8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

FORM 8-K

_____________________________________

CURRENT REPORT

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

April 19, 2022

Date of Report (date of earliest event reported)

(Exact name of registrant as specified in its charter)

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

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

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

ITEM 2.02. Results of Operations and Financial Condition.

ITEM 7.01. Regulation FD Disclosure.

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

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

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

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

Forward-Looking Statements

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

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

FIRST HORIZON CORPORATION	2	FORM 8-K CURRENT REPORT 4/19/2022

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

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

Important Other Information

In connection with the proposed transaction with TD, First Horizon has filed a preliminary proxy statement and other materials with the SEC, and intends to file additional relevant materials with the SEC, including a definitive proxy statement on Schedule 14A. All preliminary materials are subject to completion.

Neither this report nor any exhibit constitutes an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval.

SHAREHOLDERS OF FIRST HORIZON ARE URGED TO READ, WHEN AVAILABLE, ALL RELEVANT DOCUMENTS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED WITH THE SEC, INCLUDING FIRST HORIZON’S PROXY STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FIRST HORIZON AND THE PROPOSED TRANSACTION WITH TD.

Investors and shareholders of First Horizon will be able to obtain a free copy of the definitive proxy statement as well as other relevant documents filed with the SEC without charge at the SEC’s website (http://www.sec.gov). Copies of the definitive proxy statement and the filings with the SEC that will be incorporated by reference in that proxy statement can also be obtained, without charge, by directing a request to Clyde A. Billings Jr., First Horizon Corporation, 165 Madison, Memphis, TN 38103, telephone (901) 523-4444.

Participants in the Solicitation

First Horizon and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction with TD under the rules of the SEC. Information regarding First Horizon’s directors and executive officers is available in the proxy statement for its 2022 annual meeting of shareholders, which was filed with the SEC on March 14, 2022, and its annual report on Form 10-K for the year 2021 filed on March 1, 2022, as amended on March 4, 2022. Other information regarding the participants in the solicitation of proxies in respect of the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the definitive proxy statement related to the proposed transaction with TD and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.

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.

FIRST HORIZON CORPORATION	3	FORM 8-K CURRENT REPORT 4/19/2022
Exhibit #	Description
---	---
99.1	First Horizon Corporation First Quarter 2022 Earnings Release
99.2	First Horizon Corporation Investor Slide Presentation for the quarter ended March 31, 2022
104	Cover Page Interactive Data File, formatted in Inline XBRL
FIRST HORIZON CORPORATION	4	FORM 8-K CURRENT REPORT 4/19/2022
---	---	---

SIGNATURES

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

		FIRST HORIZON CORPORATION
		(Registrant)
Date:	April 19, 2022	By:	/s/ Hope Dmuchowski
		Hope Dmuchowski
		Senior Executive Vice President—Chief Financial Officer
		(Duly Authorized Officer and Principal Financial Officer)			FIRST HORIZON CORPORATION	5	FORM 8-K CURRENT REPORT 4/19/2022
---	---	---

Document

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

$187 Million, or EPS of $0.34; $211 Million, or $0.38, on an Adjusted basis*

ROTCE of 13.0% and Adjusted ROTCE of 14.7% with tangible book value per share of $10.46*

MEMPHIS, TN (April 19, 2022) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported first quarter 2022 net income available to common shareholders ("NIAC") of $187 million, or earnings per share of $0.34, compared with fourth quarter 2021 NIAC of $219 million, or earnings per share of $0.40.

First quarter 2022 results were reduced by a net $24 million after-tax, or $0.04 per share, of notable items compared with a net $41 million, or $0.08 per share, in fourth quarter 2021. Excluding notable items, adjusted first quarter 2022 NIAC of $211 million, or $0.38 per share, decreased from $260 million, or $0.48 per share in fourth quarter of 2021. The decrease was led by a $0.04 per share reduction tied to lower provision credit.

"Our underlying results this quarter reflect the tremendous opportunities and momentum inherent in our higher-growth markets with C&I loan growth of 4% before the impact of paycheck protection program and mortgage warehouse loans," said President and Chief Executive Officer Bryan Jordan. "While higher long-term rates and global uncertainty impacted our countercyclical businesses, our highly asset-sensitive balance sheet is well positioned to benefit from rising short-term rates. I'm particularly proud of the hard work and dedication of our associates who contributed to the successful completion of the IBERIABANK systems and signage integration during the quarter. With that work behind us, we remain focused on driving value for our associates, clients, communities and shareholders as we look forward to completing the proposed transaction with TD Bank Group.”

Jordan continued, “With the war in Ukraine, our hearts go out to the families, clients and associates directly impacted by this crisis and we hope that peace, safety and freedom can be quickly restored.”

Notable Items

Notable Items
Quarterly, Unaudited ($s in millions, except per share data)	1Q22		4Q21		1Q21
Summary of Notable Items:
Merger/acquisition/transaction-related items:
IBKC:
Purchase accounting gain (other noninterest income)*	$	—	$	—	$	1
Branch sale gain (other noninterest income)	—		4		—
Merger/acquisition expense	(28)		(38)		(70)
Total IBKC merger/acquisition- related items	(28)		(35)		(69)
TD:
Transaction-related expense	(9)		—		—
Total TD transaction-related items	(9)		—		—
Total Net Merger/acquisition/transaction- related items:	(37)		(35)		(69)
Other notable items:
Gain/(loss) on TruPS redemption (other noninterest income)	—		(3)		—
Gain related to a fintech investment	6		—		—
Other notable expense (other noninterest expense)	—		(16)		(10)
Total net other notable items:	(6)		(19)		(10)
Total Notable items (pre-tax)	$	(32)	$	(54)	$	(79)
Total Notable items (after-tax)	(24)		(41)		(60)
EPS impact of notable items	$	(0.04)	$	(0.08)	$	(0.11)
Numbers may not foot due to rounding
*' Purchase accounting gain is non-taxable income

First quarter 2022 GAAP results were reduced by a net $24 million after-tax impact, or $0.04 per share, of notable items compared with a net $41 million impact, or $0.08 per share, in fourth quarter 2021. First quarter pre-tax net notable items included IBKC merger-related expense of $28 million; TD transaction-related costs of $9 million and a $6 million gain related to a fintech investment.

*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 21.

1

First Quarter 2022 Highlights

•Total revenue of $707 million decreased $38 million from fourth quarter levels. Adjusted revenue of $704 million decreased $44 million largely reflecting the impact of higher long-term rates and seasonality.

•Net interest income of $479 million was down $19 million, or 4%, from fourth quarter 2021 levels driven by a $16 million reduction in net merger-related and PPP benefits. Core net interest income was down $3 million given a $7 million impact tied to day count.

•Noninterest income of $229 million decreased $18 million largely as reductions in fixed income and mortgage banking fees given the impact of higher long-term rates and macroeconomic volatility, as well as other noninterest income, were partially offset by a $6 million increase tied to notable items.

•Noninterest expense of $493 million decreased $35 million from fourth quarter 2021 driven by a $17 million decrease in notable items. Adjusted noninterest expense of $455 million decreased $19 million from fourth quarter 2021 driven by lower other noninterest expense and outside services.

•Provision for credit losses was a benefit of $40 million compared with a benefit of $65 million in fourth quarter 2021, largely reflecting decreased COVID-19 impacts, partially offset by a slower growth economic forecast and inflationary pressures.

•Average interest-earning assets of $82.2 billion decreased modestly from fourth quarter 2021 largely as a $399 million increase in the securities portfolio was more than offset by a $695 million decrease in loans and loans held for sale driven by a $630 million decrease in Paycheck Protection Program loans ("PPP").

•Average loans before the impact of PPP remained relatively stable largely as a $1.0 billion decrease in loans to mortgage companies was more than offset by higher other commercial and industrial balances.

•Period-end loans before the impact of PPP increased $550 million, or 1%, driven by a $505 million increase in commercial. Period-end commercial loans excluding PPP and loans to mortgage companies ("LMC") rose 3%.

•Average deposits of $74.2 billion decreased $452 million, or 1%, from fourth quarter 2021 driven by a $356 million decrease in noninterest-bearing. Interest-bearing deposit costs of 10 basis points decreased 1 bp from fourth quarter 2021.

•Allowance for credit losses ("ACL") to loans ratio of 1.25% decreased from 1.34% at December 31, 2021; the ACL to nonperforming loans ratio of 207% decreased from 267% at December 31, 2021.

•Net charge-offs of 0.07% in first quarter 2022 increased from unusually low levels in fourth quarter 2021; nonperforming loans of $332 million increased 21% from from unusually low levels in fourth quarter 2021 and the nonperforming loans ratio of 0.60% increased from 0.50% as of December 31, 2021.

•ROCE of 9.9%; ROTCE of 13.0%; Adjusted ROTCE of 14.7%; CET 1 ratio of 10.0%; and total capital ratio of 13.2%.

•Tangible book value per share of $10.46 at March 31, 2022 decreased 5% from $11.00 at December 31, 2021 driven by a $0.76 reduction tied to the mark-to-market valuation adjustment on the securities portfolio

Strategic Update

•Successfully completed IBKC systems and signage conversion in February 2022.

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

•Achieved $116 million of annualized net cost saves in 1Q22.

•Announced proposed acquisition by TD at $25 per common share all cash, or approximately 37% premium at announcement.

SUMMARY RESULTS
Quarterly, Unaudited
										1Q22 Change vs.
($s in millions, except per share and balance sheet data)	1Q22			4Q21			1Q21			4Q21				1Q21
										/bp		%		/bp		%
Income Statement
Interest income - taxable equivalent1	$	513		$	534		$	555				(4)	%			(8)	%
Interest expense- taxable equivalent1	31			33			45			(2)		(6)		(14)		(31)
Net interest income- taxable equivalent	482			502			511			(20)		(4)		(29)		(6)
Less: Taxable-equivalent adjustment	3			3			3			—		—		—		—
Net interest income	479			498			508			(19)		(4)		(29)		(6)
Noninterest income	229			247			298			(18)		(7)		(69)		(23)
Total revenue	707			745			806			(38)		(5)		(99)		(12)
Noninterest expense	493			528			544			(35)		(7)		(51)		(9)
Pre-provision net revenue3	215			217			262			(2)		(1)		(47)		(18)
Provision for credit losses	(40)			(65)			(45)			25		38		5		11
Income before income taxes	255			282			307			(27)		(10)		(52)		(17)
Provision for income taxes	57			53			71			4		8		(14)		(20)
Net income	198			229			235			(31)		(14)		(37)		(16)
Net income attributable to noncontrolling interest	3			3			3			—		—		—		—
Net income attributable to controlling interest	195			227			233			(32)		(14)		(38)		(16)
Preferred stock dividends	8			8			8			—		—		—		—
Net income available to common shareholders	$	187		$	219		$	225				(15)				(17)
Adjusted net income4	$	222		$	271		$	295				(18)				(25)
Adjusted net income available to common shareholders4	$	211		$	260		$	284				(19)	%			(26)	%
Common stock information
EPS	$	0.34		$	0.40		$	0.40				(16)	%			(15)	%
Adjusted EPS4	$	0.38		$	0.48		$	0.51				(21)	%			(25)	%
Diluted shares8	550			542			557			8		1	%	(7)		(1)	%
Key performance metrics
Net interest margin	2.37		%	2.42		%	2.62		%	(5)	bp			(25)	bp
Efficiency ratio	69.66			70.88			67.53			(122)				213
Adjusted efficiency ratio4	64.64			63.31			57.49			133				715
Effective income tax rate	22.41			18.63			23.24			378				(83)
Return on average assets	0.90			1.02			1.12			(12)				(22)
Adjusted return on average assets4	1.02			1.21			1.40			(19)				(38)
Return on average common equity (“ROCE")	9.9			11.3			12.0			(134)				(209)
Return on average tangible common equity (“ROTCE”)4	13.0			14.7			15.9			(174)				(292)
Adjusted ROTCE4	14.7			17.5			20.2			(283)				(547)
Noninterest income as a % of total revenue	32.31			33.10			37.00			(79)				(469)
Adjusted noninterest income as a % of total revenue4	31.63		%	32.95		%	36.78		%	(132)	bp			(515)	bp
Balance Sheet (billions)
Average loans	$	54.1		$	54.7		$	58.2				(1)	%			(7)	%
Average deposits	74.2			74.6			71.0			(0.5)		(1)		3.2		4
Average assets	88.6			89.0			85.4			(0.4)		—		3.2		4
Average common equity	$	7.6		$	7.7		$	7.6				(1)	%			1	%
Asset Quality Highlights
Allowance for credit losses to loans and leases	1.25		%	1.34		%	1.70		%	(9)	bp			(45)	bp
Net charge-off ratio	0.07			0.01			0.06			7				2
Nonperforming loan and leases ratio	0.60		%	0.50		%	0.67		%	10	bp			(7)	bp
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 1	10.0		%	9.9		%	10.0		%	5	bp			—	bp
Tier 1	11.8			11.0			11.0			80				80
Total Capital	13.2			12.3			12.8			85				35
Tier 1 leverage	8.8		%	8.1		%	8.2		%	73	bp			61	bp

All values are in US Dollars.

Numbers may not foot due to rounding.

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

See footnote disclosures on page 20.

First Quarter 2022 versus Fourth Quarter 2021

Net interest income

Net interest income of $479 million decreased $19 million from fourth quarter 2021 driven by a $23 million reduction tied to net merger-related and PPP benefits and day count. Core net interest income up $3 million before day count as the impact of lower loans to mortgage companies and consumer loan balances and spreads was more than offset by the benefit of higher investment portfolio income, other commercial and industrial loan balances and lower funding costs. Net interest margin of 2.37% decreased 5 bps from fourth quarter 2021 as the benefit of higher investment portfolio balances and spreads and lower funding costs was partially offset by the impact of lower LMC and consumer loan balances and spreads.

Noninterest income

Noninterest income of $229 million decreased $18 million as a $6 million benefit tied to notable items was more than offset by lower fixed income and mortgage banking fees given the impact of higher long-term rates and macroeconomic volatility as well as seasonality. Results were also impacted by lower other noninterest income and seasonality in traditional banking fees. Fixed income average daily revenue of $1.0 million compared with $1.1 million in fourth quarter 2021.

