First Horizon (FHN) 8-K Results of Operations and Financial Condition

First Horizon Corporation Reports Fourth Quarter Net Income Available to Common Shareholders of $219 Million,

or EPS of $0.40; $260 Million, or $0.48, on an Adjusted basis*

ROTCE of 14.7% and Adjusted ROTCE of 17.5% with tangible book value per share of $11.00*

2021 net income available to common shareholders of $962 million, or EPS of $1.74;

Adjusted EPS of $2.07 up 70% over 2020*

MEMPHIS, TN (January 20, 2022) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported fourth quarter 2021 net income available to common shareholders ("NIAC") of $219 million, or earnings per share of $0.40, compared with third quarter 2021 NIAC of $224 million, or earnings per share of $0.41.

Fourth quarter 2021 results were reduced by a net $41 million after-tax, or $0.08per share, of notable items largely tied to the IBERIABANK Corporation Merger ("IBKC Merger"),compared with a net $51 million after-tax reduction, or $0.09 per share, in third quarter 2021. Excluding notable items, adjusted fourth quarter 2021 NIAC of $260 million, or $0.48 per share, decreased from $275 million, or $0.50 per share in third quarter. The decrease was led by a $0.03 per share reduction tied to lower provision credit.

Full year 2021 NIAC of $962 million, or earnings per share of $1.74, compares with $822 million, or earnings per share of $1.89, in 2020, largely reflecting the impact of the IBKC merger. 2021 results included a net $179 million after-tax reduction, or $0.32 per share, from notable items largely related to the IBKC merger compared with a net benefit of $294 million, or $0.68 per share, in 2020. On an adjusted basis, full year 2021 NIAC of $1.1 billion, or earnings per share of $2.07, compares with NIAC of $528 million, or $1.22 in 2020 respectively.

“Our solid results for the quarter and the year reflect the underlying momentum in our balanced business model and attractive geographic footprint," said President and Chief Executive Officer Bryan Jordan. "Our continued focus on execution drove improved net interest income, further merger savings and revenue synergies and improved asset quality that more than offset the impact of expected fee income headwinds. We also increased our return of capital to shareholders through common share repurchases."

Jordan continued, “I am grateful to our associates for their unwavering commitment to delivering on our purpose which is to help our clients and communities unlock their full potential through capital and counsel, particularly as we continued to navigate the effects of the pandemic and disruptive natural disasters. Throughout the year, we achieved a number of critical merger milestones, successfully integrating key systems in preparation for the final conversion of clients and signage scheduled for February. We made good strides onboarding new technology and digital capabilities, upgrading operating systems and achieving efficiencies to deliver a differentiated client experience across the organization. I am incredibly proud of the progress we have made and look forward to further capitalizing on the power of business model and footprint."

Jordan concluded, “As we look forward to 2022 and beyond, we believe we are well-positioned to benefit from our enhanced capabilities and expertise, dynamic markets and an improving economic and interest rate environment. We remain focused on growing our core business and selectively transforming by simplifying processes, advancing technology and redeploying investments to achieve higher-growth and return opportunities and deliver top-quartile results.”

*ROTCE, PPNR, Core net interest income (NII), tangible book value per share, loans and leases excluding PPP and/or LMC, and "Adjusted" results are Non-GAAP Financial Measures; NII, Total Revenue, NIM and PPNR are presented on a fully taxable equivalent basis; References to loans include leases and EPS are based on diluted shares; Capital ratios are preliminary. See page 7 for information on our use of Non-GAAP measures and their reconciliation to GAAP beginning on page 23.

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Notable Items

Notable Items
Quarterly and Annually, Unaudited ($s in millions, except per share data)	4Q21		3Q21		4Q20		2021		2020
Summary of Notable Items:
Merger/acquisition-related items:
Purchase accounting gain (other noninterest income)*	$	—	$	—	$	1	$	(1)	$	533
Branch sale gain (other noninterest income)	4		2		—		5		—
Merger/acquisition expense	(38)		(46)		(34)		(187)		(155)
Non-PCD provision expense	—		—		—		—		(147)
Total Net Merger/acquisition- related items:	(35)		(45)		(33)		(183)		231
Other notable items:
Gain/(loss) on TruPS redemption (other noninterest income)	(3)		(23)		—		(26)		—
Charitable contributions (other noninterest expense)	—		—		—		—		(15)
Other notable expense (other noninterest expense)	(16)		—		—		(26)		—
Total net other notable items:	(19)		(23)		—		(52)		(15)
Total Notable items (pre-tax)	$	(54)	$	(68)	$	(33)	$	235	$	216
Total Notable items (after-tax)	(41)		(51)		(20)		(179)		294
EPS impact of notable items	$	(0.08)	$	(0.09)	$	(0.04)	$	(0.32)	$	0.68
Numbers may not foot due to rounding
*' Purchase accounting gain is non-taxable income

Fourth quarter 2021 GAAP results were reduced by a net $41 million after-tax impact, or $0.08 per share, of notable items compared with a net $51 million impact, or $0.09 per share, in third quarter 2021.

Fourth quarter net notable items were tied to:

•$35 million of net IBKC merger-related items.

•$10 milliontied to derivative valuation adjustments related to prior Visa Class-B share sales included in other noninterest expense.

•$6 million deferred compensation costs resulting from litigation tied to a company that was fully divested more than 10 years ago.

•$3 million loss on retirement of legacy IBKC trust preferred securities included in other noninterest income.

Fourth Quarter 2021 Highlights

•Total revenue of $745 million increased $7 million from third quarter 2021 levels driven by a $6 million increase in net interest income. Adjusted revenue of $748 million decreased $15 million largely as expected reductions in fixed income and mortgage banking fees were partially offset by an increase in other noninterest income.

•Net interest income of $498 million increased $6 million, or 1%, from third quarter 2021 levels despite a $5 million reduction in net merger-related and PPP loan portfolio benefits. Core net interest income increased 3% driven by the benefit of lower funding costs.

•Noninterest expense of $528 million increased $2 million from third quarter 2021 driven by an $8 million increase in notable items. Adjusted noninterest expense of $474 million decreased $6 million from third quarter 2021 driven by a $12 million decrease in personnel expense largely tied to lower revenue-based incentives.

•Provision for credit losses was a benefit of $65 million compared with a benefit of $85 million in third quarter 2021, largely reflecting stabilizing economic outlook and overall credit quality improvement.

•Average interest-earning assets of $82.5 billion increased $694 million, or 1%, from third quarter 2021 largely as a $775 million increase in the securities portfolio, a $381 million increase in the trading portfolio and a $260 million increase in loans held for sale ("LHFS") partially offset by an $827 million decrease in average loans driven by a $1.5 billion decrease in Payceck Protection Program loans ("PPP").

•Average loans before the impact of PPP increased $654 million, or 1%, as a $740 million increase in commercial was partially offset by an $87 million decrease in consumer. Average commercial loans excluding PPP increased 2%.

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•Period-end loans before the impact of PPP increased $402 million, or 1%, as a $446 million increase in commercial was partially offset by a $44 million decrease in consumer. Period-end commercial loans excluding PPP and LMC increased 3%.

•Average deposits of $74.6 billion increased $875 million, or 1%, from third quarter 2021 as a $1.8 billion increase in noninterest-bearing deposits was partially offset by a $921 million decrease in interest-bearing deposits. Interest-bearing deposit costs of 11 basis points improved 6 basis points from third quarter 2021.

•Allowance for credit losses to loans ratio of 1.34% decreased from 1.45% at September 30, 2021; the allowance for loan losses to nonperforming loans ratio of 244% increased from 211% at September 30, 2021.

•Net charge-offs of 0.01% in fourth quarter 2021 improved from 0.02% in third quarter 2021; nonperforming loans of $275 million decreased 21% from $347 million and the nonperforming loan ratio of 0.50% improved from 0.63% as of September 30, 2021.

•ROCE of 11.3%; ROTCE of 14.7%; Adjusted ROTCE of 17.5%; CET 1 ratio of 9.9%; and total capital ratio of 12.4%.

•Returned $225 million of capital to common shareholders including share repurchases and dividends.

•Share repurchases of 9 million shares of common stock at a weighted average price of $16.89 in the quarter.

•Tangible book value per share of $11.00 at December 31, 2021 increased 1% from $10.88 at September 30, 2021 despite a $0.24 impact tied to capital return.

Strategic Update

•On track to fully integrate systems in February 2022 and to deliver ~$200 million of targeted annualized net cost saves by 4Q22.

•Achieved $104 million of annualized net cost saves in 2021.

•Committed to delivering additional efficiencies in 2022.

COVID-19 Update

•~$5 billion Paycheck Protection Program loans forgiven in 2021. 2021 period-end PPP loans of $1.0 billion.

•Loans on deferral represented 0.2% of total loans excluding PPP as of December 31, 2021, down from September 30, 2021 levels of 0.3%.

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SUMMARY RESULTS
Quarterly, Unaudited
										4Q21 Change vs.
($s in millions, except per share and balance sheet data)	4Q21			3Q21			4Q20			3Q21					4Q20
										$/bp			%		$/bp			%
Income Statement
Interest income - taxable equivalent1	$	534		$	536		$	578		$	(2)		—	%	$	(44)		(8)	%
Interest expense- taxable equivalent1	33			41			53			(8)			(20)		(20)			(38)
Net interest income- taxable equivalent	502			495			525			7			1		(23)			(4)
Less: Taxable-equivalent adjustment	3			3			3			—			—		—			—
Net interest income	498			492			522			6			1		(24)			(5)
Noninterest income	247			247			288			—			—		(41)			(14)
Total revenue	745			738			810			7			1		(65)			(8)
Noninterest expense	528			526			508			2			—		20			4
Pre-provision net revenue4	217			213			302			4			2		(85)			(28)
Provision for credit losses5	(65)			(85)			1			20			24		(66)			NM
Income before income taxes	282			298			301			(16)			(5)		(19)			(6)
Provision for income taxes	53			63			56			(10)			(16)		(3)			(6)
Net income	229			235			245			(6)			(3)		(16)			(6)
Net income attributable to noncontrolling interest	3			3			3			—			—		—			6
Net income attributable to controlling interest	227			232			242			(5)			(2)		(15)			(6)
Preferred stock dividends	8			8			8			—			—		—			5
Net income available to common shareholders	$	219		$	224		$	234		$	(5)		(2)		$	(15)		(7)
Adjusted net income5	$	271		$	286		$	265		$	(15)		(5)		$	6		2
Adjusted net income available to common shareholders5	$	260		$	275		$	255		$	(15)		(5)	%	$	6		2	%
Common stock information
EPS	$	0.40		$	0.41		$	0.42		$	—		(1)	%	$	(0.02)		(4)	%
Adjusted EPS5	$	0.48		$	0.50		$	0.46		$	(0.02)		(4)	%	$	0.02		4	%
Diluted shares	542			550			556			(8)			(1)	%	(14)			(3)	%
Key performance metrics
Net interest margin	2.42		%	2.41		%	2.72		%	1		bp			(30)		bp
Efficiency ratio	70.88			71.21			62.71			(33)					817
Adjusted efficiency ratio6	63.31			62.87			58.34			44					497
Effective income tax rate	18.63			21.13			18.70			(250)					(7)
Return on average assets	1.02			1.05			1.16			(3)					(14)
Adjusted return on average assets6	1.21			1.28			1.26			(7)					(5)
Return on average common equity (“ROCE")	11.3			11.4			12.5			(17)					(127)
Return on average tangible common equity (“ROTCE”)6	14.7			15.0			16.7			(23)					(201)
Adjusted ROTCE6	17.5			18.4			18.2			(85)					(67)
Noninterest income as a % of total revenue	33.10			33.39			35.61			(29)					(251)
Adjusted noninterest income as a % of total revenue6	32.95		%	35.14		%	35.42		%	(219)		bp			(247)		bp
Balance Sheet (billions)
Average loans	$	54.7		$	55.5		$	59.8		$	(0.8)		(1)	%	$	(5.1)		(9)	%
Average deposits	74.6			73.7			69.6			0.9			1		5.0			7
Average assets	89.0			88.4			83.8			0.6			1		5.2			6
Average common equity	$	7.7		$	7.8		$	7.4		$	(0.1)		(1)	%	$	0.3		4	%
Asset Quality Highlights
Allowance for credit losses to loans and leases	1.34		%	1.45		%	1.80		%	(11)		bp			(46)		bp
Net charge-off ratio	0.01			0.02			0.19			(1)					(18)
Nonperforming loan and leases ratio	0.50		%	0.63		%	0.66		%	(13)		bp			(16)		bp
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 1	9.9		%	10.1		%	9.7		%	(15)		bp			26		bp
Tier 1	11.1			11.2			10.7			(18)					32
Total Capital	12.4			12.6			12.6			(28)					(21)
Tier 1 leverage	8.1		%	8.1		%	8.2		%	(6)		bp			(16)		bp

