8-K

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 20, 2022

Date of Report (date of earliest event reported)

(Exact name of registrant as specified in its charter)

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

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

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

ITEM 2.02. Results of Operations and Financial Condition.

ITEM 7.01. Regulation FD Disclosure.

Furnished as Exhibit 99.1 is a copy of the First Horizon Corporation (“FHN”) Fourth Quarter 2021 Earnings Release, released today.

Furnished as Exhibit 99.2 is a copy of the Investor Slide Presentation for the quarter ended December 31, 2021, released today.

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

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

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

The non-GAAP measures presented in this report are: fully taxable equivalent measures, core net interest income ("NII"), core net interest margin (“NIM”), pre-provision net revenue ("PPNR"), loans and leases, allowance for credit losses (“ACL”), and ratios excluding Loans to Mortgage Companies (“LMC”) and/or loans under the federal paycheck protection program ("PPP"), return on average tangible common equity (“ROTCE”); ROTCE or net income available to common before provision credit, tangible common equity (“TCE”) to tangible assets (“TA”); tangible book value ("TBV") per common share; and various consolidated results and 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 Exhibit 99.1-Earnings Release and at the end of Exhibit 99.2-Investor Slide Presentation.

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

Forward-Looking Statements

This report, including material incorporated into it, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements pertain to FHN's beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results, or other developments. Forward-looking statements can be identified by the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other expressions that indicate future events and trends. Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic, and competitive uncertainties and contingencies, many of which are beyond FHN’s control, and many of which, with respect to future business decisions and actions (including acquisitions and divestitures), are subject to change and could cause FHN’s actual future results and outcomes to differ materially from those contemplated or implied by forward-looking statements or historical performance. Examples of uncertainties and contingencies include, among other important factors: the possibility that the anticipated benefits of FHN’s 2020 merger of equals with IBERIABANK Corporation will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in any or all of FHN’s market areas; the possibility that the 2020 merger may be more expensive to integrate than anticipated, including as a result of unexpected factors or events; potential adverse reactions or changes to business or associate relationships resulting from the 2020 merger; the potential impacts on FHN’s businesses and clients of the COVID-19 pandemic, including negative impacts from quarantines and other public restrictions, market declines and volatility, and changes in client behavior; potential claims relating to participation in government programs, especially lending or other financial services programs; global, general and local economic and business conditions, including economic

FIRST HORIZON CORPORATION 2 FORM 8-K CURRENT REPORT 1/20/2022

recession or depression; the stability or volatility of values and activity in the residential housing and commercial real estate markets; expectations of and actual timing and amount of interest rate movements, including the slope and shape of the yield curve, which can have a significant impact on a financial services institution; market and monetary fluctuations, including fluctuations in mortgage markets; the financial condition of borrowers and other counterparties; competition within and outside the financial services industry; the occurrence of natural or man-made disasters, including pestilence, conflicts, or terrorist attacks, or other adverse external events; the effectiveness and cost-efficiency of FHN’s hedging practices; fraud, theft, or other incursions through conventional, electronic, or other means directly or indirectly affecting FHN or its clients, business counterparties, or competitors; FHN’s ability to adapt products and services to changing industry standards and client preferences; risks inherent in originating, selling, servicing, and holding loans and loan-based assets, including prepayment risks, pricing concessions, fluctuation in U.S. housing and other real estate prices, fluctuation of collateral values, and changes in client profiles; changes in the regulation of the U.S. financial services industry; changes in laws, regulations, and administrative actions, including executive orders, whether or not specific to the financial services industry; changes in accounting policies, standards, and interpretations; evolving capital and liquidity standards under applicable regulatory rules; accounting policies and processes requiring management to make estimates about matters that are uncertain; and other factors that may affect future results of FHN.

FHN cautions readers of this report, including its exhibits, that the list above is not exhaustive as of the date of this report. Actual results could differ and FHN’s estimates and expectations could change, possibly materially, because of one or more factors, including those factors listed above or presented elsewhere in this report or those factors listed in material incorporated by reference into this report. In evaluating forward-looking statements and assessing FHN’s prospects, readers of this report should carefully consider the factors mentioned above along with the additional risk and uncertainty factors discussed: in the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K; and in the forepart, and in Item 1A of Part II, of FHN’s Quarterly Report(s) on Form 10-Q filed this year. FHN assumes no obligation to update or revise any forward-looking statements that are made in this report or in any other statement, release, report, or filing from time to time.

ITEM 9.01. Financial Statements and Exhibits.

(d)Exhibits

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

Exhibit #	Description
99.1	First Horizon Corporation Fourth Quarter 2021 Earnings Release
99.2	First Horizon Corporation Investor Slide Presentation for the quarter ended December 31, 2021
104	Cover Page Interactive Data File, formatted in Inline XBRL

FIRST HORIZON CORPORATION 3 FORM 8-K CURRENT REPORT 1/20/2022

SIGNATURES

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

		FIRST HORIZON CORPORATION
		(Registrant)
Date:	January 20, 2022	By:	/s/ Hope Dmuchowski
		Hope Dmuchowski
		Senior Executive Vice President—Chief Financial Officer
		(Duly Authorized Officer and Principal Financial Officer)

FIRST HORIZON CORPORATION 4 FORM 8-K CURRENT REPORT 1/20/2022

EX-99.1

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

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

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

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

Adjusted EPS of $2.07 up 70% over 2020*

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

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

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

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

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

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

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

1

Notable Items

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

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

Fourth quarter net notable items were tied to:

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

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

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

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

Fourth Quarter 2021 Highlights

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

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

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

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

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

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

2

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

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

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

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

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

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

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

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

Strategic Update

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

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

•Committed to delivering additional efficiencies in 2022.

COVID-19 Update

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

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

3

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

Numbers may not foot due to rounding.

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

See footnote disclosures on page 22.

4

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

Numbers may not foot due to rounding.

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

See footnote disclosures on page 22.

5

Fourth Quarter 2021 versus Third Quarter 2021

Net interest income

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

Noninterest income

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

$1.3 million in third quarter 2021.

Noninterest expense

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

Loans and leases

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

Deposits

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

Asset quality

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

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

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

6

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

Capital

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

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

Income taxes

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

Conference call information

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

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

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

Forward-Looking Statements

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

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

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

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

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

7

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

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

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

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

First Horizon Corp. (NYSE: FHN), with $89.1 billion in assets as of December 31, 2021, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, mortgage, and title insurance services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

Contact:Investor Relations, Ellen Taylor (901) 523-4450

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

8

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

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

9

ADJUSTED5 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 11

Quarterly/Annually, Unaudited

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

Numbers may not foot due to rounding.

See footnote disclosures on page 22.

10

NOTABLE ITEMS

Quarterly/Annually, Unaudited

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

Numbers may not foot due to rounding

*' Purchase accounting gain is non-taxable income.

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

IMPACT OF NOTABLE ITEMS:

Quarterly/Annually, Unaudited

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

Numbers may not foot due to rounding

11

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

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

*Current quarter is an estimate.

See footnote disclosures on page 22.

12

CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited 

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

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

13

CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly/Annually, Unaudited 

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

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

14

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

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

Earning assets yields are expressed net of unearned income.

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

Numbers may not foot due to rounding.

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

15

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

Numbers may not foot due to rounding.

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

Numbers may not foot due to rounding.

16

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

Numbers may not foot due to rounding.

17

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

Numbers may not foot due to rounding.

18

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

19

REGIONAL BANKING

Quarterly/Annually, Unaudited 

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

Numbers may not add to total due to rounding.

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

See footnote disclosures on page 22.

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

20

SPECIALTY BANKING

Quarterly/Annually, Unaudited 

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

Numbers may not add to total due to rounding.

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

See footnote disclosures on page 22.

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

21

CORPORATE

Quarterly/Annually, Unaudited

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

Numbers may not add to total due to rounding.

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

See footnote disclosures on page 22.

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

FOOTNOTES

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

2 2020 includes a $533 million purchase accounting gain from FHN's merger with IBERIABANK.

3 Occupancy and Equipment expense includes Computer Software Expense.

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

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

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

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

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

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

22

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

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

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

Numbers may not foot due to rounding.

23

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

Amounts adjusted for notable items as detailed on page 11.

Numbers may not foot due to rounding.

24

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

Amounts adjusted for notable items as detailed on page 11.