Noninterest expense

Noninterest expense of $493 million decreased $35 million from fourth quarter 2021 driven by a net $17 million decrease in notable items. Adjusted noninterest expense of $455 million decreased $19 million from fourth quarter 2021 driven by lower other noninterest expense and outside services. Adjusted personnel expense of $275 million remained relatively stable. Adjusted other noninterest expense decreased $9 million largely as a decrease in DDA product accruals, fraud losses, travel and entertainment, pension expense and contributions was partially offset by an increase in franchise taxes. Adjusted outside services decreased $7 million driven by lower contractor costs, advertising and consulting costs. Results reflect $3 million benefit tied to incremental merger cost savings.

Loans and leases

Average loan and lease balances of $54.1 billion decreased $599 million from fourth quarter 2021 driven by a $630 million decrease in PPP loans and a $1.0 billion reduction in loans to mortgage companies ("LMC"). Loan trends excluding PPP increased $30 million compared to the prior quarter, driven by a $73 million increase in commercial. Period-end loans and leases of $55.0 billion increased $153 million from fourth quarter 2021 despite a $397 million decrease in PPP. Loans before the impact of PPP were up $550 million largely as a $622 million decrease in LMC was more than offset by a $750 million increase in other commercial and industrial and a $378 million increase in commercial real estate. Before the impact of PPP and LMC, period-end loans increased $1.2 billion, or 10% annualized, reflecting a $1.1 billion increase in all other commercial loans.

Deposits

Average deposits of $74.2 billion decreased $452 million, or 1% from fourth quarter 2021. Period-end deposits of $74.1 billion decreased $780 million from fourth quarter 2021 from a $169 million increase in noninterest-bearing offset by a $949 million decrease in interest-bearing deposits. Interest-bearing deposit costs of 10 basis points remained remained relatively stable from fourth quarter 2021 levels.

Asset quality

Provision for credit losses benefit of $40 million compared to a benefit of $65 million in fourth quarter 2021, largely reflects decreased COVID-19 impacts, partially offset by a slower growth economic forecast and inflationary pressures.

Net charge-offs of $10 million, or 7 basis points in the first quarter, increased from unusually low fourth quarter 2021 levels reflecting continued relatively strong asset quality overall.

Nonperforming loans of $332 million increased $57 million from unusually low fourth quarter 2021 levels. First quarter 2022 ACL to nonperforming loans coverage ratio of 207% compared with 267% in fourth quarter 2021.

The ACL to loans ratio decreased to 1.25% from 1.34% in the fourth quarter 2021.

Capital

CET1 ratio of 10.0% in first quarter 2022 remained strong with 9.9% in fourth quarter 2021. Total capital ratio of 13.2% vs. 12.3% in fourth quarter 2021. Issued $494 million convertible preferred in connection with the TD transaction which added approximately 80 bps to Tier 1 and Total capital ratios.

Income taxes

The first quarter 2022 effective tax rate of 22.4% increased from fourth quarter 2021 rate of 18.6%. On an adjusted basis, the effective tax rate of 22.5% in the first quarter 2022 increased from 19.5% in fourth quarter 2021.

Forward-Looking Statements

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

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

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

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

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

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

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

Refer to the tabular reconciliation of non-GAAP to GAAP measures and presentation of the most comparable GAAP items beginning on page 21.

Important Other Information

In connection with the proposed transaction with TD, First Horizon has filed a preliminary proxy statement and other materials with the SEC, and intends to file additional relevant materials with the SEC, including a definitive proxy statement on Schedule 14A. All preliminary materials are subject to completion.

Neither this report nor any exhibit constitutes an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval.

SHAREHOLDERS OF FIRST HORIZON ARE URGED TO READ, WHEN AVAILABLE, ALL RELEVANT DOCUMENTS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED WITH THE SEC, INCLUDING FIRST HORIZON’S PROXY STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FIRST HORIZON AND THE PROPOSED TRANSACTION WITH TD.

Investors and shareholders of First Horizon will be able to obtain a free copy of the definitive proxy statement as well as other relevant documents filed with the SEC without charge at the SEC’s website (http://www.sec.gov). Copies of the definitive proxy statement and the filings with the SEC that will be incorporated by reference in that proxy statement can also be obtained, without charge, by directing a request to Clyde A. Billings Jr., First Horizon Corporation, 165 Madison, Memphis, TN 38103, telephone (901) 523-4444.

Participants in the Solicitation

First Horizon and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction under the rules of the SEC. Information regarding First Horizon’s directors and executive officers is available in the proxy statement for its 2022 annual meeting of shareholders, which was filed with the SEC on March 14, 2022, and certain of its Current Reports on Form 8-K. Other information regarding the participants in the solicitation of proxies in respect of the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.

First Horizon Corp. (NYSE: FHN), with $88.7 billion in assets as of March 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, mortgage, and title insurance services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

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

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

CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited
																1Q22 Change vs.
($s in millions, except per share data)	1Q22			4Q21			3Q21			2Q21			1Q21			4Q21			1Q21
																	%			%
Interest income - taxable equivalent1	$	513		$	534		$	536		$	545		$	555			(4)	%		(8)	%
Interest expense- taxable equivalent1	31			33			41			45			45			(2)	(6)		(14)	(31)
Net interest income- taxable equivalent	482			502			495			500			511			(20)	(4)		(29)	(6)
Less: Taxable-equivalent adjustment	3			3			3			3			3			—	—		—	—
Net interest income	479			498			492			497			508			(19)	(4)		(29)	(6)
Noninterest income:
Fixed income	73			82			96			102			126			(9)	(11)		(53)	(42)
Mortgage banking and title	22			28			34			38			53			(6)	(21)		(31)	(58)
Brokerage, trust, and insurance	37			36			37			35			33			1	3		4	12
Service charges and fees	57			56			56			54			53			1	2		4	8
Card and digital banking fees	20			19			21			21			17			1	5		3	18
Deferred compensation income	(4)			—			3			7			3			(4)	NM		(7)	NM
Other noninterest income	24			25			(1)			27			15			(1)	(4)		9	60
Total noninterest income	229			247			247			285			298			(18)	(7)		(69)	(23)
Total revenue	707			745			738			781			806			(38)	(5)		(99)	(12)
Noninterest expense:
Personnel expense:
Salaries and benefits	190			190			191			191			196			—	—		(6)	(3)
Incentives and commissions	94			93			101			109			120			1	1		(26)	(22)
Deferred compensation expense	(5)			7			4			6			3			(12)	NM		(8)	NM
Total personnel expense	280			290			296			306			318			(10)	(3)		(38)	(12)
Occupancy and equipment2	72			74			75			75			76			(2)	(3)		(4)	(5)
Outside services	84			81			89			63			58			3	4		26	45
Amortization of intangible assets	13			14			14			14			14			(1)	(7)		(1)	(7)
Other noninterest expense	44			70			52			40			78			(26)	(37)		(34)	(44)
Total noninterest expense	493			528			526			497			544			(35)	(7)		(51)	(9)
Pre-provision net revenue3	215			217			213			284			262			(2)	(1)		(47)	(18)
Provision for credit losses	(40)			(65)			(85)			(115)			(45)			25	38		5	11
Income before income taxes	255			282			298			399			307			(27)	(10)		(52)	(17)
Provision for income taxes	57			53			63			88			71			4	8		(14)	(20)
Net income	198			229			235			311			235			(31)	(14)		(37)	(16)
Net income attributable to noncontrolling interest	3			3			3			3			3			—	—		—	—
Net income attributable to controlling interest	195			227			232			308			233			(32)	(14)		(38)	(16)
Preferred stock dividends	8			8			8			13			8			—	—		—	—
Net income available to common shareholders	$	187		$	219		$	224		$	295		$	225			(15)	%		(17)	%
Common Share Data
EPS	$	0.35		$	0.41		$	0.41		$	0.54		$	0.41			(14)	%		(15)	%
Basic shares	533			537			546			550			552			(4)	(1)		(19)	(3)
Diluted EPS	$	0.34		$	0.40		$	0.41		$	0.53		$	0.40			(16)			(15)
Diluted shares8	550			542			550			556			557			8	1	%	(7)	(1)	%
Effective tax rate	22.4		%	18.6		%	21.1		%	22.0		%	23.2		%

All values are in US Dollars.

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

ADJUSTED5 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 9
Quarterly, Unaudited
																1Q22 Change vs.
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
($s in millions, except per share data)	1Q22			4Q21			3Q21			2Q21			1Q21			4Q21			1Q21
																	%			%
Net interest income (FTE)1	$	482		$	502		$	495		$	500		$	511			(4)	%		(6)	%
Adjusted noninterest income:
Fixed income	73			82			96			102			126			(9)	(11)		(53)	(42)
Mortgage banking and title	22			28			34			38			53			(6)	(21)		(31)	(58)
Brokerage, trust, and insurance	37			36			37			35			33			1	3		4	12
Service charges and fees	57			56			56			54			53			1	2		4	8
Card and digital banking fees	20			19			21			21			17			1	5		3	18
Deferred compensation income	(4)			—			3			7			3			(4)	NM		(7)	NM
Adjusted other noninterest income	18			25			21			29			14			(7)	(28)		4	29
Adjusted total noninterest income	$	223		$	246		$	268		$	287		$	297			(9)	%		(25)	%
Total revenue (FTE)1	$	704		$	748		$	763		$	787		$	808			(6)	%		(13)	%
Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$	188		$	189		$	191		$	191		$	195			(1)	%		(4)	%
Adjusted Incentives and commissions	92			84			92			93			99			8	10	%	(7)	(7)
Deferred compensation expense	(5)			1			4			6			3			(6)	NM		(8)	NM
Adjusted total personnel expense	275			274			286			290			297			1	—	%	(22)	(7)
Adjusted occupancy and equipment2	72			73			74			75			72			(1)	(1)	%	—	—
Adjusted outside services	59			66			65			56			54			(7)	(11)	%	5	9
Adjusted amortization of intangible assets	12			13			13			13			13			(1)	(8)	%	(1)	(8)
Adjusted other noninterest expense	37			46			42			31			28			(9)	(20)	%	9	32
Adjusted total noninterest expense	$	455		$	474		$	480		$	465		$	464			(4)	%		(2)	%
Adjusted pre-provision net revenue3	$	249		$	274		$	284		$	321		$	343			(9)	%		(27)	%
Adjusted provision for credit losses	$	(40)		$	(65)		$	(85)		$	(115)		$	(45)			38	%		11	%
Adjusted net income available to common shareholders	$	211		$	260		$	275		$	321		$	284			(19)	%		(26)	%
Adjusted Common Share Data
Adjusted diluted EPS	$	0.38		$	0.48		$	0.50		$	0.58		$	0.51			(21)	%		(25)	%
Diluted shares8	550			542			550			556			557			8	1	%	(7)	(1)	%
Adjusted effective tax rate	22.5		%	19.5		%	21.8		%	22.2		%	23.4		%
Adjusted ROTCE	14.7		%	17.5		%	18.4		%	22.2		%	20.2		%
Adjusted efficiency ratio	64.6		%	63.3		%	62.9		%	59.2		%	57.5		%

All values are in US Dollars.

Numbers may not foot due to rounding.

See footnote disclosures on page 20.

NOTABLE ITEMS
Quarterly, Unaudited		(In millions)	1Q22		4Q21		3Q21		2Q21		1Q21
---	---	---	---	---	---	---	---	---	---	---
Summary of Notable Items:
IBKC Purchase accounting gain (other noninterest income)*	$	—	$	—	$	—	$	(2)	$	1
Gain/(loss) on TRUPS redemption (other noninterest income)	—		(3)		(23)		—		—
IBKC Branch sale gain (other noninterest income)	—		4		2		—		—
Gain related to a fintech investment	6		—		—		—		—
IBKC merger/acquisition expense	(28)		(38)		(46)		(32)		(70)
TD transaction-related expense	(9)		—		—		—		—
Other notable expenses**	—		(16)		—		—		(10)
Total notable items	$	(32)	$	(54)	$	(68)	$	(34)	$	(79)
EPS impact of notable items	$	(0.04)	$	(0.08)	$	(0.09)	$	(0.05)	$	(0.11)

Numbers may not foot due to rounding

*' Purchase accounting gain is non-taxable income.

