FIRST HORIZON CORP0000036966false00000369662024-01-182024-01-180000036966fhn:A625ParValueCommonCapitalStockMember2024-01-182024-01-180000036966fhn:DepositorySharesEachRepresentingA14000thInterestInAShareOfNonCumulativePerpetualPreferredStockSeriesBMember2024-01-182024-01-180000036966fhn:DepositorySharesEachRepresentingA14000thInterestInAShareOfNonCumulativePerpetualPreferredStockSeriesCMember2024-01-182024-01-180000036966fhn:DepositorySharesEachRepresentingA14000thInterestInAShareOfNonCumulativePerpetualPreferredStockSeriesDMember2024-01-182024-01-180000036966fhn:DepositorySharesEachRepresentingA14000thInterestInAShareOfNonCumulativePerpetualPreferredStockSeriesEMember2024-01-182024-01-180000036966fhn:DepositorySharesEachRepresentingA14000thInterestInAShareOfNonCumulativePerpetualPreferredStockSeriesFMember2024-01-182024-01-18

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________  

FORM 8-K
_____________________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

January 18, 2024
Date of Report (date of earliest event reported)

First Horizon Corporation.jpg
 
(Exact name of registrant as specified in its charter)
TN
001-1518562-0803242
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
165 Madison AvenueMemphis,Tennessee38103
(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 ClassTrading Symbol(s)Name of Exchange on which Registered
$0.625 Par Value Common Capital Stock FHNNew York Stock Exchange LLC
Depositary Shares, each representing a 1/400th interest in FHN PR BNew 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 CNew 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 DNew York Stock Exchange LLC
a share of Non-Cumulative Perpetual Preferred Stock, Series D
Depositary Shares, each representing a 1/4,000th interest inFHN PR ENew York Stock Exchange LLC
a share of Non-Cumulative Perpetual Preferred Stock, Series E
Depositary Shares, each representing a 1/4,000th interest inFHN PR FNew 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") Fourth Quarter 2023 Earnings Release, released today.

Furnished as Exhibit 99.2 is a copy of the Investor Slide Presentation for the quarter ended December 31, 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”); financial measures excluding deferred compensation; 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 after that Annual Report 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 01/18/2024

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.
 
FIRST HORIZON CORPORATION
3
FORM 8-K CURRENT REPORT 01/18/2024


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 FIRST HORIZON CORPORATION
 (Registrant) 
   
Date:January 18, 2024By:/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 01/18/2024

fhnlogoa.jpg

First Horizon Corporation Reports Full Year 2023 Net Income Available to Common Shareholders of $865 Million or EPS of $1.54; $806 Million or $1.43 on an Adjusted Basis*

Period End Deposits Increased $2 Billion or 4% and Period End Loans Grew $3 Billion or 5% in 2023

Fourth Quarter 2023 Net Income Available to Common Shareholders of $175 Million or EPS of $0.31;
$178 Million or $0.32 on an Adjusted Basis*

4Q23 ROTCE of 10.9% and Adjusted ROTCE of 11.1% with Tangible Book Value per Share of $12.13, up 8% QoQ*

MEMPHIS, TN (January 18, 2024) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported full year 2023 net income available to common shareholders ("NIAC") of $865 million or earnings per share of $1.54, compared with full year 2022 NIAC of $868 million or earnings per share of $1.53. 2023 results benefited from a net $59 million after-tax or $0.11 per share of notable items compared with a net reduction of $82 million or $0.15 per share in 2022.

“We reported strong fourth quarter and full-year 2023 results demonstrating our ability to successfully execute on our strategic priorities and navigate the economic headwinds during the year. Prudent risk management, strong liquidity, and robust capital levels supported loan growth of 5% during the year. We ran a successful deposit campaign mid-year, raising $6 billion of new-to-bank deposits,” said Chairman, President and Chief Executive Officer Bryan Jordan. “We remain intently focused on credit discipline and expect to continue to perform well over the cycle.”

“I am exceptionally proud of the resilience of our team, their unwavering dedication to our clients and the many accomplishments achieved during the year. As we enter 2024 and celebrate 160 years in business, we are well-positioned to capitalize on our exceptional client relationships, diversified business model, and attractive footprint,” continued Jordan.

Fourth quarter net income available to common shareholders was $175 million or earnings per share of $0.31, compared with third quarter 2023 NIAC of $129 million or earnings per share of $0.23. Fourth quarter 2023 results were reduced by a net $3 million after-tax or $0.01 per share of notable items compared with an impact of $20 million or $0.04 per share in third quarter 2023. Excluding notable items, adjusted fourth quarter 2023 NIAC of $178 million or $0.32 per share increased from $150 million or $0.27 per share in third quarter 2023.

