425

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

January 17, 2020

Date of Report (date of earliest event reported)

First Horizon National Corporation

(Exact name of registrant as specified in its charter)

TN	001-15185		62-0803242
(State or other jurisdiction of incorporation)	(Commission File Number)		(I.R.S. Employer Identification No.)
165 Madison Avenue	Memphis,	Tennessee	38103
(Address of Principal Executive Offices)			(Zip Code)

(901 )523-4444

Registrant's telephone number, including area code

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

ITEM 2.02. Results of Operations and Financial Condition.

ITEM 7.01. Regulation FD Disclosure.

Furnished as Exhibit 99.1 is a copy of the First Horizon National Corporation (“FHN”) Fourth Quarter 2019 Financial Supplement and as Exhibit 99.2 is a copy of the Investor Slide Presentation for the quarter and year ended December 31, 2019, both of which were released today.

The foregoing information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition” and Item 7.01, “Regulation FD Disclosure.” The exhibit speaks as of the date thereof and FHN does not assume any obligation to update in the future the information therein.

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

Certain measures are included in the exhibits that are “non-GAAP,” meaning (under U.S. financial reporting rules) they are not presented in accordance with generally accepted accounting principles (“GAAP”) in the U.S. and also are not codified in the 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 directors through various internal reports.

Presentation of regulatory measures, some of which follow regulatory definitions rather than GAAP, provides a meaningful base for comparability to other financial institutions subject to the same regulations as FHN. Such measures are used by the various banking regulators in reviewing the performance, stability, and capital adequacy of financial institutions they regulate. 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 the exhibits include: common equity tier 1 capital, generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; risk weighted assets (“RWA”), which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios; and pre-provision net revenue (“PPNR”), calculated by adding the provision/(provision credit) for loan losses to income before income taxes, excluding securities gains/(losses).

The non-GAAP measures presented in the exhibits include: return on average tangible common equity (“ROTCE”); tangible common equity (“TCE”) to tangible assets (“TA”); tangible book value ("TBV") per common share; adjusted ROTCE; and various performance measures and ratios adjusted for notable items identified in the exhibits.

Reconciliations of non-GAAP to GAAP measures and presentation of the most comparable GAAP items are presented near the end (immediately before the Glossary) of the Financial Supplement and at the end of the Investor Slide Presentation.

Forward-Looking Statements

The furnished financial supplement and investor slide presentation contain forward-looking statements involving significant risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking information. Those factors include general economic and financial market conditions, including expectations of and actual timing and amount of interest rate movements including the slope of the yield curve, competition, customer and investor responses to these conditions, ability to execute business plans, geopolitical developments, recent and future legislative and regulatory developments, natural disasters, and items mentioned in the furnished financial supplement, investor slide presentation and in FHN's most recent earnings release, as well as critical accounting estimates and other factors described in FHN’s recent filings with the SEC. FHN disclaims any obligation to update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements to reflect future events or developments.

ITEM 9.01. Financial Statements and Exhibits.

(d) Exhibits

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

Exhibit #	Description
99.1	First Horizon National Corporation Fourth Quarter 2019 Financial Supplement.
99.2	First Horizon National Corporation Investor Slide Presentation for the quarter and year ended December 31, 2019.
104	Cover Page Interactive Data File, formatted in Inline XBRL

SIGNATURES

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

		First Horizon National Corporation
Date:	January 17, 2020	By:	/s/ William C. Losch III
		William C. Losch III
		Executive Vice President and Chief Financial Officer

EX-99.1

1

FOURTH QUARTER 2019

FINANCIAL SUPPLEMENT

If you need further information, please contact:

Aarti Bowman, Investor Relations

901-523-4017

aagoorha@firsthorizon.com

FHN TABLE OF CONTENTS

	Page
First Horizon National Corporation Segment Structure	3
Performance Highlights	4
Consolidated Results
Income Statement
Income Statement	7
Other Income and Other Expense	8
Acquisition, Restructuring, and Rebranding Expense	9
Balance Sheet
Period End Balance Sheet	10
Average Balance Sheet	11
Net Interest Income	12
Average Balance Sheet: Yields and Rates	13
Capital Highlights	14
Business Segment Detail
Segment Highlights	15
Regional Banking	16
Fixed Income and Corporate	17
Non-Strategic	18
Asset Quality
Asset Quality: Consolidated	19
Asset Quality: Regional Banking and Corporate	21
Asset Quality: Non-Strategic	22
Non-GAAP to GAAP Reconciliation	23
Glossary of Terms	24

Other Information

This financial supplement contains forward-looking statements involving significant risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking information. Those factors include general economic and financial market conditions, including expectations of and actual timing and amount of interest rate movements including the slope of the yield curve, competition, customer and investor responses to these conditions, ability to execute business plans, geopolitical developments, recent and future legislative and regulatory developments, natural disasters, and items mentioned in this financial supplement and in First Horizon National Corporation’s (“FHN”) most recent earnings release, as well as critical accounting estimates and other factors described in FHN’s recent filings with the SEC. FHN disclaims any obligation to update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements to reflect future events or developments.

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

Certain measures are included in this financial supplement that are “non-GAAP,” meaning (under U.S. financial reporting rules) they are not presented in accordance with generally accepted accounting principles (“GAAP”) 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.

Presentation of regulatory measures, some of which follow regulatory definitions rather than GAAP, provides a meaningful base for comparability to other financial institutions subject to the same regulations as FHN. Such measures are used by the various banking regulators in reviewing the performance, stability, and capital adequacy of financial institutions they regulate. 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, 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; risk weighted assets (“RWA”), which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios; and pre-provision net revenue (“PPNR”), calculated by adding the provision/(provision credit) for loan losses to income before income taxes, excluding securities gains/(losses).

The non-GAAP measures presented in this financial supplement are return on average tangible common equity (“ROTCE”), tangible common equity (“TCE”) to tangible assets (“TA”), and tangible book value ("TBV") per common share.

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

2

FIRST HORIZON NATIONAL CORPORATION SEGMENT STRUCTURE

3

FHN PERFORMANCE HIGHLIGHTS
Summary of Fourth Quarter 2019 Notable Items
Segment	Item	Income Statement	Amount Favorable/ (Unfavorable)	Comments
Corporate	Acquisition expenses	Noninterest expense: various	$(15.7) million	Pre-tax acquisition-related expenses largely associated with the pending merger of equals with IBERIABANK Corporation ("IBKC")
Corporate	Charitable contributions	Noninterest expense: other	$(11.0) million	Pre-tax expense related to charitable contributions
Corporate	Rebranding expenses	Noninterest expense: various	$(9.1) million	Pre-tax expense associated with marketing and advertising expenses, professional fees and technology-related expenses
Corporate	Restructuring, repositioning, and efficiency initiatives	Noninterest expense: various	$(1.2) million	Pre-tax expense associated with professional fees and severance-related costs associated with efficiency initiatives
Fourth Quarter 2019 vs. Third Quarter 2019

Consolidated								l Diluted EPS of $.37 in 4Q19, up from $.35 in 3Q19 l Total revenue up 5% due to higher fees and an increase in NII l Fee income up 7% due to higher fixed income revenue, market-driven increases in deferred compensation income, increased collections on loans charged off prior to acquisition (primarily associated with one loan), and increased fees from derivative sales l NII up 4% due to higher loan accretion and lower funding costs, somewhat offset by the negative impact of lower interest rates on loans (including LIBOR and Prime) l NIM increased to 3.26% in 4Q19 from 3.21% in 3Q19; increase due to the same factors affecting NII l    Loan loss provision decreased to $10 million in 4Q19, from $15 million in 3Q19 l    Expenses up 6% due to higher personnel, acquisition, and rebranding- related expenses, somewhat offset by lower litigation expenses and restructuring-related expenses lAverage loan growth of 2%; Average deposit growth of 1%
(Thousands, except per share data)	4Q19		3Q19		Change
Income Statement
Net interest income	$	311,393	$	300,676	4		%
Noninterest income	183,307		171,735		7		%
Total revenues	494,700		472,411		5		%
Provision for loan losses	10,000		15,000		(33	)	%
Noninterest expense	327,447		307,672		6		%
Income before income taxes	157,253		149,739		5		%
Provision for income taxes	35,970		35,796		*
Net income/(loss)	$	121,283	$	113,943	6		%
Diluted EPS	$	0.37	$	0.35	6		%
Balance Sheet (millions)
Average Loans	$	30,706	$	30,016	2		%
Average Deposits	32,777		32,371		1		%
* Amount is less than one percent.

Regional Banking								lStrong average loan growth l Loan growth due to increases in C&I and specialty areas, with particular strength in loans to mortgage companies    l NII up from higher loan accretion and commercial loan growth lFee income up 4% due to an increase in collections on loans charged off prior to acquisition, higher fees from derivative sales, and an increase in bankcard income lProvision expense in 4Q19 largely driven by commercial loan growth; 3Q19 included amounts related to a single unreserved commercial credit, commercial loan growth, and modest grade migration lExpense up 5% due in large part to higher strategic reinvestments in technology, advertising, and personnel expenses
(Thousands)	4Q19		3Q19		Change
Net interest income	$	310,696	$	302,370	3		%
Noninterest income	89,553		85,776		4		%
Total revenues	400,249		388,146		3		%
Provision for loan losses	14,369		20,472		(30	)	%
Noninterest expense	202,967		193,250		5		%
Income before income taxes	$	182,913	$	174,424	5		%
PPNR (a)	197,282		194,896		1		%
Balance Sheet (millions)
Average loans	$	29,722	$	28,958	3		%
Average deposits	30,413		30,044		1		%
(a) Pre-provision net revenue is not a GAAP number but is used in regulatory stress test reporting. The presentation of PPNR in this Financial Supplement follows the regulatory definition.

Fixed Income								l 4Q19 ADR of $1.1 million, compared to ADR of $994 thousand in 3Q19, up 7% with growth across multiple trading desks lSteeper yield curve and market volatility favorably impacted 4Q19 activity l Other product revenue up $1.3 million from loan and derivative sales l Expense down 8% due to lower fees associated with legal matters, somewhat offset by higher variable compensation associated with increased revenues
(Thousands)	4Q19		3Q19		Change
Net interest income	$	7,233	$	5,309	36		%
Noninterest income	81,185		77,809		4		%
Total revenues	88,418		83,118		6		%
Noninterest expense	62,329		67,787		(8	)	%
Income before income taxes	$	26,089	$	15,331	70		%

4

FHN PERFORMANCE HIGHLIGHTS (continued)

Fourth Quarter 2019 vs. Third Quarter 2019 (continued)

Corporate										l    Fee income up from market-driven higher deferred compensation income and an increase in BOLI policy benefits l    Expense increase primarily driven by $11.0 million of charitable contributions and higher acquisition-and rebranding-related expenses, somewhat offset by lower restructuring costs associated with efficiency initiatives
(Thousands)	4Q19			3Q19			Change
Net interest income	$	(12,712	)	$	(13,225	)	4		%
Noninterest income	11,246			7,359			53		%
Total revenues	(1,466		)	(5,866		)	75		%
Noninterest expense	57,816			41,993			38		%
Income before income taxes	$	(59,282	)	$	(47,859	)	(24	)	%
NM - Not meaningful

Non-Strategic										l  Non-Strategic results reflect continuing wind-down of the loan portfolio
(Thousands)	4Q19			3Q19			Change
Net interest income	$	6,176		$	6,222		(1	)	%
Noninterest income	1,323			791			67		%
Total revenues	7,499			7,013			7		%
Provision for loan losses	(4,369		)	(5,472		)	20		%
Noninterest expense	4,335			4,642			(7	)	%
Income before income taxes	$	7,533		$	7,843		(4	)	%
Balance Sheet (millions)
Average loans	$	852		$	935		(9	)	%
NM - Not meaningful

Asset Quality										l    Increase in reserves primarily driven by loan growth within the commercial portfolio, partially offset by declining balances in the non-strategic portfolio l    Decrease in net charge-offs largely driven by the Regional banking commercial portfolio; 3Q19 net-charge-offs largely driven by two commercial credits l    NPLs within the Regional banking and Non-strategic portfolios decreased $5.6 million and $4.8 million, respectively, in 4Q19 primarily driven by improvements in the consumer real estate portfolios l    Regional banking 30+ delinquencies decreased $12.0 million; Non-strategic down $.7 million
(Thousands)	4Q19			3Q19			Change
Allowance for loan losses	$200,307			$193,149			4		%
Allowance / loans %	0.64		%	0.62		%
Net Charge-offs	$	2,842		$	14,600		(81	)	%
Net charge-offs %	0.04		%	0.19		%
Nonperforming Loans (a)	$162,165			$172,495			(6	)	%
NPL %	0.52		%	0.55		%
30+ delinquencies	$	57,911		$	58,861		(2	)	%
30+ delinquencies %	0.19		%	0.23		%
(a) Excludes loans held-for-sale.

Capital and Liquidity								lDeclared quarterly dividend of $.14 in 4Q19; dividend payout of 37% l No share repurchases in 4Q19 compared to 1.8 million shares (weighted average price - $15.73) repurchased in 3Q19; due to the pending IBKC merger, significant repurchases are not expected in 1Q20 l$270.7 million remaining authorization under the stock purchase authorization first announced in January 2018, scheduled to expire January 31, 2021 l 4Q19 increase in risk-based capital ratios largely driven by an increase in Common Equity Tier 1 capital due to no share repurchases during the quarter
(millions)	4Q19			3Q19			Change
Common dividends declared (a)	$	43.5		$	43.5		*
Preferred dividends declared	$	1.6		$	1.6		*
Share repurchases	$	—		$	28.2		NM
Capital Ratios (b)
Common Equity Tier 1	9.20		%	9.01		%
Tier 1	10.15		%	9.97		%
Total Capital	11.22		%	11.01		%
Leverage	9.04		%	9.05		%
NM - Not meaningful
* Amount is less than one percent.
(a) 4Q19 common dividends paid January 2, 2020; 3Q19 common dividends paid October 1, 2019.
(b) Regulatory capital ratios calculated under the Basel III risk-based capital rules as phased-in; current quarter is an estimate.

