Quartergate

Document 1

EX-99.1 2 a4q2024earningsrelease.htm EX-99.1 Document

First Horizon Corporation Reports Full Year 2024 Net Income Available to Common Shareholders (NIAC) of $738 Million or EPS of $1.36; Adjusted NIAC increased 5% to $843 Million or $1.55, driven by continued exemplary credit performance, increased fee income generation, and strong margin*

Fourth Quarter 2024 Net Income Available to Common Shareholders of $158 Million or EPS of $0.29;

$228 Million or $0.43 on an Adjusted Basis, up 2% from the prior quarter.*

MEMPHIS, TN (January 16, 2025) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported full year 2024 net income available to common shareholders ("NIAC") of $738 million or earnings per share of $1.36, compared with full year 2023 NIAC of $865 million or earnings per share of $1.54. 2024 results were reduced by a net $105 million after-tax or $0.19 per share of notable items compared with a net benefit of $59 million or $0.11 per share in 2023.

“Our fourth quarter and full-year 2024 results reflect focused execution of our strategic priorities,” said Chairman, President and Chief Executive Officer Bryan Jordan. “Strong client relationships and our attractive business mix positioned us to deliver earnings through a complex interest rate cycle. We successfully grew the business in 2024, driven by a strong net interest margin, improved counter-cyclical revenues, and declining net charge-offs. In the fourth quarter 2024, we delivered solid results with a two basis point expansion of net interest margin, a 6% increase in fixed income revenue, and 8 basis points of net charge-offs, starting 2025 with positive momentum."

“I continue to be inspired by our team’s dedication to creating value for our shareholders, clients, and communities and remain confident in our ability to continue to deliver profitable growth in 2025,” Jordan concluded.

Fourth quarter net income available to common shareholders was $158 million or earnings per share of $0.29, compared with third quarter 2024 NIAC of $213 million or earnings per share of $0.40. Fourth quarter 2024 results were reduced by a net $71 million after-tax or $0.13 per share of notable items compared with $11 million or $0.02 per share in third quarter 2024. Excluding notable items, adjusted fourth quarter 2024 NIAC of $228 million or $0.43 per share increased from $224 million or $0.42 per share in third quarter 2024.

Notable Items


Notable Items
Unaudited ($ in millions, except per share data)	4Q24		3Q24		4Q23		2024		2023
Summary of Notable Items:
Gain on merger termination	$	—	$	—	$	—	$	—	$	225
Net merger/acquisition/transaction-related items	—		—		—		—		(51)


Loss on AFS portfolio restructuring	(91)		—		—		(91)		—
Gain/(loss) related to equity securities investments (other noninterest income)	—		—		(6)				(6)
Net gain on asset disposition (other noninterest income less incentives)	—		—		7		—		7
FDIC special assessment (other noninterest expense)	1		2		(68)		(9)		(68)
Other notable expenses	(3)		(17)		—		(29)		(75)
Total notable items (pre-tax)	(94)		(14)		(67)		(129)		33
Total notable items (after-tax) **	(71)		(11)		(3)		(105)		59

Numbers may not foot due to rounding.
** 4Q23 and 2023 include a $48 million after-tax benefit primarily from the resolution of IBERIABANK merger-related tax items; 2023 also includes after-tax notable items of $13 million comprised of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items. 2Q24 and 2024 include $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.

Fourth quarter pre-tax notable items include a $91 million loss on an opportunistic restructuring of a portion of the securities portfolio, $3 million of restructuring expense, and an expense credit of $1 million related to the FDIC special assessment.

During 2024, we reorganized our internal management structure and, accordingly, reclassified our reportable business segments. Prior to the 2024 reclassification, we operated through three business segments: (1) regional, (2) specialty, and (3) corporate. As a result of the 2024 reclassification, our reportable business segments now include: (1) commercial, consumer & wealth, (2) wholesale, and (3) corporate. In this release, segment information for prior periods has been reclassified to conform with our current segments.

*ROTCE, PPNR, tangible book value per share, loans and leases excluding LMC, and "adjusted" results are non-GAAP financial measures; NII, total revenue, NIM and PPNR are presented on a fully taxable equivalent basis; references to loans include leases and EPS are based on diluted shares; capital ratios are preliminary. See page 6 for information on our use of non-GAAP measures and their reconciliation to GAAP beginning on page 22.

Full Year 2024 versus Full Year 2023

Net interest income

Net interest income (FTE) of $2.5 billion decreased $29 million. 2023 benefited from rising short-term rates, which began to reverse in the latter half of 2024. Higher loan yields and 3% average loan growth largely offset the increase in funding costs as the lag in deposit pricing diminished late in the cycle. Net interest margin declined modestly to 3.35%, down 7 basis points from the prior year.

Noninterest income

Noninterest income of $679 million decreased $248 million, largely driven by a $225 million merger termination fee in 2023. Adjusted noninterest income of $771 million increased $72 million as the counter-cyclical businesses improved from cycle lows in 2023: fixed income revenues increased by $54 million and mortgage banking revenues improved $12 million. Brokerage, trust, and insurance grew $15 million, which was partially offset by declines in service charges and other fees.

Noninterest expense

Noninterest expense of $2.0 billion decreased $45 million and included $37 million of notable items in 2024 and $196 million in 2023. Adjusted noninterest expense of $2.0 billion increased $114 million, driven by a $37 million increase in incentives on higher commission-based revenue, as well as strategic investments in personnel and technology.

Loans and leases

Average loan and lease balances of $62.0 billion increased $1.8 billion, including $0.5 billion of growth in loans to mortgage companies (LMC) from market share gains and fund-up of existing commercial real estate loans. Period-end loans and leases were $62.6 billion, increasing $1.3 billion, with loans to mortgage companies up $1.4 billion from 2023 year end.

Deposits

Average deposits of $65.7 billion increased 2%, and period end deposits of $65.6 billion were flat compared to year end 2023. Deposit costs increased 50 basis points year-over-year, however the repricing efforts begun in late 2023 reduced the rate paid from 2.49% in 4Q23 to 2.34% in 4Q24.

Asset quality

Provision expense of $150 million decreased from $260 million in 2023. Net charge-offs were $112 million or 0.18% versus $170 million or 0.28% in 2023. 2023 included a $72 million idiosyncratic credit loss on a single relationship in the third quarter. The ACL to loans ratio increased slightly to 1.43% from 1.40% in the prior year, largely driven by grade migration.

Capital

CET1 ratio was 11.2% and total capital ratio was 13.9% at year end 2024, down from 11.4% and 14.0%, respectively, at the end of 2023. Returned $604 million of capital to shareholders in 2024 through share repurchases at an average price of $15.98. Opportunistically restructured the securities portfolio, utilizing 10 basis points or $69 million of excess capital.

Income taxes

2024 effective tax rate was 21.0% compared with 18.8% in 2023. On an adjusted basis, the effective tax rate was 21.4% in 2024 and 21.8%in2023. 2023 included a $35 million net benefit from tax-related notable items, which included a $59 million benefit related to the resolution of merger-related tax items, partially offset by $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies.


SUMMARY RESULTS
Annual, Unaudited


($s in millions, except per share and balance sheet data)	2024			2023
							$/bp			%
Income Statement
Interest income - taxable equivalent1	$	4,367		$	4,115		$	251		6	%
Interest expense- taxable equivalent1	1,841			1,560			281			18
Net interest income- taxable equivalent	2,526			2,556			(29)			(1)
Less: Taxable-equivalent adjustment	16			16			—			(1)
Net interest income	2,511			2,540			(29)			(1)
Noninterest income	679			927			(248)			(27)
Total revenue	3,190			3,467			(277)			(8)
Noninterest expense	2,035			2,080			(45)			(2)
Pre-provision net revenue3	1,155			1,388			(232)			(17)
Provision for credit losses	150			260			(110)			(42)
Income before income taxes	1,005			1,128			(122)			(11)
Provision for income taxes	211			212			(1)			—
Net income	794			915			(122)			(13)
Net income attributable to noncontrolling interest	19			19			—			2
Net income attributable to controlling interest	775			897			(122)			(14)
Preferred stock dividends	36			32			4			13
Net income available to common shareholders	$	738		$	865		$	(126)		(15)

Adjusted net income4	$	891		$	856		$	35		4	%
Adjusted net income available to common shareholders4	$	843		$	806		$	37		5	%
Common stock information
EPS	$	1.36		$	1.54		$	(0.18)		(12)	%
Adjusted EPS4	$	1.55		$	1.43		$	0.12		8	%


Diluted shares8	544			562			(17)			(3)	%
Key performance metrics
Net interest margin6	3.35		%	3.42		%	(7)		bp

Efficiency ratio	62.06			59.91			215
Adjusted efficiency ratio4	60.64			57.93			271
Effective income tax rate	21.03			18.82			221
Return on average assets	0.97			1.12			(15)
Adjusted return on average assets4	1.09			1.05			4
Return on average common equity (“ROCE")	8.8			11.0			(221)

Return on average tangible common equity (“ROTCE”)4	11.0			14.1			(311)
Adjusted ROTCE4	12.5			13.3			(77)
Noninterest income as a % of total revenue	23.44			26.83			(339)
Adjusted noninterest income as a % of total revenue4	23.33		%	21.43		%	190		bp
Balance Sheet (billions)
Average loans	$	62.0		$	60.2		$	1.8		3	%
Average deposits	65.7			64.3			1.4			2
Average assets	81.8			81.7			0.1			—
Average common equity	$	8.4		$	7.9		$	0.5		7	%
Asset Quality Highlights

Allowance for credit losses to loans and leases4	1.43		%	1.40		%	3		bp

Nonperforming loan and leases ratio	0.96		%	0.75		%	21		bp
Net charge-off ratio	0.18		%	0.28		%	(10)		bp
Net charge-offs	$	112		$	170		$	(58)		NM

Capital Ratio Highlights (current quarter is an estimate)



Common Equity Tier 1	11.2		%	11.4		%	(20)		bp
Tier 1	12.2			12.4			(21)
Total Capital	13.9			14.0			(10)
Tier 1 leverage	10.6		%	10.7		%	(5)		bp

Numbers may not foot due to rounding.

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

See footnote disclosures on page 21.

Fourth Quarter 2024 versus Third Quarter 2024

Net interest income

Net interest income (FTE) increased $2 million to $634 million and net interest margin of 3.33% increased 2 basis points. Both changes were driven by a 34 basis point reduction in interest-bearing deposit costs and pay off of brokered CDs, partially offset by the impact of lower short-term rates on loan yields.

Noninterest income

Noninterest income decreased $101 million to $99 million, driven by a $91 million notable loss associated with an opportunistic restructuring of a portion of the securities portfolio. Adjusted noninterest income decreased by $10 million as service charges and fees were reduced by $6 million and deferred compensation income was $5 million lower.

Noninterest expense

Noninterest expense of $508 million decreased $3 million from the prior quarter. Fourth quarter notable items included a $1 million expense credit for the FDIC special assessment and $3 million of restructuring costs. Adjusted noninterest expense of $506 million increased $9 million, including $5 million lower deferred compensation. Personnel expense, excluding deferred compensation, was down $3 million as annual incentive true-ups offset increases to production-based incentives. Other noninterest expense increased by $16 million mainly due to a $10 million contribution to the First Horizon Foundation.

Loans and leases

Average loan and lease balances of $62.4 billion were flat compared to the prior quarter, while period-end balances were $62.6 billion, increasing $0.1 billion from third quarter 2024. Strong performance within loans to mortgage companies (LMC) and C&I was partially offset by reductions to CRE balances. Loan yields of 6.09% decreased 28 basis points driven by lower short-term rates, partially offset by continued repricing of fixed rate cash flows.

Deposits

Average deposits of $66.1 billion decreased $0.2 billion from third quarter 2024, which includes a pay down of $0.8 billion of brokered CDs. Period-end deposits of $65.6 billion declined $1.0 billion, driven by the pay-off of $1.1 billion of brokered CDs. Interest-bearing deposit cost of 3.10% decreased 34 basis points from the prior quarter, with a spot rate of approximately 2.80% at the end of the quarter.

Asset quality

Provision expense of $10 million decreased $25 million from the previous quarter. Net charge-offs were $13 million or 8 basis points, down from $24 million or 15 basis points in prior quarter. Nonperforming loans of $602 million increased $24 million, with the increases in consumer and commercial real estate exceeding the decline in C&I. The ACL to loans ratio decreased slightly from third quarter 2024 to 1.43%, driven by the net benefit of a slightly more favorable economic outlook.

Capital

CET1 ratio was 11.2%, stable from third quarter 2024 as $163 million of excess capital was returned to shareholders through the share repurchase program and $69 million of capital was utilized for an opportunistic securities portfolio restructuring.

Income taxes

The effective tax rate and the adjusted effective tax rate for fourth quarter 2024 were 19.3% and 21.0%, respectively, compared with an effective tax rate of 20.6% and adjusted tax rate of 20.8% in third quarter 2024.


SUMMARY RESULTS
Quarterly, Unaudited

										4Q24 Change vs.
($s in millions, except per share and balance sheet data)	4Q24			3Q24			4Q23			3Q24					4Q23
										$/bp			%		$/bp			%
Income Statement
Interest income - taxable equivalent1	$	1,071		$	1,123		$	1,090		$	(52)		(5)	%	$	(19)		(2)	%
Interest expense- taxable equivalent1	438			491			469			(54)			(11)		(31)			(7)
Net interest income- taxable equivalent	634			631			621			2			—		13			2
Less: Taxable-equivalent adjustment	4			4			4			—			(5)		—			(6)
Net interest income	630			627			617			2			—		13			2
Noninterest income	99			200			183			(101)			(51)		(84)			(46)
Total revenue	729			828			800			(99)			(12)		(71)			(9)
Noninterest expense	508			511			572			(3)			(1)		(64)			(11)
Pre-provision net revenue3	220			316			227			(96)			(30)		(7)			(3)
Provision for credit losses	10			35			50			(25)			(71)		(40)			(80)
Income before income taxes	210			281			177			(71)			(25)		33			19
Provision for income taxes	41			58			(11)			(17)			(30)		52			NM
Net income	170			223			188			(54)			(24)		(18)			(10)
Net income attributable to noncontrolling interest	4			5			5			—			(10)		(1)			(11)
Net income attributable to controlling interest	165			218			183			(53)			(24)		(18)			(10)
Preferred stock dividends	8			5			8			3			51		—			—
Net income available to common shareholders	$	158		$	213		$	175		$	(56)		(26)	%	$	(18)		(10)	%

Adjusted net income4	$	240		$	234		$	191		$	6		3	%	$	50		26	%
Adjusted net income available to common shareholders4	$	228		$	224		$	178		$	4		2	%	$	50		28	%
Common stock information
EPS	$	0.29		$	0.40		$	0.31		$	(0.11)		(26)	%	$	(0.02)		(6)	%
Adjusted EPS4	$	0.43		$	0.42		$	0.32		$	0.01		2	%	$	0.11		35	%


Diluted shares8	534			538			561			(4)			(1)	%	(27)			(5)	%
Key performance metrics
Net interest margin6	3.33		%	3.31		%	3.27		%	2		bp			6		bp

Efficiency ratio	61.98			61.89			71.14			9					(916)
Adjusted efficiency ratio4	61.43			59.86			62.84			157					(141)
Effective income tax rate	19.32			20.58			(6.16)			(126)					NM
Return on average assets	0.82			1.08			0.91			(26)					(9)
Adjusted return on average assets4	1.17			1.13			0.92			4					25
Return on average common equity (“ROCE")	7.4			10.1			8.6			(272)					(122)

Return on average tangible common equity (“ROTCE”)4	9.2			12.6			10.9			(343)					(172)
Adjusted ROTCE4	13.3			13.2			11.1			3					222
Noninterest income as a % of total revenue	23.20			24.06			23.33			(86)					(13)
Adjusted noninterest income as a % of total revenue4	23.10		%	23.95		%	22.32		%	(85)		bp			78		bp
Balance Sheet (billions)
Average loans	$	62.4		$	62.4		$	61.2		$	—		—	%	$	1.2		2	%
Average deposits	66.1			66.3			66.9			(0.2)			—		(0.8)			(1)
Average assets	82.0			82.4			82.3			(0.4)			(1)		(0.4)			—
Average common equity	$	8.5		$	8.4		$	8.1		$	0.1		1	%	$	0.4		5	%
Asset Quality Highlights

Allowance for credit losses to loans and leases4	1.43		%	1.44		%	1.40		%	(1)		bp			3		bp

Nonperforming loan and leases ratio	0.96		%	0.92		%	0.75		%	4		bp			21		bp
Net charge-off ratio	0.08		%	0.15		%	0.23		%	(7)		bp			(15)		bp
Net charge-offs	$	13		$	24		$	36		$	(11)		(45)	%	$	(23)		(63)	%
Capital Ratio Highlights (current quarter is an estimate)



Common Equity Tier 1	11.2		%	11.2		%	11.4		%	(3)		bp			(20)		bp
Tier 1	12.2			12.2			12.4			(3)					(21)
Total Capital	13.9			13.9			14.0			(2)					(10)
Tier 1 leverage	10.6		%	10.6		%	10.7		%	(1)		bp			(5)		bp

Numbers may not foot due to rounding.