Notable Items
Notable Items
Quarterly, Unaudited ($ in millions, except per share data)4Q233Q234Q2220232022
Summary of Notable Items:
Gain on merger termination$— $— $— $225 $— 
Net merger/acquisition/transaction-related items— — (36)(51)(135)
Gain on mortgage servicing rights (mortgage banking and title)— — — — 12 
Gain on sale of title services business (other noninterest income)— — 1 — 22 
Gain/(loss) related to equity securities investments (other noninterest income)(6)— — (6)16 
Net gain on asset disposition (other noninterest income less incentives)7 — — 7 — 
FDIC special assessment (other noninterest expense)(68)— — (68)— 
Other notable expenses — (10)(10)(75)(22)
Total notable items (pre-tax)(67)(10)(45)33 (107)
Total notable items (after-tax) **(3)(20)(34)59 (82)
Numbers may not foot due to rounding.
** 4Q23 includes a $48 million after-tax benefit primarily from the resolution of IberiaBank merger-related tax items; 3Q23 includes after-tax notable items of $13 million comprised of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items.
Fourth quarter pre-tax notable items include an FDIC special assessment of $68 million and a $6 million loss on equities valuation adjustments, partially offset by a $7 million net gain from a small FHN Financial asset disposition. Additionally, fourth quarter includes a $48 million benefit related to after-tax notable items, primarily from the resolution of IberiaBank merger-related tax items.
*ROTCE, PPNR, tangible book value per share, loans and leases excluding LMC, and "Adjusted" results are Non-GAAP Financial Measures; NII, Total Revenue, NIM and PPNR are presented on a fully taxable equivalent basis; References to loans include leases and EPS are based on diluted shares; Capital ratios are preliminary. See page 6 for information on our use of Non-GAAP measures and their reconciliation to GAAP beginning on page 22.
1

Full Year 2023 versus Full Year 2022

Net interest income
Net interest income of $2.5 billion increased $148 million due to the benefit of short-term interest rate increases and 8% average loan growth. Net interest margin of 3.42% increased 32 basis points.

Noninterest income
Noninterest income of $927 million increased $111 million due to $229 million of notable income in 2023, including the $225 million merger termination fee. Adjusted noninterest income of $699 million decreased $66 million as rising interest rates became a headwind to the counter-cyclical businesses. Fixed income revenue decreased by $72 million and mortgage banking and title revenues declined $33 million, which was partially offset by a $34 million increase in deferred compensation.

Noninterest expense
Noninterest expense of $2.1 billion increased $127 million and included $196 million of notable items, including merger-related expense and the FDIC special assessment. Adjusted noninterest expense of $1.9 billion increased $89 million, which included a $35 million increase in deferred compensation. Other expense increased from advertising related to the deposit campaign, higher FDIC expense, and other strategic investments.

Loans and leases
Average loan and lease balances of $60.2 billion increased $4.2 billion, despite higher market rates driving a $978 million decline in loans to mortgage companies.

Period-end loans and leases of $61.3 billion, up $3.2 billion, with loans to mortgage companies down $239 million from 2022 year end.

Deposits
Average deposits of $64.3 billion decreased 8% as the Federal Reserve implemented quantitative tightening (QT), which reduced the level of deposits in the industry. Period end deposits of $65.8 billion increased 4% as the deposit gathering initiatives in second quarter provided momentum through the rest of the year.

Asset quality
Credit began to normalize in 2023 from very benign levels in 2022. Provision expense of $260 million increased from $95 million in the previous year. Net charge-offs were $170 million or 0.28% versus $59 million or 0.11% in 2022; 2023 included a $72 million idiosyncratic credit loss on a single relationship in the third quarter. The ACL to loans ratio increased to 1.40% from 1.33% in the prior year.

Capital
CET1 ratio of 11.4% and total capital ratio of 14.0% at year end 2023, up from 10.2% and 13.3%, respectively at the end of 2022.

Income taxes
2023 effective tax rate of 18.8% compared with 21.3% in 2022. On an adjusted basis, the effective tax rate was 21.8% and 21.5% in 2023 and 2022, respectively. 2023 includes a $35 million net benefit from tax-related notable items including a $48 million benefit related to the resolution of IberiaBank merger-related tax items, partially offset by $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies.

2

SUMMARY RESULTS
Annual, Unaudited
($s in millions, except per share and balance sheet data)20232022
$/bp%
Income Statement
Interest income - taxable equivalent1
$4,115 $2,696 $1,419 53 %
Interest expense- taxable equivalent1
1,560 292 1,268 NM
Net interest income- taxable equivalent2,556 2,405 151 6 
Less: Taxable-equivalent adjustment16 13 3 23 
Net interest income2,540 2,392 148 6 
Noninterest income927 816 111 14 
      Total revenue3,467 3,208 259 8 
Noninterest expense2,080 1,953 127 7 
Pre-provision net revenue4
1,388 1,254 134 11 
Provision for credit losses5
260 95 165 NM
Income before income taxes1,128 1,159 (31)(3)
Provision for income taxes212 247 (35)(14)
Net income915 912 3 — 
Net income attributable to noncontrolling interest19 12 7 58 
Net income attributable to controlling interest897 900 (3)— 
Preferred stock dividends32 32 — — 
Net income available to common shareholders$865 $868 $(3)— 
Adjusted net income5
$856 $994 $(138)(14)%
Adjusted net income available to common shareholders5
$806 $950 $(144)(15)%
Common stock information
EPS$1.54 $1.53 $0.01 1 %
Adjusted EPS5
$1.43 $1.68 $(0.25)(15)%
Diluted shares562 566 (4)(1)%
Key performance metrics
Net interest margin3.42 %3.10 %32 bp
Efficiency ratio59.91 61.25 (134)
Adjusted efficiency ratio6
57.93 56.68 125 
Effective income tax rate18.82 21.32 (250)
Return on average assets1.12 1.08 4 
Adjusted return on average assets6
1.05 1.18 (13)
Return on average common equity (“ROCE")11.0 11.8 (80)
Return on average tangible common equity (“ROTCE”)6
14.1 15.6 (148)
Adjusted ROTCE6
13.0 17.0 (400)
Noninterest income as a % of total revenue26.83 25.01 182 
Adjusted noninterest income as a % of total revenue6
21.43 %24.08 %(265)bp
Balance Sheet (billions)
Average loans$60.2 $56.0 $4.2 8 %
Average deposits64.3 69.7 (5.5)(8)
Average assets81.7 84.2 (2.5)(3)
Average common equity$7.9 $7.3 $0.5 7 %
Asset Quality Highlights
Allowance for credit losses to loans and leases1.40 %1.33 %7 bp
Nonperforming loan and leases ratio0.75 %0.54 %21 bp
Net charge-off ratio0.28 %0.11 %17 bp
Net Charge-offs$170 $59 $111 NM
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 111.4 %10.2 %124 bp
Tier 112.4 11.9 50 
Total Capital14.0 13.3 64 
Tier 1 leverage10.7 %10.4 %33 bp
Numbers may not foot due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 21.



