fhn-20221018

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

FORM 8-K

_____________________________________

CURRENT REPORT

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

October 18, 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") Third Quarter 2022 Earnings Release, released today.

Furnished as Exhibit 99.2 is a copy of the Investor Slide Presentation for the quarter ended September 30, 2022, released today.

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

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

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

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

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

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

Forward-Looking Statements

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

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


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

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

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

ITEM 9.01. Financial Statements and Exhibits.

(d)Exhibits

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


Exhibit #						Description

99.1						First Horizon Corporation Third Quarter 2022 Earnings Release
99.2						First Horizon Corporation Investor Slide Presentation for the quarter ended September 30, 2022
104						Cover Page Interactive Data File, formatted in Inline XBRL


FIRST HORIZON CORPORATION			3			FORM 8-K CURRENT REPORT 7/19/2022

SIGNATURES

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

FIRST HORIZON CORPORATION

(Registrant)

Date:

October 18, 2022

By:

/s/ Hope Dmuchowski

Hope Dmuchowski

Senior Executive Vice President—Chief Financial Officer

(Duly Authorized Officer and Principal Financial Officer)


FIRST HORIZON CORPORATION			4			FORM 8-K CURRENT REPORT 7/19/2022

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

$257 Million, or EPS of $0.45; $252 Million, or $0.44, on an Adjusted Basis*

Pre-provision net revenue up 59% from the prior quarter and up 37% on an adjusted basis*

ROTCE of 18.2% and adjusted ROTCE of 17.9% with tangible book value per share of $9.72*

MEMPHIS, TN (October 18, 2022) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported third quarter net income available to common shareholders ("NIAC") of $257 million, or earnings per share of $0.45, compared with second quarter 2022 NIAC of $166 million, or earnings per share of $0.29.

Third quarter 2022 results were impacted by a net $5 million after-tax, or $0.01 per share, increase in notable items compared with a net $29 million, or $0.05 per share, reduction in second quarter 2022. Excluding notable items, adjusted third quarter 2022 NIAC of $252 million, or $0.44 per share, increased from $195 million, or $0.34 per share in second quarter 2022. Results reflect a $0.04 per share reduction tied to provision for credit losses as well as the impact of the suspension of share repurchases related to the proposed TD transaction.

"This quarter's results, highlighted by high-teens revenue growth, reflect the power of our asset-sensitive balance sheet and attractive mix of higher-growth geographies and specialty businesses,” said Chairman and Chief Executive Officer Bryan Jordan." The team continues to leverage the benefits of our completed integration to deliver value-added products with exceptional service which helped drive four percent loan growth before the impact of paycheck protection program and mortgage warehouse loans. While we are keeping a watchful eye on the macroeconomic landscape, credit quality remains strong, and we have great confidence in our future prospects associated with the proposed transaction with TD Bank Group.”

Notable Items


Notable Items
Quarterly, Unaudited ($s in millions, except per share data)	3Q22		2Q22		3Q21

Summary of Notable Items:
Merger/acquisition/transaction-related items:
IBKC:
Other noninterest income	$	—	$	—	$	—

Merger/acquisition expense	(3)		(13)		(46)
Total IBKC merger/acquisition- related items	(3)		(13)		(45)
TD:
Transaction-related expense	(21)		(25)		—
Total TD transaction-related items	(21)		(25)		—
Total Net Merger/acquisition/transaction- related items:	(24)		(38)		(45)
Other notable items:
Gain/(loss) on TruPS redemption (other noninterest income)	—		—		(23)
Gain on mortgage servicing rights (mortgage banking and title)	—		12		—
Gain on sale of title services business (other noninterest income)	21		—		—
Gain related to equity securities investment (other noninterest income)	10		—		—
Visa derivative valuation adjustment (other noninterest expense)	—		(12)		—
Total net other notable items:	31		—		(23)

Total Notable items (pre-tax)	$	7	$	(38)	$	(68)
Total Notable items (after-tax)	5		(29)		(51)
EPS impact of notable items	$	0.01	$	(0.05)	$	(0.09)
Numbers may not foot due to rounding

Third quarter pre-tax net notable items include TD transaction-related costs of $21 million, and IBKC merger-related expense of $3 million. Other notable items reflect a $21 million gain from the July 30th sale of the title services business and a $10 million equity securities investment gain.

*ROTCE, PPNR, Core net interest income (NII), tangible book value per share, loans and leases excluding PPP and/or LMC, and "Adjusted" results are Non-GAAP Financial Measures; NII, Total Revenue, NIM and PPNR are presented on a fully taxable equivalent basis; References to loans include leases and EPS are based on diluted shares; Capital ratios are preliminary. See page 5 for information on our use of Non-GAAP measures and their reconciliation to GAAP beginning on page 22.

Third Quarter 2022 Versus Second Quarter 2022 Highlights

•Total revenue of $875 million increased $132 million and adjusted revenue of $846 million increased $113 million, or 15%, reflecting strength in net interest income.

•Net interest income of $662 million increased $120 million, or 22%, despite a $6 million reduction in net merger-related and PPP benefits. Core net interest income was up $127 million as the benefit of higher rates, loan balances and investment portfolio income was partially offset by higher funding costs.

•Noninterest income of $213 million increased $12 million and included a $19 million increase in notable items. Adjusted noninterest income of $181 million decreased $7 million as higher deferred compensation income and other noninterest income was more than offset by reductions in mortgage banking, title and fixed income.

•Noninterest expense of $468 million decreased $21 million and reflected $25 million decrease in notable items. Adjusted noninterest expense of $444 million increased $6 million largely as a $16 million increase in deferred compensation expense was partially offset by a reduction in salaries and employee benefits and other noninterest expense.

•Provision expense of $60 million compared with $30 million in second quarter 2022 reflecting the impact of loan growth, revised macroeconomic outlook and a preliminary estimate of $20 million for potential losses related to Hurricane Ian.

•Average interest-earning assets of $76.0 billion decreased $3.8 billion largely as a $1.0 billion increase in loans was more than offset by a $4.6 billion decrease in interest-bearing deposits with banks.

•Average loans before the impact of PPP up $1.2 billion as an increase in commercial balances and consumer real estate was partially offset by a $574 million decrease in loans to mortgage companies ("LMC").

•Period-end loans before the impact of PPP remained increased $1.1 billion, or 2%, driven by a $677 million increase in commercial. Period-end commercial loans excluding PPP and LMC rose 3%.

•Average deposits of $68.1 billion decreased $3.8 billion, or 5%, driven by a $2.7 billion decrease in interest-bearing. Total deposit costs of 25 basis points increased 15 basis points.

•Allowance for credit losses ("ACL") to loans ratio of 1.31% remained relatively stable compared to 1.24% at June 30, 2022. The ACL to nonperforming loans ratio of 258% improved from 234% at June 30, 2022.

•Net charge-offs of $12 million in third quarter 2022 remained relatively stable; nonperforming loans of $292 million decreased 3% linked quarter and the nonperforming loan ratio of 0.51% improved from 0.53%.

•ROCE of 13.9%; ROTCE of 18.2%; Adjusted ROTCE of 17.9%; CET 1 ratio of 9.9%; and total capital ratio of 13.1%.

•Tangible book value per share of $9.72 at September 30, 2022 compared with $10.18 at June 30, 2022 and reflected a $0.87 reduction tied to the mark-to-market valuation adjustment on the available-for-sale securities portfolio and cash flow hedges.

Strategic Update

IBKC Merger

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

•Achieved $184 million of annualized net cost saves in 3Q22.

Proposed Acquisition by TD

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

–Continued progress on integration planning and Legal Day One readiness

–Federal Reserve and OCC comment period closed with over 300 letters of support

–Public meeting with Fed and OCC completed August 18, 2022

–Regulatory approval process remains on track


SUMMARY RESULTS
Quarterly, Unaudited

										3Q22 Change vs.
($s in millions, except per share and balance sheet data)	3Q22			2Q22			3Q21			2Q22					3Q21
										$/bp			%		$/bp			%
Income Statement
Interest income - taxable equivalent1	$	737		$	586		$	536		$	151		26	%	$	201		38	%
Interest expense- taxable equivalent1	71			41			41			30			73		30			73
Net interest income- taxable equivalent	666			545			495			121			22		171			35
Less: Taxable-equivalent adjustment	4			3			3			1			33		1			33
Net interest income	662			542			492			120			22		170			35
Noninterest income	213			201			247			12			6		(34)			(14)
Total revenue	875			743			738			132			18		137			19
Noninterest expense	468			489			526			(21)			(4)		(58)			(11)
Pre-provision net revenue3	406			255			213			151			59		193			91
Provision for credit losses	60			30			(85)			30			100		145			NM
Income before income taxes	346			225			298			121			54		48			16
Provision for income taxes	78			48			63			30			63		15			24
Net income	268			177			235			91			51		33			14
Net income attributable to noncontrolling interest	3			3			3			—			—		—			—
Net income attributable to controlling interest	265			174			232			91			52		33			14
Preferred stock dividends	8			8			8			—			—		—			—
Net income available to common shareholders	$	257		$	166		$	224		$	91		55	%	$	33		15	%

Adjusted net income4	$	263		$	205		$	286		$	58		28	%	$	(23)		(8)	%
Adjusted net income available to common shareholders4	$	252		$	195		$	275		$	57		29	%	$	(23)		(8)	%
Common stock information
EPS	$	0.45		$	0.29		$	0.41		$	0.16		54	%	$	0.04		10	%
Adjusted EPS4	$	0.44		$	0.34		$	0.50		$	0.10		29	%	$	(0.06)		(12)	%


Diluted shares8	570			569			550			1			—	%	20			4	%
Key performance metrics
Net interest margin	3.49		%	2.74		%	2.41		%	75		bp			108		bp

Efficiency ratio	53.56			65.76			71.21			(1,220)					(1,765)
Adjusted efficiency ratio4	52.42			59.79			62.87			(737)					(1,045)
Effective income tax rate	22.58			21.30			21.13			128					145
Return on average assets	1.29			0.82			1.05			47					24
Adjusted return on average assets4	1.27			0.95			1.28			32					(1)
Return on average common equity (“ROCE")	13.9			9.1			11.4			473					242

Return on average tangible common equity (“ROTCE”)4	18.2			12.1			15.0			616					328
Adjusted ROTCE4	17.9			14.2			18.4			374					(47)
Noninterest income as a % of total revenue	24.30			27.06			33.39			(276)					(909)
Adjusted noninterest income as a % of total revenue4	21.37		%	25.68		%	35.14		%	(431)		bp			(1,377)		bp
Balance Sheet (billions)
Average loans	$	56.5		$	55.6		$	55.5		$	1.0		2	%	$	1.0		2	%
Average deposits	68.1			71.9			73.7			(3.8)			(5)		(5.6)			(8)
Average assets	82.6			86.3			88.4			(3.8)			(4)		(5.8)			(7)
Average common equity	$	7.4		$	7.3		$	7.8		$	0.1		1	%	$	(0.4)		(5)	%
Asset Quality Highlights

Allowance for credit losses to loans and leases	1.31		%	1.24		%	1.45		%	8		bp			(14)		bp

Net charge-off ratio	0.08			0.09			0.02			(1)					6

Nonperforming loan and leases ratio	0.51		%	0.53		%	0.63		%	(2)		bp			(12)		bp
Capital Ratio Highlights (current quarter is an estimate)



Common Equity Tier 1	9.9		%	9.8		%	10.1		%	12		bp			(16)		bp
Tier 1	11.7			11.6			11.2			8					46
Total Capital	13.1			13.0			12.6			13					45
Tier 1 leverage	9.8		%	9.1		%	8.1		%	67		bp			165		bp

Numbers may not foot due to rounding.

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

See footnote disclosures on page 21.

Third Quarter 2022 versus Second Quarter 2022

Net interest income

Net interest income of $662 million increased $120 million despite a $6 million reduction tied to net merger-related and PPP benefits. Core net interest income increased $127 million as the benefit of higher rates, loan balances and investment portfolio income was partially offset by higher funding costs. Net interest margin of 3.49% improved 75 basis points largely as the benefit of higher rates, loan and securities portfolio growth and lower excess cash was partially offset by the impact of higher funding costs.

Noninterest income

Noninterest income of $213 million increased $12 million and included a $19 million increase in the benefit of notable items. Adjusted noninterest income of $181 million decreased $7 million as higher deferred compensation income and other noninterest income was more than offset by reductions in mortgage banking, title and fixed income. Fixed income average daily revenue of $524 thousand compared with $612 thousand in second quarter 2022 reflecting the impact of higher long-term rates, macro economic uncertainty and market volatility.

Noninterest expense

Noninterest expense of $468 million decreased $21 million and included a $25 million decrease in notable items. Adjusted noninterest expense of $444 million increased $6 million largely as a $16 million increase in deferred compensation expense was partially offset by a reduction in salaries and employee benefits and other noninterest expense. Linked quarter trends also reflect a $11 million benefit tied to incremental IBKC merger cost savings.

Loans and leases

Average loan and lease balances of $56.5 billion increased $1.0 billion reflecting a 1% increase in commercial and a 4% increase in consumer. Commercial loan growth reflected a $300 million increase in commercial real estate and a $157 million increase in commercial and industrial. Consumer loan growth driven by a $513 million increase in consumer real estate. Results reflect a $574 million reduction in loans to mortgage companies ("LMC") and a $274 million decrease in PPP loans. Loan trends excluding PPP increased $1.2 billion compared to the prior quarter, driven by a $0.7 billion increase in commercial. Period-end loans and leases of $57.4 billion increased $0.8 billion from second quarter 2022, reflecting a 1% increase in commercial and a 3% increase in consumer. Before the impact of PPP and LMC, period-end loans increased $1.8 billion, or 3%, driven by a $1.4 billion increase in all other commercial loans.

