8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

FORM 8-K

_____________________________________

CURRENT REPORT

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

October 20, 2021

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”) Third Quarter 2021 Earnings Release, released today.

Furnished as Exhibit 99.2 is a copy of the Investor Slide Presentation for the quarter ended September 30, 2021, 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 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 report are: fully taxable equivalent measures, core net interest income ("NII"), core net interest margin (“NIM”), core NII/risk weighted assets (“RWA”), pre-provision net revenue ("PPNR"), loans and leases, allowance for credit losses (“ACL”), and ratios excluding Loans to Mortgage Companies (“LMC”) and/or loans under the federal paycheck protection program ("PPP"), return on average tangible common equity (“ROTCE”); ROTCE or net income available to common before provision credit, tangible common equity (“TCE”) to tangible assets (“TA”); tangible book value ("TBV") per common share; and various consolidated results and performance measures and ratios adjusted for notable items identified in the exhibits.

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

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

Forward-Looking Statements

This report, including material incorporated into it, 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, among other important factors: the possibility that the anticipated benefits of FHN’s 2020 merger of equals with IBERIABANK Corporation will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in any or all of FHN’s market areas; the possibility that the 2020 merger may be more expensive to integrate than anticipated, including as a result of unexpected factors or events; potential adverse reactions or changes to business or associate relationships resulting from the 2020 merger; the potential impacts on FHN’s businesses and clients of the COVID-19 pandemic, including negative impacts from quarantines and other public restrictions, market declines and volatility, and changes in client behavior; potential claims relating to participation in government programs, especially lending or other financial services programs; global, general and local economic and business conditions, including economic

FIRST HORIZON CORPORATION	2	FORM 8-K CURRENT REPORT 10/20/2021

recession or depression; the stability or volatility of values and activity in the residential housing and commercial real estate markets; expectations of and actual timing and amount of interest rate movements, including the slope and shape of the yield curve, which can have a significant impact on a financial services institution; market and monetary fluctuations, including fluctuations in mortgage markets; the financial condition of borrowers and other counterparties; competition within and outside the financial services industry; the occurrence of natural or man-made disasters, including pestilence, conflicts, or terrorist attacks, or other adverse external events; the effectiveness and cost-efficiency of FHN’s hedging practices; fraud, theft, or other incursions through conventional, electronic, or other means directly or indirectly affecting FHN or its clients, business counterparties, or competitors; FHN’s ability to adapt products and services to changing industry standards and client preferences; risks inherent in originating, selling, servicing, and holding loans and loan-based assets, including prepayment risks, pricing concessions, fluctuation in U.S. housing and other real estate prices, fluctuation of collateral values, and changes in client profiles; changes in the regulation of the U.S. financial services industry; changes in laws, regulations, and administrative actions, including executive orders, whether or not specific to the financial services industry; changes in accounting policies, standards, and interpretations; evolving capital and liquidity standards under applicable regulatory rules; accounting policies and processes requiring management to make estimates about matters that are uncertain; and other factors that may affect future results of FHN.

FHN 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 FHN’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 FHN’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 FHN’s most recent Annual Report on Form 10-K; 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 report or in any other statement, release, report, or filing from time to time.

ITEM 9.01. Financial Statements and Exhibits.

(d)Exhibits

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

Exhibit #	Description
99.1	First Horizon Corporation Third Quarter 2021 Earnings Release
99.2	First Horizon Corporation Investor Slide Presentation for the quarter ended September 30, 2021
104	Cover Page Interactive Data File, formatted in Inline XBRL
FIRST HORIZON CORPORATION	3	FORM 8-K CURRENT REPORT 10/20/2021
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SIGNATURES

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

		FIRST HORIZON CORPORATION
		(Registrant)
Date:	October 20, 2021	By:	/s/ Anthony J. Restel
		Anthony J. Restel
		Senior Executive Vice President—Chief Operating Officer and interim Chief Financial Officer
		(Duly Authorized Officer and Principal Financial Officer)			FIRST HORIZON CORPORATION	4	FORM 8-K CURRENT REPORT 10/20/2021
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Document

First Horizon Corporation Reports Third Quarter Net Income Available to Common Shareholders of $224 Million,

or EPS of $0.41; $275 Million, or $0.50, on an Adjusted basis*

ROTCE of 15.0% and Adjusted ROTCE of 18.4% with tangible book value per share of $10.88*

MEMPHIS, TN (October 20, 2021) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported third quarter 2021 net income available to common shareholders ("NIAC") of $224 million, or earnings per share of $0.41, compared with second quarter 2021 NIAC of $295 million, or earnings per share of $0.53.

Third quarter 2021 results were reduced by a net $51 million after-tax, or $0.09 per share, of notable items tied to the IBERIABANK Corporation Merger ("IBKC Merger") and early retirement of certain trust preferred securities compared with a net $26 million after-tax reduction, or $0.05 per share, in second quarter 2021. Excluding notable items, adjusted third quarter 2021 NIAC of $275 million, or $0.50 per share, decreased from $321 million, or $0.58 per share in second quarter. The decrease was led by a $0.04 per share reduction tied to lower provision credit.

“Our results this quarter reflect the emerging benefits of the power of the combined organization,” said President and Chief Executive Officer Bryan Jordan. “Operating in high growth markets with an attractive base of specialty businesses positions us well to deliver more resilient results through a range of cycles. We delivered EPS of $0.50 and ROTCE of over 18% on an adjusted basis despite the challenging interest rate environment. Core net interest income was up 1% as we delivered loan growth of 1% before the impact of the PPP portfolio and continued to drive down our funding costs. Additionally as markets reopened during the quarter, we saw growth in more traditional banking fee income businesses including wealth and deposit products.”

“We also continued to focus on reallocating capital and investments toward higher growth, higher return opportunities across the franchise, said Jordan. “I am inspired by our associates whose shared passion for building relationships and strengthening the communities we serve helps position us to deliver top-quartile returns in the future.”

Notable Items

Notable Items
Quarterly, Unaudited ($s in millions, except per share data)	3Q21		2Q21		3Q20
Summary of Notable Items:
Merger/acquisition-related items:
Purchase accounting gain (other noninterest income)*	$	—	$	(2)	$	532
Branch sale gain (other noninterest income)	2		—		—
Merger/acquisition expense	(46)		(32)		(101)
Non-PCD provision expense	—		—		(147)
Total Net Merger/acquisition- related items:	(45)		(34)		284
Other notable items:
Gain/(loss) on TruPS redemption	(23)		—		—
Charitable contributions	—		—		(15)
Total net other notable items:	(23)		—		(15)
Total Notable items (pre-tax)	$	(68)	$	(34)	$	269
Total Notable items (after-tax)	(51)		(26)		331
EPS impact of notable items	$	(0.09)	$	(0.05)	$	0.60
Numbers may not foot due to rounding
*' Purchase accounting gain is non-taxable income

Third quarter 2021 GAAP results were reduced by a net $51 million after-tax impact, or $0.09 per share, of notable items compared with a net $26 million impact, or $0.05 per share, in second quarter 2021.

Third quarter net notable items were tied to:

•$45 million of net IBKC merger-related items.

•$23 million loss on retirement of legacy IBKC trust preferred securities included in other noninterest income.

*ROTCE, PPNR, Core net interest income (NII), tangible book value per share, loans and leases excluding PPP, 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 6 for information on our use of Non-GAAP measures and their reconciliation to GAAP beginning on page 21.

1

Third Quarter 2021 Highlights*

•Total revenue of $738 million decreased $43 million from second quarter 2021 levels driven by a net $19 million decrease tied to notable items. Adjusted revenue of $763 million decreased $24 million largely reflecting expected reductions in other noninterest income, fixed income and mortgage banking fees.

•Net interest income of $492 million declined $5 million, or 1% from second quarter 2021 levels driven by a $9 million reduction in net merger-related and PPP loan portfolio benefits. Core net interest income increased 1% from 2% growth in commercial loans excluding PPP and lower deposit costs.

•Noninterest expense of $526 million increased $29 million from second quarter 2021 driven by a $14 million increase in notable items. Adjusted noninterest expense of $480 million increased $15 million from second quarter 2021 largely on strategic investments and costs tied to markets reopening.

•Provision for credit losses was a benefit of $85 million compared with a benefit of $115 million, largely reflecting further improvement in the macroeconomic outlook and positive loan portfolio credit grade migration.

•Average interest earning assets of $81.8 billion increased $791 million, or 1%, from second quarter 2021 largely as a $2.0 billion increase in excess cash was partially offset by a $1.3 billion decrease in average loans driven by a $1.8 billion decrease in PPP loans.

•Average loans before the impact of PPP increased $519 million, or 1%, as a $691 million increase in commercial was partially offset by a $172 million decrease in consumer.

•Average deposits of $73.7 billion increased $575 million, or 1%, from second quarter 2021 as a $1.1 billion increase in noninterest-bearing deposits was partially offset by a $506 million decrease in interest-bearing deposits. Interest-bearing deposit costs of 0.17% improved 3 basis points from second quarter 2021.

•Allowance for credit losses to loans ratio of 1.45% decreased from 1.57% at June 30, 2021; the allowance for loan losses to nonperforming loans ratio of 211% decreased from 237% at June 30, 2021.

•Net charge-offs of 0.02% in third quarter 2021 compared with net recoveries of 0.07% reflecting an unusual level of recoveries in second quarter 2021; nonperforming loans of $347 million increased 1% from $344 million and the nonperforming loan ratio of 0.63% increased from 0.61% as of June 30, 2021.

•Tangible book value per share of $10.88 at September 30, 2021 increased 1% from $10.74 at June 30, 2021 as net income was partially offset by the impact of capital return.

•ROCE of 11.4%; ROTCE of 15.0%; Adjusted ROTCE of 18.4%; CET 1 ratio of 10.1%; and total capital ratio of 12.6%.

•Returned $224 million of capital to common shareholders including share repurchases and dividends.

•Share repurchases of 9 million shares of common stock during the quarter with a weighted average price of $15.82.

Strategic Update

•Expect to fully integrate systems in February 2022 given Hurricane Ida impact.

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

•Achieved $96 million of annualized net cost saves year-to-date.

•Committed to delivering additional efficiencies in 2022.

COVID-19 Update

•~$4 billion Paycheck Protection Program (PPP) loans forgiven year-to-date; Period-end PPP loan balance of $2 billion.

•Loans on deferral represented 0.3% of total loans excluding PPP as of September 30, 2021, down from June 30, 2021 levels of 0.7%.

SUMMARY RESULTS
Quarterly, Unaudited
										3Q21 Change vs.
($s in millions, except per share and balance sheet data)	3Q21			2Q21			3Q20			2Q21			3Q20
										/bp		%	/bp		%
Income Statement
Interest income - taxable equivalent1	$	536		$	545		$	601				(2)			(11)
Interest expense- taxable equivalent1	41			45			66			(4)		(9)	(25)		(38)
Net interest income- taxable equivalent	495			500			535			(5)		(1)	(40)		(7)
Less: Taxable-equivalent adjustment	3			3			3			—		—	—		—
Net interest income	492			$	497		$	532				(1)	(40)		(8)
Noninterest income	247			285			823			(38)		(13)	(576)		(70)
Total revenue	738			781			1,355			(43)		(6)	(617)		(46)
Noninterest expense	526			497			587			29		6	(61)		(10)
Pre-provision net revenue4	213			284			768			(71)		(25)	(555)		(72)
Provision for credit losses5	(85)			(115)			227			30		26	(312)		(137)
Income before income taxes	298			399			541			(101)		(25)	(243)		(45)
Provision for income taxes	63			88			2			(25)		(28)	61		NM
Net income	235			311			539			(76)		(24)	(304)		(56)
Net income attributable to noncontrolling interest	3			3			3			—		—	—		1
Net income attributable to controlling interest	232			308			536			(76)		(25)	(304)		(57)
Preferred stock dividends	8			13			13			(5)		(38)	(5)		(37)
Net income available to common shareholders	$	224		$	295		$	523				(24)			(57)
Adjusted net income5	$	286		$	337		$	208				(15)			38
Adjusted net income available to common shareholders5	$	275		$	321		$	193				(14)			42
Common stock information
EPS	$	0.41		$	0.53		$	0.95				(23)			(57)
Adjusted EPS5	$	0.50		$	0.58		$	0.35				(14)			43
Diluted shares	550			556			551			(6)		(1)	(1)		—
Key performance metrics
Net interest margin	2.40		%	2.47		%	2.84		%	(7)	bp		(44)	bp
Efficiency ratio	71.21			63.67			43.31			754			2,790
Adjusted efficiency ratio6	62.87			59.17			57.06			370			581
Effective income tax rate	21.13			22.03			0.41			(90)			2,072
Return on average assets	1.05			1.42			2.63			(37)			(158)
Adjusted return on average assets6	1.28			1.54			1.01			(26)			27
Return on average common equity (“ROCE")	11.4			15.5			28.5			(402)			(1,706)
Return on average tangible common equity (“ROTCE”)6	15.0			20.4			37.8			(541)			(2,280)
Adjusted ROTCE6	18.4			22.2			13.9			(382)			446
Noninterest income as a % of total revenue	33.39			36.43			60.72			(304)			(2,733)
Adjusted noninterest income as a % of total revenue6	35.14		%	36.49		%	35.20		%	(135)	bp		(6)	bp
Balance Sheet (billions)
Average loans	$	55.5		$	56.8		$	60.1				(2)			(8)
Average deposits	73.7			73.2			67.1			0.6		1	6.6		10
Average assets	88.4			87.6			81.7			0.8		1	6.7		8
Average common equity	$	7.8		$	7.7		$	7.3				1			6
Asset Quality Highlights
Allowance for credit losses to loans and leases	1.45		%	1.57		%	1.80		%	(12)	bp		(36)	bp
Net charge-off ratio	0.02			(0.07)			0.44			8			(42)
Nonperforming loan and leases ratio	0.63		%	0.61		%	0.75		%	2	bp		(12)	bp
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 1	10.1		%	10.3		%	9.2		%	(20)	bp		87	bp
Tier 1	11.2			11.4			10.3			(22)			97
Total Capital	12.6			13.1			12.1			(52)			57
Tier 1 leverage	8.1		%	8.2		%	8.3		%	(10)	bp		(12)	bp

All values are in US Dollars.

Numbers may not foot due to rounding.

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

See footnote disclosures on page 20.

Third Quarter 2021 versus Second Quarter 2021

Net interest income

Net interest income of $492 million decreased $5 million from second quarter 2021 driven by a $9 million reduction in net merger-related and PPP benefits. Core net interest income of $454 million was up $4 million driven by the benefit of lower deposit costs, day count, commercial loan growth excluding PPP and higher investment portfolio income. Net interest margin of 2.40% decreased 7 basis points from second quarter 2021 largely as the impact of higher excess cash, tighter loan spreads and lower interest recoveries on nonperforming loans more than offset the benefit of lower deposit costs.

Noninterest income

Noninterest income of $247 million decreased $38 million driven by a net $19 million reduction tied to notable items. Adjusted noninterest income of $268 million decreased $19 million as growth in wealth and service charges and fees was more than offset by expected declines in other noninterest income, fixed income and mortgage banking and title fees. Fixed income average daily revenue decreased modestly to $1.3 million from $1.4 million in second quarter 2021.

Noninterest expense

Noninterest expense of $526 million increased $29 million from second quarter 2021 driven by a net $14 million increase in notable items. Adjusted noninterest expense of $480 million increased $15 million from second quarter 2021 levels as a $4 million reduction in personnel expense was more than offset by growth in outside services and other noninterest expense driven by strategic investments, costs tied to markets reopening, and tax-credit related contributions. Results reflect $1 million benefit tied to incremental merger cost savings.