5

FHN PERFORMANCE HIGHLIGHTS (continued)

Consolidated Results for Fiscal Year 2019 vs. 2018

Consolidated								l 2019 diluted EPS of $1.38 compared to $1.65 in 2018; 2018 includes $212.9 million pre-tax gain on the sale of Visa Class B Shares l NII relatively flat compared to 2018, as an increase in deposit costs and lower loan accretion were mitigated with strong commercial loan and deposit growth and higher loan yields lNIM of 3.28% in 2019 compared to 3.45% in 2018; decrease in NIM largely driven by an unfavorable rate environment and lower loan accretion l 2019 fee income primarily driven by higher fixed income sales revenue, market-driven increases in deferred compensation income, and higher bank fees; 2018 includes $212.9 million related to the Visa gain l Provision increase primarily driven by commercial loan growth l2019 expense includes restructuring- and rebranding-related expenses and higher fixed income variable compensation, somewhat offset by lower acquisition-related expenses and broad-based cost savings across multiple line items driven by strategic focus on expense optimizationl Strong balance sheet growth: Average loans and deposits up 7% and 5%
(Thousands, except per share data)	2019		2018		Change
Net interest income	$	1,210,187	$	1,220,317	(1	)	%
Noninterest income	654,080		722,788		(10	)	%
Total revenues	1,864,267		1,943,105		(4	)	%
Provision for loan losses	47,000		7,000		NM
Noninterest expense	1,231,603		1,221,996		1		%
Income before income taxes	585,664		714,109		(18	)	%
Provision for income taxes	133,291		157,602		(15	)	%
Net income/(loss)	$	452,373	$	556,507	(19	)	%
Diluted EPS	$	1.38	$	1.65	(16	)	%
Balance Sheet (millions)
Average loans	$	29,189	$	27,214	7		%
Average deposits	32,403		30,903		5		%
NM - Not meaningful

6

FHN CONSOLIDATED INCOME STATEMENT

Quarterly/Annually, Unaudited

																4Q19 Changes vs.						Twelve Months Ended						2019 vs.
(Dollars in thousands, except per share data)	4Q19			3Q19			2Q19			1Q19			4Q18			3Q19			4Q18			2019			2018			2018
Interest income	$	404,142		$	407,494		$	412,089		$	400,615		$	401,186		(1	)	%	1		%	$	1,624,340		$	1,546,021		5		%
Less: interest expense	92,749			106,818			108,479			106,107			98,674			(13	)	%	(6	)	%	414,153			325,704			27		%
Net interest income	311,393			300,676			303,610			294,508			302,512			4		%	3		%	1,210,187			1,220,317			(1	)	%
Provision/(provision credit) for loan losses	10,000			15,000			13,000			9,000			6,000			(33	)	%	67		%	47,000			7,000			NM
Net interest income after provision for loan losses	301,393			285,676			290,610			285,508			296,512			6		%	2		%	1,163,187			1,213,317			(4	)	%
Noninterest income:
Fixed income (a)	80,981			77,645			66,414			53,749			39,866			4		%	NM			278,789			167,882			66		%
Deposit transactions and cash management (b)	33,289			34,379			32,374			31,621			25,422			(3	)	%	31		%	131,663			133,281			(1	)	%
Brokerage, management fees and commissions	14,557			14,157			14,120			12,633			13,380			3		%	9		%	55,467			54,803			1		%
Trust services and investment management	7,434			7,163			7,888			7,026			6,959			4		%	7		%	29,511			29,806			(1	)	%
Bankcard income	7,984			7,017			6,355			6,952			7,570			14		%	5		%	28,308			29,304			(3	)	%
Bank-owned life insurance	5,255			4,427			5,126			4,402			4,852			19		%	8		%	19,210			18,955			1		%
Securities gains/(losses), net (c)	(3		)	97			49			31			(28		)	NM			89		%	174			212,948			NM
Other (d)	33,810			26,850			25,667			24,631			12,253			26		%	NM			110,958			75,809			46		%
Total noninterest income	183,307			171,735			157,993			141,045			110,274			7		%	66		%	654,080			722,788			(10	)	%
Adjusted gross income after provision for loan losses	484,700			457,411			448,603			426,553			406,786			6		%	19		%	1,817,267			1,936,105			(6	)	%
Noninterest expense:
Employee compensation, incentives, and benefits (e) (f)	178,761			167,022			171,643			177,925			156,240			7		%	14		%	695,351			658,223			6		%
Legal fees (f)	2,709			4,854			6,486			2,831			3,479			(44	)	%	(22	)	%	16,880			11,149			51		%
Professional fees (f)	16,718			14,910			11,291			12,299			8,842			12		%	89		%	55,218			45,799			21		%
Occupancy (f)	19,972			18,887			20,719			20,693			22,053			6		%	(9	)	%	80,271			85,009			(6	)	%
Computer software	15,390			15,191			15,001			15,139			14,656			1		%	5		%	60,721			60,604			*
Contract employment and outsourcing	3,160			3,256			3,078			3,371			4,248			(3	)	%	(26	)	%	12,865			18,522			(31	)	%
Operations services	11,171			11,634			11,713			11,488			12,945			(4	)	%	(14	)	%	46,006			56,280			(18	)	%
Equipment rentals, depreciation, and maintenance	8,597			8,197			8,375			8,829			8,983			5		%	(4	)	%	33,998			39,132			(13	)	%
FDIC premium expense	5,806			5,564			4,247			4,273			5,200			4		%	12		%	19,890			31,642			(37	)	%
Advertising and public relations (f)	14,897			6,646			5,574			7,242			7,718			NM			93		%	34,359			24,752			39		%
Communications and courier	5,597			5,650			7,380			6,453			7,256			(1	)	%	(23	)	%	25,080			30,032			(16	)	%
Amortization of intangible assets	6,206			6,206			6,206			6,216			6,461			*			(4	)	%	24,834			25,855			(4	)	%
Other (d)	38,463			39,655			28,681			19,331			23,851			(3	)	%	61		%	126,130			134,997			(7	)	%
Total noninterest expense	327,447			307,672			300,394			296,090			281,932			6		%	16		%	1,231,603			1,221,996			1		%
Income before income taxes	157,253			149,739			148,209			130,463			124,854			5		%	26		%	585,664			714,109			(18	)	%
Provision for income taxes	35,970			35,796			34,467			27,058			24,049			*			50		%	133,291			157,602			(15	)	%
Net income/(loss)	121,283			113,943			113,742			103,405			100,805			6		%	20		%	452,373			556,507			(19	)	%
Net income attributable to noncontrolling interest	2,910			2,883			2,852			2,820			2,910			1		%	*			11,465			11,465			*
Net income/(loss) attributable to controlling interest	118,373			111,060			110,890			100,585			97,895			7		%	21		%	440,908			545,042			(19	)	%
Preferred stock dividends	1,550			1,550			1,550			1,550			1,550			*			*			6,200			6,200			*
Net income/(loss) available to common shareholders	$	116,823		$	109,510		$	109,340		$	99,035		$	96,345		7		%	21		%	$	434,708		$	538,842		(19	)	%
Common Stock Data
EPS	$	0.38		$	0.35		$	0.35		$	0.31		$	0.30		9		%	27		%	$	1.39		$	1.66		(16	)	%
Basic shares (thousands)	311,250			311,888			314,063			317,435			321,505			*			(3	)	%	313,637			324,375			(3	)	%
Diluted EPS	$	0.37		$	0.35		$	0.35		$	0.31		$	0.30		6		%	23		%	$	1.38		$	1.65		(16	)	%
Diluted shares (thousands)	313,353			313,805			315,786			319,581			323,885			*			(3	)	%	315,657			327,445			(4	)	%
Key Ratios & Other
Return on average assets (quarters are annualized) (g)	1.12		%	1.08		%	1.11		%	1.03		%	0.99		%							1.08		%	1.38		%
Return on average common equity (“ROCE”) (quarters are annualized) (g)	9.97		%	9.50		%	9.79		%	9.09		%	8.81		%							9.60		%	12.75		%
Return on average tangible common equity (“ROTCE”) (quarters are annualized) (g) (h)	15.03		%	14.49		%	15.12		%	14.17		%	13.80		%							14.71		%	20.28		%
Fee income to total revenue (g)	37.05		%	36.34		%	34.22		%	32.38		%	26.72		%							35.08		%	29.47		%
Efficiency ratio (g)	66.19		%	65.14		%	65.08		%	67.99		%	68.30		%							66.07		%	70.63		%
Average full time equivalent employees	5,005			5,116			5,287			5,524			5,563									5,231			5,723

NM - Not meaningful

* Amount is less than one percent.

(a) 2Q19 includes $1.1 million of gains from the reversal of previous valuation adjustments due to the sales and payoff of TRUPS loans.

(b) 4Q18 includes an $8.7 million unfavorable adjustment related to the return of excess fees received on Capital Bank debit card transactions.

(c) 2018 includes a pre-tax gain of $212.9 million from the sale of Visa Class B Shares which impacts certain performance measures in 2018.

(d) Refer to the Other Income and Other Expense table on page 8 for additional information.

(e) 4Q19, 3Q19, 2Q19 and 1Q19 include severance-related costs associated with efficiency initiatives, refer to the Restructuring expense table on page 9 for additional information; 1Q19 and 4Q18 include $6.2 million and $(7.1) million, respectively, of deferred compensation expense.

(f) Refer to the Acquisition, Restructuring, and Rebranding expense tables on page 9 for additional information about variability in quarterly balances.

(g) See Glossary of Terms for definitions of Key Ratios.

(h) This non-GAAP measure is reconciled to ROCE (GAAP) in the Non-GAAP to GAAP reconciliation on page 23 of this financial supplement.

7

FHN OTHER INCOME AND OTHER EXPENSE

Quarterly/Annually, Unaudited

																4Q19 Changes vs.						Twelve Months Ended						2019 vs.
(Thousands)	4Q19			3Q19			2Q19			1Q19			4Q18			3Q19			4Q18			2019			2018			2018
Other Income
ATM and interchange fees	$	4,529		$	4,507		$	4,262		$	3,241		$	3,411		*			33		%	$	16,539		$	13,354		24		%
Dividend income	1,508			1,556			1,809			2,313			2,425			(3	)	%	(38	)	%	7,186			10,555			(32	)	%
Electronic banking fees	1,101			1,288			1,267			1,271			1,393			(15	)	%	(21	)	%	4,927			5,134			(4	)	%
Letter of credit fees	1,561			1,400			1,253			1,368			1,447			12		%	8		%	5,582			5,298			5		%
Mortgage banking	3,578			2,019			2,572			1,886			3,077			77		%	16		%	10,055			10,587			(5	)	%
Deferred compensation (a)	3,339			472			1,938			5,474			(6,124		)	NM			NM			11,223			(3,224		)	NM
Insurance commissions	358			577			566			624			467			(38	)	%	(23	)	%	2,125			2,096			1		%
Other service charges	5,755			5,738			5,624			3,869			3,513			*			64		%	20,986			15,122			39		%
Gain/(loss) on extinguishment of debt	65			(6		)	—			(1		)	(14		)	NM			NM			58			(15		)	NM
Other (b)	12,016			9,299			6,376			4,586			2,658			29		%	NM			32,277			16,902			91		%
Total	$	33,810		$	26,850		$	25,667		$	24,631		$	12,253		26		%	NM			$	110,958		$	75,809		46		%
Other Expense
Litigation and regulatory matters	$	(394	)	$	11,534		$	(8,230	)	$	13		$	35		NM			NM			$	2,923		$	644		NM
Tax credit investments	460			407			267			675			1,126			13		%	(59	)	%	1,809			4,712			(62	)	%
Travel and entertainment	3,652			2,849			2,906			2,712			4,340			28		%	(16	)	%	12,119			16,442			(26	)	%
Employee training and dues	1,430			1,003			1,251			1,457			1,908			43		%	(25	)	%	5,141			7,218			(29	)	%
Customer relations (c)	2,794			3,165			1,540			1,599			1,834			(12	)	%	52		%	9,098			5,583			63		%
Miscellaneous loan costs	1,227			1,017			857			1,027			1,012			21		%	21		%	4,128			3,732			11		%
Supplies	2,104			1,668			1,342			1,804			1,459			26		%	44		%	6,918			6,917			*
Other real estate owned ("OREO")	1,478			342			25			(366		)	456			NM			NM			1,479			2,630			(44	)	%
Other insurance and taxes	2,515			2,475			2,495			2,694			1,506			2		%	67		%	10,179			9,684			5		%
Non-service components of net periodic pension and post retirement cost	327			986			559			432			1,632			(67	)	%	(80	)	%	2,304			5,251			(56	)	%
Repurchase and foreclosure provision (d)	—			(22		)	(530		)	(455		)	(153		)	NM			NM			(1,007		)	(1,039		)	3		%
Other (e)	22,870			14,231			26,199			7,739			8,696			61		%	NM			71,039			73,223			(3	)	%
Total	$	38,463		$	39,655		$	28,681		$	19,331		$	23,851		(3	)	%	61		%	$	126,130		$	134,997		(7	)	%

NM - Not meaningful

* Amount is less than one percent.

(a) Amounts driven by market conditions and are mirrored by changes in deferred compensation expense which is included in employee compensation expense.

(b) 4Q19, 3Q19 and 2Q19 increase due in large part to higher fees from derivative sales in the Regional Banking segment; 4Q19 and 3Q19 include an increase in collections from CBF loans charged off prior to acquisition; 3Q19 includes $1.0 million of gains on the sales of buildings; 4Q18 includes a $1.8 million negative valuation adjustment on HFS consumer loans included in the Non-Strategic segment.

(c) 3Q19 increase driven by higher development costs.

(d) Expense reversals driven by the settlements/recoveries of certain repurchase claims.

(e) Refer to the Acquisition, Restructuring, and Rebranding expense tables on page 9 for additional information about variability in quarterly balances; 3Q19 includes $4.0 million of valuation adjustments associated with derivatives related to prior sales of Visa Class B shares.

8

ACQUISITION EXPENSE

Quarterly, Unaudited

IBKC ACQUISITION EXPENSE	4Q19
(Thousands)
Legal and professional fees (a)	$	8,228
Employee compensation, incentives, and benefits (b)	3,079
Miscellaneous expense (e)	64
Total IBKC acquisition expense	$	11,371

														4Q19 Changes vs.
OTHER ACQUISITION EXPENSE	4Q19			3Q19			2Q19		1Q19		4Q18			3Q19			4Q18
(Thousands)
Legal and professional fees (a)	$	1,494		$	3,507		$	4,478	$	1,867	$	3,122		(57	)	%	(52	)	%
Employee compensation, incentives, and benefits (b)	1,035			1,473			1,472		1,517		2,409			(30	)	%	(57	)	%
Occupancy (c)	(94		)	(76		)	1,505		118		2,915			(24	)	%	NM
Contract employment and outsourcing (d)	35			223			17		—		(20		)	(84	)	%	NM
Miscellaneous expense (e)	217			1,022			79		1,069		1,130			(79	)	%	(81	)	%
All other expense (f)	1,638			2,840			1,096		1,089		2,040			(42	)	%	(20	)	%
Total other acquisition expense	$	4,325		$	8,989		$	8,647	$	5,660	$	11,596		(52	)	%	(63	)	%

NM - Not meaningful

(a) Primarily comprised of fees for legal, accounting, and merger consultants.

(b) Primarily comprised of fees for severance and retention.

(c) Primarily relates to fees associated with lease exit accruals.

(d) Primarily relates to fees for temporary assistance for merger and integration activities.

(e) Consists of fees for operations services, communications and courier, equipment rentals, deprecation and maintenance, supplies, travel and entertainment, computer software, and advertising and public relations.

(f) Primarily relates to contract termination charges, costs of shareholder matters and asset impairments related to integration, as well as other miscellaneous expenses.

RESTRUCTURING EXPENSE

Quarterly, Unaudited

											4Q19 Changes vs.
	4Q19			3Q19			2Q19		1Q19		3Q19
(Thousands)
Legal and professional fees	$	989		$	6,488		$	4,242	$	4,295	(85	)	%
Employee compensation, incentives, and benefits	259			1,182			2,557		6,505		(78	)	%
Occupancy	57			(128		)	72		817		NM
All other expense (a)	(148		)	300			11,797		535		NM
Total restructuring expense	$	1,157		$	7,842		$	18,668	$	12,152	(85	)	%

NM - Not meaningful

(a) Primarily relates to costs associated with asset impairments.

REBRANDING EXPENSE

Quarterly, Unaudited

							4Q19 Changes vs.
	4Q19		3Q19		2Q19		3Q19
(Thousands)
Legal and professional fees	$	1,016	$	879	$	882	16		%
Advertising and public relations	6,360		663		423		NM
Supplies	862		105		325		NM
Miscellaneous expense	315		145		38		NM
All other expense (a)	561		1,322		7,406		(58	)	%
Total rebranding expense	$	9,114	$	3,114	$	9,074	NM

NM - Not meaningful

(a) Primarily relates to costs associated with fixed asset impairments and technology-related expenses.

