fhn-20240417

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

FORM 8-K

_____________________________________

CURRENT REPORT

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

April 17, 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

*All shares of Series D Preferred Stock were called for redemption effective May 1, 2024. That redemption will result in the redemption, suspension from trading, and delisting of the related Series D Depositary Shares.

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

Emerging growth company ☐

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

ITEM 2.02. Results of Operations and Financial Condition.

ITEM 7.01. Regulation FD Disclosure.

Furnished as Exhibit 99.1 is a copy of the First Horizon Corporation (“FHN” or "First Horizon") First Quarter 2024 Earnings Release, released today.

Furnished as Exhibit 99.2 is a copy of the Investor Slide Presentation for the quarter ended March 31, 2024, 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; 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.


FIRST HORIZON CORPORATION			2			FORM 8-K CURRENT REPORT 04/17/2024

ITEM 9.01. Financial Statements and Exhibits.

(d)Exhibits

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


Exhibit #						Description

99.1						First Horizon Corporation First Quarter 2024 Earnings Release
99.2						First Horizon Corporation Investor Slide Presentation for the quarter ended March 31, 2024
104						Cover Page Interactive Data File, formatted in Inline XBRL


FIRST HORIZON CORPORATION			3			FORM 8-K CURRENT REPORT 04/17/2024

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:

April 17, 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 04/17/2024

Document

First Horizon Corporation's Momentum Continues with Strong First Quarter 2024 Results

Net Income Available to Common Shareholders of $184 Million or EPS of $0.33;

$195 Million or $0.35 on an Adjusted Basis - up 9% Over Prior Quarter*

1Q24 ROTCE of 11.0% and Adjusted ROTCE of 11.6% with Tangible Book Value per Share of $12.16, up $0.03 QoQ*

MEMPHIS, TN (April 17, 2024) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported first quarter net income available to common shareholders of $184 million or earnings per share of $0.33, compared with fourth quarter 2023 net income available to common ("NIAC") of $175 million or earnings per share of $0.31. First quarter 2024 results were reduced by a net $12 million after-tax or $0.02 per share of notable items compared with $3 million or $0.01 per share in fourth quarter 2023. Excluding notable items, adjusted first quarter 2024 NIAC of $195 million or $0.35 per share increased from $178 million or $0.32 per share in fourth quarter 2023.

“We reported a strong quarter with 10% growth in adjusted net income available to common shareholders from the fourth quarter. We achieved positive operating leverage versus the prior quarter, as revenue increased and expenses declined. Revenue growth was driven by margin expansion in the core banking franchise, as well as significant improvement in our counter-cyclical businesses,” said Chairman, President and Chief Executive Officer Bryan Jordan. “Credit quality remains stable, and our strong capital and liquidity position us to continue to win new client relationships and deepen existing ones.”

Jordan continued, “As we celebrate our 160th year in business, I remain confident in our ability to build on the value and earnings power of our long-standing organization to deliver exceptional results to our shareholders.”

Notable Items


Notable Items
Quarterly, Unaudited ($ in millions, except per share data)	1Q24		4Q23		1Q23
Summary of Notable Items:

Net merger/acquisition/transaction-related items	$	—	$	—	$	(21)


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)	(10)		(68)		—
Other notable expenses	(5)		—		—
Total notable items (pre-tax)	$	(15)	$	(67)	$	(21)
Total notable items (after-tax) **	$	(12)	$	(3)	$	(16)

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.

First quarter pre-tax notable items include an FDIC special assessment of $10 million and $5 million of restructuring costs.

*References to "Adjusted" results exclude notable items and are Non-GAAP Financial Measures. All references to loans include leases. All references to earnings per share are based on diluted shares. Please see page 4 for information on our use of Non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 20.


SUMMARY RESULTS
Quarterly, Unaudited

										1Q24 Change vs.
($s in millions, except per share and balance sheet data)	1Q24			4Q23			1Q23			4Q23					1Q23
										$/bp			%		$/bp			%
Income Statement
Interest income - taxable equivalent1	$	1,076		$	1,090		$	923		$	(14)		(1)	%	$	153		17	%
Interest expense- taxable equivalent1	448			469			232			(21)			(5)		216			93
Net interest income- taxable equivalent	628			621			691			7			1		(63)			(9)
Less: Taxable-equivalent adjustment	4			4			4			—			—		—			—
Net interest income	625			617			688			8			1		(63)			(9)
Noninterest income	194			183			171			11			6		23			14
Total revenue	819			800			859			19			2		(40)			(5)
Noninterest expense	515			572			478			(57)			(10)		37			8
Pre-provision net revenue3	304			227			381			77			34		(77)			(20)
Provision for credit losses	50			50			50			—			—		—			—
Income before income taxes	254			177			331			77			43		(77)			(23)
Provision for income taxes	57			(11)			75			68			NM		(18)			(24)
Net income	197			188			256			9			5		(59)			(23)
Net income attributable to noncontrolling interest	5			5			4			—			(2)		1			22
Net income attributable to controlling interest	192			183			251			9			5		(59)			(24)
Preferred stock dividends	8			8			8			—			2		—			2
Net income available to common shareholders	$	184		$	175		$	243		$	9		5	%	$	(59)		(24)	%

Adjusted net income4	$	208		$	191		$	271		$	17		9	%	$	(63)		(23)	%
Adjusted net income available to common shareholders4	$	195		$	178		$	259		$	17		10	%	$	(64)		(25)	%
Common stock information
EPS	$	0.33		$	0.31		$	0.43		$	0.02		6	%	$	(0.10)		(23)	%
Adjusted EPS4	$	0.35		$	0.32		$	0.45		$	0.03		9	%	$	(0.10)		(22)	%


Diluted shares8	558			561			572			(3)			(1)	%	(14)			(2)	%
Key performance metrics
Net interest margin	3.37		%	3.27		%	3.88		%	10		bp			(51)		bp

Efficiency ratio	62.92			71.14			55.67			(822)					725
Adjusted efficiency ratio4	60.78			62.84			52.98			(206)					780
Effective income tax rate	22.48			(6.16)			22.71			NM					(23)
Return on average assets	0.97			0.91			1.32			6					(35)
Adjusted return on average assets4	1.03			0.92			1.40			11					(37)
Return on average common equity (“ROCE")	8.8			8.6			13.3			16					(458)

Return on average tangible common equity (“ROTCE”)4	11.0			10.9			17.4			6					(648)
Adjusted ROTCE4	11.6			11.1			18.6			60					(690)
Noninterest income as a % of total revenue	23.72			23.33			19.90			39					382
Adjusted noninterest income as a % of total revenue4	23.61		%	22.32		%	19.81		%	129		bp			380		bp
Balance Sheet (billions)
Average loans	$	61.2		$	61.2		$	58.1		$	—		—	%	$	3.1		5	%
Average deposits	65.4			66.9			62.2			(1.5)			(2)		3.2			5
Average assets	81.2			82.3			78.8			(1.1)			(1)		2.4			3
Average common equity	$	8.4		$	8.1		$	7.4		$	0.3		4	%	$	1.0		14	%
Asset Quality Highlights

Allowance for credit losses to loans and leases	1.40		%	1.40		%	1.35		%	—		bp			5		bp

Nonperforming loan and leases ratio	0.82		%	0.75		%	0.72		%	7		bp			10		bp
Net charge-off ratio	0.27		%	0.23		%	0.11		%	4		bp			15		bp
Net Charge-offs	$	40		$	36		$	16		$	4		12	%	$	24		NM
Capital Ratio Highlights (current quarter is an estimate)



Common Equity Tier 1	11.3		%	11.4		%	10.4		%	(9)		bp			95		bp
Tier 1	12.3			12.4			12.1			(10)					21
Total Capital	13.9			14.0			13.6			(3)					32
Tier 1 leverage	10.8		%	10.7		%	10.7		%	13		bp			13		bp

Numbers may not foot due to rounding.

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

See footnote disclosures on page 19.

First Quarter 2024 versus Fourth Quarter 2023

Net interest income

Net interest income of $625 million increased $8 million and net interest margin of 3.37% increased 10 basis points from the benefit of loan and deposit repricing.

Noninterest income

Noninterest income of $194 million increased $11 million. Adjusted noninterest income of $194 million increased $15 million largely driven by higher fixed income production. Fixed income average daily revenue of $731 thousand increased 58% compared with $463 thousand in fourth quarter 2023, driven by the market's expectation that short-term rates have peaked and by improved liquidity conditions in the banking sector.

Noninterest expense

Noninterest expense of $515 million declined $57 million from the prior quarter. First quarter notable items included the $10 million FDIC special assessment, which is down from $68 million in fourth quarter, and $5 million of restructuring costs. Adjusted noninterest expense of $500 million decreased $2 million. A reduction in outside services, which included advertising and third-party services for strategic investment initiatives, was partially offset by an increase in personnel expense, which included the annual merit adjustment and higher incentives from higher revenue production.

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 $97 million due to seasonality. Period-end loans and leases of $61.8 billion increased $0.5 billion from fourth quarter 2023, with growth in LMC and CRE. Loan yields of 6.28% improved 9 basis points from wider spreads on new and renewing loans, as well as continued repricing of fixed rate cash flows.

Deposits

Average deposits of $65.4 billion decreased 2%, reflecting $0.6 billion lower brokered deposits and continued pressure on non-interest bearing balances. Period-end deposits of $65.7 billion were stable to the prior quarter, with 67% of balances FDIC insured or collateralized. Interest-bearing deposit costs improved 9 basis points from the prior quarter to 3.28%, while total deposits costs declined by 5 basis points from a full quarter benefit of repricing efforts in the fourth quarter.

Asset quality

Provision expense of $50 million remained unchanged from fourth quarter 2023 to first quarter. Net charge-offs were $40 million or 27 basis points. Nonperforming loans of $505 million increased $43 million. The ACL to loans ratio of 1.40% was consistent with the prior quarter. Modest grade migration continued in the first quarter, but overall credit performance is stable after normalizing from a prolonged benign environment.

Capital

CET1 ratio of 11.3% and total capital ratio of 13.9% in first quarter 2024, down from 11.4% and 14.0%, respectively in fourth quarter 2023 as excess capital was returned to shareholders through the share repurchase program. FHN repurchased 10.7 million shares of common stock in first quarter 2024 at a weighted average price of $14.39 under the share repurchase program authorized in first quarter 2024.

Income taxes

First quarter 2024 effective tax rate of 22.5% compared with -6.2% in fourth quarter 2023. On an adjusted basis, the effective tax rate for first quarter 2024 was 22.5% compared with 21.7% in fourth quarter 2023. Fourth quarter 2023 includes a $48 million benefit from after-tax notable items primarily related to the resolution of IberiaBank merger-related tax items.

Forward-Looking Statements

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

Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic, and competitive uncertainties and contingencies, many of which are beyond FHN’s control, and many of which, with respect to future business decisions and actions (including acquisitions and divestitures), are subject to change and could cause FHN’s actual future results and outcomes to differ materially from those contemplated or implied by forward-looking statements or historical performance. Examples of uncertainties and contingencies include those mentioned: in this document; in Items 2.02 and 7.01 of FHN’s Current Report on Form 8-K to which this document has been filed as an exhibit; in the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K; and in the forepart, and in Item 1A of Part II, of FHN’s Quarterly Report(s) on Form 10-Q filed 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"), 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 20.

Conference Call Information

Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on April 17, 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 883096. 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 April 17 until midnight CT on May 1, 2024. To listen to the replay, dial 1-866-813-9403 (U.S. callers); the access code is 492536. A replay of the webcast will also be available on our website on April 17 and will be archived on the site for one year.

