,936 56 3,148 63 
Total liabilities and shareholders' equity$83,030 $48,645 $47,197 $43,311 $43,718 $34,385 71 $39,312 90 
Numbers may not foot due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 22.
11
First Horizon National Corporation
FHN CONSOLIDATED AVERAGE BALANCE SHEET
Quarterly, Unaudited 
     3Q20 change vs.
(In millions)3Q202Q201Q204Q193Q192Q203Q19
$%$%
Assets:      
Loans and leases:      
Commercial, financial, and industrial (C&I)$34,051 $22,694 $19,470 $19,740 $18,966 $11,357 50 $15,085 80 
Commercial real estate12,414 4,710 4,422 4,264 4,269 7,704 NM8,145 NM
Consumer real estate12,444 6,087 6,134 6,194 6,283 6,357 NM6,161 98 
Credit card and other1,209 476 498 509 498 733 NM711 NM
Loans and leases, net of unearned income60,118 33,968 30,524 30,706 30,016 26,150 77 30,102 NM
Loans held-for-sale985 731 590 582 455 254 35 530 NM
Investment securities8,580 4,531 4,457 4,438 4,398 4,049 89 4,182 95 
Trading securities1,194 1,420 1,831 1,264 1,391 (226)(16)(197)(14)
Interest-bearing deposits with banks3,616 1,620 548 586 546 1,996 NM3,070 NM
Federal funds sold and securities purchased under agreements to resell500 422 827 656 572 78 18 (72)(13)
Total interest earning assets74,992 42,692 38,778 38,232 37,379 32,300 76 37,613 NM
Cash and due from banks1,028 562 610 610 596 466 83 432 72 
Goodwill and other intangibles assets, net1,794 1,555 1,560 1,566 1,572 239 15 222 14 
Premises and equipment, net747 452 451 451 452 295 65 295 65 
Allowances for loan and lease losses5
(980)(476)(354)(196)(197)(504)NM(783)NM
Other assets4,103 3,150 2,507 2,223 2,139 953 30 1,964 92 
Total assets$81,683 $47,934 $43,552 $42,886 $41,941 $33,749 70 $39,742 95 
Liabilities and shareholders' equity:
Deposits:
Savings$25,648 $14,118 $12,117 $11,580 $11,696 $11,530 82 $13,952 NM
Time deposits5,783 2,836 3,357 3,934 4,330 2,947 NM1,453 34 
Other interest-bearing deposits14,771 9,256 8,743 8,721 8,110 5,515 60 6,661 82 
Total interest-bearing deposits46,202 26,211 24,216 24,235 24,136 19,991 76 22,066 91 
Trading liabilities360 352 751 586 501 8 2 (141)(28)
Short-term borrowings2,469 2,603 3,211 2,709 2,145 (134)(5)324 15 
Term borrowings2,172 1,426 791 928 1,186 746 52 986 83 
Total interest-bearing liabilities51,202 30,593 28,967 28,458 27,967 20,609 67 23,235 83 
Noninterest-bearing deposits20,904 11,316 8,666 8,543 8,236 9,588 85 12,668 NM
Other liabilities1,505 908 915 845 775 597 66 730 94 
Total liabilities73,611 42,816 38,550 37,846 36,979 30,795 72 36,632 99 
Shareholders' Equity:
Preferred stock468 150 96 96 96 318 NM372 NM
Common stock 345 195 195 195 195 150 77 150 77 
Capital surplus5,041 2,941 2,935 2,928 2,934 2,100 71 2,107 72 
Retained earnings5
2,025 1,672 1,687 1,766 1,695 353 21 330 19 
Accumulated other comprehensive loss, net(103)(135)(206)(240)(253)32 24 150 59 
Combined shareholders' equity7,777 4,822 4,707 4,744 4,667 2,955 61 3,110 67 
Noncontrolling interest295 295 295 295 295 — *— *
Total shareholders' equity8,072 5,118 5,002 5,040 4,962 2,954 58 3,110 63 
Total liabilities and shareholders' equity$81,683 $47,934 $43,552 $42,886 $41,941 $33,749 70 $39,742 95 
Numbers may not foot due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 22.
12
First Horizon National Corporation
FHN CONSOLIDATED NET INTEREST INCOME
Quarterly, Unaudited 
    3Q20 change vs.
(In millions)3Q202Q201Q204Q193Q192Q20 3Q19
$%$%
Interest Income:     
Loans and leases, net of unearned income:
Commercial$419 $243 $257 $280 $281 $176 72$138 49
Consumer141 65 71 76 78 76 NM63 81
Loans and leases, net of unearned income560 308 329 356 358 252 82202 56
Loans held-for-sale8 7 7 7 6 1 142 33
Investment securities25 25 28 29 29 — *(4)(14)
Trading securities6 9 13 10 11 (3)(33)(5)(45)
Interest-bearing deposits with banks1 — 2 2 3 1 NM(2)(67)
Federal funds sold and securities purchased under agreements— — 2 3 3 — NM(3)NM
Interest income$601 $349 $381 $407 $409 $252 72$192 47
Interest Expense:
Interest-bearing deposits:
Savings$25 $13 $26 $30 $37 $12 92$(12)(32)
Time deposits10 9 14 19 22 1 11(12)(55)
Other interest-bearing deposits7 3 14 18 19 4 NM(12)(63)
Total interest-bearing deposits42 25 54 67 79 17 68(37)(47)
Trading liabilities1 1 3 3 3 — *(2)(67)
Short-term borrowings1 1 10 12 12 — *(11)(92)
Term borrowings22 14 8 10 14 8 578 57
Interest expense66 41 76 93 107 25 61(41)(38)
Net interest income - tax equivalent basis535 308 305 314 302 227 74233 77
Fully taxable equivalent adjustment(3)(3)(2)(2)(2)— *(1)(50)
Net interest income$532 $305 $303 $311 $301 $227 74$231 77
Net interest income adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax of 21 percent and, where applicable, state income taxes.
Numbers may not foot due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 22.


13
First Horizon National Corporation
FHN CONSOLIDATED AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited 
 3Q202Q201Q204Q193Q19
Assets:    
Earning assets:    
Loans and leases, net of unearned income:    
Commercial 3.59 %3.56 %4.33 %4.63 %4.78 %
Consumer4.11 4.00 4.33 4.51 4.55 
Loans and leases, net of unearned income 3.70 3.65 4.33 4.60 4.73 
Loans held-for-sale3.36 3.61 4.67 4.85 5.33 
Investment securities1.21 2.22 2.50 2.60 2.62 
Trading securities2.08 2.48 2.91 3.01 3.06 
Interest-bearing deposits with banks0.09 0.09 1.13 1.60 1.96 
Federal funds sold and securities purchased under agreements to resell0.04 (0.06)1.13 1.52 2.04 
Interest income/total earning assets3.19 %3.29 %3.94 %4.22 %4.35 %
Liabilities:
Interest-bearing liabilities:
Interest-bearing deposits:
Savings0.38 %0.36 %0.87 %1.04 %1.26 %
Time deposits0.72 1.45 1.80 2.06 2.15 
Other interest-bearing deposits0.20 0.13 0.65 0.81 0.94 
Total interest-bearing deposits0.36 0.38 0.90 1.10 1.29 
Trading liabilities0.77 1.11 1.76 2.02 2.33 
Short-term borrowings0.27 0.22 1.24 1.74 2.13 
Term borrowings 3.98 3.96 4.01 4.52 4.64 
Interest expense/total interest-bearing liabilities0.51 0.54 1.05 1.29 1.52 
Net interest spread2.68 %2.75 %2.89 %2.93 %2.83 %
Effect of interest-free sources used to fund earning assets0.16 0.15 0.27 0.33 0.38 
Net interest margin2.84 %2.90 %3.16 %3.26 %3.21 %
Total loan yield3.70 %3.65 %4.33 %4.60 %4.73 %
Total deposit cost0.25 %0.27 %0.67 %0.82 %0.96 %
Total funding cost0.36 %0.40 %0.81 %1.00 %1.17 %
Yields are adjusted to a FTE basis assuming a statutory federal income tax rate 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.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 22.

14
First Horizon National Corporation
FHN CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited 
As of 3Q20 change vs.
(In millions, except ratio data)3Q202Q201Q204Q193Q192Q203Q19
$%$%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)$213 $127 $96 $74 $77 $85 67$136 NM
Commercial real estate51 2 2 2 2 49 NM49 NM
Consumer real estate180 96 91 86 94 84 8787 93
Credit card and other3 — — — — 3 NM3 NM
Total nonperforming loans and leases$447 $226 $190 $162 $172 $221 98$274 NM
Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)0.63 %0.60 %0.43 %0.37 %0.38 %
Commercial real estate0.41%0.04 %0.05 %0.04 %0.05 %
Consumer real estate1.46 %1.59 %1.49 %1.39 %1.50 %
Credit card and other0.24%0.06 %0.07 %0.07 %0.07 %
Total nonperforming loans and leases to loans and leases0.75%0.69%0.57%0.52%0.55%
Numbers may not foot due to rounding.
15
First Horizon National Corporation

FHN CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Quarterly, Unaudited
As of3Q20 change vs.
(In millions)3Q202Q201Q204Q193Q192Q203Q19
$%$%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)$— $— $— $2 $2 $— (48)$(2)(93)
Commercial real estate— — — — — — NM— NM
Consumer real estate14 13 12 18 18 1 6(4)(23)
Credit card and other1 1 2 2 1 (1)(35)— (33)
Total loans and leases 90 days or more past due and accruing$15 $14 $14 $22 $21 $— 1$(6)(31)
Numbers may not foot due to rounding.
16
First Horizon National Corporation

FHN CONSOLIDATED NET CHARGE-OFFS
Quarterly, Unaudited
As of3Q20 change vs.
(In millions, except ratio data)3Q202Q201Q204Q193Q192Q203Q19
Charge-off, Recoveries and Related Ratios$%$%
Gross Charge-offs
Commercial, financial, and industrial (C&I)$69 $18 $7 $5 $19 $51 NM$51 NM
Commercial real estate4 — 1 — — 3 NM3 NM
Consumer real estate2 2 2 2 1 — (7)— 25
Credit card and other4 3 4 4 4 1 31— (10)
Total gross charge-offs$78 $23 $13 $12 $24 $55 NM$54 NM
Gross Recoveries
Commercial, financial, and industrial (C&I)$(3)$(1)$(1)$(2)$(3)$(2)NM$— 1
Commercial real estate(2)— (1)— — (2)NM(2)NM
Consumer real estate(5)(4)(4)(6)(5)(1)(33)— (5)
Credit card and other(1)(1)(1)(1)(1)— 8— 21
Total gross recoveries$(12)$(6)$(6)$(9)$(10)$(5)(87)$(2)(21)
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I)$66 $17 $6 $3 $15 $49 NM$51 NM
Commercial real estate1 — — — — 1 NM1 NM
Consumer real estate(3)(2)(1)(3)(4)(1)(72)— 3
Credit card and other3 2 3 3 3 1 58— (5)
Total net charge-offs$67 $17 $7 $3 $15 $50 NM$52 NM
Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I)0.77 %0.30 %0.12 %0.07 %0.32 %
Commercial real estate0.04 %(0.01)%— %(0.01)%0.02 %
Consumer real estate(0.11)%(0.13)%(0.08)%(0.21)%(0.23)%
Credit card and other0.83 %1.35 %2.12 %2.29 %2.11 %
Total loans and leases0.44 %0.20 %0.10 %0.04 %0.19 %
Numbers may not foot due to rounding.
17
First Horizon National Corporation