9

FHN CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited 

																4Q19 Changes vs.
(Thousands)	4Q19			3Q19			2Q19			1Q19			4Q18			3Q19			4Q18
Assets:
Investment securities	$	4,455,403		$	4,425,845		$	4,425,609		$	4,626,322		$	4,636,470		1		%	(4	)	%
Loans held-for-sale (a)	593,790			554,843			447,106			594,662			679,149			7		%	(13	)	%
Loans, net of unearned income	31,061,111			31,260,833			29,712,810			27,990,048			27,535,532			(1	)	%	13		%
Federal funds sold	46,536			48,747			50,705			167,602			237,591			(5	)	%	(80	)	%
Securities purchased under agreements to resell	586,629			697,214			602,919			474,679			386,443			(16	)	%	52		%
Interest-bearing cash (b)	482,405			364,412			593,180			1,013,254			1,277,611			32		%	(62	)	%
Trading securities	1,346,207			1,395,043			1,668,942			1,681,727			1,448,168			(4	)	%	(7	)	%
Total earning assets	38,572,081			38,746,937			37,501,271			36,548,294			36,200,964			*			7		%
Cash and due from banks	633,728			749,719			596,081			570,589			781,291			(15	)	%	(19	)	%
Fixed income receivables (c)	40,114			209,732			147,574			46,782			38,861			(81	)	%	3		%
Goodwill	1,432,787			1,432,787			1,432,787			1,432,787			1,432,787			*			*
Other intangible assets, net	130,200			136,406			142,612			148,818			155,034			(5	)	%	(16	)	%
Premises and equipment, net	455,006			451,600			454,271			484,494			494,041			1		%	(8	)	%
OREO	17,838			20,181			19,286			23,396			25,290			(12	)	%	(29	)	%
Allowance for loan losses	(200,307		)	(193,149		)	(192,749		)	(184,911		)	(180,424		)	4		%	11		%
Derivative assets	183,115			250,786			185,521			118,128			81,475			(27	)	%	NM
Other assets (d)	2,046,338			1,912,685			1,885,116			1,910,626			1,802,939			7		%	14		%
Total assets	$	43,310,900		$	43,717,684		$	42,171,770		$	41,099,003		$	40,832,258		(1	)	%	6		%
Liabilities and Equity:
Deposits:
Consumer interest	$	13,866,920		$	13,670,204		$	13,705,969		$	13,707,310		$	13,327,104		1		%	4		%
Commercial interest	6,153,075			6,211,539			6,660,056			6,729,999			6,172,159			(1	)	%	*
Market-indexed (e)	3,980,589			3,794,105			3,855,545			4,062,531			5,042,412			5		%	(21	)	%
Total interest-bearing deposits	24,000,584			23,675,848			24,221,570			24,499,840			24,541,675			1		%	(2	)	%
Noninterest-bearing deposits	8,428,951			8,268,812			8,086,748			7,963,048			8,141,317			2		%	4		%
Total deposits	32,429,535			31,944,660			32,308,318			32,462,888			32,682,992			2		%	(1	)	%
Federal funds purchased	548,344			936,837			666,007			339,360			256,567			(41	)	%	NM
Securities sold under agreements to repurchase	716,925			735,226			764,308			745,788			762,592			(2	)	%	(6	)	%
Trading liabilities	505,581			719,777			558,347			429,669			335,380			(30	)	%	51		%
Other short-term borrowings (f)	2,253,045			2,276,139			865,347			140,832			114,764			(1	)	%	NM
Term borrowings (g)	791,368			1,195,096			1,186,646			1,177,926			1,170,963			(34	)	%	(32	)	%
Fixed income payables (c)	49,535			66,842			66,369			100,290			9,572			(26	)	%	NM
Derivative liabilities	67,480			83,530			88,485			107,123			133,713			(19	)	%	(50	)	%
Other liabilities (d)	873,079			763,534			741,862			748,606			580,335			14		%	50		%
Total liabilities	38,234,892			38,721,641			37,245,689			36,252,482			36,046,878			(1	)	%	6		%
Equity:
Common stock	194,668			194,487			195,299			197,101			199,108			*			(2	)	%
Capital surplus	2,931,451			2,925,309			2,941,696			2,983,948			3,029,425			*			(3	)	%
Undivided profits	1,798,442			1,725,846			1,660,520			1,595,568			1,542,408			4		%	17		%
Accumulated other comprehensive loss, net	(239,608		)	(240,654		)	(262,489		)	(321,151		)	(376,616		)	*			(36	)	%
Preferred stock	95,624			95,624			95,624			95,624			95,624			*			*
Noncontrolling interest (h)	295,431			295,431			295,431			295,431			295,431			*			*
Total equity	5,076,008			4,996,043			4,926,081			4,846,521			4,785,380			2		%	6		%
Total liabilities and equity	$	43,310,900		$	43,717,684		$	42,171,770		$	41,099,003		$	40,832,258		(1	)	%	6		%

NM - Not meaningful

*Amount is less than one percent.

(a) 4Q19 includes $493.5 million of SBA and USDA loans, $95.1 million of mortgage loans, and $5.2 million of other consumer loans.

(b) Includes excess balances held at Fed.

(c) Period-end balances fluctuate based on the level of pending unsettled trades.

(d) 1Q19 increase largely driven by the adoption of ASU 2016-02, "Leases" which resulted in approximately $180 million of lease assets and approximately $200 million of lease liabilities being added to the balance sheet.

(e) Market-indexed deposits are tied to an index not administered by FHN and are comprised of insured network deposits, correspondent banking deposits, and trust/sweep deposits.

(f) Balance fluctuates largely based on the level of FHLB borrowings as a result of loan demand and deposit levels.

(g) In 4Q19 $400 million of First Horizon Bank senior capital notes matured.

(h) Consists of preferred stock of subsidiaries.

10

FHN CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly/Annually, Unaudited 

																4Q19 Changes vs.							Twelve Months Ended						2019 vs.
(Thousands)	4Q19			3Q19			2Q19			1Q19			4Q18				3Q19			4Q18			2019			2018				2018
Assets:
Earning assets:
Loans, net of unearned income:
Commercial, financial, and industrial (C&I) (a)	$	19,739,937		$	18,965,829		$	17,952,866		$	16,428,088		$	15,952,608			4		%	24		%	$	18,282,655		$	15,872,929			15		%
Commercial real estate (a)	4,263,597			4,269,425			3,910,466			3,959,592			4,170,186				*			2		%	4,102,065			4,206,206				(2	)	%
Consumer real estate	6,016,435			6,094,274			6,109,805			6,194,147			6,274,799				(1	)	%	(4	)	%	6,103,091			6,330,273				(4	)	%
Permanent mortgage	177,699			189,214			200,234			216,037			228,184				(6	)	%	(22	)	%	195,735			251,785				(22	)	%
Credit card and other	508,651			497,646			498,790			515,436			528,866				2		%	(4	)	%	505,092			552,635				(9	)	%
Total loans, net of unearned income (b)	30,706,319			30,016,388			28,672,161			27,313,300			27,154,643				2		%	13		%	29,188,638			27,213,828				7		%
Loans held-for-sale (c)	581,810			455,239			606,685			670,401			714,388				28		%	(19	)	%	577,953			723,996				(20	)	%
Investment securities:
U.S. treasuries	100			100			99			99			98				*			2		%	99			98				1		%
U.S. government agencies	4,327,651			4,289,719			4,461,712			4,494,814			4,489,625				1		%	(4	)	%	4,392,732			4,644,746				(5	)	%
States and municipalities	54,146			49,025			41,911			33,400			27,573				10		%	96		%	44,690			10,979				NM
Corporate bonds	50,493			50,414			64,720			65,194			65,033				*			(22	)	%	57,645			65,471				(12	)	%
Other	15,933			18,837			14,609			10,249			11,421				(15	)	%	40		%	14,933			7,017				NM
Total investment securities	4,448,323			4,408,095			4,583,051			4,603,756			4,593,750				1		%	(3	)	%	4,510,099			4,728,311				(5	)	%
Trading securities	1,263,633			1,391,405			1,564,201			1,443,969			1,634,726				(9	)	%	(23	)	%	1,415,242			1,603,767				(12	)	%
Other earning assets:
Federal funds sold	9,700			21,225			47,664			113,043			43,752				(54	)	%	(78	)	%	47,552			37,587				27		%
Securities purchased under agreements to resell	645,979			550,641			593,412			428,687			609,891				17		%	6		%	555,264			745,519				(26	)	%
Interest-bearing cash (d)	586,495			545,784			648,927			1,717,696			1,073,540				7		%	(45	)	%	870,725			623,583				40		%
Total other earning assets	1,242,174			1,117,650			1,290,003			2,259,426			1,727,183				11		%	(28	)	%	1,473,541			1,406,689				5		%
Total earning assets	38,242,259			37,388,777			36,716,101			36,290,852			35,824,690				2		%	7		%	37,165,473			35,676,591				4		%
Allowance for loan losses	(195,863		)	(196,586		)	(188,243		)	(182,332		)	(186,978		)		*			5		%	(190,809		)	(187,700		)		2		%
Cash and due from banks	609,750			596,323			590,622			610,470			615,199				2		%	(1	)	%	601,774			585,397				3		%
Fixed income receivables	75,917			75,938			64,958			55,393			56,519				*			34		%	68,129			55,930				22		%
Premises and equipment, net	450,950			451,567			478,607			485,462			499,867				*			(10	)	%	466,511			521,762				(11	)	%
Derivative assets	202,624			160,341			83,050			55,288			38,449				26		%	NM			125,825			61,873				NM
Other assets (e)	3,500,153			3,464,541			3,497,912			3,568,059			3,454,782				1		%	1		%	3,507,361			3,511,606				*
Total assets	$	42,885,790		$	41,940,901		$	41,243,007		$	40,883,192		$	40,302,528			2		%	6		%	$	41,744,264		$	40,225,459			4		%
Liabilities and equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Consumer interest	$	13,718,820		$	13,670,745		$	13,597,195		$	13,390,692		$	12,965,734			*			6		%	$	13,595,470		$	12,700,135			7		%
Commercial interest	6,145,681			6,321,835			6,599,793			6,577,476			5,900,136				(3	)	%	4		%	6,409,769			5,660,480				13		%
Market-indexed (f)	4,370,025			4,143,012			3,818,949			4,734,295			4,947,192				5		%	(12	)	%	4,265,234			4,541,835				(6	)	%
Total interest-bearing deposits	24,234,526			24,135,592			24,015,937			24,702,463			23,813,062				*			2		%	24,270,473			22,902,450				6		%
Federal funds purchased	1,163,701			886,445			519,497			370,868			334,036				31		%	NM			737,715			405,110				82		%
Securities sold under agreements to repurchase	701,213			722,815			691,490			688,765			710,898				(3	)	%	(1	)	%	701,164			713,841				(2	)	%
Trading liabilities	585,889			501,203			548,653			375,169			543,696				17		%	8		%	503,302			682,943				(26	)	%
Other short-term borrowings (g)	844,558			535,585			650,387			114,474			244,413				58		%	NM			538,249			1,046,585				(49	)	%
Term borrowings (h)	928,214			1,185,853			1,183,205			1,172,618			1,172,405				(22	)	%	(21	)	%	1,116,990			1,211,928				(8	)	%
Total interest-bearing liabilities	28,458,101			27,967,493			27,609,169			27,424,357			26,818,510				2		%	6		%	27,867,893			26,962,857				3		%
Noninterest-bearing deposits	8,542,521			8,235,806			7,947,607			7,795,015			8,034,692				4		%	6		%	8,132,575			8,000,642				2		%
Fixed income payables	34,510			33,059			25,579			21,978			19,858				4		%	74		%	28,827			20,172				43		%
Derivative liabilities	59,114			19,632			61,715			94,943			147,075				NM			(60	)	%	58,645			109,362				(46	)	%
Other liabilities (e)	751,676			722,570			729,776			737,664			551,695				4		%	36		%	735,425			514,897				43		%
Total liabilities	37,845,922			36,978,560			36,373,846			36,073,957			35,571,830				2		%	6		%	36,823,365			35,607,930				3		%
Equity:
Common stock	194,574			194,930			196,319			198,460			201,006				*			(3	)	%	196,057			202,884				(3	)	%
Capital surplus	2,928,463			2,934,276			2,964,824			3,015,017			3,068,536				*			(5	)	%	2,960,336			3,112,452				(5	)	%
Undivided profits	1,766,211			1,695,417			1,629,474			1,572,177			1,510,503				4		%	17		%	1,666,432			1,317,789				26		%
Accumulated other comprehensive loss, net	(240,435		)	(253,337		)	(312,511		)	(367,474		)	(440,402		)		(5	)	%	45		%	(292,981		)	(406,651		)		(28	)	%
Preferred stock	95,624			95,624			95,624			95,624			95,624				*			*			95,624			95,624				*
Noncontrolling interest (i)	295,431			295,431			295,431			295,431			295,431				*			*			295,431			295,431				*
Total equity	5,039,868			4,962,341			4,869,161			4,809,235			4,730,698				2		%	7		%	4,920,899			4,617,529				7		%
Total liabilities and equity	$	42,885,790		$	41,940,901		$	41,243,007		$	40,883,192		$	40,302,528			2		%	6		%	$	41,744,264		$	40,225,459			4		%

NM - Not meaningful

*Amount is less than one percent.

(a) In 3Q19, FHN prospectively reclassified approximately $410 million of regional banking market investor CRE loans from the C&I portfolio to the CRE portfolio. The reclassification did not have an impact on FHN’s consolidated balance sheet and the impact to the consolidated financial statements from the effect on the allowance for loan losses is immaterial.

(b) Includes loans on nonaccrual status.

(c) 4Q19 includes $478.8 million of SBA and USDA loans, $97.7 million of mortgage loans, and $5.3 million of other consumer loans.

(d) Includes excess balances held at Fed.

(e) 1Q19 increase largely driven by the adoption of ASU 2016-02, "Leases" which resulted in ~ $180 million and $200 million of lease assets and lease liabilities, respectively, being added to the balance sheet.

(f) Market-indexed deposits are tied to an index not administered by FHN and are comprised of insured network deposits, correspondent banking deposits, and trust/sweep deposits.

(g) Balance fluctuates largely based on the level of FHLB borrowings as a result of loan demand and deposit levels.

(h) In 4Q19 $400 million of First Horizon Bank senior capital notes matured.

(i) Consists of preferred stock of subsidiaries.

11

FHN CONSOLIDATED NET INTEREST INCOME (a)

Quarterly, Unaudited 

																4Q19 Changes vs.
(Thousands)	4Q19			3Q19			2Q19			1Q19			4Q18			3Q19			4Q18
Interest Income:
Loans, net of unearned income (b)	$	356,176		$	357,724		$	354,067		$	334,167		$	333,935		*			7		%
Loans held-for-sale	7,053			6,069			8,128			9,877			11,759			16		%	(40	)	%
Investment securities:
U.S. government agencies	26,500			26,322			29,075			30,107			30,744			1		%	(14	)	%
States and municipalities	478			431			347			362			300			11		%	59		%
Corporate bonds	595			593			713			712			716			*			(17	)	%
Other	1,352			1,634			1,278			895			955			(17	)	%	42		%
Total investment securities	28,925			28,980			31,413			32,076			32,715			*			(12	)	%
Trading securities	9,507			10,645			13,332			13,712			15,533			(11	)	%	(39	)	%
Other earning assets:
Federal funds sold	51			141			326			733			304			(64	)	%	(83	)	%
Securities purchased under agreements to resell	2,467			2,800			3,301			2,336			3,197			(12	)	%	(23	)	%
Interest-bearing cash	2,359			2,700			3,689			10,209			5,884			(13	)	%	(60	)	%
Total other earning assets	4,877			5,641			7,316			13,278			9,385			(14	)	%	(48	)	%
Interest income	$	406,538		$	409,059		$	414,256		$	403,110		$	403,327		(1	)	%	1		%
Interest Expense:
Interest-bearing deposits:
Consumer interest	$	22,957		$	26,670		$	25,666		$	24,641		$	21,607		(14	)	%	6		%
Commercial interest	24,366			28,112			29,927			28,153			22,706			(13	)	%	7		%
Market-indexed (c)	20,090			23,809			23,409			29,416			29,366			(16	)	%	(32	)	%
Total interest-bearing deposits	67,413			78,591			79,002			82,210			73,679			(14	)	%	(9	)	%
Federal funds purchased	5,026			4,898			3,142			2,287			1,933			3		%	NM
Securities sold under agreements to repurchase	2,843			3,301			3,580			3,496			3,329			(14	)	%	(15	)	%
Trading liabilities	2,987			2,943			3,756			2,816			4,320			1		%	(31	)	%
Other short-term borrowings	3,989			3,333			4,316			961			1,571			20		%	NM
Term borrowings (d)	10,491			13,752			14,683			14,337			13,842			(24	)	%	(24	)	%
Interest expense	92,749			106,818			108,479			106,107			98,674			(13	)	%	(6	)	%
Net interest income - tax equivalent basis	313,789			302,241			305,777			297,003			304,653			4		%	3		%
Fully taxable equivalent adjustment	(2,396		)	(1,565		)	(2,167		)	(2,495		)	(2,141		)	(53	)	%	(12	)	%
Net interest income	$	311,393		$	300,676		$	303,610		$	294,508		$	302,512		4		%	3		%

NM - Not meaningful

*Amount is less than one percent.

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

(b) Includes interest on loans in nonaccrual status.

(c) Market-indexed deposits are tied to an index not administered by FHN and are comprised of insured network deposits, correspondent banking deposits, and trust/sweep deposits.

(d) In 4Q19 $400 million of First Horizon Bank senior capital notes matured.