Loans and leases

Average loan and lease balances of $55.5 billion decreased $1.3 billion from second quarter 2021 driven by a $1.8 billion decrease in PPP loans. Loan trends excluding PPP increased $519 million, or 1% compared to the prior quarter, and 4% annualized, reflects a $691 million increase in commercial partially offset by a $172 million decrease in consumer. Commercial loan growth excluding PPP reflects a $287 million increase in loans to mortgage companies (LMC), a $490 million increase in other commercial and industrial (C&I) and partially offset by an $86 million decrease in commercial real estate. Period-end loans and leases of $55.4 billion were down $1.3 billion from second quarter 2021 driven by a $1.8 billion decrease in PPP loans. Before the impact of PPP, period-end loans increased $572 million, or 4% annualized, reflecting a $713 million increase in commercial and partially offset by a $141 million decrease in consumer. Period-end commercial loan growth excluding PPP was driven by growth in other C&I and loans to mortgage companies.

Deposits

Average deposits of $73.7 billion increased $575 million, or 1% from second quarter 2021 as a $1.1 billion increase in noninterest-bearing deposits was partially offset by a $506 million reduction in interest-bearing deposits. Period-end deposits of $74.3 billion increased $984 million from second quarter 2021 as a $1.5 billion increase in noninterest-bearing was partially offset by a $531 million decrease in interest-bearing deposits. Interest-bearing deposit costs of 17 basis points declined 3 basis points from second quarter 2021 levels reflecting continued discipline on deposit pricing.

Asset quality

Provision for credit losses benefit of $85 million compared to a benefit of $115 million in second quarter 2021, largely reflects improvement in the macroeconomic outlook and positive credit grade migration.

Net charge-offs of $3 million, or 2 basis points in 3Q21, compared to net recoveries of $10 million, or 7 basis points, in second quarter 2021 reflecting strong asset quality overall.

Nonperforming loans of $347 million increased $4 million from second quarter 2021 driven by an increase in the commercial, financial and industrial (C&I) portfolio. Third quarter 2021 allowance to nonperforming coverage ratio

of 211% compared with 237% in second quarter 2021. Third quarter 2021 nonperforming loans to loans ratio of 63 basis points compared with 61 basis points in second quarter 2021.

The allowance for credit losses to loans ratio decreased to 1.45% from 1.57% in second quarter 2021 largely reflecting continued improvement in the macroeconomic outlook and asset quality.

Capital

CET1 ratio of 10.1% in third quarter 2021 decreased from 10.3% in second quarter 2021. The reduction was tied to return of capital through share repurchases and dividends, and loan growth and higher unfunded commitments.

First Horizon returned $224 million in capital to common stockholders during the quarter including $142 million, or 9.0 million shares, of common stock repurchases.

Income taxes

The third quarter 2021 effective tax rate of 21.1% decreased from second quarter 2021 rate of 22.0%. On an adjusted basis, the effective tax rate of 21.8% in third quarter 2021 decreased from 22.2% in second quarter 2021.

Conference call information

Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on October 20 by dialing 1-888-317-6003 (if calling from the U.S.) or 412-317-6061 (if calling from outside the U.S) and entering access code 3626320. The conference call will begin at 8:30 a.m. CT.

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

A replay of the call will be available beginning at noon CT on October 20 until midnight CT on November 3. To listen to the replay, dial 1-877-344-7529 (U.S. callers) or 412-317-0088 (international callers); the access code is 10159826. A replay of the webcast will also be available at http://ir.fhnc.com/Event and will be archived on the site for one year.

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; 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"), return on average tangible common equity (“ROTCE”), tangible common equity (“TCE”) to tangible assets (“TA”), tangible book value ("TBV") per common share, and various consolidated and segment results and performance measures and ratios adjusted for notable items.

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

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

CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited
																3Q21 Change vs.
($s in millions, except per share data)	3Q21			2Q21			1Q21			4Q20			3Q20			2Q21			3Q20
																	%			%
Interest income - taxable equivalent1	$	536		$	545		$	555		$	578		$	601			(2)	%		(11)	%
Interest expense- taxable equivalent1	41			45			45			53			66			(4)	(9)		(25)	(38)
Net interest income- taxable equivalent	495			500			511			525			535			(5)	(1)		(40)	(7)
Less: Taxable-equivalent adjustment	3			3			3			3			3			—	—		—	—
Net interest income	492			497			508			522			532			(5)	(1)		(40)	(8)
Noninterest income:
Fixed income	96			102			126			104			111			(6)	(6)		(15)	(13)
Mortgage banking and title	34			38			53			57			66			(4)	(11)		(32)	(48)
Brokerage, trust, and insurance	37			35			33			31			30			2	6		7	24
Service charges and fees	56			54			53			53			50			2	4		6	11
Card and digital banking fees	21			21			17			18			17			—	—		4	27
Deferred compensation income	3			7			3			9			4			(4)	(57)		(1)	(22)
Other noninterest income2	(1)			27			15			16			546			(28)	(104)		(547)	(100)
Total noninterest income	247			285			298			288			823			(38)	(13)		(576)	(70)
Total revenue	738			781			806			810			1,355			(43)	(6)		(617)	(46)
Noninterest expense:
Personnel expense:
Salaries and benefits	191			191			196			200			201			—	—		(10)	(5)
Incentives and commissions	101			109			120			110			126			(8)	(7)		(25)	(20)
Deferred compensation expense	4			6			3			9			3			(2)	(33)		1	27
Total personnel expense	296			306			318			319			329			(10)	(3)		(33)	(10)
Occupancy and equipment3	75			75			76			76			77			—	—		(2)	(2)
Outside services	89			63			58			59			78			26	41		11	15
Amortization of intangible assets	14			14			14			15			15			—	—		(1)	(4)
Other noninterest expense	52			40			78			39			89			12	30		(37)	(41)
Total noninterest expense	526			497			544			508			587			29	6		(61)	(10)
Pre-provision net revenue4	213			284			262			302			768			(71)	(25)		(555)	(72)
Provision for credit losses5	(85)			(115)			(45)			1			227			30	26		(312)	(137)
Income before income taxes	298			399			307			301			541			(101)	(25)		(243)	(45)
Provision for income taxes	63			88			71			56			2			(25)	(28)		61	NM
Net income	235			311			235			245			539			(76)	(24)		(304)	(56)
Net income attributable to noncontrolling interest	3			3			3			3			3			—	—		—	1
Net income attributable to controlling interest	232			308			233			242			536			(76)	(25)		(304)	(57)
Preferred stock dividends	8			13			8			8			13			(5)	(38)		(5)	(37)
Net income available to common shareholders	$	224		$	295		$	225		$	234		$	523			(24)	%		(57)	%
Common Share Data
EPS	$	0.41		$	0.54		$	0.41		$	0.42		$	0.95			(23)	%		(57)	%
Basic shares	546			550			552			553			550			(4)	(1)		(4)	(1)
Diluted EPS	$	0.41		$	0.53		$	0.40		$	0.42		$	0.95			(23)			(57)
Diluted shares	550			556			557			556			551			(6)	(1)	%	(1)	—	%
Effective tax rate	21.1		%	22.0		%	23.2		%	18.7		%	0.4		%

All values are in US Dollars.

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

ADJUSTED5 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 9
Quarterly, Unaudited
																3Q21 Change vs.
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
($s in millions, except per share data)	3Q21			2Q21			1Q21			4Q20			3Q20			2Q21			3Q20
																	%			%
Net interest income (FTE)1	$	495		$	500		$	511		$	525		$	535			(1)	%		(7)	%
Adjusted noninterest income:
Fixed income	96			102			126			104			111			(6)	(6)		(15)	(13)
Mortgage banking and title	34			38			53			57			66			(4)	(11)		(32)	(48)
Brokerage, trust, and insurance	37			35			33			31			30			2	6		7	23
Service charges and fees	56			54			53			53			50			2	4		6	12
Card and digital banking fees	21			21			17			18			17			—	—		4	24
Deferred compensation income	3			7			3			9			4			(4)	(57)		(1)	(22)
Adjusted other noninterest income	21			29			14			15			14			(8)	(28)		7	50
Adjusted total noninterest income	$	268		$	287		$	297		$	288		$	291			(7)	%		(8)	%
Total revenue (FTE)1	$	763		$	787		$	808		$	813		$	826			(3)	%		(8)	%
Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$	191		$	191		$	195		$	200		$	200			—	%		(5)	%
Adjusted Incentives and commissions	92			93			99			89			91			(1)	(1)	%	1	1
Deferred compensation expense	4			6			3			9			3			(2)	(33)	%	1	33
Adjusted total personnel expense	286			290			297			298			294			(4)	(1)	%	(8)	(3)
Adjusted occupancy and equipment3	74			75			72			74			73			(1)	(1)	%	1	1
Adjusted outside services	65			56			54			52			46			9	16	%	19	41
Adjusted amortization of intangible assets	13			13			13			14			14			—	—	%	(1)	(7)
Adjusted other noninterest expense	42			31			28			35			45			11	35	%	(3)	(7)
Adjusted total noninterest expense	$	480		$	465		$	464		$	474		$	471			3	%		2	%
Adjusted pre-provision net revenue4	$	284		$	321		$	343		$	339		$	355			(12)	%		(20)	%
Adjusted provision for credit losses5	$	(85)		$	(115)		$	(45)		$	1		$	80			26	%		NM
Adjusted net income available to common shareholders	$	275		$	321		$	284		$	255		$	193			(14)	%		42	%
Adjusted Common Share Data
Adjusted diluted EPS	$	0.50		$	0.58		$	0.51		$	0.46		$	0.35			(14)	%		43	%
Diluted shares	550			556			557			556			551			(6)	(1)	%	(1)	—	%
Adjusted effective tax rate	21.8		%	22.2		%	23.4		%	20.7		%	23.3		%
Adjusted ROTCE	18.4		%	22.2		%	20.2		%	18.2		%	13.9		%
Adjusted efficiency ratio	62.9		%	59.2		%	57.5		%	58.3		%	57.1		%

All values are in US Dollars.

Numbers may not foot due to rounding.

See footnote disclosures on page 20.

NOTABLE ITEMS
Quarterly, Unaudited		(In millions)	3Q21		2Q21		1Q21		4Q20		3Q20
---	---	---	---	---	---	---	---	---	---	---
Summary of Notable Items:
Purchase accounting gain (other noninterest income)*	$	—	$	(2)	$	1	$	1	$	532
Gain/(loss) on TRUPS redemption (other noninterest income)	(23)		—		—		—		—
Branch sale gain (other noninterest income)	2		—		—		—		—
Merger/acquisition expense**	(46)		(32)		(70)		(34)		(101)
Charitable contributions	—		—		—		—		(15)
Other notable expenses	—		—		(10)		—		—
Merger/acquisition non-PCD provision expense	—		—		—		—		(147)
Total notable items	$	(68)	$	(34)	$	(79)	$	(33)	$	269
EPS impact of notable items	$	(0.09)	$	(0.05)	$	(0.11)	$	(0.04)	$	0.60

Numbers may not foot due to rounding

*' Purchase accounting gain is non-taxable income.

** 3Q20 includes $20 million of charitable contributions to establish the First Horizon Louisiana Foundation.

IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited		(In millions)	3Q21		2Q21		1Q21		4Q20		3Q20
---	---	---	---	---	---	---	---	---	---	---
Impacts of Notable Items:
Noninterest income:
Other noninterest income	$	22	$	2	$	(1)	$	(1)	$	(532)
Total noninterest income	$	22	$	2	$	(1)	$	(1)	$	(532)
Noninterest expense:
Personnel expenses:
Salaries and benefits	$	—	$	—	$	—	$	—	$	(1)
Incentives and commissions	(10)		(16)		(21)		(21)		(34)
Deferred compensation expense	—		—		—		—		—
Total personnel expenses	(10)		(16)		(21)		(21)		(35)
Occupancy and equipment3	(1)		—		(4)		(2)		(4)
Outside services	(24)		(6)		(4)		(7)		(32)
Amortization of intangible assets	(1)		(1)		(1)		(1)		(1)
Other noninterest expense	(10)		(9)		(50)		(4)		(44)
Total noninterest expense	$	(46)	$	(32)	$	(80)	$	(34)	$	(116)
Provision for credit losses	$	—	$	—	$	—	$	—	$	(147)
Income before income taxes	$	68	$	34	$	79	$	33	$	(269)
Provision for income taxes	17		8		19		13		61
Net income/(loss) available to common shareholders	$	51	$	26	$	60	$	20	$	(331)

Numbers may not foot due to rounding

FINANCIAL RATIOS
Quarterly, Unaudited
																3Q21 change vs.
	3Q21			2Q21			1Q21			4Q20			3Q20			2Q21				3Q20
FINANCIAL RATIOS																/bp		%		/bp		%
Net interest margin	2.40		%	2.47		%	2.63		%	2.71		%	2.84		%	(7)	bp			(44)	bp
Return on average assets	1.05		%	1.42		%	1.12		%	1.16		%	2.63		%	(37)				(158)
Adjusted return on average assets6	1.28		%	1.54		%	1.40		%	1.26		%	1.01		%	(26)				27
Return on average common equity (“ROCE”)	11.43		%	15.45		%	12.01		%	12.53		%	28.49		%	(402)				(1,706)
Return on average tangible common equity (“ROTCE”)6	14.95		%	20.36		%	15.90		%	16.73		%	37.75		%	(541)				(2,280)
Adjusted ROTCE5	18.36		%	22.18		%	20.15		%	18.18		%	13.90		%	(382)				446
Noninterest income as a % of total revenue	33.39		%	36.43		%	37.00		%	35.61		%	60.72		%	(304)				(2,733)
Adjusted noninterest income as a % of total revenue6	35.14		%	36.49		%	36.78		%	35.42		%	35.20		%	(135)				(6)
Efficiency ratio	71.21		%	63.67		%	67.53		%	62.71		%	43.31		%	754				2,790
Adjusted efficiency ratio6	62.87		%	59.17		%	57.49		%	58.34		%	57.06		%	370				581
CAPITAL DATA
CET1 capital ratio*	10.1		%	10.3		%	10.0		%	9.7		%	9.2		%	(20)	bp			87	bp
Tier 1 capital ratio*	11.2		%	11.4		%	11.0		%	10.7		%	10.3		%	(22)	bp			97	bp
Total capital ratio*	12.6		%	13.1		%	12.8		%	12.6		%	12.1		%	(52)	bp			57	bp
Tier 1 leverage ratio*	8.1		%	8.2		%	8.2		%	8.2		%	8.3		%	(10)	bp			(12)	bp
Risk-weighted assets (“RWA”) (billions)	$	63.0		$	62.0		$	62.3		$	63.1		$	64.5				2	%			(2)	%
Total equity to total assets	9.64		%	9.74		%	9.49		%	9.86		%	9.81		%	(10)	bp			(17)	bp
Tangible common equity/tangible assets (“TCE/TA”)6	6.80		%	6.87		%	6.64		%	6.89		%	6.78		%	(7)	bp			2	bp
Period-end shares outstanding (millions)	542			551			552			555			555			(9)		(2)		(13)		(2)	%
Cash dividends declared per common share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15				—				—
Book value per common share	$	14.24		$	14.07		$	13.65		$	13.59		$	13.30				1				7	%
Tangible book value per common share6	$	10.88		$	10.74		$	10.30		$	10.23		$	9.92				1	%			10	%
SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	74.65		%	77.36		%	80.09		%	83.21		%	87.28		%	(271)	bp			(1,263)	bp
Loans-to-deposit ratio (average balances)	75.28		%	77.68		%	82.02		%	85.90		%	89.59		%	(240)	bp			(1,431)	bp
Full-time equivalent associates	7,982			8,145			8,284			8,466			8,121			(163)		(2)	%	(139)		(2)	%

All values are in US Dollars.