FHN CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS
Quarterly, Unaudited
As of3Q20 Changes vs.
(In millions, except ratio data)3Q202Q201Q204Q193Q192Q203Q19
Summary of Changes in the Components of the Allowance For Credit Losses$%$%
Allowance for loan and lease losses - beginning$538 $444 $200 $193 $193 $93 21$345 NM
Cumulative effect of change in accounting principle:
Commercial, financial, and industrial (C&I)— — 19 — — — NM— NM
Commercial real estate— — (7)— — — NM— NM
Consumer real estate— — 93 — — — NM— NM
Credit card and other— — 2 — — — NM— NM
Total cumulative effect of change in accounting principles— — 106 — — — NM— NM
Allowance for loan and lease losses - beginning, adjusted$538 $444 $307 $193 $193 $93 21$345 NM
Acquired purchased credit deteriorated allowance for loan and lease losses:
Commercial, financial, and industrial (C&I)138 — — — — 138 NM138 NM
Commercial real estate100 — — — — 100 NM100 NM
Consumer real estate44 — — — — 44 NM44 NM
Credit card and other5 — — — — 5 NM5 NM
Total acquired purchased credit deteriorated allowance for loan and lease losses287 — — — — 287 NM287 NM
Charge-offs:
Commercial, financial, and industrial (C&I)(69)(18)(7)(5)(19)(51)NM(51)NM
Commercial real estate(4)— (1)— — (3)NM(3)NM
Consumer real estate(2)(2)(2)(2)(1)— 7— (25)
Credit card and other(4)(3)(4)(4)(4)(1)(31)— 10
Total charge-offs(78)(23)(13)(12)(24)(55)NM(54)NM
Recoveries:
Commercial, financial, and industrial (C&I)3 1 1 2 3 2 NM— (1)
Commercial real estate2 — 1 — — 2 NM2 NM
Consumer real estate5 4 4 6 5 1 33— 5
Credit card and other1 1 1 1 1 — (8)— (21)
Total Recoveries12 6 6 9 10 5 872 21
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)*99 81 119 12 13 18 2286 NM
Commercial real estate*52 10 19 — 3 42 NM49 NM
Consumer real estate*74 19 — (6)(4)55 NM78 NM
Credit card and other*5 — 7 3 3 5 NM2 62
Total provision for loan and lease losses*:
230 110 145 10 15 120 NM215 NM
Allowance for loan and lease losses - ending$988 $538 $444 $200 $193 $450 84$795 NM
Reserve for unfunded commitments - beginning$50 $39 $6 $7 $8 $11 28$43 NM
Cumulative effect of change in accounting principle— — 24 — — — NM— NM
Acquired reserve for unfunded commitments41 — — — — 41 NM41 NM
Provision for unfunded commitments(3)11 9 (1)(1)(14)NM(2)NM
Reserve for unfunded commitments - ending$89 $50 $39 $6 $7 $38 76$82 NM
Total allowance for credit losses- ending$1,077 $588 $484 $206 $200 $488 83$877 NM
Numbers may not foot due to rounding. * 3Q20 includes $30 million, $44 million, $70 million, and $3 million recognized within the C&I, Commercial real estate, Consumer real estate, and Credit card and other loan and leases portfolios, respectively, of provision expense associated with the recognition of Non-PCD provision related to mergers/acquisitions.
18
First Horizon National Corporation

FHN CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES
Quarterly, Unaudited
As of
3Q202Q201Q204Q193Q19
Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)1.45 %1.49 %1.15 %0.61 %0.56 %
Commercial real estate1.66 %1.19 %1.03 %0.83 %0.84 %
Consumer real estate2.15 %2.38 %2.01 %0.46 %0.49 %
Credit card and other2.11 %4.03 %3.91 %2.68 %2.58 %
Total allowance for loans and lease losses to loans and leases1.65 %1.64 %1.33 %0.64 %0.62 %
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)230 %250 %265 %165 %149 %
Commercial real estate407 %2,771 %2,175 %1,979 %1,839 %
Consumer real estate147 %149 %135 %33 %33 %
Credit card and other890 %7,114 %5,368 %3,975 %3,691 %
Total allowance for loans and lease losses to nonperforming loans and leases221 %238 %234 %124 %112 %
Allowance for loans and lease losses to net charge offs
Commercial, financial, and industrial (C&I)186 %463 %1,088 %925 %187 %
Commercial real estate4,031 %(15,040)%143,661 %(11,151)%4,770 %
Consumer real estate(1,919)%(1,770)%(2,456)%(214)%(216)%
Credit card and other255 %282 %183 %114 %121 %
Total allowance for loans and lease losses to net charge offs373 %805 %1,533 %1,776 %333 %
19
First Horizon National Corporation
FHN REGIONAL BANKING
Quarterly, Unaudited 
     3Q20 change vs.
 3Q202Q201Q204Q193Q192Q203Q19
$/bp%$/bp%
Income Statement (millions)      
Net interest income$584 $350 $300 $311 $302 $234 67 $282 93 
Noninterest income172 79 82 90 86 93 NM86 NM
Total revenue756 429 382 400 388 327 76 368 95 
Noninterest expense374 192 203 203 194 182 95 180 93 
Pre-provision net revenue2
383 236 179 197 194 147 62 189 97 
Provision for credit losses3
227 120 155 14 20 107 89 207 NM
Income before income tax expense155 117 25 183 175 38 32 (20)(11)
Income tax expense35 27 4 43 42 8 30 (7)(17)
Net income$121 $90 $20 $140 $133 $31 34 $(12)(9)
Average Balances (billions)
Total loans and leases$59.11 $33.11 $29.61 $29.73 $28.97 $26.00 79 $30.14 NM
Interest-earning assets59.45 33.16 29.66 29.78 29.01 26.29 79 30.44 NM 
Total assets64.38 35.74 32.18 32.46 31.63 28.64 80 32.75 NM 
Total deposits63.47 33.79 30.58 30.42 30.05 29.68 88 33.42 NM 
Key Metrics
Net interest margin6
3.92 %4.27 %4.09 %4.17 %4.16 %(35)(8)(24)(6)
Efficiency ratio 49.40 44.87 53.06 50.70 49.94 453 10 (54)(1)
Loans-to-deposits ratio (period-end balances)0.91 0.93 1.06 0.98 1.01 (2)(2)(10)(10)
Loans-to-deposits ratio (average-end balances)0.93 0.98 0.97 0.98 0.96 (5)(5)(3)(3)
Return on average assets (annualized)0.75 1.02 0.26 1.71 1.67 (27)(26)(92)(55)
Return on allocated equity7
14.74 11.64 2.72 18.14 17.52 310 27 (278)(16)
Financial center locations493 269 269 269 270 224 83 223 83 
Numbers may not add to total due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 22.
20
First Horizon National Corporation
FHN FIXED INCOME
Quarterly, Unaudited
     3Q20 change vs.
 3Q202Q201Q204Q193Q192Q203Q19
$/bp%$/bp%
Income Statement (millions)      
Net interest income$12 $14 $11 $7 $5 $(2)(14)$7 NM
Noninterest income111 113 96 81 78 (2)(2)33 42 
Total revenue122 127 107 88 83 (5)(4)39 47 
Noninterest expense67 83 81 62 68 (16)(19)(1)(1)
Income before income tax expense55 44 26 26 16 11 25 39 NM
Income tax expense13 11 6 6 4 2 18 9 NM
Net income$42 $33 $19 $20 $12 $9 27 $30 NM
Average Balance Sheet (billions)
Interest earning assets$2.34 $2.63 $3.27 $2.57 $2.47 $(0.29)(11)$(0.13)(5)
Total assets3.00 3.26 3.76 2.99 2.88 (0.26)(8)0.12 4 
Key Metrics
Fixed income product average daily revenue (thousands)$1,545 $1,592 $1,264 $1,061 $994 (47)(3)551 55 
Net interest margin6
2.00 %2.07 %1.36 %1.15 %0.88 %(7)(3)112 NM
Efficiency ratio 55.05 65.49 76.02 70.23 81.31 (1,044)(16)(2,626)(32)
Return on average assets5.51 4.08 2.08 2.65 1.63 143 35 388 NM
Return on allocated equity7
82.03 65.97 37.19 39.91 23.60 1,606 24 5,843 NM

FHN CORPORATE
Quarterly, Unaudited
 3Q20 change vs.
 3Q202Q201Q204Q193Q192Q203Q19
$%$%
Income Statement (millions)
Net interest income/(expense)$(69)$(63)$(13)$(13)$(13)$(6)(10)$(56)NM
Noninterest income1
540 13 (4)11 7 527 NM533 NM
Total revenues470 (50)(17)(1)(6)520 NM476 NM
Noninterest expense143 42 14 58 42 101 NM101 NM
Income/(loss) before income taxes328 (93)(31)(60)(48)421 NM376 NM
Income tax expense (benefit)(47)(25)(6)(15)(12)(22)(88)(35)NM
Net income/(loss)$374 $(68)$(25)$(44)$(37)$442 NM$411 NM
Average Balance Sheet (billions)    
Interest bearing assets12.47 6.12 5.01 4.98 4.92 $6.35 NM$7.55 NM
Total assets13.60 8.16 6.78 6.53 6.43 5.44 67 7.17 NM
Numbers may not foot due to rounding. Certain previously reported amounts have been reclassified to agree with current presentation. See footnote disclosures on page 22.
21
First Horizon National Corporation
FHN NON-STRATEGIC
Quarterly, Unaudited
     3Q20 change vs.
 3Q202Q201Q204Q193Q192Q203Q19
$/bp%$/bp%
Income Statement (millions)      
Net interest income$6 $6 $5 $6 $6 $— *$— *
Noninterest income— 1 1 1 1 (1)NM(1)NM
Total revenue6 6 6 7 7 — *(1)(14)
Noninterest expense3 3 4 5 4 — *(1)(25)
Pre-provision net revenue2
3 3 2 2 2 — *1 50 
Provision for credit losses3
— 2 — (5)(5)(2)NM5 NM
Income before income tax expense3 1 2 8 8 2 NM(5)(63)
Income tax expense1 — 1 2 2 1 NM(1)(50)
Net income$2 $1 $2 $6 $6 $1 NM$(4)(67)
Average Balance Sheet (billions)
Total assets0.71 0.77 0.83 0.91 0.99 $(0.06)(8)$(0.28)(28)
Key Statistics
Net interest margin6
3.22 %2.83 %2.41 %2.67 %2.47 %39 14 75 30 
Efficiency ratio50.95 53.62 65.26 66.85 65.85 (267)(5)(15)(23)
Return on average assets1.39 0.50 0.89 2.51 2.35 89 NM(1)(41)
Return on allocated equity7
28.75 9.38 15.00 37.00 32.08 1,937 NM(3)(10)
Numbers may not foot due to rounding
Certain previously reported amounts have been reclassified to agree with current presentation.

FOOTNOTES
1 3Q20 includes a $532 million purchase accounting gain from FHN's merger with IBERIABANK.
2 Pre-provision net revenue is a non-GAAP measure and is reconciled to income before income taxes (GAAP) in the table.
3 Beginning in 3Q20 FHN began recording credit expense on unfunded commitments as a component of provision for credit losses. Prior period amounts have been reclassified from other noninterest expense.
4 Represents a non-GAAP measure and is reconciled to the nearest GAAP measure in the non-GAAP to GAAP reconciliations beginning on page 23.
5 Effective 1/1/2020 FHN adopted ASU 2016-13, "Measurement of Credit Losses on Financial Instruments," (CECL) which resulted in an increase to the Allowance for loan and lease losses of $106 million and a net decrease to retained earnings of $96 million.
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.