12

FHN CONSOLIDATED AVERAGE BALANCE SHEET: YIELDS AND RATES

Quarterly, Unaudited 

	4Q19		3Q19		2Q19		1Q19		4Q18
Assets:
Earning assets (a)
Loans, net of unearned income (b)
Commercial loans	4.63	%	4.78	%	5.05	%	5.08	%	5.00	%
Consumer loans	4.51		4.55		4.65		4.59		4.54
Total loans, net of unearned income (c)	4.60		4.73		4.95		4.96		4.88
Loans held-for-sale	4.85		5.33		5.36		5.89		6.58
Investment securities:
U.S. government agencies	2.45		2.45		2.61		2.68		2.74
States and municipalities	3.53		3.51		3.31		4.33		4.36
Corporate bonds	4.71		4.71		4.41		4.37		4.40
Other	33.73		34.52		34.73		34.56		33.16
Total investment securities	2.60		2.63		2.74		2.79		2.85
Trading securities	3.01		3.06		3.41		3.80		3.80
Other earning assets:
Federal funds sold	2.10		2.64		2.74		2.63		2.76
Securities purchased under agreements to resell	1.52		2.02		2.23		2.21		2.08
Interest-bearing cash	1.60		1.96		2.28		2.41		2.17
Total other earning assets	1.56		2.00		2.27		2.38		2.16
Interest income/total earning assets	4.22	%	4.35	%	4.52	%	4.49	%	4.47	%
Liabilities:
Interest-bearing liabilities:
Interest-bearing deposits:
Consumer interest	0.66	%	0.77	%	0.76	%	0.75	%	0.66	%
Commercial interest	1.57		1.76		1.82		1.74		1.53
Market-indexed (d)	1.82		2.28		2.46		2.52		2.35
Total interest-bearing deposits	1.10		1.29		1.32		1.35		1.23
Federal funds purchased	1.71		2.19		2.43		2.50		2.30
Securities sold under agreements to repurchase	1.61		1.81		2.08		2.06		1.86
Trading liabilities	2.02		2.33		2.75		3.04		3.15
Other short-term borrowings	1.87		2.47		2.66		3.40		2.55
Term borrowings (e)	4.52		4.64		4.96		4.89		4.72
Interest expense/total interest-bearing liabilities	1.29		1.52		1.58		1.57		1.46
Net interest spread	2.93	%	2.83	%	2.94	%	2.92	%	3.01	%
Effect of interest-free sources used to fund earning assets	0.33		0.38		0.40		0.39		0.37
Net interest margin	3.26	%	3.21	%	3.34	%	3.31	%	3.38	%
Total loan yield	4.60	%	4.73	%	4.95	%	4.96	%	4.88	%
Total deposit cost	0.82	%	0.96	%	0.99	%	1.03	%	0.92	%

Yields are adjusted to a FTE basis assuming a statutory federal income tax rate of 21 percent and, where applicable, state income taxes.

(a) Earning assets yields are expressed net of unearned income.

(b) Includes loan fees and cash basis interest income.

(c) Includes loans on nonaccrual status.

(d) Market-indexed deposits are tied to an index not administered by FHN and are comprised of insured network deposits, correspondent banking deposits, and trust/sweep deposits.

(e) Rates are expressed net of unamortized debenture cost for term borrowings; In 4Q19 $400 million of First Horizon Bank senior capital notes matured.

13

FHN CAPITAL HIGHLIGHTS

Quarterly, Unaudited 

																4Q19 Changes vs.
(Dollars and shares in thousands)	4Q19			3Q19			2Q19			1Q19			4Q18			3Q19		4Q18
Common equity tier 1 capital (a) (b)	$	3,408,937		$	3,326,059		$	3,270,484		$	3,239,249		$	3,223,702		2	%	6		%
Tier 1 capital (a) (b)	3,760,431			3,679,158			3,620,001			3,583,577			3,565,373			2	%	5		%
Total capital (a)	4,154,886			4,065,306			4,009,116			3,963,901			3,940,117			2	%	5		%
Risk-weighted assets (“RWA”) (a) (b)	37,046,770			36,913,347			35,341,740			33,656,950			33,002,595			*		12		%
Average assets for leverage (a) (b)	41,583,447			40,660,442			40,022,187			39,717,387			39,221,755			2	%	6		%
Common equity tier 1 ratio (a) (b)	9.20		%	9.01		%	9.25		%	9.62		%	9.77		%
Tier 1 ratio (a) (b)	10.15		%	9.97		%	10.24		%	10.65		%	10.80		%
Total capital ratio (a)	11.22		%	11.01		%	11.34		%	11.78		%	11.94		%
Leverage ratio (a) (b)	9.04		%	9.05		%	9.04		%	9.02		%	9.09		%
Total equity to total assets	11.72		%	11.43		%	11.68		%	11.79		%	11.72		%
Tangible common equity/tangible assets (“TCE/TA”) (c)	7.48		%	7.20		%	7.29		%	7.27		%	7.15		%
Period-end shares outstanding (d)	311,469			311,180			312,478			315,361			318,573			*		(2	)	%
Cash dividends declared per common share	$	0.14		$	0.14		$	0.14		$	0.14		$	0.12		*		17		%
Book value per common share	$	15.04		$	14.80		$	14.51		$	14.13		$	13.79
Tangible book value per common share (c)	$	10.02		$	9.76		$	9.47		$	9.11		$	8.81
Market capitalization (millions)	$	5,157.9		$	5,041.1		$	4,665.3		$	4,408.7		$	4,192.4

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

* Amount is less than one percent.

(a) Current quarter is an estimate.

(b) See Glossary of Terms for definition.

(c) TCE/TA and Tangible book value per common share are non-GAAP measures and are reconciled to Total equity to total assets (GAAP) and to Book value per common share (GAAP), respectively, in the Non-GAAP to GAAP reconciliation on page 23 of this financial supplement.

(d) Decreases largely attributable to shares repurchased under share repurchase programs.

14

FHN BUSINESS SEGMENT HIGHLIGHTS

Quarterly/Annually, Unaudited 

																4Q19 Changes vs.						Twelve Months Ended						2019 vs.
(Thousands)	4Q19			3Q19			2Q19			1Q19			4Q18			3Q19			4Q18			2019			2018			2018
Regional Banking
Net interest income	$	310,696		$	302,370		$	297,339		$	285,913		$	298,288		3		%	4		%	$	1,196,318		$	1,197,471			*
Noninterest income (a)	89,553			85,776			81,475			73,030			70,003			4		%	28		%	329,834			311,763				6		%
Total revenues	400,249			388,146			378,814			358,943			368,291			3		%	9		%	1,526,152			1,509,234				1		%
Provision for loan losses	14,369			20,472			17,775			13,443			8,488			(30	)	%	69		%	66,059			24,643				NM
Noninterest expense	202,967			193,250			193,294			199,522			206,001			5		%	(1	)	%	789,033			826,262				(5	)	%
Income before income taxes	182,913			174,424			167,745			145,978			153,802			5		%	19		%	671,060			658,329				2		%
Provision for income taxes	43,048			41,752			39,502			33,846			36,077			3		%	19		%	158,148			154,659				2		%
Net income	$	139,865		$	132,672		$	128,243		$	112,132		$	117,725		5		%	19		%	$	512,912		$	503,670			2		%
Fixed Income
Net interest income	$	7,233		$	5,309		$	6,171		$	7,331		$	9,011		36		%	(20	)	%	$	26,044		$	35,753			(27	)	%
Noninterest income	81,185			77,809			65,622			53,807			39,678			4		%	NM			278,423			164,769				69		%
Total revenues	88,418			83,118			71,793			61,138			48,689			6		%	82		%	304,467			200,522				52		%
Noninterest expense (b)	62,329			67,787			55,770			50,774			46,516			(8	)	%	34		%	236,660			189,373				25		%
Income before income taxes	26,089			15,331			16,023			10,364			2,173			70		%	NM			67,807			11,149				NM
Provision/(benefit) for income taxes	6,303			3,656			3,781			2,397			408			72		%	NM			16,137			2,097				NM
Net income	$	19,786		$	11,675		$	12,242		$	7,967		$	1,765		69		%	NM			$	51,670		$	9,052			NM
Corporate
Net interest income/(expense)	$	(12,712	)	$	(13,225	)	$	(7,034	)	$	(7,803	)	$	(15,356	)	4		%	17		%	$	(40,774	)	$	(64,191	)		36		%
Noninterest income (c)	11,246			7,359			9,400			13,352			(1,411		)	53		%	NM			41,357			239,263				(83	)	%
Total revenues	(1,466		)	(5,866		)	2,366			5,549			(16,767		)	75		%	91		%	583			175,072				NM
Noninterest expense (d)	57,816			41,993			55,500			40,374			23,144			38		%	NM			195,683			177,923				10		%
Income/(loss) before income taxes	(59,282		)	(47,859		)	(53,134		)	(34,825		)	(39,911		)	(24	)	%	(49	)	%	(195,100		)	(2,851		)		NM
Provision/ (benefit) for income taxes	(15,243		)	(11,550		)	(13,159		)	(11,396		)	(14,608		)	(32	)	%	(4	)	%	(51,348		)	(10,889		)		NM
Net income/(loss)	$	(44,039	)	$	(36,309	)	$	(39,975	)	$	(23,429	)	$	(25,303	)	(21	)	%	(74	)	%	$	(143,752	)	$	8,038			NM
Non-Strategic
Net interest income	$	6,176		$	6,222		$	7,134		$	9,067		$	10,569		(1	)	%	(42	)	%	$	28,599		$	51,284			(44	)	%
Noninterest income (e)	1,323			791			1,496			856			2,004			67		%	(34	)	%	4,466			6,993				(36	)	%
Total revenues	7,499			7,013			8,630			9,923			12,573			7		%	(40	)	%	33,065			58,277				(43	)	%
Provision/(provision credit) for loan losses	(4,369		)	(5,472		)	(4,775		)	(4,443		)	(2,488		)	20		%	(76	)	%	(19,059		)	(17,643		)		(8	)	%
Noninterest expense (f)	4,335			4,642			(4,170		)	5,420			6,271			(7	)	%	(31	)	%	10,227			28,438				(64	)	%
Income before income taxes	7,533			7,843			17,575			8,946			8,790			(4	)	%	(14	)	%	41,897			47,482				(12	)	%
Provision for income taxes	1,862			1,938			4,343			2,211			2,172			(4	)	%	(14	)	%	10,354			11,735				(12	)	%
Net income	$	5,671		$	5,905		$	13,232		$	6,735		$	6,618		(4	)	%	(14	)	%	$	31,543		$	35,747			(12	)	%
Total Consolidated
Net interest income	$	311,393		$	300,676		$	303,610		$	294,508		$	302,512		4		%	3		%	$	1,210,187		$	1,220,317			(1	)	%
Noninterest income	183,307			171,735			157,993			141,045			110,274			7		%	66		%	654,080			722,788				(10	)	%
Total revenues	494,700			472,411			461,603			435,553			412,786			5		%	20		%	1,864,267			1,943,105				(4	)	%
Provision/(provision credit) for loan losses	10,000			15,000			13,000			9,000			6,000			(33	)	%	67		%	47,000			7,000				NM
Noninterest expense	327,447			307,672			300,394			296,090			281,932			6		%	16		%	1,231,603			1,221,996				1		%
Income before income taxes	157,253			149,739			148,209			130,463			124,854			5		%	26		%	585,664			714,109				(18	)	%
Provision for income taxes	35,970			35,796			34,467			27,058			24,049			*			50		%	133,291			157,602				(15	)	%
Net income	$	121,283		$	113,943		$	113,742		$	103,405		$	100,805		6		%	20		%	$	452,373		$	556,507			(19	)	%

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

NM - Not meaningful

* Amount is less than one percent.

(a) 4Q18 includes an $8.7 million unfavorable adjustment related to the return of excess fees received on Capital Bank debit card transactions.

(b) 3Q19 includes a $7.5 million unfavorable adjustment associated with the net impact of the resolution of legal matters.

(c) 1Q19 and 4Q18 include $6.2 million and $(7.1) million of deferred compensation income driven by equity market valuations; 1Q19 includes a $1.8 million negative valuation adjustment on HFS consumer loans included in the Non-Strategic segment; 2018 includes a pretax gain of $212.9 from the sale of Visa Class B Shares.

(d) Refer to the Acquisition, Restructuring, and Rebranding expense tables on page 9 for additional information about variability in quarterly balances; 4Q19 includes $11.0 million of charitable contributions; 3Q19 includes $4.0 million of valuation adjustments associated with derivatives related to prior sales of Visa Class B shares.

(e) 2Q19 and 2018 include $1.1 million and $3.8 million, respectively, of gains from the reversal of previous valuation adjustments due to the sales and payoff of TRUPS loans.

(f) 2Q19 includes an $8.3 million expense reversal related to the resolution of legal matters.

15

FHN REGIONAL BANKING

Quarterly/Annually, Unaudited 

												4Q19 Changes vs.						Twelve Months Ended				2019 vs.
	4Q19		3Q19		2Q19		1Q19		4Q18			3Q19			4Q18			2019		2018		2018
Income Statement (thousands)
Net interest income	$	310,696	$	302,370	$	297,339	$	285,913	$	298,288		3		%	4		%	$	1,196,318	$	1,197,471		*
Provision for loan losses	14,369		20,472		17,775		13,443		8,488			(30	)	%	69		%	66,059		24,643			NM
Noninterest income:
NSF / Overdraft fees (a)	13,323		13,699		12,347		11,579		14,128			(3	)	%	(6	)	%	50,948		52,629			(3	)	%
Cash management fees	9,201		9,561		8,026		8,857		9,073			(4	)	%	1		%	35,645		36,772			(3	)	%
Debit card income (b)	4,659		4,749		4,960		5,372		(3,142		)	(2	)	%	NM			19,740		21,472			(8	)	%
Other	4,456		4,574		5,275		4,195		3,554			(3	)	%	25		%	18,500		15,959			16		%
Total deposit transactions and cash management	31,639		32,583		30,608		30,003		23,613			(3	)	%	34		%	124,833		126,832			(2	)	%
Brokerage, management fees and commissions	14,558		14,156		14,118		12,630		13,377			3		%	9		%	55,462		54,799			1		%
Trust services and investment management	7,451		7,190		7,902		7,056		6,961			4		%	7		%	29,599		29,853			(1	)	%
Bankcard income	7,879		7,028		6,594		7,039		7,738			12		%	2		%	28,540		29,434			(3	)	%
Other service charges	5,692		5,650		5,460		3,711		3,255			1		%	75		%	20,513		14,843			38		%
Miscellaneous revenue (c)	22,334		19,169		16,793		12,591		15,059			17		%	48		%	70,887		56,002			27		%
Total noninterest income	89,553		85,776		81,475		73,030		70,003			4		%	28		%	329,834		311,763			6		%
Noninterest expense:
Employee compensation, incentives, and benefits	74,465		73,713		76,752		81,796		82,304			1		%	(10	)	%	306,726		326,885			(6	)	%
Other (d)	128,502		119,537		116,542		117,726		123,697			7		%	4		%	482,307		499,377			(3	)	%
Total noninterest expense	202,967		193,250		193,294		199,522		206,001			5		%	(1	)	%	789,033		826,262			(5	)	%
Income before income taxes	$	182,913	$	174,424	$	167,745	$	145,978	$	153,802		5		%	19		%	$	671,060	$	658,329		2		%
PPNR (e)	197,282		194,896		185,520		159,421		162,290			1		%	22		%	737,119		682,972			8		%
Balance Sheet (millions)
Average loans	$	29,722	$	28,958	$	27,533	$	26,107	$	25,877		3		%	15		%	$	28,092	$	25,785		9		%
Average other earning assets	53		47		47		39		41			13		%	29		%	47		51			(8	)	%
Total average earning assets	29,775		29,005		27,580		26,146		25,918			3		%	15		%	28,139		25,836			9		%
Total average deposits	30,413		30,044		29,954		29,590		28,316			1		%	7		%	30,003		27,604			9		%
Total period-end deposits	30,593		30,060		30,272		30,354		29,344			2		%	4		%	30,593		29,344			4		%
Total period-end assets	32,899		33,157		31,340		29,544		29,126			(1	)	%	13		%	32,899		29,126			13		%
Key Statistics
Return on average assets (quarters are annualized) (f)	1.71%		1.66%		1.70%		1.58%		1.64%									1.67%		1.78%
Return on allocated equity (f) (g)	18.16%		17.52%		17.38%		15.54%		15.86%									17.17%		16.76%
Fee income to total revenue (f)	22.37%		22.10%		21.51%		20.35%		19.01%									21.61%		20.66%
Efficiency ratio (f)	50.71%		49.79%		51.03%		55.59%		55.93%									51.70%		54.75%
Net interest margin (h)	4.17%		4.16%		4.35%		4.47%		4.60%									4.28%		4.67%
Net interest spread	3.77%		3.82%		3.99%		3.98%		4.04%									3.88%		4.07%
Loan average yield	4.50%		4.68%		4.88%		4.86%		4.78%									4.72%		4.63%
Deposit average rate	0.73%		0.86%		0.89%		0.88%		0.74%									0.84%		0.56%
Regional banking net charge-offs/(recoveries)	$	5,886	$	17,074	$	7,841	$	5,540	$	12,597		(66	)	%	(53	)	%	$	36,341	$	23,312		56		%
Financial center locations (i)	269		270		292		292		292			*			(8	)	%

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

NM - Not meaningful

* Amount is less than one percent

(a) Variability is driven by changes in consumer behavior and seasonality.