See footnote disclosures on page 21.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect 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 often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other similar 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. While there is no assurance that any list of uncertainties and contingencies is complete, examples of factors which could cause actual results to differ from those contemplated by forward-looking statements or historical performance 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 furnished 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. Any forward-looking statements made by or on behalf of FHN speak only as of the date they are made, and 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. Actual results could differ and expectations could change, possibly materially, because of one or more factors, including those factors listed in this document or the documents mentioned above, and other factors not listed.

Throughout this document, numbers may not foot due to rounding, references to EPS are fully diluted, and capital ratios for the most recent quarter are estimates.

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

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

Conference Call Information

Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on January 16, 2025 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 071092. The conference call will begin at 8:30 a.m. CT.

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

A replay of the call will be available beginning at noon CT on January 16 until midnight CT on January 30, 2025. To listen to the replay, dial 1-866-813-9403 (U.S. callers); the access code is 634828. A replay of the webcast will also be available on our website on January 16 and will be archived on the site for one year.

First Horizon Corp. (NYSE: FHN), with $82.2 billion in assets as of December 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 - Tyler Craft - [email protected]

Media Relations - Beth Ardoin - [email protected]


CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited

																4Q24 Change vs.														2024 vs 2023
($s in millions, except per share data)	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24				4Q23				2024			2023
																$		%		$		%								$		%
Interest income - taxable equivalent1	$	1,071		$	1,123		$	1,097		$	1,076		$	1,090		$	(52)	(5)	%	$	(19)	(2)	%	$	4,367		$	4,115		$	251	6	%
Interest expense- taxable equivalent1	438			491			464			448			469			(54)		(11)		(31)		(7)		1,841			1,560			281		18
Net interest income- taxable equivalent	634			631			633			628			621			2		—		13		2		2,526			2,556			(29)		(1)
Less: Taxable-equivalent adjustment	4			4			4			4			4			—		(5)		—		(6)		16			16			—		(1)
Net interest income	630			627			629			625			617			2		—		13		2		2,511			2,540			(29)		(1)
Noninterest income:
Fixed income	49			47			40			52			37			3		6		12		34		187			133			54		41
Mortgage banking	8			9			10			9			5			(1)		(16)		3		55		35			23			12		51
Brokerage, trust, and insurance	41			39			38			36			36			1		3		4		12		154			139			15		11
Service charges and fees	53			59			58			57			59			(6)		(10)		(6)		(11)		227			233			(6)		(3)
Card and digital banking fees	19			19			20			19			16			—		(2)		3		18		77			77			—		—
Deferred compensation income	1			6			3			9			6			(5)		(78)		(5)		(79)		19			17			1		7
Gain on merger termination	—			—			—			—			—			—		NM		—		NM		—			225			(225)		(100)	%
Securities gains/(losses)	(91)			1			1			—			(5)			(93)		NM		(86)		NM		(89)			(4)			(85)		NM
Other noninterest income	20			20			16			14			28			—		(1)		(9)		(30)		70			84			(14)		(17)
Total noninterest income	99			200			186			194			183			(101)		(51)		(84)		(46)		679			927			(248)		(27)
Total revenue	729			828			815			819			800			(99)		(12)		(71)		(9)		3,190			3,467			(277)		(8)
Noninterest expense:
Personnel expense:
Salaries and benefits	199			199			198			200			190			—		—		9		5		795			757			38		5
Incentives and commissions	76			76			79			92			82			—		(1)		(6)		(8)		323			326			(3)		(1)
Deferred compensation expense	1			6			3			9			7			(5)		(78)		(5)		(79)		20			17			3		15
Total personnel expense	276			282			279			301			279			(6)		(2)		(3)		(1)		1,137			1,100			38		3
Occupancy and equipment2	76			73			72			72			71			3		4		6		8		293			276			17		6
Outside services	72			74			78			65			84			(2)		(3)		(13)		(15)		289			291			(2)		(1)
Amortization of intangible assets	11			11			11			11			12			—		(1)		(1)		(9)		44			47			(4)		(8)
Other noninterest expense	74			71			60			67			127			2		3		(53)		(42)		272			365			(94)		(26)
Total noninterest expense	508			511			500			515			572			(3)		(1)		(64)		(11)		2,035			2,080			(45)		(2)
Pre-provision net revenue3	220			316			315			304			227			(96)		(30)		(7)		(3)		1,155			1,388			(232)		(17)
Provision for credit losses	10			35			55			50			50			(25)		(71)		(40)		(80)		150			260			(110)		(42)
Income before income taxes	210			281			260			254			177			(71)		(25)		33		19		1,005			1,128			(122)		(11)
Provision for income taxes	41			58			56			57			(11)			(17)		(30)		52		NM		211			212			(1)		—
Net income	170			223			204			197			188			(54)		(24)		(18)		(10)		794			915			(122)		(13)
Net income attributable to noncontrolling interest	4			5			5			5			5			—		(10)		(1)		(11)		19			19			—		2
Net income attributable to controlling interest	165			218			199			192			183			(53)		(24)		(18)		(10)		775			897			(122)		(14)
Preferred stock dividends	8			5			15			8			8			3		51		—		—		36			32			4		13
Net income available to common shareholders	$	158		$	213		$	184		$	184		$	175		$	(56)	(26)	%	$	(18)	(10)	%	$	738		$	865		$	(126)	(15)	%
Common Share Data
EPS	$	0.30		$	0.40		$	0.34		$	0.33		$	0.31		$	(0.10)	(25)	%	$	(0.02)	(5)	%	$	1.37		$	1.58		$	(0.21)	(13)	%
Basic shares	528			534			544			555			559			(6)		(1)		(30)		(5)		540			548			(8)		(1)
Diluted EPS	$	0.29		$	0.40		$	0.34		$	0.33		$	0.31		$	(0.11)	(26)		$	(0.02)	(6)		$	1.36		$	1.54		$	(0.18)	(12)
Diluted shares8	534			538			547			558			561			(4)		(1)	%	(27)		(5)	%	544			562			(17)		(3)	%

Effective tax rate	19.3		%	20.6		%	21.5		%	22.5		%	(6.2)		%									21.0		%	18.8		%

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


ADJUSTED4 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 10
Quarterly, Unaudited


																4Q24 Change vs.														2024 vs 2023
($s in millions, except per share data)	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24				4Q23				2024			2023
																$		%		$		%								$		%


Net interest income (FTE)1	$	634		$	631		$	633		$	628		$	621		$	2	—	%	$	13	2	%	$	2,526		$	2,556		$	(29)	(1)	%
Adjusted noninterest income:
Fixed income	49			47			40			52			37			3		6		12		34		187			133			54		41
Mortgage banking	8			9			10			9			5			(1)		(16)		3		55		35			23			12		51
Brokerage, trust, and insurance	41			39			38			36			36			1		3		4		12		154			139			15		11
Service charges and fees	53			59			58			57			59			(6)		(10)		(6)		(11)		227			233			(6)		(3)
Card and digital banking fees	19			19			20			19			16			—		(2)		3		18		77			77			—		—
Deferred compensation income	1			6			3			9			6			(5)		(78)		(5)		(79)		19			17			1		7
Gain on merger termination	—			—			—			—			—			—		NM		—		NM		—			—			—		NM
Securities gains/(losses)	—			1			1			—			1			(1)		(98)	%	(1)		(96)	%	2			2			1		32	%
Adjusted other noninterest income	20			20			16			14			19			—		(1)		1		5		70			75			(5)		(6)
Adjusted total noninterest income	$	190		$	200		$	186		$	194		$	179		$	(10)	(5)	%	$	11	6	%	$	771		$	699		$	72	10	%
Total revenue (FTE)1	$	824		$	832		$	819		$	823		$	800		$	(8)	(1)	%	$	24	3	%	$	3,297		$	3,254		$	43	1	%

Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$	199		$	199		$	198		$	199		$	190		$	—	—	%	$	9	5	%	$	795		$	753		$	42	6	%
Adjusted Incentives and commissions	73			76			78			87			80			(2)		(3)		(6)		(8)		314			278			37		13	%
Deferred compensation expense	1			6			3			9			7			(5)		(78)		(5)		(79)		20			17			3		15	%
Adjusted total personnel expense	274			281			279			295			277			(7)		(3)		(3)		(1)		1,129			1,048			81		8	%
Adjusted occupancy and equipment2	76			73			72			72			71			3		4		6		7		293			276			17		6	%
Adjusted outside services	71			73			75			65			84			(2)		(3)		(13)		(16)		285			284			—		—	%
Amortization of intangible assets	11			11			11			11			12			—		(1)		(1)		(9)		44			47			(4)		(8)	%
Adjusted other noninterest expense	74			59			58			57			59			16		27		16		27		248			229			18		8	%
Adjusted total noninterest expense	$	506		$	497		$	495		$	500		$	502		$	9	2	%	$	4	1	%	$	1,998		$	1,884		$	114	6	%

Adjusted pre-provision net revenue4	$	318		$	335		$	324		$	323		$	298		$	(17)	(5)	%	$	20	7	%	$	1,299		$	1,370		$	(71)	(5)	%

Provision for credit losses	$	10		$	35		$	55		$	50		$	50		$	(25)	(71)	%	$	(40)	(80)	%	$	150		$	260		$	(110)	(42)	%







Adjusted net income available to common shareholders	$	228		$	224		$	195		$	195		$	178		$	4	2	%	$	50	28	%	$	843		$	806		$	37	5	%

Adjusted Common Share Data


Adjusted diluted EPS	$	0.43		$	0.42		$	0.36		$	0.35		$	0.32		$	0.01	2	%	$	0.11	35	%	$	1.55		$	1.43		$	0.12	8	%
Diluted shares8	534			538			547			558			561			(4)		(1)	%	(27)		(5)	%	544			562			(17)		(3)	%

Adjusted effective tax rate	21.0		%	20.8		%	21.5		%	22.5		%	21.7		%									21.4		%	21.8		%
Adjusted ROTCE	13.3		%	13.2		%	12.0		%	11.6		%	11.1		%									12.5		%	13.3		%
Adjusted efficiency ratio	61.4		%	59.9		%	60.5		%	60.8		%	62.8		%									60.6		%	57.9		%

Numbers may not foot due to rounding.

See footnote disclosures on page 21.


NOTABLE ITEMS
Quarterly, Unaudited



(In millions)	4Q24		3Q24		2Q24		1Q24		4Q23		2024		2023
Summary of Notable Items:
Gain on merger termination	$	—	$	—	$	—	$	—	$	—	$	—	$	225
Net merger/acquisition/transaction-related items	—		—		—		—		—		—		(51)
Loss on AFS portfolio restructuring	(91)		—		—		—		—		(91)		—


Gain/(loss) related to equity securities investments (other noninterest income)	—		—		—		—		(6)		—		(6)
Net gain on asset disposition (other noninterest income less incentives)	—		—		—		—		7		—		7
FDIC special assessment (other noninterest expense)	1		2		(2)		(10)		(68)		(9)		(68)
Other notable expenses *	(3)		(17)		(3)		(5)		—		(29)		(75)
Total notable items (pre-tax)	$	(94)	$	(14)	$	(5)	$	(15)	$	(67)	$	(129)	$	33
Tax-related notable items **	$	—	$	—	$	—	$	—	$	48	$	—	$	35
Preferred Stock Dividend ***	$	—	$	—	$	(7)	$	—	$	—	$	(7)	$	—

Numbers may not foot due to rounding

* 4Q24, 3Q24, 2Q24, 1Q24 and 3Q23 include $3 million, $2 million, $3 million, $5 million and $10 million of restructuring expenses; 3Q24 and 2Q23 each include $15 million of Visa derivative valuation expenses and 2Q23 includes a $50 million contribution to First Horizon Foundation.

** 4Q23 and 2023 include a $48 million after-tax benefit primarily from the resolution of IBERIABANK merger-related tax items; 2023 also 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.

*** 2Q24 and 2024 include $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.


IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited



(In millions)	4Q24		3Q24		2Q24		1Q24		4Q23		2024		2023
Impacts of Notable Items:



Noninterest income:






Gain on merger termination	$	—	$	—	$	—	$	—	$	—	$	—	$	(225)
Securities (gains)/losses	91		—		—		—		6		91		6
Other noninterest income	—		—		—		—		(9)		—		(9)
Total noninterest income	$	91	$	—	$	—	$	—	$	(4)	$	91	$	(229)


Noninterest expense:
Personnel expenses:
Salaries and benefits	$	—	$	—	$	—	$	—	$	—	$	—	$	(4)
Incentives and commissions	(2)		—		(1)		(5)		(2)		(8)		(49)

Total personnel expenses	(2)		(1)		(1)		(5)		(2)		(9)		(52)

Outside services	(1)		(1)		(3)		—		—		(5)		(7)

Other noninterest expense	1		(13)		(2)		(10)		(68)		(24)		(136)
Total noninterest expense	$	(2)	$	(14)	$	(5)	$	(15)	$	(70)	$	(37)	$	(196)







Income before income taxes	$	94	$	14	$	5	$	15	$	67	$	129	$	(33)
Provision for income taxes *	23		4		1		3		64		32		26

Preferred stock dividends **	—		—		(7)		—		—		(7)		—
Net income/(loss) available to common shareholders	$	71	$	11	$	11	$	12	$	3	$	105	$	(59)
EPS impact of notable items	$	0.13	$	0.02	$	0.02	$	0.02	$	0.01	$	0.19	$	(0.11)

Numbers may not foot due to rounding.

* 4Q23 and 2023 include a $48 million after-tax benefit primarily from the resolution of IBERIABANK merger-related tax items; 2023 also 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.