3

Fourth Quarter 2023 versus Third Quarter 2023

Net interest income
Net interest income of $617 million increased $12 million and net interest margin of 3.27% increased 10 basis points from the benefit of asset repricing and favorable balance sheet mix.

Noninterest income
Noninterest income of $183 million increased $10 million, including $4 million of notable income.
Adjusted noninterest income of $179 million increased $6 million driven by $9 million higher fixed income and a $6 million increase in deferred compensation, partially offset by lower FHLB dividends and BOLI revenue. Fixed income average daily revenue of $463 thousand increased 54% compared with $301 thousand in third quarter 2023 driven by a favorable change in the market's interest rate expectations and year-end customer portfolio restructurings.

Noninterest expense
Noninterest expense of $572 million increased $98 million, which included $70 million of notable items, primarily the $68 million FDIC special assessment. Adjusted noninterest expense of $502 million increased $37 million driven by expense related to the strategic investment initiatives, an increase in incentives and commissions from higher production, and long-term incentive accruals from improved stock price performance.

Loans and leases
Average loan and lease balances of $61.2 billion were relatively flat compared to the prior quarter, with loans to mortgage companies (LMC) down $414 million, due in part to seasonality.

Period-end loans and leases of $61.3 billion decreased $0.5 billion from third quarter 2023, with loans to mortgage companies down $218 million and other C&I down $313 million.

Deposits
Average deposits of $66.9 billion increased 1%, reflecting strong retention among the clients acquired during the second quarter promotional campaign. Period-end deposits of $65.8 billion decreased $1.2 billion reflecting the $1.2 billion pay down of brokered deposits. Total interest-bearing deposit costs were relatively flat from the prior quarter at 3.37%, however a significant number of promotional accounts were repriced at the end of 4Q23, resulting in an ending rate paid of approximately 3.25% as of December 31, 2023.

Asset quality
Provision expense of $50 million decreased $60 million in fourth quarter following a large idiosyncratic credit loss on a single relationship in third quarter 2023.

Net charge-offs were $36 million or 23 basis points. Nonperforming loans of $462 million increased $68 million.

The ACL to loans ratio increased to 1.40% from 1.36% in third quarter 2023, reflecting marginal deterioration in the CECL macroeconomic scenarios for the CRE and consumer portfolios, as well as modest grade migration.

Capital
CET1 ratio of 11.4% and total capital ratio of 14.0% in fourth quarter 2023, up from 11.1% and 13.6%, respectively in third quarter 2023.

Income taxes
Fourth quarter 2023 effective tax rate of -6.2% compared with 26.7% in third quarter 2023. On an adjusted basis, the effective tax rate was 21.7% and 20.1% in fourth and third quarter, respectively. Fourth quarter includes a $48 million benefit from after-tax notable items primarily related to the resolution of IberiaBank merger-related tax items.

4


SUMMARY RESULTS
Quarterly, Unaudited
4Q23 Change vs.
($s in millions, except per share and balance sheet data)4Q233Q234Q223Q234Q22
$/bp%$/bp%
Income Statement
Interest income - taxable equivalent1
$1,090 $1,084 $860 $6 1 %$230 27 %
Interest expense- taxable equivalent1
469 475 148 (6)(1)321 NM
Net interest income- taxable equivalent621 609 712 12 2 (91)(13)
Less: Taxable-equivalent adjustment4 4 4 — — — — 
Net interest income617 605 709 12 2 (92)(13)
Noninterest income183 173 174 10 6 9 5 
      Total revenue800 778 882 22 3 (82)(9)
Noninterest expense572 474 503 98 21 69 14 
Pre-provision net revenue3
227 304 379 (77)(25)(152)(40)
Provision for credit losses50 110 45 (60)(55)5 11 
Income before income taxes177 194 334 (17)(9)(157)(47)
Provision for income taxes(11)52 64 (63)(121)(75)(117)
Net income188 142 270 46 32 (82)(30)
Net income attributable to noncontrolling interest5 5 4 — — 1 25 
Net income attributable to controlling interest183 137 266 46 34 (83)(31)
Preferred stock dividends8 8 8 — — — — 
Net income available to common shareholders$175 $129 $258 $46 36 %$(83)(32)%
Adjusted net income4
$191 $163 $304 $28 17 %$(113)(37)%
Adjusted net income available to common shareholders4
$178 $150 $293 $28 19 %$(115)(39)%
Common stock information
EPS$0.31 $0.23 $0.45 $0.08 35 %$(0.14)(31)%
Adjusted EPS4
$0.32 $0.27 $0.51 $0.05 19 %$(0.19)(37)%
Diluted shares8
561 561 572 — — %(11)(2)%
Key performance metrics
Net interest margin3.27 %3.17 %3.89 %10 bp(62)bp
Efficiency ratio71.14 60.96 57.10 1,018 1,404 
Adjusted efficiency ratio4
62.84 59.43 51.73 341 1,111 
Effective income tax rate(6.16)26.67 19.19 (3,283)(2,535)
Return on average assets0.91 0.68 1.35 23 (44)
Adjusted return on average assets4
0.92 0.78 1.52 14 (60)
Return on average common equity (“ROCE")8.6 6.3 14.4 232 (582)
Return on average tangible common equity (“ROTCE”)4
10.9 8.0 19.1 294 (825)
Adjusted ROTCE4
11.1 9.2 21.7 184 (1,063)
Noninterest income as a % of total revenue23.33 22.23 19.63 110 370 
Adjusted noninterest income as a % of total revenue4
22.32 %22.11 %19.50 %21 bp282 bp
Balance Sheet (billions)
Average loans$61.2 $61.4 $57.6 $(0.2)— %$3.6 6 %
Average deposits66.9 66.5 64.9 0.3 1 2.0 3 
Average assets82.3 83.2 79.5 (0.9)(1)2.8 4 
Average common equity$8.1 $8.2 $7.1 $(0.1)(1)%$1.0 14 %
Asset Quality Highlights
Allowance for credit losses to loans and leases1.40 %1.36 %1.33 %4 bp7 bp
Nonperforming loan and leases ratio0.75 %0.64 %0.54 %11 bp21 bp
Net charge-off ratio0.23 %0.61 %0.18 %(38)bp5 bp
Net Charge-offs$36 $95 $26 $(59)(62)%$10 40 %
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 111.4 %11.1 %10.2 %29 bp124 bp
Tier 112.4 12.1 11.9 30 50 
Total Capital14.0 13.6 13.3 34 64 
Tier 1 leverage10.7 %10.5 %10.4 %22 bp33 bp
Numbers may not foot due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 21.