Numbers may not foot due to rounding.

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

See footnote disclosures on page 22.

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SUMMARY RESULTS
Annual, Unaudited
($s in millions, except per share and balance sheet data)	2021			2020			2021 vs. 2020
							$/bp			%
Income Statement
Interest income - taxable equivalent1	$	2,170		$	1,909		$	261		14	%
Interest expense- taxable equivalent1	163			235			(72)			(31)
Net interest income- taxable equivalent	2,006			1,673			333			20
Less: Taxable-equivalent adjustment	12			11			1			9
Net interest income	1,994			1,662			332			20
Noninterest income	1,076			1,492			(416)			(28)
Total revenue	3,070			3,155			(85)			(3)
Noninterest expense	2,095			1,718			377			22
Pre-provision net revenue4	975			1,436			(461)			(32)
Provision for credit losses5	(310)			503			(813)			NM
Income before income taxes	1,285			933			352			38
Provision for income taxes	274			76			198			NM
Net income	1,010			857			153			18
Net income attributable to noncontrolling interest	11			12			(1)			(8)
Net income attributable to controlling interest	999			845			154			18
Preferred stock dividends	37			23			14			61
Net income available to common shareholders	$	962		$	822		$	140		17
Adjusted net income5	$	1,189		$	563		$	627		114
Adjusted net income available to common shareholders5	$	1,140		$	528		$	612		116	%
Common stock information
EPS	$	1.74		$	1.89		$	(0.15)		(8)	%
Adjusted EPS5	$	2.07		$	1.22		$	0.85		70	%
Diluted shares	551			434			117			27	%
Key performance metrics
Net interest margin	2.48		%	2.86		%	(38)		bp
Efficiency ratio	68.25			54.47			1,378
Adjusted efficiency ratio6	60.64			58.82			182
Effective income tax rate	21.36			8.15			1,321
Return on average assets	1.15			1.33			(18)
Adjusted return on average assets6	1.36			0.87			49
Return on average common equity (“ROCE")	12.5			13.7			(113)
Return on average tangible common equity (“ROTCE”)6	16.5			19.0			(257)
Adjusted ROTCE6	19.3			12.2			714
Noninterest income as a % of total revenue	35.04			47.31			(1,227)
Adjusted noninterest income as a % of total revenue6	36.38		%	36.45		%	(7)		bp
Balance Sheet (billions)
Average loans	$	56.3		$	46.2		$	10.1		22	%
Average deposits	73.1			51.9			21.3			41
Average assets	87.6			64.3			23.3			36
Average common equity	$	7.7		$	6.0		$	1.7		28	%
Asset Quality Highlights
Allowance for credit losses to loans and leases	1.34		%	1.80		%	(11)		bp
Net charge-off ratio	—			0.20			(1,961)
Nonperforming loan and leases ratio	0.50		%	0.66		%	(13)		bp
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 1	9.9		%	9.7		%	(15)		bp
Tier 1	11.1			10.7			(18)
Total Capital	12.4			12.6			(28)
Tier 1 leverage	8.1		%	8.2		%	(6)		bp

Numbers may not foot due to rounding.

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

See footnote disclosures on page 22.

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Fourth Quarter 2021 versus Third Quarter 2021

Net interest income

Net interest income of $498 million increased $6 million from third quarter 2021 despite a $5 million reduction in net merger-related and PPP benefits. Core net interest income of $466 million was up $12 million as the benefit of lower funding costs, higher loans held for sale and trading portfolio balances, and higher investment portfolio income more than offset thenet impact of loan growth and tighter loan spreads. Net interest margin of 2.42% was relatively stable with third quarter 2021 as the benefit of lower funding costs offset the impact of tighter loan and investment portfolio spreads.

Noninterest income

Noninterest income of $247 million was stable as a net $22 million reduction tied to notable items was largely offset by expected declines in fixed income and mortgage banking and title fees. Adjusted noninterest income of $246 million decreased $22 million driven by expected declines in fixed income and mortgage banking and title fees. Fixed income average daily revenue of $1.1 million remained at relatively healthy levels compared with

$1.3 million in third quarter 2021.

Noninterest expense

Noninterest expense of $528 million increased $2 million from third quarter 2021 driven by a net $8 million decrease in notable items. Adjusted noninterest expense of $474 million decreased $6 million from third quarter 2021 levels as a $12 million reduction in personnel expense was partially offset by growth in outside services and other noninterest expense driven by a $4 million increase tied to demand deposit product accruals, costs tied to markets reopening, and FDIC premium costs partially offset by lower contribution costs and franchise taxes. Results reflect $1 million benefit tied to incremental merger cost savings.

Loans and leases

Average loan and lease balances of $54.7 billion decreased $827 millionfrom third quarter 2021 driven by a $1.5 billion decrease in PPP loans. Loan trends excluding PPP increased $654 million, or 1%, compared to the prior quarter, and 5% annualized, driven by a $740 millionincrease in commercial. Commercial loan growth excluding PPP reflects a $735 million increase in other C&I with relatively stable loans to mortgage companies ("LMC') and commercial real estate balances. Period-end loans and leases of $54.9 billion decreased $576 million from third quarter 2021 driven by a $979 million reduction in the PPP portfolio and a $622 million decrease in LMC. Before the impact of PPP and LMC, period-end loans increased $1.0 billion, or 8% annualized, reflecting a $1.1 billion increase in commercial. Period-end commercial loan growth excluding PPP and LMC was driven by growth in other commercial and industrial loans.

Deposits

Average deposits of $74.6 billion increased $875 million, or 1% from third quarter 2021 as a $1.8 billion increase in noninterest-bearing deposits was partially offset by a $921 million reduction in interest-bearing deposits. Period-end deposits of $74.9 billion increased $630 million from third quarter 2021 as a $535 million increase in noninterest-bearing and a $95 million increase in interest-bearing deposits. Interest-bearing deposit costs of 11 basis points declined 6 basis points from third quarter 2021 levelsreflecting continued discipline on deposit pricing.

Asset quality

Provision for credit losses benefit of $65 million compared to a benefit of $85 million in third quarter 2021, largely reflects stabilizing economic outlook and overall credit quality improvement.

Net charge-offs of $1 million, or 1 basis points in the fourth quarter, decreased from $3 million, or 2 basis points, in the third quarter 2021 reflecting strong asset quality overall.

Nonperforming loans of $275 million decreased $72 million from third quarter 2021 driven by a decrease in the commercial real estate portfolio. Fourth quarter 2021 allowance to nonperforming coverage ratio of 244% compared with 211% in third quarter 2021. Fourth quarter 2021 nonperforming loans to loans ratio of 50 basis points compared with 63 basis points in third quarter 2021.

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The allowance for credit losses to loans ratio decreased to 1.34% from 1.45% in the third quarter 2021.

Capital

CET1 ratio of 9.9% in fourth quarter 2021 was stable compared with 10.1% in third quarter 2021.

First Horizon returned $225 million in capital to common stockholders during the quarter including $144 million, or 9 million shares, of common stock repurchases.

Income taxes

The fourth quarter 2021 effective tax rate of 18.6% decreased from third quarter 2021 rate of 21.1%. On an adjusted basis, the effective tax rate of 19.5% in the fourth quarter 2021 decreased from 21.8% in third quarter 2021.

Conference call information

Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on January 20 by dialing 1-844-200-6205 (if calling from the U.S.) or 929-526-1599 (if calling from outside the U.S) and entering access code 177675. The conference call will begin at 8:30 a.m. CT.

Participants can also opt to listen to the live audio webcast with the accompanying slide presentation at https://ir.firsthorizon.com/investor-relations/news-and-events/events-and-presentations/.

A replay of the call will be available beginning at noon CT on January 20 until midnight CT on February 3. To listen to the replay, dial 1-866-813-9403 (U.S. callers) or +44-204-525-0658 (international callers); the access code is 953908. A replay of the webcast will also be available on our website by 10:30 am CT on January 20 and will be archived on the site for one year.

Forward-Looking Statements

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

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

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

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

Certain measures included in this report are “non-GAAP,” meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. Although other entities may use calculation methods that differ from those used by FHN for non-

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GAAP measures, FHN’s management believes such measures are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. Non-GAAP measures are reported to FHN’s management and Board of Directors through various internal reports.

The non-GAAP measures presented in this earnings release are fully taxable equivalent measures, core net interest income ("NII"), pre-provision net revenue ("PPNR"), loans and leases excluding paycheck protection program ('PPP") and/or Loans to Mortgage Companies ("LMC"), return on average tangible common equity (“ROTCE”), tangible common equity (“TCE”) to tangible assets (“TA”), tangible book value ("TBV") per common share, and various consolidated and segment results and performance measures and ratios adjusted for notable items.

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

Refer to the tabular reconciliation of non-GAAP to GAAP measures and presentation of the most comparable GAAP items beginning on page 23.