** 2Q24 and 2024 include $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.


FINANCIAL RATIOS
Quarterly, Unaudited
																4Q24 Change vs.																2024 vs.2023
	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24					4Q23					2024			2023
FINANCIAL RATIOS																$/bp			%		$/bp			%								$/bp			%
Net interest margin6	3.33		%	3.31		%	3.38		%	3.37		%	3.27		%	2		bp			6		bp			3.35		%	3.42		%	(7)		bp

Return on average assets	0.82		%	1.08		%	1.00		%	0.97		%	0.91		%	(26)					(9)					0.97		%	1.12		%	(15)
Adjusted return on average assets4	1.17		%	1.13		%	1.02		%	1.03		%	0.92		%	4					25					1.09		%	1.05		%	4
Return on average common equity (“ROCE”)	7.38		%	10.10		%	8.98		%	8.76		%	8.60		%	(272)					(122)					8.80		%	11.01		%	(221)

Return on average tangible common equity (“ROTCE”)4	9.17		%	12.60		%	11.29		%	10.95		%	10.89		%	(343)					(172)					10.99		%	14.10		%	(311)
Adjusted ROTCE4	13.27		%	13.24		%	11.99		%	11.65		%	11.05		%	3					222					12.51		%	13.28		%	(77)
Noninterest income as a % of total revenue	23.20		%	24.06		%	22.75		%	23.72		%	23.33		%	(86)					(13)					23.44		%	26.83		%	(339)
Adjusted noninterest income as a % of total revenue4	23.10		%	23.95		%	22.64		%	23.61		%	22.32		%	(85)					78					23.33		%	21.43		%	190
Efficiency ratio	61.98		%	61.89		%	61.44		%	62.92		%	71.14		%	9					(916)					62.06		%	59.91		%	215
Adjusted efficiency ratio4	61.43		%	59.86		%	60.47		%	60.78		%	62.84		%	157					(141)					60.64		%	57.93		%	271
Allowance for credit losses to loans and leases4	1.43		%	1.44		%	1.41		%	1.40		%	1.40		%	(1)					3					1.43		%	1.40		%	3

CAPITAL DATA
CET1 capital ratio*	11.2		%	11.2		%	11.0		%	11.3		%	11.4		%	(3)		bp			(20)		bp			11.2		%	11.4		%	(20)		bp
Tier 1 capital ratio*	12.2		%	12.2		%	12.1		%	12.3		%	12.4		%	(3)		bp			(21)		bp			12.2		%	12.4		%	(21)		bp
Total capital ratio*	13.9		%	13.9		%	13.7		%	13.9		%	14.0		%	(2)		bp			(10)		bp			13.9		%	14.0		%	(10)		bp
Tier 1 leverage ratio*	10.6		%	10.6		%	10.6		%	10.8		%	10.7		%	(1)		bp			(5)		bp			10.6		%	10.7		%	(5)		bp
Risk-weighted assets (“RWA”) (billions)*	$	71.2		$	71.5		$	71.9		$	71.1		$	71.1		$	(0.3)		—	%	$	0.1		—	%	$	71.2		$	71.1		$	0.1		—	%
Total equity to total assets	11.09		%	11.27		%	10.89		%	11.21		%	11.38		%	(18)		bp			(29)		bp			11.09		%	11.38		%	(29)		bp
Tangible common equity/tangible assets (“TCE/TA”)4	8.37		%	8.56		%	8.14		%	8.33		%	8.48		%	(19)		bp			(11)		bp			8.37		%	8.48		%	(11)		bp
Period-end shares outstanding (millions)8	524			532			537			549			559			(8)			(2)	%	(35)			(6)	%	524			559			(35)			(6)	%
Cash dividends declared per common share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15		$	—		—	%	$	—		—	%	$	0.60		$	0.60		$	—		—	%
Book value per common share	$	16.00		$	16.15		$	15.34		$	15.23		$	15.17		$	(0.15)		(1)	%	$	0.84		5	%	$	16.00		$	15.17		$	0.84		5	%
Tangible book value per common share4	$	12.85		$	13.02		$	12.22		$	12.16		$	12.13		$	(0.17)		(1)	%	$	0.72		6	%	$	12.85		$	12.13		$	0.72		6	%


SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	95.40		%	93.80		%	96.89		%	93.93		%	93.18		%	160		bp			222		bp			95.40		%	93.18		%	222		bp
Loans-to-deposit ratio (average balances)	94.44		%	94.19		%	95.49		%	93.54		%	91.53		%	25		bp			291		bp			94.41		%	93.60		%	81		bp
Full-time equivalent associates	7,158			7,186			7,297			7,327			7,277			(28)			—	%	(119)			(2)	%	7,242			7,306			(64)			(1)	%

*Current quarter is an estimate.

See footnote disclosures on page 21.

CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited


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

Loans and leases:
Commercial, financial, and industrial (C&I)	$	33,428	$	33,092	$	33,452	$	32,911	$	32,632	$	336	1	%	$	795	2	%
Commercial real estate	14,421		14,705		14,669		14,426		14,216		(284)		(2)		205		1
Total Commercial	47,849		47,797		48,121		47,337		46,849		52		—		1,000		2
Consumer real estate	14,047		13,961		13,909		13,645		13,650		86		1		397		3
Credit card and other5	670		688		751		771		793		(18)		(3)		(123)		(16)
Total Consumer	14,716		14,648		14,660		14,416		14,443		68		—		274		2
Loans and leases, net of unearned income	62,565		62,445		62,781		61,753		61,292		120		—		1,274		2
Loans held for sale	551		494		471		395		502		57		11		48		10
Investment securities	9,166		9,530		9,221		9,460		9,714		(363)		(4)		(547)		(6)
Trading securities	1,387		1,549		1,249		1,161		1,412		(162)		(10)		(25)		(2)
Interest-bearing deposits with banks	1,538		1,286		1,452		1,885		1,328		252		20		209		16
Federal funds sold and securities purchased under agreements to resell	631		1,008		487		817		719		(376)		(37)		(88)		(12)
Total interest earning assets	75,838		76,311		75,662		75,470		74,967		(473)		(1)		872		1
Cash and due from banks	906		1,028		969		749		1,012		(122)		(12)		(106)		(10)
Goodwill and other intangible assets, net	1,653		1,663		1,674		1,685		1,696		(11)		(1)		(44)		(3)
Premises and equipment, net	574		572		584		586		590		3		—		(16)		(3)
Allowance for loan and lease losses	(815)		(823)		(821)		(787)		(773)		7		1		(42)		(5)
Other assets	3,996		3,883		4,162		4,094		4,169		113		3		(173)		(4)
Total assets	$	82,152	$	82,635	$	82,230	$	81,799	$	81,661	$	(483)	(1)	%	$	491	1	%

Liabilities and Shareholders' Equity:
Deposits:
Savings	$	26,695	$	26,634	$	25,437	$	25,847	$	25,082	$	62	—	%	$	1,613	6	%
Time deposits	6,613		8,326		7,163		6,297		6,804		(1,713)		(21)		(192)		(3)
Other interest-bearing deposits	16,252		15,403		15,845		17,186		16,689		849		6		(437)		(3)
Total interest-bearing deposits	49,560		50,363		48,446		49,331		48,576		(803)		(2)		984		2
Trading liabilities	550		767		423		467		509		(217)		(28)		41		8
Federal funds purchased and securities sold under agreements to repurchase	2,355		1,910		2,572		2,137		2,223		444		23		132		6
Short-term borrowings	1,045		675		1,943		566		326		370		55		719		NM
Term borrowings	1,195		1,202		1,175		1,165		1,150		(7)		(1)		45		4
Total interest-bearing liabilities	54,705		54,918		54,559		53,665		52,783		(213)		—		1,922		4
Noninterest-bearing deposits	16,021		16,212		16,348		16,410		17,204		(191)		(1)		(1,183)		(7)
Other liabilities	2,315		2,189		2,368		2,550		2,383		126		6		(68)		(3)
Total liabilities	73,041		73,318		73,275		72,626		72,370		(278)		—		670		1
Shareholders' Equity:
Preferred stock	426		426		426		520		520		—		—		(94)		(18)
Common stock	328		333		336		343		349		(5)		(1)		(22)		(6)
Capital surplus	4,809		4,947		5,007		5,214		5,351		(138)		(3)		(542)		(10)
Retained earnings	4,382		4,304		4,172		4,072		3,964		77		2		418		11
Accumulated other comprehensive loss, net	(1,128)		(989)		(1,281)		(1,271)		(1,188)		(139)		(14)		60		5
Combined shareholders' equity	8,816		9,021		8,660		8,878		8,996		(205)		(2)		(180)		(2)
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	9,111		9,316		8,955		9,173		9,291		(205)		(2)		(180)		(2)
Total liabilities and shareholders' equity	$	82,152	$	82,635	$	82,230	$	81,799	$	81,661	$	(483)	(1)	%	$	491	1	%
Memo:
Total deposits	$	65,581	$	66,575	$	64,794	$	65,741	$	65,780	$	(994)	(1)	%	$	(199)	—	%
Loans to mortgage companies	$	3,471	$	3,244	$	2,934	$	2,366	$	2,024	$	227	7	%	$	1,446	71	%
Unfunded Loan Commitments:
Commercial	$	17,863	$	18,180	$	18,781	$	19,996	$	21,328	$	(317)	(2)	%	$	(3,465)	(16)	%
Consumer	$	4,203	$	4,281	$	4,334	$	4,383	$	4,401	$	(78)	(2)	%	$	(198)	(5)	%

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

CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly, Unaudited


											4Q24 Change vs.
(In millions)	4Q24		3Q24		2Q24		1Q24		4Q23		3Q24				4Q23				2024		2023		2024 vs 2023
Assets:											$		%		$		%						$		%
Loans and leases:
Commercial, financial, and industrial (C&I)	$	33,107	$	33,074	$	32,909	$	32,389	$	32,520	$	34	—	%	$	587	2	%	$	32,871	$	32,390	$	481	1	%
Commercial real estate	14,601		14,684		14,576		14,367		14,210		(83)		(1)		391		3		14,558		13,785		773		6
Total Commercial	47,709		47,758		47,485		46,756		46,730		(49)		—		978		2		47,429		46,175		1,254		3
Consumer real estate	14,008		13,935		13,783		13,615		13,664		73		1		344		3		13,836		13,179		657		5
Credit card and other5	701		720		761		781		802		(19)		(3)		(101)		(13)		740		814		(74)		(9)
Total Consumer	14,709		14,654		14,544		14,396		14,466		55		—		243		2		14,577		13,994		583		4
Loans and leases, net of unearned income	62,418		62,413		62,029		61,152		61,197		5		—		1,221		2		62,005		60,169		1,837		3
Loans held-for-sale	482		491		462		454		547		(9)		(2)		(64)		(12)		472		664		(192)		(29)
Investment securities	9,295		9,400		9,261		9,590		9,394		(105)		(1)		(99)		(1)		9,386		9,912		(526)		(5)
Trading securities	1,515		1,469		1,367		1,245		1,225		45		3		290		24		1,399		1,179		220		19
Interest-bearing deposits with banks	1,438		1,741		1,449		1,793		2,556		(304)		(17)		(1,118)		(44)		1,605		2,504		(899)		(36)
Federal funds sold and securities purchased under agreements to resell	594		607		676		544		529		(13)		(2)		65		12		605		379		226		60
Total interest earning assets	75,742		76,121		75,243		74,778		75,448		(379)		—		294		—		75,473		74,807		666		1
Cash and due from banks	911		905		904		948		994		6		1		(83)		(8)		917		1,012		(96)		(9)
Goodwill and other intangibles assets, net	1,658		1,669		1,680		1,691		1,702		(11)		(1)		(45)		(3)		1,674		1,720		(46)		(3)
Premises and equipment, net	571		578		585		587		589		(7)		(1)		(18)		(3)		580		596		(16)		(3)
Allowances for loan and lease losses	(821)		(827)		(810)		(789)		(772)		6		1		(49)		(6)		(812)		(740)		(72)		(10)
Other assets	3,889		3,921		4,120		4,028		4,352		(32)		(1)		(462)		(11)		3,989		4,287		(298)		(7)
Total assets	$	81,950	$	82,366	$	81,721	$	81,243	$	82,313	$	(416)	(1)	%	$	(363)	—	%	$	81,822	$	81,683	$	139	—	%

Liabilities and shareholders' equity:
Deposits:
Savings	$	26,836	$	26,062	$	25,462	$	25,390	$	25,799	$	774	3	%	$	1,037	4	%	$	25,941	$	23,547	$	2,393	10	%
Time deposits	7,407		8,167		6,683		6,628		7,372		(760)		(9)		35		—		7,224		6,095		1,129		19
Other interest-bearing deposits	15,726		15,923		16,484		16,735		16,344		(198)		(1)		(618)		(4)		16,215		15,300		915		6
Total interest-bearing deposits	49,969		50,153		48,629		48,753		49,515		(184)		—		454		1		49,379		44,942		4,437		10
Trading liabilities	578		576		605		462		386		2		—		192		50		555		300		255		85
Federal funds purchased and securities sold under agreements to repurchase	2,205		2,132		2,208		2,014		1,982		73		3		222		11		2,140		1,775		365		21
Short-term borrowings	441		884		1,267		537		437		(443)		(50)		4		1		781		2,688		(1,906)		(71)
Term borrowings	1,206		1,188		1,170		1,156		1,156		19		2		50		4		1,180		1,335		(155)		(12)
Total interest-bearing liabilities	54,398		54,931		53,879		52,921		53,475		(533)		(1)		923		2		54,036		51,040		2,996		6
Noninterest-bearing deposits	16,123		16,111		16,332		16,626		17,347		12		—		(1,224)		(7)		16,297		19,341		(3,044)		(16)
Other liabilities	2,213		2,196		2,561		2,445		2,585		17		1		(372)		(14)		2,353		2,397		(44)		(2)
Total liabilities	72,735		73,238		72,772		71,992		73,407		(504)		(1)		(673)		(1)		72,686		72,778		(92)		—
Shareholders' Equity:
Preferred stock	426		426		426		520		520		—		—		(94)		(18)		450		758		(308)		(41)
Common stock	330		334		340		347		349		(4)		(1)		(19)		(5)		338		343		(5)		(2)
Capital surplus	4,881		4,973		5,127		5,301		5,343		(92)		(2)		(462)		(9)		5,070		5,106		(36)		(1)
Retained earnings	4,382		4,254		4,122		4,028		3,935		128		3		446		11		4,197		3,770		427		11
Accumulated other comprehensive loss, net	(1,099)		(1,154)		(1,361)		(1,240)		(1,538)		55		5		439		29		(1,213)		(1,367)		154		11
Combined shareholders' equity	8,920		8,833		8,654		8,956		8,610		87		1		310		4		8,841		8,610		231		3
Noncontrolling interest	295		295		295		295		295		—		—		—		—		295		295		—		—
Total shareholders' equity	9,216		9,128		8,949		9,251		8,905		87		1		310		3		9,136		8,905		231		3
Total liabilities and shareholders' equity	$	81,950	$	82,366	$	81,721	$	81,243	$	82,313	$	(416)	(1)	%	$	(363)	—	%	$	81,822	$	81,683	$	139	—	%
Memo:
Total deposits	$	66,092	$	66,263	$	64,960	$	65,379	$	66,862	$	(171)	—	%	$	(770)	(1)	%	$	65,676	$	64,283	$	1,394	2	%
Loans to mortgage companies	$	3,283	$	2,875	$	2,440	$	1,847	$	1,948	$	408	14	%	$	1,335	69	%	$	2,614	$	2,110	$	503	24	%

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


CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited
																					4Q24 Change vs.																			2024 vs 2023
	4Q24				3Q24				2Q24				1Q24				4Q23				3Q24					4Q23					2024				2023	2023
(In millions, except rates)	Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense					Income/Expense					Income/Expense		Rate			Income/Expense		Rate		Income/Expense
																					$/bp			%		$/bp			%											$			%
Interest earning assets/Interest income:
Loans and leases, net of unearned income:


Commercial	$	771	6.43	%	$	813	6.78	%	$	800	6.78	%	$	782	6.73	%	$	783	6.65	%	$	(42)		(5)	%	$	(12)		(2)	%	$	3,166	6.68	%		$	2,957	6.41	%	$	209		7	%


