Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

FORM 8-K

_____________________________________

CURRENT REPORT

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

July 17, 2024

Date of Report (date of earliest event reported)

(Exact name of registrant as specified in its charter)


TN	001-15185		62-0803242
(State or other jurisdiction of incorporation)	(Commission File Number)		(I.R.S. Employer Identification No.)

165 Madison Avenue	Memphis,	Tennessee	38103
(Address of Principal Executive Offices)			(Zip Code)

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

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

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

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

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

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

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

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


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

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

Emerging growth company ☐

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

ITEM 2.02. Results of Operations and Financial Condition.

ITEM 7.01. Regulation FD Disclosure.

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

Furnished as Exhibit 99.2 is a copy of the Investor Slide Presentation for the quarter ended June 30, 2024, released today.

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

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

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

The non-GAAP measures included in the exhibits furnished by this report are identified in the exhibits, where used and in the reconciliations to GAAP measures. Reconciliations of non-GAAP to GAAP measures and presentation of the most comparable GAAP items are presented near the end (immediately before the Glossary) of Exhibit 99.1-Earnings Release and at the end of Exhibit 99.2-Investor Slide Presentation.

Presentation of regulatory measures, even those which are not GAAP, 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 included in the measures furnished by this report include: common equity tier 1 capital ("CET1"), generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk-weighted assets ("RWA"), which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios.

Forward-Looking Statements

The exhibit furnished by this report contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements pertain to FHN's beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results, or other developments. Forward-looking statements can be identified by the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other expressions that indicate future events and trends. Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic, and competitive uncertainties and contingencies, many of which are beyond FHN’s control, and many of which, with respect to future business decisions and actions (including acquisitions and divestitures), are subject to change and could cause FHN’s actual future results and outcomes to differ materially from those contemplated or implied by forward-looking statements or historical performance. Examples of uncertainties and contingencies include those mentioned: in the exhibit; in the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K; and in the forepart, and in Item 1A of Part II, of FHN’s Quarterly Report(s) on Form 10-Q filed after that Annual Report this year. FHN assumes no obligation to update or revise any forward-looking statements that are made in the exhibits or in any other statement, release, report, or filing from time to time. Throughout the exhibits furnished by this report, numbers may not foot due to rounding, and references to EPS are fully diluted.


FIRST HORIZON CORPORATION			2			FORM 8-K CURRENT REPORT 07/17/2024

ITEM 9.01. Financial Statements and Exhibits.

(d)Exhibits

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


Exhibit #						Description

99.1						First Horizon Corporation Second Quarter 2024 Earnings Release
99.2						First Horizon Corporation Investor Slide Presentation for the quarter ended June 30, 2024
104						Cover Page Interactive Data File, formatted in Inline XBRL


FIRST HORIZON CORPORATION			3			FORM 8-K CURRENT REPORT 07/17/2024

SIGNATURES

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

FIRST HORIZON CORPORATION

(Registrant)

Date:

July 17, 2024

By:

/s/ Hope Dmuchowski

Hope Dmuchowski

Senior Executive Vice President—Chief Financial Officer

(Duly Authorized Officer and Principal Financial Officer)


FIRST HORIZON CORPORATION			4			FORM 8-K CURRENT REPORT 07/17/2024

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

Net Income Available to Common Shareholders of $184 Million or EPS of $0.34;

$195 Million or $0.36 on an Adjusted Basis, up $0.01 from prior quarter*

2Q24 ROTCE of 11.3% and Adjusted ROTCE of 12.0% with Tangible Book Value per Share of $12.22, up $0.06 QoQ*

MEMPHIS, TN (July 17, 2024) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported second quarter net income available to common ("NIAC") shareholders of $184 million or earnings per share of $0.34, compared with first quarter 2024 net income available to common of $184 million or earnings per share of $0.33. Second quarter 2024 results were reduced by a net $11 million after-tax or $0.02 per share of notable items compared with $12 million or $0.02 per share in first quarter 2024. Excluding notable items, adjusted second quarter 2024 NIAC was $195 million or $0.36 per share compared to $195 million or $0.35 per share in first quarter 2024.

“We are pleased to report strong second quarter results. Our banking franchise delivered a solid quarter with net interest income and banking fee growth,” said Chairman, President and Chief Executive Officer Bryan Jordan. “Our balance sheet continues to perform well, which combined with strong earnings, enabled the return of $212 million of capital to shareholders this quarter.”

Jordan continued, “We continue to make significant progress on our strategic investments while identifying operational efficiencies that enhance the client experience and our financial performance. I am proud of the continued progress we have made in strengthening our competitive position and remain confident in our ability to continue to deliver value to our shareholders, associates, clients, and communities.”

Notable Items


Notable Items
Quarterly, Unaudited ($ in millions, except per share data)	2Q24		1Q24		2Q23
Summary of Notable Items:
Gain on merger termination	$	—	$	—	$	225
Net merger/acquisition/transaction-related items	—		—		(30)




FDIC special assessment (other noninterest expense)	(2)		(10)		—
Other notable expenses	(3)		(5)		(65)
Total notable items (pre-tax)	$	(5)	$	(15)	$	130
Total notable items (after-tax)	$	(11)	$	(12)	$	98

Numbers may not foot due to rounding.

Second quarter pre-tax notable items include an FDIC special assessment of $2 million and $3 million of restructuring costs. Second quarter after-tax notable items include $7 million of deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.

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


SUMMARY RESULTS
Quarterly, Unaudited

										2Q24 Change vs.
($s in millions, except per share and balance sheet data)	2Q24			1Q24			2Q23			1Q24					2Q23
										$/bp			%		$/bp			%
Income Statement
Interest income - taxable equivalent1	$	1,097		$	1,076		$	1,019		$	21		2	%	$	78		8	%
Interest expense- taxable equivalent1	464			448			385			16			4		79			21
Net interest income- taxable equivalent	633			628			635			5			1		(2)			—
Less: Taxable-equivalent adjustment	4			4			4			—			10		—			6
Net interest income	629			625			631			4			1		(2)			—
Noninterest income	186			194			400			(8)			(4)		(214)			(54)
Total revenue	815			819			1,031			(4)			(1)		(216)			(21)
Noninterest expense	500			515			555			(15)			(3)		(55)			(10)
Pre-provision net revenue3	315			304			475			11			4		(161)			(34)
Provision for credit losses	55			50			50			5			10		5			10
Income before income taxes	260			254			425			6			2		(166)			(39)
Provision for income taxes	56			57			96			(1)			(2)		(40)			(42)
Net income	204			197			329			7			4		(125)			(38)
Net income attributable to noncontrolling interest	5			5			5			—			1		—			7
Net income attributable to controlling interest	199			192			325			7			4		(126)			(39)
Preferred stock dividends	15			8			8			7			85		7			94
Net income available to common shareholders	$	184		$	184		$	317		$	—		—	%	$	(133)		(42)	%

Adjusted net income4	$	208		$	208		$	231		$	—		—	%	$	(23)		(10)	%
Adjusted net income available to common shareholders4	$	195		$	195		$	219		$	—		—	%	$	(24)		(11)	%
Common stock information
EPS	$	0.34		$	0.33		$	0.56		$	0.01		2	%	$	(0.22)		(39)	%
Adjusted EPS4	$	0.36		$	0.35		$	0.39		$	0.01		2	%	$	(0.03)		(9)	%


Diluted shares8	547			558			561			(11)			(2)	%	(14)			(2)	%
Key performance metrics
Net interest margin6	3.38		%	3.37		%	3.38		%	1		bp			—		bp

Efficiency ratio	61.44			62.92			53.89			(148)					755
Adjusted efficiency ratio4	60.47			60.78			56.92			(31)					355
Effective income tax rate	21.49			22.48			22.63			(99)					(114)
Return on average assets	1.00			0.97			1.60			3					(60)
Adjusted return on average assets4	1.02			1.03			1.13			(1)					(11)
Return on average common equity (“ROCE")	9.0			8.8			16.4			22					(742)

Return on average tangible common equity (“ROTCE”)4	11.3			11.0			21.1			34					(981)
Adjusted ROTCE4	12.0			11.6			14.6			34					(260)
Noninterest income as a % of total revenue	22.75			23.72			38.80			(97)					(1,605)
Adjusted noninterest income as a % of total revenue4	22.64		%	23.61		%	21.60		%	(97)		bp			104		bp
Balance Sheet (billions)
Average loans	$	62.0		$	61.2		$	59.9		$	0.9		1	%	$	2.1		4	%
Average deposits	65.0			65.4			61.4			(0.4)			(1)		3.5			6
Average assets	81.7			81.2			82.3			0.5			1		(0.6)			(1)
Average common equity	$	8.2		$	8.4		$	7.7		$	(0.2)		(2)	%	$	0.5		6	%
Asset Quality Highlights

Allowance for credit losses to loans and leases4	1.41		%	1.40		%	1.35		%	—		bp			7		bp

Nonperforming loan and leases ratio	0.91		%	0.82		%	0.66		%	9		bp			25		bp
Net charge-off ratio	0.22		%	0.27		%	0.16		%	(5)		bp			6		bp
Net Charge-offs	$	34		$	40		$	23		$	(6)		(16)	%	$	11		46	%
Capital Ratio Highlights (current quarter is an estimate)



Common Equity Tier 1	11.0		%	11.3		%	11.1		%	(26)		bp			(3)		bp
Tier 1	12.0			12.3			12.1			(27)					(4)
Total Capital	13.7			13.9			13.6			(26)					9
Tier 1 leverage	10.6		%	10.8		%	10.5		%	(21)		bp			9		bp

Numbers may not foot due to rounding.

See footnote disclosures on page 19.

Second Quarter 2024 versus First Quarter 2024

Net interest income

Net interest income of $629 million increased $4 million and net interest margin of 3.38% increased 1 basis point from the benefit of higher loan volumes and yields, partially offset by continued mix shift within interest-bearing deposits products, higher use of wholesale funds, and lower average noninterest-bearing deposits.

Noninterest income

Noninterest income of $186 million decreased $8 million, with higher traditional banking fees partially offsetting a $12 million decrease in fixed income production, which was driven by a reduction in the market's rate cut expectations and lower portfolio restructuring activity.

Noninterest expense

Noninterest expense of $500 million declined $15 million from the prior quarter. Second quarter notable items included a $2 million FDIC special assessment and $3 million of restructuring costs, which are down from $10 million and $5 million respectively in first quarter 2024. Adjusted noninterest expense of $495 million decreased $5 million as reductions in incentives and deferred compensation were partially offset by increases in outside services expense associated with deposit marketing campaigns and third-party services for strategic investments.

Loans and leases

Average loan and lease balances of $62.0 billion were up $0.9 billion or 1% compared to the prior quarter, while period-end balances of $62.8 billion increased $1.0 billion or 2% from first quarter 2024. The spring home-buying season drove increases in loans to mortgage companies (LMC) and continued fund ups in multi-family within commercial real estate also contributed to the growth. Loan yields of 6.34% improved 6 basis points from wider spreads on new and renewing loans, as well as continued repricing of fixed rate cash flows.

Deposits

Average deposits of $65.0 billion decreased $0.4 billion or 1% from first quarter 2024, largely driven by lower noninterest-bearing deposits, which declined early in the first quarter before stabilizing. Period-end deposits of $64.8 billion decreased $0.9 billion or 1% from the prior quarter, including a $0.7 billion decline in public funds, which was impacted by seasonality. Total deposit costs and interest-bearing deposit costs both increased 2 basis points from the prior quarter to 2.47% and 3.30%, respectively.

Asset quality

Provision expense of $55 million increased $5 million from the previous quarter. Net charge-offs were $34 million or 22 basis points. Nonperforming loans of $574 million increased $69 million, with declines in C&I more than offset by increases in CRE. The ACL to loans ratio of 1.41% increased slightly from 1.40% in first quarter 2024. Modest grade migration continued in the second quarter, but overall credit performance is stable after normalizing from a prolonged benign environment.

Capital

Achieved the near-term CET1 ratio target of 11.0%, down from 11.3% in first quarter 2024 as $212 million of excess capital was returned to shareholders through the share repurchase program. FHN repurchased 13.9 million shares of common stock in second quarter 2024 at a weighted average price of $15.26. Year-to-date, FHN repurchased 25 million shares or $366 million of common stock under the $650 million share repurchase program authorized in 1Q24.

Income taxes

The effective tax rate and the adjusted effective tax rate for second quarter 2024 was 21.5% compared with 22.5% in first quarter 2024.

Forward-Looking Statements

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

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

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

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

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

The non-GAAP measures presented in this earnings release are fully taxable equivalent measures, pre-provision net revenue ("PPNR"), return on average tangible common equity (“ROTCE”), tangible common equity (“TCE”) to tangible assets (“TA”), tangible book value ("TBV") per common share, and various consolidated and segment results and performance measures and ratios adjusted for notable items.