First Horizon Corp. (NYSE: FHN), with $89.1 billion in assets as of December 31, 2021, 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, mortgage, and title insurance 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, Ellen Taylor (901) 523-4450

Media Relations, Beth Ardoin, (337) 278-6868

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CONSOLIDATED INCOME STATEMENT
Quarterly/Annually, Unaudited
																4Q21 Change vs.														2021 vs 2020
($s in millions, except per share data)	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21				4Q20				2021			2020
																$		%		$		%								$		%
Interest income - taxable equivalent1	$	534		$	536		$	545		$	555		$	578		$	(2)	—	%	$	(44)	(8)	%	$	2,170		$	1,909		$	261	14	%
Interest expense- taxable equivalent1	33			41			45			45			53			(8)		(20)		(20)		(38)		163			235			(72)		(31)
Net interest income- taxable equivalent	502			495			500			511			525			7		1		(23)		(4)		2,006			1,673			333		20
Less: Taxable-equivalent adjustment	3			3			3			3			3			—		—		—		—		12			11			1		9
Net interest income	498			492			497			508			522			6		1		(24)		(5)		1,994			1,662			332		20
Noninterest income:
Fixed income	82			96			102			126			104			(14)		(15)		(22)		(21)		406			423			(17)		(4)
Mortgage banking and title	28			34			38			53			57			(6)		(18)		(29)		(51)		154			129			25		19
Brokerage, trust, and insurance	36			37			35			33			31			(1)		(3)		5		14		141			107			34		32
Service charges and fees	56			56			54			53			53			—		—		3		6		219			174			45		26
Card and digital banking fees	19			21			21			17			18			(2)		(10)		1		3		78			59			19		32
Deferred compensation income	—			3			7			3			9			(3)		(100)		(9)		(100)		13			11			2		18
Other noninterest income2	25			(1)			27			15			16			26		NM		9		57		66			589			(523)		(89)
Total noninterest income	247			247			285			298			288			—		—		(41)		(14)		1,076			1,492			(416)		(28)
Total revenue	745			738			781			806			810			7		1		(65)		(8)		3,070			3,155			(85)		(3)
Noninterest expense:
Personnel expense:
Salaries and benefits	190			191			191			196			200			(1)		(1)		(10)		(5)		767			625			142		23
Incentives and commissions	93			101			109			120			110			(8)		(8)		(17)		(16)		423			396			27		7
Deferred compensation expense	7			4			6			3			9			3		75		(2)		(22)		20			11			9		82
Total personnel expense	290			296			306			318			319			(6)		(2)		(29)		(9)		1,210			1,033			177		17
Occupancy and equipment3	74			75			75			76			76			(1)		(1)		(2)		(3)		300			243			57		23
Outside services	81			89			63			58			59			(8)		(9)		22		38		290			213			77		36
Amortization of intangible assets	14			14			14			14			15			—		—		(1)		(5)		56			40			16		40
Other noninterest expense	70			52			40			78			39			18		35		31		80		239			189			50		26
Total noninterest expense	528			526			497			544			508			2		—		20		4		2,095			1,718			377		22
Pre-provision net revenue4	217			213			284			262			302			4		2		(85)		(28)		975			1,436			(461)		(32)
Provision for credit losses5	(65)			(85)			(115)			(45)			1			20		24		(66)		NM		(310)			503			(813)		NM
Income before income taxes	282			298			399			307			301			(16)		(5)		(19)		(6)		1,285			933			352		38
Provision for income taxes	53			63			88			71			56			(10)		(16)		(3)		(6)		274			76			198		NM
Net income	229			235			311			235			245			(6)		(3)		(16)		(6)		1,010			857			153		18
Net income attributable to noncontrolling interest	3			3			3			3			3			—		—		—		6		11			12			(1)		(8)
Net income attributable to controlling interest	227			232			308			233			242			(5)		(2)		(15)		(6)		999			845			154		18
Preferred stock dividends	8			8			13			8			8			—		—		—		5		37			23			14		61
Net income available to common shareholders	$	219		$	224		$	295		$	225		$	234		$	(5)	(2)	%	$	(15)	(7)	%	$	962		$	822		$	140	17	%
Common Share Data
EPS	$	0.41		$	0.41		$	0.54		$	0.41		$	0.42		$	—	(1)	%	$	(0.01)	(3)	%	$	1.76		$	1.90		$	(0.14)	(7)	%
Basic shares	537			546			550			552			553			(9)		(2)		(16)		(3)		546			432			114		26
Diluted EPS	$	0.40		$	0.41		$	0.53		$	0.40		$	0.42		$	—	(1)		$	(0.02)	(4)		$	1.74		$	1.89		$	(0.15)	(8)
Diluted shares	542			550			556			557			556			(8)		(1)	%	(14)		(3)	%	551			434			117		27	%
Effective tax rate	18.6		%	21.1		%	22.0		%	23.2		%	18.7		%									21.4		%	8.2		%

Numbers may not foot due to rounding. See footnote disclosures on page 22.

9

ADJUSTED5 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 11

Quarterly/Annually, Unaudited

																4Q21 Change vs.														2021 vs 2020
($s in millions, except per share data)	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21				4Q20				2021			2020
																$		%		$		%								$		%
Net interest income (FTE)1	$	502		$	495		$	500		$	511		$	525		$	7	1	%	$	(23)	(4)	%	$	2,006		$	1,673		$	333	20	%
Adjusted noninterest income:
Fixed income	82			96			102			126			104			(14)		(15)		(22)		(21)		406			423			(17)		(4)
Mortgage banking and title	28			34			38			53			57			(6)		(18)		(29)		(51)		154			129			25		19
Brokerage, trust, and insurance	36			37			35			33			31			(1)		(3)		5		14		141			107			34		32
Service charges and fees	56			56			54			53			53			—		—		3		6		219			174			45		26
Card and digital banking fees	19			21			21			17			18			(2)		(10)		1		3		78			59			19		32
Deferred compensation income	—			3			7			3			9			(3)		(100)		(9)		(100)		13			11			2		18
Adjusted other noninterest income	25			21			29			14			15			4		19		10		68		89			56			33		59
Adjusted total noninterest income	$	246		$	268		$	287		$	297		$	288		$	(22)	(8)	%	$	(42)	(14)	%	$	1,099		$	960		$	139	14	%
Total revenue (FTE)1	$	748		$	763		$	787		$	808		$	813		$	(15)	(2)	%	$	(65)	(8)	%	$	3,105		$	2,633		$	472	18	%
Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$	189		$	191		$	191		$	195		$	200		$	(2)	(1)	%	$	(11)	(6)	%	$	766		$	619		$	147	24	%
Adjusted Incentives and commissions	84			92			93			99			89			(8)		(9)	%	(5)		(6)		367			341			26		8	%
Deferred compensation expense	1			4			6			3			9			(3)		(75)	%	(8)		(89)		14			11			3		27	%
Adjusted total personnel expense	274			286			290			297			298			(12)		(4)	%	(24)		(8)		1,147			971			176		18	%
Adjusted occupancy and equipment3	73			74			75			72			74			(1)		(1)	%	(1)		(2)		294			238			56		24	%
Adjusted outside services	66			65			56			54			52			1		2	%	14		27		241			166			75		45	%
Adjusted amortization of intangible assets	13			13			13			13			14			—		—	%	(1)		(5)		53			38			15		39	%
Adjusted other noninterest expense	46			42			31			28			35			4		10	%	11		32		148			136			12		9	%
Adjusted total noninterest expense	$	474		$	480		$	465		$	464		$	474		$	(6)	(1)	%	$	—	—	%	$	1,883		$	1,549		$	334	22	%
Adjusted pre-provision net revenue4	$	274		$	284		$	321		$	343		$	339		$	(10)	(4)	%	$	(65)	(19)	%	$	1,222		$	1,084		$	138	13	%
Adjusted provision for credit losses5	$	(65)		$	(85)		$	(115)		$	(45)		$	1		$	20	24	%	$	(66)	NM		$	(310)		$	356		$	(666)	NM
Adjusted net income available to common shareholders	$	260		$	275		$	321		$	284		$	255		$	(15)	(5)	%	$	6	2	%	$	1,140		$	528		$	612	116	%
Adjusted Common Share Data
Adjusted diluted EPS	$	0.48		$	0.50		$	0.58		$	0.51		$	0.46		$	(0.02)	(4)	%	$	0.02	4	%	$	2.07		$	1.22		$	0.85	70	%
Diluted shares	542			550			556			557			556			(8)		(1)	%	(14)		(3)	%	551			434			117		27	%
Adjusted effective tax rate	19.5		%	21.8		%	22.2		%	23.4		%	20.7		%									21.8		%	21.5		%
Adjusted ROTCE	17.5		%	18.4		%	22.2		%	20.2		%	18.2		%									19.3		%	12.2		%
Adjusted efficiency ratio	63.3		%	62.9		%	59.2		%	57.5		%	58.3		%									60.6		%	58.8		%

Numbers may not foot due to rounding.

See footnote disclosures on page 22.

10

NOTABLE ITEMS

Quarterly/Annually, Unaudited

(In millions)	4Q21		3Q21		2Q21		1Q21		4Q20		2021		2020
Summary of Notable Items:
Purchase accounting gain (other noninterest income)*	$	—	$	—	$	(2)	$	1	$	1	$	(1)	$	533
Gain/(loss) on TRUPS redemption (other noninterest income)	(3)		(23)		—		—		—		(26)		—
Branch sale gain (other noninterest income)	4		2		—		—		—		5		—
Merger/acquisition expense	(38)		(46)		(32)		(70)		(34)		(187)		(155)
Charitable contributions	—		—		—		—		—		—		(15)
Other notable expenses**	(16)		—		—		(10)		—		(26)		—
Merger/acquisition non-PCD provision expense	—		—		—		—		—		—		(147)
Total notable items	$	(54)	$	(68)	$	(34)	$	(79)	$	(33)	$	235	$	216
EPS impact of notable items	$	(0.08)	$	(0.09)	$	(0.05)	$	(0.11)	$	(0.04)	$	(0.32)	$	0.68

Numbers may not foot due to rounding

*' Purchase accounting gain is non-taxable income.