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

*Current quarter is an estimate.

See footnote disclosures on page 20.

CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited

											3Q21 change vs.
(In millions)	3Q21		2Q21		1Q21		4Q20		3Q20		2Q21			3Q20
												%			%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	31,516	$	32,528	$	33,951	$	33,103	$	33,656		(3)	%		(6)	%
Commercial real estate	12,194		12,292		12,470		12,275		12,511		(98)	(1)		(317)	(3)
Total Commercial	43,710		44,820		46,421		45,379		46,167		(1,110)	(2)		(2,457)	(5)
Consumer real estate	10,787		10,864		11,053		11,725		12,328		(77)	(1)		(1,541)	(12)
Credit card and other7	938		1,002		1,126		1,128		1,212		(64)	(6)		(274)	(23)
Total Consumer	11,725		11,867		12,178		12,853		13,540		(141)	(1)		(1,815)	(13)
Loans and leases, net of unearned income	55,435		56,687		58,600		58,232		59,707		(1,251)	(2)		(4,271)	(7)
Loans held for sale	1,052		977		811		1,022		1,051		74	8		1	—
Investment securities	8,798		8,398		8,361		8,057		8,006		401	5		792	10
Trading securities	1,319		1,035		1,076		1,176		1,386		284	27		(67)	(5)
Interest-bearing deposits with banks	14,829		13,451		11,635		8,351		5,443		1,378	10		9,386	NM
Federal funds sold and securities purchased under agreements to resell	361		622		520		445		593		(261)	(42)		(233)	(39)
Total interest earning assets	81,794		81,170		81,004		77,284		76,186		624	1		5,608	7
Cash and due from banks	1,197		1,303		1,169		1,203		1,075		(106)	(8)		123	11
Goodwill and other intangible assets, net	1,822		1,836		1,850		1,864		1,876		(14)	(1)		(54)	(3)
Premises and equipment, net	692		714		719		759		756		(22)	(3)		(64)	(9)
Allowance for loan and lease losses	(734)		(815)		(914)		(963)		(988)		81	10		254	26
Other assets	3,766		3,700		3,685		4,063		4,125		66	2		(359)	(9)
Total assets	$	88,537	$	87,908	$	87,513	$	84,209	$	83,030		1	%		7	%
Liabilities and Shareholders' Equity:
Deposits:
Savings	$	27,425	$	27,416	$	27,023	$	27,324	$	26,573		—	%		3	%
Time deposits	3,920		4,304		4,653		5,070		5,526		(383)	(9)		(1,606)	(29)
Other interest-bearing deposits	15,571		15,728		16,444		15,415		14,925		(157)	(1)		646	4
Total interest-bearing deposits	46,916		47,447		48,120		47,810		47,025		(531)	(1)		(108)	—
Trading liabilities	315		531		454		353		477		(216)	(41)		(162)	(34)
Short-term borrowings	2,225		2,246		2,203		2,198		2,142		(21)	(1)		83	4
Term borrowings	1,584		1,672		1,671		1,670		2,162		(89)	(5)		(578)	(27)
Total interest-bearing liabilities	51,040		51,896		52,448		52,030		51,805		(857)	(2)		(766)	(1)
Noninterest-bearing deposits	27,348		25,833		25,046		22,173		21,384		1,515	6		5,964	28
Other liabilities	1,617		1,613		1,712		1,699		1,696		4	—		(79)	(5)
Total liabilities	80,005		79,343		79,206		75,903		74,885		662	1		5,119	7
Shareholders' Equity:
Preferred stock	520		520		470		470		470		—	—		50	11
Common stock	339		344		345		347		347		(5)	(2)		(8)	(2)
Capital surplus	4,866		4,997		5,036		5,073		5,061		(131)	(3)		(195)	(4)
Retained earnings	2,754		2,613		2,402		2,261		2,111		141	5		643	30
Accumulated other comprehensive loss, net	(241)		(203)		(242)		(140)		(140)		(38)	(19)		(100)	(71)
Combined shareholders' equity	8,237		8,270		8,012		8,012		7,849		(33)	—		389	5
Noncontrolling interest	295		295		295		295		295		—	—		—	—
Total shareholders' equity	8,533		8,566		8,307		8,307		8,144		(33)	—		389	5
Total liabilities and shareholders' equity	$	88,537	$	87,908	$	87,513	$	84,209	$	83,030		1	%		7	%
Memo:
Total Deposits	$	74,265	$	73,281	$	73,167	$	69,982	$	68,409		1	%		9	%
Unfunded Loan Commitments:
Commercial	$	19,019	$	18,035	$	16,759	$	17,201	$	16,555		5	%		15	%
Consumer	$	3,892	$	4,031	$	4,067	$	4,086	$	4,133		(3)	%		(6)	%

All values are in US Dollars.

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

CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly, Unaudited

											3Q21 change vs.
(In millions)	3Q21		2Q21		1Q21		4Q20		3Q20		2Q21			3Q20
												%			%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	31,477	$	32,540	$	33,279	$	34,196	$	34,051		(3)	%		(8)	%
Commercial real estate	12,264		12,350		12,424		12,400		12,414		(86)	(1)		(150)	(1)
Total Commercial	43,741		44,890		45,703		46,596		46,465		(1,149)	(3)		(2,724)	(6)
Consumer real estate	10,819		10,926		11,400		12,030		12,444		(107)	(1)		(1,625)	(13)
Credit card and other7	948		1,013		1,119		1,194		1,209		(65)	(6)		(261)	(22)
Total Consumer	11,767		11,939		12,519		13,224		13,653		(172)	(1)		(1,886)	(14)
Loans and leases, net of unearned income	55,508		56,829		58,222		59,820		60,118		(1,320)	(2)		(4,609)	(8)
Loans held-for-sale	992		734		842		1,030		985		258	35		7	1
Investment securities	8,494		8,401		8,320		8,213		8,590		94	1		(96)	(1)
Trading securities	1,171		1,322		1,418		1,292		1,194		(151)	(11)		(23)	(2)
Interest-bearing deposits with banks	15,022		13,051		9,269		6,201		3,616		1,972	15		11,407	NM
Federal funds sold and securities purchased under agreements to resell	587		648		599		440		500		(61)	(9)		88	18
Total interest earning assets	81,775		80,984		78,670		76,995		75,002		791	1		6,773	9
Cash and due from banks	1,263		1,267		1,250		1,204		1,028		(4)	—		235	23
Goodwill and other intangibles assets, net	1,829		1,843		1,857		1,871		1,794		(14)	(1)		36	2
Premises and equipment, net	703		714		755		765		747		(11)	(2)		(44)	(6)
Allowances for loan and lease losses	(793)		(884)		(949)		(985)		(980)		90	10		186	19
Other assets	3,624		3,635		3,817		3,959		4,093		(11)	—		(469)	(11)
Total assets	$	88,401	$	87,559	$	85,401	$	83,809	$	81,683		1	%		8	%
Liabilities and shareholders' equity:
Deposits:
Savings	$	27,793	$	27,238	$	27,370	$	27,090	$	25,648		2	%		8	%
Time deposits	4,121		4,487		4,836		5,386		5,783		(366)	(8)		(1,661)	(29)
Other interest-bearing deposits	15,333		16,029		15,491		15,057		14,771		(696)	(4)		562	4
Total interest-bearing deposits	47,248		47,754		47,697		47,534		46,202		(506)	(1)		1,046	2
Trading liabilities	527		560		518		367		360		(33)	(6)		167	46
Short-term borrowings	2,452		2,248		2,280		2,113		2,469		205	9		(16)	(1)
Term borrowings	1,665		1,672		1,670		1,913		2,172		(7)	—		(507)	(23)
Total interest-bearing liabilities	51,892		52,233		52,164		51,926		51,202		(341)	(1)		689	1
Noninterest-bearing deposits	26,485		25,404		23,284		22,105		20,904		1,082	4		5,582	27
Other liabilities	1,447		1,463		1,603		1,568		1,505		(17)	(1)		(58)	(4)
Total liabilities	79,824		79,100		77,052		75,600		73,611		723	1		6,213	8
Shareholders' Equity:
Preferred stock	520		513		470		470		468		7	1		52	11
Common stock	342		345		346		347		345		(3)	(1)		(3)	(1)
Capital surplus	4,936		5,023		5,061		5,902		5,041		(87)	(2)		(105)	(2)
Retained earnings	2,673		2,499		2,336		1,346		2,025		174	7		648	32
Accumulated other comprehensive loss, net	(190)		(217)		(161)		(151)		(103)		27	12		(87)	(85)
Combined shareholders' equity	8,281		8,164		8,054		7,914		7,777		118	1		505	6
Noncontrolling interest	295		295		295		295		295		—	—		—	—
Total shareholders' equity	8,577		8,459		8,349		8,209		8,072		118	1		505	6
Total liabilities and shareholders' equity	$	88,401	$	87,559	$	85,401	$	83,809	$	81,683		1	%		8	%
Memo:
Total Deposits	$	73,733	$	73,158	$	70,981	$	69,639	$	67,106		1	%		10	%

All values are in US Dollars.

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

CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited
																					3Q21 change vs.
	3Q21				2Q21				1Q21				4Q20				3Q20				2Q21			3Q20
(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	$	372	3.37	%	$	380	3.39		$	382	3.39		$	406	3.46		$	419	3.59			(2)	%		(11)	%
Consumer	112		3.81		118		3.99		127		4.13		129		3.89		141		4.11		(7)	(6)		(29)	(21)
Loans and leases, net of unearned income	484		3.46		498		3.52		510		3.55		535		3.56		560		3.70		(14)	(3)		(75)	(13)
Loans held-for-sale	8		3.25		7		3.94		7		3.16		8		3.22		8		3.36		1	11		—	1
Investment securities	31		1.48		29		1.39		28		1.41		27		1.29		25		1.21		2	8		6	24
Trading securities	6		2.07		7		2.03		7		2.03		7		2.05		6		2.08		(1)	(10)		—	1
Interest-bearing deposits with banks	6		0.16		3		0.10		2		0.10		2		0.10		1		0.09		3	90		5	NM
Federal funds sold and securities purchased under agreements	—		(0.03)		—		(0.06)		—		(0.12)		—		0.03		—		0.04		—	48		—	NM
Interest income	$	536	2.60		$	545	2.70		$	555	2.86		$	578	2.99		$	601	3.19			(2)	%		(11)	%
Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$	9	0.12		$	11	0.16		$	13	0.19		$	18	0.27		$	25	0.38			(20)	%		(66)	%
Time deposits	6		0.62		7		0.65		6		0.47		6		0.44		10		0.70		(1)	(11)		(4)	(35)
Other interest-bearing deposits	5		0.12		6		0.15		6		0.16		7		0.18		7		0.20		(1)	(20)		(2)	(33)
Total interest-bearing deposits	20		0.17		24		0.20		24		0.20		31		0.26		42		0.36		(4)	(17)		(22)	(53)
Trading liabilities	1		1.11		2		1.17		1		0.73		1		0.78		1		0.77		—	(10)		1	111
Short-term borrowings	1		0.24		1		0.22		1		0.21		1		0.23		1		0.20		—	19		—	48
Term borrowings	18		4.39		18		4.38		18		4.39		20		4.16		22		3.98		—	—		(4)	(17)
Interest expense	41		0.31		45		0.34		45		0.34		53		0.40		66		0.51		(4)	(9)		(25)	(38)
Net interest income - tax equivalent basis	495		2.29		500		2.36		511		2.52		525		2.59		535		2.68		(5)	(1)		(40)	(8)
Fully taxable equivalent adjustment	(3)		0.11		(3)		0.11		(3)		0.11		(3)		0.12		(3)		0.16		—	3		—	2
Net interest income	$	492	2.40		$	497	2.47		$	508	2.63		$	522	2.71		$	532	2.84			(1)	%		(8)	%
Memo:
Total loan yield			3.46	%			3.52	%			3.55	%			3.56	%			3.70	%
Total deposit cost			0.11	%			0.13	%			0.14	%			0.18	%			0.25	%
Total funding cost			0.21	%			0.23	%			0.24	%			0.28	%			0.36	%

All values are in US Dollars.

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

Earning assets yields are expressed net of unearned income.

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

Numbers may not foot due to rounding.

See footnote disclosures on page 20.

CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited
	As of															3Q21 change vs.
(In millions, except ratio data)	3Q21			2Q21			1Q21			4Q20			3Q20			2Q21			3Q20
																	%			%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$	144		$	122		$	144		$	144		$	213			17	%		(32)	%
Commercial real estate	58			70			67			58			51			(12)	(17)		7	14
Consumer real estate	143			149			180			182			180			(6)	(4)		(37)	(21)
Credit card and other	2			2			2			2			3			—	(13)		(1)	(28)
Total nonperforming loans and leases	$	347		$	344		$	394		$	386		$	447			1	%		(22)	%
Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.46		%	0.38		%	0.42		%	0.43		%	0.63		%
Commercial real estate	0.48			0.57			0.54			0.48			0.41
Consumer real estate	1.33			1.37			1.63			1.56			1.46
Credit card and other	0.22			0.24			0.22			0.18			0.24
Total nonperforming loans and leases to loans and leases	0.63		%	0.61		%	0.67		%	0.66		%	0.75		%

All values are in US Dollars.

Numbers may not foot due to rounding.

CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Quarterly, Unaudited
	As of										3Q21 change vs.
(In millions)	3Q21		2Q21		1Q21		4Q20		3Q20		2Q21			3Q20
												%			%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)	$	1	$	1	$	—	$	—	$	—		(16)	%		NM
Commercial real estate	2		—		—		—		—		2	NM		2	NM
Consumer real estate	12		12		12		15		14		—	2		(2)	(12)
Credit card and other	2		1		—		1		1		1	53		1	77
Total loans and leases 90 days or more past due and accruing	$	16	$	14	$	13	$	16	$	15		15	%		11	%

All values are in US Dollars.

Numbers may not foot due to rounding.

CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited
	As of															3Q21 change vs.
(In millions, except ratio data)	3Q21			2Q21			1Q21			4Q20			3Q20			2Q21			3Q20
Charge-off, Recoveries and Related Ratios																	%			%
Gross Charge-offs
Commercial, financial, and industrial (C&I)	$	12		$	2		$	15		$	35		$	69			NM			(83)	%
Commercial real estate	2			—			3			—			4			2	NM		(1)	(32)
Consumer real estate	1			1			1			1			2			—	6		(1)	(60)
Credit card and other	5			3			3			4			4			1	42		1	29
Total gross charge-offs	$	19		$	6		$	23		$	40		$	78			NM			(75)	%
Gross Recoveries
Commercial, financial, and industrial (C&I)	$	(7)		$	(5)		$	(6)		$	(4)		$	(3)			(43)	%		(109)	%
Commercial real estate	(2)			(1)			(2)			(1)			(2)			(1)	NM		—	7
Consumer real estate	(7)			(8)			(6)			(5)			(5)			1	11		(2)	(39)
Credit card and other	—			(2)			(1)			(1)			(1)			2	94		1	89
Total gross recoveries	$	(16)		$	(16)		$	(15)		$	(12)		$	(12)			(5)	%		(39)	%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I)	$	5		$	(3)		$	10		$	31		$	66			NM			(93)	%
Commercial real estate	—			(1)			2			(1)			1			1	NM		(1)	(74)
Consumer real estate	(7)			(8)			(5)			(4)			(3)			1	13		(3)	(91)
Credit card and other	4			1			2			2			3			3	NM		2	76
Total net charge-offs	$	3		$	(10)		$	8		$	29		$	67			130	%		(96)	%
Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I)	0.06		%	(0.04)		%	0.12		%	0.36		%	0.77		%
Commercial real estate	0.01			(0.02)			0.06			(0.02)			0.04
Consumer real estate	(0.24)			(0.28)			(0.18)			(0.12)			(0.11)
Credit card and other	1.86			0.51			0.65			0.68			0.83
Total loans and leases	0.02		%	(0.07)		%	0.06		%	0.19		%	0.44		%

All values are in US Dollars.

