Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

FORM 8-K

_____________________________________

CURRENT REPORT

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

July 19, 2023

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” or "First Horizon") Second Quarter 2023 Earnings Release, released today.

Furnished as Exhibit 99.2 is a copy of the Investor Slide Presentation for the quarter ended June 30, 2023, 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 or furnished by this report are “non-GAAP,” meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. Although other entities may use calculation methods that differ from those used by FHN for non-GAAP measures, FHN’s management believes such measures are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. Non-GAAP measures are reported to FHN’s management and Board of Directors through various internal reports.

The non-GAAP measures presented in, with, or by this report are: fully taxable equivalent measures; pre-provision net revenue ("PPNR"); loans and leases, allowance for credit losses (“ACL”), and ratios excluding 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; common equity tier 1 capital ("CET1") net of unrealized losses; 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: CET1, generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk weighted assets (“RWA”), which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios.

Forward-Looking Statements

The exhibit 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 the exhibit; in the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K, as amended; 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, and references to EPS are fully diluted.

ITEM 9.01. Financial Statements and Exhibits.

(d)Exhibits


FIRST HORIZON CORPORATION			2			FORM 8-K CURRENT REPORT 4/18/2023

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


Exhibit #						Description

99.1						First Horizon Corporation Seco nd Quarter 2023 Earnings Release
99.2						First Horizon Corporation Investor Slide Presentation for the quarter ended June 30, 2023
104						Cover Page Interactive Data File, formatted in Inline XBRL


FIRST HORIZON CORPORATION			3			FORM 8-K CURRENT REPORT 4/18/2023

SIGNATURES

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

FIRST HORIZON CORPORATION

(Registrant)

Date:

July 19, 2023

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 4/18/2023

First Horizon Corporation Reports Second Quarter 2023 Net Income Available to Common Shareholders of

$317 Million, or EPS of $0.56; $219 Million, or $0.39, on an Adjusted Basis*

Pre-provision net revenue up 86% from the prior year and up 18% on an adjusted basis*

Period end deposits increased $4.0 billion QoQ, or 6%, up 3% year-to-date with common equity tier 1 ratio of 11.1%

ROTCE of 21.1% and adjusted ROTCE of 14.6% with tangible book value per share of $11.50*

MEMPHIS, TN (July 19, 2023) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported second quarter net income available to common shareholders ("NIAC") of $317 million, or earnings per share of $0.56, compared with first quarter 2023 NIAC of $243 million, or earnings per share of $0.43.

Second quarter 2023 results benefited from a net $98 million after-tax, or $0.17 per share, of notable items compared with a reduction of $16 million, or $0.03 per share, in first quarter 2023. Excluding notable items, adjusted second quarter 2023 NIAC of $219 million, or $0.39 per share, decreased from $259 million, or $0.45 per share in first quarter 2023.

“Our results this quarter reflect the continued strength, resilience, and momentum of our diversified business mix, the benefit of our attractive markets, and the dedication of our associates,“ said, Chairman, President and Chief Executive Officer Bryan Jordan. “Despite a challenging macroeconomic environment, we continued to serve our clients, growing period end loans by $2.3 billion and period end deposits by $4.0 billion, with over 32,000 new-to-bank clients bringing $3.5 billion in deposit balances.”

Jordan continued, “I thank our associates for their unwavering commitment to our clients, communities, and core values. We remain focused on delivering top quartile returns by executing on our strategic priorities, growing our core businesses, empowering our talent, and providing a best-in-class client experience."

Notable Items


Notable Items
Quarterly, Unaudited ($s in millions, except per share data)	2Q23		1Q23		2Q22
Summary of Notable Items:








Gain on merger termination	$	225	$	—	$	—
Gain on mortgage servicing rights (mortgage banking and title)	—		—		12


Net Merger/acquisition/transaction-related items	(30)		(21)		(38)


Other notable expenses	(65)		—		(12)

Total Notable items (pre-tax)	130		(21)		(38)
Total Notable items (after-tax)	98		(16)		(29)
EPS impact of notable items	$	0.17	$	(0.03)	$	(0.05)
Numbers may not foot due to rounding.

Second quarter pre-tax net notable items include a $225 million gain from merger agreement termination and merger-related costs of $30 million. Other notable items of $65 million reflect a $50 million contribution to the First Horizon Foundation and a $15 million impact tied to derivative valuation adjustments related to prior Visa Class-B share sales.

*ROTCE, PPNR, tangible book value per share, loans and leases excluding LMC, and "Adjusted" results are Non-GAAP Financial Measures; NII, Total Revenue, NIM and PPNR are presented on a fully taxable equivalent basis; References to loans include leases and EPS are based on diluted shares; Capital ratios are preliminary. See page 5 for information on our use of Non-GAAP measures and their reconciliation to GAAP beginning on page 21.

Second Quarter 2023 versus First Quarter 2023 Highlights

•Total revenue of $1.0 billion increased $172 million and adjusted revenue of $810 million decreased $53 million, or 6%, primarily due to a 8% decline in net interest income driven by a 50 bp reduction in NIM.

•Net interest income of $631 million decreased $57 million, or 8%, as the benefit of higher loan rates and loan balances were more than offset by higher funding costs.

•Noninterest income of $400 million increased $229 million due to a $225 million gain on termination and adjusted noninterest income of $175 million increased $4 million as higher deferred compensation and services charges and fees was partially offset by a reduction in fixed income.

•Noninterest expense of $555 million increased $77 million driven by $65 million of other notable items and $30 million of merger-related costs. Adjusted noninterest expense of $461 million increased $4 million largely as an increase in personnel expense and outside services were partially offset by a reduction in other noninterest expense.

•Provision expense of $50 million remained stable and reflects the impact of 3% loan growth excluding loans to mortgage companies ("LMC") and modest growth in net charge-offs.

•Average interest-earning assets of $75.3 billion increased $3.3 billion largely driven by a $1.9 billion increase in loans and a $1.6 billion increase in interest-bearing deposits with banks.

•Average loans increased $1.9 billion driven by a $1.2 billion increase in commercial loans with a $0.4 billion increase in LMC.

•Period-end loans increased $2.3 billion, or 4%, driven by a $1.4 billion increase in commercial and a $0.8 billion increase in consumer. Period-end commercial loans excluding LMC rose 2%.

•Period-end deposits of $65.4 billion increased $4.0 billion reflecting a $6.3 billion increase in interest-bearing deposits partially offset by a $2.3 billion decrease in noninterest-bearing.

•Average deposits of $61.4 billion decreased $0.8 billion, or 1%, driven by a $2.6 billion decrease in DDA and other noninterest-bearing deposits partially offset by a $1.8 billion increase in interest-bearing deposits. Total deposit costs of 173 basis points increased 62 basis points.

•Allowance for credit losses ("ACL") to loans ratio remained stable at 1.35% as of June 30, 2023. The ACL to nonperforming loans ratio of 206% increased from 189% at March 31, 2023.

•Net charge-offs of $23 million increased $7 million; nonperforming loans of $402 million decreased $21 million and the nonperforming loan ratio of 0.66% decreased from 0.72% at March 31, 2023.

•ROCE of 16.4%; ROTCE of 21.1%; Adjusted ROTCE of 14.6%; CET 1 ratio of 11.1%; and total capital ratio of 13.6%.

•Tangible book value per share of $11.50 at June 30, 2023 compared with $10.89 at March 31, 2023 and reflected a $0.50 increase tied to the Series G conversion to common stock and a $0.41 increase tied to adjusted NIAC net of change in intangibles.


SUMMARY RESULTS
Quarterly, Unaudited

										2Q23 Change vs.
($s in millions, except per share and balance sheet data)	2Q23			1Q23			2Q22			1Q23					2Q22
										$/bp			%		$/bp			%
Income Statement
Interest income - taxable equivalent1	$	1,019		$	923		$	586		$	96		10	%	$	433		74	%
Interest expense- taxable equivalent1	385			232			41			153			66		344			NM
Net interest income- taxable equivalent	635			691			545			(56)			(8)		90			17
Less: Taxable-equivalent adjustment	4			4			3			—			—		1			33
Net interest income	631			688			542			(57)			(8)		89			16
Noninterest income	400			171			201			229			134		199			99
Total revenue	1,031			859			743			172			20		288			39
Noninterest expense	555			478			489			77			16		66			13
Pre-provision net revenue3	475			381			255			94			25		220			86
Provision for credit losses	50			50			30			—			—		20			67
Income before income taxes	425			331			225			94			28		200			89
Provision for income taxes	96			75			48			21			28		48			100
Net income	329			256			177			73			29		152			86
Net income attributable to noncontrolling interest	5			4			3			1			25		2			67
Net income attributable to controlling interest	325			251			174			74			29		151			87
Preferred stock dividends	8			8			8			—			—		—			—
Net income available to common shareholders	$	317		$	243		$	166		$	74		30	%	$	151		91	%

Adjusted net income4	$	231		$	271		$	205		$	(40)		(15)	%	$	26		13	%
Adjusted net income available to common shareholders4	$	219		$	259		$	195		$	(40)		(15)	%	$	24		12	%
Common stock information
EPS	$	0.56		$	0.43		$	0.29		$	0.13		30	%	$	0.27		92	%
Adjusted EPS4	$	0.39		$	0.45		$	0.34		$	(0.06)		(13)	%	$	0.05		15	%


Diluted shares8	561			572			569			(11)			(2)	%	(8)			(1)	%
Key performance metrics
Net interest margin	3.38		%	3.88		%	2.74		%	(50)		bp			64		bp

Efficiency ratio	53.87			55.65			65.76			(178)					(1,189)
Adjusted efficiency ratio4	56.90			52.95			59.79			395					(289)
Effective income tax rate	22.63			22.71			21.30			(8)					133
Return on average assets	1.60			1.32			0.82			28					78
Adjusted return on average assets4	1.13			1.40			0.95			(27)					18
Return on average common equity (“ROCE")	16.4			13.3			9.1			306					728

Return on average tangible common equity (“ROTCE”)4	21.1			17.4			12.1			367					903
Adjusted ROTCE4	14.6			18.6			14.2			(396)					44
Noninterest income as a % of total revenue	38.82			19.94			27.06			1,888					1,176
Adjusted noninterest income as a % of total revenue4	21.63		%	19.85		%	25.68		%	178		bp			(405)		bp
Balance Sheet (billions)
Average loans	$	59.9		$	58.1		$	55.6		$	1.9		3	%	$	4.3		8	%
Average deposits	61.4			62.2			71.9			(0.8)			(1)		(10.5)			(15)
Average assets	82.3			78.8			86.3			3.5			4		(4.0)			(5)
Average common equity	$	7.7		$	7.4		$	7.3		$	0.3		5	%	$	0.4		6	%
Asset Quality Highlights

Allowance for credit losses to loans and leases	1.35		%	1.35		%	1.24		%	(1)		bp			11		bp

Net charge-off ratio	0.16			0.11			0.09			4					7

Nonperforming loan and leases ratio	0.66		%	0.72		%	0.53		%	(6)		bp			13		bp
Capital Ratio Highlights (current quarter is an estimate)



Common Equity Tier 1	11.1		%	10.4		%	9.8		%	72		bp			127		bp
Tier 1	12.1			12.1			11.6			(2)					47
Total Capital	13.6			13.6			13.0			(3)					62
Tier 1 leverage	10.5		%	10.7		%	9.1		%	(17)		bp			140		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 20.

Second Quarter 2023 versus First Quarter 2023

Net interest income

Net interest income of $631 million decreased $57 million as the benefit of higher rates and loan balances was more than offset by higher funding costs driven by increased competition. Net interest margin of 3.38% decreased 50 basis points largely as the benefit of higher rates and loan growth was more than offset by the impact of higher funding costs.

Noninterest income

Noninterest income of $400 million increased $229 million and adjusted noninterest income of $175 million increased $4 million largely driven by a $5 million increase in deferred compensation and a $4 million increase in service charges and fees. Fixed income average daily revenue of $348 thousand decreased 20% compared with $437 thousand in first quarter 2023 driven by continuing challenging market conditions.