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

Refer to the tabular reconciliation of non-GAAP to GAAP measures and presentation of the most comparable GAAP items, beginning on page 20.

Conference Call Information

Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on July 17, 2024 by dialing 1-833-470-1428 (if calling from the U.S.) or 404-975-4839 (if calling from outside the U.S) and entering access code 463278. 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 July 17 until midnight CT on July 31, 2024. To listen to the replay, dial 1-866-813-9403 (U.S. callers); the access code is 610953. A replay of the webcast will also be available on our website on July 17 and will be archived on the site for one year.

First Horizon Corp. (NYSE: FHN), with $82.2 billion in assets as of June 30, 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 - Natalie.Flanders@firsthorizon.com

Media Relations - Beth.Ardoin@firsthorizon.com


CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited

																2Q24 Change vs.
($s in millions, except per share data)	2Q24			1Q24			4Q23			3Q23			2Q23			1Q24				2Q23
																$		%		$		%
Interest income - taxable equivalent1	$	1,097		$	1,076		$	1,090		$	1,084		$	1,019		$	21	2	%	$	78	8	%
Interest expense- taxable equivalent1	464			448			469			475			385			16		4		79		21
Net interest income- taxable equivalent	633			628			621			609			635			5		1		(2)		—
Less: Taxable-equivalent adjustment	4			4			4			4			4			—		10		—		6
Net interest income	629			625			617			605			631			4		1		(2)		—
Noninterest income:
Fixed income	40			52			37			28			30			(12)		(23)		10		34
Mortgage banking	10			9			5			7			6			2		19		4		66
Brokerage, trust, and insurance	38			36			36			34			35			2		6		3		10
Service charges and fees	58			57			59			60			59			1		2		(1)		—
Card and digital banking fees	20			19			16			20			21			1		7		(1)		(5)
Deferred compensation income	3			9			6			—			8			(6)		(66)		(5)		(63)
Gain on merger termination	—			—			—			—			225			—		NM		(225)		(100)
Other noninterest income	17			14			23			25			17			3		18		(1)		(3)
Total noninterest income	186			194			183			173			400			(8)		(4)		(214)		(54)
Total revenue	815			819			800			778			1,031			(4)		(1)		(216)		(21)
Noninterest expense:
Personnel expense:
Salaries and benefits	198			200			190			188			191			(2)		(1)		7		4
Incentives and commissions	79			92			82			77			86			(13)		(14)		(8)		(9)
Deferred compensation expense	3			9			7			—			8			(6)		(67)		(5)		(62)
Total personnel expense	279			301			279			266			285			(21)		(7)		(5)		(2)
Occupancy and equipment2	72			72			71			67			68			—		—		4		5
Outside services	78			65			84			69			71			13		19		7		10
Amortization of intangible assets	11			11			12			12			12			—		—		(1)		(8)
Other noninterest expense	60			67			127			60			119			(6)		(10)		(59)		(50)
Total noninterest expense	500			515			572			474			555			(15)		(3)		(55)		(10)
Pre-provision net revenue3	315			304			227			304			475			11		4		(161)		(34)
Provision for credit losses	55			50			50			110			50			5		10		5		10
Income before income taxes	260			254			177			194			425			6		2		(166)		(39)
Provision for income taxes	56			57			(11)			52			96			(1)		(2)		(40)		(42)
Net income	204			197			188			142			329			7		4		(125)		(38)
Net income attributable to noncontrolling interest	5			5			5			5			5			—		1		—		7
Net income attributable to controlling interest	199			192			183			137			325			7		4		(126)		(39)
Preferred stock dividends	15			8			8			8			8			7		85		7		94
Net income available to common shareholders	$	184		$	184		$	175		$	129		$	317		$	—	—	%	$	(133)	(42)	%
Common Share Data
EPS	$	0.34		$	0.33		$	0.31		$	0.23		$	0.59		$	0.01	2	%	$	(0.25)	(42)	%
Basic shares	544			555			559			559			539			(11)		(2)		5		1
Diluted EPS	$	0.34		$	0.33		$	0.31		$	0.23		$	0.56		$	0.01	2		$	(0.22)	(39)
Diluted shares8	547			558			561			561			561			(11)		(2)	%	(14)		(2)	%

Effective tax rate	21.5		%	22.5		%	(6.2)		%	26.7		%	22.6		%

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


ADJUSTED4 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 8
Quarterly, Unaudited


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


Net interest income (FTE)1	$	633		$	628		$	621		$	609		$	635		$	5	1	%	$	(2)	—	%
Adjusted noninterest income:
Fixed income	40			52			37			28			30			(12)		(23)		10		34
Mortgage banking	10			9			5			7			6			2		19		4		66
Brokerage, trust, and insurance	38			36			36			34			35			2		6		3		10
Service charges and fees	58			57			59			60			59			1		2		(1)		—
Card and digital banking fees	20			19			16			20			21			1		7		(1)		(5)
Deferred compensation income	3			9			6			—			8			(6)		(66)		(5)		(63)
Gain on merger termination	—			—			—			—			—			—		NM		—		NM
Adjusted other noninterest income	17			14			20			25			17			3		18		(1)		(3)
Adjusted total noninterest income	$	186		$	194		$	179		$	173		$	175		$	(8)	(4)	%	$	11	6	%
Total revenue (FTE)1	$	819		$	823		$	800		$	782		$	810		$	(4)	—	%	$	9	1	%

Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$	198		$	199		$	190		$	188		$	187		$	(1)	(1)	%	$	11	6	%
Adjusted Incentives and commissions	78			87			80			68			65			(9)		(10)		13		20
Deferred compensation expense	3			9			7			—			8			(6)		(67)		(5)		(62)
Adjusted total personnel expense	279			295			277			256			260			(16)		(5)		19		7
Adjusted occupancy and equipment2	72			72			71			67			68			—		—		4		5
Outside services	75			65			84			69			68			10		15		7		10
Amortization of intangible assets	11			11			12			12			12			—		—		(1)		(8)
Adjusted other noninterest expense	58			57			59			60			53			1		2		5		9
Adjusted total noninterest expense	$	495		$	500		$	502		$	465		$	461		$	(5)	(1)	%	$	34	7	%

Adjusted pre-provision net revenue4	$	324		$	323		$	298		$	318		$	349		$	1	—	%	$	(25)	(7)	%

Provision for credit losses	$	55		$	50		$	50		$	110		$	50		$	5	10	%	$	5	10	%







Adjusted net income available to common shareholders	$	195		$	195		$	178		$	150		$	219		$	—	—	%	$	(24)	(11)	%

Adjusted Common Share Data


Adjusted diluted EPS	$	0.36		$	0.35		$	0.32		$	0.27		$	0.39		$	0.01	2	%	$	(0.03)	(9)	%
Diluted shares8	547			558			561			561			561			(11)		(2)	%	(14)		(2)	%

Adjusted effective tax rate	21.5		%	22.5		%	21.7		%	20.1		%	21.6		%
Adjusted ROTCE	12.0		%	11.6		%	11.1		%	9.2		%	14.6		%
Adjusted efficiency ratio	60.5		%	60.8		%	62.8		%	59.4		%	56.9		%

Numbers may not foot due to rounding.

See footnote disclosures on page 19.


NOTABLE ITEMS
Quarterly, Unaudited



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


Gain/(loss) related to equity securities investments (other noninterest income)	—		—		(6)		—		—
Net gain on asset disposition (other noninterest income less incentives)	—		—		7		—		—
FDIC special assessment (other noninterest expense)	(2)		(10)		(68)		—		—
Other notable expenses *	(3)		(5)		—		(10)		(65)
Total notable items (pre-tax)	$	(5)	$	(15)	$	(67)	$	(10)	$	130
Tax-related notable items **	$	—	$	—	$	48	$	(13)	$	—
Preferred Stock Dividend ***	$	(7)	$	—	$	—	$	—	$	—

Numbers may not foot due to rounding

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

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

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



Noninterest income:






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


Noninterest expense:
Personnel expenses:
Salaries and benefits	$	—	$	—	$	—	$	—	$	(4)
Incentives and commissions	(1)		(5)		(2)		(9)		(21)

Total personnel expenses	(1)		(5)		(2)		(10)		(25)

Outside services	(3)		—		—		—		(4)

Other noninterest expense	(2)		(10)		(68)		—		(66)
Total noninterest expense	$	(5)	$	(15)	$	(70)	$	(10)	$	(95)







Income before income taxes	$	5	$	15	$	67	$	10	$	(130)
Provision for income taxes *	1		3		64		(11)		(33)

Preferred stock dividends **	(7)		—		—		—		—
Net income/(loss) available to common shareholders	$	11	$	12	$	3	$	20	$	(98)
EPS impact of notable items	$	0.02	$	0.02	$	0.01	$	0.04	$	(0.17)

Numbers may not foot due to rounding

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

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


FINANCIAL RATIOS
Quarterly, Unaudited
																2Q24 Change vs.
	2Q24			1Q24			4Q23			3Q23			2Q23			1Q24					2Q23
FINANCIAL RATIOS																$/bp			%		$/bp			%
Net interest margin6	3.38		%	3.37		%	3.27		%	3.17		%	3.38		%	1		bp			—		bp

Return on average assets	1.00		%	0.97		%	0.91		%	0.68		%	1.60		%	3					(60)
Adjusted return on average assets4	1.02		%	1.03		%	0.92		%	0.78		%	1.13		%	(1)					(11)
Return on average common equity (“ROCE”)	8.98		%	8.76		%	8.60		%	6.28		%	16.40		%	22					(742)

Return on average tangible common equity (“ROTCE”)4	11.29		%	10.95		%	10.89		%	7.95		%	21.10		%	34					(981)
Adjusted ROTCE4	11.99		%	11.65		%	11.05		%	9.21		%	14.59		%	34					(260)
Noninterest income as a % of total revenue	22.75		%	23.72		%	23.33		%	22.23		%	38.80		%	(97)					(1,605)
Adjusted noninterest income as a % of total revenue4	22.64		%	23.61		%	22.32		%	22.11		%	21.60		%	(97)					104
Efficiency ratio	61.44		%	62.92		%	71.14		%	60.96		%	53.89		%	(148)					755
Adjusted efficiency ratio4	60.47		%	60.78		%	62.84		%	59.43		%	56.92		%	(31)					355
Allowance for credit losses to loans and leases4	1.41		%	1.40		%	1.40		%	1.36		%	1.35		%	1					6

CAPITAL DATA
CET1 capital ratio*	11.0		%	11.3		%	11.4		%	11.1		%	11.1		%	(26)		bp			(3)		bp
Tier 1 capital ratio*	12.0		%	12.3		%	12.4		%	12.1		%	12.1		%	(27)		bp			(4)		bp
Total capital ratio*	13.7		%	13.9		%	14.0		%	13.6		%	13.6		%	(26)		bp			9		bp
Tier 1 leverage ratio*	10.6		%	10.8		%	10.7		%	10.5		%	10.5		%	(21)		bp			9		bp
Risk-weighted assets (“RWA”) (billions)*	$	71.9		$	71.1		$	71.1		$	71.9		$	71.5		$	0.8		1	%	$	0.4		1	%
Total equity to total assets	10.89		%	11.21		%	11.38		%	10.65		%	10.53		%	(32)		bp			36		bp
Tangible common equity/tangible assets (“TCE/TA”)4	8.14		%	8.33		%	8.48		%	7.76		%	7.71		%	(19)		bp			44		bp
Period-end shares outstanding (millions)8	537			549			559			559			559			(12)			(2)	%	(22)			(4)	%
Cash dividends declared per common share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15		$	—		—	%	$	—		—	%
Book value per common share	$	15.34		$	15.23		$	15.17		$	14.28		$	14.58		$	0.11		1	%	$	0.76		5	%
Tangible book value per common share4	$	12.22		$	12.16		$	12.13		$	11.22		$	11.50		$	0.06		—	%	$	0.72		6	%


SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	96.89		%	93.93		%	93.18		%	92.18		%	93.68		%	296		bp			321		bp
Loans-to-deposit ratio (average balances)	95.49		%	93.54		%	91.53		%	92.35		%	97.52		%	195		bp			(203)		bp
Full-time equivalent associates	7,297			7,327			7,277			7,340			7,327			(30)			—	%	(30)			—	%

*Current quarter is an estimate.

See footnote disclosures on page 19.

CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited


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

Loans and leases:
Commercial, financial, and industrial (C&I)	$	33,452	$	32,911	$	32,632	$	33,163	$	33,116	$	542	2	%	$	337	1	%
Commercial real estate	14,669		14,426		14,216		14,121		13,891		242		2		778		6
Total Commercial	48,121		47,337		46,849		47,283		47,006		784		2		1,115		2
Consumer real estate	13,909		13,645		13,650		13,685		13,475		264		2		434		3
Credit card and other5	751		771		793		809		813		(20)		(3)		(63)		(8)
Total Consumer	14,660		14,416		14,443		14,494		14,289		244		2		371		3
Loans and leases, net of unearned income	62,781		61,753		61,292		61,778		61,295		1,028		2		1,486		2
Loans held for sale	471		395		502		613		789		76		19		(319)		(40)
Investment securities	9,221		9,460		9,714		9,435		9,949		(238)		(3)		(728)		(7)
Trading securities	1,249		1,161		1,412		1,231		1,059		88		8		191		18
Interest-bearing deposits with banks	1,452		1,885		1,328		1,917		4,523		(432)		(23)		(3,071)		(68)
Federal funds sold and securities purchased under agreements to resell	487		817		719		416		282		(330)		(40)		205		73
Total interest earning assets	75,662		75,470		74,967		75,389		77,898		191		—		(2,236)		(3)
Cash and due from banks	969		749		1,012		1,022		1,137		219		29		(168)		(15)
Goodwill and other intangible assets, net	1,674		1,685		1,696		1,709		1,720		(11)		(1)		(46)		(3)
Premises and equipment, net	584		586		590		590		595		(3)		—		(11)		(2)
Allowance for loan and lease losses	(821)		(787)		(773)		(760)		(737)		(34)		(4)		(84)		(11)
Other assets	4,162		4,094		4,169		4,584		4,458		68		2		(296)		(7)
Total assets	$	82,230	$	81,799	$	81,661	$	82,533	$	85,071	$	431	1	%	$	(2,841)	(3)	%

Liabilities and Shareholders' Equity:
Deposits:
Savings	$	25,437	$	25,847	$	25,082	$	25,590	$	23,733	$	(410)	(2)	%	$	1,704	7	%
Time deposits	7,163		6,297		6,804		7,783		8,279		866		14		(1,116)		(13)
Other interest-bearing deposits	15,845		17,186		16,689		15,817		14,620		(1,341)		(8)		1,226		8
Total interest-bearing deposits	48,446		49,331		48,576		49,190		46,632		(885)		(2)		1,814		4
Trading liabilities	423		467		509		366		174		(44)		(9)		248		NM
Federal funds purchased and securities sold under agreements to repurchase	2,572		2,137		2,223		2,015		2,169		435		20		403		19
Short-term borrowings	1,943		566		326		492		4,777		1,377		NM		(2,834)		(59)
Term borrowings	1,175		1,165		1,150		1,157		1,156		10		1		19		2
Total interest-bearing liabilities	54,559		53,665		52,783		53,220		54,908		893		2		(350)		(1)
Noninterest-bearing deposits	16,348		16,410		17,204		17,825		18,801		(62)		—		(2,453)		(13)
Other liabilities	2,368		2,550		2,383		2,694		2,403		(182)		(7)		(34)		(1)
Total liabilities	73,275		72,626		72,370		73,740		76,112		649		1		(2,837)		(4)
Shareholders' Equity:
Preferred stock	426		520		520		520		520		(94)		(18)		(94)		(18)
Common stock	336		343		349		349		349		(7)		(2)		(14)		(4)
Capital surplus	5,007		5,214		5,351		5,337		5,324		(207)		(4)		(317)		(6)
Retained earnings	4,172		4,072		3,964		3,874		3,830		101		2		342		9
Accumulated other comprehensive loss, net	(1,281)		(1,271)		(1,188)		(1,582)		(1,359)		(10)		(1)		78		6
Combined shareholders' equity	8,660		8,878		8,996		8,498		8,664		(218)		(2)		(4)		—
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	8,955		9,173		9,291		8,794		8,960		(218)		(2)		(4)		—
Total liabilities and shareholders' equity	$	82,230	$	81,799	$	81,661	$	82,533	$	85,071	$	431	1	%	$	(2,841)	(3)	%
Memo:
Total deposits	$	64,794	$	65,741	$	65,780	$	67,015	$	65,433	$	(947)	(1)	%	$	(639)	(1)	%
Loans to mortgage companies	$	2,934	$	2,366	$	2,024	$	2,237	$	2,691	$	568	24	%	$	243	9	%
Unfunded Loan Commitments:
Commercial	$	18,781	$	19,996	$	21,328	$	22,063	$	22,134	$	(1,215)	(6)	%	$	(3,353)	(15)	%
Consumer	$	4,334	$	4,383	$	4,401	$	4,432	$	4,400	$	(49)	(1)	%	$	(66)	(2)	%

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

CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly, Unaudited


											2Q24 Change vs.
(In millions)	2Q24		1Q24		4Q23		3Q23		2Q23		1Q24				2Q23
Assets:											$		%		$		%
Loans and leases:
Commercial, financial, and industrial (C&I)	$	32,909	$	32,389	$	32,520	$	33,042	$	32,423	$	519	2	%	$	485	1	%
Commercial real estate	14,576		14,367		14,210		13,999		13,628		209		1		949		7
Total Commercial	47,485		46,756		46,730		47,041		46,051		728		2		1,434		3
Consumer real estate	13,783		13,615		13,664		13,575		13,058		168		1		725		6
Credit card and other5	761		781		802		816		815		(20)		(3)		(54)		(7)
Total Consumer	14,544		14,396		14,466		14,391		13,873		148		1		671		5
Loans and leases, net of unearned income	62,029		61,152		61,197		61,432		59,924		876		1		2,105		4
Loans held-for-sale	462		454		547		782		731		8		2		(269)		(37)
Investment securities	9,261		9,590		9,394		9,811		10,192		(329)		(3)		(931)		(9)
Trading securities	1,367		1,245		1,225		1,099		1,110		122		10		257		23
Interest-bearing deposits with banks	1,449		1,793		2,556		2,867		3,110		(344)		(19)		(1,661)		(53)
Federal funds sold and securities purchased under agreements to resell	676		544		529		315		279		132		24		397		142
Total interest earning assets	75,243		74,778		75,448		76,306		75,346		465		1		(103)		—
Cash and due from banks	904		948		994		997		1,024		(45)		(5)		(121)		(12)
Goodwill and other intangibles assets, net	1,680		1,691		1,702		1,714		1,726		(11)		(1)		(47)		(3)
Premises and equipment, net	585		587		589		592		598		(2)		—		(13)		(2)
Allowances for loan and lease losses	(810)		(789)		(772)		(766)		(728)		(22)		(3)		(82)		(11)
Other assets	4,120		4,028		4,352		4,377		4,338		92		2		(218)		(5)
Total assets	$	81,721	$	81,243	$	82,313	$	83,220	$	82,304	$	477	1	%	$	(583)	(1)	%

Liabilities and shareholders' equity:
Deposits:
Savings	$	25,462	$	25,390	$	25,799	$	24,963	$	21,542	$	72	—	%	$	3,920	18	%
Time deposits	6,683		6,628		7,372		8,087		5,520		55		1		1,163		21
Other interest-bearing deposits	16,484		16,735		16,344		15,329		14,719		(251)		(2)		1,765		12
Total interest-bearing deposits	48,629		48,753		49,515		48,379		41,781		(124)		—		6,847		16
Trading liabilities	605		462		386		276		216		144		31		389		NM
Federal funds purchased and securities sold under agreements to repurchase	2,208		2,014		1,982		1,970		1,634		195		10	%	574		35	%
Short-term borrowings	1,267		537		437		1,790		6,365		730		136		(5,098)		(80)
Term borrowings	1,170		1,156		1,156		1,161		1,428		14		1		(258)		(18)
Total interest-bearing liabilities	53,879		52,921		53,475		53,575		51,424		957		2		2,455		5
Noninterest-bearing deposits	16,332		16,626		17,347		18,145		19,664		(294)		(2)		(3,332)		(17)
Other liabilities	2,561		2,445		2,585		2,522		2,187		116		5		374		17
Total liabilities	72,772		71,992		73,407		74,242		73,275		779		1		(503)		(1)
Shareholders' Equity:
Preferred stock	426		520		520		520		986		(94)		(18)		(560)		(57)
Common stock	340		347		349		349		337		(7)		(2)		3		1
Capital surplus	5,127		5,301		5,343		5,330		4,891		(174)		(3)		236		5
Retained earnings	4,122		4,028		3,935		3,861		3,759		93		2		362		10
Accumulated other comprehensive loss, net	(1,361)		(1,240)		(1,538)		(1,378)		(1,241)		(121)		(10)		(121)		(10)
Combined shareholders' equity	8,654		8,956		8,610		8,683		8,734		(302)		(3)		(80)		(1)
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	8,949		9,251		8,905		8,978		9,029		(302)		(3)		(80)		(1)
Total liabilities and shareholders' equity	$	81,721	$	81,243	$	82,313	$	83,220	$	82,304	$	477	1	%	$	(583)	(1)	%
Memo:
Total deposits	$	64,960	$	65,379	$	66,862	$	66,523	$	61,445	$	(418)	(1)	%	$	3,515	6	%
Loans to mortgage companies	$	2,440	$	1,847	$	1,948	$	2,353	$	2,262	$	593	32	%	$	177	8	%

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


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


Commercial	$	800	6.78	%	$	782	6.73	%	$	783	6.65	%	$	779	6.58	%	$	727	6.34	%	$	18		2	%	$	73		10	%


Consumer	179		4.91		173		4.80		171		4.71		165		4.55		153		4.39		6			3		26			17
Loans and leases, net of unearned income	978		6.34		955		6.28		954		6.19		944		6.10		880		5.89		23			2		98			11
Loans held-for-sale	9		7.50		9		7.80		11		8.34		15		7.88		14		7.58		—			(1)		(5)			(37)
Investment securities	60		2.58		61		2.54		61		2.62		62		2.54		63		2.49		(1)			(2)		(4)			(6)
Trading securities	22		6.30		20		6.48		20		6.63		19		7.03		19		6.69		1			7		3			16
Interest-bearing deposits with banks	20		5.46		24		5.46		35		5.46		39		5.34		40		5.13		(5)			(19)		(20)			(51)
Federal funds sold and securities purchased under agreements	9		5.31		7		5.16		7		5.32		4		5.06		3		4.85		2			28		6			NM
Interest income	$	1,097	5.86	%	$	1,076	5.78	%	$	1,089	5.74	%	$	1,084	5.64	%	$	1,019	5.42	%	$	21		2	%	$	78		8	%

Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$	208	3.29	%	$	206	3.27	%	$	222	3.42	%	$	219	3.48	%	$	141	2.63	%	$	2		1	%	$	67		48	%
Time deposits	74		4.45		73		4.42		82		4.42		89		4.35		49		3.56		1			1		25			51
Other interest-bearing deposits	117		2.86		119		2.86		116		2.81		102		2.64		75		2.06		(2)			(1)		42			56
Total interest-bearing deposits	399		3.30		398		3.28		420		3.37		409		3.36		265		2.55		1			—		134			50
Trading liabilities	7		4.46		5		4.31		4		4.59		3		4.20		2		3.82		2			35		5			NM
Federal funds purchased and securities sold under agreements to repurchase	24		4.36		21		4.24		22		4.35		21		4.24		15		3.74		3			13		9			57
Short-term borrowings	17		5.48		7		5.43		6		5.41		24		5.42		83		5.25		10			138		(66)			(79)
Term borrowings	17		5.64		17		5.71		17		5.75		17		5.82		19		5.21		—			—		(2)			(11)
Interest expense	464		3.46		448		3.40		469		3.48		475		3.52		385		3.00		16			4		79			21
Net interest income - tax equivalent basis	633		2.40		628		2.38		621		2.26		609		2.12		635		2.42		5			1		(2)			—
Fully taxable equivalent adjustment	(4)		0.98		(4)		0.99		(4)		1.01		(4)		1.05		(4)		0.96		—			(10)		—			(6)
Net interest income	$	629	3.38	%	$	625	3.37	%	$	617	3.27	%	$	605	3.17	%	$	631	3.38	%	$	4		1	%	$	(2)		—	%

Memo:
Total loan yield			6.34	%			6.28	%			6.19	%			6.10	%			5.89	%	6		bp			45		bp
Total deposit cost			2.47	%			2.45	%			2.49	%			2.44	%			1.73	%	2		bp			74		bp
Total funding cost			2.66	%			2.59	%			2.63	%			2.63	%			2.17	%	7		bp			49		bp
Average loans and leases, net of unearned income	$	62,029			$	61,152			$	61,197			$	61,432			$	59,924			$	876		1	%	$	2,105		4	%
Average deposits	64,960				65,379				66,862				66,523				61,445				(418)			(1)	%	3,515			6	%
Average funded liabilities	70,210				69,547				70,822				71,720				71,088				$	663		1	%	$	(877)		(1)	%

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

Earning assets yields are expressed net of unearned income.

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

Numbers may not foot due to rounding.

See footnote disclosures on page 19.