Numbers may not foot due to rounding.

CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS
Quarterly, Unaudited
	As of										3Q21 Change vs.
(In millions)	3Q21		2Q21		1Q21		4Q20		3Q20		2Q21			3Q20
Summary of Changes in the Components of the Allowance For Credit Losses												%			%
Allowance for loan and lease losses - beginning	$	815	$	914	$	963	$	988	$	538		(11)	%		52	%
Acquired purchased credit deteriorated allowance for loan and lease losses:
Commercial, financial, and industrial (C&I)	—		—		—		—		138		—	NM			(100)
Commercial real estate	—		—		—		—		100		—	NM		(100)	(100)
Consumer real estate	—		—		—		—		44		—	NM		(44)	(100)
Credit card and other	—		—		—		—		5		—	NM		(5)	(100)
Total acquired purchased credit deteriorated allowance for loan and lease losses	—		—		—		—		287		—	NM		(287)	(100)
Charge-offs:
Commercial, financial, and industrial (C&I)	(12)		(2)		(15)		(35)		(69)		(10)	NM		58	83
Commercial real estate	(2)		—		(3)		—		(4)		(2)	NM		1	32
Consumer real estate	(1)		(1)		(1)		(1)		(2)		—	(6)		1	60
Credit card and other	(5)		(3)		(3)		(4)		(4)		(1)	(42)		(1)	(29)
Total charge-offs	(19)		(6)		(23)		(40)		(78)		(13)	NM		59	75
Recoveries:
Commercial, financial, and industrial (C&I)	7		5		6		4		3		2	43		4	109
Commercial real estate	2		1		2		1		2		1	NM		—	(7)
Consumer real estate	7		8		6		5		5		(1)	(11)		2	39
Credit card and other	—		2		1		1		1		(2)	(94)		(1)	(89)
Total Recoveries	16		16		15		12		12		1	5		5	39
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)*	(5)		(60)		(1)		(5)		99		55	91		(104)	(105)
Commercial real estate*	(48)		(22)		(8)		34		52		(26)	(114)		(100)	NM
Consumer real estate*	(31)		(26)		(26)		(27)		74		(5)	(17)		(105)	(142)
Credit card and other*	6		—		(6)		3		5		6	NM		1	23
Total provision for loan and lease losses*:	(78)		(109)		(41)		4		230		31	28		(308)	(134)
Allowance for loan and lease losses - ending	$	734	$	815	$	914	$	963	$	988		(10)	%		(26)	%
Reserve for unfunded commitments - beginning	$	75	$	81	$	85	$	89	$	50		(7)	%		48	%
Cumulative effect of change in accounting principle	—		—		—		—		—		—	NM		—	NM
Acquired reserve for unfunded commitments	—		—		—		(1)		41		—	NM		(41)	(100)
Provision for unfunded commitments	(7)		(6)		(4)		(3)		(3)		(1)	(17)		(4)	(133)
Reserve for unfunded commitments - ending	$	68	$	75	$	81	$	85	$	89		(9)			(24)
Total allowance for credit losses- ending	$	802	$	890	$	995	$	1,048	$	1,077		(10)	%		(26)	%

All values are in US Dollars.

Numbers may not foot due to rounding. * 3Q20 includes $30 million, $44 million, $70 million, and $3 million recognized within the C&I, Commercial real estate, Consumer real estate, and Credit card and other loan and leases portfolios, respectively, of provision expense associated with the recognition of Non-PCD provision related to mergers/acquisitions.

CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES
Quarterly, Unaudited
	As of
	3Q21		2Q21		1Q21		4Q20		3Q20
Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	1.19	%	1.18	%	1.30	%	1.37	%	1.45	%
Commercial real estate	1.33	%	1.71	%	1.86	%	1.97	%	1.66	%
Consumer real estate	1.65	%	1.87	%	2.00	%	2.07	%	2.15	%
Credit card and other	2.03	%	1.71	%	1.63	%	2.34	%	2.11	%
Total allowance for loans and lease losses to loans and leases	1.32	%	1.44	%	1.56	%	1.65	%	1.65	%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	261	%	314	%	307	%	315	%	230	%
Commercial real estate	278	%	300	%	345	%	415	%	407	%
Consumer real estate	125	%	136	%	123	%	133	%	147	%
Credit card and other	926	%	725	%	749	%	1,313	%	890	%
Total allowance for loans and lease losses to nonperforming loans and leases	211	%	237	%	232	%	249	%	221	%

REGIONAL BANKING

Quarterly, Unaudited

																3Q21 Change vs.
	3Q21			2Q21			1Q21			4Q20			3Q20			2Q21				3Q20
																/bp		%		/bp		%
Income Statement (millions)
Net interest income	$	444		$	444		$	426		$	430		$	448				—	%			(1)	%
Noninterest income	112			108			99			105			97			4		4		15		15	%
Total revenue	556			552			525			535			545			4		1		11		2	%
Noninterest expense	301			278			272			306			301			23		8		—		—	%
Pre-provision net revenue4	255			274			254			229			245			(19)		(7)		10		4	%
Provision for credit losses5	(52)			(89)			(32)			(2)			194			37		42		(246)		(127)	%
Income before income tax expense	301			362			286			231			50			(61)		(17)		251		NM
Income tax expense	72			85			66			53			9			(13)		(15)		63		NM
Net income	$	236		$	277		$	219		$	178		$	41				(15)	%			NM
Average Balances (billions)
Total loans and leases	$	38.4		$	39.9		$	40.1		$	40.6		$	41.6				(4)	%			(8)	%
Interest-earning assets	38.4			40.0			40.1			40.6			41.5			(1.6)		(4)		(3.1)		(7)
Total assets	40.7			42.2			42.4			43.0			43.7			(1.5)		(4)		(3.0)		(7)
Total deposits	65.4			64.9			62.1			60.8			59.3			0.5		1		6.1		10
Key Metrics
Net interest margin8	4.61		%	4.48		%	4.34		%	4.24		%	4.32		%	13	bp			29	bp
Efficiency ratio	54.11		%	50.44		%	51.69		%	57.24		%	55.11		%	367	bp			(100)	bp
Loans-to-deposits ratio (period-end balances)	57.26		%	59.85		%	62.45		%	65.29		%	68.07		%	(259)	bp			(1,081)	bp
Loans-to-deposits ratio (average-end balances)	58.79		%	61.51		%	64.52		%	66.84		%	70.05		%	(272)	bp			(1,126)	bp
Return on average assets (annualized)	2.30		%	2.64		%	2.10		%	1.65		%	0.37		%	(34)	bp			193	bp
Return on allocated equity9	25.75		%	30.43		%	24.02		%	17.98		%	4.38		%	(468)	bp			2,137	bp
Financial center locations	438			490			490			492			493			(52)		(11)	%	(55)		(11)	%

All values are in US Dollars.

Numbers may not add to total due to rounding.

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

See footnote disclosures on page 20.

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

SPECIALTY BANKING

Quarterly, Unaudited

																3Q21 Change vs.
	3Q21			2Q21			1Q21			4Q20			3Q20			2Q21				3Q20
																/bp		%		/bp		%
Income Statement (millions)
Net interest income	$	154		$	153		$	158		$	173		$	161				1	%			(4)	%
Noninterest income	141			150			185			167			181			(9)		(6)		(40)		(22)
Total revenue	295			302			343			339			342			(7)		(2)		(47)		(14)
Noninterest expense	141			146			154			135			138			(5)		(3)		3		2
Pre-provision net revenue4	154			156			189			205			204			(2)		(1)		(50)		(25)
Provision for credit losses5	(33)			(21)			(7)			11			34			(12)		(57)		(67)		NM
Income before income tax expense	187			177			196			194			170			10		6		17		10
Income tax expense	45			43			47			47			41			2		5		4		10
Net income	$	142		$	134		$	149		$	147		$	129				6	%			10	%
Average Balances (billions)
Total loans and leases	$	16.3		$	16.0		$	17.2		$	18.2		$	17.6				2	%			(7)	%
Interest-earning assets	19.2			18.8			20.2			21.1			20.3			0.4		2		(1.1)		(5)
Total assets	20.5			20.1			21.5			22.5			21.7			0.4		2		(1.2)		(6)
Total deposits	6.2			5.5			5.3			4.9			4.4			0.7		12		1.8		40
Key Metrics
Fixed income product average daily revenue (thousands)	$	1,323		$	1,425		$	1,885		$	1,505		$	1,545				(7)	%			(14)	%
Net interest margin8	3.18		%	3.26		%	3.18		%	3.26		%	3.16		%	(8)	bp			2	bp
Efficiency ratio	47.71		%	48.32		%	44.90		%	39.72		%	40.37		%	(61)	bp			734	bp
Loans-to-deposits ratio (period-end balances)	274		%	308		%	318		%	371		%	405		%	(3,343)	bp			(13,078)	bp
Loans-to-deposits ratio (average-end balances)	266		%	293		%	325		%	375		%	399		%	(2,710)	bp			(13,340)	bp
Return on average assets (annualized)	2.75		%	2.68		%	2.80		%	2.60		%	2.36		%	7	bp			39	bp
Return on allocated equity9	34.14		%	31.87		%	33.67		%	32.30		%	29.66		%	227	bp			448	bp

All values are in US Dollars.

Numbers may not add to total due to rounding.

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

See footnote disclosures on page 20.

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

											3Q21 Change vs.
	3Q21		2Q21		1Q21		4Q20		3Q20		2Q21			3Q20
												%			%
Income Statement (millions)
Net interest income/(expense)	$	(106)	$	(100)	$	(77)	$	(81)	$	(77)		(6)	%		(38)	%
Noninterest income2	(7)		27		13		17		545		(34)	(126)		(552)	(101)
Total revenues	(113)		(73)		(63)		(64)		468		(40)	(55)		(581)	(124)
Noninterest expense	84		73		118		67		148		11	15		(64)	(43)
Pre-provision net revenue4	(197)		(146)		(181)		(131)		319		(51)	(35)		(516)	NM
Provision for credit losses5	—		(6)		(6)		(7)		(1)		6	100		1	100
Income before income tax expense	(197)		(140)		(175)		(124)		321		(57)	(41)		(518)	NM
Income tax expense (benefit)	(54)		(40)		(42)		(44)		(48)		(14)	(35)		(6)	(13)
Net income/(loss)	$	(143)	$	(101)	$	(133)	$	(80)	$	369		(42)	%		(139)	%
Average Balance Sheet (billions)
Interest bearing assets	$	24.2	$	22.2	$	18.4	$	15.3	$	13.2		9	%		83	%
Total assets	27.2		25.3		21.5		18.3		16.3		1.9	8		10.9	67	%

All values are in US Dollars.

Numbers may not add to total due to rounding.

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

See footnote disclosures on page 20.

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

FOOTNOTES

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

2 3Q20 includes a $532 million purchase accounting gain from FHN's merger with IBERIABANK.

3 Occupancy and Equipment expense includes Computer Software Expense.

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

5 Beginning in 3Q20 FHN began recording credit expense on unfunded commitments as a component of provision for credit losses. Prior period amounts have been reclassified from other noninterest expense.

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

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

8 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.

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

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)	3Q21			2Q21			1Q21			4Q20			3Q20
Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$	8,533		$	8,566		$	8,307		$	8,307		$	8,144
Less: Noncontrolling interest (a)	295			295			295			295			295
Less: Preferred stock (a)	520			520			470			470			470
(B) Total common equity	$	7,717		$	7,750		$	7,541		$	7,541		$	7,378
Less: Intangible assets (GAAP) (b)	1,822			1,836			1,850			1,864			1,876
(C) Tangible common equity (Non-GAAP)	$	5,895		$	5,914		$	5,691		$	5,677		$	5,502
Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$	88,537		$	87,908		$	87,513		$	84,209		$	83,030
Less: Intangible assets (GAAP) (b)	1,822			1,836			1,850			1,864			1,876
(E) Tangible assets (Non-GAAP)	$	86,715		$	86,072		$	85,663		$	82,345		$	81,154
Period-end Shares Outstanding
(F) Period-end shares outstanding	542			551			552			555			555
Ratios
(A)/(D) Total equity to total assets (GAAP)	9.64		%	9.74		%	9.49		%	9.86		%	9.81		%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	6.80		%	6.87		%	6.64		%	6.89		%	6.78		%
(B)/(F) Book value per common share (GAAP)	$	14.24		$	14.07		$	13.65		$	13.59		$	13.30
(C)/(F) Tangible book value per common share (Non-GAAP)	$	10.88		$	10.74		$	10.30		$	10.23		$	9.92

