8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

FORM 8-K

_____________________________________

CURRENT REPORT

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

January 18, 2024

Date of Report (date of earliest event reported)

(Exact name of registrant as specified in its charter)

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

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

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

ITEM 2.02. Results of Operations and Financial Condition.

ITEM 7.01. Regulation FD Disclosure.

Furnished as Exhibit 99.1 is a copy of the First Horizon Corporation (“FHN” or "First Horizon") Fourth Quarter 2023 Earnings Release, released today.

Furnished as Exhibit 99.2 is a copy of the Investor Slide Presentation for the quarter ended December 31, 2023, released today.

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

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

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

The non-GAAP measures presented in, with, or by this report are: fully taxable equivalent measures; pre-provision net revenue ("PPNR"); loans and leases, allowance for credit losses (“ACL”), and ratios excluding Loans to Mortgage Companies (“LMC”); financial measures excluding deferred compensation; return on average tangible common equity (“ROTCE”); tangible common equity (“TCE”) to tangible assets (“TA”); tangible book value ("TBV") per common share; common equity tier 1 capital ("CET1") net of unrealized losses; 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: 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

The exhibit 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 the exhibit; in the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K, as amended; and in the forepart, and in Item 1A of Part II, of FHN’s Quarterly Report(s) on Form 10-Q filed after that Annual Report 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, and references to EPS are fully diluted.

ITEM 9.01. Financial Statements and Exhibits.

(d)Exhibits

FIRST HORIZON CORPORATION	2	FORM 8-K CURRENT REPORT 01/18/2024

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

Exhibit #	Description
99.1	First Horizon CorporationFourthQuarter 2023 Earnings Release
99.2	First Horizon Corporation Investor Slide Presentation for the quarter ended December 31, 2023
104	Cover Page Interactive Data File, formatted in Inline XBRL		FIRST HORIZON CORPORATION	3	FORM 8-K CURRENT REPORT 01/18/2024
---	---	---

SIGNATURES

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

		FIRST HORIZON CORPORATION
		(Registrant)
Date:	January 18, 2024	By:	/s/ Hope Dmuchowski
		Hope Dmuchowski
		Senior Executive Vice President—Chief Financial Officer
		(Duly Authorized Officer and Principal Financial Officer)			FIRST HORIZON CORPORATION	4	FORM 8-K CURRENT REPORT 01/18/2024
---	---	---

Document

First Horizon Corporation Reports Full Year 2023 Net Income Available to Common Shareholders of $865 Million or EPS of $1.54; $806 Million or $1.43 on an Adjusted Basis*

Period End Deposits Increased $2 Billion or 4% and Period End Loans Grew $3 Billion or 5% in 2023

Fourth Quarter 2023 Net Income Available to Common Shareholders of $175 Million or EPS of $0.31;

$178 Million or $0.32 on an Adjusted Basis*

4Q23 ROTCE of 10.9% and Adjusted ROTCE of 11.1% with Tangible Book Value per Share of $12.13, up 8% QoQ*

MEMPHIS, TN (January 18, 2024) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported full year 2023 net income available to common shareholders ("NIAC") of $865 million or earnings per share of $1.54, compared with full year 2022 NIAC of $868 million or earnings per share of $1.53. 2023 results benefited from a net $59 million after-tax or $0.11 per share of notable items compared with a net reduction of $82 million or $0.15 per share in 2022.

“We reported strong fourth quarter and full-year 2023 results demonstrating our ability to successfully execute on our strategic priorities and navigate the economic headwinds during the year. Prudent risk management, strong liquidity, and robust capital levels supported loan growth of 5% during the year. We ran a successful deposit campaign mid-year, raising $6 billion of new-to-bank deposits,” said Chairman, President and Chief Executive Officer Bryan Jordan. “We remain intently focused on credit discipline and expect to continue to perform well over the cycle.”

“I am exceptionally proud of the resilience of our team, their unwavering dedication to our clients and the many accomplishments achieved during the year. As we enter 2024 and celebrate 160 years in business, we are well-positioned to capitalize on our exceptional client relationships, diversified business model, and attractive footprint,” continued Jordan.

Fourth quarter net income available to common shareholders was $175 million or earnings per share of $0.31, compared with third quarter 2023 NIAC of $129 million or earnings per share of $0.23. Fourth quarter 2023 results were reduced by a net $3 million after-tax or $0.01 per share of notable items compared with an impact of $20 million or $0.04 per share in third quarter 2023. Excluding notable items, adjusted fourth quarter 2023 NIAC of $178 million or $0.32 per share increased from $150 million or $0.27 per share in third quarter 2023.

Notable Items

Notable Items
Quarterly, Unaudited ( in millions, except per share data)		3Q23		4Q22		2023		2022
Summary of Notable Items:
Gain on merger termination	—	$	—	$	—	$	225	$	—
Net merger/acquisition/transaction-related items		—		(36)		(51)		(135)
Gain on mortgage servicing rights (mortgage banking and title)		—		—		—		12
Gain on sale of title services business (other noninterest income)		—		1		—		22
Gain/(loss) related to equity securities investments (other noninterest income)		—		—		(6)		16
Net gain on asset disposition (other noninterest income less incentives)		—		—		7		—
FDIC special assessment (other noninterest expense)		—		—		(68)		—
Other notable expenses		(10)		(10)		(75)		(22)
Total notable items (pre-tax)		(10)		(45)		33		(107)
Total notable items (after-tax) **		(20)		(34)		59		(82)
Numbers may not foot due to rounding.
** 4Q23 includes a 48 million after-tax benefit primarily from the resolution of IberiaBank merger-related tax items; 3Q23 includes after-tax notable items of 13 million comprised of 24 million related to the surrender of approximately 214 million in book value of bank owned life insurance policies, partially offset by an 11 million benefit from merger-related tax items.

All values are in US Dollars.

Fourth quarter pre-tax notable items include an FDIC special assessment of $68 million and a $6 million loss on equities valuation adjustments, partially offset by a $7 million net gain from a small FHN Financial asset disposition. Additionally, fourth quarter includes a $48 million benefit related to after-tax notable items, primarily from the resolution of IberiaBank merger-related tax items.

*ROTCE, PPNR, tangible book value per share, loans and leases excluding LMC, and "Adjusted" results are Non-GAAP Financial Measures; NII, Total Revenue, NIM and PPNR are presented on a fully taxable equivalent basis; References to loans include leases and EPS are based on diluted shares; Capital ratios are preliminary. See page 6 for information on our use of Non-GAAP measures and their reconciliation to GAAP beginning on page 22.

1

Full Year 2023 versus Full Year 2022

Net interest income

Net interest income of $2.5 billion increased $148 million due to the benefit of short-term interest rate increases and 8% average loan growth. Net interest margin of 3.42% increased 32 basis points.

Noninterest income

Noninterest income of $927 million increased $111 million due to $229 million of notable income in 2023, including the $225 million merger termination fee. Adjusted noninterest income of $699 million decreased $66 million as rising interest rates became a headwind to the counter-cyclical businesses. Fixed income revenue decreased by $72 million and mortgage banking and title revenues declined $33 million, which was partially offset by a $34 million increase in deferred compensation.

Noninterest expense

Noninterest expense of $2.1 billion increased $127 million and included $196 million of notable items, including merger-related expense and the FDIC special assessment. Adjusted noninterest expense of $1.9 billion increased $89 million, which included a $35 million increase in deferred compensation. Other expense increased from advertising related to the deposit campaign, higher FDIC expense, and other strategic investments.

Loans and leases

Average loan and lease balances of $60.2 billion increased $4.2 billion, despite higher market rates driving a $978 million decline in loans to mortgage companies.

Period-end loans and leases of $61.3 billion, up $3.2 billion, with loans to mortgage companies down $239 million from 2022 year end.

Deposits

Average deposits of $64.3 billion decreased 8% as the Federal Reserve implemented quantitative tightening (QT), which reduced the level of deposits in the industry. Period end deposits of $65.8 billion increased 4% as the deposit gathering initiatives in second quarter provided momentum through the rest of the year.

Asset quality

Credit began to normalize in 2023 from very benign levels in 2022. Provision expense of $260 million increased from $95 million in the previous year. Net charge-offs were $170 million or 0.28% versus $59 million or 0.11% in 2022; 2023 included a $72 million idiosyncratic credit loss on a single relationship in the third quarter. The ACL to loans ratio increased to 1.40% from 1.33% in the prior year.

Capital

CET1 ratio of 11.4% and total capital ratio of 14.0% at year end 2023, up from 10.2% and 13.3%, respectively at the end of 2022.

Income taxes

2023 effective tax rate of 18.8% compared with 21.3% in 2022. On an adjusted basis, the effective tax rate was 21.8% and 21.5% in 2023 and 2022, respectively. 2023 includes a $35 million net benefit from tax-related notable items including a $48 million benefit related to the resolution of IberiaBank merger-related tax items, partially offset by $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies.

SUMMARY RESULTS
Annual, Unaudited
($s in millions, except per share and balance sheet data)	2023			2022
							/bp		%
Income Statement
Interest income - taxable equivalent1	$	4,115		$	2,696				53	%
Interest expense- taxable equivalent1	1,560			292			1,268		NM
Net interest income- taxable equivalent	2,556			2,405			151		6
Less: Taxable-equivalent adjustment	16			13			3		23
Net interest income	2,540			2,392			148		6
Noninterest income	927			816			111		14
Total revenue	3,467			3,208			259		8
Noninterest expense	2,080			1,953			127		7
Pre-provision net revenue4	1,388			1,254			134		11
Provision for credit losses5	260			95			165		NM
Income before income taxes	1,128			1,159			(31)		(3)
Provision for income taxes	212			247			(35)		(14)
Net income	915			912			3		—
Net income attributable to noncontrolling interest	19			12			7		58
Net income attributable to controlling interest	897			900			(3)		—
Preferred stock dividends	32			32			—		—
Net income available to common shareholders	$	865		$	868				—
Adjusted net income5	$	856		$	994				(14)	%
Adjusted net income available to common shareholders5	$	806		$	950				(15)	%
Common stock information
EPS	$	1.54		$	1.53				1	%
Adjusted EPS5	$	1.43		$	1.68				(15)	%
Diluted shares	562			566			(4)		(1)	%
Key performance metrics
Net interest margin	3.42		%	3.10		%	32	bp
Efficiency ratio	59.91			61.25			(134)
Adjusted efficiency ratio6	57.93			56.68			125
Effective income tax rate	18.82			21.32			(250)
Return on average assets	1.12			1.08			4
Adjusted return on average assets6	1.05			1.18			(13)
Return on average common equity (“ROCE")	11.0			11.8			(80)
Return on average tangible common equity (“ROTCE”)6	14.1			15.6			(148)
Adjusted ROTCE6	13.0			17.0			(400)
Noninterest income as a % of total revenue	26.83			25.01			182
Adjusted noninterest income as a % of total revenue6	21.43		%	24.08		%	(265)	bp
Balance Sheet (billions)
Average loans	$	60.2		$	56.0				8	%
Average deposits	64.3			69.7			(5.5)		(8)
Average assets	81.7			84.2			(2.5)		(3)
Average common equity	$	7.9		$	7.3				7	%
Asset Quality Highlights
Allowance for credit losses to loans and leases	1.40		%	1.33		%	7	bp
Nonperforming loan and leases ratio	0.75		%	0.54		%	21	bp
Net charge-off ratio	0.28		%	0.11		%	17	bp
Net Charge-offs	$	170		$	59				NM
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 1	11.4		%	10.2		%	124	bp
Tier 1	12.4			11.9			50
Total Capital	14.0			13.3			64
Tier 1 leverage	10.7		%	10.4		%	33	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 21.

Fourth Quarter 2023 versus Third Quarter 2023

Net interest income

Net interest income of $617 million increased $12 million and net interest margin of 3.27% increased 10 basis points from the benefit of asset repricing and favorable balance sheet mix.

Noninterest income

Noninterest income of $183 million increased $10 million, including $4 million of notable income.

Adjusted noninterest income of $179 million increased $6 million driven by $9 million higher fixed income and a $6 million increase in deferred compensation, partially offset by lower FHLB dividends and BOLI revenue. Fixed income average daily revenue of $463 thousand increased 54% compared with $301 thousand in third quarter 2023 driven by a favorable change in the market's interest rate expectations and year-end customer portfolio restructurings.

Noninterest expense

Noninterest expense of $572 million increased $98 million, which included $70 million of notable items, primarily the $68 million FDIC special assessment. Adjusted noninterest expense of $502 million increased $37 million driven by expense related to the strategic investment initiatives, an increase in incentives and commissions from higher production, and long-term incentive accruals from improved stock price performance.

Loans and leases

Average loan and lease balances of $61.2 billion were relatively flat compared to the prior quarter, with loans to mortgage companies (LMC) down $414 million, due in part to seasonality.

Period-end loans and leases of $61.3 billion decreased $0.5 billion from third quarter 2023, with loans to mortgage companies down $218 million and other C&I down $313 million.

Deposits

Average deposits of $66.9 billion increased 1%, reflecting strong retention among the clients acquired during the second quarter promotional campaign. Period-end deposits of $65.8 billion decreased $1.2 billion reflecting the $1.2 billion pay down of brokered deposits. Total interest-bearing deposit costs were relatively flat from the prior quarter at 3.37%, however a significant number of promotional accounts were repriced at the end of 4Q23, resulting in an ending rate paid of approximately 3.25% as of December 31, 2023.

Asset quality

Provision expense of $50 million decreased $60 million in fourth quarter following a large idiosyncratic credit loss on a single relationship in third quarter 2023.

Net charge-offs were $36 million or 23 basis points. Nonperforming loans of $462 million increased $68 million.

The ACL to loans ratio increased to 1.40% from 1.36% in third quarter 2023, reflecting marginal deterioration in the CECL macroeconomic scenarios for the CRE and consumer portfolios, as well as modest grade migration.

Capital

CET1 ratio of 11.4% and total capital ratio of 14.0% in fourth quarter 2023, up from 11.1% and 13.6%, respectively in third quarter 2023.

Income taxes

Fourth quarter 2023 effective tax rate of -6.2% compared with 26.7% in third quarter 2023. On an adjusted basis, the effective tax rate was 21.7% and 20.1% in fourth and third quarter, respectively. Fourth quarter includes a $48 million benefit from after-tax notable items primarily related to the resolution of IberiaBank merger-related tax items.

