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

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

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

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

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

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

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

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

Notable Items

Notable Items
Unaudited ($ in millions, except per share data)	4Q24		3Q24		4Q23		2024		2023
Summary of Notable Items:
Gain on merger termination	$	—	$	—	$	—	$	—	$	225
Net merger/acquisition/transaction-related items	—		—		—		—		(51)
Loss on AFS portfolio restructuring	(91)		—		—		(91)		—
Gain/(loss) related to equity securities investments (other noninterest income)	—		—		(6)				(6)
Net gain on asset disposition (other noninterest income less incentives)	—		—		7		—		7
FDIC special assessment (other noninterest expense)	1		2		(68)		(9)		(68)
Other notable expenses	(3)		(17)		—		(29)		(75)
Total notable items (pre-tax)	(94)		(14)		(67)		(129)		33
Total notable items (after-tax) **	(71)		(11)		(3)		(105)		59
Numbers may not foot due to rounding.
** 4Q23 and 2023 include a $48 million after-tax benefit primarily from the resolution of IBERIABANK merger-related tax items; 2023 also includes after-tax notable items of $13 million comprised of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items. 2Q24 and 2024 include $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.

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

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

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

1

Full Year 2024 versus Full Year 2023

Net interest income

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

Noninterest income

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

Noninterest expense

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

Loans and leases

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

Deposits

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

Asset quality

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

Capital

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

Income taxes

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

2

SUMMARY RESULTS
Annual, Unaudited
($s in millions, except per share and balance sheet data)	2024			2023
							$/bp			%
Income Statement
Interest income - taxable equivalent1	$	4,367		$	4,115		$	251		6	%
Interest expense- taxable equivalent1	1,841			1,560			281			18
Net interest income- taxable equivalent	2,526			2,556			(29)			(1)
Less: Taxable-equivalent adjustment	16			16			—			(1)
Net interest income	2,511			2,540			(29)			(1)
Noninterest income	679			927			(248)			(27)
Total revenue	3,190			3,467			(277)			(8)
Noninterest expense	2,035			2,080			(45)			(2)
Pre-provision net revenue3	1,155			1,388			(232)			(17)
Provision for credit losses	150			260			(110)			(42)
Income before income taxes	1,005			1,128			(122)			(11)
Provision for income taxes	211			212			(1)			—
Net income	794			915			(122)			(13)
Net income attributable to noncontrolling interest	19			19			—			2
Net income attributable to controlling interest	775			897			(122)			(14)
Preferred stock dividends	36			32			4			13
Net income available to common shareholders	$	738		$	865		$	(126)		(15)
Adjusted net income4	$	891		$	856		$	35		4	%
Adjusted net income available to common shareholders4	$	843		$	806		$	37		5	%
Common stock information
EPS	$	1.36		$	1.54		$	(0.18)		(12)	%
Adjusted EPS4	$	1.55		$	1.43		$	0.12		8	%
Diluted shares8	544			562			(17)			(3)	%
Key performance metrics
Net interest margin6	3.35		%	3.42		%	(7)		bp
Efficiency ratio	62.06			59.91			215
Adjusted efficiency ratio4	60.64			57.93			271
Effective income tax rate	21.03			18.82			221
Return on average assets	0.97			1.12			(15)
Adjusted return on average assets4	1.09			1.05			4
Return on average common equity (“ROCE")	8.8			11.0			(221)
Return on average tangible common equity (“ROTCE”)4	11.0			14.1			(311)
Adjusted ROTCE4	12.5			13.3			(77)
Noninterest income as a % of total revenue	23.44			26.83			(339)
Adjusted noninterest income as a % of total revenue4	23.33		%	21.43		%	190		bp
Balance Sheet (billions)
Average loans	$	62.0		$	60.2		$	1.8		3	%
Average deposits	65.7			64.3			1.4			2
Average assets	81.8			81.7			0.1			—
Average common equity	$	8.4		$	7.9		$	0.5		7	%
Asset Quality Highlights
Allowance for credit losses to loans and leases4	1.43		%	1.40		%	3		bp
Nonperforming loan and leases ratio	0.96		%	0.75		%	21		bp
Net charge-off ratio	0.18		%	0.28		%	(10)		bp
Net charge-offs	$	112		$	170		$	(58)		NM
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 1	11.2		%	11.4		%	(20)		bp
Tier 1	12.2			12.4			(21)
Total Capital	13.9			14.0			(10)
Tier 1 leverage	10.6		%	10.7		%	(5)		bp

Numbers may not foot due to rounding.

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

See footnote disclosures on page 21.

3

Fourth Quarter 2024 versus Third Quarter 2024

Net interest income

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

Noninterest income

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

Noninterest expense

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

Loans and leases

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

Deposits

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

Asset quality

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

Capital

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

Income taxes

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

4

SUMMARY RESULTS
Quarterly, Unaudited
										4Q24 Change vs.
($s in millions, except per share and balance sheet data)	4Q24			3Q24			4Q23			3Q24					4Q23
										$/bp			%		$/bp			%
Income Statement
Interest income - taxable equivalent1	$	1,071		$	1,123		$	1,090		$	(52)		(5)	%	$	(19)		(2)	%
Interest expense- taxable equivalent1	438			491			469			(54)			(11)		(31)			(7)
Net interest income- taxable equivalent	634			631			621			2			—		13			2
Less: Taxable-equivalent adjustment	4			4			4			—			(5)		—			(6)
Net interest income	630			627			617			2			—		13			2
Noninterest income	99			200			183			(101)			(51)		(84)			(46)
Total revenue	729			828			800			(99)			(12)		(71)			(9)
Noninterest expense	508			511			572			(3)			(1)		(64)			(11)
Pre-provision net revenue3	220			316			227			(96)			(30)		(7)			(3)
Provision for credit losses	10			35			50			(25)			(71)		(40)			(80)
Income before income taxes	210			281			177			(71)			(25)		33			19
Provision for income taxes	41			58			(11)			(17)			(30)		52			NM
Net income	170			223			188			(54)			(24)		(18)			(10)
Net income attributable to noncontrolling interest	4			5			5			—			(10)		(1)			(11)
Net income attributable to controlling interest	165			218			183			(53)			(24)		(18)			(10)
Preferred stock dividends	8			5			8			3			51		—			—
Net income available to common shareholders	$	158		$	213		$	175		$	(56)		(26)	%	$	(18)		(10)	%
Adjusted net income4	$	240		$	234		$	191		$	6		3	%	$	50		26	%
Adjusted net income available to common shareholders4	$	228		$	224		$	178		$	4		2	%	$	50		28	%
Common stock information
EPS	$	0.29		$	0.40		$	0.31		$	(0.11)		(26)	%	$	(0.02)		(6)	%
Adjusted EPS4	$	0.43		$	0.42		$	0.32		$	0.01		2	%	$	0.11		35	%
Diluted shares8	534			538			561			(4)			(1)	%	(27)			(5)	%
Key performance metrics
Net interest margin6	3.33		%	3.31		%	3.27		%	2		bp			6		bp
Efficiency ratio	61.98			61.89			71.14			9					(916)
Adjusted efficiency ratio4	61.43			59.86			62.84			157					(141)
Effective income tax rate	19.32			20.58			(6.16)			(126)					NM
Return on average assets	0.82			1.08			0.91			(26)					(9)
Adjusted return on average assets4	1.17			1.13			0.92			4					25
Return on average common equity (“ROCE")	7.4			10.1			8.6			(272)					(122)
Return on average tangible common equity (“ROTCE”)4	9.2			12.6			10.9			(343)					(172)
Adjusted ROTCE4	13.3			13.2			11.1			3					222
Noninterest income as a % of total revenue	23.20			24.06			23.33			(86)					(13)
Adjusted noninterest income as a % of total revenue4	23.10		%	23.95		%	22.32		%	(85)		bp			78		bp
Balance Sheet (billions)
Average loans	$	62.4		$	62.4		$	61.2		$	—		—	%	$	1.2		2	%
Average deposits	66.1			66.3			66.9			(0.2)			—		(0.8)			(1)
Average assets	82.0			82.4			82.3			(0.4)			(1)		(0.4)			—
Average common equity	$	8.5		$	8.4		$	8.1		$	0.1		1	%	$	0.4		5	%
Asset Quality Highlights
Allowance for credit losses to loans and leases4	1.43		%	1.44		%	1.40		%	(1)		bp			3		bp
Nonperforming loan and leases ratio	0.96		%	0.92		%	0.75		%	4		bp			21		bp
Net charge-off ratio	0.08		%	0.15		%	0.23		%	(7)		bp			(15)		bp
Net charge-offs	$	13		$	24		$	36		$	(11)		(45)	%	$	(23)		(63)	%
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 1	11.2		%	11.2		%	11.4		%	(3)		bp			(20)		bp
Tier 1	12.2			12.2			12.4			(3)					(21)
Total Capital	13.9			13.9			14.0			(2)					(10)
Tier 1 leverage	10.6		%	10.6		%	10.7		%	(1)		bp			(5)		bp

Numbers may not foot due to rounding.