Consumer	183		4.97		186		5.05		179		4.91		173		4.80		171		4.71		(2)			(1)		12			7		720		4.93			630		4.48		91			14
Loans and leases, net of unearned income	954		6.09		999		6.37		978		6.34		955		6.28		954		6.19		(45)			(4)		—			—		3,886		6.27			3,587		5.96		299			8
Loans held-for-sale	9		7.38		10		7.77		9		7.50		9		7.80		11		8.34		(1)			(7)		(3)			(22)		36		7.61			51		7.71		(15)			(30)
Investment securities	62		2.69		61		2.58		60		2.58		61		2.54		61		2.62		2			3		1			2		244		2.60			250		2.52		(6)			(3)
Trading securities	22		5.74		22		6.05		22		6.30		20		6.48		20		6.63		—			(2)		1			7		86		6.12			78		6.62		8			10
Interest-bearing deposits with banks	17		4.77		24		5.40		20		5.46		24		5.46		35		5.46		(6)			(27)		(18)			(51)		85		5.29			130		5.20		(45)			(35)
Federal funds sold and securities purchased under agreements	7		4.46		8		5.23		9		5.31		7		5.16		7		5.32		(1)			(16)		—			(6)		31		5.05			19		4.93		12			63
Interest income	$	1,071	5.63	%	$	1,123	5.88	%	$	1,097	5.86	%	$	1,076	5.78	%	$	1,089	5.74	%	$	(52)		(5)	%	$	(18)		(2)	%	$	4,367	5.79			$	4,115	5.50		$	251		6	%

Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$	210	3.11	%	$	225	3.43	%	$	208	3.29	%	$	206	3.27	%	$	222	3.42	%	$	(15)		(7)	%	$	(13)		(6)	%	$	849	3.27	%		$	679	2.88	%	$	170		25	%
Time deposits	81		4.35		95		4.63		74		4.45		73		4.42		82		4.42		(14)			(15)		(1)			(1)		323		4.47			236		3.87		87			37
Other interest-bearing deposits	99		2.49		114		2.85		117		2.86		119		2.86		116		2.81		(16)			(14)		(17)			(15)		449		2.77			351		2.30		98			28
Total interest-bearing deposits	389		3.10		434		3.44		399		3.30		398		3.28		420		3.37		(45)			(10)		(31)			(7)		1,620		3.28			1,266		2.82		355			28
Trading liabilities	6		4.01		6		4.13		7		4.46		5		4.31		4		4.59		—			(3)		1			31		23		4.22			13		4.16		11			88
Federal funds purchased and securities sold under agreements to repurchase	21		3.72		23		4.20		24		4.36		21		4.24		22		4.35		(2)			(9)		(1)			(5)		88		4.13			70		3.95		18			26
Short-term borrowings	5		4.75		12		5.52		17		5.48		7		5.43		6		5.41		(7)			(57)		(1)			(12)		42		5.38			140		5.19		(98)			(70)
Term borrowings	17		5.52		17		5.64		17		5.64		17		5.71		17		5.75		—			(1)		—			—		66		5.63			72		5.39		(6)			(8)
Interest expense	438		3.20		491		3.56		464		3.46		448		3.40		469		3.48		(54)			(11)		(31)			(7)		1,841		3.41			1,560		3.06		281			18
Net interest income - tax equivalent basis	634		2.43		631		2.32		633		2.40		628		2.38		621		2.26		2			—		13			2		2,526		2.38			2,556		2.44		(29)			(1)
Fully taxable equivalent adjustment	(4)		0.90		(4)		0.99		(4)		0.98		(4)		0.99		(4)		1.01		—			5		—			6		(16)		0.97			(16)		0.98		—			1
Net interest income	$	630	3.33	%	$	627	3.31	%	$	629	3.38	%	$	625	3.37	%	$	617	3.27	%	$	2		—	%	$	13		2	%	$	2,511	3.35	%		$	2,540	3.42	%	$	(29)		(1)	%

Memo:
Total loan yield			6.09	%			6.37	%			6.34	%			6.28	%			6.19	%	(28)		bp			(10)		bp					6.27	%				5.96	%	31		bp
Total deposit cost			2.34	%			2.61	%			2.47	%			2.45	%			2.49	%	(27)		bp			(15)		bp					2.47	%				1.97	%	50		bp
Total funding cost			2.47	%			2.75	%			2.66	%			2.59	%			2.63	%	(28)		bp			(16)		bp					2.62	%				2.22	%	40		bp
Average loans and leases, net of unearned income	$	62,418			$	62,413			$	62,029			$	61,152			$	61,197			$	5		—	%	$	1,221		2	%	$	62,005				$	60,169			$	1,837		3	%
Average deposits	66,092				66,263				64,960				65,379				66,862				(171)			—	%	(770)			(1)	%	65,676					64,283				1,394			2	%
Average funded liabilities	70,521				71,042				70,210				69,547				70,822				$	(521)		(1)	%	$	(301)		—	%	70,333					70,381				$	(48)		—	%

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

Earning assets yields are expressed net of unearned income.

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

Numbers may not foot due to rounding.

See footnote disclosures on page 21.


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

	As of															4Q24 change vs.
(In millions, except ratio data)	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24				4Q23
																$		%		$		%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$	173		$	190		$	167		$	206		$	184		$	(16)	(9)	%	$	(11)	(6)	%
Commercial real estate	294			259			261			157			136			35		14		158		NM
Consumer real estate	133			128			143			140			139			5		4		(6)		(4)
Credit card and other5	2			1			2			2			2			—		10		(1)		(36)
Total nonperforming loans and leases	$	602		$	578		$	574		$	505		$	462		$	24	4	%	$	140	30	%

Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.52		%	0.57		%	0.50		%	0.63		%	0.57		%
Commercial real estate	2.04			1.76			1.78			1.09			0.96
Consumer real estate	0.95			0.92			1.03			1.02			1.02
Credit card and other5	0.23			0.20			0.25			0.20			0.30
Total nonperforming loans and leases to loans and leases	0.96		%	0.92		%	0.91		%	0.82		%	0.75		%

Numbers may not foot due to rounding.

See footnote disclosures on page 21.


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

	As of										4Q24 change vs.
(In millions)	4Q24		3Q24		2Q24		1Q24		4Q23		3Q24				4Q23
											$		%		$		%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)	$	1	$	1	$	—	$	—	$	1	$	—	18	%	$	—	14	%
Commercial real estate	—		—		—		—		—		—		NM		—		NM
Consumer real estate	19		13		3		6		17		6		47		3		16
Credit card and other5	1		3		2		3		3		(2)		(54)		(2)		(60)
Total loans and leases 90 days or more past due and accruing	$	21	$	17	$	6	$	10	$	21	$	5	29	%	$	1	4	%

Numbers may not foot due to rounding.

See footnote disclosures on page 21.


CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited

	As of															4Q24 change vs.
(In millions, except ratio data)	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24				4Q23
Charge-off, Recoveries and Related Ratios																$		%		$		%
Gross Charge-offs
Commercial, financial, and industrial (C&I) *	$	13		$	12		$	24		$	28		$	31		$	—	1	%	$	(19)	(60)	%
Commercial real estate	9			15			19			12			2			(6)		(39)		7		NM
Consumer real estate	1			1			1			—			1			—		22		(1)		(48)
Credit card and other5	6			5			5			6			6			1		26		—		4
Total gross charge-offs	$	29		$	33		$	49		$	46		$	41		$	(4)	(14)	%	$	(12)	(30)	%
Gross Recoveries
Commercial, financial, and industrial (C&I)	$	(12)		$	(4)		$	(11)		$	(3)		$	(2)		$	(7)	NM		$	(10)	NM
Commercial real estate	—			(1)			—			—			—			1		80		—		65
Consumer real estate	(2)			(3)			(2)			(1)			(2)			—		5		(1)		(51)
Credit card and other5	(1)			(1)			(1)			(2)			(1)			—		16		—		(12)
Total gross recoveries	$	(15)		$	(9)		$	(15)		$	(6)		$	(5)		$	(6)	(70)	%	$	(10)	NM
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I) *	$	1		$	8		$	13		$	25		$	29		$	(7)	(89)	%	$	(28)	(97)	%
Commercial real estate	9			14			19			12			2			(5)		(37)		7		NM
Consumer real estate	(2)			(2)			(1)			(1)			—			—		14		(1)		NM
Credit card and other5	5			3			3			4			5			1		41		—		NM
Total net charge-offs	$	13		$	24		$	34		$	40		$	36		$	(11)	(45)	%	$	(23)	(63)	%

Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I) *	0.01		%	0.10		%	0.16		%	0.31		%	0.36		%
Commercial real estate	0.25			0.39			0.53			0.35			0.06
Consumer real estate	(0.05)			(0.05)			(0.04)			(0.03)			—
Credit card and other5	2.78			1.92			1.79			1.98			2.36
Total loans and leases	0.08		%	0.15		%	0.22		%	0.27		%	0.23		%

Numbers may not foot due to rounding.

See footnote disclosures on page 21.


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

	As of										4Q24 Change vs.
(In millions)	4Q24		3Q24		2Q24		1Q24		4Q23		3Q24				4Q23
Summary of Changes in the Components of the Allowance For Credit Losses											$		%		$		%
Allowance for loan and lease losses - beginning	$	823	$	821	$	787	$	773	$	760	$	2	—	%	$	63	8	%













Charge-offs:
Commercial, financial, and industrial (C&I) *	(13)		(12)		(24)		(28)		(31)		—		(1)		19		60
Commercial real estate	(9)		(15)		(19)		(12)		(2)		6		39		(7)		NM
Consumer real estate	(1)		(1)		(1)		—		(1)		—		(22)		1		48
Credit card and other5	(6)		(5)		(5)		(6)		(6)		(1)		(26)		—		(4)
Total charge-offs	(29)		(33)		(49)		(46)		(41)		4		14		12		30
Recoveries:
Commercial, financial, and industrial (C&I)	12		4		11		3		2		7		NM		10		NM
Commercial real estate	—		1		—		—		—		(1)		(80)		—		(65)
Consumer real estate	2		3		2		1		2		—		(5)		1		51
Credit card and other5	1		1		1		2		1		—		(16)		—		12
Total Recoveries	15		9		15		6		5		6		70		10		NM
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I) *	(5)		15		9		34		33		(20)		NM		(38)		NM
Commercial real estate	18		11		59		21		6		6		56		12		NM
Consumer real estate	(10)		(3)		(1)		(3)		5		(7)		NM		(15)		NM
Credit card and other5	4		2		—		3		5		1		53		(2)		(33)
Total provision for loan and lease losses:	6		26		68		54		49		(20)		(77)		(43)		(88)
Allowance for loan and lease losses - ending	$	815	$	823	$	821	$	787	$	773	$	(7)	(1)	%	$	42	5	%

Reserve for unfunded commitments - beginning	$	75	$	66	$	79	$	83	$	82	$	9	14	%	$	(7)	(9)	%
Cumulative effect of change in accounting principle	—		—		—		—		—		—		NM		—		NM
Acquired reserve for unfunded commitments	—		—		—		—		—		—		NM		—		NM
Provision for unfunded commitments	4		9		(13)		(4)		1		(5)		(56)		3		NM
Reserve for unfunded commitments - ending	$	79	$	75	$	66	$	79	$	83	$	4	5	%	$	(4)	(5)	%
Total allowance for credit losses- ending	$	894	$	897	$	887	$	865	$	856	$	(3)	(1)	%	$	38	4	%

Numbers may not foot due to rounding.

See footnote disclosures on page 21.


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

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

Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	1.03	%	1.06	%	1.03	%	1.06	%	1.04	%
Commercial real estate	1.57	%	1.48	%	1.51	%	1.26	%	1.21	%
Consumer real estate	1.57	%	1.65	%	1.66	%	1.69	%	1.71	%
Credit card and other5	3.28	%	3.39	%	3.26	%	3.57	%	3.63	%
Total allowance for loans and lease losses to loans and leases	1.30	%	1.32	%	1.31	%	1.27	%	1.26	%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	199	%	185	%	205	%	168	%	184	%
Commercial real estate	77	%	84	%	85	%	115	%	126	%
Consumer real estate	167	%	180	%	161	%	165	%	168	%
Credit card and other5	1,438	%	1,672	%	1,295	%	1,766	%	1,202	%
Total allowance for loans and lease losses to nonperforming loans and leases	136	%	142	%	143	%	156	%	167	%

Allowance for credit losses ratios
Total allowance for credit losses to loans and leases4	1.43	%	1.44	%	1.41	%	1.40	%	1.40	%
Total allowance for credit losses to nonperforming loans and leases4	149	%	155	%	155	%	171	%	185	%

See footnote disclosures on page 21.

COMMERCIAL, CONSUMER, AND WEALTH

Quarterly, Unaudited


																4Q24 Change vs.																2024 vs 2023
	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24					4Q23					2024			2023
																$/bp			%		$/bp			%								$/bp			%
Income Statement (millions)
Net interest income	$	632		$	632		$	635		$	644		$	660		$	—		—	%	$	(28)		(4)	%	$	2,543		$	2,694		$	(151)		(6)	%
Noninterest income	116			119			115			110			112			(3)			(2)		4			4		461			448			13			3	%
Total revenue	748			752			750			754			772			(3)			—		(24)			(3)		3,004			3,142			(138)			(4)	%
Noninterest expense	362			352			357			347			359			10			3		2			1		1,418			1,370			48			3	%
Pre-provision net revenue3	387			400			393			407			413			(13)			(3)		(26)			(6)		1,587			1,772			(185)			(10)	%
Provision for credit losses	15			42			56			44			56			(27)			(65)		(41)			(74)		158			261			(103)			(39)	%
Income before income tax expense	372			358			337			363			357			14			4		15			4		1,429			1,512			(82)			(5)	%
Income tax expense	88			85			79			86			84			4			4		4			5		337			357			(19)			(5)	%
Net income	$	284		$	273		$	258		$	277		$	272		$	11		4	%	$	11		4	%	$	1,092		$	1,155		$	(63)		(5)	%

Average Balances (billions)
Total loans and leases	$	56.5		$	56.9		$	56.9		$	56.5		$	56.4		$	(0.4)		(1)	%	$	—		—	%	$	56.7		$	55.2		$	1.5		3	%
Interest-earning assets	56.5			56.9			56.9			56.5			56.4			(0.4)			(1)		—			—		56.7			55.2			1.5			3
Total assets	59.1			59.5			59.7			59.3			59.4			(0.4)			(1)		(0.3)			(1)		59.4			58.1			1.3			2
Total deposits	59.9			59.7			59.5			60.0			61.0			0.2			—		(1.1)			(2)		59.8			59.6			0.1			—

Key Metrics
Net interest margin6	4.47		%	4.45		%	4.51		%	4.60		%	4.66		%	2		bp			(19)		bp			4.51		%	4.91		%	(40)		bp
Efficiency ratio	48.31		%	46.80		%	47.59		%	46.05		%	46.50		%	151		bp			181		bp			47.18		%	43.60		%	358		bp
Loans-to-deposits ratio (period-end balances)	94.14		%	94.41		%	96.62		%	93.69		%	92.35		%	(27)		bp			179		bp			94.14		%	92.35		%	179		bp
Loans-to-deposits ratio (average-end balances)	94.30		%	95.26		%	95.54		%	94.24		%	92.50		%	(96)		bp			180		bp			94.83		%	92.50		%	233		bp
Return on average assets (annualized)	1.91		%	1.83		%	1.74		%	1.88		%	1.82		%	8		bp			9		bp			1.84		%	1.99		%	(15)		bp
Return on allocated equity7	22.23		%	21.48		%	20.69		%	22.40		%	22.09		%	75		bp			14		bp			21.70		%	24.16		%	(246)		bp
Financial center locations	416			416			418			418			418			—					(2)					416			418			(2)

Numbers may not foot to total due to rounding.

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

See footnote disclosures on page 21.

Commercial, Consumer, and Wealth segment: Offers financial products and services, including traditional lending and deposit taking, to commercial and consumer clients primarily in the southern U.S. and other selected markets. Commercial, Consumer & Wealth also consists of lines of business that deliver product offerings and services with niche industry knowledge including asset-based lending, commercial real estate, equipment finance/leasing, energy, international banking, healthcare, and trucking and transportation. Additionally, Commercial, Consumer & Wealth provides investment, wealth management, financial planning, trust and asset management services for consumer clients as well as delivering treasury management solutions, loan syndications, and corporate banking services.