** 4Q21 includes $10 million of Visa derivative valuation expense and $6 million of deferred compensation expense.

IMPACT OF NOTABLE ITEMS:

Quarterly/Annually, Unaudited

(In millions)	4Q21		3Q21		2Q21		1Q21		4Q20		2021		2020
Impacts of Notable Items:
Noninterest income:
Other noninterest income	$	—	$	22	$	2	$	(1)	$	(1)	$	23	$	(533)
Total noninterest income	$	—	$	22	$	2	$	(1)	$	(1)	$	23	$	(533)
Noninterest expense:
Personnel expenses:
Salaries and benefits	$	—	$	—	$	—	$	—	$	—	$	(1)	$	(7)
Incentives and commissions	(9)		(10)		(16)		(21)		(21)		(56)		(55)
Deferred compensation expense	(6)		—		—		—		—		(6)		—
Total personnel expenses	(16)		(10)		(16)		(21)		(21)		(63)		(62)
Occupancy and equipment3	—		(1)		—		(4)		(2)		(5)		(6)
Outside services	(15)		(24)		(6)		(4)		(7)		(49)		(46)
Amortization of intangible assets	(1)		(1)		(1)		(1)		(1)		(3)		(2)
Other noninterest expense	(23)		(10)		(9)		(50)		(4)		(92)		(54)
Total noninterest expense	$	(54)	$	(46)	$	(32)	$	(80)	$	(34)	$	(212)	$	(170)
Provision for credit losses	$	—	$	—	$	—	$	—	$	—	$	—	$	(147)
Income before income taxes	$	54	$	68	$	34	$	79	$	33	$	235	$	(216)
Provision for income taxes	13		17		8		19		13		56		78
Net income/(loss) available to common shareholders	$	41	$	51	$	26	$	60	$	20	$	179	$	(294)

Numbers may not foot due to rounding

11

FINANCIAL RATIOS
Quarterly/Annually, Unaudited
																4Q21 change vs.																2021 vs. 2020
	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21					4Q20					2021			2020
FINANCIAL RATIOS																$/bp			%		$/bp			%								$/bp			%
Net interest margin	2.42		%	2.41		%	2.47		%	2.62		%	2.72		%	1		bp			(30)		bp			2.48		%	2.86		%	(38)		bp
Return on average assets	1.02		%	1.05		%	1.42		%	1.12		%	1.16		%	(3)					(14)					1.15		%	1.33		%	(18)
Adjusted return on average assets6	1.21		%	1.28		%	1.54		%	1.40		%	1.26		%	(7)					(5)					1.36		%	0.87		%	49
Return on average common equity (“ROCE”)	11.26		%	11.43		%	15.45		%	12.01		%	12.53		%	(17)					(127)					12.53		%	13.66		%	(113)
Return on average tangible common equity (“ROTCE”)6	14.72		%	14.95		%	20.36		%	15.90		%	16.73		%	(23)					(201)					16.46		%	19.03		%	(257)
Adjusted ROTCE5	17.51		%	18.36		%	22.18		%	20.15		%	18.18		%	(85)					(67)					19.29		%	12.15		%	714
Noninterest income as a % of total revenue	33.10		%	33.39		%	36.43		%	37.00		%	35.61		%	(29)					(251)					35.04		%	47.31		%	(1,227)
Adjusted noninterest income as a % of total revenue6	32.95		%	35.14		%	36.49		%	36.78		%	35.42		%	(219)					(247)					36.38		%	36.45		%	(7)
Efficiency ratio	70.88		%	71.21		%	63.67		%	67.53		%	62.71		%	(33)					817					68.25		%	54.47		%	1,378
Adjusted efficiency ratio6	63.31		%	62.87		%	59.17		%	57.49		%	58.34		%	44					497					60.64		%	58.82		%	182
CAPITAL DATA
CET1 capital ratio*	9.9		%	10.1		%	10.3		%	10.0		%	9.7		%	(15)		bp			26		bp			9.9		%	9.7		%	26		bp
Tier 1 capital ratio*	11.1		%	11.2		%	11.4		%	11.0		%	10.7		%	(18)		bp			32		bp			11.1		%	10.7		%	32		bp
Total capital ratio*	12.4		%	12.6		%	13.1		%	12.8		%	12.6		%	(28)		bp			(21)		bp			12.4		%	12.6		%	(21)		bp
Tier 1 leverage ratio*	8.1		%	8.1		%	8.2		%	8.2		%	8.2		%	(6)		bp			(16)		bp			8.1		%	8.2		%	(16)		bp
Risk-weighted assets (“RWA”) (billions)	$	64.1		$	63.0		$	62.0		$	62.3		$	63.1		$	1		2	%	$	1		1	%	$	64.1		$	63.1		$	1		1	%
Total equity to total assets	9.53		%	9.64		%	9.74		%	9.49		%	9.86		%	(11)		bp			(33)		bp			9.53		%	9.86		%	(33)		bp
Tangible common equity/tangible assets (“TCE/TA”)6	6.73		%	6.80		%	6.87		%	6.64		%	6.89		%	(7)		bp			(16)		bp			6.73		%	6.89		%	(16)		bp
Period-end shares outstanding (millions)	534			542			551			552			555			(8)			(1)	%	(21)			(4)	%	534			555			(21)			(4)	%
Cash dividends declared per common share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15		$	—		—		$	—		—		$	0.60		$	0.60		$	—		—
Book value per common share	$	14.39		$	14.24		$	14.07		$	13.65		$	13.59		$	0.15		1	%	$	0.80		6	%	$	14.39		$	13.59		$	0.80		6	%
Tangible book value per common share6	$	11.00		$	10.88		$	10.74		$	10.30		$	10.23		$	0.12		1	%	$	0.77		8	%	$	11.00		$	10.23		$	0.77		8	%
SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	73.25		%	74.65		%	77.36		%	80.09		%	83.21		%	(140)		bp			(996)		bp			73.25		%	83.21		%	(996)		bp
Loans-to-deposit ratio (average balances)	73.29		%	75.28		%	77.68		%	82.02		%	85.90		%	(199)		bp			(1,261)		bp			76.98		%	89.02		%	(1,204)		bp
Full-time equivalent associates	7,863			7,982			8,145			8,284			8,466			(119)			(1)	%	(603)			(7)	%	8,067			6,649			1,418			21	%

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

*Current quarter is an estimate.

See footnote disclosures on page 22.

12

CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited 

											4Q21 change vs.
(In millions)	4Q21		3Q21		2Q21		1Q21		4Q20		3Q21				4Q20
											$		%		$		%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	31,068	$	31,516	$	32,528	$	33,951	$	33,103	$	(448)	(1)	%	$	(2,035)	(6)	%
Commercial real estate	12,109		12,194		12,292		12,470		12,275		(85)		(1)		(167)		(1)
Total Commercial	43,177		43,710		44,820		46,421		45,379		(533)		(1)		(2,202)		(5)
Consumer real estate	10,772		10,787		10,864		11,053		11,725		(15)		—		(953)		(8)
Credit card and other7	910		938		1,002		1,126		1,128		(28)		(3)		(218)		(19)
Total Consumer	11,682		11,725		11,867		12,178		12,853		(42)		—		(1,171)		(9)
Loans and leases, net of unearned income	54,859		55,435		56,687		58,600		58,232		(576)		(1)		(3,373)		(6)
Loans held for sale	1,172		1,052		977		811		1,022		120		11		150		15
Investment securities	9,419		8,798		8,398		8,361		8,057		621		7		1,362		17
Trading securities	1,601		1,319		1,035		1,076		1,176		282		21		425		36
Interest-bearing deposits with banks	14,907		14,829		13,451		11,635		8,351		79		1		6,556		79
Federal funds sold and securities purchased under agreements to resell	641		361		622		520		445		281		78		196		44
Total interest earning assets	82,600		81,794		81,170		81,004		77,284		806		1		5,316		7
Cash and due from banks	1,147		1,197		1,303		1,169		1,203		(50)		(4)		(56)		(5)
Goodwill and other intangible assets, net	1,808		1,822		1,836		1,850		1,864		(14)		(1)		(56)		(3)
Premises and equipment, net	665		692		714		719		759		(27)		(4)		(94)		(12)
Allowance for loan and lease losses	(670)		(734)		(815)		(914)		(963)		64		9		293		30
Other assets	3,542		3,766		3,700		3,685		4,063		(224)		(6)		(521)		(13)
Total assets	$	89,092	$	88,537	$	87,908	$	87,513	$	84,209	$	555	1	%	$	4,883	6	%
Liabilities and Shareholders' Equity:
Deposits:
Savings	$	26,457	$	27,425	$	27,416	$	27,023	$	27,324	$	(968)	(4)	%	$	(867)	(3)	%
Time deposits	3,500		3,920		4,304		4,653		5,070		(420)		(11)		(1,570)		(31)
Other interest-bearing deposits	17,054		15,571		15,728		16,444		15,415		1,484		10		1,639		11
Total interest-bearing deposits	47,012		46,916		47,447		48,120		47,810		95		—		(798)		(2)
Trading liabilities	426		315		531		454		353		112		35		74		21
Short-term borrowings	2,124		2,225		2,246		2,203		2,198		(101)		(5)		(75)		(3)
Term borrowings	1,590		1,584		1,672		1,671		1,670		6		—		(80)		(5)
Total interest-bearing liabilities	51,151		51,040		51,896		52,448		52,030		112		—		(879)		(2)
Noninterest-bearing deposits	27,883		27,348		25,833		25,046		22,173		535		2		5,710		26
Other liabilities	1,564		1,617		1,613		1,712		1,699		(53)		(3)		(136)		(8)
Total liabilities	80,598		80,005		79,343		79,206		75,903		593		1		4,695		6
Shareholders' Equity:
Preferred stock	520		520		520		470		470		—		—		50		11
Common stock	333		339		344		345		347		(5)		(2)		(13)		(4)
Capital surplus	4,742		4,866		4,997		5,036		5,073		(124)		(3)		(331)		(7)
Retained earnings	2,891		2,754		2,613		2,402		2,261		137		5		630		28
Accumulated other comprehensive loss, net	(288)		(241)		(203)		(242)		(140)		(47)		(20)		(148)		(105)
Combined shareholders' equity	8,199		8,237		8,270		8,012		8,012		(39)		—		187		2
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	8,494		8,533		8,566		8,307		8,307		(39)		—		187		2
Total liabilities and shareholders' equity	$	89,092	$	88,537	$	87,908	$	87,513	$	84,209	$	555	1	%	$	4,883	6	%
Memo:
Total Deposits	$	74,895	$	74,265	$	73,281	$	73,167	$	69,982	$	630	1	%	$	4,912	7	%
Unfunded Loan Commitments:
Commercial	$	20,487	$	19,019	$	18,035	$	16,759	$	17,201	$	1,468	8	%	$	3,286	19	%
Consumer	$	3,936	$	3,892	$	4,031	$	4,067	$	4,086	$	44	1	%	$	(150)	(4)	%

Numbers may not foot due to rounding. See footnote disclosures on page 22.