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

	As of															2Q24 change vs.
(In millions, except ratio data)	2Q24			1Q24			4Q23			3Q23			2Q23			1Q24				2Q23
																$		%		$		%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$	167		$	206		$	184		$	123		$	184		$	(39)	(19)	%	$	(16)	(9)	%
Commercial real estate	261			157			136			125			73			104		66		188		NM
Consumer real estate	143			140			139			145			144			4		3		(1)		—
Credit card and other5	2			2			2			2			2			—		21		—		(15)
Total nonperforming loans and leases	$	574		$	505		$	462		$	394		$	402		$	69	14	%	$	171	43	%

Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.50		%	0.63		%	0.57		%	0.37		%	0.55		%
Commercial real estate	1.78			1.09			0.96			0.88			0.52
Consumer real estate	1.03			1.02			1.02			1.06			1.07
Credit card and other5	0.25			0.20			0.30			0.26			0.27
Total nonperforming loans and leases to loans and leases	0.91		%	0.82		%	0.75		%	0.64		%	0.66		%

Numbers may not foot due to rounding.

See footnote disclosures on page 19.


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

	As of										2Q24 change vs.
(In millions)	2Q24		1Q24		4Q23		3Q23		2Q23		1Q24				2Q23
											$		%		$		%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)	$	—	$	—	$	1	$	3	$	1	$	—	NM		$	(1)	NM
Commercial real estate	—		—		—		—		—		—		NM		—		NM
Consumer real estate	3		6		17		12		8		(3)		(47)		(5)		(58)
Credit card and other5	2		3		3		3		5		(1)		(25)		(2)		(52)
Total loans and leases 90 days or more past due and accruing	$	6	$	10	$	21	$	17	$	14	$	(4)	(38)	%	$	(8)	(56)	%

Numbers may not foot due to rounding.

See footnote disclosures on page 19.


CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited

	As of															2Q24 change vs.
(In millions, except ratio data)	2Q24			1Q24			4Q23			3Q23			2Q23			1Q24				2Q23
Charge-off, Recoveries and Related Ratios																$		%		$		%
Gross Charge-offs
Commercial, financial, and industrial (C&I) *	$	24		$	28		$	31		$	92		$	19		$	(4)	(13)	%	$	5	28	%
Commercial real estate	19			12			2			5			8			7		54		11		NM
Consumer real estate	1			—			1			1			1			1		NM		—		46
Credit card and other5	5			6			6			7			5			(1)		(16)		—		1
Total gross charge-offs	$	49		$	46		$	41		$	104		$	33		$	3	6	%	$	16	50	%
Gross Recoveries
Commercial, financial, and industrial (C&I)	$	(11)		$	(3)		$	(2)		$	(5)		$	(5)		$	(9)	NM		$	(7)	NM
Commercial real estate	—			—			—			—			(1)			—		91		1		99
Consumer real estate	(2)			(1)			(2)			(2)			(3)			(1)		(74)		—		9
Credit card and other5	(1)			(2)			(1)			(1)			(1)			—		27		—		(2)
Total gross recoveries	$	(15)		$	(6)		$	(5)		$	(9)		$	(9)		$	(9)	NM		$	(6)	(62)	%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I) *	$	13		$	25		$	29		$	86		$	14		$	(12)	(49)	%	$	(1)	(10)	%
Commercial real estate	19			12			2			4			8			7		55		11		NM
Consumer real estate	(1)			(1)			—			(2)			(2)			—		(53)		1		29
Credit card and other5	3			4			5			6			3			—		(12)		—		1
Total net charge-offs	$	34		$	40		$	36		$	95		$	23		$	(6)	(16)	%	$	11	46	%

Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I) *	0.16		%	0.31		%	0.36		%	1.04		%	0.18		%
Commercial real estate	0.53			0.35			0.06			0.12			0.23
Consumer real estate	(0.04)			(0.03)			—			(0.05)			(0.06)
Credit card and other5	1.79			1.98			2.36			2.77			1.65
Total loans and leases	0.22		%	0.27		%	0.23		%	0.61		%	0.16		%

Numbers may not foot due to rounding.

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

See footnote disclosures on page 19.


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

	As of										2Q24 Change vs.
(In millions)	2Q24		1Q24		4Q23		3Q23		2Q23		1Q24				2Q23
Summary of Changes in the Components of the Allowance For Credit Losses											$		%		$		%
Allowance for loan and lease losses - beginning	$	787	$	773	$	760	$	737	$	715	$	14	2	%	$	72	10	%













Charge-offs:
Commercial, financial, and industrial (C&I) *	(24)		(28)		(31)		(92)		(19)		4		13		(5)		(28)
Commercial real estate	(19)		(12)		(2)		(5)		(8)		(7)		(54)		(11)		NM
Consumer real estate	(1)		—		(1)		(1)		(1)		(1)		NM		—		(46)
Credit card and other5	(5)		(6)		(6)		(7)		(5)		1		16		—		(1)
Total charge-offs	(49)		(46)		(41)		(104)		(33)		(3)		(6)		(16)		(50)
Recoveries:
Commercial, financial, and industrial (C&I)	11		3		2		5		5		9		NM		7		NM
Commercial real estate	—		—		—		—		1		—		(91)		(1)		(99)
Consumer real estate	2		1		2		2		3		1		74		—		(9)
Credit card and other5	1		2		1		1		1		—		(27)		—		2
Total Recoveries	15		6		5		9		9		9		NM		6		62
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I) *	9		34		33		96		15		(24)		(72)		(6)		(39)
Commercial real estate	59		21		6		14		16		38		NM		43		NM
Consumer real estate	(1)		(3)		5		5		10		2		73		(11)		NM
Credit card and other5	—		3		5		3		3		(2)		(88)		(3)		(89)
Total provision for loan and lease losses:	68		54		49		118		45		14		26		23		51
Allowance for loan and lease losses - ending	$	821	$	787	$	773	$	760	$	737	$	34	4	%	$	84	11	%

Reserve for unfunded commitments - beginning	$	79	$	83	$	82	$	90	$	85	$	(4)	(5)	%	$	(6)	(7)	%
Cumulative effect of change in accounting principle	—		—		—		—		—		—		NM		—		NM
Acquired reserve for unfunded commitments	—		—		—		—		—		—		NM		—		NM
Provision for unfunded commitments	(13)		(4)		1		(8)		5		(9)		NM		(18)		NM
Reserve for unfunded commitments - ending	$	66	$	79	$	83	$	82	$	90	$	(13)	(17)	%	$	(24)	(27)	%
Total allowance for credit losses- ending	$	887	$	865	$	856	$	842	$	827	$	22	2	%	$	60	7	%

Numbers may not foot due to rounding.

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

See footnote disclosures on page 19.


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

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

Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	1.03	%	1.06	%	1.04	%	1.01	%	0.98	%
Commercial real estate	1.51	%	1.26	%	1.21	%	1.19	%	1.14	%
Consumer real estate	1.66	%	1.69	%	1.71	%	1.67	%	1.64	%
Credit card and other5	3.26	%	3.57	%	3.63	%	3.48	%	3.79	%
Total allowance for loans and lease losses to loans and leases	1.31	%	1.27	%	1.26	%	1.23	%	1.20	%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	205	%	168	%	184	%	273	%	177	%
Commercial real estate	85	%	115	%	126	%	135	%	219	%
Consumer real estate	161	%	165	%	168	%	158	%	154	%
Credit card and other5	1,295	%	1,766	%	1,202	%	1,364	%	1,384	%
Total allowance for loans and lease losses to nonperforming loans and leases	143	%	156	%	167	%	193	%	183	%

Allowance for credit losses ratios
Total allowance for credit losses to loans and leases4	1.41	%	1.40	%	1.40	%	1.36	%	1.35	%
Total allowance for credit losses to nonperforming loans and leases4	155	%	171	%	185	%	214	%	206	%

See footnote disclosures on page 19.

REGIONAL BANKING

Quarterly, Unaudited


																2Q24 Change vs.
	2Q24			1Q24			4Q23			3Q23			2Q23			1Q24					2Q23
																$/bp			%		$/bp			%
Income Statement (millions)
Net interest income	$	522		$	532		$	548		$	558		$	586		$	(10)		(2)	%	$	(64)		(11)	%
Noninterest income	109			105			106			106			106			4			4		3			3
Total revenue	632			637			655			664			691			(5)			(1)		(59)			(9)
Noninterest expense	334			324			334			311			314			10			3		20			6
Pre-provision net revenue3	298			313			321			353			377			(15)			(5)		(79)			(21)
Provision for credit losses	57			28			28			112			35			29			104		22			63
Income before income tax expense	241			285			293			241			342			(44)			(15)		(101)			(30)
Income tax expense	55			67			69			56			80			(12)			(18)		(25)			(31)
Net income	$	185		$	219		$	224		$	185		$	262		$	(34)		(16)	%	$	(77)		(29)	%

Average Balances (billions)
Total loans and leases	$	41.0		$	40.6		$	40.6		$	40.6		$	39.7		$	0.4		1	%	$	1.3		3	%
Interest-earning assets	41.0			40.6			40.6			40.6			39.7			0.4			1		1.3			3
Total assets	43.5			43.1			43.2			43.3			42.3			0.4			1		1.2			3
Total deposits	57.5			57.8			58.6			58.0			55.2			(0.3)			(1)		2.3			4

Key Metrics
Net interest margin6	5.16		%	5.30		%	5.39		%	5.48		%	5.95		%	(14)		bp			(79)		bp
Efficiency ratio	52.80		%	50.83		%	51.04		%	46.82		%	45.41		%	197		bp			739		bp
Loans-to-deposits ratio (period-end balances)	72.05		%	69.82		%	68.76		%	69.68		%	70.22		%	223		bp			183		bp
Loans-to-deposits ratio (average-end balances)	71.32		%	70.18		%	69.34		%	70.03		%	71.83		%	114		bp			(51)		bp
Return on average assets (annualized)	1.71		%	2.04		%	2.06		%	1.70		%	2.48		%	(33)		bp			(77)		bp
Return on allocated equity7	21.47		%	25.37		%	25.84		%	21.30		%	30.36		%	(390)		bp			(889)		bp
Financial center locations	418			418			418			418			417			—					1

Numbers may not add to total due to rounding.

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

See footnote disclosures on page 19.

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

SPECIALTY BANKING

Quarterly, Unaudited


																2Q24 Change vs.
	2Q24			1Q24			4Q23			3Q23			2Q23			1Q24					2Q23
																$/bp			%		$/bp			%
Income Statement (millions)
Net interest income	$	158		$	153		$	153		$	161		$	156		$	5		3	%	$	2		1	%
Noninterest income	64			72			64			49			50			(7)			(10)		14			27
Total revenue	222			224			217			209			206			(3)			(1)		15			7
Noninterest expense	103			104			101			96			95			(1)			(1)		8			8
Pre-provision net revenue3	119			120			116			114			112			(1)			(1)		8			7
Provision for credit losses	1			23			31			2			18			(22)			(98)		(18)			(97)
Income before income tax expense	119			97			85			111			93			21			22		25			27
Income tax expense	29			24			21			27			23			5			22		6			28
Net income	$	90		$	74		$	64		$	84		$	71		$	16		22	%	$	19		27	%

Average Balances (billions)
Total loans and leases	$	20.7		$	20.2		$	20.1		$	20.4		$	19.8		$	0.5		3	%	$	0.9		5	%
Interest-earning assets	23.3			22.4			22.4			22.7			22.0			0.8			4		1.3			6
Total assets	24.6			23.8			23.9			24.1			23.3			0.8			3		1.3			5
Total deposits	3.9			4.0			4.2			4.1			3.8			(0.1)			(3)		0.1			2

Key Metrics
Fixed income product average daily revenue (thousands)	$	488		$	731		$	463		$	301		$	348		$	(243)		(33)	%	$	140		40	%
Net interest margin6	2.72		%	2.73		%	2.71		%	2.81		%	2.85		%	(1)		bp			(13)		bp
Efficiency ratio	46.28		%	46.40		%	46.60		%	45.80		%	45.92		%	(12)		bp			36		bp
Loans-to-deposits ratio (period-end balances)	551		%	539		%	524		%	493		%	534		%	1,224		bp			1,684		bp
Loans-to-deposits ratio (average-end balances)	535		%	506		%	482		%	501		%	521		%	2,881		bp			1,330		bp
Return on average assets (annualized)	1.47		%	1.25		%	1.06		%	1.39		%	1.21		%	22		bp			26		bp
Return on allocated equity7	16.86		%	14.13		%	12.41		%	17.21		%	15.37		%	273		bp			149		bp

Numbers may not add to total due to rounding.

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

See footnote disclosures on page 19.