Deposits

Average deposits of $68.1 billion decreased $3.8 billion, or 5%. Period-end deposits of $66.0 billion decreased $4.5 billion reflecting a $3.2 billion decrease in interest-bearing and a $1.3 billion decrease in noninterest-bearing. Total deposit costs of 25 basis points increased 15 basis points with a 25 basis point increase in interest-bearing deposit costs.

Asset quality

Provision expense of $60 million compared with a $30 million in second quarter 2022 reflecting the impact of loan growth, revised macroeconomic outlook and a preliminary estimate of potential losses related to Hurricane Ian.

Net charge-offs of $12 million, or 8 basis points, remained relatively stable with second quarter 2022 levels.

Nonperforming loans of $292 million decreased $9 million. Third quarter 2022 ACL to nonperforming loans coverage ratio of 258% compared with 234% in second quarter 2022.

The ACL to loans ratio increased to 1.31% from 1.24% in the second quarter 2022.

Capital

CET1 ratio of 9.9% in third quarter 2022 compared with 9.8% in second quarter 2022. Total capital ratio of 13.1% vs. 13.0% in second quarter 2022.

Income taxes

The third quarter 2022 effective tax rate of 22.6% compares with 21.3% in second quarter 2022. On an adjusted basis, the effective tax rate of 22.4% in the third quarter 2022 improved from 21.7% in second quarter 2022.

Forward-Looking Statements

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

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

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

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

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

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

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

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

Refer to the tabular reconciliation of non-GAAP to GAAP measures and presentation of the most comparable GAAP items beginning on page 22.

First Horizon Corp. (NYSE: FHN), with $80.3 billion in assets as of September 30, 2022, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

Contact: Investor Relations - [email protected]

Media Relations - [email protected]


CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited

																3Q22 Change vs.
($s in millions, except per share data)	3Q22			2Q22			1Q22			4Q21			3Q21			2Q22				3Q21
																$		%		$		%
Interest income - taxable equivalent1	$	737		$	586		$	513		$	534		$	536		$	151	26	%	$	201	38	%
Interest expense- taxable equivalent1	71			41			31			33			41			30		73		30		73
Net interest income- taxable equivalent	666			545			482			502			495			121		22		171		35
Less: Taxable-equivalent adjustment	4			3			3			3			3			1		33		1		33
Net interest income	662			542			479			498			492			120		22		170		35
Noninterest income:
Fixed income	46			51			73			82			96			(5)		(10)		(50)		(52)
Mortgage banking and title	9			34			22			28			34			(25)		(74)		(25)		(74)
Brokerage, trust, and insurance	34			36			37			36			37			(2)		(6)		(3)		(8)
Service charges and fees	56			57			57			56			56			(1)		(2)		—		—
Card and digital banking fees	21			23			20			19			21			(2)		(9)		—		—
Deferred compensation income	(3)			(17)			(4)			—			3			14		82		(6)		NM
Other noninterest income	50			16			24			25			(1)			34		NM		51		NM
Total noninterest income	213			201			229			247			247			12		6		(34)		(14)
Total revenue	875			743			707			745			738			132		18		137		19
Noninterest expense:
Personnel expense:
Salaries and benefits	186			190			190			190			191			(4)		(2)		(5)		(3)
Incentives and commissions	92			93			94			93			101			(1)		(1)		(9)		(9)
Deferred compensation expense	(2)			(18)			(5)			7			4			16		89		(6)		NM
Total personnel expense	275			265			280			290			296			10		4		(21)		(7)
Occupancy and equipment2	71			73			72			74			75			(2)		(3)		(4)		(5)
Outside services	66			70			84			81			89			(4)		(6)		(23)		(26)
Amortization of intangible assets	13			13			13			14			14			—		—		(1)		(7)
Other noninterest expense	44			68			44			70			52			(24)		(35)		(8)		(15)
Total noninterest expense	468			489			493			528			526			(21)		(4)		(58)		(11)
Pre-provision net revenue3	406			255			215			217			213			151		59		193		91
Provision for credit losses	60			30			(40)			(65)			(85)			30		100		145		NM
Income before income taxes	346			225			255			282			298			121		54		48		16
Provision for income taxes	78			48			57			53			63			30		63		15		24
Net income	268			177			198			229			235			91		51		33		14
Net income attributable to noncontrolling interest	3			3			3			3			3			—		—		—		—
Net income attributable to controlling interest	265			174			195			227			232			91		52		33		14
Preferred stock dividends	8			8			8			8			8			—		—		—		—
Net income available to common shareholders	$	257		$	166		$	187		$	219		$	224		$	91	55	%	$	33	15	%
Common Share Data
EPS	$	0.48		$	0.31		$	0.35		$	0.41		$	0.41		$	0.17	55	%	$	0.07	17	%
Basic shares	536			535			533			537			546			1		—		(10)		(2)
Diluted EPS	$	0.45		$	0.29		$	0.34		$	0.40		$	0.41		$	0.16	54		$	0.04	10
Diluted shares8	570			569			550			542			550			1		—	%	20		4	%

Effective tax rate	22.6		%	21.3		%	22.4		%	18.6		%	21.1		%

Numbers may not foot due to rounding. See footnote disclosures on page 21.


ADJUSTED5 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 10
Quarterly, Unaudited


																3Q22 Change vs.
($s in millions, except per share data)	3Q22			2Q22			1Q22			4Q21			3Q21			2Q22				3Q21
																$		%		$		%


Net interest income (FTE)1	$	666		$	545		$	482		$	502		$	495		$	121	22	%	$	171	35	%
Adjusted noninterest income:
Fixed income	46			51			73			82			96			(5)		(10)		(50)		(52)
Mortgage banking and title	9			22			22			28			34			(13)		(59)		(25)		(74)
Brokerage, trust, and insurance	34			36			37			36			37			(2)		(6)		(3)		(8)
Service charges and fees	56			57			57			56			56			(1)		(2)		—		—
Card and digital banking fees	21			23			20			19			21			(2)		(9)		—		—
Deferred compensation income	(3)			(17)			(4)			—			3			14		82		(6)		NM
Adjusted other noninterest income	18			15			18			25			21			3		20		(3)		(14)
Adjusted total noninterest income	$	181		$	188		$	223		$	246		$	268		$	(7)	(4)	%	$	(87)	(32)	%
Total revenue (FTE)1	$	846		$	733		$	704		$	748		$	763		$	113	15	%	$	83	11	%

Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$	185		$	190		$	188		$	189		$	191		$	(5)	(3)	%	$	(6)	(3)	%
Adjusted Incentives and commissions	68			71			92			84			92			(3)		(4)		(24)		(26)
Deferred compensation expense	(2)			(18)			(5)			1			4			16		89		(6)		NM
Adjusted total personnel expense	251			244			275			274			286			7		3		(35)		(12)
Adjusted occupancy and equipment2	70			72			72			73			74			(2)		(3)		(4)		(5)
Adjusted outside services	64			61			59			66			65			3		5		(1)		(2)
Adjusted amortization of intangible assets	12			12			12			13			13			—		—		(1)		(8)
Adjusted other noninterest expense	48			50			37			46			42			(2)		(4)		6		14
Adjusted total noninterest expense	$	444		$	438		$	455		$	474		$	480		$	6	1	%	$	(36)	(8)	%

Adjusted pre-provision net revenue3	$	403		$	295		$	249		$	274		$	284		$	108	37	%	$	119	42	%

Adjusted provision for credit losses	$	60		$	30		$	(40)		$	(65)		$	(85)		$	30	100	%	$	145	NM







Adjusted net income available to common shareholders	$	252		$	195		$	211		$	260		$	275		$	57	29	%	$	(23)	(8)	%

Adjusted Common Share Data


Adjusted diluted EPS	$	0.44		$	0.34		$	0.38		$	0.48		$	0.50		$	0.10	29	%	$	(0.06)	(12)	%
Diluted shares8	570			569			550			542			550			1		—	%	20		4	%

Adjusted effective tax rate	22.4		%	21.7		%	22.5		%	19.5		%	21.8		%
Adjusted ROTCE	17.9		%	14.2		%	14.7		%	17.5		%	18.4		%
Adjusted efficiency ratio	52.4		%	59.8		%	64.6		%	63.3		%	62.9		%

Numbers may not foot due to rounding.

See footnote disclosures on page 21.


NOTABLE ITEMS
Quarterly, Unaudited



(In millions)	3Q22		2Q22		1Q22		4Q21		3Q21
Summary of Notable Items:
Gain/(loss) on TRUPS redemption (other noninterest income)	$	—	$	—	$	—	$	(3)	$	(23)
IBKC Branch sale gain (other noninterest income)	—		—		—		4		2
Gain on sale of title services business	21		—		—		—		—
Gain related to equity securities investment	10		—		—		—		—
Gain related to a fintech investment	—		—		6		—		—
Gain on sale of mortgage servicing rights	—		12		—		—		—
IBKC merger/acquisition expense	(3)		(13)		(28)		(38)		(46)
TD transaction-related expense	(21)		(25)		(9)		—		—
Other notable expenses*	—		(12)		—		(16)		—
Total notable items	$	7	$	(38)	$	(32)	$	(54)	$	(68)
EPS impact of notable items	$	0.01	$	(0.05)	$	(0.04)	$	(0.08)	$	(0.09)

Numbers may not foot due to rounding

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


IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited



(In millions)	3Q22		2Q22		1Q22		4Q21		3Q21
Impacts of Notable Items:



Noninterest income:

Mortgage banking and title	$	—	$	(12)	$	—	$	—	$	—




Other noninterest income	(32)		—		(6)		—		22
Total noninterest income	$	(32)	$	(13)	$	(6)	$	—	$	22


Noninterest expense:
Personnel expenses:
Salaries and benefits	$	—	$	1	$	(2)	$	—	$	—
Incentives and commissions	(24)		(22)		(2)		(9)		(10)
Deferred compensation expense	—		—		—		(6)		—
Total personnel expenses	(25)		(21)		(4)		(16)		(10)
Occupancy and equipment2	(1)		(1)		—		—		(1)
Outside services	(2)		(9)		(25)		(15)		(24)
Amortization of intangible assets	(1)		(1)		(1)		(1)		(1)
Other noninterest expense	4		(18)		(7)		(23)		(10)
Total noninterest expense	$	(25)	$	(50)	$	(37)	$	(54)	$	(46)







Income before income taxes	$	(7)	$	38	$	32	$	54	$	68
Provision for income taxes	(2)		9		7		13		17




Net income/(loss) available to common shareholders	$	(5)	$	29	$	24	$	41	$	51

Numbers may not foot due to rounding


FINANCIAL RATIOS
Quarterly, Unaudited
																3Q22 Change vs.
	3Q22			2Q22			1Q22			4Q21			3Q21			2Q22					3Q21
FINANCIAL RATIOS																$/bp			%		$/bp			%
Net interest margin	3.49		%	2.74		%	2.37		%	2.42		%	2.41		%	75		bp			108		bp

Return on average assets	1.29		%	0.82		%	0.90		%	1.02		%	1.05		%	47					24
Adjusted return on average assets4	1.27		%	0.95		%	1.02		%	1.21		%	1.28		%	32					(1)
Return on average common equity (“ROCE”)	13.85		%	9.12		%	9.92		%	11.26		%	11.43		%	473					242

Return on average tangible common equity (“ROTCE”)4	18.23		%	12.07		%	12.98		%	14.72		%	14.95		%	616					328
Adjusted ROTCE4	17.89		%	14.15		%	14.68		%	17.51		%	18.36		%	374					(47)
Noninterest income as a % of total revenue	24.30		%	27.06		%	32.31		%	33.10		%	33.39		%	(276)					(909)
Adjusted noninterest income as a % of total revenue4	21.37		%	25.68		%	31.63		%	32.95		%	35.14		%	(431)					(1,377)
Efficiency ratio	53.56		%	65.76		%	69.66		%	70.88		%	71.21		%	(1,220)					(1,765)
Adjusted efficiency ratio4	52.42		%	59.79		%	64.64		%	63.31		%	62.87		%	(737)					(1,045)

CAPITAL DATA
CET1 capital ratio*	9.9		%	9.8		%	10.0		%	9.9		%	10.1		%	12		bp			(16)		bp
Tier 1 capital ratio*	11.7		%	11.6		%	11.8		%	11.0		%	11.2		%	8		bp			46		bp
Total capital ratio*	13.1		%	13.0		%	13.2		%	12.3		%	12.6		%	13		bp			45		bp
Tier 1 leverage ratio*	9.8		%	9.1		%	8.8		%	8.1		%	8.1		%	67		bp			165		bp
Risk-weighted assets (“RWA”) (billions)	$	68.7		$	67.3		$	65.0		$	64.2		$	63.0		$	1		2	%	$	6		9	%
Total equity to total assets	10.32		%	10.04		%	9.81		%	9.53		%	9.64		%	28		bp			68		bp
Tangible common equity/tangible assets (“TCE/TA”)4	6.64		%	6.55		%	6.44		%	6.73		%	6.80		%	9		bp			(16)		bp
Period-end shares outstanding (millions)	537			536			535			534			542			1			—	%	(5)			(1)	%
Cash dividends declared per common share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15		$	—		—	%	$	—		—	%
Book value per common share	$	12.99		$	13.50		$	13.82		$	14.39		$	14.24		$	(0.51)		(4)	%	$	(1.25)		(9)	%
Tangible book value per common share4	$	9.72		$	10.18		$	10.46		$	11.00		$	10.88		$	(0.46)		(5)	%	$	(1.16)		(11)	%


SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	86.88		%	80.13		%	74.23		%	73.25		%	74.65		%	675		bp			1,223		bp
Loans-to-deposit ratio (average balances)	82.99		%	77.25		%	72.93		%	73.29		%	75.28		%	574		bp			771		bp
Full-time equivalent associates	7,569			7,627			7,900			7,863			7,982			(58)			(1)	%	(413)			(5)	%

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

*Current quarter is an estimate.