See footnote disclosures on page 21.

5

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to FHN's beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results, or other developments. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other similar expressions that indicate future events and trends. Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic, and competitive uncertainties and contingencies, many of which are beyond FHN’s control, and many of which, with respect to future business decisions and actions (including acquisitions and divestitures), are subject to change and could cause FHN’s actual future results and outcomes to differ materially from those contemplated or implied by forward-looking statements or historical performance. While there is no assurance that any list of uncertainties and contingencies is complete, examples of factors which could cause actual results to differ from those contemplated by forward-looking statements or historical performance include those mentioned: in this document; in Items 2.02 and 7.01 of FHN’s Current Report on Form 8-K to which this document has been furnished as an exhibit; in the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K; and in the forepart, and in Item 1A of Part II, of FHN’s Quarterly Report(s) on Form 10-Q filed after that Annual Report. Any forward-looking statements made by or on behalf of FHN speak only as of the date they are made, and FHN assumes no obligation to update or revise any forward-looking statements that are made in this document or in any other statement, release, report, or filing from time to time. Actual results could differ and expectations could change, possibly materially, because of one or more factors, including those factors listed in this document or the documents mentioned above, and other factors not listed.

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

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

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

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

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

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

6

Conference Call Information

Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on January 16, 2025 by dialing 1-833-470-1428 (if calling from the U.S.) or 404-975-4839 (if calling from outside the U.S) and entering access code 071092. The conference call will begin at 8:30 a.m. CT.

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

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

First Horizon Corp. (NYSE: FHN), with $82.2 billion in assets as of December 31, 2024, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

Contact: Investor Relations - Tyler Craft - TCraft@firsthorizon.com

Media Relations - Beth Ardoin - Beth.Ardoin@firsthorizon.com

7

CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited
																4Q24 Change vs.														2024 vs 2023
($s in millions, except per share data)	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24				4Q23				2024			2023
																$		%		$		%								$		%
Interest income - taxable equivalent1	$	1,071		$	1,123		$	1,097		$	1,076		$	1,090		$	(52)	(5)	%	$	(19)	(2)	%	$	4,367		$	4,115		$	251	6	%
Interest expense- taxable equivalent1	438			491			464			448			469			(54)		(11)		(31)		(7)		1,841			1,560			281		18
Net interest income- taxable equivalent	634			631			633			628			621			2		—		13		2		2,526			2,556			(29)		(1)
Less: Taxable-equivalent adjustment	4			4			4			4			4			—		(5)		—		(6)		16			16			—		(1)
Net interest income	630			627			629			625			617			2		—		13		2		2,511			2,540			(29)		(1)
Noninterest income:
Fixed income	49			47			40			52			37			3		6		12		34		187			133			54		41
Mortgage banking	8			9			10			9			5			(1)		(16)		3		55		35			23			12		51
Brokerage, trust, and insurance	41			39			38			36			36			1		3		4		12		154			139			15		11
Service charges and fees	53			59			58			57			59			(6)		(10)		(6)		(11)		227			233			(6)		(3)
Card and digital banking fees	19			19			20			19			16			—		(2)		3		18		77			77			—		—
Deferred compensation income	1			6			3			9			6			(5)		(78)		(5)		(79)		19			17			1		7
Gain on merger termination	—			—			—			—			—			—		NM		—		NM		—			225			(225)		(100)	%
Securities gains/(losses)	(91)			1			1			—			(5)			(93)		NM		(86)		NM		(89)			(4)			(85)		NM
Other noninterest income	20			20			16			14			28			—		(1)		(9)		(30)		70			84			(14)		(17)
Total noninterest income	99			200			186			194			183			(101)		(51)		(84)		(46)		679			927			(248)		(27)
Total revenue	729			828			815			819			800			(99)		(12)		(71)		(9)		3,190			3,467			(277)		(8)
Noninterest expense:
Personnel expense:
Salaries and benefits	199			199			198			200			190			—		—		9		5		795			757			38		5
Incentives and commissions	76			76			79			92			82			—		(1)		(6)		(8)		323			326			(3)		(1)
Deferred compensation expense	1			6			3			9			7			(5)		(78)		(5)		(79)		20			17			3		15
Total personnel expense	276			282			279			301			279			(6)		(2)		(3)		(1)		1,137			1,100			38		3
Occupancy and equipment2	76			73			72			72			71			3		4		6		8		293			276			17		6
Outside services	72			74			78			65			84			(2)		(3)		(13)		(15)		289			291			(2)		(1)
Amortization of intangible assets	11			11			11			11			12			—		(1)		(1)		(9)		44			47			(4)		(8)
Other noninterest expense	74			71			60			67			127			2		3		(53)		(42)		272			365			(94)		(26)
Total noninterest expense	508			511			500			515			572			(3)		(1)		(64)		(11)		2,035			2,080			(45)		(2)
Pre-provision net revenue3	220			316			315			304			227			(96)		(30)		(7)		(3)		1,155			1,388			(232)		(17)
Provision for credit losses	10			35			55			50			50			(25)		(71)		(40)		(80)		150			260			(110)		(42)
Income before income taxes	210			281			260			254			177			(71)		(25)		33		19		1,005			1,128			(122)		(11)
Provision for income taxes	41			58			56			57			(11)			(17)		(30)		52		NM		211			212			(1)		—
Net income	170			223			204			197			188			(54)		(24)		(18)		(10)		794			915			(122)		(13)
Net income attributable to noncontrolling interest	4			5			5			5			5			—		(10)		(1)		(11)		19			19			—		2
Net income attributable to controlling interest	165			218			199			192			183			(53)		(24)		(18)		(10)		775			897			(122)		(14)
Preferred stock dividends	8			5			15			8			8			3		51		—		—		36			32			4		13
Net income available to common shareholders	$	158		$	213		$	184		$	184		$	175		$	(56)	(26)	%	$	(18)	(10)	%	$	738		$	865		$	(126)	(15)	%
Common Share Data
EPS	$	0.30		$	0.40		$	0.34		$	0.33		$	0.31		$	(0.10)	(25)	%	$	(0.02)	(5)	%	$	1.37		$	1.58		$	(0.21)	(13)	%
Basic shares	528			534			544			555			559			(6)		(1)		(30)		(5)		540			548			(8)		(1)
Diluted EPS	$	0.29		$	0.40		$	0.34		$	0.33		$	0.31		$	(0.11)	(26)		$	(0.02)	(6)		$	1.36		$	1.54		$	(0.18)	(12)
Diluted shares8	534			538			547			558			561			(4)		(1)	%	(27)		(5)	%	544			562			(17)		(3)	%
Effective tax rate	19.3		%	20.6		%	21.5		%	22.5		%	(6.2)		%									21.0		%	18.8		%