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

CORPORATE

Quarterly, Unaudited


											2Q24 Change vs.
	2Q24		1Q24		4Q23		3Q23		2Q23		1Q24				2Q23
											$		%		$		%
Income Statement (millions)
Net interest income/(expense)	$	(51)	$	(60)	$	(85)	$	(113)	$	(111)	$	9	15	%	$	60	54	%
Noninterest income	13		18		13		18		244		(5)		(28)		(231)		(95)
Total revenues	(39)		(43)		(72)		(95)		133		4		9		(172)		(129)
Noninterest expense	64		87		137		67		147		(23)		(27)		(83)		(56)
Pre-provision net revenue3	(103)		(130)		(209)		(162)		(14)		27		21		(89)		NM
Provision for credit losses	(3)		(1)		(9)		(5)		(4)		(2)		NM		1		17
Income before income tax expense	(100)		(129)		(200)		(158)		(10)		29		23		(90)		NM
Income tax expense (benefit)	(29)		(33)		(100)		(31)		(7)		5		15		(22)		NM
Net income/(loss)	$	(71)	$	(95)	$	(100)	$	(127)	$	(3)	$	24	26	%	$	(68)	NM

Average Balance Sheet (billions)
Interest bearing assets	$	11.0	$	11.8	$	12.4	$	13.0	$	13.7	$	(0.8)	(7)	%	$	(2.7)	(20)	%
Total assets	13.6		14.4		15.2		15.9		16.7		(0.8)		(5)		(3.1)		(18)

Numbers may not add to total due to rounding.

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

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

FOOTNOTES

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

2 Occupancy and Equipment expense includes Computer Software Expense.

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

4 Represents a non-GAAP measure and is reconciled to the nearest GAAP measure in the non-GAAP to GAAP reconciliations beginning on page 20.

5 Credit card and other includes $190 million of commercial credit card balances at June 30, 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 and 14 million shares during 2Q24.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

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

Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$	8,955		$	9,173		$	9,291		$	8,794		$	8,960
Less: Noncontrolling interest (a)	295			295			295			295			295
Less: Preferred stock (a)	426			520			520			520			520
(B) Total common equity	$	8,234		$	8,358		$	8,476		$	7,978		$	8,144
Less: Intangible assets (GAAP) (b)	1,674			1,685			1,696			1,709			1,720
(C) Tangible common equity (Non-GAAP)	$	6,560		$	6,673		$	6,779		$	6,270		$	6,424

Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$	82,230		$	81,799		$	81,661		$	82,533		$	85,071
Less: Intangible assets (GAAP) (b)	1,674			1,685			1,696			1,709			1,720
(E) Tangible assets (Non-GAAP)	$	80,556		$	80,114		$	79,965		$	80,825		$	83,351












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

Ratios


(A)/(D) Total equity to total assets (GAAP)	10.89		%	11.21		%	11.38		%	10.65		%	10.53		%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	8.14		%	8.33		%	8.48		%	7.76		%	7.71		%
(B)/(F) Book value per common share (GAAP)	$	15.34		$	15.23		$	15.17		$	14.28		$	14.58
(C)/(F) Tangible book value per common share (Non-GAAP)	$	12.22		$	12.16		$	12.13		$	11.22		$	11.50

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

Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)	a	$	184		$	184		$	175		$	129		$	317
Plus Total notable items (after-tax) (Non-GAAP) (a)		$	11		$	12		$	3		$	20		$	(98)
Adjusted net income available to common shareholders (Non-GAAP)	b	$	195		$	196		$	178		$	150		$	219

Diluted Shares (GAAP)8	c	547			558			561			561			561

Diluted EPS (GAAP)	a/c	$	0.34		$	0.33		$	0.31		$	0.23		$	0.56
Adjusted diluted EPS (Non-GAAP)	b/c	$	0.36		$	0.35		$	0.32		$	0.27		$	0.39

Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)		$	204		$	197		$	188		$	142		$	329
Plus Relevant notable items (after-tax) (Non-GAAP) (a)		$	4		$	12		$	3		$	20		$	(98)
Adjusted NI (Non-GAAP)		$	208		$	209		$	191		$	163		$	231

NI (annualized) (GAAP)	d	$	820		$	791		$	746		$	565		$	1,320
Adjusted NI (annualized) (Non-GAAP)	e	$	836		$	838		$	757		$	646		$	928

Average assets (GAAP)	f	$	81,721		$	81,243		$	82,313		$	83,220		$	82,304

ROA (GAAP)	d/f	1.00		%	0.97		%	0.91		%	0.68		%	1.60		%
Adjusted ROA (Non-GAAP)	e/f	1.02		%	1.03		%	0.92		%	0.78		%	1.13		%

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




Net income available to common shareholders ("NIAC") (annualized) (GAAP)	g	$	739		$	739		$	695		$	513		$	1,270
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)	h	$	785		$	787		$	706		$	594		$	878

Average Common Equity (GAAP)	i	$	8,228		$	8,436		$	8,090		$	8,163		$	7,747
Intangible Assets (GAAP) (b)		1,680			1,691			1,702			1,714			1,726
Average Tangible Common Equity (Non-GAAP)	j	$	6,548		$	6,745		$	6,388		$	6,448		$	6,021



ROCE (GAAP)	g/i	8.98		%	8.76		%	8.60		%	6.28		%	16.40		%


ROTCE (Non-GAAP)	g/j	11.29		%	10.95		%	10.89		%	7.95		%	21.10		%
Adjusted ROTCE (Non-GAAP)	h/j	11.99		%	11.65		%	11.05		%	9.21		%	14.59		%

(a) Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 8.

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

Numbers may not foot due to rounding.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

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

Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	k	$	186		$	194		$	183		$	173		$	400
Plus notable items (pretax) (GAAP) (a)		—			—			(4)			—			(225)
Adjusted noninterest income (Non-GAAP)	l	$	186		$	194		$	179		$	173		$	175

Revenue (GAAP)	m	$	815		$	819		$	800		$	778		$	1,031
Taxable-equivalent adjustment		4			4			4			4			4
Revenue- Taxable-equivalent (Non-GAAP)		819			823			804			782			1,035
Plus notable items (pretax) (GAAP) (a)		—			—			(4)			—			(225)
Adjusted revenue (Non-GAAP)	n	$	819		$	823		$	800		$	782		$	810

Securities gains/(losses) (GAAP)	o	$	1		$	—		$	(5)		$	—		$	—

Noninterest income as a % of total revenue (GAAP)	(k-o)/ (m-o)	22.75		%	23.72		%	23.33		%	22.23		%	38.80		%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	l/n	22.64		%	23.61		%	22.32		%	22.11		%	21.60		%

Adjusted Efficiency Ratio
Noninterest expense (GAAP)	p	$	500		$	515		$	572		$	474		$	555
Plus notable items (pretax) (GAAP) (a)		(5)			(15)			(70)			(10)			(95)
Adjusted noninterest expense (Non-GAAP)	q	$	495		$	500		$	502		$	465		$	461

Revenue (GAAP)	r	$	815		$	819		$	800		$	778		$	1,031
Taxable-equivalent adjustment		4			4			4			4			4
Revenue- Taxable-equivalent (Non-GAAP)		819			823			804			782			1,035
Plus notable items (pretax) (GAAP) (a)		—			—			(4)			—			(225)
Adjusted revenue (Non-GAAP)	s	$	819		$	823		$	800		$	782		$	810

Securities gains/(losses) (GAAP)	t	$	1		$	—		$	(5)		$	—		$	—

Efficiency ratio (GAAP)	p/ (r-t)	61.44		%	62.92		%	71.14		%	60.96		%	53.89		%
Adjusted efficiency ratio (Non-GAAP)	q/s	60.47		%	60.78		%	62.84		%	59.43		%	56.92		%

(a) Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 8.

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

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION

Quarterly, Unaudited

($s in millions)



	Period-end								Average
	2Q24		1Q24		2Q24 vs.1Q24				2Q24		1Q24		2Q24 vs.1Q24










Loans excluding LMC
Total Loans (GAAP)	$	62,781	$	61,753	$	1,028	2	%	$	62,029	$	61,152	$	876	1	%
LMC (GAAP)	2,934		2,366		568		24	%	2,440		1,847		593		32	%
Total Loans excl. LMC (Non-GAAP)	59,847		59,387		460		1	%	59,589		59,305		284		—	%
Total Consumer (GAAP)	14,660		14,416		244		2	%	14,544		14,396		148		1	%
Total Commercial excl. LMC (Non-GAAP)	45,187		44,971		216		—	%	45,045		44,909		136		—	%
Total CRE (GAAP)	14,669		14,426		243		2	%	14,576		14,367		209		1	%
Total C&I excl. LMC (Non-GAAP)	$	30,518	$	30,545	$	(27)	—	%	$	30,469	$	30,542	$	(73)	—	%

Numbers may not foot due to rounding.



		2Q24			1Q24			4Q23			3Q23			2Q23
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	$	821		$	787		$	773		$	760		$	737
Reserve for unfunded commitments (GAAP)		66			79			83			82			90
Allowance for credit losses (Non-GAAP)	B	$	887		$	865		$	856		$	842		$	827

Loans and leases (GAAP)	C	$	62,781		$	61,753		$	61,292		$	61,778		$	61,295
Nonaccrual loans and leases (GAAP)	D	$	574		$	505		$	462		$	394		$	402

Allowance for loans and lease losses to loans and leases (GAAP)	A/C	1.31		%	1.27		%	1.26		%	1.23		%	1.20		%
Allowance for credit losses to loans and leases (Non-GAAP)	B/C	1.41		%	1.40		%	1.40		%	1.36		%	1.35		%

Allowance for loans and lease losses to nonperforming loans and leases (GAAP)	A/D	143		%	156		%	167		%	193		%	183		%
Allowance for credit losses to nonperforming loans and leases (Non-GAAP)	B/D	155		%	171		%	185		%	214		%	206		%

Numbers may not foot due to rounding.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

($s in millions)

	2Q24		1Q24		4Q23		3Q23		2Q23
Adjusted Pre-provision Net Revenue (PPNR)
Pre-tax income (GAAP)	$	260	$	254	$	177	$	194	$	425
Plus notable items (pretax) (GAAP) (a)	5		15		67		10		(130)
Adjusted Pre-tax income (non-GAAP)	$	265	$	269	$	244	$	204	$	295
Plus provision expense (GAAP)	55		50		50		110		50
Adjusted Pre-provision net revenue (PPNR) (non-GAAP)	$	320	$	319	$	294	$	314	$	345
Taxable-equivalent adjustment	4		4		4		4		4
Pre-provision net revenue-Taxable-equivalent (Non-GAAP)	$	324	$	323	$	298	$	318	$	349

(a) Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 8.

Numbers may not foot due to rounding.

GLOSSARY OF TERMS

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

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

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

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

Key Ratios

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

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

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

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

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

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

Asset Quality - Consolidated Key Ratios

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

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

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

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

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

Operating Segments

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

Second Quarter 2024 Earnings July 17, 2024

2 Disclaimers Non-GAAP Information Certain measures included in this document are “non-GAAP,” meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. FHN’s management believes such measures, even though not always comparable to non-GAAP measures used by other financial institutions, are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. The non-GAAP measures presented in this document are listed, and are reconciled to the most comparable GAAP presentation, in the non-GAAP reconciliation table(s) appearing in the Appendix. In addition, presentation of regulatory measures, even those which are not GAAP, provide a meaningful base for comparability to other financial institutions subject to the same regulations as FHN. Although not GAAP terms, these regulatory measures are not considered “non-GAAP” under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in this document include: common equity tier 1 capital, generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk-based capital regulations; and risk-weighted assets, which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios. Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements pertain to FHN's beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results, or other developments. Forward- looking statements can be identified by the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other expressions that indicate future events and trends. Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic, and competitive uncertainties and contingencies, many of which are beyond FHN’s control, and many of which, with respect to future business decisions and actions (including acquisitions and divestitures), are subject to change and could cause FHN’s actual future results and outcomes to differ materially from those contemplated or implied by forward-looking statements or historical performance. Examples of uncertainties and contingencies include those mentioned: in this document; in Items 2.02 and 7.01 of FHN’s Current Report on Form 8-K to which this document has been filed as an exhibit; in the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K; and in the forepart, and in Item 1A of Part II, of FHN’s Quarterly Report(s) on Form 10-Q filed after that Annual Report. FHN assumes no obligation to update or revise any forward-looking statements that are made in this document or in any other statement, release, report, or filing from time to time. Throughout this presentation, numbers may not foot due to rounding, references to EPS are fully diluted, and 2Q24 capital ratios are estimates.