(b) 4Q18 includes an $8.7 million unfavorable adjustment related to the return of excess fees received on Capital Bank debit card transactions.

(c) 4Q19, 3Q19 and 2Q19 increase due in large part to higher fees from derivative sales; 4Q19 and 3Q19 include an increase in collections from CBF loans charged off prior to acquisition.

(d) 4Q19 increase due in large part to higher strategic investments in technology and advertising.

(e) Pre-provision net revenue is not a GAAP number but is used in regulatory stress test reporting. The presentation of PPNR in this Financial Supplement follows the regulatory definition.

(f) See Glossary of Terms for definitions of Key Ratios.

(g) Segment equity is allocated based on an internal allocation methodology.

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

(i) 3Q19 decrease driven by restructuring, repositioning, and efficiency initiatives.

16

FHN FIXED INCOME

Quarterly/Annually, Unaudited

																4Q19 Changes vs.						Twelve Months Ended						2019 vs.
	4Q19			3Q19			2Q19			1Q19			4Q18			3Q19			4Q18			2019			2018			2018
Income Statement (thousands)
Net interest income	$	7,233		$	5,309		$	6,171		$	7,331		$	9,011		36		%	(20	)	%	$	26,044		$	35,753			(27)	%
Noninterest income:
Fixed income product revenue	65,772			63,646			54,533			44,472			30,028			3		%	NM			228,423			132,283				73	%
Other	15,413			14,163			11,089			9,335			9,650			9		%	60		%	50,000			32,486				54	%
Total noninterest income	81,185			77,809			65,622			53,807			39,678			4		%	NM			278,423			164,769				69	%
Noninterest expense (a)	62,329			67,787			55,770			50,774			46,516			(8	)	%	34		%	236,660			189,373				25	%
Income before income taxes	$	26,089		$	15,331		$	16,023		$	10,364		$	2,173		70		%	NM			$	67,807		$	11,149			NM
Fixed income product average daily revenue	$	1,061		$	994		$	866		$	729		$	492		7		%	NM			$	914		$	531			72	%
Balance Sheet (millions)
Average trading inventory	$	1,263		$	1,390		$	1,563		$	1,443		$	1,633		(9	)	%	(23	)	%	$	1,414		$	1,602			(12)	%
Average loans held-for-sale	477			367			528			571			608			30		%	(22	)	%	485			563				(14)	%
Average other earning assets	829			709			670			491			675			17		%	23		%	676			807				(16)	%
Total average earning assets	2,569			2,466			2,761			2,505			2,916			4		%	(12	)	%	2,575			2,972				(13)	%
Total period-end assets	2,987			3,323			3,233			3,094			2,789			(10	)	%	7		%	2,987			2,789				7	%
Key Statistics
Return on average assets (b)	2.63		%	1.61		%	1.57		%	1.13		%	0.22		%							1.74		%	0.27		%
Return on allocated equity (b) (c)	39.58		%	23.30		%	24.29		%	16.20		%	3.38		%							25.88		%	4.29		%
Efficiency ratio (b)	70.49		%	81.56		%	77.68		%	83.05		%	95.54		%							77.73		%	94.44		%
Net interest margin (d)	1.15		%	0.88		%	0.92		%	1.19		%	1.26		%							1.04		%	1.23		%

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

NM - Not meaningful

(a) 3Q19 includes a $7.5 million unfavorable adjustment associated with the net impact of the resolution of legal matters.

(b) See Glossary of Terms for definitions of Key Ratios.

(c) Segment equity is allocated based on an internal allocation methodology.

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

FHN CORPORATE

Quarterly/Annually, Unaudited

																4Q19 Changes vs.						Twelve Months Ended						2019 vs.
	4Q19			3Q19			2Q19			1Q19			4Q18			3Q19			4Q18			2019			2018			2018
Income Statement (thousands)
Net interest income/(expense)	$	(12,712	)	$	(13,225	)	$	(7,034	)	$	(7,803	)	$	(15,356	)	4		%	17		%	$	(40,774	)	$	(64,191	)		36		%
Noninterest income excluding securities gains/(losses) (a)	11,249			7,262			9,351			13,321			(1,383		)	55		%	NM			41,183			26,315				57		%
Securities gains/(losses), net (b)	(3		)	97			49			31			(28		)	NM			89		%	174			212,948				NM
Noninterest expense (c)	57,816			41,993			55,500			40,374			23,144			38		%	NM			195,683			177,923				10		%
Income/(loss) before income taxes	$	(59,282	)	$	(47,859	)	$	(53,134	)	$	(34,825	)	$	(39,911	)	(24	)	%	(49	)	%	$	(195,100	)	$	(2,851	)		NM
Average Balance Sheet (millions)
Average investment securities	$	4,432		$	4,389		$	4,568		$	4,594		$	4,582		1		%	(3	)	%	$	4,495		$	4,721			(5	)	%
Total earning assets	$	4,980		$	4,916		$	5,295		$	6,463		$	5,732		1		%	(13	)	%	$	5,408		$	5,396			*
Deferred Compensation (thousands)
Other Income	$	3,339		$	471		$	1,938		$	5,474		$	(6,124	)	NM			NM			$	11,223		$	(3,224	)		NM
Employee compensation, incentives, and benefits	$	3,846		$	567		$	2,150		$	6,221		$	(6,983	)	NM			NM			$	12,784		$	(3,295	)		NM

Estimated effective duration of securities portfolio 3.0 years in 4Q19 compared to 2.4 years in 3Q19

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

NM - Not Meaningful

* Amount is less than one percent.

(a) Variability in quarterly balances driven by fluctuations in deferred compensation income driven by equity market valuations; 4Q18 includes a $1.8 million negative valuation adjustment on HFS consumer loans included in the Non-Strategic segment; 3Q19 include $1.0 million, respectively, of gains on the sales of buildings.

(b) 2018 includes a pre-tax gain of $212.9 million from the sale of Visa Class B Shares.

(c) Refer to the Acquisition, Restructuring, and Rebranding expense tables on page 9 for additional information about variability in quarterly balances; 4Q19 includes $11.0 million of charitable contributions; 3Q19 includes $4.0 million of valuation adjustments associated with derivatives related to prior sales of Visa Class B shares.

17

FHN NON-STRATEGIC

Quarterly/Annually, Unaudited

																4Q19 Changes vs.						Twelve Months Ended						2019 vs.
	4Q19			3Q19			2Q19			1Q19			4Q18			3Q19			4Q18			2019			2018			2018
Income Statement (thousands)
Net interest income	$	6,176		$	6,222		$	7,134		$	9,067		$	10,569		(1	)	%	(42	)	%	$	28,599		$	51,284		(44)	%
Provision/(provision credit) for loan losses	(4,369		)	(5,472		)	(4,775		)	(4,443		)	(2,488		)	20		%	(76	)	%	(19,059		)	(17,643		)	(8)	%
Noninterest income (a)	1,323			791			1,496			856			2,004			67		%	(34	)	%	4,466			6,993			(36)	%
Noninterest expense (b)	4,335			4,642			(4,170		)	5,420			6,271			(7	)	%	(31	)	%	10,227			28,438			(64)	%
Income before income taxes	$	7,533		$	7,843		$	17,575		$	8,946		$	8,790		(4	)	%	(14	)	%	$	41,897		$	47,482		(12)	%
Average Balance Sheet (millions)
Loans	$	852		$	935		$	1,011		$	1,087		$	1,161		(9	)	%	(27	)	%	$	971		$	1,325		(27)	%
Other assets	68			66			77			88			98			3		%	(31	)	%	74			146			(49)	%
Total assets	920			1,001			1,088			1,175			1,259			(8	)	%	(27	)	%	1,045			1,471			(29)	%
Key Statistics
Return on average assets (c)	2.44		%	2.34		%	4.88		%	2.32		%	2.09		%							3.02		%	2.43		%
Return on allocated equity (c) (d)	35.64		%	31.71		%	64.14		%	25.64		%	22.06		%							38.74		%	24.13		%
Fee income to total revenue (c)	17.64		%	11.28		%	17.33		%	8.63		%	15.94		%							13.51		%	12.00		%
Efficiency ratio (c)	57.81		%	66.19		%	NM			54.62		%	49.88		%							30.93		%	48.80		%
Net interest margin (e)	2.68		%	2.47		%	2.65		%	3.11		%	3.35		%							2.74		%	3.48		%
Net charge-offs/(recoveries)	$	(3,044	)	$	(2,474	)	$	(2,679	)	$	(1,027	)	$	(1,062	)	(23	)	%	NM			$	(9,224	)	$	(7,180	)	(28)	%

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

NM - Not Meaningful

(a) 2Q19 and 2018 include $1.1 million and $3.8 million, respectively, of gains from the reversal of previous valuation adjustments due to the sales and payoff of TRUPS loans.

(b) 2Q19 includes an $8.3 million expense reversal related to the settlement of litigation matters.

(c) See Glossary of Terms for definitions of Key Ratios.

(d) Segment equity is allocated based on an internal allocation methodology.

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

18

FHN ASSET QUALITY: CONSOLIDATED

Quarterly, Unaudited 

																					4Q19 Changes vs.
(Dollars in thousands)	4Q19				3Q19				2Q19				1Q19				4Q18				3Q19	4Q18
Allowance for Loan Losses Walk-Forward
Beginning reserve	$	193,149			$	192,749			$	184,911			$	180,424			$	185,959			*	4%
Provision/(provision credit) for loan losses	10,000				15,000				13,000				9,000				6,000				(33)%	67%
Charge-offs	(11,646			)	(24,337			)	(12,223			)	(10,527			)	(17,824			)	52%	35%
Recoveries	8,804				9,737				7,061				6,014				6,289				(10)%	40%
Ending balance	$	200,307			$	193,149			$	192,749			$	184,911			$	180,424			4%	11%
Reserve for unfunded commitments	6,101				6,890				7,524				8,014				7,618				(11)%	(20)%
Total allowance for loan losses plus reserve for unfunded commitments	$	206,408			$	200,039			$	200,273			$	192,925			$	188,042			3%	10%
Allowance for Loan Losses (a)
Regional Banking	$	182,730			$	174,246			$	170,849			$	160,914			$	153,015			5%	19%
Non-Strategic	17,577				18,903				21,900				23,997				27,409				(7)%	(36)%
Total allowance for loan losses	$	200,307			$	193,149			$	192,749			$	184,911			$	180,424			4%	11%
Nonperforming Assets
Regional Banking
Nonperforming loans (b)	$	113,187			$	118,506			$	145,265			$	115,977			$	79,339			(4)%	43%
OREO	12,347				13,408				13,251				16,698				18,535				(8)%	(33)%
Total Regional Banking	$	125,534			$	131,914			$	158,516			$	132,675			$	97,874			(5)%	28%
Non-Strategic
Nonperforming loans	$	47,651			$	52,346			$	57,654			$	63,960			$	66,703			(9)%	(29)%
Nonperforming loans held-for-sale after fair value adjustments	4,047				4,199				4,514				5,219				5,328				(4)%	(24)%
OREO	3,313				4,408				3,342				3,978				3,852				(25)%	(14)%
Total Non-Strategic	$	55,011			$	60,953			$	65,510			$	73,157			$	75,883			(10)%	(28)%
Corporate
Nonperforming loans	$	1,327			$	1,643			$	1,667			$	1,687			$	1,707			(19)%	(22)%
Total nonperforming assets	$	181,872			$	194,510			$	225,693			$	207,519			$	175,464			(6)%	4%
Net Charge-Offs
Regional Banking	$	5,886			$	17,074			$	7,841			$	5,540			$	12,597			(66)%	(53)%
Non-Strategic	(3,044			)	(2,474			)	(2,679			)	(1,027			)	(1,062			)	(23)%	NM
Total net charge-offs/(recoveries)	$	2,842			$	14,600			$	5,162			$	4,513			$	11,535			(81)%	(75)%
Consolidated Key Ratios (c)
30+ Delinq. % (d)	0.19		%		0.23		%		0.20		%		0.23		%		0.27		%
NPL % (e)	0.52				0.55				0.69				0.65				0.54
NPA %	0.57				0.61				0.74				0.72				0.62
Net charge-offs % (f)	0.04				0.19				0.07				0.07				0.17
Allowance / loans %	0.64				0.62				0.65				0.66				0.66
Allowance / NPL	1.24		x		1.12		x		0.94		x		1.02		x		1.22		x
Allowance / NPA	1.13		x		1.01		x		0.87		x		0.91		x		1.06		x
Allowance / net charge-offs	17.76		x		3.33		x		9.31		x		10.10		x		3.94		x
Other
Loans past due 90 days or more and still accruing (g)	$	28,343			$	27,182			$	28,663			$	30,896			$	39,992			4%	(29)%
Guaranteed portion (g)	6,417				6,028				5,628				5,725				7,237				6%	(11)%
Period-end loans, net of unearned income (millions)	31,061				31,261				29,713				27,990				27,536				(1)%	13%
30+ delinquencies (thousands)	$	57,911			$	70,675			$	58,861			$	63,693			$	75,164			(18)%	(23)%

NM - Not meaningful

* Amount is less than one percent.

(a) In 2Q19, the HBF portfolio was retrospectively reclassed from the Regional Banking segment to the Non-Strategic segment.

(b) 3Q19 decrease in nonperforming loans was primarily driven by one mortgage warehouse lending relationship that converted to the underlying collateral.

(c) See Glossary of Terms for definitions of Consolidated Key Ratios.

(d) 30+ Delinquency % includes all accounts delinquent more than one month and still accruing interest.

(e) 2Q19 increase in NPLs as a percentage of total loans was primarily driven by one credit.

(f) 3Q19 increase in charge-offs as a percentage of loans was primarily driven by two credits.

(g) Includes loans held-for-sale.

19

FHN ASSET QUALITY: CONSOLIDATED

Quarterly, Unaudited 

																4Q19 Changes vs.
	4Q19			3Q19			2Q19			1Q19			4Q18			3Q19	4Q18
Key Portfolio Details
C&I (a)
Period-end loans ($ millions)	$	20,051		$	20,294		$	19,054		$	17,176		$	16,515		(1)%	21%
30+ Delinq. % (b) (c)	0.05		%	0.11		%	0.05		%	0.07		%	0.06		%
NPL % (d)	0.37			0.38			0.56			0.44			0.24
Charge-offs % (qtr. annualized) (e)	0.07			0.32			0.14			0.06			0.20
Allowance / loans %	0.61		%	0.56		%	0.61		%	0.60		%	0.60		%
Allowance / net charge-offs	9.25		x	1.87		x	4.77		x	11.26		x	3.06		x
Commercial Real Estate (a)
Period-end loans ($ millions)	$	4,337		$	4,229		$	3,861		$	3,947		$	4,031		3%	8%
30+ Delinq. % (b)	0.02		%	0.04		%	0.07		%	0.04		%	0.06		%
NPL %	0.04			0.05			0.07			0.07			0.07
Charge-offs % (qtr. annualized)	NM			0.02			0.02			0.04			0.05
Allowance / loans %	0.83		%	0.84		%	0.85		%	0.87		%	0.78		%
Allowance / net charge-offs	NM			47.70		x	39.25		x	22.50		x	15.45		x
Consumer Real Estate
Period-end loans ($ millions)	$	6,007		$	6,063		$	6,110		$	6,152		$	6,250		(1)%	(4)%
30+ Delinq. % (b)	0.61		%	0.59		%	0.62		%	0.66		%	0.74		%
NPL %	1.19			1.31			1.25			1.34			1.32
Charge-offs % (qtr. annualized)	NM			NM			NM			NM			NM
Allowance / loans %	0.33		%	0.36		%	0.37		%	0.39		%	0.42		%
Allowance / net charge-offs	NM			NM			NM			NM			NM
Permanent Mortgage
Period-end loans ($ millions)	$	170		$	182		$	193		$	209		$	222		(7)%	(23)%
30+ Delinq. % (b) (f)	3.72		%	3.83		%	2.22		%	1.95		%	3.21		%
NPL %	8.44			7.83			9.28			10.01			9.76
Charge-offs % (qtr. annualized)	NM			NM			NM			NM			NM
Allowance / loans %	5.18		%	4.84		%	4.49		%	4.82		%	4.95		%
Allowance / net charge-offs	NM			NM			NM			NM			NM
Credit Card and Other
Period-end loans ($ millions)	$	496		$	493		$	495		$	506		$	518		1%	(4)%
30+ Delinq. % (b)	0.93		%	0.94		%	1.06		%	1.20		%	1.63		%
NPL %	0.07			0.07			0.09			0.09			0.12
Charge-offs % (qtr. annualized)	2.29			2.10			2.17			2.44			3.32
Allowance / loans %	2.68		%	2.58		%	2.46		%	2.50		%	2.46		%
Allowance / net charge-offs	1.14		x	1.21		x	1.13		x	1.01		x	0.73		x

NM - Not meaningful

(a) In 3Q19, FHN prospectively reclassified approximately $410 million of regional banking market investor CRE loans from the C&I portfolio to the CRE portfolio. The reclassification did not have an impact on FHN’s consolidated balance sheet and the impact to the consolidated financial statements from the effect on the allowance for loan losses was immaterial.