See footnote disclosures on page 21.

CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited


											3Q22 Change vs.
(In millions)	3Q22		2Q22		1Q22		4Q21		3Q21		2Q22				3Q21
											$		%		$		%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	31,620	$	31,276	$	30,798	$	31,068	$	31,516	$	344	1	%	$	104	—	%
Commercial real estate	13,021		12,942		12,487		12,109		12,194		79		1		827		7
Total Commercial	44,641		44,218		43,285		43,177		43,710		423		1		931		2
Consumer real estate	11,864		11,441		10,874		10,772		10,787		423		4		1,077		10
Credit card and other5	849		870		854		910		938		(21)		(2)		(89)		(10)
Total Consumer	12,712		12,311		11,727		11,682		11,725		402		3		987		8
Loans and leases, net of unearned income	57,354		56,529		55,012		54,859		55,435		825		1		1,919		3
Loans held for sale	680		870		1,014		1,172		1,052		(190)		(22)		(372)		(35)
Investment securities	10,103		9,628		9,943		9,419		8,798		475		5		1,305		15
Trading securities	1,421		1,392		1,823		1,601		1,319		29		2		102		8
Interest-bearing deposits with banks	3,241		9,475		13,548		14,907		14,829		(6,234)		(66)		(11,587)		(78)
Federal funds sold and securities purchased under agreements to resell	690		712		640		641		361		(22)		(3)		329		91
Total interest earning assets	73,489		78,606		81,980		82,600		81,794		(5,117)		(7)		(8,305)		(10)
Cash and due from banks	1,193		1,133		1,225		1,147		1,197		60		5		(4)		—
Goodwill and other intangible assets, net	1,757		1,782		1,795		1,808		1,822		(26)		(1)		(65)		(4)
Premises and equipment, net	622		636		669		665		692		(15)		(2)		(70)		(10)
Allowance for loan and lease losses	(664)		(624)		(622)		(670)		(734)		(40)		(6)		70		9
Other assets	3,903		3,598		3,614		3,542		3,766		304		8		137		4
Total assets	$	80,299	$	85,132	$	88,660	$	89,092	$	88,537	$	(4,833)	(6)	%	$	(8,239)	(9)	%

Liabilities and Shareholders' Equity:
Deposits:
Savings	$	22,800	$	24,376	$	25,772	$	26,457	$	27,425	$	(1,576)	(6)	%	$	(4,625)	(17)	%
Time deposits	2,671		2,888		3,165		3,500		3,920		(217)		(7)		(1,249)		(32)
Other interest-bearing deposits	14,730		16,172		17,126		17,054		15,571		(1,442)		(9)		(840)		(5)
Total interest-bearing deposits	40,202		43,436		46,063		47,012		46,916		(3,234)		(7)		(6,715)		(14)
Trading liabilities	383		394		513		426		315		(11)		(3)		69		22
Short-term borrowings	1,416		1,953		1,719		2,124		2,225		(537)		(27)		(809)		(36)
Term borrowings	1,597		1,599		1,591		1,590		1,584		(3)		—		13		1
Total interest-bearing liabilities	43,598		47,382		49,885		51,151		51,040		(3,784)		(8)		(7,442)		(15)
Noninterest-bearing deposits	25,813		27,114		28,052		27,883		27,348		(1,301)		(5)		(1,536)		(6)
Other liabilities	2,605		2,085		2,027		1,564		1,617		520		25		988		61
Total liabilities	72,016		76,581		79,964		80,598		80,005		(4,566)		(6)		(7,989)		(10)
Shareholders' Equity:
Preferred stock	1,014		1,014		1,014		520		520		—		—		494		95
Common stock	335		335		334		333		339		—		—		(3)		(1)
Capital surplus	4,812		4,791		4,769		4,742		4,866		22		—		(54)		(1)
Retained earnings	3,254		3,079		2,996		2,891		2,754		175		6		500		18
Accumulated other comprehensive loss, net	(1,427)		(963)		(711)		(288)		(241)		(464)		(48)		(1,187)		NM
Combined shareholders' equity	7,987		8,255		8,400		8,199		8,237		(268)		(3)		(250)		(3)
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	8,283		8,551		8,696		8,494		8,533		(268)		(3)		(250)		(3)
Total liabilities and shareholders' equity	$	80,299	$	85,132	$	88,660	$	89,092	$	88,537	$	(4,833)	(6)	%	$	(8,239)	(9)	%
Memo:
Total Deposits	$	66,014	$	70,550	$	74,114	$	74,895	$	74,265	$	(4,535)	(6)	%	$	(8,250)	(11)	%
Unfunded Loan Commitments:
Commercial	$	23,706	$	23,251	$	21,813	$	20,487	$	19,019	$	455	2	%	$	4,687	25	%
Consumer	$	4,248	$	3,972	$	3,882	$	3,936	$	3,892	$	276	7	%	$	356	9	%

Numbers may not foot due to rounding. See footnote disclosures on page 21.

CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly, Unaudited


											3Q22 Change vs.
(In millions)	3Q22		2Q22		1Q22		4Q21		3Q21		2Q22				3Q21
											$		%		$		%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	31,120	$	30,963	$	30,215	$	30,780	$	31,477	$	157	1	%	$	(357)	(1)	%
Commercial real estate	12,926		12,626		12,229		12,220		12,264		300		2		662		5
Total Commercial	44,046		43,589		42,445		43,001		43,741		457		1		305		1
Consumer real estate	11,633		11,120		10,769		10,738		10,819		513		5		814		8
Credit card and other5	864		867		869		943		948		(3)		—		(84)		(9)
Total Consumer	12,496		11,987		11,638		11,681		11,767		509		4		729		6
Loans and leases, net of unearned income	56,543		55,576		54,082		54,682		55,508		967		2		1,035		2
Loans held-for-sale	761		1,027		1,156		1,252		992		(266)		(26)		(231)		(23)
Investment securities	10,315		9,781		9,668		9,269		8,494		533		5		1,820		21
Trading securities	1,342		1,509		1,594		1,552		1,171		(167)		(11)		171		15
Interest-bearing deposits with banks	6,341		10,989		14,902		15,065		15,022		(4,648)		(42)		(8,681)		(58)
Federal funds sold and securities purchased under agreements to resell	661		857		753		650		587		(196)		(23)		74		13
Total interest earning assets	75,963		79,739		82,155		82,469		81,775		(3,776)		(5)		(5,812)		(7)
Cash and due from banks	1,246		1,281		1,226		1,263		1,263		(36)		(3)		(17)		(1)
Goodwill and other intangibles assets, net	1,767		1,789		1,802		1,815		1,829		(21)		(1)		(62)		(3)
Premises and equipment, net	629		645		655		676		703		(16)		(3)		(74)		(11)
Allowances for loan and lease losses	(639)		(621)		(658)		(714)		(793)		(18)		(3)		154		19
Other assets	3,585		3,493		3,407		3,515		3,624		92		3		(39)		(1)
Total assets	$	82,551	$	86,326	$	88,587	$	89,025	$	88,401	$	(3,775)	(4)	%	$	(5,850)	(7)	%

Liabilities and shareholders' equity:
Deposits:
Savings	$	23,569	$	24,841	$	26,330	$	26,731	$	27,793	$	(1,272)	(5)	%	$	(4,224)	(15)	%
Time deposits	2,759		3,040		3,343		3,695		4,121		(281)		(9)		(1,362)		(33)
Other interest-bearing deposits	15,102		16,273		16,558		15,900		15,333		(1,171)		(7)		(231)		(2)
Total interest-bearing deposits	41,431		44,154		46,230		46,326		47,248		(2,723)		(6)		(5,816)		(12)
Trading liabilities	372		585		614		556		527		(213)		(36)		(155)		(29)
Short-term borrowings	1,711		1,710		1,995		2,249		2,452		1		—		(741)		(30)
Term borrowings	1,598		1,597		1,591		1,575		1,665		1		—		(67)		(4)
Total interest-bearing liabilities	45,112		48,046		50,430		50,707		51,892		(2,934)		(6)		(6,779)		(13)
Noninterest-bearing deposits	26,701		27,791		27,926		28,282		26,485		(1,089)		(4)		216		1
Other liabilities	2,068		1,875		1,613		1,511		1,447		193		10		621		43
Total liabilities	73,882		77,712		79,969		80,499		79,824		(3,830)		(5)		(5,942)		(7)
Shareholders' Equity:
Preferred stock	1,014		1,014		695		520		520		—		—		494		95
Common stock	335		335		334		336		342		1		—		(6)		(2)
Capital surplus	4,802		4,778		4,753		4,811		4,936		24		1		(134)		(3)
Retained earnings	3,175		3,051		2,938		2,819		2,673		124		4		502		19
Accumulated other comprehensive loss, net	(953)		(859)		(398)		(256)		(190)		(94)		(11)		(763)		NM
Combined shareholders' equity	8,373		8,318		8,323		8,230		8,281		55		1		92		1
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	8,669		8,614		8,619		8,526		8,577		55		1		92		1
Total liabilities and shareholders' equity	$	82,551	$	86,326	$	88,587	$	89,025	$	88,401	$	(3,775)	(4)	%	$	(5,850)	(7)	%
Memo:
Total Deposits	$	68,133	$	71,945	$	74,156	$	74,608	$	73,733	$	(3,813)	(5)	%	$	(5,600)	(8)	%

Numbers may not foot due to rounding. See footnote disclosures on page 21.


CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited
																					3Q22 Change vs.
	3Q22				2Q22				1Q22				4Q21				3Q21				2Q22				3Q21
(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	$	496	4.47	%	$	382	3.52	%	$	339	3.24	%	$	365	3.37	%	$	372	3.37	%	$	114	30	%	$	124	33	%


Consumer	124		3.94		112		3.74		108		3.71		110		3.77		112		3.83		12		11		12		11
Loans and leases, net of unearned income	619		4.35		494		3.57		447		3.34		475		3.45		484		3.47		125		25		135		28
Loans held-for-sale	9		4.91		10		3.89		10		3.51		11		3.49		8		3.25		(1)		(10)		1		12
Investment securities	55		2.14		46		1.87		38		1.59		33		1.43		31		1.48		9		20		24		78
Trading securities	15		4.55		13		3.43		11		2.75		10		2.50		6		2.07		2		15		9		147
Interest-bearing deposits with banks	34		2.15		22		0.79		7		0.19		6		0.15		6		0.16		12		55		28		NM
Federal funds sold and securities purchased under agreements	2		2.04		1		0.66		—		(0.04)		—		(0.09)		—		(0.03)		1		100		2		NM
Interest income	$	737	3.86	%	$	586	2.95	%	$	513	2.52	%	$	534	2.58	%	$	536	2.61	%	$	151	26	%	$	201	38	%

Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$	18	0.31	%	$	5	0.08	%	$	3	0.05	%	$	4	0.06	%	$	9	0.12	%	$	13	NM		$	9	110	%
Time deposits	2		0.50		4		0.50		4		0.51		5		0.56		6		0.62		(2)		(50)		(4)		(69)
Other interest-bearing deposits	21		0.56		9		0.22		4		0.09		4		0.10		5		0.12		12		133		16		NM
Total interest-bearing deposits	42		0.41		18		0.16		11		0.10		13		0.11		20		0.17		24		133		22		113
Trading liabilities	3		3.03		4		2.52		3		1.69		2		1.38		1		1.11		(1)		(25)		2		103
Short-term borrowings	7		2.22		2		0.58		1		0.15		1		0.18		1		0.24		5		NM		6		NM
Term borrowings	18		4.57		17		4.38		17		4.29		17		4.30		18		4.39		1		6		—		(2)
Interest expense	71		0.63		41		0.34		31		0.25		33		0.26		41		0.31		30		73		30		73
Net interest income - tax equivalent basis	666		3.23		545		2.61		482		2.27		502		2.32		495		2.30		121		22		171		35
Fully taxable equivalent adjustment	(4)		0.26		(3)		0.13		(3)		0.10		(3)		0.10		(3)		0.11		(1)		(33)		(1)		(36)
Net interest income	$	662	3.49	%	$	542	2.74	%	$	479	2.37	%	$	498	2.42	%	$	492	2.41	%	$	120	22	%	$	170	35	%

Memo:
Total loan yield			4.35	%			3.57	%			3.34	%			3.45	%			3.47	%
Total deposit cost			0.25	%			0.10	%			0.06	%			0.07	%			0.11	%
Total funding cost			0.39	%			0.22	%			0.16	%			0.16	%			0.21	%

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

Earning assets yields are expressed net of unearned income.

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

Numbers may not foot due to rounding.

See footnote disclosures on page 21.


CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited

	As of															3Q22 change vs.
(In millions, except ratio data)	3Q22			2Q22			1Q22			4Q21			3Q21			2Q22				3Q21
																$		%		$		%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$	116		$	129		$	153		$	125		$	144		$	(12)	(10)	%	$	(27)	(19)	%
Commercial real estate	10			11			12			9			58			—		(2)		(48)		(82)
Consumer real estate	163			159			165			138			143			4		2		19		14
Credit card and other	3			3			3			3			2			—		3		1		28
Total nonperforming loans and leases	$	292		$	301		$	332		$	275		$	347		$	(9)	(3)	%	$	(55)	(16)	%

Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.37		%	0.41		%	0.50		%	0.40		%	0.46		%
Commercial real estate	0.08			0.08			0.09			0.08			0.48
Consumer real estate	1.37			1.39			1.52			1.29			1.33
Credit card and other	0.31			0.29			0.32			0.31			0.22
Total nonperforming loans and leases to loans and leases	0.51		%	0.53		%	0.60		%	0.50		%	0.63		%

Numbers may not foot due to rounding.


CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Quarterly, Unaudited

	As of										3Q22 change vs.
(In millions)	3Q22		2Q22		1Q22		4Q21		3Q21		2Q22				3Q21
											$		%		$		%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)	$	1	$	1	$	6	$	5	$	1	$	1	143	%	$	—	22	%
Commercial real estate	—		—		—		—		2		—		(100)		(2)		(100)
Consumer real estate	17		14		14		33		12		3		20		5		40
Credit card and other	6		3		3		2		2		3		102		4		NM
Total loans and leases 90 days or more past due and accruing	$	24	$	17	$	23	$	40	$	16	$	6	36	%	$	7	46	%

Numbers may not foot due to rounding.


CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited

	As of															3Q22 change vs.
(In millions, except ratio data)	3Q22			2Q22			1Q22			4Q21			3Q21			2Q22				3Q21
Charge-off, Recoveries and Related Ratios																$		%		$		%
Gross Charge-offs
Commercial, financial, and industrial (C&I)	$	13		$	12		$	13		$	5		$	12		$	1	5	%	$	1	11	%
Commercial real estate	1			—			—			—			2			—		NM		(2)		(78)
Consumer real estate	1			2			1			2			1			(1)		(57)		—		32
Credit card and other	7			7			5			4			5			—		1		2		46
Total gross charge-offs	$	21		$	21		$	19		$	11		$	19		$	—	(1)	%	$	2	9	%
Gross Recoveries
Commercial, financial, and industrial (C&I)	$	(2)		$	(1)		$	(3)		$	(3)		$	(7)		$	(1)	(59)	%	$	5	73	%
Commercial real estate	—			(1)			—			—			(2)			1		91		2		96
Consumer real estate	(6)			(6)			(5)			(5)			(7)			—		(9)		1		18
Credit card and other	(1)			(1)			(1)			(1)			—			—		(8)		(1)		NM
Total gross recoveries	$	(9)		$	(9)		$	(9)		$	(10)		$	(16)		$	—	(5)	%	$	7	43	%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I)	$	11		$	11		$	10		$	1		$	5		$	—	(1)	%	$	6	128	%
Commercial real estate	—			(1)			—			—			—			1		NM		—		37
Consumer real estate	(5)			(3)			(4)			(3)			(7)			(2)		(54)		2		24
Credit card and other	5			5			4			3			4			—		(1)		1		21
Total net charge-offs	$	12		$	12		$	10		$	1		$	3		$	(1)	(5)	%	$	9	NM

Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I)	0.14		%	0.14		%	0.13		%	0.01		%	0.06		%
Commercial real estate	0.01			(0.03)			(0.01)			(0.01)			0.01
Consumer real estate	(0.17)			(0.12)			(0.15)			(0.10)			(0.24)
Credit card and other	2.46			2.49			1.85			1.26			1.86
Total loans and leases	0.08		%	0.09		%	0.07		%	0.01		%	0.02		%

Numbers may not foot due to rounding.


CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS
Quarterly, Unaudited

	As of										3Q22 Change vs.
(In millions)	3Q22		2Q22		1Q22		4Q21		3Q21		2Q22				3Q21
Summary of Changes in the Components of the Allowance For Credit Losses											$		%		$		%
Allowance for loan and lease losses - beginning	$	624	$	622	$	670	$	734	$	815	$	2	—	%	$	(191)	(23)	%













Charge-offs:
Commercial, financial, and industrial (C&I)	(13)		(12)		(13)		(5)		(12)		(1)		(5)		(1)		(11)
Commercial real estate	(1)		—		—		—		(2)		—		NM		2		78
Consumer real estate	(1)		(2)		(1)		(2)		(1)		1		57		—		(32)
Credit card and other	(7)		(7)		(5)		(4)		(5)		—		(1)		(2)		(46)
Total charge-offs	(21)		(21)		(19)		(11)		(19)		—		1		(2)		(9)
Recoveries:
Commercial, financial, and industrial (C&I)	2		1		3		3		7		1		59		(5)		(73)
Commercial real estate	—		1		—		—		2		(1)		(91)		(2)		(96)
Consumer real estate	6		6		5		5		7		—		9		(1)		(18)
Credit card and other	1		1		1		1		—		—		8		1		NM
Total Recoveries	9		9		9		10		16		—		5		(7)		(43)
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)	32		(2)		(36)		(40)		(5)		34		NM		37		NM
Commercial real estate	8		(12)		(3)		(9)		(48)		19		NM		56		116
Consumer real estate	5		16		(3)		(18)		(31)		(11)		(68)		36		117
Credit card and other	7		12		4		3		6		(4)		(38)		1		15
Total provision for loan and lease losses:	52		14		(38)		(63)		(78)		38		NM		130		NM
Allowance for loan and lease losses - ending	$	664	$	624	$	622	$	670	$	734	$	40	6	%	$	(70)	(9)	%

Reserve for unfunded commitments - beginning	$	80	$	64	$	66	$	68	$	75	$	16	25	%	$	5	7	%
Cumulative effect of change in accounting principle	—		—		—		—		—		—		NM		—		NM
Acquired reserve for unfunded commitments	—		—		—		—		—		—		NM		—		NM
Provision for unfunded commitments	8		16		(2)		(2)		(7)		(8)		(50)		15		NM
Reserve for unfunded commitments - ending	$	88	$	80	$	64	$	66	$	68	$	8	10	%	$	20	29	%
Total allowance for credit losses- ending	$	752	$	704	$	686	$	736	$	802	$	48	7	%	$	(50)	(6)	%

Numbers may not foot due to rounding.


CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES
Quarterly, Unaudited

	As of
	3Q22		2Q22		1Q22		4Q21		3Q21

Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	0.93	%	0.88	%	0.93	%	1.07	%	1.19	%
Commercial real estate	1.14	%	1.09	%	1.21	%	1.27	%	1.33	%
Consumer real estate	1.63	%	1.60	%	1.51	%	1.51	%	1.65	%
Credit card and other	3.32	%	3.01	%	2.31	%	2.14	%	2.03	%
Total allowance for loans and lease losses to loans and leases	1.16	%	1.10	%	1.13	%	1.22	%	1.32	%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	253	%	213	%	188	%	268	%	261	%
Commercial real estate	1,422	%	1,331	%	1,303	%	1,671	%	278	%
Consumer real estate	119	%	115	%	99	%	118	%	125	%
Credit card and other	1,070	%	1,021	%	730	%	699	%	926	%
Total allowance for loans and lease losses to nonperforming loans and leases	228	%	207	%	187	%	244	%	211	%

REGIONAL BANKING

Quarterly, Unaudited


																3Q22 Change vs.
	3Q22			2Q22			1Q22			4Q21			3Q21			2Q22					3Q21
																$/bp			%		$/bp			%
Income Statement (millions)
Net interest income	$	517		$	465		$	428		$	449		$	444		$	52		11	%	$	73		16	%
Noninterest income	110			114			114			115			113			(4)			(4)		(3)			(3)
Total revenue	627			579			541			564			557			48			8		70			13
Noninterest expense	304			301			306			300			292			3			1		12			4
Pre-provision net revenue3	323			277			235			263			265			46			17		58			22
Provision for credit losses	43			52			(30)			(60)			(52)			(9)			(17)		95			NM
Income before income tax expense	281			226			266			323			317			55			24		(36)			(11)
Income tax expense	66			53			63			76			74			13			25		(8)			(11)
Net income	$	215		$	173		$	203		$	248		$	243		$	42		24	%	$	(28)		(12)	%

Average Balances (billions)
Total loans and leases	$	40.1		$	39.2		$	38.0		$	37.7		$	38.5		$	0.9		2	%	$	1.6		4	%
Interest-earning assets	40.1			39.2			38.0			37.8			38.5			0.9			2		1.6			4
Total assets	42.8			42.0			40.5			40.0			40.9			0.8			2		1.9			5
Total deposits	62.0			64.6			66.6			66.7			65.6			(2.6)			(4)		(3.6)			(5)

Key Metrics
Net interest margin6	5.15		%	4.78		%	4.58		%	4.75		%	4.60		%	37		bp			55		bp
Efficiency ratio	48.47		%	52.05		%	56.51		%	53.25		%	52.41		%	(358)		bp			(394)		bp
Loans-to-deposits ratio (period-end balances)	66.79		%	62.79		%	57.47		%	57.27		%	59.82		%	400		bp			697		bp
Loans-to-deposits ratio (average-end balances)	64.70		%	60.71		%	56.97		%	58.78		%	61.48		%	399		bp			322		bp
Return on average assets (annualized)	1.99		%	1.65		%	2.03		%	2.45		%	2.36		%	34		bp			(37)		bp
Return on allocated equity7	23.93		%	19.63		%	23.54		%	27.95		%	26.85		%	430		bp			(292)		bp
Financial center locations	417			417			417			427			438			—			—	%	(21)			(5)	%

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 21.

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


																3Q22 Change vs.
	3Q22			2Q22			1Q22			4Q21			3Q21			2Q22					3Q21
																$/bp			%		$/bp			%
Income Statement (millions)
Net interest income	$	138		$	141		$	144		$	154		$	154		$	(3)		(2)	%	$	(16)		(10)	%
Noninterest income	64			96			105			120			142			(32)			(33)		(78)			(55)
Total revenue	202			237			250			274			295			(35)			(15)		(93)			(32)
Noninterest expense	104			113			132			128			138			(9)			(8)		(34)			(25)
Pre-provision net revenue3	98			124			118			146			157			(26)			(21)		(59)			(38)
Provision for credit losses	17			(18)			(2)			(3)			(33)			35			NM		50			NM
Income before income tax expense	81			143			121			149			190			(62)			(43)		(109)			(57)
Income tax expense	20			35			29			36			46			(15)			(43)		(26)			(57)
Net income	$	61		$	108		$	91		$	113		$	144		$	(47)		(44)	%	$	(83)		(58)	%

Average Balances (billions)
Total loans and leases	$	15.9		$	15.8		$	15.5		$	16.3		$	16.3		$	0.1		1	%	$	(0.4)		(3)	%
Interest-earning assets	18.6			19.1			19.0			19.8			19.2			(0.5)			(3)		(0.6)			(3)
Total assets	19.7			20.2			20.2			21.0			20.5			(0.5)			(2)		(0.8)			(4)
Total deposits	5.2			6.3			6.5			6.7			6.2			(1.1)			(18)		(1.0)			(16)

Key Metrics
Fixed income product average daily revenue (thousands)	$	524		$	612		$	987		$	1,123		$	1,323		$	(88)		(14)	%	$	(799)		(60)	%
Net interest margin6	2.96		%	2.97		%	3.07		%	3.10		%	3.18		%	(1)		bp			(22)		bp
Efficiency ratio	51.39		%	47.60		%	52.74		%	46.74		%	46.83		%	379		bp			456		bp
Loans-to-deposits ratio (period-end balances)	378		%	268		%	256		%	274		%	308		%	10,977		bp			6,988		bp
Loans-to-deposits ratio (average-end balances)	307		%	250		%	239		%	266		%	293		%	5,707		bp			1,449		bp
Return on average assets (annualized)	1.23		%	2.14		%	1.83		%	2.14		%	2.79		%	(91)		bp			(156)		bp
Return on allocated equity7	14.95		%	26.13		%	22.84		%	25.31		%	31.41		%	(1,118)		bp			(1,646)		bp

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 21.

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


											3Q22 Change vs.
	3Q22		2Q22		1Q22		4Q21		3Q21		2Q22				3Q21
											$		%		$		%
Income Statement (millions)
Net interest income/(expense)	$	7	$	(64)	$	(93)	$	(104)	$	(106)	$	71	111	%	$	113	107	%
Noninterest income	39		(8)		9		11		(8)		47		NM		47		NM
Total revenues	45		(73)		(84)		(93)		(114)		118		NM		159		139
Noninterest expense	61		75		55		100		95		(14)		(19)		(34)		(36)
Pre-provision net revenue3	(15)		(147)		(139)		(193)		(210)		132		90		195		93
Provision for credit losses	—		(4)		(7)		(2)		—		4		100		—		NM
Income before income tax expense	(15)		(144)		(132)		(191)		(210)		129		90		195		93
Income tax expense (benefit)	(7)		(40)		(35)		(59)		(57)		33		83		50		88
Net income/(loss)	$	(8)	$	(104)	$	(97)	$	(132)	$	(152)	$	96	92	%	$	144	95	%

Average Balance Sheet (billions)
Interest bearing assets	$	17.3	$	21.5	$	25.2	$	25.0	$	24.0	$	(4.1)	(19)	%	$	(6.7)	(28)	%
Total assets	20.0		24.1		27.8		27.9		27.0		(4.2)		(17)		(7.0)		(26)

Numbers may not add to total due to rounding.