WHOLESALE

Quarterly, Unaudited


																4Q24 Change vs.																2024 vs 2023
	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24					4Q23					2024			2023
																$/bp			%		$/bp			%								$/bp			%
Income Statement (millions)
Net interest income	$	54		$	52		$	46		$	42		$	42		$	2		4	%	$	11		27	%	$	194		$	182		$	11		6	%
Noninterest income	58			57			53			62			53			2			3		5			10		230			174			56			32
Total revenue	112			108			100			104			95			4			3		17			17		424			357			67			19
Noninterest expense	76			75			73			75			72			1			1		4			6		299			277			22			8
Pre-provision net revenue3	36			33			27			29			24			3			10		12			51		125			80			45			56
Provision for credit losses	1			(7)			1			7			2			8			118		(1)			(47)		3			15			(12)			(83)
Income before income tax expense	35			40			26			22			21			(5)			(13)		13			62		122			65			57			88
Income tax expense	8			10			6			5			5			(1)			(13)		3			61		29			16			14			90
Net income	$	26		$	30		$	20		$	17		$	16		$	(4)		(13)	%	$	10		63	%	$	93		$	50		$	43		87	%

Average Balances (billions)
Total loans and leases	$	5.6		$	5.2		$	4.8		$	4.2		$	4.3		$	0.4		8	%	$	1.3		31	%	$	5.0		$	4.5		$	0.4		9	%
Interest-earning assets	8.3			7.8			7.4			6.5			6.6			0.5			6		1.7			26		7.5			6.8			0.7			10
Total assets	9.0			8.5			8.1			7.2			7.4			0.5			5		1.6			21		8.2			7.6			0.6			8
Total deposits	2.0			1.9			1.8			1.8			1.7			0.1			6		0.3			15		1.9			1.7			0.2			12

Key Metrics
Fixed income product average daily revenue (thousands)	$	659		$	593		$	488		$	731		$	463		$	66		11	%	$	196		42	%	$	617		$	387		$	230		59	%
Net interest margin6	2.59		%	2.63		%	2.54		%	2.62		%	2.56		%	(4)		bp			3		bp			2.59		%	2.68		%	(9)		bp
Efficiency ratio	67.84		%	69.70		%	72.81		%	72.15		%	75.05		%	(186)		bp			(721)		bp			70.54		%	77.60		%	(706)		bp
Loans-to-deposits ratio (period-end balances)	311		%	286		%	285		%	267		%	276		%	2,570		bp			3,563		bp			311		%	276		%	3,563		bp
Loans-to-deposits ratio (average-end balances)	285		%	278		%	264		%	231		%	249		%	658		bp			3,557		bp			265		%	273		%	(729)		bp
Return on average assets (annualized)	1.17		%	1.41		%	0.97		%	0.93		%	0.87		%	(24)		bp			30		bp			1.13		%	0.65		%	48		bp
Return on allocated equity7	18.84		%	21.29		%	14.33		%	12.29		%	11.75		%	(245)		bp			709		bp			16.76		%	9.25		%	751		bp

Numbers may not foot to total due to rounding.

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

See footnote disclosures on page 21.

Wholesale segment: Consists of lines of business that deliver product offerings and services with differentiated industry knowledge. Wholesale’s lines of business include mortgage warehouse lending, franchise finance, correspondent banking, and mortgage. Additionally, Wholesale 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


											4Q24 Change vs.												2024 vs 2023
	4Q24		3Q24		2Q24		1Q24		4Q23		3Q24				4Q23				2024		2023
											$		%		$		%						$/bp		%
Income Statement (millions)
Net interest income/(expense)	$	(56)	$	(57)	$	(53)	$	(61)	$	(85)	$	1	1	%	$	29	34	%	$	(226)	$	(337)	$	110	33	%
Noninterest income	(75)		25		17		22		18		(100)		NM		(93)		NM		(11)		306		(317)		(104)
Total revenues	(131)		(32)		(35)		(39)		(68)		(99)		NM		(64)		(94)		(238)		(31)		(207)		NM
Noninterest expense	71		84		70		93		142		(13)		(16)		(71)		(50)		319		433		(114)		(26)
Pre-provision net revenue3	(202)		(116)		(106)		(132)		(210)		(86)		(74)		7		3		(556)		(464)		(92)		(20)
Provision for credit losses	(6)		—		(3)		(1)		(9)		(6)		NM		3		29		(10)		(15)		5		33
Income before income tax expense	(196)		(116)		(103)		(131)		(201)		(80)		(69)		5		2		(546)		(449)		(97)		(22)
Income tax expense (benefit)	(56)		(36)		(29)		(34)		(100)		(20)		(54)		44		44		(156)		(160)		5		3
Net income/(loss)	$	(140)	$	(80)	$	(74)	$	(97)	$	(101)	$	(61)	(76)	%	$	(40)	(40)	%	$	(391)	$	(289)	$	(102)	(35)	%

Average Balance Sheet (billions)
Interest bearing assets	$	11.0	$	11.4	$	11.0	$	11.8	$	12.4	$	(0.5)	(4)	%	$	(1.4)	(12)	%	$	11.3	$	12.8	$	(1.5)	(12)	%
Total assets	13.9		14.3		13.9		14.7		15.5		(0.5)		(3)		(1.6)		(11)		14.2		16.0		(1.8)		(11)	%

Numbers may not foot 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, marketing, properties, technology, credit risk and bank operations are allocated to the activities of Commercial, Consumer & Wealth, Wholesale and Corporate. Additionally, the Corporate segment includes centralized management of capital and funding to support the business activities of the company including management of balance sheet funding, liquidity, and capital management and allocation. The Corporate segment also includes the revenue and expense associated with run-off businesses such as pre-2009 mortgage banking elements, run-off consumer and trust preferred loan portfolios, and other exited businesses.

FOOTNOTES

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

2 Occupancy and Equipment expense includes Computer Software Expense.

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

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

5 Credit card and other includes $174 million of commercial credit card balances at December 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 Share count was impacted by the repurchase of 11 million shares during 1Q24, 14 million shares during 2Q24, 5 million shares in 3Q24, and 8 million shares in 4Q24.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

($s in millions, except per share data)	4Q24			3Q24			2Q24			1Q24			4Q23			2024			2023

Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$	9,111		$	9,316		$	8,955		$	9,173		$	9,291		$	9,111		$	9,291
Less: Noncontrolling interest (a)	295			295			295			295			295			295			295
Less: Preferred stock (a)	426			426			426			520			520			426			520
(B) Total common equity	$	8,389		$	8,595		$	8,234		$	8,358		$	8,476		$	8,389		$	8,476
Less: Intangible assets (GAAP) (b)	1,653			1,663			1,674			1,685			1,696			1,653			1,696
(C) Tangible common equity (Non-GAAP)	$	6,737		$	6,931		$	6,560		$	6,673		$	6,779		$	6,737		$	6,779

Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$	82,152		$	82,635		$	82,230		$	81,799		$	81,661		$	82,152		$	81,661
Less: Intangible assets (GAAP) (b)	1,653			1,663			1,674			1,685			1,696			1,653			1,696
(E) Tangible assets (Non-GAAP)	$	80,499		$	80,971		$	80,556		$	80,114		$	79,965		$	80,499		$	79,965












Period-end Shares Outstanding
(F) Period-end shares outstanding	524			532			537			549			559			524			559

Ratios


(A)/(D) Total equity to total assets (GAAP)	11.09		%	11.27		%	10.89		%	11.21		%	11.38		%	11.09		%	11.38		%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	8.37		%	8.56		%	8.14		%	8.33		%	8.48		%	8.37		%	8.48		%
(B)/(F) Book value per common share (GAAP)	$	16.00		$	16.15		$	15.34		$	15.23		$	15.17		$	16.00		$	15.17
(C)/(F) Tangible book value per common share (Non-GAAP)	$	12.85		$	13.02		$	12.22		$	12.16		$	12.13		$	12.85		$	12.13

(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)		4Q24			3Q24			2Q24			1Q24			4Q23			2024			2023

Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)	a	$	158		$	213		$	184		$	184		$	175		$	738		$	865
Plus Total notable items (after-tax) (Non-GAAP) (a)		$	71		$	11		$	11		$	12		$	3		105			(59)
Adjusted net income available to common shareholders (Non-GAAP)	b	$	228		$	224		$	195		$	196		$	178		$	843		$	806

Diluted Shares (GAAP)8	c	534			538			547			558			561			544			562

Diluted EPS (GAAP)	a/c	$	0.29		$	0.40		$	0.34		$	0.33		$	0.31		$	1.36		$	1.54
Adjusted diluted EPS (Non-GAAP)	b/c	$	0.43		$	0.42		$	0.36		$	0.35		$	0.32		$	1.55		$	1.43

Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)		$	170		$	223		$	204		$	197		$	188		$	794		$	915
Plus Relevant notable items (after-tax) (Non-GAAP) (a)		$	71		$	11		$	4		$	12		$	3		$	97		(59)
Adjusted NI (Non-GAAP)		$	240		$	234		$	208		$	209		$	191		$	891		$	856

NI (annualized) (GAAP)	d	$	675		$	889		$	820		$	791		$	746		$	794		$	915
Adjusted NI (annualized) (Non-GAAP)	e	$	956		$	932		$	836		$	838		$	757		$	891		$	856

Average assets (GAAP)	f	$	81,950		$	82,366		$	81,721		$	81,243		$	82,313		$	81,822		$	81,683

ROA (GAAP)	d/f	0.82		%	1.08		%	1.00		%	0.97		%	0.91		%	0.97		%	1.12		%
Adjusted ROA (Non-GAAP)	e/f	1.17		%	1.13		%	1.02		%	1.03		%	0.92		%	1.09		%	1.05		%

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	$	627		$	849		$	739		$	739		$	695		$	738		$	865
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)	h	$	907		$	892		$	785		$	787		$	706		$	843		$	806

Average Common Equity (GAAP)	i	$	8,494		$	8,407		$	8,228		$	8,436		$	8,090		$	8,391		$	7,852
Intangible Assets (GAAP) (b)		1,658			1,669			1,680			1,691			1,702			1,674			1,720
Average Tangible Common Equity (Non-GAAP)	j	$	6,836		$	6,738		$	6,548		$	6,745		$	6,388		$	6,717		$	6,132
Equity Adjustment (Non-GAAP)		—			—			—			—			—			20			(68)
Adjusted Average Tangible Common Equity (Non-GAAP)	k	$	6,836		$	6,738		$	6,548		$	6,745		$	6,388		$	6,737		$	6,064

ROCE (GAAP)	g/i	7.38		%	10.10		%	8.98		%	8.76		%	8.60		%	8.80		%	11.01		%


ROTCE (Non-GAAP)	g/j	9.17		%	12.60		%	11.29		%	10.95		%	10.89		%	10.99		%	14.10		%
Adjusted ROTCE (Non-GAAP)	h/k	13.27		%	13.24		%	11.99		%	11.65		%	11.05		%	12.51		%	13.28		%

(a) Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 10.

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

Numbers may not foot due to rounding.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

(In millions)		4Q24			3Q24			2Q24			1Q24			4Q23			2024			2023

Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	l	$	99		$	200		$	186		$	194		$	183		$	679		$	927
Plus notable items (pretax) (GAAP) (a)		91			—			—			—			(4)			91			(229)
Adjusted noninterest income (Non-GAAP)	m	$	190		$	200		$	186		$	194		$	179		$	771		$	699

Revenue (GAAP)	n	$	729		$	828		$	815		$	819		$	800		$	3,190		$	3,467
Taxable-equivalent adjustment		4			4			4			4			4			16			16
Revenue- Taxable-equivalent (Non-GAAP)		732			832			819			823			804			3,206			3,483
Plus notable items (pretax) (GAAP) (a)		91			—			—			—			(4)			91			(229)
Adjusted revenue (Non-GAAP)	o	$	824		$	832		$	819		$	823		$	800		$	3,297		$	3,254

Securities gains/(losses) (GAAP)	p	$	(91)		$	1		$	1		$	—		$	(5)		$	(89)		$	(4)

Noninterest income as a % of total revenue (GAAP)	(l-p)/ (n-p)	23.20		%	24.06		%	22.75		%	23.72		%	23.33		%	23.44		%	26.83		%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	m/o	23.10		%	23.95		%	22.64		%	23.61		%	22.32		%	23.33		%	21.43		%

Adjusted Efficiency Ratio
Noninterest expense (GAAP)	q	$	508		$	511		$	500		$	515		$	572		$	2,035		$	2,080
Plus notable items (pretax) (GAAP) (a)		(2)			(14)			(5)			(15)			(70)			(37)			(196)
Adjusted noninterest expense (Non-GAAP)	r	$	506		$	497		$	495		$	500		$	502		$	1,998		$	1,884

Revenue (GAAP)	s	$	729		$	828		$	815		$	819		$	800		$	3,190		$	3,467
Taxable-equivalent adjustment		4			4			4			4			4			16			16
Revenue- Taxable-equivalent (Non-GAAP)		732			832			819			823			804			3,206			3,483
Plus notable items (pretax) (GAAP) (a)		91			—			—			—			(4)			91			(229)
Adjusted revenue (Non-GAAP)	t	$	824		$	832		$	819		$	823		$	800		$	3,297		$	3,254

Securities gains/(losses) (GAAP)	u	$	(91)		$	1		$	1		$	—		$	(5)		$	(89)		$	(4)

Efficiency ratio (GAAP)	q/ (s-u)	61.98		%	61.89		%	61.44		%	62.92		%	71.14		%	62.06		%	59.91		%
Adjusted efficiency ratio (Non-GAAP)	r/t	61.43		%	59.86		%	60.47		%	60.78		%	62.84		%	60.64		%	57.93		%

(a) Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 10.

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

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION

Quarterly, Unaudited

($s in millions)



	Period-end								Average
	4Q24		3Q24		4Q24 vs. 3Q24				4Q24		3Q24		4Q24 vs. 3Q24










Loans excluding LMC
Total Loans (GAAP)	$	62,565	$	62,445	$	120	—	%	$	62,418	$	62,413	$	5	—	%
LMC (GAAP)	3,471		3,244		227		7	%	3,283		2,875		408		14	%
Total Loans excl. LMC (Non-GAAP)	59,095		59,201		(107)		—	%	59,135		59,538		(403)		(1)	%
Total Consumer (GAAP)	14,716		14,648		68		—	%	14,709		14,654		55		—	%
Total Commercial excl. LMC (Non-GAAP)	44,378		44,553		(175)		—	%	44,426		44,883		(457)		(1)	%
Total CRE (GAAP)	14,421		14,705		(284)		(2)	%	14,601		14,684		(83)		(1)	%
Total C&I excl. LMC (Non-GAAP)	$	29,957	$	29,848	$	110	—	%	$	29,825	$	30,199	(374)		(1)	%

Numbers may not foot due to rounding.


																							2024 vs. 2023
		4Q24			3Q24			2Q24			1Q24			4Q23			2024			2023
Allowance for credit losses to loans and leases and Allowance for credit losses to nonperforming loans and leases																							$/bp
Allowance for loan and lease losses (GAAP)	A	$	815		$	823		$	821		$	787		$	773		$	815		$	773		$	42
Reserve for unfunded commitments (GAAP)		79			75			66			79			83			79			83			(4)
Allowance for credit losses (Non-GAAP)	B	$	894		$	897		$	887		$	865		$	856		$	894		$	856		38

Loans and leases (GAAP)	C	$	62,565		$	62,445		$	62,781		$	61,753		$	61,292		$	62,565		$	61,292		$	1,274
Nonaccrual loans and leases (GAAP)	D	$	602		$	578		$	574		$	505		$	462		$	602		$	462		$	140

Allowance for loans and lease losses to loans and leases (GAAP)	A/C	1.30		%	1.32		%	1.31		%	1.27		%	1.26		%	1.30		%	1.26		%	4
Allowance for credit losses to loans and leases (Non-GAAP)	B/C	1.43		%	1.44		%	1.41		%	1.40		%	1.40		%	1.43		%	1.40		%	3

Allowance for loans and lease losses to nonperforming loans and leases (GAAP)	A/D	136		%	142		%	143		%	156		%	167		%	136		%	167		%	(31,392)
Allowance for credit losses to nonperforming loans and leases (Non-GAAP)	B/D	149		%	155		%	155		%	171		%	185		%	149		%	185		%	(36,281)

Numbers may not foot due to rounding.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

($s in millions)

	4Q24		3Q24		2Q24		1Q24		4Q23
Adjusted Pre-provision Net Revenue (PPNR)
Pre-tax income (GAAP)	$	210	$	281	$	260	$	254	$	177
Plus notable items (pretax) (GAAP) (a)	94		14		5		15		67
Adjusted Pre-tax income (non-GAAP)	$	304	$	296	$	265	$	269	$	244
Plus provision expense (GAAP)	10		35		55		50		50
Adjusted Pre-provision net revenue (PPNR) (non-GAAP)	$	314	$	331	$	320	$	319	$	294
Taxable-equivalent adjustment	4		4		4		4		4
Pre-provision net revenue-Taxable-equivalent (Non-GAAP)	$	318	$	335	$	324	$	323	$	298

(a) Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 10.