13

CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly/Annually, Unaudited 

											4Q21 change vs.												2021 vs. 2020
(In millions)	4Q21		3Q21		2Q21		1Q21		4Q20		3Q21				4Q20				2021		2020
											$		%		$		%						$		%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	30,780	$	31,477	$	32,540	$	33,279	$	34,196	$	(697)	(2)	%	$	(3,415)	(10)	%	$	32,011	$	27,625	$	4,386	16	%
Commercial real estate	12,220		12,264		12,350		12,424		12,400		(44)		—		(179)		(1)		12,314		8,519		3,795		45
Total Commercial	43,001		43,741		44,890		45,703		46,596		(740)		(2)		(3,595)		(8)		44,325		36,144		8,181		23
Consumer real estate	10,738		10,819		10,926		11,400		12,030		(81)		(1)		(1,292)		(11)		10,969		9,191		1,778		19
Credit card and other7	943		948		1,013		1,119		1,194		(5)		(1)		(251)		(21)		1,005		848		157		19
Total Consumer	11,681		11,767		11,939		12,519		13,224		(86)		(1)		(1,543)		(12)		11,974		10,039		1,935		19
Loans and leases, net of unearned income	54,682		55,508		56,829		58,222		59,820		(827)		(1)		(5,138)		(9)		56,298		46,183		10,115		22
Loans held-for-sale	1,252		992		734		842		1,030		260		26		222		22		956		835		121		14
Investment securities	9,269		8,494		8,401		8,320		8,213		775		9		1,056		13		8,623		6,464		2,159		33
Trading securities	1,552		1,171		1,322		1,418		1,292		381		33		260		20		1,365		1,433		(68)		(5)
Interest-bearing deposits with banks	15,065		15,022		13,051		9,269		6,201		43		—		8,864		143		13,123		3,006		10,117		NM
Federal funds sold and securities purchased under agreements to resell	650		587		648		599		440		63		11		210		48		621		547		74		14
Total interest earning assets	82,469		81,775		80,984		78,670		76,995		694		1		5,474		7		80,987		58,468		22,519		39
Cash and due from banks	1,263		1,263		1,267		1,250		1,204		—		—		59		5		1,261		852		409		48
Goodwill and other intangibles assets, net	1,815		1,829		1,843		1,857		1,871		(14)		(1)		(56)		(3)		1,836		1,696		140		8
Premises and equipment, net	676		703		714		755		765		(27)		(4)		(89)		(12)		712		604		108		18
Allowances for loan and lease losses	(714)		(793)		(884)		(949)		(985)		80		10		271		28		(834)		(700)		(134)		(19)
Other assets	3,515		3,624		3,635		3,817		3,959		(109)		(3)		(444)		(11)		3,647		3,426		221		6
Total assets	$	89,025	$	88,401	$	87,559	$	85,401	$	83,809	$	624	1	%	$	5,216	6	%	$	87,609	$	64,346	$	23,263	36	%
Liabilities and shareholders' equity:
Deposits:
Savings	$	26,731	$	27,793	$	27,238	$	27,370	$	27,090	$	(1,062)	(4)	%	$	(359)	(1)	%	$	27,283	$	19,780	$	7,503	38	%
Time deposits	3,695		4,121		4,487		4,836		5,386		(426)		(10)		(1,691)		(31)		4,281		4,347		(66)		(2)
Other interest-bearing deposits	15,900		15,333		16,029		15,491		15,057		567		4		842		6		15,688		11,973		3,715		31
Total interest-bearing deposits	46,326		47,248		47,754		47,697		47,534		(921)		(2)		(1,208)		(3)		47,252		36,100		11,152		31
Trading liabilities	556		527		560		518		367		29		6		189		51		540		457		83		18
Short-term borrowings	2,249		2,452		2,248		2,280		2,113		(203)		(8)		136		6		2,308		2,597		(289)		(11)
Term borrowings	1,575		1,665		1,672		1,670		1,913		(90)		(5)		(337)		(18)		1,645		1,578		67		4
Total interest-bearing liabilities	50,707		51,892		52,233		52,164		51,926		(1,185)		(2)		(1,220)		(2)		51,745		40,732		11,013		27
Noninterest-bearing deposits	28,282		26,485		25,404		23,284		22,105		1,797		7		6,177		28		25,879		15,779		10,100		64
Other liabilities	1,511		1,447		1,463		1,603		1,568		64		4		(58)		(4)		1,505		1,226		279		23
Total liabilities	80,499		79,824		79,100		77,052		75,600		675		1		4,900		6		79,130		57,737		21,393		37
Shareholders' Equity:
Preferred stock	520		520		513		470		470		—		—		50		11		506		297		209		70
Common stock	336		342		345		346		347		(5)		(2)		(10)		(3)		342		271		71		26
Capital surplus	4,811		4,936		5,023		5,061		5,902		(125)		(3)		(1,091)		(18)		4,957		4,215		742		18
Retained earnings	2,819		2,673		2,499		2,336		1,346		146		5		1,473		109		2,583		1,679		904		54
Accumulated other comprehensive loss, net	(256)		(190)		(217)		(161)		(151)		(66)		(35)		(105)		(70)		(206)		(149)		(57)		(38)
Combined shareholders' equity	8,230		8,281		8,164		8,054		7,914		(51)		(1)		316		4		8,183		6,313		1,870		30
Noncontrolling interest	295		295		295		295		295		—		—		—		—		295		295		—		—
Total shareholders' equity	8,526		8,577		8,459		8,349		8,209		(51)		(1)		316		4		8,478		6,609		1,869		28
Total liabilities and shareholders' equity	$	89,025	$	88,401	$	87,559	$	85,401	$	83,809	$	624	1	%	$	5,216	6	%	$	87,609	$	64,346	$	23,263	36	%
Memo:
Total Deposits	$	74,608	$	73,733	$	73,158	$	70,981	$	69,639	$	875	1	%	$	4,969	7	%	$	73,131	$	51,879	$	21,252	41	%

Numbers may not foot due to rounding. See footnote disclosures on page 22.

14

CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly/Annually, Unaudited
																					4Q21 change vs.																2021 vs. 2020
	4Q21				3Q21				2Q21				1Q21				4Q20				3Q21				4Q20				2021				2020
(In millions, except rates)	Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense				Income/Expense				Income/Expense		Rate		Income/Expense		Rate		Income/Expense
																					$		%		$		%										$		%
Interest earning assets/Interest income:
Loans and leases, net of unearned income:
Commercial	$	365	3.37	%	$	372	3.37	%	$	380	3.39	%	$	382	3.39	%	$	406	3.46	%	$	(7)	(2)	%	$	(41)	(10)	%	$	1,500	3.38	%	$	1,324	3.66	%	$	176	13	%
Consumer	110		3.77		112		3.83		118		3.98		127		4.09		129		3.90		(2)		(1)		(19)		(15)		468		3.92		406		4.05		62		15
Loans and leases, net of unearned income	475		3.45		484		3.47		498		3.52		510		3.54		535		3.56		(9)		(2)		(60)		(11)		1,970		3.49		1,732		3.75		238		14
Loans held-for-sale	11		3.49		8		3.25		7		3.94		7		3.16		8		3.22		3		35		3		31		33		3.44		30		3.60		3		9
Investment securities	30		1.43		31		1.48		29		1.39		28		1.41		27		1.29		(1)		(3)		3		11		118		1.43		105		1.64		13		12
Trading securities	10		2.50		6		2.07		7		2.03		7		2.03		7		2.05		4		60		3		47		30		2.17		35		2.44		(5)		(14)
Interest-bearing deposits with banks	6		0.15		6		0.16		3		0.10		2		0.10		2		0.10		—		(2)		4		NM		17		0.13		5		0.14		13		NM
Federal funds sold and securities purchased under agreements	—		(0.09)		—		(0.03)		—		(0.06)		—		(0.12)		—		0.03		—		NM		—		NM		—		(0.08)		2		0.43		(2)		(100)
Interest income	$	534	2.58	%	$	536	2.61	%	$	545	2.70	%	$	555	2.85	%	$	578	2.99		$	(1)	—	%	$	(43)	(7)	%	$	2,170	2.68		$	1,909	3.26		$	261	14	%
Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$	4	0.06	%	$	9	0.12	%	$	11	0.16	%	$	13	0.19	%	$	18	0.27	%	$	(5)	(54)	%	$	(14)	(78)	%	$	36	0.13	%	$	82	0.41	%	$	(46)	(57)	%
Time deposits	5		0.56		6		0.62		7		0.65		6		0.47		6		0.44		(1)		(20)		(1)		(12)		25		0.57		39		0.90		(14)		(37)
Other interest-bearing deposits	4		0.10		5		0.12		6		0.15		6		0.16		7		0.18		(1)		(18)		(3)		(44)		20		0.13		31		0.26		(11)		(34)
Total interest-bearing deposits	13		0.11		20		0.17		24		0.20		24		0.20		31		0.26		(7)		(34)		(18)		(58)		81		0.17		152		0.42		(71)		(47)
Trading liabilities	2		1.38		1		1.11		2		1.17		1		0.73		1		0.78		—		31		1		NM		6		1.11		6		1.24		—		5
Short-term borrowings	1		0.18		1		0.24		1		0.22		1		0.21		1		0.23		—		(32)		—		(18)		5		0.21		14		0.53		(9)		(65)
Term borrowings	17		4.30		18		4.39		18		4.38		18		4.39		20		4.16		(1)		(7)		(3)		(15)		72		4.37		64		4.02		8		12
Interest expense	33		0.26		41		0.31		45		0.34		45		0.34		53		0.40		(8)		(20)		(20)		(38)		163		0.32		235		0.58		(72)		(31)
Net interest income - tax equivalent basis	502		2.32		495		2.30		500		2.36		511		2.51		525		2.59		7		1		(23)		(4)		2,006		2.36		1,673		2.68		333		20
Fully taxable equivalent adjustment	(3)		0.10		(3)		0.11		(3)		0.11		(3)		0.11		(3)		0.13		—		(7)		—		1		(12)		0.12		(11)		0.18		(1)		(8)
Net interest income	$	498	2.42	%	$	492	2.41	%	$	497	2.47	%	$	508	2.62	%	$	522	2.72	%	$	7	1	%	$	(23)	(4)	%	$	1,994	2.48	%	$	1,662	2.86	%	$	333	20	%
Memo:
Total loan yield			3.45	%			3.47	%			3.52	%			3.54	%			3.56	%											3.49	%			3.75	%
Total deposit cost			0.07	%			0.11	%			0.13	%			0.14	%			0.18	%											0.11	%			0.29	%
Total funding cost			0.16	%			0.21	%			0.23	%			0.24	%			0.28	%											0.21	%			0.42	%

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.

Certain previously reported amounts have been reclassified to agree with current presentation. See footnote disclosures on page 22.

15

CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited
	As of															4Q21 change vs.
(In millions, except ratio data)	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21				4Q20
																$		%		$		%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$	125		$	144		$	122		$	144		$	144		$	(19)	(13)	%	$	(19)	(13)	%
Commercial real estate	9			58			70			67			58			(49)		(84)		(49)		(84)
Consumer real estate	138			143			149			180			182			(5)		(3)		(44)		(24)
Credit card and other	3			2			2			2			2			1		35		1		39
Total nonperforming loans and leases	$	275		$	347		$	344		$	394		$	386		$	(72)	(21)	%	$	(111)	(29)	%
Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.40		%	0.46		%	0.38		%	0.42		%	0.43		%
Commercial real estate	0.08			0.48			0.57			0.54			0.48
Consumer real estate	1.29			1.33			1.37			1.63			1.56
Credit card and other	0.31			0.22			0.24			0.22			0.18
Total nonperforming loans and leases to loans and leases	0.50		%	0.63		%	0.61		%	0.67		%	0.66		%

Numbers may not foot due to rounding.

CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Quarterly, Unaudited
	As of										4Q21 change vs.
(In millions)	4Q21		3Q21		2Q21		1Q21		4Q20		3Q21				4Q20
											$		%		$		%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)	$	5	$	1	$	1	$	—	$	—	$	4	NM		$	4	NM
Commercial real estate	—		2		—		—		—		(2)		(100)		—		NM
Consumer real estate	33		12		12		12		15		21		NM		18		115
Credit card and other	2		2		1		—		1		1		36		1		NM
Total loans and leases 90 days or more past due and accruing	$	40	$	16	$	14	$	13	$	16	$	24	147	%	$	24	144	%

Numbers may not foot due to rounding.