Numbers may not foot due to rounding.

25

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

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

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

Numbers may not foot due to rounding.

26

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

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

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

Numbers may not foot due to rounding.

27

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

Numbers may not foot due to rounding.

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

Numbers may not foot due to rounding.

28

GLOSSARY OF TERMS

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

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

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

Key Ratios

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

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

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

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

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

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

Asset Quality - Consolidated Key Ratios

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

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

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

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

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

Operating Segments

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

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

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

29

EX-99.2

Fourth Quarter 2021 Earnings January 20, 2022

2 Disclaimer Non-GAAP Information Certain measures included in this document are “non-GAAP,” meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. FHN’s management believes such measures, even though not always comparable to non-GAAP measures used by other financial institutions, are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. The non-GAAP measures presented in this document are listed, and are reconciled to the most comparable GAAP presentation, in the non-GAAP reconciliation table(s) appearing in the Appendix. In addition, presentation of regulatory measures, even those which are not GAAP, provide a meaningful base for comparability to other financial institutions subject to the same regulations as FHN. Although not GAAP terms, these regulatory measures are not considered “non-GAAP” under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in this document include: common equity tier 1 capital, generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk-weighted assets, which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios. Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements pertain to FHN's beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results, or other developments. Forward- looking statements can be identified by the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other expressions that indicate future events and trends. Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic, and competitive uncertainties and contingencies, many of which are beyond FHN’s control, and many of which, with respect to future business decisions and actions (including acquisitions and divestitures), are subject to change and could cause FHN’s actual future results and outcomes to differ materially from those contemplated or implied by forward-looking statements or historical performance. Examples of uncertainties and contingencies include those mentioned: in this document; in Items 2.02 and 7.01 of FHN’s Current Report on Form 8-K to which this document has been filed as an exhibit; in the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K; and in the forepart, and in Item 1A of Part II, of FHN’s Quarterly Report(s) on Form 10-Q filed this year. FHN assumes no obligation to update or revise any forward-looking statements that are made in this document or in any other statement, release, report, or filing from time to time. Throughout this presentation, numbers may not foot due to rounding, references to EPS are fully diluted, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases.

3 4Q21 and 2021 GAAP financial summary1 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. Reported 4Q21 Change vs. Reported 2021 vs. 2020 $s in millions except per share data 4Q21 3Q21 2Q21 1Q21 4Q20 3Q21 4Q20 2021 2020 $/bps % $/bps % $/bps % Net interest income $ 498 $ 492 $ 497 $ 508 $ 522 $ 6 1 % $ (24) (5) % $ 1,994 $ 1,662 $ 332 20 % Fee income 247 247 285 298 288 — — % (41) (14) % 1,076 1,492 (416) (28) % Total revenue 745 738 781 806 810 7 1 % (65) (8) % 3,070 3,155 (85) (3) % Expense 528 526 497 544 508 2 — % 20 4 % 2,095 1,718 377 22 % Pre-provision net revenue (PPNR) 217 213 284 262 302 4 2 % (85) (28) % 975 1,436 (461) (32) % Provision for credit losses (65) (85) (115) (45) 1 20 24 % (66) NM (310) 503 (813) NM Pre-tax income 282 298 399 307 301 (16) (5) % (19) (6) % 1,285 933 352 38 % Income tax expense 53 63 88 71 56 (10) (16) % (3) (6) % 274 76 198 NM Net income 229 235 311 235 245 (6) (3) % (16) (6) % 1,010 857 153 18 % Non-controlling interest 3 3 3 3 3 — — % — 6 % 11 12 (1) (8) % Preferred dividends 8 8 13 8 8 — — % — 5 % 37 23 14 61 % Net income available to common shareholders (NIAC) $ 219 $ 224 $ 295 $ 225 $ 234 $ (5) (2) % $ (15) (7) % 962 822 140 17 % $s in billions Avg loans $ 54.7 $ 55.5 $ 56.8 $ 58.2 $ 59.8 $ (0.8) (1) % $ (5.1) (9) % $ 56.3 $ 46.2 $ 10.1 22 % Period-end loans $ 54.9 $ 55.4 $ 56.7 $ 58.6 $ 58.2 $ (0.6) (1) % $ (3.4) (6) % $ 54.9 $ 58.2 $ (3.4) (6) % Avg deposits $ 74.6 $ 73.7 $ 73.2 $ 71.0 $ 69.6 $ 0.9 1 % $ 5.0 7 % $ 73.1 $ 51.9 $ 21.3 41 % Period-end deposits $ 74.9 $ 74.3 $ 73.3 $ 73.2 $ 70.0 $ 0.6 1 % $ 4.9 7 % $ 74.9 $ 70.0 $ 4.9 7 % Key performance metrics Net interest margin (NIM) 2.42 % 2.41 % 2.47 % 2.62 % 2.72 % 1 bps (30) bps 2.48 % 2.86 % (38) bps Loan to deposit ratio (avg.) 73.3 % 75.3 % 77.7 % 82.0 % 85.9 % (199) bps (1,261) bps 77.0 % 89.0 % (1,204) bps ROCE 11.3 % 11.4 % 15.5 % 12.0 % 12.5 % (17) bps (127) bps 12.5 % 13.7 % (113) bps ROTCE 14.7 % 15.0 % 20.4 % 15.9 % 16.7 % (23) bps (201) bps 16.5 % 19.0 % (257) bps ROA 1.0 % 1.1 % 1.4 % 1.1 % 1.2 % (3) bps (14) bps 1.2 % 1.3 % (18) bps Efficiency ratio 70.9 % 71.2 % 63.7 % 67.5 % 62.7 % (33) bps 817 bps 68.3 % 54.5 % 1,378 bps FTEs 7,863 7,982 8,145 8,284 8,466 (119) (1) % (603) (7) % 8,067 6,649 1,418 21 % CET1 ratio 9.9 % 10.1 % 10.3 % 10.0 % 9.7 % (15) bps 26 bps 9.9 % 9.7 % 26 bps Effective tax rate 18.6 % 21.1 % 22.0 % 23.2 % 18.7 % (250) bps (7) bps 21.4 % 8.2 % 1,321 bps Per common share Diluted EPS $ 0.40 $ 0.41 $ 0.53 $ 0.40 $ 0.42 $ — (1) % $ (0.02) (4) % $ 1.74 $ 1.89 $ (0.15) (8) % Tangible book value per share $ 11.00 $ 10.88 $ 10.74 $ 10.30 $ 10.23 $ 0.12 1 % $ 0.77 8 % $ 11.00 $ 10.23 $ 0.77 8 % Avg. diluted shares outstanding 542 550 556 557 556 (8) (1) % (14) (3) % 551 434 117 27 %

4 Table of contents 4Q21 key messages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4Q21 overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 4Q21 notable items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 4Q21 adjusted financial highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 NII and NIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Adjusted fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Adjusted expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Total funding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Asset quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Merger integration update . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 FY22 outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 1Q22 outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Key takeaways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

5 Well positioned to benefit given economic recovery and outlook for rates Reflects 4Q21 vs. 3Q21 results. 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. +3% Core Net Interest Income -9% Incentives and Commissions -6 bps Interest-Bearing Deposit Costs +16% Asset Sensitive to +100 bp shock scenario $225 million Total Capital Return 1 bp Net Charge-Offs ~$45 million MOE Revenue Synergies -8% Adjusted Noninterest Income Adjusted EPS1 $0.48 Adjusted ROTCE 17.5% TBV $11.00 +8% Commercial Unfunded Commitments +2% Commercial Loans ex. PPP -1% Adjusted Expense -24% Adjusted Provision Credit