Noninterest expense

Noninterest expense of $555 million increased $77 million and included a $74 million increase in notable items. Adjusted noninterest expense of $461 million increased $4 million largely as higher personnel and outside services expenses were partially offset by a reduction in other noninterest expense.

Loans and leases

Average loan and lease balances of $59.9 billion increased $1.9 billion largely reflecting a 3% increase in commercial. Commercial loan growth of $1.2 billion was driven by a $0.9 billion increase in C&I loans. Consumer loan growth increased $0.6 billion compared to the prior quarter, driven by a $0.7 billion increase in consumer real estate. Results reflect a $0.4 billion increase in LMC. Loan balances excluding LMC increased $1.5 billion compared to the prior quarter, driven by a $0.8 billion increase in commercial.

Period-end loans and leases of $61.3 billion increased $2.3 billion from first quarter 2023, reflecting a 3% increase in commercial and a 6% increase in consumer. Before the impact of LMC, period-end loans increased $1.6 billion, or 3%, driven by a $0.8 billion increase in consumer and a $0.8 billion increase in all other commercial loans.

Deposits

Period-end deposits of $65.4 billion increased $4.0 billion reflecting a $6.3 billion increase in interest-bearing deposits partially offset by a $2.3 billion decrease in noninterest-bearing. Average deposits of $61.4 billion decreased $0.8 billion, or 1%. Total deposit costs of 173 basis points increased 62 basis points with a 82 basis point increase in interest-bearing deposit costs.

Asset quality

Provision expense of $50 million remained stable and reflects the impact of 3% loan growth excluding LMC and modest growth in net charge-offs.

Net charge-offs of $23 million, or 16 basis points, compared with $16 million, or 11 basis points, in first quarter 2023.

Nonperforming loans of $402 million decreased $21 million. Second quarter 2023 ACL to nonperforming loans coverage ratio of 206% compared with 189% in first quarter 2023.

The ACL to loans ratio remained flat at 1.35% from first quarter 2023.

Capital

CET1 ratio of 11.1% in second quarter 2023 compared with 10.4% in first quarter 2023. Total capital ratio of 13.6% consistent with first quarter 2023.

Income taxes

Second quarter 2023 effective tax rate of 22.6% compared with 22.7% in first quarter 2023. On an adjusted basis, the effective tax rate of 21.6% in the second quarter 2023 decreased from 22.9% in first quarter 2023.

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

The non-GAAP measures presented in this earnings release are fully taxable equivalent measures, pre-provision net revenue ("PPNR"), 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 21.

First Horizon Corp. (NYSE: FHN), with $85.1 billion in assets as of June 30, 2023, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

Contact: Investor Relations - NRFlanders@firsthorizon.com

Media Relations - Beth.Ardoin@firsthorizon.com


CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited

																2Q23 Change vs.
($s in millions, except per share data)	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23				2Q22
																$		%		$		%
Interest income - taxable equivalent1	$	1,019		$	923		$	860		$	737		$	586		$	96	10	%	$	433	74	%
Interest expense- taxable equivalent1	385			232			148			71			41			153		66		344		NM
Net interest income- taxable equivalent	635			691			712			666			545			(56)		(8)		90		17
Less: Taxable-equivalent adjustment	4			4			4			4			3			—		—		1		33
Net interest income	631			688			709			662			542			(57)		(8)		89		16
Noninterest income:
Fixed income	$	30		39			35			46			51			(9)		(23)		(21)		(41)
Mortgage banking and title	6			5			4			9			34			1		20		(28)		(82)
Brokerage, trust, and insurance	35			34			33			34			36			1		3		(1)		(3)
Service charges and fees	59			55			56			56			57			4		7		2		4
Card and digital banking fees	21			19			20			21			23			2		11		(2)		(9)
Deferred compensation income	8			3			7			(3)			(17)			5		NM		25		147
Gain on merger termination	225			—			—			—			—			225		NM		225		NM
Other noninterest income	17			15			20			50			16			2		13		1		6
Total noninterest income	400			171			174			213			201			229		134		199		99
Total revenue	1,031			859			882			875			743			172		20		288		39
Noninterest expense:
Personnel expense:
Salaries and benefits	191			188			178			186			190			3		2		1		1
Incentives and commissions	86			80			97			92			93			6		8		(7)		(8)
Deferred compensation expense	8			3			7			(2)			(18)			5		NM		26		144
Total personnel expense	285			271			281			275			265			14		5		20		8
Occupancy and equipment2	68			70			71			71			73			(2)		(3)		(5)		(7)
Outside services	71			66			70			66			70			5		8		1		1
Amortization of intangible assets	12			12			13			13			13			—		—		(1)		(8)
Other noninterest expense	119			59			69			44			68			60		102		51		75
Total noninterest expense	555			478			503			468			489			77		16		66		13
Pre-provision net revenue3	475			381			379			406			255			94		25		220		86
Provision for credit losses	50			50			45			60			30			—		—		20		67
Income before income taxes	425			331			334			346			225			94		28		200		89
Provision for income taxes	96			75			64			78			48			21		28		48		100
Net income	329			256			270			268			177			73		29		152		86
Net income attributable to noncontrolling interest	5			4			4			3			3			1		25		2		67
Net income attributable to controlling interest	325			251			266			265			174			74		29		151		87
Preferred stock dividends	8			8			8			8			8			—		—		—		—
Net income available to common shareholders	$	317		$	243		$	258		$	257		$	166		$	74	30	%	$	151	91	%
Common Share Data
EPS	$	0.59		$	0.45		$	0.48		$	0.48		$	0.31		$	0.14	31	%	$	0.28	90	%
Basic shares	539			537			536			536			535			2		—		4		1
Diluted EPS	$	0.56		$	0.43		$	0.45		$	0.45		$	0.29		$	0.13	30		$	0.27	92
Diluted shares8	561			572			572			570			569			(11)		(2)	%	(8)		(1)	%

Effective tax rate	22.6		%	22.7		%	19.2		%	22.6		%	21.3		%

Numbers may not foot due to rounding. See footnote disclosures on page 20.


ADJUSTED5 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 9
Quarterly, Unaudited


																2Q23 Change vs.
($s in millions, except per share data)	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23				2Q22
																$		%		$		%


Net interest income (FTE)1	$	635		$	691		$	712		$	666		$	545		$	(56)	(8)	%	$	90	17	%
Adjusted noninterest income:
Fixed income	30			39			35			46			51			(9)		(23)		(21)		(41)
Adjusted mortgage banking and title	6			5			4			9			22			1		20		(16)		(73)
Brokerage, trust, and insurance	35			34			33			34			36			1		3		(1)		(3)
Service charges and fees	59			55			56			56			57			4		7		2		4
Card and digital banking fees	21			19			20			21			23			2		11		(2)		(9)
Deferred compensation income	8			3			7			(3)			(17)			5		NM		25		147
Gain on merger termination	—			—			—			—			—			—		NM		—		NM
Adjusted other noninterest income	17			15			20			18			15			2		13		2		13
Adjusted total noninterest income	$	175		$	171		$	173		$	181		$	188		$	4	2	%	$	(13)	(7)	%
Total revenue (FTE)1	$	810		$	863		$	885		$	847		$	733		$	(53)	(6)	%	$	77	11	%

Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$	187		$	188		$	178		$	185		$	190		$	(1)	(1)	%	$	(3)	(2)	%
Adjusted Incentives and commissions	65			64			70			68			71			1		2		(6)		(8)
Adjusted deferred compensation expense	8			3			7			(2)			(18)			5		NM		26		144
Adjusted total personnel expense	260			255			254			251			244			5		2		16		7
Adjusted occupancy and equipment2	68			70			71			70			72			(2)		(3)		(4)		(6)
Adjusted outside services	68			63			64			64			61			5		8		7		11
Adjusted amortization of intangible assets	12			12			12			12			12			—		—		—		—
Adjusted other noninterest expense	53			58			58			48			50			(5)		(9)		3		6
Adjusted total noninterest expense	$	461		$	457		$	458		$	444		$	438		$	4	1	%	$	23	5	%

Adjusted pre-provision net revenue3	$	349		$	406		$	428		$	403		$	295		$	(57)	(14)	%	$	54	18	%

Provision for credit losses	$	50		$	50		$	45		$	60		$	30		$	—	—	%	$	20	67	%







Adjusted net income available to common shareholders	$	219		$	259		$	293		$	252		$	195		$	(40)	(15)	%	$	24	12	%

Adjusted Common Share Data


Adjusted diluted EPS	$	0.39		$	0.45		$	0.51		$	0.44		$	0.34		$	(0.06)	(13)	%	$	0.05	15	%
Diluted shares8	561			572			572			570			569			(11)		(2)	%	(8)		(1)	%

Adjusted effective tax rate	21.6		%	22.9		%	19.8		%	22.4		%	21.7		%
Adjusted ROTCE	14.6		%	18.6		%	21.7		%	17.9		%	14.2		%
Adjusted efficiency ratio	56.9		%	53.0		%	51.7		%	52.4		%	59.8		%

Numbers may not foot due to rounding.

See footnote disclosures on page 20.


NOTABLE ITEMS
Quarterly, Unaudited



(In millions)	2Q23		1Q23		4Q22		3Q22		2Q22
Summary of Notable Items:



Gain on merger termination	$	225	$	—	$	—	$	—	$	—
Gain on sale of title services business	—		—		1		21		—
Gain related to equity securities investments	—		—		—		10		—
Gain on sale of mortgage servicing rights	—		—		—		—		12
Net Merger/acquisition/transaction-related items	(30)		(21)		(36)		(24)		(38)
Other notable expenses*	(65)		—		(10)		—		(12)
Total notable items	130		(21)		(45)		7		(38)
EPS impact of notable items	$	0.17	$	(0.03)	$	(0.06)	$	0.01	$	(0.05)

Numbers may not foot due to rounding

* 2Q23 includes $50 million contribution to First Horizon Foundation; 2Q23, 4Q22 and 2Q22 includes $15 million, $10 million and $12 million, respectively of Visa derivative valuation expense.


IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited



(In millions)	2Q23		1Q23		4Q22		3Q22		2Q22
Impacts of Notable Items:



Noninterest income:

Mortgage banking and title	$	—	$	—	$	—	$	—	$	(12)




Gain on merger termination	(225)		—		—		—		—
Other noninterest income	—		—		(1)		(32)		—
Total noninterest income	$	(225)	$	—	$	(1)	$	(32)	$	(13)


Noninterest expense:
Personnel expenses:
Salaries and benefits	$	(4)	$	—	$	—	$	—	$	1
Incentives and commissions	(21)		(16)		(27)		(24)		(22)
Deferred compensation expense	—		—		—		—		—
Total personnel expenses	(25)		(16)		(27)		(25)		(21)
Occupancy and equipment2	—		—		—		(1)		(1)
Outside services	(4)		(3)		(6)		(2)		(9)
Amortization of intangible assets	—		—		(1)		(1)		(1)
Other noninterest expense	(66)		(2)		(11)		4		(18)
Total noninterest expense	$	(95)	$	(21)	$	(46)	$	(25)	$	(50)







Income before income taxes	$	(130)	$	21	$	45	$	(7)	$	38
Provision for income taxes	(33)		6		11		(2)		9


Net income/(loss) available to common shareholders	$	(98)	$	16	$	34	$	(5)	$	29

Numbers may not foot due to rounding


FINANCIAL RATIOS
Quarterly, Unaudited
																2Q23 Change vs.
	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23					2Q22
FINANCIAL RATIOS																$/bp			%		$/bp			%
Net interest margin	3.38		%	3.88		%	3.89		%	3.48		%	2.74		%	(50)		bp			64		bp

Return on average assets	1.60		%	1.32		%	1.35		%	1.29		%	0.82		%	28					78
Adjusted return on average assets4	1.13		%	1.40		%	1.52		%	1.27		%	0.95		%	(27)					18
Return on average common equity (“ROCE”)	16.40		%	13.34		%	14.42		%	13.85		%	9.12		%	306					728