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

8

ADJUSTED4 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 10

Quarterly, Unaudited

																4Q24 Change vs.														2024 vs 2023
($s in millions, except per share data)	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24				4Q23				2024			2023
																$		%		$		%								$		%
Net interest income (FTE)1	$	634		$	631		$	633		$	628		$	621		$	2	—	%	$	13	2	%	$	2,526		$	2,556		$	(29)	(1)	%
Adjusted noninterest income:
Fixed income	49			47			40			52			37			3		6		12		34		187			133			54		41
Mortgage banking	8			9			10			9			5			(1)		(16)		3		55		35			23			12		51
Brokerage, trust, and insurance	41			39			38			36			36			1		3		4		12		154			139			15		11
Service charges and fees	53			59			58			57			59			(6)		(10)		(6)		(11)		227			233			(6)		(3)
Card and digital banking fees	19			19			20			19			16			—		(2)		3		18		77			77			—		—
Deferred compensation income	1			6			3			9			6			(5)		(78)		(5)		(79)		19			17			1		7
Gain on merger termination	—			—			—			—			—			—		NM		—		NM		—			—			—		NM
Securities gains/(losses)	—			1			1			—			1			(1)		(98)	%	(1)		(96)	%	2			2			1		32	%
Adjusted other noninterest income	20			20			16			14			19			—		(1)		1		5		70			75			(5)		(6)
Adjusted total noninterest income	$	190		$	200		$	186		$	194		$	179		$	(10)	(5)	%	$	11	6	%	$	771		$	699		$	72	10	%
Total revenue (FTE)1	$	824		$	832		$	819		$	823		$	800		$	(8)	(1)	%	$	24	3	%	$	3,297		$	3,254		$	43	1	%
Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$	199		$	199		$	198		$	199		$	190		$	—	—	%	$	9	5	%	$	795		$	753		$	42	6	%
Adjusted Incentives and commissions	73			76			78			87			80			(2)		(3)		(6)		(8)		314			278			37		13	%
Deferred compensation expense	1			6			3			9			7			(5)		(78)		(5)		(79)		20			17			3		15	%
Adjusted total personnel expense	274			281			279			295			277			(7)		(3)		(3)		(1)		1,129			1,048			81		8	%
Adjusted occupancy and equipment2	76			73			72			72			71			3		4		6		7		293			276			17		6	%
Adjusted outside services	71			73			75			65			84			(2)		(3)		(13)		(16)		285			284			—		—	%
Amortization of intangible assets	11			11			11			11			12			—		(1)		(1)		(9)		44			47			(4)		(8)	%
Adjusted other noninterest expense	74			59			58			57			59			16		27		16		27		248			229			18		8	%
Adjusted total noninterest expense	$	506		$	497		$	495		$	500		$	502		$	9	2	%	$	4	1	%	$	1,998		$	1,884		$	114	6	%
Adjusted pre-provision net revenue4	$	318		$	335		$	324		$	323		$	298		$	(17)	(5)	%	$	20	7	%	$	1,299		$	1,370		$	(71)	(5)	%
Provision for credit losses	$	10		$	35		$	55		$	50		$	50		$	(25)	(71)	%	$	(40)	(80)	%	$	150		$	260		$	(110)	(42)	%
Adjusted net income available to common shareholders	$	228		$	224		$	195		$	195		$	178		$	4	2	%	$	50	28	%	$	843		$	806		$	37	5	%
Adjusted Common Share Data
Adjusted diluted EPS	$	0.43		$	0.42		$	0.36		$	0.35		$	0.32		$	0.01	2	%	$	0.11	35	%	$	1.55		$	1.43		$	0.12	8	%
Diluted shares8	534			538			547			558			561			(4)		(1)	%	(27)		(5)	%	544			562			(17)		(3)	%
Adjusted effective tax rate	21.0		%	20.8		%	21.5		%	22.5		%	21.7		%									21.4		%	21.8		%
Adjusted ROTCE	13.3		%	13.2		%	12.0		%	11.6		%	11.1		%									12.5		%	13.3		%
Adjusted efficiency ratio	61.4		%	59.9		%	60.5		%	60.8		%	62.8		%									60.6		%	57.9		%

Numbers may not foot due to rounding.

See footnote disclosures on page 21.

9

NOTABLE ITEMS

Quarterly, Unaudited

(In millions)	4Q24		3Q24		2Q24		1Q24		4Q23		2024		2023
Summary of Notable Items:
Gain on merger termination	$	—	$	—	$	—	$	—	$	—	$	—	$	225
Net merger/acquisition/transaction-related items	—		—		—		—		—		—		(51)
Loss on AFS portfolio restructuring	(91)		—		—		—		—		(91)		—
Gain/(loss) related to equity securities investments (other noninterest income)	—		—		—		—		(6)		—		(6)
Net gain on asset disposition (other noninterest income less incentives)	—		—		—		—		7		—		7
FDIC special assessment (other noninterest expense)	1		2		(2)		(10)		(68)		(9)		(68)
Other notable expenses *	(3)		(17)		(3)		(5)		—		(29)		(75)
Total notable items (pre-tax)	$	(94)	$	(14)	$	(5)	$	(15)	$	(67)	$	(129)	$	33
Tax-related notable items **	$	—	$	—	$	—	$	—	$	48	$	—	$	35
Preferred Stock Dividend ***	$	—	$	—	$	(7)	$	—	$	—	$	(7)	$	—

Numbers may not foot due to rounding

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

** 4Q23 and 2023 include a $48 million after-tax benefit primarily from the resolution of IBERIABANK merger-related tax items; 2023 also includes after-tax notable items of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items.

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

IMPACT OF NOTABLE ITEMS:

Quarterly, Unaudited

(In millions)	4Q24		3Q24		2Q24		1Q24		4Q23		2024		2023
Impacts of Notable Items:
Noninterest income:
Gain on merger termination	$	—	$	—	$	—	$	—	$	—	$	—	$	(225)
Securities (gains)/losses	91		—		—		—		6		91		6
Other noninterest income	—		—		—		—		(9)		—		(9)
Total noninterest income	$	91	$	—	$	—	$	—	$	(4)	$	91	$	(229)
Noninterest expense:
Personnel expenses:
Salaries and benefits	$	—	$	—	$	—	$	—	$	—	$	—	$	(4)
Incentives and commissions	(2)		—		(1)		(5)		(2)		(8)		(49)
Total personnel expenses	(2)		(1)		(1)		(5)		(2)		(9)		(52)
Outside services	(1)		(1)		(3)		—		—		(5)		(7)
Other noninterest expense	1		(13)		(2)		(10)		(68)		(24)		(136)
Total noninterest expense	$	(2)	$	(14)	$	(5)	$	(15)	$	(70)	$	(37)	$	(196)
Income before income taxes	$	94	$	14	$	5	$	15	$	67	$	129	$	(33)
Provision for income taxes *	23		4		1		3		64		32		26
Preferred stock dividends **	—		—		(7)		—		—		(7)		—
Net income/(loss) available to common shareholders	$	71	$	11	$	11	$	12	$	3	$	105	$	(59)
EPS impact of notable items	$	0.13	$	0.02	$	0.02	$	0.02	$	0.01	$	0.19	$	(0.11)

Numbers may not foot due to rounding.

* 4Q23 and 2023 include a $48 million after-tax benefit primarily from the resolution of IBERIABANK merger-related tax items; 2023 also includes after-tax notable items of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items.

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

10

FINANCIAL RATIOS
Quarterly, Unaudited
																4Q24 Change vs.																2024 vs.2023
	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24					4Q23					2024			2023
FINANCIAL RATIOS																$/bp			%		$/bp			%								$/bp			%
Net interest margin6	3.33		%	3.31		%	3.38		%	3.37		%	3.27		%	2		bp			6		bp			3.35		%	3.42		%	(7)		bp
Return on average assets	0.82		%	1.08		%	1.00		%	0.97		%	0.91		%	(26)					(9)					0.97		%	1.12		%	(15)
Adjusted return on average assets4	1.17		%	1.13		%	1.02		%	1.03		%	0.92		%	4					25					1.09		%	1.05		%	4
Return on average common equity (“ROCE”)	7.38		%	10.10		%	8.98		%	8.76		%	8.60		%	(272)					(122)					8.80		%	11.01		%	(221)
Return on average tangible common equity (“ROTCE”)4	9.17		%	12.60		%	11.29		%	10.95		%	10.89		%	(343)					(172)					10.99		%	14.10		%	(311)
Adjusted ROTCE4	13.27		%	13.24		%	11.99		%	11.65		%	11.05		%	3					222					12.51		%	13.28		%	(77)
Noninterest income as a % of total revenue	23.20		%	24.06		%	22.75		%	23.72		%	23.33		%	(86)					(13)					23.44		%	26.83		%	(339)
Adjusted noninterest income as a % of total revenue4	23.10		%	23.95		%	22.64		%	23.61		%	22.32		%	(85)					78					23.33		%	21.43		%	190
Efficiency ratio	61.98		%	61.89		%	61.44		%	62.92		%	71.14		%	9					(916)					62.06		%	59.91		%	215
Adjusted efficiency ratio4	61.43		%	59.86		%	60.47		%	60.78		%	62.84		%	157					(141)					60.64		%	57.93		%	271
Allowance for credit losses to loans and leases4	1.43		%	1.44		%	1.41		%	1.40		%	1.40		%	(1)					3					1.43		%	1.40		%	3
CAPITAL DATA
CET1 capital ratio*	11.2		%	11.2		%	11.0		%	11.3		%	11.4		%	(3)		bp			(20)		bp			11.2		%	11.4		%	(20)		bp
Tier 1 capital ratio*	12.2		%	12.2		%	12.1		%	12.3		%	12.4		%	(3)		bp			(21)		bp			12.2		%	12.4		%	(21)		bp
Total capital ratio*	13.9		%	13.9		%	13.7		%	13.9		%	14.0		%	(2)		bp			(10)		bp			13.9		%	14.0		%	(10)		bp
Tier 1 leverage ratio*	10.6		%	10.6		%	10.6		%	10.8		%	10.7		%	(1)		bp			(5)		bp			10.6		%	10.7		%	(5)		bp
Risk-weighted assets (“RWA”) (billions)*	$	71.2		$	71.5		$	71.9		$	71.1		$	71.1		$	(0.3)		—	%	$	0.1		—	%	$	71.2		$	71.1		$	0.1		—	%
Total equity to total assets	11.09		%	11.27		%	10.89		%	11.21		%	11.38		%	(18)		bp			(29)		bp			11.09		%	11.38		%	(29)		bp
Tangible common equity/tangible assets (“TCE/TA”)4	8.37		%	8.56		%	8.14		%	8.33		%	8.48		%	(19)		bp			(11)		bp			8.37		%	8.48		%	(11)		bp
Period-end shares outstanding (millions)8	524			532			537			549			559			(8)			(2)	%	(35)			(6)	%	524			559			(35)			(6)	%
Cash dividends declared per common share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15		$	—		—	%	$	—		—	%	$	0.60		$	0.60		$	—		—	%
Book value per common share	$	16.00		$	16.15		$	15.34		$	15.23		$	15.17		$	(0.15)		(1)	%	$	0.84		5	%	$	16.00		$	15.17		$	0.84		5	%
Tangible book value per common share4	$	12.85		$	13.02		$	12.22		$	12.16		$	12.13		$	(0.17)		(1)	%	$	0.72		6	%	$	12.85		$	12.13		$	0.72		6	%
SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	95.40		%	93.80		%	96.89		%	93.93		%	93.18		%	160		bp			222		bp			95.40		%	93.18		%	222		bp
Loans-to-deposit ratio (average balances)	94.44		%	94.19		%	95.49		%	93.54		%	91.53		%	25		bp			291		bp			94.41		%	93.60		%	81		bp
Full-time equivalent associates	7,158			7,186			7,297			7,327			7,277			(28)			—	%	(119)			(2)	%	7,242			7,306			(64)			(1)	%

*Current quarter is an estimate.