6 4Q21 results reflect improving NII, credit quality and capital returns Benefits of Diversified Model Enhanced Returns Strong Credit Quality MOE Update • Adjusted revenue of $748 million decreased 2% QoQ – NII up $7 million QoQ despite a $5 million reduction in net merger-related and PPP benefits – Core NII up 3% driven by the benefit of lower funding costs ▪ Average commercial loan growth of 2% ex. PPP – Fee income down 8% largely reflecting expected declines in fixed income and mortgage banking • Adjusted expense of $474 million down $6 million QoQ despite a $3 million impact tied to bonuses to front-line associates • Provision credit of $65 million largely reflecting stabilizing economic outlook and overall credit quality improvement • Adjusted ROTCE of 17.5%; Adjusted ROTCE of 14.0% before the impact of provision credit • TBVPS of $11.00 up 1% QoQ as net income was partially offset by $0.24 impact of capital return • Returned $225 million of capital to common shareholders including 9 million shares repurchased • Credit remains exceptionally strong with net charge-offs of 1 bp and NPLs of 50 bps • ACL/NPL coverage of 2.67x; ACL/Loans ratio of 1.48% excl. LMC/PPP loans • System integration set for conversion in February of 2022 – Expect to deliver ~$200 million of targeted annualized net cost saves by 4Q22 – Achieved $104 million of annualized net cost saves in 4Q21 • Committed to continuous improvement in productivity and efficiency beyond the integration 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. Adjusted EPS of $0.48 and PPNR of $274 million1

7 4Q21 notable items1 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Includes pre-closing expenses incurred by IBKC. 4Q21 Total IBKC merger-related notable items Noninterest income: Branch sale gain (other noninterest income) $ (4) Total noninterest income (4) Noninterest expense: Incentives and commissions (9) Total personnel expenses (9) Outside services (15) Amortization of intangible assets (1) Other noninterest expense (13) Total noninterest expense (38) 4Q21 Total IBKC net merger-related notable items $ 35 4Q21 Other notable items Noninterest income: Retirement of legacy IBKC TruPS $ 3 Total noninterest income 3 Noninterest expense: Deferred compensation expense (6) Valuation adjustments tied to prior Visa Class-B share sales (10) Total noninterest expense (16) 4Q21 Total other notable items (19) 4Q21 Total notable items (54) Tax impact of 4Q21 notable items 13 After-tax impact of 4Q21 notable items $ (41) EPS impact of 4Q21 notable items $ (0.08) IBKC Cumulative Net Pre-tax Integration Costs Cost to Date Targeted 4Q19 - 3Q212 Purchase Acct. 4Q21 Total 1Q22 2Q22 - 4Q22 Total $ 325 $ 100 $ 35 $ 460 $35 - $40 $25 - $30 $520 - $530 Notable Items ($s in millions, except per share data) GAAP results reduced by $41 million after-tax, or $0.08 per share, of notable items • 4Q21 pre-tax merger-related expense of $38 million • Merger-related noninterest income reflects $4 million of net branch sale gains • Other notable items reflect – $3 million pre-tax non-cash charge on retirement of legacy IBKC Trust Preferred Securities (TruPS) – $6 million deferred compensation costs resulting from litigation tied to a company that was fully divested more than 10 years ago – $10 million tied to derivative valuation adjustments related to prior Visa Class-B share sales Notable Items

8 • Adjusted EPS of $0.48 vs. $0.50; includes a $0.03 per share reduction tied to lower provision credit – Adjusted ROTCE of 17.5% and TBV per share of $11.00 • NII up $7 million – Core NII up $12 million driven by the benefit of lower funding costs, higher LHFS and trading portfolio balances, higher investment portfolio income and commercial loan growth • Adjusted fee income down 8% largely reflecting expected declines in fixed income, mortgage banking and NSF fees • Adjusted expense of $474 million down $6 million despite a $3 million impact tied to bonuses to front-line associates – Results largely reflect lower revenue-based incentives and commissions • Provision credit of $65 million vs. $85 million in 3Q21 largely reflecting stabilizing economic outlook and overall credit quality improvement 4Q21 adjusted financial highlights1 Adjusted FHN 4Q21 Change vs. $s in millions except per share data 4Q21 3Q21 4Q20 3Q21 4Q20 $/bps % $/bps % Net Interest Income (FTE) $ 502 $ 495 $ 525 $ 7 1 % $ (23) (4) % Fee income 246 268 288 (22) (8) % (42) (14) % Total revenue (FTE) 748 763 813 (15) (2) % (65) (8) % Expense 474 480 474 (6) (1) % — — % Pre-provision net revenue 274 284 339 (10) (4) % (65) (19) % Provision for credit losses (65) (85) 1 20 24 % (66) NM Net charge-offs 1 3 29 (2) (67) % (28) (97) % Reserve build/(release) (66) (88) (28) 22 25 % (38) (137) % Net income available to common $ 260 $ 275 $ 255 $ (15) (5) % $ 6 2 % Key performance Metrics Fee income as a % of total revenue 33.0 % 35.1 % 35.4 % (219) bps (247) bps Efficiency ratio 63.3 % 62.9 % 58.3 % 44 bps 497 bps ROTCE 17.5 % 18.4 % 18.2 % (85) bps (67) bps Diluted EPS $ 0.48 $ 0.50 $ 0.46 $ (0.02) (4) % $ 0.02 4 % TBV per share $ 11.00 $ 10.88 $ 10.23 $ 0.12 1 % $ 0.77 8 % Effective tax rate 19.5 % 21.8 % 20.7 % (230) bps (124) bps NII and PPNR outperformance reflects impact of lower funding costs 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 4Q21 vs. 3Q21 Highlights

9 NII outperformance driven by lower deposit costs1 $525 $511 $500 $495 $502 $482 $464 $450 $454 $466 2.72% 2.62% 2.47% 2.41% 2.42% Core NII Reported NII Reported NIM 4Q20 1Q21 2Q21 3Q21 4Q21 ($s in millions) FTE NII and NIM Trends Core NIM 2.63% 2.52% 2.36% 2.28% 2.28% 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Other earning assets defined as changes in loans held for sale balances, trading portfolio size and fed funds/repo book • FTE NII up 1% and NIM up 1 bp despite a $5 million reduction in net merger-related and PPP benefits • Core NII of $466 million up $12 million, or 3% – Benefit of lower funding costs, higher LHFS and trading portfolio balances, and higher investment portfolio income more than offset the net impact of loan growth and tighter spreads – Securities portfolio stable QoQ at 11% of period-end interest-earning assets • Core NIM stable at 2.28% – Benefit of lower funding costs offset impact of tighter loan and investment portfolio spreads – Period-end excess cash of $14.1 billion vs. $14.0 billion in 3Q21 • Deposit costs reduction provided 4 bps benefit to NIM 4Q21 vs. 3Q21 $s in millions NII NIM 3Q21 Reported 495 2.41 % PPP Coupon Income and Fees 32 0.07 % Net merger-related impacts 9 0.05 % 3Q21 Core $ 454 2.28 % Funding costs 8 0.04 Other earning assets2 4 — Investment portfolio 3 (0.01) Loan balances & spread impact (3) (0.03) 4Q21 Core $ 466 2.28 % PPP Coupon Income and Fees 30 0.10 % Net merger-related impacts 6 0.03 % 4Q21 Reported $ 502 2.42 % Continued deposit pricing discipline, securities portfolio investments and commercial loan growth ex. PPP drove solid growth in core NII 4Q21 vs. 3Q21 Highlights

10 • Adjusted fee income decreased $22 million, or 8%, largely reflecting expected declines in fixed income and mortgage including the impact of seasonality as well as the impact of pricing changes in service charges and fees • Fixed income decreased $14 million – ADR of $1.1 million remained healthy; full year of $1.4 million • Service charges and fees stable despite a $1 million impact tied to NSF pricing changes • Mortgage banking and title decreased $6 million as the impact of lower origination volume and mix shift toward portfolio was partially offset by the benefit of higher gain on sale margins • Card and digital banking fees decreased $2 million largely as a $4 million decrease tied to a revenue-sharing adjustment more than offset the benefit of seasonally higher transaction volumes • Other noninterest income up $4 million largely reflecting the impact of higher SBA servicing income Adjusted fee income trends in line with expectations1 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. Adjusted FHN 4Q21 Change vs. $s in millions 4Q21 3Q21 2Q21 1Q21 4Q20 3Q21 4Q20 $/bps % $/bps % Fixed income $ 82 $ 96 $ 102 $ 126 $ 104 $(14) (15) % $(22) (21) % Service charges and fees 56 56 54 53 53 — — % 3 6 % Mortgage banking & title 28 34 38 53 57 (6) (18) % (29) (51) % Brokerage, trust, and insurance 36 37 35 33 31 (1) (3) % 5 14 % Card and digital banking fees 19 21 21 17 18 (2) (10) % 1 3 % Deferred compensation income — 3 7 3 9 (3) (100) % (9) (100) % Other noninterest income 25 21 29 14 15 4 19 % 10 68 % Total fee income $ 246 $ 268 $ 287 $ 297 $ 288 $(22) (8) % $(42) (14) % Key Metrics Fixed Income Average Daily Revenue (ADR) $ 1.1 $ 1.3 $ 1.4 $ 1.9 $ 1.5 $ (0.2) (15) % $ (0.4) (25) % Mortgage banking Originations Secondary $ 706 $ 772 $ 998 $ 1,144 $ 1,183 $ (66) (9) % $ (477) (40) % Portfolio $ 874 $ 829 $ 791 $ 338 $ 341 $ 45 5 % $ 533 156 % Total $ 1,580 $ 1,601 $ 1,789 $ 1,482 $ 1,524 $ (21) (1) % $ 56 4 % Gain on sale spread 2.98 % 2.91 % 3.19 % 3.72 % 4.08 % 7 bps (110) bps Mix Purchase 51 % 56 % 65 % 50 % 55 % Refinance 49 % 44 % 35 % 50 % 45 % Results largely reflect expected declines in fixed income, mortgage and NSF 4Q21 vs. 3Q21 Highlights

