8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

FORM 8-K

_____________________________________

CURRENT REPORT

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

January 18, 2023

Date of Report (date of earliest event reported)

(Exact name of registrant as specified in its charter)

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

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

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

ITEM 2.02. Results of Operations and Financial Condition.

ITEM 7.01. Regulation FD Disclosure.

Furnished as Exhibit 99.1 is a copy of the First Horizon Corporation (“FHN” or "First Horizon") Fourth Quarter 2022 Earnings Release, released today.

Furnished as Exhibit 99.2 is a copy of the Investor Slide Presentation for the quarter ended December 31, 2022, released today.

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

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

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

The non-GAAP measures presented in, with, or by this report are: fully taxable equivalent measures; core net interest income ("NII"); core net interest margin (“NIM”); pre-provision net revenue ("PPNR"); loans and leases, allowance for credit losses (“ACL”), and ratios excluding Loans to Mortgage Companies (“LMC”) and/or loans under the federal paycheck protection program ("PPP"); return on average tangible common equity (“ROTCE”); tangible common equity (“TCE”) to tangible assets (“TA”); tangible book value ("TBV") per common share; and various consolidated results and performance measures and ratios adjusted for notable items identified in the exhibits.

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

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

Forward-Looking Statements

This report, including material incorporated into it or furnished by it, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), with respect to First Horizon Corporation’s (the “First Horizon”) beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results or other developments. The words “believe,” “expect,” “anticipate,” “intend,” “target,” “plan”, “estimate,” “should,” “likely,” “will,” “going forward” and other expressions that indicate future events and trends identify forward-looking statements.

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

FIRST HORIZON CORPORATION	2	FORM 8-K CURRENT REPORT 1/18/2023

that any announcements relating to the proposed combination could have adverse effects on the market price of the common stock of First Horizon; certain restrictions during the pendency of the merger that may impact First Horizon’s ability to pursue certain business opportunities or strategic transactions; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; reputational risk and potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; First Horizon’s success in executing its business plans and strategies and managing the risks involved in the foregoing; currency and interest rate fluctuations; exchange rates; success of hedging activities; material adverse changes in economic and industry conditions, including the availability of short and long-term financing; general competitive, economic, political and market conditions; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; other actions of the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Tennessee Department of Financial Institutions and other regulators, legislative and regulatory actions and reforms; the pandemic created by the outbreak of COVID-19 and its variants, and resulting effects on economic conditions, restrictions imposed by public health authorities or governments, fiscal and monetary policy responses by governments and financial institutions, and disruptions to global supply chains; and other factors that may affect future results of First Horizon.

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

ITEM 9.01. Financial Statements and Exhibits.

(d)Exhibits

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

Exhibit #	Description
99.1	First Horizon CorporationFourthQuarter 2022 Earnings Release
99.2	First Horizon Corporation Investor Slide Presentation for the quarter ended December 31, 2022
104	Cover Page Interactive Data File, formatted in Inline XBRL		FIRST HORIZON CORPORATION	3	FORM 8-K CURRENT REPORT 1/18/2023
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SIGNATURES

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

		FIRST HORIZON CORPORATION
		(Registrant)
Date:	January 18, 2023	By:	/s/ Hope Dmuchowski
		Hope Dmuchowski
		Senior Executive Vice President—Chief Financial Officer
		(Duly Authorized Officer and Principal Financial Officer)			FIRST HORIZON CORPORATION	4	FORM 8-K CURRENT REPORT 1/18/2023
---	---	---

Document

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

$258 Million, or EPS of $0.45; $293 Million, or $0.51, on an Adjusted Basis*

Pre-provision net revenue down 7% from the prior quarter and up 5% on an adjusted basis*

ROTCE of 19.1% and adjusted ROTCE of 21.7% with tangible book value per share of $10.23*

MEMPHIS, TN (January 18, 2023) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported fourth quarter net income available to common shareholders ("NIAC") of $258 million, or earnings per share of $0.45, compared with third quarter 2022 NIAC of $257 million, or earnings per share of $0.45.

Fourth quarter 2022 results were reduced by a net $34 million after-tax, or $0.06 per share, of notable items compared with a net $5 million, or $0.01 per share, increase in third quarter 2022. Excluding notable items, adjusted fourth quarter 2022 NIAC of $293 million, or $0.51 per share, increased from $252 million, or $0.44 per share in third quarter 2022.

Full year 2022 NIAC of $868 million, or earnings per share of $1.53, compares with $962 million, or earnings per share of $1.74, in 2021, largely reflecting the impact of provision expense. 2022 results included a net $82 million after-tax reduction, or $0.15, from notable items compared with $179 million, or $0.32 per share, in 2021. On an adjusted basis, full year 2022 NIAC of $950 million, or earnings per share of $1.68, compares with NIAC of $1.1 billion, or earnings per share $2.07 in 2021.

“Our results for the quarter and year reflect the strength of our markets and the continued momentum of our attractive business mix,” said Chairman and Chief Executive Officer Bryan Jordan. “Amidst global uncertainty and a challenging macroeconomic landscape, we delivered exceptional net interest income, net interest margin, strong loan growth, and successfully achieved our annualized net cost save target of two hundred million.”

Jordan continued, “I am incredibly proud of our associates for their steadfast commitment to drive value for our clients, communities, and shareholders as we look forward to completing the pending transaction with The Toronto-Dominion Bank (TD).”

Notable Items

Quarterly/Annually, Unaudited ($s in millions, except per share data)	4Q22		3Q22		4Q21		2022		2021
Summary of Notable Items:
IBKC:
Purchase accounting gain/(loss)*	$	—	$	—	$	—	$	—	$	(1)
Other noninterest income	—		—		4		1		5
Merger/acquisition expense	(4)		(3)		(38)		(49)		(187)
Total IBKC merger-acquisition-related items	(4)		(3)		(35)		(48)		(183)
TD:
Transaction-related expense	(31)		(21)		—		(87)		—
Total TD transaction-related items	(31)		(21)		—		(87)		—
Total Net Merger/acquisition/transaction-related items	(36)		(24)		(35)		(135)		(183)
Other notable items:
Gain/(loss) on TruPS redemption (other noninterest income)	—		—		(3)		—		(26)
Gain on mortgage servicing rights (mortgage banking and title)	—		—		—		12		—
Gain on sale of title services business (other noninterest income)	1		21		—		22		—
Gain related to equity securities investment (other noninterest income)	—		10		—		16		—
Other notable expenses	(10)		—		(16)		(22)		(26)
Total other notable items	(9)		31		(19)		28		(52)
Total Notable items (pre-tax)	(45)		7		(54)		(107)		235
Total Notable items (after-tax)	$	(34)	$	5	$	(41)	$	(82)	$	(179)
EPS impact of notable items	$	(0.06)	$	0.01	$	(0.08)	$	(0.15)	$	(0.32)
Numbers may not foot due to rounding. * Purchase accounting gain is nontaxable income.

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

1

Fourth quarter pre-tax net notable items include TD transaction-related costs of $31 million, and IBKC merger-related expense of $4 million. Other notable items reflect $10 million tied to derivative valuation adjustments related to prior Visa Class-B share sales and a $1 million additional gain on the sale of the title services business.

Fourth Quarter 2022 Versus Third Quarter 2022 Highlights

•Total revenue of $882 million increased $7 million and adjusted revenue of $885 million increased $38 million, or 4%, reflecting strength in net interest income.

•Net interest income of $709 million increased $47 million, or 7%, despite a $6 million reduction in net merger-related and PPP benefits. Core net interest income was up $53 million as the benefit of higher rates and loan balances was partially offset by higher funding costs.

•Noninterest income of $174 million decreased $39 million and adjusted noninterest income of $173 million decreased $8 million as higher deferred compensation income and other noninterest income was more than offset by reductions in fixed income and mortgage banking.

•Noninterest expense of $503 million increased $35 million and adjusted noninterest expense of $458 million increased $14 million largely as a $10 million increase in other noninterest income and a $9 million increase in deferred compensation expense was partially offset by a reduction in salaries and employee benefits.

•Provision expense of $45 million compared with $60 million in third quarter 2022 reflects the impact of loan growth and revised macroeconomic outlook. 4Q22 provision includes reduction in losses expected from Hurricane Ian.

•Average interest-earning assets of $72.8 billion decreased $3.2 billion largely as a $1.0 billion increase in loans was more than offset by a $3.7 billion decrease in interest-bearing deposits with banks and a $0.2 billion decrease in investment securities.

•Average loans before the impact of PPP up $1.1 billion as an increase in commercial balances and consumer real estate was partially offset by a $617 million decrease in loans to mortgage companies ("LMC").

•Period-end loans before the impact of PPP increased $801 million, or 1%, driven by a $419 million increase in commercial. Period-end commercial loans excluding PPP and LMC rose 2%.

•Average deposits of $64.9 billion decreased $3.3 billion, or 5%, driven by a $1.7 billion decrease in DDA and a $1.1 billion decrease in savings. Total deposit costs of 69 basis points increased 44 basis points.

•Allowance for credit losses ("ACL") to loans ratio of 1.33% remained relatively stable compared to 1.31% at September 30, 2022. The ACL to nonperforming loans ratio of 244% decreased from 258% at September 30, 2022.

•Net charge-offs of $26 million increased $14 million; nonperforming loans of $316 million increased 8% linked quarter and the nonperforming loan ratio of 0.54% increased from 0.51% at September 30, 2022.

•ROCE of 14.4%; ROTCE of 19.1%; Adjusted ROTCE of 21.7%; CET 1 ratio of 10.2%; and total capital ratio of 13.3%.

•Tangible book value per share of $10.23 at December 31, 2022 compared with $9.72 at September 30, 2022 and reflected a $0.57 increase tied to adjusted NIAC and a $0.15 increase tied to MTM valuation adjustments on AFS securities and cash flow hedges.

Strategic Update

IBKC Merger

•Achieved $200 million of targeted annualized net cost saves target in 4Q22.

Pending Acquisition by TD

•TD expects the deal to close in the first half of its 2023 fiscal year, subject to the receipt of required regulatory approvals and satisfaction of other closing conditions.

•Continued progress on integration planning and Legal Day One readiness.

SUMMARY RESULTS
Quarterly, Unaudited
										4Q22 Change vs.
($s in millions, except per share and balance sheet data)	4Q22			3Q22			4Q21			3Q22				4Q21
										/bp		%		/bp		%
Income Statement
Interest income - taxable equivalent1	$	860		$	737		$	534				17	%			61	%
Interest expense- taxable equivalent1	148			71			33			77		108		115		NM
Net interest income- taxable equivalent	712			666			502			46		7		210		42
Less: Taxable-equivalent adjustment	4			4			3			—		—		1		33
Net interest income	709			662			498			47		7		211		42
Noninterest income	174			213			247			(39)		(18)		(73)		(30)
Total revenue	882			875			745			7		1		137		18
Noninterest expense	503			468			528			35		7		(25)		(5)
Pre-provision net revenue3	379			406			217			(27)		(7)		162		75
Provision for credit losses	45			60			(65)			(15)		(25)		110		NM
Income before income taxes	334			346			282			(12)		(3)		52		18
Provision for income taxes	64			78			53			(14)		(18)		11		21
Net income	270			268			229			2		1		41		18
Net income attributable to noncontrolling interest	4			3			3			1		33		1		33
Net income attributable to controlling interest	266			265			227			1		—		39		17
Preferred stock dividends	8			8			8			—		—		—		—
Net income available to common shareholders	$	258		$	257		$	219				—	%			18	%
Adjusted net income4	$	304		$	263		$	270				16	%			13	%
Adjusted net income available to common shareholders4	$	293		$	252		$	260				16	%			13	%
Common stock information
EPS	$	0.45		$	0.45		$	0.40				—	%			13	%
Adjusted EPS4	$	0.51		$	0.44		$	0.48				16	%			6	%
Diluted shares8	572			570			542			2		—	%	30		6	%
Key performance metrics
Net interest margin	3.89		%	3.49		%	2.42		%	40	bp			147	bp
Efficiency ratio	57.07			53.56			70.88			351				(1,381)
Adjusted efficiency ratio4	51.70			52.42			63.31			(72)				(1,161)
Effective income tax rate	19.19			22.58			18.63			(339)				56
Return on average assets	1.35			1.29			1.02			6				33
Adjusted return on average assets4	1.52			1.27			1.21			25				31
Return on average common equity (“ROCE")	14.4			13.9			11.3			57				316
Return on average tangible common equity (“ROTCE”)4	19.1			18.2			14.7			91				442
Adjusted ROTCE4	21.7			17.9			17.5			379				417
Noninterest income as a % of total revenue	19.68			24.30			33.10			(462)				(1,342)
Adjusted noninterest income as a % of total revenue4	19.55		%	21.37		%	32.95		%	(182)	bp			(1,340)	bp
Balance Sheet (billions)
Average loans	$	57.6		$	56.5		$	54.7				2	%			5	%
Average deposits	64.9			68.1			74.6			(3.3)		(5)		(9.7)		(13)
Average assets	79.5			82.6			89.0			(3.0)		(4)		(9.5)		(11)
Average common equity	$	7.1		$	7.4		$	7.7				(3)	%			(8)	%
Asset Quality Highlights
Allowance for credit losses to loans and leases	1.33		%	1.31		%	1.34		%	2	bp			(1)	bp
Net charge-off ratio	0.18			0.08			0.01			9				17
Nonperforming loan and leases ratio	0.54		%	0.51		%	0.50		%	4	bp			4	bp
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 1	10.2		%	9.9		%	9.9		%	24	bp			25	bp
Tier 1	11.9			11.7			11.0			22				88
Total Capital	13.3			13.1			12.3			24				99
Tier 1 leverage	10.4		%	9.8		%	8.1		%	57	bp			228	bp

All values are in US Dollars.

Numbers may not foot due to rounding.

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

See footnote disclosures on page 22.