See footnote disclosures on page 21.

11

CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited 

											4Q24 Change vs.
(In millions)	4Q24		3Q24		2Q24		1Q24		4Q23		3Q24				4Q23
Assets:											$		%		$		%
Loans and leases:
Commercial, financial, and industrial (C&I)	$	33,428	$	33,092	$	33,452	$	32,911	$	32,632	$	336	1	%	$	795	2	%
Commercial real estate	14,421		14,705		14,669		14,426		14,216		(284)		(2)		205		1
Total Commercial	47,849		47,797		48,121		47,337		46,849		52		—		1,000		2
Consumer real estate	14,047		13,961		13,909		13,645		13,650		86		1		397		3
Credit card and other5	670		688		751		771		793		(18)		(3)		(123)		(16)
Total Consumer	14,716		14,648		14,660		14,416		14,443		68		—		274		2
Loans and leases, net of unearned income	62,565		62,445		62,781		61,753		61,292		120		—		1,274		2
Loans held for sale	551		494		471		395		502		57		11		48		10
Investment securities	9,166		9,530		9,221		9,460		9,714		(363)		(4)		(547)		(6)
Trading securities	1,387		1,549		1,249		1,161		1,412		(162)		(10)		(25)		(2)
Interest-bearing deposits with banks	1,538		1,286		1,452		1,885		1,328		252		20		209		16
Federal funds sold and securities purchased under agreements to resell	631		1,008		487		817		719		(376)		(37)		(88)		(12)
Total interest earning assets	75,838		76,311		75,662		75,470		74,967		(473)		(1)		872		1
Cash and due from banks	906		1,028		969		749		1,012		(122)		(12)		(106)		(10)
Goodwill and other intangible assets, net	1,653		1,663		1,674		1,685		1,696		(11)		(1)		(44)		(3)
Premises and equipment, net	574		572		584		586		590		3		—		(16)		(3)
Allowance for loan and lease losses	(815)		(823)		(821)		(787)		(773)		7		1		(42)		(5)
Other assets	3,996		3,883		4,162		4,094		4,169		113		3		(173)		(4)
Total assets	$	82,152	$	82,635	$	82,230	$	81,799	$	81,661	$	(483)	(1)	%	$	491	1	%
Liabilities and Shareholders' Equity:
Deposits:
Savings	$	26,695	$	26,634	$	25,437	$	25,847	$	25,082	$	62	—	%	$	1,613	6	%
Time deposits	6,613		8,326		7,163		6,297		6,804		(1,713)		(21)		(192)		(3)
Other interest-bearing deposits	16,252		15,403		15,845		17,186		16,689		849		6		(437)		(3)
Total interest-bearing deposits	49,560		50,363		48,446		49,331		48,576		(803)		(2)		984		2
Trading liabilities	550		767		423		467		509		(217)		(28)		41		8
Federal funds purchased and securities sold under agreements to repurchase	2,355		1,910		2,572		2,137		2,223		444		23		132		6
Short-term borrowings	1,045		675		1,943		566		326		370		55		719		NM
Term borrowings	1,195		1,202		1,175		1,165		1,150		(7)		(1)		45		4
Total interest-bearing liabilities	54,705		54,918		54,559		53,665		52,783		(213)		—		1,922		4
Noninterest-bearing deposits	16,021		16,212		16,348		16,410		17,204		(191)		(1)		(1,183)		(7)
Other liabilities	2,315		2,189		2,368		2,550		2,383		126		6		(68)		(3)
Total liabilities	73,041		73,318		73,275		72,626		72,370		(278)		—		670		1
Shareholders' Equity:
Preferred stock	426		426		426		520		520		—		—		(94)		(18)
Common stock	328		333		336		343		349		(5)		(1)		(22)		(6)
Capital surplus	4,809		4,947		5,007		5,214		5,351		(138)		(3)		(542)		(10)
Retained earnings	4,382		4,304		4,172		4,072		3,964		77		2		418		11
Accumulated other comprehensive loss, net	(1,128)		(989)		(1,281)		(1,271)		(1,188)		(139)		(14)		60		5
Combined shareholders' equity	8,816		9,021		8,660		8,878		8,996		(205)		(2)		(180)		(2)
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	9,111		9,316		8,955		9,173		9,291		(205)		(2)		(180)		(2)
Total liabilities and shareholders' equity	$	82,152	$	82,635	$	82,230	$	81,799	$	81,661	$	(483)	(1)	%	$	491	1	%
Memo:
Total deposits	$	65,581	$	66,575	$	64,794	$	65,741	$	65,780	$	(994)	(1)	%	$	(199)	—	%
Loans to mortgage companies	$	3,471	$	3,244	$	2,934	$	2,366	$	2,024	$	227	7	%	$	1,446	71	%
Unfunded Loan Commitments:
Commercial	$	17,863	$	18,180	$	18,781	$	19,996	$	21,328	$	(317)	(2)	%	$	(3,465)	(16)	%
Consumer	$	4,203	$	4,281	$	4,334	$	4,383	$	4,401	$	(78)	(2)	%	$	(198)	(5)	%