5

Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (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 after that Annual Report.

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 22.


6

Conference Call Information
Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on January 18, 2024 by dialing 1-833-470-1428 (if calling from the U.S.) or 404-975-4839 (if calling from outside the U.S) and entering access code 172464. The conference call will begin at 8:30 a.m. CT.

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

A replay of the call will be available beginning at noon CT on January 18 until midnight CT on February 1, 2024. To listen to the replay, dial 1-866-813-9403 (U.S. callers); the access code is 404538. A replay of the webcast will also be available on our website on January 18 and will be archived on the site for one year.

First Horizon Corp. (NYSE: FHN), with $81.7 billion in assets as of December 31, 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
7

CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited
     4Q23 Change vs.2023 vs 2022
($s in millions, except per share data)4Q233Q232Q231Q234Q223Q234Q2220232022
$ %$ %$%
Interest income - taxable equivalent1
$1,090 $1,084 $1,019 $923 $860 $6 1 %$230 27 %$4,115 $2,696 $1,419 53 %
Interest expense- taxable equivalent1
469 475 385 232 148 (6)(1)321 NM 1,560 292 1,268 NM
Net interest income- taxable equivalent621 609 635 691 712 12 2 (91)(13)2,556 2,405 151 6 
Less: Taxable-equivalent adjustment4 4 4 4 4 — — — — 16 13 3 23 
Net interest income617 605 631 688 709 12 2 (92)(13)2,540 2,392 148 6 
Noninterest income:
Fixed income37 28 30 39 35 9 32 2 6 133 205 (72)(35)
Mortgage banking and title5 7 6 5 4 (2)(29)1 25 23 68 (45)(66)
Brokerage, trust, and insurance36 34 35 34 33 2 6 3 9 139 141 (2)(1)
Service charges and fees59 60 59 55 56 (1)(2)3 5 233 226 7 3 
Card and digital banking fees16 20 21 19 20 (4)(20)(4)(20)77 84 (7)(8)
Deferred compensation income6 — 8 3 7 6 NM (1)(14)17 (17)34 NM
Gain on merger termination— — 225 — — — NM — NM 225 — 225 NM
Other noninterest income23 25 17 15 20 (2)(8)3 15 80 110 (30)(27)
Total noninterest income183 173 400 171 174 10 6 9 5 927 816 111 14 
Total revenue800 778 1,031 859 882 22 3 (82)(9)3,467 3,208 259 8 
Noninterest expense:
Personnel expense:
Salaries and benefits190 188 191 188 178 2 1 12 7 757 743 14 2 
Incentives and commissions82 77 86 80 97 5 6 (15)(15)326 376 (50)(13)
Deferred compensation expense7 — 8 3 7 7 NM — — 17 (18)35 NM
Total personnel expense279 266 285 271 281 13 5 (2)(1)1,100 1,101 (1)— 
Occupancy and equipment2
71 67 68 70 71 4 6 — — 276 286 (10)(3)
Outside services84 69 71 66 70 15 22 14 20 291 290 1 — 
Amortization of intangible assets12 12 12 12 13 — — (1)(8)47 51 (4)(8)
Other noninterest expense127 60 119 59 69 67 112 58 84 365 225 140 62 
Total noninterest expense572 474 555 478 503 98 21 69 14 2,080 1,953 127 7 
Pre-provision net revenue3
227 304 475 381 379 (77)(25)(152)(40)1,388 1,254 134 11 
Provision for credit losses50 110 50 50 45 (60)(55)5 11 260 95 165 NM
Income before income taxes177 194 425 331 334 (17)(9)(157)(47)1,128 1,159 (31)(3)
Provision for income taxes(11)52 96 75 64 (63)(121)(75)(117)212 247 (35)(14)
Net income188 142 329 256 270 46 32 (82)(30)915 912 3 — 
Net income attributable to noncontrolling interest5 5 5 4 4 — — 1 25 19 12 7 58 
Net income attributable to controlling interest183 137 325 251 266 46 34 (83)(31)897 900 (3)— 
Preferred stock dividends8 8 8 8 8 — — — — 32 32 — — 
Net income available to common shareholders$175 $129 $317 $243 $258 $46 36 %$(83)(32)%$865 $868 $(3)— %
Common Share Data
EPS$0.31 $0.23 $0.59 $0.45 $0.48 $0.08 35 %$(0.17)(35)%$1.58 $1.62 $(0.04)(2)%
Basic shares559 559 539 537 536 — — 23 4 548 535 13 2 
Diluted EPS$0.31 $0.23 $0.56 $0.43 $0.45 $0.08 35 $(0.14)(31)$1.54 $1.53 $0.01 1 
Diluted shares8
561 561 561 572 572 — — %(11)(2)%562 566 (4)(1)%
Effective tax rate(6.2)%26.7 %22.6 %22.7 %19.2 %18.8 %21.3 %
Numbers may not foot due to rounding. See footnote disclosures on page 21.
8