Return on average tangible common equity (“ROTCE”)4	21.10		%	17.43		%	19.14		%	18.23		%	12.07		%	367					903
Adjusted ROTCE4	14.59		%	18.55		%	21.68		%	17.89		%	14.15		%	(396)					44
Noninterest income as a % of total revenue	38.82		%	19.94		%	19.68		%	24.30		%	27.06		%	1,888					1,176
Adjusted noninterest income as a % of total revenue4	21.63		%	19.85		%	19.55		%	21.37		%	25.68		%	178					(405)
Efficiency ratio	53.87		%	55.65		%	57.07		%	53.56		%	65.76		%	(178)					(1,189)
Adjusted efficiency ratio4	56.90		%	52.95		%	51.70		%	52.42		%	59.79		%	395					(289)

CAPITAL DATA
CET1 capital ratio*	11.1		%	10.4		%	10.2		%	9.9		%	9.8		%	72		bp			127		bp
Tier 1 capital ratio*	12.1		%	12.1		%	11.9		%	11.7		%	11.6		%	(2)		bp			47		bp
Total capital ratio*	13.6		%	13.6		%	13.3		%	13.1		%	13.0		%	(3)		bp			62		bp
Tier 1 leverage ratio*	10.5		%	10.7		%	10.4		%	9.8		%	9.1		%	(17)		bp			140		bp
Risk-weighted assets (“RWA”) (billions)	$	71.5		$	69.5		$	69.2		$	68.6		$	67.3		$	2		3	%	$	4		6	%
Total equity to total assets	10.53		%	11.02		%	10.83		%	10.32		%	10.04		%	(49)		bp			49		bp
Tangible common equity/tangible assets (“TCE/TA”)4	7.71		%	7.41		%	7.12		%	6.64		%	6.55		%	30		bp			116		bp
Period-end shares outstanding (millions)9	559			538			537			537			536			21			4	%	23			4	%
Cash dividends declared per common share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15		$	—		—	%	$	—		—	%
Book value per common share	$	14.58		$	14.11		$	13.48		$	12.99		$	13.50		$	0.47		3	%	$	1.08		8	%
Tangible book value per common share4	$	11.50		$	10.89		$	10.23		$	9.72		$	10.18		$	0.61		6	%	$	1.32		13	%


SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	93.68		%	96.10		%	91.51		%	86.88		%	80.13		%	(242)		bp			1,355		bp
Loans-to-deposit ratio (average balances)	97.52		%	93.33		%	88.73		%	82.99		%	77.25		%	419		bp			2,027		bp
Full-time equivalent associates	7,327			7,282			7,477			7,569			7,627			45			1	%	(300)			(4)	%

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

*Current quarter is an estimate.

See footnote disclosures on page 20.

CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited


											2Q23 Change vs.
(In millions)	2Q23		1Q23		4Q22		3Q22		2Q22		1Q23				2Q22
											$		%		$		%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	33,116	$	32,172	$	31,780	$	31,620	$	31,276	$	943	3	%	$	1,840	6	%
Commercial real estate	13,891		13,397		13,228		13,021		12,942		493		4		949		7
Total Commercial	47,006		45,570		45,008		44,641		44,218		1,437		3		2,788		6
Consumer real estate	13,475		12,668		12,253		11,864		11,441		808		6		2,035		18
Credit card and other5	813		807		840		849		870		6		1		(57)		(7)
Total Consumer	14,289		13,475		13,093		12,712		12,311		814		6		1,978		16
Loans and leases, net of unearned income	61,295		59,045		58,101		57,354		56,529		2,251		4		4,767		8
Loans held for sale	789		650		590		680		870		139		21		(81)		(9)
Investment securities	9,949		10,317		10,207		10,103		9,628		(368)		(4)		321		3
Trading securities	1,059		1,122		1,375		1,421		1,392		(63)		(6)		(333)		(24)
Interest-bearing deposits with banks	4,523		2,488		1,384		3,241		9,475		2,035		82		(4,952)		(52)
Federal funds sold and securities purchased under agreements to resell	282		309		482		690		712		(27)		(9)		(430)		(60)
Total interest earning assets	77,898		73,929		72,139		73,489		78,606		3,969		5		(708)		(1)
Cash and due from banks	1,137		987		1,061		1,193		1,133		150		15		4		—
Goodwill and other intangible assets, net	1,720		1,732		1,744		1,757		1,782		(12)		(1)		(62)		(3)
Premises and equipment, net	595		603		612		622		636		(8)		(1)		(41)		(7)
Allowance for loan and lease losses	(737)		(715)		(685)		(664)		(624)		(22)		(3)		(113)		(18)
Other assets	4,458		4,193		4,082		3,903		3,598		265		6		860		24
Total assets	$	85,071	$	80,729	$	78,953	$	80,299	$	85,132	$	4,342	5	%	$	(61)	—	%

Liabilities and Shareholders' Equity:
Deposits:
Savings	$	23,733	$	21,346	$	21,971	$	22,800	$	24,376	$	2,387	11	%	$	(643)	(3)	%
Time deposits	8,279		3,777		2,887		2,671		2,888		4,502		119		5,391		NM
Other interest-bearing deposits	14,620		15,184		15,165		14,730		16,172		(564)		(4)		(1,552)		(10)
Total interest-bearing deposits	46,632		40,306		40,023		40,202		43,436		6,326		16		3,196		7
Trading liabilities	174		144		335		383		394		30		21		(220)		(56)
Short-term borrowings	6,946		6,484		2,506		1,416		1,953		462		7		4,993		NM
Term borrowings	1,156		1,605		1,597		1,597		1,599		(449)		(28)		(443)		(28)
Total interest-bearing liabilities	54,908		48,540		44,461		43,598		47,382		6,368		13		7,526		16
Noninterest-bearing deposits	18,801		21,134		23,466		25,813		27,114		(2,333)		(11)		(8,313)		(31)
Other liabilities	2,403		2,161		2,480		2,605		2,085		242		11		318		15
Total liabilities	76,112		71,835		70,406		72,016		76,581		4,277		6		(469)		(1)
Shareholders' Equity:
Preferred stock	520		1,014		1,014		1,014		1,014		(494)		(49)		(494)		(49)
Common stock	349		336		336		335		335		13		4		14		4
Capital surplus	5,324		4,863		4,840		4,812		4,791		461		9		533		11
Retained earnings	3,830		3,595		3,430		3,254		3,079		235		7		751		24
Accumulated other comprehensive loss, net	(1,359)		(1,208)		(1,367)		(1,427)		(963)		(151)		(12)		(396)		(41)
Combined shareholders' equity	8,664		8,599		8,251		7,987		8,255		65		1		409		5
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	8,960		8,895		8,547		8,283		8,551		65		1		409		5
Total liabilities and shareholders' equity	$	85,071	$	80,729	$	78,953	$	80,299	$	85,132	$	4,342	5	%	$	(61)	—	%
Memo:
Total Deposits	$	65,433	$	61,440	$	63,489	$	66,014	$	70,550	$	3,993	6	%	$	(5,117)	(7)	%
Unfunded Loan Commitments:
Commercial	$	22,084	$	21,806	$	22,833	$	23,706	$	23,251	$	278	1	%	$	(1,168)	(5)	%
Consumer	$	4,400	$	4,404	$	4,329	$	4,248	$	3,972	$	(4)	—	%	$	428	11	%

Numbers may not foot due to rounding. See footnote disclosures on page 20.

CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly, Unaudited


											2Q23 Change vs.
(In millions)	2Q23		1Q23		4Q22		3Q22		2Q22		1Q23				2Q22
											$		%		$		%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	32,423	$	31,558	$	31,562	$	31,120	$	30,963	$	865	3	%	$	1,461	5	%
Commercial real estate	13,628		13,290		13,095		12,926		12,626		338		3		1,001		8
Total Commercial	46,051		44,848		44,657		44,046		43,589		1,203		3		2,462		6
Consumer real estate	13,058		12,401		12,049		11,633		11,120		658		5		1,938		17
Credit card and other5	815		825		858		864		867		(10)		(1)		(52)		(6)
Total Consumer	13,873		13,226		12,907		12,496		11,987		647		5		1,886		16
Loans and leases, net of unearned income	59,924		58,074		57,564		56,543		55,576		1,850		3		4,348		8
Loans held-for-sale	731		596		597		761		1,027		135		23		(296)		(29)
Investment securities	10,192		10,263		10,132		10,315		9,781		(71)		(1)		411		4
Trading securities	1,110		1,284		1,311		1,342		1,509		(174)		(14)		(399)		(26)
Interest-bearing deposits with banks	3,110		1,468		2,618		6,341		10,989		1,642		112		(7,879)		(72)
Federal funds sold and securities purchased under agreements to resell	279		392		583		661		857		(113)		(29)		(578)		(67)
Total interest earning assets	75,346		72,076		72,805		75,963		79,739		3,270		5		(4,393)		(6)
Cash and due from banks	1,024		1,035		1,118		1,246		1,281		(11)		(1)		(257)		(20)
Goodwill and other intangibles assets, net	1,726		1,738		1,750		1,767		1,789		(12)		(1)		(63)		(4)
Premises and equipment, net	598		607		616		629		645		(9)		(2)		(47)		(7)
Allowances for loan and lease losses	(728)		(692)		(675)		(639)		(621)		(36)		(5)		(107)		(17)
Other assets	4,338		4,076		3,907		3,585		3,493		262		6		845		24
Total assets	$	82,304	$	78,841	$	79,521	$	82,551	$	86,326	$	3,463	4	%	$	(4,022)	(5)	%

Liabilities and shareholders' equity:
Deposits:
Savings	$	21,542	$	21,824	$	22,477	$	23,569	$	24,841	$	(282)	(1)	%	$	(3,299)	(13)	%
Time deposits	5,520		3,336		2,720		2,759		3,040		2,184		65		2,480		82
Other interest-bearing deposits	14,719		14,790		14,658		15,102		16,273		(71)		—		(1,554)		(10)
Total interest-bearing deposits	41,781		39,950		39,855		41,431		44,154		1,831		5		(2,373)		(5)
Trading liabilities	216		324		353		372		585		(108)		(33)		(369)		(63)
Short-term borrowings	7,999		3,695		1,821		1,711		1,710		4,304		116		6,289		NM
Term borrowings	1,428		1,602		1,597		1,598		1,597		(174)		(11)		(169)		(11)
Total interest-bearing liabilities	51,424		45,572		43,626		45,112		48,046		5,852		13		3,378		7
Noninterest-bearing deposits	19,664		22,274		25,021		26,701		27,791		(2,610)		(12)		(8,127)		(29)
Other liabilities	2,187		2,289		2,459		2,068		1,875		(102)		(4)		312		17
Total liabilities	73,275		70,134		71,106		73,882		77,712		3,141		4		(4,437)		(6)
Shareholders' Equity:
Preferred stock	986		1,014		1,014		1,014		1,014		(28)		(3)		(28)		(3)
Common stock	337		336		336		335		335		1		—		2		1
Capital surplus	4,891		4,851		4,826		4,802		4,778		40		1		113		2
Retained earnings	3,759		3,518		3,358		3,175		3,051		241		7		708		23
Accumulated other comprehensive loss, net	(1,241)		(1,307)		(1,414)		(953)		(859)		66		5		(382)		(45)
Combined shareholders' equity	8,734		8,411		8,119		8,373		8,318		323		4		416		5
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	9,029		8,707		8,415		8,669		8,614		322		4		415		5
Total liabilities and shareholders' equity	$	82,304	$	78,841	$	79,521	$	82,551	$	86,326	$	3,463	4	%	$	(4,022)	(5)	%
Memo:
Total Deposits	$	61,445	$	62,224	$	64,876	$	68,133	$	71,945	$	(779)	(1)	%	$	(10,500)	(15)	%

Numbers may not foot due to rounding. See footnote disclosures on page 20.


CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited
																					2Q23 Change vs.
	2Q23				1Q23				4Q22				3Q22				2Q22				1Q23				2Q22
(In millions, except rates)	Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense				Income/Expense
																					$		%		$		%
Interest earning assets/Interest income:
Loans and leases, net of unearned income:


Commercial	$	727	6.34	%	$	668	6.04	%	$	607	5.40	%	$	496	4.47	%	$	382	3.52	%	$	59	9	%	$	345	90	%


Consumer	153		4.39		141		4.26		134		4.14		124		3.94		112		3.74		12		9		41		37
Loans and leases, net of unearned income	880		5.89		809		5.64		742		5.12		619		4.35		494		3.57		71		9		386		78
Loans held-for-sale	14		7.58		11		7.08		9		6.34		9		4.91		10		3.89		3		27		4		40
Investment securities	63		2.49		63		2.45		61		2.41		55		2.14		46		1.87		—		—		17		37
Trading securities	19		6.69		20		6.21		19		5.79		15		4.55		13		3.43		(1)		(5)		6		46
Interest-bearing deposits with banks	40		5.13		17		4.60		24		3.61		34		2.15		22		0.79		23		135		18		82
Federal funds sold and securities purchased under agreements	3		4.85		4		4.35		5		3.48		2		2.04		1		0.66		(1)		(25)		2		NM
Interest income	$	1,019	5.42	%	$	923	5.18	%	$	860	4.70	%	$	737	3.86	%	$	586	2.95	%	$	96	10	%	$	433	74	%

Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$	141	2.63	%	$	96	1.79	%	$	67	1.19	%	$	18	0.31	%	$	5	0.08	%	$	45	47	%	$	136	NM
Time deposits	49		3.56		16		1.96		6		0.90		2		0.50		4		0.50		33		NM		45		NM
Other interest-bearing deposits	75		2.06		58		1.59		39		1.05		21		0.56		9		0.22		17		29		66		NM
Total interest-bearing deposits	265		2.55		171		1.73		112		1.12		42		0.41		18		0.16		94		55		247		NM
Trading liabilities	2		3.82		3		3.83		3		3.59		3		3.03		4		2.52		(1)		(33)		(2)		(50)
Short-term borrowings	99		4.94		38		4.16		13		2.85		7		2.22		2		0.58		61		NM		97		NM
Term borrowings	19		5.21		20		4.98		19		4.81		18		4.57		17		4.38		(1)		(5)		2		12
Interest expense	385		3.00		232		2.06		148		1.35		71		0.63		41		0.34		153		66		344		NM
Net interest income - tax equivalent basis	635		2.42		691		3.11		712		3.35		666		3.23		545		2.61		(56)		(8)		90		17
Fully taxable equivalent adjustment	(4)		0.96		(4)		0.76		(4)		0.54		(4)		0.25		(3)		0.13		—		—		(1)		(33)
Net interest income	$	631	3.38	%	$	688	3.88	%	$	709	3.89	%	$	662	3.48	%	$	542	2.74	%	$	(57)	(8)	%	$	89	16	%

Memo:
Total loan yield			5.89	%			5.64	%			5.12	%			4.35	%			3.57	%
Total deposit cost			1.73	%			1.11	%			0.69	%			0.25	%			0.10	%
Total funding cost			2.17	%			1.38	%			0.85	%			0.39	%			0.22	%

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

Earning assets yields are expressed net of unearned income.

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

Numbers may not foot due to rounding.

See footnote disclosures on page 20.


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

	As of															2Q23 change vs.
(In millions, except ratio data)	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23				2Q22
																$		%		$		%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$	184		$	204		$	153		$	116		$	129		$	(20)	(10)	%	$	55	42	%
Commercial real estate	73			63			9			10			11			10		15		62		NM
Consumer real estate	144			155			152			163			159			(11)		(7)		(15)		(9)
Credit card and other	2			2			2			3			3			—		3		—		(13)
Total nonperforming loans and leases	$	402		$	424		$	316		$	292		$	301		$	(21)	(5)	%	$	102	34	%

Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.55		%	0.63		%	0.48		%	0.37		%	0.41		%
Commercial real estate	0.52			0.47			0.07			0.08			0.08
Consumer real estate	1.07			1.22			1.24			1.37			1.39
Credit card and other	0.27			0.29			0.27			0.31			0.29
Total nonperforming loans and leases to loans and leases	0.66		%	0.72		%	0.54		%	0.51		%	0.53		%

Numbers may not foot due to rounding.


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

	As of										2Q23 change vs.
(In millions)	2Q23		1Q23		4Q22		3Q22		2Q22		1Q23				2Q22
											$		%		$		%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)	$	1	$	—	$	11	$	1	$	1	$	1	148	%	$	—	73	%
Commercial real estate	—		—		—		—		—		—		NM		—		NM
Consumer real estate	8		7		18		17		14		1		17		(6)		(43)
Credit card and other	5		5		3		6		3		—		4		2		72
Total loans and leases 90 days or more past due and accruing	$	14	$	12	$	33	$	24	$	17	$	2	13	%	$	(3)	(20)	%

Numbers may not foot due to rounding.


CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited

	As of															2Q23 change vs.
(In millions, except ratio data)	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23				2Q22
Charge-off, Recoveries and Related Ratios																$		%		$		%
Gross Charge-offs
Commercial, financial, and industrial (C&I)	$	19		$	14		$	24		$	13		$	12		$	5	35	%	$	7	55	%
Commercial real estate	8			2			—			1			—			6		NM		8		NM
Consumer real estate	1			1			1			1			2			—		(8)		(2)		(69)
Credit card and other	5			5			7			7			7			(1)		(12)		(2)		(31)
Total gross charge-offs	$	33		$	22		$	32		$	21		$	21		$	11	48	%	$	11	54	%
Gross Recoveries
Commercial, financial, and industrial (C&I)	$	(5)		$	(2)		$	(3)		$	(2)		$	(1)		$	(2)	(104)	%	$	(4)	NM
Commercial real estate	(1)			—			—			—			(1)			—		NM		—		20
Consumer real estate	(3)			(2)			(2)			(6)			(6)			—		(16)		3		52
Credit card and other	(1)			(1)			(1)			(1)			(1)			—		3		—		—
Total gross recoveries	$	(9)		$	(6)		$	(6)		$	(9)		$	(9)		$	(3)	(53)	%	$	(1)	(7)	%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I)	$	14		$	12		$	21		$	11		$	11		$	2	21	%	$	3	28	%
Commercial real estate	8			2			—			—			(1)			6		NM		8		NM
Consumer real estate	(2)			(2)			(2)			(5)			(3)			—		(29)		1		40
Credit card and other	3			4			6			5			5			(1)		(14)		(2)		(38)
Total net charge-offs	$	23		$	16		$	26		$	12		$	12		$	7	47	%	$	11	88	%

Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I)	0.18		%	0.15		%	0.27		%	0.14		%	0.14		%
Commercial real estate	0.23			0.05			—			0.01			(0.03)
Consumer real estate	(0.06)			(0.05)			(0.05)			(0.17)			(0.12)
Credit card and other	1.65			1.93			2.76			2.46			2.49
Total loans and leases	0.16		%	0.11		%	0.18		%	0.08		%	0.09		%

Numbers may not foot due to rounding.


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

	As of										2Q23 Change vs.
(In millions)	2Q23		1Q23		4Q22		3Q22		2Q22		1Q23				2Q22
Summary of Changes in the Components of the Allowance For Credit Losses											$		%		$		%
Allowance for loan and lease losses - beginning	$	715	$	685	$	664	$	624	$	622	$	30	4	%	$	93	15	%
Cumulative effect of change in accounting principle:
Commercial, financial, and industrial (C&I)	—		1		—		—		—		(1)		(100)		—		NM
Commercial real estate	—		—		—		—		—		—		(100)		—		NM
Consumer real estate	—		(7)		—		—		—		7		100		—		NM
Credit card and other	—		—		—		—		—		—		100		—		NM
Total cumulative effect of change in accounting principles	—		(6)		—		—		—		6		100		—		NM
Allowance for loan and lease losses - beginning, adjusted	$	715	$	679	$	664	$	624	$	622	$	36	5	%	$	93	15	%






Charge-offs:
Commercial, financial, and industrial (C&I)	(19)		(14)		(24)		(13)		(12)		(5)		(35)		(7)		(55)
Commercial real estate	(8)		(2)		—		(1)		—		(6)		NM		(8)		NM
Consumer real estate	(1)		(1)		(1)		(1)		(2)		—		8		2		69
Credit card and other	(5)		(5)		(7)		(7)		(7)		1		12		2		31
Total charge-offs	(33)		(22)		(32)		(21)		(21)		(11)		(48)		(12)		(55)
Recoveries:
Commercial, financial, and industrial (C&I)	5		2		3		2		1		2		104		4		NM
Commercial real estate	1		—		—		—		1		—		NM		—		(20)
Consumer real estate	3		2		2		6		6		—		16		(3)		(53)
Credit card and other	1		1		1		1		1		—		(3)		—		—
Total Recoveries	9		6		6		9		9		3		56		—		3
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)	15		27		35		32		(2)		(12)		(43)		18		NM
Commercial real estate	16		6		(2)		8		(12)		11		NM		28		NM
Consumer real estate	10		15		5		5		16		(5)		(33)		(7)		(36)
Credit card and other	3		4		9		7		12		(1)		(25)		(9)		(75)
Total provision for loan and lease losses:	45		52		46		52		14		(7)		(13)		31		NM
Allowance for loan and lease losses - ending	$	737	$	715	$	685	$	664	$	624	$	22	3	%	$	113	18	%

Reserve for unfunded commitments - beginning	$	85	$	87	$	88	$	80	$	64	$	(2)	(3)	%	$	21	32	%
Cumulative effect of change in accounting principle	—		—		—		—		—		—		NM		—		NM
Acquired reserve for unfunded commitments	—		—		—		—		—		—		NM		—		NM
Provision for unfunded commitments	5		(2)		(1)		8		16		7		NM		(11)		(69)
Reserve for unfunded commitments - ending	$	90	$	85	$	87	$	88	$	80	$	5	5	%	$	10	12	%
Total allowance for credit losses- ending	$	827	$	800	$	771	$	752	$	704	$	27	3	%	$	123	17	%

Numbers may not foot due to rounding.


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

	As of
	2Q23		1Q23		4Q22		3Q22		2Q22

Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	0.98	%	1.01	%	0.97	%	0.93	%	0.88	%
Commercial real estate	1.14	%	1.12	%	1.10	%	1.14	%	1.09	%
Consumer real estate	1.64	%	1.65	%	1.63	%	1.63	%	1.60	%
Credit card and other	3.79	%	3.86	%	3.72	%	3.32	%	3.01	%
Total allowance for loans and lease losses to loans and leases	1.20	%	1.21	%	1.18	%	1.16	%	1.10	%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	177	%	159	%	202	%	253	%	213	%
Commercial real estate	219	%	238	%	1,554	%	1,422	%	1,331	%
Consumer real estate	154	%	135	%	131	%	119	%	115	%
Credit card and other	1,384	%	1,439	%	1,364	%	1,070	%	1,021	%
Total allowance for loans and lease losses to nonperforming loans and leases	183	%	169	%	217	%	228	%	207	%

REGIONAL BANKING

Quarterly, Unaudited


																2Q23 Change vs.
	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23					2Q22
																$/bp			%		$/bp			%
Income Statement (millions)
Net interest income	$	612		$	586		$	544		$	518		$	465		$	26		4	%	$	147		32	%
Noninterest income	109			107			107			110			114			2			2		(5)			(4)
Total revenue	721			693			650			627			579			28			4		142			25
Noninterest expense	321			320			321			302			299			1			—		22			7
Pre-provision net revenue3	399			373			330			326			280			26			7		119			43
Provision for credit losses	43			41			30			43			52			2			5		(9)			(17)
Income before income tax expense	356			331			300			283			228			25			8		128			56
Income tax expense	84			78			70			66			53			6			8		31			58
Net income	$	272		$	253		$	229		$	216		$	175		$	19		8	%	$	97		55	%

Average Balances (billions)
Total loans and leases	$	42.9		$	41.8		$	41.1		$	40.1		$	39.2		$	1.1		3	%	$	3.7		9	%
Interest-earning assets	42.9			41.8			41.1			40.1			39.2			1.1			3		3.7			9
Total assets	45.6			44.5			43.8			42.8			41.9			1.1			2		3.7			9
Total deposits	55.9			57.8			59.6			61.9			64.5			(1.9)			(3)		(8.6)			(13)

Key Metrics
Net interest margin6	5.75		%	5.71		%	5.27		%	5.15		%	4.78		%	4		bp			97		bp
Efficiency ratio	44.59		%	46.21		%	49.30		%	48.11		%	51.67		%	(162)		bp			(708)		bp
Loans-to-deposits ratio (period-end balances)	74.98		%	73.95		%	70.81		%	66.77		%	62.77		%	103		bp			1,221		bp
Loans-to-deposits ratio (average-end balances)	76.72		%	72.39		%	69.02		%	64.78		%	60.75		%	433		bp			1,597		bp
Return on average assets (annualized)	2.39		%	2.31		%	2.08		%	2.01		%	1.67		%	8		bp			72		bp
Return on allocated equity7	29.55		%	27.96		%	25.21		%	24.14		%	19.84		%	159		bp			971		bp
Financial center locations	417			417			417			417			417			—			—	%	—			—	%

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 20.