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

12

CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly, Unaudited

											4Q24 Change vs.
(In millions)	4Q24		3Q24		2Q24		1Q24		4Q23		3Q24				4Q23				2024		2023		2024 vs 2023
Assets:											$		%		$		%						$		%
Loans and leases:
Commercial, financial, and industrial (C&I)	$	33,107	$	33,074	$	32,909	$	32,389	$	32,520	$	34	—	%	$	587	2	%	$	32,871	$	32,390	$	481	1	%
Commercial real estate	14,601		14,684		14,576		14,367		14,210		(83)		(1)		391		3		14,558		13,785		773		6
Total Commercial	47,709		47,758		47,485		46,756		46,730		(49)		—		978		2		47,429		46,175		1,254		3
Consumer real estate	14,008		13,935		13,783		13,615		13,664		73		1		344		3		13,836		13,179		657		5
Credit card and other5	701		720		761		781		802		(19)		(3)		(101)		(13)		740		814		(74)		(9)
Total Consumer	14,709		14,654		14,544		14,396		14,466		55		—		243		2		14,577		13,994		583		4
Loans and leases, net of unearned income	62,418		62,413		62,029		61,152		61,197		5		—		1,221		2		62,005		60,169		1,837		3
Loans held-for-sale	482		491		462		454		547		(9)		(2)		(64)		(12)		472		664		(192)		(29)
Investment securities	9,295		9,400		9,261		9,590		9,394		(105)		(1)		(99)		(1)		9,386		9,912		(526)		(5)
Trading securities	1,515		1,469		1,367		1,245		1,225		45		3		290		24		1,399		1,179		220		19
Interest-bearing deposits with banks	1,438		1,741		1,449		1,793		2,556		(304)		(17)		(1,118)		(44)		1,605		2,504		(899)		(36)
Federal funds sold and securities purchased under agreements to resell	594		607		676		544		529		(13)		(2)		65		12		605		379		226		60
Total interest earning assets	75,742		76,121		75,243		74,778		75,448		(379)		—		294		—		75,473		74,807		666		1
Cash and due from banks	911		905		904		948		994		6		1		(83)		(8)		917		1,012		(96)		(9)
Goodwill and other intangibles assets, net	1,658		1,669		1,680		1,691		1,702		(11)		(1)		(45)		(3)		1,674		1,720		(46)		(3)
Premises and equipment, net	571		578		585		587		589		(7)		(1)		(18)		(3)		580		596		(16)		(3)
Allowances for loan and lease losses	(821)		(827)		(810)		(789)		(772)		6		1		(49)		(6)		(812)		(740)		(72)		(10)
Other assets	3,889		3,921		4,120		4,028		4,352		(32)		(1)		(462)		(11)		3,989		4,287		(298)		(7)
Total assets	$	81,950	$	82,366	$	81,721	$	81,243	$	82,313	$	(416)	(1)	%	$	(363)	—	%	$	81,822	$	81,683	$	139	—	%
Liabilities and shareholders' equity:
Deposits:
Savings	$	26,836	$	26,062	$	25,462	$	25,390	$	25,799	$	774	3	%	$	1,037	4	%	$	25,941	$	23,547	$	2,393	10	%
Time deposits	7,407		8,167		6,683		6,628		7,372		(760)		(9)		35		—		7,224		6,095		1,129		19
Other interest-bearing deposits	15,726		15,923		16,484		16,735		16,344		(198)		(1)		(618)		(4)		16,215		15,300		915		6
Total interest-bearing deposits	49,969		50,153		48,629		48,753		49,515		(184)		—		454		1		49,379		44,942		4,437		10
Trading liabilities	578		576		605		462		386		2		—		192		50		555		300		255		85
Federal funds purchased and securities sold under agreements to repurchase	2,205		2,132		2,208		2,014		1,982		73		3		222		11		2,140		1,775		365		21
Short-term borrowings	441		884		1,267		537		437		(443)		(50)		4		1		781		2,688		(1,906)		(71)
Term borrowings	1,206		1,188		1,170		1,156		1,156		19		2		50		4		1,180		1,335		(155)		(12)
Total interest-bearing liabilities	54,398		54,931		53,879		52,921		53,475		(533)		(1)		923		2		54,036		51,040		2,996		6
Noninterest-bearing deposits	16,123		16,111		16,332		16,626		17,347		12		—		(1,224)		(7)		16,297		19,341		(3,044)		(16)
Other liabilities	2,213		2,196		2,561		2,445		2,585		17		1		(372)		(14)		2,353		2,397		(44)		(2)
Total liabilities	72,735		73,238		72,772		71,992		73,407		(504)		(1)		(673)		(1)		72,686		72,778		(92)		—
Shareholders' Equity:
Preferred stock	426		426		426		520		520		—		—		(94)		(18)		450		758		(308)		(41)
Common stock	330		334		340		347		349		(4)		(1)		(19)		(5)		338		343		(5)		(2)
Capital surplus	4,881		4,973		5,127		5,301		5,343		(92)		(2)		(462)		(9)		5,070		5,106		(36)		(1)
Retained earnings	4,382		4,254		4,122		4,028		3,935		128		3		446		11		4,197		3,770		427		11
Accumulated other comprehensive loss, net	(1,099)		(1,154)		(1,361)		(1,240)		(1,538)		55		5		439		29		(1,213)		(1,367)		154		11
Combined shareholders' equity	8,920		8,833		8,654		8,956		8,610		87		1		310		4		8,841		8,610		231		3
Noncontrolling interest	295		295		295		295		295		—		—		—		—		295		295		—		—
Total shareholders' equity	9,216		9,128		8,949		9,251		8,905		87		1		310		3		9,136		8,905		231		3
Total liabilities and shareholders' equity	$	81,950	$	82,366	$	81,721	$	81,243	$	82,313	$	(416)	(1)	%	$	(363)	—	%	$	81,822	$	81,683	$	139	—	%
Memo:
Total deposits	$	66,092	$	66,263	$	64,960	$	65,379	$	66,862	$	(171)	—	%	$	(770)	(1)	%	$	65,676	$	64,283	$	1,394	2	%
Loans to mortgage companies	$	3,283	$	2,875	$	2,440	$	1,847	$	1,948	$	408	14	%	$	1,335	69	%	$	2,614	$	2,110	$	503	24	%

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

13

CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited
																					4Q24 Change vs.																			2024 vs 2023
	4Q24				3Q24				2Q24				1Q24				4Q23				3Q24					4Q23					2024				2023	2023
(In millions, except rates)	Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense					Income/Expense					Income/Expense		Rate			Income/Expense		Rate		Income/Expense
																					$/bp			%		$/bp			%											$			%
Interest earning assets/Interest income:
Loans and leases, net of unearned income:
Commercial	$	771	6.43	%	$	813	6.78	%	$	800	6.78	%	$	782	6.73	%	$	783	6.65	%	$	(42)		(5)	%	$	(12)		(2)	%	$	3,166	6.68	%		$	2,957	6.41	%	$	209		7	%
Consumer	183		4.97		186		5.05		179		4.91		173		4.80		171		4.71		(2)			(1)		12			7		720		4.93			630		4.48		91			14
Loans and leases, net of unearned income	954		6.09		999		6.37		978		6.34		955		6.28		954		6.19		(45)			(4)		—			—		3,886		6.27			3,587		5.96		299			8
Loans held-for-sale	9		7.38		10		7.77		9		7.50		9		7.80		11		8.34		(1)			(7)		(3)			(22)		36		7.61			51		7.71		(15)			(30)
Investment securities	62		2.69		61		2.58		60		2.58		61		2.54		61		2.62		2			3		1			2		244		2.60			250		2.52		(6)			(3)
Trading securities	22		5.74		22		6.05		22		6.30		20		6.48		20		6.63		—			(2)		1			7		86		6.12			78		6.62		8			10
Interest-bearing deposits with banks	17		4.77		24		5.40		20		5.46		24		5.46		35		5.46		(6)			(27)		(18)			(51)		85		5.29			130		5.20		(45)			(35)
Federal funds sold and securities purchased under agreements	7		4.46		8		5.23		9		5.31		7		5.16		7		5.32		(1)			(16)		—			(6)		31		5.05			19		4.93		12			63
Interest income	$	1,071	5.63	%	$	1,123	5.88	%	$	1,097	5.86	%	$	1,076	5.78	%	$	1,089	5.74	%	$	(52)		(5)	%	$	(18)		(2)	%	$	4,367	5.79			$	4,115	5.50		$	251		6	%
Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$	210	3.11	%	$	225	3.43	%	$	208	3.29	%	$	206	3.27	%	$	222	3.42	%	$	(15)		(7)	%	$	(13)		(6)	%	$	849	3.27	%		$	679	2.88	%	$	170		25	%
Time deposits	81		4.35		95		4.63		74		4.45		73		4.42		82		4.42		(14)			(15)		(1)			(1)		323		4.47			236		3.87		87			37
Other interest-bearing deposits	99		2.49		114		2.85		117		2.86		119		2.86		116		2.81		(16)			(14)		(17)			(15)		449		2.77			351		2.30		98			28
Total interest-bearing deposits	389		3.10		434		3.44		399		3.30		398		3.28		420		3.37		(45)			(10)		(31)			(7)		1,620		3.28			1,266		2.82		355			28
Trading liabilities	6		4.01		6		4.13		7		4.46		5		4.31		4		4.59		—			(3)		1			31		23		4.22			13		4.16		11			88
Federal funds purchased and securities sold under agreements to repurchase	21		3.72		23		4.20		24		4.36		21		4.24		22		4.35		(2)			(9)		(1)			(5)		88		4.13			70		3.95		18			26
Short-term borrowings	5		4.75		12		5.52		17		5.48		7		5.43		6		5.41		(7)			(57)		(1)			(12)		42		5.38			140		5.19		(98)			(70)
Term borrowings	17		5.52		17		5.64		17		5.64		17		5.71		17		5.75		—			(1)		—			—		66		5.63			72		5.39		(6)			(8)
Interest expense	438		3.20		491		3.56		464		3.46		448		3.40		469		3.48		(54)			(11)		(31)			(7)		1,841		3.41			1,560		3.06		281			18
Net interest income - tax equivalent basis	634		2.43		631		2.32		633		2.40		628		2.38		621		2.26		2			—		13			2		2,526		2.38			2,556		2.44		(29)			(1)
Fully taxable equivalent adjustment	(4)		0.90		(4)		0.99		(4)		0.98		(4)		0.99		(4)		1.01		—			5		—			6		(16)		0.97			(16)		0.98		—			1
Net interest income	$	630	3.33	%	$	627	3.31	%	$	629	3.38	%	$	625	3.37	%	$	617	3.27	%	$	2		—	%	$	13		2	%	$	2,511	3.35	%		$	2,540	3.42	%	$	(29)		(1)	%
Memo:
Total loan yield			6.09	%			6.37	%			6.34	%			6.28	%			6.19	%	(28)		bp			(10)		bp					6.27	%				5.96	%	31		bp
Total deposit cost			2.34	%			2.61	%			2.47	%			2.45	%			2.49	%	(27)		bp			(15)		bp					2.47	%				1.97	%	50		bp
Total funding cost			2.47	%			2.75	%			2.66	%			2.59	%			2.63	%	(28)		bp			(16)		bp					2.62	%				2.22	%	40		bp
Average loans and leases, net of unearned income	$	62,418			$	62,413			$	62,029			$	61,152			$	61,197			$	5		—	%	$	1,221		2	%	$	62,005				$	60,169			$	1,837		3	%
Average deposits	66,092				66,263				64,960				65,379				66,862				(171)			—	%	(770)			(1)	%	65,676					64,283				1,394			2	%
Average funded liabilities	70,521				71,042				70,210				69,547				70,822				$	(521)		(1)	%	$	(301)		—	%	70,333					70,381				$	(48)		—	%

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

Earning assets yields are expressed net of unearned income.