16

CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited
	As of															4Q21 change vs.
(In millions, except ratio data)	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21				4Q20
Charge-off, Recoveries and Related Ratios																$		%		$		%
Gross Charge-offs
Commercial, financial, and industrial (C&I)	$	5		$	12		$	2		$	15		$	35		$	(7)	(61)	%	$	(30)	(87)	%
Commercial real estate	—			2			—			3			—			(2)		(99)		—		(97)
Consumer real estate	2			1			1			1			1			1		NM		1		35
Credit card and other	4			5			3			3			4			—		(10)		1		16
Total gross charge-offs	$	11		$	19		$	6		$	23		$	40		$	(9)	(45)	%	$	(30)	(74)	%
Gross Recoveries
Commercial, financial, and industrial (C&I)	$	(3)		$	(7)		$	(5)		$	(6)		$	(4)		$	3	50	%	$	1	16	%
Commercial real estate	—			(2)			(1)			(2)			(1)			2		81		1		64
Consumer real estate	(5)			(7)			(8)			(6)			(5)			3		35		—		6
Credit card and other	(1)			—			(2)			(1)			(1)			(1)		NM		—		25
Total gross recoveries	$	(10)		$	(16)		$	(16)		$	(15)		$	(12)		$	7	41	%	$	2	17	%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I)	$	1		$	5		$	(3)		$	10		$	31		$	(4)	(76)	%	$	(30)	(96)	%
Commercial real estate	—			—			(1)			2			(1)			(1)		NM		—		43
Consumer real estate	(3)			(7)			(8)			(5)			(4)			4		58		1		23
Credit card and other	3			4			1			2			2			(1)		(33)		1		46
Total net charge-offs	$	1		$	3		$	(10)		$	8		$	29		$	(2)	(67)	%	$	(28)	(97)	%
Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I)	0.01		%	0.06		%	(0.04)		%	0.12		%	0.36		%
Commercial real estate	(0.01)			0.01			(0.02)			0.06			(0.02)
Consumer real estate	(0.10)			(0.24)			(0.28)			(0.18)			(0.12)
Credit card and other	1.26			1.86			0.51			0.65			0.68
Total loans and leases	0.01		%	0.02		%	(0.07)		%	0.06		%	0.19		%

Numbers may not foot due to rounding.

17

CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS
Quarterly, Unaudited
	As of										4Q21 Change vs.
(In millions)	4Q21		3Q21		2Q21		1Q21		4Q20		3Q21				4Q20
Summary of Changes in the Components of the Allowance For Credit Losses											$		%		$		%
Allowance for loan and lease losses - beginning	$	734	$	815	$	914	$	963	$	988	$	(81)	(10)	%	$	(254)	(26)	%
Charge-offs:
Commercial, financial, and industrial (C&I)	(5)		(12)		(2)		(15)		(35)		7		61		30		87
Commercial real estate	—		(2)		—		(3)		—		2		99		—		97
Consumer real estate	(2)		(1)		(1)		(1)		(1)		(1)		NM		(1)		(35)
Credit card and other	(4)		(5)		(3)		(3)		(4)		—		10		(1)		(16)
Total charge-offs	(11)		(19)		(6)		(23)		(40)		9		45		30		74
Recoveries:
Commercial, financial, and industrial (C&I)	3		7		5		6		4		(3)		(50)		(1)		(16)
Commercial real estate	—		2		1		2		1		(2)		(81)		(1)		(64)
Consumer real estate	5		7		8		6		5		(3)		(35)		—		(6)
Credit card and other	1		—		2		1		1		1		NM		—		(25)
Total Recoveries	10		16		16		15		12		(7)		(41)		(2)		(17)
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)*	(40)		(5)		(60)		(1)		(5)		(34)		NM		(34)		NM
Commercial real estate*	(9)		(48)		(22)		(8)		34		39		82		(42)		(126)
Consumer real estate*	(18)		(31)		(26)		(26)		(27)		13		42		9		33
Credit card and other*	3		6		—		(6)		3		(3)		(47)		1		22
Total provision for loan and lease losses*:	(63)		(78)		(109)		(41)		4		15		19		(67)		NM
Allowance for loan and lease losses - ending	$	670	$	734	$	815	$	914	$	963	$	(64)	(9)	%	$	(293)	(30)	%
Reserve for unfunded commitments - beginning	$	68	$	75	$	81	$	85	$	89	$	(7)	(9)	%	$	(21)	(24)	%
Cumulative effect of change in accounting principle	—		—		—		—		—		—		NM		—		NM
Acquired reserve for unfunded commitments	—		—		—		—		(1)		—		NM		1		100
Provision for unfunded commitments	(2)		(7)		(6)		(4)		(3)		5		71		1		33
Reserve for unfunded commitments - ending	$	66	$	68	$	75	$	81	$	85	$	(2)	(3)		$	(19)	(22)
Total allowance for credit losses- ending	$	736	$	802	$	890	$	995	$	1,048	$	(66)	(8)	%	$	(312)	(30)	%

Numbers may not foot due to rounding.

18

CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES
Quarterly, Unaudited
	As of
	4Q21		3Q21		2Q21		1Q21		4Q20
Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	1.07	%	1.19	%	1.18	%	1.30	%	1.37	%
Commercial real estate	1.27	%	1.33	%	1.71	%	1.86	%	1.97	%
Consumer real estate	1.51	%	1.65	%	1.87	%	2.00	%	2.07	%
Credit card and other	2.14	%	2.03	%	1.71	%	1.63	%	2.34	%
Total allowance for loans and lease losses to loans and leases	1.22	%	1.32	%	1.44	%	1.56	%	1.65	%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	268	%	261	%	314	%	307	%	315	%
Commercial real estate	1,671	%	278	%	300	%	345	%	415	%
Consumer real estate	118	%	125	%	136	%	123	%	133	%
Credit card and other	699	%	926	%	725	%	749	%	1,313	%
Total allowance for loans and lease losses to nonperforming loans and leases	244	%	211	%	237	%	232	%	249	%

19

REGIONAL BANKING

Quarterly/Annually, Unaudited 

																4Q21 Change vs.																2021 vs. 2020
	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21					4Q20					2021			2020
																$/bp			%		$/bp			%								$/bp			%
Income Statement (millions)
Net interest income	$	450		$	445		$	444		$	426		$	409		$	5		1	%	$	41		10	%	$	1,764		$	1,264		$	500		40	%
Noninterest income	115			113			109			100			106			2			2		9			8	%	438			345			93			27	%
Total revenue	565			558			553			527			515			7			1		50			10	%	2,202			1,609			593			37	%
Noninterest expense	304			300			277			270			306			4			1		(2)			(1)	%	1,151			944			207			22	%
Pre-provision net revenue4	261			258			276			256			209			3			1		52			25	%	1,051			665			386			58	%
Provision for credit losses5	(60)			(52)			(88)			(29)			(2)			(8)			(15)		(58)			NM		(229)			392			(621)			NM
Income before income tax expense	321			310			364			285			211			11			4		110			52	%	1,280			273			1,007			NM
Income tax expense	75			72			85			66			48			3			4		27			56	%	299			56			243			NM
Net income	$	246		$	238		$	279		$	219		$	163		$	8		3	%	$	83		51	%	$	982		$	217		$	765		NM
Average Balances (billions)
Total loans and leases	$	37.7		$	38.5		$	40.0		$	40.2		$	40.8		$	(0.8)		(2)	%	$	(3.1)		(8)	%	$	39.1		$	29.7		$	9.4		32	%
Interest-earning assets	37.7			38.5			40.0			40.2			40.8			(0.8)			(2)		(3.1)			(8)		39.1			29.7			9.4			32
Total assets	44.0			44.9			46.4			46.5			47.2			(0.9)			(2)		(3.2)			(7)		45.4			32.8			12.6			38
Total deposits	66.6			65.4			65.0			62.1			61.0			1.2			2		5.6			9		64.8			44.6			20.2			45
Key Metrics
Net interest margin8	4.76		%	4.60		%	4.47		%	4.32		%	4.02		%	16		bp			74		bp			4.54		%	4.28		%	26		bp
Efficiency ratio	53.82		%	53.73		%	50.13		%	51.30		%	59.47		%	9		bp			(565)		bp			52.27		%	58.66		%	(639)		bp
Loans-to-deposits ratio (period-end balances)	56.16		%	57.40		%	59.95		%	62.61		%	65.46		%	(124)		bp			(930)		bp			56.16		%	65.46		%	(930)		bp
Loans-to-deposits ratio (average-end balances)	56.71		%	58.92		%	61.61		%	64.69		%	66.77		%	(221)		bp			(1,006)		bp			60.39		%	66.69		%	(630)		bp
Return on average assets (annualized)	2.22		%	2.10		%	2.41		%	1.91		%	1.37		%	12		bp			85		bp			2.16		%	0.66		%	150		bp
Return on allocated equity9	25.80		%	25.71		%	30.29		%	23.73		%	16.26		%	9		bp			954		bp			26.37		%	7.47		%	1,890		bp
Financial center locations	426			438			490			490			492			(12)			(3)	%	(66)			(13)	%	426			492			(66)			(13)	%

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 22.

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.