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

SPECIALTY BANKING

Quarterly, Unaudited


																2Q23 Change vs.
	2Q23			1Q23			4Q22			3Q22			2Q22			1Q23					2Q22
																$/bp			%		$/bp			%
Income Statement (millions)
Net interest income	$	130		$	125		$	134		$	138		$	141		$	5		4	%	$	(11)		(8)	%
Noninterest income	48			53			47			64			96			(5)			(9)		(48)			(50)
Total revenue	177			179			181			203			237			(2)			(1)		(60)			(25)
Noninterest expense	88			93			93			105			114			(5)			(5)		(26)			(23)
Pre-provision net revenue3	89			86			87			97			122			3			3		(33)			(27)
Provision for credit losses	10			10			18			17			(18)			—			—		28			NM
Income before income tax expense	79			76			70			80			141			3			4		(62)			(44)
Income tax expense	19			18			17			19			34			1			6		(15)			(44)
Net income	$	60		$	57		$	53		$	61		$	106		$	3		5	%	$	(46)		(43)	%

Average Balances (billions)
Total loans and leases	$	16.5		$	15.8		$	15.9		$	15.9		$	15.8		$	0.7		5	%	$	0.7		4	%
Interest-earning assets	18.7			18.1			18.4			18.6			19.1			0.6			3		(0.4)			(2)
Total assets	20.0			19.4			19.6			19.7			20.2			0.6			3		(0.2)			(1)
Total deposits	3.1			3.6			4.3			5.2			6.3			(0.5)			(14)		(3.2)			(51)

Key Metrics
Fixed income product average daily revenue (thousands)	$	348		$	437		$	403		$	524		$	612		$	(89)		(20)	%	$	(264)		(43)	%
Net interest margin6	2.77		%	2.80		%	2.89		%	2.96		%	2.96		%	(3)		bp			(19)		bp
Efficiency ratio	49.60		%	52.19		%	51.69		%	52.03		%	48.32		%	(259)		bp			128		bp
Loans-to-deposits ratio (period-end balances)	559		%	504		%	426		%	378		%	268		%	5,500		bp			29,085		bp
Loans-to-deposits ratio (average-end balances)	537		%	440		%	370		%	307		%	250		%	9,700		bp			28,666		bp
Return on average assets (annualized)	1.20		%	1.20		%	1.06		%	1.22		%	2.11		%	—		bp			(91)		bp
Return on allocated equity7	14.92		%	14.69		%	13.05		%	14.74		%	25.76		%	23		bp			(1,084)		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 20.

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 (prior to July 2022). In addition to traditional lending and deposit taking, Specialty Banking also delivers treasury management solutions, loan syndications, and international banking. Additionally, Specialty Banking has a line of business focused on fixed income securities sales, trading, underwriting, and strategies for institutional clients in the U.S. and abroad, as well as loan sales, portfolio advisory services, and derivative sales.

CORPORATE

Quarterly, Unaudited


											2Q23 Change vs.
	2Q23		1Q23		4Q22		3Q22		2Q22		1Q23				2Q22
											$		%		$		%
Income Statement (millions)
Net interest income/(expense)	$	(111)	$	(24)	$	31	$	6	$	(64)	$	(87)	NM		$	(47)	(73)	%
Noninterest income	244		11		21		39		(8)		233		NM		252		NM
Total revenues	133		(13)		52		45		(72)		146		NM		205		NM
Noninterest expense	146		64		90		61		75		82		126		71		95
Pre-provision net revenue3	(13)		(77)		(38)		(17)		(147)		64		83		134		91
Provision for credit losses	(4)		(1)		(3)		—		(4)		(3)		NM		—		—
Income before income tax expense	(10)		(76)		(35)		(17)		(144)		66		87		134		93
Income tax expense (benefit)	(7)		(21)		(23)		(8)		(40)		14		67		33		83
Net income/(loss)	$	(3)	$	(55)	$	(12)	$	(9)	$	(104)	$	52	95	%	$	101	97	%

Average Balance Sheet (billions)
Interest bearing assets	$	13.7	$	12.1	$	13.3	$	17.3	$	21.5	$	1.6	13	%	$	(7.8)	(36)	%
Total assets	16.7		14.9		16.0		20.0		24.1		1.8		12		(7.4)		(31)

Numbers may not add to total due to rounding.

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

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

FOOTNOTES

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

2 Occupancy and Equipment expense includes Computer Software Expense.

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

4 Represents a non-GAAP measure and is reconciled to the nearest GAAP measure in the non-GAAP to GAAP reconciliations beginning on page 21.

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

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

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

8 2Q23 includes 19.7 million share impact of Series G convertible securities issued in connection with TD transaction based on the final conversion rate; all other periods include 27.5 million shares based on the original maximum conversion rate..

9 2Q23 increase driven by the conversion of Series G convertible securities issued in connection with TD transaction.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

($s in millions, except per share data)	2Q23			1Q23			4Q22			3Q22			2Q22

Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$	8,960		$	8,895		$	8,547		$	8,283		$	8,551
Less: Noncontrolling interest (a)	295			295			295			295			295
Less: Preferred stock (a)	520			1,014			1,014			1,014			1,014
(B) Total common equity	$	8,144		$	7,586		$	7,238		$	6,974		$	7,242
Less: Intangible assets (GAAP) (b)	1,720			1,732			1,744			1,757			1,782
(C) Tangible common equity (Non-GAAP)	$	6,424		$	5,853		$	5,494		$	5,217		$	5,459

Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$	85,071		$	80,729		$	78,953		$	80,299		$	85,132
Less: Intangible assets (GAAP) (b)	1,720			1,732			1,744			1,757			1,782
(E) Tangible assets (Non-GAAP)	$	83,351		$	78,997		$	77,209		$	78,542		$	83,350












Period-end Shares Outstanding
(F) Period-end shares outstanding	559			538			537			537			536

Ratios


(A)/(D) Total equity to total assets (GAAP)	10.53		%	11.02		%	10.83		%	10.32		%	10.04		%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	7.71		%	7.41		%	7.12		%	6.64		%	6.55		%
(B)/(F) Book value per common share (GAAP)	$	14.58		$	14.11		$	13.48		$	12.99		$	13.50
(C)/(F) Tangible book value per common share (Non-GAAP)	$	11.50		$	10.89		$	10.23		$	9.72		$	10.18

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

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

Numbers may not foot due to rounding.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

($s in millions, except per share data)		2Q23			1Q23			4Q22			3Q22			2Q22

Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)	a	$	317		$	243		$	258		$	257		$	166
Plus Tax effected notable items (Non-GAAP) (a)		$	(98)		$	16		$	34		$	(5)		$	29
Adjusted net income available to common shareholders (Non-GAAP)	b	$	219		$	259		$	293		$	252		$	195

Diluted Shares (GAAP)8	c	561			572			572			570			569

Diluted EPS (GAAP)	a/c	$	0.56		$	0.43		$	0.45		$	0.45		$	0.29
Adjusted diluted EPS (Non-GAAP)	b/c	$	0.39		$	0.45		$	0.51		$	0.44		$	0.34

Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)		$	329		$	256		$	270		$	268		$	177
Plus Tax effected notable items (Non-GAAP) (a)		$	(98)		$	16		$	34		$	(5)		$	29
Adjusted NI (Non-GAAP)		$	231		$	271		$	304		$	263		$	206

NI (annualized) (GAAP)	d	$	1,320		$	1,037		$	1,070		$	1,063		$	709
Adjusted NI (annualized) (Non-GAAP)	e	$	928		$	1,100		$	1,206		$	1,045		$	823

Average assets (GAAP)	f	$	82,304		$	78,841		$	79,521		$	82,551		$	86,326

ROA (GAAP)	d/f	1.60		%	1.32		%	1.35		%	1.29		%	0.82		%
Adjusted ROA (Non-GAAP)	e/f	1.13		%	1.40		%	1.52		%	1.27		%	0.95		%

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




Net income available to common shareholders ("NIAC") (annualized) (GAAP)	g	$	1,270		$	987		$	1,025		$	1,020		$	666
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)	h	$	878		$	1,050		$	1,161		$	1,001		$	781

Average Common Equity (GAAP)	i	$	7,747		$	7,398		$	7,106		$	7,360		$	7,305
Intangible Assets (GAAP) (b)		1,726			1,738			1,750			1,767			1,789


Adjusted Average Tangible Common Equity (Non-GAAP)	j	$	6,021		$	5,659		$	5,356		$	5,593		$	5,516

ROCE (GAAP)	g/i	16.40		%	13.34		%	14.42		%	13.85		%	9.12		%


ROTCE (Non-GAAP)	g/j	21.10		%	17.43		%	19.14		%	18.23		%	12.07		%
Adjusted ROTCE (Non-GAAP)	h/j	14.59		%	18.55		%	21.68		%	17.89		%	14.15		%

(a) Amounts adjusted for notable items as detailed on page 9.

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

Numbers may not foot due to rounding.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

(In millions)		2Q23			1Q23			4Q22			3Q22			2Q22

Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	k	$	400		$	171		$	174		$	213		$	201
Plus notable items (GAAP) (a)		(225)			—			(1)			(32)			(13)
Adjusted noninterest income (Non-GAAP)	l	$	175		$	171		$	173		$	181		$	188

Revenue (GAAP)	m	$	1,031		$	859		$	882		$	875		$	743
Taxable-equivalent adjustment		4			4			4			4			3
Revenue- Taxable-equivalent (Non-GAAP)		1,035			863			886			878			746
Plus notable items (GAAP) (a)		(225)			—			(1)			(32)			(13)
Adjusted revenue (Non-GAAP)	n	$	810		$	863		$	885		$	847		$	733

Noninterest income as a % of total revenue (GAAP)	k/m	38.82		%	19.94		%	19.68		%	24.30		%	27.06		%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	l/n	21.63		%	19.85		%	19.55		%	21.37		%	25.68		%

Adjusted Efficiency Ratio
Noninterest expense (GAAP)	o	$	555		$	478		$	503		$	468		$	489
Plus notable items (GAAP) (a)		(95)			(21)			(46)			(25)			(50)
Adjusted noninterest expense (Non-GAAP)	p	$	461		$	457		$	458		$	444		$	438

Revenue (GAAP)	q	$	1,031		$	859		$	882		$	875		$	743
Taxable-equivalent adjustment		4			4			4			4			3
Revenue- Taxable-equivalent (Non-GAAP)		1,035			863			886			878			746
Plus notable items (GAAP) (a)		(225)			—			(1)			(32)			(13)
Adjusted revenue (Non-GAAP)	r	$	810		$	863		$	885		$	847		$	733

Efficiency ratio (GAAP)	o/q	53.87		%	55.65		%	57.07		%	53.56		%	65.76		%
Adjusted efficiency ratio (Non-GAAP)	p/r	56.90		%	52.95		%	51.70		%	52.42		%	59.79		%

(a) Amounts adjusted for notable items as detailed on page 9.