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

Numbers may not foot due to rounding.

See footnote disclosures on page 21.

14

CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited
	As of															4Q24 change vs.
(In millions, except ratio data)	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24				4Q23
																$		%		$		%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$	173		$	190		$	167		$	206		$	184		$	(16)	(9)	%	$	(11)	(6)	%
Commercial real estate	294			259			261			157			136			35		14		158		NM
Consumer real estate	133			128			143			140			139			5		4		(6)		(4)
Credit card and other5	2			1			2			2			2			—		10		(1)		(36)
Total nonperforming loans and leases	$	602		$	578		$	574		$	505		$	462		$	24	4	%	$	140	30	%
Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.52		%	0.57		%	0.50		%	0.63		%	0.57		%
Commercial real estate	2.04			1.76			1.78			1.09			0.96
Consumer real estate	0.95			0.92			1.03			1.02			1.02
Credit card and other5	0.23			0.20			0.25			0.20			0.30
Total nonperforming loans and leases to loans and leases	0.96		%	0.92		%	0.91		%	0.82		%	0.75		%

Numbers may not foot due to rounding.

See footnote disclosures on page 21.

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

Numbers may not foot due to rounding.

See footnote disclosures on page 21.

15

CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited
	As of															4Q24 change vs.
(In millions, except ratio data)	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24				4Q23
Charge-off, Recoveries and Related Ratios																$		%		$		%
Gross Charge-offs
Commercial, financial, and industrial (C&I) *	$	13		$	12		$	24		$	28		$	31		$	—	1	%	$	(19)	(60)	%
Commercial real estate	9			15			19			12			2			(6)		(39)		7		NM
Consumer real estate	1			1			1			—			1			—		22		(1)		(48)
Credit card and other5	6			5			5			6			6			1		26		—		4
Total gross charge-offs	$	29		$	33		$	49		$	46		$	41		$	(4)	(14)	%	$	(12)	(30)	%
Gross Recoveries
Commercial, financial, and industrial (C&I)	$	(12)		$	(4)		$	(11)		$	(3)		$	(2)		$	(7)	NM		$	(10)	NM
Commercial real estate	—			(1)			—			—			—			1		80		—		65
Consumer real estate	(2)			(3)			(2)			(1)			(2)			—		5		(1)		(51)
Credit card and other5	(1)			(1)			(1)			(2)			(1)			—		16		—		(12)
Total gross recoveries	$	(15)		$	(9)		$	(15)		$	(6)		$	(5)		$	(6)	(70)	%	$	(10)	NM
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I) *	$	1		$	8		$	13		$	25		$	29		$	(7)	(89)	%	$	(28)	(97)	%
Commercial real estate	9			14			19			12			2			(5)		(37)		7		NM
Consumer real estate	(2)			(2)			(1)			(1)			—			—		14		(1)		NM
Credit card and other5	5			3			3			4			5			1		41		—		NM
Total net charge-offs	$	13		$	24		$	34		$	40		$	36		$	(11)	(45)	%	$	(23)	(63)	%
Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I) *	0.01		%	0.10		%	0.16		%	0.31		%	0.36		%
Commercial real estate	0.25			0.39			0.53			0.35			0.06
Consumer real estate	(0.05)			(0.05)			(0.04)			(0.03)			—
Credit card and other5	2.78			1.92			1.79			1.98			2.36
Total loans and leases	0.08		%	0.15		%	0.22		%	0.27		%	0.23		%

Numbers may not foot due to rounding.

See footnote disclosures on page 21.

16

CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS
Quarterly, Unaudited
	As of										4Q24 Change vs.
(In millions)	4Q24		3Q24		2Q24		1Q24		4Q23		3Q24				4Q23
Summary of Changes in the Components of the Allowance For Credit Losses											$		%		$		%
Allowance for loan and lease losses - beginning	$	823	$	821	$	787	$	773	$	760	$	2	—	%	$	63	8	%
Charge-offs:
Commercial, financial, and industrial (C&I) *	(13)		(12)		(24)		(28)		(31)		—		(1)		19		60
Commercial real estate	(9)		(15)		(19)		(12)		(2)		6		39		(7)		NM
Consumer real estate	(1)		(1)		(1)		—		(1)		—		(22)		1		48
Credit card and other5	(6)		(5)		(5)		(6)		(6)		(1)		(26)		—		(4)
Total charge-offs	(29)		(33)		(49)		(46)		(41)		4		14		12		30
Recoveries:
Commercial, financial, and industrial (C&I)	12		4		11		3		2		7		NM		10		NM
Commercial real estate	—		1		—		—		—		(1)		(80)		—		(65)
Consumer real estate	2		3		2		1		2		—		(5)		1		51
Credit card and other5	1		1		1		2		1		—		(16)		—		12
Total Recoveries	15		9		15		6		5		6		70		10		NM
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I) *	(5)		15		9		34		33		(20)		NM		(38)		NM
Commercial real estate	18		11		59		21		6		6		56		12		NM
Consumer real estate	(10)		(3)		(1)		(3)		5		(7)		NM		(15)		NM
Credit card and other5	4		2		—		3		5		1		53		(2)		(33)
Total provision for loan and lease losses:	6		26		68		54		49		(20)		(77)		(43)		(88)
Allowance for loan and lease losses - ending	$	815	$	823	$	821	$	787	$	773	$	(7)	(1)	%	$	42	5	%
Reserve for unfunded commitments - beginning	$	75	$	66	$	79	$	83	$	82	$	9	14	%	$	(7)	(9)	%
Cumulative effect of change in accounting principle	—		—		—		—		—		—		NM		—		NM
Acquired reserve for unfunded commitments	—		—		—		—		—		—		NM		—		NM
Provision for unfunded commitments	4		9		(13)		(4)		1		(5)		(56)		3		NM
Reserve for unfunded commitments - ending	$	79	$	75	$	66	$	79	$	83	$	4	5	%	$	(4)	(5)	%
Total allowance for credit losses- ending	$	894	$	897	$	887	$	865	$	856	$	(3)	(1)	%	$	38	4	%

Numbers may not foot due to rounding.

See footnote disclosures on page 21.

17

CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES
Quarterly, Unaudited
	As of
	4Q24		3Q24		2Q24		1Q24		4Q23
Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	1.03	%	1.06	%	1.03	%	1.06	%	1.04	%
Commercial real estate	1.57	%	1.48	%	1.51	%	1.26	%	1.21	%
Consumer real estate	1.57	%	1.65	%	1.66	%	1.69	%	1.71	%
Credit card and other5	3.28	%	3.39	%	3.26	%	3.57	%	3.63	%
Total allowance for loans and lease losses to loans and leases	1.30	%	1.32	%	1.31	%	1.27	%	1.26	%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	199	%	185	%	205	%	168	%	184	%
Commercial real estate	77	%	84	%	85	%	115	%	126	%
Consumer real estate	167	%	180	%	161	%	165	%	168	%
Credit card and other5	1,438	%	1,672	%	1,295	%	1,766	%	1,202	%
Total allowance for loans and lease losses to nonperforming loans and leases	136	%	142	%	143	%	156	%	167	%
Allowance for credit losses ratios
Total allowance for credit losses to loans and leases4	1.43	%	1.44	%	1.41	%	1.40	%	1.40	%
Total allowance for credit losses to nonperforming loans and leases4	149	%	155	%	155	%	171	%	185	%

See footnote disclosures on page 21.