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

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

FOOTNOTES

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

2 Occupancy and Equipment expense includes Computer Software Expense.

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

4 Represents a non-GAAP measure and is reconciled to the nearest GAAP measure in the non-GAAP to GAAP reconciliations beginning on page 22.

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


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

($s in millions, except per share data)	3Q22			2Q22			1Q22			4Q21			3Q21

Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$	8,283		$	8,551		$	8,696		$	8,494		$	8,533
Less: Noncontrolling interest (a)	295			295			295			295			295
Less: Preferred stock (a)	1,014			1,014			1,014			520			520
(B) Total common equity	$	6,974		$	7,242		$	7,387		$	7,679		$	7,717
Less: Intangible assets (GAAP) (b)	1,757			1,782			1,795			1,808			1,822
(C) Tangible common equity (Non-GAAP)	$	5,217		$	5,459		$	5,592		$	5,871		$	5,895

Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$	80,299		$	85,132		$	88,660		$	89,092		$	88,537
Less: Intangible assets (GAAP) (b)	1,757			1,782			1,795			1,808			1,822
(E) Tangible assets (Non-GAAP)	$	78,542		$	83,350		$	86,865		$	87,284		$	86,715












Period-end Shares Outstanding
(F) Period-end shares outstanding	537			536			535			534			542

Ratios


(A)/(D) Total equity to total assets (GAAP)	10.32		%	10.04		%	9.81		%	9.53		%	9.64		%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	6.64		%	6.55		%	6.44		%	6.73		%	6.80		%
(B)/(F) Book value per common share (GAAP)	$	12.99		$	13.50		$	13.82		$	14.39		$	14.24
(C)/(F) Tangible book value per common share (Non-GAAP)	$	9.72		$	10.18		$	10.46		$	11.00		$	10.88

(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
	3Q22						2Q22						1Q22						4Q21						3Q21
($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	$	733	$	4	$	737	$	583	$	3	$	586	$	510	$	3	$	513	$	531	$	3	$	534	$	533	$	3	$	536
Interest expense- FTE	71		—		71		41		—		41		31		—		31		33		—		33		41		—		41
Net interest income- FTE	662		4		666		542		3		545		479		3		482		498		3		502		492		3		495
Less: Taxable-equivalent adjustment	—		4		4		—		3		3		—		3		3		—		3		3		—		3		3


Net interest income	662		—		662		542		—		542		479		—		479		498		—		498		492		—		492
Noninterest income:
Fixed income	46		—		46		51		—		51		73		—		73		82		—		82		96		—		96
Mortgage banking and title	9		—		9		34		(12)		22		22		—		22		28		—		28		34		—		34
Brokerage, trust, and insurance	34		—		34		36		—		36		37		—		37		36		—		36		37		—		37
Service charges and fees	56		—		56		57		—		57		57		—		57		56		—		56		56		—		56
Card and digital banking fees	21		—		21		23		—		23		20		—		20		19		—		19		21		—		21
Deferred compensation income	(3)		—		(3)		(17)		—		(17)		(4)		—		(4)		—		—		—		3		—		3
Other noninterest income	50		(32)		18		16		—		15		24		(6)		18		25		—		25		(1)		22		21
Total noninterest income	213		(32)		181		201		(13)		188		229		(6)		223		247		—		246		247		22		268
Total revenue	875		(32)		843		743		(13)		730		707		(6)		702		745		—		745		738		22		760
Noninterest expense:
Personnel expense:
Salaries and benefits	186		—		185		190		1		191		190		(2)		188		190		—		189		191		—		191
Incentives and commissions	92		(24)		68		93		(22)		71		94		(2)		92		93		(9)		84		101		(10)		92
Deferred compensation expense	(2)		—		(2)		(18)		—		(18)		(5)		—		(5)		7		(6)		1		4		—		4
Total personnel expense	275		(25)		251		265		(21)		244		280		(4)		275		290		(16)		274		296		(10)		286
Occupancy and equipment	71		(1)		70		73		(1)		72		72		—		72		74		—		73		75		(1)		74
Outside services	66		(2)		64		70		(9)		61		84		(25)		59		81		(15)		66		89		(24)		65
Amortization of intangible assets	13		(1)		12		13		(1)		12		13		(1)		12		14		(1)		13		14		(1)		13
Other noninterest expense	44		4		48		68		(18)		50		44		(7)		37		70		(23)		46		52		(10)		42
Total noninterest expense	468		(25)		444		489		(50)		438		493		(37)		455		528		(54)		474		526		(46)		480
Pre-provision net revenue	406		(7)		399		255		38		293		215		32		246		217		54		271		213		68		281
Provision for credit losses	60		—		60		30		—		30		(40)		—		(40)		(65)		—		(65)		(85)		—		(85)
Income before income taxes	346		(7)		339		225		38		263		255		32		286		282		54		336		298		68		365
Provision for income taxes	78		(2)		76		48		9		57		57		7		64		53		13		65		63		17		80
Net income	268		(5)		263		177		29		205		198		24		222		229		41		271		235		51		286
Net income attributable to noncontrolling interest	3		—		3		3		—		3		3		—		3		3		—		3		3		—		3
Net income attributable to controlling interest	265		(5)		260		174		29		202		195		24		219		227		41		268		232		51		283
Preferred stock dividends	8		—		8		8		—		8		8		—		8		8		—		8		8		—		8
Net income available to common shareholders	$	257	$	(5)	$	252	$	166	$	29	$	195	$	187	$	24	$	211	$	219	$	41	$	260	$	224	$	51	$	275
Common Stock Data
EPS	$	0.48	$	0.01	$	0.47	$	0.31	$	(0.05)	$	0.36	$	0.35	$	(0.05)	$	0.40	$	0.41	$	(0.08)	$	0.48	$	0.41	$	(0.09)	$	0.50
Basic shares	536				536		535				535		533				533		537				537		546				546
Diluted EPS	$	0.45	$	0.01	$	0.44	$	0.29	$	(0.05)	$	0.34	$	0.34	$	(0.04)	$	0.38	$	0.40	$	(0.08)	$	0.48	$	0.41	$	(0.09)	$	0.50
Diluted shares8	570				570		569				569		550				550		542				542		550				550
Memo:
Total Revenue-FTE (Non-GAAP)	$	875	$	(28)	$	847	$	743	$	(10)	$	733	$	707	$	3	$	704	$	745	$	3	$	748	$	738	$	24	$	763
PPNR-FTE (Non-GAAP)	$	406	$	(3)	$	403	$	255	$	39	$	295	$	215	$	34	$	249	$	217	$	58	$	274	$	213	$	71	$	283

Amounts adjusted for notable items as detailed on page 10.

Numbers may not foot due to rounding.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

($s in millions, except per share data)		3Q22			2Q22			1Q22			4Q21			3Q21

Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)	a	$	257		$	166		$	187		$	219		$	224
Plus Tax effected notable items (Non-GAAP) (a)		(5)			29			24			41			51
Adjusted net income available to common shareholders (Non-GAAP)	b	$	252		$	195		$	211		$	260		$	275

Diluted Shares (GAAP)8	c	570			569			550			542			550

Diluted EPS (GAAP)	a/c	$	0.45		$	0.29		$	0.34		$	0.40		$	0.41
Adjusted diluted EPS (Non-GAAP)	b/c	$	0.44		$	0.34		$	0.38		$	0.48		$	0.50

Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)		$	268		$	177		$	198		$	229		$	235
Plus Tax effected notable items (Non-GAAP) (a)		(5)			29			24			41			51
Adjusted NI (Non-GAAP)		$	263		$	206		$	223		$	270		$	286

NI (annualized) (GAAP)	d	$	1,063		$	709		$	801		$	910		$	931
Adjusted NI (annualized) (Non-GAAP)	e	$	1,045		$	823		$	900		$	1,074		$	1,133

Average assets (GAAP)	f	$	82,551		$	86,326		$	88,587		$	89,025		$	88,401

ROA (GAAP)	d/f	1.29		%	0.82		%	0.90		%	1.02		%	1.05		%
Adjusted ROA (Non-GAAP)	e/f	1.27		%	0.95		%	1.02		%	1.21		%	1.28		%

Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE




Net income available to common shareholders ("NIAC") (GAAP)	g	$	1,020		$	666		$	756		$	868		$	887
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)	h	$	1,001		$	781		$	855		$	1,032		$	1,089

Average Common Equity (GAAP)	i	$	7,360		$	7,305		$	7,628		$	7,710		$	7,761
Intangible Assets (GAAP) (b)		1,767			1,789			1,802			1,815			1,829
Average Tangible Common Equity (Non-GAAP)	j	$	5,593		$	5,516		$	5,826		$	5,895		$	5,932



ROCE (GAAP)	g/i	13.85		%	9.12		%	9.92		%	11.26		%	11.43		%


ROTCE (Non-GAAP)	g/j	18.23		%	12.07		%	12.98		%	14.72		%	14.95		%
Adjusted ROTCE (Non-GAAP)	h/j	17.89		%	14.15		%	14.68		%	17.51		%	18.36		%

(a) Amounts adjusted for notable items as detailed on page 10.

(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)		3Q22			2Q22			1Q22			4Q21			3Q21

Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	k	$	213		$	201		$	229		$	247		$	247
Plus notable items (GAAP) (a)		(32)			(13)			(6)			—			22
Adjusted noninterest income (Non-GAAP)	l	$	181		$	188		$	223		$	246		$	268

Revenue (GAAP)	m	$	875		$	743		$	707		$	745		$	738
Taxable-equivalent adjustment		4			3			3			3			3
Revenue- Taxable-equivalent (Non-GAAP)		879			746			710			748			741
Plus notable items (GAAP) (a)		(32)			(13)			(6)			—			22
Adjusted revenue (Non-GAAP)	n	$	847		$	733		$	704		$	748		$	763

Noninterest income as a % of total revenue (GAAP)	k/m	24.30		%	27.06		%	32.31		%	33.10		%	33.39		%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	l/n	21.37		%	25.68		%	31.63		%	32.95		%	35.14		%

Adjusted Efficiency Ratio
Noninterest expense (GAAP)	o	$	468		$	489		$	493		$	528		$	526
Plus notable items (GAAP) (a)		(25)			(50)			(37)			(54)			(46)
Adjusted noninterest expense (Non-GAAP)	p	$	444		$	438		$	455		$	474		$	480

Revenue (GAAP)	q	$	875		$	743		$	707		$	745		$	738
Taxable-equivalent adjustment		4			3			3			3			3
Revenue- Taxable-equivalent (Non-GAAP)		878			746			710			748			741
Plus notable items (GAAP) (a)		(32)			(13)			(6)			—			22
Adjusted revenue (Non-GAAP)	r	$	847		$	733		$	704		$	748		$	763

Efficiency ratio (GAAP)	o/q	53.56		%	65.76		%	69.66		%	70.88		%	71.21		%
Adjusted efficiency ratio (Non-GAAP)	p/r	52.42		%	59.79		%	64.64		%	63.31		%	62.87		%

(a) Amounts adjusted for notable items as detailed on page 10.

(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)
			3Q22 vs 2Q22
NII/NIM Analysis	NII		%		NIM
3Q22 Reported (FTE)	$	666			3.49
Less: non-core items
PPP coupon income and fees	2				—

Loan Accretion	12				0.07
IBKC Premium Amortization	(7)				(0.04)
3Q22 Core (FTE) (Non-GAAP)	$	659	24	%	3.45	%




2Q22 Reported (FTE)	$	545			2.74	%
Less: non-core items
PPP coupon income and fees	7				0.02

Loan Accretion	15				0.08
IBKC Premium Amortization	(8)				(0.04)
2Q22 Core (FTE) (Non-GAAP)	$	532			2.69	%

Numbers may not foot due to rounding.



	Period-end								Average
($s in millions)	3Q22		2Q22		3Q22 vs 2Q22				3Q22		2Q22		3Q22 vs 2Q22
Loans excluding LMC & PPP					$		%						$		%
Total C& I excl. LMC & PPP	$	28,789	$	27,459	$	1,330	5	%	$	28,000	$	26,993	$	1,007	4	%
Total CRE	13,021		12,942		79		1	%	12,926		12,626		300		2	%
Total Commercial excl. LMC & PPP	41,810		40,401		1,409		3	%	40,926		39,619		1,307		3	%
Total Consumer	12,712		12,311		401		3	%	12,496		11,987		509		4	%
Total Loans excl. LMC & PPP	54,522		52,712		1,810		3	%	53,422		51,606		1,816		4	%
PPP	121		375		(254)		(68)	%	204		478		(274)		(57)	%
LMC	2,710		3,441		(731)		(21)	%	2,917		3,492		(574)		(16)	%
Total Loans	$	57,354	$	56,529	$	825	1	%	$	56,543	$	55,576	$	967	2	%

Loans excluding PPP
Total Commercial excl. PPP	$	44,520	$	43,842	$	677	2	%	$	43,843	$	43,111	$	732	2	%
Total Consumer	12,712		12,311		401		3	%	12,496		11,987		509		4	%
Total Loans excl. PPP	57,232		56,153		1,079		2	%	56,339		55,098		1,241		2	%
PPP	121		375		(254)		(68)	%	204		478		(274)		(57)	%
Total Loans	$	57,354	$	56,529	$	825	1	%	$	56,543	$	55,576	$	967	2	%

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

Third Quarter 2022 Earnings October 18, 2022

2 Disclaimers Non-GAAP Information Certain measures included in this document are “non-GAAP,” meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. FHN’s management believes such measures, even though not always comparable to non-GAAP measures used by other financial institutions, are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. The non-GAAP measures presented in this document are listed, and are reconciled to the most comparable GAAP presentation, in the non-GAAP reconciliation table(s) appearing in the Appendix. In addition, presentation of regulatory measures, even those which are not GAAP, provide a meaningful base for comparability to other financial institutions subject to the same regulations as FHN. Although not GAAP terms, these regulatory measures are not considered “non-GAAP” under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in this document include: common equity tier 1 capital, generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk-weighted assets, which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios. Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements pertain to FHN's beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results, or other developments. Forward- looking statements can be identified by the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other expressions that indicate future events and trends. Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic, and competitive uncertainties and contingencies, many of which are beyond FHN’s control, and many of which, with respect to future business decisions and actions (including acquisitions and divestitures), are subject to change and could cause FHN’s actual future results and outcomes to differ materially from those contemplated or implied by forward-looking statements or historical performance. Examples of uncertainties and contingencies include those mentioned: in this document; in Items 2.02 and 7.01 of FHN’s Current Report on Form 8-K to which this document has been filed as an exhibit; in the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K, as amended; and in the forepart, and in Item 1A of Part II, of FHN’s Quarterly Report(s) on Form 10-Q filed this year. FHN assumes no obligation to update or revise any forward-looking statements that are made in this document or in any other statement, release, report, or filing from time to time. Throughout this presentation, numbers may not foot due to rounding, references to EPS are fully diluted, 3Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases.