SUMMARY RESULTS
Quarterly, Unaudited
										4Q23 Change vs.
($s in millions, except per share and balance sheet data)	4Q23			3Q23			4Q22			3Q23				4Q22
										/bp		%		/bp		%
Income Statement
Interest income - taxable equivalent1	$	1,090		$	1,084		$	860				1	%			27	%
Interest expense- taxable equivalent1	469			475			148			(6)		(1)		321		NM
Net interest income- taxable equivalent	621			609			712			12		2		(91)		(13)
Less: Taxable-equivalent adjustment	4			4			4			—		—		—		—
Net interest income	617			605			709			12		2		(92)		(13)
Noninterest income	183			173			174			10		6		9		5
Total revenue	800			778			882			22		3		(82)		(9)
Noninterest expense	572			474			503			98		21		69		14
Pre-provision net revenue3	227			304			379			(77)		(25)		(152)		(40)
Provision for credit losses	50			110			45			(60)		(55)		5		11
Income before income taxes	177			194			334			(17)		(9)		(157)		(47)
Provision for income taxes	(11)			52			64			(63)		(121)		(75)		(117)
Net income	188			142			270			46		32		(82)		(30)
Net income attributable to noncontrolling interest	5			5			4			—		—		1		25
Net income attributable to controlling interest	183			137			266			46		34		(83)		(31)
Preferred stock dividends	8			8			8			—		—		—		—
Net income available to common shareholders	$	175		$	129		$	258				36	%			(32)	%
Adjusted net income4	$	191		$	163		$	304				17	%			(37)	%
Adjusted net income available to common shareholders4	$	178		$	150		$	293				19	%			(39)	%
Common stock information
EPS	$	0.31		$	0.23		$	0.45				35	%			(31)	%
Adjusted EPS4	$	0.32		$	0.27		$	0.51				19	%			(37)	%
Diluted shares8	561			561			572			—		—	%	(11)		(2)	%
Key performance metrics
Net interest margin	3.27		%	3.17		%	3.89		%	10	bp			(62)	bp
Efficiency ratio	71.14			60.96			57.10			1,018				1,404
Adjusted efficiency ratio4	62.84			59.43			51.73			341				1,111
Effective income tax rate	(6.16)			26.67			19.19			(3,283)				(2,535)
Return on average assets	0.91			0.68			1.35			23				(44)
Adjusted return on average assets4	0.92			0.78			1.52			14				(60)
Return on average common equity (“ROCE")	8.6			6.3			14.4			232				(582)
Return on average tangible common equity (“ROTCE”)4	10.9			8.0			19.1			294				(825)
Adjusted ROTCE4	11.1			9.2			21.7			184				(1,063)
Noninterest income as a % of total revenue	23.33			22.23			19.63			110				370
Adjusted noninterest income as a % of total revenue4	22.32		%	22.11		%	19.50		%	21	bp			282	bp
Balance Sheet (billions)
Average loans	$	61.2		$	61.4		$	57.6				—	%			6	%
Average deposits	66.9			66.5			64.9			0.3		1		2.0		3
Average assets	82.3			83.2			79.5			(0.9)		(1)		2.8		4
Average common equity	$	8.1		$	8.2		$	7.1				(1)	%			14	%
Asset Quality Highlights
Allowance for credit losses to loans and leases	1.40		%	1.36		%	1.33		%	4	bp			7	bp
Nonperforming loan and leases ratio	0.75		%	0.64		%	0.54		%	11	bp			21	bp
Net charge-off ratio	0.23		%	0.61		%	0.18		%	(38)	bp			5	bp
Net Charge-offs	$	36		$	95		$	26				(62)	%			40	%
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 1	11.4		%	11.1		%	10.2		%	29	bp			124	bp
Tier 1	12.4			12.1			11.9			30				50
Total Capital	14.0			13.6			13.3			34				64
Tier 1 leverage	10.7		%	10.5		%	10.4		%	22	bp			33	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 21.

Forward-Looking Statements

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

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

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, pre-provision net revenue ("PPNR"), Loans to Mortgage Companies ("LMC"), return on average tangible common equity (“ROTCE”), tangible common equity (“TCE”) to tangible assets (“TA”), tangible book value ("TBV") per common share, and various consolidated and segment results and performance measures and ratios adjusted for notable items.

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

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

Conference Call Information

Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on January 18, 2024 by dialing 1-833-470-1428 (if calling from the U.S.) or 404-975-4839 (if calling from outside the U.S) and entering access code 172464. The conference call will begin at 8:30 a.m. CT.

Participants can also opt to listen to the live audio webcast at https://ir.firsthorizon.com/events-and-presentations/default.aspx.

A replay of the call will be available beginning at noon CT on January 18 until midnight CT on February 1, 2024. To listen to the replay, dial 1-866-813-9403 (U.S. callers); the access code is 404538. A replay of the webcast will also be available on our website on January 18 and will be archived on the site for one year.

First Horizon Corp. (NYSE: FHN), with $81.7 billion in assets as of December 31, 2023, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

Contact: Investor Relations - NRFlanders@firsthorizon.com

Media Relations - Beth.Ardoin@firsthorizon.com

CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited
																4Q23 Change vs.												2023 vs 2022
($s in millions, except per share data)	4Q23			3Q23			2Q23			1Q23			4Q22			3Q23			4Q22			2023			2022
																	%			%									%
Interest income - taxable equivalent1	$	1,090		$	1,084		$	1,019		$	923		$	860			1	%		27	%	$	4,115		$	2,696			53	%
Interest expense- taxable equivalent1	469			475			385			232			148			(6)	(1)		321	NM		1,560			292			1,268	NM
Net interest income- taxable equivalent	621			609			635			691			712			12	2		(91)	(13)		2,556			2,405			151	6
Less: Taxable-equivalent adjustment	4			4			4			4			4			—	—		—	—		16			13			3	23
Net interest income	617			605			631			688			709			12	2		(92)	(13)		2,540			2,392			148	6
Noninterest income:
Fixed income	37			28			30			39			35			9	32		2	6		133			205			(72)	(35)
Mortgage banking and title	5			7			6			5			4			(2)	(29)		1	25		23			68			(45)	(66)
Brokerage, trust, and insurance	36			34			35			34			33			2	6		3	9		139			141			(2)	(1)
Service charges and fees	59			60			59			55			56			(1)	(2)		3	5		233			226			7	3
Card and digital banking fees	16			20			21			19			20			(4)	(20)		(4)	(20)		77			84			(7)	(8)
Deferred compensation income	6			—			8			3			7			6	NM		(1)	(14)		17			(17)			34	NM
Gain on merger termination	—			—			225			—			—			—	NM		—	NM		225			—			225	NM
Other noninterest income	23			25			17			15			20			(2)	(8)		3	15		80			110			(30)	(27)
Total noninterest income	183			173			400			171			174			10	6		9	5		927			816			111	14
Total revenue	800			778			1,031			859			882			22	3		(82)	(9)		3,467			3,208			259	8
Noninterest expense:
Personnel expense:
Salaries and benefits	190			188			191			188			178			2	1		12	7		757			743			14	2
Incentives and commissions	82			77			86			80			97			5	6		(15)	(15)		326			376			(50)	(13)
Deferred compensation expense	7			—			8			3			7			7	NM		—	—		17			(18)			35	NM
Total personnel expense	279			266			285			271			281			13	5		(2)	(1)		1,100			1,101			(1)	—
Occupancy and equipment2	71			67			68			70			71			4	6		—	—		276			286			(10)	(3)
Outside services	84			69			71			66			70			15	22		14	20		291			290			1	—
Amortization of intangible assets	12			12			12			12			13			—	—		(1)	(8)		47			51			(4)	(8)
Other noninterest expense	127			60			119			59			69			67	112		58	84		365			225			140	62
Total noninterest expense	572			474			555			478			503			98	21		69	14		2,080			1,953			127	7
Pre-provision net revenue3	227			304			475			381			379			(77)	(25)		(152)	(40)		1,388			1,254			134	11
Provision for credit losses	50			110			50			50			45			(60)	(55)		5	11		260			95			165	NM
Income before income taxes	177			194			425			331			334			(17)	(9)		(157)	(47)		1,128			1,159			(31)	(3)
Provision for income taxes	(11)			52			96			75			64			(63)	(121)		(75)	(117)		212			247			(35)	(14)
Net income	188			142			329			256			270			46	32		(82)	(30)		915			912			3	—
Net income attributable to noncontrolling interest	5			5			5			4			4			—	—		1	25		19			12			7	58
Net income attributable to controlling interest	183			137			325			251			266			46	34		(83)	(31)		897			900			(3)	—
Preferred stock dividends	8			8			8			8			8			—	—		—	—		32			32			—	—
Net income available to common shareholders	$	175		$	129		$	317		$	243		$	258			36	%		(32)	%	$	865		$	868			—	%
Common Share Data
EPS	$	0.31		$	0.23		$	0.59		$	0.45		$	0.48			35	%		(35)	%	$	1.58		$	1.62			(2)	%
Basic shares	559			559			539			537			536			—	—		23	4		548			535			13	2
Diluted EPS	$	0.31		$	0.23		$	0.56		$	0.43		$	0.45			35			(31)		$	1.54		$	1.53			1
Diluted shares8	561			561			561			572			572			—	—	%	(11)	(2)	%	562			566			(4)	(1)	%
Effective tax rate	(6.2)		%	26.7		%	22.6		%	22.7		%	19.2		%							18.8		%	21.3		%

All values are in US Dollars.

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

ADJUSTED5 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 10
Quarterly, Unaudited
																4Q23 Change vs.													2023 vs. 2022
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
($s in millions, except per share data)	4Q23			3Q23			2Q23			1Q23			4Q22			3Q23			4Q22			2023			2022
																	%			%										%
Net interest income (FTE)1	$	621		$	609		$	635		$	691		$	712			2	%		(13)	%	$	2,556			$	2,405			6	%
Adjusted noninterest income:
Fixed income	37			28			30			39			35			9	32		2	6		133				205			(72)	(35)
Adjusted mortgage banking and title	5			7			6			5			4			(2)	(29)		1	25		23				56			(33)	(59)
Brokerage, trust, and insurance	36			34			35			34			33			2	6		3	9		139				141			(2)	(1)
Service charges and fees	59			60			59			55			56			(1)	(2)		3	5		233				226			7	3
Card and digital banking fees	16			20			21			19			20			(4)	(20)		(4)	(20)		77				84			(7)	(8)
Deferred compensation income	6			—			8			3			7			6	NM		(1)	(14)		17				(17)			34	NM
Gain on merger termination	—			—			—			—			—			—	NM		—	NM		—				—			—	NM
Adjusted other noninterest income	20			25			17			15			20			(5)	(20)		—	—		77				71			6	8
Adjusted total noninterest income	$	179		$	173		$	175		$	171		$	173			3	%		3	%	$	699			$	765			(9)	%
Total revenue (FTE)1	$	800		$	782		$	810		$	863		$	885			2	%		(10)	%	$	3,254			$	3,170			3	%
Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$	190		$	188		$	187		$	188		$	178			1	%		7	%	$	753			$	741			2	%
Adjusted Incentives and commissions	80			68			65			64			70			12	18		10	14		278				301			(23)	(8)	%
Adjusted deferred compensation expense	7			—			8			3			7			7	NM		—	—		17				(18)			35	NM
Adjusted total personnel expense	277			256			260			255			254			21	8		23	9		1,048				1,024			24	2	%
Adjusted occupancy and equipment2	71			67			68			70			71			4	6		—	—		276				284			(8)	(3)	%
Adjusted outside services	84			69			68			63			64			15	22		20	31		284				248			36	15	%
Adjusted amortization of intangible assets	12			12			12			12			12			—	—		—	—		47				48			(1)	(2)	%
Adjusted other noninterest expense	59			60			53			58			58			(1)	(2)		1	2		229				192			37	19	%
Adjusted total noninterest expense	$	502		$	465		$	461		$	457		$	458			8	%		10	%	$	1,884			$	1,795			5	%
Adjusted pre-provision net revenue3	$	298		$	318		$	349		$	406		$	428			(6)	%		(30)	%	$	1,370			$	1,374			—	%
Provision for credit losses	$	50		$	110		$	50		$	50		$	45			(55)	%		11	%	$	260			$	95			NM
Adjusted net income available to common shareholders	$	178		$	150		$	219		$	259		$	293			19	%		(39)	%	$	806			$	950			(15)	%
Adjusted Common Share Data
Adjusted diluted EPS	$	0.32		$	0.27		$	0.39		$	0.45		$	0.51			19	%		(37)	%	$	1.43			$	1.68			(15)	%
Diluted shares8	561			561			561			572			572			—	—	%	(11)	(2)	%	562				566			(4)	(1)	%
Adjusted effective tax rate	21.7		%	20.1		%	21.6		%	22.9		%	19.8		%							21.8		%		21.5		%
Adjusted ROTCE	11.1		%	9.2		%	14.6		%	18.6		%	21.7		%							13.0		%		17.0		%
Adjusted efficiency ratio	62.8		%	59.4		%	56.9		%	53.0		%	51.7		%							57.9		%		56.7		%

All values are in US Dollars.

Numbers may not foot due to rounding.

See footnote disclosures on page 21.

NOTABLE ITEMS
Quarterly, Unaudited		(In millions)	4Q23		3Q23		2Q23		1Q23		4Q22		2023		2022
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Summary of Notable Items:
Gain on merger termination	$	—	$	—	$	225	$	—	$	—	$	225	$	—
Net merger/acquisition/transaction-related items	—		—		(30)		(21)		(36)		(51)		(135)
Gain on mortgage servicing rights (mortgage banking and title)	—		—		—		—		—		—		12
Gain on sale of title services business (other noninterest income)	—		—		—		—		1		—		22
Gain/(loss) related to equity securities investments (other noninterest income)	(6)		—		—		—		—		(6)		16
Net gain on asset disposition (other noninterest income less incentives)	7		—		—		—		—		7		—
FDIC special assessment (other noninterest expense)	(68)		—		—		—		—		(68)		—
Other notable expenses *	—		(10)		(65)		—		(10)		(75)		(22)
Total notable items (pre-tax)	(67)		(10)		130		(21)		(45)		33		(107)
Tax-related notable items **	48		(13)		—		—		—		35		—

Numbers may not foot due to rounding

* 2023 includes $10 million of restructuring expenses recognized in 3Q23 and $50 million contribution to First Horizon Foundation and $15 million of Visa derivative valuation expenses recognized in 2Q23; 2022 includes $12 million and $10 million of Visa derivative valuation expense recognized in 2Q22 and 4Q22, respectively.

** 4Q23 includes a $48 million after-tax benefit primarily from the resolution of IberiaBank merger-related tax items; 3Q23 includes after-tax notable items of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items.

IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited		(In millions)	4Q23		3Q23		2Q23		1Q23		4Q22		2023		2022
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Impacts of Notable Items:
Noninterest income:
Mortgage banking and title	$	—	$	—	$	—	$	—	$	—	$	—	$	(12)
Gain on merger termination	—		—		(225)		—		—		(225)		—
Other noninterest income	(4)		—		—		—		(1)		(4)		(38)
Total noninterest income	$	(4)	$	—	$	(225)	$	—	$	(1)	$	(229)	$	(51)
Noninterest expense:
Personnel expenses:
Salaries and benefits	$	—	$	—	$	(4)	$	—	$	—	$	(4)	$	(2)
Incentives and commissions	(2)		(9)		(21)		(16)		(27)		(49)		(76)
Deferred compensation expense	—		—		—		—		—		—		—
Total personnel expenses	(2)		(10)		(25)		(16)		(27)		(52)		(77)
Occupancy and equipment2	—		—		—		—		—		—		(2)
Outside services	—		—		(4)		(3)		(6)		(7)		(42)
Amortization of intangible assets	—		—		—		—		(1)		—		(3)
Other noninterest expense	(68)		—		(66)		(2)		(11)		(136)		(33)
Total noninterest expense	$	(70)	$	(10)	$	(95)	$	(21)	$	(46)	$	(196)	$	(158)
Income before income taxes	$	67	$	10	$	(130)	$	21	$	45	$	(33)	$	107
Provision for income taxes *	64		(11)		(33)		6		11		26		25
Net income/(loss) available to common shareholders	$	3	$	20	$	(98)	$	16	$	34	$	(59)	$	82
EPS impact of notable items	$	0.01	$	0.04	$	(0.17)	$	0.03	$	0.06	$	(0.11)	$	0.15

Numbers may not foot due to rounding

* 4Q23 includes a $48 million after-tax benefit primarily from the resolution of IberiaBank merger-related tax items; 3Q23 includes after-tax notable items of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items.

FINANCIAL RATIOS
Quarterly, Unaudited
																4Q23 Change vs.														2023 vs. 2022
	4Q23			3Q23			2Q23			1Q23			4Q22			3Q23				4Q22				2023			2022
FINANCIAL RATIOS																/bp		%		/bp		%								/bp		%
Net interest margin	3.27		%	3.17		%	3.38		%	3.88		%	3.89		%	10	bp			(62)	bp			3.42		%	3.10		%	32	bp
Return on average assets	0.91		%	0.68		%	1.60		%	1.32		%	1.35		%	23				(44)				1.12		%	1.08		%	4
Adjusted return on average assets4	0.92		%	0.78		%	1.13		%	1.40		%	1.52		%	14				(60)				1.05		%	1.18		%	(13)
Return on average common equity (“ROCE”)	8.60		%	6.28		%	16.40		%	13.34		%	14.42		%	232				(582)				11.01		%	11.81		%	(80)
Return on average tangible common equity (“ROTCE”)4	10.89		%	7.95		%	21.10		%	17.43		%	19.14		%	294				(825)				14.10		%	15.58		%	(148)
Adjusted ROTCE4	11.05		%	9.21		%	14.59		%	18.55		%	21.68		%	184				(1,063)				12.96		%	16.96		%	(400)
Noninterest income as a % of total revenue	23.33		%	22.23		%	38.80		%	19.90		%	19.63		%	110				370				26.83		%	25.01		%	182
Adjusted noninterest income as a % of total revenue4	22.32		%	22.11		%	21.60		%	19.81		%	19.50		%	21				282				21.43		%	24.08		%	(265)
Efficiency ratio	71.14		%	60.96		%	53.89		%	55.67		%	57.10		%	1,018				1,404				59.91		%	61.25		%	(134)
Adjusted efficiency ratio4	62.84		%	59.43		%	56.92		%	52.98		%	51.73		%	341				1,111				57.93		%	56.68		%	125
Allowance for credit losses to loans and leases	1.40		%	1.36		%	1.35		%	1.35		%	1.33		%	4				7				1.40		%	1.33		%	7
CAPITAL DATA
CET1 capital ratio*	11.4		%	11.1		%	11.1		%	10.4		%	10.2		%	29	bp			124	bp			11.4		%	10.2		%	124	bp
Tier 1 capital ratio*	12.4		%	12.1		%	12.1		%	12.1		%	11.9		%	30	bp			50	bp			12.4		%	11.9		%	50	bp
Total capital ratio*	14.0		%	13.6		%	13.6		%	13.6		%	13.3		%	34	bp			64	bp			14.0		%	13.3		%	64	bp
Tier 1 leverage ratio*	10.7		%	10.5		%	10.5		%	10.7		%	10.4		%	22	bp			33	bp			10.7		%	10.4		%	33	bp
Risk-weighted assets (“RWA”) (billions)	$	71.0		$	71.9		$	71.5		$	69.5		$	69.2				(1)	%			3	%	$	71.0		$	69.2				3	%
Total equity to total assets	11.38		%	10.65		%	10.53		%	11.02		%	10.83		%	73	bp			55	bp			11.38		%	10.83		%	55	bp
Tangible common equity/tangible assets (“TCE/TA”)4	8.48		%	7.76		%	7.71		%	7.41		%	7.12		%	72	bp			136	bp			8.48		%	7.12		%	136	bp
Period-end shares outstanding (millions)9	559			559			559			538			537			—		—	%	22		4	%	559			537			22		4	%
Cash dividends declared per common share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15				—	%			—	%	$	0.60		$	0.60				—	%
Book value per common share	$	15.17		$	14.28		$	14.58		$	14.11		$	13.48				6	%			13	%	$	15.17		$	13.48				13	%
Tangible book value per common share4	$	12.13		$	11.22		$	11.50		$	10.89		$	10.23				8	%			19	%	$	12.13		$	10.23				19	%
SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	93.18		%	92.18		%	93.68		%	96.10		%	91.51		%	100	bp			167	bp			93.18		%	91.51		%	167	bp
Loans-to-deposit ratio (average balances)	91.53		%	92.35		%	97.52		%	93.33		%	88.73		%	(82)	bp			280	bp			93.60		%	80.22		%	1,338	bp
Full-time equivalent associates	7,277			7,340			7,327			7,282			7,477			(63)		(1)	%	(200)		(3)	%	7,306			7,642			(336)		(4)	%

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 21.

CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited

											4Q23 Change vs.
(In millions)	4Q23		3Q23		2Q23		1Q23		4Q22		3Q23			4Q22
Assets:												%			%
Loans and leases:
Commercial, financial, and industrial (C&I)	$	32,632	$	33,163	$	33,116	$	32,172	$	31,780		(2)	%		3	%
Commercial real estate	14,216		14,121		13,891		13,397		13,228		95	1		988	7
Total Commercial	46,849		47,283		47,006		45,570		45,008		(434)	(1)		1,841	4
Consumer real estate	13,650		13,685		13,475		12,668		12,253		(35)	—		1,397	11
Credit card and other5	793		809		813		807		840		(16)	(2)		(47)	(6)
Total Consumer	14,443		14,494		14,289		13,475		13,093		(51)	—		1,350	10
Loans and leases, net of unearned income	61,292		61,778		61,295		59,045		58,101		(486)	(1)		3,191	5
Loans held for sale	502		613		789		650		590		(111)	(18)		(88)	(15)
Investment securities	9,714		9,435		9,949		10,317		10,207		279	3		(493)	(5)
Trading securities	1,412		1,231		1,059		1,122		1,375		181	15		37	3
Interest-bearing deposits with banks	1,328		1,917		4,523		2,488		1,384		(589)	(31)		(56)	(4)
Federal funds sold and securities purchased under agreements to resell	719		416		282		309		482		303	73		237	49
Total interest earning assets	74,967		75,389		77,898		73,929		72,139		(422)	(1)		2,828	4
Cash and due from banks	1,012		1,022		1,137		987		1,061		(10)	(1)		(49)	(5)
Goodwill and other intangible assets, net	1,696		1,709		1,720		1,732		1,744		(13)	(1)		(48)	(3)
Premises and equipment, net	590		590		595		603		612		—	—		(22)	(4)
Allowance for loan and lease losses	(773)		(760)		(737)		(715)		(685)		(13)	(2)		(88)	(13)
Other assets	4,169		4,584		4,458		4,193		4,082		(415)	(9)		(87)	2
Total assets	$	81,661	$	82,533	$	85,071	$	80,729	$	78,953		(1)	%		3	%
Liabilities and Shareholders' Equity:
Deposits:
Savings	$	25,082	$	25,590	$	23,733	$	21,346	$	21,971		(2)	%		14	%
Time deposits	6,804		7,783		8,279		3,777		2,887		(979)	(13)		3,917	136
Other interest-bearing deposits	16,689		15,817		14,620		15,184		15,165		872	6		1,524	10
Total interest-bearing deposits	48,576		49,190		46,632		40,306		40,023		(614)	(1)		8,553	21
Trading liabilities	509		366		174		144		335		143	39		174	52
Federal funds purchased and securities sold under agreements to repurchase	2,223		2,015		2,169		1,621		1,413		208	10		810	57
Short-term borrowings	326		492		4,777		4,863		1,093		(166)	(34)		(767)	(70)
Term borrowings	1,150		1,157		1,156		1,605		1,597		(7)	(1)		(447)	(28)
Total interest-bearing liabilities	52,783		53,220		54,908		48,540		44,461		(437)	(1)		8,322	19
Noninterest-bearing deposits	17,204		17,825		18,801		21,134		23,466		(621)	(3)		(6,262)	(27)
Other liabilities	2,383		2,694		2,403		2,161		2,480		(311)	(12)		(97)	(4)
Total liabilities	72,370		73,740		76,112		71,835		70,406		(1,370)	(2)		1,964	3
Shareholders' Equity:
Preferred stock	520		520		520		1,014		1,014		—	—		(494)	(49)
Common stock	349		349		349		336		336		—	—		13	4
Capital surplus	5,351		5,337		5,324		4,863		4,840		14	—		511	11
Retained earnings	3,964		3,874		3,830		3,595		3,430		90	2		534	16
Accumulated other comprehensive loss, net	(1,188)		(1,582)		(1,359)		(1,208)		(1,367)		394	25		179	13
Combined shareholders' equity	8,996		8,498		8,664		8,599		8,251		498	6		745	9
Noncontrolling interest	295		295		295		295		295		—	—		—	—
Total shareholders' equity	9,291		8,794		8,960		8,895		8,547		497	6		744	9
Total liabilities and shareholders' equity	$	81,661	$	82,533	$	85,071	$	80,729	$	78,953		(1)	%		3	%
Memo:
Total deposits	$	65,780	$	67,015	$	65,433	$	61,440	$	63,489		(2)	%		4	%
Loans to mortgage companies	$	2,019	$	2,237	$	2,691	$	2,040	$	2,258		(10)	%		(11)	%
Unfunded Loan Commitments:
Commercial	$	21,328	$	22,063	$	22,134	$	21,844	$	22,875		(3)	%		(7)	%
Consumer	$	4,401	$	4,432	$	4,400	$	4,404	$	4,329		(1)	%		2	%

All values are in US Dollars.

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

CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly, Unaudited

											4Q23 Change vs.										2023 vs. 2022
(In millions)	4Q23		3Q23		2Q23		1Q22		4Q22		3Q23			4Q22			2023		2022
Assets:												%			%							%
Loans and leases:
Commercial, financial, and industrial (C&I)	$	32,520	$	33,042	$	32,423	$	31,558	$	31,562		(2)	%		3	%	$	32,390	$	30,969		5	%
Commercial real estate	14,210		13,999		13,628		13,290		13,095		211	2		1,115	9		13,785		12,722		1,063	8
Total Commercial	46,730		47,041		46,051		44,848		44,657		(311)	(1)		2,073	5		46,175		43,691		2,484	6
Consumer real estate	13,664		13,575		13,058		12,401		12,049		89	1		1,615	13		13,179		11,397		1,782	16
Credit card and other5	802		816		815		825		858		(14)	(2)		(56)	(7)		814		864		(50)	(6)
Total Consumer	14,466		14,391		13,873		13,226		12,907		75	1		1,559	12		13,994		12,261		1,733	14
Loans and leases, net of unearned income	61,197		61,432		59,924		58,074		57,564		(235)	—		3,633	6		60,169		55,952		4,217	8
Loans held-for-sale	547		782		731		596		597		(235)	(30)		(50)	(8)		664		883		(219)	(25)
Investment securities	9,394		9,811		10,192		10,263		10,132		(417)	(4)		(738)	(7)		9,912		9,976		(64)	(1)
Trading securities	1,225		1,099		1,110		1,284		1,311		126	11		(86)	(7)		1,179		1,438		(259)	(18)
Interest-bearing deposits with banks	2,556		2,867		3,110		1,468		2,618		(311)	(11)		(62)	(2)		2,504		8,672		(6,168)	(71)
Federal funds sold and securities purchased under agreements to resell	529		315		279		392		583		214	68		(54)	(9)		379		713		(334)	(47)
Total interest earning assets	75,448		76,306		75,346		72,076		72,805		(858)	(1)		2,643	4		74,807		77,635		(2,828)	(4)
Cash and due from banks	994		997		1,024		1,035		1,118		(3)	—		(124)	(11)		1,012		1,217		(205)	(17)
Goodwill and other intangibles assets, net	1,702		1,714		1,726		1,738		1,750		(12)	(1)		(48)	(3)		1,720		1,777		(57)	(3)
Premises and equipment, net	589		592		598		607		616		(3)	(1)		(27)	(4)		596		636		(40)	(6)
Allowances for loan and lease losses	(772)		(766)		(728)		(692)		(675)		(6)	(1)		(97)	(14)		(740)		(648)		(92)	(14)
Other assets	4,352		4,377		4,338		4,076		3,907		(25)	(1)		445	11		4,287		3,599		688	19
Total assets	$	82,313	$	83,220	$	82,304	$	78,841	$	79,521		(1)	%		4	%	$	81,683	$	84,217		(3)	%
Liabilities and shareholders' equity:
Deposits:
Savings	$	25,799	$	24,963	$	21,542	$	21,824	$	22,477		3	%		15	%	$	23,547	$	24,292		(3)	%
Time deposits	7,372		8,087		5,520		3,336		2,720		(715)	(9)		4,652	NM		6,095		2,963		3,132	106
Other interest-bearing deposits	16,344		15,329		14,719		14,790		14,658		1,015	7		1,686	12		15,300		15,641		(341)	(2)
Total interest-bearing deposits	49,515		48,379		41,781		39,950		39,855		1,136	2		9,660	24		44,942		42,896		2,046	5
Trading liabilities	386		276		216		324		353		110	40		33	9		300		480		(180)	(38)
Federal funds purchased and securities sold under agreements to repurchase	1,982		1,970		1,634		1,507		1,462		12	1	%	520	36	%	1,775		1,579		196	12
Short-term borrowings	437		1,790		6,365		2,188		358		(1,353)	(76)		79	22		2,688		229		2,459	NM
Term borrowings	1,156		1,161		1,428		1,602		1,597		(5)	—		(441)	(28)		1,335		1,596		(261)	(16)
Total interest-bearing liabilities	53,475		53,575		51,424		45,572		43,626		(100)	—		9,849	23		51,040		46,780		4,260	9
Noninterest-bearing deposits	17,347		18,145		19,664		22,274		25,021		(798)	(4)		(7,674)	(31)		19,341		26,851		(7,510)	(28)
Other liabilities	2,585		2,522		2,187		2,289		2,459		63	2		126	5		2,397		2,006		391	19
Total liabilities	73,407		74,242		73,275		70,134		71,106		(835)	(1)		2,301	3		72,778		75,638		(2,860)	(4)
Shareholders' Equity:
Preferred stock	520		520		986		1,014		1,014		—	—		(494)	(49)		758		935		(177)	(19)
Common stock	349		349		337		336		336		—	—		13	4		343		335		8	2
Capital surplus	5,343		5,330		4,891		4,851		4,826		13	—		517	11		5,106		4,790		316	7
Retained earnings	3,935		3,861		3,759		3,518		3,358		74	2		577	17		3,770		3,132		638	20
Accumulated other comprehensive loss, net	(1,538)		(1,378)		(1,241)		(1,307)		(1,414)		(160)	(12)		(124)	(9)		(1,367)		(909)		(458)	(50)
Combined shareholders' equity	8,610		8,683		8,734		8,411		8,119		(73)	(1)		491	6		8,610		8,283		327	4
Noncontrolling interest	295		295		295		295		295		—	—		—	—		295		295		—	—
Total shareholders' equity	8,905		8,978		9,029		8,707		8,415		(73)	(1)		490	6		8,905		8,579		326	4
Total liabilities and shareholders' equity	$	82,313	$	83,220	$	82,304	$	78,841	$	79,521		(1)	%		4	%	$	81,683	$	84,217		(3)	%
Memo:
Total deposits	$	66,862	$	66,523	$	61,445	$	62,224	$	64,876		1	%		3	%	$	64,283	$	69,748		(8)	%
Loans to mortgage companies	$	1,939	$	2,353	$	2,262	$	1,875	$	2,299		(18)	%		(16)	%	$	2,108	$	3,086		(32)	%