First Horizon Corp. (NYSE: FHN), with $81.8 billion in assets as of March 31, 2024, 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

																1Q24 Change vs.
($s in millions, except per share data)	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23				1Q23
																$		%		$		%
Interest income - taxable equivalent1	$	1,076		$	1,090		$	1,084		$	1,019		$	923		$	(14)	(1)	%	$	153	17	%
Interest expense- taxable equivalent1	448			469			475			385			232			(21)		(5)		216		93
Net interest income- taxable equivalent	628			621			609			635			691			7		1		(63)		(9)
Less: Taxable-equivalent adjustment	4			4			4			4			4			—		—		—		—
Net interest income	625			617			605			631			688			8		1		(63)		(9)
Noninterest income:
Fixed income	52			37			28			30			39			15		40		13		33
Mortgage banking	9			5			7			6			5			4		71		4		71
Brokerage, trust, and insurance	36			36			34			35			34			—		(1)		2		5
Service charges and fees	57			59			60			59			55			(2)		(3)		2		4
Card and digital banking fees	19			16			20			21			19			3		16		—		(2)
Deferred compensation income	9			6			—			8			3			3		42		6		NM
Gain on merger termination	—			—			—			225			—			—		NM		—		NM
Other noninterest income	14			23			25			17			15			(9)		(38)		(1)		(6)
Total noninterest income	194			183			173			400			171			11		6		23		14
Total revenue	819			800			778			1,031			859			19		2		(40)		(5)
Noninterest expense:
Personnel expense:
Salaries and benefits	200			190			188			191			188			10		5		12		6
Incentives and commissions	92			82			77			86			80			10		12		12		15
Deferred compensation expense	9			7			—			8			3			2		27		6		NM
Total personnel expense	301			279			266			285			271			22		8		30		11
Occupancy and equipment2	72			71			67			68			70			1		1		2		2
Outside services	65			84			69			71			66			(19)		(22)		(1)		(1)
Amortization of intangible assets	11			12			12			12			12			(1)		(9)		(1)		(9)
Other noninterest expense	67			127			60			119			59			(60)		(48)		8		13
Total noninterest expense	515			572			474			555			478			(57)		(10)		37		8
Pre-provision net revenue3	304			227			304			475			381			77		34		(77)		(20)
Provision for credit losses	50			50			110			50			50			—		—		—		—
Income before income taxes	254			177			194			425			331			77		43		(77)		(23)
Provision for income taxes	57			(11)			52			96			75			68		NM		(18)		(24)
Net income	197			188			142			329			256			9		5		(59)		(23)
Net income attributable to noncontrolling interest	5			5			5			5			4			—		(2)		1		22
Net income attributable to controlling interest	192			183			137			325			251			9		5		(59)		(24)
Preferred stock dividends	8			8			8			8			8			—		2		—		2
Net income available to common shareholders	$	184		$	175		$	129		$	317		$	243		$	9	5	%	$	(59)	(24)	%
Common Share Data
EPS	$	0.33		$	0.31		$	0.23		$	0.59		$	0.45		$	0.02	6	%	$	(0.12)	(27)	%
Basic shares	555			559			559			539			537			(4)		(1)		18		3
Diluted EPS	$	0.33		$	0.31		$	0.23		$	0.56		$	0.43		$	0.02	6		$	(0.10)	(23)
Diluted shares8	558			561			561			561			572			(3)		(1)	%	(14)		(2)	%

Effective tax rate	22.5		%	(6.2)		%	26.7		%	22.6		%	22.7		%

Numbers may not foot due to rounding. See footnote disclosures on page 19.


ADJUSTED5 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 8
Quarterly, Unaudited


																1Q24 Change vs.
($s in millions, except per share data)	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23				1Q23
																$		%		$		%


Net interest income (FTE)1	$	628		$	621		$	609		$	635		$	691		$	7	1	%	$	(63)	(9)	%
Adjusted noninterest income:
Fixed income	52			37			28			30			39			15		40		13		33
Adjusted mortgage banking	9			5			7			6			5			4		71		4		71
Brokerage, trust, and insurance	36			36			34			35			34			—		(1)		2		5
Service charges and fees	57			59			60			59			55			(2)		(3)		2		4
Card and digital banking fees	19			16			20			21			19			3		16		—		(2)
Deferred compensation income	9			6			—			8			3			3		42		6		NM
Gain on merger termination	—			—			—			—			—			—		NM		—		NM
Adjusted other noninterest income	14			20			25			17			15			(6)		(29)		(1)		(6)
Adjusted total noninterest income	$	194		$	179		$	173		$	175		$	171		$	15	9	%	$	23	14	%
Total revenue (FTE)1	$	823		$	800		$	782		$	810		$	863		$	23	3	%	$	(40)	(5)	%

Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$	199		$	190		$	188		$	187		$	188		$	9	5	%	$	11	6	%
Adjusted Incentives and commissions	87			80			68			65			64			7		9		23		36
Adjusted deferred compensation expense	9			7			—			8			3			2		27		6		NM
Adjusted total personnel expense	295			277			256			260			255			18		7		40		16
Adjusted occupancy and equipment2	72			71			67			68			70			1		1		2		2
Adjusted outside services	65			84			69			68			63			(19)		(22)		2		4
Adjusted amortization of intangible assets	11			12			12			12			12			(1)		(9)		(1)		(9)
Adjusted other noninterest expense	57			59			60			53			58			(2)		(4)		(1)		(3)
Adjusted total noninterest expense	$	500		$	502		$	465		$	461		$	457		$	(2)	—	%	$	43	9	%

Adjusted pre-provision net revenue3	$	323		$	298		$	318		$	349		$	406		$	25	8	%	$	(83)	(20)	%

Provision for credit losses	$	50		$	50		$	110		$	50		$	50		$	—	—	%	$	—	—	%







Adjusted net income available to common shareholders	$	195		$	178		$	150		$	219		$	259		$	17	10	%	$	(64)	(25)	%

Adjusted Common Share Data


Adjusted diluted EPS	$	0.35		$	0.32		$	0.27		$	0.39		$	0.45		$	0.03	9	%	$	(0.10)	(22)	%
Diluted shares8	558			561			561			561			572			(3)		(1)	%	(14)		(2)	%

Adjusted effective tax rate	22.5		%	21.7		%	20.1		%	21.6		%	22.9		%
Adjusted ROTCE	11.6		%	11.1		%	9.2		%	14.6		%	18.6		%
Adjusted efficiency ratio	60.8		%	62.8		%	59.4		%	56.9		%	53.0		%

Numbers may not foot due to rounding.

See footnote disclosures on page 19.


NOTABLE ITEMS
Quarterly, Unaudited



(In millions)	1Q24		4Q23		3Q23		2Q23		1Q23
Summary of Notable Items:
Gain on merger termination	$	—	$	—	$	—	$	225	$	—
Net merger/acquisition/transaction-related items	—		—		—		(30)		(21)


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)	(10)		(68)		—		—		—
Other notable expenses *	(5)		—		(10)		(65)		—
Total notable items (pre-tax)	$	(15)	$	(67)	$	(10)	$	130	$	(21)
Tax-related notable items **	$	—	$	48	$	(13)	$	—	$	—

Numbers may not foot due to rounding

* 1Q24 includes $5 million of restructuring expenses; 3Q23 includes $10 million of restructuring expenses; 2Q23 includes $50 million contribution to First Horizon Foundation and $15 million of Visa derivative valuation expenses.

** 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)	1Q24		4Q23		3Q23		2Q23		1Q23
Impacts of Notable Items:



Noninterest income:






Gain on merger termination	$	—	$	—	$	—	$	(225)	$	—
Other noninterest income	—		(4)		—		—		—
Total noninterest income	$	—	$	(4)	$	—	$	(225)	$	—


Noninterest expense:
Personnel expenses:
Salaries and benefits	$	—	$	—	$	—	$	(4)	$	—
Incentives and commissions	(5)		(2)		(9)		(21)		(16)

Total personnel expenses	(5)		(2)		(10)		(25)		(16)

Outside services	—		—		—		(4)		(3)

Other noninterest expense	(10)		(68)		—		(66)		(2)
Total noninterest expense	$	(15)	$	(70)	$	(10)	$	(95)	$	(21)







Income before income taxes	$	15	$	67	$	10	$	(130)	$	21
Provision for income taxes *	3		64		(11)		(33)		6


Net income/(loss) available to common shareholders	$	12	$	3	$	20	$	(98)	$	16
EPS impact of notable items	$	0.02	$	0.01	$	0.04	$	(0.17)	$	0.03

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
																1Q24 Change vs.
	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23					1Q23
FINANCIAL RATIOS																$/bp			%		$/bp			%
Net interest margin	3.37		%	3.27		%	3.17		%	3.38		%	3.88		%	10		bp			(51)		bp

Return on average assets	0.97		%	0.91		%	0.68		%	1.60		%	1.32		%	6					(35)
Adjusted return on average assets4	1.03		%	0.92		%	0.78		%	1.13		%	1.40		%	11					(37)
Return on average common equity (“ROCE”)	8.76		%	8.60		%	6.28		%	16.40		%	13.34		%	16					(458)

Return on average tangible common equity (“ROTCE”)4	10.95		%	10.89		%	7.95		%	21.10		%	17.43		%	6					(648)
Adjusted ROTCE4	11.65		%	11.05		%	9.21		%	14.59		%	18.55		%	60					(690)
Noninterest income as a % of total revenue	23.72		%	23.33		%	22.23		%	38.80		%	19.90		%	39					382
Adjusted noninterest income as a % of total revenue4	23.61		%	22.32		%	22.11		%	21.60		%	19.81		%	129					380
Efficiency ratio	62.92		%	71.14		%	60.96		%	53.89		%	55.67		%	(822)					725
Adjusted efficiency ratio4	60.78		%	62.84		%	59.43		%	56.92		%	52.98		%	(206)					780
Allowance for credit losses to loans and leases	1.40		%	1.40		%	1.36		%	1.35		%	1.35		%	—					5

CAPITAL DATA
CET1 capital ratio*	11.3		%	11.4		%	11.1		%	11.1		%	10.4		%	(9)		bp			95		bp
Tier 1 capital ratio*	12.3		%	12.4		%	12.1		%	12.1		%	12.1		%	(10)		bp			21		bp
Total capital ratio*	13.9		%	14.0		%	13.6		%	13.6		%	13.6		%	(3)		bp			32		bp
Tier 1 leverage ratio*	10.8		%	10.7		%	10.5		%	10.5		%	10.7		%	13		bp			13		bp
Risk-weighted assets (“RWA”) (billions)	$	71.2		$	71.1		$	71.9		$	71.5		$	69.5		$	0.2		—	%	$	1.7		2	%
Total equity to total assets	11.21		%	11.38		%	10.65		%	10.53		%	11.02		%	(17)		bp			19		bp
Tangible common equity/tangible assets (“TCE/TA”)4	8.33		%	8.48		%	7.76		%	7.71		%	7.41		%	(15)		bp			92		bp
Period-end shares outstanding (millions)9	549			559			559			559			538			(10)			(2)	%	11			2	%
Cash dividends declared per common share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15		$	—		—	%	$	—		—	%
Book value per common share	$	15.23		$	15.17		$	14.28		$	14.58		$	14.11		$	0.06		—	%	$	1.12		8	%
Tangible book value per common share4	$	12.16		$	12.13		$	11.22		$	11.50		$	10.89		$	0.03		—	%	$	1.27		12	%


SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	93.93		%	93.18		%	92.18		%	93.68		%	96.10		%	75		bp			(217)		bp
Loans-to-deposit ratio (average balances)	93.54		%	91.53		%	92.35		%	97.52		%	93.33		%	201		bp			21		bp
Full-time equivalent associates	7,327			7,277			7,340			7,327			7,282			50			1	%	45			1	%

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

*Current quarter is an estimate.

See footnote disclosures on page 19.

CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited


											1Q24 Change vs.
(In millions)	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23				1Q23
Assets:											$		%		$		%

Loans and leases:
Commercial, financial, and industrial (C&I)	$	32,911	$	32,632	$	33,163	$	33,116	$	32,172	$	279	1	%	$	738	2	%
Commercial real estate	14,426		14,216		14,121		13,891		13,397		210		1		1,029		8
Total Commercial	47,337		46,849		47,283		47,006		45,570		488		1		1,767		4
Consumer real estate	13,645		13,650		13,685		13,475		12,668		(5)		—		977		8
Credit card and other5	771		793		809		813		807		(22)		(3)		(37)		(5)
Total Consumer	14,416		14,443		14,494		14,289		13,475		(27)		—		941		7
Loans and leases, net of unearned income	61,753		61,292		61,778		61,295		59,045		461		1		2,708		5
Loans held for sale	395		502		613		789		650		(107)		(21)		(255)		(39)
Investment securities	9,460		9,714		9,435		9,949		10,317		(254)		(3)		(857)		(8)
Trading securities	1,161		1,412		1,231		1,059		1,122		(251)		(18)		39		4
Interest-bearing deposits with banks	1,885		1,328		1,917		4,523		2,488		557		42		(603)		(24)
Federal funds sold and securities purchased under agreements to resell	817		719		416		282		309		98		14		509		NM
Total interest earning assets	75,470		74,967		75,389		77,898		73,929		504		1		1,541		2
Cash and due from banks	749		1,012		1,022		1,137		987		(263)		(26)		(238)		(24)
Goodwill and other intangible assets, net	1,685		1,696		1,709		1,720		1,732		(11)		(1)		(47)		(3)
Premises and equipment, net	586		590		590		595		603		(4)		(1)		(16)		(3)
Allowance for loan and lease losses	(787)		(773)		(760)		(737)		(715)		(14)		(2)		(72)		(10)
Other assets	4,094		4,169		4,584		4,458		4,193		(75)		(2)		(99)		(2)
Total assets	$	81,799	$	81,661	$	82,533	$	85,071	$	80,729	$	138	—	%	$	1,069	1	%

Liabilities and Shareholders' Equity:
Deposits:
Savings	$	25,847	$	25,082	$	25,590	$	23,733	$	21,346	$	765	3	%	$	4,502	21	%
Time deposits	6,297		6,804		7,783		8,279		3,777		(507)		(7)		2,520		67
Other interest-bearing deposits	17,186		16,689		15,817		14,620		15,184		497		3		2,002		13
Total interest-bearing deposits	49,331		48,576		49,190		46,632		40,306		755		2		9,024		22
Trading liabilities	467		509		366		174		144		(42)		(8)		323		NM
Federal funds purchased and securities sold under agreements to repurchase	2,137		2,223		2,015		2,169		1,621		(86)		(4)		516		32
Short-term borrowings	566		326		492		4,777		4,863		240		74		(4,297)		(88)
Term borrowings	1,165		1,150		1,157		1,156		1,605		15		1		(441)		(27)
Total interest-bearing liabilities	53,665		52,783		53,220		54,908		48,540		882		2		5,125		11
Noninterest-bearing deposits	16,410		17,204		17,825		18,801		21,134		(794)		(5)		(4,723)		(22)
Other liabilities	2,550		2,383		2,694		2,403		2,161		167		7		389		18
Total liabilities	72,626		72,370		73,740		76,112		71,835		256		—		791		1
Shareholders' Equity:
Preferred stock	520		520		520		520		1,014		—		—		(494)		(49)
Common stock	343		349		349		349		336		(6)		(2)		7		2
Capital surplus	5,214		5,351		5,337		5,324		4,863		(137)		(3)		351		7
Retained earnings	4,072		3,964		3,874		3,830		3,595		108		3		477		13
Accumulated other comprehensive loss, net	(1,271)		(1,188)		(1,582)		(1,359)		(1,208)		(83)		(7)		(62)		(5)
Combined shareholders' equity	8,878		8,996		8,498		8,664		8,599		(118)		(1)		279		3
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	9,173		9,291		8,794		8,960		8,895		(118)		(1)		279		3
Total liabilities and shareholders' equity	$	81,799	$	81,661	$	82,533	$	85,071	$	80,729	$	138	—	%	$	1,069	1	%
Memo:
Total deposits	$	65,741	$	65,780	$	67,015	$	65,433	$	61,440	$	(39)	—	%	$	4,301	7	%
Loans to mortgage companies	$	2,362	$	2,019	$	2,237	$	2,691	$	2,040	$	343	17	%	$	322	16	%
Unfunded Loan Commitments:
Commercial	$	19,996	$	21,328	$	22,063	$	22,134	$	21,844	$	(1,333)	(6)	%	$	(1,848)	(8)	%
Consumer	$	4,383	$	4,401	$	4,432	$	4,400	$	4,404	$	(18)	—	%	$	(21)	—	%

Numbers may not foot due to rounding. See footnote disclosures on page 19.

CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly, Unaudited


											1Q24 Change vs.
(In millions)	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23				1Q23
Assets:											$		%		$		%
Loans and leases:
Commercial, financial, and industrial (C&I)	$	32,389	$	32,520	$	33,042	$	32,423	$	31,558	$	(131)	—	%	$	831	3	%
Commercial real estate	14,367		14,210		13,999		13,628		13,290		157		1		1,077		8
Total Commercial	46,756		46,730		47,041		46,051		44,848		26		—		1,908		4
Consumer real estate	13,615		13,664		13,575		13,058		12,401		(49)		—		1,215		10
Credit card and other5	781		802		816		815		825		(21)		(3)		(44)		(5)
Total Consumer	14,396		14,466		14,391		13,873		13,226		(70)		—		1,170		9
Loans and leases, net of unearned income	61,152		61,197		61,432		59,924		58,074		(44)		—		3,079		5
Loans held-for-sale	454		547		782		731		596		(93)		(17)		(142)		(24)
Investment securities	9,590		9,394		9,811		10,192		10,263		196		2		(673)		(7)
Trading securities	1,245		1,225		1,099		1,110		1,284		20		2		(39)		(3)
Interest-bearing deposits with banks	1,793		2,556		2,867		3,110		1,468		(763)		(30)		325		22
Federal funds sold and securities purchased under agreements to resell	544		529		315		279		392		15		3		152		39
Total interest earning assets	74,778		75,448		76,306		75,346		72,076		(670)		(1)		2,701		4
Cash and due from banks	948		994		997		1,024		1,035		(46)		(5)		(87)		(8)
Goodwill and other intangibles assets, net	1,691		1,702		1,714		1,726		1,738		(11)		(1)		(48)		(3)
Premises and equipment, net	587		589		592		598		607		(2)		—		(20)		(3)
Allowances for loan and lease losses	(789)		(772)		(766)		(728)		(692)		(17)		(2)		(96)		(14)
Other assets	4,028		4,352		4,377		4,338		4,076		(324)		(7)		(48)		(1)
Total assets	$	81,243	$	82,313	$	83,220	$	82,304	$	78,841	$	(1,069)	(1)	%	$	2,403	3	%

Liabilities and shareholders' equity:
Deposits:
Savings	$	25,390	$	25,799	$	24,963	$	21,542	$	21,824	$	(409)	(2)	%	$	3,566	16	%
Time deposits	6,628		7,372		8,087		5,520		3,336		(744)		(10)		3,291		99
Other interest-bearing deposits	16,735		16,344		15,329		14,719		14,790		391		2		1,945		13
Total interest-bearing deposits	48,753		49,515		48,379		41,781		39,950		(762)		(2)		8,802		22
Trading liabilities	462		386		276		216		324		76		20		137		42
Federal funds purchased and securities sold under agreements to repurchase	2,014		1,982		1,970		1,634		1,507		32		2	%	507		34	%
Short-term borrowings	537		437		1,790		6,365		2,188		100		23		(1,651)		(75)
Term borrowings	1,156		1,156		1,161		1,428		1,602		—		—		(446)		(28)
Total interest-bearing liabilities	52,921		53,475		53,575		51,424		45,572		(554)		(1)		7,350		16
Noninterest-bearing deposits	16,626		17,347		18,145		19,664		22,274		(721)		(4)		(5,648)		(25)
Other liabilities	2,445		2,585		2,522		2,187		2,289		(140)		(5)		157		7
Total liabilities	71,992		73,407		74,242		73,275		70,134		(1,415)		(2)		1,858		3
Shareholders' Equity:
Preferred stock	520		520		520		986		1,014		—		—		(494)		(49)
Common stock	347		349		349		337		336		(2)		(1)		11		3
Capital surplus	5,301		5,343		5,330		4,891		4,851		(42)		(1)		450		9
Retained earnings	4,028		3,935		3,861		3,759		3,518		93		2		510		15
Accumulated other comprehensive loss, net	(1,240)		(1,538)		(1,378)		(1,241)		(1,307)		298		19		67		5
Combined shareholders' equity	8,956		8,610		8,683		8,734		8,411		346		4		545		6
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	9,251		8,905		8,978		9,029		8,707		346		4		544		6
Total liabilities and shareholders' equity	$	81,243	$	82,313	$	83,220	$	82,304	$	78,841	$	(1,069)	(1)	%	$	2,403	3	%
Memo:
Total deposits	$	65,379	$	66,862	$	66,523	$	61,445	$	62,224	$	(1,483)	(2)	%	$	3,154	5	%
Loans to mortgage companies	$	1,842	$	1,939	$	2,353	$	2,262	$	1,875	$	(97)	(5)	%	$	(33)	(2)	%

Numbers may not foot due to rounding. See footnote disclosures on page 19.


CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited
																					1Q24 Change vs.
	1Q24				4Q23				3Q23				2Q23				1Q23				4Q23					1Q23
(In millions, except rates)	Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense					Income/Expense
																					$/bp			%		$/bp			%
Interest earning assets/Interest income:
Loans and leases, net of unearned income:


Commercial	$	782	6.73	%	$	783	6.65	%	$	779	6.58	%	$	727	6.34	%	$	668	6.04	%	$	(1)		—	%	$	114		17	%


Consumer	173		4.80		171		4.71		165		4.55		153		4.39		141		4.26		2			1		32			23
Loans and leases, net of unearned income	955		6.28		954		6.19		944		6.10		880		5.89		809		5.64		1			—		146			18
Loans held-for-sale	9		7.80		11		8.34		15		7.88		14		7.58		11		7.08		(2)			(21)		(2)			(21)
Investment securities	61		2.54		61		2.62		62		2.54		63		2.49		63		2.45		—			—		(2)			(4)
Trading securities	20		6.48		20		6.63		19		7.03		19		6.69		20		6.21		—			1		—			1
Interest-bearing deposits with banks	24		5.46		35		5.46		39		5.34		40		5.13		17		4.60		(11)			(30)		7			43
Federal funds sold and securities purchased under agreements	7		5.16		7		5.32		4		5.06		3		4.85		4		4.35		—			—		3			74
Interest income	$	1,076	5.78	%	$	1,089	5.74	%	$	1,084	5.64	%	$	1,019	5.42	%	$	923	5.18	%	$	(13)		(1)	%	$	153		17	%

Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$	206	3.27	%	$	222	3.42	%	$	219	3.48	%	$	141	2.63	%	$	96	1.79	%	$	(16)		(7)	%	$	110		115	%
Time deposits	73		4.42		82		4.42		89		4.35		49		3.56		16		1.96		(9)			(11)		57			NM
Other interest-bearing deposits	119		2.86		116		2.81		102		2.64		75		2.06		58		1.59		3			2		61			105
Total interest-bearing deposits	398		3.28		420		3.37		409		3.36		265		2.55		171		1.73		(22)			(5)		227			133
Trading liabilities	5		4.31		4		4.59		3		4.20		2		3.82		3		3.83		1			24		2			65
Federal funds purchased and securities sold under agreements to repurchase	21		4.24		22		4.35		21		4.24		15		3.74		12		3.23		(1)			(4)		9			77
Short-term borrowings	7		5.43		6		5.41		24		5.42		83		5.25		26		4.79		1			21		(19)			(72)
Term borrowings	17		5.71		17		5.75		17		5.82		19		5.21		20		4.98		—			(3)		(3)			(17)
Interest expense	448		3.40		469		3.48		475		3.52		385		3.00		232		2.06		(21)			(5)		216			93
Net interest income - tax equivalent basis	628		2.38		621		2.26		609		2.12		635		2.42		691		3.11		7			1		(63)			(9)
Fully taxable equivalent adjustment	(4)		0.99		(4)		1.01		(4)		1.05		(4)		0.96		(4)		0.76		—			4		—			4
Net interest income	$	625	3.37	%	$	617	3.27	%	$	605	3.17	%	$	631	3.38	%	$	688	3.88	%	$	8		1	%	$	(63)		(9)	%

Memo:
Total loan yield			6.28	%			6.19	%			6.10	%			5.89	%			5.64	%	9		bp			64		bp
Total deposit cost			2.45	%			2.49	%			2.44	%			1.73	%			1.11	%	(5)		bp			134		bp
Total funding cost			2.59	%			2.63	%			2.63	%			2.17	%			1.38	%	(4)		bp			121		bp
Average loans and leases, net of unearned income	$	61,152			$	61,197			$	61,432			$	59,924			$	58,074			$	(44)		—	%	$	3,079		5	%
Average deposits	65,379				66,862				66,523				61,445				62,224				(1,483)			(2)	%	3,154			5	%
Average funded liabilities	69,547				70,822				71,720				71,088				67,846				$	(1,275)		(2)	%	$	1,702		3	%

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 19.