SUMMARY RESULTS
Annual, Unaudited
($s in millions, except per share and balance sheet data)	2022			2021			2022 vs. 2021
							/bp		%
Income Statement
Interest income - taxable equivalent1	$	2,696		$	2,170				24	%
Interest expense- taxable equivalent1	292			163			129		79
Net interest income- taxable equivalent	2,405			2,006			399		20
Less: Taxable-equivalent adjustment	13			12			1		8
Net interest income	2,392			1,994			398		20
Noninterest income	816			1,076			(260)		(24)
Total revenue	3,208			3,070			138		4
Noninterest expense	1,953			2,095			(142)		(7)
Pre-provision net revenue4	1,254			975			279		29
Provision for credit losses5	95			(310)			405		131
Income before income taxes	1,159			1,285			(126)		(10)
Provision for income taxes	247			274			(27)		(10)
Net income	912			1,010			(98)		(10)
Net income attributable to noncontrolling interest	12			11			1		9
Net income attributable to controlling interest	900			999			(99)		(10)
Preferred stock dividends	32			37			(5)		(14)
Net income available to common shareholders	$	868		$	962				(10)
Adjusted net income5	$	994		$	1,189				(17)
Adjusted net income available to common shareholders5	$	950		$	1,140				(17)	%
Common stock information
EPS	$	1.53		$	1.74				(12)	%
Adjusted EPS5	$	1.68		$	2.07				(19)	%
Diluted shares	566			551			15		3	%
Key performance metrics
Net interest margin	3.10		%	2.48		%	62	bp
Efficiency ratio	60.90			68.25			(735)
Adjusted efficiency ratio6	56.64			60.64			(400)
Effective income tax rate	21.32			21.36			(4)
Return on average assets	1.08			1.15			(7)
Adjusted return on average assets6	1.18			1.36			(18)
Return on average common equity (“ROCE")	11.8			12.5			(72)
Return on average tangible common equity (“ROTCE”)6	15.6			16.5			(88)
Adjusted ROTCE6	17.0			19.3			(233)
Noninterest income as a % of total revenue	25.44			35.04			(960)
Adjusted noninterest income as a % of total revenue6	24.14		%	36.38		%	(1,224)	bp
Balance Sheet (billions)
Average loans	$	56.0		$	56.3				(1)	%
Average deposits	69.7			73.1			(3.4)		(5)
Average assets	84.2			87.6			(3.4)		(4)
Average common equity	$	7.3		$	7.7				(4)	%
Asset Quality Highlights
Allowance for credit losses to loans and leases	1.33		%	1.34		%	(1)	bp
Net charge-off ratio	0.11		%	—			11
Nonperforming loan and leases ratio	0.54		%	0.50		%	4	bp
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 1	10.2		%	9.9		%	24	bp
Tier 1	11.9			11.0			22
Total Capital	13.3			12.3			24
Tier 1 leverage	10.4		%	8.1		%	57	bp

All values are in US Dollars.

Numbers may not foot due to rounding.

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

See footnote disclosures on page 22.

Fourth Quarter 2022 versus Third Quarter 2022

Net interest income

Net interest income of $709 million increased $47 million despite a $6 million reduction tied to net merger-related and PPP benefits. Core net interest income increased $53 million as the benefit of higher rates and loan balances was partially offset by higher funding costs. Net interest margin of 3.89% improved 40 basis points largely as the benefit of higher rates, loan growth and lower cash was partially offset by the impact of higher funding costs.

Noninterest income

Noninterest income of $174 million decreased $39 million and included a $31 million decrease in the benefit of notable items. Adjusted noninterest income of $173 million decreased $8 million reflecting reductions in fixed income and mortgage banking partially offset by an increase in deferred compensation. Fixed income average daily revenue of $403 thousand compared with $524 thousand in third quarter 2022 reflecting the impact of increasing interest rates, macro economic uncertainty and market volatility.

Noninterest expense

Noninterest expense of $503 million increased $35 million and included a $21 million increase in notable items. Adjusted noninterest expense of $458 million increased $14 million largely as higher deferred compensation expense and other noninterest expense was partially offset by a reduction in salaries and employee benefits. Linked quarter trends also reflect a $4 million benefit tied to incremental IBKC merger cost savings.

Loans and leases

Average loan and lease balances of $57.6 billion increased $1.0 billion reflecting a 1% increase in commercial and a 3% increase in consumer. Commercial loan growth reflected a $442 million increase in commercial and industrial and a $169 million increase in commercial real estate. Consumer loan growth increased $411 million compared to the prior quarter, driven by a $416 million increase in consumer real estate. Results reflect a $617 million reduction in loans to mortgage companies ("LMC") and a $83 million decrease in PPP loans. Loan balances excluding PPP and LMC increased $1.8 billion compared to the prior quarter, driven by a $1.3 billion increase in commercial.

Period-end loans and leases of $58.1 billion increased $0.7 billion from third quarter 2022, reflecting a 1% increase in commercial and a 3% increase in consumer. Before the impact of PPP and LMC, period-end loans increased $1.3 billion, or 2%, driven by a $0.9 billion increase in all other commercial loans.

Deposits

Average deposits of $64.9 billion decreased $3.3 billion, or 5%. Period-end deposits of $63.5 billion decreased $2.5 billion reflecting a $2.3 billion decrease in noninterest-bearing and a $0.2 billion decrease in interest-bearing. Total deposit costs of 69 basis points increased 44 basis points with a 70 basis point increase in interest-bearing deposit costs.

Asset quality

Provision expense of $45 million compared with $60 million in third quarter 2022 reflects the impact of loan growth and revised macroeconomic outlook. 4Q22 provision includes reduction in losses expected from Hurricane Ian.

Net charge-offs of $26 million, or 18 basis points, compared with $12 million, or 8 basis points in third quarter 2022.

Nonperforming loans of $316 million increased $24 million. Fourth quarter 2022 ACL to nonperforming loans coverage ratio of 244% compared with 258% in third quarter 2022.

The ACL to loans ratio increased to 1.33% from 1.31% in the third quarter 2022.

Capital

CET1 ratio of 10.2% in fourth quarter 2022 compared with 9.9% in third quarter 2022. Total capital ratio of 13.3% vs. 13.1% in third quarter 2022.

Income taxes

The fourth quarter 2022 effective tax rate of 19.2% compares with 22.6% in third quarter 2022. On an adjusted basis, the effective tax rate of 19.8% in the fourth quarter 2022 improved from 22.4% in third quarter 2022.

Forward-Looking Statements

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

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

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

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

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

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

Presentation of regulatory measures, even those which are not GAAP, provide a meaningful base for comparability to other financial institutions subject to the same regulations as FHN, as demonstrated by their use by banking regulators in reviewing capital adequacy of financial institutions. Although not GAAP terms, these regulatory measures are not considered “non-GAAP” under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in this financial supplement include: common equity tier 1 capital ("CET1"), generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common

equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk-weighted assets, which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios.

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

First Horizon Corp. (NYSE: FHN), with $79.0 billion in assets as of December 31, 2022, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

Contact: Investor Relations - investorrelations@firsthorizon.com

Media Relations - Beth.Ardoin@firsthorizon.com

CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited
																4Q22 Change vs.												2022 vs 2021
($s in millions, except per share data)	4Q22			3Q22			2Q22			1Q22			4Q21			3Q22			4Q21			2022			2021
																	%			%									%
Interest income - taxable equivalent1	$	860		$	737		$	586		$	513		$	534			17	%		61	%	$	2,696		$	2,170			24	%
Interest expense- taxable equivalent1	148			71			41			31			33			77	108		115	NM		292			163			129	79
Net interest income- taxable equivalent	712			666			545			482			502			46	7		210	42		2,405			2,006			399	20
Less: Taxable-equivalent adjustment	4			4			3			3			3			—	—		1	33		13			12			1	8
Net interest income	709			662			542			479			498			47	7		211	42		2,392			1,994			398	20
Noninterest income:
Fixed income	35			46			51			73			82			(11)	(24)		(47)	(57)		205			406			(201)	(50)
Mortgage banking and title	4			9			34			22			28			(5)	(56)		(24)	(86)		68			154			(86)	(56)
Brokerage, trust, and insurance	33			34			36			37			36			(1)	(3)		(3)	(8)		141			141			—	—
Service charges and fees	56			56			57			57			56			—	—		—	—		226			219			7	3
Card and digital banking fees	20			21			23			20			19			(1)	(5)		1	5		84			78			6	8
Deferred compensation income	7			(3)			(17)			(4)			—			10	NM		7	NM		(17)			13			(30)	NM
Other noninterest income	20			50			16			24			25			(30)	(60)		(5)	(20)		110			66			44	67
Total noninterest income	174			213			201			229			247			(39)	(18)		(73)	(30)		816			1,076			(260)	(24)
Total revenue	882			875			743			707			745			7	1		137	18		3,208			3,070			138	4
Noninterest expense:
Personnel expense:
Salaries and benefits	178			186			190			190			190			(8)	(4)		(12)	(6)		743			767			(24)	(3)
Incentives and commissions	97			92			93			94			93			5	5		4	4		376			423			(47)	(11)
Deferred compensation expense	7			(2)			(18)			(5)			7			9	NM		—	—		(18)			20			(38)	NM
Total personnel expense	281			275			265			280			290			6	2		(9)	(3)		1,101			1,210			(109)	(9)
Occupancy and equipment2	71			71			73			72			74			—	—		(3)	(4)		286			300			(14)	(5)
Outside services	70			66			70			84			81			4	6		(11)	(14)		290			290			—	—
Amortization of intangible assets	13			13			13			13			14			—	—		(1)	(7)		51			56			(5)	(9)
Other noninterest expense	69			44			68			44			70			25	57		(1)	(1)		225			239			(14)	(6)
Total noninterest expense	503			468			489			493			528			35	7		(25)	(5)		1,953			2,095			(142)	(7)
Pre-provision net revenue3	379			406			255			215			217			(27)	(7)		162	75		1,254			975			279	29
Provision for credit losses	45			60			30			(40)			(65)			(15)	(25)		110	NM		95			(310)			405	131
Income before income taxes	334			346			225			255			282			(12)	(3)		52	18		1,159			1,285			(126)	(10)
Provision for income taxes	64			78			48			57			53			(14)	(18)		11	21		247			274			(27)	(10)
Net income	270			268			177			198			229			2	1		41	18		912			1,010			(98)	(10)
Net income attributable to noncontrolling interest	4			3			3			3			3			1	33		1	33		12			11			1	9
Net income attributable to controlling interest	266			265			174			195			227			1	—		39	17		900			999			(99)	(10)
Preferred stock dividends	8			8			8			8			8			—	—		—	—		32			37			(5)	(14)
Net income available to common shareholders	$	258		$	257		$	166		$	187		$	219			—	%		18	%	$	868		$	962			(10)	%
Common Share Data
EPS	$	0.48		$	0.48		$	0.31		$	0.35		$	0.41			—	%		18	%	$	1.62		$	1.76			(8)	%
Basic shares	536			536			535			533			537			—	—		(1)	—		535			546			(11)	(2)
Diluted EPS	$	0.45		$	0.45		$	0.29		$	0.34		$	0.40			—			13		$	1.53		$	1.74			(12)
Diluted shares8	572			570			569			550			542			2	—	%	30	6	%	566			551			15	3	%
Effective tax rate	19.2		%	22.6		%	21.3		%	22.4		%	18.6		%							21.3		%	21.4		%

All values are in US Dollars.

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

ADJUSTED5 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 11
Quarterly, Unaudited
																4Q22 Change vs.												2022 vs 2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
($s in millions, except per share data)	4Q22			3Q22			2Q22			1Q22			4Q21			3Q22			4Q21			2022			2021
																	%			%									%
Net interest income (FTE)1	$	712		$	666		$	545		$	482		$	502			7	%		42	%	$	2,405		$	2,006			20	%
Adjusted noninterest income:
Fixed income	35			46			51			73			82			(11)	(24)		(47)	(57)		205			406			(201)	(50)
Adjusted mortgage banking and title	4			9			22			22			28			(5)	(56)		(24)	(86)		56			154			(98)	(64)
Brokerage, trust, and insurance	33			34			36			37			36			(1)	(3)		(3)	(8)		141			141			—	—
Service charges and fees	56			56			57			57			56			—	—		—	—		226			219			7	3
Card and digital banking fees	20			21			23			20			19			(1)	(5)		1	5		84			78			6	8
Deferred compensation income	7			(3)			(17)			(4)			—			10	NM		7	NM		(17)			13			(30)	NM
Adjusted other noninterest income	20			18			15			18			25			2	11		(5)	(20)		71			89			(18)	(20)
Adjusted total noninterest income	$	173		$	181		$	188		$	223		$	246			(4)	%		(30)	%	$	765		$	1,099			(30)	%
Total revenue (FTE)1	$	885		$	847		$	733		$	704		$	748			4	%		18	%	$	3,170		$	3,105			2	%
Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$	178		$	185		$	190		$	188		$	189			(4)	%		(6)	%	$	741		$	766			(3)	%
Adjusted Incentives and commissions	70			68			71			92			84			2	3		(14)	(17)		301			367			(66)	(18)	%
Adjusted deferred compensation expense	7			(2)			(18)			(5)			1			9	NM		6	NM		(18)			14			(32)	NM
Adjusted total personnel expense	254			251			244			275			274			3	1		(20)	(7)		1,024			1,147			(123)	(11)	%
Adjusted occupancy and equipment2	71			70			72			72			73			1	1		(2)	(3)		284			294			(10)	(3)	%
Adjusted outside services	64			64			61			59			66			—	—		(2)	(3)		248			241			7	3	%
Adjusted amortization of intangible assets	12			12			12			12			13			—	—		(1)	(8)		48			53			(5)	(9)	%
Adjusted other noninterest expense	58			48			50			37			46			10	21		12	26		192			148			44	30	%
Adjusted total noninterest expense	$	458		$	444		$	438		$	455		$	474			3	%		(3)	%	$	1,795		$	1,883			(5)	%
Adjusted pre-provision net revenue3	$	424		$	403		$	295		$	249		$	274			5	%		55	%	$	1,362		$	1,222			11	%
Provision for credit losses	$	45		$	60		$	30		$	(40)		$	(65)			(25)	%		NM		$	95		$	(310)			131	%
Adjusted net income available to common shareholders	$	293		$	252		$	195		$	211		$	260			16	%		13	%	$	950		$	1,140			(17)	%
Adjusted Common Share Data
Adjusted diluted EPS	$	0.51		$	0.44		$	0.34		$	0.38		$	0.48			16	%		6	%	$	1.68		$	2.07			(19)	%
Diluted shares8	572			570			569			550			542			2	—	%	30	6	%	566			551			15	3	%
Adjusted effective tax rate	19.8		%	22.4		%	21.7		%	22.5		%	19.5		%							21.5		%	21.8		%
Adjusted ROTCE	21.7		%	17.9		%	14.2		%	14.7		%	17.5		%							17.0		%	19.3		%
Adjusted efficiency ratio	51.7		%	52.4		%	59.8		%	64.6		%	63.3		%							56.6		%	60.6		%

All values are in US Dollars.

Numbers may not foot due to rounding.

See footnote disclosures on page 22.