11 Adjusted expense largely impacted by lower revenue-based incentives 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Occupancy and Equipment expense includes Computer Software Expense. Adjusted FHN 4Q21 Change vs. $s in millions 4Q21 3Q21 2Q21 1Q21 4Q20 3Q21 4Q20 $/bps % $/bps % Salaries and benefits $ 189 $ 191 $ 191 $ 195 $ 200 $ (2) (1) % $ (11) (6) % Incentives and commissions 84 92 93 99 89 (8) (9) % (5) (6) % Deferred compensation expense 1 4 6 3 9 (3) (75) % (8) (89) % Total personnel expense 274 286 290 297 298 (12) (4) % (24) (8) % Occupancy and equipment 73 74 75 72 74 (1) (1) % (1) (2) % Outside services 66 65 56 54 52 1 2 % 14 27 % Amortization of intangible assets 13 13 13 13 14 — — % (1) (5) % Other noninterest expense 46 42 31 28 35 4 10 % 11 32 % Total noninterest expense $ 474 $ 480 $ 465 $ 464 $ 474 $ (6) (1) % $ — — % Full-time equivalent associates 7,863 7,982 8,145 8,284 8,466 (119) (1) % (603) (7) % • Adjusted expense of $474 million decreased $6 million, or 1% – $1 million benefit tied to incremental merger cost saves • Personnel expense down $12 million – Salaries and benefits decreased $2 million as the benefit of merger saves and lower 401-k costs were partially offset by an increase in FICA taxes from unusually low 3Q levels – Incentives and commissions decreased $8 million largely as a reduction in revenue- based incentives was partially offset by a $3 million impact tied to bonuses to front- line associates • Outside services remained relatively stable, slight increase driven by branding initiatives tied to advertising in preparation for conversion • Other noninterest expense up $4 million as a $4 million increase largely tied to DDA product accruals, higher travel and entertainment expense and FDIC premium costs were partially offset by lower contribution costs and franchise taxes Lower revenue-based incentives partially offset by $3 million of front-line associate bonuses 2 4Q21 vs. 3Q21 Highlights

12 • Loans of $54.7 billion down $827 million driven by a $1.5 billion decrease in PPP loans – $654 million, or 1%, increase in loans before the impact of PPP largely reflecting a $740 million, or 2%, increase in commercial with relatively stable LMC and CRE balances – C&I loan growth ex. PPP & LMC up 3% • Period-end loans of $54.9 billion down $576 million driven by a $979 million decrease in PPP and a $622 million decrease in LMC – $1.0 billion, or 2%, increase in loans before the impact of PPP and LMC driven by a $1.2 billion, or 5%, increase in other C&I – Commercial loan growth ex. PPP & LMC up 3% driven by equipment finance, correspondent and franchise finance and in geographies such as Mid- Atlantic, Middle TN, and FL – Unfunded commitments increased 7% 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Utilization rates exclude Loans to Mortgage Companies. Period-end commercial line utilization2 1Q21 2Q21 3Q21 4Q21 Utilization % 45% 45% 44% 42% $58.2B $55.4B $54.9B $58.2B $56.8B $55.5B $54.7B Commercial and Industrial (C&I) excl. LMC & PPP Commercial real estate (CRE) Consumer real estate Credit card and other Payroll Protection Program (PPP) Loans to mortgage companies (LMC) 4Q20 . . . . 3Q21 4Q21 1Q21 2Q21 3Q21 4Q21 Loan trends 44% 20% 2% 9% 41% 21% 22% 2% 7% 47% 22% 19% 2% 9% 4% 20% 8% 9% 40% 21% 19% 2% 2% 2% 43% 20% 22% 8% 5% 1Q21 2Q21 3Q21 4Q21 Yields 3.54% 3.52% 3.47% 3.45% Core yields 3.40% 3.35% 3.25% 3.20% Avg 1M LIBOR 0.12% 0.10% 0.09% 0.09% 42% 19% 22% 2% 8% 8% 8% Period-end Average Annualized loan growth of 5% before the impact of PPP1 45% 22% 20% 2% 3% 9% 4Q21 vs. 3Q21 Highlights Period-end C&I ex PPP & LMC up 5% QoQ

13 $70.0B $74.3B $74.9B $71.0B $73.2B $73.7B $74.6B Demand Deposit Accounts (DDA) Savings Time deposits Other interest-bearing deposits 4Q20 . . . . . 3Q21 4Q21 1Q21 2Q21 3Q21 4Q21 Deposit pricing discipline lifts net interest income in 4Q211 Interest-bearing liabilities & DDA trends 30% • Total deposits of $74.6 billion increased $875 million, or 1%, driven by $1.8 billion increase in DDA – Period-end deposits of $74.9 billion increased $630 million driven by a $535 million increase in DDA • Deposit costs improved to 7 bps reflecting active management of exception-priced deposits – 6 bps reduction in interest-bearing deposit costs to 11 bps • Total funding costs of 16 bps improved from 21 bps 37% 7% 26% 35% 35% 5% 25% 31% 36% 6% 26% 33% 35% 6% 26% 36% 34% 5% 26% 1Q21 2Q21 3Q21 4Q21 Deposit cost of funds 14 bps 13 bps 11 bps 7 bps Total cost of funds 24 bps 23 bps 21 bps 16 bps Avg 1M LIBOR 0.12% 0.10% 0.09% 0.09% 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. Interest-bearing deposit costs down 6 bps and improved deposit mix 34% 35% 5% 25% 35% 33% 4% 27% Period-end Average 4Q21 vs. 3Q21 Highlights

14 Strong credit quality performance 1Net charge-off % is annualized and as % of average loans. Provision, credit losses, and net charge-offs $1,048 $995 $890 $802 $736 1.80% 1.70% 1.57% 1.45% 1.34% 271% 253% 259% 231% 267% ACL ACL/Loans ACL/NPLs 4Q20 1Q21 2Q21 3Q21 4Q21 Allowance for credit losses (ACL) Non-performing loans (NPLs) $386 $394 $344 $347 $275 0.66% 0.67% 0.61% 0.63% 0.50% NPLs $ NPLs % 4Q20 1Q21 2Q21 3Q21 4Q21 • Net charge offs of 1 bp remained relatively stable • NPL ratio of 50 bps improved 13 bps • ACL coverage ratio of 1.34% vs. 1.45%; ACL coverage ex. LMC and PPP of 1.48% • ACL coverage of NPLs improved to 267% – Provision credit of $65 million compared with $85 million in 3Q21 largely reflects stabilizing economic outlook and overall credit quality improvement1 $29 $8 $(10) $3 $1$1 $(45) $(115) $(85) $(65) 0.19% 0.06% (0.07)% 0.02% 0.01% NCOs Provision for credit losses NCO% 4Q20 1Q21 2Q21 3Q21 4Q21 Stabilizing economic outlook and improving asset quality trends 4Q21 vs. 3Q21 Highlights