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

IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited		(In millions)	1Q22		4Q21		3Q21		2Q21		1Q21
---	---	---	---	---	---	---	---	---	---	---
Impacts of Notable Items:
Noninterest income:
Other noninterest income	$	(6)	$	—	$	22	$	2	$	(1)
Total noninterest income	$	(6)	$	—	$	22	$	2	$	(1)
Noninterest expense:
Personnel expenses:
Salaries and benefits	$	(2)	$	—	$	—	$	—	$	—
Incentives and commissions	(2)		(9)		(10)		(16)		(21)
Deferred compensation expense	—		(6)		—		—		—
Total personnel expenses	(4)		(16)		(10)		(16)		(21)
Occupancy and equipment3	—		—		(1)		—		(4)
Outside services	(25)		(15)		(24)		(6)		(4)
Amortization of intangible assets	(1)		(1)		(1)		(1)		(1)
Other noninterest expense	(7)		(23)		(10)		(9)		(50)
Total noninterest expense	$	(37)	$	(54)	$	(46)	$	(32)	$	(80)
Provision for credit losses	$	—	$	—	$	—	$	—	$	—
Income before income taxes	$	32	$	54	$	68	$	34	$	79
Provision for income taxes	7		13		17		8		19
Net income/(loss) available to common shareholders	$	24	$	41	$	51	$	26	$	60

Numbers may not foot due to rounding

FINANCIAL RATIOS
Quarterly, Unaudited
																1Q22 change vs.
	1Q22			4Q21			3Q21			2Q21			1Q21			4Q21				1Q21
FINANCIAL RATIOS																/bp		%		/bp		%
Net interest margin	2.37		%	2.42		%	2.41		%	2.47		%	2.62		%	(5)	bp			(25)	bp
Return on average assets	0.90		%	1.02		%	1.05		%	1.42		%	1.12		%	(12)				(22)
Adjusted return on average assets4	1.02		%	1.21		%	1.28		%	1.54		%	1.40		%	(19)				(38)
Return on average common equity (“ROCE”)	9.92		%	11.26		%	11.43		%	15.45		%	12.01		%	(134)				(209)
Return on average tangible common equity (“ROTCE”)4	12.98		%	14.72		%	14.95		%	20.36		%	15.90		%	(174)				(292)
Adjusted ROTCE4	14.68		%	17.51		%	18.36		%	22.18		%	20.15		%	(283)				(547)
Noninterest income as a % of total revenue	32.31		%	33.10		%	33.39		%	36.43		%	37.00		%	(79)				(469)
Adjusted noninterest income as a % of total revenue4	31.63		%	32.95		%	35.14		%	36.49		%	36.78		%	(132)				(515)
Efficiency ratio	69.66		%	70.88		%	71.21		%	63.67		%	67.53		%	(122)				213
Adjusted efficiency ratio4	64.64		%	63.31		%	62.87		%	59.17		%	57.49		%	133				715
CAPITAL DATA
CET1 capital ratio*	10.0		%	9.9		%	10.1		%	10.3		%	10.0		%	5	bp			—	bp
Tier 1 capital ratio*	11.8		%	11.0		%	11.2		%	11.4		%	11.0		%	80	bp			80	bp
Total capital ratio*	13.2		%	12.3		%	12.6		%	13.1		%	12.8		%	85	bp			35	bp
Tier 1 leverage ratio*	8.8		%	8.1		%	8.1		%	8.2		%	8.2		%	73	bp			61	bp
Risk-weighted assets (“RWA”) (billions)	$	65.0		$	64.2		$	63.0		$	62.0		$	62.3				1	%			4	%
Total equity to total assets	9.81		%	9.53		%	9.64		%	9.74		%	9.49		%	28	bp			32	bp
Tangible common equity/tangible assets (“TCE/TA”)4	6.44		%	6.73		%	6.80		%	6.87		%	6.64		%	(29)	bp			(20)	bp
Period-end shares outstanding (millions)	535			534			542			551			552			1		—	%	(17)		(3)	%
Cash dividends declared per common share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15				—				—
Book value per common share	$	13.82		$	14.39		$	14.24		$	14.07		$	13.65				(4)	%			1	%
Tangible book value per common share4	$	10.46		$	11.00		$	10.88		$	10.74		$	10.30				(5)	%			2	%
SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	74.23		%	73.25		%	74.65		%	77.36		%	80.09		%	98	bp			(586)	bp
Loans-to-deposit ratio (average balances)	72.93		%	73.29		%	75.28		%	77.68		%	82.02		%	(36)	bp			(909)	bp
Full-time equivalent associates	7,900			7,863			7,982			8,145			8,284			37		—	%	(384)		(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 20.

CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited

											1Q22 change vs.
(In millions)	1Q22		4Q21		3Q21		2Q21		1Q21		4Q21			1Q21
												%			%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	30,798	$	31,068	$	31,516	$	32,528	$	33,951		(1)	%		(9)	%
Commercial real estate	12,487		12,109		12,194		12,292		12,470		378	3		17	—
Total Commercial	43,285		43,177		43,710		44,820		46,421		109	—		(3,136)	(7)
Consumer real estate	10,874		10,772		10,787		10,864		11,053		102	1		(179)	(2)
Credit card and other5	854		910		938		1,002		1,126		(57)	(6)		(272)	(24)
Total Consumer	11,727		11,682		11,725		11,867		12,178		46	—		(451)	(4)
Loans and leases, net of unearned income	55,012		54,859		55,435		56,687		58,600		153	—		(3,588)	(6)
Loans held for sale	1,014		1,172		1,052		977		811		(158)	(13)		203	25
Investment securities	9,943		9,419		8,798		8,398		8,361		524	6		1,582	19
Trading securities	1,823		1,601		1,319		1,035		1,076		221	14		747	69
Interest-bearing deposits with banks	13,548		14,907		14,829		13,451		11,635		(1,359)	(9)		1,913	16
Federal funds sold and securities purchased under agreements to resell	640		641		361		622		520		(1)	—		120	23
Total interest earning assets	81,980		82,600		81,794		81,170		81,004		(620)	(1)		976	1
Cash and due from banks	1,225		1,147		1,197		1,303		1,169		78	7		55	5
Goodwill and other intangible assets, net	1,795		1,808		1,822		1,836		1,850		(13)	(1)		(55)	(3)
Premises and equipment, net	669		665		692		714		719		4	1		(50)	(7)
Allowance for loan and lease losses	(622)		(670)		(734)		(815)		(914)		48	7		292	32
Other assets	3,614		3,542		3,766		3,700		3,685		71	2		(71)	(2)
Total assets	$	88,660	$	89,092	$	88,537	$	87,908	$	87,513		—	%		1	%
Liabilities and Shareholders' Equity:
Deposits:
Savings	$	25,772	$	26,457	$	27,425	$	27,416	$	27,023		(3)	%		(5)	%
Time deposits	3,165		3,500		3,920		4,304		4,653		(335)	(10)		(1,488)	(32)
Other interest-bearing deposits	17,126		17,054		15,571		15,728		16,444		71	—		681	4
Total interest-bearing deposits	46,063		47,012		46,916		47,447		48,120		(949)	(2)		(2,057)	(4)
Trading liabilities	513		426		315		531		454		87	20		59	13
Short-term borrowings	1,719		2,124		2,225		2,246		2,203		(405)	(19)		(484)	(22)
Term borrowings	1,591		1,590		1,584		1,672		1,671		1	—		(80)	(5)
Total interest-bearing liabilities	49,885		51,151		51,040		51,896		52,448		(1,266)	(2)		(2,563)	(5)
Noninterest-bearing deposits	28,052		27,883		27,348		25,833		25,046		169	1		3,005	12
Other liabilities	2,027		1,564		1,617		1,613		1,712		463	30		316	18
Total liabilities	79,964		80,598		80,005		79,343		79,206		(634)	(1)		758	1
Shareholders' Equity:
Preferred stock	1,014		520		520		520		470		494	95		543	115
Common stock	334		333		339		344		345		1	—		(11)	(3)
Capital surplus	4,769		4,742		4,866		4,997		5,036		26	1		(268)	(5)
Retained earnings	2,996		2,891		2,754		2,613		2,402		105	4		594	25
Accumulated other comprehensive loss, net	(711)		(288)		(241)		(203)		(242)		(424)	(147)		(470)	NM
Combined shareholders' equity	8,400		8,199		8,237		8,270		8,012		202	2		389	5
Noncontrolling interest	295		295		295		295		295		—	—		—	—
Total shareholders' equity	8,696		8,494		8,533		8,566		8,307		202	2		389	5
Total liabilities and shareholders' equity	$	88,660	$	89,092	$	88,537	$	87,908	$	87,513		—	%		1	%
Memo:
Total Deposits	$	74,114	$	74,895	$	74,265	$	73,281	$	73,167		(1)	%		1	%
Unfunded Loan Commitments:
Commercial	$	21,813	$	20,487	$	19,019	$	18,035	$	16,759		6	%		30	%
Consumer	$	3,882	$	3,936	$	3,892	$	4,031	$	4,067		(1)	%		(5)	%

All values are in US Dollars.

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

CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly, Unaudited

											1Q22 change vs.
(In millions)	1Q22		4Q21		3Q21		2Q21		1Q21		4Q21			1Q21
												%			%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	30,215	$	30,780	$	31,477	$	32,540	$	33,279		(2)	%		(9)	%
Commercial real estate	12,229		12,220		12,264		12,350		12,424		9	—		(195)	(2)
Total Commercial	42,445		43,001		43,741		44,890		45,703		(556)	(1)		(3,258)	(7)
Consumer real estate	10,769		10,738		10,819		10,926		11,400		31	—		(631)	(6)
Credit card and other5	869		943		948		1,013		1,119		(74)	(8)		(250)	(22)
Total Consumer	11,638		11,681		11,767		11,939		12,519		(43)	—		(882)	(7)
Loans and leases, net of unearned income	54,082		54,682		55,508		56,829		58,222		(599)	(1)		(4,140)	(7)
Loans held-for-sale	1,156		1,252		992		734		842		(96)	(8)		314	37
Investment securities	9,668		9,269		8,494		8,401		8,320		399	4		1,347	16
Trading securities	1,594		1,552		1,171		1,322		1,418		43	3		176	12
Interest-bearing deposits with banks	14,902		15,065		15,022		13,051		9,269		(163)	(1)		5,633	61
Federal funds sold and securities purchased under agreements to resell	753		650		587		648		599		103	16		153	26
Total interest earning assets	82,155		82,469		81,775		80,984		78,670		(314)	—		3,484	4
Cash and due from banks	1,226		1,263		1,263		1,267		1,250		(37)	(3)		(24)	(2)
Goodwill and other intangibles assets, net	1,802		1,815		1,829		1,843		1,857		(13)	(1)		(55)	(3)
Premises and equipment, net	655		676		703		714		755		(21)	(3)		(100)	(13)
Allowances for loan and lease losses	(658)		(714)		(793)		(884)		(949)		56	8		291	31
Other assets	3,407		3,515		3,624		3,635		3,817		(108)	(3)		(410)	(11)
Total assets	$	88,587	$	89,025	$	88,401	$	87,559	$	85,401		—	%		4	%
Liabilities and shareholders' equity:
Deposits:
Savings	$	26,330	$	26,731	$	27,793	$	27,238	$	27,370		(2)	%		(4)	%
Time deposits	3,343		3,695		4,121		4,487		4,836		(352)	(10)		(1,493)	(31)
Other interest-bearing deposits	16,558		15,900		15,333		16,029		15,491		658	4		1,067	7
Total interest-bearing deposits	46,230		46,326		47,248		47,754		47,697		(96)	—		(1,466)	(3)
Trading liabilities	614		556		527		560		518		58	10		96	19
Short-term borrowings	1,995		2,249		2,452		2,248		2,280		(255)	(11)		(285)	(13)
Term borrowings	1,591		1,575		1,665		1,672		1,670		15	1		(80)	(5)
Total interest-bearing liabilities	50,430		50,707		51,892		52,233		52,164		(277)	(1)		(1,735)	(3)
Noninterest-bearing deposits	27,926		28,282		26,485		25,404		23,284		(356)	(1)		4,641	20
Other liabilities	1,613		1,511		1,447		1,463		1,603		103	7		10	1
Total liabilities	79,969		80,499		79,824		79,100		77,052		(531)	(1)		2,917	4
Shareholders' Equity:
Preferred stock	695		520		520		513		470		175	34		225	48
Common stock	334		336		342		345		346		(3)	(1)		(13)	(4)
Capital surplus	4,753		4,811		4,936		5,023		5,061		(58)	(1)		(308)	(6)
Retained earnings	2,938		2,819		2,673		2,499		2,336		119	4		602	26
Accumulated other comprehensive loss, net	(398)		(256)		(190)		(217)		(161)		(141)	(55)		(237)	(147)
Combined shareholders' equity	8,323		8,230		8,281		8,164		8,054		93	1		269	3
Noncontrolling interest	295		295		295		295		295		—	—		—	—
Total shareholders' equity	8,619		8,526		8,577		8,459		8,349		93	1		269	3
Total liabilities and shareholders' equity	$	88,587	$	89,025	$	88,401	$	87,559	$	85,401		—	%		4	%
Memo:
Total Deposits	$	74,156	$	74,608	$	73,733	$	73,158	$	70,981		(1)	%		4	%

All values are in US Dollars.

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

CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited
																					1Q22 change vs.
	1Q22				4Q21				3Q21				2Q21				1Q21				4Q21			1Q21
(In millions, except rates)	Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense			Income/Expense
																						%			%
Interest earning assets/Interest income:
Loans and leases, net of unearned income:
Commercial	$	339	3.24	%	$	365	3.37	%	$	372	3.37	%	$	380	3.39	%	$	382	3.39	%		(7)	%		(11)	%
Consumer	108		3.71		110		3.77		112		3.83		118		3.98		127		4.09		(2)	(2)		(19)	(15)
Loans and leases, net of unearned income	447		3.34		475		3.45		484		3.47		498		3.52		510		3.54		(28)	(6)		(63)	(12)
Loans held-for-sale	10		3.51		11		3.49		8		3.25		7		3.94		7		3.16		(1)	(8)		3	50
Investment securities	38		1.59		33		1.43		31		1.48		29		1.39		28		1.41		5	15		10	37
Trading securities	11		2.75		10		2.50		6		2.07		7		2.03		7		2.03		1	13		4	53
Interest-bearing deposits with banks	7		0.19		6		0.15		6		0.16		3		0.10		2		0.10		1	21		5	NM
Federal funds sold and securities purchased under agreements	—		(0.04)		—		(0.09)		—		(0.03)		—		(0.06)		—		(0.12)		—	100		—	100
Interest income	$	513	2.52	%	$	534	2.58	%	$	536	2.61	%	$	545	2.70	%	$	555	2.85	%		(4)	%		(8)	%
Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$	3	0.05	%	$	4	0.06	%	$	9	0.12	%	$	11	0.16	%	$	13	0.19	%		(23)	%		(76)	%
Time deposits	4		0.51		5		0.56		6		0.62		7		0.65		6		0.47		(1)	(23)		(2)	(29)
Other interest-bearing deposits	4		0.09		4		0.10		5		0.12		6		0.15		6		0.16		—	4		(2)	(33)
Total interest-bearing deposits	11		0.10		13		0.11		20		0.17		24		0.20		24		0.20		(2)	(15)		(13)	(54)
Trading liabilities	3		1.69		2		1.38		1		1.11		2		1.17		1		0.73		1	55		2	NM
Short-term borrowings	1		0.15		1		0.18		1		0.24		1		0.22		1		0.21		—	—		—	(17)
Term borrowings	17		4.29		17		4.30		18		4.39		18		4.38		18		4.39		—	—		(1)	(7)
Interest expense	31		0.25		33		0.26		41		0.31		45		0.34		45		0.34		(2)	(6)		(14)	(30)
Net interest income - tax equivalent basis	482		2.27		502		2.32		495		2.30		500		2.36		511		2.51		(20)	(4)		(29)	(6)
Fully taxable equivalent adjustment	(3)		0.10		(3)		0.10		(3)		0.11		(3)		0.11		(3)		0.11		—	5		—	(1)
Net interest income	$	479	2.37	%	$	498	2.42	%	$	492	2.41	%	$	497	2.47	%	$	508	2.62	%		(4)	%		(6)	%
Memo:
Total loan yield			3.34	%			3.45	%			3.47	%			3.52	%			3.54	%
Total deposit cost			0.06	%			0.07	%			0.11	%			0.13	%			0.14	%
Total funding cost			0.16	%			0.16	%			0.21	%			0.23	%			0.24	%

All values are in US Dollars.