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

Numbers may not foot due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION

Quarterly, Unaudited

($s in millions)



	Period-end								Average
($s in millions)	2Q23		1Q23		2Q23 vs. 1Q23				2Q23		1Q23		2Q23 vs. 1Q23










Loans excluding LMC
Total Loans (GAAP)	$	61,295	$	59,045	$	2,250	4	%	$	59,924	$	58,074	$	1,850	3	%
LMC (GAAP)	2,691		2,040		651		32	%	2,262		1,875		388		21	%
Total Loans excl. LMC (Non-GAAP)	58,604		57,005		1,599		3	%	57,662		56,199		1,463		3	%
Total Consumer (GAAP)	14,289		13,475		814		6	%	13,873		13,226		647		5	%
Total Commercial excl. LMC (Non-GAAP)	44,315		43,530		785		2	%	43,789		42,973		816		2	%
Total CRE (GAAP)	$	13,891	$	13,397	$	494	4	%	$	13,628	$	13,290	$	338	3	%
Total C&I excl. LMC (Non-GAAP)	$	30,424	$	30,133	$	291	1	%	$	30,161	$	29,683	$	478	2	%

Numbers may not foot due to rounding.

GLOSSARY OF TERMS

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

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

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

Second Quarter 2023 Earnings July 19, 2023

2 Disclaimers Non-GAAP Information Certain measures included in this document are “non-GAAP,” meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. FHN’s management believes such measures, even though not always comparable to non-GAAP measures used by other financial institutions, are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. The non-GAAP measures presented in this document are listed, and are reconciled to the most comparable GAAP presentation, in the non-GAAP reconciliation table(s) appearing in the Appendix. In addition, presentation of regulatory measures, even those which are not GAAP, provide a meaningful base for comparability to other financial institutions subject to the same regulations as FHN. Although not GAAP terms, these regulatory measures are not considered “non-GAAP” under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in this document include: common equity tier 1 capital, generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk-weighted assets, which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios. Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements pertain to FHN's beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results, or other developments. Forward- looking statements can be identified by the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other expressions that indicate future events and trends. Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic, and competitive uncertainties and contingencies, many of which are beyond FHN’s control, and many of which, with respect to future business decisions and actions (including acquisitions and divestitures), are subject to change and could cause FHN’s actual future results and outcomes to differ materially from those contemplated or implied by forward-looking statements or historical performance. Examples of uncertainties and contingencies include those mentioned: in this document; in Items 2.02 and 7.01 of FHN’s Current Report on Form 8-K to which this document has been filed as an exhibit; in the forepart, and in Items 1, 1A, and 7, of FHN’s most recent Annual Report on Form 10-K, as amended; 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, 2Q23 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases.

3 2Q23 GAAP financial summary1 1Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q23 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.22Q23 includes 19.7 million share impact of Series G convertible securities issued in connection with TD transaction based on the final conversion rate; all other periods include 27.5 million shares based on the original maximum conversion rate. Reported 2Q23 Change vs. $s in millions except per share data 2Q23 1Q23 4Q22 3Q22 2Q22 1Q23 2Q22 $/bps % $/bps % Net interest income $ 631 $ 688 $ 709 $ 662 $ 542 $ (57) (8) % $ 89 16 % Fee income 400 171 174 213 201 229 134 % 199 99 % Total revenue 1,031 859 882 875 743 172 20 % 288 39 % Expense 555 478 503 468 489 77 16 % 66 13 % Pre-provision net revenue (PPNR) 475 381 379 406 255 94 25 % 220 86 % Provision for credit losses 50 50 45 60 30 — — % 20 67 % Pre-tax income 425 331 334 346 225 94 28 % 200 89 % Income tax expense 96 75 64 78 48 21 28 % 48 100 % Net income 329 256 270 268 177 73 29 % 152 86 % Non-controlling interest 5 4 4 3 3 1 25 % 2 67 % Preferred dividends 8 8 8 8 8 — — % — — % Net income available to common shareholders (NIAC) $ 317 $ 243 $ 258 $ 257 $ 166 $ 74 30 % $ 151 91 % $s in billions Avg loans $ 59.9 $ 58.1 $ 57.6 $ 56.5 $ 55.6 $ 1.9 3 % $ 4.3 8 % Period-end loans $ 61.3 $ 59.0 $ 58.1 $ 57.4 $ 56.5 $ 2.3 4 % $ 4.8 8 % Avg deposits $ 61.4 $ 62.2 $ 64.9 $ 68.1 $ 71.9 $ (0.8) (1) % $ (10.5) (15) % Period-end deposits $ 65.4 $ 61.4 $ 63.5 $ 66.0 $ 70.6 $ 4.0 6 % $ (5.1) (7) % Key performance metrics Net interest margin (NIM) 3.38 % 3.88 % 3.89 % 3.48 % 2.74 % (50) bps 64 bps Loan to deposit ratio (avg.) 97.5 % 93.3 % 88.7 % 83.0 % 77.3 % 419 bps 2,027 bps ROCE 16.4 % 13.3 % 14.4 % 13.9 % 9.1 % 306 bps 728 bps ROTCE 21.1 % 17.4 % 19.1 % 18.2 % 12.1 % 367 bps 903 bps ROA 1.6 % 1.3 % 1.4 % 1.3 % 0.8 % 28 bps 78 bps Efficiency ratio 53.9 % 55.7 % 57.1 % 53.6 % 65.8 % (178) bps (1,189) bps FTEs 7,327 7,282 7,477 7,569 7,627 45 1 % (300) (4) % CET1 ratio 11.1 % 10.4 % 10.2 % 9.9 % 9.8 % 72 bps 127 bps Effective tax rate 22.6 % 22.7 % 19.2 % 22.6 % 21.3 % (8) bps 133 bps Per common share Diluted EPS $ 0.56 $ 0.43 $ 0.45 $ 0.45 $ 0.29 $ 0.13 30 % $ 0.27 92 % Tangible book value per share $ 11.50 $ 10.89 $ 10.23 $ 9.72 $ 10.18 $ 0.61 6 % $ 1.32 13 % Avg. diluted shares outstanding2 561 572 572 570 569 (11) (2) % (8) (1) %

4 Table of contents 2Q23 key messages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 2Q23 adjusted financial highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2Q23 notable items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 NII and NIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Total deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Adjusted fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Adjusted expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Asset quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 FY23 guidance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Strategic focus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

5 • Deposits increased $4.0 billion QoQ, or 6%, up 3% year-to-date • Continuing to support clients with loan growth across footprint • Period end loan-to-deposit (LDR) ratio improved to 94% from 96% • Strong capital position, which supported 4% PE loan growth • TBVPS increased 6% driven by a $0.50 increase tied to the Series G conversion and $0.39 from adjusted NIAC • Credit remains strong with NPLs declining $21 million • Adjusted pre-tax pre-provision of $349 million, up 18% year-over-year • Strong net interest margin reflects benefit of asset sensitivity over the cycle, despite recent competitive pressure on funding costs • Fees and expenses stable, excluding the impact of deferred comp Strong results driven by stable, diversified business mix1 Reflects 2Q23 vs. 1Q23 results. 1Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q23 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. Earnings Strength and Solid Returns Capital and Credit Quality Liquidity and Period End Balance Sheet Adj. EPS Adj. ROTCE NIM Adj. Efficiency $0.39 14.6% 3.38% 56.9% CET1 TBV NCO% 11.1% $11.50 0.16% Deposit Growth Loan Growth LDR 6% 4% 94%

6 • Adjusted EPS of $0.39 vs. $0.45 – Adjusted ROTCE of 14.6% – TBV per share of $11.50 • Total revenue down $53 million, or 6% • NII down $56 million, or 8%, reflecting increased funding costs partially offset by higher loan rates and 3% loan growth • Adjusted fee income and expense relatively flat, excluding impact of deferred compensation • Provision expense of $50 million remained stable and reflects the impact of 4% period end loan growth 2Q23 adjusted financial highlights1 2Q23 Change vs. $s in millions except per share data 2Q23 1Q23 2Q22 1Q23 2Q22 $/bps % $/bps % Net Interest Income (FTE) $ 635 $ 691 $ 545 $ (56) (8) % $ 90 17 % Fee income 175 171 188 4 2 % (13) (7) % Total revenue (FTE) 810 863 733 (53) (6) % 77 11 % Expense 461 457 438 4 1 % 23 5 % Pre-provision net revenue 349 406 295 (57) (14) % 54 18 % Provision for credit losses 50 50 30 — — % 20 67 % Net charge-offs 23 16 12 7 47 % 11 88 % Reserve build/(release) 27 34 18 (7) (22) % 9 52 % Net income available to common $ 219 $ 259 $ 195 $ (40) (15) % $ 24 12 % Key performance metrics Net interest margin 3.38 % 3.88 % 2.74 % (50) bps 64 bps Fee income as a % of total revenue 21.6 % 19.9 % 25.7 % 178 bps (405) bps Efficiency ratio 56.9 % 53.0 % 59.8 % 395 bps (289) bps ROTCE 14.6 % 18.6 % 14.2 % (396) bps 44 bps Diluted EPS $ 0.39 $ 0.45 $ 0.34 $ (0.06) (13) % $ 0.05 15 % Diluted shares2 561 572 569 (11) (2) % (8) (1) % TBV per share $ 11.50 $ 10.89 $ 10.18 $ 0.61 6 % $ 1.32 13 % Effective tax rate 21.6 % 22.9 % 21.7 % (130) bps (10) bps Continued earnings strength with momentum in loans & deposits despite industry headwinds 1Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q23 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.22Q23 includes 19.7 million share impact of Series G convertible securities issued in connection with TD transaction based on the final conversion rate; all other periods include 27.5 million shares based on the original maximum conversion rate. 2Q23 vs. 1Q23 Highlights

7 2Q23 notable items1 1Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q23 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. 2Q23 Merger-related items Noninterest income: Gain on merger termination $ (225) Total noninterest income $ 225 Noninterest expense: Salaries and benefits $ 4 Incentives and commissions 21 Outside services 4 Other noninterest expense 1 Total noninterest expense 30 2Q23 Total merger-related notable items $ (30) 2Q23 Other notable items Noninterest expense: Other noninterest expense 65 2Q23 Total other notable items $ (65) 2Q23 Total notable items 130 Tax impact of 2Q23 notable items (33) After-tax impact of 2Q23 notable items $ 98 EPS impact of 2Q23 notable items $ 0.17 ($s in millions, except per share data) GAAP results impacted by $0.17 per share net benefit from notable items • $225 million gain on merger agreement termination • Merger-related expense of $30 million, primarily driven by retention payments and outside services from legal and professional services • Other notable items of $65 million – $50 million contribution to First Horizon Foundation – $15 million tied to derivative valuation adjustments related to prior Visa Class-B share sales • Series G Preferred Stock previously issued to TD under the terminated merger agreement was converted to FHN common stock in June 2023 • Conversion occurred at the rate of 4,000 FHN common shares per Series G preferred share resulting in 19.7 million additional outstanding FHN period end common shares • 2Q23 diluted shares include 19.7 million share impact of Series G Preferred Stock based on the final conversion rate; 2Q22 - 1Q23 includes 27.5 million shares based on the original maximum conversion rate Pre-Tax Notable Items Series G Preferred Stock Conversion Notable Items

8 NII trends reflect increased funding costs & macroeconomic environment1 $545 $666 $712 $691 $635 2.74% 3.48% 3.89% 3.88% 3.38% Reported NII Reported NIM 2Q22 3Q22 4Q22 1Q23 2Q23 ($s in millions) FTE NII and NIM Trends 1Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q23 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. • Net interest margin remains strong, despite moderating from cyclical highs • Net interest income – Higher funding costs driven by increased competition and the dissipating deposit beta lag – Benefit of 3% average loan growth – Higher short term rates and widening credit spreads drove improvement in loan yields • Successful deposit campaign and a higher Fed Funds rate drove a 82 basis point increase in interest-bearing deposit costs from 1.73% to 2.55% – Average Fed Funds Effective Rate of 5.0% vs. 4.5% in 1Q23 – Strong results from the promotional campaign, including $5.8 billion of new deposits from new-to- bank clients and existing customers – Cumulative interest-bearing deposit beta of 50% • Loan spreads on new production expanded ~50bps from 4Q22 levels 2Q23 vs. 1Q23 $s in millions NII NIM 1Q23 Reported $ 691 3.88 % Loan Rates & Spreads 46 0.24 % Loan Volumes & Mix 20 0.01 % Days 5 — % Investment Securities & Other 2 0.02 % Deposit & Funding Volume (63) (0.42) % Deposit Rates (65) (0.34) % 2Q23 Reported $ 635 3.38 % Successful deposit campaign accelerated deposit betas and improved funding profile 2Q23 vs. 1Q23 Highlights