22
First Horizon National Corporation
FHN NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(In millions, except per share data)3Q202Q204Q194Q193Q19
Tangible Common Equity (Non-GAAP)    
(A) Total equity (GAAP)$8,144 $5,208 $5,056 $5,076 $4,996 
Less: Noncontrolling interest (a)295 295 295 295 295 
Less: Preferred stock (a)470 240 96 96 96 
(B) Total common equity$7,378 $4,673 $4,665 $4,685 $4,605 
Less: Intangible assets (GAAP) (b)1,876 1,552 1,558 1,563 1,569 
(C) Tangible common equity (Non-GAAP)$5,502 $3,120 $3,107 $3,122 $3,036 
Tangible Assets (Non-GAAP) 
(D) Total assets (GAAP)$83,030 $48,645 $47,197 $43,311 $43,718 
Less: Intangible assets (GAAP) (b)1,876 1,552 1,558 1,563 1,569 
(E) Tangible assets (Non-GAAP)$81,154 $47,092 $45,640 $41,748 $42,148 
Period-end Shares Outstanding     
(F) Period-end shares outstanding555 312 312 311 311 
Ratios
(A)/(D) Total equity to total assets (GAAP)9.81 %10.71 %10.71 %11.72 %11.43 %
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)6.78 %6.63 %6.81 %7.48 %7.20 %
(B)/(F) Book value per common share (GAAP)$13.30 $14.96 $14.96 $15.04 $14.80 
(C)/(F) Tangible book value per common share (Non-GAAP)$9.92 $9.99 $9.96 $10.02 $9.76 
(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.


23
First Horizon National Corporation
FHN NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
3Q202Q201Q204Q193Q19
(In millions, except per share data)GAAPNotable ItemsNon-GAAPGAAPNotable ItemsNon-GAAPGAAPNotable ItemsNon-GAAPGAAPNotable ItemsNon-GAAPGAAPNotable ItemsNon-GAAP
Interest income$598 $— $598 $347 $— $347 $378 $— $378 $404 $— $404 $407 $— $407 
Interest expense66 — 66 41 — 41 76 — 76 93 — 93 107 — 107 
Net interest income532 — 532 305 — 305 303 — 303 311 — 311 301 — 301 
Noninterest income:
Fixed income111 — 111 112 — 112 96 — 96 81 — 81 78 — 78 
Mortgage banking and title66 — 66 4 — 4 2 — 2 4 — 4 2 — 2 
Brokerage, trust, and insurance30 — 30 22 — 22 23 — 23 22 — 22 22 — 22 
Service charges and fees50 — 50 35 — 35 36 — 36 39 — 39 40 — 40 
Card and digital banking fees17 — 17 12 — 12 12 — 12 14 — 14 13 — 13 
Deferred compensation income4 — 4 8 — 8 (10)— (10)3 — 3 — — — 
Other noninterest income546 (532)14 12 — 12 15 — 15 20 — 20 17 — 17 
Total noninterest income823 (532)291 206 — 206 175 — 175 183 — 183 172 — 172 
Total revenue1,355 (532)823 512 — 512 478 — 478 495 — 495 472 — 472 
Noninterest expense:
Personnel expenses:
Salaries and benefits201 (1)200 111 (5)107 113 (1)112 112 (4)107 111 (3)109 
Incentives and commissions126 (34)91 79 — 79 81 — 81 63 — 63 55 4 59 
Deferred compensation expense3 — 3 9 — 9 (10)— (10)4 — 4 1 — 1 
Total personnel expenses329 (35)294 200 (5)195 183 (1)182 179 (4)174 167 1 168 
Occupancy and equipment77 (4)73 46 — 46 44 — 44 44 — 44 42 — 42 
Outside services78 (32)46 38 (5)33 38 (2)37 54 (18)36 47 (12)35 
Amortization of intangible assets15 (1)14 5 — 5 5 — 5 6 — 6 6 — 6 
Other noninterest expense89 (44)45 31 (4)27 31 (3)28 45 (15)31 46 (21)25 
Total noninterest expense587 (116)471 321 (14)307 302 (6)296 328 (37)291 308 (31)277 
Pre-provision net revenue768 (416)352 191 14 205 175 6 181 166 37 203 164 31 196 
Provision for credit losses227 (147)80 121 — 121 154 — 154 9 — 9 14 — 14 
Income before income taxes541 (269)272 69 14 84 21 6 27 157 37 194 150 31 181 
Provision for income taxes2 61 63 13 3 15 5 1 6 36 7 43 36 7 43 
Net income539 (331)208 57 12 68 16 5 21 121 30 151 114 24 138 
Net income attributable to noncontrolling interest3 — 3 3 — 3 3 — 3 3 — 3 3 — 3 
Net income attributable to controlling interest536 (331)205 54 12 66 14 5 18 118 30 148 111 24 136 
Preferred stock dividends13 — 13 2 — 2 2 — 2 2 — 2 2 — 2 
Net income available to common shareholders$523 $(331)$193 $52 $12 $64 $12 $5 $17 $117 $30 $147 $110 $24 $134 
Common Stock Data
EPS$0.95 $(0.60)$0.35 $0.17 $0.04 $0.21 $0.04 $0.01 $0.05 $0.38 $0.10 $0.47 $0.35 $0.08 $0.43 
Basic shares550 550 312 312 312 312 311 311 312 312 
Diluted EPS$0.95 $(0.60)$0.35 $0.17 $0.04 $0.20 $0.04 $0.01 $0.05 $0.37 $0.10 $0.47 $0.35 $0.08 $0.43 
Diluted shares551 551 313 313 313 313 313 313 314 314 
Amounts adjusted for notable items as detailed on page 9.
Numbers may not foot due to rounding.
24
First Horizon National Corporation
FHN NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(In millions, except per share data)3Q202Q201Q204Q193Q19
Adjusted Diluted EPS
Net income available to common ("NIAC") (GAAP)a$523 $52 $12 $117 $110 
Plus Tax effected notable items (Non-GAAP) (a)$(331)$12 $5 $30 $24 
Adjusted NIAC (Non-GAAP)b$192 $64 $17 $147 $134 
Diluted Shares (GAAP)c551 313 313 313 314 
Diluted EPS (GAAP)a/c$0.95 $0.17 $0.04 $0.37 $0.35 
Adjusted diluted EPS (Non-GAAP)b/c$0.35 $0.20 $0.05 $0.47 $0.43 
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)$539 $57 $16 $121 $114 
Plus Tax effected notable items (Non-GAAP) (a)$(331)$12 $5 $30 $24 
Adjusted NI (Non-GAAP)$208 $68 $21 $151 $138 
NI (annualized) (GAAP)d$2,144 $228 $66 $481 $452 
Adjusted NI (annualized) (Non-GAAP)e$828 $275 $84 $600 $549 
Average assets (GAAP)f$81,683 $47,934 $43,552 $42,886 $41,941 
ROA (GAAP)d/f2.63 %0.48 %0.15 %1.12 %1.08 %
Adjusted ROA (Non-GAAP)e/f1.01 %0.57 %0.19 %1.40 %1.31 %
Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE
NIAC (annualized) (GAAP)g$2,082 $210 $49 $463 $434 
Adjusted NIAC (annualized) (Non-GAAP)h$765 $257 $67 $582 $532 
Average Common Equity (GAAP)i$7,309 $4,673 $4,611 $4,649 $4,571 
Intangible Assets (GAAP) (b)$1,794 $1,555 $1,560 $1,566 $1,572 
Average Tangible Common Equity (Non-GAAP)j$5,515 $3,117 $3,051 $3,083 $2,999 
ROCE (GAAP)g/i28.49 %4.50 %1.05 %9.97 %9.50 %
ROTCE (Non-GAAP)g/j37.75 %6.74 %1.59 %15.03 %14.49 %
Adjusted ROTCE (Non-GAAP)h/j13.90 %8.26 %2.19 %18.88 %17.73 %
(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.

25
First Horizon National Corporation
FHN NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(Millions, except per share data)3Q202Q201Q204Q193Q19
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)k$823 $206 $175 $183 $172 
Plus notable items (GAAP) (a)$(532)$— $— $— $— 
Adjusted noninterest income (Non-GAAP)l$291 $206 $175 $183 $172 
Revenue (GAAP)m$1,355 $512 $478 $495 $472 
Plus notable items (GAAP) (a)$(532)$— $— $— $— 
Adjusted revenue (Non-GAAP)n$823 $512 $478 $495 $472 
Noninterest income as a % of total revenue (GAAP)k/m60.72 %40.32 %36.59 %37.05 %36.35 %
Adjusted noninterest income as a % of total revenue (Non-GAAP)l/n35.32 %40.32 %36.59 %37.05 %36.35 %
Adjusted Efficiency Ratio
Noninterest expense (GAAP)o$587 $321 $302 $328 $308 
Plus notable items (GAAP) (a)$(116)$(14)$(6)$(37)$(31)
Adjusted noninterest expense (Non-GAAP)p$471 $307 $296 $291 $277 
Revenue excluding securities gains/losses (GAAP)q$1,357 $512 $478 $495 $472 
Plus notable items (GAAP) (a)$(532)$— $— $— $— 
Adjusted revenue excluding securities gains/losses (Non-GAAP)r$825 $512 $478 $495 $472 
Efficiency ratio (GAAP)o/q43.31 %62.74 %63.26 %66.35 %65.26 %
Adjusted efficiency ratio (Non-GAAP)p/r57.26 %59.95 %62.05 %58.88 %58.61 %
(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.
26
First Horizon National Corporation

FHN GLOSSARY OF TERMS

Common Equity Tier 1 Ratio: Ratio consisting of common equity adjusted for certain unrealized gains/(losses) on available-for-sale securities, less disallowed portions of goodwill, other intangibles, and deferred tax assets as well as certain other regulatory deductions divided by risk-weighted assets.
 
Current Expected Credit Loss (“CECL”): New accounting standard that focuses on estimation of expected losses over the life of the loans which is measured by the difference between amortized cost and the net amount expected to be collected.

Fully Taxable Equivalent (“FTE”): Reflects the amount of tax-exempt income adjusted to a level that would yield the same after-tax income had that income been subject to taxation.
 
Non-Purchased Credit Deteriorated (“Non-PCD”) Financial Assets: Acquired individual financial assets (or acquired groups of financial assets with similar risk characteristics) that, as of the date of acquisition, do not have a more-than-insignificant deterioration in credit quality since origination, as determined by an acquirer’s assessment.

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

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


Key Ratios

Return on Average Assets: Ratio is annualized net income to average total assets.
 
Return on Average Common Equity: Ratio is annualized net income available to common shareholders to average common equity.
 
Return on Average Tangible Common Equity: Ratio is annualized net income available to common shareholders to average tangible common equity.
 
Noninterest Income as a Percentage of Total Revenue: Ratio is noninterest income to total revenue.
 
Efficiency Ratio: Ratio is noninterest expense to total revenue.
 
Leverage Ratio: Ratio is tier 1 capital to average assets for leverage.

Asset Quality - Consolidated Key Ratios

Nonperforming loans and leases ("NPL") %: Ratio is nonaccruing loans and leases in the loan portfolio to total period-end loans and leases.
 
Net charge-offs %: Ratio is annualized net charge-offs to total average loans and leases.
 
Allowance / loans and leases: Ratio is allowance for loan and lease losses to total period-end loans and leases.
 