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

	As of															1Q24 change vs.
(In millions, except ratio data)	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23				1Q23
																$		%		$		%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$	206		$	184		$	123		$	184		$	204		$	22	12	%	$	2	1	%
Commercial real estate	157			136			125			73			63			21		15		94		NM
Consumer real estate	140			139			145			144			155			1		1		(15)		(10)
Credit card and other5	2			2			2			2			2			(1)		(35)		(1)		(28)
Total nonperforming loans and leases	$	505		$	462		$	394		$	402		$	424		$	43	9	%	$	81	19	%

Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.63		%	0.57		%	0.37		%	0.55		%	0.63		%
Commercial real estate	1.09			0.96			0.88			0.52			0.47
Consumer real estate	1.02			1.02			1.06			1.07			1.22
Credit card and other5	0.20			0.30			0.26			0.27			0.29
Total nonperforming loans and leases to loans and leases	0.82		%	0.75		%	0.64		%	0.66		%	0.72		%

Numbers may not foot due to rounding.

See footnote disclosures on page 19.


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

	As of										1Q24 change vs.
(In millions)	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23				1Q23
											$		%		$		%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)	$	—	$	1	$	3	$	1	$	—	$	—	(27)	%	$	—	5	%
Commercial real estate	—		—		—		—		—		—		NM		—		NM
Consumer real estate	6		17		12		8		7		(11)		(63)		(1)		(8)
Credit card and other5	3		3		3		5		5		—		(8)		(2)		(34)
Total loans and leases 90 days or more past due and accruing	$	10	$	21	$	17	$	14	$	12	$	(11)	(53)	%	$	(2)	(18)	%

Numbers may not foot due to rounding.

See footnote disclosures on page 19.


CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited

	As of															1Q24 change vs.
(In millions, except ratio data)	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23				1Q23
Charge-off, Recoveries and Related Ratios																$		%		$		%
Gross Charge-offs
Commercial, financial, and industrial (C&I) *	$	28		$	31		$	92		$	19		$	14		$	(3)	(11)	%	$	14	98	%
Commercial real estate	12			2			5			8			2			10		NM		11		NM
Consumer real estate	—			1			1			1			1			(1)		(67)		—		(38)
Credit card and other5	6			6			7			5			5			—		(4)		—		7
Total gross charge-offs	$	46		$	41		$	104		$	33		$	22		$	5	13	%	$	24	NM
Gross Recoveries
Commercial, financial, and industrial (C&I)	$	(3)		$	(2)		$	(5)		$	(5)		$	(2)		$	(1)	(36)	%	$	—	(20)	%
Commercial real estate	—			—			—			(1)			—			—		76		—		55
Consumer real estate	(1)			(2)			(2)			(3)			(2)			—		11		1		40
Credit card and other5	(2)			(1)			(1)			(1)			(1)			(1)		(69)		—		(34)
Total gross recoveries	$	(6)		$	(5)		$	(9)		$	(9)		$	(6)		$	(1)	(18)	%	$	—	3	%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I) *	$	25		$	29		$	86		$	14		$	12		$	(4)	(14)	%	$	13	NM
Commercial real estate	12			2			4			8			2			10		NM		11		NM
Consumer real estate	(1)			—			(2)			(2)			(2)			(1)		NM		1		40
Credit card and other5	4			5			6			3			4			(1)		(20)		—		(2)
Total net charge-offs	$	40		$	36		$	95		$	23		$	16		$	4	12	%	$	24	NM

Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I) *	0.31		%	0.36		%	1.04		%	0.18		%	0.15		%
Commercial real estate	0.35			0.06			0.12			0.23			0.05
Consumer real estate	(0.03)			—			(0.05)			(0.06)			(0.05)
Credit card and other5	1.98			2.36			2.77			1.65			1.93
Total loans and leases	0.27		%	0.23		%	0.61		%	0.16		%	0.11		%

Numbers may not foot due to rounding.

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

See footnote disclosures on page 19.


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

	As of										1Q24 Change vs.
(In millions)	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23				1Q23
Summary of Changes in the Components of the Allowance For Credit Losses											$		%		$		%
Allowance for loan and lease losses - beginning	$	773	$	760	$	737	$	715	$	685	$	13	2	%	$	88	13	%
Cumulative effect of change in accounting principle:
Commercial, financial, and industrial (C&I)	—		—		—		—		1		—		NM		(1)		NM
Commercial real estate	—		—		—		—		—		—		NM		—		NM
Consumer real estate	—		—		—		—		(7)		—		NM		7		NM
Credit card and other5	—		—		—		—		—		—		NM		—		NM
Total cumulative effect of change in accounting principles	—		—		—		—		(6)		—		NM		6		NM
Allowance for loan and lease losses - beginning, adjusted	$	773	$	760	$	737	$	715	$	679	$	13	2	%	$	94	14	%






Charge-offs:
Commercial, financial, and industrial (C&I) *	(28)		(31)		(92)		(19)		(14)		3		11		(14)		(98)
Commercial real estate	(12)		(2)		(5)		(8)		(2)		(10)		NM		(11)		NM
Consumer real estate	—		(1)		(1)		(1)		(1)		1		67		—		38
Credit card and other5	(6)		(6)		(7)		(5)		(5)		—		4		—		(7)
Total charge-offs	(46)		(41)		(104)		(33)		(22)		(5)		(13)		(24)		NM
Recoveries:
Commercial, financial, and industrial (C&I)	3		2		5		5		2		1		36		—		20
Commercial real estate	—		—		—		1		—		—		(76)		—		(55)
Consumer real estate	1		2		2		3		2		—		(11)		(1)		(40)
Credit card and other5	2		1		1		1		1		1		63		—		29
Total Recoveries	6		5		9		9		6		1		17		—		(4)
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I) *	34		33		96		15		27		—		1		7		24
Commercial real estate	21		6		14		16		6		15		NM		15		NM
Consumer real estate	(3)		5		5		10		15		(8)		NM		(19)		NM
Credit card and other5	3		5		3		3		4		(3)		(51)		(1)		(34)
Total provision for loan and lease losses:	54		49		118		45		52		5		10		2		4
Allowance for loan and lease losses - ending	$	787	$	773	$	760	$	737	$	715	$	14	2	%	$	72	10	%

Reserve for unfunded commitments - beginning	$	83	$	82	$	90	$	85	$	87	$	1	1	%	$	(4)	(5)	%
Cumulative effect of change in accounting principle	—		—		—		—		—		—		NM		—		NM
Acquired reserve for unfunded commitments	—		—		—		—		—		—		NM		—		NM
Provision for unfunded commitments	(4)		1		(8)		5		(2)		(5)		NM		(2)		(100)
Reserve for unfunded commitments - ending	$	79	$	83	$	82	$	90	$	85	$	(4)	(5)	%	$	(6)	(7)	%
Total allowance for credit losses- ending	$	865	$	856	$	842	$	827	$	800	$	10	1	%	$	65	8	%

Numbers may not foot due to rounding.

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

See footnote disclosures on page 19.


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

	As of
	1Q24		4Q23		3Q23		2Q23		1Q23

Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	1.06	%	1.04	%	1.01	%	0.98	%	1.01	%
Commercial real estate	1.26	%	1.21	%	1.19	%	1.14	%	1.12	%
Consumer real estate	1.69	%	1.71	%	1.67	%	1.64	%	1.65	%
Credit card and other5	3.57	%	3.63	%	3.48	%	3.79	%	3.86	%
Total allowance for loans and lease losses to loans and leases	1.27	%	1.26	%	1.23	%	1.20	%	1.21	%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	168	%	184	%	273	%	177	%	159	%
Commercial real estate	115	%	126	%	135	%	219	%	238	%
Consumer real estate	165	%	168	%	158	%	154	%	135	%
Credit card and other5	1,766	%	1,202	%	1,364	%	1,384	%	1,439	%
Total allowance for loans and lease losses to nonperforming loans and leases	156	%	167	%	193	%	183	%	169	%

Allowance for credit losses ratios
Total allowance for credit losses to loans and leases4	1.40	%	1.40	%	1.36	%	1.35	%	1.35	%
Total allowance for credit losses to nonperforming loans and leases4	171	%	185	%	214	%	206	%	189	%

See footnote disclosures on page 19.

REGIONAL BANKING

Quarterly, Unaudited


																1Q24 Change vs.
	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23					1Q23
																$/bp			%		$/bp			%
Income Statement (millions)
Net interest income	$	532		$	548		$	558		$	586		$	561		$	(16)		(3)	%	$	(29)		(5)	%
Noninterest income	105			106			106			106			104			(1)			(1)		1			1
Total revenue	637			655			664			691			665			(18)			(3)		(28)			(4)
Noninterest expense	324			335			312			315			313			(11)			(3)		11			4
Pre-provision net revenue3	313			320			352			377			352			(7)			(2)		(39)			(11)
Provision for credit losses	28			28			112			35			37			—			—		(9)			(24)
Income before income tax expense	285			292			240			342			315			(7)			(2)		(30)			(10)
Income tax expense	67			68			56			80			74			(1)			(1)		(7)			(9)
Net income	$	218		$	224		$	185		$	261		$	241		$	(6)		(3)	%	$	(23)		(10)	%

Average Balances (billions)
Total loans and leases	$	40.6		$	40.6		$	40.6		$	39.7		$	38.7		$	—		—	%	$	1.9		5	%
Interest-earning assets	40.6			40.6			40.6			39.7			38.7			—			—		1.9			5
Total assets	43.1			43.2			43.3			42.3			41.3			(0.1)			—		1.8			4
Total deposits	57.8			58.6			58.0			55.2			56.9			(0.8)			(1)		0.9			2

Key Metrics
Net interest margin6	5.30		%	5.39		%	5.48		%	5.95		%	5.90		%	(9)		bp			(60)		bp
Efficiency ratio	50.84		%	51.17		%	46.94		%	45.49		%	47.10		%	(33)		bp			374		bp
Loans-to-deposits ratio (period-end balances)	69.82		%	68.76		%	69.68		%	70.22		%	69.54		%	106		bp			28		bp
Loans-to-deposits ratio (average-end balances)	70.18		%	69.34		%	70.03		%	71.83		%	68.02		%	84		bp			216		bp
Return on average assets (annualized)	2.04		%	2.05		%	1.69		%	2.48		%	2.37		%	(1)		bp			(33)		bp
Return on allocated equity7	25.03		%	25.78		%	21.25		%	30.33		%	28.39		%	(75)		bp			(336)		bp
Financial center locations	418			418			418			417			417			—					1

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 19.