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

Earning assets yields are expressed net of unearned income.

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

Numbers may not foot due to rounding.

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

See footnote disclosures on page 20.

CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited
	As of															1Q22 change vs.
(In millions, except ratio data)	1Q22			4Q21			3Q21			2Q21			1Q21			4Q21			1Q21
																	%			%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$	153		$	125		$	144		$	122		$	144			23	%		6	%
Commercial real estate	12			9			58			70			67			2	26		(56)	(83)
Consumer real estate	165			138			143			149			180			26	19		(15)	(8)
Credit card and other	3			3			2			2			2			—	(3)		—	11
Total nonperforming loans and leases	$	332		$	275		$	347		$	344		$	394			21	%		(16)	%
Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.50		%	0.40		%	0.46		%	0.38		%	0.42		%
Commercial real estate	0.09			0.08			0.48			0.57			0.54
Consumer real estate	1.52			1.29			1.33			1.37			1.63
Credit card and other	0.32			0.31			0.22			0.24			0.22
Total nonperforming loans and leases to loans and leases	0.60		%	0.50		%	0.63		%	0.61		%	0.67		%

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										1Q22 change vs.
(In millions)	1Q22		4Q21		3Q21		2Q21		1Q21		4Q21			1Q21
												%			%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)	$	6	$	5	$	1	$	1	$	—		18	%		NM
Commercial real estate	—		—		2		—		—		—	NM		—	NM
Consumer real estate	14		33		12		12		12		(20)	(59)		1	8
Credit card and other	4		2		2		1		—		1	61		3	NM
Total loans and leases 90 days or more past due and accruing	$	23	$	40	$	16	$	14	$	13		(43)	%		73	%

All values are in US Dollars.

Numbers may not foot due to rounding.

CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited
	As of															1Q22 change vs.
(In millions, except ratio data)	1Q22			4Q21			3Q21			2Q21			1Q21			4Q21			1Q21
Charge-off, Recoveries and Related Ratios																	%			%
Gross Charge-offs
Commercial, financial, and industrial (C&I)	$	13		$	5		$	12		$	2		$	15			NM			(16)	%
Commercial real estate	—			—			2			—			3			—	(100)		(3)	(100)
Consumer real estate	1			2			1			1			1			(1)	(60)		(1)	(43)
Credit card and other	5			4			5			3			3			1	17		2	62
Total gross charge-offs	$	19		$	11		$	19		$	6		$	23			74	%		(19)	%
Gross Recoveries
Commercial, financial, and industrial (C&I)	$	(3)		$	(3)		$	(7)		$	(5)		$	(6)			10	%		48	%
Commercial real estate	—			—			(2)			(1)			(2)			—	48		1	87
Consumer real estate	(5)			(5)			(7)			(8)			(6)			—	(1)		2	24
Credit card and other	(1)			(1)			—			(2)			(1)			—	25		—	29
Total gross recoveries	$	(9)		$	(10)		$	(16)		$	(16)		$	(15)			8	%		40	%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I)	$	10		$	1		$	5		$	(3)		$	10			NM			5	%
Commercial real estate	—			—			—			(1)			2			—	46		(2)	(112)
Consumer real estate	(4)			(3)			(7)			(8)			(5)			(1)	(45)		1	19
Credit card and other	4			3			4			1			2			1	32		2	121
Total net charge-offs	$	10		$	1		$	3		$	(10)		$	8			NM			20	%
Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I)	0.13		%	0.01		%	0.06		%	(0.04)		%	0.12		%
Commercial real estate	(0.01)			(0.01)			0.01			(0.02)			0.06
Consumer real estate	(0.15)			(0.10)			(0.24)			(0.28)			(0.18)
Credit card and other	1.85			1.26			1.86			0.51			0.65
Total loans and leases	0.07		%	0.01		%	0.02		%	(0.07)		%	0.06		%

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										1Q22 Change vs.
(In millions)	1Q22		4Q21		3Q21		2Q21		1Q21		4Q21			1Q21
Summary of Changes in the Components of the Allowance For Credit Losses												%			%
Allowance for loan and lease losses - beginning	$	670	$	734	$	815	$	914	$	963		(9)	%		(30)	%
Charge-offs:
Commercial, financial, and industrial (C&I)	(13)		(5)		(12)		(2)		(15)		(8)	NM		2	16
Commercial real estate	—		—		(2)		—		(3)		—	100		3	100
Consumer real estate	(1)		(2)		(1)		(1)		(1)		1	60		1	43
Credit card and other	(5)		(4)		(5)		(3)		(3)		(1)	(17)		(2)	(62)
Total charge-offs	(19)		(11)		(19)		(6)		(23)		(8)	(74)		4	19
Recoveries:
Commercial, financial, and industrial (C&I)	3		3		7		5		6		—	(10)		(3)	(48)
Commercial real estate	—		—		2		1		2		—	(48)		(1)	(87)
Consumer real estate	5		5		7		8		6		—	1		(2)	(24)
Credit card and other	1		1		—		2		1		—	(25)		—	(29)
Total Recoveries	9		10		16		16		15		(1)	(8)		(6)	(40)
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)	(36)		(40)		(5)		(60)		(1)		3	9		(35)	NM
Commercial real estate	(3)		(9)		(48)		(22)		(8)		6	68		5	66
Consumer real estate	(3)		(18)		(31)		(26)		(26)		15	82		22	87
Credit card and other	4		3		6		—		(6)		1	25		10	NM
Total provision for loan and lease losses:	(38)		(63)		(78)		(109)		(41)		25	40		3	7
Allowance for loan and lease losses - ending	$	622	$	670	$	734	$	815	$	914		(7)	%		(32)	%
Reserve for unfunded commitments - beginning	$	66	$	68	$	75	$	81	$	85		(3)	%		(22)	%
Cumulative effect of change in accounting principle	—		—		—		—		—		—	NM		—	NM
Acquired reserve for unfunded commitments	—		—		—		—		—		—	NM		—	NM
Provision for unfunded commitments	(2)		(2)		(7)		(6)		(4)		—	—		2	50
Reserve for unfunded commitments - ending	$	64	$	66	$	68	$	75	$	81		(3)			(21)
Total allowance for credit losses- ending	$	686	$	736	$	802	$	890	$	995		(7)	%		(31)	%

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
	1Q22		4Q21		3Q21		2Q21		1Q21
Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	0.93	%	1.07	%	1.19	%	1.18	%	1.30	%
Commercial real estate	1.21	%	1.27	%	1.33	%	1.71	%	1.86	%
Consumer real estate	1.51	%	1.51	%	1.65	%	1.87	%	2.00	%
Credit card and other	2.31	%	2.14	%	2.03	%	1.71	%	1.63	%
Total allowance for loans and lease losses to loans and leases	1.13	%	1.22	%	1.32	%	1.44	%	1.56	%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	188	%	268	%	261	%	314	%	307	%
Commercial real estate	1,303	%	1,671	%	278	%	300	%	345	%
Consumer real estate	99	%	118	%	125	%	136	%	123	%
Credit card and other	730	%	699	%	926	%	725	%	749	%
Total allowance for loans and lease losses to nonperforming loans and leases	187	%	244	%	211	%	237	%	232	%

REGIONAL BANKING

Quarterly, Unaudited

																1Q22 Change vs.
	1Q22			4Q21			3Q21			2Q21			1Q21			4Q21				1Q21
																/bp		%		/bp		%
Income Statement (millions)
Net interest income	$	425		$	446		$	441		$	441		$	430				(5)	%			(1)	%
Noninterest income	114			115			113			109			100			(1)		(1)		14		14	%
Total revenue	538			561			555			551			530			(23)		(4)		8		2	%
Noninterest expense	310			306			300			277			270			4		1		40		15	%
Pre-provision net revenue3	229			255			255			273			260			(26)		(10)		(31)		(12)	%
Provision for credit losses	(30)			(60)			(52)			(88)			(29)			30		50		(1)		(3)	%
Income before income tax expense	259			315			307			362			289			(56)		(18)		(30)		(10)	%
Income tax expense	61			73			72			85			67			(12)		(16)		(6)		(9)	%
Net income	$	198		$	242		$	235		$	277		$	222				(18)	%			(11)	%
Average Balances (billions)
Total loans and leases	$	38.0		$	37.7		$	38.5		$	40.0		$	40.2				1	%			(5)	%
Interest-earning assets	38.0			37.7			38.5			40.0			40.2			0.3		1		(2.2)		(5)
Total assets	40.5			39.9			40.7			42.2			42.4			0.6		2		(1.9)		(4)
Total deposits	66.6			66.6			65.4			65.0			62.1			—		—		4.5		7
Key Metrics
Net interest margin6	4.55		%	4.72		%	4.57		%	4.45		%	4.35		%	(17)	bp			20	bp
Efficiency ratio	57.50		%	54.54		%	54.03		%	50.35		%	50.94		%	296	bp			656	bp
Loans-to-deposits ratio (period-end balances)	57.46		%	56.16		%	57.40		%	59.95		%	62.61		%	130	bp			(515)	bp
Loans-to-deposits ratio (average-end balances)	57.04		%	56.71		%	58.92		%	61.61		%	64.69		%	33	bp			(765)	bp
Return on average assets (annualized)	1.99		%	2.41		%	2.29		%	2.64		%	2.12		%	(42)	bp			(13)	bp
Return on allocated equity7	22.96		%	20.17		%	20.05		%	23.50		%	18.70		%	279	bp			426	bp
Financial center locations	417			427			438			490			490			(10)		(2)	%	(73)		(15)	%

All values are in US Dollars.

Numbers may not add to total due to rounding.

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

See footnote disclosures on page 20.

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

SPECIALTY BANKING

Quarterly, Unaudited

																1Q22 Change vs.
	1Q22			4Q21			3Q21			2Q21			1Q21			4Q21				1Q21
																/bp		%		/bp		%
Income Statement (millions)
Net interest income	$	141		$	152		$	151		$	151		$	158				(7)	%			(11)	%
Noninterest income	105			120			142			150			185			(15)		(13)		(80)		(43)
Total revenue	246			272			293			301			343			(26)		(10)		(97)		(28)
Noninterest expense	136			131			141			146			154			5		4		(18)		(12)
Pre-provision net revenue3	110			141			152			155			189			(31)		(22)		(79)		(42)
Provision for credit losses	(2)			(3)			(33)			(21)			(7)			1		33		5		71
Income before income tax expense	112			144			185			175			196			(32)		(22)		(84)		(43)
Income tax expense	27			35			45			42			47			(8)		(23)		(20)		(43)
Net income	$	85		$	109		$	141		$	133		$	148				(22)	%			(43)	%
Average Balances (billions)
Total loans and leases	$	15.5		$	16.3		$	16.3		$	16.0		$	17.2				(5)	%			(10)	%
Interest-earning assets	19.0			19.8			19.2			18.8			20.2			(0.7)		(4)		(1.1)		(6)
Total assets	20.2			21.0			20.5			20.1			21.6			(0.8)		(4)		(1.3)		(6)
Total deposits	6.5			6.7			6.2			5.5			5.3			(0.2)		(2)		1.2		22
Key Metrics
Fixed income product average daily revenue (thousands)	$	987		$	1,123		$	1,323		$	1,425		$	1,885				(12)	%			(48)	%
Net interest margin6	3.00		%	3.05		%	3.14		%	3.22		%	3.17		%	(5)	bp			(17)	bp
Efficiency ratio	55.34		%	48.25		%	48.01		%	48.59		%	44.94		%	709	bp			1,040	bp
Loans-to-deposits ratio (period-end balances)	256		%	264		%	274		%	308		%	318		%	(801)	bp			(6,239)	bp
Loans-to-deposits ratio (average-end balances)	239		%	245		%	266		%	293		%	325		%	(554)	bp			(8,548)	bp
Return on average assets (annualized)	1.71		%	2.06		%	2.72		%	2.65		%	2.79		%	(35)	bp			(108)	bp
Return on allocated equity7	21.38		%	19.84		%	23.29		%	21.59		%	23.27		%	154	bp			(189)	bp

All values are in US Dollars.

Numbers may not add to total due to rounding.

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

See footnote disclosures on page 20.

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

CORPORATE

Quarterly, Unaudited

											1Q22 Change vs.
	1Q22		4Q21		3Q21		2Q21		1Q21		4Q21			1Q21
												%			%
Income Statement (millions)
Net interest income/(expense)	$	(87)	$	(100)	$	(101)	$	(96)	$	(80)		13	%		(9)	%
Noninterest income	9		11		(8)		25		12		(2)	(18)		(3)	(25)
Total revenues	(77)		(88)		(110)		(70)		(67)		11	13		(10)	(15)
Noninterest expense	47		91		85		74		120		(44)	(48)		(73)	(61)
Pre-provision net revenue3	(124)		(179)		(195)		(144)		(187)		55	31		63	34
Provision for credit losses	(7)		(2)		—		(6)		(10)		(5)	NM		3	30
Income before income tax expense	(117)		(177)		(195)		(138)		(178)		60	34		61	34
Income tax expense (benefit)	(31)		(56)		(54)		(39)		(43)		25	45		12	28
Net income/(loss)	$	(86)	$	(122)	$	(141)	$	(99)	$	(135)		30	%		36	%
Average Balance Sheet (billions)
Interest bearing assets	$	25.2	$	25.0	$	24.0	$	22.1	$	18.3		1	%		37	%
Total assets	27.9		28.1		27.2		25.3		21.5		(0.2)	(1)		6.4	30	%

All values are in US Dollars.