20

SPECIALTY BANKING

Quarterly/Annually, Unaudited 

																4Q21 Change vs.																2021 vs. 2020
	4Q21			3Q21			2Q21			1Q21			4Q20			3Q21					4Q20					2021			2020
																$/bp			%		$/bp			%								$/bp			%
Income Statement (millions)
Net interest income	$	154		$	154		$	153		$	158		$	172		$	—		—	%	$	(18)		(10)	%	$	619		$	572		$	47		8	%
Noninterest income	120			142			150			185			167			(22)			(15)		(47)			(28)		597			576			21			4
Total revenue	275			295			302			343			339			(20)			(7)		(64)			(19)		1,216			1,149			67			6
Noninterest expense	130			141			146			154			135			(11)			(8)		(5)			(4)		571			494			77			16
Pre-provision net revenue4	145			154			156			189			204			(9)			(6)		(59)			(29)		645			655			(10)			(2)
Provision for credit losses5	(3)			(33)			(21)			(7)			11			30			91		(14)			(127)		(64)			117			(181)			NM
Income before income tax expense	148			187			177			196			194			(39)			(21)		(46)			(24)		709			538			171			32
Income tax expense	36			45			43			47			47			(9)			(20)		(11)			(23)		171			131			40			31
Net income	$	112		$	142		$	134		$	149		$	147		$	(30)		(21)	%	$	(35)		(24)	%	$	537		$	407		$	130		32	%
Average Balances (billions)
Total loans and leases	$	16.3		$	16.3		$	16.0		$	17.2		$	18.2		$	—		—	%	$	(1.9)		(11)	%	$	16.5		$	15.6		$	0.9		6	%
Interest-earning assets	19.8			19.2			18.8			20.2			21.1			0.6			3		(1.3)			(6)		19.5			18.5			1.0			5
Total assets	21.0			20.5			20.1			21.6			22.5			0.5			3		(1.5)			(7)		20.8			19.8			1.0			5
Total deposits	6.7			6.2			5.5			5.3			4.9			0.5			8		1.8			37		5.9			4.1			1.8			46
Key Metrics
Fixed income product average daily revenue (thousands)	$	1,123		$	1,323		$	1,425		$	1,885		$	1,505		$	(200)		(15)	%	$	(382)		(25)	%	$	1,436		$	1,477		$	(41)		(3)	%
Net interest margin8	3.11		%	3.18		%	3.25		%	3.17		%	3.26		%	(7)		bp			(15)		bp			3.18		%	3.10		%	8		bp
Efficiency ratio	47.34		%	47.68		%	48.29		%	44.89		%	39.74		%	(34)		bp			760		bp			46.97		%	43.01		%	396		bp
Loans-to-deposits ratio (period-end balances)	264		%	274		%	308		%	318		%	371		%	(1,070)		bp			(10,675)		bp			264		%	371		%	(10,675)		bp
Loans-to-deposits ratio (average-end balances)	245		%	266		%	293		%	325		%	375		%	(2,067)		bp			(13,023)		bp			279		%	384		%	(10,502)		bp
Return on average assets (annualized)	2.12		%	2.75		%	2.68		%	2.80		%	2.59		%	(63)		bp			(47)		bp			2.58		%	2.05		%	53		bp
Return on allocated equity9	27.32		%	33.81		%	31.60		%	33.39		%	31.97		%	(649)		bp			(465)		bp			31.58		%	25.70		%	588		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 22.

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

21

CORPORATE

Quarterly/Annually, Unaudited

											4Q21 Change vs.												2021 vs. 2020
	4Q21		3Q21		2Q21		1Q21		4Q20		3Q21				4Q20				2021		2020
											$		%		$		%						$/bp		%
Income Statement (millions)
Net interest income/(expense)	$	(106)	$	(106)	$	(100)	$	(77)	$	(60)	$	—	—	%	$	(46)	(77)	%	$	(389)	$	(174)	$	(215)	(124)	%
Noninterest income2	11		(8)		25		12		16		19		NM		(5)		(31)		41		571		(530)		(93)
Total revenues	(95)		(115)		(74)		(64)		(44)		20		17		(51)		(116)		(348)		397		(745)		NM
Noninterest expense	94		85		74		120		67		9		11		27		40		373		280		93		33
Pre-provision net revenue4	(189)		(200)		(148)		(184)		(111)		11		6		(78)		(70)		(721)		117		(838)		NM
Provision for credit losses5	(2)		—		(6)		(10)		(7)		(2)		NM		5		71		(17)		(5)		(12)		NM
Income before income tax expense	(187)		(200)		(143)		(174)		(104)		13		6		(83)		(80)		(704)		122		(826)		NM
Income tax expense (benefit)	(58)		(55)		(40)		(42)		(39)		(3)		(5)		(19)		(49)		(195)		(111)		(84)		(76)
Net income/(loss)	$	(129)	$	(145)	$	(102)	$	(132)	$	(65)	$	16	11	%	$	(64)	(98)	%	$	(509)	$	233	$	(742)	NM
Average Balance Sheet (billions)
Interest bearing assets	$	25.0	$	24.0	$	22.1	$	18.3	$	15.1	$	0.9	4	%	$	9.8	65	%	$	22.4	$	10.3	$	12.1	118	%
Total assets	24.0		23.0		21.1		17.3		14.1		1.0		4		9.9		70	%	21.4		11.7		9.6		82	%

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 22.

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 2020 includes a $533 million purchase accounting gain from FHN's merger with IBERIABANK.

3 Occupancy and Equipment expense includes Computer Software Expense.

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

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

6 Represents a non-GAAP measure and is reconciled to the nearest GAAP measure in the non-GAAP to GAAP reconciliations beginning on page 23.

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

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

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

22

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly/Annually, Unaudited
($s in millions, except per share data)	4Q21			3Q21			2Q21			1Q21			4Q20			2021			2020
Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$	8,494		$	8,533		$	8,566		$	8,307		$	8,307		$	8,494		$	8,307
Less: Noncontrolling interest (a)	295			295			295			295			295			295			295
Less: Preferred stock (a)	520			520			520			470			470			520			470
(B) Total common equity	$	7,679		$	7,717		$	7,750		$	7,541		$	7,541		$	7,679		$	7,541
Less: Intangible assets (GAAP) (b)	1,808			1,822			1,836			1,850			1,864			1,808			1,864
(C) Tangible common equity (Non-GAAP)	$	5,871		$	5,895		$	5,914		$	5,691		$	5,677		$	5,871		$	5,677
Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$	89,092		$	88,537		$	87,908		$	87,513		$	84,209		$	89,092		$	84,209
Less: Intangible assets (GAAP) (b)	1,808			1,822			1,836			1,850			1,864			1,808			1,864
(E) Tangible assets (Non-GAAP)	$	87,284		$	86,715		$	86,072		$	85,663		$	82,345		$	87,284		$	82,345
Period-end Shares Outstanding
(F) Period-end shares outstanding	534			542			551			552			555			534			555
Ratios
(A)/(D) Total equity to total assets (GAAP)	9.53		%	9.64		%	9.74		%	9.49		%	9.86		%	9.53		%	9.86		%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	6.73		%	6.80		%	6.87		%	6.64		%	6.89		%	6.73		%	6.89		%
(B)/(F) Book value per common share (GAAP)	$	14.39		$	14.24		$	14.07		$	13.65		$	13.59		$	14.39		$	13.59
(C)/(F) Tangible book value per common share (Non-GAAP)	$	11.00		$	10.88		$	10.74		$	10.30		$	10.23		$	11.00		$	10.23

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

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

Numbers may not foot due to rounding.

23

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
	4Q21						3Q21						2Q21						1Q21						4Q20
($s in millions, except per share data)	GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP
Interest income - FTE	$	531	$	3	$	534	$	533	$	3	$	536	$	542	$	3	$	545	$	552	$	3	$	555	$	574	$	3	$	578
Interest expense- FTE	33		—		33		41		—		41		45		—		45		45		—		45		53		—		53
Net interest income- FTE	498		3		502		492		3		495		497		3		500		508		3		511		522		3		525
Less: Taxable-equivalent adjustment	—		3		3		—		3		3		—		3		3		—		3		3		—		3		3
Net interest income	498		—		498		492		—		492		497		—		497		508		—		508		522		—		522
Noninterest income:
Fixed income	82		—		82		96		—		96		102		—		102		126		—		126		104		—		104
Mortgage banking and title	28		—		28		34		—		34		38		—		38		53		—		53		57		—		57
Brokerage, trust, and insurance	36		—		36		37		—		37		35		—		35		33		—		33		31		—		31
Service charges and fees	56		—		56		56		—		56		54		—		54		53		—		53		53		—		53
Card and digital banking fees	19		—		19		21		—		21		21		—		21		17		—		17		18		—		18
Deferred compensation income	—		—		—		3		—		3		7		—		7		3		—		3		9		—		9
Other noninterest income	25		—		25		(1)		22		21		27		2		29		15		(1)		14		16		(1)		15
Total noninterest income	247		—		246		247		22		268		285		2		287		298		(1)		297		288		(1)		288
Total revenue	745		—		745		738		22		760		781		2		784		806		(1)		805		810		(1)		810
Noninterest expense:
Personnel expense:
Salaries and benefits	190		—		189		191		—		191		191		—		191		196		—		195		200		—		200
Incentives and commissions	93		(9)		84		101		(10)		92		109		(16)		93		120		(21)		99		110		(21)		89
Deferred compensation expense	7		(6)		1		4		—		4		6		—		6		3		—		3		9		—		9
Total personnel expense	290		(16)		274		296		(10)		286		306		(16)		290		318		(21)		297		319		(21)		298
Occupancy and equipment	74		—		73		75		(1)		74		75		—		75		76		(4)		72		76		(2)		74
Outside services	81		(15)		66		89		(24)		65		63		(6)		56		58		(4)		54		59		(7)		52
Amortization of intangible assets	14		(1)		13		14		(1)		13		14		(1)		13		14		(1)		13		15		(1)		14
Other noninterest expense	70		(23)		46		52		(10)		42		40		(9)		31		78		(50)		28		39		(4)		35
Total noninterest expense	528		(54)		474		526		(46)		480		497		(32)		465		544		(80)		464		508		(34)		474
Pre-provision net revenue	217		54		271		213		68		281		284		34		318		262		79		340		302		33		335
Provision for credit losses	(65)		—		(65)		(85)		—		(85)		(115)		—		(115)		(45)		—		(45)		1		—		1
Income before income taxes	282		54		336		298		68		365		399		34		433		307		79		386		301		33		334
Provision for income taxes	53		13		65		63		17		80		88		8		96		71		19		90		56		13		69
Net income	229		41		271		235		51		286		311		26		337		235		60		295		245		20		265
Net income attributable to noncontrolling interest	3		—		3		3		—		3		3		—		3		3		—		3		3		—		3
Net income attributable to controlling interest	227		41		268		232		51		283		308		26		334		233		60		292		242		20		262
Preferred stock dividends	8		—		8		8		—		8		13		—		13		8		—		8		8		—		8
Net income available to common shareholders	$	219	$	41	$	260	$	224	$	51	$	275	$	295	$	26	$	321	$	225	$	60	$	284	$	234	$	20	$	255
Common Stock Data
EPS	$	0.41	$	(0.08)	$	0.48	$	0.41	$	(0.09)	$	0.50	$	0.54	$	(0.05)	$	0.58	$	0.41	$	(0.11)	$	0.51	$	0.42	$	(0.04)	$	0.46
Basic shares	537				537		546				546		550				550		552				552		553				553
Diluted EPS	$	0.40	$	(0.08)	$	0.48	$	0.41	$	(0.09)	$	0.50	$	0.53	$	(0.05)	$	0.58	$	0.40	$	(0.11)	$	0.51	$	0.42	$	(0.04)	$	0.46
Diluted shares	542				542		550				550		556				556		557				557		556				556
Memo:
Total Revenue-FTE (Non-GAAP)	$	745	$	3	$	748	$	738	$	24	$	763	$	781	$	5	$	787	$	806	$	2	$	808	$	810	$	2	$	813
PPNR-FTE (Non-GAAP)	$	217	$	58	$	274	$	213	$	71	$	283	$	284	$	37	$	321	$	262	$	82	$	343	$	302	$	36	$	339

Amounts adjusted for notable items as detailed on page 11.

Numbers may not foot due to rounding.