Numbers may not foot due to rounding.







	4Q24		3Q24		2Q24		1Q24		4Q23		2024		2023
Adjusted personnel expense excluding deferred compensation expense
Personnel expense (GAAP)	$	276	$	282	$	279	$	301	$	279	$	1,137	$	1,100
Plus notable items (pretax) (GAAP) (a)	(2)		(1)		(1)		(5)		(2)		(9)		(52)
Adjusted personnel expense (non-GAAP)	$	274	$	281	$	279	$	295	$	277	$	1,129	$	1,048
Less deferred compensation expense (GAAP)	1		6		3		9		7		20		17
Adjusted personnel expense excluding deferred compensation expense (non-GAAP)	$	272	$	275	$	276	$	286	$	270	$	1,109	$	1,031

(a) Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 10.

Numbers may not foot due to rounding.

GLOSSARY OF TERMS

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

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

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

Key Ratios

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

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

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

Noninterest Income as a Percentage of Total Revenue: Ratio is noninterest income 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

Document 1

EX-99.2 3 a4q2024earningsslides.htm EX-99.2 a4q2024earningsslides

Fourth Quarter 2024 Earnings January 16, 2025

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, provides 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, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect 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 often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other similar 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. While there is no assurance that any list of uncertainties and contingencies is complete, examples of factors which could cause actual results to differ from those contemplated by forward-looking statements or historical performance 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 furnished 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. Any forward-looking statements made by or on behalf of FHN speak only as of the date they are made, and 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. Actual results could differ and expectations could change, possibly materially, because of one or more factors, including those factors listed in this document or the documents mentioned above, and other factors not listed. Throughout this document, numbers may not foot due to rounding, references to EPS are fully diluted, and capital ratios for the most recent quarter are estimates.

3TBVPS and ROTCE are non-GAAP and are reconciled to GAAP measures in the appendix. Pre-provision net revenue (PPNR) is a non-GAAP measure and is reconciled to pre-tax income (GAAP) in the table. $ in millions except per share data Reported Results 4Q24 Change vs. Reported Results 2024 change vs. 2023 4Q24 3Q24 2Q24 1Q24 4Q23 3Q24 4Q23 2024 2023 Net interest income $630 $627 $629 $625 $617 $2 —% $13 2% $2,511 $2,540 ($29) (1%) Fee income 99 200 186 194 183 (101) (51%) (84) (46%) 679 927 (248) (27%) Total revenue 729 828 815 819 800 (99) (12%) (71) (9%) 3,190 3,467 (277) (8%) Expense 508 511 500 515 572 (3) (1%) (64) (11%) 2,035 2,080 (45) (2%) Pre-provision net revenue (PPNR) 220 316 315 304 227 (96) (30%) (7) (3%) 1,155 1,388 (232) (17%) Provision for credit losses 10 35 55 50 50 (25) (71%) (40) (80%) 150 260 (110) (42%) Pre-tax income 210 281 260 254 177 (71) (25%) 33 19% 1,005 1,128 (122) (11%) Income tax expense 41 58 56 57 (11) (17) (30%) 52 NM 211 212 (1) —% Net income 170 223 204 197 188 (54) (24%) (18) (10%) 794 915 (122) (13%) Non-controlling interest 4 5 5 5 5 — (10%) (1) (11%) 19 19 — 2% Preferred dividends 8 5 15 8 8 3 51% — —% 36 32 4 13% Net income available to common shareholders (NIAC) $158 $213 $184 $184 $175 ($56) (26%) ($18) (10%) $738 $865 ($126) (15%) Diluted EPS $0.29 $0.40 $0.34 $0.33 $0.31 ($0.11) (26%) ($0.02) (6%) $1.36 $1.54 ($0.18) (12%) Average diluted shares outstanding 534 538 547 558 561 (4) (1%) (27) (5%) 544 562 (17) (3%) ROCE 7.4% 10.1% 9.0% 8.8% 8.6% (272bps) (122bps) 8.8% 11.0% (221bps) ROTCE 9.2% 12.6% 11.3% 11.0% 10.9% (343bps) (172bps) 11.0% 14.1% (311bps) ROA 0.8% 1.1% 1.0% 1.0% 0.9% (26bps) (9bps) 1.0% 1.1% (15bps) Net interest margin 3.33% 3.31% 3.38% 3.37% 3.27% 2bps 6bps 3.35% 3.42% (7bps) Fee income / total revenue 23.2% 24.1% 22.8% 23.7% 23.3% (86bps) (13bps) 23.4% 26.8% (339bps) Efficiency ratio 62.0% 61.9% 61.4% 62.9% 71.1% 9bps (916bps) 62.1% 59.9% 215bps FTEs (full-time equivalent associates) 7,158 7,186 7,297 7,327 7,277 (28) —% (119) (2%) 7,242 7,306 (64) (1%) CET1 ratio 11.2% 11.2% 11.0% 11.3% 11.4% (3bps) (20bps) 11.2% 11.4% (20bps) Effective tax rate 19.3% 20.6% 21.5% 22.5% (6.2%) (126bps) NM 21.0% 18.8% 221bps Tangible book value per share $12.85 $13.02 $12.22 $12.16 $12.13 ($0.17) (1%) $0.72 6% $12.85 $12.13 $0.72 6% Period end loans $62.6B $62.4B $62.8B $61.8B $61.3B $0.1 —% $1.3 2% $62.6B $61.3B $1.3 2% Period end deposits $65.6B $66.6B $64.8B $65.7B $65.8B ($1.0) (1%) ($0.2) —% $65.6B $65.8B ($0.2) —% Period end loan to deposit ratio 95% 94% 97% 94% 93% 160bps 222bps 95% 93% 222bps 4Q24 & 2024 GAAP financial summary

4 4Q24 and 2024 highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4Q24 adjusted financial results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 4Q24 notable items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 NII and NIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Adjusted fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Adjusted expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Asset quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 2025 outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Strategic focus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Table of Contents

5 CET1 ACL to Loans Ratio TBVPS Change FDIC Insured or Collateralized 11.2% 1.43% +6% YoY 66% Adj. EPS Adj. ROTCE Avg. Deposit Growth Avg. Loan Growth Fee Income Growth $1.55 12.5% +2% +3% +10% Adj. EPS Adj. ROTCE NIM ADR Growth NCO % $0.43 13.3% 3.33% +11% 0.08% ROTCE, TBVPS, ACL/loans ratio, and adjusted financial measures, including measures excluding deferred compensation, are non-GAAP and are reconciled to GAAP measures in the appendix. 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. • Deployed excess capital via $604 million of share repurchases in 2024, while maintaining adequate levels of capital • ACL/loans ratio of 1.43% with net charge-offs down approximately $58 million to $112 million • TBVPS increased $0.72 on strong earnings performance and capital deployment strategies, supporting $0.60 of common dividends in addition to share repurchases • Adjusted pre-tax income of $304 million, up $8 million from 3Q24 • NIM expanded 2 basis points, as successful deposit repricing offset the impact of lower rates on loan yields • Fees excluding deferred comp down $5 million due to service charge declines, partially offset by fixed income production • Expenses excluding deferred comp increased by $14 million, primarily due to charitable foundation contribution 4Q24 Profitability 2024 Highlights Safety & Soundness Profitable 4Q24 performance closes a strong 2024 • Adjusted net income of $891 million, up $35 million from 2023 • Average loans up $1.8 billion from 2023 with broad based growth in C&I, CRE, and consumer real estate • Average deposits up $1.4 billion from 2023 with new clients funds used to pay-off wholesale funding • Fees excluding deferred comp increased $71 million, driven by the counter-cyclical lines of business

6ROTCE, TBVPS, ACL to loans ratio, and adjusted financial measures, including measures excluding deferred compensation, are non-GAAP and are reconciled to GAAP measures in the appendix. Adjusted pre-provision net revenue (PPNR) is a non-GAAP measure and is reconciled to pre-tax income (GAAP) in the appendix. 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. $ in millions, except per share data Adjusted Results 4Q24 Change vs. 4Q24 3Q24 4Q23 3Q24 4Q23 Net interest income (FTE) $634 $631 $621 $2 —% $13 2% Fee income $190 $200 $179 ($10) (5%) $11 6% Total revenue (FTE) $824 $832 $800 ($8) (1%) $24 3% Expense $506 $497 $502 $9 2% $4 1% Pre-provision net revenue $318 $335 $298 ($17) (5%) $20 7% Provision for credit losses $10 $35 $50 ($25) (71%) ($40) (80%) Net charge-offs $13 $24 $36 ($11) (45%) ($23) (63%) Reserve build / (release) ($3) $11 $14 ($14) NM ($17) NM NIAC $228 $224 $178 $4 2% $50 28% Diluted EPS $0.43 $0.42 $0.32 $0.01 2% $0.11 35% Diluted shares 534 538 561 (4) (1%) (27) (5%) ROTCE 13.3% 13.2% 11.1% 3bps 222bps ROA 1.2% 1.1% 0.9% 4bps 25bps Net interest margin (NIM) 3.33% 3.31% 3.27% 2bps 6bps Fee income / total revenue 23.1% 24.0% 22.3% (85bps) 78bps Efficiency ratio 61.4% 59.9% 62.8% 157bps (141bps) CET1 Ratio 11.2% 11.2% 11.4% (3bps) (20bps) TBVPS $12.85 $13.02 $12.13 $(0.17) (1%) $0.72 6% Effective tax rate 21.0% 20.8% 21.7% 21bps (73bps) 4Q24 adjusted financial highlights • 4Q24 adjusted EPS of $0.43 increased $0.01 from 3Q24 • Adjusted ROTCE of 13.3%, increased from 3Q24 • Adjusted NIAC of $228 million, up 2% from 3Q24 • NII up $2 million linked quarter ◦ NIM expanded 2bps driven by a 34bps reduction in interest- bearing deposit costs and pay off of brokered CDs, partially offset by the impact of lower short-term rates on loan yields • Adjusted fee income decreased $5 million excluding deferred compensation, with higher fixed income production offset by changes within service charges and fees • Adjusted expense increased $14 million excluding deferred compensation, driven by a $10 million contribution to First Horizon Foundation • Provision expense of $10 million decreased $25 million from 3Q24, with an ACL to loans ratio of 1.43% and net charge-off ratio of 8bps • Strong earnings resulted in CET1 ratio of 11.2%, supporting $163 million of share repurchases and $69 million of after-tax losses ($91 million pre-tax) related to an opportunistic securities portfolio restructuring

7 4Q24 notable items Notable Items ($ in millions, except EPS) 4Q24 Securities gain/loss ($91) FDIC Special Assessment $1 Restructuring expense ($3) Pre-tax impact of notable items $(94) Tax impact on pre-tax notable items $23 NIAC impact of notable items ($71) EPS impact of notable items ($0.13) Pre-Tax Notable Items • $91 million pre-tax loss associated with an opportunistic restructuring of a portion of the securities portfolio ◦ Sold $1.2 billion of securities with an average yield of 1.9% and reinvested at 5.1% ◦ Estimated earnback timeline of 2.5 years on approximately $35 million of annual net interest income improvement ◦ Reduced effective duration from 3.2 years to 2.5 years on restructured securities • $3 million of restructuring expense, primarily related to implementing operational efficiencies • Expense credit of $1 million associated with a revised assessment rate for FDIC special assessment

8 $621 $628 $633 $631 $634 3.27% 3.37% 3.38% 3.31% 3.33% 4Q23 1Q24 2Q24 3Q24 4Q24 Net interest income ($) and NIM (%) Deposit pricing discipline delivered NIM expansion 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. 1Does not include the impact of interest rate hedges. For more detail on the hedges, see slide 18 in the appendix. • Net interest income increased $2 million and net interest margin expanded 2bps versus 3Q24 ◦ Average interest-bearing deposit costs improved 34bps versus the prior quarter, while loan yields decreased by 28bps ◦ Retained ~95% of ~$18 billion of promotional deposits and CDs repriced in the fourth quarter, while achieving a 97bp reduction in the weighted average rate • 4Q24 securities restructuring expected to result in approximately $35 million of annual net interest income improvement • As of year end 2024, 56%1 of loans are indexed to short-term rates • Fixed rate cash flows over the next year include ~$4 billion of fixed rate loans with a roll-off yield of ~4.6% and $1 billion of securities at a roll-off yield of ~2.5% $ in millions NII Margin 3Q24 $631 3.31% Loan Yields $(45) (0.24)% Customer Deposit Rate Paid $37 0.19% Wholesale Funds $4 0.06% Other $6 0.01% 4Q24 $634 3.33%

9 Period end deposits $65.8B $65.7B $64.8B $66.6B $65.6B $17.2 $16.4 $16.3 $16.2 $16.0 $21.2 $19.2 $18.0 $16.3 $16.0 $18.4 $20.1 $20.3 $22.3 $21.5 $7.5 $9.0 $8.0 $9.2 $10.7 $1.4 $1.0 $2.1 $2.5 $1.4 Noninterest bearing deposits Base rate deposits Promotional deposits & CDs Indexed deposits Brokered CDs 4Q23 1Q24 2Q24 3Q24 4Q24 Repriced deposits while retaining balances and clients • 4Q24 period end deposits of $65.6 billion ◦ Decline of $1 billion versus 3Q24 driven by the pay-off of $1.1 billion of brokered CDs ◦ Mix shift into market indexed deposits reinforces down beta opportunities • 4Q24 average deposits of $66.1 billion were down $0.2 billion versus 3Q24 ◦ Brokered CDs averaged $0.8 billion lower in 4Q24 ◦ Noninterest-bearing balances remained relatively stable from previous quarter • 4Q24 interest-bearing rate paid of 3.10%, down 34bps ◦ Achieved ~56% beta versus 3Q24 ◦ Quarter end interest-bearing deposit spot rate was ~2.80% • Continuing to remain competitive while focusing on deepening relationship with existing clients

10 Period end loans • 4Q24 period end loans of $62.6 billion stable versus 3Q24 ◦ Loans to mortgage companies (LMC) continued to capitalize on market share gains, with balances up $227 million ◦ C&I excluding LMC up $110 million, with growth across multiple industry sectors ◦ CRE balances declined $284 million due to pay downs as clients are able to access the permanent markets • Period end line utilization of 43%1 • Loan yields compressed 28bps to 6.1% driven by lower short- term rates, partially offset by continued repricing of fixed rate cash flows • Asset sensitive profile reflected in loan composition of 56% variable rate, 12% ARM, and 32% fixed rate3 1Utilization rates exclude Loans to Mortgage Companies. 2Credit card & other is $0.8B from 4Q23 to 2Q24 and $0.7B in 3Q24 and 4Q24. 3Does not include the impact of interest rate hedges. For more detail on the hedges, see slide 18 in the appendix. Diversified portfolio across attractive geographic footprint $61.3B $61.8B $62.8B $62.4B $62.6B $30.6B $30.5B $30.5B $29.8B $30.0B $14.2B $14.4B $14.7B $14.7B $14.4B $13.6B $13.6B $13.9B $14.0B $14.0B $2.0B $2.4B $2.9B $3.2B $3.5B C&I ex LMC Commercial real estate (CRE) Consumer real estate LMC Credit card & other 4Q23 1Q24 2Q24 3Q24 4Q24 2