NOTABLE ITEMS
Quarterly, Unaudited		(In millions)	4Q22		3Q22		2Q22		1Q22		4Q21		2022		2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Summary of Notable Items:
Purchase accounting gain*	$	—	$	—	$	—	$	—	$	—	$	—	$	(1)
Gain/(loss) on TRUPS redemption (other noninterest income)	—		—		—		—		(3)		—		(26)
IBKC Branch sale gain (other noninterest income)	—		—		—		—		4		1		5
Gain on sale of title services business	1		21		—		—		—		22		—
Gain related to equity securities investments	—		10		—		6		—		16		—
Gain on sale of mortgage servicing rights	—		—		12		—		—		12		—
IBKC merger/acquisition expense	(4)		(3)		(13)		(28)		(38)		(49)		(187)
TD transaction-related expense	(31)		(21)		(25)		(9)		—		(87)		—
Other notable expenses**	(10)		—		(12)		—		(16)		(22)		(26)
Total notable items	(45)		7		(38)		(32)		(54)		(107)		235
EPS impact of notable items	$	(0.06)	$	0.01	$	(0.05)	$	(0.04)	$	(0.08)	$	(0.15)	$	(0.32)

Numbers may not foot due to rounding

* Purchase accounting gain is nontaxable income.

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

IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited		(In millions)	4Q22		3Q22		2Q22		1Q22		4Q21		2022		2021
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Impacts of Notable Items:
Noninterest income:
Mortgage banking and title	$	—	$	—	$	(12)	$	—	$	—	$	(12)	$	—
Other noninterest income	(1)		(32)		—		(6)		—		(38)		23
Total noninterest income	$	(1)	$	(32)	$	(13)	$	(6)	$	—	$	(51)	$	23
Noninterest expense:
Personnel expenses:
Salaries and benefits	$	—	$	—	$	1	$	(2)	$	—	$	(2)	$	(1)
Incentives and commissions	(27)		(24)		(22)		(2)		(9)		(76)		(56)
Deferred compensation expense	—		—		—		—		(6)		—		(6)
Total personnel expenses	(27)		(25)		(21)		(4)		(16)		(77)		(63)
Occupancy and equipment2	—		(1)		(1)		—		—		(2)		(5)
Outside services	(6)		(2)		(9)		(25)		(15)		(42)		(49)
Amortization of intangible assets	(1)		(1)		(1)		(1)		(1)		(3)		(3)
Other noninterest expense	(11)		4		(18)		(7)		(23)		(33)		(92)
Total noninterest expense	$	(46)	$	(25)	$	(50)	$	(37)	$	(54)	$	(158)	$	(212)
Income before income taxes	$	45	$	(7)	$	38	$	32	$	54	$	107	$	235
Provision for income taxes	11		(2)		9		7		13		25		56
Net income/(loss) available to common shareholders	$	34	$	(5)	$	29	$	24	$	41	$	82	$	179

Numbers may not foot due to rounding

FINANCIAL RATIOS
Quarterly, Unaudited
																4Q22 Change vs.														2022 vs. 2021
	4Q22			3Q22			2Q22			1Q22			4Q21			3Q22				4Q21				2022			2021
FINANCIAL RATIOS																/bp		%		/bp		%								/bp		%
Net interest margin	3.89		%	3.49		%	2.74		%	2.37		%	2.42		%	40	bp			147	bp			3.10		%	2.48		%	62	bp
Return on average assets	1.35		%	1.29		%	0.82		%	0.90		%	1.02		%	6				33				1.08		%	1.15		%	(7)
Adjusted return on average assets4	1.52		%	1.27		%	0.95		%	1.02		%	1.21		%	25				31				1.18		%	1.36		%	(18)
Return on average common equity (“ROCE”)	14.42		%	13.85		%	9.12		%	9.92		%	11.26		%	57				316				11.81		%	12.53		%	(72)
Return on average tangible common equity (“ROTCE”)4	19.14		%	18.23		%	12.07		%	12.98		%	14.72		%	91				442				15.58		%	16.46		%	(88)
Adjusted ROTCE4	21.68		%	17.89		%	14.15		%	14.68		%	17.51		%	379				417				16.96		%	19.29		%	(233)
Noninterest income as a % of total revenue	19.68		%	24.30		%	27.06		%	32.31		%	33.10		%	(462)				(1,342)				25.44		%	35.04		%	(960)
Adjusted noninterest income as a % of total revenue4	19.55		%	21.37		%	25.68		%	31.63		%	32.95		%	(182)				(1,340)				24.14		%	36.38		%	(1,224)
Efficiency ratio	57.07		%	53.56		%	65.76		%	69.66		%	70.88		%	351				(1,381)				60.90		%	68.25		%	(735)
Adjusted efficiency ratio4	51.70		%	52.42		%	59.79		%	64.64		%	63.31		%	(72)				(1,161)				56.64		%	60.64		%	(400)
CAPITAL DATA
CET1 capital ratio*	10.2		%	9.9		%	9.8		%	10.0		%	9.9		%	24	bp			25	bp			10.2		%	9.9		%	27	bp
Tier 1 capital ratio*	11.9		%	11.7		%	11.6		%	11.8		%	11.0		%	22	bp			88	bp			11.9		%	11.0		%	92	bp
Total capital ratio*	13.3		%	13.1		%	13.0		%	13.2		%	12.3		%	24	bp			99	bp			13.3		%	12.3		%	103	bp
Tier 1 leverage ratio*	10.4		%	9.8		%	9.1		%	8.8		%	8.1		%	57	bp			228	bp			10.4		%	8.1		%	226	bp
Risk-weighted assets (“RWA”) (billions)	$	69.2		$	68.6		$	67.3		$	65.0		$	64.2				1	%			8	%	$	69.2		$	64.2				7	%
Total equity to total assets	10.83		%	10.32		%	10.04		%	9.81		%	9.53		%	51	bp			130	bp			10.83		%	9.53		%	130	bp
Tangible common equity/tangible assets (“TCE/TA”)4	7.12		%	6.64		%	6.55		%	6.44		%	6.73		%	48	bp			39	bp			7.12		%	6.73		%	39	bp
Period-end shares outstanding (millions)	537			537			536			535			534			—		—	%	3		1	%	537			534			3		1	%
Cash dividends declared per common share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15				—	%			—	%	$	0.60		$	0.60				—
Book value per common share	$	13.48		$	12.99		$	13.50		$	13.82		$	14.39				4	%			(6)	%	$	13.48		$	14.39				(6)	%
Tangible book value per common share4	$	10.23		$	9.72		$	10.18		$	10.46		$	11.00				5	%			(7)	%	$	10.23		$	11.00				(7)	%
SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	91.51		%	86.88		%	80.13		%	74.23		%	73.25		%	463	bp			1,826	bp			91.51		%	73.25		%	1,826	bp
Loans-to-deposit ratio (average balances)	88.73		%	82.99		%	77.25		%	72.93		%	73.29		%	574	bp			1,544	bp			80.22		%	76.98		%	324	bp
Full-time equivalent associates	7,477			7,569			7,627			7,900			7,863			(92)		(1)	%	(386)		(5)	%	7,642			8,067			(425)		(5)	%

All values are in US Dollars.

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

*Current quarter is an estimate.

See footnote disclosures on page 22.

CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited

											4Q22 Change vs.
(In millions)	4Q22		3Q22		2Q22		1Q22		4Q21		3Q22			4Q21
												%			%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	31,780	$	31,620	$	31,276	$	30,798	$	31,068		1	%		2	%
Commercial real estate	13,228		13,021		12,942		12,487		12,109		207	2		1,119	9
Total Commercial	45,008		44,641		44,218		43,285		43,177		367	1		1,831	4
Consumer real estate	12,253		11,864		11,441		10,874		10,772		389	3		1,481	14
Credit card and other5	840		849		870		854		910		(9)	(1)		(70)	(8)
Total Consumer	13,093		12,712		12,311		11,727		11,682		382	3		1,411	12
Loans and leases, net of unearned income	58,101		57,354		56,529		55,012		54,859		748	1		3,242	6
Loans held for sale	590		680		870		1,014		1,172		(90)	(13)		(582)	(50)
Investment securities	10,207		10,103		9,628		9,943		9,419		104	1		788	8
Trading securities	1,375		1,421		1,392		1,823		1,601		(46)	(3)		(226)	(14)
Interest-bearing deposits with banks	1,384		3,241		9,475		13,548		14,907		(1,857)	(57)		(13,523)	(91)
Federal funds sold and securities purchased under agreements to resell	482		690		712		640		641		(208)	(30)		(160)	(25)
Total interest earning assets	72,139		73,489		78,606		81,980		82,600		(1,350)	(2)		(10,461)	(13)
Cash and due from banks	1,061		1,193		1,133		1,225		1,147		(132)	(11)		(86)	(7)
Goodwill and other intangible assets, net	1,744		1,757		1,782		1,795		1,808		(13)	(1)		(64)	(4)
Premises and equipment, net	612		622		636		669		665		(10)	(2)		(53)	(8)
Allowance for loan and lease losses	(685)		(664)		(624)		(622)		(670)		(20)	(3)		(15)	(2)
Other assets	4,082		3,903		3,598		3,614		3,542		179	5		539	15
Total assets	$	78,953	$	80,299	$	85,132	$	88,660	$	89,092		(2)	%		(11)	%
Liabilities and Shareholders' Equity:
Deposits:
Savings	$	21,971	$	22,800	$	24,376	$	25,772	$	26,457		(4)	%		(17)	%
Time deposits	2,887		2,671		2,888		3,165		3,500		216	8		(613)	(18)
Other interest-bearing deposits	15,165		14,730		16,172		17,126		17,054		435	3		(1,889)	(11)
Total interest-bearing deposits	40,023		40,202		43,436		46,063		47,012		(178)	—		(6,988)	(15)
Trading liabilities	335		383		394		513		426		(48)	(13)		(91)	(21)
Short-term borrowings	2,506		1,416		1,953		1,719		2,124		1,089	77		382	18
Term borrowings	1,597		1,597		1,599		1,591		1,590		—	—		7	—
Total interest-bearing liabilities	44,461		43,598		47,382		49,885		51,151		863	2		(6,690)	(13)
Noninterest-bearing deposits	23,466		25,813		27,114		28,052		27,883		(2,347)	(9)		(4,417)	(16)
Other liabilities	2,480		2,605		2,085		2,027		1,564		(125)	(5)		916	59
Total liabilities	70,406		72,016		76,581		79,964		80,598		(1,609)	(2)		(10,192)	(13)
Shareholders' Equity:
Preferred stock	1,014		1,014		1,014		1,014		520		—	—		494	95
Common stock	336		335		335		334		333		—	—		2	1
Capital surplus	4,840		4,812		4,791		4,769		4,742		28	1		98	2
Retained earnings	3,430		3,254		3,079		2,996		2,891		176	5		539	19
Accumulated other comprehensive loss, net	(1,367)		(1,427)		(963)		(711)		(288)		60	4		(1,080)	NM
Combined shareholders' equity	8,251		7,987		8,255		8,400		8,199		264	3		53	1
Noncontrolling interest	295		295		295		295		295		—	—		—	—
Total shareholders' equity	8,547		8,283		8,551		8,696		8,494		264	3		53	1
Total liabilities and shareholders' equity	$	78,953	$	80,299	$	85,132	$	88,660	$	89,092		(2)	%		(11)	%
Memo:
Total Deposits	$	63,489	$	66,014	$	70,550	$	74,114	$	74,895		(4)	%		(15)	%
Unfunded Loan Commitments:
Commercial	$	22,833	$	23,706	$	23,251	$	21,813	$	20,487		(4)	%		11	%
Consumer	$	4,329	$	4,248	$	3,972	$	3,882	$	3,936		2	%		10	%

All values are in US Dollars.

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

CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly, Unaudited

											4Q22 Change vs.										2022 vs. 2021
(In millions)	4Q22		3Q22		2Q22		1Q22		4Q21		3Q22			4Q21			2022		2021
												%			%							%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	31,562	$	31,120	$	30,963	$	30,215	$	30,780		1	%		3	%	$	30,969	$	32,011		(3)	%
Commercial real estate	13,095		12,926		12,626		12,229		12,220		169	1		875	7		12,722		12,314		408	3
Total Commercial	44,657		44,046		43,589		42,445		43,001		611	1		1,656	4		43,691		44,325		(634)	(1)
Consumer real estate	12,049		11,633		11,120		10,769		10,738		416	4		1,311	12		11,397		10,969		428	4
Credit card and other5	858		864		867		869		943		(6)	(1)		(85)	(9)		864		1,005		(141)	(14)
Total Consumer	12,907		12,496		11,987		11,638		11,681		411	3		1,226	10		12,261		11,974		287	2
Loans and leases, net of unearned income	57,564		56,543		55,576		54,082		54,682		1,021	2		2,882	5		55,952		56,298		(346)	(1)
Loans held-for-sale	597		761		1,027		1,156		1,252		(164)	(22)		(655)	(52)		883		956		(73)	(8)
Investment securities	10,132		10,315		9,781		9,668		9,269		(182)	(2)		863	9		9,976		8,623		1,353	16
Trading securities	1,311		1,342		1,509		1,594		1,552		(31)	(2)		(240)	(15)		1,438		1,365		73	5
Interest-bearing deposits with banks	2,618		6,341		10,989		14,902		15,065		(3,723)	(59)		(12,447)	(83)		8,672		13,123		(4,451)	(34)
Federal funds sold and securities purchased under agreements to resell	583		661		857		753		650		(78)	(12)		(67)	(10)		713		621		92	15
Total interest earning assets	72,805		75,963		79,739		82,155		82,469		(3,158)	(4)		(9,664)	(12)		77,635		80,987		(3,352)	(4)
Cash and due from banks	1,118		1,246		1,281		1,226		1,263		(128)	(10)		(146)	(12)		1,217		1,261		(44)	(3)
Goodwill and other intangibles assets, net	1,750		1,767		1,789		1,802		1,815		(17)	(1)		(65)	(4)		1,777		1,836		(59)	(3)
Premises and equipment, net	616		629		645		655		676		(13)	(2)		(60)	(9)		636		712		(76)	(11)
Allowances for loan and lease losses	(675)		(639)		(621)		(658)		(714)		(36)	(6)		39	5		(648)		(834)		186	22
Other assets	3,907		3,585		3,493		3,407		3,515		321	9		391	11		3,599		3,647		(48)	(1)
Total assets	$	79,521	$	82,551	$	86,326	$	88,587	$	89,025		(4)	%		(11)	%	$	84,217	$	87,609		(4)	%
Liabilities and shareholders' equity:
Deposits:
Savings	$	22,477	$	23,569	$	24,841	$	26,330	$	26,731		(5)	%		(16)	%	$	24,292	$	27,283		(11)	%
Time deposits	2,720		2,759		3,040		3,343		3,695		(40)	(1)		(975)	(26)		2,963		4,281		(1,318)	(31)
Other interest-bearing deposits	14,658		15,102		16,273		16,558		15,900		(444)	(3)		(1,242)	(8)		15,641		15,688		(47)	—
Total interest-bearing deposits	39,855		41,431		44,154		46,230		46,326		(1,576)	(4)		(6,471)	(14)		42,896		47,252		(4,356)	(9)
Trading liabilities	353		372		585		614		556		(19)	(5)		(203)	(36)		480		540		(60)	(11)
Short-term borrowings	1,821		1,711		1,710		1,995		2,249		109	6		(429)	(19)		1,808		2,308		(500)	(22)
Term borrowings	1,597		1,598		1,597		1,591		1,575		(1)	—		22	1		1,596		1,645		(49)	(3)
Total interest-bearing liabilities	43,626		45,112		48,046		50,430		50,707		(1,487)	(3)		(7,081)	(14)		46,780		51,745		(4,965)	(10)
Noninterest-bearing deposits	25,021		26,701		27,791		27,926		28,282		(1,681)	(6)		(3,261)	(12)		26,851		25,879		972	4
Other liabilities	2,459		2,068		1,875		1,613		1,511		391	19		949	63		2,006		1,505		501	33
Total liabilities	71,106		73,882		77,712		79,969		80,499		(2,776)	(4)		(9,393)	(12)		75,638		79,130		(3,492)	(4)
Shareholders' Equity:
Preferred stock	1,014		1,014		1,014		695		520		—	—		494	95		935		506		429	85
Common stock	336		335		335		334		336		—	—		(1)	—		335		342		(7)	(2)
Capital surplus	4,826		4,802		4,778		4,753		4,811		24	—		15	—		4,790		4,957		(167)	(3)
Retained earnings	3,358		3,175		3,051		2,938		2,819		182	6		539	19		3,132		2,583		549	21
Accumulated other comprehensive loss, net	(1,414)		(953)		(859)		(398)		(256)		(460)	(48)		(1,157)	NM		(909)		(206)		(703)	NM
Combined shareholders' equity	8,119		8,373		8,318		8,323		8,230		(254)	(3)		(111)	(1)		8,283		8,183		100	1
Noncontrolling interest	295		295		295		295		295		—	—		—	—		295		295		—	—
Total shareholders' equity	8,415		8,669		8,614		8,619		8,526		(254)	(3)		(111)	(1)		8,579		8,478		101	1
Total liabilities and shareholders' equity	$	79,521	$	82,551	$	86,326	$	88,587	$	89,025		(4)	%		(11)	%	$	84,217	$	87,609		(4)	%
Memo:
Total Deposits	$	64,876	$	68,133	$	71,945	$	74,156	$	74,608		(5)	%		(13)	%	$	69,748	$	73,131		(5)	%