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


																1Q24 Change vs.
	1Q24			4Q23			3Q23			2Q23			1Q23			4Q23					1Q23
																$/bp			%		$/bp			%
Income Statement (millions)
Net interest income	$	153		$	153		$	161		$	156		$	151		$	(1)		—	%	$	2		1	%
Noninterest income	72			64			49			50			56			8			12		15			27
Total revenue	224			217			209			206			207			7			3		17			8
Noninterest expense	104			100			95			94			100			4			4		4			4
Pre-provision net revenue3	120			117			114			112			107			4			3		13			12
Provision for credit losses	23			31			2			18			14			(8)			(27)		9			60
Income before income tax expense	97			85			112			94			93			12			14		5			5
Income tax expense	24			21			27			23			23			3			14		1			6
Net income	$	74		$	65		$	85		$	71		$	70		$	9		14	%	$	3		5	%

Average Balances (billions)
Total loans and leases	$	20.2		$	20.1		$	20.4		$	19.8		$	18.9		$	—		—	%	$	1.3		7	%
Interest-earning assets	22.4			22.4			22.7			22.0			21.2			—			—		1.2			6
Total assets	23.7			23.9			24.1			23.3			22.6			(0.2)			(1)		1.1			5
Total deposits	4.0			4.2			4.1			3.8			4.5			(0.2)			(4)		(0.5)			(11)

Key Metrics
Fixed income product average daily revenue (thousands)	$	731		$	463		$	301		$	348		$	437		$	268		58	%	$	294		67	%
Net interest margin6	2.74		%	2.71		%	2.81		%	2.85		%	2.87		%	3		bp			(13)		bp
Efficiency ratio	46.38		%	46.22		%	45.43		%	45.65		%	48.26		%	16		bp			(188)		bp
Loans-to-deposits ratio (period-end balances)	539		%	524		%	493		%	534		%	467		%	1,494		bp			7,156		bp
Loans-to-deposits ratio (average-end balances)	506		%	482		%	501		%	521		%	424		%	2,328		bp			8,210		bp
Return on average assets (annualized)	1.25		%	1.08		%	1.40		%	1.22		%	1.26		%	17		bp			(1)		bp
Return on allocated equity7	14.45		%	12.53		%	17.34		%	15.46		%	15.69		%	192		bp			(124)		bp

Numbers may not add to total due to rounding.

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

See footnote disclosures on page 19.

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, and mortgage. 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


											1Q24 Change vs.
	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23				1Q23
											$		%		$		%
Income Statement (millions)
Net interest income/(expense)	$	(60)	$	(85)	$	(113)	$	(111)	$	(24)	$	25	29	%	$	(36)	NM
Noninterest income	18		13		18		244		11		5		39		7		62
Total revenues	(43)		(72)		(95)		133		(13)		30		41		(30)		NM
Noninterest expense	87		137		67		147		65		(50)		(36)		22		34
Pre-provision net revenue3	(130)		(209)		(162)		(14)		(78)		80		38		(52)		(67)
Provision for credit losses	(1)		(9)		(5)		(4)		(1)		8		90		—		17
Income before income tax expense	(129)		(200)		(158)		(10)		(77)		71		36		(52)		(68)
Income tax expense (benefit)	(33)		(100)		(31)		(7)		(21)		67		67		(12)		(58)
Net income/(loss)	$	(95)	$	(100)	$	(127)	$	(3)	$	(56)	$	5	5	%	$	(40)	(71)	%

Average Balance Sheet (billions)
Interest bearing assets	$	11.8	$	12.4	$	13.0	$	13.7	$	12.1	$	(0.6)	(5)	%	$	(0.4)	(3)	%
Total assets	14.4		15.2		15.9		16.7		14.9		(0.8)		(5)		(0.5)		(4)

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 20.

5 Credit card and other includes $180.9 million of commercial credit card balances at March 31, 2024.

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 includes 27.5 million shares based on the original maximum conversion rate.

9 2Q23 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)	1Q24			4Q23			3Q23			2Q23			1Q23

Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$	9,173		$	9,291		$	8,794		$	8,960		$	8,895
Less: Noncontrolling interest (a)	295			295			295			295			295
Less: Preferred stock (a)	520			520			520			520			1,014
(B) Total common equity	$	8,358		$	8,476		$	7,978		$	8,144		$	7,586
Less: Intangible assets (GAAP) (b)	1,685			1,696			1,709			1,720			1,732
(C) Tangible common equity (Non-GAAP)	$	6,673		$	6,779		$	6,270		$	6,424		$	5,853

Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$	81,799		$	81,661		$	82,533		$	85,071		$	80,729
Less: Intangible assets (GAAP) (b)	1,685			1,696			1,709			1,720			1,732
(E) Tangible assets (Non-GAAP)	$	80,114		$	79,965		$	80,825		$	83,351		$	78,997












Period-end Shares Outstanding
(F) Period-end shares outstanding	549			559			559			559			538

Ratios


(A)/(D) Total equity to total assets (GAAP)	11.21		%	11.38		%	10.65		%	10.53		%	11.02		%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	8.33		%	8.48		%	7.76		%	7.71		%	7.41		%
(B)/(F) Book value per common share (GAAP)	$	15.23		$	15.17		$	14.28		$	14.58		$	14.11
(C)/(F) Tangible book value per common share (Non-GAAP)	$	12.16		$	12.13		$	11.22		$	11.50		$	10.89

(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)		1Q24			4Q23			3Q23			2Q23			1Q23

Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)	a	$	184		$	175		$	129		$	317		$	243
Plus Tax effected notable items (Non-GAAP) (a)		$	12		$	3		$	20		$	(98)		$	16
Adjusted net income available to common shareholders (Non-GAAP)	b	$	196		$	178		$	150		$	219		$	259

Diluted Shares (GAAP)8	c	558			561			561			561			572

Diluted EPS (GAAP)	a/c	$	0.33		$	0.31		$	0.23		$	0.56		$	0.43
Adjusted diluted EPS (Non-GAAP)	b/c	$	0.35		$	0.32		$	0.27		$	0.39		$	0.45

Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)		$	197		$	188		$	142		$	329		$	256
Plus Tax effected notable items (Non-GAAP) (a)		$	12		$	3		$	20		$	(98)		$	16
Adjusted NI (Non-GAAP)		$	209		$	191		$	163		$	231		$	271

NI (annualized) (GAAP)	d	$	791		$	746		$	565		$	1,320		$	1,037
Adjusted NI (annualized) (Non-GAAP)	e	$	838		$	757		$	646		$	928		$	1,100

Average assets (GAAP)	f	$	81,243		$	82,313		$	83,220		$	82,304		$	78,841

ROA (GAAP)	d/f	0.97		%	0.91		%	0.68		%	1.60		%	1.32		%
Adjusted ROA (Non-GAAP)	e/f	1.03		%	0.92		%	0.78		%	1.13		%	1.40		%

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	$	739		$	695		$	513		$	1,270		$	987
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)	h	$	787		$	706		$	594		$	878		$	1,050

Average Common Equity (GAAP)	i	$	8,436		$	8,090		$	8,163		$	7,747		$	7,398
Intangible Assets (GAAP) (b)		1,691			1,702			1,714			1,726			1,738
Average Tangible Common Equity (Non-GAAP)	j	$	6,745		$	6,388		$	6,448		$	6,021		$	5,659



ROCE (GAAP)	g/i	8.76		%	8.60		%	6.28		%	16.40		%	13.34		%


ROTCE (Non-GAAP)	g/j	10.95		%	10.89		%	7.95		%	21.10		%	17.43		%
Adjusted ROTCE (Non-GAAP)	h/j	11.65		%	11.05		%	9.21		%	14.59		%	18.55		%

(a) Amounts adjusted for notable items as detailed on page 8.

(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)		1Q24			4Q23			3Q23			2Q23			1Q23

Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	k	$	194		$	183		$	173		$	400		$	171
Plus notable items (GAAP) (a)		—			(4)			—			(225)			—
Adjusted noninterest income (Non-GAAP)	l	$	194		$	179		$	173		$	175		$	171

Revenue (GAAP)	m	$	819		$	800		$	778		$	1,031		$	859
Taxable-equivalent adjustment		4			4			4			4			4
Revenue- Taxable-equivalent (Non-GAAP)		823			804			782			1,035			863
Plus notable items (GAAP) (a)		—			(4)			—			(225)			—
Adjusted revenue (Non-GAAP)	n	$	823		$	800		$	782		$	810		$	863

Securities gains/(losses) (GAAP)	o	$	—		$	(5)		$	—		$	—		$	—

Noninterest income as a % of total revenue (GAAP)	(k-o)/ (m-o)	23.72		%	23.33		%	22.23		%	38.80		%	19.90		%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	l/n	23.61		%	22.32		%	22.11		%	21.60		%	19.81		%

Adjusted Efficiency Ratio
Noninterest expense (GAAP)	p	$	515		$	572		$	474		$	555		$	478
Plus notable items (GAAP) (a)		(15)			(70)			(10)			(95)			(21)
Adjusted noninterest expense (Non-GAAP)	q	$	500		$	502		$	465		$	461		$	457

Revenue (GAAP)	r	$	819		$	800		$	778		$	1,031		$	859
Taxable-equivalent adjustment		4			4			4			4			4
Revenue- Taxable-equivalent (Non-GAAP)		823			804			782			1,035			863
Plus notable items (GAAP) (a)		—			(4)			—			(225)			—
Adjusted revenue (Non-GAAP)	s	$	823		$	800		$	782		$	810		$	863

Securities gains/(losses) (GAAP)	t	$	—		$	(5)		$	—		$	—		$	—

Efficiency ratio (GAAP)	p/ (r-t)	62.92		%	71.14		%	60.96		%	53.89		%	55.67		%
Adjusted efficiency ratio (Non-GAAP)	q/s	60.78		%	62.84		%	59.43		%	56.92		%	52.95		%

(a) Amounts adjusted for notable items as detailed on page 8.

(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
	1Q24		4Q23		1Q24 vs. 4Q23				1Q24		4Q23		1Q24 vs. 4Q23










Loans excluding LMC
Total Loans (GAAP)	$	61,753	$	61,292	$	461	1	%	$	61,152	$	61,197	$	(45)	—	%
LMC (GAAP)	2,362		2,019		343		17	%	1,842		1,939		(97)		(5)	%
Total Loans excl. LMC (Non-GAAP)	59,391		59,273		118		—	%	59,310		59,258		52		—	%
Total Consumer (GAAP)	14,416		14,443		(27)		—	%	14,396		14,466		(70)		—	%
Total Commercial excl. LMC (Non-GAAP)	44,975		44,829		146		—	%	44,914		44,792		122		—	%
Total CRE (GAAP)	14,426		14,216		210		1	%	14,367		14,210		157		1	%
Total C&I excl. LMC (Non-GAAP)	$	30,549	$	30,613	$	(64)	—	%	$	30,547	$	30,581	$	(34)	—	%

Numbers may not foot due to rounding.



		1Q24			4Q23			3Q23			2Q23			1Q23
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	$	787		$	773		$	760		$	737		$	715
Reserve for unfunded commitments (GAAP)		79			83			82			90			85
Allowance for credit losses (Non-GAAP)	B	$	865		$	856		$	842		$	827		$	800

Loans and leases (GAAP)	C	$	61,753		$	61,292		$	61,778		$	61,295		$	59,045
Nonaccrual loans and leases (GAAP)	D	$	505		$	462		$	394		$	402		$	424

Allowance for loans and lease losses to loans and leases (GAAP)	A/C	1.27		%	1.26		%	1.23		%	1.20		%	1.21		%
Allowance for credit losses to loans and leases (Non-GAAP)	B/C	1.40		%	1.40		%	1.36		%	1.35		%	1.35		%

Allowance for loans and lease losses to nonperforming loans and leases (GAAP)	A/D	156		%	167		%	193		%	183		%	169		%
Allowance for credit losses to nonperforming loans and leases (Non-GAAP)	B/D	171		%	185		%	214		%	206		%	189		%

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

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, creditFS Work 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.

a1q24earningsslides

First Quarter 2024 Earnings April 17, 2024

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; 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 1Q24 capital ratios are estimates.