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CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Year-end, Unaudited
	2021						2020
($s in millions, except per share data)	GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP
Interest income - FTE	$	2,158	$	12	$	2,170	$	1,898	$	11	$	1,909
Interest expense- FTE	163		—		163		235		—		235
Net interest income- FTE	1,994		12		2,006		1,662		11		1,673
Less: Taxable-equivalent adjustment	—		12		12		—		11		11
Net interest income	1,994		—		1,994		1,662		—		1,662
Noninterest income:
Fixed income	406		—		406		423		—		423
Mortgage banking and title	154		—		154		129		—		129
Brokerage, trust, and insurance	141		—		141		107		—		107
Service charges and fees	219		—		219		174		—		174
Card and digital banking fees	78		—		78		59		—		59
Deferred compensation income	13		—		13		11		—		11
Other noninterest income	66		23		89		589		(533)		56
Total noninterest income	1,076		23		1,099		1,492		(533)		960
Total revenue	3,070		23		3,093		3,155		(533)		2,622
Noninterest expense:
Personnel expense:
Salaries and benefits	767		(1)		766		625		(7)		619
Incentives and commissions	423		(56)		367		396		(55)		341
Deferred compensation expense	20		(6)		14		11		—		11
Total personnel expense	1,210		(63)		1,147		1,033		(62)		971
Occupancy and equipment	300		(5)		294		243		(6)		238
Outside services	290		(49)		241		213		(46)		166
Amortization of intangible assets	56		(3)		53		40		(2)		38
Other noninterest expense	239		(92)		148		189		(54)		136
Total noninterest expense	2,095		(212)		1,883		1,718		(170)		1,549
Pre-provision net revenue	975		235		1,210		1,436		(363)		1,073
Provision for credit losses	(310)		—		(310)		503		(147)		356
Income before income taxes	1,285		235		1,520		933		(216)		717
Provision for income taxes	274		56		331		76		78		154
Net income	1,010		179		1,189		857		(294)		563
Net income attributable to noncontrolling interest	11		—		11		12		—		12
Net income attributable to controlling interest	999		179		1,178		845		(294)		551
Preferred stock dividends	37		—		37		23		—		23
Net income available to common shareholders	$	962	$	179	$	1,140	$	822	$	(294)	$	528
Common Stock Data
EPS	$	1.76	$	(0.33)	$	2.09	$	1.90	$	0.68	$	1.22
Basic shares	546				546		432				432
Diluted EPS	$	1.74	$	(0.32)	$	2.07	$	1.89	$	0.68	$	1.22
Diluted shares	551				551		434				434
Memo:
Total Revenue-FTE (Non-GAAP)	3,070		35		3,105		3,155		(522)		2,633
PPNR-FTE (Non-GAAP)	975		247		1,222		1,436		(353)		1,084

Amounts adjusted for notable items as detailed on page 11.

Numbers may not foot due to rounding.

25

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)		4Q21			3Q21			2Q21			1Q21			4Q20			2021			2020
Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)	a	$	219		$	224		$	295		$	225		$	234		$	962		$	822
Plus Tax effected notable items (Non-GAAP) (a)		41			51			26			60			20			179			(294)
Adjusted net income available to common shareholders (Non-GAAP)	b	$	260		$	275		$	321		$	284		$	255		$	1,140		$	528
Diluted Shares (GAAP)	c	542			550			556			557			556			551			434
Diluted EPS (GAAP)	a/c	$	0.40		$	0.41		$	0.53		$	0.40		$	0.42		$	1.74		$	1.89
Adjusted diluted EPS (Non-GAAP)	b/c	$	0.48		$	0.50		$	0.58		$	0.51		$	0.46		$	2.07		$	1.22
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)		$	229		$	235		$	311		$	235		$	245		$	1,010		$	857
Plus Tax effected notable items (Non-GAAP) (a)		41			51			26			60			20			179			(294)
Adjusted NI (Non-GAAP)		$	271		$	286		$	337		$	295		$	265		$	1,189		$	563
NI (annualized) (GAAP)	d	$	910		$	931		$	1,247		$	955		$	974		$	1,010		$	857
Adjusted NI (annualized) (Non-GAAP)	e	$	1,074		$	1,133		$	1,353		$	1,198		$	1,055		$	1,189		$	563
Average assets (GAAP)	f	$	89,025		$	88,401		$	87,559		$	85,401		$	83,809		$	87,609		$	64,346
ROA (GAAP)	d/f	1.02		%	1.05		%	1.42		%	1.12		%	1.16		%	1.15		%	1.33		%
Adjusted ROA (Non-GAAP)	e/f	1.21		%	1.28		%	1.54		%	1.40		%	1.26		%	1.36		%	0.87		%
Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE
Net income available to common shareholders ("NIAC") (GAAP)	g	$	868		$	887		$	1,182		$	911		$	933		$	962		$	822
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)	h	$	1,032		$	1,089		$	1,288		$	1,154		$	1,013		$	1,140		$	528
Average Common Equity (GAAP)	i	$	7,710		$	7,761		$	7,651		$	7,583		$	7,444		$	7,677		$	6,016
Intangible Assets (GAAP) (b)		1,815			1,829			1,843			1,857			1,871			1,836			1,696
Average Tangible Common Equity (Non-GAAP)	j	$	5,895		$	5,932		$	5,808		$	5,726		$	5,573		$	5,841		$	4,320
Equity Adjustment (Non-GAAP)		—			—			—			—			—			71			23
Adjusted Average Tangible Common Equity (Non-GAAP)	k	$	5,895		$	5,932		$	5,808		$	5,726		$	5,573		$	5,912		$	4,343
ROCE (GAAP)	g/i	11.26		%	11.43		%	15.45		%	12.01		%	12.53		%	12.53		%	13.66		%
ROTCE (Non-GAAP)	g/j	14.72		%	14.95		%	20.36		%	15.90		%	16.73		%	16.46		%	19.03		%
Adjusted ROTCE (Non-GAAP)	h/j	17.51		%	18.36		%	22.18		%	20.15		%	18.18		%	19.29		%	12.15		%

(a) Amounts adjusted for notable items as detailed on page 11.

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

Numbers may not foot due to rounding.

26

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(In millions)		4Q21			3Q21			2Q21			1Q21			4Q20			2021			2020
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	k	$	247		$	247		$	285		$	298		$	288		$	1,076		$	1,492
Plus notable items (GAAP) (a)		—			22			2			(1)			(1)			23			(533)
Adjusted noninterest income (Non-GAAP)	l	$	246		$	268		$	287		$	297		$	288		$	1,099		$	960
Revenue (GAAP)	m	$	745		$	738		$	781		$	806		$	810		$	3,070		$	3,155
Taxable-equivalent adjustment		3			3			3			3			3			12			11
Revenue- Taxable-equivalent (Non-GAAP)		748			741			784			809			813			3,082			3,166
Plus notable items (GAAP) (a)		—			22			2			(1)			(1)			23			(533)
Adjusted revenue (Non-GAAP)	n	$	748		$	763		$	787		$	808		$	813		$	3,105		$	2,633
Noninterest income as a % of total revenue (GAAP)	k/m	33.10		%	33.39		%	36.43		%	37.00		%	35.61		%	35.04		%	47.31		%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	l/n	32.95		%	35.14		%	36.49		%	36.78		%	35.42		%	36.38		%	36.45		%
Adjusted Efficiency Ratio
Noninterest expense (GAAP)	o	$	528		$	526		$	497		$	544		$	508		$	2,095		$	1,718
Plus notable items (GAAP) (a)		(54)			(46)			(32)			(80)			(34)			(212)			(170)
Adjusted noninterest expense (Non-GAAP)	p	$	474		$	480		$	465		$	464		$	474		$	1,883		$	1,549
Revenue (GAAP)	q	$	745		$	738		$	781		$	806		$	810		$	3,070		$	3,155
Taxable-equivalent adjustment		3			3			3			3			3			12			11
Revenue- Taxable-equivalent (Non-GAAP)		748			741			784			809			813			3,082			3,166
Plus notable items (GAAP) (a)		—			22			2			(1)			(1)			23			(533)
Adjusted revenue (Non-GAAP)	r	$	748		$	763		$	787		$	808		$	813		$	3,105		$	2,633
Efficiency ratio (GAAP)	o/q	70.88		%	71.21		%	63.67		%	67.53		%	62.71		%	68.25		%	54.47		%
Adjusted efficiency ratio (Non-GAAP)	p/r	63.31		%	62.87		%	59.17		%	57.49		%	58.34		%	60.64		%	58.82		%

(a) Amounts adjusted for notable items as detailed on page 11.

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

Numbers may not foot due to rounding.

27

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(In millions)
			4Q21 vs 3Q21
NII/NIM Analysis	NII		%		NIM
4Q21 Reported (FTE)	$	502			2.42	%
Less: non-core items
PPP coupon income and fees	30				0.10
Time Deposit Amortization	0				—
Loan Accretion	15				0.08
IBKC Premium Amortization	(10)				(0.05)
4Q21 Core (Non-GAAP)	$	466	3	%	2.28	%
3Q21 Reported (FTE)	$	495			2.41	%
Less: non-core items
PPP coupon income and fees	32				0.07
Time Deposit Amortization	0				—
Loan Accretion	20				0.10
IBKC Premium Amortization	(12)				(0.06)
3Q21 Core (Non-GAAP)	$	454			2.28	%

Numbers may not foot due to rounding.

	Period-end								Average
($s in millions)	4Q21		3Q21		4Q21 vs 3Q21				4Q21		3Q21		4Q21 vs 3Q21
Loans excluding LMC & PPP					$		%						$		%
Total C& I excl. LMC & PPP	$	25,512	$	24,360	$	1,152	5	%	$	24,668	$	23,932	$	735	3	%
Total CRE	12,109		12,194		(85)		(1)	%	12,220		12,264		(44)		—	%
Total Commercial excl. LMC & PPP	37,621		36,554		1,067		3	%	36,888		36,196		692		2	%
Total Consumer	11,682		11,726		(44)		—	%	11,681		11,767		(87)		(1)	%
Total Loans excl. LMC & PPP	49,303		48,279		1,024		2	%	48,569		47,963		607		1	%
PPP	1,038		2,017		(979)		(49)	%	1,444		2,925		(1,481)		(51)	%
LMC	4,518		5,139		(622)		(12)	%	4,669		4,620		50		1	%
Total Loans	$	54,859	$	55,435	$	(576)	(1)	%	$	54,682	$	55,508	$	(827)	(1)	%
Loans excluding PPP
Total Commercial excl. PPP	$	42,138	$	41,693	$	446	1	%	$	41,557	$	40,816	$	740	2	%
Total Consumer	11,682		11,726		(44)		—	%	11,681		11,767		(87)		(1)	%
Total Loans excl. PPP	$	53,820	$	53,418	402		1	%	$	53,238	$	52,583	654		1	%
PPP	1,038		2,017		(979)		(49)	%	1,444		2,925		(1,481)		(51)	%
Total Loans	$	54,859	$	55,435	$	(576)	(1)	%	$	54,682	$	55,508	(827)		(1)	%

Numbers may not foot due to rounding.

28

GLOSSARY OF TERMS

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

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

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

Key Ratios

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

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

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

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

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

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

Asset Quality - Consolidated Key Ratios

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

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

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

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

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

Operating Segments

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

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

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

29