15 4Q20 1Q21 2Q21 3Q21 4Q21 CET1 ratio Tier 1 capital ratio Total capital ratio 4Q20 1Q21 2Q21 3Q21 4Q21 Strong capital position1 Capital levels 10.7% 12.6% 12.8% 11.0% 13.1% 11.4% 12.6% 11.2% 12.4% 11.1% Tangible book value per share 10.1% 0.41% (0.23)% (0.14)% (0.13)% (0.07)% (0.01)% 9.9% 3Q21 actual Adjusted NIAC Share Buybacks Loans/ unfunded commitments growth Common Dividend Notable Items Other 4Q21 estimate $10.88 $0.51 $(0.15) $(0.09) $(0.08) $(0.08) $11.00 3Q21 actual Adjusted NIAC, net of change in Intangibles Common Dividends Share Buybacks Notable Items AFS Securities MTM, Other 4Q21 actual • TBVPS of $11.00 increased 1% QoQ and reflects $0.24 reduction tied to return on capital • CET1 ratio remained strong at 9.9% – NIAC more than offset by a 36 bp reduction tied to return of capital and a 14 bp reduction tied to loan growth and higher unfunded commitments • Repurchased 9 million shares of common stock during the quarter 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, ROTCE before provision credit, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 4Q21 vs. 3Q21 CET1 ratio 9.7% 10.0% 10.3% 10.1% 9.9% 4Q21 vs. 3Q21 Highlights

16 Integration Framework • Continue to make substantial progress toward achieving key merger milestones • Focused on retaining and growing client base with expanded products and services 4Q21 Milestones • Associate retention remains in-line with expectations, including in leadership/critical positions ~92% • Continue to merge and enhance our culture via regular virtual/in person leadership workshops, culture calls, and team building sessions • Completed third mock conversion • Successful upgrades to online banking platforms • Completion of email migrations and rollout of new PCs for associates • Onboarding and training of additional call center support • Finalized client communications to be sent in 1Q22 • Launch of banker outreach efforts Upcoming Events • Conversion dress rehearsals • Finalize IVR and call center upgrades • Client communications begin in earnest, including microsite launch and banker outreach calling efforts • Continued training for all associates on new systems • Installation of First Horizon signage at all locations • Core systems conversion scheduled for February 2022 Merger integration update Pe op le Sy st em s/ O ps Integration Highlights Targeting annualized cost saves of ~$200 million by 4Q22 Achieved ~$26 million of savings in 4Q21 ~$45 million of identified annualized revenue synergies largely tied to commercial loans Additional synergies tied to debt capital markets, mortgage and private client/wealth In Period Savings Actual Estimated 1Q21- 3Q21 4Q21 2021 2022 ~$66mm ~$26mm ~$92mm ~$160mm Annualized Run-Rate Savings Actual Estimated 3Q21 4Q21 1Q22 4Q22 ~$96mm ~$104mm ~$108mm ~$200mm

17 FY2022 Outlook Earnings Drivers FY21 Adjusted Baseline FY22 Adjusted Expectations Comments Net Interest Income (FTE) $2,006 million Relatively stable Assumes ~$120 million reduction in accretion/ amortization and PPP benefits offset by the benefit of higher rates, loan growth and low deposit costs Avg. Interest Earning Assets $80.987 billion Up modestly with average loans down modestly Expect loan growth ex. PPP in the mid-single digit % range Noninterest Income $1,099 million Low teens % decline Expect further pressure in fixed income, mortgage banking and other partially offset by improvement in wealth, service charges and card fees Noninterest Expense $1,883 million Relatively stable Expect lower commissions and incentives and the benefit of merger saves to be largely offset by the impact of inflationary pressuresNoninterest Expense ex. Incentives & Commissions $1,516 million Low single-digit % increase Net Charge-Offs 0 bps 5 bps - 15 bps Expect continued positive credit grade migration. Potential for need to begin building reserves to support loan growth in 2H22 CET1 Ratio 9.9% ~9.5% - 10.0% Focus on organic growth with optionality to repurchase shares Assumes forward yield curve as of 1/11/22, with 25 bps Fed Funds increases in March, July, and December. 2022 Unemployment of ~3.7%, real GDP growth of ~4.5%, and HPI of ~4.5%

18 1Q22 Outlook Earnings Drivers 4Q21 Adjusted Baseline 1Q22 Adjusted Expectations Comments Net Interest Income (FTE) $502 million High end of mid single-digit % decrease Assumes lower accretion and PPP benefits with relatively stable core NII and lower day count Avg. Interest Earning Assets $82.469 billion Down modestly with average loans down modestly Modest loan growth ex. PPP Noninterest Income $246 million Mid single-digit % decrease Reflects expected further pressure from NSF pricing changes, seasonality and lower other noninterest income Noninterest Expense $474 million Low single-digit % decrease Expect seasonally higher salaries and benefits to be more than offset by lower incentives and commissions and other costsNoninterest Expense ex. Incentives & Commissions $390 million Low single-digit % decrease Net Charge-Offs 1 bps Relatively stable to up modestly Expect continued positive credit grade migration and reserve release CET1 Ratio 9.9% ~9.5% - 10.0% Focus on organic growth with optionality to repurchase shares Assumes forward yield curve as of 1/11/22, with 25 bps Fed Funds increases in March, July, and December. 2022 Unemployment of ~3.7%, real GDP growth of ~4.5%, and HPI of ~4.5%

19 Focused on delivering enhanced shareholder value • Deliver further benefits of diversified business model through revenue synergies and loan growth – Complete systems integration and product and capabilities alignment – Redeploy expense and capital to higher growth/return opportunities – Prudent investments in technology to support dynamic digital needs of clients and associates – Drive continuous improvement in productivity and efficiency beyond the integration • Actively manage capital and balance sheet and maintain excellent credit quality – Opportunistically return capital through share repurchases – Continue to improve overall balance sheet asset and funding mix – Maintain strong risk management practices • Deliver top-quartile ROTCE Significant opportunities to drive relative outperformance and build shareholder value

APPENDIX 20

21 Underlying FY2021 & 4Q21 performance vs. guidance Earnings Drivers Previous Expectations for 4Q21 Adjusted Results 4Q21 Adjusted Actual Results Previous Expectations for FY21 Adjusted Results1 FY21 Adjusted Actual Results Net Interest Income (FTE) High end of low single-digit % decrease 1% Mid single-digit % decrease (4)% ✔ Avg. Interest Earning Assets Down modestly 1% Mid single-digit % increase 5% ✔ Average loans down modestly (1)% ✔ Average loans down mid single-digits (6)% ✔ Noninterest Income Mid to high single-digit % decrease (8)% ✔ Mid single-digit % decrease (4)% ✔ Noninterest Expense Low single-digit % decrease (1)% ✔ Low single-digit % decrease 0% Noninterest Expense ex. Incentives & Commissions Relatively stable 0% ✔ Low single-digit % decrease (1)% ✔ Net Charge-Offs 5 bps - 15 bps 1 bps 0 bps - 10 bps 0 bps ✔ CET1 Ratio ~9.5% - 10.0% 9.9% ✔ ~10% - 10.5% 9.9% ✔ 1Reflects changes from 4Q20 annualized baseline

22 Well-positioned to benefit from rising rates ($s in millions) Net Interest Income Interest Rate Sensitivity Illustrative impact to NII & NIM RQ1 RQ2 RQ3 RQ4 NII NIM NII NIM NII NIM NII NIM +100 bps gradual $16 0.08% $34 0.16% $56 0.27% $80 0.38% +100 bps shock $66 0.33% $78 0.38% $81 0.39% $85 0.40% Loan Portfolio1 • $55.2 billion: variable/fixed repricing mix of 64%/36% net of hedges • ~$28.5 billion tied to LIBOR/ARRs and ~$4.5 billion tied to Prime • ~$8.2 billion of variable rate loans with in-the- money floors Deposits1 • $75.0 billion: $47.1 billion interest-bearing deposits and $27.9 billion non-interest DDA – ~$4.7 billion of indexed interest-bearing non- maturity deposits Securities Portfolio • Completed planned $1.0 billion investment of excess cash in securities in 4Q21 at ~1.7% average yield • Will continue to assess opportunities to manage excess cash levels without taking outsized interest rate risk • Assumes yield curve as of 12/31/21, static balance sheet and ~25% interest-bearing deposit betas • Gradual scenario rate hike assumptions: of 25 bps in RQ3 for +25 scenario; 25 bps in RQ1 and RQ3 for +50 scenario; and 25 bps in each quarter for +100 bps scenario • A 10 percentage point reduction in interest-bearing deposit betas would imply an additional annual benefit to modeled impact of: – $38 million of NII and 0.05% of NIM to +100 bps shock scenario – $23 million of NII and 0.03% of NIM to +100 bps gradual scenario 1.8% 5.6% 9.8% 3.7% 7.6% 16.4% Gradual Scenario Shock Scenario +25 bps +50 bps +100 bps 1Reflects period-end balances excluding unearned items and other miscellaneous adjustments .