11 • 4Q24 adjusted fee income excluding deferred compensation decreased $5 million from 3Q24 ◦ Fixed income increased $3 million with an average daily revenue (ADR) of $659k, up 11%, driven by the continued momentum from declining short-term interest rates, creating improvement in the shape of the yield curve ◦ Mortgage banking income down $1 million from a seasonal decline in volume ◦ Service charges & fees declined $6 million, primarily due to a full quarter impact of overdraft changes which lowered fee income by $4 million from prior quarter Fixed income improvement provided partial offset to fee declines Adjusted financial measures, including measures excluding deferred compensation, are non-GAAP and are reconciled to GAAP measures in the appendix. 1Fixed Income ADR is based upon Fixed Income trading revenues and excludes other product revenues (e.g. investment advisory, derivatives, loan trading and other service related revenues). $ in millions Adjusted Results 4Q24 Change vs. Adjusted Results 2024 Change vs. 20234Q24 3Q24 2Q24 1Q24 4Q23 3Q24 4Q23 2024 2023 Fixed income $49 $47 $40 $52 $37 $3 6% $12 34% $187 $133 $54 41% Mortgage banking $8 $9 $10 $9 $5 ($1) (16%) $3 55% $35 $23 $12 51% Service charges and fees $53 $59 $58 $57 $59 ($6) (10%) ($6) (11%) $227 $233 ($6) (3%) Brokerage, trust, and insurance $41 $39 $38 $36 $36 $1 3% $4 12% $154 $139 $15 11% Card and digital banking fees $19 $19 $20 $19 $16 $0 (2%) $3 18% $77 $77 $0 —% Deferred compensation income $1 $6 $3 $9 $6 ($5) (78%) ($5) (79%) $19 $17 $1 7% Securities gains/(losses) $0 $1 $1 $0 $1 ($1) (98%) ($1) (96%) $2 $2 $1 32% Other noninterest income $20 $20 $16 $14 $19 $0 (1%) $1 5% $70 $75 ($5) (6%) Total fee income $190 $200 $186 $194 $179 ($10) (5%) $11 6% $771 $699 $72 10% Fee income ex deferred comp $189 $194 $183 $186 $173 ($5) (3%) $16 9% $752 $681 $71 10% Fixed income ADR1 $659k $593k $488k $731k $463k $66k 11% $196k 42% $617k $387k $230k 59%

12 Continued demonstration of expense discipline • 4Q24 adjusted expense, excluding deferred compensation, increased $14 million versus 3Q24, including a $10 million foundation contribution ◦ Personnel expense excluding deferred compensation down $3 million despite increased commissions on higher revenue production, primarily due to annual incentive true-ups ◦ Occupancy and equipment increased by $3 million largely due to software associated with newly implemented strategic investments ◦ Outside services declined by $2 million as advertising expenses associated with prior quarter campaigns shifted to customer incentive expenses ◦ Other noninterest expense increased by $16 million, including the $10 million contribution to the First Horizon Foundation, as well as incremental customer incentives on new checking accounts $ in millions Adjusted Results 4Q24 Change vs. Adjusted Results 2024 Change vs. 20234Q24 3Q24 2Q24 1Q24 4Q23 3Q24 4Q23 2024 2023 Salaries and benefits $199 $199 $198 $199 $190 $0 —% $9 5% $795 $753 $42 6% Incentives and commissions $73 $76 $78 $87 $80 ($2) (3%) ($6) (8%) $314 $278 $37 13% Deferred compensation expense $1 $6 $3 $9 $7 ($5) (78%) ($5) (79%) $20 $17 $3 15% Total personnel expense $274 $281 $279 $295 $277 ($7) (3%) ($3) (1%) $1,129 $1,048 $81 8% Occupancy and equipment1 $76 $73 $72 $72 $71 $3 4% $6 7% $293 $276 $17 6% Outside services $71 $73 $75 $65 $84 ($2) (3%) ($13) (16%) $285 $284 $0 —% Amortization of intangible assets $11 $11 $11 $11 $12 $— (1%) ($1) (9%) $44 $47 ($4) (8%) Other noninterest expense $74 $59 $58 $57 $59 $16 27% $16 27% $248 $229 $18 8% Total noninterest expense $506 $497 $495 $500 $502 $9 2% $4 1% $1,998 $1,884 $114 6% Expense ex deferred comp $505 $491 $492 $491 $495 $14 3% $9 2% $1,978 $1,867 $111 6% Full-time equivalent associates 7,158 7,186 7,297 7,327 7,277 (28) —% (119) (2%) 7,242 7,306 (64) (1%) 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.

13 Non-performing loans (NPLs)Allowance for credit losses (ACL) Net charge-offs FHN NCO%1 Average NCO% of BKX Index2 $36 $40 $34 $24 $13 0.23% 0.27% 0.22% 0.15% 0.08% 0.53% 0.56% 0.57% 0.57% 4Q23 1Q24 2Q24 3Q24 4Q24 FHN NCOs Disciplined lending leads to strong performance across the cycle ACL/ loans ratio is non-GAAP and is reconciled to GAAP measures in the appendix. 1Net charge-off % is annualized and as % of average loans. 2Excludes trust and investment banks. $856 $865 $887 $897 $894 1.40% 1.40% 1.41% 1.44% 1.43% ACL ACL/Loans 4Q23 1Q24 2Q24 3Q24 4Q24 $462 $505 $574 $578 $602 0.75% 0.82% 0.91% 0.92% 0.96% NPLs $ NPLs % 4Q23 1Q24 2Q24 3Q24 4Q24 • 4Q24 net charge-offs of $13 million declined for the third consecutive quarter ◦ Strong NCO ratio of 0.08% ◦ Includes $15 million of recoveries • Provision expense of $10 million in 4Q24 ◦ 4Q24 ACL to loans ratio decreased slightly to 1.43%, the net benefit of slightly more favorable economic outlook • NPL ratio of 96bps up 4bps from 3Q24 ◦ Within the commercial NPL portfolio, more than 60% of loans are current on payments

14 Capital Ratios Common Equity Tier 1 (CET1) Tangible Book Value per Share (TBVPS) 14.0% 13.9% 13.7% 13.9% 13.9% CET1 ratio Tier 1 capital ratio Total capital ratio 4Q23 1Q24 2Q24 3Q24 4Q24 Earnings power supports return of capital to shareholders $13.02 $0.32 $(0.15) $(0.29) $(0.10) $0.05 $12.85 3Q24 Actual NIAC Impact Common Dividends Marks on AFS & Hedges Share Buybacks Other 4Q24 Actual • CET1 ratio flat at 11.2%, slightly above our 2024 target of 11.0% ◦ Continued generation of capital through retained earnings, while supporting customer needs via deployment into the loan portfolio ◦ Restructured a portion of the securities portfolio, utilizing approximately $69 million after-tax or 10bps of excess CET1 capital ◦ Returned $163 million of capital to shareholders through share repurchases in fourth quarter with at an average price of $19.271 ◦ Repurchased 38 million shares of common stock or $604 million in 2024 ◦ There is $871 million of authority remaining under the $1 billion plan approved in October • TBVPS of $12.85 decreased $0.17 versus 3Q24, reflecting capital deployment strategies throughout the quarter and mark-to-market impacts of interest rate environment TBVPS is non-GAAP and is reconciled to GAAP measures in the appendix. 1Represents total costs including commissions paid. Average price paid does not reflect the one percent excise tax charged on public company share repurchases. 2Other includes equity compensation. 3Net of change in intangibles. 3 11.2% 0.32% (0.10)% (0.11)% (0.23)% 0.09% 11.2% 3Q24 Actual Adjusted NIAC Notable Items Common Dividend Share Buybacks Other 4Q24 Estimate 2 11.4% 11.3% 11.0% 11.2% 11.2% 12.2%12.1%12.3%12.4% 12.2% 2

15 Earnings Drivers FY24 Adjusted Baseline FY25 vs FY24 Expectations Comments Adjusted Revenue (excluding deferred comp) $3,279 million Flat - Up 4% Composition of revenue will be driven by the quantity and pace of interest rate cuts. Current outlook assumes 25bps cuts in March, May, and September 2025, as well as modest balance sheet growth. Adjusted Expense (excluding deferred comp) $1,978 million Up 2% - 4% Maintain disciplined expense management. Reflects expected commission increases in fixed income trading business. Net Charge-Offs 0.18% 0.15% - 0.25% Continued credit normalization. Reflects benefit of declining rates. Tax Rate 21.4% 21% - 23% Timing of discrete items impacts quarterly rate. CET1 Ratio 11.2% 10.5% - 11.0% Near term target of 11.0%. Reflects expectations for modest loan growth in addition to opportunistic deployment of excess capital. 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. 2025 outlook reflects earnings growth expectations

16 Strategic capital management to opportunistically deploy excess capital and lower CET1 to 10% - 10.5% range Key steps to achieving 15%+ ROTCE Highly attractive geographic footprint in growth markets with opportunities to drive loan and deposit growth Diversified business model with balance between asset sensitivity and counter-cyclical businesses provides opportunity to deliver outperformance through a variety of economic cycles Disciplined execution of strategy and continuous focus on efficiency and profitability Maintaining prudent credit culture that minimizes losses and maximizes long-term returns

Appendix

18 Actively managing liquidity and interest rate sensitivity Variable 56% Fixed 32% ARMs 12% $62.6B Floors 60% Swaps 40% $5.0B Loan repricing profile Balance sheet hedges Modest interest rate sensitivity1 +100bps +1.3% -100bps -2.0% • Modestly asset-sensitive profile driven by 56% variable rate loan mix • Within the ARM portfolio, only 7% of loans will be in their variable period within the next year • Floors with strike prices between 1.25% and 2.5% and maturities ranging from late 2027 to early 2029 • Receive fixed swaps with fixed rates between 2.6% and 3.0% and maturities in 2027 and 2029 1Estimate as of 12/31/24. change in the next 12 months’ NII for an instantaneous, parallel shock on a static balance sheet Insured 59% Neither 34%7% $65.6B 66% of deposits insured or collateralized Collateralized • Commercial deposits of $36 billion or 55% and consumer deposits of $29 billion or 45% • Attractive lower-cost deposit base with 24% comprised of non-interest bearing products • Contingency funding plan equates to ~150% of uninsured or uncollateralized deposits

19 Track record of strong results supported by stable, diversified business mix • Our diversified business model with a highly attractive geographic footprint provides opportunity to deliver strong performance through a variety of economic cycles • The counter-cyclical businesses (fixed income, loans to mortgage companies, and mortgage) provide a counterbalance to the asset sensitive balance sheet during periods of declining interest rates Adjusted pre-provision net revenue (PPNR) is a non-GAAP measure and is reconciled to pre-tax income (GAAP) in the appendix. Numbers may not foot due to rounding. 12019 and 1H20 are standalone FHN, as the IBKC merger-of-equals did not occur until July 1, 2020. 2Counter-cyclical PPNR includes direct and allocated fees and expenses, as well as net interest income net of funds transfer pricing. $756 $1,084 $1,222 $1,374 $1,370 $1,299 All Other Adjusted PPNR Counter-Cyclicals PPNR Avg Fed Funds Effective Rate 2019 (pre-IBKC) 2020 (IBKC in 2H20) 2021 2022 2023 2024 $— $200 $400 $600 $800 $1,000 $1,200 $1,400 0% 1% 2% 3% 4% 5% 6% 7% 8% $158 / 21% $406 / 37% $347 / 28% $81 / 6% $26 / 2% $108 / 8% $598 / 79% $678 / 63% $875 / 72% $1,267 / 92% $1,344 / 98% $1,218 / 94% PPNR in millions Average Fed Funds Effective 1 1 2

20 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 —% 2.00% 4.00% 6.00% $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 2023 Environment 2024 Environment Up Rate Direction Down Rapid increase in short term rates Decline in short-term rates Extreme (low/high) Market Volatility Moderate Extreme - MOVE index sharply higher MOVE index elevated Flat/Inverted Yield Curve Shape Steep Strongly inverted Slightly inverted Tight Corporate & Mortgage Spreads Wide Wide Wide Lower Depository Liquidity Greater Constrained - exacerbated by QT Constrained, but improving • 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 • In addition to trading revenues, FHN Financial generates ~40 million annually of fee income from other products, including investment advisory, derivatives, loan trading and other service related revenue • 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 $0.5 Early stage of FOMC easing $0.6

21 <$5 $3.3B $5-$10 $2.0B $10-$20 $2.7B $20-$30 $2.4B $30-$40 $2.2B $40-$50 $1.3B >$50 $0.6B CRE by property typeCRE by loan size2 CRE by state3 $3.9B $3.1B $2.5B $5.0B Floating Fixed 2025 2026 2027 2028+ 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. 3Excludes CRE balances totaling $1.4B outside the Southeast and New York footprint. • Disciplined risk management practice and underwriting standards across CRE portfolio • No significant upcoming repricing event, as ~72% of loans are floating and maturities are dispersed over time • Granular portfolio with only 14 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 $ in billions $14.4B 35% 10% 10% 15% 15% 9% 4% 3% Multi-Family Traditional Office Medical Office Retail Industrial Hospitality Other Land + Residential Maturity schedule 82% 79% 71% 58% 18% 21% 29% 42%

22 • Medical office comprises 50% of office exposure • Only 12 projects are 10 stories or taller • Total office portfolio vacancy rate of 11% • Within the traditional office portfolio1: ◦ Average debt service coverage of 1.6x ◦ Average stabilized LTV of 59% $2.8 billion office CRE portfolio $5.1 billion multi-family CRE portfolio1 2.5M 1.4M 1.3M 13.2M 2025 2026 2027 2028+ Multi-Family2 $ in millions 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 Professional CRE line of business , as well as market/investor CRE loans $5+ million in commitments, which encompasses 71% of traditional office CRE commitments and 87% of multi-family CRE commitments. 2Excludes traditional office balances totaling $63 million and multi-family balances totaling $104 million outside of the Southeast and New York footprint. Maps encompass entirety of traditional office and multi-family CRE portfolios. Traditional Office2 $ in millions • Average debt service coverage of 1.2x • Average stabilized LTV of 52% • Average property has 239 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 lease renewals Square feet in millions

23 C&I by state C&I by industry Consumer portfolio by product 81% 14% 5% Real estate installment loans HELOC Credit card and other Granular C&I portfolio and real estate backed consumer portfolio 20% 20% 12% 11% 9% 7% 6% 6% 4% 4% TN All Other FL TX Other Southeastern NC CA LA GA AL 12% 11% 10% 8% 7%7% 7% 5% 5% 4% 25% Real Estate & Leasing Finance & Insurance Mortgage Warehouse Healthcare & Social Assistance Wholesale Trade Manufacturing Accommodation & Food Service Retail Trade Transportation & Warehousing Energy Other 14 Industries • 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. $33.4B $14.7B