3 3Q22 GAAP financial summary1 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q22 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.2Third and second quarter 2022 includes 27.5 million shares related to the full impact of Series G convertible securities issued in connection with TD transaction; First quarter 2022 includes 9.8 million shares related to the one month average impact of these shares. Reported 3Q22 Change vs. $s in millions except per share data 3Q22 2Q22 1Q22 4Q21 3Q21 2Q22 3Q21 $/bps % $/bps % Net interest income $ 662 $ 542 $ 479 $ 498 $ 492 $ 120 22 % $ 170 35 % Fee income 213 201 229 247 247 12 6 % (34) (14) % Total revenue 875 743 707 745 738 132 18 % 137 19 % Expense 468 489 493 528 526 (21) (4) % (58) (11) % Pre-provision net revenue (PPNR) 406 255 215 217 213 151 59 % 193 91 % Provision for credit losses 60 30 (40) (65) (85) 30 100 % 145 NM Pre-tax income 346 225 255 282 298 121 54 % 48 16 % Income tax expense 78 48 57 53 63 30 63 % 15 24 % Net income 268 177 198 229 235 91 51 % 33 14 % Non-controlling interest 3 3 3 3 3 — — % — — % Preferred dividends 8 8 8 8 8 — — % — — % Net income available to common shareholders (NIAC) $ 257 $ 166 $ 187 $ 219 $ 224 $ 91 55 % $ 33 15 % $s in billions Avg loans $ 56.5 $ 55.6 $ 54.1 $ 54.7 $ 55.5 $ 1.0 2 % $ 1.0 2 % Period-end loans $ 57.4 $ 56.5 $ 55.0 $ 54.9 $ 55.4 $ 0.8 1 % $ 1.9 3 % Avg deposits $ 68.1 $ 71.9 $ 74.2 $ 74.6 $ 73.7 $ (3.8) (5) % $ (5.6) (8) % Period-end deposits $ 66.0 $ 70.5 $ 74.1 $ 74.9 $ 74.3 $ (4.5) (6) % $ (8.3) (11) % Key performance metrics Net interest margin (NIM) 3.49 % 2.74 % 2.37 % 2.42 % 2.41 % 75 bps 108 bps Loan to deposit ratio (avg.) 83.0 % 77.3 % 72.9 % 73.3 % 75.3 % 574 bps 771 bps ROCE 13.9 % 9.1 % 9.9 % 11.3 % 11.4 % 473 bps 242 bps ROTCE 18.2 % 12.1 % 13.0 % 14.7 % 15.0 % 616 bps 328 bps ROA 1.3 % 0.8 % 0.9 % 1.0 % 1.1 % 47 bps 24 bps Efficiency ratio 53.6 % 65.8 % 69.7 % 70.9 % 71.2 % (1,220) bps (1,765) bps FTEs 7,569 7,627 7,900 7,863 7,982 (58) (1) % (413) (5) % CET1 ratio 9.9 % 9.8 % 10.0 % 9.9 % 10.1 % 12 bps (16) bps Effective tax rate 22.6 % 21.3 % 22.4 % 18.6 % 21.1 % 128 bps 145 bps Per common share Diluted EPS $ 0.45 $ 0.29 $ 0.34 $ 0.40 $ 0.41 $ 0.16 54 % $ 0.04 10 % Tangible book value per share $ 9.72 $ 10.18 $ 10.46 $ 11.00 $ 10.88 $ (0.46) (5) % $ (1.16) (11) % Avg. diluted shares outstanding2 570 569 550 542 550 1 — % 20 4 %

4 Table of contents 3Q22 key messages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 3Q22 overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3Q22 notable items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 3Q22 adjusted financial highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 NII and NIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Adjusted fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Adjusted expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Total funding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Asset quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Merger integration update . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Key takeaways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

5 Well positioned to benefit given outlook for rates1 Reflects 3Q22 vs. 2Q22 results. 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q22 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. +24% Core Net Interest Income +15 bps Total Deposit Costs ~$82 million IBKC Merger Annualized Revenue Synergies -4% Adjusted Noninterest Income Adjusted EPS $0.44 Adjusted ROTCE 17.9% TBV $9.72 +2% Commercial Unfunded Commitments +4% C&I Loans ex. PPP & LMC +1% Adjusted Expense +37% Adjusted PPNR +8.3% Asset Sensitive to +100 bp Shock Scenario

6 3Q22 robust PPNR muted by higher provision despite continued strong credit Benefits of Diversified Model Solid Returns Strong Credit Quality IBKC Merger Update • Adjusted revenue of $846 million increased $113 million, or 15%, QoQ as strength in NII was partially offset by lower noninterest income largely given macroeconomic impacts – NII up $121 million QoQ reflecting the benefit of higher rates and 2% loan growth – Core NII increased 24% and core NIM up 77 bps with C&I loan growth of 4% ex. PPP and LMC – Fee income down 4% as higher deferred compensation income and other noninterest income was more than offset by reductions in mortgage banking, title and fixed income • Adjusted expense of $444 million up $6 million, or 1%, QoQ driven by higher deferred compensation partially offset by reductions in other personnel costs • PPNR of $403 million up $108 million, or 37%, QoQ • Provision expense of $60 million reflects the impact of loan growth, revised macroeconomic outlook and a preliminary estimate of potential losses related to Hurricane Ian • Adjusted ROTCE of 17.9% • TBVPS of $9.72 decreased $0.46 driven by a $0.87 reduction tied to MTM losses on the AFS securities portfolio and cash flow hedges recorded in OCI • Credit remains strong with net charge-offs of 8 bps and NPLs of 51 bps • ACL/NPL coverage improved to 2.58x; ACL/Loans ratio of 1.38% excluding LMC/PPP loans • Expect to deliver ~$200 million of targeted annualized net cost saves by 4Q22 • Achieved $184 million of annualized net cost saves in 3Q22 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q22 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 $0.44 and PPNR of $403 million1 Proposed TD Transaction • Expect deal to close in 1Q of TD’s 2023 fiscal year – FHN shareholder approval received on May 31, 2022 with more than 99% of votes cast in favor – Public meeting with Fed and OCC completed August 18, 2022 – Regulatory approval process remains on track – Federal Reserve and OCC comment period closed with over 300 letters of support

7 3Q22 notable items1 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q22 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. 3Q22 IBKC merger-related notable items Noninterest expense: Total noninterest expense 3 3Q22 Total IBKC net merger-related notable items $ (3) 3Q22 TD transaction-related items Noninterest expense: Total noninterest expense 21 3Q22 Total TD transaction-related costs $ (21) 3Q22 Other notable items Noninterest income: Other noninterest income 31 3Q22 Total other notable items $ 31 3Q22 Total notable items 7 Tax impact of 3Q22 notable items (2) After-tax impact of 3Q22 notable items $ 5 EPS impact of 3Q22 notable items $ 0.01 IBKC Cumulative Net Pre-tax Integration Costs Cost to Date Targeted 4Q19 - 2Q222 Purchase Acct. 3Q22 Total Remaining Total $ 400 $ 100 $ 3 $ 503 $15 - $25 $520 - $530 Notable Items ($s in millions, except per share data) GAAP results impacted by $5 million after-tax, or $0.01 per share, net benefit of notable items • IBKC merger-related expense of $3 million • TD transaction-related expense of $21 million • Other notable items reflect a $21 million gain on the July 30th sale of the title services business and a $10 million equity securities investment gain Pre-tax Notable Items

8 • Adjusted EPS of $0.44 vs. $0.34; includes a $0.04 per share reduction tied to a change in provision for credit losses – Adjusted ROTCE of 17.9% and TBV per share of $9.72 • Total revenue up $113 million, or 15% • NII up $121 million, or 22%, given benefit of higher rates and 2% loan growth – Core NII up $127 million, or 24% • Adjusted fee income down 4% as higher deferred compensation income and other noninterest income was more than offset by reductions in mortgage banking, title and fixed income • Adjusted expense up $6 million, or 1%, driven by increases in deferred compensation and outside services partially offset by lower salaries and benefits and incentives and commissions • Provision expense of $60 million vs. $30 million in 2Q22 reflects the impact of loan growth, revised macroeconomic outlook and a preliminary estimate of potential losses related to Hurricane Ian 3Q22 adjusted financial highlights1 3Q22 Change vs. $s in millions except per share data 3Q22 2Q22 3Q21 2Q22 3Q21 $/bps % $/bps % Net Interest Income (FTE) $ 666 $ 545 $ 495 $ 121 22 % $ 171 35 % Fee income 181 188 268 (7) (4) % (87) (32) % Total revenue (FTE) 846 733 763 113 15 % 83 11 % Expense 444 438 480 6 1 % (36) (8) % Pre-provision net revenue 403 295 284 108 37 % 119 42 % Provision for credit losses 60 30 (85) 30 100 % 145 NM Net charge-offs 12 12 3 (1) (5) % 9 NM Reserve build/(release) 48 18 (88) 31 NM 136 NM Net income available to common $ 252 $ 195 $ 275 $ 57 29 % $ (23) (8) % Key performance metrics Fee income as a % of total revenue 21.4 % 25.7 % 35.1 % (431) bps (1,377) bps Efficiency ratio 52.4 % 59.8 % 62.9 % (737) bps (1,045) bps ROTCE 17.9 % 14.2 % 18.4 % 374 bps (47) bps Diluted EPS $ 0.44 $ 0.34 $ 0.50 $ 0.10 29 % $ (0.06) (12) % Diluted shares2 570 569 550 1 — % 20 4 % TBV per share $ 9.72 $ 10.18 $ 10.88 $ (0.46) (5) % $ (1.16) (11) % Effective tax rate 22.4 % 21.7 % 21.8 % 75 bps 61 bps PPNR up 37% driven by strength in NII 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q22 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. 2Third and second quarter 2022 includes 27.5 million shares related to the full impact of Series G convertible securities issued in connection with TD transaction; First quarter 2022 includes 9.8 million shares related to the one month average impact of these shares. 3Q22 vs. 2Q22 Highlights

9 NII trends reflect the benefit of rising rates and loan growth 1 $495 $502 $482 $545 $666 $454 $466 $462 $532 $659 2.41% 2.42% 2.37% 2.74% 3.49% Core NII Reported NII Reported NIM 3Q21 4Q21 1Q22 2Q22 3Q22 ($s in millions) FTE NII and NIM Trends Core NIM 2.28% 2.28% 2.29% 2.69% 3.45% 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. • FTE NII up $121 million, or 22%, and NIM up 75 bps despite a $6 million, or 2 bp, reduction in net merger- related and PPP benefits • Core NII of $659 million up $127 million, or 24% – Benefit of higher rates, loan balances and investment portfolio income partially offset by higher funding costs – Securities portfolio balances increased 5% to $10.3 billion • Core NIM increased 77 bps to 3.45% – Benefit of higher rates, lower excess cash, improved securities yields and loan growth partially offset by the impact of higher funding costs – Period-end excess cash of $2.4 billion decreased from $8.7 billion in 2Q22 3Q22 vs. 2Q22 $s in millions NII NIM 2Q22 Reported $ 545 2.74 % PPP coupon income and fees 7 0.02 % Net merger-related impacts 6 0.04 % 2Q22 Core $ 532 2.69 % Rates/spreads 116 0.60 % Securities portfolio & cash 20 0.26 % Loan balances 12 0.02 % Day count & other 8 0.04 % Funding costs (29) (0.15) % 3Q22 Core $ 659 3.45 % PPP coupon income and fees 2 — % Net merger-related impacts 5 0.03 % 3Q22 Reported $ 666 3.49 % Results reflect higher investment portfolio income and 4% C&I loan growth ex. PPP and LMC 3Q22 vs. 2Q22 Highlights