9 $70.5 $66.0 $63.5 $61.4 $65.4 $43.4 $40.2 $40.0 $40.3 $46.6 $27.1 $25.8 $23.5 $21.1 $18.8 Interest-bearing deposits Noninterest-bearing deposits (DDA) 2Q22 3Q22 4Q22 1Q23 2Q23 Attractive deposit and pricing profile1 Period end deposit trends • Period-end deposits of $65.4 billion increased $4.0 billion, or 6% – $782 million of additional customer balances migrated from deposits into collateralized repo sweep product • Period end loan-to-deposit ratio of 94% improved 242 bps – Liquidity profile enhanced by smaller relative securities portfolio vs. peers • Successful deposit outreach and marketing campaign drove new-to-bank client growth, as well as relationship deepening among existing customers – Grew client base by 4%; acquired over 32,000 new-to-bank clients bringing $3.5 billion in balances – ~19,000 of existing clients participated in the deepening promotion ◦ Average balance increase of ~37% ◦ Added a total of $2.3 billion in new-to-bank balances – Capitalized on #1 market share in TN, which contributed ~20% of new balances, with the remaining ~80% distributed across the southeastern footprint • Proactive client outreach program included over 50,000 outbound calls to new and existing clients 1Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q23 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. Net deposit growth of $4 billion reflects continued positive momentum 2Q23 vs. 1Q23 Highlights ($s in billions)

10 • Average loans of $59.9 billion up $1.9 billion, or 3% – Growth in attractive markets, including Nashville, Atlanta, and Texas – CRE growth driven by fund-ups from existing loans, primarily multi-family – LMC increased $388 million, up from seasonal lows – Core loan yields expanded 27 bps • Asset sensitive profile reflected in loan composition of 67% floating vs 33% fixed rate • Period-end loans of $61.3 billion up $2.3 billion or 4% – $1.6 billion, or 3%, increase in loans before the impact of LMC – CRE growth included $514 million of fund-ups on existing loans, while total commitments are relatively stable – LMC increased $651 million • Period end unfunded commitments increased 1% • Period end line utilization of 42%2 1Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q23 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. $55.6B $56.5B $57.6B $58.1B $59.9B Commercial and Industrial (C&I) excl. LMC Commercial real estate (CRE) Consumer real estate Credit card and other Loans to mortgage companies (LMC) 2Q22 3Q22 4Q22 1Q23 2Q23 Average loan trends 21% 2% 50% 23% 5% 2Q22 3Q22 4Q22 1Q23 2Q23 Yields 3.57% 4.35% 5.12% 5.64% 5.89% Core yields 3.43% 4.26% 5.07% 5.58% 5.85% Avg 1M SOFR 0.92% 2.42% 3.88% 4.61% 5.04% Diversified portfolio across attractive geographic footprint1 51% 23% 21% 1% 4% Average loans up 3% QoQ 50% 23% 22% 1% 4% 51% 23% 21% 1% 3% 2Q23 vs. 1Q23 Highlights 6% 2% 20% 49% 23%

11 • Adjusted fee income up $4 million, or 2%, driven by deferred compensation increase of $5 million, which is largely offset in noninterest expense • Fixed income decreased $9 million with ADR down 20% driven by continued challenging market conditions • Service charges and fees up $4 million driven by higher deposit transactions, cash management fees, and seasonal factors • Mortgage banking fees increased $1 million from higher volume and gain on sale spreads – Mix shift from secondary to portfolio as customers shift from fixed rate to ARMs • Other noninterest income up $2 million primarily driven by FHLB and Fed stock dividends Adjusted fee income stable despite declines in countercyclical1 1Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q23 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. 2Q23 Change vs. $s in millions 2Q23 1Q23 4Q22 3Q22 2Q22 1Q23 2Q22 $/bps % $/bps % Fixed income $ 30 $ 39 $ 35 $ 46 $ 51 $(9) (23) % $(21) (41) % Service charges and fees 59 55 56 56 57 4 7 % 2 4 % Mortgage banking & title 6 5 4 9 22 1 20 % (16) (73) % Brokerage, trust, and insurance 35 34 33 34 36 1 3 % (1) (3) % Card and digital banking fees 21 19 20 21 23 2 11 % (2) (9) % Deferred compensation income 8 3 7 (3) (17) 5 NM 25 147 % Other noninterest income 17 15 20 18 15 2 13 % 2 13 % Total fee income $ 175 $ 171 $ 173 $ 181 $ 188 $4 2 % $(13) (7) % Key Metrics Fixed Income Average Daily Revenue (ADR) $ 0.3 $ 0.4 $ 0.4 $ 0.5 $ 0.6 $ (0.1) (20) % $ (0.3) (43) % Higher banking fees offset the decrease in fixed income 2Q23 vs. 1Q23 Highlights

12 Expenses flat excluding deferred compensation1 • Adjusted expense of $461 million up $4 million driven by a $5 million increase in deferred compensation which is largely offset in noninterest income • Personnel expense flat excluding the impact of deferred compensation • Outside services up $5 million, partially attributable to increase in advertising related to new-to-bank deposit campaign and brand awareness initiatives • Other expense declines driven by lower franchise & realty tax expense and fraud losses 2Q23 Change vs. $s in millions 2Q23 1Q23 4Q22 3Q22 2Q22 1Q23 2Q22 $/bps % $/bps % Salaries and benefits $ 187 $ 188 $ 178 $ 185 $ 190 $ (1) (1) % $ (3) (2) % Incentives and commissions 65 64 70 68 71 1 2 % (6) (8) % Deferred compensation expense 8 3 7 (2) (18) 5 NM 26 144 % Total personnel expense 260 255 254 251 244 5 2 % 16 7 % Occupancy and equipment 68 70 71 70 72 (2) (3) % (4) (6) % Outside services 68 63 64 64 61 5 8 % 7 11 % Amortization of intangible assets 12 12 12 12 12 — — % — — % Other noninterest expense 53 58 58 48 50 (5) (9) % 3 6 % Total noninterest expense $ 461 $ 457 $ 458 $ 444 $ 438 $ 4 1 % $ 23 5 % Full-time equivalent associates 7,327 7,282 7,477 7,569 7,627 45 1 % (300) (4) % 1Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q23 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. Results reflect continued expense discipline 2 2Q23 vs. 1Q23 Highlights

13 Continued strong credit quality 1Net charge-off % is annualized and as % of average loans. $704 $752 $771 $800 $827 1.24% 1.31% 1.33% 1.35% 1.35% ACL ACL/Loans 2Q22 3Q22 4Q22 1Q23 2Q23 Allowance for credit losses (ACL) Non-performing loans (NPLs) $301 $292 $316 $424 $402 0.53% 0.51% 0.54% 0.72% 0.66% NPLs $ NPLs % 2Q22 3Q22 4Q22 1Q23 2Q23 • Net charge-offs of $23 million increased $7 million • Provision expense of $50 million flat with 1Q23 – ~$27 million reserve build reflects the impact of 3% loan growth ex. LMC and continued macroeconomic uncertainty • NPL ratio of 66 bps down 6 bps • ACL coverage ratio remained stable at 1.35% • Disciplined lending leads to strong charge-off performance across multiple credit cycles 1 $12 $12 $26 $16 $23 0.09% 0.08% 0.18% 0.11% 0.16% NCOs NCO% 2Q22 3Q22 4Q22 1Q23 2Q23 Reserve build reflects the impact of loan growth and revised macroeconomic outlook 2Q23 vs. 1Q23 Highlights ($s in millions) Net charge-offs

14 2Q22 3Q22 4Q22 1Q23 2Q23 CET1 ratio Tier 1 capital ratio Total capital ratio 2Q22 3Q22 4Q22 1Q23 2Q23 Strong capital position1 Capital levels 11.6% 13.0% 13.1% 11.7% 13.3% 11.9% 13.6% 12.1% 13.6% 12.1% $10.89 $0.50 $0.41 $0.30 $(0.07) $(0.15) $(0.27) $(0.11) $11.50 1Q23 actual Series G Conv. Adjusted NIAC Net of Change in Intangibles Termination Fee Foundation Cont. Common Div AFS Securities & Cash Flow Hedges MTM Other 2Q23 actual • CET1 ratio remained strong at 11.1% as the benefit of Series G conversion, adjusted NIAC, and merger termination fee was partially offset by a reduction tied to growth in loans and unfunded commitments, and by common dividends • CET1 net of unrealized losses of 9.3% above regulatory capital threshold of 7.0% • TBVPS of $11.50 increased 6% driven by a $0.50 increase tied to the Series G conversion to common stock and a $0.41 increase tied to adjusted NIAC net of change in intangibles • Total capital of 13.6% flat with 1Q23 1Adjusted financial measures, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q23 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. 2CET1 impact of available for sale (AFS) and held to maturity (HTM) unrealized losses are presented on an after-tax basis. 3Loan FV impact represents the difference between book value and estimated fair value of loans and leases as of March 31, 2023 as disclosed in FHN’s 10-Q filing. 4Other includes other notable items and equity compensation. Tangible book value per share4 9.8% 9.9% 10.2% 10.4% 11.1% 2Q23 vs. 1Q23 Highlights 11.1% (1.3)% (0.2)% 9.5% (0.2)% 9.3% 2Q23 CET1 Estimate AFS Impact HTM Impact Pro Forma Loan FV Impact Pro Forma incl. Loan FV Impact 2Q23 CET1 net of unrealized losses2,3 Lower exposure to unrealized losses due to smaller portfolio and moderate effective duration

15 FY2023 Outlook Earnings Drivers FY22 Adjusted Baseline1 FY23 Adjusted Expectations Comments Average Loans $56 billion Up 3% – 5% Growth rate moderating in 2H23 Net Interest Income (FTE) $2,405 million Up 6% – 9% Assumes 0.25% rate hike in July; DDA balances return to pre-pandemic levels Noninterest Income2 $765 million Down 6% – 10% Modest improvement in fixed income in 2H23 Noninterest Expense2 $1,795 million Up 6% – 8% Increased investment in technology, marketing, and personnel Net Charge-Offs 11 bps 15 bps – 25 bps Modest normalization from very benign levels Tax Rate 21.5% 20% – 22% Timing of discrete items impacts quarterly rate CET1 Ratio 10.2% 11.25% – 11.75% Low single-digit RWA growth from 1Q23; ~565 million average diluted shares - no share buybacks 1Adjusted measures are non-GAAP and are reconciled in the appendix. 2Variability in Deferred Compensation may impact growth rates in noninterest income and noninterest expense but should have an offsetting and immaterial impact on pretax income.