(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
	3Q21						2Q21						1Q21						4Q20						3Q20
($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	$	533	$	3	$	536	$	542	$	3	$	545	$	552	$	3	$	555	$	574	$	3	$	578	$	598	$	3	$	601
Interest expense- FTE	41		—		41		45		—		45		45		—		45		53		—		53		66		—		66
Net interest income- FTE	492		3		495		497		3		500		508		3		511		522		3		525		532		3		535
Less: Taxable-equivalent adjustment	—		3		3		—		3		3		—		3		3		—		3		3		—		3		3
Net interest income	492		—		492		497		—		497		508		—		508		522		—		522		532		—		532
Noninterest income:
Fixed income	96		—		96		102		—		102		126		—		126		104		—		104		111		—		111
Mortgage banking and title	34		—		34		38		—		38		53		—		53		57		—		57		66		—		66
Brokerage, trust, and insurance	37		—		37		35		—		35		33		—		33		31		—		31		30		—		30
Service charges and fees	56		—		56		54		—		54		53		—		53		53		—		53		50		—		50
Card and digital banking fees	21		—		21		21		—		21		17		—		17		18		—		18		17		—		17
Deferred compensation income	3		—		3		7		—		7		3		—		3		9		—		9		4		—		4
Other noninterest income	(1)		22		21		27		2		29		15		(1)		14		16		(1)		15		546		(532)		14
Total noninterest income	247		22		268		285		2		287		298		(1)		297		288		(1)		288		823		(532)		291
Total revenue	738		22		760		781		2		784		806		(1)		805		810		(1)		810		1,355		(532)		823
Noninterest expense:
Personnel expense:
Salaries and benefits	191		—		191		191		—		191		196		—		195		200		—		200		201		(1)		200
Incentives and commissions	101		(10)		92		109		(16)		93		120		(21)		99		110		(21)		89		126		(34)		91
Deferred compensation expense	4		—		4		6		—		6		3		—		3		9		—		9		3		—		3
Total personnel expense	296		(10)		286		306		(16)		290		318		(21)		297		319		(21)		298		329		(35)		294
Occupancy and equipment	75		(1)		74		75		—		75		76		(4)		72		76		(2)		74		77		(4)		73
Outside services	89		(24)		65		63		(6)		56		58		(4)		54		59		(7)		52		78		(32)		46
Amortization of intangible assets	14		(1)		13		14		(1)		13		14		(1)		13		15		(1)		14		15		(1)		14
Other noninterest expense	52		(10)		42		40		(9)		31		78		(50)		28		39		(4)		35		89		(44)		45
Total noninterest expense	526		(46)		480		497		(32)		465		544		(80)		464		508		(34)		474		587		(116)		471
Pre-provision net revenue	213		68		281		284		34		318		262		79		340		302		33		335		768		(416)		352
Provision for credit losses	(85)		—		(85)		(115)		—		(115)		(45)		—		(45)		1		—		1		227		(147)		80
Income before income taxes	298		68		365		399		34		433		307		79		386		301		33		334		541		(269)		272
Provision for income taxes	63		17		80		88		8		96		71		19		90		56		13		69		2		61		63
Net income	235		51		286		311		26		337		235		60		295		245		20		265		539		(331)		208
Net income attributable to noncontrolling interest	3		—		3		3		—		3		3		—		3		3		—		3		3		—		3
Net income attributable to controlling interest	232		51		283		308		26		334		233		60		292		242		20		262		536		(331)		205
Preferred stock dividends	8		—		8		13		—		13		8		—		8		8		—		8		13		—		13
Net income available to common shareholders	$	224	$	51	$	275	$	295	$	26	$	321	$	225	$	60	$	284	$	234	$	20	$	255	$	523	$	(331)	$	193
Common Stock Data
EPS	$	0.41	$	(0.09)	$	0.50	$	0.54	$	(0.05)	$	0.58	$	0.41	$	(0.11)	$	0.51	$	0.42	$	(0.04)	$	0.46	$	0.95	$	0.60	$	0.35
Basic shares	546				546		550				550		552				552		553				553		550				550
Diluted EPS	$	0.41	$	(0.09)	$	0.50	$	0.53	$	(0.05)	$	0.58	$	0.40	$	(0.11)	$	0.51	$	0.42	$	(0.04)	$	0.46	$	0.95	$	0.60	$	0.35
Diluted shares	550				550		556				556		557				557		556				556		551				551
Memo:
Total Revenue-FTE (Non-GAAP)	$	738	$	24	$	763	$	781	$	5	$	787	$	806	$	2	$	808	$	810	$	2	$	813	$	1,355	$	(529)	$	826
PPNR-FTE (Non-GAAP)	$	213	$	71	$	283	$	284	$	37	$	321	$	262	$	82	$	343	$	302	$	36	$	339	$	768	$	(414)	$	355

Amounts adjusted for notable items as detailed on page 9.

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(s in millions, except per share data)	3Q21			2Q21			1Q21			4Q20			3Q20
Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)	$	224		$	295		$	225		$	234		$	523
Plus Tax effected notable items (Non-GAAP) (a)	51			26			60			20			(331)
Adjusted net income available to common shareholders (Non-GAAP)	$	275		$	321		$	284		$	255		$	193
Diluted Shares (GAAP)	550			556			557			556			551
Diluted EPS (GAAP)	$	0.41		$	0.53		$	0.40		$	0.42		$	0.95
Adjusted diluted EPS (Non-GAAP)	$	0.50		$	0.58		$	0.51		$	0.46		$	0.35
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)	$	235		$	311		$	235		$	245		$	539
Plus Tax effected notable items (Non-GAAP) (a)	51			26			60			20			(331)
Adjusted NI (Non-GAAP)	$	286		$	337		$	295		$	265		$	208
NI (annualized) (GAAP)	$	931		$	1,247		$	955		$	974		$	2,144
Adjusted NI (annualized) (Non-GAAP)	$	1,133		$	1,353		$	1,198		$	1,055		$	829
Average assets (GAAP)	$	88,401		$	87,559		$	85,401		$	83,809		$	81,683
ROA (GAAP)	1.05		%	1.42		%	1.12		%	1.16		%	2.63		%
Adjusted ROA (Non-GAAP)	1.28		%	1.54		%	1.40		%	1.26		%	1.01		%
Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE
Net income available to common shareholders ("NIAC") (GAAP)	$	887		$	1,182		$	911		$	933		$	2,082
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)	$	1,089		$	1,288		$	1,154		$	1,013		$	767
Average Common Equity (GAAP)	$	7,761		$	7,651		$	7,583		$	7,444		$	7,309
Intangible Assets (GAAP) (b)	1,829			1,843			1,857			1,871			1,794
Average Tangible Common Equity (Non-GAAP)	$	5,932		$	5,808		$	5,726		$	5,573		$	5,515
ROCE (GAAP)	11.43		%	15.45		%	12.01		%	12.53		%	28.49		%
ROTCE (Non-GAAP)	14.95		%	20.36		%	15.90		%	16.73		%	37.75		%
Adjusted ROTCE (Non-GAAP)	18.36		%	22.18		%	20.15		%	18.18		%	13.90		%

All values are in US Dollars.

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

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

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(In millions)		3Q21			2Q21			1Q21			4Q20			3Q20
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	k	$	247		$	285		$	298		$	288		$	823
Plus notable items (GAAP) (a)		22			2			(1)			(1)			(532)
Adjusted noninterest income (Non-GAAP)	l	$	268		$	287		$	297		$	288		$	291
Revenue (GAAP)	m	$	738		$	781		$	806		$	810		$	1,355
Taxable-equivalent adjustment		3			3			3			3			3
Revenue- Taxable-equivalent (Non-GAAP)		741			784			809			813			1,358
Plus notable items (GAAP) (a)		22			2			(1)			(1)			(532)
Adjusted revenue (Non-GAAP)	n	$	763		$	787		$	808		$	813		$	826
Noninterest income as a % of total revenue (GAAP)	k/m	33.39		%	36.43		%	37.00		%	35.61		%	60.72		%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	l/n	35.14		%	36.49		%	36.78		%	35.42		%	35.20		%
Adjusted Efficiency Ratio
Noninterest expense (GAAP)	o	$	526		$	497		$	544		$	508		$	587
Plus notable items (GAAP) (a)		(46)			(32)			(80)			(34)			(116)
Adjusted noninterest expense (Non-GAAP)	p	$	480		$	465		$	464		$	474		$	471
Revenue (GAAP)	q	$	738		$	781		$	806		$	810		$	1,355
Taxable-equivalent adjustment		3			3			3			3			3
Revenue- Taxable-equivalent (Non-GAAP)		741			784			809			813			1,358
Plus notable items (GAAP) (a)		22			2			(1)			(1)			(532)
Adjusted revenue (Non-GAAP)	r	$	763		$	787		$	808		$	813		$	826
Efficiency ratio (GAAP)	o/q	71.21		%	63.67		%	67.53		%	62.71		%	43.31		%
Adjusted efficiency ratio (Non-GAAP)	p/r	62.87		%	59.17		%	57.49		%	58.34		%	57.06		%

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

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

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(In millions)
			3Q21 vs 2Q21
NII/NIM Analysis	NII		%		NIM
3Q21 Reported (FTE)	$	495			2.40	%
Less: non-core items
PPP coupon income and fees	32				0.07
Time Deposit Amortization	0				—
Loan Accretion	20				0.10
IBKC Premium Amortization	(12)				(0.06)
3Q21 Core (Non-GAAP)	$	454	1	%	2.28	%
2Q21 Reported (FTE)	$	500			2.47	%
Less: non-core items
PPP coupon income and fees	35				0.03
Time Deposit Amortization	1				—
Loan Accretion	25				0.14
IBKC Premium Amortization	(12)				(0.06)
2Q21 Core (Non-GAAP)	$	450			2.36	%

Numbers may not foot due to rounding.

	Period-end							Average
($s in millions)	3Q21		2Q21		3Q21 vs 2Q21			3Q21		2Q21		3Q21 vs 2Q21
Loans excluding LMC & PPP						%							%
Total Commercial excl. LMC & PPP	$	36,553	$	36,104		1	%	$	36,196	$	35,792		1	%
Total Consumer	11,726		11,867		(141)	(1)	%	11,767		11,939		(172)	(1)	%
Total Loans excl. LMC & PPP	48,279		47,971		308	1	%	47,963		47,731		233	—	%
PPP	2,017		3,840		(1,823)	(47)	%	2,925		4,764		(1,839)	(39)	%
LMC	5,139		4,876		263	5	%	4,620		4,334		287	7	%
Total Loans	$	55,435	$	56,687		(2)	%	$	55,508	$	56,829		(2)	%
Loans excluding PPP
Total Commercial excl. PPP	$	41,693	$	40,980		2	%	$	40,816	$	40,125		2	%
Total Consumer	11,726		11,867		(141)	(1)	%	11,767		11,939		(172)	(1)	%
Total Loans excl. PPP	$	53,418	$	52,847	572	1	%	$	52,583	$	52,064	519	1	%
PPP	2,017		3,840		(1,823)	(47)	%	2,925		4,764		(1,839)	(39)	%
Total Loans	$	55,435	$	56,687		(2)	%	$	55,508	$	56,829	(1,321)	(2)	%

All values are in US Dollars.

Numbers may not foot due to rounding.

GLOSSARY OF TERMS

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

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

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

Key Ratios

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

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

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

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

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

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

Asset Quality - Consolidated Key Ratios

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

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

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

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

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

Operating Segments

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

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

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

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fhn3q21earningsslidesvf

Third Quarter 2021 Earnings October 20, 2021

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2 Disclaimer 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; 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, 3Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases.

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3 3Q21 GAAP financial summary1 1Adjusted financial measures, core NII, core NIM, Core NII/RWA, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q21 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. Reported 3Q21 Change vs. $s in millions except per share data 3Q21 2Q21 1Q21 4Q20 3Q20 2Q21 3Q20 $/bps % $/bps % Net interest income $ 492 $ 497 $ 508 $ 522 $ 532 $ (5) (1) % $ (40) (8) % Fee income 247 285 298 288 823 (38) (13) % (576) (70) % Total revenue 738 781 806 810 1,355 (43) (6) % (617) (46) % Expense 526 497 544 508 587 29 6 % (61) (10) % Pre-provision net revenue (PPNR)¹ 213 284 262 302 768 (71) (25) % (555) (72) % Provision for credit losses (85) (115) (45) 1 227 30 26 % (312) (137) % Pre-tax income 298 399 307 301 541 (101) (25) % (243) (45) % Income tax expense 63 88 71 56 2 (25) (28) % 61 NM Net income 235 311 235 245 539 (76) (24) % (304) (56) % Non-controlling interest 3 3 3 3 3 — — % — 1 % Preferred dividends 8 13 8 8 13 (5) (38) % (5) (37) % Net income available to common shareholders (NIAC) $ 224 $ 295 $ 225 $ 234 $ 523 $ (71) (24) % $ (299) (57) % $s in billions Avg loans $ 55.5 $ 56.8 $ 58.2 $ 59.8 $ 60.1 $ (1.3) (2) % $ (4.6) (8) % Period-end loans $ 55.4 $ 56.7 $ 58.6 $ 58.2 $ 59.7 $ (1.3) (2) % $ (4.3) (7) % Avg deposits $ 73.7 $ 73.2 $ 71.0 $ 69.6 $ 67.1 $ 0.6 1 % $ 6.6 10 % Period-end deposits $ 74.3 $ 73.3 $ 73.2 $ 70.0 $ 68.4 $ 1.0 1 % $ 5.9 9 % Key performance metrics Net interest margin (NIM) 2.40 % 2.47 % 2.63 % 2.71 % 2.84 % (7) bps (44) bps Loan to deposit ratio (avg.) 75.3 % 77.7 % 82.0 % 85.9 % 89.6 % (240) bps (1,431) bps ROCE 11.4 % 15.5 % 12.0 % 12.5 % 28.5 % (402) bps (1,706) bps ROTCE 15.0 % 20.4 % 15.9 % 16.7 % 37.8 % (541) bps (2,280) bps ROA 1.1 % 1.4 % 1.1 % 1.2 % 2.6 % (37) bps (158) bps Efficiency ratio 71.2 % 63.7 % 67.5 % 62.7 % 43.3 % 754 bps 2,790 bps FTEs 7,982 8,145 8,284 8,466 8,121 (163) (2) % (139) (2) % CET1 ratio 10.1 % 10.3 % 10.0 % 9.7 % 9.2 % (20) bps 87 bps Effective tax rate 21.1 % 22.0 % 23.2 % 18.7 % 0.4 % (90) bps 2,072 bps Per common share Diluted EPS $ 0.41 $ 0.53 $ 0.40 $ 0.42 $ 0.95 $ (0.12) (23) % $ (0.54) (57) % Tangible book value per share $ 10.88 $ 10.74 $ 10.30 $ 10.23 $ 9.92 $ 0.14 1 % $ 0.96 10 % Avg. diluted shares outstanding 550 556 557 556 551 (6) (1) % (1) — %

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4 Table of contents 3Q21 key messages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 3Q21 overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3Q21 notable items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 3Q21 adjusted financial highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 NII and NIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Adjusted fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Adjusted expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Total funding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Asset quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Allowance for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Merger integration update . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 4Q21 outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Key takeaways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

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5 Power of more diversified, higher-growth business model starting to emerge Reflects 3Q21 vs. 2Q21 results. 1Adjusted financial measures, core NII, core NIM, Core NII/RWA, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q21 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. 2Traditional banking fees include adj. brokerage, trust & insurance, service charges and fees, and card and digital banking fees +1% Core Net Interest Income +2% Commercial Loans ex. PPP -3 bps Interest-Bearing Deposit Costs +16% Asset Sensitive to +100 bp shock scenario +59% Common Capital Return 2 bps Net Charge-Offs ~$35 million MOE Revenue Synergies +2% Traditional Banking Fees2 Adjusted EPS1 $0.50 Adjusted ROTCE 18.4% TBV $10.88 +5% Commercial Unfunded Commitments -7% Adjusted Noninterest Income +3% Adjusted Expense -26% Adjusted Provision Credit

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6 3Q21 results reflect improved loan trends & benefit of diversified model Benefits of Diversified Model Enhanced Returns Strong Credit Quality MOE Update • Adjusted revenue of $763 million decreased 3% QoQ from relatively robust 2Q21 levels – NII down $5 million QoQ driven by a $9 million reduction in net merger-related and PPP benefits – Core NII up 1% with commercial loan growth excluding PPP of 2% and lower deposit costs – Fee income down 7% as improved wealth and service charges and fees were partially offset by expected reductions in other noninterest income, fixed income and mortgage banking • Adjusted expense of $480 million up $15 million QoQ largely on strategic investments and costs tied to markets reopening • Provision credit of $85 million largely reflecting further improvement in the macroeconomic outlook and positive loan portfolio credit grade migration • Adjusted ROTCE of 18.4%; Adjusted ROTCE of 14.0% before the impact of provision credit • TBVPS of $10.88 up 1% QoQ as net income was partially offset by $0.23 impact of capital return • Returned $224 million of capital to common shareholders including dividends and the repurchase of 9 million common shares • Credit remains exceptionally strong with net charge-offs of 2 bps and NPLs of 63 bps • ACL/NPL coverage of 231%; ACL/Loans ratio of 1.65% excl. LMC/PPP loans • Plan to fully integrate systems in February of 2022 given Hurricane Ida impact – Expect to deliver ~$200 million of targeted annualized net cost saves by 4Q22 – Achieved $96 million of annualized net cost saves in 3Q21 • Committed to continuous improvement in productivity and efficiency beyond the integration 1Adjusted financial measures, core NII, core NIM, Core NII/RWA, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q21 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 $0.50 and PPNR of $284 million1