(b) 30+ Delinquency % includes all accounts delinquent more than one month and still accruing interest.

(c) 3Q19 increase in delinquencies as a percentages of total loans was primarily driven by one credit.

(d) 2Q19 increase in NPLs as a percentage of total loans was primarily driven by one credit; 1Q19 increase in NPLs as a percentages of total loans was primarily driven by three credits.

(e) 3Q19 charge-offs as a percentage of loans was primarily driven by two credits; 2Q19 charge-offs as a percentage of total loans was primarily driven by one credit; 4Q18 charge-offs as a percentage of loans was primarily driven by two credits.

(f) 3Q19 increase in delinquencies as a percentage of total loans was primarily driven by two credits.

20

FHN ASSET QUALITY: REGIONAL BANKING

Quarterly, Unaudited 

																4Q19 Changes vs.
	4Q19			3Q19			2Q19			1Q19			4Q18			3Q19	4Q18
Total Regional Banking (a)
Period-end loans ($ millions)	$	30,213		$	30,345		$	28,711		$	26,898		$	26,385		*	15%
30+ Delinq. % (c) (d)	0.14		%	0.18		%	0.15		%	0.17		%	0.19		%
NPL % (e)	0.37			0.39			0.51			0.43			0.30
Charge-offs % (qtr. annualized) (f)	0.08			0.23			0.11			0.09			0.19
Allowance / loans %	0.60		%	0.57		%	0.60		%	0.60		%	0.58		%
Allowance / net charge-offs	7.82		x	2.57		x	5.43		x	7.16		x	3.06		x
Key Portfolio Details
C&I (a) (b)
Period-end loans ($ millions)	$	19,721		$	19,962		$	18,710		$	16,812		$	16,149		(1)%	22%
30+ Delinq. % (c) (d)	0.05		%	0.11		%	0.05		%	0.06		%	0.06		%
NPL % (e)	0.38			0.37			0.56			0.43			0.23
Charge-offs % (qtr. annualized) (f)	0.07			0.33			0.14			0.06			0.21
Allowance / loans %	0.62		%	0.57		%	0.61		%	0.61		%	0.60		%
Allowance / net charge-offs	9.23		x	1.87		x	4.73		x	10.98		x	3.01		x
Commercial Real Estate (a) (b)
Period-end loans ($ millions)	$	4,292		$	4,172		$	3,787		$	3,867		$	3,955		3%	9%
30+ Delinq. % (c)	0.02		%	0.04		%	0.07		%	0.04		%	0.06		%
NPL %	0.04			0.05			0.07			0.07			0.08
Charge-offs % (qtr. annualized)	NM			0.02			0.02			0.04			0.05
Allowance / loans %	0.79		%	0.79		%	0.77		%	0.80		%	0.71		%
Allowance / net charge-offs	NM			43.95		x	34.79		x	20.16		x	13.63		x
Consumer Real Estate (a)
Period-end loans ($ millions)	$	5,735		$	5,759		$	5,773		$	5,780		$	5,845		*	(2)%
30+ Delinq. % (c)	0.50		%	0.48		%	0.50		%	0.52		%	0.58		%
NPL %	0.64			0.74			0.66			0.71			0.67
Charge-offs % (qtr. annualized)	NM			NM			NM			0.04			0.07
Allowance / loans %	0.23		%	0.26		%	0.25		%	0.26		%	0.25		%
Allowance / net charge-offs	NM			NM			NM			6.17		x	3.38		x
Credit Card, Permanent Mortgage, and Other
Period-end loans ($ millions)	$	465		$	452		$	441		$	439		$	436		3%	7%
30+ Delinq. % (c)	0.74		%	0.69		%	0.72		%	0.74		%	0.95		%
NPL %	0.05			0.05			0.06			0.08			0.09
Charge-offs % (qtr. annualized)	2.31			2.00			1.82			2.08			2.55
Allowance / loans %	2.87		%	2.82		%	2.76		%	2.87		%	2.90		%
Allowance / net charge-offs	1.23		x	1.41		x	1.52		x	1.38		x	1.13		x
ASSET QUALITY: CORPORATE
Permanent Mortgage
Period-end loans ($ millions)	$	31		$	34		$	35		$	38		$	39		(9)%	(21)%
30+ Delinq. % (c)	5.29		%	5.00		%	4.03		%	4.54		%	4.37		%
NPL %	4.22			4.90			4.79			4.49			4.35
Charge-offs % (qtr. annualized)	NM			NM			NM			NM			NM
Allowance / loans %	NM			NM			NM			NM			NM
Allowance / net charge-offs	NM			NM			NM			NM			NM

NM - Not meaningful * Amount is less than one percent.

(a) In 2Q19, the HBF portfolio was retrospectively reclassed from the Regional Banking segment to the Non-Strategic segment.

(b) In 3Q19, FHN prospectively reclassified approximately $410 million of regional banking market investor CRE loans from the C&I portfolio to the CRE portfolio. The reclassification did not have an impact on FHN’s consolidated balance sheet and the impact to the consolidated financial statements from the effect on the allowance for loan losses was immaterial.

(c) 30+ Delinquency % includes all accounts delinquent more than one month and still accruing interest.

(d) 3Q19 increase in delinquencies as a percentage of total loans was primarily driven by one credit.

(e) 2Q19 increase in NPLs as a percentage of total loans was primarily driven by one credit; 1Q19 increase in NPLs as a percentage of total loans was primarily driven by three credits.

(f) 3Q19 charge-offs as a percentage of loans was primarily driven by two credits; 2Q19 charge-offs as a percentage of total loans was primarily driven by one credit; 4Q18 charge-offs as a percentage of loans was primarily driven by two credits.

21

FHN ASSET QUALITY: NON-STRATEGIC

Quarterly, Unaudited 

																4Q19 Changes vs.
	4Q19			3Q19			2Q19			1Q19			4Q18			3Q19	4Q18
Total Non-Strategic (a)
Period-end loans ($ millions)	$	817		$	882		$	967		$	1,054		$	1,112		(7)%	(27)%
30+ Delinq. % (b)	1.72		%	1.67		%	1.42		%	1.63		%	2.15		%
NPL %	5.83			5.93			5.96			6.06			6.00
Charge-offs % (qtr. annualized)	NM			NM			NM			NM			NM
Allowance / loans %	2.15		%	2.14		%	2.27		%	2.27		%	2.47		%
Allowance / net charge-offs	NM			NM			NM			NM			NM
Key Portfolio Details
Commercial (a)
Period-end loans ($ millions)	$	375		$	388		$	418		$	444		$	441		(3)%	(15)%
30+ Delinq. % (b)	—		%	—		%	—		%	0.38		%	0.39		%
NPL %	—			0.70			0.66			0.64			0.65
Charge-offs % (qtr. annualized)	—			—			0.02			NM			NM
Allowance / loans %	0.65		%	0.77		%	1.20		%	1.10		%	0.99		%
Allowance / net charge-offs	NM			NM			56.57		x	NM			NM
Consumer Real Estate (a)
Period-end loans ($ millions)	$	272		$	304		$	337		$	372		$	405		(11)%	(33)%
30+ Delinq. % (b)	3.01		%	2.62		%	2.60		%	2.77		%	3.07		%
NPL %	12.69			12.14			11.40			11.25			10.76
Charge-offs % (qtr. annualized)	NM			NM			NM			NM			NM
Allowance / loans %	2.35		%	2.33		%	2.44		%	2.41		%	2.95		%
Allowance / net charge-offs	NM			NM			NM			NM			NM
Permanent Mortgage
Period-end loans ($ millions)	$	135		$	145		$	155		$	168		$	179		(7)%	(25)%
30+ Delinq. % (b) (c)	3.28		%	3.50		%	1.67		%	1.14		%	2.87		%
NPL %	9.50			8.56			10.36			11.29			10.97
Charge-offs % (qtr. annualized)	NM			NM			NM			NM			NM
Allowance / loans %	6.44		%	6.05		%	5.57		%	5.96		%	6.10		%
Allowance / net charge-offs	NM			NM			NM			NM			NM
Other Consumer
Period-end loans ($ millions)	$	35		$	45		$	57		$	70		$	87		(22)%	(60)%
30+ Delinq. % (b)	4.05		%	3.78		%	4.21		%	4.61		%	5.35		%
NPL %	0.85			0.72			0.72			0.56			0.69
Charge-offs % (qtr. annualized)	1.83			2.84			4.41			4.35			6.77
Allowance / loans %	0.09		%	0.09		%	0.09		%	0.20		%	0.15		%
Allowance / net charge-offs	0.04		x	0.03		x	0.02		x	0.04		x	0.02		x

.

NM - Not meaningful

(a) In 2Q19, the HBF portfolio was retrospectively reclassed from Regional Banking segment to the Non-Strategic segment.

(b) 30+ Delinquency % includes all accounts delinquent more than one month and still accruing interest.

(c) 3Q19 increase in delinquencies as a percentage of total loans was primarily driven by two credits.

22

FHN NON-GAAP TO GAAP RECONCILIATION

Quarterly/Annually, Unaudited

																Twelve Months Ended
(Dollars and shares in thousands, except per share data)	4Q19			3Q19			2Q19			1Q19			4Q18			2019			2018
Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$	5,076,008		$	4,996,043		$	4,926,081		$	4,846,521		$	4,785,380		$	5,076,008		$	4,785,380
Less: Noncontrolling interest (a)	295,431			295,431			295,431			295,431			295,431			295,431			295,431
Less: Preferred stock (a)	95,624			95,624			95,624			95,624			95,624			95,624			95,624
(B) Total common equity	$	4,684,953		$	4,604,988		$	4,535,026		$	4,455,466		$	4,394,325		$	4,684,953		$	4,394,325
Less: Intangible assets (GAAP) (b)	1,562,987			1,569,193			1,575,399			1,581,605			1,587,821			1,562,987			1,587,821
(C) Tangible common equity (Non-GAAP)	$	3,121,966		$	3,035,795		$	2,959,627		$	2,873,861		$	2,806,504		$	3,121,966		$	2,806,504
Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$	43,310,900		$	43,717,684		$	42,171,770		$	41,099,003		$	40,832,258		$	43,310,900		$	40,832,258
Less: Intangible assets (GAAP) (b)	1,562,987			1,569,193			1,575,399			1,581,605			1,587,821			1,562,987			1,587,821
(E) Tangible assets (Non-GAAP)	$	41,747,913		$	42,148,491		$	40,596,371		$	39,517,398		$	39,244,437		$	41,747,913		$	39,244,437
Average Tangible Common Equity (Non-GAAP)
(F) Average total equity (GAAP)	$	5,039,868		$	4,962,341		$	4,869,161		$	4,809,235		$	4,730,698		$	4,920,899		$	4,617,529
Less: Average noncontrolling interest (a)	295,431			295,431			295,431			295,431			295,431			295,431			295,431
Less: Average preferred stock (a)	95,624			95,624			95,624			95,624			95,624			95,624			95,624
(G) Total average common equity	$	4,648,813		$	4,571,286		$	4,478,106		$	4,418,180		$	4,339,643		$	4,529,844		$	4,226,474
Less: Average intangible assets (GAAP) (b)	1,566,079			1,572,312			1,578,505			1,584,694			1,569,533			1,575,338			1,569,987
(H) Average tangible common equity (Non-GAAP)	$	3,082,734		$	2,998,974		$	2,899,601		$	2,833,486		$	2,770,110		$	2,954,506		$	2,656,487
Annualized Net Income/(loss) Available to Common Shareholders
(I) Net income /(loss) available to common shareholders (quarters are annualized) (GAAP)	$	463,483		$	434,469		$	438,562		$	401,642		$	382,238		$	434,708		$	538,842
Period-end Shares Outstanding
(J) Period-end shares outstanding	311,469			311,180			312,478			315,361			318,573			311,469			318,573
Ratios
(I)/(G) Return on average common equity (“ROCE”) (GAAP)	9.97		%	9.50		%	9.79		%	9.09		%	8.81		%	9.60		%	12.75		%
(I)/(H) Return on average tangible common equity (“ROTCE”) (Non-GAAP)	15.03		%	14.49		%	15.12		%	14.17		%	13.80		%	14.71		%	20.28		%
(A)/(D) Total equity to total assets (GAAP)	11.72		%	11.43		%	11.68		%	11.79		%	11.72		%	11.72		%	11.72		%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	7.48		%	7.20		%	7.29		%	7.27		%	7.15		%	7.48		%	7.15		%
(B)/(J) Book value per common share (GAAP)	$	15.04		$	14.80		$	14.51		$	14.13		$	13.79		$	15.04		$	13.79
(C)/(J) Tangible book value per common share (Non-GAAP)	$	10.02		$	9.76		$	9.47		$	9.11		$	8.81		$	10.02		$	8.81

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

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

23

FHN GLOSSARY OF TERMS

Average Assets for Leverage: The amount of assets a company uses to calculate the leverage ratio, which includes average total assets less disallowed portions of goodwill, other intangibles, and deferred tax assets, as well as certain other regulatory adjustments made to tier 1 capital.

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.

Core Businesses: Management considers regional banking, fixed income, and corporate as FHN’s core businesses. Non-strategic has legacy assets and operations that are being wound down.

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.

Market-Indexed Deposits: Deposits with pricing tied to an index not administered by FHN. For FHN these are comprised of insured network deposits, correspondent banking deposits, and trust/sweep deposits.

Risk-Weighted Assets: A regulatory risk-based calculation that takes into account the broad differences in risks among a banking organization’s assets and off-balance sheet financial instruments.

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.

Fee Income to Total Revenue: Ratio is fee income excluding securities gains/(losses) to total revenue excluding securities gains/(losses).

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

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

Asset Quality - Consolidated Key Ratios

NPL %: Ratio is nonperforming loans in the loan portfolio to total period-end loans.

NPA %: Ratio is nonperforming assets related to the loan portfolio to total period-end loans plus foreclosed real estate and other assets.

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

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

Allowance / NPL: Ratio is allowance for loan losses to nonperforming loans in the loan portfolio.

Allowance / NPA: Ratio is allowance for loan losses to nonperforming assets related to the loan portfolio.