18

COMMERCIAL, CONSUMER, AND WEALTH

Quarterly, Unaudited 

																4Q24 Change vs.																2024 vs 2023
	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24					4Q23					2024			2023
																$/bp			%		$/bp			%								$/bp			%
Income Statement (millions)
Net interest income	$	632		$	632		$	635		$	644		$	660		$	—		—	%	$	(28)		(4)	%	$	2,543		$	2,694		$	(151)		(6)	%
Noninterest income	116			119			115			110			112			(3)			(2)		4			4		461			448			13			3	%
Total revenue	748			752			750			754			772			(3)			—		(24)			(3)		3,004			3,142			(138)			(4)	%
Noninterest expense	362			352			357			347			359			10			3		2			1		1,418			1,370			48			3	%
Pre-provision net revenue3	387			400			393			407			413			(13)			(3)		(26)			(6)		1,587			1,772			(185)			(10)	%
Provision for credit losses	15			42			56			44			56			(27)			(65)		(41)			(74)		158			261			(103)			(39)	%
Income before income tax expense	372			358			337			363			357			14			4		15			4		1,429			1,512			(82)			(5)	%
Income tax expense	88			85			79			86			84			4			4		4			5		337			357			(19)			(5)	%
Net income	$	284		$	273		$	258		$	277		$	272		$	11		4	%	$	11		4	%	$	1,092		$	1,155		$	(63)		(5)	%
Average Balances (billions)
Total loans and leases	$	56.5		$	56.9		$	56.9		$	56.5		$	56.4		$	(0.4)		(1)	%	$	—		—	%	$	56.7		$	55.2		$	1.5		3	%
Interest-earning assets	56.5			56.9			56.9			56.5			56.4			(0.4)			(1)		—			—		56.7			55.2			1.5			3
Total assets	59.1			59.5			59.7			59.3			59.4			(0.4)			(1)		(0.3)			(1)		59.4			58.1			1.3			2
Total deposits	59.9			59.7			59.5			60.0			61.0			0.2			—		(1.1)			(2)		59.8			59.6			0.1			—
Key Metrics
Net interest margin6	4.47		%	4.45		%	4.51		%	4.60		%	4.66		%	2		bp			(19)		bp			4.51		%	4.91		%	(40)		bp
Efficiency ratio	48.31		%	46.80		%	47.59		%	46.05		%	46.50		%	151		bp			181		bp			47.18		%	43.60		%	358		bp
Loans-to-deposits ratio (period-end balances)	94.14		%	94.41		%	96.62		%	93.69		%	92.35		%	(27)		bp			179		bp			94.14		%	92.35		%	179		bp
Loans-to-deposits ratio (average-end balances)	94.30		%	95.26		%	95.54		%	94.24		%	92.50		%	(96)		bp			180		bp			94.83		%	92.50		%	233		bp
Return on average assets (annualized)	1.91		%	1.83		%	1.74		%	1.88		%	1.82		%	8		bp			9		bp			1.84		%	1.99		%	(15)		bp
Return on allocated equity7	22.23		%	21.48		%	20.69		%	22.40		%	22.09		%	75		bp			14		bp			21.70		%	24.16		%	(246)		bp
Financial center locations	416			416			418			418			418			—					(2)					416			418			(2)

Numbers may not foot to total due to rounding.

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

See footnote disclosures on page 21.

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

19

WHOLESALE

Quarterly, Unaudited 

																4Q24 Change vs.																2024 vs 2023
	4Q24			3Q24			2Q24			1Q24			4Q23			3Q24					4Q23					2024			2023
																$/bp			%		$/bp			%								$/bp			%
Income Statement (millions)
Net interest income	$	54		$	52		$	46		$	42		$	42		$	2		4	%	$	11		27	%	$	194		$	182		$	11		6	%
Noninterest income	58			57			53			62			53			2			3		5			10		230			174			56			32
Total revenue	112			108			100			104			95			4			3		17			17		424			357			67			19
Noninterest expense	76			75			73			75			72			1			1		4			6		299			277			22			8
Pre-provision net revenue3	36			33			27			29			24			3			10		12			51		125			80			45			56
Provision for credit losses	1			(7)			1			7			2			8			118		(1)			(47)		3			15			(12)			(83)
Income before income tax expense	35			40			26			22			21			(5)			(13)		13			62		122			65			57			88
Income tax expense	8			10			6			5			5			(1)			(13)		3			61		29			16			14			90
Net income	$	26		$	30		$	20		$	17		$	16		$	(4)		(13)	%	$	10		63	%	$	93		$	50		$	43		87	%
Average Balances (billions)
Total loans and leases	$	5.6		$	5.2		$	4.8		$	4.2		$	4.3		$	0.4		8	%	$	1.3		31	%	$	5.0		$	4.5		$	0.4		9	%
Interest-earning assets	8.3			7.8			7.4			6.5			6.6			0.5			6		1.7			26		7.5			6.8			0.7			10
Total assets	9.0			8.5			8.1			7.2			7.4			0.5			5		1.6			21		8.2			7.6			0.6			8
Total deposits	2.0			1.9			1.8			1.8			1.7			0.1			6		0.3			15		1.9			1.7			0.2			12
Key Metrics
Fixed income product average daily revenue (thousands)	$	659		$	593		$	488		$	731		$	463		$	66		11	%	$	196		42	%	$	617		$	387		$	230		59	%
Net interest margin6	2.59		%	2.63		%	2.54		%	2.62		%	2.56		%	(4)		bp			3		bp			2.59		%	2.68		%	(9)		bp
Efficiency ratio	67.84		%	69.70		%	72.81		%	72.15		%	75.05		%	(186)		bp			(721)		bp			70.54		%	77.60		%	(706)		bp
Loans-to-deposits ratio (period-end balances)	311		%	286		%	285		%	267		%	276		%	2,570		bp			3,563		bp			311		%	276		%	3,563		bp
Loans-to-deposits ratio (average-end balances)	285		%	278		%	264		%	231		%	249		%	658		bp			3,557		bp			265		%	273		%	(729)		bp
Return on average assets (annualized)	1.17		%	1.41		%	0.97		%	0.93		%	0.87		%	(24)		bp			30		bp			1.13		%	0.65		%	48		bp
Return on allocated equity7	18.84		%	21.29		%	14.33		%	12.29		%	11.75		%	(245)		bp			709		bp			16.76		%	9.25		%	751		bp

Numbers may not foot to total due to rounding.

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

See footnote disclosures on page 21.

Wholesale segment: Consists of lines of business that deliver product offerings and services with differentiated industry knowledge. Wholesale’s lines of business include mortgage warehouse lending, franchise finance, correspondent banking, and mortgage. Additionally, Wholesale has a line of business focused on fixed income securities sales, trading, underwriting, and strategies for institutional clients in the U.S. and abroad, as well as loan sales, portfolio advisory services, and derivative sales.

20

CORPORATE

Quarterly, Unaudited

											4Q24 Change vs.												2024 vs 2023
	4Q24		3Q24		2Q24		1Q24		4Q23		3Q24				4Q23				2024		2023
											$		%		$		%						$/bp		%
Income Statement (millions)
Net interest income/(expense)	$	(56)	$	(57)	$	(53)	$	(61)	$	(85)	$	1	1	%	$	29	34	%	$	(226)	$	(337)	$	110	33	%
Noninterest income	(75)		25		17		22		18		(100)		NM		(93)		NM		(11)		306		(317)		(104)
Total revenues	(131)		(32)		(35)		(39)		(68)		(99)		NM		(64)		(94)		(238)		(31)		(207)		NM
Noninterest expense	71		84		70		93		142		(13)		(16)		(71)		(50)		319		433		(114)		(26)
Pre-provision net revenue3	(202)		(116)		(106)		(132)		(210)		(86)		(74)		7		3		(556)		(464)		(92)		(20)
Provision for credit losses	(6)		—		(3)		(1)		(9)		(6)		NM		3		29		(10)		(15)		5		33
Income before income tax expense	(196)		(116)		(103)		(131)		(201)		(80)		(69)		5		2		(546)		(449)		(97)		(22)
Income tax expense (benefit)	(56)		(36)		(29)		(34)		(100)		(20)		(54)		44		44		(156)		(160)		5		3
Net income/(loss)	$	(140)	$	(80)	$	(74)	$	(97)	$	(101)	$	(61)	(76)	%	$	(40)	(40)	%	$	(391)	$	(289)	$	(102)	(35)	%
Average Balance Sheet (billions)
Interest bearing assets	$	11.0	$	11.4	$	11.0	$	11.8	$	12.4	$	(0.5)	(4)	%	$	(1.4)	(12)	%	$	11.3	$	12.8	$	(1.5)	(12)	%
Total assets	13.9		14.3		13.9		14.7		15.5		(0.5)		(3)		(1.6)		(11)		14.2		16.0		(1.8)		(11)	%

Numbers may not foot to total due to rounding.

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

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

FOOTNOTES

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

2 Occupancy and Equipment expense includes Computer Software Expense.

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

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

5 Credit card and other includes $174 million of commercial credit card balances at December 31, 2024.

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

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

8 Share count was impacted by the repurchase of 11 million shares during 1Q24, 14 million shares during 2Q24, 5 million shares in 3Q24, and 8 million shares in 4Q24.

21

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

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

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

Numbers may not foot due to rounding.