ADJUSTED5 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 10
Quarterly, Unaudited
     4Q23 Change vs.2023 vs. 2022
($s in millions, except per share data)4Q233Q232Q231Q234Q223Q234Q2220232022
$%$%$%
Net interest income (FTE)1
$621 $609 $635 $691 $712 $12 2 %$(91)(13)%$2,556 $2,405 $151 6 %
Adjusted noninterest income:
Fixed income37 28 30 39 35 9 32 2 6 133 205 (72)(35)
Adjusted mortgage banking and title5 7 6 5 4 (2)(29)1 25 23 56 (33)(59)
Brokerage, trust, and insurance36 34 35 34 33 2 6 3 9 139 141 (2)(1)
Service charges and fees59 60 59 55 56 (1)(2)3 5 233 226 7 3 
Card and digital banking fees16 20 21 19 20 (4)(20)(4)(20)77 84 (7)(8)
Deferred compensation income6 — 8 3 7 6 NM (1)(14)17 (17)34 NM
Gain on merger termination— — — — — — NM — NM — — — NM
Adjusted other noninterest income20 25 17 15 20 (5)(20)— — 77 71 6 8 
Adjusted total noninterest income$179 $173 $175 $171 $173 $6 3 %$6 3 %$699 $765 $(66)(9)%
Total revenue (FTE)1
$800 $782 $810 $863 $885 $18 2 %$(85)(10)%$3,254 $3,170 $84 3 %
Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits$190 $188 $187 $188 $178 $2 1 %$12 7 %$753 $741 $12 2 %
Adjusted Incentives and commissions80 68 65 64 70 12 18 10 14 278 301 (23)(8)%
Adjusted deferred compensation expense7 — 8 3 7 7 NM — — 17 (18)35 NM
Adjusted total personnel expense277 256 260 255 254 21 8 23 9 1,048 1,024 24 2 %
Adjusted occupancy and equipment2
71 67 68 70 71 4 6 — — 276 284 (8)(3)%
Adjusted outside services84 69 68 63 64 15 22 20 31 284 248 36 15 %
Adjusted amortization of intangible assets12 12 12 12 12 — — — — 47 48 (1)(2)%
Adjusted other noninterest expense59 60 53 58 58 (1)(2)1 2 229 192 37 19 %
Adjusted total noninterest expense$502 $465 $461 $457 $458 $37 8 %$44 10 %$1,884 $1,795 $89 5 %
Adjusted pre-provision net revenue3
$298 $318 $349 $406 $428 $(20)(6)%$(130)(30)%$1,370 $1,374 $(4)— %
Provision for credit losses$50 $110 $50 $50 $45 $(60)(55)%$5 11 %$260 $95 $165 NM
Adjusted net income available to common shareholders$178 $150 $219 $259 $293 $28 19 %$(115)(39)%$806 $950 $(144)(15)%
Adjusted Common Share Data
Adjusted diluted EPS$0.32 $0.27 $0.39 $0.45 $0.51 $0.05 19 %$(0.19)(37)%$1.43 $1.68 $(0.25)(15)%
Diluted shares8
561 561 561 572 572 — — %(11)(2)%562 566 (4)(1)%
Adjusted effective tax rate21.7 %20.1 %21.6 %22.9 %19.8 %21.8 %21.5 %
Adjusted ROTCE11.1 %9.2 %14.6 %18.6 %21.7 %13.0 %17.0 %
Adjusted efficiency ratio62.8 %59.4 %56.9 %53.0 %51.7 %57.9 %56.7 %
Numbers may not foot due to rounding.
See footnote disclosures on page 21.

9


NOTABLE ITEMS
Quarterly, Unaudited
(In millions)4Q233Q232Q231Q234Q2220232022
Summary of Notable Items:
Gain on merger termination$— $— $225 $— $— $225 $— 
Net merger/acquisition/transaction-related items— — (30)(21)(36)(51)(135)
Gain on mortgage servicing rights (mortgage banking and title)— — — — — — 12 
Gain on sale of title services business (other noninterest income)— — — — 1 — 22 
Gain/(loss) related to equity securities investments (other noninterest income)(6)— — — — (6)16 
Net gain on asset disposition (other noninterest income less incentives)7 — — — — 7 — 
FDIC special assessment (other noninterest expense)(68)— — — — (68)— 
Other notable expenses *— (10)(65)— (10)(75)(22)
Total notable items (pre-tax)(67)(10)130 (21)(45)33 (107)
Tax-related notable items **48 (13)— — — 35 — 
Numbers may not foot due to rounding
* 2023 includes $10 million of restructuring expenses recognized in 3Q23 and $50 million contribution to First Horizon Foundation and $15 million of Visa derivative valuation expenses recognized in 2Q23; 2022 includes $12 million and $10 million of Visa derivative valuation expense recognized in 2Q22 and 4Q22, respectively.
** 4Q23 includes a $48 million after-tax benefit primarily from the resolution of IberiaBank merger-related tax items; 3Q23 includes after-tax notable items of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items.

IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited
     
(In millions)4Q233Q232Q231Q234Q2220232022
Impacts of Notable Items:
Noninterest income:
Mortgage banking and title$— $— $— $— $— $— $(12)
Gain on merger termination— — (225)— — (225)— 
Other noninterest income(4)— — — (1)(4)(38)
Total noninterest income$(4)$— $(225)$— $(1)$(229)$(51)
Noninterest expense:
Personnel expenses:
Salaries and benefits$— $— $(4)$— $— $(4)$(2)
Incentives and commissions(2)(9)(21)(16)(27)(49)(76)
Deferred compensation expense— — — — — — — 
Total personnel expenses(2)(10)(25)(16)(27)(52)(77)
Occupancy and equipment2
— — — — — — (2)
Outside services— — (4)(3)(6)(7)(42)
Amortization of intangible assets— — — — (1)— (3)
Other noninterest expense(68)— (66)(2)(11)(136)(33)
Total noninterest expense$(70)$(10)$(95)$(21)$(46)$(196)$(158)
Income before income taxes$67 $10 $(130)$21 $45 $(33)$107 
Provision for income taxes *64 (11)(33)6 11 26 25 
Net income/(loss) available to common shareholders$3 $20 $(98)$16 $34 $(59)$82 
EPS impact of notable items$0.01 $0.04 $(0.17)$0.03 $0.06 $(0.11)$0.15 
Numbers may not foot due to rounding
* 4Q23 includes a $48 million after-tax benefit primarily from the resolution of IberiaBank merger-related tax items; 3Q23 includes after-tax notable items of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items.
10


FINANCIAL RATIOS
Quarterly, Unaudited
     4Q23 Change vs.2023 vs. 2022
4Q233Q232Q231Q234Q223Q234Q2220232022
FINANCIAL RATIOS$/bp%$/bp%$/bp%
Net interest margin3.27 %3.17 %3.38 %3.88 %3.89 %10 bp(62)bp3.42 %3.10 %32 bp
Return on average assets0.91 %0.68 %1.60 %1.32 %1.35 %23 (44)1.12 %1.08 %4 
Adjusted return on average assets4
0.92 %0.78 %1.13 %1.40 %1.52 %14 (60)1.05 %1.18 %(13)
Return on average common equity (“ROCE”)8.60 %6.28 %16.40 %13.34 %14.42 %232 (582)11.01 %11.81 %(80)
Return on average tangible common equity (“ROTCE”)4
10.89 %7.95 %21.10 %17.43 %19.14 %294 (825)14.10 %15.58 %(148)
Adjusted ROTCE4
11.05 %9.21 %14.59 %18.55 %21.68 %184 (1,063)12.96 %16.96 %(400)
Noninterest income as a % of total revenue23.33 %22.23 %38.80 %19.90 %19.63 %110 370 26.83 %25.01 %182 
Adjusted noninterest income as a % of total revenue4
22.32 %22.11 %21.60 %19.81 %19.50 %21 282 21.43 %24.08 %(265)
Efficiency ratio71.14 %60.96 %53.89 %55.67 %57.10 %1,018 1,404 59.91 %61.25 %(134)
Adjusted efficiency ratio4
62.84 %59.43 %56.92 %52.98 %51.73 %341 1,111 57.93 %56.68 %125 
Allowance for credit losses to loans and leases1.40 %1.36 %1.35 %1.35 %1.33 %4 7 1.40 %1.33 %7 
CAPITAL DATA
CET1 capital ratio*
11.4 %11.1 %11.1 %10.4 %10.2 %29 bp124 bp11.4 %10.2 %124 bp
Tier 1 capital ratio*12.4 %12.1 %12.1 %12.1 %11.9 %30 bp50 bp12.4 %11.9 %50 bp
Total capital ratio*14.0 %13.6 %13.6 %13.6 %13.3 %34 bp64 bp14.0 %13.3 %64 bp
Tier 1 leverage ratio*10.7 %10.5 %10.5 %10.7 %10.4 %22 bp33 bp10.7 %10.4 %33 bp
Risk-weighted assets (“RWA”) (billions)$71.0 $71.9 $71.5 $69.5 $69.2 $(1)(1)%$2 3 %$71.0 $69.2 $2 3 %
Total equity to total assets 11.38 %10.65 %10.53 %11.02 %10.83 %73 bp55 bp11.38 %10.83 %55 bp
Tangible common equity/tangible assets (“TCE/TA”)4
8.48 %7.76 %7.71 %7.41 %7.12 %72 bp136 bp8.48 %7.12 %136 bp
Period-end shares outstanding (millions)9
559 559 559 538 537 — — %22 4 %559 537 22 4 %
Cash dividends declared per common share$0.15 $0.15 $0.15 $0.15 $0.15 $— — %$— — %$0.60 $0.60 $— — %
Book value per common share$15.17 $14.28 $14.58 $14.11 $13.48 $0.89 6 %$1.69 13 %$15.17 $13.48 $1.69 13 %
Tangible book value per common share4
$12.13 $11.22 $11.50 $10.89 $10.23 $0.91 8 %$1.90 19 %$12.13 $10.23 $1.90 19 %
SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)93.18 %92.18 %93.68 %96.10 %91.51 %100 bp167 bp93.18 %91.51 %167 bp
Loans-to-deposit ratio (average balances)91.53 %92.35 %97.52 %93.33 %88.73 %(82)bp280 bp93.60 %80.22 %1,338 bp
Full-time equivalent associates7,277 7,340 7,327 7,282 7,477 (63)(1)%(200)(3)%7,306 7,642 (336)(4)%
Certain previously reported amounts have been reclassified to agree with current presentation.
*Current quarter is an estimate.
See footnote disclosures on page 21.
11