All values are in US Dollars.

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

CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited
																										4Q23 Change vs.																2023 vs. 2022
	4Q23					3Q23					2Q23					1Q23					4Q22					3Q23			4Q22			2023					2022
(In millions, except rates)	Income/Expense		Rate			Income/Expense		Rate			Income/Expense		Rate			Income/Expense		Rate			Income/Expense		Rate			Income/Expense			Income/Expense			Income/Expense		Rate			Income/Expense		Rate			Income/Expense
																											%			%													%
Interest earning assets/Interest income:
Loans and leases, net of unearned income:
Commercial	$	783	6.65		%	$	779	6.58		%	$	727	6.34		%	$	668	6.04		%	$	607	5.40		%		1	%		29	%	$	2,957	6.41		%	$	1,823	4.18		%		62	%
Consumer	171		4.71			165		4.55			153		4.39			141		4.26			134		4.14			6	4		37	28		630		4.48			479		3.89			151	32
Loans and leases, net of unearned income	954		6.19			944		6.10			880		5.89			809		5.64			742		5.12			10	1		212	29		3,587		5.96			2,302		4.11			1,285	56
Loans held-for-sale	11		8.34			15		7.88			14		7.58			11		7.08			9		6.34			(4)	(27)		2	22		51		7.71			39		4.41			12	31
Investment securities	61		2.62			62		2.54			63		2.49			63		2.45			61		2.41			(1)	(2)		—	—		250		2.52			200		2.01			50	25
Trading securities	20		6.63			19		7.03			19		6.69			20		6.21			19		5.79			1	5		1	5		78		6.62			58		4.04			20	34
Interest-bearing deposits with banks	35		5.46			39		5.34			40		5.13			17		4.60			24		3.61			(4)	(10)		11	46		130		5.20			87		1.00			43	49
Federal funds sold and securities purchased under agreements	7		5.32			4		5.06			3		4.85			4		4.35			5		3.48			3	75		2	40		19		4.93			10		1.38			9	90
Interest income	$	1,089	5.74		%	$	1,084	5.64		%	$	1,019	5.42		%	$	923	5.18		%	$	860	4.70		%		—	%		27	%	$	4,115	5.50			$	2,696	3.47				53	%
Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$	222	3.42		%	$	219	3.48		%	$	141	2.63		%	$	96	1.79		%	$	67	1.19		%		1	%		NM		$	679	2.88		%	$	94	0.39		%		NM
Time deposits	82		4.42			89		4.35			49		3.56			16		1.96			6		0.90			(7)	(8)		76	NM		236		3.87			18		0.60			218	NM
Other interest-bearing deposits	116		2.81			102		2.64			75		2.06			58		1.59			39		1.05			14	14		77	NM		351		2.30			73		0.47			278	NM
Total interest-bearing deposits	420		3.37			409		3.36			265		2.55			171		1.73			112		1.12			11	3		308	NM		1,266		2.82			184		0.43			1,082	NM
Trading liabilities	4		4.59			3		4.20			2		3.82			3		3.83			3		3.59			1	33		1	33		13		4.16			12		2.56			1	8
Federal funds purchased and securities sold under agreements to repurchase	22		4.35			21		4.24			15		3.74			12		3.23			10		2.63			1	5		12	120		70		3.95			18		1.12			52	NM
Short-term borrowings	6		5.41			24		5.42			83		5.25			26		4.79			3		3.75			(18)	(75)		3	100		140		5.19			5		2.26			135	NM
Term borrowings	17		5.75			17		5.82			19		5.21			20		4.98			19		4.81			—	—		(2)	(11)		72		5.39			72		4.51			—	—
Interest expense	469		3.48			475		3.52			385		3.00			232		2.06			148		1.35			(6)	(1)		321	NM		1,560		3.06			292		0.62			1,268	NM
Net interest income - tax equivalent basis	621		2.26			609		2.12			635		2.42			691		3.11			712		3.35			12	2		(91)	(13)		2,556		2.44			2,405		2.85			151	6
Fully taxable equivalent adjustment	(4)		1.01			(4)		1.05			(4)		0.96			(4)		0.76			(4)		0.54			—	—		—	—		(16)		0.98			(13)		0.25			(3)	(23)
Net interest income	$	617	3.27		%	$	605	3.17		%	$	631	3.38		%	$	688	3.88		%	$	709	3.89		%		2	%		(13)	%	$	2,540	3.42		%	$	2,392	3.10		%		6	%
Memo:
Total loan yield			6.19		%			6.10		%			5.89		%			5.64		%			5.12		%									5.96		%			4.11		%
Total deposit cost			2.49		%			2.44		%			1.73		%			1.11		%			0.69		%									1.97		%			0.26		%
Total funding cost			2.63		%			2.63		%			2.17		%			1.38		%			0.85		%									2.22		%			0.40		%
Average loans and leases, net of unearned income			$	61,197				$	61,432				$	59,924				$	58,074				$	57,564										$	60,169				$	55,952
Average deposits			66,862					66,523					61,445					62,224					64,876											64,283					69,748
Average funded liabilities			70,822					71,720					71,088					67,846					68,647											70,381					73,632

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 21.

CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited
	As of															4Q23 change vs.
(In millions, except ratio data)	4Q23			3Q23			2Q23			1Q23			4Q22			3Q23			4Q22
																	%			%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$	184		$	123		$	184		$	204		$	153			50	%		21	%
Commercial real estate	136			125			73			63			9			12	9		127	NM
Consumer real estate	139			145			144			155			152			(6)	(4)		(13)	(9)
Credit card and other5	2			2			2			2			2			—	16		—	4
Total nonperforming loans and leases	$	462		$	394		$	402		$	424		$	316			17	%		46	%
Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.57		%	0.37		%	0.55		%	0.63		%	0.48		%
Commercial real estate	0.96			0.88			0.52			0.47			0.07
Consumer real estate	1.02			1.06			1.07			1.22			1.24
Credit card and other5	0.30			0.26			0.27			0.29			0.27
Total nonperforming loans and leases to loans and leases	0.75		%	0.64		%	0.66		%	0.72		%	0.54		%

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										4Q23 change vs.
(In millions)	4Q23		3Q23		2Q23		1Q23		4Q22		3Q23			4Q22
												%			%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)	$	1	$	3	$	1	$	—	$	11		(80)	%		(95)	%
Commercial real estate	—		—		—		—		—		—	NM		—	NM
Consumer real estate	17		12		8		7		18		5	44		(1)	(7)
Credit card and other5	3		3		5		5		3		1	31		—	(5)
Total loans and leases 90 days or more past due and accruing	$	21	$	17	$	14	$	12	$	33		22	%		(38)	%

All values are in US Dollars.

Numbers may not foot due to rounding.

CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited
	As of															4Q23 change vs.
(In millions, except ratio data)	4Q23			3Q23			2Q23			1Q23			4Q22			3Q23			4Q22
Charge-off, Recoveries and Related Ratios																	%			%
Gross Charge-offs
Commercial, financial, and industrial (C&I) *	$	31		$	92		$	19		$	14		$	24			(66)	%		31	%
Commercial real estate	2			5			8			2			—			(2)	(49)		2	NM
Consumer real estate	1			1			1			1			1			1	130		—	46
Credit card and other5	6			7			5			5			7			(1)	(16)		(1)	(18)
Total gross charge-offs	$	41		$	104		$	33		$	22		$	32			(61)	%		28	%
Gross Recoveries
Commercial, financial, and industrial (C&I)	$	(2)		$	(5)		$	(5)		$	(2)		$	(3)			60	%		24	%
Commercial real estate	—			—			(1)			—			—			—	(6)		—	(146)
Consumer real estate	(2)			(2)			(3)			(2)			(2)			1	28		1	37
Credit card and other5	(1)			(1)			(1)			(1)			(1)			—	15		—	9
Total gross recoveries	$	(5)		$	(9)		$	(9)		$	(6)		$	(6)			43	%		22	%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I) *	$	29		$	86		$	14		$	12		$	21			(66)	%		38	%
Commercial real estate	2			4			8			2			—			(2)	(55)		2	NM
Consumer real estate	—			(2)			(2)			(2)			(2)			1	91		1	91
Credit card and other5	5			6			3			4			6			(1)	(16)		(1)	(20)
Total net charge-offs	$	36		$	95		$	23		$	16		$	26			(62)	%		40	%
Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I) *	0.36		%	1.04		%	0.18		%	0.15		%	0.27		%
Commercial real estate	0.06			0.12			0.23			0.05			—
Consumer real estate	—			(0.05)			(0.06)			(0.05)			(0.05)
Credit card and other5	2.36			2.77			1.65			1.93			2.76
Total loans and leases	0.23		%	0.61		%	0.16		%	0.11		%	0.18		%

All values are in US Dollars.

Numbers may not foot due to rounding.

•3Q23 increase driven by a single credit from a company in bankruptcy.

CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS
Quarterly, Unaudited
	As of										4Q23 Change vs.
(In millions)	4Q23		3Q23		2Q23		1Q23		4Q22		3Q23			4Q22
Summary of Changes in the Components of the Allowance For Credit Losses												%			%
Allowance for loan and lease losses - beginning	$	760	$	737	$	715	$	685	$	664		3	%		14	%
Cumulative effect of change in accounting principle:
Commercial, financial, and industrial (C&I)	—		—		—		1		—		—	NM		—	NM
Commercial real estate	—		—		—		—		—		—	NM		—	NM
Consumer real estate	—		—		—		(7)		—		—	NM		—	NM
Credit card and other5	—		—		—		—		—		—	NM		—	NM
Total cumulative effect of change in accounting principles	—		—		—		(6)		—		—	NM		—	NM
Allowance for loan and lease losses - beginning, adjusted	$	760	$	737	$	715	$	679	$	664		3	%		14	%
Charge-offs:
Commercial, financial, and industrial (C&I) *	(31)		(92)		(19)		(14)		(24)		60	66		(7)	(31)
Commercial real estate	(2)		(5)		(8)		(2)		—		2	49		(2)	NM
Consumer real estate	(1)		(1)		(1)		(1)		(1)		(1)	(130)		—	(46)
Credit card and other5	(6)		(7)		(5)		(5)		(7)		1	16		1	18
Total charge-offs	(41)		(104)		(33)		(22)		(32)		63	61		(9)	(28)
Recoveries:
Commercial, financial, and industrial (C&I)	2		5		5		2		3		(3)	(60)		(1)	(24)
Commercial real estate	—		—		1		—		—		—	6		—	146
Consumer real estate	2		2		3		2		2		(1)	(28)		(1)	(38)
Credit card and other5	1		1		1		1		1		—	(15)		—	(9)
Total Recoveries	5		9		9		6		6		(4)	(43)		(1)	(17)
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I) *	33		96		15		27		35		(63)	(66)		(2)	(5)
Commercial real estate	6		14		16		6		(2)		(8)	(59)		8	NM
Consumer real estate	5		5		10		15		5		—	4		(1)	8
Credit card and other5	5		3		3		4		9		2	73		(4)	(41)
Total provision for loan and lease losses:	49		118		45		52		46		(69)	(58)		3	7
Allowance for loan and lease losses - ending	$	773	$	760	$	737	$	715	$	685		2	%		13	%
Reserve for unfunded commitments - beginning	$	82	$	90	$	85	$	87	$	88		(9)	%		(7)	%
Cumulative effect of change in accounting principle	—		—		—		—		—		—	NM		—	NM
Acquired reserve for unfunded commitments	—		—		—		—		—		—	NM		—	NM
Provision for unfunded commitments	1		(8)		5		(2)		(1)		9	113		2	NM
Reserve for unfunded commitments - ending	$	83	$	82	$	90	$	85	$	87		1	%		(5)	%
Total allowance for credit losses- ending	$	856	$	842	$	827	$	800	$	771		2	%		11	%

All values are in US Dollars.

Numbers may not foot due to rounding.

•3Q23 increase driven by a single credit from a company in bankruptcy.

CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES
Quarterly, Unaudited
	As of
	4Q23		3Q23		2Q23		1Q23		4Q22
Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	1.04	%	1.01	%	0.98	%	1.01	%	0.97	%
Commercial real estate	1.21	%	1.19	%	1.14	%	1.12	%	1.10	%
Consumer real estate	1.71	%	1.67	%	1.64	%	1.65	%	1.63	%
Credit card and other5	3.63	%	3.48	%	3.79	%	3.86	%	3.72	%
Total allowance for loans and lease losses to loans and leases	1.26	%	1.23	%	1.20	%	1.21	%	1.18	%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	184	%	273	%	177	%	159	%	202	%
Commercial real estate	126	%	135	%	219	%	238	%	1,554	%
Consumer real estate	168	%	158	%	154	%	135	%	131	%
Credit card and other5	1,202	%	1,364	%	1,384	%	1,439	%	1,364	%
Total allowance for loans and lease losses to nonperforming loans and leases	167	%	193	%	183	%	169	%	217	%
Allowance for credit losses ratios
Total allowance for credit losses to loans and leases4	1.40	%	1.36	%	1.35	%	1.35	%	1.33	%
Total allowance for credit losses to nonperforming loans and leases4	185	%	214	%	206	%	189	%	244	%

See footnote disclosures on page 21.

REGIONAL BANKING

Quarterly, Unaudited

																4Q23 Change vs.														2023 vs. 2022
	4Q23			3Q23			2Q23			1Q23			4Q22			3Q23				4Q22				2023			2022
																/bp		%		/bp		%								/bp		%
Income Statement (millions)
Net interest income	$	572		$	583		$	612		$	586		$	544				(2)	%			5	%	$	2,354		$	1,954				20	%
Noninterest income	109			109			109			107			107			—		—		2		2		433			444			(11)		(2)	%
Total revenue	681			692			721			693			650			(11)		(2)		31		5		2,787			2,397			390		16	%
Noninterest expense	342			318			321			320			321			24		8		21		7		1,301			1,226			75		6	%
Pre-provision net revenue3	340			374			399			373			330			(34)		(9)		10		3		1,486			1,172			314		27	%
Provision for credit losses	35			104			43			41			30			(69)		(66)		5		17		224			94			130		138	%
Income before income tax expense	305			270			356			331			300			35		13		5		2		1,262			1,077			185		17	%
Income tax expense	72			63			84			78			70			9		14		2		3		296			253			43		17	%
Net income	$	233		$	207		$	272		$	253		$	229				13	%			2	%	$	966		$	825				17	%
Average Balances (billions)
Total loans and leases	$	43.9		$	43.9		$	42.9		$	41.8		$	41.1				—	%			7	%	$	43.2		$	39.6				9	%
Interest-earning assets	43.9			43.9			42.9			41.8			41.1			—		—		2.8		7		43.2			39.6			3.6		9
Total assets	46.6			46.7			45.6			44.5			43.8			(0.1)		—		2.8		6		45.9			42.3			3.6		9
Total deposits	59.3			58.8			55.9			57.8			59.6			0.5		1		(0.3)		(1)		58.0			63.1			(5.1)		(8)
Key Metrics
Net interest margin6	5.20		%	5.30		%	5.75		%	5.71		%	5.27		%	(10)	bp			(7)	bp			5.48		%	4.96		%	52	bp
Efficiency ratio	50.17		%	45.97		%	44.59		%	46.21		%	49.30		%	420	bp			87	bp			46.70		%	51.13		%	(443)	bp
Loans-to-deposits ratio (period-end balances)	73.49		%	74.40		%	74.98		%	73.95		%	70.81		%	(91)	bp			268	bp			73.49		%	70.81		%	268	bp
Loans-to-deposits ratio (average-end balances)	74.02		%	74.78		%	76.72		%	72.39		%	69.02		%	(76)	bp			500	bp			74.46		%	62.74		%	1,172	bp
Return on average assets (annualized)	1.98		%	1.76		%	2.39		%	2.31		%	2.08		%	22	bp			(10)	bp			2.11		%	1.95		%	16	bp
Return on allocated equity7	24.98		%	22.19		%	29.55		%	27.96		%	25.21		%	279	bp			(23)	bp			26.15		%	23.23		%	292	bp
Financial center locations	418			418			417			417			417			—				1				418			417			1

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 21.

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

SPECIALTY BANKING

Quarterly, Unaudited

																4Q23 Change vs.														2023 vs 2022
	4Q23			3Q23			2Q23			1Q23			4Q22			3Q23				4Q22				2023			2022
																/bp		%		/bp		%								/bp		%
Income Statement (millions)
Net interest income	$	129		$	135		$	130		$	125		$	134				(4)	%			(4)	%	$	519		$	557				(7)	%
Noninterest income	61			46			48			53			47			15		33		14		30		209			312			(103)		(33)
Total revenue	190			181			177			179			181			9		5		9		5		727			869			(142)		(16)
Noninterest expense	94			89			88			93			93			5		6		1		1		364			446			(82)		(18)
Pre-provision net revenue3	96			92			89			86			87			4		4		9		10		363			423			(60)		(14)
Provision for credit losses	25			6			10			10			18			19		NM		7		39		50			14			36		NM
Income before income tax expense	72			87			79			76			70			(15)		(17)		2		3		313			409			(96)		(24)
Income tax expense	17			21			19			18			17			(4)		(19)		—		—		76			100			(24)		(24)
Net income	$	54		$	66		$	60		$	57		$	53				(18)	%			2	%	$	237		$	310				(24)	%
Average Balances (billions)
Total loans and leases	$	16.8		$	17.0		$	16.5		$	15.8		$	15.9				(1)	%			5	%	$	16.5		$	15.8				4	%
Interest-earning assets	19.1			19.3			18.7			18.1			18.4			(0.2)		(1)		0.7		4		18.8			18.8			—		—
Total assets	20.5			20.7			20.0			19.4			19.6			(0.2)		(1)		0.9		4		20.2			20.0			0.2		1
Total deposits	3.4			3.3			3.1			3.6			4.3			0.1		3		(0.9)		(21)		3.3			5.6			(2.3)		(41)
Key Metrics
Fixed income product average daily revenue (thousands)	$	463		$	301		$	348		$	437		$	403				54	%			15	%	$	387		$	632				(39)	%
Net interest margin6	2.68		%	2.78		%	2.77		%	2.80		%	2.89		%	(10)	bp			(21)	bp			2.76		%	2.97		%	(21)	bp
Efficiency ratio	49.38		%	49.10		%	49.60		%	52.19		%	51.69		%	28	bp			(231)	bp			50.06		%	51.29		%	(123)	bp
Loans-to-deposits ratio (period-end balances)	537		%	509		%	559		%	504		%	426		%	2,758	bp			11,028	bp			537		%	426		%	11,028	bp
Loans-to-deposits ratio (average-end balances)	497		%	517		%	537		%	440		%	370		%	(1,991)	bp			12,740	bp			496		%	284		%	21,211	bp
Return on average assets (annualized)	1.05		%	1.26		%	1.20		%	1.20		%	1.06		%	(21)	bp			(1)	bp			1.17		%	1.55		%	(38)	bp
Return on allocated equity7	12.07		%	15.40		%	14.92		%	14.69		%	13.05		%	(333)	bp			(98)	bp			14.22		%	19.04		%	(482)	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 21.

Specialty Banking segment: Consists of lines of business that deliver product offerings and services with specialized industry knowledge. Specialty Banking’s lines of business include asset-based lending, mortgage warehouse lending, commercial real estate, franchise finance, correspondent banking, equipment finance, mortgage, and title insurance (prior to July 2022). In addition to traditional lending and deposit taking, Specialty Banking also delivers treasury management solutions, loan syndications, and international banking. Additionally, Specialty Banking has a line of business focused on fixed income securities sales, trading, underwriting, and strategies for institutional clients in the U.S. and abroad, as well as loan sales, portfolio advisory services, and derivative sales.

CORPORATE

Quarterly, Unaudited

											4Q23 Change vs.										2023 vs. 2022
	4Q23		3Q23		2Q23		1Q23		4Q22		3Q23			4Q22			2023		2022
												%			%						/bp	%
Income Statement (millions)
Net interest income/(expense)	$	(84)	$	(113)	$	(111)	$	(24)	$	31		26	%		NM		$	(332)	$	(119)		NM
Noninterest income	13		18		244		11		21		(5)	(28)		(8)	(38)		286		60		225	NM
Total revenues	(72)		(95)		133		(13)		52		23	24		(124)	NM		(47)		(59)		13	21
Noninterest expense	137		67		146		64		90		70	104		47	52		414		282		133	47
Pre-provision net revenue3	(208)		(162)		(13)		(77)		(38)		(46)	(28)		(170)	NM		(461)		(341)		(120)	(35)
Provision for credit losses	(9)		—		(4)		(1)		(3)		(9)	NM		(6)	NM		(14)		(13)		(1)	(6)
Income before income tax expense	(199)		(162)		(10)		(76)		(35)		(37)	(23)		(164)	NM		(447)		(328)		(119)	(36)
Income tax expense (benefit)	(100)		(32)		(7)		(21)		(23)		(68)	NM		(77)	NM		(160)		(105)		(55)	(52)
Net income/(loss)	$	(99)	$	(130)	$	(3)	$	(55)	$	(12)		24	%		NM		$	(287)	$	(222)		(29)	%
Average Balance Sheet (billions)
Interest bearing assets	$	12.4	$	13.0	$	13.7	$	12.1	$	13.3		(5)	%		(7)	%	$	12.8	$	19.3		(33)	%
Total assets	15.2		15.9		16.7		14.9		16.0		(0.7)	(4)		(0.8)	(5)		15.7		22.0		(6.3)	(29)	%

All values are in US Dollars.

Numbers may not add to total due to rounding.

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

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

FOOTNOTES

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

2 Occupancy and Equipment expense includes Computer Software Expense.

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

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

5 Credit card and other includes $179.6 million of commercial credit card balances at December 31, 2023.

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

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

8 2Q23 includes 19.7 million share impact of Series G convertible securities issued in connection with TD transaction based on the final conversion rate; 1Q23 and 4Q22 include 27.5 million shares based on the original maximum conversion rate.

9 3Q23 increase driven by the conversion of Series G convertible securities issued in connection with TD transaction.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)	4Q23			3Q23			2Q23			1Q23			4Q22			2023			2022
Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$	9,291		$	8,794		$	8,960		$	8,895		$	8,547		$	9,291		$	8,547
Less: Noncontrolling interest (a)	295			295			295			295			295			295			295
Less: Preferred stock (a)	520			520			520			1,014			1,014			520			1,014
(B) Total common equity	$	8,476		$	7,978		$	8,144		$	7,586		$	7,238		$	8,476		$	7,238
Less: Intangible assets (GAAP) (b)	1,696			1,709			1,720			1,732			1,744			1,696			1,744
(C) Tangible common equity (Non-GAAP)	$	6,779		$	6,270		$	6,424		$	5,853		$	5,494		$	6,779		$	5,494
Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$	81,661		$	82,533		$	85,071		$	80,729		$	78,953		$	81,661		$	78,953
Less: Intangible assets (GAAP) (b)	1,696			1,709			1,720			1,732			1,744			1,696			1,744
(E) Tangible assets (Non-GAAP)	$	79,965		$	80,825		$	83,351		$	78,997		$	77,209		$	79,965		$	77,209
Period-end Shares Outstanding
(F) Period-end shares outstanding	559			559			559			538			537			559			537
Ratios
(A)/(D) Total equity to total assets (GAAP)	11.38		%	10.65		%	10.53		%	11.02		%	10.83		%	11.38		%	10.83		%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	8.48		%	7.76		%	7.71		%	7.41		%	7.12		%	8.48		%	7.12		%
(B)/(F) Book value per common share (GAAP)	$	15.17		$	14.28		$	14.58		$	14.11		$	13.48		$	15.17		$	13.48
(C)/(F) Tangible book value per common share (Non-GAAP)	$	12.13		$	11.22		$	11.50		$	10.89		$	10.23		$	12.13		$	10.23

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

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

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(s in millions, except per share data)	4Q23			3Q23			2Q23			1Q23			4Q22			2023			2022
Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)	$	175		$	129		$	317		$	243		$	258		$	865		$	868
Plus Tax effected notable items (Non-GAAP) (a)	$	3		$	20		$	(98)		$	16		$	34		(59)			82
Adjusted net income available to common shareholders (Non-GAAP)	$	178		$	150		$	219		$	259		$	293		$	806		$	950
Diluted Shares (GAAP)8	561			561			561			572			572			562			566
Diluted EPS (GAAP)	$	0.31		$	0.23		$	0.56		$	0.43		$	0.45		$	1.54		$	1.53
Adjusted diluted EPS (Non-GAAP)	$	0.32		$	0.27		$	0.39		$	0.45		$	0.51		$	1.43		$	1.68
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)	$	188		$	142		$	329		$	256		$	270		$	915		$	912
Plus Tax effected notable items (Non-GAAP) (a)	$	3		$	20		$	(98)		$	16		$	34		(59)			82
Adjusted NI (Non-GAAP)	$	191		$	163		$	231		$	271		$	304		$	856		$	994
NI (annualized) (GAAP)	$	746		$	565		$	1,320		$	1,037		$	1,070		$	915		$	912
Adjusted NI (annualized) (Non-GAAP)	$	757		$	646		$	928		$	1,100		$	1,206		$	856		$	994
Average assets (GAAP)	$	82,313		$	83,220		$	82,304		$	78,841		$	79,521		$	81,683		$	84,217
ROA (GAAP)	0.91		%	0.68		%	1.60		%	1.32		%	1.35		%	1.12		%	1.08		%
Adjusted ROA (Non-GAAP)	0.92		%	0.78		%	1.13		%	1.40		%	1.52		%	1.05		%	1.18		%
Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE
Net income available to common shareholders ("NIAC") (annualized) (GAAP)	$	695		$	513		$	1,270		$	987		$	1,025		$	865		$	868
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)	$	706		$	594		$	878		$	1,050		$	1,161		$	806		$	950
Average Common Equity (GAAP)	$	8,090		$	8,163		$	7,747		$	7,398		$	7,106		$	7,852		$	7,348
Intangible Assets (GAAP) (b)	1,702			1,714			1,726			1,738			1,750			1,720			1,777
Average Tangible Common Equity (Non-GAAP)	$	6,388		$	6,448		$	6,021		$	5,659		$	5,356		$	6,132		$	5,571
Equity Adjustment (Non-GAAP)	—			—			—			—			—			81			32
Adjusted Average Tangible Common Equity (Non-GAAP)	$	6,388		$	6,448		$	6,021		$	5,659		$	5,356		$	6,213		$	5,603
ROCE (GAAP)	8.60		%	6.28		%	16.40		%	13.34		%	14.42		%	11.01		%	11.81		%
ROTCE (Non-GAAP)	10.89		%	7.95		%	21.10		%	17.43		%	19.14		%	14.10		%	15.58		%
Adjusted ROTCE (Non-GAAP)	11.05		%	9.21		%	14.59		%	18.55		%	21.68		%	12.96		%	16.96		%

All values are in US Dollars.