Numbers may not add to total due to rounding.

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

See footnote disclosures on page 20.

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

FOOTNOTES

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

2 Occupancy and Equipment expense includes Computer Software Expense.

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

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

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

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

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

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

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)	1Q22			4Q21			3Q21			2Q21			1Q21
Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$	8,696		$	8,494		$	8,533		$	8,566		$	8,307
Less: Noncontrolling interest (a)	295			295			295			295			295
Less: Preferred stock (a)	1,014			520			520			520			470
(B) Total common equity	$	7,387		$	7,679		$	7,717		$	7,750		$	7,541
Less: Intangible assets (GAAP) (b)	1,795			1,808			1,822			1,836			1,850
(C) Tangible common equity (Non-GAAP)	$	5,592		$	5,871		$	5,895		$	5,914		$	5,691
Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$	88,660		$	89,092		$	88,537		$	87,908		$	87,513
Less: Intangible assets (GAAP) (b)	1,795			1,808			1,822			1,836			1,850
(E) Tangible assets (Non-GAAP)	$	86,865		$	87,284		$	86,715		$	86,072		$	85,663
Period-end Shares Outstanding
(F) Period-end shares outstanding	535			534			542			551			552
Ratios
(A)/(D) Total equity to total assets (GAAP)	9.81		%	9.53		%	9.64		%	9.74		%	9.49		%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	6.44		%	6.73		%	6.80		%	6.87		%	6.64		%
(B)/(F) Book value per common share (GAAP)	$	13.82		$	14.39		$	14.24		$	14.07		$	13.65
(C)/(F) Tangible book value per common share (Non-GAAP)	$	10.46		$	11.00		$	10.88		$	10.74		$	10.30

(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
	1Q22						4Q21						3Q21						2Q21						1Q21
($s in millions, except per share data)	GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP
Interest income - FTE	$	510	$	3	$	513	$	531	$	3	$	534	$	533	$	3	$	536	$	542	$	3	$	545	$	552	$	3	$	555
Interest expense- FTE	31		—		31		33		—		33		41		—		41		45		—		45		45		—		45
Net interest income- FTE	479		3		482		498		3		502		492		3		495		497		3		500		508		3		511
Less: Taxable-equivalent adjustment	—		3		3		—		3		3		—		3		3		—		3		3		—		3		3
Net interest income	479		—		479		498		—		498		492		—		492		497		—		497		508		—		508
Noninterest income:
Fixed income	73		—		73		82		—		82		96		—		96		102		—		102		126		—		126
Mortgage banking and title	22		—		22		28		—		28		34		—		34		38		—		38		53		—		53
Brokerage, trust, and insurance	37		—		37		36		—		36		37		—		37		35		—		35		33		—		33
Service charges and fees	57		—		57		56		—		56		56		—		56		54		—		54		53		—		53
Card and digital banking fees	20		—		20		19		—		19		21		—		21		21		—		21		17		—		17
Deferred compensation income	(4)		—		(4)		—		—		—		3		—		3		7		—		7		3		—		3
Other noninterest income	24		(6)		18		25		—		25		(1)		22		21		27		2		29		15		(1)		14
Total noninterest income	229		(6)		223		247		—		246		247		22		268		285		2		287		298		(1)		297
Total revenue	707		(6)		702		745		—		745		738		22		760		781		2		784		806		(1)		805
Noninterest expense:
Personnel expense:
Salaries and benefits	190		(2)		188		190		—		189		191		—		191		191		—		191		196		—		195
Incentives and commissions	94		(2)		92		93		(9)		84		101		(10)		92		109		(16)		93		120		(21)		99
Deferred compensation expense	(5)		—		(5)		7		(6)		1		4		—		4		6		—		6		3		—		3
Total personnel expense	280		(4)		275		290		(16)		274		296		(10)		286		306		(16)		290		318		(21)		297
Occupancy and equipment	72		—		72		74		—		73		75		(1)		74		75		—		75		76		(4)		72
Outside services	84		(25)		59		81		(15)		66		89		(24)		65		63		(6)		56		58		(4)		54
Amortization of intangible assets	13		(1)		12		14		(1)		13		14		(1)		13		14		(1)		13		14		(1)		13
Other noninterest expense	44		(7)		37		70		(23)		46		52		(10)		42		40		(9)		31		78		(50)		28
Total noninterest expense	493		(37)		455		528		(54)		474		526		(46)		480		497		(32)		465		544		(80)		464
Pre-provision net revenue	215		32		246		217		54		271		213		68		281		284		34		318		262		79		340
Provision for credit losses	(40)		—		(40)		(65)		—		(65)		(85)		—		(85)		(115)		—		(115)		(45)		—		(45)
Income before income taxes	255		32		286		282		54		336		298		68		365		399		34		433		307		79		386
Provision for income taxes	57		7		64		53		13		65		63		17		80		88		8		96		71		19		90
Net income	198		24		222		229		41		271		235		51		286		311		26		337		235		60		295
Net income attributable to noncontrolling interest	3		—		3		3		—		3		3		—		3		3		—		3		3		—		3
Net income attributable to controlling interest	195		24		219		227		41		268		232		51		283		308		26		334		233		60		292
Preferred stock dividends	8		—		8		8		—		8		8		—		8		13		—		13		8		—		8
Net income available to common shareholders	$	187	$	24	$	211	$	219	$	41	$	260	$	224	$	51	$	275	$	295	$	26	$	321	$	225	$	60	$	284
Common Stock Data
EPS	$	0.35	$	(0.05)	$	0.40	$	0.41	$	(0.08)	$	0.48	$	0.41	$	(0.09)	$	0.50	$	0.54	$	(0.05)	$	0.58	$	0.41	$	(0.11)	$	0.51
Basic shares	533				533		537				537		546				546		550				550		552				552
Diluted EPS	$	0.34	$	(0.04)	$	0.38	$	0.40	$	(0.08)	$	0.48	$	0.41	$	(0.09)	$	0.50	$	0.53	$	(0.05)	$	0.58	$	0.40	$	(0.11)	$	0.51
Diluted shares8	550				550		542				542		550				550		556				556		557				557
Memo:
Total Revenue-FTE (Non-GAAP)	$	707	$	3	$	704	$	745	$	3	$	748	$	738	$	24	$	763	$	781	$	5	$	787	$	806	$	2	$	808
PPNR-FTE (Non-GAAP)	$	215	$	34	$	249	$	217	$	58	$	274	$	213	$	71	$	283	$	284	$	37	$	321	$	262	$	82	$	343

Amounts adjusted for notable items as detailed on page 9.

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(s in millions, except per share data)	1Q22			4Q21			3Q21			2Q21			1Q21
Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)	$	187		$	219		$	224		$	295		$	225
Plus Tax effected notable items (Non-GAAP) (a)	24			41			51			26			60
Adjusted net income available to common shareholders (Non-GAAP)	$	211		$	260		$	275		$	321		$	284
Diluted Shares (GAAP)8	550			542			550			556			557
Diluted EPS (GAAP)	$	0.34		$	0.40		$	0.41		$	0.53		$	0.40
Adjusted diluted EPS (Non-GAAP)	$	0.38		$	0.48		$	0.50		$	0.58		$	0.51
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)	$	198		$	229		$	235		$	311		$	235
Plus Tax effected notable items (Non-GAAP) (a)	24			41			51			26			60
Adjusted NI (Non-GAAP)	$	222		$	271		$	286		$	337		$	295
NI (annualized) (GAAP)	$	801		$	910		$	931		$	1,247		$	955
Adjusted NI (annualized) (Non-GAAP)	$	900		$	1,074		$	1,133		$	1,353		$	1,198
Average assets (GAAP)	$	88,587		$	89,025		$	88,401		$	87,559		$	85,401
ROA (GAAP)	0.90		%	1.02		%	1.05		%	1.42		%	1.12		%
Adjusted ROA (Non-GAAP)	1.02		%	1.21		%	1.28		%	1.54		%	1.40		%
Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE
Net income available to common shareholders ("NIAC") (GAAP)	$	756		$	868		$	887		$	1,182		$	911
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)	$	855		$	1,032		$	1,089		$	1,288		$	1,154
Average Common Equity (GAAP)	$	7,628		$	7,710		$	7,761		$	7,651		$	7,583
Intangible Assets (GAAP) (b)	1,802			1,815			1,829			1,843			1,857
Average Tangible Common Equity (Non-GAAP)	$	5,826		$	5,895		$	5,932		$	5,808		$	5,726
ROCE (GAAP)	9.92		%	11.26		%	11.43		%	15.45		%	12.01		%
ROTCE (Non-GAAP)	12.98		%	14.72		%	14.95		%	20.36		%	15.90		%
Adjusted ROTCE (Non-GAAP)	14.68		%	17.51		%	18.36		%	22.18		%	20.15		%

All values are in US Dollars.

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

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

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(In millions)		1Q22			4Q21			3Q21			2Q21			1Q21
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	k	$	229		$	247		$	247		$	285		$	298
Plus notable items (GAAP) (a)		(6)			—			22			2			(1)
Adjusted noninterest income (Non-GAAP)	l	$	223		$	246		$	268		$	287		$	297
Revenue (GAAP)	m	$	707		$	745		$	738		$	781		$	806
Taxable-equivalent adjustment		3			3			3			3			3
Revenue- Taxable-equivalent (Non-GAAP)		710			748			741			784			809
Plus notable items (GAAP) (a)		(6)			—			22			2			(1)
Adjusted revenue (Non-GAAP)	n	$	704		$	748		$	763		$	787		$	808
Noninterest income as a % of total revenue (GAAP)	k/m	32.31		%	33.10		%	33.39		%	36.43		%	37.00		%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	l/n	31.63		%	32.95		%	35.14		%	36.49		%	36.78		%
Adjusted Efficiency Ratio
Noninterest expense (GAAP)	o	$	493		$	528		$	526		$	497		$	544
Plus notable items (GAAP) (a)		(37)			(54)			(46)			(32)			(80)
Adjusted noninterest expense (Non-GAAP)	p	$	455		$	474		$	480		$	465		$	464
Revenue (GAAP)	q	$	707		$	745		$	738		$	781		$	806
Taxable-equivalent adjustment		3			3			3			3			3
Revenue- Taxable-equivalent (Non-GAAP)		710			748			741			784			809
Plus notable items (GAAP) (a)		(6)			—			22			2			(1)
Adjusted revenue (Non-GAAP)	r	$	704		$	748		$	763		$	787		$	808
Efficiency ratio (GAAP)	o/q	69.66		%	70.88		%	71.21		%	63.67		%	67.53		%
Adjusted efficiency ratio (Non-GAAP)	p/r	64.64		%	63.31		%	62.87		%	59.17		%	57.49		%

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

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

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(s in millions)
		1Q22 vs 4Q21
NII/NIM Analysis		%		NIM
1Q22 Reported (FTE)	482			2.37	%
Less: non-core items
PPP coupon income and fees				0.04
Loan Accretion				0.09
IBKC Premium Amortization				(0.05)
1Q22 Core (FTE) (Non-GAAP)	462	(1)	%	2.29	%
Less: day count impact				—
1Q22 Core (FTE) ex. day count	469			2.29	%
4Q21 Reported (FTE)	502			2.42	%
Less: non-core items
PPP coupon income and fees				0.10
Loan Accretion				0.08
IBKC Premium Amortization				(0.05)
4Q21 Core (FTE) (Non-GAAP)	466			2.28	%

All values are in US Dollars.

Numbers may not foot due to rounding.

	Period-end							Average
($s in millions)	1Q22		4Q21		1Q22 vs 4Q21			1Q22		4Q21		1Q22 vs 4Q21
Loans excluding LMC & PPP						%							%
Total C& I excl. LMC & PPP	$	26,262	$	25,512		3	%	$	25,749	$	24,668		4	%
Total CRE	12,486		12,109		377	3	%	12,229		12,220		9	—	%
Total Commercial excl. LMC & PPP	38,748		37,621		1,127	3	%	37,978		36,888		1,090	3	%
Total Consumer	11,727		11,682		45	—	%	11,638		11,681		(43)	—	%
Total Loans excl. LMC & PPP	50,475		49,303		1,172	2	%	49,616		48,569		1,047	2	%
PPP	642		1,038		(397)	(38)	%	815		1,444		(630)	(44)	%
LMC	3,895		4,518		(622)	(14)	%	3,651		4,669		(1,018)	(22)	%
Total Loans	$	55,012	$	54,859		—	%	$	54,082	$	54,682		(1)	%
Loans excluding PPP
Total Commercial excl. PPP	$	42,642	$	42,138		1	%	$	41,629	$	41,557		—	%
Total Consumer	11,727		11,682		45	—	%	11,638		11,681		(43)	—	%
Total Loans excl. PPP	$	54,369	$	53,820	549	1	%	$	53,267	$	53,238	29	—	%
PPP	642		1,038		(397)	(38)	%	815		1,444		(630)	(44)	%
Total Loans	$	55,012	$	54,859		—	%	$	54,082	$	54,682	(600)	(1)	%

All values are in US Dollars.

Numbers may not foot due to rounding.

GLOSSARY OF TERMS

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

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

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

Key Ratios

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

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

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

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

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

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

Asset Quality - Consolidated Key Ratios

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

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

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

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

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

Operating Segments

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

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

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First Quarter 2022 Earnings April 19, 2022

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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, 1Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases.