CONSOLIDATED PERIOD-END BALANCE SHEET
Quarterly, Unaudited 
     4Q23 Change vs.
(In millions)4Q233Q232Q231Q234Q223Q234Q22
Assets:$%$%
Loans and leases:      
Commercial, financial, and industrial (C&I)$32,632 $33,163 $33,116 $32,172 $31,780 $(531)(2)%$852 3 %
Commercial real estate14,216 14,121 13,891 13,397 13,228 95 1 988 7 
Total Commercial46,849 47,283 47,006 45,570 45,008 (434)(1)1,841 4 
Consumer real estate13,650 13,685 13,475 12,668 12,253 (35)— 1,397 11 
Credit card and other5
793 809 813 807 840 (16)(2)(47)(6)
Total Consumer14,443 14,494 14,289 13,475 13,093 (51)— 1,350 10 
Loans and leases, net of unearned income61,292 61,778 61,295 59,045 58,101 (486)(1)3,191 5 
Loans held for sale502 613 789 650 590 (111)(18)(88)(15)
Investment securities9,714 9,435 9,949 10,317 10,207 279 3 (493)(5)
Trading securities1,412 1,231 1,059 1,122 1,375 181 15 37 3 
Interest-bearing deposits with banks1,328 1,917 4,523 2,488 1,384 (589)(31)(56)(4)
Federal funds sold and securities purchased under agreements to resell719 416 282 309 482 303 73 237 49 
Total interest earning assets74,967 75,389 77,898 73,929 72,139 (422)(1)2,828 4 
Cash and due from banks1,012 1,022 1,137 987 1,061 (10)(1)(49)(5)
Goodwill and other intangible assets, net1,696 1,709 1,720 1,732 1,744 (13)(1)(48)(3)
Premises and equipment, net590 590 595 603 612 — — (22)(4)
Allowance for loan and lease losses(773)(760)(737)(715)(685)(13)(2)(88)(13)
Other assets4,169 4,584 4,458 4,193 4,082 (415)(9)(87)2 
Total assets$81,661 $82,533 $85,071 $80,729 $78,953 $(872)(1)%$2,708 3 %
Liabilities and Shareholders' Equity:
Deposits:
Savings$25,082 $25,590 $23,733 $21,346 $21,971 $(508)(2)%$3,111 14 %
Time deposits6,804 7,783 8,279 3,777 2,887 (979)(13)3,917 136 
Other interest-bearing deposits16,689 15,817 14,620 15,184 15,165 872 6 1,524 10 
Total interest-bearing deposits48,576 49,190 46,632 40,306 40,023 (614)(1)8,553 21 
Trading liabilities509 366 174 144 335 143 39 174 52 
Federal funds purchased and securities sold under agreements to repurchase2,223 2,015 2,169 1,621 1,413 208 10 810 57 
Short-term borrowings326 492 4,777 4,863 1,093 (166)(34)(767)(70)
Term borrowings1,150 1,157 1,156 1,605 1,597 (7)(1)(447)(28)
Total interest-bearing liabilities52,783 53,220 54,908 48,540 44,461 (437)(1)8,322 19 
Noninterest-bearing deposits17,204 17,825 18,801 21,134 23,466 (621)(3)(6,262)(27)
Other liabilities2,383 2,694 2,403 2,161 2,480 (311)(12)(97)(4)
Total liabilities72,370 73,740 76,112 71,835 70,406 (1,370)(2)1,964 3 
Shareholders' Equity:
Preferred stock520 520 520 1,014 1,014 — — (494)(49)
Common stock349 349 349 336 336 — — 13 4 
Capital surplus5,351 5,337 5,324 4,863 4,840 14 — 511 11 
Retained earnings3,964 3,874 3,830 3,595 3,430 90 2 534 16 
Accumulated other comprehensive loss, net(1,188)(1,582)(1,359)(1,208)(1,367)394 25 179 13 
Combined shareholders' equity8,996 8,498 8,664 8,599 8,251 498 6 745 9 
Noncontrolling interest295 295 295 295 295 — — — — 
Total shareholders' equity9,291 8,794 8,960 8,895 8,547 497 6 744 9 
Total liabilities and shareholders' equity$81,661 $82,533 $85,071 $80,729 $78,953 $(872)(1)%$2,708 3 %
Memo:
Total deposits$65,780 $67,015 $65,433 $61,440 $63,489 $(1,235)(2)%$2,291 4 %
Loans to mortgage companies$2,019 $2,237 $2,691 $2,040 $2,258 $(218)(10)%$(239)(11)%
Unfunded Loan Commitments:
Commercial$21,328 $22,063 $22,134 $21,844 $22,875 $(735)(3)%$(1,547)(7)%
Consumer$4,401 $4,432 $4,400 $4,404 $4,329 $(31)(1)%$72 2 %
Numbers may not foot due to rounding. See footnote disclosures on page 21.
12