3 2Q24 GAAP financial summary TBV/share, ROTCE, and adjusted financial measures, including measures excluding deferred compensation, 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 2Q24 Change vs. 2Q24 1Q24 4Q23 3Q23 2Q23 1Q24 2Q23 Net interest income $629 $625 $617 $605 $631 $4 1% ($2) —% Fee income $186 $194 $183 $173 $400 ($8) (4%) ($214) (54%) Total revenue $815 $819 $800 $778 $1,031 ($4) (1%) ($216) (21%) Expense $500 $515 $572 $474 $555 ($15) (3%) ($55) (10%) Pre-provision net revenue (PPNR) $315 $304 $227 $304 $475 $11 4% ($161) (34%) Provision for credit losses $55 $50 $50 $110 $50 $5 10% $5 10% Pre-tax income $260 $254 $177 $194 $425 $6 2% ($166) (39%) Income tax expense $56 $57 ($11) $52 $96 ($1) (2%) ($40) (42%) Net income $204 $197 $188 $142 $329 $7 4% ($125) (38%) Non-controlling interest $5 $5 $5 $5 $5 $— 1% $— 7% Preferred dividends $15 $8 $8 $8 $8 $7 85% $7 94% Net income available to common shareholders (NIAC) $184 $184 $175 $129 $317 $— —% ($133) (42%) Diluted EPS $ 0.34 $ 0.33 $ 0.31 $ 0.23 $ 0.56 $0.01 2% ($0.22) (39%) Average diluted shares outstanding 547 558 561 561 561 (11) (2%) (14) (2%) ROCE 9.0% 8.8% 8.6% 6.3% 16.4% 22bps (742bps) ROTCE 11.3% 11.0% 10.9% 8.0% 21.1% 34bps (981bps) ROA 1.0% 1.0% 0.9% 0.7% 1.6% 3bps (60bps) Net interest margin 3.38% 3.37% 3.27% 3.17% 3.38% 1bp — Fee income / total revenue 22.8% 23.7% 23.3% 22.2% 38.8% (97bps) (1,605bps) Efficiency ratio 61.4% 62.9% 71.1% 61.0% 53.9% (148bps) 755bps FTEs 7,297 7,327 7,277 7,340 7,327 (30) —% (30) —% CET1 ratio 11.0% 11.3% 11.4% 11.1% 11.1% (26bps) (3bps) Effective tax rate 21.5% 22.5% (6.2%) 26.7% 22.6% (99bps) (114bps) Tangible book value per share $12.22 $12.16 $12.13 $11.22 $11.50 $0.06 —% $0.72 6% Period end loans $62.8B $61.8B $61.3B $61.8B $61.3B $1.0 2% $1.5 2% Period end deposits $64.8B $65.7B $65.8B $67.0B $65.4B ($0.9) (1%) ($0.6) (1%) Period end loan to deposit ratio 97 % 94 % 93 % 92 % 94 % 296bps 321bps

4 Table of contents 2Q24 highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 2Q24 adjusted financial results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2Q24 notable items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 NII and NIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Adjusted fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Adjusted expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Asset quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 FY24 outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Strategic focus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

5 • Deposits declined 1%, in line with the industry2 • Noninterest-bearing deposits remained stable • Total loans grew $1.0 billion, driven by increases in loans to mortgage companies and continued commercial real estate fund-ups • Returned $212 million of capital to shareholders through repurchases • TBVPS up $0.06, driven by strong earnings, which supported the $0.15 common dividend and an $0.08 impact of share repurchases • ACL coverage of 1.41% with net charge-offs of $34 million • Adjusted PPNR of $324 million, up $1 million from 1Q24 • Net interest margin expanded 1bp as asset yields continue to improve • Fees excluding deferred comp down $3 million, as higher traditional banking fees partially offset the anticipated moderation in fixed income • Expenses excluding deferred comp essentially flat Strong 2Q24 results driven by stable, diversified business mix Reflects 2Q24 vs. 1Q24 results. ROTCE, ACL coverage 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. 1Period end Loan-to-Deposit ratio. 2Source for industry data: H8 data series (All Commercial Banks, Weekly, Not Seasonally Adjusted) of the Federal Reserve Board, 3/27/24 to 6/26/24. Earnings & Returns Capital & Credit Quality Balance Sheet & Liquidity Adj. EPS Adj. ROTCE NIM Adj. Efficiency $0.36 12.0% 3.38% 60.5% CET1 TBV NCO% 11.0% $12.22 0.22% PE Deposit Growth PE Loan Growth PE LDR1 (1)% 2% 97%

6 • 2Q24 adjusted EPS of $0.36 vs. $0.35 in 1Q24 – Adjusted ROTCE of 12.0%, up 34bps – Tangible Book Value per share increased $0.06 to $12.22 • NII up $5 million or 1% linked quarter – NIM expanded 1bp vs 1Q24 driven by improved asset yields • Adjusted fee income down $3 million excluding deferred compensation – Higher traditional banking fees mostly offset the anticipated moderation in fixed income • Adjusted expense up less than $1 million excluding deferred compensation • Provision expense of $55 million, resulting in an ACL coverage of 1.41% 2Q24 Adjusted financial highlights ROTCE, TBV per share, ACL coverage ratio, and adjusted financial measures, including measures excluding deferred compensation, are Non-GAAP and are reconciled to GAAP measures in the appendix. $ in millions, except per share data Adjusted Results 2Q24 Change vs. 2Q24 1Q24 2Q23 1Q24 2Q23 Net interest income (FTE) $633 $628 $635 $5 1% ($2) —% Fee income $186 $194 $175 ($8) (4%) $11 6% Total revenue (FTE) $819 $823 $810 ($4) —% $9 1% Expense $495 $500 $461 ($5) (1%) $34 7% Pre-provision net revenue $324 $323 $349 $1 —% ($25) (7%) Provision for credit losses $55 $50 $50 $5 10% $5 10% Net charge-offs $34 $40 $23 ($6) (16%) $11 46% Reserve build / (release) $21 $10 $27 $11 118% ($6) (21%) NIAC $195 $195 $219 $— —% ($24) (11%) Diluted EPS $0.36 $0.35 $0.39 $0.01 2% ($0.03) (9%) Diluted shares 547 558 561 (11) (2%) (14) (2%) ROTCE 12.0% 11.6% 14.6% 34bps (260bps) ROA 1.0% 1.0% 1.1% (1bp) (11bps) Net interest margin (NIM) 3.38% 3.37% 3.38% 1bp — Fee income / total revenue 22.6% 23.6% 21.6% (97bps) 104bps Efficiency ratio 60.5% 60.8% 56.9% (31bps) 355bps CET1 Ratio 11.0% 11.3% 11.1% (26bps) (3bps) TBV per share $12.22 $12.16 $11.50 $0.06 —% $ 0.72 6% Effective tax rate 21.5% 22.5% 21.6% (100bps) (2bps)

7 2Q24 notable items Notable Items ($ in millions, except EPS) 2Q24 FDIC Special Assessment ($2) Restructuring expense ($3) Pre-tax impact of notable items ($5) Tax impact on pre-tax notable items $1 Series D Preferred Stock ($7) NIAC impact of notable items ($11) EPS impact of notable items ($0.02) Pre-Tax Notable Items • Effective 5/1/24, First Horizon redeemed all outstanding shares of the Series D Preferred Stock and all related depositary shares – Did not qualify as Additional Tier 1 Capital (AT1) – $100 million par value and $94 million book value – The $6 million discount and $1 million tax liability resulted in a non-cash charge in 2Q24 to preferred dividends1 – Fixed coupon of 6.10% was set to convert to 3 month SOFR +4.12% on May 1st After-Tax Notable Items 1Tax liability is result of the 1% excise tax on stock repurchases and redemptions imposed on publicly traded companies under The Inflation Reduction Act of 2022. • FDIC special assessment of $2 million, based on revised resolution loss totals received from the FDIC in 2Q24 • $3 million of restructuring expense primarily related to implementing operational efficiencies

8 NII increased $5 million benefiting from higher loan volumes and yields $635 $609 $621 $628 $633 3.38% 3.17% 3.27% 3.37% 3.38% 2Q23 3Q23 4Q23 1Q24 2Q24 Net Interest Income ($) and NIM (%) 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. • 2Q24 net interest income increased $5 million and net interest margin expanded 1bp versus 1Q24 – Improvement driven by wider spreads on new and renewing loans, continued repricing of fixed rate cash flows, and growth in loans to mortgage companies and other floating rate loans – Offsetting the increase in asset yields were continued mix shift within interest-bearing products, higher use of wholesale funds, and lower average noninterest-bearing deposits • Asset yields still able to modestly expand as fixed cash flows continue to reprice – Over the next twelve months, there are ~$4 billion of fixed rate loan cash flows with a roll-off yield of ~4.6% and $1 billion of securities cash flows at a roll-off yield of ~2.2% $ in millions NII Margin 1Q24 $628 3.37% Loan Volumes & Mix $15 0.04% Loan Rates & Spreads $9 0.05% Investment Securities & Other $(3) 0.01% Deposit Rates & Funding Mix $(15) (0.09)% 2Q24 $633 3.38%

9 $65.4B $67.0B $65.8B $65.7B $64.8B $42.9 $45.3 $45.9 $46.2 $45.0 $3.7 $3.8 $2.6 $3.1 $3.5 $18.8 $17.8 $17.2 $16.4 $16.3 Customer interest-bearing deposits Brokered deposits Noninterest-bearing deposits 2Q23 3Q23 4Q23 1Q24 2Q24 Deposits trending in line with the industry1 while DDA remains stable Period end deposits • 2Q24 period end deposits of $64.8 billion were down 1% versus 1Q24, in line with the 1% industry decline1 – Noninterest-bearing balances remained stable from previous quarter – Seasonality impacted public fund deposits, which declined $0.7 billion from the prior quarter • 2Q24 total deposit rate paid of 2.47% and interest- bearing rate paid of 3.30% both increased 2bps – The cumulative interest-bearing deposit beta of 61% remains below the peak of 63% in 3Q23 – Deposit portfolio includes ~$8 billion of deposits which are market indexed – Over $1 billion of balances migrated from lower-cost, base rate accounts into higher-rate retention offers, which increased the spot rate to ~3.35% • Competition remains strong in our attractive southeast footprint. Continuing to maintain competitive offers while focusing on retention of existing clients – Year-over-year client retention is 95% 1Source for industry data: H8 data series (All Commercial Banks, Weekly, Not Seasonally Adjusted) of the Federal Reserve Board, 3/27/24 to 6/26/24.

10 • 2Q24 period end loans of $62.8 billion grew $1.0 billion or 2% versus 1Q24 – The spring home buying season drove $568 million higher balances in loans to mortgage companies (LMC), as well as a modest increase in consumer real estate – CRE growth of $242 million driven by fund-ups of previously committed loans, primarily multi- family • Period end line utilization of 43%1 • Loan yields expanded 6bps to 6.34% driven by wider spreads on new and renewing loans, as well as continued repricing of fixed rate cash flows • Asset sensitive profile reflected in loan composition of 56% variable rate, 12% ARM, and 32% fixed rate 1Utilization rates exclude Loans to Mortgage Companies. 2Credit card & other is $0.8B in all periods. Period end loans Diversified portfolio across attractive geographic footprint $61.3B $61.8B $61.3B $61.8B $62.8B $30.4B $30.9B $30.6B $30.5B $30.5B $13.9B $14.1B $14.2B $14.4B $14.7B $13.5B $13.7B $13.7B $13.6B $13.9B $2.7B $2.2B $2.0B $2.4B $2.9B C&I ex LMC Commercial real estate (CRE) Consumer real estate LMC Credit card & other 2Q23 3Q23 4Q23 1Q24 2Q24 2

11 • 2Q24 adjusted fee income excluding deferred compensation decreased $3 million from 1Q24 – Fixed income decreased $12 million as average daily revenue (ADR) moderated, driven by a reduction in the market’s rate cut expectations and lower portfolio restructuring activity – Mortgage banking income up $2 million, from higher secondary volume during the spring home-buying season – Service charges and card & digital banking fees increased $1 million each, primarily from seasonal volume trends – Brokerage, trust, and insurance income improved $2 million, largely driven by tax services provided in trust and higher wealth management fees related to strong recent market performance – Other noninterest income increased $3 million, driven by incremental swap fees and a gain on a tax credit investment Growth in other banking fees offset anticipated fixed income moderation ROTCE and adjusted financial measures, including measures excluding deferred compensation, are Non-GAAP and are reconciled to GAAP measures in the appendix. $ in millions Adjusted Results 2Q24 Change vs. 2Q24 1Q24 4Q23 3Q23 2Q23 1Q24 2Q23 Fixed income $40 $52 $37 $28 $30 ($12) (23%) $10 34% Mortgage banking $10 $9 $5 $7 $6 $2 19% $4 66% Service charges and fees $58 $57 $59 $60 $59 $1 2% ($1) —% Brokerage, trust, and insurance $38 $36 $36 $34 $35 $2 6% $3 10% Card and digital banking fees $20 $19 $16 $20 $21 $1 7% ($1) (5%) Deferred compensation income $3 $9 $6 $0 $8 ($6) (66%) ($5) (63%) Other noninterest income $17 $14 $20 $25 $17 $3 18% ($1) (3%) Total fee income $186 $194 $179 $173 $175 ($8) (4%) $11 6% Fee income ex deferred comp $183 $186 $173 $173 $167 ($3) (2%) $16 9% Fixed income ADR $488k $731k $463k $301k $348k ($243k) (33%) $140k 40%