Allowance / Nonperforming loans and leases: Ratio is allowance for loan and lease losses to nonperforming loans and leases in the loan portfolio.
 
Allowance / charge-offs: Ratio is allowance for loan and lease losses to annualized net charge-offs.

27
Third Quarter 2020 Earnings October 23, 2020

 
3Q20 GAAP financial summary Reported 3Q20 Change vs. $ in millions 3Q20 2Q20 1Q20 4Q19 3Q19 2Q20 3Q19 $/bps % $/bps % Net interest income $ 532 $ 305 $ 303 $ 311 $ 301 $ 227 74 % $ 231 77 % Fee income 823 206 175 183 172 617 NM 651 NM Total revenue 1,355 512 478 495 472 843 NM 883 NM Expense 587 321 302 328 308 266 83 279 91 Pre-provision net revenue (PPNR)¹ 768 191 175 166 164 577 NM 604 NM Provision for credit losses 227 121 154 9 14 106 88 213 NM Pre-tax income 541 69 21 157 150 472 NM 391 NM Income tax expense 2 13 5 36 36 (11) (85) (34) (94) Net income 539 57 16 121 114 482 NM 425 NM Non-controlling interest 3 3 3 3 3 - - - - Preferred dividends 13 2 2 2 2 11 NM 11 NM NIAC $ 523 $ 52 $ 12 $ 117 $ 110 $ 471 NM $ 413 NM $ in billions Avg loans $ 60 $ 34 $ 31 $ 31 $ 30 $ 26 77 % $ 30 NM % Period-end loans 60 33 33 31 31 27 83 28 91 Avg deposits 67 38 33 33 32 30 79 35 NM Period-end deposits 68 38 34 32 32 31 81 36 NM Key performance metrics Net interest margin (NIM) 2.84 % 2.90 % 3.16 % 3.26 % 3.21 % (6) bps (37) bps Loan to deposit ratio (avg.) 90 91 93 94 93 (93) (314) ROCE 28.49 4.50 1.05 9.97 9.50 2,399 1,899 ROTCE¹ 37.75 6.74 1.59 15.03 14.49 3,101 2,326 ROA 2.63 0.48 0.15 1.12 1.08 215 155 Efficiency ratio 43.31 62.74 63.26 66.35 65.26 (1,943) (2,195) FTEs 8,121 5,006 4,969 5,005 5,116 3,115 62 % 3,005 59 % CET1 ratio² 9.15 9.25 8.54 9.20 9.01 (10) 14 Effective tax rate 0.41 18 22 23 24 (1,759) (2,359) Per common share Diluted EPS $ 0.95 $ 0.17 $ 0.04 $ 0.37 $ 0.35 $ 0.78 NM $ 0.60 NM Tangible book value per share¹ $ 9.92 $ 9.99 $ 9.96 $ 10.02 $ 9.76 $ (0.07) (1) % $ 0.16 2 % Avg. diluted shares outstanding 551 313 313 313 314 238 76 % 237 75 % (in millions) 2 Numbers may not add to total due to rounding. 1Pre-provision net revenue, ROTCE, and Tangible book value per share are Non-GAAP - see Non-GAAP reconciliation in the appendix.. 23Q20 CET1 ratio is an estimate.

 
Table of contents FHN: well-positioned in a challenging environment 4 3Q20 notable items 5 3Q20 adjusted financial highlights 6 NII and NIM reflect benefit of merger and deposit pricing discipline 7 Adjusted fee income vs. adjusted FHN/IBKC combined 8 Adjusted expense vs. adjusted FHN/IBKC combined 9 Total loans 10 Total funding 11 Prudently managing risk 12 Significant reserves for current environment 13 Update of areas of perceived risk 14 Strong capital position 15 Merger integration update 16 Key takeaways 17 Appendix 18-28 3

 
FHN: well-positioned in a challenging environment Adjusted EPS of $0.35 in 3Q201 • Adjusted PPNR of $352 million reflecting strength of more diversified business model and Solid Results with expanded franchise1 Strong Adjusted . NII and NIM impacted by low rate environment, somewhat offset by growth in fee income from PPNR merger impact and strong performance in specialty areas . Adjusted expense trends benefitted from merger cost saves and expense discipline • TBVPS of $9.92 remained relatively stable with 2Q20 as strong earnings were offset by the impact of the IBKC MOE and Truist branch acquisition1 Robust Capital & • CET1 of 9.15% includes modest impact from IBKC merger and branch acquisition2 Liquidity • 3Q20 provision expense includes $147 million of non-PCD loan loss provision included in notable items . CECL reserve build of $13 million with ACL/Loans ratio of 2.15% excl. LMC/PPP portfolios 1 • Period-end loan-to-deposit ratio of 87% vs. 2Q20 combined level of 89%3 • Total PPP portfolio of $4.2 billion, providing paycheck support to more than 500,000 clients’ employees Continued • Deferrals declined to 2.4% from a peak of 12.8% on a combined basis3 Customer Support While Managing • Continued proactive risk management with net charge-offs of 44 bps largely tied to energy portfolio Risk • Total loss absorption capacity of 2.1% of loans reflects merger accounting impacts and continued prudent stance on reserve methodology • Successfully completed IBKC MOE/Truist branch acquisition Merger integration well underway with significant progress across key milestones; achieved a net Strategic • $18 million of cost saves YTD Update • Net IBKC purchase accounting impacts largely consistent with 2Q20 estimates • 3-year strategic plan to be finalized in 4Q20 1Adjusted EPS, PPNR, Adjusted PPNR, TBVPS, the ACL/Loans ratio excluding Loans to Mortgage Companies (LMC), and loans under the federal Payroll Protection Program (PPP) are Non-GAAP - see Non-GAAP reconciliation in the appendix.. 23Q20 CET1 ratio is an estimate. 3Combined 4 financial information adds together historical unaudited information from legacy FHN and legacy IBKC, adjusted for notable it ems but without any adjustments, eliminations, or analysis required by GAAP purchase accounting or the SEC’s pro-forma rules; it is Non-GAAP and reconciled to GAAP measures in the appendix.

 
3Q20 Notable items $s in millions except per share data 3Q20 IBKC merger-related notable items Noninterest income: Merger accounting adjustment: other noninterest income¹ $ 532 • 3Q20 results include $269 million pre-tax, or Total noninterest income 532 $0.60 per share of net notable items largely tied Noninterest expense: to the IBKC MOE including: Salaries and benefits (1) . $532 million gain tied to merger Incentives and commissions (34) accounting adjustments Total personnel expenses (35) Occupancy and equipment (4) . $140 million of non-PCD provision for loan and lease losses Outside services (32) Amortization of intangible assets (1) . $96 million of IBKC merger-related Louisiana Foundation contribution: other noninterest expense (20) integration expense Other noninterest expense (4) • $35 million of charitable contributions to Total other noninterest expense (24) support communities2 Total noninterest expense (96) Non-PCD provision for credit losses (140) IBKC Cumulative Pre-tax Integration Costs Total IBKC net notable items $ 296 Costs to Date Est. Future Costs Targeted 3Q20 Other notable items 4Q19 - Purchase 2Q20 3Q20 Acct. Total 4Q20 2021 Total Occupancy and equipment $ (1) $ 50 $ 96 $ 120 $ 266 $ 40 $ 135 $ 440 Outside services (2) Other noninterest expense (2) PPP fees charitable contribution: other noninterest expense (15) Non-PCD provision for credit losses - Truist branch acquisition (7) Total other 3Q20 notable items (27) Total net 3Q20 notable items (pre-tax) $ 269 Tax impact of 3Q20 notable items 61 After-tax impact of 3Q20 notable items $ 331 EPS impact of 3Q20 notable items3 $ 0.60 Additional information concerning notable items is presented in the appendix. Numbers may not add to total due to rounding. 1Merger accounting adjustment is non-taxable income. 2Includes $15 million of charitable contributions plus $20 5 million within IBKC merger-related integration expense. 3EPS computed based on approximately 551 million diluted shares.

 
3Q20 adjusted1 financial highlights Adjusted Adjusted FHN • Adjusted EPS of $0.35; TBV per share2 of $9.92 FHN standalone 3Q20 Change vs. remained relatively stable QoQ $s in millions except per share data 3Q20 2Q20 3Q19 2Q20 3Q19 $/bps % $/bps % . Provision reflects CECL reserve build of $13 million or $0.02 per share Net interest income $ 532 $ 305 $ 301 $ 227 74% $ 231 77% Fee income 291 206 172 85 41 119 69 • Adjusted PPNR up ~$147 million QoQ and Total revenue 823 512 472 311 61 351 74 $156 million YoY driven by merger-related impacts Expense 471 307 277 164 53 194 70 • NII up $227 million QoQ and up $231 million YoY Pre-provision net revenue² 352 205 196 147 72 156 80 . Results reflect $225 million benefit tied to the Provision for credit losses 80 121 14 (41) (34) 66 NM IBKC merger and Truist branch acquisition Net charge-offs 67 17 15 50 NM 52 NM (“branch acquisition”) Reserve build 13 104 (1) (91) (88) 14 NM . NIM of 2.84% vs. 2.90% in 2Q20 includes benefit NIAC $ 193 $ 64 $ 134 $ 129 NM% $ 59 44% of 2 bps reduction in IB deposit costs to 36 bps Key performance metrics • Adjusted fee income up $85 million QoQ and up Fee income as a % of total 35 % 40 % 36% (488) bps (108) bps $119 million YoY revenue Efficiency ratio 57 % 60 % 59% (269) bps (135) bps . 3Q20 results reflect a net $90 million benefit ROTCE² 13.90 % 8.26 % 17.73 % 564 bps (383) bps from the IBKC merger as well as continued strength in fixed income Diluted EPS $ 0.35 $ 0.20 $ 0.43 $ 0.15 75% $ (0.08) (19)% TBV per share2 $ 9.92 $ 9.99 $ 9.76 $ (0.07) (1)% $ 0.16 2% • Adjusted expense up $164 million QoQ and up $194 million YoY Effective tax rate 23 % 18 % 24% 530 bps (60) bps . 3Q20 results included $170 million impact tied to the IBKC merger/branch acquisition . Results also reflect a net $8 million benefit from merger expense saves 1Adjusted financial measures exclude notable items; they are Non-GAAP and are reconciled to GAAP measures in the appendix. 2TBV per share, Pre-provision net revenue, and ROTCE are Non-GAAP - see Non-GAAP reconciliation in the 6 appendix.

 
NII and NIM reflect benefit of merger and deposit pricing discipline ($s in millions) NII and NIM Trends Legacy FHN $532 • NII up $227 million QoQ driven by the $311 $303 $223 million impact of the IBKC merger $301 $305 $454 . Reported NII includes accretion impact of $294 $296 $294 $44 million $284 . Reported NIM includes accretion impact 3.26% of 20 bps 3.21% 3.16% 2.90% 2.84% . NIM negatively impacted ~12 bps by ~$3 billion of excess cash; period-end excess cash of ~$4.5 billion 3Q19 4Q19 1Q20 2Q20 3Q20 • Interest-bearing deposit costs of 36 bps improved 2 bps QoQ and 21 bps from 2Q20 Core NIM1 3.14% 3.10% 3.07% 2.80% 2.57% combined2 levels Core NII¹ Reported NII Reported NIM . Continue to target last zero interest-rate policy (ZIRP) cycle IBD costs of 24 bps 1Core financial measures are Non-GAAP and are reconciled to GAAP measures in the appendix. 2Combined financial information adds together historical unaudited information from legacy FHN and legacy IBKC, adjusted for notable items 7 but without any adjustments, eliminations, or analysis required by GAAP purchase accounting or the SEC’s pro-forma rules; it is Non-GAAP and reconciled to GAAP measures in the appendix.