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

APPENDIX 17

18Numbers may not foot due to rounding. 1Adjusted financial measures, TBV per share, ROTCE, 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, 2Q23 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 includes other notable items and equity compensation. 2Q23 CET1 Walkforward1,2 10.4% 0.7% 0.3% 0.2% (0.1)% (0.1)% (0.1)% (0.3)% 11.1% 1Q23 Actual CET1 Series G Conversion Adjusted NIAC Termination Fee Foundation Contribution Other Common Dividend Higher Loan Balances & Unfunded Commitments 2Q23 Estimate

19 6% 4% 4% 3% 2% 2% 1% 1% Multi- family Retail Industrial Office (non- med) Hospitality Medical office Other Land + residential • Disciplined risk management practice and underwriting standards across CRE portfolio • $8 million of net charge offs from CRE in the total portfolio – Driven by a single relationship in other – $0 of net charge-offs in office portfolio • Granular CRE loan book with less than 6% property type concentration across the total loan portfolio • Continued strong asset quality with 98.5% of CRE graded pass 1Adjusted financial measures, TBV per share, ROTCE, 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, 2Q23 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. Diversified, high credit quality CRE portfolio Geographically diverse portfolio with minimal concentration across property types 2Q23 Highlights 26% 12% 11% 11% 11% 10% 9% 9% FL TX NC All Other Other South Eastern GA TN LA PE CRE by Property TypePE CRE by State Composition (% of total loans)

20 TN, 37% FL, 19% NC, 12% LA, 12% AL, 4% TX, 3% GA, 2% AR, 2% All other states, 4% Specialty Bank, 5% Well-diversified and stable funding mix1 • Stable, cost-effective deposits from a diverse commercial and consumer client base across 12-state footprint and specialty lines of business • Commercial deposits of $36.2 billion, or 55% and consumer of $29.2 billion, or 45% • Attractive lower-cost deposit base with 29% DDA 68% of 2Q23 deposits insured or collateralized All data as of June 30, 2023. 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q23 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 68% of deposits insured or collateralized 2Q23 diversified deposit mix by product 29% 36% 13% 22% Demand deposit accounts Savings Time deposits Other interest-bearing deposits 2Q23 deposits by state ($s in billions) $39.9 61% $21.1 32% $4.5 7% Insured Uninsured & uncollateralized Collateralized

21 $9.8 $10.3 $10.1 $10.3 $10.2 1.87% 2.14% 2.41% 2.45% 2.49% Average AFS Securities Average HTM Securities Average Yield 2Q22 3Q22 4Q22 1Q23 2Q23 Investment portfolio1 • Portfolio represents ~12% of total assets • Effective duration of 5.2 years • Low reliance on HTM designation at ~13% of total portfolio • 94% U.S. Government or Agency-backed by GSEs • Total unrealized losses of $1.4B vs $1.3B in 1Q23 1Adjusted financial measures, core NII, core NIM, TBV per share, ROTCE, 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, 2Q23 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. 2Calculated based on period end market values. 3Estimated as of 6/30/23; includes maturities and projected calls 2Q23 Highlights Prudently managed to support liquidity and IRR Steady principal cash flows3 $293 $237 $242 $232 2Q23 3Q23 4Q23 1Q24 Investment portfolio ($ in billions) 2Q22 3Q22 4Q22 1Q23 2Q23 % of total assets 11% 12% 13% 13% 12% Total unrealized losses (pre-tax) $(1.0) $(1.5) $(1.4) $(1.3) $(1.4) Effective duration (years) 5.4 5.3 5.3 5.2 5.2 Unencumbered securities / total securities2 39% 52% 45% 44% 35% ($s in billions) ($s in millions) Agency MBS 44% Agency CMBS 23% Agency CMO 14% U.S. Agencies & Treasury 12% States & Municipalities 6% 2Q23 investment portfolio composition2

22 Notable Items ($s in millions except per share data) *2Q23 includes $50 million contribution to First Horizon Foundation; 2Q23, 4Q22 and 2Q22 includes $15 million, $10 million and $12 million, respectively of Visa derivative valuation expense. (In millions) 2Q23 1Q23 4Q22 3Q22 2Q22 Summary of Notable Items: Gain on merger termination $ 225 $ — $ — $ — $ — Gain on sale of title services business — — 1 21 — Gain related to equity securities investments — — — 10 — Gain on sale of mortgage servicing rights — — — — 12 Net Merger/acquisition/transaction-related items (30) (21) (36) (24) (38) Other notable expenses* (65) — (10) — (12) Total notable items 130 (21) (45) 7 (38) EPS impact of notable items $ 0.17 $ (0.03) $ (0.06) $ 0.01 $ (0.05) (In millions) 2022 Summary of Notable Items: IBKC Branch sale gain (other noninterest income) $ 1 Gain on sale of title services business 22 Gain related to equity securities investments 16 Gain on sale of mortgage servicing rights 12 Merger related expenses (136) Other notable expenses* (22) Total notable items (107) EPS impact of notable items $ (0.15)

23 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. (a) Included in Total equity on the Consolidated Balance Sheet. (b) Includes goodwill and other intangible assets, net of amortization. Numbers may not foot due to rounding. CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION Quarterly, Unaudited ($s in millions, except per share data) 2Q23 1Q23 4Q22 3Q22 2Q22 Tangible Common Equity (Non-GAAP) (A) Total equity (GAAP) $ 8,960 $ 8,895 $ 8,547 $ 8,283 $ 8,551 Less: Noncontrolling interest (a) 295 295 295 295 295 Less: Preferred stock (a) 520 1,014 1,014 1,014 1,014 (B) Total common equity $ 8,144 $ 7,586 $ 7,238 $ 6,974 $ 7,242 Less: Intangible assets (GAAP) (b) 1,720 1,732 1,744 1,757 1,782 (C) Tangible common equity (Non-GAAP) $ 6,424 $ 5,853 $ 5,494 $ 5,217 $ 5,459 Tangible Assets (Non-GAAP) (D) Total assets (GAAP) $ 85,071 $ 80,729 $ 78,953 $ 80,299 $ 85,132 Less: Intangible assets (GAAP) (b) 1,720 1,732 1,744 1,757 1,782 (E) Tangible assets (Non-GAAP) $ 83,351 $ 78,997 $ 77,209 $ 78,542 $ 83,350 Period-end Shares Outstanding (F) Period-end shares outstanding 559 538 537 537 536 Ratios (A)/(D) Total equity to total assets (GAAP) 10.53 % 11.02 % 10.83 % 10.32 % 10.04 % (C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) 7.71 % 7.41 % 7.12 % 6.64 % 6.55 % (B)/(F) Book value per common share (GAAP) $ 14.58 $ 14.11 $ 13.48 $ 12.99 $ 13.50 (C)/(F) Tangible book value per common share (Non-GAAP) $ 11.50 $ 10.89 $ 10.23 $ 9.72 $ 10.18

24 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. CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION Quarterly, Unaudited ($s in millions, except per share data) 2Q23 1Q23 4Q22 3Q22 2Q22 Adjusted Diluted EPS Net income available to common shareholders ("NIAC") (GAAP) a $ 317 $ 243 $ 258 $ 257 $ 166 Plus Tax effected notable items (Non-GAAP) (a) (98) 16 34 (5) 29 Adjusted net income available to common shareholders (Non-GAAP) b $ 219 $ 259 $ 293 $ 252 $ 195 Diluted Shares (GAAP)8 c 561 572 572 570 569 Diluted EPS (GAAP) a/c $ 0.56 $ 0.43 $ 0.45 $ 0.45 $ 0.29 Adjusted diluted EPS (Non-GAAP) b/c $ 0.39 $ 0.45 $ 0.51 $ 0.44 $ 0.34 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $ 329 $ 256 $ 270 $ 268 $ 177 Plus Tax effected notable items (Non-GAAP) (a) (98) 16 34 (5) 29 Adjusted NI (Non-GAAP) $ 231 $ 271 $ 304 $ 263 $ 206 NI (annualized) (GAAP) d $ 1,320 $ 1,037 $ 1,070 $ 1,063 $ 709 Adjusted NI (annualized) (Non-GAAP) e $ 928 $ 1,100 $ 1,206 $ 1,045 $ 823 Average assets (GAAP) f $ 82,304 $ 78,841 $ 79,521 $ 82,551 $ 86,326 ROA (GAAP) d/f 1.60 % 1.32 % 1.35 % 1.29 % 0.82 % Adjusted ROA (Non-GAAP) e/f 1.13 % 1.40 % 1.52 % 1.27 % 0.95 % Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE Net income available to common shareholders ("NIAC") (annualized) (GAAP) g $ 1,270 $ 987 $ 1,025 $ 1,020 $ 666 Adjusted Net income available to common shareholders (annualized) (Non-GAAP) h $ 878 $ 1,050 $ 1,161 $ 1,001 $ 781 Average Common Equity (GAAP) i $ 7,747 $ 7,398 $ 7,106 $ 7,360 $ 7,305 Intangible Assets (GAAP) (b) 1,726 1,738 1,750 1,767 1,789 Average Tangible Common Equity (Non-GAAP) j $ 6,021 $ 5,659 $ 5,356 $ 5,593 $ 5,516 Equity Adjustment (Non-GAAP) — — — — — Adjusted Average Tangible Common Equity (Non-GAAP) k $ 6,021 $ 5,659 $ 5,356 $ 5,593 $ 5,516 ROCE (GAAP) g/i 16.40 % 13.34 % 14.42 % 13.85 % 9.12 % ROTCE (Non-GAAP) g/j 21.10 % 17.43 % 19.14 % 18.23 % 12.07 % Adjusted ROTCE (Non-GAAP) h/k 14.59 % 18.55 % 21.68 % 17.89 % 14.15 % (a) Amounts adjusted for notable items as detailed on page 22 (b) Includes goodwill and other intangible assets, net of amortization. Numbers may not foot due to rounding

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. CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION Quarterly, Unaudited (In millions) 2Q23 1Q23 4Q22 3Q22 2Q22 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) k $ 400 $ 171 $ 174 $ 213 $ 201 Plus notable items (GAAP) (a) (225) — (1) (32) (13) Adjusted noninterest income (Non-GAAP) l $ 175 $ 171 $ 173 $ 181 $ 188 Revenue (GAAP) m $ 1,031 $ 859 $ 882 $ 875 $ 743 Taxable-equivalent adjustment 4 4 4 4 3 Revenue- Taxable-equivalent (Non-GAAP) 1,035 863 886 878 746 Plus notable items (GAAP) (a) (225) — (1) (32) (13) Adjusted revenue (Non-GAAP) n $ 810 $ 863 $ 885 $ 847 $ 733 Noninterest income as a % of total revenue (GAAP) k/m 38.82 % 19.94 % 19.68 % 24.30 % 27.06 % Adjusted noninterest income as a % of total revenue (Non-GAAP) l/n 21.63 % 19.85 % 19.55 % 21.37 % 25.68 % Adjusted Efficiency Ratio Noninterest expense (GAAP) o $ 555 $ 478 $ 503 $ 468 $ 489 Plus notable items (GAAP) (a) (95) (21) (46) (25) (50) Adjusted noninterest expense (Non-GAAP) p $ 461 $ 457 $ 458 $ 444 $ 438 Revenue (GAAP) q $ 1,031 $ 859 $ 882 $ 875 $ 743 Taxable-equivalent adjustment 4 4 4 4 3 Revenue- Taxable-equivalent (Non-GAAP) 1,035 863 886 878 746 Plus notable items (GAAP) (a) (225) — (1) (32) (13) Adjusted revenue (Non-GAAP) r $ 810 $ 863 $ 885 $ 847 $ 733 Efficiency ratio (GAAP) o/q 53.87 % 55.65 % 57.07 % 53.56 % 65.76 % Adjusted efficiency ratio (Non-GAAP) p/r 56.90 % 52.95 % 51.70 % 52.42 % 59.79 % (a) Amounts adjusted for notable items as detailed on page 22 (b) Includes goodwill and other intangible assets, net of amortization. Numbers may not foot due to rounding

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. Numbers may not foot due to rounding Period-end Average ($s in millions) 2Q23 1Q23 2Q23 vs. 1Q23 2Q23 1Q23 2Q23 vs. 1Q23 Loans excluding LMC Total Loans (GAAP) $ 61,295 $ 59,045 $ 2,250 4 % $ 59,924 $ 58,074 $ 1,850 3 % LMC (GAAP) 2,691 2,040 651 32 % 2,262 1,875 388 21 % Total Loans excl. LMC (Non-GAAP) 58,604 57,005 1,599 3 % 57,662 56,199 1,463 3 % Total Consumer (GAAP) 14,289 13,475 814 6 % 13,873 13,226 647 5 % Total Commercial excl. LMC (Non-GAAP) 44,315 43,530 785 2 % 43,789 42,973 816 2 % Total CRE (GAAP) 13,891 13,397 494 4 % 13,628 13,290 338 3 % Total C& I excl. LMC (Non-GAAP) $ 30,424 $ 30,133 $ 291 1 % $ 30,161 $ 29,683 $ 478 2 % FY 2022 Adjusted Results (In millions) 2022 Net interest income (GAAP) $ 2,392 Taxable-equivalent adjustment 13 Net interest income - taxable-equivalent (Non-GAAP) $ 2,405 Noninterest income (GAAP) $ 816 Plus notable items (GAAP) (a) (51) Adjusted noninterest income (Non-GAAP) $ 765 Noninterest expensee (GAAP) $ 1,953 Plus notable items (GAAP) (a) (158) Adjusted noninterest expense (Non-GAAP) $ 1,795

Cover	Jul. 19, 2023
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 19, 2023
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
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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
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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
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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
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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
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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