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

24

EX-99.2

First Horizon National Corporation Fourth Quarter 2019 Earnings January 17, 2020

Disclaimer Forward-Looking Statement Portions of this presentation use non-GAAP financial information. Each of those portions is so noted, and a reconciliation of that non-GAAP information to comparable GAAP information is provided in a footnote or in the appendix at the end of this presentation. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. This presentation also includes certain non-GAAP financial measures related to “tangible common equity” and certain financial measures excluding notable items, including merger-related charges. Notable items include certain revenue or expense items that may occur in a reporting period which management does not consider indicative of ongoing financial performance. Management believes it is useful for the investment community to consider financial metrics with and without notable items in order to enable a better understanding of company results, facilitate comparability of period-to-period financial results, and to evaluate and forecast those results. Although FHN has procedures in place to ensure that these measures are calculated using the appropriate GAAP or regulatory components, they have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of results under GAAP. For more information on these calculations and to view the reconciliations to the most comparable GAAP measures, please refer to the appendix of this presentation. This presentation contains forward-looking statements, which may include guidance, involving significant risks and uncertainties which will be identified by words such as “believe”,“expect”,“anticipate”,“intend”,“estimate”, “should”,“is likely”,“will”,“going forward” and other expressions that indicate future events and trends and may be followed by or reference cautionary statements. A number of factors could cause actual results to differ materially from those in the forward-looking statements. These factors are outlined in our recent earnings and other press releases and in more detail in the most current 10-Q and 10-K. FHN disclaims any obligation to update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements to reflect future events or developments. Important Other Information In connection with FHN’S proposed merger-of-equals transaction with IBERIABANK Corporation (“IBKC”), FHN has filed with the SEC a registration statement on Form S-4 (No. 333-235757) to register the shares of FHN’S capital stock to be issued in connection with the proposed transaction. When effective, the registration statement will include a joint proxy statement of FHN and IBKC which will be sent to the shareholders of FHN and IBKC seeking their approval of the proposed transaction. This communication does not constitute an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval. INVESTORS AND SHAREHOLDERS OF FHN AND IBKC ARE URGED TO READ, AS FILED TO DATE AND AS AMENDED IN THE FUTURE, THE REGISTRATION STATEMENT ON FORM S-4, THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FHN, IBKC AND THE PROPOSED TRANSACTION. Investors and shareholders will be able to obtain a free copy of the registration statement, including the joint proxy statement/prospectus, as well as other relevant documents filed with the SEC containing information about FHN and IBKC, without charge, at the SEC’s website (http://www.sec.gov). Copies of the registration statement, including the joint proxy statement/prospectus, and the filings with the SEC that will be incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to Clyde A. Billings Jr., First Horizon National Corporation, 165 Madison Avenue, Memphis, TN 38103, telephone (901) 523-5679, or Jefferson G. Parker, IBERIABANK Corporation, 200 West Congress Street, Lafayette, LA 70501, telephone (504) 310-7314. Participants in the Solicitation FHN, IBKC and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction under the rules of the SEC. Information regarding FHN’s directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on March 11, 2019, and certain of its Current Reports on Form 8-K. Information regarding IBKC’s directors and executive officers is available in its definitive proxy statement, which was filed with SEC on March 28, 2019, and certain of its Current Reports on Form 8-K. Other information regarding the participants in the solicitation of proxies in respect of the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph. 2

Transformational Year in 2019 Successfully Executing on Commitments, Building Momentum Successfully Executed on ● Strengthened franchise through market expansion, customer growth, Capital Bank improved efficiency, and more profitable funding mix Merger ● Focus on strategic priorities and benefits of countercyclical business Delivered on model delivered strong balance sheet growth, fee income generation, Investor Day Targets and significant expense efficiencies Strong Business ● Earnings and balance sheet growth generated across the franchise Momentum in 2019 continues into 2020 MOE with IBKC ● Merger of equals with IBERIABANK and Truist branch acquisition will Positions expand opportunities in attractive high-growth markets, enhance scale, Company for Success and create top-tier profitability 3

Successful Execution of Capital Bank Merger Established Strong Foundation for 2019 Results Enhanced Profitability 3Q17–4Q191 EPS ROA ROTCE $0.47 1.40% 18.9% 13.5% $0.32 1.08% 15.0% $0.37 1.12% 12.2% $0.28 0.99% 3Q17 4Q19 3Q17 4Q19 3Q17 4Q19 Significant improvement in efficiency ratio due to $85mm of cost saves and increased Expanded customer relationships with larger operating leverage Capture Improve balance sheet and new products Reported efficiency ratio at 66% vs 74% in Revenue Efficiency $30mm goal captured within 12 months 4Q19 vs 3Q17 Synergies Adjusted efficiency ratio1 at 59% vs 66% in Regional Bank fees up ~40% 4Q19 vs 3Q17 Leveraged new markets to grow customer Capacity to grow loans and deposits deposits and replace market-rate deposits Enhance profitably Optimize Added $1.9B of deposits in South Florida Presence in Mid-Atlantic and Florida percent of total Funding Mix with 111bps rate paid High-Growth loans grew to 16% from 6% Decreased market-indexed deposits from Markets Mid-Atlantic and Florida percent of total 16% to 13% of total deposits deposits grew to 19% from 3% 1Adjusted EPS, ROTCE, Adjusted ROTCE, Adjusted ROA, and Adjusted Efficiency Ratio are Non-GAAP numbers and are reconciled in the appendix. Adjusted numbers exclude notable items as outlined in the appendix. All comparisons from 3Q17 to 4Q19. 4

2019 Results: Delivered on Strategic Priorities 2019 FY 2019 Outlook Commentary Reported Adjusted1 Investor Day ROTCE1 14.7% 17.6% 17% - 18% Strong earnings growth, profitable loan growth and effective capital deployment ROA 1.08% 1.30% 1.20% - 1.30% Profitable balance sheet growth and lower deposit costs, offset by impact of NIM 3.28% 3.40% - 3.50% three rate cuts vs assumption of two rate increases Efficiency 66.1% 59.9% 60% - 62% Excellent expense discipline Ratio NCOs 9bps <10bps Continued asset quality stability Optimized organic and capital return CET1 9.2% 9.5% - 10% mix; strong stress test results 1ROTCE, Adjusted ROTCE , Adjusted ROA, and Adjusted Efficiency Ratio are Non-GAAP numbers and are reconciled in the appendix. Adjusted numbers exclude notable items as outlined in the appendix. Investor Day targets from November 6, 2018. 5

FINANCIAL RESULTS 6

Delivered Significant Earnings Growth in 2019 EPS Trends: 2018 to 2019 EPS Trends: 4Q18 to 4Q19 $1.65 EPS includes impact of Visa Stock Monetization: $213mm $0.47 $0.42 $0.43 $1.65 $1.66 $1.41 $1.38 $0.35 $0.35 $0.37 $0.35 $0.35 $0.30 $0.31 2018 2019 4Q18 1Q19 2Q19 3Q19 4Q19 Reported Adjusted¹ Reported Adjusted¹ ● Profitable balance sheet growth with loan and deposit growth across key markets and specialty areas ● Unique business mix provides earnings contribution in challenging rate environment ● Efficiency ratio improved with good expense discipline and implementation of CBF cost saves ● Stable credit quality trends with declines in net charge offs, non-performing loans, and 30+day delinquencies ● Effective capital deployment through organic growth, share buybacks, and dividends 1Adjusted EPS is a Non-GAAP number and is reconciled in the appendix. Adjusted numbers exclude notable items as outlined in the appendix. 7

Financial Results: Building Momentum Actual Actual Adjusted Adjusted 4Q19 LQ YoY 4Q19 Adjusted¹ LQ YoY Actual 1 1 $ in millions except per share data % Change % Change % Change % Change Net Interest Income $311 +4% +3% $311 4% 3% Fee Income $183 +7% +66% $183 7% 52% Total Revenue $495 +5% +20% $495 5% 17% Expense $327 +6% +16% $290 5% 7% Loan Loss Provision $10 -33% 67% $10 -33% 67% Pre-Tax Income $157 +5% +26% $194 7% 32% NIAC2 $117 +7% +21% $147 9% 30% EPS $0.37 +6% +23% $0.47 9% 35% Avg Loans ($B) $30.7 +2% +13% $30.7 2% 13% Avg Deposits ($B) $32.8 +1% +3% $32.8 1% 3% 4Q19 NIAC and EPS Reconciliation ● YOY: Reported EPS up 23%, Adjusted up 34%1 Amount Amount Per Share ● LQ: Reported EPS up 6%, Adjusted up 9%1 $ in millions except per share data Pre-tax After-tax EPS Impact 4Q19 Adjusted1 $194 $147 $0.47 Notable Items: ● Strong performance driven by higher revenue, Restructuring ($1) ($1) ($0.00) good expense discipline, profitable balance Rebranding ($9) ($7) ($0.02) sheet growth, and stable asset quality trends Acquisition Related Items ($16) ($13) ($0.04) Charitable Contributions ($11) ($9) ($0.03) 4Q19 Reported $157 $117 $0.37 YOY – Year over Year. LQ – Linked Quarter. Numbers may not add to total due to rounding. 1Adjusted Fee Income, Revenue, Expense, Pre-Tax Income, NIAC, and EPS are Non-GAAP numbers and are reconciled in the appendix. Adjusted numbers exclude notable items as outlined in the appendix. EPS and Adjusted EPS calculated using 313mm shares. 2Net Income Available to Common (NIAC) includes the impact from $3mm of noncontrolling interest and $1.6mm of preferred stock dividends. 8

Specialty Areas and Key Markets Drive Growth ● Total average YOY loan growth of 13% outpaced H.8 industry growth of 4%1 ● Broad-based loan growth across specialty areas and key markets ● Specialty areas grew across multiple areas o Specialty areas excluding loans to mortgage companies up 1% LQ, up 8% YOY o Specialty areas represent 44% of Regional Bank loan portfolio ● Key markets growth in Middle TN, South Florida, Texas, and Mid-Atlantic Diversified Specialty Loan Portfolios Diversified Market Loan Portfolios 4Q19 LQ YOY 4Q19 LQ YOY Specialty Areas Markets Avg. Bal. Growth % Growth % Avg. Bal. Growth % Growth % Loans to Mort. Co. $4.4B 13% 133% Middle Tennessee $4.5B 3% 10% Commercial Real Estate $3.0B - % -2% East Tennessee $3.3B 2% 3% Asset-based Lending $2.1B 1% 6% West Tennessee $2.0B - % 4% Corporate $1.0B -1% 3% Mid-Atlantic $3.5B 1% 1% Healthcare $0.9B 4% 20% South Florida $1.5B 4% 11% Franchise Finance $0.9B 4% 17% Texas $0.4B -8% 59% Energy $0.5B 6% 78% Total Markets $15.1B 1% 6% Correspondent $0.4B 1% 13% Total Specialty $13.2B 5% 31% LQ – Linked Quarter. YOY – Year over Year. Numbers may not add to total due to rounding. Specialty areas include Commercial Real Estate, Asset-based Lending, Loans to Mortgage Companies, Corporate, Franchise Finance, Healthcare, Correspondent, and Energy. Key Markets includes Mid-Atlantic, Middle Tennessee, South Florida, and Texas. 1Source: December 2019 H.8 Assets and Liabilities of Commercial Banks in the United States, Federal Reserve Board. 9

Regional Bank Deposits Key Markets & Specialty Areas Driving Customer and Balance Growth ● Regional Banking average deposit growth of 7% YOY o Deposit costs declined 13bps LQ, down 1bp YOY ● Strategic focus on increasing customer deposits ● Growth across various markets with increase in specialty areas Regional Banking YOY Avg. Deposit Growth Key Market YOY Avg. Deposit Growth Highlights Specialty 21% Middle TN 10% Key Markets 6% South Florida 4% TN 6% Mid-Atlantic 3% LQ – Linked Quarter. YOY – Year over Year. Specialty areas include Commercial Real Estate, Asset-based Lending, Loans to Mortgage Companies, Corporate, Franchise Finance, Healthcare, Correspondent, and Energy. Key Markets include Mid-Atlantic, Middle Tennessee, South Florida, and Texas. 10

Fixed Income Delivers Strong Countercyclical Growth ● Fixed income product ADR up 72% from 2018 to 2019 ● Fixed Income net income in 2019 was $52mm vs. $9mm in 2018 ● Growth across all trading desks and across customer base ● Other product revenue up 54% due to derivatives and loan sales ● Focus on strategic hires and efficiency positioned business for improved profitability Fixed Income: Pre-Tax Income Key Drivers of Average Daily Revenue in 2019 $195mm Expense Revenue Pre-Tax Income $175mm Lower Higher Revenue Key Driver Revenue $155mm $83mm $135mm $88mm Up Direction of rates Down $115mm $72mm $61mm Low Market Volatility Moderate $95mm $49mm $75mm Flatter Shape of Yield Curve Steeper $55mm $68mm $62mm State of Economy & $47mm $51mm $56mm Positive Negative $35mm $0k Outlook 4Q18 1Q19 2Q19 3Q19 4Q19 ADR $492K $729K $866K $994K $1.1mm 11

Net Interest Income and Margin Trends ● NII and NIM favorably impacted LQ by higher NII and NIM Linked-Quarter Change Drivers accretion, commercial loan growth, and lower deposit costs ($ in millions) NII NIM ● Total loan accretion of $42mm in 2019 3Q19 - Reported $301 3.21% ● Optimized balance sheet through profitable loan Less: 3Q19 CBF Loan Accretion -$6 -6bps growth and lower deposit costs to offset 3Q19 - Core1 $295 3.15% anticipated NII shortfall due to Fed rate cuts Loan Rates (Primarily LIBOR/prime) -$19 -19bps ● NII sensitivity estimates 1% decline in NII with Loan Volume +$3 - 25bps rate cut, up 0.5% with 25bps increase Deposit Rates +$11 +11bps NII Shortfall Offset by Balance Sheet Growth Deposit Volume +$3 +3bps Other +$4 +2bps ($20) 1 $38 4Q19 - Core $297 3.11% ($43) $16 $1,220 $1,210 Plus: 4Q19 CBF Loan Accretion +$14 +15bps 4Q19 - Reported $311 3.26% Deposit 2018 NII Accretion Loan Growth 2019 NII Rates Growth & Other LQ – Linked Quarter. Numbers may not add to total due to rounding. 1Core excludes the accretion from CBF’s loans, and is a Non-GAAP number reconciled in the table found on this slide. The average earning assets impact from CBF’s loan accretion was $83mm in 4Q19 and $93mm in 3Q19. NII sensitivity impact analysis uses FHN’s balance sheet as of 12/31/2019. Sensitivity scenarios shown assume a flat balance sheet and measure the NII impact for the 12 months following an instantaneous parallel shock across the yield curve. 12

Disciplined Expense Management ● Good expense discipline throughout 2019 o Expenses down, despite $40mm increase in Fixed Income expenses due to higher revenue ● Achieved $85mm of cost savings from CBF deal, 30% greater than initially targeted ● Implemented efficiency actions to right size expense base o 23 branch closures o Decreased costs associated with vendors, personnel, and discretionary expense ● Additional $80mm of efficiencies in 2019 supported $15mm of reinvestment o Reinvestment through strategic hires in key markets and technology upgrades Total Noninterest Expense Efficiency Ratio $1,222 $1,232 71% 66% 64% $1,120 $1,117 60% Reported Adjusted¹ Reported Adjusted¹ 2018 2019 2018 2019 Numbers may not add to total due to rounding. 1Adjusted Expense and Adjusted Efficiency Ratio are Non-GAAP numbers and are reconciled in the appendix. Adjusted numbers exclude notable items as outlined in the appendix. 13

Asset Quality ● Asset quality remains stable ● Net charge-offs, non-performing loans, and delinquencies ratio declined YOY and LQ ● Loan loss provision reflects growth in commercial portfolios, offset by reserve decrease in nonstrategic portfolio Asset Quality Highlights Allowance for Loan Losses $31B $30B $31B $28B $28B ($ in millions) 4Q18 1Q19 2Q19 3Q19 4Q19 Charge-offs ($18) ($11) ($12) ($24) ($12) Recoveries $6 $6 $7 $10 $9 66bps 66bps 65bps 62bps 64bps Net Charge-offs $12 $5 $5 $15 $3 Provision/(Credit) $6 $9 $13 $15 $10 4Q18 1Q19 2Q19 3Q19 4Q19 Period-end Loans ALLL to Loans Ratio LQ – Linked Quarter. YOY – Year over Year. Numbers may not add to total due to rounding. Net charge-off % is annualized and as % of average loans. 14

CECL Impact ● CECL replaces the current incurred loss methodology with a life of loan concept ● Currently expect a CECL allowance for loan losses ratio of 100bps to 110bps CECL Adoption ● Average peer estimated allowance to loan ratio at 134bps ● Increase in reserve largely due to longer term consumer loans and establishment of reserve for previously marked/acquired loans; other commercial portfolios relatively stable ● Under CECL, acquired loans separated into purchase credit deteriorated (PCD) and non- purchase credit deteriorated (non-PCD) o PCD Loans – CECL reserve relating to PCD loans will be recorded as an allowance with remainder of mark recorded as a discount o Non-PCD Loans – Non-PCD loans are recorded net of credit and rate marks. The non-PCD loans also require an allowance to be established through provision expense in addition to CECL Impact from the purchase accounting discount. Represents ‘double-count’ of credit mark impact IBKC Merger ● Estimated loan credit mark of 1.2% of gross loans is composed of: o 0.5% PCD credit mark on gross loans o 0.7% non-PCD credit mark on gross loans; accreted back through income over the life of the loans (5-years) ● Day 2 CECL reserve of 1.0x non-PCD credit mark (additional ‘double-count’ of 0.7% on gross loans); to be booked as provision expense immediately post closing Peer estimates represent 25 large cap banks. CECL impact subject to change and will be highly influenced by macroeconomic forecast and loan portfolio composition. 15