10 • Adjusted fee income down $7 million, or 4%, driven by a reduction in mortgage banking and title and fixed income partially offset by an increase in deferred compensation • Fixed income decreased $5 million reflecting the impact of higher long-term rates and macroeconomic uncertainty & volatility; ADR of $524 thousand • Mortgage banking and title fees decreased $13 million largely driven by declines in mortgage sales volume and margin compression as well as the divestiture of title services business • Deferred compensation up $14 million largely offset in noninterest expense • Card and digital banking fees declined $2 million down from seasonal high in 2Q22 • Other noninterest income up $3 million driven by smaller equity securities gains Adjusted fee income trends impacted by higher rates & divestiture of title business1 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q22 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. 3Q22 Change vs. $s in millions 3Q22 2Q22 1Q22 4Q21 3Q21 2Q22 3Q21 $/bps % $/bps % Fixed income $ 46 $ 51 $ 73 $ 82 $ 96 $(5) (10) % $(50) (52) % Service charges and fees 56 57 57 56 56 (1) (2) % — — % Mortgage banking & title 9 22 22 28 34 (13) (59) % (25) (74) % Brokerage, trust, and insurance 34 36 37 36 37 (2) (6) % (3) (8) % Card and digital banking fees 21 23 20 19 21 (2) (9) % — — % Deferred compensation income (3) (17) (4) — 3 14 82 % (6) NM Other noninterest income 18 15 18 25 21 3 20 % (3) (14) % Total fee income $ 181 $ 188 $ 223 $ 246 $ 268 $(7) (4) % $(87) (32) % Key Metrics Fixed Income Average Daily Revenue (ADR) $ 0.5 $ 0.6 $ 1.0 $ 1.1 $ 1.3 $ (0.1) (14) % $ (0.8) (60) % Mortgage banking Originations Secondary $ 302 $ 467 $ 533 $ 706 $ 772 $ (165) (35) % $ (470) (61) % Portfolio $ 716 $ 1,120 $ 801 $ 874 $ 829 $ (404) (36) % $ (113) (14) % Total $ 1,018 $ 1,578 $ 1,334 $ 1,580 $ 1,601 $ (560) (35) % $ (583) (36) % Gain on sale spread 1.80 % 2.41 % 2.65 % 2.98 % 2.93 % (61) bps (113) bps Mix Purchase 89 % 80 % 61 % 51 % 56 % Refinance 11 % 20 % 39 % 49 % 44 % Results driven by declines in mortgage banking, divestiture of title business & fixed income 3Q22 vs. 2Q22 Highlights

11 Adjusted expense up 1% driven by increases in deferred compensation1 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Occupancy and Equipment expense includes Computer Software Expense. • Adjusted expense of $444 million increased $6 million, or 1%, as higher deferred compensation expense was partially offset by a reduction in salaries and employee benefits and other noninterest expense – $11 million benefit tied to incremental merger cost saves • Personnel expense up $7 million – Salaries and benefits down $5 million largely reflecting the benefit of seasonal declines in FICA taxes and divestiture of title business – Incentives and commissions down $3 million largely reflecting reduced revenue- based incentives – Deferred compensation expense up $16 million largely offset in noninterest income • Outside services up $3 million • Other noninterest expense down $2 million largely tied to credit risk adjustments on interest rate swaps from borrowers and a reduction in debit card charge off expense 3Q22 Change vs. $s in millions 3Q22 2Q22 1Q22 4Q21 3Q21 2Q22 3Q21 $/bps % $/bps % Salaries and benefits $ 185 $ 190 $ 188 $ 189 $ 191 $ (5) (3) % $ (6) (3) % Incentives and commissions 68 71 92 84 92 (3) (4) % (24) (26) % Deferred compensation expense (2) (18) (5) 1 4 16 89 % (6) NM Total personnel expense 251 244 275 274 286 7 3 % (35) (12) % Occupancy and equipment 70 72 72 73 74 (2) (3) % (4) (5) % Outside services 64 61 59 66 65 3 5 % (1) (2) % Amortization of intangible assets 12 12 12 13 13 — — % (1) (8) % Other noninterest expense 48 50 37 46 42 (2) (4) % 6 14 % Total noninterest expense $ 444 $ 438 $ 455 $ 474 $ 480 $ 6 1 % $ (36) (8) % Full-time equivalent associates 7,569 7,627 7,900 7,863 7,982 (58) (1) % (413) (5) % Results largely reflect lower salaries and revenue-based incentives and commissions 2 3Q22 vs. 2Q22 Highlights

12 • Loans of $56.5 billion up $1.0 billion driven by a 1% increase in commercial and a 4% in consumer – $1.8 billion, or 4%, increase in loans before the impact of PPP and LMC – C&I loan growth ex. PPP & LMC up 4% driven by Asset Based Lending, Franchise Finance, Louisiana, and Tennessee – Total core loan yields expanded 27 bps • Period-end loans of $57.4 billion up $0.8 billion, or 1%, driven by a $423 million, or 1%, increase in commercial and $402 million, or 3%, increase in consumer – $1.8 billion, or 3%, increase in loans before the impact of PPP and LMC – C&I loan growth ex. PPP & LMC up 5% driven by Asset Based Lending, Louisiana, Tennessee, Franchise Finance, and Georgia – Unfunded commitments increased 3% 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q22 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 4Q21 1Q22 2Q22 3Q22 Utilization % 42% 41% 41% 41% $55.4B $56.5B $57.4B $54.7B $54.1B $55.6B $56.5B 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) 3Q21 . . . . 2Q22 3Q22 4Q21 1Q22 2Q22 3Q22 Loan trends 23% 50% 1% 21% 5% 20% —% 2% 45% 22% 9% 3% 4Q21 1Q22 2Q22 3Q22 Yields 3.45% 3.34% 3.57% 4.35% Core yields 3.20% 3.16% 3.43% 4.26% Avg 1M LIBOR 0.09% 0.22% 0.99% 2.47% Period-end Average Total loan growth of 4% ex PPP & LMC1 48% 23% 20% 2% 2% 7% C&I ex PPP & LMC up 4% QoQ 50% 23% 21% 2% —% 5% 44% 22% 19% 2% 9% 49% 23% 20% 2% 1% 6% 23% 49% 2% 20% 6% 1% 4% 3Q22 vs. 2Q22 Highlights

13 Demand Deposit Accounts (DDA) Savings Time deposits Other interest-bearing deposits 3Q21 . . . . . 2Q22 3Q22 4Q21 1Q22 2Q22 3Q22 Deposit costs reflect pricing discipline and impact of rising rates1 Interest-bearing liabilities & DDA trends • Average deposits of $68.1 billion decreased $3.8 billion, or 5%, driven by a $2.7 billion decrease in interest-bearing deposits – Period-end deposits of $66.0 billion decreased $4.5 billion with a $3.2 billion decrease in interest-bearing and a $1.3 billion decrease in DDA • Deposit costs of 25 bps increased 15 bps – Interest-bearing deposit costs of 41 bps increased 25 bps – Average LIBOR up 148 bps • Total funding costs of 39 bps increased 17 bps given higher rates 4Q21 1Q22 2Q22 3Q22 Deposit cost of funds 7 bps 6 bps 10 bps 25 bps Total cost of funds 16 bps 16 bps 22 bps 39 bps Avg 1M LIBOR 0.09% 0.22% 0.99% 2.47% 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. Interest-bearing deposit betas of 18% in the quarter Period-end Average 3Q22 vs. 2Q22 Highlights $71.8B $75.8B $78.4B$79.0B $69.4B $74.5B $78.4B 27% 4% 32% 37% 27% 4% 33% 36%35% 35% 5% 25% 36% 36% 37% 37% 34% 34% 33% 33% 5% 4% 4% 4% 26% 26% 27% 26%

14 Continued strong credit quality 1Net charge-off % is annualized and as % of average loans. $802 $736 $686 $704 $752 1.45% 1.34% 1.25% 1.24% 1.31% 231% 268% 207% 234% 258% ACL ACL/Loans ACL/NPLs 3Q21 4Q21 1Q22 2Q22 3Q22 Allowance for credit losses (ACL) Non-performing loans (NPLs) $347 $275 $332 $301 $292 0.63% 0.50% 0.60% 0.53% 0.51% NPLs $ NPLs % 3Q21 4Q21 1Q22 2Q22 3Q22 • Net charge-offs of $12 million remained relatively stable • NPL ratio of 51 bps decreased 2 bps • ACL coverage ratio of 1.31% vs. 1.24%; ACL coverage ex. LMC and PPP of 1.38% • 258% ACL coverage of NPLs • Provision expense of $60 million compared with a $30 million in 2Q22 – $48 million reserve build reflects the impact of loan growth, revised macroeconomic outlook and a preliminary estimate of $20 million for potential losses related to Hurricane Ian 1 $3 $1 $10 $12 $12 $(85) $(65) $(40) $30 $60 0.02% 0.01% 0.07% 0.09% 0.08% NCOs Provision for credit losses NCO% 3Q21 4Q21 1Q22 2Q22 3Q22 Reserve build reflects the impact of loan growth and revised macroeconomic outlook 3Q22 vs. 2Q22 Highlights ($s in millions) Provision, credit losses, and net charge-offs

15 3Q21 4Q22 1Q22 2Q22 #VALUE! CET1 ratio Tier 1 capital ratio Total capital ratio 3Q21 4Q21 1Q22 2Q22 3Q22 Strong capital position1 Capital levels 11.2% 12.6% 12.3% 11.0% 13.2% 11.8% 13.0% 11.6% 13.1% 11.7% Tangible book value per share 9.8% 0.38% (0.18)% (0.12)% 0.02% 9.9% 2Q22 actual NIAC Loans/ unfunded commitments growth Common Dividend Other 3Q22 estimate $10.18 $0.53 $(0.87) $(0.15) $0.03 $9.72 2Q22 actual NIAC, net of change in Intangibles AFS Securities & Cash Flow Hedges MTM Common Dividends Other 3Q22 actual • TBVPS of $9.72 decreased 5% driven by a $0.87 reduction tied to MTM valuation adjustments on AFS securities and cash flow hedges • CET1 ratio remained strong at 9.9% – The benefit of NIAC partially offset by a reduction tied to growth in loans and unfunded commitments and common dividends • Total capital of 13.1% vs. 13.0% in 2Q22 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q22 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. 3Q22 vs. 2Q22 CET1 ratio 10.1% 9.9% 10.0% 9.8% 9.9% 3Q22 vs. 2Q22 Highlights

16 IBKC Merger • Remain on track to meet annualized cost saves target by 4Q22 Proposed Acquisition by TD • Expect deal to close in 1Q of TD’s 2023 fiscal year – FHN shareholder approval received on May 31, 2022 with more than 99% of votes cast in favor – Public meeting with Fed and OCC completed August 18, 2022 – Regulatory approval process remains on track – Federal Reserve and OCC comment period closed with over 300 letters of support – Continued progress on integration planning and Legal Day One readiness IBKC merger integration and TD acquisition update IBKC Merger Highlights Targeting annualized cost saves of ~$200 million by 4Q22 Achieved ~$46 million of savings in 3Q22 ~$82 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 2Q22 3Q22 4Q22 ~$140mm ~$184mm ~$200mm

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

APPENDIX 18

19 NII accretion schedule & NII/NIM reconciliation to GAAP financials Estimated IBKC Securities Premium Amortization1 Estimated IBKC Loan Accretion Estimated Loan Accretion - Other Acquisitions $s in millions $s in millions $s in millions 4Q22 $ (7) 4Q22 $ 8 4Q22 $ 2 1Q23 $ (7) 1Q23 $ 7 1Q23 $ 2 2Q23-4Q23 and beyond $ (63) 2Q23-4Q23 and beyond $ 36 2Q23-4Q23 and beyond $ 6 1Estimated based on market rates and prepayment assumptions as of 9/30/2022. 3Q21 Reported to Core Reconciliation $s in millions NII NIM 3Q21 Reported (FTE) $ 495 2.41 % Less: non-core items PPP coupon income and fees 32 0.07 Loan Accretion 20 0.10 IBKC Premium Amortization (12) (0.06) 3Q21 Core (FTE) $ 454 2.28 % 1Q22 Reported to Core Reconciliation $s in millions NII NIM 1Q22 Reported (FTE) $ 482 2.37 % Less: non-core items PPP coupon income and fees 12 0.04 Loan Accretion 17 0.09 IBKC Premium Amortization (10) (0.05) 1Q22 Core (FTE) $ 462 2.29 % 4Q21 Reported to Core Reconciliation $s in millions NII NIM 4Q21 Reported (FTE) $ 502 2.42 % Less: non-core items PPP coupon income and fees 30 0.10 Loan Accretion 15 0.08 IBKC Premium Amortization (10) (0.05) 4Q21 Core (FTE) $ 466 2.28 % 2Q22 Reported to Core Reconciliation $s in millions NII NIM 2Q22 Reported (FTE) $ 545 2.74 % Less: non-core items PPP coupon income and fees 7 0.02 Loan Accretion 15 0.08 IBKC Premium Amortization (8) (0.04) 2Q22 Core (FTE) $ 532 2.69 % 3Q22 Reported to Core Reconciliation $s in millions NII NIM 3Q22 Reported (FTE) $ 666 3.49 % Less: non-core items PPP coupon income and fees 2 — Loan Accretion 12 0.07 IBKC Premium Amortization (7) (0.04) 3Q22 Core (FTE) $ 659 3.45 %