 
Adjusted1 fee income vs. adjusted FHN/IBKC combined2 Adjusted Adjusted FHN/IBKC FHN combined 3Q20 Change vs. Adjusted fee income remained relatively $s in millions 3Q20 2Q20 1Q20 4Q19 3Q19 2Q20 3Q19 • $/bps % $/bps % stable compared with 2Q20 adjusted Fixed income $ 111 $ 112 $ 96 $ 81 $ 78 $ (1) (1)% $ 33 42 % FHN/IBKC combined results Mortgage banking & 66 53 32 26 27 13 25 39 NM . Fixed income relatively stable QoQ and title up $33 million YoY with ADR of Brokerage, trust and 30 33 34 33 32 (3) (9) (2) (6) $1.5 million relatively stable QoQ and up insurance 55% YoY Service charges & fees 50 46 50 54 55 4 9 (5) (9) . Mortgage banking and title up Card & digital banking 17 17 19 20 19 - - (2) (11) $13 million QoQ and $39 million YoY, fees reflecting strength in originations and Deferred compensation 4 8 (10) 3 - (4) (50) 4 NA improved GOS spreads Other noninterest 14 18 21 26 26 (4) (22) (12) (46) income . Service charges and fees up $4 million Total fee income $ 291 $ 287 $ 175 $ 183 $ 237 $ 4 1 % $ 54 23 % QoQ reflecting impact of branch acquisition . Card & digital fees remained Key metrics steady QoQ Fixed income Average Daily Revenue $ 1.5 $ 1.6 $ 1.3 $ 1.1 $ 1.0 $ (0.0) (3)% $ 0.6 55 % . Brokerage, trust, and insurance down (ADR) $3 million QoQ largely reflecting the Mortgage banking impact of market volatility on volumes Originations and valuation levels Secondary $ 1,186 $ 1,152 $ 581 $ 573 $ 629 $ 34 3 % $ 557 89 % Portfolio $ 396 $ 675 $ 497 $ 714 $ 522 $ (279) (41)% $ (126) (24)% Gain on sale spread 3.93 % 2.86 % 3.07 % 2.85 % 3.09 % 107 bps 84 bps 8 1Adjusted1Adjusted financials financial which measures exclude exclude notable notable items items; are they Non are -NonGAAP-GAAP and and are are reconciled reconciled into theGAAP appendix measures.2 1Q20in the appendix includes. 2($9.5mm)Combined financial of deferred information compensation. adds together historical unaudited information from legacy FHN and legacy IBKC, adjusted for notable items but without any adjustments, eliminations, or analysis required by GAAP purchase accounting or the SEC’s pro-forma rules; it is Non-GAAP and reconciled to GAAP measures in the appendix.

 
Adjusted1 expense vs. adjusted FHN/IBKC combined2 Adjusted Adjusted FHN FHN/IBKC combined 3Q20 Change vs. Adjusted expense down $15 million from 3Q20 2Q20 1Q20 4Q19 3Q19 2Q20 3Q19 • $s in millions 2Q20 adjusted FHN/IBKC combined levels $ % $ % and includes the benefit of merger Salaries and benefits $ 200 $ 193 $ 194 $ 193 $ 193 $ 7 4 % $ 7 4 % cost saves Incentives and commissions 91 97 100 83 78 (6) (6) 13 17 • Personnel expense down $6 million Deferred compensation 3 10 (10) 4 1 (7) (70) 2 NM . $7 million increase in salaries and Total personnel expenses 294 300 283 279 268 (6) (2) 26 10 benefits driven by alignment of IBKC Occupancy and equipment 73 74 72 73 71 (1) (1) 2 3 benefits, higher healthcare costs and the Branch Acquisition partially offset Outside services 46 46 49 49 48 - - (2) (4) by merger saves Amortization of intangible 14 9 9 10 11 5 56 3 27 assets . Incentives/commissions down Other noninterest expense 45 57 58 50 52 (12) (21) (7) (13) $6 million largely tied to lower revenue-based incentives Total noninterest expense $ 471 $ 486 $ 471 $ 461 $ 450 $ (15) (3)% $ 21 5 % • Other noninterest expense down $12 million from higher than normal 2Q20 levels Achieved Total YTD 2020 Merger Savings of ~$18 million with ~$8 million in 3Q20 9 1Adjusted1Adjusted financials financial which measures exclude exclude notable notable items items; are they Non are -NonGAAP-GAAP and and are are reconciled reconciled into theGAAP appendix measures.2 1Q20in the appendix. includes 2($9.5mm)Combined financial of deferred information compensation. adds together historical unaudited information from legacy FHN and legacy IBKC, adjusted for notable items but without any adjustments, eliminations, or analysis required by GAAP purchase accounting or the SEC’s pro-forma rules; it is Non-GAAP and reconciled to GAAP measures in the appendix.

 
Total loans 3Q20 reported vs combined1 loan trends • Period-end loans of $59.7 billion up modestly from 2Q20 combined1 levels as a $1.6 billion increase in Loans to Mortgage Companies (LMC) more than offset reductions in other C&I . Average loans to mortgage companies of $5.8 billion, $58.8B $59.7B $60.1B up ~$430 million QoQ, reflecting strong volume tied $54.9B 2% 2% 2% to seasonality and low rate environment 2% 7% 9% 10% 9% 7% 7% 7% . 3Q20 average loan yields of 3.70% 24% 22% 21% 21% • Utilization rates of 47% remained relatively stable with 2Q20 combined1 levels 1Q20-3Q20 line utilization FHN/IBKC FHN/IBKC combined combined 63% 61% 65% 61% 3/31/2020 6/30/2020 9/30/2020 Utilization % 53% 48% 47% Period-end loans Period-end loans Period-end loans Average Loans FHN/IBKC FHN/IBKC 3Q20 3Q20 combined combined 3Q19 2Q20 Total Commercial excl.67% LMC &63%7% PPP 61%7%Consumer61%7% real estate Credit card and other Loans to mortgage co. PPP Consumer real estate PPP Loans to mortgage co. Total Commercial excl. LMC & PPP Credit card and other 1Combined financial information adds together historical unaudited information from legacy FHN and legacy IBKC, adjusted for n otable items but without any adjustments, eliminations, or analysis required by GAAP purchase accounting or 10 the SEC’s pro-forma rules; it is Non-GAAP and reconciled to GAAP measures in the appendix.

 
Total funding 3Q20 reported vs combined1 interest-bearing liabilities & DDA trends $73.2B $72.1B 1% $72.1B • 3Q20 total period-end deposits of $68.4 billion 0.3% 0.5% 4% 3% 3% compared with 2Q20 combined levels of $66.1 billion $63.2B 1% 20% . Results driven by an increase in savings and DDA 5% 21% 20% . Total deposit cost of funds of 25 bps in 3Q20 3% 20% 4% 3% . Interest-bearing deposit costs of 36 bps compared 8% 8% 8% with prior ZIRP cycle rate of 24 bps in 3Q15 4% 14% • 3Q20 borrowings of $4.8 billion compared with 2Q20 combined levels of $6.0 billion 36% 34% 36% . Replaced ~$1.0 billion of IBKC FHLB advances with 32% excess liquidity 28% 29% 29% 23% Period-end Period-end Period-end Average FHN/IBKC FHN/IBKC 3Q20 3Q20 combined combined 3Q19 2Q20 DDA Savings Time deposits Term borrowings Other interest-bearing deposits Short-term borrowings Trading liabilities 1Combined financial information adds together historical unaudited information from legacy FHN and legacy IBKC, adjusted for n otable items but without any adjustments, eliminations, or analysis required by GAAP purchase accounting or 11 the SEC’s pro-forma rules; it is Non-GAAP and reconciled to the GAAP measure in the appendix.

 
Prudently managing risk ($s in millions ) • Continuing to closely monitor industries currently impacted by Provision, credit losses, and net charge-offs COVID-19 disruptions with ongoing portfolio reviews; other sectors such as essential services, recreational goods, Legacy FHN $227 manufacturing, and home improvement performing well . Net charge-offs of $67 million largely reflect losses in the $154 energy portfolio $121 $67 . NPL ratio of 75 bps, up 6 basis points QoQ, largely driven $80 by the impact of IBKC merger and commercial downgrades . Allowance to loan ratio relatively stable at 1.65% 0.44% $15 $14 $17 $9 $7 . Transformed loan portfolio since Global Financial Crisis 0.19% $3 0.20% 0.04% 0.10% from higher-risk, real estate concentration to commercially, diversified portfolio 3Q19 4Q19 1Q20 2Q20 3Q20 2008 3Q20 NCOs Provision for NCO %¹ Non-PCD NCO %¹ Non-performing loans % 4.91% 0.75% credit losses Allowance for loan and lease losses (ALLL) Non-performing loans (NPL) Legacy FHN Legacy FHN $988 $538 $444 $447 $193 $200 2.38x 2.21x $226 2.34x $190 $172 $162 1.24x 1.12x 1.64% 1.65% 1.33% 0.75% 0.62% 0.64% 0.55% 0.52% 0.57% 0.69% 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 ALLL ALLL/loans ALLL/NPL NPLs $ NPLs % 12 1Net charge-off % is annualized and as % of average loans.

 
Significant reserves for current environment ($ in millions) • CECL reserve build reflects stressed but improving outlook 2Q20 vs. 3Q20 Allowance for credit losses (ACL) for overall economy • Utilized Moody’s August 2020 baseline scenario and applied additional modest weighting to alternative upside $147 $80 $1,077 and downside scenarios $41 $287 $(67) • Also incorporated $588 . Detailed portfolio reviews of industries currently affected by pandemic . Additional factors such as the reemergence of COVID cases, impact of stimulus programs, and overall economic uncertainty FHN IBKC/TFC IBKC Reserve IBKC/TFC Net Provision FHN standalone branch PCD for Unfunded non-PCD Charge-offs Expense 9/30/2020 • Reserve build includes $147 million related to non-PCD 6/30/2020 allowance Commitment Provision loan portfolio Established Expense % of 3Q20 Total ACL/loans ACL/annualized NCOs $s in millions Period-end Loans Total allowance for credit losses $ 1,077 1.8% 4.04x Unrecognized discount - acquired loans 284 0.5 2.15% Total loss absorption capacity $ 1,272 2.1% 1.80% FHN FHN Ex. LMC & PPP¹ FHN 13 1FHN’s ratio of ACL to Loans, excluding Loans to Mortgage Companies (LMC) and loans under the federal Payroll Protection Program (PPP), is a Non-GAAP number reconciled to the GAAP ratio in the appendix.