3 1Q24 GAAP financial summary PPNR, TBV/share, ROTCE, and adjusted financial measures, including measures excluding deferred compensation, are Non-GAAP and are reconciled to GAAP measures in the appendix. 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 includes 27.5 million shares based on the original maximum conversion rate. $ in millions except per share data Reported Results 1Q24 Change vs. 1Q24 4Q23 3Q23 2Q23 1Q23 4Q23 1Q23 Net interest income $ 625 $ 617 $ 605 $ 631 $ 688 $ 8 1 % $ (63) (9) % Fee income 194 183 173 400 171 11 6 % 23 14 % Total revenue 819 800 778 1,031 859 19 2 % (40) (5) % Expense 515 572 474 555 478 (57) (10) % 37 8 % Pre-provision net revenue (PPNR) 304 227 304 475 381 77 34 % (77) (20) % Provision for credit losses 50 50 110 50 50 — — % — — % Pre-tax income 254 177 194 425 331 77 43 % (77) (23) % Income tax expense 57 (11) 52 96 75 68 NM (18) (24) % Net income 197 188 142 329 256 9 5 % (59) (23) % Non-controlling interest 5 5 5 5 4 — (2) % 1 22 % Preferred dividends 8 8 8 8 8 — 2 % — 2 % Net income available to common shareholders (NIAC) $ 184 $ 175 $ 129 $ 317 $ 243 $ 9 5 % $ (59) (24) % Diluted EPS $ 0.33 $ 0.31 $ 0.23 $ 0.56 $ 0.43 $ 0.02 6 % $ (0.10) (23) % Average diluted shares outstanding1 558 561 561 561 572 (3) (1) % (14) (2) % ROCE 8.8 % 8.6 % 6.3 % 16.4 % 13.3 % 16bps (458)bps ROTCE 11.0 % 10.9 % 8.0 % 21.1 % 17.4 % 6bps (648)bps ROA 1.0 % 0.9 % 0.7 % 1.6 % 1.3 % 6bps (35)bps Net interest margin 3.37 % 3.27 % 3.17 % 3.38 % 3.88 % 10bps (51)bps Fee income / total revenue 23.7 % 23.3 % 22.2 % 38.8 % 19.9 % 39bps 382bps Efficiency ratio 62.9 % 71.1 % 61.0 % 53.9 % 55.7 % (822)bps 725bps FTEs 7,327 7,277 7,340 7,327 7,282 50 1 % 45 1 % CET1 ratio 11.3 % 11.4 % 11.1 % 11.1 % 10.4 % (9)bps 95bps Effective tax rate 22.5 % (6.2) % 26.7 % 22.6 % 22.7 % NM (23)bps Tangible book value per share $12.16 $12.13 $11.22 $11.50 $10.89 $ 0.03 — % $ 1.27 12 % Period end loans $61.8B $61.3B $61.8B $61.3B $59.0B $ 0.5 1 % $ 2.7 5 % Period end deposits $65.7B $65.8B $67.0B $65.4B $61.4B $ — — % $ 4.3 7 % Period end loan to deposit ratio 94 % 93 % 92 % 94 % 96 % 75bps (217)bps

4 Table of contents 1Q24 highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 1Q24 adjusted financial results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 1Q24 notable items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 NII and NIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Adjusted fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Adjusted expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Asset quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 FY24 outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Strategic focus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

5 • Interest-bearing deposit cost declined 9bps, benefiting from the repricing efforts in 4Q23, with retention remaining strong at ~90% • Total loans grew $0.5 billion, driven by loans to mortgage companies and commercial real estate fund-ups • Returned $154 million of capital to shareholders through buybacks • TBVPS up $0.03 driven by factors including $0.35 of NIAC, partially offset by $0.15 of dividends and $0.15 from higher mark-to-market • ACL coverage of 1.40% with net charge-offs of $40 million • Adjusted pre-tax pre-provision of $323 million, up 8% from 4Q23 • Net interest margin improved 10bps from loan and deposit repricing • Fees up $15 million or 9%, with continued momentum in fixed income • Expenses declined $2 million, despite higher fixed income incentives Strong 1Q24 results driven by stable, diversified business mix Reflects 1Q24 vs. 4Q23 results. ROTCE and 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 & Returns Capital & Credit Quality Balance Sheet & Liquidity Adj. EPS Adj. ROTCE NIM Adj. Efficiency $0.35 11.6% 3.37% 60.8% CET1 TBV NCO% 11.3% $12.16 0.27% PE Deposit Growth PE Loan Growth PE LDR1 0% 1% 94%

6 • 1Q24 adjusted EPS of $0.35 vs. $0.32 in 4Q23 – Adjusted ROTCE of 11.6%, up 60bps – Tangible Book Value per share increased $0.03 to $12.16 • NII up $7 million or 1% linked quarter – NIM expanded 10bps vs 4Q23 • Adjusted fee income up $13 million excluding deferred compensation – Fixed income increased $15 million with an average daily revenue of $731k • Adjusted expense down $4 million excluding deferred compensation – Salaries & benefits increased $9 million from annual merit and seasonality of benefits expense – Incentives & commissions increased $7 million, due to higher production in variable revenue businesses – Outside services down $19 million due to elevated 4Q23 marketing campaigns and third-party services for strategic investments • Provision expense of $50 million, resulting in an ACL coverage of 1.40% 1Q24 Adjusted financial highlights ROTCE and adjusted financial measures, including measures excluding deferred compensation, are Non-GAAP and are reconciled to GAAP measures in the appendix. 11Q23 included 27.5 million shares based on the original maximum conversion rate of the Series G convertible securities issued in connection with the TD transaction. $ in millions, except per share data Adjusted Results 1Q24 Change vs. 1Q24 4Q23 1Q23 4Q23 1Q23 Net interest income (FTE) $628 $621 $691 $ 7 1 % $ (63) (9) % Fee income 194 179 171 15 9 % 23 14 % Total revenue (FTE) 823 800 863 23 3 % (40) (5) % Expense 500 502 457 (2) — % 43 9 % Pre-provision net revenue 323 298 406 25 8 % (83) (20) % Provision for credit losses 50 50 50 — — % — — % Net charge-offs 40 36 16 4 12 % 24 NM Reserve build / (release) 10 14 34 (4) (31) % (24) (72) % NIAC $195 $178 $259 $ 17 10 % $ (64) (25) % Diluted EPS $0.35 $0.32 $0.45 $ 0.03 9 % $ (0.10) (22) % Diluted shares1 558 561 572 (3) (1) % (14) (2) % ROTCE 11.6% 11.1% 18.6% 60bps (690) bps ROA 1.0% 0.9% 1.4% 11bps (37) bps Net interest margin (NIM) 3.37% 3.27% 3.88% 10bps (51) bps Fee income / total revenue 23.6% 22.3% 19.8% 129bps 380 bps Efficiency ratio 60.8% 62.8% 53.0% (206)bps 780 bps TBV per share $12.16 $12.13 $10.89 $0.03 — % $ 1.27 12 % Effective tax rate 22.5% 21.7% 22.9% 81bps (37) bps

7 1Q24 notable items Notable Items ($ in millions, except EPS) 1Q24 FDIC Special Assessment $ (10) Restructuring expense $ (5) Pre-tax impact of notable items $ (15) Tax impact on notable items $ 3 After-tax impact of notable items $ (12) EPS impact of notable items ($0.02) Pre-Tax Notable Items • On 4/1/24, First Horizon provided notice that it will redeem all outstanding shares of the Series D Preferred Stock on 5/1/24 – Does not qualify as Additional Tier 1 Capital (AT1) – $100 million par value and $94 million book value – The $6 million discount and expected $1 million tax liability will result in a non-cash charge in 2Q24 to preferred dividends1 – Fixed coupon of 6.10% was set to convert to 3 month SOFR + 4.12% on May 1st Upcoming 2Q24 Event 1Tax liability is result of the 1% excise tax on stock repurchases and redemptions imposed on publicly traded companies under The Inflation Reduction Act of 2022. • FDIC special assessment of $10 million, based on revised resolution loss estimates received from the FDIC in February • $5 million of restructuring expense primarily related to personnel initiatives, which will contribute to our operational efficiencies that remain a focus as we progress in our strategic investments

8 NIM improved 10bps from improved loan and deposit pricing $691 $635 $609 $621 $628 3.88% 3.38% 3.17% 3.27% 3.37% 1Q23 2Q23 3Q23 4Q23 1Q24 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. • 1Q24 net interest income increased $7 million and net interest margin expanded 10bps versus 4Q23 – Reflects a full quarter benefit of the repricing that occurred in late 4Q23 on the promotional deposits gathered in the second quarter campaign – Benefit of wider spreads on new and renewing loans, as well as continued repricing of fixed rate cash flows • Asset yields still able to modestly expand as fixed cash flows continue to reprice – Over the next twelve months, there are ~$4 billion of fixed rate loan cash flows with a roll-off yield of ~4.4% and $1 billion of securities cash flows at a roll-off yield of ~2.25% $ in millions NII Margin 4Q23 $621 3.27% Days $(4) Non-Accrual Loans $(1) (0.01)% Deposit Rates & Funding Mix $7 0.07% Loan Rates & Spreads $14 0.07% Loan Volumes & Mix $(3) (0.02)% Loans HFS $(3) (0.01)% Investment Securities & Other $(3) (0.01)% 1Q24 $628 3.37%

9 $61.4B $65.4B $67.0B $65.8B $65.7B $39.7 $42.9 $45.3 $45.9 $46.2 $0.6 $3.7 $3.8 $2.6 $3.1 $21.1 $18.8 $17.8 $17.2 $16.4 Customer interest-bearing deposits Brokered deposits Noninterest-bearing deposits 1Q23 2Q23 3Q23 4Q23 1Q24 Maintained strong client retention while reducing deposit costs Period end deposits • 1Q24 period end deposits of $65.7 billion were stable versus the prior quarter – Non-interest bearing balances continued to re-mix into interest-bearing products, though migration slowed in the latter half of the quarter – Brokered balances increased modestly as contracts initiated in 2023 funded up ahead of ~$0.8B of brokered CD maturities in 2Q24 • The 1Q24 total deposit rate paid of 2.45% declined 5bps • The 1Q24 interest-bearing rate paid of 3.28% declined 9bps, benefiting from a full quarter of the 4Q23 repricing initiative – Retention of the repriced accounts continues to be strong at ~90% – The cumulative interest-bearing deposit beta of 60% declined from a peak of 63% in 3Q23 • Deposit portfolio includes ~$9B of deposits that are market indexed

10 • 1Q24 period end loans of $61.8 billion grew $0.5 billion or 1% versus 4Q23 – Loans to mortgage companies (LMC) increased $343 million at period end, but were down $97 million on average due to seasonality – CRE growth of $210 million driven by fund-ups of previously committed loans, primarily multi-family • Period end line utilization of 42%1 • Loan yields expanded 9bps to 6.28% driven by wider spreads on new and renewing loans, as well as continued repricing of fixed rate cash flows – Spreads on new commercial originations are up 9bps linked quarter and 46bps year-over-year • Asset sensitive profile reflected in loan composition of 67% floating vs 33% fixed rate 1Utilization rates exclude Loans to Mortgage Companies. 2Credit card & other is $0.8B in all periods. Period end loans Diversified portfolio across attractive geographic footprint $59.0B $61.3B $61.8B $61.3B $61.8B $30.1B $30.4B $30.9B $30.6B $30.5B $13.4B $13.9B $14.1B $14.2B $14.4B $12.7B $13.5B $13.7B $13.7B $13.6B $2.0B $2.7B $2.2B $2.0B $2.4B C&I ex LMC Commercial real estate (CRE) Consumer real estate LMC Credit card & other 1Q23 2Q23 3Q23 4Q23 1Q24 2