22

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)		4Q24			3Q24			2Q24			1Q24			4Q23			2024			2023
Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)	a	$	158		$	213		$	184		$	184		$	175		$	738		$	865
Plus Total notable items (after-tax) (Non-GAAP) (a)		$	71		$	11		$	11		$	12		$	3		105			(59)
Adjusted net income available to common shareholders (Non-GAAP)	b	$	228		$	224		$	195		$	196		$	178		$	843		$	806
Diluted Shares (GAAP)8	c	534			538			547			558			561			544			562
Diluted EPS (GAAP)	a/c	$	0.29		$	0.40		$	0.34		$	0.33		$	0.31		$	1.36		$	1.54
Adjusted diluted EPS (Non-GAAP)	b/c	$	0.43		$	0.42		$	0.36		$	0.35		$	0.32		$	1.55		$	1.43
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)		$	170		$	223		$	204		$	197		$	188		$	794		$	915
Plus Relevant notable items (after-tax) (Non-GAAP) (a)		$	71		$	11		$	4		$	12		$	3		$	97		(59)
Adjusted NI (Non-GAAP)		$	240		$	234		$	208		$	209		$	191		$	891		$	856
NI (annualized) (GAAP)	d	$	675		$	889		$	820		$	791		$	746		$	794		$	915
Adjusted NI (annualized) (Non-GAAP)	e	$	956		$	932		$	836		$	838		$	757		$	891		$	856
Average assets (GAAP)	f	$	81,950		$	82,366		$	81,721		$	81,243		$	82,313		$	81,822		$	81,683
ROA (GAAP)	d/f	0.82		%	1.08		%	1.00		%	0.97		%	0.91		%	0.97		%	1.12		%
Adjusted ROA (Non-GAAP)	e/f	1.17		%	1.13		%	1.02		%	1.03		%	0.92		%	1.09		%	1.05		%
Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE
Net income available to common shareholders ("NIAC") (annualized) (GAAP)	g	$	627		$	849		$	739		$	739		$	695		$	738		$	865
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)	h	$	907		$	892		$	785		$	787		$	706		$	843		$	806
Average Common Equity (GAAP)	i	$	8,494		$	8,407		$	8,228		$	8,436		$	8,090		$	8,391		$	7,852
Intangible Assets (GAAP) (b)		1,658			1,669			1,680			1,691			1,702			1,674			1,720
Average Tangible Common Equity (Non-GAAP)	j	$	6,836		$	6,738		$	6,548		$	6,745		$	6,388		$	6,717		$	6,132
Equity Adjustment (Non-GAAP)		—			—			—			—			—			20			(68)
Adjusted Average Tangible Common Equity (Non-GAAP)	k	$	6,836		$	6,738		$	6,548		$	6,745		$	6,388		$	6,737		$	6,064
ROCE (GAAP)	g/i	7.38		%	10.10		%	8.98		%	8.76		%	8.60		%	8.80		%	11.01		%
ROTCE (Non-GAAP)	g/j	9.17		%	12.60		%	11.29		%	10.95		%	10.89		%	10.99		%	14.10		%
Adjusted ROTCE (Non-GAAP)	h/k	13.27		%	13.24		%	11.99		%	11.65		%	11.05		%	12.51		%	13.28		%

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

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

Numbers may not foot due to rounding.

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CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(In millions)		4Q24			3Q24			2Q24			1Q24			4Q23			2024			2023
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	l	$	99		$	200		$	186		$	194		$	183		$	679		$	927
Plus notable items (pretax) (GAAP) (a)		91			—			—			—			(4)			91			(229)
Adjusted noninterest income (Non-GAAP)	m	$	190		$	200		$	186		$	194		$	179		$	771		$	699
Revenue (GAAP)	n	$	729		$	828		$	815		$	819		$	800		$	3,190		$	3,467
Taxable-equivalent adjustment		4			4			4			4			4			16			16
Revenue- Taxable-equivalent (Non-GAAP)		732			832			819			823			804			3,206			3,483
Plus notable items (pretax) (GAAP) (a)		91			—			—			—			(4)			91			(229)
Adjusted revenue (Non-GAAP)	o	$	824		$	832		$	819		$	823		$	800		$	3,297		$	3,254
Securities gains/(losses) (GAAP)	p	$	(91)		$	1		$	1		$	—		$	(5)		$	(89)		$	(4)
Noninterest income as a % of total revenue (GAAP)	(l-p)/ (n-p)	23.20		%	24.06		%	22.75		%	23.72		%	23.33		%	23.44		%	26.83		%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	m/o	23.10		%	23.95		%	22.64		%	23.61		%	22.32		%	23.33		%	21.43		%
Adjusted Efficiency Ratio
Noninterest expense (GAAP)	q	$	508		$	511		$	500		$	515		$	572		$	2,035		$	2,080
Plus notable items (pretax) (GAAP) (a)		(2)			(14)			(5)			(15)			(70)			(37)			(196)
Adjusted noninterest expense (Non-GAAP)	r	$	506		$	497		$	495		$	500		$	502		$	1,998		$	1,884
Revenue (GAAP)	s	$	729		$	828		$	815		$	819		$	800		$	3,190		$	3,467
Taxable-equivalent adjustment		4			4			4			4			4			16			16
Revenue- Taxable-equivalent (Non-GAAP)		732			832			819			823			804			3,206			3,483
Plus notable items (pretax) (GAAP) (a)		91			—			—			—			(4)			91			(229)
Adjusted revenue (Non-GAAP)	t	$	824		$	832		$	819		$	823		$	800		$	3,297		$	3,254
Securities gains/(losses) (GAAP)	u	$	(91)		$	1		$	1		$	—		$	(5)		$	(89)		$	(4)
Efficiency ratio (GAAP)	q/ (s-u)	61.98		%	61.89		%	61.44		%	62.92		%	71.14		%	62.06		%	59.91		%
Adjusted efficiency ratio (Non-GAAP)	r/t	61.43		%	59.86		%	60.47		%	60.78		%	62.84		%	60.64		%	57.93		%

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

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

Numbers may not foot due to rounding.

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CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION

Quarterly, Unaudited

($s in millions)

	Period-end								Average
	4Q24		3Q24		4Q24 vs. 3Q24				4Q24		3Q24		4Q24 vs. 3Q24
Loans excluding LMC
Total Loans (GAAP)	$	62,565	$	62,445	$	120	—	%	$	62,418	$	62,413	$	5	—	%
LMC (GAAP)	3,471		3,244		227		7	%	3,283		2,875		408		14	%
Total Loans excl. LMC (Non-GAAP)	59,095		59,201		(107)		—	%	59,135		59,538		(403)		(1)	%
Total Consumer (GAAP)	14,716		14,648		68		—	%	14,709		14,654		55		—	%
Total Commercial excl. LMC (Non-GAAP)	44,378		44,553		(175)		—	%	44,426		44,883		(457)		(1)	%
Total CRE (GAAP)	14,421		14,705		(284)		(2)	%	14,601		14,684		(83)		(1)	%
Total C&I excl. LMC (Non-GAAP)	$	29,957	$	29,848	$	110	—	%	$	29,825	$	30,199	(374)		(1)	%

Numbers may not foot due to rounding.

																							2024 vs. 2023
		4Q24			3Q24			2Q24			1Q24			4Q23			2024			2023
Allowance for credit losses to loans and leases and Allowance for credit losses to nonperforming loans and leases																							$/bp
Allowance for loan and lease losses (GAAP)	A	$	815		$	823		$	821		$	787		$	773		$	815		$	773		$	42
Reserve for unfunded commitments (GAAP)		79			75			66			79			83			79			83			(4)
Allowance for credit losses (Non-GAAP)	B	$	894		$	897		$	887		$	865		$	856		$	894		$	856		38
Loans and leases (GAAP)	C	$	62,565		$	62,445		$	62,781		$	61,753		$	61,292		$	62,565		$	61,292		$	1,274
Nonaccrual loans and leases (GAAP)	D	$	602		$	578		$	574		$	505		$	462		$	602		$	462		$	140
Allowance for loans and lease losses to loans and leases (GAAP)	A/C	1.30		%	1.32		%	1.31		%	1.27		%	1.26		%	1.30		%	1.26		%	4
Allowance for credit losses to loans and leases (Non-GAAP)	B/C	1.43		%	1.44		%	1.41		%	1.40		%	1.40		%	1.43		%	1.40		%	3
Allowance for loans and lease losses to nonperforming loans and leases (GAAP)	A/D	136		%	142		%	143		%	156		%	167		%	136		%	167		%	(31,392)
Allowance for credit losses to nonperforming loans and leases (Non-GAAP)	B/D	149		%	155		%	155		%	171		%	185		%	149		%	185		%	(36,281)

Numbers may not foot due to rounding.

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

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

Numbers may not foot due to rounding.

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

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

Numbers may not foot due to rounding.

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GLOSSARY OF TERMS

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

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

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

Key Ratios

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

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

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

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

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

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

Asset Quality - Consolidated Key Ratios

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

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

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

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

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

Operating Segments

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

Wholesale segment: Consists of lines of business that deliver product offerings and services with differentiated industry knowledge. Wholesale’s lines of business include mortgage warehouse lending, franchise finance, correspondent banking, and mortgage. Additionally, Wholesale has a line of business focused on fixed income securities sales, trading, underwriting, and strategies for institutional clients in the U.S. and abroad, as well as loan sales, portfolio advisory services, and derivative sales.

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

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