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7 3Q21 merger-related notable items1 1Adjusted financial measures, core NII, core NIM, Core NII/RWA, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q21 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. 3Q21 Total IBKC merger-related notable items Noninterest income: Branch sale gain (other noninterest income) $ (2) Total noninterest income (2) Noninterest expense: Salaries and benefits — Incentives and commissions (10) Total personnel expenses (10) Occupancy and equipment (1) Outside services (24) Amortization of intangible assets (1) Other noninterest expense (10) Total noninterest expense (46) 3Q21 Total IBKC net merger-related notable items $ (45) 3Q21 Other notable items Noninterest income: Retirement of legacy IBKC TruPS $ 23 Total noninterest income $ 23 3Q21 Total other notable items $ 23 3Q21 Total notable items $ (68) Tax impact of 3Q21 notable items 17 After-tax impact of 3Q21 notable items $ (51) EPS impact of 3Q21 notable items $ (0.09) IBKC Cumulative Net Pre-tax Integration Costs Cost to Date Targeted 4Q19 - 2Q212 Purchase Acct. 3Q21 Total 4Q21 2022 Total $ 280 $ 100 $ 45 $ 425 $40 - $50 $50 - $60 $520 - $530 Notable Items ($s in millions, except per share data) GAAP results reduced by $51 million after-tax, or $0.09 per share, of notable items • 3Q21 pre-tax merger-related expense of $46 million • Merger-related noninterest income reflects a net $2 million branch sale gain • Other notable items reflect $23 million pre-tax non-cash charge on retirement of legacy IBKC Trust Preferred Securities (TruPS); Expect to record additional $3 million in 4Q21 – Provides $5 million annual interest rate benefit with an expected payback of approximately 5 years

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8 • Adjusted EPS of $0.50 vs. $0.58 reflects $0.04 per share reduction tied to lower provision credit – Adjusted ROTCE of 18.4% and TBV per share of $10.88 • NII down 1%, or $5 million – Core NII up $4 million driven by the benefit of lower deposit costs, commercial loan growth and higher investment portfolio income • Adjusted fee income down 7% as higher wealth and service charges and fees were partially offset by expected reductions in other noninterest income, fixed income and mortgage banking • Adjusted expense of $480 million increased 3% – Results largely reflect the impact of strategic investments and costs tied to markets reopening • Provision credit of $85 million vs. $115 million in 2Q21 largely reflects further improvement in the macroeconomic outlook and positive credit grade migration 3Q21 adjusted financial highlights1 Adjusted FHN 3Q21 Change vs. $s in millions except per share data 3Q21 2Q21 3Q20 2Q21 3Q20 $/bps % $/bps % Net Interest Income (FTE) $ 495 $ 500 $ 535 $ (5) (1) % $ (40) (8) % Fee income 268 287 291 (19) (7) % (23) (8) % Total revenue (FTE) 763 787 826 (24) (3) % (63) (8) % Expense 480 465 471 15 3 % 9 2 % Pre-provision net revenue 284 321 355 (37) (12) % (71) (20) % Provision for credit losses (85) (115) 80 30 26 % (165) NM Net charge-offs 3 (10) 67 13 NM (64) (96) % Reserve build/(release) (88) (105) 13 17 16 % (101) NM Net income available to common $ 275 $ 321 $ 193 $ (46) (14) % $ 82 42 % Key performance Metrics Fee income as a % of total revenue 35.1 % 36.5 % 35.2 % (135) bps (6) bps Efficiency ratio 62.9 % 59.2 % 57.1 % 370 bps 581 bps ROTCE 18.4 % 22.2 % 13.9 % (382) bps 446 bps Diluted EPS $ 0.50 $ 0.58 $ 0.35 $ (0.08) (14) % $ 0.15 43 % TBV per share $ 10.88 $ 10.74 $ 9.92 $ 0.14 1 % $ 0.96 10 % Effective tax rate 21.8 % 22.2 % 23.3 % (35) bps (152) bps Results relatively resilient despite overall industry headwinds with underlying momentum in loans and traditional banking fees starting to emerge 1Adjusted financial measures, core NII, core NIM, Core NII/RWA, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q21 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. 3Q21 vs. 2Q21 Highlights

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9 NII performed in line with expectations despite increased headwinds1 $535 $525 $511 $500 $495 $479 $482 $464 $450 $454 2.84% 2.71% 2.63% 2.47% 2.40% 2.96% 3.04% 3.02% 2.91% 2.86% Core NII Reported NII Reported NIM Core NII/RWA 3Q20 4Q20 1Q21 2Q21 3Q21 ($s in millions) FTE NII and NIM Trends Core NIM 2.68% 2.63% 2.52% 2.36% 2.28% 1Adjusted financial measures, core NII, core NIM, Core NII/RWA, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q21 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 down $5 million driven by a $9 million reduction in net merger-related and PPP benefits • Core NII of $454 million rose $4 million, or 1% – Benefit of lower deposit costs, day count, commercial loan growth excluding PPP, and higher investment portfolio income more than offset the impact of lower loan spreads and consumer loan balances – Securities portfolio increased to 11% of period end interest-earning assets from 10% in 2Q21 • Reported NIM down 7 bps and Core NIM down 8 bps – 5 bps impact tied to higher excess cash – Tighter loan spreads and lower interest recoveries on NPLs more than offset the benefit of lower deposit costs – Period-end excess cash of $14.0 billion vs. $12.7 billion in 2Q21 • Deposit costs benefited NIM by 2 bps 3Q21 vs. 2Q21 $s in millions NII NIM 2Q21 Reported $ 500 2.47 % PPP Coupon Income and Fees 35 0.03 Net merger-related impacts 14 0.08 2Q21 Core $ 450 2.36 % Deposit costs 5 0.02 Day count 4 — Higher excess cash 3 (0.05) Investment portfolio income/other 2 — Interest recoveries on nonaccrual loans (5) (0.02) Loan balances & spread impact (5) (0.03) 3Q21 Core $ 454 2.28 % PPP Coupon Income and Fees 32 0.07 % Net merger-related impacts 9 0.05 % 3Q21 Reported $ 495 2.40 % Continued deposit pricing discipline and commercial loan growth helping to mitigate impact of low rates and loan spread tightening 3Q21 vs. 2Q21 Highlights

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10 • Adjusted fee income decreased $19 million on expected declines in other noninterest income, fixed income and mortgage • Fixed income decreased $6 million – ADR of $1.3 million vs. $1.4 million • Service charges and fees up $2 million as increased transaction volume and leasing income was partially offset by lower NSF pricing • Mortgage banking and title decreased $4 million reflecting overall lower origination volumes, intentional shift in production toward portfolio balances and lower gain on sale spreads • Brokerage, trust and insurance up $2 million on higher annuities sales • Card and digital banking fees remained stable as higher transaction volumes as markets reopened was offset by a reduction in rebate benefits • Other noninterest income down $8 million driven by an $11 million decrease in securities gains Adjusted fee income in line with expectations1 1Adjusted financial measures, core NII, core NIM, Core NII/RWA, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q21 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 FHN 3Q21 Change vs. $s in millions 3Q21 2Q21 1Q21 4Q20 3Q20 2Q21 3Q20 $/bps % $/bps % Fixed income $ 96 $ 102 $ 126 $ 104 $ 111 $(6) (6) % $(15) (13) % Service charges and fees 56 54 53 53 50 2 4 % 6 12 % Mortgage banking & title 34 38 53 57 66 (4) (11) % (32) (48) % Brokerage, trust, and insurance 37 35 33 31 30 2 6 % 7 23 % Card and digital banking fees 21 21 17 18 17 — — % 4 24 % Deferred compensation income 3 7 3 9 4 (4) (57) % (1) (22) % Other noninterest income 21 29 14 15 14 (8) (28) % 7 50 % Total fee income $ 268 $ 287 $ 297 $ 288 $ 291 $(19) (7) % $(23) (8) % Key Metrics Fixed Income Average Daily Revenue (ADR) $ 1.3 $ 1.4 $ 1.9 $ 1.5 $ 1.5 $ (0.1) (7) % $ (0.2) (14) % Mortgage banking Originations Secondary $ 772 $ 998 $ 1,144 $ 1,183 $ 1,186 $ (226) (23) % $ (414) (35) % Portfolio $ 829 $ 791 $ 338 $ 341 $ 396 $ 38 5 % $ 433 109 % Total $ 1,601 $ 1,789 $ 1,482 $ 1,524 $ 1,582 $ (188) (11) % $ 19 1 % Gain on sale spread 2.92 % 3.21 % 3.72 % 4.08 % 3.93 % (28) bps (101) bps Mix Purchase 56 % 65 % 50 % 55 % 58 % Refinance 44 % 35 % 50 % 45 % 42 % Strength in wealth and service charges and fees partially offset expected declines in other noninterest income, fixed income and mortgage 3Q21 vs. 2Q21 Highlights

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11 Adjusted expense reflects strategic investments/market reopening costs1 1Adjusted financial measures, core NII, core NIM, Core NII/RWA, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q21 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 FHN 3Q21 Change vs. $s in millions 3Q21 2Q21 1Q21 4Q20 3Q20 2Q21 3Q20 $/bps % $/bps % Salaries and benefits $ 191 $ 191 $ 195 $ 200 $ 200 $ — — % $ (9) (5) % Incentives and commissions 92 93 99 89 91 (1) (1) % 1 1 % Deferred compensation expense 4 6 3 9 3 (2) (33) % 1 33 % Total personnel expense 286 290 297 298 294 (4) (1) % (8) (3) % Occupancy and equipment 74 75 72 74 73 (1) (1) % 1 1 % Outside services 65 56 54 52 46 9 16 % 19 41 % Amortization of intangible assets 13 13 13 14 14 — — % (1) (7) % Other noninterest expense 42 31 28 35 45 11 35 % (3) (7) % Total noninterest expense $ 480 $ 465 $ 464 $ 474 $ 471 $ 15 3 % $ 9 2 % Full-time equivalent associates 7,982 8,145 8,284 8,466 8,121 (163) (2) % (139) (2) % • Adjusted expense of $480 million increased $15 million, or 3% – $1 million benefit tied to incremental merger cost saves • Personnel expense down $4 million – Salaries and benefits remained stable as a $4 million FICA credit helped mitigate the impact of day count, seasonally higher medical costs and labor supply constraints – Incentives and commissions remained relatively stable as reductions tied to fixed income and mortgage banking were partially offset by a $3 million increase tied to pandemic-related vacation carryover • Outside services increased $9 million driven by higher contractor costs tied to investments in new systems as well as higher advertising • Other noninterest expense up $11 million driven by higher tax-credit related contributions, a $2 million increase in fraud costs, and higher travel and entertainment expense Results also impacted by seasonality and idiosyncratic items 2 3Q21 vs. 2Q21 Highlights

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12 • Loans of $55.5 billion down $1.3 billion driven by a $1.8 billion decrease in PPP loans – $519 million, or 1%, increase in loans before the impact of PPP reflecting a $691 million increase in commercial partially offset by a $172 million decrease in consumer – Commercial loan growth ex. PPP reflects a $287 million increase in LMC, and a $490 million increase in other C&I partially offset by $86 million decrease in CRE • Period-end loans of $55.4 billion down $1.3 billion driven by a $1.8 billion decrease in PPP – $572 million increase in period-end loans before the impact of PPP reflecting a $713 million increase in commercial partially offset by a $141 million decrease in consumer – Commercial loan growth ex. PPP driven by growth in other C&I and LMC • Variable/fixed loan portfolio mix of 65%/35% 1Adjusted financial measures, core NII, core NIM, Core NII/RWA, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q21 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 4Q20 1Q21 2Q21 3Q21 Utilization % 44% 45% 45% 44% $59.7B $56.7B $55.4B $59.8B $58.2B $56.8B $55.5B 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) 3Q20 . . . . 2Q21 3Q21 4Q20 1Q21 2Q21 3Q21 Loan trends 42% 21% 2% 11% 40% 21% 22% 2% 7% 44% 22% 19% 2% 9% 7% 19% 9% 9% 39% 21% 19% 2% 4% 2% 41% 20% 22% 8% 8% 4Q20 1Q21 2Q21 3Q21 Yields 3.56% 3.55% 3.52% 3.46% Core yields 3.43% 3.40% 3.35% 3.25% Avg 1M LIBOR 0.15% 0.12% 0.10% 0.09% 40% 20% 21% 2% 8% 9% 7% Period-end Average Loan trends reflect underlying momentum1 43% 22% 19% 2% 5% 9% 3Q21 vs. 2Q21 Highlights 4% annualized loan growth before the impact of PPP

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13 $68.4B $73.3B $74.3B $69.6B $71.0B $73.2B $73.7B Demand Deposit Accounts (DDA) Savings Time deposits Other interest-bearing deposits 3Q20 . . . . . 2Q21 3Q21 4Q20 1Q21 2Q21 3Q21 Deposit pricing discipline helping to mitigate NII headwinds1 Interest-bearing liabilities & DDA trends • Total deposits of $73.7 billion increased $575 million, or 1% as a $1.1 billion increase in DDA was partially offset by a reduction in interest- bearing deposits – Period-end deposits of $74.3 billion increased $984 million as a $1.5 billion increase in noninterest-bearing was partially offset by a $531 million decrease in interest-bearing deposits • Deposit costs improved to 11 bps reflecting a positive mix shift towards DDA – 3 bps reduction in interest-bearing deposit costs to 17 bps • Total funding costs of 21 bps improved from 23 bps 29% 36% 8% 27% 33% 35% 6% 26% 30% 37% 7% 26% 31% 36% 6% 27% 34% 35% 5% 26% 4Q20 1Q21 2Q21 3Q21 Deposit cost of funds 18 bps 14 bps 13 bps 11 bps Total cost of funds 28 bps 24 bps 23 bps 21 bps Avg 1M LIBOR 0.15% 0.12% 0.10% 0.09% 1Adjusted financial measures, core NII, core NIM, Core NII/RWA, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. Improved deposit mix with interest-bearing deposit costs down 3 bps 33% 35% 6% 26% 35% 35% 5% 25% Period-end Average 3Q21 vs. 2Q21 Highlights

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14 $227 3Q20 4Q20 1Q21 2Q21 3Q21 Strong credit quality performance 1Net charge-off % is annualized and as % of average loans. Provision, credit losses, and net charge-offs $1,077 $1,048 $995 $890 $802 1.80% 1.80% 1.70% 1.57% 1.45% 241% 271% 253% 259% 231% ACL ACL/Loans ACL/NPLs 3Q20 4Q20 1Q21 2Q21 3Q21 Allowance for credit losses (ACL) Non-performing loans (NPLs) $447 $386 $394 $344 $347 0.75% 0.66% 0.67% 0.61% 0.63% NPLs $ NPLs % 3Q20 4Q20 1Q21 2Q21 3Q21 • Net charge offs of 2 bps compared to net recoveries of 7 bps in 2Q21 • NPL ratio of 63 bps remained relatively stable QoQ • ACL coverage ratio of 1.45% vs. 1.57% in 2Q21 – Provision credit of $85 million compared with $115 million in 2Q21 largely reflects continued improvement in the macroeconomic outlook and positive credit grade migration 1 $67 $29 $8 $(10) $3 $80 $1 $(45) $(115) $(85) 0.44% 0.19% 0.06% (0.07)% 0.02% NCOs Provision for credit losses Non-PCD NCO% 3Q20 4Q20 1Q21 2Q21 3Q21 Improving economic and asset quality trends drive $85 million provision credit