11 • 1Q24 adjusted fee income excluding deferred compensation increased $13 million from 4Q23 – Fixed income increased $15 million as average daily revenue (ADR) rebounded to $731k from $463k, driven by the market's expectation that short-term rates have peaked and improved liquidity conditions in the banking sector – Mortgage banking income increased $4 million as both volume and gain-on-sale spreads increased – Service Charges and fees decreased $2 million primarily due to seasonality of overdraft fees – Card and digital banking fees increased $3 million, primarily due to a methodology adjustment on cardholder rebates, resulting in an isolated impact in the prior quarter – Other noninterest income declined by $6 million, from $3 million of lower FHLB dividends, as well as slightly lower letter of credit fees and swap fees Strong fee income driven by higher fixed income production ROTCE and adjusted financial measures, including measures excluding deferred compensation, are Non-GAAP and are reconciled to GAAP measures in the appendix. $ in millions Adjusted Results 1Q24 Change vs. 1Q24 4Q23 3Q23 2Q23 1Q23 4Q23 1Q23 Fixed income $52 $37 $28 $30 $39 $15 40 % $13 33 % Mortgage banking $9 $5 $7 $6 $5 $4 71 % $4 71 % Service charges and fees $57 $59 $60 $59 $55 $(2) (3) % $2 4 % Brokerage, trust, and insurance $36 $36 $34 $35 $34 $0 (1) % $2 5 % Card and digital banking fees $19 $16 $20 $21 $19 $3 16 % $0 (2) % Deferred compensation income $9 $6 $0 $8 $3 $3 42 % $6 NM Other noninterest income $14 $20 $25 $17 $15 $(6) (29) % $(1) (6) % Total fee income $194 $179 $173 $175 $171 $15 9 % $23 14 % Fee income ex deferred comp $186 $173 $173 $167 $168 $13 7 % $18 11 % Fixed income ADR $731k $463k $301k $348k $437k $268k 58 % $294k 67 %

12 Expenses decline despite higher incentives on improved revenue production • 1Q24 adjusted expense, excluding deferred compensation, down $4 million versus 4Q23 – Personnel expense excluding deferred compensation up $17 million ◦ Salaries and benefits increased $9 million, which includes the annual merit adjustment and seasonality in benefits ◦ Incentives and commissions increased $7 million, primarily due to improved fixed income revenue – Occupancy and equipment up $1 million with software costs slightly increasing as technology projects enter production – Outside services down $19 million due to elevated levels of deposit and brand marketing campaigns, as well as third- party services for strategic investments in the prior quarter $ in millions Adjusted Results 1Q24 Change vs. 1Q24 4Q23 3Q23 2Q23 1Q23 4Q23 1Q23 Salaries and benefits $199 $190 $188 $187 $188 $9 5 % $11 6 % Incentives and commissions $87 $80 $68 $65 $64 $7 9 % $23 36 % Deferred compensation expense $9 $7 $0 $8 $3 $2 27 % $6 NM Total personnel expense $295 $277 $256 $260 $255 $18 7 % $40 16 % Occupancy and equipment $72 $71 $67 $68 $70 $1 1 % $2 2 % Outside services $65 $84 $69 $68 $63 $(19) (22) % $2 4 % Amortization of intangible assets $11 $12 $12 $12 $12 $(1) (9) % $(1) (9) % Other noninterest expense $57 $59 $60 $53 $58 $(2) (4) % $(1) (3) % Total noninterest expense $500 $502 $465 $461 $457 $(2) — % $43 9 % Expense ex deferred comp $491 $495 $465 $453 $454 $(4) (1) % $37 8 % Full-time equivalent associates 7,327 7,277 7,340 7,327 7,282 50 1 % 45 1 % ROTCE and 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. 1

13 FHN NCO%1 ( FHN NCO% ex idiosyncratic charge-off3) Average NCO% of BKX Index2 $16 $23 $95 $36 $40 0.11% 0.16% 0.61% 0.23% 0.27% 0.15% 0.36% 0.45% 0.45% 0.56% 1Q23 2Q23 3Q23 4Q23 1Q24 FHN NCOs Disciplined lending leads to strong performance across the cycle 1Net charge-off % is annualized and as % of average loans. 2Excludes trust and investment banks. 33Q23 included a $72 million idiosyncratic C&I charge-off. $800 $827 $842 $856 $865 1.35% 1.35% 1.36% 1.40% 1.40% ACL ACL/Loans 1Q23 2Q23 3Q23 4Q23 1Q24 Allowance for credit losses (ACL) Non-performing loans (NPLs) $424 $402 $394 $462 $505 0.72% 0.66% 0.64% 0.75% 0.82% NPLs $ NPLs % 1Q23 2Q23 3Q23 4Q23 1Q24 • 1Q24 net charge-offs of $40 million increased $4 million – NCO ratio of 0.27%1, which is below the peer average level for the past four quarters2 • Provision expense of $50 million in 1Q24 – 1Q24 ACL coverage ratio remained stable at 1.40% • NPL ratio of 82bps up modestly from 4Q23 Net charge-offs

14 1Q23 2Q23 3Q23 4Q23 1Q24 CET1 ratio Tier 1 capital ratio Total capital ratio 1Q23 2Q23 3Q23 4Q23 1Q24 Strong capital position even adjusted for unrealized losses1 Capital levels 12.1% 13.6% 13.6% 12.1% 13.6% 12.1% 14.0% 12.4% 13.9% 12.3% $12.13 $0.35 $(0.15) $(0.15) $(0.04) $0.02 $12.16 4Q23 NIAC Impact Common Dividend Mark on AFS & Hedges Share Buybacks Other 1Q24 • 1Q24 CET1 ratio decreased 9bps to 11.3% as share repurchases were used to deploy excess capital to shareholders – CET1 net of unrealized losses of 8.8%1 above regulatory capital threshold of 7.0% – Repurchased 10.7 million shares of common stock in first quarter 2024 under the $650 million share repurchase program authorized in first quarter 2024 • TBVPS of $12.16 increased $0.03 versus 4Q23, primarily driven by NIAC2, which is partially offset by $0.15 from higher mark-to-market and $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 preliminary estimate for the difference between book value and estimated fair value of loans and leases, excluding the allowance for loan and lease losses, as of 1Q24. 2Net of change in intangibles. Tangible book value per share 10.4% 11.1% 11.1% 11.4% 11.3% 11.3% (1.3)% (0.2)% 9.9% (1.1)% 8.8% 1Q24 Estimate AFS Impact HTM Impact Pro Forma Loan FV Impact 1Q24 Pro Forma 1Q24 CET1 net of unrealized losses1 2

15 Outlook includes pre-provision net revenue growth in 2024 Earnings Drivers FY23 Adjusted Baseline FY24 Adjusted Expectations Comments Net Interest Income $2,556 million Up 1% – 4% Reflects forward curve from March, which assumed three rate cuts in 2024 Noninterest Income $699 million Updated: Up 6% – 10% Prior: Up 4%-6% Rebound in fixed income and mortgage Noninterest Expense $1,884 million Up 4% – 6% Reflects investment in technology and personnel, as well as increased revenue-driven incentives. Operational efficiencies to offset increases beyond targeted expense growth Net Charge-Offs 0.28% 0.25% – 0.30% 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 ROTCE and 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.

16 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

APPENDIX 17

18 1Q 07 1Q 08 1Q 09 1Q 10 1Q 11 1Q 12 1Q 13 1Q 14 1Q 15 1Q 16 1Q 17 1Q 18 1Q 19 1Q 20 1Q 21 1Q 22 1Q 23 1Q 24 —% 2% 4% 6% $0.0 $0.5 $1.0 $1.5 $2.0 FHN Financial’s strong full-cycle returns are counter-cyclical to bank franchise Lower Revenue Market Factor Higher Revenue 2020 Environment 2023 Environment Up Rate Direction Down Rapid decrease in short term rates Rapid increase in short term rates Extreme (low/high) Market Volatility Moderate Moderate Extreme - MOVE index sharply higher Flat/Inverted Yield Curve Shape Steep Positive sloped Strongly inverted Tighter Corporate & Mortgage Spreads Wider Wider Stable Lower Depository Liquidity Greater Abundant - fueled by stimulus Constrained - exacerbated by QT • 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 and 50% of banks with portfolios over $100 million in size • The variable compensation payout ratio on marginal revenue is approximately 60% FOMC easing during GFC FOMC ZIRP Policy Normalizing FOMC Policy FOMC easing during pandemic FOMC tightening to fight inflation Fed Funds Average ADR in millions $1.6 $1.2 $0.7 $1.3 $0.4

19 TN, 38% FL, 18% NC, 13% LA, 12% AL, 3% TX, 2% GA, 2% AR, 2% All other states, 3% Specialty Bank, 6% Attractive portfolio diversified by customer type, product, and geography • Stable, cost-effective deposits from a diverse commercial and consumer client base across 12-state footprint and specialty lines of business • Commercial deposits of $36.2 billion or 55% and consumer of $29.5 billion or 45% • Attractive lower-cost deposit base with 25% DDA • Contingency funding plan equates to ~161% of uninsured or uncollateralized deposits 67% of 1Q24 deposits insured or collateralized 1Q24 diversified deposit mix by product 25% 39% 10% 26% Demand deposit accounts Savings Time deposits Other interest-bearing deposits 1Q24 deposits by state $38.4 58% $21.9 33% $5.5 8% Insured Uninsured & uncollateralized Collateralized

20 $2.1B $3.0B $3.0B $6.3B Floating Fixed 2024 2025 2026 2027+ 33% 16% 16% 10% 10% 9% 4%3% Multi-Family Retail Industrial Traditional Office Hospitality Medical office Other Land + Residential 80% 84% 78% 59% CRE by Loan Size2 CRE by State Maturity Schedule CRE by Property Type High credit quality, diversified CRE portfolio All loan balances are period end unless otherwise noted. 1FHN’s CRE metrics database includes information for all loans in the Pro CRE LOB, as well as market/investor CRE loans $5+ million in commitments, which encompasses 75% of total CRE commitments. 2Loan size ranges in millions and dollar amounts are total funded balances in that size range to any single customer. • Disciplined risk management practice and underwriting standards across CRE portfolio • No significant upcoming repricing event, as ~70% of loans are floating and maturities are dispersed over time • Granular portfolio with only 16 loans with commitments above $50 million • No property type comprises over 8% of total loans • Average debt service coverage of 1.4x and average stabilized LTV of 54%1 $3.8 $1.8 $1.7 $1.4 $1.3 $1.1 $0.6 $0.6 $0.2 $0.2 $0.1 $0.3 $ in billions $14.4B 20% 16% 22% 41% Shading based on projected population growth 0.8M 1.2M 1.4M 12.8M 2024 2025 2026 2027+ Lease Renewals Square Feet in Millions <$5 $3.4B $5-$10 $1.9B $10-$20 $3.1B $20-$30 $2.7B $30-$40 $1.8B $40-$50 $0.7B >$50 $0.7B

21 Multi-Family $ in millions Multi-Family CRE1 Strong underwriting in the office and multi-family portfolios All loan balances are period end unless otherwise noted. 1FHN’s CRE metrics database includes information for all loans in the Pro CRE LOB, as well as market/investor CRE loans $5+ million in commitments, which encompasses 69% of traditional office CRE commitments and 87% of multi-family CRE commitments. Traditional Office $ in millions • Average debt service coverage of 1.2x • Average stabilized LTV of 52% • Average property has 250 units • Low exposure to rent control, which is mostly related to low and moderate income housing focused on serving the communities in our footprint Office CRE $1.4B $870 $350 $702 $363 $150 $173 $203 $40 $90 $6 • Medical office comprises 47% of office exposure • Only 12 buildings are 10 stories or taller • Within the traditional office portfolio1: – Average debt service coverage of 1.6x – Average stabilized LTV of 59% – Vacancy rate of 19% $261 $164 $284 $230 $179 $118 $55 $50 $37 $23 $0.4 $24 $254

22 $11.5B 80% $2.1B 15% $0.8B 5% Real estate installment loans HELOC Credit card and other Granular C&I portfolio and real estate backed consumer portfolio C&I by Industry 20% 19% 13% 13% 11% 7% 7% 5% 5% TN All Other Other Southeastern FL TX NC LA CA GA C&I by State Consumer Portfolio by Product 26% 12% 12%8% 7% 7% 7% 7% 5% 5% 4% 14 Other Industries Real Estate & Leasing Finance & Insurance Healthcare & Social Assistance Mortgage Warehouse Wholesale Trade Accommodation & Food Service Manufacturing Retail Trade Transportation & Warehousing Energy • 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 All loan balances are period end unless otherwise noted.