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

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

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(In millions)		4Q23			3Q23			2Q23			1Q23			4Q22			2023			2022
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	k	$	183		$	173		$	400		$	171		$	174		$	927		$	816
Plus notable items (GAAP) (a)		(4)			—			(225)			—			(1)			(229)			(51)
Adjusted noninterest income (Non-GAAP)	l	$	179		$	173		$	175		$	171		$	173		$	699		$	765
Revenue (GAAP)	m	$	800		$	778		$	1,031		$	859		$	882		$	3,467		$	3,208
Taxable-equivalent adjustment		4			4			4			4			4			16			13
Revenue- Taxable-equivalent (Non-GAAP)		804			782			1,035			863			886			3,483			3,221
Plus notable items (GAAP) (a)		(4)			—			(225)			—			(1)			(229)			(51)
Adjusted revenue (Non-GAAP)	n	$	800		$	782		$	810		$	863		$	885		$	3,254		$	3,170
Securities gains/(losses) (GAAP)	o	$	(5)		$	—		$	—		$	—		$	1		$	(4)		$	18
Noninterest income as a % of total revenue (GAAP)	(k-o)/ (m-o)	23.33		%	22.23		%	38.80		%	19.90		%	19.63		%	26.83		%	25.01		%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	l/n	22.32		%	22.11		%	21.60		%	19.81		%	19.50		%	21.43		%	24.08		%
Adjusted Efficiency Ratio
Noninterest expense (GAAP)	p	$	572		$	474		$	555		$	478		$	503		$	2,080		$	1,953
Plus notable items (GAAP) (a)		(70)			(10)			(95)			(21)			(46)			(196)			(158)
Adjusted noninterest expense (Non-GAAP)	q	$	502		$	465		$	461		$	457		$	458		$	1,884		$	1,795
Revenue (GAAP)	r	$	800		$	778		$	1,031		$	859		$	882		$	3,467		$	3,208
Taxable-equivalent adjustment		4			4			4			4			4			16			13
Revenue- Taxable-equivalent (Non-GAAP)		804			782			1,035			863			886			3,483			3,221
Plus notable items (GAAP) (a)		(4)			—			(225)			—			(1)			(229)			(51)
Adjusted revenue (Non-GAAP)	s	$	800		$	782		$	810		$	863		$	885		$	3,254		$	3,170
Securities gains/(losses) (GAAP)	t	$	(5)		$	—		$	—		$	—		$	1		$	(4)		$	18
Efficiency ratio (GAAP)	p/ (r-t)	71.14		%	60.96		%	53.89		%	55.67		%	57.10		%	59.91		%	61.25		%
Adjusted efficiency ratio (Non-GAAP)	q/s	62.84		%	59.43		%	56.92		%	92.98		%	51.73		%	57.93		%	56.68		%

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

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

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions)			Period-end								Average
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	4Q23		3Q23		4Q23 vs. 3Q23				4Q23		3Q23		4Q23 vs. 3Q23
Loans excluding LMC
Total Loans (GAAP)	$	61,292	$	61,778	$	(486)	(1)	%	$	61,197	$	61,432	$	(235)	—	%
LMC (GAAP)	2,019		2,237		(218)		(10)	%	1,939		2,353		(414)		(18)	%
Total Loans excl. LMC (Non-GAAP)	59,273		59,541		(268)		—	%	59,258		59,079		179		—	%
Total Consumer (GAAP)	14,443		14,494		(51)		—	%	14,466		14,391		75		1	%
Total Commercial excl. LMC (Non-GAAP)	44,829		45,047		(218)		—	%	44,792		44,688		104		—	%
Total CRE (GAAP)	14,216		14,121		95		1	%	14,210		13,999		211		2	%
Total C&I excl. LMC (Non-GAAP)	$	30,613	$	30,926	$	(313)	(1)	%	$	30,581	$	30,689	$	(108)	—	%

Numbers may not foot due to rounding.

		4Q23			3Q23			2Q23			1Q23			4Q22
Allowance for credit losses to loans and leases and Allowance for credit losses to nonperforming loans and leases
Allowance for loan and lease losses (GAAP)	A	$	773		$	760		$	737		$	715		$	685
Reserve for unfunded commitments (GAAP)		83			82			90			85			87
Allowance for credit losses (Non-GAAP)	B	$	856		$	842		$	827		$	800		$	771
Loans and leases (GAAP)	C	$	61,292		$	61,778		$	61,295		$	59,045		$	58,101
Nonaccrual loans and leases (GAAP)	D	$	462		$	394		$	402		$	424		$	316
Allowance for loans and lease losses to loans and leases (GAAP)	A/C	1.26		%	1.23		%	1.20		%	1.21		%	1.18		%
Allowance for credit losses to loans and leases (Non-GAAP)	B/C	1.40		%	1.36		%	1.35		%	1.35		%	1.33		%
Allowance for loans and lease losses to nonperforming loans and leases (GAAP)	A/D	167		%	193		%	183		%	169		%	217		%
Allowance for credit losses to nonperforming loans and leases (Non-GAAP)	B/D	185		%	214		%	206		%	189		%	244		%

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.

TD Transaction: The acquisition of FHN by TD contemplated by a merger agreement signed in February 2022 and terminated in May 2023.

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 excluding securities gains/losses to total revenue - taxable equivalent excluding securities gains/losses.

Efficiency Ratio: Ratio is noninterest expense to total revenue - taxable equivalent excluding securities gains/losses.

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 (prior to July 2022). In addition to traditional lending and deposit taking, Specialty Banking also delivers treasury management solutions, loan syndications, and international banking. Additionally, Specialty Banking has a line of business focused on fixed income securities sales, trading, underwriting, and strategies for institutional clients in the U.S. and abroad, as well as loan sales, portfolio advisory services, and derivative sales.

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

26

a4q23earningsslides-fina

Fourth Quarter 2023 Earnings January 18, 2024

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2 Disclaimers Non-GAAP Information Certain measures included in this document are “non-GAAP,” meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. FHN’s management believes such measures, even though not always comparable to non-GAAP measures used by other financial institutions, are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. The non-GAAP measures presented in this document are listed, and are reconciled to the most comparable GAAP presentation, in the non-GAAP reconciliation table(s) appearing in the Appendix. In addition, presentation of regulatory measures, even those which are not GAAP, provide a meaningful base for comparability to other financial institutions subject to the same regulations as FHN. Although not GAAP terms, these regulatory measures are not considered “non-GAAP” under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in this document include: common equity tier 1 capital, generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk-weighted assets, which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios. Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements pertain to FHN's beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results, or other developments. Forward- looking statements can be identified by the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other expressions that indicate future events and trends. Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic, and competitive uncertainties and contingencies, many of which are beyond FHN’s control, and many of which, with respect to future business decisions and actions (including acquisitions and divestitures), are subject to change and could cause FHN’s actual future results and outcomes to differ materially from those contemplated or implied by forward-looking statements or historical performance. Examples of uncertainties and contingencies include those mentioned: in this document; in Items 2.02 and 7.01 of FHN’s Current Report on Form 8-K to which this document has been filed as an exhibit; in the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K, as amended; and in the forepart, and in Item 1A of Part II, of FHN’s Quarterly Report(s) on Form 10-Q filed after that Annual Report. 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, and 4Q23 capital ratios are estimates.

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3 4Q23 GAAP financial summary 12Q23 includes 19.7 million share impact of Series G convertible securities issued in connection with TD transaction based on the final conversion rate; 1Q23 and 4Q22 include 27.5 million shares based on the original maximum conversion rate. $ in millions except per share data Reported Results 4Q23 Change vs. 4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 Net interest income $ 617 $ 605 $ 631 $ 688 $ 709 $ 12 2 % $ (92) (13) % Fee income 183 173 400 171 174 10 6 % 9 5 % Total revenue 800 778 1,031 859 882 22 3 % (82) (9) % Expense 572 474 555 478 503 98 21 % 69 14 % Pre-provision net revenue (PPNR) 227 304 475 381 379 (77) (25) % (152) (40) % Provision for credit losses 50 110 50 50 45 (60) (55) % 5 11 % Pre-tax income 177 194 425 331 334 (17) (9) % (157) (47) % Income tax expense (11) 52 96 75 64 (63) (121) % (75) (117) % Net income 188 142 329 256 270 46 32 % (82) (30) % Non-controlling interest 5 5 5 4 4 — — % 1 25 % Preferred dividends 8 8 8 8 8 — — % — — % Net income available to common shareholders (NIAC) $ 175 $ 129 $ 317 $ 243 $ 258 $ 46 36 % $ (83) (32) % Diluted EPS $ 0.31 $ 0.23 $ 0.56 $ 0.43 $ 0.45 $ 0.08 35 % $ (0.14) (31) % Average diluted shares outstanding1 561 561 561 572 572 — — % (11) (2) % ROCE 8.6 % 6.3 % 16.4 % 13.3 % 14.4 % 2.3 % (5.8) % ROTCE 10.9 % 8.0 % 21.1 % 17.4 % 19.1 % 2.9 % (8.3) % ROA 0.9 % 0.7 % 1.6 % 1.3 % 1.4 % 0.2 % (0.4) % Net interest margin 3.27 % 3.17 % 3.38 % 3.88 % 3.89 % 0.10 % (0.62) % Efficiency ratio 71.1 % 61.0 % 53.9 % 55.7 % 57.1 % 10.2 % 14.0 % FTEs 7,277 7,340 7,327 7,282 7,477 (63) (1) % (200) (3) % CET1 ratio 11.4 % 11.1 % 11.1 % 10.4 % 10.2 % 0.3 % 1.2 % Effective tax rate (6.2) % 26.7 % 22.6 % 22.7 % 19.2 % (32.8) % (25.4) % Tangible book value per share $12.13 $11.22 $11.50 $10.89 $10.23 $ 0.91 8 % $ 1.90 19 % Period end loans $61.3B $61.8B $61.3B $59.0B $58.1B $ (0.5) (1) % $ 3.2 5 % Period end deposits $65.8B $67.0B $65.4B $61.4B $63.5B $ (1.2) (2) % $ 2.3 4 % Period end loan to deposit ratio 93 % 92 % 94 % 96 % 92 % 1 % 2 %

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4 Table of contents 2023 highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4Q23 highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 4Q23 adjusted financial results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 4Q23 notable items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 NII and NIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Adjusted fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Adjusted expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Asset quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 FY24 guidance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Strategic focus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

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5 2023 Key Accomplishments Diversified Business Model Demonstrated ability to perform through the economic cycle with adjusted pre-tax pre-provision in 2023 consistent with 2022. Benefited from asset sensitivity with 32bps of NIM expansion in 2023. Prudent Risk Management Managed balance sheet for safety and soundness, including maintaining a smaller securities portfolio with a focus on interest rate risk and liquidity. Generated 124bps of CET1 over the course of 2023. Attractive Southeast Footprint Deposit growth of 4% significantly outperformed an industry decline of 2%, while loan growth of 5% outpaced 2% industry growth1 1FHN data presented for the year 2023 or as of 12/31/2023, as applicable. Source for industry data: H8 data series of the Federal Reserve Board, 12/28/22 to 12/27/23. Disciplined Execution of Strategy Raised $6 billion of new customer funds in 2Q deposit campaign; successful repricing efforts reduced the period end interest-bearing deposits rate to ~3.25% Extraordinary Client Base We have long tenured, deep relationships with our clients; retained +90% of the client base in 2023, which has 9+ years of tenure at the bank

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6 • Average customer deposits were up $0.6 billion, supporting the pay down of $1.2 billion brokered deposits over the quarter • Loan growth moderating as focus remains on deepening existing customer relationships and strategic market share expansion • Strong capital position, with CET1 up 29bps • TBVPS increased 8% driven by $0.72 from lower mark-to-market impacts and $0.34 of NIAC, partially offset by $0.15 of dividends • ACL coverage of 1.40% with net charge-offs of $36 million • Adjusted pre-tax pre-provision of $298 million • Net interest margin improved 10bps from asset repricing and favorable balance sheet mix • Fees were relatively stable, while expenses were up, driven by strategic investments and incentives on higher revenue production Strong 4Q23 results driven by stable, diversified business mix Reflects 4Q23 vs. 3Q23 results. Adjusted financial measures, including measures excluding deferred compensation, are Non-GAAP and are reconciled to GAAP measures in the appendix. 1Period end Loan-to-Deposit ratio. Earnings Strength and Solid Returns Capital and Credit Quality Strong Liquidity and Improving Funding Profile Adj. EPS Adj. ROTCE NIM Adj. Efficiency $0.32 11.1% 3.27% 62.8% CET1 TBV NCO% 11.4% $12.13 0.23% Avg Deposit Growth Avg Loan Growth PE LDR1 1% 0% 93%

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7 • 4Q23 adjusted EPS of $0.32 vs. $0.27 in 3Q23 – Adjusted ROTCE of 11.1% – Tangible Book Value per share grew 8% to $12.13 • NII up $12 million or 2% linked quarter – NIM expanded 10bps vs 3Q23 • Adjusted fee income flat excluding deferred compensation – Higher fixed income revenue, offset by timing of discrete items • Adjusted expense up $30 million excluding deferred compensation – $5 million incentive accrual, primarily related to retention, due to stock price improvement over the quarter – $4 million increase in incentives & commissions from higher production in variable revenue businesses – Medical expenses up $5 million from seasonality and higher claims – Outside services up $15 million due to marketing campaigns and third-party services on the strategic investments, which should decline next quarter • Provision expense of $50 million, resulting in a 4bps increase in ACL coverage to 1.40% 4Q23 Adjusted financial highlights $ in millions, except per share data Adjusted Results 4Q23 Change vs. 4Q23 3Q23 4Q22 3Q23 4Q22 Net interest income (FTE) $621 $609 $712 $ 12 2 % $ (91) (13) % Fee income 179 173 173 6 3 % 6 3 % Total revenue (FTE) 800 782 885 18 2 % (85) (10) % Expense 502 465 458 37 8 % 44 10 % Pre-provision net revenue 298 318 428 (20) (6) % (130) (30) % Provision for credit losses 50 110 45 (60) (55) % 5 11 % Net charge-offs 36 95 26 (59) (62) % 10 40 % Reserve build / (release) 14 15 19 (1) (6) % (5) (27) % NIAC $178 $150 $293 $ 28 19 % $ (115) (39) % Diluted EPS $0.32 $0.27 $0.51 $ 0.05 19 % $ (0.19) (37) % Diluted shares1 561 561 572 — — % (11) (2) % ROTCE 11.1% 9.2% 21.7% 1.8 % (10.6) % ROA 0.9% 0.8% 1.5% 0.1 % (0.6) % Net interest margin (NIM) 3.27% 3.17% 3.89% 0.10 % (0.62) % Fee income / total revenue 22.3% 22.1% 19.5% 0.2 % 2.8 % Efficiency ratio 62.8% 59.4% 51.7% 3.4 % 11.1 % TBV per share $12.13 $11.22 $10.23 $ 0.91 8 % $ 1.90 19 % Effective tax rate 21.7% 20.1% 19.8% 1.6 % 1.9 % Revenue growth driven by NIM expansion and fixed income production Adjusted financial measures, including measures excluding deferred compensation, are Non-GAAP and are reconciled to GAAP measures in the appendix. 14Q22 included 27.5 million shares based on the original maximum conversion rate of the Series G convertible securities issued in connection with TD transaction.