12 Expenses stable as lower incentive levels offset strategic investments • 2Q24 adjusted expense, excluding deferred compensation, increased $1 million versus 1Q24 – Personnel expense excluding deferred compensation down $11 million ◦ Salaries and benefits decreased $1 million as benefits expense moderated from seasonal highs in first quarter ◦ Incentives and commissions decreased $9 million, primarily due to lower fixed income revenue and a step down in merger retention expense late in the quarter, which should drive an incremental reduction in 3Q24 – Outside services increased $10 million due the launch of new marketing campaigns for checking accounts, as well as third- party services for strategic investments $ in millions Adjusted Results 2Q24 Change vs. 2Q24 1Q24 4Q23 3Q23 2Q23 1Q24 2Q23 Salaries and benefits $198 $199 $190 $188 $187 ($1) (1%) $11 6% Incentives and commissions $78 $87 $80 $68 $65 ($9) (10%) $13 20% Deferred compensation expense $3 $9 $7 $0 $8 ($6) (67%) ($5) (62%) Total personnel expense $279 $295 $277 $256 $260 ($16) (5%) $19 7% Occupancy and equipment $72 $72 $71 $67 $68 $— —% $4 5% Outside services $75 $65 $84 $69 $68 $10 15% $7 10% Amortization of intangible assets $11 $11 $12 $12 $12 $— —% ($1) (8%) Other noninterest expense $58 $57 $59 $60 $53 $1 2% $5 9% Total noninterest expense $495 $500 $502 $465 $461 ($5) (1%) $34 7% Expense ex deferred comp $492 $491 $495 $465 $453 $1 —% $39 9% Full-time equivalent associates 7,297 7,327 7,277 7,340 7,327 (30) —% (30) —% ROTCE and adjusted financial measures, including measures excluding deferred compensation, are Non-GAAP and are reconciled to GAAP measures in the appendix. 1Occupancy and Equipment expense includes Computer Software Expense. 1

13 FHN NCO%1 ( FHN NCO% ex idiosyncratic charge-off3) Average NCO% of BKX Index2 $23 $95 $36 $40 $34 0.16% 0.61% 0.27% 0.22% 0.15% 0.23% 0.43% 0.45% 0.53% 0.56% 2Q23 3Q23 4Q23 1Q24 2Q24 FHN NCOs Disciplined lending leads to strong performance across the cycle ACL coverage 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. 33Q23 included a $72 million idiosyncratic C&I charge-off. NCO% excluding this charge-off is a non-GAAP measure and is reconciled to GAAP NCO% in the chart. $827 $842 $856 $865 $887 1.35% 1.36% 1.40% 1.40% 1.41% ACL ACL/Loans 2Q23 3Q23 4Q23 1Q24 2Q24 Allowance for credit losses (ACL) Non-performing loans (NPLs) $402 $394 $462 $505 $574 0.66% 0.64% 0.75% 0.82% 0.91% NPLs $ NPLs % 2Q23 3Q23 4Q23 1Q24 2Q24 • 2Q24 net charge-offs of $34 million decreased $6 million – NCO ratio of 0.22%1, which is below the peer average level for the past four quarters2 • Provision expense of $55 million in 2Q24 – 2Q24 ACL coverage ratio increased slightly to 1.41% • NPL ratio of 91bps up 9bps from 1Q24 – Within the commercial NPL portfolio, ~50% of loans are current on their payments Net charge-offs

14 13.6% 13.6% 14.0% 13.9% 13.7% CET1 ratio Tier 1 capital ratio Total capital ratio 2Q23 3Q23 4Q23 1Q24 2Q24 Earnings power supports return of capital to shareholders Capital Ratios $12.16 $0.36 $(0.15) $(0.02) $(0.08) $(0.05) $12.22 1Q24 NIAC Impact Common Dividend Mark on AFS & Hedges Share Buybacks Other 2Q24 • Achieved the near-term CET1 ratio target of 11.0% – Continued to generate capital through retained earnings, while supporting customer needs through organic deployment of capital into the loan portfolio – Returned $212 million of capital to shareholders through repurchases in second quarter, reducing CET1 by 30bps – Repurchased $366 million, or 25 million shares, of common stock year-to-date under the $650 million share repurchase program authorized in 1Q24 • TBVPS of $12.22 increased $0.06 versus 1Q24, driven by strong earnings, which supported the $0.15 common dividend and an $0.08 impact from share repurchases Tangible Book Value per Share (TBVPS) TBV per share is Non-GAAP and is reconciled to GAAP measures in the appendix. 1Other includes equity compensation. 2Net of change in intangibles. 2 11.3% 0.26% (0.11)% (0.30)% (0.07)% (0.04)% 11.0% 1Q24 Actual NIAC Common Dividend Share Buybacks Change in Loan Balances & Unfunded Commitments Other 2Q24 Estimate 1 Common Equity Tier 1 (CET1) 11.1% 11.1% 11.4% 11.3% 11.0% 12.3%12.4%12.1%12.1% 12.0% 1

15 Updated Full Year 2024 Outlook Earnings Drivers FY23 Adjusted Baseline FY24 Adjusted Expectations Comments Net Interest Income $2,556 million Updated: Flat - (2)% Prior: Up 1% – 4% Assumes relatively flat balance sheet in second half of 2024 and higher level of interest-bearing deposit costs Noninterest Income $699 million Up 6% – 10% Rebound in fixed income and mortgage from 2023 levels Noninterest Expense $1,884 million Up 4% – 6% Reflects investment in technology and personnel, as well as increased revenue-driven incentives. Operational efficiencies to offset increases beyond targeted expense growth Net Charge-Offs 0.28% 0.25% – 0.30% Reflects continued macroeconomic uncertainty Tax Rate 21.8% 21% – 23% Timing of discrete items impacts quarterly rate CET1 Ratio 11.4% ~11.0% Excess capital to be deployed organically, as well as potential for capital repatriation ROTCE and adjusted financial measures, including measures excluding deferred compensation, are Non-GAAP and are reconciled to GAAP measures in the appendix. Net interest income is adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax of 21 percent and, where applicable, state income taxes. Variability in Deferred Compensation may impact growth rates in noninterest income and noninterest expense but should have an offsetting and immaterial impact on pretax income.

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

APPENDIX 17

18 1Q 07 1Q 08 1Q 09 1Q 10 1Q 11 1Q 12 1Q 13 1Q 14 1Q 15 1Q 16 1Q 17 1Q 18 1Q 19 1Q 20 1Q 21 1Q 22 1Q 23 1Q 24 —% 2% 4% 6% $0.0 $0.5 $1.0 $1.5 $2.0 FHN Financial’s strong full-cycle returns are counter-cyclical to bank franchise Lower Revenue Market Factor Higher Revenue 2020 Environment 2023 Environment Up Rate Direction Down Rapid decrease in short term rates Rapid increase in short term rates Extreme (low/high) Market Volatility Moderate Moderate Extreme - MOVE index sharply higher Flat/Inverted Yield Curve Shape Steep Positive sloped Strongly inverted Tighter Corporate & Mortgage Spreads Wider Wider Stable Lower Depository Liquidity Greater Abundant - fueled by stimulus Constrained - exacerbated by QT • FHN Financial provides fixed income sales & trading, investment advisory, interest rate derivatives and other services to financial institutions, municipalities and other institutional investors across the United States and internationally • 4,000+ active institutional clients • Clients include approximately one third of all US banks and 50% of banks with portfolios over $100 million in size • The variable compensation payout ratio on marginal revenue is approximately 60% FOMC easing during GFC FOMC ZIRP Policy Normalizing FOMC Policy FOMC easing during pandemic FOMC tightening to fight inflation Fed Funds Average ADR in millions $1.6 $1.2 $0.7 $1.3 $0.5

19 $38.0 59% $22.0 34% $4.8 7% Insured Uninsured & uncollateralized Collateralized Attractive portfolio diversified by customer type, product, and geography 66% of 2Q24 deposits insured or collateralized 2Q24 diversified deposit mix by product 25% 39% 11% 24% Demand deposit accounts Savings Time deposits Other interest-bearing deposits • Stable, cost-effective deposits from a diverse commercial and consumer client base across 12-state footprint and specialty lines of business • Commercial deposits of $35.8 billion or 55% and consumer of $29.0 billion or 45% • Attractive lower-cost deposit base with 25% comprised of noninterest bearing products • Contingency funding plan equates to ~152% of uninsured or uncollateralized deposits Banking centers in attractive Southeast footprint1 All deposit balances are period-end unless otherwise noted. 1One banking center in New York not shown. $64.8B

20 <$5 $3.4B $5-$10 $2.0B $10-$20 $3.0B $20-$30 $2.5B $30-$40 $2.2B $40-$50 $0.8B >$50 $0.8B $1.8B $3.1B $3.1B $6.6B Floating Fixed 2024 2025 2026 2027+ 79% 85% 79% 61% CRE by Loan Size2 CRE by State3 Maturity Schedule CRE by Property Type High credit quality, diversified CRE portfolio All loan balances are period end unless otherwise noted. 1FHN’s CRE metrics database includes information for all loans in the Pro CRE LOB, as well as market/investor CRE loans $5+ million in commitments, which encompasses 86% 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 16 loans with commitments above $50 million • No property type comprises over 8% of total loans • Average debt service coverage of 1.4x and average stabilized LTV of 54%1 $ in billions $14.7B 21% 15% 21% 39% 34% 10% 9% 16% 15% 9% 4% 3% Multi-Family Traditional Office Medical Office Industrial Retail Hospitality Other Land + Residential

21 0.5M 1.4M 1.3M 13.3M 2024 2025 2026 2027+ Multi-Family2 $ in millions Multi-Family CRE1 Strong underwriting in the office and multi-family portfolios All loan balances are period end unless otherwise noted. 1FHN’s CRE metrics database includes information for all loans in the Pro CRE LOB, as well as market/investor CRE loans $5+ million in commitments, which encompasses 65% of traditional office CRE commitments and 87% of multi-family CRE commitments. 2Excludes traditional office balances totaling $61 million and multi-family balances totaling $88 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 240 units • Low exposure to rent control, which is mostly related to low and moderate income housing focused on serving the communities in our footprint Office CRE • Medical office comprises 48% of office exposure • Only 8 buildings are 10 stories or taller • Within the traditional office portfolio1: – Average debt service coverage of 1.5x – Average stabilized LTV of 59% – Vacancy rate of 13% Office Lease Renewals Square Feet in Millions

22 80% 14% 5% Real estate installment loans HELOC Credit card and other Granular C&I portfolio and real estate backed consumer portfolio C&I by Industry 20% 20% 12% 11% 9% 7% 6% 6% 5% 4% TN All Other FL TX Other Southeastern NC LA CA GA AL C&I by State Consumer Portfolio by Product 11% 11% 9% 8% 7%7%7% 6% 5% 4% 26% 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 11% 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. $33.5B $14.7B

23 $0.3B $0.3B $0.3B $0.3B 3Q24 4Q24 1Q25 2Q25 Agency MBS 42% Agency CMBS 26% Agency CMO 14% U.S. Agencies & Treasury 12% States & Municipalities 6% $10.2B $9.8B $9.4B $9.6B $9.3B 2.49% 2.54% 2.62% 2.54% 2.58% Average AFS Securities Average HTM Securities Average Yield 2Q23 3Q23 4Q23 1Q24 2Q24 Investment portfolio prudently managed to support liquidity and IRR • 2Q24 investment portfolio represents ~11% of total assets – Moderate total portfolio effective duration of 4.9 – Low reliance on HTM designation at ~14% of total portfolio – 94% U.S. Government or Agency-backed by GSEs • 2Q24 total unrealized losses on the AFS and HTM portfolios of $1.4B, consistent with 1Q24 1Calculated based on period end market values. 2Estimated as of 6/30/24; includes maturities and projected calls. Steady principal cash flows2 Investment portfolio 2Q23 3Q23 4Q23 1Q24 2Q24 % of total assets 12% 12% 11% 12% 11% Pre-tax unrealized losses ($1.4B) ($1.8B) ($1.3B) ($1.4B) ($1.4B) Effective duration 5.2 5.2 5.0 5.0 4.9 Unencumbered securities / total securities1 35% 33% 30% 27% 25% 2Q24 investment portfolio composition1

24 Notable Items * 2Q24, 1Q24 and 3Q23 include $3 million, $5 million and $10 million of restructuring expenses; 2Q23 includes $50 million contribution to First Horizon Foundation and $15 million of Visa derivative valuation expenses. **4Q23 includes a discrete benefit primarily attributable to the resolution of merger-related tax items and 3Q23 includes after-tax notable items of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items. $ in millions, except EPS 2Q24 1Q24 4Q23 3Q23 2Q23 Summary of Notable Items: Gain on merger termination $ — $ — $ — $ — $ 225 Net merger/acquisition/transaction-related items — — — — (30) Gain/(loss) related to equity securities investments (other noninterest income) — — (6) — — Net gain on asset disposition (other noninterest income less incentives) — — 7 — — FDIC special assessment (other noninterest expense) (2) (10) (68) — — Other notable expenses* (3) (5) — (10) (65) Total notable items (pre-tax) (5) (15) (67) (10) 130 Tax related notable items** — — 48 (13) — Series D Preferred Stock (7) — — — — EPS impact of notable items $ 0.02 $ 0.02 $ 0.01 $ 0.04 $ (0.17)