Merger & Branch Acquisition Update Initial Steps Next Steps ● Establish and Execute Communication Plans ● Next tier of leadership to be determined in January 2020 o Announced transformational MOE with IBERIABANK and acquisition of 30 branches divested by Truist ● Developing Go-To models to evaluate systems & processes o Employee engagement with town hall meetings across all markets for IBERIABANK merger and ● Shareholder meeting/vote branch acquisition o Regular ongoing communications with all employees ● Anticipate closing of branch acquisition in 2Q20 ● Framework for Integration Planning ● Anticipate closing of IBERIABANK merger mid-2020 o Established Merger Project Offices for MOE and branch acquisition o Held joint two day merger integration planning kickoff meeting o Planning underway for branch acquisition closing and conversion o Weekly discussions among senior leadership team to begin organizational planning for MOE ● Complete Regulatory Filings and Initial Shareholder- Related Filings o Filed regulatory applications for branch acquisition in November, and IBERIABANK merger in December o Filed S-4 in December 16

Key Takeaways Successfully Executing on Commitments, Maintaining Momentum ● Delivered on 2019 financial targets from Investor Day o Meaningful earnings growth despite challenging rate environment o Significant loan and deposit growth across markets and specialty areas o Countercyclical businesses providing offsets in a declining rate environment o Excellent expense discipline with improved efficiency ● Demonstrated successful merger execution on Capital Bank deal ● Continued strong credit risk management ● Effectively deploying capital through organic growth, merger, and branch acquisitions ● Strong 4Q19 momentum continues into 2020 17

APPENDIX 18

4Q19 Credit Quality Summary by Portfolio Regional Banking Corporate5 Non-Strategic FHNC Commercial Commercial Permanent HE & Permanent (C&I & CRE HE & HELOC Other1 Subtotal (C&I & Other2 Total Mortgage HELOC Mortgage ($ in millions) Other) Other) Period End Loans $19,721 $4,292 $5,735 $465 $30,213 $31 $375 $272 $135 $35 $31,061 30+ Delinquency % 0.05% 0.02% 0.50% 0.74% 0.14% 5.29% 0.00% 3.01% 3.28% 4.05% 0.19% Dollars $9 $1 $28 $3 $42 $2 $0 $8 $4 $1 $58 NPL3 % 0.38% 0.04% 0.64% 0.05% 0.37% 4.22% 0.00% 12.69% 9.50% 0.85% 0.52% Dollars $74 $2 $37 $0 $113 $1 $0 $35 $13 $0 $162 Net Charge-offs4 % 0.07% NM NM 2.31% 0.08% NM 0.00% NM NM 1.83% 0.04% Dollars $3 $0 $0 $3 $6 $0 $0 -$3 -$1 $0 $3 Allowance $122 $34 $13 $13 $183 $0 $2 $6 $9 $0 $200 Allowance / Loans % 0.62% 0.79% 0.23% 2.87% 0.60% NM 0.65% 2.35% 6.44% 0.09% 0.64% Allowance / Net Charge-offs 9.23x NM NM 1.23x 7.82x NM NM NM NM 0.04 17.76x Numbers may not add to total due to rounding. Data as of 4Q19. NM - Not meaningful. 1Includes Credit card, Permanent Mortgage, and Other. 2Includes Credit card, OTC, and Other Consumer. 3Non-performing loans excludes held-for-sale loans. 4Net charge-offs are annualized. 5Exercised clean-up calls on jumbo securitizations in 1Q13, 3Q12, 2Q11, and 4Q10, which are now on the balance sheet in the Corporate segment. 19

Select C&I and CRE Portfolio Metrics Regional Bank Average Commercial Loans C&I: Loans to Mortgage Companies Specialty Commercial Real Estate Areas $5.0B 4% Asset-Based Lending 13% $4.4B $4.4B Loans to Mortgage Co. $3.8B $3.9B Corporate 9% $3.0B Franchise Finance 37% $2.3B 4Q19 $2.0B $1.9B Healthcare $1.7B Correspondent 20% Energy Commercial 4Q18 1Q19 2Q19 3Q19 4Q19 4% 4% 5% 2% Business Banking Period-end Balance ($B) Average Balance ($B) 2% CRE: Collateral Type CRE: Geographic Distribution 2% NC Multi-Family 16% 11% 20% TN Retail 29% Office 9% 6% FL Industrial 8% TX 14% Other 19% SC 9% Hospitality GA 21% Land 12% 27% Other Data as of 4Q19 unless noted otherwise. Numbers may not add to total due to rounding. 20

Consumer Portfolio & Non-Strategic Overview HELOC Draw vs Repayment Balance Home Equity Portfolio In Draw In Repayment 68% $1.0B $0.3B 5% 6% 7% 7% 8% 0-12 13-24 25-36 37-48 49-60 >60 Non-Strategic Consumer Real Estate Mortgage Repurchase Reserve 1 $405mm 4Q18 1Q19 2Q19 3Q19 4Q19 $372mm ($ in millions) $337mm $304mm $272mm Beginning Balance $32 $32 $31 $18 $17 Net Realized Losses ($0) ($0) ($13) ($1) ($2) 39% 39% 32% 37% 36% Provision Credit ($0) ($0) ($1) ($0) ($0) 4Q18 1Q19 2Q19 3Q19 4Q19 Ending Balance $32 $31 $18 $17 $15 Period-end Balance Constant Pre-Payment Rate Data as of 4Q19 unless noted otherwise. Numbers may not add to total due to rounding. 12Q19 includes a single party complete settlement payment that reduces the repurchase and foreclosure reserve. 21

Notable Items-2018 & 2019 Pre-Tax Pre-Tax 2018 Amount 2019 Amount Acquisition Expense ($31.4mm) Restructuring ($12.2mm) 1Q Gain on property sale $3.3mm Acquisition Expense ($5.7mm) Restructuring ($18.7mm) Acquisition Expense ($43.2mm) Rebranding ($9.1mm) 2Q Acquisition Expense ($8.6mm) Other Expense (Visa Shares) ($4.1mm) Legal Resolution Expense Reversal $8.3mm Rebranding ($3.1mm) Acquisition Expense ($11.4mm) Acquisition Expense ($9.0mm) 3Q Restructuring ($7.8mm) Visa B Share Monetization $212.9mm Net Impact of Legal Resolutions ($7.5mm) Visa Derivative Valuation Adjustments ($4.0mm) Acquisition Expense ($15.7mm) Acquisition Expense ($11.6mm) Charitable Contributions ($11.0mm) 4Q Acquisition: Fee-income Adjustment ($1.8mm) Rebranding Expense ($9.1mm) Return of excess fees from Capital Bank ($8.7mm) Restructuring ($1.2mm) Debit Cards 22

Expense: Acquisition, Restructuring, & Rebranding Acquisition Expenses Restructuring Expenses ($ in millions) 4Q19 3Q19 4Q18 ($ in millions) 4Q19 3Q19 Legal and professional fees (a) $9.7 $3.5 $3.1 Legal and professional fees $1.0 $6.5 Employee comp., incentives, and benefits (b) $4.1 $1.5 $2.5 Employee comp., incentives, and benefits $0.3 $1.2 Occupancy (c) ($0.1) ($0.1) $2.9 Occupancy $0.1 ($0.1) Contract employment and outsourcing (d) $ - $0.2 $ - All other expense (a) ($0.1) $0.3 Miscellaneous expense (e) $0.3 $1.0 $1.1 Total Restructuring Expense $1.2 $7.8 All other expense (f) $1.6 $2.8 $2.0 Rebranding Expenses Total Acquisition Expense $15.7 $9.0 $11.6 ($ in millions) 4Q19 3Q19 (a) Primarily comprised of fees for legal, accounting, and merger consultants. Legal and professional fees $1.0 $0.9 (b) Primarily comprised of fees for severance and retention. Advertising and public relations $6.4 $0.7 (c) Primarily relates to fees associated with lease exit accruals. Supplies $0.9 $0.1 (d) Primarily relates to fees for temporary assistance for merger and integration activities. Miscellaneous Expense $0.3 $0.1 (e) Consists of fees for operations services, communications and courier, equipment All other expense (a) $0.6 $1.3 rentals, depreciation and maintenance, supplies, travel and entertainment, computer software, and advertising and public relations. Total Rebranding Expense $9.1 $3.1 (f) Primarily relates to contract termination charges, costs of shareholder matters and (a) Primarily relates to costs associated with fixed asset impairments and technology- asset impairments related to integration, as well as other miscellaneous expenses. related expenses. Numbers may not add to total due to rounding. 23

Reconciliation to GAAP Financials Slides in this presentation use non-GAAP information of adjusted fee income, adjusted revenue, adjusted noninterest expense, adjusted pre-tax income, adjusted net income available to common, and adjusted earnings per share. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. ($ in millions) 2019 2018 YOY % Change 4Q19 3Q19 LQ % Change 2Q19 1Q19 4Q18 3Q17 Adjusted Fee Income & Revenue Revenue (GAAP) $1,864 $1,943 -4% $495 $472 5% $413 $322 Fee Income (GAAP) $654 $723 -10% $183 $172 7% $110 Plus: Notable Items (GAAP) $0 $206 -100% $0 $0 -100% $10 $14 Adjusted Fee Income (Non-GAAP) $654 $517 26% $183 $172 7% $121 Plus: Net Interest Income (GAAP) $1,210 $1,220 -1% $311 $301 4% $303 Adjusted Revenue (Non-GAAP) $1,864 $1,737 7% $495 $472 5% $423 $337 Adjusted Noninterest Expense Noninterest Expense (GAAP) $1,232 $1,222 1% $327 $308 6% $300 $296 $282 $237 Plus: Notable Items (GAAP) -$115 -$102 13% -$37 -$31 19% -$28 -$18 -$12 -$16 Adjusted Noninterest Expense (Non-GAAP) $1,117 $1,120 0% $290 $276 5% $272 $278 $270 $221 Adjusted Pre-Tax Income Pre-Tax Income (GAAP) $586 $714 -18% $157 $150 5% $125 Plus: Notable Items (GAAP) $115 -$104 -210% $37 $31 19% $22 Adjusted Pre-Tax Income (Non-GAAP) $700 $610 15% $195 $181 7% $147 Adjusted Net Income Net Income (GAAP) $452 $557 -19% $121 $114 6% $101 $72 Plus: Tax-affected Notable Items (GAAP)1 $90 -$78 -225% $30 $24 24% $17 $7 Adjusted Net Income (Non-GAAP) $542 $478 15% $151 $138 9% $118 $79 Adjusted Net Income Available to Common (NIAC) & Earnings Per Share (EPS) Net Income Available to Common (GAAP) $435 $539 -19% $117 $110 7% $109 $99 $96 $67 Plus: Tax-affected Notable Items (GAAP)1 $90 -$78 -225% $30 $24 24% $22 $14 $17 $7 Adjusted Net Income Available to Common (Non-GAAP) (a) $525 $461 16% $147 $134 10% $132 $113 $113 $74 Average Common Diluted Shares (GAAP) (b) 316 327 -4% 313 314 0% 316 320 324 236 Adjusted Average Common Diluted Shares (Non-GAAP) (b) 316 327 -4% 313 314 0% 316 320 324 236 Earnings Per Share (GAAP) $1.38 $1.65 -16% $0.37 $0.35 7% $0.35 $0.31 $0.30 $0.28 Adjusted Earnings Per Share (Non-GAAP) (a/b) $1.66 $1.41 20% $0.47 $0.43 10% $0.42 $0.35 $0.35 $0.32 LQ – Linked Quarter. Numbers may not add to total due to rounding. 1Tax-affected notable items assume an effective tax rate of ~19% in 4Q19, ~22% in 3Q19, ~21% in 2Q19, ~23% in 1Q19, ~24% in 4Q18, ~32% in 3Q17, ~21% in 2019, and ~24% in 2018. 3Q17 includes a $14.3 million pre-tax loss from the repurchase of equity securities previously included in a financing transaction, $8.2 million of pre-tax acquisition-related expenses primarily associated with the Capital Bank Financial (CBF) and Coastal Securities, Inc. (Coastal) acquisitions, and $8.2 million of pre-tax loss accruals related to legal matters adjusted using an incremental tax rate of approximately 32 percent. Also includes $(13.7) million related to favorable effective tax rate adjustments primarily associated with the reversal of a capital loss deferred tax valuation 24 allowance and certain discrete period items.

Reconciliation to GAAP Financials Slides in this presentation use non-GAAP information of adjusted efficiency ratio, return on tangible common equity, adjusted return on tangible common equity, adjusted return on average assets, and adjusted return on equity. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. ($ in millions) 2019 2018 4Q19 3Q17 Adjusted Efficiency Ratio Noninterest Expense (GAAP) (a) $1,232 $1,222 $327 $237 Revenue Excluding Securities Gains (GAAP) (b) $1,864 $1,730 $495 $322 Efficiency Ratio (GAAP) (a/b) 66.1% 70.6% 66.2% 73.5% Adjusted Noninterest Expense1 (Non-GAAP) (c) $1,117 $1,120 $290 $221 Revenue Excluding Securities Gains (Non-GAAP) (d) $1,864 $1,737 $495 $337 Adjusted Efficiency Ratio (Non-GAAP) (c/d) 59.9% 64.5% 58.7% 65.5% Return on Tangible Common Equity (ROTCE) Average Total Equity (GAAP) $4,921 $4,618 $5,040 $2,867 Less: Average Noncontrolling Interest (GAAP) -$295 -$295 -$295 -$295 Less: Average Preferred Stock (GAAP) -$96 -$96 -$96 -$96 Average Common Equity (GAAP) (e) $4,530 $4,226 $4,649 $2,476 Less: Average Intangible Assets (GAAP) -$1,575 -$1,570 -$1,566 -$281 Average Tangible Common Equity (Non-GAAP) (f) $2,955 $2,656 $3,083 $2,195 Annualized Net Income Available to Common (GAAP) (g) $435 $539 $463 $267 Return on Average Common Equity (ROCE) (GAAP) (g/e) 9.6% 12.7% 10.0% 10.8% Return on Average Tangible Common Equity (ROTCE) (Non-GAAP) (g/f) 14.7% 20.3% 15.0% 12.2% Adjusted Return on Tangible Common Equity (ROTCE) Average Tangible Common Equity (Non-GAAP) (f) $2,955 $2,656 $3,083 $2,195 Less: Equity impact for notable items2 $28 -$46 $0 $0 Adjusted Average Tangible Common Equity (Non-GAAP) (i) $2982 $2,610 $3,083 $2,195 Annualized Adjusted Net Income Available to Common1 (Non-GAAP) (h) $525 $461 $582 $295 Adjusted Return on Average Tangible Common Equity (ROTCE) (Non-GAAP) (h/i) 17.6% 17.7% 18.9% 13.5% Adjusted Return on Average Common Equity (ROCE) (Non-GAAP) Adjusted Return on Average Common Equity (ROCE) (Non-GAAP) (h/e) 11.6% 10.9% 12.5% 11.9% Adjusted Return on Average Assets (ROA) Annualized Net Income (GAAP) (j) $452 $557 $481 $285 Average Total Assets (GAAP) (k) $41,744 $40,225 $42,886 $28,875 Return on Average Assets (GAAP) (j/k) 1.08% 1.38% 1.12% 0.99% Annualized Adjusted Net Income1 (Non-GAAP) (l) $543 $478 $600 $313 Average Total Assets (GAAP) (k) $41,744 $40,225 $42,886 $28,875 Adjusted Return on Average Assets (Non-GAAP) (l/k) 1.30% 1.19% 1.40% 1.08% Numbers may not add to total due to rounding. 1ROTCE, Adjusted ROTCE, Adjusted Efficiency Ratio, Adjusted Noninterest expense, Adjusted Net Income Available to Common, and Adjusted Net Income are Non-GAAP numbers that are reconciled on the previous slide. 2Includes the average after-tax impact of $27.9 million and $(46.2) million of notable items recognized in 2019 and 2018, respectively. 25