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8 4Q23 notable items Adjusted financial measures, including measures excluding deferred compensation, are Non-GAAP and are reconciled to GAAP measures in the appendix. Notable Items ($ in millions, except EPS) 4Q23 Net gain on disposition & valuation adjustments $ 1 FDIC special assessment $ (68) Pre-tax impact of notable items $ (67) Notable tax items $ 48 After-tax impact of notable items $ (3) EPS impact of notable items $ 0.01 • FDIC special assessment of $68 million • Net gain of $1 million from a small FHN Financial asset disposition and equities valuation adjustments • In addition to the tax effect on the pre-tax notable items, 4Q23 includes a $48 million discrete benefit primarily attributable to the resolution of IberiaBank merger-related tax items Pre-Tax Notable Items Notable Tax Items GAAP results reduced by a net $0.01 per share impact from notable items

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9 NIM improved 10bps from asset repricing and favorable balance sheet mix $712 $691 $635 $609 $621 3.89% 3.88% 3.38% 3.17% 3.27% 4Q22 1Q23 2Q23 3Q23 4Q23 Net Interest Income and NIM Trends Net interest income and margin are adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax of 21 percent and, where applicable, state income taxes. • 4Q23 net interest income increased $12 million and net interest margin expanded 10bps versus 3Q23 – Reflects a full quarter benefit of the July rate hike on floating asset yields – Wider spreads on new and renewing loans, as well as continued repricing of fixed rate cash flows improved NII – Full pay-off of FHLB borrowings in 3Q and $1.2 billion of brokered deposit pay downs in 4Q improved the funding profile – 1Q24 margin should benefit from the repricing that occurred in late 4Q23 on the promotional deposits gathered in the second quarter campaign, reducing the period end interest-bearing deposits costs by ~15 basis points Net interest income grew $12 million from the prior quarter $ in millions NII Margin 3Q23 $609 3.17% Deposits & Funding Mix $4 0.03% Loan Rates & Spreads $12 0.07% Loan Volumes & Mix $(3) —% Investment Securities & Other $(1) —% 4Q23 $621 3.27%

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10 $63.5B $61.4B $65.4B $67.0B $65.8B $39.7 $39.7 $42.9 $45.3 $45.9 $0.4 $0.6 $3.7 $3.8 $2.6 $23.5 $21.1 $18.8 $17.8 $17.2 Customer interest-bearing deposits Brokered deposits Noninterest-bearing deposits 4Q22 1Q23 2Q23 3Q23 4Q23 Strong client retention supported pay down of brokered deposits Period end deposits • 4Q23 period end deposits of $65.8 billion – New client acquisition continues to be strong with $0.9 billion or almost 18,000 new accounts opened this quarter with a weighted average rate of 3.3% – Strong client retention supported the pay down of $1.2 billion of brokered deposits at a weighted average rate of 5.3% – Average deposits grew 1% • 2Q23 money market deposit campaign promotional rate of ~5.25% expired in late 4Q23 – Excellent retention thus far at 96% – Average reduction in rate was 76bps – Retention effort included almost 9,000 outbound calls • The 4Q23 interest-bearing rate paid of 3.37% was essentially flat to the prior quarter – The cumulative interest-bearing deposit beta of 62% declined slightly from 63% in 3Q23 – The end-of-period rate on interest-bearing deposits declined to approximately 3.25%, while the total deposit rate paid fell to ~2.40% – The full quarter impact of lowering promotional rates and reducing brokered funding should have a positive impact on NIM in 1Q24 1Source for industry data: H8 data series of the Federal Reserve Board, 12/28/22 to 12/27/23. 2023 deposit growth of 4% significantly outperforms industry decline of 2%1

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11 • 4Q23 period end loans of $61.3 billion, declined $0.5 billion or 1% versus 3Q23 as credit conditions have tightened across the industry – $0.3 billion or 0.5% decrease in loans excluding loans to mortgage companies (LMC), which decreased by $218 million – CRE growth driven by fund-ups of previously committed construction loans, primarily multi-family – On balance sheet mortgage production focused on the Medical Doctor (MD) program, which comprised over 60% of consumer originations • Total unfunded commitments down ~$1 billion • Period end line utilization of 42%1 • Loan yields expanded 9bps to 6.19% – Spreads on new commercial originations are up 21bps linked quarter and 64bps year-over-year – Reflects a full quarter benefit of the July rate hike on floating asset yields • Asset sensitive profile reflected in loan composition of 67% floating vs 33% fixed rate 1Utilization rates exclude Loans to Mortgage Companies. Period end loans Diversified portfolio across attractive geographic footprint Focused on deepening relationships and improved risk-adjusted pricing $58.1B $59.0B $61.3B $61.8B $61.3B C&I ex LMC Commercial real estate (CRE) Consumer real estate LMC Credit card & other 4Q22 1Q23 2Q23 3Q23 4Q23 51% 23% 21% 4% 51% 23% 21% 3% 50% 23% 22% 4% 50% 23% 22% 4% 50% 23% 22% 3%

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12 • 4Q23 adjusted fee income excluding deferred compensation flat to 3Q23 – Fixed income increased $9 million as average daily revenue (ADR) rebounded to $463k from $301k, driven by a favorable change in the market’s interest rate expectations and year-end customer portfolio restructurings – Mortgage banking income declined $2 million, largely due to seasonally lower volume – Brokerage, trust, and insurance income increased $2 million, driven by higher annuities sales – Card and digital banking fees down $4 million due to a methodology adjustment on cardholder rebates, resulting in an isolated impact to 4Q23 – Other noninterest income declined by $5 million as 3Q23 included elevated FHLB stock dividends related to second quarter borrowing levels, as well as lower BOLI revenue this quarter Fee income stable with modest rebound in fixed income Adjusted financial measures, including measures excluding deferred compensation, are Non-GAAP and are reconciled to GAAP measures in the appendix. $ in millions Adjusted Results 4Q23 Change vs. 4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 Fixed income $37 $28 $30 $39 $35 $9 32 % $2 6 % Mortgage banking & title $5 $7 $6 $5 $4 $(2) (29) % $1 25 % Service charges and fees $59 $60 $59 $55 $56 $(1) (2) % $3 5 % Brokerage, trust, and insurance $36 $34 $35 $34 $33 $2 6 % $3 9 % Card and digital banking fees $16 $20 $21 $19 $20 $(4) (20) % $(4) (20) % Deferred compensation income $6 $0 $8 $3 $7 $6 NM $(1) (14) % Other noninterest income $20 $25 $17 $15 $20 $(5) (20) % $0 — % Total fee income $179 $173 $175 $171 $173 $6 3 % $6 3 % Fixed income ADR $463k $301k $348k $437k $403k $162k 54 % $60k 15 % Adjusted fee income flat excluding deferred compensation

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13 Expense trend driven by strategic investments and higher production • 4Q23 adjusted expense, excluding deferred compensation, increased $30 million versus 3Q23 ◦ Personnel expense excluding deferred compensation up $14 million, primarily driven by incentives and commissions – Long-term incentive accruals, primarily related to retention, increased $5 million due to significant stock price improvement over the quarter – Variable compensation within FHN Financial and Wealth Management increased $4 million due to higher production – Medical expenses up $5 million linked quarter due to seasonality and higher claims ◦ Strategic investments drove an increase in expense in the quarter – Occupancy and equipment up $4 million as new software begins depreciating – Outside services up $15 million due to deposit and brand marketing campaigns, as well as third-party services engaged on strategic investments, which should decline next quarter $ in millions Adjusted Results 4Q23 Change vs. 4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 Salaries and benefits $190 $188 $187 $188 $178 $2 1 % $12 7 % Incentives and commissions $80 $68 $65 $64 $70 $12 18 % $10 14 % Deferred compensation expense $7 $0 $8 $3 $7 $7 NM $0 — % Total personnel expense $277 $256 $260 $255 $254 $21 8 % $23 9 % Occupancy and equipment $71 $67 $68 $70 $71 $4 6 % $0 — % Outside services $84 $69 $68 $63 $64 $15 22 % $20 31 % Amortization of intangible assets $12 $12 $12 $12 $12 $0 — % $0 — % Other noninterest expense $59 $60 $53 $58 $58 $(1) (2) % $1 2 % Total noninterest expense $502 $465 $461 $457 $458 $37 8 % $44 10 % Full-time equivalent associates 7,277 7,340 7,327 7,282 7,477 (63) (1) % (200) (3) % Adjusted financial measures, including measures excluding deferred compensation, are Non-GAAP and are reconciled to GAAP measures in the appendix. 1Occupancy and Equipment expense includes Computer Software Expense. Investing in technology and personnel with a continued focus on operational efficiencies 1

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14 $26 $16 $23 $95 $36 0.18% 0.11% 0.16% 0.61% 0.23% NCOs NCO% 4Q22 1Q23 2Q23 3Q23 4Q23 Disciplined lending leads to strong performance across the cycle 1Net charge-off % is annualized and as % of average loans. $771 $800 $827 $842 $856 1.33% 1.35% 1.35% 1.36% 1.40% ACL ACL/Loans 4Q22 1Q23 2Q23 3Q23 4Q23 Allowance for credit losses (ACL) Non-performing loans (NPLs) $316 $424 $402 $394 $462 0.54% 0.72% 0.66% 0.64% 0.75% NPLs $ NPLs % 4Q22 1Q23 2Q23 3Q23 4Q23 • 4Q23 net charge-offs of $36 million decreased $59 million – 3Q23 included a $72 million idiosyncratic C&I charge-off • Provision expense of $50 million in 4Q23 – $14 million reserve build primarily driven by marginal deterioration in CECL macroeconomic scenarios for the CRE and consumer portfolios, as well as modest grade migration • NPL ratio of 75bps up 11bps from 3Q23 • 4Q23 ACL coverage ratio increased to 1.40% 1 ACL coverage ratio increased 4bps to 1.40%, reflecting macroeconomic uncertainty Net charge-offs

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15 4Q22 1Q23 2Q23 3Q23 4Q23 CET1 ratio Tier 1 capital ratio Total capital ratio 4Q22 1Q23 2Q23 3Q23 4Q23 Strong capital position even adjusted for unrealized losses1 Capital levels 11.9% 13.3% 13.6% 12.1% 13.6% 12.1% 13.6% 12.1% 14.0% 12.4% $11.22 $0.34 $(0.15) $0.72 $12.13 3Q23 NIAC² Common Dividend Mark on AFS & Hedges 4Q23 • 4Q23 CET1 ratio grew 29bps to 11.4% from the benefit of NIAC and period end loan reductions, partially offset by the common dividend – CET1 net of unrealized losses of 9.1%1 above regulatory capital threshold of 7.0% • Total capital of 14.0% up 34bps from 3Q23 • TBVPS of $12.13 increased 8% versus 3Q23, driven by NIAC2 and lower mark-to-market impacts, partially offset by $0.15 of dividends 1CET1 impact of available for sale (AFS) and held to maturity (HTM) unrealized losses are presented on an after-tax basis. Loan FV impact represents the difference between book value and estimated fair value of loans and leases, which is a preliminary estimate for 12.31.23. 2Net of change in intangibles. Tangible book value per share 10.2% 10.4% 11.1% 11.1% 11.4% 11.4% (1.2)% (0.2)% 10.1% (0.9)% 9.1% 4Q23 Estimate AFS Impact HTM Impact Pro Forma Loan FV Impact Pro Forma incl. Loan FV Impact 4Q23 CET1 net of unrealized losses1 Prudently managed balance sheet focused on safety and soundness

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16 FY2024 Outlook Earnings Drivers FY23 Adjusted Baseline FY24 Adjusted Expectations Comments Net Interest Income $2,556 million Up 1% – 4% Assumes 25bps cuts in May, July, November, and December, as well as modest balance sheet growth Noninterest Income $699 million Up 4% – 6% Potential for modest rebound in fixed income and mortgage Noninterest Expense $1,884 million Up 4% – 6% Reflects investment in technology and personnel with a continued focus on operational efficiencies Net Charge-Offs 28bps 25bps – 30bps Reflects continued macroeconomic uncertainty Tax Rate 21.8% 21% – 23% Timing of discrete items impacts quarterly rate CET1 Ratio 11.4% ~11.0% Excess capital to be deployed organically, as well as potential for capital repatriation Adjusted financial measures, including measures excluding deferred compensation, are Non-GAAP and are reconciled to GAAP measures in the appendix. Net interest income is adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax of 21 percent and, where applicable, state income taxes. Variability in Deferred Compensation may impact growth rates in noninterest income and noninterest expense but should have an offsetting and immaterial impact on pretax income. Expectations of pre-provision net revenue growth in 2024

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17 Diversified business model with highly attractive geographic footprint provides opportunity to deliver outperformance through a variety of economic cycles Strategic focus on delivering enhanced shareholder value 1 Strong balance sheet and prudent risk management to drive increased capital efficiency and returns 2 Client-centric model committed to serving as trusted advisor through Capital + Counsel as a core differentiator3 Disciplined execution of strategy and continuous improvement mindset to further enhance efficiency and productivity 4 Investing in the well-being of associates and communities is central to our purpose5

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APPENDIX 18

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191Other includes equity compensation. 4Q23 CET1 walkforward 11.1% 0.25% (0.12)% 0.13% 0.03% 11.4% 3Q23 CET1 Adjusted NIAC Common Dividend Change in Loan Balances & Unfunded Commitments Notable Items & Other 4Q23 Estimate 1

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20 7% 4% 4% 2% 2% 2% 1% 1% Multi- family Retail Industrial Office (non- med) Hospitality Medical office Other Land + residential • Disciplined risk management practice and underwriting standards across CRE portfolio • $2 million of total net charge-offs in 4Q23 from CRE in the total portfolio, driven by the office portfolio – $8 million of net charge-offs in office portfolio year-to-date • Granular CRE loan book with no more than 7% property type concentration across the total loan portfolio • Continued strong asset quality with 98% of CRE graded pass • Vacancy rate of 19% in office CRE in-line with the industry in the southeast1 1FHN’s CRE database includes information for loans in the Pro CRE LOB, as well as market CRE loans above $5mm. Vacancy rates are based on this population. Industry statistics from Moody’s as of 11/30/23. High credit quality, diversified CRE portfolio Geographically diverse portfolio with minimal concentration across property types 27% 13% 12% 11% 11% 9% 9% 8% FL TX NC Other South- eastern All Other GA TN LA PE CRE by Property Type / Total LoansPE CRE by State Composition