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15 Reserve release driven by continued improvement in the macroeconomic outlook and improving credit quality1 1Adjusted financial measures, core NII, core NIM, Core NII/RWA, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q21 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. ($s in millions) 3Q21 vs. 2Q21 Allowance for credit losses (ACL) ACL/loans 1.45% 1.65% Total Total ex. LMC & PPP • Reserve release of $88 million – Largely reflects improvement in economic scenarios, a $12 million decrease in specific reserves for one individually assessed credit, and overall positive asset quality trends – Utilized Moody’s August baseline scenario and applied additional modest weighting to alternative upside and downside scenarios • Reserves contemplate sectors that have been most heavily affected by COVID-19 and subsequent disruption $s in millions 3Q21 Period- end % of Total Loans Total allowance for credit losses 802 1.45 % Total allowance for credit losses ex. LMC & PPP 798 1.65 % Unrecognized discount - acquired loans ex. LMC & PPP 165 0.34 % Total loss absorption capacity ex. LMC & PPP 962 1.99 % $890 $(3) $(85) $802 6/30/2021 Net charge- offs Provision expense/(credit) 9/30/2021 231% Total ACL/NPLs

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16 3Q20 4Q20 1Q21 2Q21 3Q21 CET1 ratio Tier 1 capital ratio Total capital ratio 3Q20 4Q20 1Q21 2Q21 3Q21 Strong capital position1 Capital levels 10.3% 12.1% 12.6% 10.7% 12.8% 11.0% 13.1% 11.4% 12.6% 11.2% Tangible book value per share 10.3% 0.44% (0.23)% (0.16)% (0.13)% (0.08)% (0.04)% 10.1% 2Q21 actual Adjusted NIAC Share Buybacks Loans/ unfunded commitments growth Common Dividend Notable Items Other 3Q21 estimate 10.74 $0.52 $(0.15) $(0.09) $(0.08) $(0.06) $10.88 2Q21 actual Adjusted NIAC, net of change in Intangibles Common Dividends Notable Items Share Buybacks AFS Securities MTM, Other 3Q21 actual • TBVPS of $10.88 increased 1% QoQ and reflects $0.23 reduction tied to return of capital • Total capital down 52 bps including a 20 bp impact tied to retirement of legacy IBKC TruPS • CET1 ratio of 10.1% decreased ~20 bps – NIAC more than offset by a 36 bp reduction tied to return of capital and a 16 bp reduction tied to loan growth and higher unfunded commitments • Repurchased 9.0 million shares of common stock during the quarter 1Adjusted financial measures, core NII, core NIM, Core NII/RWA, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 3Q21 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. 2Q21 vs. 3Q21 CET1 ratio 9.2% 9.7% 10.0% 10.3% 10.1%

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17 Integration Framework • Continue to make substantial progress toward achieving key merger milestones • Focused on retaining and growing client base with expanded products and services 3Q21 Milestones • Associate retention remains strong, including in leadership/critical positions 92% • Continue to merge and enhance our culture via regular virtual/in person leadership workshops, culture calls, and team building sessions • Wealth & Trust conversion • Credit Card conversion • Finalized mortgage servicing conversion • Pilot of new online banking platform for commercial/business customers • Completed two mock conversion events • Rescheduled systems and signage conversion timeline • Significant upgrades to retail online banking platform • Additional enhancements to servicing and sales platforms • Launched new banker profitability/relationship management tool for FHN associates • First round of banking center consolidations, YTD 54 closures Upcoming Events • Third mock conversion • Finalize IVR and call center upgrades • Completion of associate PC and email migrations • Continued preparation for systems conversion, including dress rehearsals • Client communications begin in earnest, including microsite launch • Continued training for all associates on new systems • Core systems/signage conversion scheduled for February 2022 Merger integration update Pe op le Sy st em s/ O ps Integration Highlights Targeting annualized cost saves of ~$200 million by 4Q22 Achieved $24 million of savings in 3Q21 ~$35 million of identified annualized revenue synergies largely tied to commercial loans Additional synergies realized in debt capital markets, mortgage and private client/wealth In Period Savings Actual Estimated 1H21 3Q21 2021 2022 ~$42mm ~$24mm ~$92mm ~$160mm Annualized Run-Rate Savings Actual Estimated 2Q21 3Q21 4Q21 4Q22 ~$92mm ~$96mm ~$104mm ~$200mm

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18 4Q21 Outlook Earnings Drivers Previous Expectations for 3Q21 Adjusted Results 3Q21 Adjusted Actual Results 3Q21 Adjusted Baseline 4Q21 Adjusted Expectations Comments Net Interest Income (FTE) Down modestly (1.0)% ✔ $495 million (FTE) High end of low single- digit % decrease Assumes lower accretion and PPP benefits with relatively stable core NII Avg. Interest Earning Assets Up modestly 1.0% ✔ $81.775 billion avg. interest earning assets Down modestly with average loans down modestly Continued modest loan growth ex. PPP Average loans down modestly (2.3)% Noninterest Income Low double-digit to low teens % decrease (6.6)% $268 million Mid to high single-digit % decrease Reflects expected further pressure from NSF pricing changes with seasonally lower mortgage and wealth fees and further moderation of fixed income fees Noninterest Expense Low single-digit % decrease 3.2% $480 million Low single-digit % decrease Expense reduction from higher 3Q21 levels which included higher cost tied to markets reopening, investments and idosyncratic costs as well as lower incentives and commisions Up modestly (ex. Incentives & commissions) 4.3% $388 million - excluding incentives & commissions Relatively stable Net Charge-Offs 0 bps - 10 bps 2 bps ✔ 2 bps 5 bps - 15 bps Expect continued positive credit grade migration. Potential for continued reserve releases if macroeconomic trends continue to improve CET1 Ratio ~10% - 10.5% 10.1% ✔ 10.1% ~9.5% - 10.0% Focus on organic growth with optionality to repurchase shares Assumes continued low-rate environment, mid single-digit GDP growth, further improvement in unemployment trends and stabilization of real estate values

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19 Focused on delivering enhanced shareholder value • Deliver further benefits of diversified business model through revenue synergies and loan growth – Complete systems integration and product and capabilities alignment – Redeploy expense and capital to higher growth/return opportunities – Prudent investments in technology to support dynamic digital needs of clients and associates – Drive continuous improvement in productivity and efficiency beyond the integration • Actively manage capital and balance sheet and maintain excellent credit quality – Opportunistically return capital through share repurchases – Continue to improve overall balance sheet asset and funding mix – Maintain strong risk management infrastructure • Deliver top-quartile ROTCE Significant opportunities to drive relative outperformance and build shareholder value

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APPENDIX 20

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21 Update on areas of perceived risk Portfolio by industry 6/30/21 9/30/21 $s in billions Balance Balance % of total loans Subject to more heightened monitoring % of total loans Other C&I $ 6.2 $ 6.5 11.6 % $ — — % Finance & Insurance 3.1 3.2 5.7 — — Health Care & Social Assistance 2.2 2.2 3.9 — — Non-real estate leasing 0.6 0.6 1.2 — — Real estate leasing 1.7 1.9 3.4 1.9 3.4 Real Estate Rental & Leasing 2.3 2.6 4.6 — — Quick serve restaurants and other lower-risk categories 1.3 1.4 2.4 — — Higher-risk accommodation and food service 0.6 0.6 1.1 0.6 1.1 Accommodation & Food Service 1.9 2.0 3.5 — — Wholesale Trade 1.9 1.9 3.4 — — Energy 1.4 1.3 2.3 1.3 2.3 Manufacturing 1.8 1.8 3.3 — — Grocery stores, gas stations, convenience stores, home improvement, auto-related and other lower-risk retail 1.3 1.3 2.3 — — Higher-risk retail trade 0.1 0.1 0.1 0.1 0.1 Retail Trade 1.4 1.3 2.4 — — Transportation & Warehousing 1.2 1.2 2.2 — — Golf courses and other outdoor lower- risk sectors 0.3 0.3 0.6 — — Fitness centers, recreational centers and other higher-risk arts, entertainment and recreation 0.4 0.4 0.7 0.4 0.7 Arts, Entertainment & Recreation 0.7 0.7 1.3 — — Total C&I excluding LMC and PPP $ 24.1 $ 24.5 44.1 % $ — — % Other CRE 8.7 8.6 15.5 — — Lower-risk CRE retail 2.1 2.2 3.9 — — Higher-risk CRE retail 0.1 0.1 0.2 0.1 0.2 CRE - Retail 2.2 2.3 4.1 — — Lower-risk CRE hospitality 1.1 1.1 1.9 — — Higher-risk CRE hospitality 0.3 0.2 0.4 0.2 0.4 CRE - Hospitality 1.4 1.3 2.4 — — Total CRE excluding PPP $ 12.3 $ 12.2 22.0 % — — % Total commercial loans excluding LMC and PPP $ 36.4 $ 36.7 66.1 % $ 4.6 8.2 % Loans to mortgage companies (LMC) 4.9 5.3 9.5 Paycheck protection program (PPP) 3.8 2.0 3.6 Total commercial loans $ 45.2 $ 44.0 79.2 % Total consumer loans $ 11.7 $ 11.6 20.8 % Total loans $ 56.9 $ 55.6 100.0 % Total loans excl. LMC and PPP $ 48.1 $ 48.3 86.9 % • Continuing to closely monitor industries that have been impacted by COVID-19 disruptions; Criticized loans of $1.8 billion as of September 30, 2021 vs. $2.0 billion as of June 30, 2021 – Certain challenged sectors are experiencing recovery; closely monitoring sectors and regions facing headwinds due to disruptions and elevated labor and material costs • Consumer portfolio asset quality relatively stable; refreshed weighted avg. FICO score of ~765 • Real Estate Rental/Leasing – ~25% non-real estate rental and leasing, primarily equipment with ~75% real estate-related, largely REITs which are diversified across property types • Accommodation/Food Service – ~70% quick service restaurants and other lower risk categories with normalizing trends; higher-risk portfolio largely reflects regional and national casual dining brands • Energy – ~$211 million in oil field services, ~$636 million in E&P - Portfolio clients are hedged 68% through 2021, 46% through 2022 and 19% through 2023 • Retail Trade – Substantially all essential services and other more resilient sectors including home improvement and auto-related • Arts/Entertainment – ~48% tied to golf courses and other lower risk outdoor sectors • CRE – Retail – Granular portfolio with ~2,010+ tenants largely focused on value and necessity-based properties; limited geographic/major tenant concentration; limited regional mall/power center exposure – ~0.2% of CRE-Retail on active deferral vs. ~41% peak deferral • CRE – Hospitality – Predominately flagged properties and limited service/extended stay properties – ~7% of CRE hospitality is on active deferral vs. ~68% peak deferral Portfolios subject to more heightened monitoring remained flat QoQ at $4.6 billion, ex. LMC/PPP or ~8.2% of loans Data based on loan balances from credit systems and does not reflect certain general ledger accounting adjustments including unrecognized loan discounts. NAICs codes as of 3Q21. Energy-related loans represented across various categories.

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22 FHN reserve and deferrals by portfolio $s in billions Loan Balance1 Allowance for Loan Losses Allowance Coverage Ratio Portfolios excl. Loans to Mortgage Companies (LMC) & PPP Energy $ 1.29 0.07 5.6 % C&I excl. Energy, LMC, & PPP 23.23 0.30 1.3 Total C&I excl. LMC & PPP 24.51 0.37 1.5 CRE - Other 8.61 0.09 1.0 CRE - Retail 2.27 0.04 1.6 CRE - Hospitality 1.32 0.04 2.9 Total CRE excl. PPP 12.21 0.16 1.3 Total Commercial excl. LMC & PPP 36.72 0.53 1.5 Total Consumer 11.58 0.20 1.7 Total Loans excl. LMC & PPP 48.30 0.73 1.5 LMC 5.27 — 0.1 PPP 2.02 — — Total Loans $ 55.59 $ 0.73 1.3 % Reserve for unfunded commitments $ 55.59 $ 0.07 0.1 % Total Loans to Allowance for Credit Losses $ 55.59 $ 0.80 1.4 % Have Taken a COVID-19 Deferral Are Still on Deferral $s in millions Approx. # of Deferrals Balances with Deferrals % of Total Balances Approx. # of Deferrals Balances with Deferrals % of Total Balances Consumer 4,858 $ 1,026 8.5 % 397 $ 73 0.6 % Commercial excl. PPP 3,779 4,800 11.4 % 36 116 0.3 % Total excl. PPP 8,637 $ 5,826 10.8 % 433 $ 189 0.3 % 1Data based on loan balances from credit systems and does not reflect certain general ledger accounting adjustments including unrecognized loan discounts. NAICs codes as of 3Q21. Energy-related loans represented across various categories.Numbers may not add to total due to rounding. Allowance for Credit Losses (ACL) to Loans Ratio $s in millions Loan Balance ACL Balance ACL/Loans Total Loans $ 55,435 $ 802 1.4 % Loans to Mortgage Companies (LMC) 5,139 4 0.1 PPP 2,017 — — Total excl. LMC & PPP $ 48,279 $ 798 1.7 %

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23 Notable Items ($s in millions except per share data) Favorable / (Unfavorable) (In millions, except per share data) 3Q21 2Q21 1Q21 4Q20 3Q20 Noninterest income: Purchase accounting gain (other noninterest income)1 $ — $ 2 $ (1) $ (1) $ (532) Retirement of legacy IBKC TruPS (other noninterest income) 23 — — — — Branch sale gain (other noninterest income) (2) — — — — Total noninterest income 22 2 (1) (1) (532) Noninterest expense: Salaries and benefits — — — — (1) Incentives and commissions (10) (16) (21) (21) (34) Total personnel expenses (10) (16) (21) (21) (35) Occupancy and equipment (1) — (4) (2) (4) Outside services (24) (6) (4) (7) (32) Amortization of intangible assets (1) (1) (1) (1) (1) Other noninterest expense (10) (9) (50) (4) (44) Total noninterest expense (46) (32) (80) (34) (116) Total net notable items (pre-tax) 68 34 79 33 (269) Tax impact of notable items 17 8 19 13 61 After-tax impact of notable items $ 51 $ 26 $ 60 $ 20 $ (331) EPS impact of notable items $ (0.09) $ (0.05) $ (0.11) $ (0.04) $ 0.60 Diluted shares 550 556 557 556 551 1Purchase accounting gain is non-taxable income.