23 NII accretion schedule & NII/NIM reconciliation to GAAP financials Estimated IBKC Securities Premium Amortization1 Estimated IBKC Loan Accretion Estimated Loan Accretion - Other Acquisitions $s in millions $s in millions $s in millions 1Q22 $ (10) 1Q22 $ 14 1Q22 $ 4 2Q22-4Q22 $ (25) 2Q22-4Q22 $ 34 2Q22-4Q22 $ 9 2023 and beyond $ (67) 2023 and beyond $ 75 2023 and beyond $ 13 1Q21 Reported to Core Reconciliation $s in millions NII NIM 1Q21 Reported (FTE) $ 511 2.62 % Less: non-core items PPP coupon income and fees 24 (0.01) Time Deposit Amortization 4 0.02 Loan Accretion 32 0.17 IBKC Premium Amortization (14) (0.07) 1Q21 Core (FTE) $ 464 2.52 % 1Estimated based on market rates and prepayment assumptions as of 12/31/2021. 4Q20 Reported to Core Reconciliation $s in millions NII NIM 4Q20 Reported (FTE) $ 525 2.72 % Less: non-core items PPP Coupon Income and Fees 20 (0.05) Time Deposit Amortization 8 0.04 Loan Accretion 33 0.19 IBKC Premium Amortization (18) (0.10) 4Q20 Core (FTE) $ 482 2.63 % 2Q21 Reported to Core Reconciliation $s in millions NII NIM 2Q21 Reported (FTE) $ 500 2.47 % Less: non-core items PPP coupon income and fees 35 0.03 Time Deposit Amortization 1 — Loan Accretion 25 0.14 IBKC Premium Amortization (12) (0.06) 2Q21 Core (FTE) $ 450 2.36 % 3Q21 Reported to Core Reconciliation $s in millions NII NIM 3Q21 Reported (FTE) $ 495 2.41 % Less: non-core items PPP coupon income and fees 32 0.07 Time Deposit Amortization 0 — Loan Accretion 20 0.10 IBKC Premium Amortization (12) (0.06) 3Q21 Core (FTE) $ 454 2.28 % 4Q21 Reported to Core Reconciliation $s in millions NII NIM 4Q21 Reported (FTE) $ 502 2.42 % Less: non-core items PPP coupon income and fees 30 0.10 Time Deposit Amortization 0 — Loan Accretion 15 0.08 IBKC Premium Amortization (10) (0.05) 4Q21 Core (FTE) $ 466 2.28 %

24 Notable Items ($s in millions except per share data) Favorable / (Unfavorable) (In millions, except per share data) 4Q21 3Q21 2Q21 1Q21 4Q20 2021 2020 Noninterest income: Purchase accounting gain (other noninterest income)1 $ — $ — $ 2 $ (1) $ (1) $ 1 $ 533 Retirement of legacy IBKC TruPS (other noninterest income) 3 23 — — — 26 — Branch sale gain (other noninterest income) (4) (2) — — — (5) Total noninterest income — 22 2 (1) (1) 23 (533) Noninterest expense: Salaries and benefits — — — — — (1) (7) Incentives and commissions (9) (10) (16) (21) (21) (56) (55) Deferred compensation expense (6) — — — — (6) — Total personnel expenses (16) (10) (16) (21) (21) (63) (62) Occupancy and equipment — (1) — (4) (2) (5) (6) Outside services (15) (24) (6) (4) (7) (49) (46) Amortization of intangible assets (1) (1) (1) (1) (1) (3) (2) Other noninterest expense (23) (10) (9) (50) (4) (92) (54) Total noninterest expense (54) (46) (32) (80) (34) (212) (170) Total net notable items (pre-tax) 54 68 34 79 33 235 (363) Provision for credit losses — — — — — — (147) Income before income taxes 54 68 34 79 33 235 (216) Tax impact of notable items 13 17 8 19 13 56 78 After-tax impact of notable items $ 41 $ 51 $ 26 $ 60 $ 20 $ 179 $ (294) EPS impact of notable items $ (0.08) $ (0.09) $ (0.05) $ (0.11) $ (0.04) $ (0.32) $ 0.68 Diluted shares 542 550 556 557 556 551 434 1Purchase accounting gain is non-taxable income.

25 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. Adjusted FHN historical quarterly income statements 4Q21 3Q21 2Q21 1Q21 4Q20 ($s in millions, except per share data) GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP Interest income - FTE $ 531 $ 3 $ 534 $ 533 $ 3 $ 536 $ 542 $ 3 $ 545 $ 552 $ 3 $ 555 $ 574 $ 3 $ 578 Interest expense- FTE 33 — 33 41 — 41 45 — 45 45 — 45 53 — 53 Net interest income- FTE 498 3 502 492 3 495 497 3 500 508 3 511 522 3 525 Less: Taxable-equivalent adjustment — 3 3 — 3 3 — 3 3 — 3 3 — 3 3 Net interest income 498 — 498 492 — 492 497 — 497 508 — 508 522 — 522 Noninterest income: Fixed income 82 — 82 96 — 96 102 — 102 126 — 126 104 — 104 Mortgage banking and title 28 — 28 34 — 34 38 — 38 53 — 53 57 — 57 Brokerage, trust, and insurance 36 — 36 37 — 37 35 — 35 33 — 33 31 — 31 Service charges and fees 56 — 56 56 — 56 54 — 54 53 — 53 53 — 53 Card and digital banking fees 19 — 19 21 — 21 21 — 21 17 — 17 18 — 18 Deferred compensation income — — — 3 — 3 7 — 7 3 — 3 9 — 9 Other noninterest income 25 — 25 (1) 22 21 27 2 29 15 (1) 14 16 (1) 15 Total noninterest income 247 — 246 247 22 268 285 2 287 298 (1) 297 288 (1) 288 Total revenue 745 — 745 738 22 760 781 2 784 806 (1) 805 810 (1) 810 Noninterest expense: Personnel expense: Salaries and benefits 190 — 189 191 — 191 191 — 191 196 — 195 200 — 200 Incentives and commissions 93 (9) 84 101 (10) 92 109 (16) 93 120 (21) 99 110 (21) 89 Deferred compensation expense 7 (6) 1 4 — 4 6 — 6 3 — 3 9 — 9 Total personnel expense 290 (16) 274 296 (10) 286 306 (16) 290 318 (21) 297 319 (21) 298 Occupancy and equipment 74 — 73 75 (1) 74 75 — 75 76 (4) 72 76 (2) 74 Outside services 81 (15) 66 89 (24) 65 63 (6) 56 58 (4) 54 59 (7) 52 Amortization of intangible assets 14 (1) 13 14 (1) 13 14 (1) 13 14 (1) 13 15 (1) 14 Other noninterest expense 70 (23) 46 52 (10) 42 40 (9) 31 78 (50) 28 39 (4) 35 Total noninterest expense 528 (54) 474 526 (46) 480 497 (32) 465 544 (80) 464 508 (34) 474 Pre-provision net revenue 217 54 271 213 68 281 284 34 318 262 79 340 302 33 335 Provision for credit losses (65) — (65) (85) — (85) (115) — (115) (45) — (45) 1 — 1 Income before income taxes 282 54 336 298 68 365 399 34 433 307 79 386 301 33 334 Provision for income taxes 53 13 65 63 17 80 88 8 96 71 19 90 56 13 69 Net income 229 41 271 235 51 286 311 26 337 235 60 295 245 20 265 Net income attributable to noncontrolling interest 3 — 3 3 — 3 3 — 3 3 — 3 3 — 3 Net income attributable to controlling interest 227 41 268 232 51 283 308 26 334 233 60 292 242 20 262 Preferred stock dividends 8 — 8 8 — 8 13 — 13 8 — 8 8 — 8 Net income available to common shareholders $ 219 $ 41 $ 260 $ 224 $ 51 $ 275 $ 295 $ 26 $ 321 $ 225 $ 60 $ 284 $ 234 $ 20 $ 255 Common Stock Data EPS $ 0.41 $ (0.08) $ 0.48 $ 0.41 $ (0.09) $ 0.50 $ 0.54 $ (0.05) $ 0.58 $ 0.41 $ (0.11) $ 0.51 $ 0.42 $ (0.04) $ 0.46 Basic shares 537 537 546 546 550 550 552 552 553 553 Diluted EPS $ 0.40 $ (0.08) $ 0.48 $ 0.41 $ (0.09) $ 0.50 $ 0.53 $ (0.05) $ 0.58 $ 0.40 $ (0.11) $ 0.51 $ 0.42 $ (0.04) $ 0.46 Diluted shares 542 542 550 550 556 556 557 557 556 556 Memo: Total Revenue-FTE (Non-GAAP) $ 745 $ 3 $ 748 $ 738 $ 24 $ 763 $ 781 $ 5 $ 787 $ 806 $ 2 $ 808 $ 810 $ 2 $ 813 PPNR-FTE (Non-GAAP) 217 58 274 213 71 283 284 37 321 262 82 343 302 36 339