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21 Well-diversified across segments, industries, and markets Granular C&I portfolio and real estate backed consumer portfolio PE C&I by Industry Type 24% 21% 13% 13% 11% 7% 6% 5% All Other TN Other Southeastern FL TX NC LA GA PE C&I by State Composition • The C&I portfolio is both geographically diverse and benefits from a lack of industry concentration ◦ No more than 12% C&I exposure to any industry ◦ Southeastern footprint is economically and demographically strong ◦ Exposure to markets outside the southeast primarily driven by specialty businesses • Consumer portfolio focused on real estate, with negligible exposure to auto or consumer credit card Consumer Portfolio by Product 30% 12% 12% 8% 7% 7% 7% 6% 6% 5% 10 Other Industries Finance & Insurance Real Estate Enterprises Healthcare & Social Assistance Accommodation & Food Service Manufacturing Wholesale Trade Mortgage Warehouse Retail Trade Transportation & Warehousing $11.4B 79% $2.2B $0.8B 5% Real estate installment loans HELOC Credit card and other 16%

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22 TN, 38% FL, 18% NC, 12% LA, 12% TX, 4% AL, 3% GA, 2% AR, 2% All other states, 3% Specialty Bank, 5% Attractive and stable funding mix • Stable, cost-effective deposits from a diverse commercial and consumer client base across 12-state footprint and specialty lines of business • Commercial deposits of $35.9 billion or 55% and consumer of $29.9 billion or 45% • Attractive lower-cost deposit base with 26% DDA • Contingency funding plan equates to ~160% of uninsured or uncollateralized deposits 67% of 4Q23 deposits insured or collateralized Deposit portfolio diversified by customer type, product, and geography 4Q23 diversified deposit mix by product 26% 38% 10% 25% Demand deposit accounts Savings Time deposits Other interest-bearing deposits 4Q23 deposits by state $39B 59% $22B 33% $5B 8% Insured Uninsured & uncollateralized Collateralized

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23 $0.3B $0.3B $0.3B $0.3B 1Q24 2Q24 3Q24 4Q24 Agency MBS 43% Agency CMBS 25% Agency CMO 14% U.S. Agencies & Treasury 12% States & Municipalities 6% $10.1B $10.3B $10.2B $9.8B $9.4B 2.41% 2.45% 2.49% 2.54% 2.62% Average AFS Securities Average HTM Securities Average Yield 4Q22 1Q23 2Q23 3Q23 4Q23 Investment portfolio prudently managed to support liquidity and IRR • 4Q23 investment portfolio represents 11% of total assets – Moderate total portfolio effective duration of 5.0 years – Low reliance on HTM designation at 14% of total portfolio – 94% U.S. Government or Agency-backed by GSEs • 4Q23 total unrealized losses of $1.3B vs $1.8B in 3Q23 1Calculated based on period end market values. 2Estimated as of 12/31/23; includes maturities and projected calls. Lower exposure to unrealized losses due to smaller portfolio and moderate effective duration Steady principal cash flows2 Investment portfolio 4Q22 1Q23 2Q23 3Q23 4Q23 % of total assets 13% 13% 12% 12% 11% Pre-tax unrealized losses $(1.4)B $(1.3)B $(1.4)B $(1.8)B $(1.3)B Effective duration 5.3 5.2 5.2 5.2 5.0 Unencumbered securities / total securities1 45% 44% 35% 33% 30% 4Q23 investment portfolio composition1

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24 FHN Financial Key Market Factors Affecting Fixed Income Lower Revenue Market Factor Higher Revenue Up Rate Direction Down Extreme (low/high) Market Volatility Moderate Flat/Inverted Yield Curve Shape Steep Tighter Corporate & Mortgage Spreads Wider Lower Depository Liquidity Greater Positive Economic Outlook Negative • FHN Financial provides fixed income sales & trading, investment advisory, interest rate derivatives and other services to financial institutions, municipalities and other institutional investors across the United States and internationally • 4,000+ active institutional clients • Clients include approximately one third of all US banks • The variable compensation payout ratio on marginal revenue is approximately 60% $918k $696k $531k $914k $1,477k $1,436k $632k $387k 0.51% 1.10% 1.91% 2.28% 0.54% 0.25% 1.86% 5.20% ADR Avg Fed Funds Rate 2016 2017 2018 2019 2020 2021 2022 2023 Counter-cyclical business model

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25 Notable Items *3Q23 includes $10 million of restructuring expenses; 2Q23 includes $50 million contribution to First Horizon Foundation; 2Q23 and 4Q22 includes $15 million and $10 million, respectively of Visa derivative valuation expense. **4Q23 includes a discrete benefit primarily attributable to the resolution of merger-related tax items and 3Q23 includes after-tax notable items of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items. $ in millions, except EPS 4Q23 3Q23 2Q23 1Q23 4Q22 Summary of Notable Items: Gain on merger termination $— $— $225 $— $— Net merger/acquisition/transaction-related items — — (30) (21) (36) Gain on sale of title services business (other noninterest income) — — — — 1 Gain/(loss) related to equity securities investments (other noninterest income) (6) — — — — Net gain on asset disposition (other noninterest income less incentives) 7 — — — — FDIC special assessment (other noninterest expense) (68) — — — Other notable expenses* — (10) (65) — (10) Total notable items (pre-tax) (67) (10) 130 (21) (45) Tax related notable items** 48 (13) — — — EPS impact of notable items $ 0.01 $ 0.04 $ (0.17) $ 0.03 $ 0.06

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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. (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. $s in millions, except per share data Quarterly, Unaudited 4Q23 3Q23 2Q23 1Q23 4Q22 Tangible Common Equity (Non-GAAP) (A) Total equity (GAAP) $ 9,291 $ 8,794 $ 8,960 $ 8,895 $ 8,547 Less: Noncontrolling interest (a) 295 295 295 295 295 Less: Preferred stock (a) 520 520 520 1,014 1,014 (B) Total common equity $ 8,476 $ 7,978 $ 8,144 $ 7,586 $ 7,238 Less: Intangible assets (GAAP) (b) 1,696 1,709 1,720 1,732 1,744 (C) Tangible common equity (Non-GAAP) $ 6,779 $ 6,270 $ 6,424 $ 5,853 $ 5,494 Tangible Assets (Non-GAAP) (D) Total assets (GAAP) $ 81,661 $ 82,533 $ 85,071 $ 80,729 $ 78,953 Less: Intangible assets (GAAP) (b) 1,696 1,709 1,720 1,732 1,744 (E) Tangible assets (Non-GAAP) $ 79,965 $ 80,825 $ 83,351 $ 78,997 $ 77,209 Period-end Shares Outstanding (F) Period-end shares outstanding 559 559 559 538 537 Ratios (A)/(D) Total equity to total assets (GAAP) 11.38 % 10.65 % 10.53 % 11.02 % 10.83 % (C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) 8.48 % 7.76 % 7.71 % 7.41 % 7.12 % (B)/(F) Book value per common share (GAAP) $ 15.17 $ 14.28 $ 14.58 $ 14.11 $ 13.48 (C)/(F) Tangible book value per common share (Non-GAAP) $ 12.13 $ 11.22 $ 11.50 $ 10.89 $ 10.23

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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 Quarterly, Unaudited 4Q23 3Q23 2Q23 1Q23 4Q22 Adjusted Diluted EPS Net income available to common shareholders ("NIAC") (GAAP) a $ 175 $ 129 $ 317 $ 243 $ 258 Plus Tax effected notable items (Non-GAAP) (a) 3 20 (98) 16 34 Adjusted net income available to common shareholders (Non-GAAP) b $ 178 $ 150 $ 219 $ 259 $ 293 Diluted Shares (GAAP)8 c 561 561 561 572 572 Diluted EPS (GAAP) a/c $ 0.31 $ 0.23 $ 0.56 $ 0.43 $ 0.45 Adjusted diluted EPS (Non-GAAP) b/c $ 0.32 $ 0.27 $ 0.39 $ 0.45 $ 0.51 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $ 188 $ 142 $ 329 $ 256 $ 270 Plus Tax effected notable items (Non-GAAP) (a) 3 20 (98) 16 34 Adjusted NI (Non-GAAP) $ 191 $ 163 $ 231 $ 271 $ 304 NI (annualized) (GAAP) d $ 746 $ 565 $ 1,320 $ 1,037 $ 1,070 Adjusted NI (annualized) (Non-GAAP) e $ 757 $ 646 $ 928 $ 1,100 $ 1,206 Average assets (GAAP) f $ 82,313 $ 83,220 $ 82,304 $ 78,841 $ 79,521 ROA (GAAP) d/f 0.91 % 0.68 % 1.60 % 1.32 % 1.35 % Adjusted ROA (Non-GAAP) e/f 0.92 % 0.78 % 1.13 % 1.40 % 1.52 % Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE Net income available to common shareholders ("NIAC") (annualized) (GAAP) g $ 695 $ 513 $ 1,270 $ 987 $ 1,025 Adjusted Net income available to common shareholders (annualized) (Non-GAAP) h $ 706 $ 594 $ 878 $ 1,050 $ 1,161 Average Common Equity (GAAP) i $ 8,090 $ 8,163 $ 7,747 $ 7,398 $ 7,106 Intangible Assets (GAAP) (b) 1,702 1,714 1,726 1,738 1,750 Average Tangible Common Equity (Non-GAAP) j $ 6,388 $ 6,448 $ 6,021 $ 5,659 $ 5,356 ROCE (GAAP) g/i 8.60 % 6.28 % 16.40 % 13.34 % 14.42 % ROTCE (Non-GAAP) g/j 10.89 % 7.95 % 21.10 % 17.43 % 19.14 % Adjusted ROTCE (Non-GAAP) h/j 11.05 % 9.21 % 14.59 % 18.55 % 21.68 % (a) Amounts adjusted for notable items as detailed on page 22 (b) Includes goodwill and other intangible assets, net of amortization. Numbers may not foot due to rounding

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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. $s in millions Quarterly, Unaudited 4Q23 3Q23 2Q23 1Q23 4Q22 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) k $ 183 $ 173 $ 400 $ 171 $ 174 Plus notable items (GAAP) (a) (4) — (225) — (1) Adjusted noninterest income (Non-GAAP) l $ 179 $ 173 $ 175 $ 171 $ 173 Revenue (GAAP) m $ 800 $ 778 $ 1,031 $ 859 $ 882 Taxable-equivalent adjustment 4 4 4 4 4 Revenue- Taxable-equivalent (Non-GAAP) 804 782 1,035 863 886 Plus notable items (GAAP) (a) (4) — (225) — (1) Adjusted revenue (Non-GAAP) n $ 800 $ 782 $ 810 $ 863 $ 885 Securities gains/(losses) (GAAP) o $ (5) $ — $ — $ — $ 1 Noninterest income as a % of total revenue (GAAP) (k-o)/ (m-o) 23.33 % 22.23 % 38.80 % 19.90 % 19.63 % Adjusted noninterest income as a % of total revenue (Non-GAAP) l/n 22.32 % 22.11 % 21.60 % 19.81 % 19.50 % Adjusted Efficiency Ratio Noninterest expense (GAAP) p $ 572 $ 474 $ 555 $ 478 $ 503 Plus notable items (GAAP) (a) (70) (10) (95) (21) (46) Adjusted noninterest expense (Non-GAAP) q $ 502 $ 465 $ 461 $ 457 $ 458 Revenue (GAAP) r $ 800 $ 778 $ 1,031 $ 859 $ 882 Taxable-equivalent adjustment 4 4 4 4 4 Revenue- Taxable-equivalent (Non-GAAP) 804 782 1,035 863 886 Plus notable items (GAAP) (a) (4) — (225) — (1) Adjusted revenue (Non-GAAP) s $ 800 $ 782 $ 810 $ 863 $ 885 Securities gains/(losses) (GAAP) t $ (5) $ — $ — $ — $ 1 Efficiency ratio (GAAP) p/ (r-t) 71.14 % 60.96 % 53.89 % 55.67 % 57.10 % Adjusted efficiency ratio (Non-GAAP) q/s 62.84 % 59.43 % 56.92 % 92.98 % 51.73 % (a) Amounts adjusted for notable items as detailed on page 22 (b) Includes goodwill and other intangible assets, net of amortization. Numbers may not foot due to rounding

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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. Period-end Average ($s in millions) 4Q23 3Q23 4Q23 vs. 3Q23 4Q23 3Q23 4Q23 vs. 3Q23 Loans excluding LMC Total Loans (GAAP) $ 61,292 $ 61,778 $ (486) (1) % $ 61,197 $ 61,432 $ (235) — % LMC (GAAP) 2,019 2,237 (218) (10) % 1,939 2,353 (414) (18) % Total Loans excl. LMC (Non-GAAP) 59,273 59,541 (268) — % 59,258 59,079 179 — % Total Consumer (GAAP) 14,443 14,494 (51) — % 14,466 14,391 75 1 % Total Commercial excl. LMC (Non-GAAP) 44,829 45,047 (218) — % 44,792 44,688 104 — % Total CRE (GAAP) 14,216 14,121 95 1 % 14,210 13,999 211 2 % Total C& I excl. LMC (Non-GAAP) $ 30,613 $ 30,926 $ (313) (1) % $ 30,581 $ 30,689 $ (108) — %

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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. (a) Amounts adjusted for notable items as detailed on page 25. Numbers may not foot due to rounding $s in millions Quarterly, Unaudited 4Q23 3Q23 Adjusted noninterest income excluding deferred compensation income Noninterest income (GAAP) 183 173 Plus notable items (GAAP) (4) — Adjusted noninterest income (Non-GAAP) $179 $173 Less deferred compensation income (GAAP) 6 — Adjusted noninterest income excluding deferred compensation income (Non-GAAP) $ 173 $ 173 Adjusted noninterest expense excluding deferred compensation expense Noninterest expense (GAAP) 572 474 Plus notable items (GAAP) (70) (10) Adjusted noninterest expense (Non-GAAP) $502 $465 Less deferred compensation expense (GAAP) 7 — Adjusted noninterest expense excluding deferred compensation expense (Non-GAAP) $ 495 $ 465 Adjusted personnel expense excluding deferred compensation expense Personnel expense (GAAP) 279 266 Plus notable items (GAAP) (2) (10) Adjusted personnel expense (Non-GAAP) 277 256 Less deferred compensation expense (GAAP) 7 — Adjusted personnel expense excluding deferred compensation expense (Non-GAAP) $ 270 $ 256

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