24 4Q24 investment portfolio composition1 Steady principal cash flows2 Investment portfolio $0.3B $0.3B $0.3B $0.3B 1Q25 2Q25 3Q25 4Q25 Agency MBS 41% Agency CMBS 26% Agency CMO 17% U.S. Agencies & Treasury 12% States & Municipalities 4% $9.4B $9.6B $9.3B $9.4B $9.3B 2.62% 2.54% 2.58% 2.58% 2.69% Average AFS Securities Average HTM Securities Average Yield 4Q23 1Q24 2Q24 3Q24 4Q24 Investment portfolio prudently managed to support liquidity and IRR • 4Q24 investment portfolio represents ~11% of total assets ◦ Moderate total portfolio effective duration of 4.8 ◦ Low reliance on HTM designation at ~14% of total portfolio ◦ 96% U.S. government or agency-backed by GSEs • 4Q24 total unrealized losses on the AFS and HTM portfolios of $1.2B, increased from 3Q24 levels • $91 million pre-tax loss associated with an opportunistic restructuring of a portion of the securities portfolio ◦ Sold ~$1.2 billion of securities with an average yield of 1.9% and reinvested at 5.1% ◦ Estimated earnback timeline of 2.5 years 1Calculated based on period end market values. 2Estimated as of 12/31/24; includes maturities and projected calls. 4Q23 1Q24 2Q24 3Q24 4Q24 % of total assets 11% 12% 11% 11% 11% Pre-tax unrealized losses ($1.3B) ($1.4B) ($1.4B) ($1.0B) ($1.2B) Effective duration 5.0 5.0 4.9 4.6 4.8 Unencumbered securities / total securities1 30% 27% 25% 38% 29%

25 Notable Items Numbers may not foot due to rounding * 4Q24, 3Q24, 2Q24, 1Q24 and 3Q23 include $3 million, $2 million, $3 million, $5 million and $10 million of restructuring expenses; 3Q24 and 2Q23 each include $15 million of Visa derivative valuation expenses and 2Q23 includes a $50 million contribution to First Horizon Foundation. ** 4Q23 and 2023 include a $48 million after-tax benefit primarily from the resolution of IBERIABANK merger-related tax items; 2023 also 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. *** 2Q24 and 2024 include $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock. $ in millions, except EPS 4Q24 3Q24 2Q24 1Q24 4Q23 2024 2023 Summary of Notable Items: Gain on merger termination $— $— $— $— $— $— $225 Net merger/acquisition/transaction-related items — — — — — — (51) Loss on AFS portfolio restructuring $(91) $— $— $— $— $(91) $— Gain/(loss) related to equity securities investments (other noninterest income) $— $— $— $— $(6) $— $(6) Net gain on asset disposition (other noninterest income less incentives) $— $— $— $— $7 $— $7 FDIC special assessment (other noninterest expense) $1 $2 $(2) $(10) $(68) $(9) $(68) Other notable expenses * $(3) $(17) $(3) $(5) $— $(29) $(75) Total notable items (pre-tax) $(94) $(14) $(5) $(15) $(67) $(129) $33 Tax-related notable items ** $— $— $— $— $48 $— $35 Preferred Stock Dividend *** $— $— $(7) $— $— $(7) $—

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) 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. $s in millions, except per share data Quarterly, Unaudited 4Q24 3Q24 2Q24 1Q24 4Q23 2024 2023 Tangible Common Equity (non-GAAP) (A) Total equity (GAAP) $9,111 $9,316 $8,955 $9,173 $9,291 $9,111 $9,291 Less: Noncontrolling interest (a) 295 295 295 295 295 295 295 Less: Preferred stock (a) 426 426 426 520 520 426 520 (B) Total common equity $8,389 $8,595 $8,234 $8,358 $8,476 $8,389 $8,476 Less: Intangible assets (GAAP) (b) 1,653 1,663 1,674 1,685 1,696 1,653 1,696 (C) Tangible common equity (non-GAAP) $6,737 $6,931 $6,560 $6,673 $6,779 $6,737 $6,779 Tangible Assets (non-GAAP) (D) Total assets (GAAP) $82,152 $82,635 $82,230 $81,799 $81,661 $82,152 $81,661 Less: Intangible assets (GAAP) (b) 1,653 1,663 1,674 1,685 1,696 1,653 1,696 (E) Tangible assets (non-GAAP) $80,499 $80,971 $80,556 $80,114 $79,965 $80,499 $79,965 Period end Shares Outstanding (F) Period end shares outstanding 524 532 537 549 559 524 559 Ratios (A)/(D) Total equity to total assets (GAAP) 11.09% 11.27% 10.89% 11.21% 11.38% 11.09% 11.38% (C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (non-GAAP) 8.37% 8.56% 8.14% 8.33% 8.48% 8.37% 8.48% (B)/(F) Book value per common share (GAAP) $16.00 $16.15 $15.34 $15.23 $15.17 $16.00 $15.17 (C)/(F) Tangible book value per common share (non-GAAP) $12.85 $13.02 $12.22 $12.16 $12.13 $12.85 $12.13

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 4Q24 3Q24 2Q24 1Q24 4Q23 2024 2023 Adjusted Diluted EPS Net income available to common shareholders ("NIAC") (GAAP) a $158 $213 $184 $184 $175 $738 $865 Plus Total notable items (after-tax) (non-GAAP) (a) 71 11 11 12 3 105 (59) Adjusted net income available to common shareholders (non-GAAP) b $228 $224 $195 $196 $178 $843 $806 Diluted Shares (GAAP) c 534 538 547 558 561 544 562 Diluted EPS (GAAP) a/c $0.29 $0.40 $0.34 $0.33 $0.31 $1.36 $1.54 Adjusted diluted EPS (non-GAAP) b/c $0.43 $0.42 $0.36 $0.35 $0.32 $1.55 $1.43 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $170 $223 $204 $197 $188 $794 $915 Plus Relevant notable items (after-tax) (Non-GAAP) (a) $71 $11 $4 $12 $3 $97 $(59) Adjusted NI (Non-GAAP) $240 $234 $208 $209 $191 $891 $856 NI (annualized) (GAAP) d $675 $889 $820 $791 $746 $794 $915 Adjusted NI (annualized) (Non-GAAP) e $956 $932 $836 $838 $757 $891 $856 Average assets (GAAP) f $81,950 $82,366 $81,721 $81,243 $82,313 $81,822 $81,683 ROA (GAAP) d/f 0.82% 1.08% 1.00% 0.97% 0.91% 0.97% 1.12% Adjusted ROA (Non-GAAP) e/f 1.17% 1.13% 1.02% 1.03% 0.92% 1.09% 1.05% Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE NIAC (annualized) (GAAP) g $627 $849 $739 $739 $695 $738 $865 Adjusted NIAC (annualized) (Non-GAAP) h $907 $892 $785 $787 $706 $843 $806 Average Common Equity (GAAP) i $8,494 $8,407 $8,228 $8,436 $8,090 $8,391 $7,852 Intangible Assets (GAAP) (b) $1,658 $1,669 $1,680 $1,691 $1,702 1,674 $1,720 Average Tangible Common Equity (Non-GAAP) j $6,836 $6,738 $6,548 $6,745 $6,388 $6,717 $6,132 Equity Adjustment (Non-GAAP) — — — — — 20 (68) Adjusted Average Tangible Common Equity (Non-GAAP) k $6,836 $6,738 $6,548 $6,745 $6,388 $6,737 $6,064 ROCE (GAAP) g/i 7.38% 10.10% 8.98% 8.76% 8.60% 8.80% 11.01% ROTCE (Non-GAAP) g/j 9.17% 12.60% 11.29% 10.95% 10.89% 10.99% 14.10% Adjusted ROTCE (Non-GAAP) h/k 13.27% 13.24% 11.99% 11.65% 11.05% 12.51% 13.28% (a) 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 4Q24 3Q24 2Q24 1Q24 4Q23 2024 2023 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) l $99 $200 $186 $194 $183 $679 $927 Plus notable items (pretax) (GAAP) (a) $91 $— $— $— $(4) $91 $(229) Adjusted noninterest income (Non-GAAP) m $190 $200 $186 $194 $179 $771 $699 Revenue (GAAP) n $729 $828 $815 $819 $800 $3,190 $3,467 Taxable-equivalent adjustment $4 $4 $4 $4 $4 $16 $16 Revenue- Taxable-equivalent (Non-GAAP) $732 $832 $819 $823 $804 $3,206 $3,483 Plus notable items (pretax) (GAAP) (a) $91 $— $— $— $(4) $91 $(229) Adjusted revenue (Non-GAAP) o $824 $832 $819 $823 $800 $3,297 $3,254 Securities gains/(losses) (GAAP) p $(91) $1 $1 $— $(5) $(89) $(4) Noninterest income as a % of total revenue (GAAP) (l-p)/ (n-p) 23.20% 24.06% 22.75% 23.72% 23.33% 23.44% 26.83% Adjusted noninterest income as a % of total revenue (Non-GAAP) m/o 23.10% 23.95% 22.64% 23.61% 22.32% 23.33% 21.43% Adjusted Efficiency Ratio Noninterest expense (GAAP) q $508 $511 $500 $515 $572 $2,035 $2,080 Plus notable items (pretax) (GAAP) (a) (2) (14) (5) (15) (70) (37) (196) Adjusted noninterest expense (Non-GAAP) r $506 $497 $495 $500 $502 $1,998 $1,884 Revenue (GAAP) s $729 $828 $815 $819 $800 $3,190 $3,467 Taxable-equivalent adjustment 4 4 4 4 4 16 16 Revenue- Taxable-equivalent (Non-GAAP) 732 832 819 823 804 3,206 3,483 Plus notable items (pretax) (GAAP) (a) 91 — — — (4) 91 (229) Adjusted revenue (Non-GAAP) t $824 $832 $819 $823 $800 $3,297 $3,254 Securities gains/(losses) (GAAP) u $(91) $1 $1 $— $(5) $(89) $(4) Efficiency ratio (GAAP) q/(s-u) 61.98% 61.89% 61.44% 62.92% 71.14% 62.06% 59.91% Adjusted efficiency ratio (Non-GAAP) r/t 61.43% 59.86% 60.47% 60.78% 62.84% 60.64% 57.93% (a) Adjusted for notable items as detailed on page 25. 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. $s in millions Period end Average 4Q24 3Q24 4Q24 vs. 3Q24 4Q24 3Q24 4Q24 vs. 3Q24 Loans excluding LMC Total Loans (GAAP) $62,565 $62,445 $120 —% $62,418 $62,413 $5 —% LMC (GAAP) 3,471 3,244 227 7% 3,283 2,875 408 14% Total Loans excl. LMC (non-GAAP) 59,095 59,201 (107) —% 59,135 59,538 (403) (1)% Total Consumer (GAAP) 14,716 14,648 68 —% 14,709 14,654 55 —% Total Commercial excl. LMC (non-GAAP) 44,378 44,553 (175) —% 44,426 44,883 (457) (1)% Total CRE (GAAP) 14,421 14,705 (284) (2)% 14,601 14,684 (83) (1)% Total C&I excl. LMC (non-GAAP) $29,957 $29,848 $110 —% $29,825 $30,199 $(374) (1)% $s in millions Quarterly, Unaudited 2024 vs. 2023 4Q24 3Q24 2Q24 1Q24 4Q23 2024 2023 $/bp 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 $815 $823 $821 $787 $773 $815 $773 $42 Reserve for unfunded commitments (GAAP) 79 75 66 79 83 79 83 (4) Allowance for credit losses (Non-GAAP) B $894 $897 $887 $865 $856 $894 $856 38 Loans and leases (GAAP) C $62,565 $62,445 $62,781 $61,753 $61,292 $62,565 $61,292 $1,274 Nonaccrual loans and leases (GAAP) D $602 $578 $574 $505 $462 $602 $462 $140 Allowance for loans and lease losses to loans and leases (GAAP) A/C 1.30% 1.32% 1.31% 1.27% 1.26% 1.30% 1.26% 4 Allowance for credit losses to loans and leases (Non-GAAP) B/C 1.43% 1.44% 1.41% 1.40% 1.40% 1.43% 1.40% 3 Allowance for loans and lease losses to nonperforming loans and leases (GAAP) A/D 136% 142% 143% 156% 167% 136% 167% (31,392) Allowance for credit losses to nonperforming loans and leases (Non-GAAP) B/D 149% 155% 155% 171% 185% 149% 185% (36,281) Numbers may not foot due to rounding.

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) Adjusted for notable items as detailed on page 25. Numbers may not foot due to rounding. $s in millions Quarterly, Unaudited 4Q24 3Q24 2Q24 1Q24 4Q23 2024 2023 Adjusted noninterest income excluding deferred compensation income Noninterest income (GAAP) $99 $200 $186 $194 $183 $679 $927 Plus notable items (pretax) (GAAP) (a) 91 — — — (4) 91 (229) Adjusted noninterest income (non-GAAP) $190 $200 $186 $194 $179 $771 $699 Less deferred compensation income (GAAP) 1 6 3 9 6 19 17 Adjusted noninterest income excluding deferred compensation income (non-GAAP) $189 $194 $183 $186 $173 $752 $681 Adjusted revenue excluding deferred compensation income Revenue (GAAP) $729 $828 $815 $819 $800 $3,190 $3,467 Taxable-equivalent adjustment $4 $4 $4 $4 $4 $16 $16 Revenue- Taxable-equivalent (non-GAAP) $732 $832 $819 $823 $804 $3,206 $3,483 Plus notable items (pretax) (GAAP) (a) $91 $— $— $— $(4) $91 $(229) Adjusted revenue (non-GAAP) $824 $832 $819 $823 $800 $3,297 $3,254 Less deferred compensation income (GAAP) 1 6 3 9 6 19 17 Adjusted revenue excluding deferred compensation income (non-GAAP) $823 $826 $816 $814 $793 $3,279 $3,237 Adjusted noninterest expense excluding deferred compensation expense Noninterest expense (GAAP) $508 $511 $500 $515 $572 $2,035 $2,080 Plus notable items (pretax) (GAAP) (a) (2) (14) (5) (15) (70) (37) (196) Adjusted noninterest expense (non-GAAP) $506 $497 $495 $500 $502 $1,998 $1,884 Less deferred compensation expense (GAAP) 1 6 3 9 7 20 17 Adjusted noninterest expense excluding deferred compensation expense (non-GAAP) $505 $491 $492 $491 $495 $1,978 $1,867 Adjusted personnel expense excluding deferred compensation expense Personnel expense (GAAP) $276 $282 $279 $301 $279 $1,137 $1,100 Plus notable items (pretax) (GAAP) (a) (2) (1) (1) (5) (2) (9) (52) Adjusted personnel expense (non-GAAP) $274 $281 $279 $295 $277 $1,129 $1,048 Less deferred compensation expense (GAAP) 1 6 3 9 7 20 17 Adjusted personnel expense excluding deferred compensation expense (non-GAAP) $272 $275 $276 $286 $270 $1,109 $1,031

31 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 20242019 2020 2021 2022 2023 Adjusted Pre-provision Net Revenue (PPNR) Pre-tax Income (GAAP) $586 $933 $1,284 $1,159 $1,128 $1,005 Provision Expense (GAAP) 45 503 (310) 95 260 150 Total PPNR (non-GAAP) $631 $1,436 $974 $1,254 $1,388 $1,155 Taxable-equivalent adjustment (9) (11) (12) (13) (16) (16) Notable Items (GAAP) (a) (114) 363 (235) (107) 33 (129) Adjusted PPNR (non-GAAP) $754 $1,084 $1,222 $1,374 $1,370 $1,299 (a) Adjusted for notable items as detailed on page 25. Numbers may not foot due to rounding. Notable items can be found in the appendices of earnings releases in previously furnished 8-K filings related to the periods shown. $s in millions Quarterly, Unaudited 4Q24 3Q24 2Q24 1Q24 4Q23 Adjusted Pre-provision Net Revenue (PPNR) Pre-tax income (GAAP) $ 210 $ 281 $ 260 $ 254 $ 177 Plus notable items (pretax) (GAAP) (a) 94 14 5 15 67 Adjusted Pre-tax income (non-GAAP) $ 304 $ 296 $ 265 $ 269 $ 244 Plus provision expense (GAAP) 10 35 55 50 50 Adjusted Pre-provision net revenue (PPNR) (non-GAAP) $ 314 $ 331 $ 320 $ 319 $ 294 Taxable-equivalent adjustment 4 4 4 4 4 Pre-provision net revenue-Taxable-equivalent (non-GAAP) $ 318 $ 335 $ 324 $ 323 $ 298