26 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. Adjusted FHN historical annual income statements 2021 2020 ($s in millions, except per share data) GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP Interest income $ 2,158 $ — $ 2,158 $ 1,898 $ — $ 1,898 Interest expense 163 — 163 235 — 235 Net interest income 1,994 — 1,994 1,662 — 1,662 Noninterest income: Fixed income 406 — 406 423 — 423 Mortgage banking and title 154 — 154 129 — 129 Brokerage, trust, and insurance 141 — 141 107 — 107 Service charges and fees 219 — 219 174 — 174 Card and digital banking fees 78 — 78 59 — 59 Deferred compensation income 13 — 13 11 — 11 Other noninterest income 66 23 89 589 (533) 56 Total noninterest income 1,076 23 1,099 1,492 (533) 960 Total revenue 3,070 23 3,093 3,155 (533) 2,622 Noninterest expense: Personnel expense: Salaries and benefits 767 (1) 766 625 (7) 619 Incentives and commissions 423 (56) 367 396 (55) 341 Deferred compensation expense 20 (6) 14 11 — 11 Total personnel expense 1,210 (63) 1,147 1,033 (62) 971 Occupancy and equipment 300 (5) 294 243 (6) 238 Outside services 290 (49) 241 213 (46) 166 Amortization of intangible assets 56 (3) 53 40 (2) 38 Other noninterest expense 239 (92) 148 189 (54) 136 Total noninterest expense 2,095 (212) 1,883 1,718 (170) 1,549 Pre-provision net revenue 975 235 1,210 1,436 (363) 1,073 Provision for credit losses (310) — (310) 503 (147) 356 Income before income taxes 1,285 235 1,520 933 (216) 717 Provision for income taxes 274 56 331 76 78 154 Net income 1,010 179 1,189 857 (294) 563 Net income attributable to noncontrolling interest 11 — 11 12 — 12 Net income attributable to controlling interest 999 179 1,178 845 (294) 551 Preferred stock dividends 37 — 37 23 — 23 Net income available to common shareholders $ 962 $ 179 $ 1,140 $ 822 $ (294) $ 528 Common Stock Data EPS $ 1.76 $ (0.33) $ 2.09 $ 1.90 $ 0.68 $ 1.22 Basic shares 546 546 432 432 Diluted EPS $ 1.74 $ (0.32) $ 2.07 $ 1.89 $ 0.68 $ 1.22 Diluted shares 551 551 434 434

27 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. ($s in millions, except per share data) 4Q21 3Q21 2Q21 1Q21 4Q20 2021 2020 Tangible Common Equity (Non-GAAP) (A) Total equity (GAAP) $ 8,494 $ 8,533 $ 8,566 $ 8,307 $ 8,307 $ 8,494 $ 8,307 Less: Noncontrolling interest 295 295 295 295 295 295 295 Less: Preferred stock 520 520 520 470 470 520 470 (B) Total common equity $ 7,679 $ 7,717 $ 7,750 $ 7,541 $ 7,541 $ 7,679 $ 7,541 Less: Intangible assets (GAAP) 1,808 1,822 1,836 1,850 1,864 1,808 1,864 (C) Tangible common equity (Non-GAAP) $ 5,871 $ 5,895 $ 5,914 $ 5,691 $ 5,677 $ 5,871 $ 5,677 Tangible Assets (Non-GAAP) (D) Total assets (GAAP) $ 89,092 $ 88,537 $ 87,908 $ 87,513 $ 84,209 $ 89,092 $ 84,209 Less: Intangible assets (GAAP) 1,808 1,822 1,836 1,850 1,864 1,808 1,864 (E) Tangible assets (Non-GAAP) $ 87,284 $ 86,715 $ 86,072 $ 85,663 $ 82,345 $ 87,284 $ 82,345 Period-end Shares Outstanding (F) Period-end shares outstanding 534 542 551 552 555 534 555 Ratios (A)/(D) Total equity to total assets (GAAP) 9.53 % 9.64 % 9.74 % 9.49 % 9.86 % 9.53 % 9.86 % (C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) 6.73 % 6.80 % 6.87 % 6.64 % 6.89 % 6.73 % 6.89 % (B)/(F) Book value per common share (GAAP) $ 14.39 $ 14.24 $ 14.07 $ 13.65 $ 13.59 $ 14.39 $ 13.59 (C)/(F) Tangible book value per common share (Non-GAAP) $ 11.00 $ 10.88 $ 10.74 $ 10.30 $ 10.23 $ 11.00 $ 10.23

28 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. ($s in millions, except per share data) 4Q21 3Q21 2Q21 1Q21 4Q20 2021 2020 Adjusted Diluted EPS Net income available to common shareholders ("NIAC") (GAAP) a $ 219 $ 224 $ 295 $ 225 $ 234 $ 962 $ 822 Plus Tax effected notable items (Non-GAAP) 41 51 26 60 20 179 (294) Adjusted Net income available to common shareholders (Non-GAAP) b $ 260 $ 275 $ 321 $ 284 $ 255 $ 1,140 $ 528 Diluted Shares (GAAP) c 542 550 556 557 556 551 434 Diluted EPS (GAAP) a/c $ 0.40 $ 0.41 $ 0.53 $ 0.40 $ 0.42 $ 1.74 $ 1.89 Adjusted diluted EPS (Non-GAAP) b/c $ 0.48 $ 0.50 $ 0.58 $ 0.51 $ 0.46 $ 2.07 $ 1.22 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $ 229 $ 235 $ 311 $ 235 $ 245 $ 1,010 $ 857 Plus Tax effected notable items (Non-GAAP) 41 51 26 60 20 179 (294) Adjusted NI (Non-GAAP) $ 271 $ 286 $ 337 $ 295 $ 265 $ 1,189 $ 563 NI (annualized) (GAAP) d $ 910 $ 931 $ 1,247 $ 955 $ 974 $ 1,010 $ 857 Adjusted NI (annualized) (Non-GAAP) e $ 1,074 $ 1,133 $ 1,353 $ 1,198 $ 1,055 $ 1,189 $ 563 Average assets (GAAP) f $ 89,025 $ 88,401 $ 87,559 $ 85,401 $ 83,809 $ 87,609 $ 64,346 ROA (GAAP) d/f 1.02 % 1.05 % 1.42 % 1.12 % 1.16 % 1.2 % 1.3 % Adjusted ROA (Non-GAAP) e/f 1.21 % 1.28 % 1.54 % 1.40 % 1.26 % 1.4 % 0.9 % Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE Net income available to common shareholders (annualized) (GAAP) g $ 868 $ 887 $ 1,182 $ 911 $ 933 $ 962 $ 822 Adjusted Net income available to common shareholders (annualized) (Non- GAAP) h $ 1,032 $ 1,089 $ 1,288 $ 1,154 $ 1,013 $ 1,140 $ 528 Average Common Equity (GAAP) i $ 7,710 $ 7,761 $ 7,651 $ 7,583 $ 7,444 $ 7,677 $ 6,016 Intangible Assets (GAAP) 1,815 1,829 1,843 1,857 1,871 1,836 1,696 Average Tangible Common Equity (Non-GAAP) j $ 5,895 $ 5,932 $ 5,808 $ 5,726 $ 5,573 $ 5,841 $ 4,320 Equity Adjustment (Non-GAAP) — — — — — 71 23 Adjusted Average Tangible Common Equity (Non-GAAP) k $ 5,895 $ 5,932 $ 5,808 $ 5,726 $ 5,573 $ 5,912 $ 4,343 ROCE (GAAP) g/i 11.3 % 11.4 % 15.5 % 12.0 % 12.5 % 12.53 % 13.66 % ROTCE (Non-GAAP) g/j 14.7 % 15.0 % 20.4 % 15.9 % 16.7 % 16.46 % 19.03 % Adjusted ROTCE (Non-GAAP) h/j 17.5 % 18.4 % 22.2 % 20.2 % 18.2 % 19.29 % 12.15 %