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3 Disclaimers (cont’d) Important Other Information In connection with the proposed transaction with TD, First Horizon has filed a preliminary proxy statement and other materials with the SEC, and intends to file additional relevant materials with the SEC, including a definitive proxy statement on Schedule 14A. All preliminary materials are subject to completion. This communication does not constitute an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval. SHAREHOLDERS OF FIRST HORIZON ARE URGED TO READ, WHEN AVAILABLE, ALL RELEVANT DOCUMENTS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED WITH THE SEC, INCLUDING FIRST HORIZON’S PROXY STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FIRST HORIZON AND THE PROPOSED TRANSACTION WITH TD. Investors and shareholders of First Horizon will be able to obtain a free copy of the definitive proxy statement as well as other relevant documents filed with the SEC without charge at the SEC’s website (http://www.sec.gov). Copies of the definitive proxy statement and the filings with the SEC that will be incorporated by reference in that proxy statement can also be obtained, without charge, by directing a request to Clyde A. Billings Jr., First Horizon Corporation, 165 Madison, Memphis, TN 38103, telephone (901) 523-4444. Participants in the Solicitation First Horizon and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction with TD under the rules of the SEC. Information regarding First Horizon’s directors and executive officers is available in the proxy statement for its 2022 annual meeting of shareholders, which was filed with the SEC on March 14, 2022, and its annual report on Form 10-K for the year 2021 filed on March 1, 2022, as amended on March 4, 2022. Other information regarding the participants in the solicitation of proxies in respect of the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the definitive proxy statement related to the proposed transaction with TD and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.

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4 1Q22 GAAP financial summary1 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 1Q22 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.2Fully diluted share count in first quarter 2022 includes one month average impact of 9.8 million of Series G convertible securities issued in connection with the TD transaction. Reported 1Q22 Change vs. $s in millions except per share data 1Q22 4Q21 3Q21 2Q21 1Q21 4Q21 1Q21 $/bps % $/bps % Net interest income $ 479 $ 498 $ 492 $ 497 $ 508 $ (19) (4) % $ (29) (6) % Fee income 229 247 247 285 298 (18) (7) % (69) (23) % Total revenue 707 745 738 781 806 (38) (5) % (99) (12) % Expense 493 528 526 497 544 (35) (7) % (51) (9) % Pre-provision net revenue (PPNR) 215 217 213 284 262 (2) (1) % (47) (18) % Provision for credit losses (40) (65) (85) (115) (45) 25 38 % 5 11 % Pre-tax income 255 282 298 399 307 (27) (10) % (52) (17) % Income tax expense 57 53 63 88 71 4 8 % (14) (20) % Net income 198 229 235 311 235 (31) (14) % (37) (16) % Non-controlling interest 3 3 3 3 3 — — % — — % Preferred dividends 8 8 8 13 8 — — % — — % Net income available to common shareholders (NIAC) $ 187 $ 219 $ 224 $ 295 $ 225 $ (32) (15) % $ (38) (17) % $s in billions Avg loans $ 54.1 $ 54.7 $ 55.5 $ 56.8 $ 58.2 $ (0.6) (1) % $ (4.1) (7) % Period-end loans $ 55.0 $ 54.9 $ 55.4 $ 56.7 $ 58.6 $ 0.2 — % $ (3.6) (6) % Avg deposits $ 74.2 $ 74.6 $ 73.7 $ 73.2 $ 71.0 $ (0.5) (1) % $ 3.2 4 % Period-end deposits $ 74.1 $ 74.9 $ 74.3 $ 73.3 $ 73.2 $ (0.8) (1) % $ 0.9 1 % Key performance metrics Net interest margin (NIM) 2.37 % 2.42 % 2.41 % 2.47 % 2.62 % (5) bps (25) bps Loan to deposit ratio (avg.) 72.9 % 73.3 % 75.3 % 77.7 % 82.0 % (36) bps (909) bps ROCE 9.9 % 11.3 % 11.4 % 15.5 % 12.0 % (134) bps (209) bps ROTCE 13.0 % 14.7 % 15.0 % 20.4 % 15.9 % (174) bps (292) bps ROA 0.9 % 1.0 % 1.1 % 1.4 % 1.1 % (12) bps (22) bps Efficiency ratio 69.7 % 70.9 % 71.2 % 63.7 % 67.5 % (122) bps 213 bps FTEs 7,900 7,863 7,982 8,145 8,284 37 — % (384) (5) % CET1 ratio 10.0 % 9.9 % 10.1 % 10.3 % 10.0 % 5 bps — bps Effective tax rate 22.4 % 18.6 % 21.1 % 22.0 % 23.2 % 378 bps (83) bps Per common share Diluted EPS $ 0.34 $ 0.40 $ 0.41 $ 0.53 $ 0.40 $ (0.06) (16) % $ (0.06) (15) % Tangible book value per share $ 10.46 $ 11.00 $ 10.88 $ 10.74 $ 10.30 $ (0.54) (5) % $ 0.16 2 % Avg. diluted shares outstanding2 550 542 550 556 557 8 1 % (7) (1) %

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5 Table of contents 1Q22 key messages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 1Q22 overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 1Q22 notable items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 1Q22 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 Merger integration update . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Key takeaways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

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6 Well positioned to benefit given economic recovery and outlook for rates Reflects 1Q22 vs. 4Q21 results. 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 1Q22 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. +1% Core Net Interest Income ex. Day Count -1 bp Interest-Bearing Deposit Costs ~$60 million IBKC Merger Annualized Revenue Synergies -9% Adjusted Noninterest Income Adjusted EPS1 $0.38 Adjusted ROTCE1 14.7% TBV $10.46 +6% Commercial Unfunded Commitments +4% C&I Loans ex. PPP & LMC -4% Adjusted Expense -38% Provision Credit +16.5% Asset Sensitive to +100 bp shock scenario

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7 1Q22 underlying momentum muted by countercyclical impacts & seasonality Benefits of Diversified Model Solid Returns Strong Credit Quality IBKC Merger Update • Adjusted revenue of $704 million decreased 6% QoQ largely reflecting the impact of higher long-term rates on fixed income and mortgage as well as seasonality – NII down $20 million QoQ driven by a $23 million reduction tied to net merger-related and PPP benefits and day count – Core NII up 1% before the impact of day count with C&I loan growth of 4% ex. PPP and LMC – Fee income down 9% largely reflecting the impact of higher long-term rates and global uncertainty on fixed income and mortgage banking • Adjusted expense of $455 million decreased $19 million QoQ • Provision credit of $40 million largely reflecting decreased COVID-19 impacts partially offset by a slower growth economic forecast and inflationary pressures • Adjusted ROTCE of 14.7%; Adjusted ROTCE of 12.6% before the impact of provision credit • TBVPS of $10.46 decreased $0.54 driven by a $0.76 reduction tied to MTM losses on the securities portfolio recorded in OCI • Credit remains strong with net charge-offs of 7 bps and NPLs of 60 bps • ACL/NPL coverage of 2.07x; ACL/Loans ratio of 1.35% excluding LMC/PPP loans • Successfully completed final IBKC systems and signage conversion – Expect to deliver ~$200 million of targeted annualized net cost saves by 4Q22 – Achieved $116 million of annualized net cost saves through 1Q22 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 1Q22 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 $0.38 and PPNR of $249 million1 TD Transaction • Announced TD transaction at $25 per common share all cash, or ~37% premium at announcement • Issued $494 million convertible preferred in connection with the deal - 1Q22 EPS results include 9.8 million diluted common share related impact; expect 2Q22 full quarter impact of of 27.5 million

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8 1Q22 notable items1 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 1Q22 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. 1Q22 IBKC merger-related notable items Noninterest expense: Total noninterest expense 28 1Q22 Total IBKC net merger-related notable items $ (28) 1Q22 TD transaction-related costs Noninterest expense: Total noninterest expense $ 9 1Q22 Total TD transaction-related costs $ (9) 1Q22 Other notable items Noninterest income: Total other noninterest income $ (6) 1Q22 Total other notable items $ 6 1Q22 Total notable items (32) Tax impact of 1Q22 notable items 7 After-tax impact of 1Q22 notable items $ (24) EPS impact of 1Q22 notable items $ (0.04) IBKC Cumulative Net Pre-tax Integration Costs Cost to Date Targeted 4Q19 - 4Q212 Purchase Acct. 1Q22 Total 2Q22 - 4Q22 Total $ 360 $ 100 $ 28 $ 488 $30 - $40 $520 - $530 Notable Items ($s in millions, except per share data) GAAP results reduced by $24 million after-tax, or $0.04 per share, of notable items • IBKC merger-related expense of $28 million • TD transaction-related expense of $9 million • Other notable items reflect $6 million gain related to a fintech investment Pre-tax Notable Items

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9 • Adjusted EPS of $0.38 vs. $0.48; includes a $0.03 per share reduction tied to lower provision credit – Adjusted ROTCE of 14.7% and TBV per share of $10.46 • NII down $20 million driven by $18 million decrease tied to PPP portfolio – Core NII down $3 million given $7 million reduction tied to day count – Benefit of higher investment portfolio income, commercial loan balances and funding costs • Adjusted fee income down 9% largely reflecting declines in fixed income and mortgage banking given the impact of higher long-term rates and macroeconomic volatility • Adjusted expense of $455 million down $19 million driven by lower other noninterest expense and outside services • Provision credit of $40 million vs. $65 million in 4Q21 largely reflects decreased COVID-19 impacts, partially offset by a slower growth economic forecast and inflationary pressures 1Q22 adjusted financial highlights1 1Q22 Change vs. $s in millions except per share data 1Q22 4Q21 1Q21 4Q21 1Q21 $/bps % $/bps % Net Interest Income (FTE) $ 482 $ 502 $ 511 $ (20) (4) % $ (29) (6) % Fee income 223 246 297 (23) (9) % (74) (25) % Total revenue (FTE) 704 748 808 (44) (6) % (104) (13) % Expense 455 474 464 (19) (4) % (9) (2) % Pre-provision net revenue 249 274 343 (25) (9) % (94) (27) % Provision for credit losses (40) (65) (45) 25 38 % 5 11 % Net charge-offs 10 1 8 9 NM 2 20 % Reserve build/(release) (50) (66) (53) 16 25 % 3 6 % Net income available to common $ 211 $ 260 $ 284 $ (49) (19) % $ (73) (26) % Key performance metrics Fee income as a % of total revenue 31.6 % 33.0 % 36.8 % (132) bps (515) bps Efficiency ratio 64.6 % 63.3 % 57.5 % 133 bps 715 bps ROTCE 14.7 % 17.5 % 20.2 % (283) bps (547) bps Diluted EPS $ 0.38 $ 0.48 $ 0.51 $ (0.10) (21) % $ (0.13) (25) % Diluted shares2 550 542 557 8 1 % (7) (1) % TBV per share $ 10.46 $ 11.00 $ 10.30 $ (0.54) (5) % $ 0.16 2 % Effective tax rate 22.5 % 19.5 % 23.4 % 304 bps (86) bps PPNR results largely reflect impact of higher long-term rates and seasonality 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 1Q22 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. 2Fully diluted share count in first quarter 2022 includes one month average impact of 9.8 million of Series G convertible securities issued in connection with the TD transaction. 1Q22 vs. 4Q21 Highlights

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10 NII trends reflect $7 million impact tied to day count1 $511 $500 $495 $502 $482 $464 $450 $454 $466 $462 2.62% 2.47% 2.41% 2.42% 2.37% Core NII Reported NII Reported NIM 1Q21 2Q21 3Q21 4Q21 1Q22 ($s in millions) FTE NII and NIM Trends Core NIM 2.52% 2.36% 2.28% 2.28% 2.29% 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 1Q22 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. 2Investment portfolio includes cash positions • FTE NII down 4% and NIM down 5 bps driven by a $16 million reduction in net merger-related and PPP benefits • Core NII of $462 million up $3 million before a $7 million reduction tied to day count – Benefit of higher investment portfolio income, other C&I loan balances and lower funding costs – Securities portfolio balances increased 4% to $9.7 billion – Lower loans to mortgage companies and consumer loan balances and spreads • Core NIM relatively stable at 2.29% – Benefit of higher investment portfolio income and lower funding costs was partially offset by the impact of lower LMC and consumer loan balances and spreads – Period-end excess cash of $12.7 billion decreased from $14.1 billion in 4Q21 driven by $1 billion of incremental securities investments 1Q22 vs. 4Q21 $s in millions NII NIM 4Q21 Reported 502 2.42 % PPP coupon income and fees 30 0.10 % Net merger-related impacts 6 0.03 % 4Q21 Core $ 466 2.28 % Investment portfolio2 7 0.03 % Loan balances & spreads ex. LMC 4 (0.01) % Funding costs & other 2 0.01 % Day count (7) — % Loans to mortgage companies (8) (0.01) % 1Q22 Core $ 462 2.29 % PPP coupon income and fees 12 0.04 % Net merger-related impacts 8 0.04 % 1Q22 Reported $ 482 2.37 % Results reflect continued securities portfolio investments and 4% C&I loan growth ex. PPP and LMC 1Q22 vs. 4Q21 Highlights