All values are in US Dollars.

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

CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited
																					4Q22 Change vs.														2022 vs. 2021
	4Q22				3Q22				2Q22				1Q22				4Q21				3Q22			4Q21			2022				2021
(In millions, except rates)	Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense			Income/Expense			Income/Expense		Rate		Income/Expense		Rate		Income/Expense
																						%			%											%
Interest earning assets/Interest income:
Loans and leases, net of unearned income:
Commercial	$	607	5.40	%	$	496	4.47	%	$	382	3.52	%	$	339	3.24	%	$	365	3.37	%		22	%		66	%	$	1,823	4.18	%	$	1,500	3.38	%		22	%
Consumer	134		4.14		124		3.94		112		3.74		108		3.71		110		3.77		10	8		24	22		479		3.89		468		3.92		11	2
Loans and leases, net of unearned income	742		5.12		619		4.35		494		3.57		447		3.34		475		3.45		123	20		267	56		2,302		4.11		1,970		3.49		332	17
Loans held-for-sale	9		6.34		9		4.91		10		3.89		10		3.51		11		3.49		—	—		(2)	(18)		39		4.41		33		3.44		6	18
Investment securities	61		2.41		55		2.14		46		1.87		38		1.59		33		1.43		6	11		28	85		200		2.01		118		1.43		82	69
Trading securities	19		5.79		15		4.55		13		3.43		11		2.75		10		2.50		4	27		9	96		58		4.04		30		2.17		28	93
Interest-bearing deposits with banks	24		3.61		34		2.15		22		0.79		7		0.19		6		0.15		(10)	(29)		18	NM		87		1.00		17		0.13		70	NM
Federal funds sold and securities purchased under agreements	5		3.48		2		2.04		1		0.66		—		(0.04)		—		(0.09)		3	NM		5	NM		10		1.38		—		(0.08)		10	NM
Interest income	$	860	4.70	%	$	737	3.86	%	$	586	2.95	%	$	513	2.52	%	$	534	2.58	%		17	%		61	%	$	2,696	3.47		$	2,170	2.68			24	%
Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$	67	1.19	%	$	18	0.31	%	$	5	0.08	%	$	3	0.05	%	$	4	0.06	%		NM			NM		$	94	0.39	%	$	36	0.13	%		NM
Time deposits	6		0.90		2		0.50		4		0.50		4		0.51		5		0.56		4	NM		1	16		18		0.60		25		0.57		(7)	(28)
Other interest-bearing deposits	39		1.05		21		0.56		9		0.22		4		0.09		4		0.10		18	86		35	NM		73		0.47		20		0.13		53	NM
Total interest-bearing deposits	112		1.12		42		0.41		18		0.16		11		0.10		13		0.11		70	NM		99	NM		184		0.43		81		0.17		103	127
Trading liabilities	3		3.59		3		3.03		4		2.52		3		1.69		2		1.38		—	—		1	55		12		2.56		6		1.11		6	100
Short-term borrowings	13		2.85		7		2.22		2		0.58		1		0.15		1		0.18		6	86		12	NM		23		1.26		5		0.21		18	NM
Term borrowings	19		4.81		18		4.57		17		4.38		17		4.29		17		4.30		1	6		2	12		72		4.51		72		4.37		—	—
Interest expense	148		1.35		71		0.63		41		0.34		31		0.25		33		0.26		77	108		115	NM		292		0.62		163		0.32		129	79
Net interest income - tax equivalent basis	712		3.35		666		3.23		545		2.61		482		2.27		502		2.32		46	7		210	42		2,405		2.85		2,006		2.36		399	20
Fully taxable equivalent adjustment	(4)		0.54		(4)		0.26		(3)		0.13		(3)		0.10		(3)		0.10		—	—		(1)	(27)		(13)		0.25		(12)		0.12		(1)	(8)
Net interest income	$	709	3.89	%	$	662	3.49	%	$	542	2.74	%	$	479	2.37	%	$	498	2.42	%		7	%		42	%	$	2,392	3.10	%	$	1,994	2.48	%		20	%
Memo:
Total loan yield			5.12	%			4.35	%			3.57	%			3.34	%			3.45	%									4.11	%			3.49	%
Total deposit cost			0.69	%			0.25	%			0.10	%			0.06	%			0.07	%									0.26	%			0.11	%
Total funding cost			0.85	%			0.39	%			0.22	%			0.16	%			0.16	%									0.40	%			0.21	%

All values are in US Dollars.

Net interest income and yields are adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax of 21 percent and, where applicable, state income taxes.

Earning assets yields are expressed net of unearned income.

Loan yields include loan fees, cash basis interest income, and loans on nonaccrual status.

Numbers may not foot due to rounding.

See footnote disclosures on page 22.

CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited
	As of															4Q22 change vs.
(In millions, except ratio data)	4Q22			3Q22			2Q22			1Q22			4Q21			3Q22			4Q21
																	%			%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$	153		$	116		$	129		$	153		$	125			31	%		22	%
Commercial real estate	9			10			11			12			9			(1)	(10)		—	2
Consumer real estate	152			163			159			165			138			(11)	(7)		13	10
Credit card and other	2			3			3			3			3			—	(13)		—	(18)
Total nonperforming loans and leases	$	316		$	292		$	301		$	332		$	275			8	%		15	%
Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.48		%	0.37		%	0.41		%	0.50		%	0.40		%
Commercial real estate	0.07			0.08			0.08			0.09			0.08
Consumer real estate	1.24			1.37			1.39			1.52			1.29
Credit card and other	0.27			0.31			0.29			0.32			0.31
Total nonperforming loans and leases to loans and leases	0.54		%	0.51		%	0.53		%	0.60		%	0.50		%

All values are in US Dollars.

Numbers may not foot due to rounding.

CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Quarterly, Unaudited
	As of										4Q22 change vs.
(In millions)	4Q22		3Q22		2Q22		1Q22		4Q21		3Q22			4Q21
												%			%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)	$	11	$	1	$	1	$	6	$	5		NM			140	%
Commercial real estate	—		—		—		—		—		—	NM		—	NM
Consumer real estate	18		17		14		14		33		1	8		(15)	(45)
Credit card and other	3		6		3		3		2		(2)	(38)		1	56
Total loans and leases 90 days or more past due and accruing	$	33	$	24	$	17	$	23	$	40		37	%		(18)	%

All values are in US Dollars.

Numbers may not foot due to rounding.

CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited
	As of															4Q22 change vs.
(In millions, except ratio data)	4Q22			3Q22			2Q22			1Q22			4Q21			3Q22			4Q21
Charge-off, Recoveries and Related Ratios																	%			%
Gross Charge-offs
Commercial, financial, and industrial (C&I)	$	24		$	13		$	12		$	13		$	5			87	%		NM
Commercial real estate	—			1			—			—			—			(1)	(98)		—	(26)
Consumer real estate	1			1			2			1			2			—	1		(1)	(52)
Credit card and other	7			7			7			5			4			—	6		3	73
Total gross charge-offs	$	32		$	21		$	21		$	19		$	11			53	%		NM
Gross Recoveries
Commercial, financial, and industrial (C&I)	$	(3)		$	(2)		$	(1)		$	(3)		$	(3)			(49)	%		19	%
Commercial real estate	—			—			(1)			—			—			—	(134)		—	56
Consumer real estate	(2)			(6)			(6)			(5)			(5)			4	59		2	48
Credit card and other	(1)			(1)			(1)			(1)			(1)			—	16		—	1
Total gross recoveries	$	(6)		$	(9)		$	(9)		$	(9)		$	(10)			28	%		35	%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I)	$	21		$	11		$	11		$	10		$	1			94	%		NM
Commercial real estate	—			—			(1)			—			—			(1)	(135)		—	NM
Consumer real estate	(2)			(5)			(3)			(4)			(3)			4	70		1	50
Credit card and other	6			5			5			4			3			1	11		3	99
Total net charge-offs	$	26		$	12		$	12		$	10		$	1			113	%		NM
Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I)	0.27		%	0.14		%	0.14		%	0.13		%	0.01		%
Commercial real estate	—			0.01			(0.03)			(0.01)			(0.01)
Consumer real estate	(0.05)			(0.17)			(0.12)			(0.15)			(0.10)
Credit card and other	2.76			2.46			2.49			1.85			1.26
Total loans and leases	0.18		%	0.08		%	0.09		%	0.07		%	0.01		%

All values are in US Dollars.

Numbers may not foot due to rounding.

CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS
Quarterly, Unaudited
	As of										4Q22 Change vs.
(In millions)	4Q22		3Q22		2Q22		1Q22		4Q21		3Q22			4Q21
Summary of Changes in the Components of the Allowance For Credit Losses												%			%
Allowance for loan and lease losses - beginning	$	664	$	624	$	622	$	670	$	734		6	%		(10)	%
Charge-offs:
Commercial, financial, and industrial (C&I)	(24)		(13)		(12)		(13)		(5)		(11)	(87)		(19)	NM
Commercial real estate	—		(1)		—		—		—		1	98		—	26
Consumer real estate	(1)		(1)		(2)		(1)		(2)		—	(1)		1	52
Credit card and other	(7)		(7)		(7)		(5)		(4)		—	(6)		(3)	(73)
Total charge-offs	(32)		(21)		(21)		(19)		(11)		(11)	(53)		(21)	NM
Recoveries:
Commercial, financial, and industrial (C&I)	3		2		1		3		3		1	49		(1)	(19)
Commercial real estate	—		—		1		—		—		—	134		—	(56)
Consumer real estate	2		6		6		5		5		(4)	(59)		(2)	(48)
Credit card and other	1		1		1		1		1		—	(16)		—	(1)
Total Recoveries	6		9		9		9		10		(3)	(28)		(4)	(35)
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)	35		32		(2)		(36)		(40)		3	10		74	NM
Commercial real estate	(2)		8		(12)		(3)		(9)		(10)	(130)		6	72
Consumer real estate	5		5		16		(3)		(18)		(1)	(12)		23	125
Credit card and other	9		7		12		4		3		2	24		6	NM
Total provision for loan and lease losses:	46		52		14		(38)		(63)		(6)	(12)		109	NM
Allowance for loan and lease losses - ending	$	685	$	664	$	624	$	622	$	670		3	%		2	%
Reserve for unfunded commitments - beginning	$	88	$	80	$	64	$	66	$	68		10	%		29	%
Cumulative effect of change in accounting principle			—		—		—		—		—	NM		—	NM
Acquired reserve for unfunded commitments			—		—		—		—		—	NM		—	NM
Provision for unfunded commitments	(1)		8		16		(2)		(2)		(9)	(113)		1	50
Reserve for unfunded commitments - ending	$	87	$	88	$	80	$	64	$	66		(1)	%		32	%
Total allowance for credit losses- ending	$	771	$	752	$	704	$	686	$	736		3	%		5	%

All values are in US Dollars.

Numbers may not foot due to rounding.

CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES
Quarterly, Unaudited
	As of
	4Q22		3Q22		2Q22		1Q22		4Q21
Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	0.97	%	0.93	%	0.88	%	0.93	%	1.07	%
Commercial real estate	1.10	%	1.14	%	1.09	%	1.21	%	1.27	%
Consumer real estate	1.63	%	1.63	%	1.60	%	1.51	%	1.51	%
Credit card and other	3.72	%	3.32	%	3.01	%	2.31	%	2.14	%
Total allowance for loans and lease losses to loans and leases	1.18	%	1.16	%	1.10	%	1.13	%	1.22	%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	202	%	253	%	213	%	188	%	268	%
Commercial real estate	1,554	%	1,422	%	1,331	%	1,303	%	1,671	%
Consumer real estate	131	%	119	%	115	%	99	%	118	%
Credit card and other	1,364	%	1,070	%	1,021	%	730	%	699	%
Total allowance for loans and lease losses to nonperforming loans and leases	217	%	228	%	207	%	187	%	244	%

REGIONAL BANKING

Quarterly, Unaudited

																4Q22 Change vs.														2022 vs. 2021
	4Q22			3Q22			2Q22			1Q22			4Q21			3Q22				4Q21				2022			2021
																/bp		%		/bp		%								/bp		%
Income Statement (millions)
Net interest income	$	544		$	518		$	465		$	427		$	448				5	%			21	%	$	1,954		$	1,764				11	%
Noninterest income	107			110			114			114			115			(3)		(3)		(8)		(7)		444			438			6		1	%
Total revenue	650			628			579			541			563			22		4		87		15		2,398			2,202			196		9	%
Noninterest expense	322			304			301			306			301			18		6		21		7		1,234			1,139			95		8	%
Pre-provision net revenue3	328			324			277			235			262			4		1		66		25		1,164			1,063			101		10	%
Provision for credit losses	30			43			52			(30)			(60)			(13)		(30)		90		NM		94			(229)			323		141	%
Income before income tax expense	298			281			226			265			322			17		6		(24)		(7)		1,070			1,292			(222)		(17)	%
Income tax expense	70			66			53			63			75			4		6		(5)		(7)		251			303			(52)		(17)	%
Net income	$	228		$	215		$	173		$	203		$	247				6	%			(8)	%	$	819		$	989				(17)	%
Average Balances (billions)
Total loans and leases	$	41.1		$	40.1		$	39.2		$	38.0		$	37.7				2	%			9	%	$	39.6		$	39.1				1	%
Interest-earning assets	41.1			40.1			39.2			38.0			37.8			1.0		2		3.3		9		39.6			39.1			0.5		1
Total assets	43.8			42.8			41.9			40.5			40.1			1.0		2		3.7		9		42.3			41.5			0.8		2
Total deposits	59.6			61.9			64.5			66.6			66.6			(2.3)		(4)		(7.0)		(11)		63.1			64.8			(1.7)		(3)
Key Metrics
Net interest margin6	5.27		%	5.15		%	4.78		%	4.58		%	4.74		%	12	bp			53	bp			4.96		%	4.53		%	43	bp
Efficiency ratio	49.57		%	48.43		%	52.05		%	56.57		%	53.45		%	114	bp			(388)	bp			51.45		%	51.74		%	(29)	bp
Loans-to-deposits ratio (period-end balances)	70.81		%	66.77		%	62.77		%	57.46		%	56.03		%	404	bp			1,478	bp			70.81		%	56.03		%	1,478	bp
Loans-to-deposits ratio (average-end balances)	69.02		%	64.78		%	60.75		%	57.02		%	56.65		%	424	bp			1,237	bp			62.74		%	60.33		%	241	bp
Return on average assets (annualized)	2.06		%	1.99		%	1.65		%	2.03		%	2.44		%	7	bp			(38)	bp			1.94		%	2.38		%	(44)	bp
Return on allocated equity7	25.07		%	23.97		%	19.63		%	23.49		%	27.83		%	110	bp			(276)	bp			23.06		%	27.46		%	(440)	bp
Financial center locations	417			417			417			417			427			—		—	%	(10)		(2)	%	417			427			(10)		(2)	%

All values are in US Dollars.

Numbers may not add to total due to rounding.

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

See footnote disclosures on page 22.

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

SPECIALTY BANKING

Quarterly, Unaudited

																4Q22 Change vs.														2022 vs. 2021
	4Q22			3Q22			2Q22			1Q22			4Q21			3Q22				4Q21				2022			2021
																/bp		%		/bp		%								/bp		%
Income Statement (millions)
Net interest income	$	134		$	138		$	141		$	144		$	154				(3)	%			(13)	%	$	557		$	620				(10)	%
Noninterest income	46			64			96			105			120			(18)		(28)		(74)		(61)		312			597			(285)		(48)
Total revenue	180			202			237			249			274			(22)		(11)		(94)		(34)		869			1,217			(348)		(29)
Noninterest expense	92			104			113			132			129			(12)		(12)		(37)		(29)		440			570			(130)		(23)
Pre-provision net revenue3	89			98			124			118			146			(9)		(10)		(57)		(39)		429			647			(218)		(34)
Provision for credit losses	18			17			(18)			(2)			(3)			—		2		21		NM		14			(64)			78		122
Income before income tax expense	71			81			142			120			149			(10)		(13)		(78)		(52)		415			711			(296)		(42)
Income tax expense	17			20			35			29			36			(3)		(13)		(19)		(52)		101			172			(71)		(41)
Net income	$	54		$	61		$	108		$	91		$	113				(13)	%			(52)	%	$	314		$	539				(42)	%
Average Balances (billions)
Total loans and leases	$	15.9		$	15.9		$	15.8		$	15.5		$	16.3				—	%			(2)	%	$	15.8		$	16.5				(4)	%
Interest-earning assets	18.4			18.6			19.1			19.0			19.8			(0.1)		(1)		(1.4)		(7)		18.8			19.5			(0.7)		(4)
Total assets	19.6			19.7			20.2			20.2			21.0			(0.1)		(1)		(1.4)		(7)		20.0			20.8			(0.8)		(4)
Total deposits	4.3			5.2			6.3			6.5			6.7			(0.9)		(17)		(2.3)		(35)		5.6			5.9			(0.3)		(6)
Key Metrics
Fixed income product average daily revenue (thousands)	$	403		$	524		$	612		$	987		$	1,123				(23)	%			(64)	%	$	632		$	1,436				(56)	%
Net interest margin6	2.89		%	2.96		%	2.96		%	3.07		%	3.10		%	(7)	bp			(21)	bp			2.97		%	3.19		%	(22)	bp
Efficiency ratio	50.91		%	51.35		%	47.69		%	52.77		%	46.87		%	(44)	bp			404	bp			50.67		%	46.85		%	382	bp
Loans-to-deposits ratio (period-end balances)	426		%	378		%	268		%	256		%	264		%	4,826	bp			16,254	bp			426		%	264		%	16,254	bp
Loans-to-deposits ratio (average-end balances)	370		%	307		%	250		%	239		%	245		%	6,252	bp			12,474	bp			284		%	279		%	469	bp
Return on average assets (annualized)	1.09		%	1.23		%	2.13		%	1.82		%	2.13		%	(14)	bp			(104)	bp			1.57		%	2.59		%	(102)	bp
Return on allocated equity7	13.30		%	14.98		%	26.05		%	22.81		%	25.26		%	(168)	bp			(1,196)	bp			19.29		%	30.36		%	(1,107)	bp

All values are in US Dollars.

Numbers may not add to total due to rounding.

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

See footnote disclosures on page 22.

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

CORPORATE

Quarterly, Unaudited

											4Q22 Change vs.										2022 vs. 2021
	4Q22		3Q22		2Q22		1Q22		4Q21		3Q22			4Q21			2022		2021
												%			%						/bp	%
Income Statement (millions)
Net interest income/(expense)	$	31	$	6	$	(64)	$	(93)	$	(104)		NM			130	%	$	(119)	$	(390)		69	%
Noninterest income	21		39		(8)		9		11		(18)	(47)		9	81		60		41		19	47
Total revenues	52		45		(72)		(83)		(92)		7	15		144	NM		(59)		(349)		290	83
Noninterest expense	89		61		75		55		99		29	47		(9)	(9)		279		386		(106)	(28)
Pre-provision net revenue3	(38)		(16)		(147)		(138)		(191)		(22)	(136)		153	80		(339)		(735)		396	54
Provision for credit losses	(3)		—		(4)		(7)		(2)		(3)	NM		(1)	(50)		(13)		(17)		4	23
Income before income tax expense	(35)		(16)		(143)		(131)		(189)		(19)	(119)		154	81		(325)		(718)		392	55
Income tax expense (benefit)	(23)		(8)		(39)		(35)		(59)		(15)	NM		36	61		(105)		(200)		95	48
Net income/(loss)	$	(12)	$	(9)	$	(104)	$	(96)	$	(130)		(42)	%		91	%	$	(221)	$	(517)		57	%
Average Balance Sheet (billions)
Interest bearing assets	$	13.3	$	17.3	$	21.5	$	25.2	$	25.0		(23)	%		(47)	%	$	19.3	$	22.4		(14)	%
Total assets	16.0		20.0		24.1		27.8		27.9		(3.9)	(20)		(11.9)	(42)		22.0		25.3		(3.3)	(13)	%

All values are in US Dollars.

Numbers may not add to total due to rounding.

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

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

FOOTNOTES

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

2 Occupancy and Equipment expense includes Computer Software Expense.

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

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

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

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

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

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

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)	4Q22			3Q22			2Q22			1Q22			4Q21			2022			2021
Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$	8,547		$	8,283		$	8,551		$	8,696		$	8,494		$	8,547		$	8,494
Less: Noncontrolling interest (a)	295			295			295			295			295			295			295
Less: Preferred stock (a)	1,014			1,014			1,014			1,014			520			1,014			520
(B) Total common equity	$	7,238		$	6,974		$	7,242		$	7,387		$	7,679		$	7,238		$	7,679
Less: Intangible assets (GAAP) (b)	1,744			1,757			1,782			1,795			1,808			1,744			1,808
(C) Tangible common equity (Non-GAAP)	$	5,494		$	5,217		$	5,459		$	5,592		$	5,871		$	5,494		$	5,871
Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$	78,953		$	80,299		$	85,132		$	88,660		$	89,092		$	78,953		$	89,092
Less: Intangible assets (GAAP) (b)	1,744			1,757			1,782			1,795			1,808			1,744			1,808
(E) Tangible assets (Non-GAAP)	$	77,209		$	78,542		$	83,350		$	86,865		$	87,284		$	77,209		$	87,284
Period-end Shares Outstanding
(F) Period-end shares outstanding	537			537			536			535			534			537			534
Ratios
(A)/(D) Total equity to total assets (GAAP)	10.83		%	10.32		%	10.04		%	9.81		%	9.53		%	10.83		%	9.53		%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	7.12		%	6.64		%	6.55		%	6.44		%	6.73		%	7.12		%	6.73		%
(B)/(F) Book value per common share (GAAP)	$	13.48		$	12.99		$	13.50		$	13.82		$	14.39		$	13.48		$	14.39
(C)/(F) Tangible book value per common share (Non-GAAP)	$	10.23		$	9.72		$	10.18		$	10.46		$	11.00		$	10.23		$	11.00

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

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

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(s in millions, except per share data)	4Q22			3Q22			2Q22			1Q22			4Q21			2022			2021
Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)	$	258		$	257		$	166		$	187		$	219		$	868		$	962
Plus Tax effected notable items (Non-GAAP) (a)	34			(5)			29			24			41			82			179
Adjusted net income available to common shareholders (Non-GAAP)	$	293		$	252		$	195		$	211		$	260		$	950		$	1,140
Diluted Shares (GAAP)8	572			570			569			550			542			566			551
Diluted EPS (GAAP)	$	0.45		$	0.45		$	0.29		$	0.34		$	0.40		$	1.53		$	1.74
Adjusted diluted EPS (Non-GAAP)	$	0.51		$	0.44		$	0.34		$	0.38		$	0.48		$	1.68		$	2.07
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)	$	270		$	268		$	177		$	198		$	229		$	912		$	1,010
Plus Tax effected notable items (Non-GAAP) (a)	34			(5)			29			24			41			82			179
Adjusted NI (Non-GAAP)	$	304		$	263		$	206		$	223		$	270		$	994		$	1,189
NI (annualized) (GAAP)	$	1,070		$	1,063		$	709		$	801		$	910		$	912		$	1,010
Adjusted NI (annualized) (Non-GAAP)	$	1,206		$	1,045		$	823		$	900		$	1,074		$	994		$	1,189
Average assets (GAAP)	$	79,521		$	82,551		$	86,326		$	88,587		$	89,025		$	84,217		$	87,609
ROA (GAAP)	1.35		%	1.29		%	0.82		%	0.90		%	1.02		%	1.08		%	1.15		%
Adjusted ROA (Non-GAAP)	1.52		%	1.27		%	0.95		%	1.02		%	1.21		%	1.18		%	1.36		%
Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE
Net income available to common shareholders ("NIAC") (GAAP)	$	1,025		$	1,020		$	666		$	756		$	868		$	868		$	962
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)	$	1,161		$	1,001		$	781		$	855		$	1,032		$	950		$	1,140
Average Common Equity (GAAP)	$	7,106		$	7,360		$	7,305		$	7,628		$	7,710		$	7,348		$	7,677
Intangible Assets (GAAP) (b)	1,750			1,767			1,789			1,802			1,815			1,777			1,836
Average Tangible Common Equity (Non-GAAP)	$	5,356		$	5,593		$	5,516		$	5,826		$	5,895		$	5,571		$	5,841
Equity Adjustment (Non-GAAP)	—			—			—			—			—			32			71
Adjusted Average Tangible Common Equity (Non-GAAP)	$	5,356		$	5,593		$	5,516		$	5,826		$	5,895		$	5,603		$	5,912
ROCE (GAAP)	14.42		%	13.85		%	9.12		%	9.92		%	11.26		%	11.81		%	12.53		%
ROTCE (Non-GAAP)	19.14		%	18.23		%	12.07		%	12.98		%	14.72		%	15.58		%	16.46		%
Adjusted ROTCE (Non-GAAP)	21.68		%	17.89		%	14.15		%	14.68		%	17.51		%	16.96		%	19.29		%

All values are in US Dollars.

(a) Amounts adjusted for notable items as detailed on page 11.

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

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(In millions)		4Q22			3Q22			2Q22			1Q22			4Q21			2022			2021
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	k	$	174		$	213		$	201		$	229		$	247		$	816		$	1,076
Plus notable items (GAAP) (a)		(1)			(32)			(13)			(6)			—			(51)			23
Adjusted noninterest income (Non-GAAP)	l	$	173		$	181		$	188		$	222		$	246		$	765		$	1,099
Revenue (GAAP)	m	$	882		$	875		$	743		$	707		$	745		$	3,208		$	3,070
Taxable-equivalent adjustment		4			4			3			3			3			13			12
Revenue- Taxable-equivalent (Non-GAAP)		886			878			746			710			748			3,221			3,082
Plus notable items (GAAP) (a)		(1)			(32)			(13)			(6)			—			(51)			23
Adjusted revenue (Non-GAAP)	n	$	885		$	847		$	733		$	704		$	748		$	3,170		$	3,105
Noninterest income as a % of total revenue (GAAP)	k/m	19.68		%	24.30		%	27.06		%	32.31		%	33.10		%	25.44		%	35.04		%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	l/n	19.55		%	21.37		%	25.68		%	31.63		%	32.95		%	24.14		%	36.38		%
Adjusted Efficiency Ratio
Noninterest expense (GAAP)	o	$	503		$	468		$	489		$	493		$	528		$	1,953		$	2,095
Plus notable items (GAAP) (a)		(46)			(25)			(50)			(37)			(54)			(158)			(212)
Adjusted noninterest expense (Non-GAAP)	p	$	458		$	444		$	438		$	455		$	474		$	1,795		$	1,883
Revenue (GAAP)	q	$	882		$	875		$	743		$	707		$	745		$	3,208		$	3,070
Taxable-equivalent adjustment		4			4			3			3			3			13			12
Revenue- Taxable-equivalent (Non-GAAP)		886			878			746			710			748			3,221			3,082
Plus notable items (GAAP) (a)		(1)			(32)			(13)			(6)			—			(51)			23
Adjusted revenue (Non-GAAP)	r	$	885		$	847		$	733		$	704		$	748		$	3,170		$	3,105
Efficiency ratio (GAAP)	o/q	57.07		%	53.56		%	65.76		%	69.66		%	70.88		%	60.90		%	68.25		%
Adjusted efficiency ratio (Non-GAAP)	p/r	51.70		%	52.42		%	59.79		%	64.64		%	63.31		%	56.64		%	60.64		%

(a) Amounts adjusted for notable items as detailed on page 11.