 
Update on areas of perceived risk Portfolio by industry as of 9/30/2020 Portfolios subject to more heightened monitoring Subject to ~10.8% of total loans more % of total heightend % of total • Continuing to closely monitor industries currently impacted by COVID-19 ($s in billions) Amount loans monitoring loans disruptions; Performed deep dive review on ~$9.0 billion of commercial Other C&I $ 6.3 10.4 % $ - - % portfolio in 3Q20 Finance & Insurance 3.0 5.1 - - Health Care & Social Assistance 2.2 3.7 - - • Other sectors such as essential services, recreational goods, manufacturing, Non-real estate leasing 0.7 1.1 - - and home improvement performing well Real estate leasing 1.6 2.7 1.6 2.7 Real Estate Rental & Leasing 2.2 3.7 - - • Consumer portfolio asset quality relatively stable; refreshed weighted avg. Quick serve restaurants and other lower risk categories 1.1 1.9 - - FICO score of ~750 Higher-risk accommodation and food service 0.8 1.3 0.8 1.3 Accommodation & Food Service 1.9 3.2 - - • Real Estate Rental/Leasing – ~32% non-real estate rental and leasing, Wholesale Trade 1.9 3.1 - - primarily equipment with ~68% real estate-related, largely REITs which are Energy 1.8 3.0 1.8 3.0 diversified across property types Manufacturing 1.7 2.8 - - Grocery stores, gas stations, convenience stores, home • Accommodation/Food Service – ~57% quick service restaurants and improvement, auto-related and other lower-risk retail 1.3 2.1 - - other lower risk categories with normalizing trends; higher-risk portfolio Higher-risk retail trade 0.1 0.1 0.1 0.1 largely reflects regional and national casual dining brands Retail Trade 1.3 2.2 - - Transportation & Warehousing 1.2 2.0 - - Energy – ~$300 million in oil field services, ~ $1.0 billion in E&P - Portfolio Golf courses and other outdoor lower risk sectors 0.3 0.5 - - • Fitness centers, recreational centers and other clients are hedged ~57% through 2020, 44% through 2021 and 19% higher-risk arts, entertainment and recreation 0.3 0.6 0.3 0.6 through 2022. Not currently originating new energy loans Arts, Entertainment & Recreation 0.6 1.1 - - Total C&I excluding LMC and PPP $ 24.1 40.2 % - - • Retail Trade – Substantially all essential services and other more resilient Other CRE 9.0 15.0 - - sectors including home improvement and auto-related Lower-risk CRE retail 1.2 2.0 - - Higher-risk CRE retail 1.1 1.9 1.1 1.9 • Arts/Entertainment – ~ 50% tied to golf courses and other lower risk CRE - Retail 2.3 3.9 - - outdoor sectors Properties with 50%+ occupancy 0.4 0.7 - - Higher-risk CRE hospitality 0.8 1.3 0.8 1.3 • CRE – Retail – Granular portfolio with ~1,850+ tenants largely focused on CRE - Hospitality 1.2 2.0 - - value- and necessity-based properties; limited geographic/major tenant Total CRE excluding PPP 12.5 20.9 - - concentration; limited regional mall/power center exposure Total commercial loans excluding LMC and PPP $ 36.7 61.1 % $ 6.5 10.8 % Loans to mortgage companies (LMC) 5.7 9.4 . ~6% of CRE-Retail on active deferral vs. 41% in 1st round Paycheck protection program (PPP) 4.2 7.0 CRE – Hospitality – ~84% flagged properties and ~57% limited Total commercial loans $ 46.5 77.5 % • Total consumer loans $ 13.5 22.5 % service/extended stay properties Total loans $ 60.0 100.0 % . ~16% of CRE hospitality is on active deferral vs. ~65% in 1st round Total loans excl. LMC and PPP $ 50.2 83.6 % Data based on loan balances from credit systems and does not reflect certain general ledger accounting adjustments including unrecognized loan discounts. NAICs codes as of 3Q20. Energy-related loans represented across various categories. 14 Numbers may not add to total due to rounding.

 
Strong capital position Capital levels 12.47% 11.97% • Robust PPNR1 and enhanced earnings power provide 11.01% 11.22% 10.78% dividend support and additional loss-absorbing capital 10.69% 9.97% 10.15% 10.19% 9.52% • TBVPS1 of $9.92 remained relatively stable with 2Q20 as strong earnings were offset by the impact of the IBKC MOE and Truist branch acquisition 9.01% 9.20% 8.54% 9.25% 9.15%² • CET1 ratio reflects (22) bps impact tied to $1.6B increase in Loans to Mortgage Companies (LMC) balances . LMCs ~10% of total loans; 100% risk-weighted, yet 100% of collateral is government guaranteed if held individually 3Q19 4Q19 1Q20 2Q20 3Q20 on the balance sheet would be risk-weighted at 50% CET1 ratio Tier 1 capital ratio Total capital ratio 2Q20 vs. 3Q20 CET1 ratio2 Tangible book value per share1 9.60% 0.40% $0.09 $0.35 0.11% $9.99 9.40% 9.25% $9.92 9.20% (0.13%) 9.15% (0.11%) ($0.15) (0.22%) ($0.19) 9.00% (0.14%) 8.80% ($0.16) 8.60% 8.40% 8.20% 8.00% 2Q20 Net IBKC IBKC Day 2 Truist Branch Adjusted Common & Higher LMC 3Q20 2Q20 Net IBKC IBKC Day 2 Truist Branch Adjusted NIAC Common 3Q20 Actuals merger- CECL Acquisition NIAC & Preferred Balances Estimate Actuals merger-related CECL Non-PCD Acquisition & Other¹ Dividends Actuals related items Non-PCD Other¹ Dividends items & & Purchase Purchase Accounting Accounting Gain Gain 15 All data prior to 3Q20 is for FHN standalone. 1PPNR, Adjusted NIAC and Tangible Book Value per share (TBVPS) are Non-GAAP numbers and are reconciled in the appendix. 23Q20 CET1 ratio is an estimate.

 
Merger integration update • Strong project management and governance framework in place Integration Highlights Integration • Strong head start pre-COVID building relationships, aligning cultures & Framework establishing cadence • Integration work being done effectively in largely remote manner Targeting ~$170 million of annualized cost saves by 2022 • Largely aligned benefits plans • Launched companywide associate value survey to measure engagement . Achieved ~$18 million YTD • 100% of top 4 levels of management named with ~$8 million in 3Q20 People • Communicated a decision to ~99% of associates Annualized Savings Actual Estimated • Finalized ~100% of major tech systems and 95% of all tech 3Q20 4Q20 2021 2022 3Q20 system decisions ~$32mm ~$48mm ~$100mm ~$170mm Milestones • Completed HR system conversion and 401K enrollment • Detailed mapping, design & resource planning fully ramped up Delivering strong Systems/Ops performance on talent • Established go-to-market and organizational models retention • Finalized customer experience dashboard . ~97% retention of Model • Cross business line referrals & product set expansion building pipeline of ~540 associates identified as revenue synergies key integration talent • Convert retail brokerage, mortgage and wealth management systems Seeing strong early success • Convert Asset/Liability Management platform, expense procurement, on revenue synergies not Upcoming profitability and pricing systems included in deal economics Events • Finalize data mapping requirements • Align deposit pricing • Complete 3-yr strategic plan 16

 
Key takeaways Well-positioned to capitalize on the benefits of our more diversified business model and expanded franchise in attractive Southern markets • Diversified revenue mix with countercyclical businesses helping to mitigate pressure from low rates • Uniquely positioned to deliver significant cost savings in a challenging environment . Strong progress towards at least $170 million of cost saves; proven commitment to expense discipline • Continued prudent risk management with strong reserves and loss absorption capacity . ~45% of loan book marked with ~$1.3 billion of total loss absorption capacity • Attractive capital and funding profile Significant opportunities to drive relative outperformance and build shareholder value 17

 
APPENDIX 18

 
FHN reserve and deferrals by portfolio Allowance Loan Coverage $s in billions Balance Allowance Ratio Portfolios excl. Loans to Mortgage Companies (LMC) & PPP Energy $ 1.8 $ 0.1 7.46 % C&I excl. Energy, LMC, & PPP 22.4 0.4 1.56 Total C&I excl. LMC & PPP 24.2 0.5 2.00 CRE - Other 9.0 0.1 1.25 CRE - Retail 2.3 0.1 2.25 CRE - Hospitality 1.2 0.0 3.58 Total CRE excl. PPP 12.5 0.2 1.66 Total Commercial excl. LMC & PPP 36.7 0.7 1.89 Total Consumer 13.5 0.3 2.16 Total Loans excl. LMC & PPP $ 50.2 $ 1.0 1.96 % LMC $ 5.6 $ 0.0 0.09 PPP 4.2 - - Total Loans $ 60.0 $ 1.0 1.65 % Have Taken a COVID-19 Deferral Are Still On Deferral Balances Balances Approx. # of with % of Total Approx. # of with % of Total $ in millions Deferrals Deferrals Balances Deferrals Deferrals Balances Consumer 5,696 $ 1,365 10.1 % 1,348 $ 427 3.2 % Commercial excl. PPP 4,724 5,803 13.7 519 911 2.2 Total excl. PPP 10,420 $ 7,169 12.8 % 1,867 $ 1,338 2.4 % Allowance for Credit Losses (ACL) to Loans Ratio Loan ACL $ in millions Balance Balance ACL/ Loans Total Loans $ 59,707 $ 1,077 1.80 % Loans to Mortgage Companies (LMC) 5,607 5 0.09 PPP 4,176 - - Total excl. LMC & PPP $ 49,924 $ 1,072 2.15 % Data based on loan balances from credit systems and does not reflect certain general ledger accounting adjustments including unrecognized loan discounts. NAICs codes as of 3Q20. Energy-related loans represented across various categories. 19 Numbers may not add to total due to rounding.

 
IBKC merger accounting impacts consistent with prior guidance Preliminary loan marks as of 7/1/20 Interest/liquidity Credit mark Total loan mark Other adjustments $s in millions mark Prior PCD Fair value Balances Pre-tax % of O/S Pre-tax % of O/S Pre-tax % of O/S discount allowance of assets reversed established PCD loans $ 12,952 $ (323) (2.5) % $ (50) (0.4) % $ (373) (2.9) % $ - $ 284 $ 12,864 Non-PCD loans 11,062 (132) (1.2) (28) (0.3) (160) (1.4) - - 10,901 PPP loans 2,052 - - (21) (1.0) (21) (1.0) - - 2,032 Other loan balances 121 - - - - - - - - 121 Prior loan discounts (147) - - - - - - 147 - - Total Loans $ 26,040 $ (455) (1.7) % $ (99) (0.4) % $ (554) (2.1) % $ 147 $ 284 $ 25,918 Preliminary IBKC purchase accounting adjustments $s in millions as of 7/1/20 Merger purchase accounting gain Estimated IBKC Loan Accretion Assets Balances Mark Fair Value $s in millions $s in millions Loans and leases, net of $ 26,040 $ (123) $ 25,918 Purchase Price: 4Q20 $ 25 unearned income Preferred stock $ 231 2021 60 Allowance for loan and lease losses (398) 113 (284) Common stock 152 Cash and due from banks/IB deposit 2022 50 2,077 - 2,077 Capital surplus 2,119 in other banks 2023 and beyond $ 90 Investment securities 3,529 15 3,544 Cash paid for fractional shares - Mortgage Loans held for sale 320 - 320 Total Purchase Price $2,502 Goodwill 1,236 (1,236) - Less Deferred Tax Asset (6) Other Intangibles2 54 184 238 Net Purchase Price $2,495 Premises and equipment, net 296 15 311 Other real estate owned 14 (5) 9 Fair Value of Assets 33,253 Other assets 1,094 27 1,121 Fair Value of Liabilities 30,225 Total Assets $34,262 $(1,009) $33,253 Net Fair Value of Assets $3,028 Merger Purchase Accounting Gain $ 532 Liabilities Balances Mark Fair Value Deposits $ 28,209 $ 22 $ 28,232 Short-term borrowings 209 209 Allowance 3 Prior PCD Non-PCD Term borrowings 1,168 32 1,200 for loan allowance allowance provision Unfunded Commitments Credit and lease 24 17 41 eliminated established expense1 Loss Accrual Balances losses Other liabilities 340 204 544 Allowance for loan and lease losses $ (398) $ 398 $ (284) $ (140) $ (424) Total Liabilities $29,950 $ 275 $30,225 Numbers may not add to total due to rounding.1Non-PCD Provision Expense recorded in 3Q20 income statement. 2Core Deposit Intangible of $207 million established and included in Other Intangibles. 3Term borrowings include FHLB advances 20 and Trust Preferred Securities.