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11 • Adjusted fee income decreased $23 million, or 9%, driven by a reduction in fixed income, other income and mortgage banking • Fixed income decreased $9 million largely reflecting the impact of higher long-term rates and global economic uncertainty; ADR of $1.0 million • Service charges and fees remained relatively stable as the impact of an increase in treasury management fees following the systems conversion and higher transaction volume more than offset the impact of seasonality • Mortgage banking and title decreased $6 million driven by lower origination volume given the impact of higher long-term rates, seasonality and continued mix shift toward portfolio loans • Card and digital banking fees remained relatively stable despite the impact of seasonality • Other noninterest income decreased $7 million from higher 4Q21 levels that included higher SBA servicing income Adjusted fee income reflects impact of higher long-term rates and seasonality1 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 1Q22 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. 1Q22 Change vs. $s in millions 1Q22 4Q21 3Q21 2Q21 1Q21 4Q21 1Q21 $/bps % $/bps % Fixed income $ 73 $ 82 $ 96 $ 102 $ 126 $(9) (11) % $(53) (42) % Service charges and fees 57 56 56 54 53 1 2 % 4 8 % Mortgage banking & title 22 28 34 38 53 (6) (21) % (31) (58) % Brokerage, trust, and insurance 37 36 37 35 33 1 3 % 4 12 % Card and digital banking fees 20 19 21 21 17 1 5 % 3 18 % Deferred compensation income (4) — 3 7 3 (4) NM (7) NM Other noninterest income 18 25 21 29 14 (7) (28) % 4 29 % Total fee income $ 223 $ 246 $ 268 $ 287 $ 297 $(23) (9) % $(74) (25) % Key Metrics Fixed Income Average Daily Revenue (ADR) $ 1.0 $ 1.1 $ 1.3 $ 1.4 $ 1.9 $ (0.1) (12) % $ (0.9) (48) % Mortgage banking Originations Secondary $ 533 $ 706 $ 772 $ 998 $ 1,144 $ (173) (25) % $ (611) (53) % Portfolio $ 801 $ 874 $ 829 $ 791 $ 338 $ (73) (8) % $ 463 137 % Total $ 1,334 $ 1,580 $ 1,601 $ 1,789 $ 1,482 $ (246) (16) % $ (148) (10) % Gain on sale spread 2.65 % 2.98 % 2.91 % 3.19 % 3.72 % (33) bps (107) bps Mix Purchase 61 % 51 % 56 % 65 % 50 % Refinance 39 % 49 % 44 % 35 % 50 % Results largely reflect declines in fixed income, mortgage and NSF fees 1Q22 vs. 4Q21 Highlights

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12 Adjusted expense down 4% with lower other noninterest expense/outside services 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 1Q22 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. 1Q22 Change vs. $s in millions 1Q22 4Q21 3Q21 2Q21 1Q21 4Q21 1Q21 $/bps % $/bps % Salaries and benefits $ 188 $ 189 $ 191 $ 191 $ 195 $ (1) (1) % $ (7) (4) % Incentives and commissions 92 84 92 93 99 8 10 % (7) (7) % Deferred compensation expense (5) 1 4 6 3 (6) NM (8) NM Total personnel expense 275 274 286 290 297 1 — % (22) (7) % Occupancy and equipment 72 73 74 75 72 (1) (1) % — — % Outside services 59 66 65 56 54 (7) (11) % 5 9 % Amortization of intangible assets 12 13 13 13 13 (1) (8) % (1) (8) % Other noninterest expense 37 46 42 31 28 (9) (20) % 9 32 % Total noninterest expense $ 455 $ 474 $ 480 $ 465 $ 464 $ (19) (4) % $ (9) (2) % Full-time equivalent associates 7,900 7,863 7,982 8,145 8,284 37 — % (384) (5) % • Adjusted expense of $455 million decreased $19 million driven by lower other noninterest expense and outside services – $3 million benefit tied to incremental merger cost saves • Personnel expense remained relatively stable – Salaries and benefits relatively stable as the benefit of day count and merger saves was partially offset by an increase in FICA taxes – Incentives and commissions up $8 million – Lower revenue-based incentives and front- line associate bonuses more than offset by an increase tied to loan origination deferral costs and a change in timing of long-term incentive and stock-based compensation costs • Outside services decreased $7 million driven by lower contractor costs, advertising and consulting costs • Other noninterest expense decreased $9 million largely as a decrease in DDA product accruals, fraud losses, travel and entertainment, pension expense and contributions was partially offset by an increase in franchise taxes Results reflect impact tied to change in timing of long-term and stock compensation costs 2 1Q22 vs. 4Q21 Highlights

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13 • Loans of $54.1 billion down $599 million driven by a $630 million decrease in PPP loans – Loans before the impact of PPP relatively stable – C&I loan growth ex. PPP & LMC up 4% driven by Mid-Atlantic, South FL, equipment finance, Middle TN, franchise finance and GA • Period-end loans of $55.0 billion up $153 million driven by C&I and CRE offset by a $622 million decrease in LMC and a $397 million decrease in PPP – $1.2 billion, or 2%, increase in loans before the impact of PPP and LMC – C&I loan growth ex. PPP & LMC up 3% driven by asset-based lending, equipment finance, commercial real estate and South FL, GA, and Mid-Atlantic – Unfunded commitments increased 5% 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 1Q22 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 2Q21 3Q21 4Q21 1Q22 Utilization % 45% 44% 42% 41% $58.6B $54.9B $55.0B $56.8B $55.5B $54.7B $54.1B Commercial and Industrial (C&I) excl. LMC & PPP Commercial real estate (CRE) Consumer real estate Credit card and other Payroll Protection Program (PPP) Loans to mortgage companies (LMC) 1Q21 . . . . 4Q21 1Q22 2Q21 3Q21 4Q21 1Q22 Loan trends 47% 23% 2% 48% 22% 19% 2% 9% 4% 20% 7% 19% 1% 2% 43% 22% 8% 5% 2Q21 3Q21 4Q21 1Q22 Yields 3.52% 3.47% 3.45% 3.34% Core yields 3.35% 3.25% 3.20% 3.16% Avg 1M LIBOR 0.10% 0.09% 0.09% 0.23% 42% 19% 22% 2% 8% 8% Period-end Average Loans relatively stable before the impact of PPP runoff1 45% 22% 20% 2% 3% 9% C&I ex PPP & LMC up 4% QoQ 1Q22 vs. 4Q21 Highlights 48% 23% 20% 2% 2% 7% 40% 21% 19% 2% 9% 9%

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14 Demand Deposit Accounts (DDA) Savings Time deposits Other interest-bearing deposits 1Q21 . . . . . 4Q21 1Q22 2Q21 3Q21 4Q21 1Q22 Relatively stable deposit and funding costs1 Interest-bearing liabilities & DDA trends • Average deposits of $74.2 billion decreased $452 million, or 1%, driven by a $356 million decrease in DDA – Period-end deposits of $74.1 billion decreased $780 million as a $949 million decrease in interest-bearing was partially offset by an increase in DDA • Deposit costs of 6 bps remained relatively stable – Interest-bearing deposit costs of 10 bps improved from 11 bps • Total funding costs of 16 bps remained stable 35% 33% 4% 27% 33% 35% 6% 26% 36% 34% 5% 26% 2Q21 3Q21 4Q21 1Q22 Deposit cost of funds 13 bps 11 bps 7 bps 6 bps Total cost of funds 23 bps 21 bps 16 bps 16 bps Avg 1M LIBOR 0.10% 0.09% 0.09% 0.23% 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 1Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. Interest-bearing deposit costs relatively stable with improved period-end deposit mix 34% 35% 5% 25% 36% 33% 4% 27% Period-end Average 1Q22 vs. 4Q21 Highlights 32% 35% 6% 27% 36% 34% 4% 26% $78.4B$79.0B$78.4B$77.6B$77.9B$79.0B$77.5B

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15 Strong credit quality performance 1Net charge-off % is annualized and as % of average loans. Provision, credit losses, and net charge-offs $995 $890 $802 $736 $686 1.70% 1.57% 1.45% 1.34% 1.25% 253% 259% 231% 267% 207% ACL ACL/Loans ACL/NPLs 1Q21 2Q21 3Q21 4Q21 1Q22 Allowance for credit losses (ACL) Non-performing loans (NPLs) $394 $344 $347 $275 $332 0.67% 0.61% 0.63% 0.50% 0.60% NPLs $ NPLs % 1Q21 2Q21 3Q21 4Q21 1Q22 • Net charge-offs increased to 7 bps from unusually low levels in the prior quarters • NPL ratio of 60 bps increased modestly from unusually low 4Q21 levels • ACL coverage ratio of 1.25% vs. 1.34%; ACL coverage ex. LMC and PPP of 1.35% • 207% ACL coverage of NPLs – Provision credit of $40 million compared with $65 million in 4Q21 largely reflects decreased COVID-19 impacts, partially offset by a slower growth economic forecast and inflationary pressures 1 $8 $(10) $3 $1 $10 $(45) $(115) $(85) $(65) $(40) 0.06% (0.07)% 0.02% 0.01% 0.07% NCOs Provision for credit losses NCO% 1Q21 2Q21 3Q21 4Q21 1Q22 Results reflect decreased COVID-19 concerns and impact of slower growth economic forecast & inflationary pressures 1Q22 vs. 4Q21 Highlights ($s in millions)

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16 1Q21 2Q21 3Q21 4Q21 1Q22 CET1 ratio Tier 1 capital ratio Total capital ratio 1Q21 2Q21 3Q21 4Q21 1Q22 Strong capital position1 Capital levels 11.0% 12.8% 13.1% 11.4% 12.6% 11.2% 12.3% 11.0% 13.2% 11.8% Tangible book value per share 9.9% 0.34% (0.13)% (0.13)% (0.04)% 10.0% 4Q21 actual Adjusted NIAC and other Common Dividend Loans/ unfunded commitments growth Notable Items 1Q22 estimate $11.00 $0.37 $(0.76) $(0.15) $10.46 4Q21 actual NIAC, net of change in Intangibles AFS Securities MTM, Other Common Dividends 1Q22 actual • TBVPS of $10.46 decreased 5% QoQ driven by a $0.76 reduction tied to a MTM valuation adjustment on the securities portfolio • CET1 ratio remained strong at 10.0% – Largely as the benefit of NIAC was partially offset by a reduction tied to common dividends and growth in loans and unfunded commitments • Total capital of 13.2% vs. 12.3% in 4Q21 • Issued $494 million convertible preferred in connection with the TD transaction which added ~80 bps to Tier 1 and Total capital ratios 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 1Q22 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. 1Q22 vs. 4Q21 CET1 ratio 10.0% 10.3% 10.1% 9.9% 10.0% 1Q22 vs. 4Q21 Highlights

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17 IBKC Merger • Successfully completed systems and signage conversion – Bank servicing channels opened to customers ahead of schedule on conversion weekend – No significant increase in call center wait times or complaint volumes • Strong consumer and commercial digital banking channel engagement with over 75% of clients logging in • ~90% retention of identified critical talent/leadership since announcement of MOE Proposed Acquisition by TD • Announced $25 per common share all cash deal, or ~37% premium at announcement • Current focus on associate communication and retention – Hosted informative town hall sessions in major FHN markets – Launched company-wide retention program – TD is committed to retaining First Horizon client-facing bankers • Application for regulatory approvals in process and merger proxy filed • Integration planning underway with expected 2Q22 launch of the integration office IBKC merger integration and TD acquisition update IBKC Merger Highlights Targeting annualized cost saves of ~$200 million by 4Q22 Achieved ~$29 million of savings in 1Q22 ~$60 million of identified annualized revenue synergies largely tied to commercial loans Additional synergies tied to debt capital markets, mortgage and private client/wealth In Period Savings Actual Estimated 2021 2022 ~$92mm ~$160mm Annualized Run-Rate Savings Actual Estimated 4Q21 1Q22 4Q22 ~$104mm ~$116mm ~$200mm

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18 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 19

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20 NII accretion schedule & NII/NIM reconciliation to GAAP financials Estimated IBKC Securities Premium Amortization1 Estimated IBKC Loan Accretion Estimated Loan Accretion - Other Acquisitions $s in millions $s in millions $s in millions 2Q22 $ (9) 2Q22 $ 12 2Q22 $ 4 3Q22-4Q22 $ (16) 3Q22-4Q22 $ 21 3Q22-4Q22 $ 6 2023 and beyond $ (68) 2023 and beyond $ 64 2023 and beyond $ 8 1Q21 Reported to Core Reconciliation $s in millions NII NIM 1Q21 Reported (FTE) $ 511 2.62 % Less: non-core items PPP coupon income and fees 24 (0.01) Time Deposit Amortization 4 0.02 Loan Accretion 32 0.17 IBKC Premium Amortization (14) (0.07) 1Q21 Core (FTE) $ 464 2.52 % 1Estimated based on market rates and prepayment assumptions as of 3/31/2022. 2Q21 Reported to Core Reconciliation $s in millions NII NIM 2Q21 Reported (FTE) $ 500 2.47 % Less: non-core items PPP coupon income and fees 35 0.03 Time Deposit Amortization 1 — Loan Accretion 25 0.14 IBKC Premium Amortization (12) (0.06) 2Q21 Core (FTE) $ 450 2.36 % 3Q21 Reported to Core Reconciliation $s in millions NII NIM 3Q21 Reported (FTE) $ 495 2.41 % Less: non-core items PPP coupon income and fees 32 0.07 Loan Accretion 20 0.10 IBKC Premium Amortization (12) (0.06) 3Q21 Core (FTE) $ 454 2.28 % 1Q22 Reported to Core Reconciliation $s in millions NII NIM 1Q22 Reported (FTE) $ 482 2.37 % Less: non-core items PPP coupon income and fees 12 0.04 Loan Accretion 17 0.09 IBKC Premium Amortization (10) (0.05) 1Q22 Core (FTE) $ 462 2.29 % Less: day count impact $ (7) — % 1Q22 Core (FTE) ex. day count $ 469 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 %

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21 Notable Items ($s in millions except per share data) Favorable / (Unfavorable) (In millions, except per share data) 1Q22 4Q21 3Q21 2Q21 1Q21 Noninterest income: Purchase accounting gain (other noninterest income)1 $ — $ — $ — $ 2 $ (1) Retirement of legacy IBKC TruPS (other noninterest income) — 3 23 — — Branch sale gain (other noninterest income) — (4) (2) — — Gain on fintech investment (other noninterest income) (6) — — — — Total noninterest income (6) — 22 2 (1) Noninterest expense: Salaries and benefits (2) — — — — Incentives and commissions (2) (9) (10) (16) (21) Deferred compensation expense — (6) — — — Total personnel expenses (4) (16) (10) (16) (21) Occupancy and equipment — — (1) — (4) Outside services (25) (15) (24) (6) (4) Amortization of intangible assets (1) (1) (1) (1) (1) Other noninterest expense (7) (23) (10) (9) (50) Total noninterest expense (37) (54) (46) (32) (80) Total net notable items (pre-tax) 32 54 68 34 79 Provision for credit losses — — — — — Income before income taxes 32 54 68 34 79 Tax impact of notable items 7 13 17 8 19 After-tax impact of notable items $ 24 $ 41 $ 51 $ 26 $ 60 EPS impact of notable items $ (0.04) $ (0.08) $ (0.09) $ (0.05) $ (0.11) Diluted shares 550 542 550 556 557 1Purchase accounting gain is non-taxable income.