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

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(s in millions)
		4Q22 vs 3Q22
NII/NIM Analysis		%		NIM
4Q22 Reported (FTE)	712			3.89	%
Less: non-core items
PPP coupon income and fees				—
Loan Accretion				0.04
IBKC Premium Amortization				(0.03)
4Q22 Core (FTE) (Non-GAAP)	711	8	%	3.89	%
3Q22 Reported (FTE)	666			3.49	%
Less: non-core items
PPP coupon income and fees				—
Loan Accretion				0.07
IBKC Premium Amortization				(0.04)
3Q22 Core (FTE) (Non-GAAP)	659			3.45	%

All values are in US Dollars.

Numbers may not foot due to rounding.

	Period-end							Average
($s in millions)	4Q22		3Q22		4Q22 vs. 3Q22			4Q22		3Q22		4Q22 vs. 3Q22
Loans excluding LMC & PPP						%							%
Total Loans (GAAP)	$	58,101	$	57,354		1	%	$	57,564	$	56,543		2	%
PPP (GAAP)	76		129		(53)	(41)	%	121		204		(83)	(41)	%
LMC (GAAP)	2,258		2,710		(452)	(17)	%	2,299		2,917		(617)	(21)	%
Total Loans excl. LMC & PPP (Non-GAAP)	55,767		54,514		1,253	2	%	55,144		53,422		1,722	3	%
Total Consumer (GAAP)	13,093		12,712		381	3	%	12,907		12,496		411	3	%
Total Commercial excl. LMC & PPP (Non-GAAP)	42,674		41,802		872	2	%	42,237		40,926		1,311	3	%
Total CRE (GAAP)	13,228		13,021		207	2	%	13,095		12,926		169	1	%
Total C&I excl. LMC & PPP (Non-GAAP)	$	29,446	$	28,781		2	%	$	29,142	$	28,000		4	%
Loans excluding PPP
Total Loans (GAAP)	$	58,101	$	57,354		1	%	$	57,564	$	56,543		2	%
PPP (GAAP)	76		129		(53)	(41)	%	121		204		(83)	(41)	%
Total Loans excl. PPP (Non-GAAP)	58,025		57,224		801	1	%	57,443		56,339		1,104	2	%
Total Consumer (GAAP)	13,093		12,712		381	3	%	12,907		12,496		411	3	%
Total Commercial excl. PPP (Non-GAAP)	$	44,932	$	44,512		1	%	$	44,536	$	43,843		2	%

All values are in US Dollars.

Numbers may not foot due to rounding.

GLOSSARY OF TERMS

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

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

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

Key Ratios

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

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

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

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

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

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

Asset Quality - Consolidated Key Ratios

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

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

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

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

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

Operating Segments

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

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

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

27

a4q22earningsslides-fina

Fourth Quarter 2022 Earnings January 18, 2023

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2 Disclaimers Non-GAAP Information Certain measures included in this document are “non-GAAP,” meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. FHN’s management believes such measures, even though not always comparable to non-GAAP measures used by other financial institutions, are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. The non-GAAP measures presented in this document are listed, and are reconciled to the most comparable GAAP presentation, in the non-GAAP reconciliation table(s) appearing in the Appendix. In addition, presentation of regulatory measures, even those which are not GAAP, provide a meaningful base for comparability to other financial institutions subject to the same regulations as FHN. Although not GAAP terms, these regulatory measures are not considered “non-GAAP” under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in this document include: common equity tier 1 capital, generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk-weighted assets, which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios. Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements pertain to FHN's beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results, or other developments. Forward- looking statements can be identified by the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other expressions that indicate future events and trends. Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic, and competitive uncertainties and contingencies, many of which are beyond FHN’s control, and many of which, with respect to future business decisions and actions (including acquisitions and divestitures), are subject to change and could cause FHN’s actual future results and outcomes to differ materially from those contemplated or implied by forward-looking statements or historical performance. Examples of uncertainties and contingencies include those mentioned: in this document; in Items 2.02 and 7.01 of FHN’s Current Report on Form 8-K to which this document has been filed as an exhibit; in the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K, as amended; and in the forepart, and in Item 1A of Part II, of FHN’s Quarterly Report(s) on Form 10-Q filed this year. FHN assumes no obligation to update or revise any forward-looking statements that are made in this document or in any other statement, release, report, or filing from time to time. Throughout this presentation, numbers may not foot due to rounding, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases.

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3 4Q22 GAAP financial summary1 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted.2Fourth, third and second quarter 2022 includes 27.5 million shares related to the full impact of Series G convertible securities issued in connection with TD transaction; First quarter 2022 includes 9.8 million shares related to the one month average impact of these shares. Reported 4Q22 Change vs. Reported 2022 vs. 2021 $s in millions except per share data 4Q22 3Q22 2Q22 1Q22 4Q21 3Q22 4Q21 2022 2021 $/bps % $/bps % $/bps % Net interest income $ 709 $ 662 $ 542 $ 479 $ 498 $ 47 7 % $ 211 42 % $ 2,392 $ 1,994 $ 398 20 % Fee income 174 213 201 229 247 (39) (18) % (73) (30) % 816 1,076 (260) (24) % Total revenue 882 875 743 707 745 7 1 % 137 18 % 3,208 3,070 138 4 % Expense 503 468 489 493 528 35 7 % (25) (5) % 1,953 2,095 (142) (7) % Pre-provision net revenue (PPNR) 379 406 255 215 217 (27) (7) % 162 75 % 1,254 975 279 29 % Provision for credit losses 45 60 30 (40) (65) (15) (25) % 110 NM 95 (310) 405 131 % Pre-tax income 334 346 225 255 282 (12) (3) % 52 18 % 1,159 1,285 (126) (10) % Income tax expense 64 78 48 57 53 (14) (18) % 11 21 % 247 274 (27) (10) % Net income 270 268 177 198 229 2 1 % 41 18 % 912 1,010 (98) (10) % Non-controlling interest 4 3 3 3 3 1 33 % 1 33 % 12 11 1 9 % Preferred dividends 8 8 8 8 8 — — % — — % 32 37 (5) (14) % Net income available to common shareholders (NIAC) $ 258 $ 257 $ 166 $ 187 $ 219 $ 1 — % $ 39 18 % 868 962 (94) (10) % $s in billions Avg loans $ 57.6 $ 56.5 $ 55.6 $ 54.1 $ 54.7 $ 1.0 2 % $ 2.9 5 % $ 56.0 $ 56.3 $ (0.3) (1) % Period-end loans $ 58.1 $ 57.4 $ 56.5 $ 55.0 $ 54.9 $ 0.7 1 % $ 3.2 6 % $ 58.1 $ 54.9 $ 3.2 6 % Avg deposits $ 64.9 $ 68.1 $ 71.9 $ 74.2 $ 74.6 $ (3.3) (5) % $ (9.7) (13) % $ 69.7 $ 73.1 $ (3.4) (5) % Period-end deposits $ 63.5 $ 66.0 $ 70.5 $ 74.1 $ 74.9 $ (2.5) (4) % $ (11.4) (15) % $ 63.5 $ 74.9 $ (11.4) (15) % Key performance metrics Net interest margin (NIM) 3.89 % 3.49 % 2.74 % 2.37 % 2.42 % 40 bps 147 bps 3.10 % 2.48 % 62 bps Loan to deposit ratio (avg.) 88.7 % 83.0 % 77.3 % 72.9 % 73.3 % 574 bps 1,544 bps 80.2 % 77.0 % 324 bps ROCE 14.4 % 13.9 % 9.1 % 9.9 % 11.3 % 57 bps 316 bps 11.8 % 12.5 % (72) bps ROTCE 19.1 % 18.2 % 12.1 % 13.0 % 14.7 % 91 bps 442 bps 15.6 % 16.5 % (88) bps ROA 1.4 % 1.3 % 0.8 % 0.9 % 1.0 % 6 bps 33 bps 1.1 % 1.2 % (7) bps Efficiency ratio 57.1 % 53.6 % 65.8 % 69.7 % 70.9 % 351 bps (1,381) bps 60.9 % 68.3 % (735) bps FTEs 7,477 7,569 7,627 7,900 7,863 (92) (1) % (386) (5) % 7,642 8,067 (425) (5) % CET1 ratio 10.2 % 9.9 % 9.8 % 10.0 % 9.9 % 24 bps 25 bps 10.2 % 9.9 % 27 bps Effective tax rate 19.2 % 22.6 % 21.3 % 22.4 % 18.6 % (339) bps 56 bps 21.3 % 21.4 % (4) bps Per common share Diluted EPS $ 0.45 $ 0.45 $ 0.29 $ 0.34 $ 0.40 $ — — % $ 0.05 13 % $ 1.53 $ 1.74 $ (0.21) (12) % Tangible book value per share $ 10.23 $ 9.72 $ 10.18 $ 10.46 $ 11.00 $ 0.51 5 % $ (0.77) (7) % $ 10.23 $ 11.00 $ (0.77) (7) % Avg. diluted shares outstanding2 572 570 569 550 542 2 — % 30 6 % 566 551 15 3 %

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

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5 Well positioned to benefit given outlook for rates1 Reflects 4Q22 vs. 3Q22 results. 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. +8% Core Net Interest Income +44 bps Total Deposit Costs ~$94 million IBKC Merger Annualized Revenue Synergies -4% Adjusted Noninterest Income Adjusted EPS $0.51 Adjusted ROTCE 21.7% TBV $10.23 +43 bps Core Net Interest Margin +4% C&I Loans ex. PPP & LMC +3% Adjusted Expense +5% Adjusted PPNR +1.8% Asset Sensitive to +25 bp Shock Scenario

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6 4Q22 robust PPNR driven by strength in NII Benefits of Diversified Model Solid Returns Strong Credit Quality IBKC Merger Update • Adjusted revenue of $885 million increased $38 million, or 4%, QoQ as strength in NII was partially offset by lower noninterest income largely given macroeconomic impacts – NII up $46 million QoQ reflecting the benefit of higher rates and 2% loan growth – Core NII increased 8% and core NIM up 43 bps with C&I loan growth of 4% ex. PPP and LMC – Fee income down 4% as higher deferred compensation income and other noninterest income was more than offset by reductions in fixed income and mortgage banking • Adjusted expense of $458 million up $14 million, or 3%, QoQ driven by higher deferred compensation and other noninterest expense partially offset by lower salaries and benefits • PPNR of $424 million up $21 million, or 5%, QoQ • Provision expense of $45 million reflects the impact of loan growth and revised macroeconomic outlook. 4Q22 provision includes reduction in losses expected from Hurricane Ian • Adjusted ROTCE of 21.7% • TBVPS of $10.23 increased 5% driven by a $0.57 increase tied to adjusted NIAC net of change in intangibles and a $0.15 increase tied to MTM valuation adjustments on AFS securities and cash flow hedges • Credit remains strong with net charge-offs of 18 bps and NPLs of 54 bps • ACL/NPL coverage of 2.44x; ACL/Loans ratio of 1.38% excluding LMC/PPP loans • Achieved $200 million of targeted annualized net cost saves in 4Q22 • ~$94 million of identified annualized revenue synergies largely tied to commercial loans 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. Adjusted EPS of $0.51 and PPNR of $424 million1 Pending TD Transaction • TD expects the deal to close in the first half of its 2023 fiscal year, subject to the receipt of required regulatory approvals and satisfaction of other closing conditions • Continued progress on integration planning and Legal Day One readiness

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7 4Q22 notable items1 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted.2Includes pre-closing expenses incurred by IBKC. 4Q22 IBKC merger-related notable items Noninterest expense: Total noninterest expense 4 4Q22 Total IBKC net merger-related notable items $ (4) 4Q22 TD transaction-related items Noninterest expense: Total noninterest expense 31 4Q22 Total TD transaction-related costs $ (31) 4Q22 Other notable items Noninterest income: Other noninterest income 1 Noninterest expense: Other noninterest expense (10) 4Q22 Total other notable items $ (9) 4Q22 Total notable items (45) Tax impact of 4Q22 notable items 11 After-tax impact of 4Q22 notable items $ (34) EPS impact of 4Q22 notable items $ (0.06) IBKC Cumulative Net Pre-tax Integration Costs Cost to Date 4Q19 - 3Q222 Purchase Acct. 4Q22 Total $ 403 $ 100 $ 4 $ 508 Notable Items ($s in millions, except per share data) GAAP results reduced by $34 million after-tax, or $0.06 per share, of notable items • IBKC merger-related expense of $4 million • TD transaction-related expense of $31 million • Other notable items reflect $10 million tied to derivative valuation adjustments related to prior Visa Class-B share sales and a $1 million additional gain on the sale of the title services business Pre-tax Notable Items