20 Notable Items ($s in millions except per share data) Favorable / (Unfavorable) (In millions, except per share data) 3Q22 2Q22 1Q22 4Q21 3Q21 Noninterest income: Gain on mortgage servicing rights (mortgage banking and title) $ — $ (12) $ — $ — $ — Retirement of legacy IBKC TruPS (other noninterest income) — — — 3 23 Branch sale gain (other noninterest income) — — — (4) (2) Gain on sale of title services business (other noninterest income) (21) — — — — Gain related to equity securities investment (other noninterest income) (10) — — — — Gain on fintech investment (other noninterest income) — — (6) — — Total noninterest income (32) (13) (6) — 22 Noninterest expense: Salaries and benefits — 1 (2) — — Incentives and commissions (24) (22) (2) (9) (10) Deferred compensation expense — — — (6) — Total personnel expenses (25) (21) (4) (16) (10) Occupancy and equipment (1) (1) — — (1) Outside services (2) (9) (25) (15) (24) Amortization of intangible assets (1) (1) (1) (1) (1) Other noninterest expense 4 (18) (7) (23) (10) Total noninterest expense (25) (50) (37) (54) (46) Income before income taxes (7) 38 32 54 68 Tax impact of notable items (2) 9 7 13 17 After-tax impact of notable items $ (5) $ 29 $ 24 $ 41 $ 51 EPS impact of notable items $ 0.01 $ (0.05) $ (0.04) $ (0.08) $ (0.09) Diluted shares 570 569 550 542 550

21 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. Adjusted FHN historical quarterly income statements 3Q22 2Q22 1Q22 4Q21 3Q21 ($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 $ 733 $ 4 $ 737 $ 583 $ 3 $ 586 $ 510 $ 3 $ 513 $ 531 $ 3 $ 534 $ 533 $ 3 $ 536 Interest expense- FTE 71 — 71 41 — 41 31 — 31 33 — 33 41 — 41 Net interest income- FTE 662 4 666 542 3 545 479 3 482 498 3 502 492 3 495 Less: Taxable-equivalent adjustment — 4 4 — 3 3 — 3 3 — 3 3 — 3 3 Net interest income 662 — 662 542 — 542 479 — 479 498 — 498 492 — 492 Noninterest income: Fixed income 46 — 46 51 — 51 73 — 73 82 — 82 96 — 96 Mortgage banking and title 9 — 9 34 (12) 22 22 — 22 28 — 28 34 — 34 Brokerage, trust, and insurance 34 — 34 36 — 36 37 — 37 36 — 36 37 — 37 Service charges and fees 56 — 56 57 — 57 57 — 57 56 — 56 56 — 56 Card and digital banking fees 21 — 21 23 — 23 20 — 20 19 — 19 21 — 21 Deferred compensation income (3) — (3) (17) — (17) (4) — (4) — — — 3 — 3 Other noninterest income 50 (32) 18 16 — 15 24 (6) 18 25 — 25 (1) 22 21 Total noninterest income 213 (32) 181 201 (13) 188 229 (6) 223 247 — 246 247 22 268 Total revenue 875 (32) 843 743 (13) 730 707 (6) 702 745 — 745 738 22 760 Noninterest expense: Personnel expense: Salaries and benefits 186 — 185 190 1 191 190 (2) 188 190 — 189 191 — 191 Incentives and commissions 92 (24) 68 93 (22) 71 94 (2) 92 93 (9) 84 101 (10) 92 Deferred compensation expense (2) — (2) (18) — (18) (5) — (5) 7 (6) 1 4 — 4 Total personnel expense 275 (25) 251 265 (21) 244 280 (4) 275 290 (16) 274 296 (10) 286 Occupancy and equipment 71 (1) 70 73 (1) 72 72 — 72 74 — 73 75 (1) 74 Outside services 66 (2) 64 70 (9) 61 84 (25) 59 81 (15) 66 89 (24) 65 Amortization of intangible assets 13 (1) 12 13 (1) 12 13 (1) 12 14 (1) 13 14 (1) 13 Other noninterest expense 44 4 48 68 (18) 50 44 (7) 37 70 (23) 46 52 (10) 42 Total noninterest expense 468 (25) 444 489 (50) 438 493 (37) 455 528 (54) 474 526 (46) 480 Pre-provision net revenue 406 (7) 399 255 38 293 215 32 246 217 54 271 213 68 281 Provision for credit losses 60 — 60 30 — 30 (40) — (40) (65) — (65) (85) — (85) Income before income taxes 346 (7) 339 225 38 263 255 32 286 282 54 336 298 68 365 Provision for income taxes 78 (2) 76 48 9 57 57 7 64 53 13 65 63 17 80 Net income 268 (5) 263 177 29 205 198 24 222 229 41 271 235 51 286 Net income attributable to noncontrolling interest 3 — 3 3 — 3 3 — 3 3 — 3 3 — 3 Net income attributable to controlling interest 265 (5) 260 174 29 202 195 24 219 227 41 268 232 51 283 Preferred stock dividends 8 — 8 8 — 8 8 — 8 8 — 8 8 — 8 Net income available to common shareholders $ 257 $ (5) $ 252 $ 166 $ 29 $ 195 $ 187 $ 24 $ 211 $ 219 $ 41 $ 260 $ 224 $ 51 $ 275 Common Stock Data EPS $ 0.48 $ 0.01 $ 0.47 $ 0.31 $ (0.05) $ 0.36 $ 0.35 $ (0.05) $ 0.40 $ 0.41 $ (0.08) $ 0.48 $ 0.41 $ (0.09) $ 0.50 Basic shares 536 536 535 535 533 533 537 537 546 546 Diluted EPS $ 0.45 $ 0.01 $ 0.44 $ 0.29 $ (0.05) $ 0.34 $ 0.34 $ (0.04) $ 0.38 $ 0.40 $ (0.08) $ 0.48 $ 0.41 $ (0.09) $ 0.50 Diluted shares 570 570 569 569 550 550 542 542 550 550 Memo: Total Revenue-FTE (Non-GAAP) $ 875 $ (28) $ 847 $ 743 $ (10) $ 733 $ 707 $ 3 $ 704 $ 745 $ 3 $ 748 $ 738 $ 24 $ 763 PPNR-FTE (Non-GAAP) 406 (3) 403 255 39 295 215 34 249 217 58 274 213 71 283

22 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. ($s in millions, except per share data) 3Q22 2Q22 1Q22 4Q21 3Q21 Tangible Common Equity (Non-GAAP) (A) Total equity (GAAP) $ 8,283 $ 8,551 $ 8,696 $ 8,494 $ 8,533 Less: Noncontrolling interest 295 295 295 295 295 Less: Preferred stock 1,014 1,014 1,014 520 520 (B) Total common equity $ 6,974 $ 7,242 $ 7,387 $ 7,679 $ 7,717 Less: Intangible assets (GAAP) 1,757 1,782 1,795 1,808 1,822 (C) Tangible common equity (Non-GAAP) $ 5,217 $ 5,459 $ 5,592 $ 5,871 $ 5,895 Tangible Assets (Non-GAAP) (D) Total assets (GAAP) $ 80,299 $ 85,132 $ 88,660 $ 89,092 $ 88,537 Less: Intangible assets (GAAP) 1,757 1,782 1,795 1,808 1,822 (E) Tangible assets (Non-GAAP) $ 78,542 $ 83,350 $ 86,865 $ 87,284 $ 86,715 Period-end Shares Outstanding (F) Period-end shares outstanding 537 536 535 534 542 Ratios (A)/(D) Total equity to total assets (GAAP) 10.32 % 10.04 % 9.81 % 9.53 % 9.64 % (C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) 6.64 % 6.55 % 6.44 % 6.73 % 6.80 % (B)/(F) Book value per common share (GAAP) $ 12.99 $ 13.50 $ 13.82 $ 14.39 $ 14.24 (C)/(F) Tangible book value per common share (Non-GAAP) $ 9.72 $ 10.18 $ 10.46 $ 11.00 $ 10.88

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) 3Q22 2Q22 1Q22 4Q21 3Q21 Adjusted Diluted EPS Net income available to common shareholders ("NIAC") (GAAP) a $ 257 $ 166 $ 187 $ 219 $ 224 Plus Tax effected notable items (Non-GAAP) (5) 29 24 41 51 Adjusted Net income available to common shareholders (Non-GAAP) b $ 252 $ 195 $ 211 $ 260 $ 275 Diluted Shares (GAAP) c 570 569 550 542 550 Diluted EPS (GAAP) a/c $ 0.45 $ 0.29 $ 0.34 $ 0.40 $ 0.41 Adjusted diluted EPS (Non-GAAP) b/c $ 0.44 $ 0.34 $ 0.38 $ 0.48 $ 0.50 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $ 268 $ 177 $ 198 $ 229 $ 235 Plus Tax effected notable items (Non-GAAP) (5) 29 24 41 51 Adjusted NI (Non-GAAP) $ 263 $ 206 $ 223 $ 270 $ 286 NI (annualized) (GAAP) d $ 1,063 $ 709 $ 801 $ 910 $ 931 Adjusted NI (annualized) (Non-GAAP) e $ 1,045 $ 823 $ 900 $ 1,074 $ 1,133 Average assets (GAAP) f $ 82,551 $ 86,326 $ 88,587 $ 89,025 $ 88,401 ROA (GAAP) d/f 1.29 % 0.82 % 0.90 % 1.02 % 1.05 % Adjusted ROA (Non-GAAP) e/f 1.27 % 0.95 % 1.02 % 1.21 % 1.28 % Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE Net income available to common shareholders (annualized) (GAAP) g $ 1,020 $ 666 $ 756 $ 868 $ 887 Adjusted Net income available to common shareholders (annualized) (Non- GAAP) h $ 1,001 $ 781 $ 855 $ 1,032 $ 1,089 Average Common Equity (GAAP) i $ 7,360 $ 7,305 $ 7,628 $ 7,710 $ 7,761 Intangible Assets (GAAP) 1,767 1,789 1,802 1,815 1,829 Average Tangible Common Equity (Non-GAAP) j $ 5,593 $ 5,516 $ 5,826 $ 5,895 $ 5,932 ROCE (GAAP) g/i 13.9 % 9.1 % 9.9 % 11.3 % 11.4 % ROTCE (Non-GAAP) g/j 18.2 % 12.1 % 13.0 % 14.7 % 15.0 % Adjusted ROTCE (Non-GAAP) h/j 17.9 % 14.2 % 14.7 % 17.5 % 18.4 %

24 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions except per share data) 3Q22 2Q22 1Q22 4Q21 3Q21 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) a $ 213 $ 201 $ 229 $ 247 $ 247 Plus notable items (GAAP) (32) (13) (6) — 22 Adjusted noninterest income (Non-GAAP) b 181 188 223 246 268 Revenue (GAAP) c 875 743 707 745 738 Taxable-equivalent adjustment 4 3 3 3 3 Revenue- Taxable-equivalent (Non-GAAP) $ 879 $ 746 $ 710 $ 748 $ 741 Plus notable items (GAAP) (a) (32) (13) (6) — 22 Adjusted revenue (Non-GAAP) d 847 733 704 748 763 Noninterest income as a % of total revenue (GAAP) a/c 24.30 % 27.06 % 32.31 % 33.10 % 33.39 % Adjusted noninterest income as a % of total revenue (Non-GAAP) b/d 21.37 % 25.68 % 31.63 % 32.95 % 35.14 % Adjusted Efficiency Ratio Noninterest expense (GAAP) e $ 468 $ 489 $ 493 $ 528 $ 526 Plus notable items (GAAP) (25) (50) (37) (54) (46) Adjusted noninterest expense (Non-GAAP) f 444 438 455 474 480 Revenue (GAAP) g 875 743 707 745 738 Taxable-equivalent adjustment 4 3 3 3 3 Revenue- Taxable-equivalent (Non-GAAP) $ 878 $ 746 $ 710 $ 748 $ 741 Plus notable items (GAAP) (a) (32) (13) (6) — 22 Adjusted revenue (Non-GAAP) h 847 733 704 748 763 Efficiency ratio (GAAP) e/g 53.56 % 65.76 % 69.66 % 70.88 % 71.21 % Adjusted efficiency ratio (Non-GAAP) f/h 52.42 % 59.79 % 64.64 % 63.31 % 62.87 %

25 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. Numbers may not foot due to rounding Period-end Average $s in millions 3Q22 2Q22 3Q22 vs 2Q22 3Q22 2Q22 3Q22 vs 2Q22 Loans excluding LMC & PPP $ % $ % Total C& I excl. LMC & PPP $ 28,789 $ 27,459 $ 1,330 5 % $ 28,000 $ 26,993 $ 1,007 4 % Total CRE 13,021 12,942 79 1 % 12,926 12,626 300 2 % Total Commercial excl. LMC & PPP 41,810 40,401 1,409 3 % 40,926 39,619 1,307 3 % Total Consumer 12,712 12,311 401 3 % 12,496 11,987 509 4 % Total Loans excl. LMC & PPP 54,522 52,712 1,810 3 % 53,422 51,606 1,816 4 % PPP 121 375 (254) (68) % 204 478 (274) (57) % LMC 2,710 3,441 (731) (21) % 2,917 3,492 (574) (16) % Total Loans $ 57,354 $ 56,529 $ 825 1 % $ 56,543 $ 55,576 $ 967 2 % Loans excluding PPP Total Commercial excl. PPP $ 44,520 $ 43,842 $ 677 2 % $ 43,843 $ 43,111 $ 732 2 % Total Consumer 12,712 12,311 401 3 % 12,496 11,987 509 4 % Total Loans excl. PPP 57,232 56,153 1,079 2 % 56,339 55,098 1,241 2 % PPP 121 375 (254) (68) % 204 478 (274) (57) % Total Loans $ 57,354 $ 56,529 $ 825 1 % $ 56,543 $ 55,576 $ 967 2 % Allowance for Credit Losses (ACL) to Loans Ratio $s in millions Loan Balance ACL Balance ACL/Loans Total Loans $ 57,354 $ 752 1.3 % Loans to Mortgage Companies (LMC) 2,710 2 0.1 PPP 121 — Total excl. LMC & PPP $ 54,522 $ 750 1.4 %