29 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions except per share data) 4Q21 3Q21 2Q21 1Q21 4Q20 2021 2020 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) a $ 247 $ 247 $ 285 $ 298 $ 288 $ 1,076 $ 1,492 Plus notable items (GAAP) — 22 2 (1) (1) 23 (533) Adjusted noninterest income (Non-GAAP) b 246 268 287 297 288 1,099 960 Revenue (GAAP) c 745 738 781 806 810 $ 3,070 $ 3,155 Taxable-equivalent adjustment 3 3 3 3 3 $ 12 $ 11 Revenue- Taxable-equivalent (Non-GAAP) $ 748 $ 741 $ 784 $ 809 $ 813 $ 3,082 $ 3,166 Plus notable items (GAAP) (a) — 22 2 (1) (1) $ 23 $ (533) Adjusted revenue (Non-GAAP) d 748 763 787 808 813 $ 3,105 $ 2,633 Noninterest income as a % of total revenue (GAAP) a/c 33.10 % 33.39 % 36.43 % 37.00 % 35.61 % 35.04 % 47.31 % Adjusted noninterest income as a % of total revenue (Non-GAAP) b/d 32.95 % 35.14 % 36.49 % 36.78 % 35.42 % 36.38 % 36.45 % Adjusted Efficiency Ratio Noninterest expense (GAAP) e $ 528 $ 526 $ 497 $ 544 $ 508 $ 2,095 $ 1,718 Plus notable items (GAAP) (54) (46) (32) (80) (34) (212) (170) Adjusted noninterest expense (Non-GAAP) f 474 480 465 464 474 1,883 1,549 Revenue (GAAP) g 745 738 781 806 810 3,070 3,155 Taxable-equivalent adjustment 3 3 3 3 3 12 11 Revenue- Taxable-equivalent (Non-GAAP) $ 748 $ 741 $ 784 $ 809 $ 813 $ 3,082 $ 3,166 Plus notable items (GAAP) (a) — 22 2 (1) (1) 23 (533) Adjusted revenue (Non-GAAP) h 748 763 787 808 813 3,105 2,633 Efficiency ratio (GAAP) e/g 70.88 % 71.21 % 63.67 % 67.53 % 62.71 % 68.25 % 54.47 % Adjusted efficiency ratio (Non-GAAP) f/h 63.31 % 62.87 % 59.17 % 57.49 % 58.34 % 60.64 % 58.82 % Adjusted Reserve Build Provision for credit losses (GAAP) i $ (65) (85) $ (115) $ (45) $ 1 $ (310) $ 503 Plus notable items (GAAP) — — — — — — (147) Adjusted provision for credit losses (Non-GAAP) j $ (65) $ (85) $ (115) $ (45) $ 1 $ (310) $ 356 Net Charge-offs (GAAP) k $ 1 $ 3 $ (10) $ 8 $ 29 $ 2 $ 119 Reserve Build/(Release) i-k $ (66) $ (88) $ (105) $ (53) $ (28) $ (312) $ 384 Adjusted Reserve Build/(Release) j-k $ (66) $ (88) $ (105) $ (53) $ (28) $ (312) $ 237

30 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions except per share data) 4Q21 Net income available to common shareholders (GAAP) $ 219 Tax effected Notable Items $ 41 Adjusted Net income available to common shareholders (Non-GAAP) $ 260 Tax effected provision credit $ (53) Adjusted Net income available to common shareholders before provision credit (Non-GAAP) $ 207 Net income available to common shareholders (annualized) (GAAP) a $ 868 Adjusted Net income available to common shareholders (annualized) Non- GAAP) b $ 1,032 Adjusted Net income available to common shareholders before provision credit (annualized) (Non-GAAP) c 820 Average Common Equity (GAAP) d $ 7,710 Intangible Assets (GAAP) $ 1,815 Average Tangible Common Equity (Non-GAAP) e $ 5,895 Equity Adjustment for provision credit (Non-GAAP) $ 18 Adjusted Average Tangible Common Equity (Non-GAAP) f $ 5,877 ROCE (GAAP) a/d 11.3 % ROTCE (Non-GAAP) a/e 14.7 % Adjusted ROTCE (Non-GAAP) b/e 17.5 % Adjusted ROTCE before provision credit (Non-GAAP) c/f 14.0 %

31 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. Numbers may not foot due to rounding Period-end Average $s in millions 4Q21 3Q21 4Q21 vs 3Q21 4Q21 3Q21 4Q21 vs 3Q21 Loans excluding LMC & PPP $ % $ % Total C& I excl. LMC & PPP $ 25,512 $ 24,360 $ 1,152 5 % $ 24,668 $ 23,932 $ 735 3 % Total CRE 12,109 12,194 (85) (1) % 12,220 12,264 (44) — % Total Commercial excl. LMC & PPP 37,621 36,554 1,067 3 % 36,888 36,196 692 2 % Total Consumer 11,682 11,726 (44) — % 11,681 11,767 (87) (1) % Total Loans excl. LMC & PPP 49,303 48,279 1,024 2 % 48,569 47,963 607 1 % PPP 1,038 2,017 (979) (49) % 1,444 2,925 (1,481) (51) % LMC 4,518 5,139 (622) (12) % 4,669 4,620 50 1 % Total Loans $ 54,859 $ 55,435 $ (576) (1) % $ 54,682 $ 55,508 $ (827) (1) % Loans excluding PPP Total Commercial excl. PPP $ 42,138 $ 41,693 $ 446 1 % $ 41,557 $ 40,816 $ 740 2 % Total Consumer 11,682 11,726 (44) — % 11,681 11,767 (87) (1) % Total Loans excl. PPP $ 53,820 $ 53,418 402 1 % $ 53,238 $ 52,583 654 1 % PPP 1,038 2,017 (979) (49) % 1,444 2,925 (1,481) (51) % Total Loans $ 54,859 $ 55,435 $ (576) (1) % $ 54,682 $ 55,508 (827) (1) % Allowance for Credit Losses (ACL) to Loans Ratio $s in millions Loan Balance ACL Balance ACL/Loans Total Loans $ 54,859 $ 736 1.3 % Loans to Mortgage Companies (LMC) 4,518 4 0.1 PPP 1,038 — — Total excl. LMC & PPP $ 49,303 $ 732 1.5 %

XML

Cover	Jan. 20, 2022
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Jan. 20, 2022
Entity Registrant Name	FIRST HORIZON CORP
Entity Incorporation, State or Country Code	TN
Entity File Number	001-15185
Entity Tax Identification Number	62-0803242
Entity Address, Address Line One	165 Madison Avenue
Entity Address, City or Town	Memphis,
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38103
City Area Code	901
Local Phone Number	523-4444
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000036966
Amendment Flag	false
$0.625 Par Value Common Capital Stock
Document Information [Line Items]
Title of 12(b) Security	$0.625 Par Value Common Capital Stock
Trading Symbol	FHN
Security Exchange Name	NYSE
Depository Shares, each representing a 1/4,000th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series B
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/400th interest in
Trading Symbol	FHN PR B
Security Exchange Name	NYSE
Depository Shares, each representing a 1/4,000th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series C
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/400th interest in
Trading Symbol	FHN PR C
Security Exchange Name	NYSE
Depository Shares, each representing a 1/4,000th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series D
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/400th interest in
Trading Symbol	FHN PR D
Security Exchange Name	NYSE
Depository Shares, each representing a 1/4,000th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series E
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/4,000th interest in
Trading Symbol	FHN PR E
Security Exchange Name	NYSE
Depository Shares, each representing a 1/4,000th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series F
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/4,000th interest in
Trading Symbol	FHN PR F
Security Exchange Name	NYSE