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8 • Adjusted EPS of $0.51 vs. $0.44 – Adjusted ROTCE of 21.7% and TBV per share of $10.23 • Total revenue up $38 million, or 4% • NII up $46 million, or 7%, given benefit of higher rates and 2% loan growth – Core NII up $53 million, or 8% • Adjusted fee income down 4% as higher deferred compensation income and other noninterest income was more than offset by reductions in fixed income and mortgage banking • Adjusted expense up $14 million, or 3%, driven by increases in deferred compensation, fraud losses, client rewards, derivative expense and other noninterest expense • Provision expense of $45 million vs. $60 million in 3Q22 reflects the impact of loan growth and revised macroeconomic outlook 4Q22 adjusted financial highlights1 4Q22 Change vs. $s in millions except per share data 4Q22 3Q22 4Q21 3Q22 4Q21 $/bps % $/bps % Net Interest Income (FTE) $ 712 $ 666 $ 502 $ 46 7 % $ 210 42 % Fee income 173 181 246 (8) (4) % (73) (30) % Total revenue (FTE) 885 847 748 38 4 % 137 18 % Expense 458 444 474 14 3 % (16) (3) % Pre-provision net revenue 424 403 274 21 5 % 150 55 % Provision for credit losses 45 60 (65) (15) (25) % 110 NM Net charge-offs 26 12 1 14 113 % 25 NM Reserve build/(release) 19 48 (66) (29) (60) % 85 129 % Net income available to common $ 293 $ 252 $ 260 $ 41 16 % $ 33 13 % Key performance metrics Fee income as a % of total revenue 19.5 % 21.4 % 33.0 % (182) bps (1,340) bps Efficiency ratio 51.7 % 52.4 % 63.3 % (72) bps (1,161) bps ROTCE 21.7 % 17.9 % 17.5 % 379 bps 417 bps Diluted EPS $ 0.51 $ 0.44 $ 0.48 $ 0.07 16 % $ 0.03 6 % Diluted shares2 572 570 542 2 — % 30 6 % TBV per share $ 10.23 $ 9.72 $ 11.00 $ 0.51 5 % $ (0.77) (7) % Effective tax rate 19.8 % 22.4 % 19.5 % (262) bps 32 bps PPNR up 5% driven by strength in NII 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Fourth, third, and second quarter 2022 includes 27.5 million shares related to the full impact of Series G convertible securities issued in connection with TD transaction; First quarter 2022 includes 9.8 million shares related to the one month average impact of these shares. 4Q22 vs. 3Q22 Highlights

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9 • Adjusted EPS of $1.68 vs. $2.07 – Adjusted ROTCE of 17.0% and TBV per share of $10.23 • Total revenue up $65 million, or 2% • NII up $399 million, or 20%, given benefit of higher rates • Adjusted fee income down $334 million, or 30% reflecting the impact of increasing interest rates, macroeconomic uncertainty and volatility • Adjusted expense down $88 million, or 5%, driven by decreases in salaries and employee benefits, incentives and commissions, and deferred compensation partially offset by an increase in other noninterest expense • Provision expense of $95 million vs. $310 million credit in FY21 reflects the impact of revised macroeconomic outlook and loan growth ex. PPP and LMC FY22 adjusted financial highlights1 FY22 Change vs. $s in millions except per share data FY22 FY21 FY21 $/bps % Net Interest Income (FTE) $ 2,405 $ 2,006 $ 399 20 % Fee income 765 1,099 (334) (30) % Total revenue (FTE) 3,170 3,105 65 2 % Expense 1,795 1,883 (88) (5) % Pre-provision net revenue 1,362 1,222 140 11 % Provision for credit losses 95 (310) 405 131 % Net charge-offs 60 2 58 NM Reserve build/(release) 35 (312) 347 (111) % Net income available to common $ 950 $ 1,140 $ (190) (17) % Key performance metrics Fee income as a % of total revenue 24.1 % 36.4 % (1,224) bps Efficiency ratio 56.6 % 60.6 % (400) bps ROTCE 17.0 % 19.3 % (233) bps Diluted EPS $ 1.68 $ 2.07 $ (0.39) (19) % Diluted shares2 566 551 15 3 % TBV per share $ 10.23 $ 11.00 $ (0.77) (7) % Effective tax rate 21.5 % 21.8 % (2,180) bps PPNR up 11% driven by strength in NII and expense discipline 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Fourth, third, and second quarter 2022 includes 27.5 million shares related to the full impact of Series G convertible securities issued in connection with TD transaction; First quarter 2022 includes 9.8 million shares related to the one month average impact of these shares. FY22 vs. FY21 Highlights

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10 NII trends reflect the benefit of rising rates and loan growth 1 $502 $482 $545 $666 $712 $466 $462 $532 $659 $711 2.42% 2.37% 2.74% 3.49% 3.89% Core NII Reported NII Reported NIM 4Q21 1Q22 2Q22 3Q22 4Q22 ($s in millions) FTE NII and NIM Trends Core NIM 2.28% 2.29% 2.69% 3.45% 3.89% 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. • FTE NII up $46 million, or 7%, and NIM up 41 bps despite a $6 million, or 3 bp, reduction in net merger- related and PPP benefits • Core NII of $711 million up $53 million, or 8% – Benefit of higher rates and loan balances partially offset by higher funding costs • Core NIM increased 43 bps to 3.89% – Benefit of higher rates, lower cash, and loan growth partially offset by the impact of higher funding costs – Period-end cash at the Fed declined from $3.0 billion to $1.2 billion 4Q22 vs. 3Q22 $s in millions NII NIM 3Q22 Reported $ 666 3.49 % PPP coupon income and fees 2 — % Net merger-related impacts 5 0.03 % 3Q22 Core $ 659 3.45 % Rates/Spreads 130 0.69 % All Other Loan Balances 21 0.03 % LMC Balances (9) (0.02) % Funding Costs (77) (0.42) % Lower Cash/Other (12) 0.15 % 4Q22 Core $ 711 3.89 % PPP coupon income and fees — — % Net merger-related impacts — — % 4Q22 Reported $ 712 3.89 % Results reflect 2% loan growth and 4% C&I loan growth ex. PPP and LMC 4Q22 vs. 3Q22 Highlights

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11 • Adjusted fee income down $8 million, or 4%, driven by a reduction in fixed income and mortgage banking partially offset by an increase in deferred compensation • Fixed income decreased $11 million reflecting the impact of increasing interest rates, macroeconomic uncertainty and volatility; – ADR of $403 thousand; full year of $632 thousand • Mortgage banking fees decreased $5 million largely driven by declines in mortgage sales volume • Deferred compensation up $10 million largely offset in noninterest expense • Card and digital banking fees decreased $1 million largely driven by declines in bank card income • Other noninterest income up $2 million driven by Bank Owned Life Insurance Adjusted fee income trends impacted by higher rates1 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 4Q22 Change vs. $s in millions 4Q22 3Q22 2Q22 1Q22 4Q21 3Q22 4Q21 $/bps % $/bps % Fixed income $ 35 $ 46 $ 51 $ 73 $ 82 $(11) (24) % $(47) (57) % Service charges and fees 56 56 57 57 56 — — % — — % Mortgage banking & title 4 9 22 22 28 (5) (56) % (24) (86) % Brokerage, trust, and insurance 33 34 36 37 36 (1) (3) % (3) (8) % Card and digital banking fees 20 21 23 20 19 (1) (5) % 1 5 % Deferred compensation income 7 (3) (17) (4) — 10 NM 7 NM Other noninterest income 20 18 15 18 25 2 11 % (5) (20) % Total fee income $ 173 $ 181 $ 188 $ 223 $ 246 $(8) (4) % $(73) (30) % Key Metrics Fixed Income Average Daily Revenue (ADR) $ 0.4 $ 0.5 $ 0.6 $ 1.0 $ 1.1 $ (0.1) (23) % $ (0.7) (64) % Mortgage banking Originations Secondary $ 145 $ 302 $ 467 $ 533 $ 706 $ (157) (52) % $ (561) (79) % Portfolio $ 575 $ 716 $ 1,120 $ 801 $ 874 $ (141) (20) % $ (299) (34) % Total $ 720 $ 1,018 $ 1,587 $ 1,334 $ 1,580 $ (298) (29) % $ (860) (54) % Gain on sale spread 2.04 % 2.03 % 2.41 % 2.65 % 2.98 % 1 bps (94) bps Mix Purchase 89 % 89 % 80 % 61 % 51 % Refinance 11 % 11 % 20 % 39 % 49 % Results driven by declines in fixed income & mortgage banking 4Q22 vs. 3Q22 Highlights

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12 Adjusted expense up 3% driven by increases in other noninterest expense1 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Occupancy and Equipment expense includes Computer Software Expense. • Adjusted expense of $458 million increased $14 million, or 3%, as higher deferred compensation expense and other noninterest expense was partially offset by a reduction in salaries and employee benefits – $4 million benefit tied to incremental merger cost saves • Personnel expense up $3 million – Salaries and benefits decreased $7 million reflecting sale of title business, seasonality and reductions in average headcount – Incentives and commissions up $2 million – Deferred compensation expense up $9 million largely offset in noninterest income • Outside services remained relatively stable • Other noninterest expense up $10 million largely tied to customer derivative expense and elevated fraud losses 4Q22 Change vs. $s in millions 4Q22 3Q22 2Q22 1Q22 4Q21 3Q22 4Q21 $/bps % $/bps % Salaries and benefits $ 178 $ 185 $ 190 $ 188 $ 189 $ (7) (4) % $ (11) (6) % Incentives and commissions 70 68 71 92 84 2 3 % (14) (17) % Deferred compensation expense 7 (2) (18) (5) 1 9 NM 6 NM Total personnel expense 254 251 244 275 274 3 1 % (20) (7) % Occupancy and equipment 71 70 72 72 73 1 1 % (2) (3) % Outside services 64 64 61 59 66 — — % (2) (3) % Amortization of intangible assets 12 12 12 12 13 — — % (1) (8) % Other noninterest expense 58 48 50 37 46 10 21 % 12 26 % Total noninterest expense $ 458 $ 444 $ 438 $ 455 $ 474 $ 14 3 % $ (16) (3) % Full-time equivalent associates 7,477 7,569 7,627 7,900 7,863 (92) (1) % (386) (5) % Results largely reflect lower salaries and revenue-based incentives and commissions 2 4Q22 vs. 3Q22 Highlights

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13 • Loans of $57.6 billion up $1.0 billion driven by a 1% increase in commercial and a 3% in consumer – $1.7 billion, or 3%, increase in loans before the impact of PPP and LMC – C&I loan growth ex. PPP & LMC up 4% driven by Asset Based Lending, Florida, Tennessee, and Corporate Banking – Total core loan yields expanded 81 bps • Period-end loans of $58.1 billion up $748 million, or 1%, driven by a $382 million, or 3%, increase in consumer and a $367 million, or 1%, increase in commercial – $1.3 billion, or 2%, increase in loans before the impact of PPP and LMC – C&I loan growth ex. PPP & LMC up 2% driven by Asset Based Lending, Florida, and Tennessee – Unfunded commitments decreased 3% driven primarily by reductions in LMC 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Utilization rates exclude Loans to Mortgage Companies. Period-end commercial line utilization2 1Q22 2Q22 3Q22 4Q22 Utilization % 41% 41% 41% 42% $54.9B $57.4B $58.1B $54.1B $55.6B $56.5B $57.6B Commercial and Industrial (C&I) excl. LMC & PPP Commercial real estate (CRE) Consumer real estate Credit card and other Payroll Protection Program (PPP) Loans to mortgage companies (LMC) 4Q21 . . . . 3Q22 4Q22 1Q22 2Q22 3Q22 4Q22 Loan trends 23% 51% 1% 21% 4% 20% —% 2% 48% 23% 7% 2% 1Q22 2Q22 3Q22 4Q22 Yields 3.34% 3.57% 4.35% 5.12% Core yields 3.16% 3.43% 4.26% 5.07% Avg 1M LIBOR 0.22% 0.99% 2.47% 3.91% Period-end Average Total loan growth of 3% ex PPP & LMC1 49% 23% 20% 2%1% 6% C&I ex PPP & LMC up 4% QoQ 51% 23% 21% 1% —% 4% 47% 22% 20% 2% 8% 50% 23% 21% 2% —% 5% 23% 50% 1% 21% 5%—% 2% 4Q22 vs. 3Q22 Highlights

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14 Demand Deposit Accounts (DDA) Savings Time deposits Other interest-bearing deposits 4Q21 . . . . . 3Q22 4Q22 1Q22 2Q22 3Q22 4Q22 Deposit costs reflect impact of rising rates and increased competition1 Interest-bearing liabilities & DDA trends • Average deposits of $64.9 billion decreased $3.3 billion, or 5%, driven by a $1.7 billion decrease in DDA and a $1.6 billion decrease in interest- bearing deposits – Period-end deposits of $63.5 billion decreased $2.5 billion with a $2.3 billion decrease in DDA and a $0.2 billion decrease in interest-bearing • Deposit costs of 69 bps increased 44 bps – Interest-bearing deposit costs of 112 bps increased 70 bps • Total funding costs of 85 bps increased 46 bps given higher rates 1Q22 2Q22 3Q22 4Q22 Deposit cost of funds 6 bps 10 bps 25 bps 69 bps Total cost of funds 16 bps 22 bps 39 bps 85 bps Avg Fed Funds 0.12% 0.77% 2.18% 3.65% 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. Interest-bearing deposit betas of 48% in the quarter Period-end Average 4Q22 vs. 3Q22 Highlights $68.6B $71.8B $75.8B $78.4B $67.9B $69.4B $79.0B 29% 4% 32% 35% 26% 4% 33% 37%35% 33% 4% 27% 36% 37% 37% 36% 34% 33% 33% 33% 4% 4% 4% 4% 26% 27% 26% 27%

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15 Continued strong credit quality 1Net charge-off % is annualized and as % of average loans. $736 $686 $704 $752 $771 1.34% 1.25% 1.25% 1.31% 1.33% 268% 207% 234% 258% 244% ACL ACL/Loans ACL/NPLs 4Q21 1Q22 2Q22 3Q22 4Q22 Allowance for credit losses (ACL) Non-performing loans (NPLs) $275 $332 $301 $292 $316 0.50% 0.60% 0.53% 0.51% 0.54% NPLs $ NPLs % 4Q21 1Q22 2Q22 3Q22 4Q22 • Net charge-offs of $26 million increased $14 million • NPL ratio of 54 bps increased 4 bps • ACL coverage ratio of 1.33% vs. 1.31%; ACL coverage ex. LMC and PPP of 1.38% • 244% ACL coverage of NPLs • Provision expense of $45 million compared with a $60 million in 3Q22 – ~$19 million reserve build reflects the impact of loan growth and revised macroeconomic outlook – 4Q22 provision includes reduction in losses expected from Hurricane Ian 1 $1 $10 $12 $12 $26 $(65) $(40) $30 $60 $45 0.01% 0.07% 0.09% 0.08% 0.18% NCOs Provision for credit losses NCO% 4Q21 1Q22 2Q22 3Q22 4Q22 Reserve build reflects the impact of loan growth and revised macroeconomic outlook 4Q22 vs. 3Q22 Highlights ($s in millions) Provision, credit losses, and net charge-offs