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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. Adjusted FHN historical quarterly income statements 1Q22 4Q21 3Q21 2Q21 1Q21 ($s in millions, except per share data) GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP Interest income - FTE $ 510 $ 3 $ 513 $ 531 $ 3 $ 534 $ 533 $ 3 $ 536 $ 542 $ 3 $ 545 $ 552 $ 3 $ 555 Interest expense- FTE 31 — 31 33 — 33 41 — 41 45 — 45 45 — 45 Net interest income- FTE 479 3 482 498 3 502 492 3 495 497 3 500 508 3 511 Less: Taxable-equivalent adjustment — 3 3 — 3 3 — 3 3 — 3 3 — 3 3 Net interest income 479 — 479 498 — 498 492 — 492 497 — 497 508 — 508 Noninterest income: Fixed income 73 — 73 82 — 82 96 — 96 102 — 102 126 — 126 Mortgage banking and title 22 — 22 28 — 28 34 — 34 38 — 38 53 — 53 Brokerage, trust, and insurance 37 — 37 36 — 36 37 — 37 35 — 35 33 — 33 Service charges and fees 57 — 57 56 — 56 56 — 56 54 — 54 53 — 53 Card and digital banking fees 20 — 20 19 — 19 21 — 21 21 — 21 17 — 17 Deferred compensation income (4) — (4) — — — 3 — 3 7 — 7 3 — 3 Other noninterest income 24 (6) 18 25 — 25 (1) 22 21 27 2 29 15 (1) 14 Total noninterest income 229 (6) 223 247 — 246 247 22 268 285 2 287 298 (1) 297 Total revenue 707 (6) 702 745 — 745 738 22 760 781 2 784 806 (1) 805 Noninterest expense: Personnel expense: Salaries and benefits 190 (2) 188 190 — 189 191 — 191 191 — 191 196 — 195 Incentives and commissions 94 (2) 92 93 (9) 84 101 (10) 92 109 (16) 93 120 (21) 99 Deferred compensation expense (5) — (5) 7 (6) 1 4 — 4 6 — 6 3 — 3 Total personnel expense 280 (4) 275 290 (16) 274 296 (10) 286 306 (16) 290 318 (21) 297 Occupancy and equipment 72 — 72 74 — 73 75 (1) 74 75 — 75 76 (4) 72 Outside services 84 (25) 59 81 (15) 66 89 (24) 65 63 (6) 56 58 (4) 54 Amortization of intangible assets 13 (1) 12 14 (1) 13 14 (1) 13 14 (1) 13 14 (1) 13 Other noninterest expense 44 (7) 37 70 (23) 46 52 (10) 42 40 (9) 31 78 (50) 28 Total noninterest expense 493 (37) 455 528 (54) 474 526 (46) 480 497 (32) 465 544 (80) 464 Pre-provision net revenue 215 32 246 217 54 271 213 68 281 284 34 318 262 79 340 Provision for credit losses (40) — (40) (65) — (65) (85) — (85) (115) — (115) (45) — (45) Income before income taxes 255 32 286 282 54 336 298 68 365 399 34 433 307 79 386 Provision for income taxes 57 7 64 53 13 65 63 17 80 88 8 96 71 19 90 Net income 198 24 222 229 41 271 235 51 286 311 26 337 235 60 295 Net income attributable to noncontrolling interest 3 — 3 3 — 3 3 — 3 3 — 3 3 — 3 Net income attributable to controlling interest 195 24 219 227 41 268 232 51 283 308 26 334 233 60 292 Preferred stock dividends 8 — 8 8 — 8 8 — 8 13 — 13 8 — 8 Net income available to common shareholders $ 187 $ 24 $ 211 $ 219 $ 41 $ 260 $ 224 $ 51 $ 275 $ 295 $ 26 $ 321 $ 225 $ 60 $ 284 Common Stock Data EPS $ 0.35 $ (0.05) $ 0.40 $ 0.41 $ (0.08) $ 0.48 $ 0.41 $ (0.09) $ 0.50 $ 0.54 $ (0.05) $ 0.58 $ 0.41 $ (0.11) $ 0.51 Basic shares 533 533 537 537 546 546 550 550 552 552 Diluted EPS $ 0.34 $ (0.04) $ 0.38 $ 0.40 $ (0.08) $ 0.48 $ 0.41 $ (0.09) $ 0.50 $ 0.53 $ (0.05) $ 0.58 $ 0.40 $ (0.11) $ 0.51 Diluted shares 550 550 542 542 550 550 556 556 557 557 Memo: Total Revenue-FTE (Non-GAAP) $ 707 $ 3 $ 704 $ 745 $ 3 $ 748 $ 738 $ 24 $ 763 $ 781 $ 5 $ 787 $ 806 $ 2 $ 808 PPNR-FTE (Non-GAAP) 215 34 249 217 58 274 213 71 283 284 37 321 262 82 343

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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. ($s in millions, except per share data) 1Q22 4Q21 3Q21 2Q21 1Q21 Tangible Common Equity (Non-GAAP) (A) Total equity (GAAP) $ 8,696 $ 8,494 $ 8,533 $ 8,566 $ 8,307 Less: Noncontrolling interest 295 295 295 295 295 Less: Preferred stock 1,014 520 520 520 470 (B) Total common equity $ 7,387 $ 7,679 $ 7,717 $ 7,750 $ 7,541 Less: Intangible assets (GAAP) 1,795 1,808 1,822 1,836 1,850 (C) Tangible common equity (Non-GAAP) $ 5,592 $ 5,871 $ 5,895 $ 5,914 $ 5,691 Tangible Assets (Non-GAAP) (D) Total assets (GAAP) $ 88,660 $ 89,092 $ 88,537 $ 87,908 $ 87,513 Less: Intangible assets (GAAP) 1,795 1,808 1,822 1,836 1,850 (E) Tangible assets (Non-GAAP) $ 86,865 $ 87,284 $ 86,715 $ 86,072 $ 85,663 Period-end Shares Outstanding (F) Period-end shares outstanding 535 534 542 551 552 Ratios (A)/(D) Total equity to total assets (GAAP) 9.81 % 9.53 % 9.64 % 9.74 % 9.49 % (C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) 6.44 % 6.73 % 6.80 % 6.87 % 6.64 % (B)/(F) Book value per common share (GAAP) $ 13.82 $ 14.39 $ 14.24 $ 14.07 $ 13.65 (C)/(F) Tangible book value per common share (Non-GAAP) $ 10.46 $ 11.00 $ 10.88 $ 10.74 $ 10.30

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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. ($s in millions, except per share data) 1Q22 4Q21 3Q21 2Q21 1Q21 Adjusted Diluted EPS Net income available to common shareholders ("NIAC") (GAAP) a $ 187 $ 219 $ 224 $ 295 $ 225 Plus Tax effected notable items (Non-GAAP) 24 41 51 26 60 Adjusted Net income available to common shareholders (Non-GAAP) b $ 211 $ 260 $ 275 $ 321 $ 284 Diluted Shares (GAAP) c 550 542 550 556 557 Diluted EPS (GAAP) a/c $ 0.34 $ 0.40 $ 0.41 $ 0.53 $ 0.40 Adjusted diluted EPS (Non-GAAP) b/c $ 0.38 $ 0.48 $ 0.50 $ 0.58 $ 0.51 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $ 198 $ 229 $ 235 $ 311 $ 235 Plus Tax effected notable items (Non-GAAP) 24 41 51 26 60 Adjusted NI (Non-GAAP) $ 222 $ 271 $ 286 $ 337 $ 295 NI (annualized) (GAAP) d $ 801 $ 910 $ 931 $ 1,247 $ 955 Adjusted NI (annualized) (Non-GAAP) e $ 900 $ 1,074 $ 1,133 $ 1,353 $ 1,198 Average assets (GAAP) f $ 88,587 $ 89,025 $ 88,401 $ 87,559 $ 85,401 ROA (GAAP) d/f 0.90 % 1.02 % 1.05 % 1.42 % 1.12 % Adjusted ROA (Non-GAAP) e/f 1.02 % 1.21 % 1.28 % 1.54 % 1.40 % Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE Net income available to common shareholders (annualized) (GAAP) g $ 756 $ 868 $ 887 $ 1,182 $ 911 Adjusted Net income available to common shareholders (annualized) (Non- GAAP) h $ 855 $ 1,032 $ 1,089 $ 1,288 $ 1,154 Average Common Equity (GAAP) i $ 7,628 $ 7,710 $ 7,761 $ 7,651 $ 7,583 Intangible Assets (GAAP) 1,802 1,815 1,829 1,843 1,857 Average Tangible Common Equity (Non-GAAP) j $ 5,826 $ 5,895 $ 5,932 $ 5,808 $ 5,726 ROCE (GAAP) g/i 9.9 % 11.3 % 11.4 % 15.5 % 12.0 % ROTCE (Non-GAAP) g/j 13.0 % 14.7 % 15.0 % 20.4 % 15.9 % Adjusted ROTCE (Non-GAAP) h/j 14.7 % 17.5 % 18.4 % 22.2 % 20.2 %

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25 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions except per share data) 1Q22 4Q21 3Q21 2Q21 1Q21 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) a $ 229 $ 247 $ 247 $ 285 $ 298 Plus notable items (GAAP) (6) — 22 2 (1) Adjusted noninterest income (Non-GAAP) b 223 246 268 287 297 Revenue (GAAP) c 707 745 738 781 806 Taxable-equivalent adjustment 3 3 3 3 3 Revenue- Taxable-equivalent (Non-GAAP) $ 710 $ 748 $ 741 $ 784 $ 809 Plus notable items (GAAP) (a) (6) — 22 2 (1) Adjusted revenue (Non-GAAP) d 704 748 763 787 808 Noninterest income as a % of total revenue (GAAP) a/c 32.31 % 33.10 % 33.39 % 36.43 % 37.00 % Adjusted noninterest income as a % of total revenue (Non-GAAP) b/d 31.63 % 32.95 % 35.14 % 36.49 % 36.78 % Adjusted Efficiency Ratio Noninterest expense (GAAP) e $ 493 $ 528 $ 526 $ 497 $ 544 Plus notable items (GAAP) (37) (54) (46) (32) (80) Adjusted noninterest expense (Non-GAAP) f 455 474 480 465 464 Revenue (GAAP) g 707 745 738 781 806 Taxable-equivalent adjustment 3 3 3 3 3 Revenue- Taxable-equivalent (Non-GAAP) $ 710 $ 748 $ 741 $ 784 $ 809 Plus notable items (GAAP) (a) (6) — 22 2 (1) Adjusted revenue (Non-GAAP) h 704 748 763 787 808 Efficiency ratio (GAAP) e/g 69.66 % 70.88 % 71.21 % 63.67 % 67.53 % Adjusted efficiency ratio (Non-GAAP) f/h 64.64 % 63.31 % 62.87 % 59.17 % 57.49 %

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26 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions except per share data) 1Q22 Net income available to common shareholders (GAAP) $ 187 Tax effected Notable Items $ 24 Adjusted Net income available to common shareholders (Non-GAAP) $ 211 Tax effected provision credit $ (31) Adjusted Net income available to common shareholders before provision credit (Non-GAAP) $ 180 Net income available to common shareholders (annualized) (GAAP) a $ 756 Adjusted Net income available to common shareholders (annualized) Non- GAAP) b $ 855 Adjusted Net income available to common shareholders before provision credit (annualized) (Non-GAAP) c 731 Average Common Equity (GAAP) d $ 7,628 Intangible Assets (GAAP) $ 1,802 Average Tangible Common Equity (Non-GAAP) e $ 5,826 Equity Adjustment for provision credit (Non-GAAP) $ 11 Adjusted Average Tangible Common Equity (Non-GAAP) f $ 5,815 ROCE (GAAP) a/d 9.9 % ROTCE (Non-GAAP) a/e 13.0 % Adjusted ROTCE (Non-GAAP) b/e 14.7 % Adjusted ROTCE before provision credit (Non-GAAP) c/f 12.6 %

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27 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. Numbers may not foot due to rounding Period-end Average $s in millions 1Q22 4Q21 1Q22 vs 4Q21 1Q22 4Q21 1Q22 vs 4Q21 Loans excluding LMC & PPP $ % $ % Total C& I excl. LMC & PPP $ 26,262 $ 25,512 $ 750 3 % $ 25,749 $ 24,668 $ 1,081 4 % Total CRE 12,486 12,109 377 3 % 12,229 12,220 9 — % Total Commercial excl. LMC & PPP 38,748 37,621 1,127 3 % 37,978 36,888 1,090 3 % Total Consumer 11,727 11,682 45 — % 11,638 11,681 (43) — % Total Loans excl. LMC & PPP 50,475 49,303 1,172 2 % 49,616 48,569 1,047 2 % PPP 642 1,038 (397) (38) % 815 1,444 (630) (44) % LMC 3,895 4,518 (622) (14) % 3,651 4,669 (1,018) (22) % Total Loans $ 55,012 $ 54,859 $ 153 — % $ 54,082 $ 54,682 $ (600) (1) % Loans excluding PPP Total Commercial excl. PPP $ 42,642 $ 42,138 $ 504 1 % $ 41,629 $ 41,557 $ 72 — % Total Consumer 11,727 11,682 45 — % 11,638 11,681 (43) — % Total Loans excl. PPP $ 54,369 $ 53,820 549 1 % $ 53,267 $ 53,238 29 — % PPP 642 1,038 (397) (38) % 815 1,444 (630) (44) % Total Loans $ 55,012 $ 54,859 $ 153 — % $ 54,082 $ 54,682 (600) (1) % Allowance for Credit Losses (ACL) to Loans Ratio $s in millions Loan Balance ACL Balance ACL/Loans Total Loans $ 55,012 $ 686 1.2 % Loans to Mortgage Companies (LMC) 3,895 4 0.1 PPP 642 — — Total excl. LMC & PPP $ 50,475 $ 682 1.4 %

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