25 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. (a) Included in Total equity on the Consolidated Balance Sheet. (b) Includes goodwill and other intangible assets, net of amortization. Numbers may not foot due to rounding. $s in millions, except per share data Quarterly, Unaudited 2Q24 1Q24 4Q23 3Q23 2Q23 Tangible Common Equity (Non-GAAP) (A) Total equity (GAAP) $ 8,955 $ 9,173 $ 9,291 $ 8,794 $ 8,960 Less: Noncontrolling interest (a) 295 295 295 295 295 Less: Preferred stock (a) 426 520 520 520 520 (B) Total common equity $ 8,234 $ 8,358 $ 8,476 $ 7,978 $ 8,144 Less: Intangible assets (GAAP) (b) 1,674 1,685 1,696 1,709 1,720 (C) Tangible common equity (Non-GAAP) $ 6,560 $ 6,673 $ 6,779 $ 6,270 $ 6,424 Tangible Assets (Non-GAAP) (D) Total assets (GAAP) $ 82,230 $ 81,799 $ 81,661 $ 82,533 $ 85,071 Less: Intangible assets (GAAP) (b) 1,674 1,685 1,696 1,709 1,720 (E) Tangible assets (Non-GAAP) $ 80,556 $ 80,114 $ 79,965 $ 80,825 $ 83,351 Period-end Shares Outstanding (F) Period-end shares outstanding 537 549 559 559 559 Ratios (A)/(D) Total equity to total assets (GAAP) 10.89 % 11.21 % 11.38 % 10.65 % 10.53 % (C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) 8.14 % 8.33 % 8.48 % 7.76 % 7.71 % (B)/(F) Book value per common share (GAAP) $ 15.34 $ 15.23 $ 15.17 $ 14.28 $ 14.58 (C)/(F) Tangible book value per common share (Non-GAAP) $ 12.22 $ 12.16 $ 12.13 $ 11.22 $ 11.50

26 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $s in millions Quarterly, Unaudited 2Q24 1Q24 4Q23 3Q23 2Q23 Adjusted Diluted EPS Net income available to common shareholders ("NIAC") (GAAP) a $ 184 $ 184 $ 175 $ 129 $ 317 Plus Total notable items (after-tax) (Non-GAAP) (a) 11 12 3 20 (98) Adjusted net income available to common shareholders (Non-GAAP) b $ 195 $ 196 $ 178 $ 150 $ 219 Diluted Shares (GAAP)8 c 547 558 561 561 561 Diluted EPS (GAAP) a/c $ 0.34 $ 0.33 $ 0.31 $ 0.23 $ 0.56 Adjusted diluted EPS (Non-GAAP) b/c $ 0.36 $ 0.35 $ 0.32 $ 0.27 $ 0.39 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $ 204 $ 197 $ 188 $ 142 $ 329 Plus Relevant notable items (after-tax) (Non-GAAP) (a) 4 12 3 20 (98) Adjusted NI (Non-GAAP) $ 208 $ 209 $ 191 $ 163 $ 231 NI (annualized) (GAAP) d $ 820 $ 791 $ 746 $ 565 $ 1,320 Adjusted NI (annualized) (Non-GAAP) e $ 836 $ 838 $ 757 $ 646 $ 928 Average assets (GAAP) f $ 81,721 $ 81,243 $ 82,313 $ 83,220 $ 82,304 ROA (GAAP) d/f 1.00 % 0.97 % 0.91 % 0.68 % 1.60 % Adjusted ROA (Non-GAAP) e/f 1.02 % 1.03 % 0.92 % 0.78 % 1.13 % Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE Net income available to common shareholders ("NIAC") (annualized) (GAAP) g $ 739 $ 739 $ 695 $ 513 $ 1,270 Adjusted Net income available to common shareholders (annualized) (Non-GAAP) h $ 785 $ 787 $ 706 $ 594 $ 878 Average Common Equity (GAAP) i $ 8,228 $ 8,436 $ 8,090 $ 8,163 $ 7,747 Intangible Assets (GAAP) (b) 1,680 1,691 1,702 1,714 1,726 Average Tangible Common Equity (Non-GAAP) j $ 6,548 $ 6,745 $ 6,388 $ 6,448 $ 6,021 ROCE (GAAP) g/i 8.98 % 8.76 % 8.60 % 6.28 % 16.40 % ROTCE (Non-GAAP) g/j 11.29 % 10.95 % 10.89 % 7.95 % 21.10 % Adjusted ROTCE (Non-GAAP) h/j 11.99 % 11.65 % 11.05 % 9.21 % 14.59 % (a) Adjusted for notable items as detailed on page 24 (b) Includes goodwill and other intangible assets, net of amortization. Numbers may not foot due to rounding

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 2Q24 1Q24 4Q23 3Q23 2Q23 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) k $ 186 $ 194 $ 183 $ 173 $ 400 Plus notable items (pretax) (GAAP) (a) — — (4) — (225) Adjusted noninterest income (Non-GAAP) l $ 186 $ 194 $ 179 $ 173 $ 175 Revenue (GAAP) m $ 815 $ 819 $ 800 $ 778 $ 1,031 Taxable-equivalent adjustment 4 4 4 4 4 Revenue- Taxable-equivalent (Non-GAAP) 819 823 804 782 1,035 Plus notable items (pretax) (GAAP) (a) — — (4) — (225) Adjusted revenue (Non-GAAP) n $ 819 $ 823 $ 800 $ 782 $ 810 Securities gains/(losses) (GAAP) o $ 1 $ — $ (5) $ — $ — Noninterest income as a % of total revenue (GAAP) (k-o)/ (m-o) 22.75 % 23.72 % 23.33 % 22.23 % 38.80 % Adjusted noninterest income as a % of total revenue (Non-GAAP) l/n 22.64 % 23.61 % 22.32 % 22.11 % 21.60 % Adjusted Efficiency Ratio Noninterest expense (GAAP) p $ 500 $ 515 $ 572 $ 474 $ 555 Plus notable items (pretax) (GAAP) (a) (5) (15) (70) (10) (95) Adjusted noninterest expense (Non-GAAP) q $ 495 $ 500 $ 502 $ 465 $ 461 Revenue (GAAP) r $ 815 $ 819 $ 800 $ 778 $ 1,031 Taxable-equivalent adjustment 4 4 4 4 4 Revenue- Taxable-equivalent (Non-GAAP) 819 823 804 782 1,035 Plus notable items (pretax) (GAAP) (a) — — (4) — (225) Adjusted revenue (Non-GAAP) s $ 819 $ 823 $ 800 $ 782 $ 810 Securities gains/(losses) (GAAP) t $ 1 $ — $ (5) $ — $ — Efficiency ratio (GAAP) p/ (r-t) 61.44 % 62.92 % 71.14 % 60.96 % 53.89 % Adjusted efficiency ratio (Non-GAAP) q/s 60.47 % 60.78 % 62.84 % 59.43 % 56.92 % (a) Adjusted for notable items as detailed on page 24 (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. Period-end Average ($s in millions) 2Q24 1Q24 2Q24 vs. 1Q24 2Q24 1Q24 2Q24 vs. 1Q24 Loans excluding LMC Total Loans (GAAP) $ 62,781 $ 61,753 $ 1,028 2 % $ 62,029 $ 61,152 $ 876 1 % LMC (GAAP) 2,934 2,366 568 24 % 2,440 1,847 593 32 % Total Loans excl. LMC (Non-GAAP) 59,847 59,387 460 1 % 59,589 59,305 284 — % Total Consumer (GAAP) 14,660 14,416 244 2 % 14,544 14,396 148 1 % Total Commercial excl. LMC (Non-GAAP) 45,187 44,971 216 — % 45,045 44,909 136 — % Total CRE (GAAP) 14,669 14,426 243 2 % 14,576 14,367 209 1 % Total C&I excl. LMC (Non-GAAP) $ 30,518 $ 30,545 $ (27) — % $ 30,469 $ 30,542 $ (73) — % $s in millions Quarterly, Unaudited 2Q24 1Q24 4Q23 3Q23 2Q23 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 $ 821 $ 787 $ 773 $ 760 $ 737 Reserve for unfunded commitments (GAAP) 66 79 83 82 90 Allowance for credit losses (Non-GAAP) B $ 887 $ 865 $ 856 $ 842 $ 827 Loans and leases (GAAP) C $ 62,781 $ 61,753 $ 61,292 $ 61,778 $ 61,295 Nonaccrual loans and leases (GAAP) D $ 574 $ 505 $ 462 $ 394 $ 402 Allowance for loans and lease losses to loans and leases (GAAP) A/C 1.31 % 1.27 % 1.26 % 1.23 % 1.20 % Allowance for credit losses to loans and leases (Non-GAAP) B/C 1.41 % 1.40 % 1.40 % 1.36 % 1.35 % Allowance for loans and lease losses to nonperforming loans and leases (GAAP) A/D 143 % 156 % 167 % 193 % 183 % Allowance for credit losses to nonperforming loans and leases (Non-GAAP) B/D 155 % 171 % 185 % 214 % 206 %

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. (a) Adjusted for notable items as detailed on page 24. Numbers may not foot due to rounding $s in millions Quarterly, Unaudited 2Q24 1Q24 Adjusted noninterest income excluding deferred compensation income Noninterest income (GAAP) $ 186 $ 194 Plus notable items (pretax) (GAAP) (a) — — Adjusted noninterest income (Non-GAAP) $ 186 $ 194 Less deferred compensation income (GAAP) 3 9 Adjusted noninterest income excluding deferred compensation income (Non-GAAP) $ 183 $ 186 Adjusted noninterest expense excluding deferred compensation expense Noninterest expense (GAAP) $ 500 $ 515 Plus notable items (pretax) (GAAP) (a) (5) (15) Adjusted noninterest expense (Non-GAAP) $ 495 $ 500 Less deferred compensation expense (GAAP) 3 9 Adjusted noninterest expense excluding deferred compensation expense (Non-GAAP) $ 492 $ 491 Adjusted personnel expense excluding deferred compensation expense Personnel expense (GAAP) $ 279 $ 301 Plus notable items (pretax) (GAAP) (a) (1) (5) Adjusted personnel expense (Non-GAAP) $ 279 $ 295 Less deferred compensation expense (GAAP) 3 9 Adjusted personnel expense excluding deferred compensation expense (Non-GAAP) $ 276 $ 286 $s in millions Quarterly, Unaudited 2Q24 1Q24 4Q23 3Q23 2Q23 Adjusted Pre-provision Net Revenue (PPNR) Pre-tax income (GAAP) $ 260 $ 254 $ 177 $ 194 $ 425 Plus notable items (pretax) (GAAP) (a) 5 15 67 10 (130) Adjusted Pre-tax income (non-GAAP) $ 265 $ 269 $ 244 $ 204 $ 295 Plus provision expense (GAAP) 55 50 50 110 50 Adjusted Pre-provision net revenue (PPNR) (non-GAAP) $ 320 $ 319 $ 294 $ 314 $ 345 Taxable-equivalent adjustment 4 4 4 4 4 Pre-provision net revenue-Taxable-equivalent (Non-GAAP) $ 324 $ 323 $ 298 $ 318 $ 349

Cover	Jul. 17, 2024
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 17, 2024
Entity Registrant Name	FIRST HORIZON CORP
Entity Incorporation, State or Country Code	TN
Entity File Number	001-15185
Entity Tax Identification Number	62-0803242
Entity Address, Address Line One	165 Madison Avenue
Entity Address, City or Town	Memphis,
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38103
City Area Code	901
Local Phone Number	523-4444
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000036966
Amendment Flag	false
$0.625 Par Value Common Capital Stock
Document Information [Line Items]
Title of 12(b) Security	$0.625 Par Value Common Capital Stock
Trading Symbol	FHN
Security Exchange Name	NYSE
Depository Shares, each representing a 1/4,000th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series B
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/400th interest in
Trading Symbol	FHN PR B
Security Exchange Name	NYSE
Depository Shares, each representing a 1/4,000th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series C
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/400th interest in
Trading Symbol	FHN PR C
Security Exchange Name	NYSE
Depository Shares, each representing a 1/4,000th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series E
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/4,000th interest in
Trading Symbol	FHN PR E
Security Exchange Name	NYSE
Depository Shares, each representing a 1/4,000th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series F
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/4,000th interest in
Trading Symbol	FHN PR F
Security Exchange Name	NYSE

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