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16 4Q21 1Q22 2Q22 3Q22 4Q22 CET1 ratio Tier 1 capital ratio Total capital ratio 4Q21 1Q22 2Q22 3Q22 4Q22 Strong capital position1 Capital levels 11.0% 12.3% 13.2% 11.8% 13.0% 11.6% 13.1% 11.7% 13.3% 11.9% Tangible book value per share 9.9% 0.43% (0.12)% (0.05)% (0.05)% 0.02% 10.2% 3Q22 actual Adjusted NIAC Common Dividend Notable Items Loans/ unfunded commitments growth Other 4Q22 estimate $9.72 $0.57 $0.15 $(0.15) $(0.06) $10.23 3Q22 actual Adjusted NIAC, net of change in Intangibles AFS Securities & Cash Flow Hedges MTM Common Dividends Notable Items 4Q22 actual • TBVPS of $10.23 increased 5% driven by a $0.57 increase tied to adjusted NIAC and a $0.15 increase tied to MTM valuation adjustments on AFS securities and cash flow hedges • CET1 ratio remained strong at 10.2% – The benefit of adjusted NIAC partially offset by a reduction tied to growth in loans and unfunded commitments, and common dividends • Total capital of 13.3% vs. 13.1% in 3Q22 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 4Q22 vs. 3Q22 CET1 ratio 9.9% 10.0% 9.8% 9.9% 10.2% 4Q22 vs. 3Q22 Highlights

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

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APPENDIX 18

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19 NII/NIM reconciliation to GAAP financials 1Q22 Reported to Core Reconciliation $s in millions NII NIM 1Q22 Reported (FTE) $ 482 2.37 % Less: non-core items PPP coupon income and fees 12 0.04 Loan Accretion 17 0.09 IBKC Premium Amortization (10) (0.05) 1Q22 Core (FTE) $ 462 2.29 % 4Q21 Reported to Core Reconciliation $s in millions NII NIM 4Q21 Reported (FTE) $ 502 2.42 % Less: non-core items PPP coupon income and fees 30 0.10 Loan Accretion 15 0.08 IBKC Premium Amortization (10) (0.05) 4Q21 Core (FTE) $ 466 2.28 % 2Q22 Reported to Core Reconciliation $s in millions NII NIM 2Q22 Reported (FTE) $ 545 2.74 % Less: non-core items PPP coupon income and fees 7 0.02 Loan Accretion 15 0.08 IBKC Premium Amortization (8) (0.04) 2Q22 Core (FTE) $ 532 2.69 % 4Q22 Reported to Core Reconciliation $s in millions NII NIM 4Q22 Reported (FTE) $ 712 3.89 % Less: non-core items PPP coupon income and fees — — Loan Accretion 7 0.04 IBKC Premium Amortization (6) (0.03) 4Q22 Core (FTE) $ 711 3.89 % 3Q22 Reported to Core Reconciliation $s in millions NII NIM 3Q22 Reported (FTE) $ 666 3.49 % Less: non-core items PPP coupon income and fees 2 — Loan Accretion 12 0.07 IBKC Premium Amortization (7) (0.04) 3Q22 Core (FTE) $ 659 3.45 %

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20 Notable Items ($s in millions except per share data) *Purchase accounting gain is nontaxable income.** 4Q22 and 2Q22 includes $10 million and $12 million, respectively of Visa derivative valuation expense; 4Q21 includes $10 million of Visa derivative valuation expense and $6 million of deferred compensation expense. (In millions) 4Q22 3Q22 2Q22 1Q22 4Q21 2022 2021 Summary of Notable Items: Purchase accounting gain* $ — $ — $ — $ — $ — $ — $ (1) Gain/(loss) on TRUPS redemption (other noninterest income) — — — — (3) — (26) IBKC Branch sale gain (other noninterest income) — — — — 4 1 5 Gain on sale of title services business 1 21 — — — 22 — Gain related to equity securities investments — 10 — 6 — 16 — Gain on sale of mortgage servicing rights — — 12 — — 12 — IBKC merger/acquisition expense (4) (3) (13) (28) (38) (49) (187) TD transaction-related expense (31) (21) (25) (9) — (87) — Other notable expenses** (10) — (12) — (16) (22) (26) Total notable items (45) 7 (38) (32) (54) (107) 235 EPS impact of notable items $ (0.06) $ 0.01 $ (0.05) $ (0.04) $ (0.08) $ (0.15) $ (0.32)

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21 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. (a) Included in Total equity on the Consolidated Balance Sheet. (b) Includes goodwill and other intangible assets, net of amortization. Numbers may not foot due to rounding. CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION Quarterly, Unaudited ($s in millions, except per share data) 4Q22 3Q22 2Q22 1Q22 4Q21 2022 2021 Tangible Common Equity (Non-GAAP) (A) Total equity (GAAP) $ 8,547 $ 8,283 $ 8,551 $ 8,696 $ 8,494 $ 8,547 $ 8,494 Less: Noncontrolling interest (a) 295 295 295 295 295 295 295 Less: Preferred stock (a) 1,014 1,014 1,014 1,014 520 1,014 520 (B) Total common equity $ 7,238 $ 6,974 $ 7,242 $ 7,387 $ 7,679 $ 7,238 $ 7,679 Less: Intangible assets (GAAP) (b) 1,744 1,757 1,782 1,795 1,808 1,744 1,808 (C) Tangible common equity (Non-GAAP) $ 5,494 $ 5,217 $ 5,459 $ 5,592 $ 5,871 $ 5,494 $ 5,871 Tangible Assets (Non-GAAP) (D) Total assets (GAAP) $ 78,953 $ 80,299 $ 85,132 $ 88,660 $ 89,092 $ 78,953 $ 89,092 Less: Intangible assets (GAAP) (b) 1,744 1,757 1,782 1,795 1,808 1,744 1,808 (E) Tangible assets (Non-GAAP) $ 77,209 $ 78,542 $ 83,350 $ 86,865 $ 87,284 $ 77,209 $ 87,284 Period-end Shares Outstanding (F) Period-end shares outstanding 537 537 536 535 534 537 534 Ratios (A)/(D) Total equity to total assets (GAAP) 10.83 % 10.32 % 10.04 % 9.81 % 9.53 % 10.83 % 9.53 % (C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) 7.12 % 6.64 % 6.55 % 6.44 % 6.73 % 7.12 % 6.73 % (B)/(F) Book value per common share (GAAP) $ 13.48 $ 12.99 $ 13.50 $ 13.82 $ 14.39 $ 13.48 $ 14.39 (C)/(F) Tangible book value per common share (Non-GAAP) $ 10.23 $ 9.72 $ 10.18 $ 10.46 $ 11.00 $ 10.23 $ 11.00

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22 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION Quarterly, Unaudited ($s in millions, except per share data) 4Q22 3Q22 2Q22 1Q22 4Q21 2022 2021 Adjusted Diluted EPS Net income available to common shareholders ("NIAC") (GAAP) a $ 258 $ 257 $ 166 $ 187 $ 219 $ 868 $ 962 Plus Tax effected notable items (Non-GAAP) (a) 34 (5) 29 24 41 82 179 Adjusted net income available to common shareholders (Non-GAAP) b $ 293 $ 252 $ 195 $ 211 $ 260 $ 950 $ 1,140 Diluted Shares (GAAP)8 c 572 570 569 550 542 566 551 Diluted EPS (GAAP) a/c $ 0.45 $ 0.45 $ 0.29 $ 0.34 $ 0.40 $ 1.53 $ 1.74 Adjusted diluted EPS (Non-GAAP) b/c $ 0.51 $ 0.44 $ 0.34 $ 0.38 $ 0.48 $ 1.68 $ 2.07 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $ 270 $ 268 $ 177 $ 198 $ 229 $ 912 $ 1,010 Plus Tax effected notable items (Non-GAAP) (a) 34 (5) 29 24 41 82 179 Adjusted NI (Non-GAAP) $ 304 $ 263 $ 206 $ 223 $ 270 $ 994 $ 1,189 NI (annualized) (GAAP) d $ 1,070 $ 1,063 $ 709 $ 801 $ 910 $ 912 $ 1,010 Adjusted NI (annualized) (Non-GAAP) e $ 1,206 $ 1,045 $ 823 $ 900 $ 1,074 $ 994 $ 1,189 Average assets (GAAP) f $ 79,521 $ 82,551 $ 86,326 $ 88,587 $ 89,025 $ 84,217 $ 87,609 ROA (GAAP) d/f 1.35 % 1.29 % 0.82 % 0.90 % 1.02 % 1.08 % 1.15 % Adjusted ROA (Non-GAAP) e/f 1.52 % 1.27 % 0.95 % 1.02 % 1.21 % 1.18 % 1.36 % Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE Net income available to common shareholders ("NIAC") (GAAP) g $ 1,025 $ 1,020 $ 666 $ 756 $ 868 $ 868 $ 962 Adjusted Net income available to common shareholders (annualized) (Non-GAAP) h $ 1,161 $ 1,001 $ 781 $ 855 $ 1,032 $ 950 $ 1,140 Average Common Equity (GAAP) i $ 7,106 $ 7,360 $ 7,305 $ 7,628 $ 7,710 $ 7,348 $ 7,677 Intangible Assets (GAAP) (b) 1,750 1,767 1,789 1,802 1,815 1,777 1,836 Average Tangible Common Equity (Non-GAAP) j $ 5,356 $ 5,593 $ 5,516 $ 5,826 $ 5,895 $ 5,571 $ 5,841 Equity Adjustment (Non-GAAP) — — — — — 32 71 Adjusted Average Tangible Common Equity (Non-GAAP) k $ 5,356 $ 5,593 $ 5,516 $ 5,826 $ 5,895 $ 5,603 $ 5,912 ROCE (GAAP) g/i 14.42 % 13.85 % 9.12 % 9.92 % 11.26 % 11.81 % 12.53 % ROTCE (Non-GAAP) g/j 19.14 % 18.23 % 12.07 % 12.98 % 14.72 % 15.58 % 16.46 % Adjusted ROTCE (Non-GAAP) h/k 21.68 % 17.89 % 14.15 % 14.68 % 17.51 % 16.96 % 19.29 %

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23 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION Quarterly, Unaudited (In millions) 4Q22 3Q22 2Q22 1Q22 4Q21 2022 2021 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) k $ 174 $ 213 $ 201 $ 229 $ 247 $ 816 $ 1,076 Plus notable items (GAAP) (a) (1) (32) (13) (6) — (51) 23 Adjusted noninterest income (Non-GAAP) l $ 173 $ 181 $ 188 $ 222 $ 246 $ 765 $ 1,099 Revenue (GAAP) m $ 882 $ 875 $ 743 $ 707 $ 745 $ 3,208 $ 3,070 Taxable-equivalent adjustment 4 4 3 3 3 13 12 Revenue- Taxable-equivalent (Non-GAAP) 886 878 746 710 748 3,221 3,082 Plus notable items (GAAP) (a) (1) (32) (13) (6) — (51) 23 Adjusted revenue (Non-GAAP) n $ 885 $ 847 $ 733 $ 704 $ 748 $ 3,170 $ 3,105 Noninterest income as a % of total revenue (GAAP) k/m 19.68 % 24.30 % 27.06 % 32.31 % 33.10 % 25.44 % 35.04 % Adjusted noninterest income as a % of total revenue (Non-GAAP) l/n 19.55 % 21.37 % 25.68 % 31.63 % 32.95 % 24.14 % 36.38 % Adjusted Efficiency Ratio Noninterest expense (GAAP) o $ 503 $ 468 $ 489 $ 493 $ 528 $ 1,953 $ 2,095 Plus notable items (GAAP) (a) (46) (25) (50) (37) (54) (158) (212) Adjusted noninterest expense (Non-GAAP) p $ 458 $ 444 $ 438 $ 455 $ 474 $ 1,795 $ 1,883 Revenue (GAAP) q $ 882 $ 875 $ 743 $ 707 $ 745 $ 3,208 $ 3,070 Taxable-equivalent adjustment 4 4 3 3 3 13 12 Revenue- Taxable-equivalent (Non-GAAP) 886 878 746 710 748 3,221 3,082 Plus notable items (GAAP) (a) (1) (32) (13) (6) — (51) 23 Adjusted revenue (Non-GAAP) r $ 885 $ 847 $ 733 $ 704 $ 748 $ 3,170 $ 3,105 Efficiency ratio (GAAP) o/q 57.07 % 53.56 % 65.76 % 69.66 % 70.88 % 60.90 % 68.25 % Adjusted efficiency ratio (Non-GAAP) p/r 51.70 % 52.42 % 59.79 % 64.64 % 63.31 % 56.64 % 60.64 %

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24 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. Numbers may not foot due to rounding Allowance for Credit Losses (ACL) to Loans Ratio $s in millions Loan Balance ACL Balance ACL/Loans Total Loans $ 58,101 $ 771 1.3 % Loans to Mortgage Companies (LMC) 2,258 2 0.1 PPP 76 — — Total excl. LMC & PPP $ 55,767 $ 770 1.4 % Period-end Average ($s in millions) 4Q22 3Q22 4Q22 vs. 3Q22 4Q22 3Q22 4Q22 vs. 3Q22 Loans excluding LMC & PPP $ % $ % Total Loans (GAAP) $ 58,101 $ 57,354 $ 747 1 % $ 57,564 $ 56,543 $ 1,021 2 % PPP (GAAP) 76 129 (53) (41) % 121 204 (83) (41) % LMC (GAAP) 2,258 2,710 (452) (17) % 2,299 2,917 (617) (21) % Total Loans excl. LMC & PPP (Non-GAAP) 55,767 54,514 1,253 2 % 55,144 53,422 1,722 3 % Total Consumer (GAAP) 13,093 12,712 381 3 % 12,907 12,496 411 3 % Total Commercial excl. LMC & PPP (Non-GAAP) 42,674 41,802 872 2 % 42,237 40,926 1,311 3 % Total CRE (GAAP) 13,228 13,021 207 2 % 13,095 12,926 169 1 % Total C&I excl. LMC & PPP (Non-GAAP) $ 29,446 $ 28,781 $ 665 2 % $ 29,142 $ 28,000 $ 1,142 4 % Loans excluding PPP Total Loans (GAAP) $ 58,101 $ 57,354 $ 747 1 % $ 57,564 $ 56,543 $ 1,021 2 % PPP (GAAP) 76 129 (53) (41) % 121 204 (83) (41) % Total Loans excl. PPP (Non-GAAP) 58,025 57,224 801 1 % 57,443 56,339 1,104 2 % Total Consumer (GAAP) 13,093 12,712 381 3 % 12,907 12,496 411 3 % Total Commercial excl. PPP (Non-GAAP) $ 44,932 $ 44,512 $ 419 1 % $ 44,536 $ 43,843 $ 693 2 %

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