 
Notable items Favorable / (Unfavorable) FHN IBKC $s in millions After-Tax at After-Tax at $s in millions, except per share data Marginal Tax Marginal 3Q20 IBKC merger-related notable items Financial Statement Caption Pre-Tax Rate Pre-Tax Tax Rate Noninterest income: 2Q20 Merger accounting adjustment: other noninterest income¹ $ 532 Salaries and benefits $ (5) $ (4) $ (2) $ (2) Total noninterest income 532 Incentives and commissions - - (2) (2) Noninterest expense: Occupancy and equipment - - (1) (1) Salaries and benefits (1) Outside services (6) (5) (9) (7) Incentives and commissions (34) Other noninterest expense (4) (3) (1) (1) Total personnel expenses (35) Total Acquisition and Hazard related expenses $ (14) $ (12) $ (15) $ (12) Occupancy and equipment (4) Other noninterest income - (Gain) loss on sale of investments $ - $ - $ (6) $ (5) Outside services (32) Total Notable items $ (14) $ (12) $ (9) $ (7) Amortization of intangible assets (1) Louisiana Foundation contribution: other noninterest expense (20) 1Q20 Other noninterest expense (4) Salaries and benefits $ (1) $ (1) $ (2) $ (2) Total other noninterest expense (24) Occupancy and equipment - - (1) - Total noninterest expense (96) Outside services (2) (2) - - Non-PCD provision for credit losses (140) Other noninterest expense (3) (2) - - Total IBKC net notable items $ 296 Total Acquisition and Hazard related expenses $ (6) $ (5) $ (3) $ (3) Total Notable items $ (6) $ (5) $ (3) $ (3) 3Q20 Other notable items Occupancy and equipment $ (1) 4Q19 Outside services (2) Salaries and benefits $ (4) $ (4) $ (2) $ (1) Other noninterest expense (2) Outside services (18) (15) (9) (4) Other noninterest expense (3) (2) - - PPP fees charitable contribution: other noninterest expense (15) Total Acquisition, Rebranding, Restructuring related expenses $ (26) $ (21) $ (11) $ (6) Non-PCD provision for credit losses - SunTrust branch acquisition (7) Other noninterest expense - Charitable Contributions $ (11) $ (9) $ - $ - Total other 3Q20 notable items (27) Total Notable items $ (37) $ (30) $ (11) $ (6) Total net 3Q20 notable items (pre-tax) $ 269 3Q19 Tax impact of 3Q20 notable items 61 Salaries and benefits $ (3) $ (2) $ - $ - After-tax impact of 3Q20 notable items $ 331 Outside services (12) (10) - EPS impact of 3Q20 notable items2 $ 0.60 Other noninterest expense (5) (4) - Total Acquisition, Rebranding, Restructuring, and Storm related expenses $ (20) $ (16) $ - $ - Other noninterest expense - Legal Resolution Expense $ (12) $ (9) $ - $ - Incentives and commissions 4 3 - - Net Impact of Legal Resolutions $ (8) $ (6) $ - $ - Other noninterest expense - Visa Derivative Valuation Adjustments $ (4) $ (3) $ - $ - Total Notable items $ (31) $ (24) $ - $ - 21 Numbers may not add to total due to rounding. 1Merger accounting adjustment is non-taxable income. 2EPS computed based on approximately 551 million diluted shares.

 
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 income statements 3Q20 2Q20 1Q20 4Q19 3Q19 Notable Non- Notable Non- Notable Non- Notable Non- Notable Non- $ in millions GAAP Items GAAP GAAP Items GAAP GAAP Items GAAP GAAP Items GAAP GAAP Items GAAP Interest income $ 598 $ - $ 598 $ 347 $ - $ 347 $ 378 $ - $ 378 $ 404 $ - $ 404 $ 407 $ - $ 407 Interest expense 66 - 66 41 - 41 76 - 76 93 - 93 107 - 107 Net interest income 532 - 532 305 - 305 303 - 303 311 - 311 301 - 301 Noninterest income: Fixed income 111 - 111 112 - 112 96 - 96 81 - 81 78 - 78 Mortgage banking and title 66 - 66 4 - 4 2 - 2 4 - 4 2 - 2 Brokerage, trust, and insurance 30 - 30 22 - 22 23 - 23 22 - 22 22 - 22 Service charges and fees 50 - 50 35 - 35 36 - 36 39 - 39 40 - 40 Card and digital banking fees 17 - 17 12 - 12 12 - 12 14 - 14 13 - 13 Deferred compensation income 4 - 4 8 - 8 (10) - (10) 3 - 3 - - - Other noninterest income 546 (532) 14 12 - 12 15 - 15 20 - 20 17 - 17 Total noninterest income 823 (532) 291 206 - 206 175 - 175 183 - 183 172 - 172 Total revenue 1,355 (532) 823 512 - 512 478 - 478 495 - 495 472 - 472 Noninterest expense: Personnel expenses: Salaries and benefits 201 (1) 200 111 (5) 107 113 (1) 112 112 (4) 107 111 (3) 109 Incentives and commissions 126 (34) 91 79 - 79 81 - 81 63 - 63 55 4 59 Deferred compensation expense 3 - 3 9 - 9 (10) - (10) 4 - 4 1 - 1 Total personnel expenses 329 (35) 294 200 (5) 195 183 (1) 182 179 (4) 174 167 1 168 Occupancy and equipment 77 (4) 73 46 - 46 44 - 44 44 - 44 42 - 42 Outside services 78 (32) 46 38 (5) 33 38 (2) 37 54 (18) 36 47 (12) 35 Amortization of intangible assets 15 (1) 14 5 - 5 5 - 5 6 - 6 6 - 6 Other noninterest expense 89 (44) 45 31 (4) 27 31 (3) 28 45 (15) 31 46 (21) 25 Total noninterest expense 587 (116) 471 321 (14) 307 302 (6) 296 328 (37) 291 308 (31) 277 Pre-provision net revenue (Non-GAAP) 768 (416) 352 191 14 205 175 6 181 166 37 203 164 31 196 Provision for credit losses 227 (147) 80 121 - 121 154 - 154 9 - 9 14 - 14 Income before income taxes 541 (269) 272 69 14 84 21 6 27 157 37 194 150 31 181 Provision for income taxes 2 61 63 13 3 15 5 1 6 36 7 43 36 7 43 Net income 539 (331) 208 57 12 68 16 5 21 121 30 151 114 24 138 Net income attributable to noncontrolling interest 3 - 3 3 - 3 3 - 3 3 - 3 3 - 3 Net income attributable to controlling interest 536 (331) 205 54 12 66 14 5 18 118 30 148 111 24 136 Preferred stock dividends 13 - 13 2 - 2 2 - 2 2 - 2 2 - 2 Net income available to common shareholders $ 523 $ (331) $ 193 $ 52 $ 12 $ 64 $ 12 $ 5 $ 17 $ 117 $ 30 $ 147 $ 110 $ 24 $ 134 22 Numbers may not add to total due to rounding.

 
Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. Combined Historical Data: non-interest income and expense 2Q20 1Q20 4Q19 3Q19 $s in millions FHN IBKC Combined FHN IBKC Combined FHN IBKC Combined FHN IBKC Combined Noninterest income: Fixed income $ 112 $ - $ 112 $ 96 $ - $ 96 $ 81 $ - $ 81 $ 78 $ - $ 78 Mortgage banking and title 4 49 53 2 29 32 4 22 26 2 25 27 Brokerage,trust and insurance 22 11 33 23 10 34 22 11 33 22 10 32 Service charges and fees 35 11 46 36 14 50 39 15 54 40 15 55 Card and digital banking fees 12 5 17 12 6 19 14 7 20 13 6 19 Deferred compensation income 8 - 8 (10) - (10) 3 - 3 - - - Other noninterest income 12 11 23 15 6 21 20 6 26 17 9 26 Total non-interest income $ 206 $ 86 $ 293 $ 175 $ 65 $ 240 $ 183 $ 60 $ 244 $ 172 $ 65 $ 237 Noninterest expense: Personnel expenses: Salaries and benefits $ 111 $ 83 $ 195 $ 113 $ 83 $ 196 $ 112 $ 82 $ 194 $ 111 $ 81 $ 193 Incentives and commissions 79 24 104 81 20 101 63 25 88 55 21 77 Deferred compensation expense 9 - 10 (10) - (10) 4 - 4 1 - 1 Total personnel expenses 200 108 308 183 103 286 179 107 286 167 103 270 Occupancy and equipment 46 29 75 44 28 73 44 29 73 42 29 71 Outside services 38 23 61 38 12 51 54 23 77 47 13 60 Amortization of intangible assets 5 4 9 5 4 9 6 4 10 6 4 11 Other noninterest expense 31 30 61 31 30 61 45 19 64 46 23 69 Total non-interest expense $ 321 $ 194 $ 515 $ 302 $ 177 $ 480 $ 328 $ 182 $ 510 $ 308 $ 173 $ 481 23 Numbers may not add to total due to rounding.

 
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 3Q20 FHN compared to adjusted combined historical data: non-interest income and expense 3Q20 2Q20 1Q20 4Q19 3Q19 3Q20 Changes vs. $s in millions FHN FHN IBKC Combined FHN IBKC Combined FHN IBKC Combined FHN IBKC Combined 2Q20 3Q19 $ % $ % Noninterest income: Fixed income $ 111 $ 112 $ - $ 112 $ 96 $ - $ 96 $ 81 $ - $ 81 $ 78 $ - $ 78 $ (1) (1)% $ 33 42 % Mortgage banking and title 66 4 49 53 2 29 32 4 22 26 2 25 27 13 25 39 NM Brokerage,trust and insurance 30 22 11 33 23 10 34 22 11 33 22 10 32 (3) (9) (2) (6) Service charges and fees 50 35 11 46 36 14 50 39 15 54 40 15 55 4 9 (5) (9) Card and digital banking fees 17 12 5 17 12 6 19 14 7 20 13 6 19 - - (2) (11) Deferred compensation income 4 8 - 8 (10) - (10) 3 - 3 - - - (4) (50) 4 NM Other noninterest income 14 12 5 18 15 6 21 20 6 26 17 9 26 (4) (22) (12) (46) Total non-interest income $ 291 $ 206 $ 81 $ 287 $ 175 $ 65 $ 240 $ 183 $ 60 $ 244 $ 172 $ 65 $ 237 $ 4 1 % $ 54 23 % Noninterest expense: Personnel expenses: Salaries and benefits $ 200 $ 111 $ 81 $ 193 $ 113 $ 81 $ 194 $ 112 $ 80 $ 193 $ 111 $ 81 $ 193 $ 7 4 % $ 7 4% Incentives and commissions 91 75 22 97 80 20 100 58 25 83 57 21 78 (6) (6) 13 17 Deferred compensation expense 3 9 - 10 (10) - (10) 4 - 4 1 - 1 (7) (70) 2 NM Total personnel expenses 294 195 104 300 182 101 283 174 105 279 168 103 272 (6) (2) 22 8 Occupancy and equipment 73 46 28 74 44 28 72 44 29 73 42 29 71 (1) (1) 2 3 Outside services 46 32 14 46 36 12 49 36 14 49 35 13 48 - - (2) (4) Amortization of intangible assets 14 5 4 9 5 4 9 6 4 10 6 4 11 5 56 3 27 Other noninterest expense 45 27 30 57 28 30 58 31 19 50 25 23 48 (12) (21) (3) (6) Total non-interest expense $ 471 $ 307 $ 179 $ 486 $ 296 $ 174 $ 471 $ 291 $ 170 $ 462 $ 277 $ 173 $ 450 $ (15) (3)% $ 21 5% 24 Numbers may not add to total due to rounding.