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24 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 4Q21 $ 11 4Q21 $ 12 4Q21 $ 5 2022 $ 36 2022 $ 50 2022 $ 14 2023 and beyond $ 65 2023 and beyond $ 72 2023 and beyond $ 13 1Q21 Reported to Core Reconciliation $s in millions NII NIM 1Q21 Reported (FTE) $ 511 2.63 % Less: non-core items PPP coupon income and fees 24 (0.01) Time Deposit Amortization 4 0.02 Loan Accretion 32 0.17 IBKC Premium Amortization (14) (0.07) 1Q21 Core (FTE) $ 464 2.52 % Risk-weighted assets $ 62,346 Core NII/RWA 0.74 % Core NII (annualized)/RWA 3.02 % 3Q20 Reported to Core Reconciliation $s in millions NII NIM 3Q20 Reported (FTE) $ 535 2.84 % Less: non-core items PPP loans and fees 26 (0.02) Current Period loan accretion 44 0.30 Time Deposit Amortization 8 (0.26) Securities Premium Amortization (22) 0.13 3Q20 Core (FTE) $ 479 2.68 % Risk-weighted assets $ 64,487 Core NII/RWA 0.74 % Core NII (annualized)/RWA 2.96 % 1Estimated based on market rates and prepayment assumptions as of 9/30/2021. 4Q20 Reported to Core Reconciliation $s in millions NII NIM 4Q20 Reported (FTE) $ 525 2.71 % Less: non-core items PPP Coupon Income and Fees 20 (0.05) Time Deposit Amortization 8 0.04 Loan Accretion 33 0.19 IBKC Premium Amortization (18) (0.10) 4Q20 Core (FTE) $ 482 2.63 % Risk-weighted assets $ 63,140 Core NII/RWA 0.76 % Core NII (annualized)/RWA 3.04 % 2Q21 Reported to Core Reconciliation $s in millions NII NIM 2Q21 Reported (FTE) $ 500 2.47 % Less: non-core items PPP coupon income and fees 35 0.03 Time Deposit Amortization 1 — Loan Accretion 25 0.14 IBKC Premium Amortization (12) (0.06) 2Q21 Core (FTE) $ 450 2.36 % Risk-weighted assets $ 61,991 Core NII/RWA 0.73 % Core NII (annualized)/RWA 2.91 % 3Q21 Reported to Core Reconciliation $s in millions NII NIM 3Q21 Reported (FTE) $ 495 2.40 % Less: non-core items PPP coupon income and fees 32 0.07 Time Deposit Amortization 0 — Loan Accretion 20 0.10 IBKC Premium Amortization (12) (0.06) 3Q21 Core (FTE) $ 454 2.28 % Risk-weighted assets $ 63,010 Core NII/RWA 0.72 % Core NII (annualized)/RWA 2.86 %

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25 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. Adjusted FHN historical quarterly income statements 3Q21 2Q21 1Q21 4Q20 3Q20 ($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 $ 533 $ 3 $ 536 $ 542 $ 3 $ 545 $ 552 $ 3 $ 555 $ 574 $ 3 $ 578 $ 598 $ 3 $ 601 Interest expense- FTE 41 — 41 45 — 45 45 — 45 53 — 53 66 — 66 Net interest income- FTE 492 3 495 497 3 500 508 3 511 522 3 525 532 3 535 Less: Taxable-equivalent adjustment — 3 3 — 3 3 — 3 3 — 3 3 — 3 3 Net interest income 492 — 492 497 — 497 508 — 508 522 — 522 532 — 532 Noninterest income: Fixed income 96 — 96 102 — 102 126 — 126 104 — 104 111 — 111 Mortgage banking and title 34 — 34 38 — 38 53 — 53 57 — 57 66 — 66 Brokerage, trust, and insurance 37 — 37 35 — 35 33 — 33 31 — 31 30 — 30 Service charges and fees 56 — 56 54 — 54 53 — 53 53 — 53 50 — 50 Card and digital banking fees 21 — 21 21 — 21 17 — 17 18 — 18 17 — 17 Deferred compensation income 3 — 3 7 — 7 3 — 3 9 — 9 4 — 4 Other noninterest income (1) 22 21 27 2 29 15 (1) 14 16 (1) 15 546 (532) 14 Total noninterest income 247 22 268 285 2 287 298 (1) 297 288 (1) 288 823 (532) 291 Total revenue 738 22 760 781 2 784 806 (1) 805 810 (1) 810 1,355 (532) 823 Noninterest expense: Personnel expense: Salaries and benefits 191 — 191 191 — 191 196 — 195 200 — 200 201 (1) 200 Incentives and commissions 101 (10) 92 109 (16) 93 120 (21) 99 110 (21) 89 126 (34) 91 Deferred compensation expense 4 — 4 6 — 6 3 — 3 9 — 9 3 — 3 Total personnel expense 296 (10) 286 306 (16) 290 318 (21) 297 319 (21) 298 329 (35) 294 Occupancy and equipment 75 (1) 74 75 — 75 76 (4) 72 76 (2) 74 77 (4) 73 Outside services 89 (24) 65 63 (6) 56 58 (4) 54 59 (7) 52 78 (32) 46 Amortization of intangible assets 14 (1) 13 14 (1) 13 14 (1) 13 15 (1) 14 15 (1) 14 Other noninterest expense 52 (10) 42 40 (9) 31 78 (50) 28 39 (4) 35 89 (44) 45 Total noninterest expense 526 (46) 480 497 (32) 465 544 (80) 464 508 (34) 474 587 (116) 471 Pre-provision net revenue 213 68 281 284 34 318 262 79 340 302 33 335 768 (416) 352 Provision for credit losses (85) — (85) (115) — (115) (45) — (45) 1 — 1 227 (147) 80 Income before income taxes 298 68 365 399 34 433 307 79 386 301 33 334 541 (269) 272 Provision for income taxes 63 17 80 88 8 96 71 19 90 56 13 69 2 61 63 Net income 235 51 286 311 26 337 235 60 295 245 20 265 539 (331) 208 Net income attributable to noncontrolling interest 3 — 3 3 — 3 3 — 3 3 — 3 3 — 3 Net income attributable to controlling interest 232 51 283 308 26 334 233 60 292 242 20 262 536 (331) 205 Preferred stock dividends 8 — 8 13 — 13 8 — 8 8 — 8 13 — 13 Net income available to common shareholders $ 224 $ 51 $ 275 $ 295 $ 26 $ 321 $ 225 $ 60 $ 284 $ 234 $ 20 $ 255 $ 523 $ (331) $ 193 Common Stock Data EPS $ 0.41 $ (0.09) $ 0.50 $ 0.54 $ (0.05) $ 0.58 $ 0.41 $ (0.11) $ 0.51 $ 0.42 $ (0.04) $ 0.46 $ 0.95 $ 0.60 $ 0.35 Basic shares 546 546 550 550 552 552 553 553 550 550 Diluted EPS $ 0.41 $ (0.09) $ 0.50 $ 0.53 $ (0.05) $ 0.58 $ 0.40 $ (0.11) $ 0.51 $ 0.42 $ (0.04) $ 0.46 $ 0.95 $ 0.60 $ 0.35 Diluted shares 550 550 556 556 557 557 556 556 551 551 Memo: Total Revenue-FTE (Non-GAAP) $ 738 $ 24 $ 763 $ 781 $ 5 $ 787 $ 806 $ 2 $ 808 $ 810 $ 2 $ 813 $ 1,355 $ (529) $ 826 PPNR-FTE (Non-GAAP) 213 71 283 284 37 321 262 82 343 302 36 339 768 (414) 355

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26 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. ($s in millions, except per share data) 3Q21 2Q21 1Q21 4Q20 3Q20 Tangible Common Equity (Non-GAAP) (A) Total equity (GAAP) $ 8,533 $ 8,566 $ 8,307 $ 8,307 $ 8,144 Less: Noncontrolling interest 295 295 295 295 295 Less: Preferred stock 520 520 470 470 470 (B) Total common equity $ 7,717 $ 7,750 $ 7,541 $ 7,541 $ 7,378 Less: Intangible assets (GAAP) 1,822 1,836 1,850 1,864 1,876 (C) Tangible common equity (Non-GAAP) $ 5,895 $ 5,914 $ 5,691 $ 5,677 $ 5,502 Tangible Assets (Non-GAAP) (D) Total assets (GAAP) $ 88,537 $ 87,908 $ 87,513 $ 84,209 $ 83,030 Less: Intangible assets (GAAP) 1,822 1,836 1,850 1,864 1,876 (E) Tangible assets (Non-GAAP) $ 86,715 $ 86,072 $ 85,663 $ 82,345 $ 81,154 Period-end Shares Outstanding (F) Period-end shares outstanding 542 551 552 555 555 Ratios (A)/(D) Total equity to total assets (GAAP) 9.64 % 9.74 % 9.49 % 9.86 % 9.81 % (C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) 6.80 % 6.87 % 6.64 % 6.89 % 6.78 % (B)/(F) Book value per common share (GAAP) $ 14.24 $ 14.07 $ 13.65 $ 13.59 $ 13.30 (C)/(F) Tangible book value per common share (Non-GAAP) $ 10.88 $ 10.74 $ 10.30 $ 10.23 $ 9.92

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27 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. ($s in millions, except per share data) 3Q21 2Q21 1Q21 4Q20 3Q20 Adjusted Diluted EPS Net income available to common shareholders ("NIAC") (GAAP) a $ 224 $ 295 $ 225 $ 234 $ 523 Plus Tax effected notable items (Non-GAAP) 51 26 60 20 (331) Adjusted Net income available to common shareholders (Non-GAAP) b $ 275 $ 321 $ 284 $ 255 $ 193 Diluted Shares (GAAP) c 550 556 557 556 551 Diluted EPS (GAAP) a/c $ 0.41 $ 0.53 $ 0.40 $ 0.42 $ 0.95 Adjusted diluted EPS (Non-GAAP) b/c $ 0.50 $ 0.58 $ 0.51 $ 0.46 $ 0.35 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $ 235 $ 311 $ 235 $ 245 $ 539 Plus Tax effected notable items (Non-GAAP) 51 26 60 20 (331) Adjusted NI (Non-GAAP) $ 286 $ 337 $ 295 $ 265 $ 208 NI (annualized) (GAAP) d $ 931 $ 1,247 $ 955 $ 974 $ 2,144 Adjusted NI (annualized) (Non-GAAP) e $ 1,133 $ 1,353 $ 1,198 $ 1,055 $ 829 Average assets (GAAP) f $ 88,401 $ 87,559 $ 85,401 $ 83,809 $ 81,683 ROA (GAAP) d/f 1.05 % 1.42 % 1.12 % 1.16 % 2.63 % Adjusted ROA (Non-GAAP) e/f 1.28 % 1.54 % 1.40 % 1.26 % 1.01 % Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE Net income available to common shareholders (annualized) (GAAP) g $ 887 $ 1,182 $ 911 $ 933 $ 2,082 Adjusted Net income available to common shareholders (annualized) (Non- GAAP) h $ 1,089 $ 1,288 $ 1,154 $ 1,013 $ 767 Average Common Equity (GAAP) i $ 7,761 $ 7,651 $ 7,583 $ 7,444 $ 7,309 Intangible Assets (GAAP) 1,829 1,843 1,857 1,871 1,794 Average Tangible Common Equity (Non-GAAP) j $ 5,932 $ 5,808 $ 5,726 $ 5,573 $ 5,515 ROCE (GAAP) g/i 11.4 % 15.5 % 12.0 % 12.5 % 28.5 % ROTCE (Non-GAAP) g/j 15.0 % 20.4 % 15.9 % 16.7 % 37.8 % Adjusted ROTCE (Non-GAAP) h/j 18.4 % 22.2 % 20.2 % 18.2 % 13.9 %

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28 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) 3Q21 2Q21 1Q21 4Q20 3Q20 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) a $ 247 $ 285 $ 298 $ 288 $ 823 Plus notable items (GAAP) 22 2 (1) (1) (532) Adjusted noninterest income (Non-GAAP) b 268 287 297 288 291 Revenue (GAAP) c 738 781 806 810 1,355 Taxable-equivalent adjustment 3 3 3 3 3 Revenue- Taxable-equivalent (Non-GAAP) $ 741 $ 784 $ 809 $ 813 $ 1,358 Plus notable items (GAAP) (a) 22 2 (1) (1) (532) Adjusted revenue (Non-GAAP) d 763 787 808 813 826 Noninterest income as a % of total revenue (GAAP) a/c 33.39 % 36.43 % 37.00 % 35.61 % 60.72 % Adjusted noninterest income as a % of total revenue (Non-GAAP) b/d 35.14 % 36.49 % 36.78 % 35.42 % 35.20 % Adjusted Efficiency Ratio Noninterest expense (GAAP) e $ 526 $ 497 $ 544 $ 508 $ 587 Plus notable items (GAAP) (46) (32) (80) (34) (116) Adjusted noninterest expense (Non-GAAP) f 480 465 464 474 471 Revenue (GAAP) g 738 781 806 810 1,355 Taxable-equivalent adjustment 3 3 3 3 3 Revenue- Taxable-equivalent (Non-GAAP) $ 741 $ 784 $ 809 $ 813 $ 1,358 Plus notable items (GAAP) (a) 22 2 (1) (1) (532) Adjusted revenue (Non-GAAP) h 763 787 808 813 826 Efficiency ratio (GAAP) e/g 71.21 % 63.67 % 67.53 % 62.71 % 43.31 % Adjusted efficiency ratio (Non-GAAP) f/h 62.87 % 59.17 % 57.49 % 58.34 % 57.06 % Adjusted Reserve Build Provision for credit losses (GAAP) i $ (85) (115) $ (45) $ 1 $ 227 Plus notable items (GAAP) — — — — (147) Adjusted provision for credit losses (Non-GAAP) j $ (85) $ (115) $ (45) $ 1 $ 80 Net Charge-offs (GAAP) k $ 3 $ (10) $ 8 $ 29 $ 67 Reserve Build/(Release) i-k $ (88) $ (105) $ (53) $ (28) $ 160 Adjusted Reserve Build/(Release) j-k $ (88) $ (105) $ (53) $ (28) $ 13

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29 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) 3Q21 Net income available to common shareholders (GAAP) $ 224 Tax effected Notable Items $ 51 Adjusted Net income available to common shareholders (Non-GAAP) $ 275 Tax effected provision credit $ (67) Adjusted Net income available to common shareholders before provision credit (Non-GAAP) $ 208 Net income available to common shareholders (annualized) (GAAP) a $ 887 Adjusted Net income available to common shareholders (annualized) Non- GAAP) b $ 1,089 Adjusted Net income available to common shareholders before provision credit (annualized) (Non-GAAP) c 825 Average Common Equity (GAAP) d $ 7,761 Intangible Assets (GAAP) $ 1,829 Average Tangible Common Equity (Non-GAAP) e $ 5,932 Equity Adjustment for provision credit (Non-GAAP) $ 22 Adjusted Average Tangible Common Equity (Non-GAAP) f $ 5,910 ROCE (GAAP) a/d 11.4 % ROTCE (Non-GAAP) a/e 15.0 % Adjusted ROTCE (Non-GAAP) b/e 18.4 % Adjusted ROTCE before provision credit (Non-GAAP) c/f 14.0 %

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30 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 3Q21 2Q21 3Q21 vs 2Q21 3Q21 2Q21 3Q21 vs 2Q21 Loans excluding LMC & PPP $ % $ % Total Commercial excl. LMC & PPP $ 36,553 $ 36,104 $ 449 1 % $ 36,196 $ 35,792 $ 404 1 % Total Consumer 11,726 11,867 (141) (1) % 11,767 11,939 (172) (1) % Total Loans excl. LMC & PPP 48,279 47,971 308 1 % 47,963 47,731 233 — % PPP 2,017 3,840 (1,823) (47) % 2,925 4,764 (1,839) (39) % LMC 5,139 4,876 263 5 % 4,620 4,334 287 7 % Total Loans $ 55,435 $ 56,687 $ (1,251) (2) % $ 55,508 $ 56,829 $ (1,320) (2) % Loans excluding PPP Total Commercial excl. PPP $ 41,693 $ 40,980 $ 713 2 % $ 40,816 $ 40,125 $ 691 2 % Total Consumer 11,726 11,867 (141) (1) % 11,767 11,939 (172) (1) % Total Loans excl. PPP $ 53,418 $ 52,847 572 1 % $ 52,583 $ 52,064 519 1 % PPP 2,017 3,840 (1,823) (47) % 2,925 4,764 (1,839) (39) % Total Loans $ 55,435 $ 56,687 $ (1,251) (2) % $ 55,508 $ 56,829 (1,320) (2) %

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