23ROTCE and adjusted financial measures, including measures excluding deferred compensation, are Non-GAAP and are reconciled to GAAP measures in the appendix. 1Other includes equity compensation. Utilizing the $650 million repurchase program to return excess capital 11.4% 0.27% (0.12)% (0.22)% (0.01)% (0.01)% 11.3% CET1 4Q23 Actual Adjusted NIAC Common Dividend Share Buybacks Change in Loan Balances & Unfunded Commitments Notable Items & Other CET1 1Q24 Estimate 1

24 $0.3B $0.3B $0.3B $0.3B 2Q24 3Q24 4Q24 1Q25 Agency MBS 43% Agency CMBS 25% Agency CMO 14% U.S. Agencies & Treasury 12% States & Municipalities 6% $10.3B $10.2B $9.8B $9.4B $9.6B 2.45% 2.49% 2.54% 2.62% 2.54% Average AFS Securities Average HTM Securities Average Yield 1Q23 2Q23 3Q23 4Q23 1Q24 Investment portfolio prudently managed to support liquidity and IRR • 1Q24 investment portfolio represents ~12% of total assets – Moderate total portfolio effective duration of 5.0 – Low reliance on HTM designation at ~14% of total portfolio – 94% U.S. Government or Agency-backed by GSEs • 1Q24 total unrealized losses on the AFS and HTM portfolios of $1.4B vs $1.3B in 4Q23 1Calculated based on period end market values. 2Estimated as of 3/31/24; includes maturities and projected calls. Steady principal cash flows2 Investment portfolio 1Q23 2Q23 3Q23 4Q23 1Q24 % of total assets 13% 12% 12% 11% 12% Pre-tax unrealized losses $(1.3)B $(1.4)B $(1.8)B $(1.3)B $(1.4)B Effective duration 5.2 5.2 5.2 5.0 5.0 Unencumbered securities / total securities1 44% 35% 33% 30% 27% 1Q24 investment portfolio composition1

25 Notable Items *1Q24 includes $5 million of restructuring expenses; 3Q23 includes $10 million of restructuring expenses; 2Q23 includes $50 million contribution to First Horizon Foundation and $15 million 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 1Q24 4Q23 3Q23 2Q23 1Q23 Summary of Notable Items: Gain on merger termination $ — $ — $ — $ 225 $ — Net merger/acquisition/transaction-related items — — — (30) (21) 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) (10) (68) — — — Other notable expenses* (5) — (10) (65) — Total notable items (pre-tax) (15) (67) (10) 130 (21) Tax related notable items** — 48 (13) — — EPS impact of notable items $ 0.02 $ 0.01 $ 0.04 $ (0.17) $ 0.03

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 1Q24 4Q23 3Q23 2Q23 1Q23 Tangible Common Equity (Non-GAAP) (A) Total equity (GAAP) $ 9,173 $ 9,291 $ 8,794 $ 8,960 $ 8,895 Less: Noncontrolling interest (a) 295 295 295 295 295 Less: Preferred stock (a) 520 520 520 520 1,014 (B) Total common equity $ 8,358 $ 8,476 $ 7,978 $ 8,144 $ 7,586 Less: Intangible assets (GAAP) (b) 1,685 1,696 1,709 1,720 1,732 (C) Tangible common equity (Non-GAAP) $ 6,673 $ 6,779 $ 6,270 $ 6,424 $ 5,853 Tangible Assets (Non-GAAP) (D) Total assets (GAAP) $ 81,799 $ 81,661 $ 82,533 $ 85,071 $ 80,729 Less: Intangible assets (GAAP) (b) 1,685 1,696 1,709 1,720 1,732 (E) Tangible assets (Non-GAAP) $ 80,114 $ 79,965 $ 80,825 $ 83,351 $ 78,997 Period-end Shares Outstanding (F) Period-end shares outstanding 549 559 559 559 538 Ratios (A)/(D) Total equity to total assets (GAAP) 11.21 % 11.38 % 10.65 % 10.53 % 11.02 % (C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) 8.33 % 8.48 % 7.76 % 7.71 % 7.41 % (B)/(F) Book value per common share (GAAP) $ 15.23 $ 15.17 $ 14.28 $ 14.58 $ 14.11 (C)/(F) Tangible book value per common share (Non-GAAP) $ 12.16 $ 12.13 $ 11.22 $ 11.50 $ 10.89

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 1Q24 4Q23 3Q23 2Q23 1Q23 Adjusted Diluted EPS Net income available to common shareholders ("NIAC") (GAAP) a $ 184 $ 175 $ 129 $ 317 $ 243 Plus Tax effected notable items (Non-GAAP) (a) 12 3 20 (98) 16 Adjusted net income available to common shareholders (Non-GAAP) b $ 196 $ 178 $ 150 $ 219 $ 259 Diluted Shares (GAAP)8 c 558 561 561 561 572 Diluted EPS (GAAP) a/c $ 0.33 $ 0.31 $ 0.23 $ 0.56 $ 0.43 Adjusted diluted EPS (Non-GAAP) b/c $ 0.35 $ 0.32 $ 0.27 $ 0.39 $ 0.45 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $ 197 $ 188 $ 142 $ 329 $ 256 Plus Tax effected notable items (Non-GAAP) (a) 12 3 20 (98) 16 Adjusted NI (Non-GAAP) $ 209 $ 191 $ 163 $ 231 $ 271 NI (annualized) (GAAP) d $ 791 $ 746 $ 565 $ 1,320 $ 1,037 Adjusted NI (annualized) (Non-GAAP) e $ 838 $ 757 $ 646 $ 928 $ 1,100 Average assets (GAAP) f $ 81,243 $ 82,313 $ 83,220 $ 82,304 $ 78,841 ROA (GAAP) d/f 0.97 % 0.91 % 0.68 % 1.60 % 1.32 % Adjusted ROA (Non-GAAP) e/f 1.03 % 0.92 % 0.78 % 1.13 % 1.40 % 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 $ 739 $ 695 $ 513 $ 1,270 $ 987 Adjusted Net income available to common shareholders (annualized) (Non-GAAP) h $ 787 $ 706 $ 594 $ 878 $ 1,050 Average Common Equity (GAAP) i $ 8,436 $ 8,090 $ 8,163 $ 7,747 $ 7,398 Intangible Assets (GAAP) (b) 1,691 1,702 1,714 1,726 1,738 Average Tangible Common Equity (Non-GAAP) j $ 6,745 $ 6,388 $ 6,448 $ 6,021 $ 5,659 ROCE (GAAP) g/i 8.76 % 8.60 % 6.28 % 16.40 % 13.34 % ROTCE (Non-GAAP) g/j 10.95 % 10.89 % 7.95 % 21.10 % 17.43 % Adjusted ROTCE (Non-GAAP) h/j 11.65 % 11.05 % 9.21 % 14.59 % 18.55 % (a) Amounts adjusted for notable items as detailed on page 25 (b) Includes goodwill and other intangible assets, net of amortization. Numbers may not foot due to rounding

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 1Q24 4Q23 3Q23 2Q23 1Q23 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) k $ 194 $ 183 $ 173 $ 400 $ 171 Plus notable items (GAAP) (a) — (4) — (225) — Adjusted noninterest income (Non-GAAP) l $ 194 $ 179 $ 173 $ 175 $ 171 Revenue (GAAP) m $ 819 $ 800 $ 778 $ 1,031 $ 859 Taxable-equivalent adjustment 4 4 4 4 4 Revenue- Taxable-equivalent (Non-GAAP) 823 804 782 1,035 863 Plus notable items (GAAP) (a) — (4) — (225) — Adjusted revenue (Non-GAAP) n $ 823 $ 800 $ 782 $ 810 $ 863 Securities gains/(losses) (GAAP) o $ — $ (5) $ — $ — $ — Noninterest income as a % of total revenue (GAAP) (k-o)/ (m-o) 23.72 % 23.33 % 22.23 % 38.80 % 19.90 % Adjusted noninterest income as a % of total revenue (Non-GAAP) l/n 23.61 % 22.32 % 22.11 % 21.60 % 19.81 % Adjusted Efficiency Ratio Noninterest expense (GAAP) p $ 515 $ 572 $ 474 $ 555 $ 478 Plus notable items (GAAP) (a) (15) (70) (10) (95) (21) Adjusted noninterest expense (Non-GAAP) q $ 500 $ 502 $ 465 $ 461 $ 457 Revenue (GAAP) r $ 819 $ 800 $ 778 $ 1,031 $ 859 Taxable-equivalent adjustment 4 4 4 4 4 Revenue- Taxable-equivalent (Non-GAAP) 823 804 782 1,035 863 Plus notable items (GAAP) (a) — (4) — (225) — Adjusted revenue (Non-GAAP) s $ 823 $ 800 $ 782 $ 810 $ 863 Securities gains/(losses) (GAAP) t $ — $ (5) $ — $ — $ — Efficiency ratio (GAAP) p/ (r-t) 62.92 % 71.14 % 60.96 % 53.89 % 55.67 % Adjusted efficiency ratio (Non-GAAP) q/s 60.78 % 62.84 % 59.43 % 56.92 % 52.95 % (a) Amounts adjusted for notable items as detailed on page 25 (b) Includes goodwill and other intangible assets, net of amortization. Numbers may not foot due to rounding

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) 1Q24 4Q23 1Q24 vs. 4Q23 1Q24 4Q23 1Q24 vs. 4Q23 Loans excluding LMC Total Loans (GAAP) $ 61,753 $ 61,292 $ 461 1 % $ 61,152 $ 61,197 $ (45) — % LMC (GAAP) 2,362 2,019 343 17 % 1,842 1,939 (97) (5) % Total Loans excl. LMC (Non-GAAP) 59,391 59,273 118 — % 59,310 59,258 52 — % Total Consumer (GAAP) 14,416 14,443 (27) — % 14,396 14,466 (70) — % Total Commercial excl. LMC (Non-GAAP) 44,975 44,829 146 — % 44,914 44,792 122 — % Total CRE (GAAP) 14,426 14,216 210 1 % 14,367 14,210 157 1 % Total C& I excl. LMC (Non-GAAP) $ 30,549 $ 30,613 $ (64) — % $ 30,547 $ 30,581 $ (34) — %

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 1Q24 4Q23 Adjusted noninterest income excluding deferred compensation income Noninterest income (GAAP) $ 194 $ 183 Plus notable items (GAAP) — (4) Adjusted noninterest income (Non-GAAP) $ 194 $ 179 Less deferred compensation income (GAAP) 9 6 Adjusted noninterest income excluding deferred compensation income (Non-GAAP) $ 186 $ 173 Adjusted noninterest expense excluding deferred compensation expense Noninterest expense (GAAP) $ 515 $ 572 Plus notable items (GAAP) (15) (70) Adjusted noninterest expense (Non-GAAP) $ 500 $ 502 Less deferred compensation expense (GAAP) 9 7 Adjusted noninterest expense excluding deferred compensation expense (Non-GAAP) $ 491 $ 495 Adjusted personnel expense excluding deferred compensation expense Personnel expense (GAAP) $ 301 $ 279 Plus notable items (GAAP) (5) (2) Adjusted personnel expense (Non-GAAP) $ 295 $ 277 Less deferred compensation expense (GAAP) 9 7 Adjusted personnel expense excluding deferred compensation expense (Non-GAAP) $ 286 $ 270