 
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. 3Q20 compared to Combined Historical Balance Sheet Data 9/30/2020 6/30/20 9/30/19 $s in millions FHN FHN IBKC Combined FHN IBKC Combined Loans and Leases: Commercial $ 46,167 77 % $ 26,207 $ 18,838 $ 45,045 77 % $ 24,523 $ 16,300 $ 40,823 74 % Loans to Mortgage Companies (LMC) 5,607 9 4,021 - 4,021 9 5,038 - 5,038 9 PPP 4,175 7 2,065 2,052 4,117 7 - - - - Commercial Loans excl. LMC & PPP $ 36,385 61 % $ 20,121 $ 16,786 $ 36,907 61 % $ 19,485 $ 16,300 $ 35,785 65 % Consumer real estate 12,328 21 6,052 6,678 12,730 21 6,245 6,703 12,948 24 Credit card and other 1,212 2 449 563 1,012 2 493 673 1,166 2 Loans and leases, net of unearned income $ 59,707 100 % $ 32,709 $ 26,078 $ 58,787 100 % $ 31,261 $ 23,677 $ 54,938 100 % Interest-bearing liabilities & DDA: Deposits: Savings $ 26,573 36 % $ 13,532 $ 11,154 $ 24,686 36 % $ 11,489 $ 9,326 $ 20,815 32 % Time deposits 5,526 8 2,656 3,224 5,880 8 4,176 4,629 8,805 14 Other interest-bearing deposits 14,925 20 9,784 5,464 15,248 20 8,011 4,503 12,514 19 Total interest-bearing deposits 47,025 64 % 25,972 19,843 45,815 64 % 23,676 18,459 42,135 65 % Trading liabilities 477 1 233 - 233 1 720 - 720 1 Short-term borrowings 2,142 3 2,392 207 2,599 3 3,948 498 4,446 7 Term borrowings 2,162 3 2,032 1,168 3,200 3 1,195 1,394 2,589 4 Total interest-bearing liabilities 51,805 71 30,628 21,218 51,846 71 29,539 20,351 49,890 77 DDA 21,384 29 11,788 8,475 20,263 29 8,269 6,519 14,788 23 Total interest-bearing liabilities & DDA $ 73,189 100 % $ 42,416 $ 29,693 $ 72,109 100 % $ 37,808 $ 26,870 $ 64,678 100 % Loans to Deposits ratio 87 % 87 % 92 % 89 % 98 % 95 % 97 % 25 Numbers may not add to total due to rounding.

 
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 and shares in millions except per share data 3Q20 2Q20 1Q20 4Q19 3Q19 Adjusted Diluted EPS Net income available to common ("NIAC") (GAAP) a $ 523 $ 52 $ 12 $ 117 $ 110 Plus Tax effected notable items (Non-GAAP) (a) (331) 12 5 30 24 Adjusted NIAC (Non-GAAP) b $ 192 $ 64 $ 17 $ 147 $ 134 Diluted Shares (GAAP) c 551 313 313 313 314 Diluted EPS (GAAP) a/c $ 0.95 $ 0.17 $ 0.04 $ 0.37 $ 0.35 Adjusted diluted EPS (Non-GAAP) b/c $ 0.35 $ 0.20 $ 0.05 $ 0.47 $ 0.43 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $ 539 $ 57 $ 16 $ 121 $ 114 Plus Tax effected notable items (Non-GAAP) (a) (331) 12 5 30 24 Adjusted NI (Non-GAAP) $ 208 $ 68 $ 21 $ 151 $ 138 NI (annualized) (GAAP) d $ 2,144 $ 228 $ 66 $ 481 $ 452 Adjusted NI (annualized) (Non-GAAP) e $ 828 $ 275 $ 84 $ 600 $ 549 Average assets (GAAP) f $81,683 $47,934 $43,552 $42,886 $41,941 ROA (GAAP) d/f 2.63% 0.48% 0.15% 1.12% 1.08% Adjusted ROA (Non-GAAP) e/f 1.01% 0.57% 0.19% 1.40% 1.31% Adjusted Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE NIAC (GAAP) $ 523 $ 52 $ 12 $ 117 $ 110 Plus Tax effected notable items (Non-GAAP) (a) (331) 12 5 30 24 Adjusted NIAC (Non-GAAP) $ 192 $ 64 $ 17 $ 147 $ 134 NIAC (annualized) (GAAP) g $ 2,082 $ 210 $ 49 $ 463 $ 434 Adjusted NIAC (annualized) (Non-GAAP) h $ 765 $ 257 $ 67 $ 582 $ 532 Average Common Equity (GAAP) i $ 7,309 $ 4,673 $ 4,611 $ 4,649 $ 4,571 Intangible Assets (GAAP) (b) 1,794 1,555 1,560 1,566 1,572 Average Tangible Common Equity (Non-GAAP) j $ 5,515 $ 3,117 $ 3,051 $ 3,083 $ 2,999 ROCE (GAAP) g/i 28.49% 4.50% 1.05% 9.97% 9.50% Adjusted ROCE (Non-GAAP) h/i 10.49% 5.51% 1.45% 12.52% 11.63% ROTCE (Non-GAAP) g/j 37.75 % 6.74% 1.59% 15.03% 14.49% Adjusted ROTCE (Non-GAAP) h/j 13.90% 8.26% 2.19% 18.88% 17.73% 26 Numbers may not add to total due to rounding.

 
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) 3Q20 2Q20 1Q20 4Q19 3Q19 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) k $ 823 $ 206 $ 175 $ 183 $ 172 Plus notable items (GAAP) (a) (532) - - - - Adjusted noninterest income (Non-GAAP) l $ 291 $ 206 $ 175 $ 183 $ 172 Revenue (GAAP) m $ 1,355 $ 512 $ 478 $ 495 $ 472 Plus notable items (GAAP) (a) (532) - - - - Adjusted revenue (Non-GAAP) n $ 823 $ 512 $ 478 $ 495 $ 472 Noninterest income as a % of total revenue (GAAP) k/m 60.72% 40.32% 36.59% 37.05% 36.35% Adjusted noninterest income as a % of total revenue (Non-GAAP) l/n 35.32% 40.32% 36.59% 37.05% 36.35% Adjusted Efficiency Ratio Noninterest expense (GAAP) o $ 587 $ 321 $ 302 $ 328 $ 308 Plus notable items (GAAP) (a) (116) (14) (6) (37) (31) Adjusted noninterest expense (Non-GAAP) p $ 471 $ 307 $ 296 $ 291 $ 277 Revenue excluding securities gains/losses (GAAP) q $ 1,357 $ 512 $ 478 $ 495 $ 472 Plus notable items (GAAP) (a) (532) - - - - Adjusted revenue excluding securities gains/losses (Non-GAAP) r $ 825 $ 512 $ 478 $ 495 $ 472 Efficiency ratio (GAAP) o/q 43.31% 62.74% 63.26% 66.35% 65.26% Adjusted efficiency ratio (Non-GAAP) p/r 57.26% 59.95% 62.05% 58.88% 58.61% Adjusted Reserve Build Provision for credit losses (GAAP) s $ 227 $ 121 $ 154 $ 9 $ 14 Plus notable items (GAAP) (a) (147) - - - - Adjusted provision for credit losses (Non-GAAP) t $ 80 $ 121 $ 154 $ 9 $ 14 Net Charge-offs (GAAP) u $ 67 $ 17 $ 7 $ 3 $ 15 Reserve Build s-u $ 160 $ 104 $ 147 $ 6 $ (1) Adjusted Reserve Build t-u $ 13 $ 104 $ 147 $ 6 $ (1) $s in millions except per share data 3Q20 2Q20 1Q20 4Q19 3Q19 Tangible Common Equity (Non-GAAP) (A) Total common equity $ 7 $ 5 $ 5 $ 5 $ 5 Less: Intangible assets (GAAP) 2 2 2 2 2 (B) Tangible common equity (Non-GAAP) $ 6 $ 3 $ 3 $ 3 $ 3 Period-end Shares Outstanding (C) Period-end shares outstanding 555 312 312 311 311 Ratios (A)/(C) Book value per common share (GAAP) $ 13.30 $ 14.96 $ 14.96 $ 15.04 $ 14.80 (B)/(C) Tangible book value per common share (Non-GAAP) $ 9.92 $ 9.99 $ 9.96 $ 10.02 $ 9.76 27 Numbers may not add to total due to rounding.

 
Reconciliation to GAAP financials ($s in millions) 3Q20 to 3Q20 1Q20 to 2Q20 4Q19 to 1Q20 NII Margin NII Margin NII Margin 3Q20 Reported $ 532 2.84 % 1Q20 Reported $ 303 3.16 % 4Q19 Reported $ 311 3.26 % PPP Loans and Fees 26 (0.00) Prior Period Accretion (9) (0.09) Prior Period Accretion (16) (0.16) Current Period Accretion 44 0.23 1Q20 Core NII 294 3.07 4Q19 Core NII 296 3.10 Time Deposit Amortization 8 0.04 Days - - Days (3) - 3Q20 Core $ 454 2.57 % Loan Rates (primarily (50) (0.48) Loan Rates (primarily (15) (0.15) LIBOR/Prime) LIBOR/Prime) Deposit Rates 30 0.29 Deposit Rates 11 0.11 Loans to Mortgage Companies 15 0.01 Trading Securities & Other 5 - Fed Balances (1) (0.09) Deposit Volume 2 0.02 Other (4) - Loan Volume (2) - 2Q20 Core $ 284 2.80 % Loan Fees & Cash Basis (1) (0.02) % PPP Loans and Fees 15 0.04 1Q20 Core $ 294 3.07 Current Period Accretion 6 0.06 PPP Loans and Fees - - 2Q20 Reported $ 305 2.90 % Current Period Accretion 9 0.09 % 1Q20 Reported $ 303 3.16 % 3Q19 to 4Q219 2Q19 to 3Q19 NII Margin NII Margin 3Q19 Reported $ 301 3.21 % 2Q19 Reported $ 304 3.34 % Prior Period Accretion (7) (0.07) Prior Period Accretion (13) (0.14) 3Q19 Core NII 294 3.14 2Q19 Core NII 290 3.19 Days - - Days 3 - Loan Rates (primarily (19) (0.19) Loan Rates (primarily (12) (0.13) LIBOR/Prime) LIBOR/Prime) Deposit Rates 11 0.11 Deposit Rates 4 0.04 Trading Securities & Other - - Trading Securities & Other - - Deposit Volume 3 0.03 Loans to Mortgage Companies 7 0.01 Loan Volume 3 - Deposit Volume - - Other 4 0.02 % Loan Volume - - 4Q19 Core $ 296 3.10 Loan Fees & Cash Basis 1 0.01 PPP Loans and Fees - - Interest Bearing Cash - 0.01 Current Period Accretion 16 0.16 % Other 1 0.01 4Q19 Reported $ 311 3.26 % 3Q19 Core $ 294 3.14 % PPP Loans and Fees - - Current Period Accretion 7 0.07 3Q19 Reported $ 301 3.21 % 28 Numbers may not add to total due to rounding.