CONSOLIDATED AVERAGE BALANCE SHEET
Quarterly, Unaudited 
     4Q23 Change vs.2023 vs. 2022
(In millions)4Q233Q232Q231Q224Q223Q234Q2220232022
Assets:$%$%$%
Loans and leases:      
Commercial, financial, and industrial (C&I)$32,520 $33,042 $32,423 $31,558 $31,562 $(522)(2)%$958 3 %$32,390 $30,969 $1,421 5 %
Commercial real estate14,210 13,999 13,628 13,290 13,095 211 2 1,115 9 13,785 12,722 1,063 8 
Total Commercial46,730 47,041 46,051 44,848 44,657 (311)(1)2,073 5 46,175 43,691 2,484 6 
Consumer real estate13,664 13,575 13,058 12,401 12,049 89 1 1,615 13 13,179 11,397 1,782 16 
Credit card and other5
802 816 815 825 858 (14)(2)(56)(7)814 864 (50)(6)
Total Consumer14,466 14,391 13,873 13,226 12,907 75 1 1,559 12 13,994 12,261 1,733 14 
Loans and leases, net of unearned income61,197 61,432 59,924 58,074 57,564 (235)— 3,633 6 60,169 55,952 4,217 8 
Loans held-for-sale547 782 731 596 597 (235)(30)(50)(8)664 883 (219)(25)
Investment securities9,394 9,811 10,192 10,263 10,132 (417)(4)(738)(7)9,912 9,976 (64)(1)
Trading securities1,225 1,099 1,110 1,284 1,311 126 11 (86)(7)1,179 1,438 (259)(18)
Interest-bearing deposits with banks2,556 2,867 3,110 1,468 2,618 (311)(11)(62)(2)2,504 8,672 (6,168)(71)
Federal funds sold and securities purchased under agreements to resell529 315 279 392 583 214 68 (54)(9)379 713 (334)(47)
Total interest earning assets75,448 76,306 75,346 72,076 72,805 (858)(1)2,643 4 74,807 77,635 (2,828)(4)
Cash and due from banks994 997 1,024 1,035 1,118 (3)— (124)(11)1,012 1,217 (205)(17)
Goodwill and other intangibles assets, net1,702 1,714 1,726 1,738 1,750 (12)(1)(48)(3)1,720 1,777 (57)(3)
Premises and equipment, net589 592 598 607 616 (3)(1)(27)(4)596 636 (40)(6)
Allowances for loan and lease losses(772)(766)(728)(692)(675)(6)(1)(97)(14)(740)(648)(92)(14)
Other assets4,352 4,377 4,338 4,076 3,907 (25)(1)445 11 4,287 3,599 688 19 
Total assets$82,313 $83,220 $82,304 $78,841 $79,521 $(907)(1)%$2,792 4 %$81,683 $84,217 $(2,534)(3)%
Liabilities and shareholders' equity:
Deposits:
Savings$25,799 $24,963 $21,542 $21,824 $22,477 $836 3 %$3,322 15 %$23,547 $24,292 $(745)(3)%
Time deposits7,372 8,087 5,520 3,336 2,720 (715)(9)4,652 NM 6,095 2,963 3,132 106 
Other interest-bearing deposits16,344 15,329 14,719 14,790 14,658 1,015 7 1,686 12 15,300 15,641 (341)(2)
Total interest-bearing deposits49,515 48,379 41,781 39,950 39,855 1,136 2 9,660 24 44,942 42,896 2,046 5 
Trading liabilities386 276 216 324 353 110 40 33 9 300 480 (180)(38)
Federal funds purchased and securities sold under agreements to repurchase1,982 1,970 1,634 1,507 1,462 12 1 %520 36 %1,775 1,579 196 12 
Short-term borrowings437 1,790 6,365 2,188 358 (1,353)(76)79 22 2,688 229 2,459 NM
Term borrowings1,156 1,161 1,428 1,602 1,597 (5)— (441)(28)1,335 1,596 (261)(16)
Total interest-bearing liabilities53,475 53,575 51,424 45,572 43,626 (100)— 9,849 23 51,040 46,780 4,260 9 
Noninterest-bearing deposits17,347 18,145 19,664 22,274 25,021 (798)(4)(7,674)(31)19,341 26,851 (7,510)(28)
Other liabilities2,585 2,522 2,187 2,289 2,459 63 2 126 5 2,397 2,006 391 19 
Total liabilities73,407 74,242 73,275 70,134 71,106 (835)(1)2,301 3 72,778 75,638 (2,860)(4)
Shareholders' Equity:
Preferred stock520 520 986 1,014 1,014 — — (494)(49)758 935 (177)(19)
Common stock 349 349 337 336 336 — — 13 4 343 335 8 2 
Capital surplus5,343 5,330 4,891 4,851 4,826 13 — 517 11 5,106 4,790 316 7 
Retained earnings3,935 3,861 3,759 3,518 3,358 74 2 577 17 3,770 3,132 638 20 
Accumulated other comprehensive loss, net(1,538)(1,378)(1,241)(1,307)(1,414)(160)(12)(124)(9)(1,367)(909)(458)(50)
Combined shareholders' equity8,610 8,683 8,734 8,411 8,119 (73)(1)491 6 8,610 8,283 327 4 
Noncontrolling interest295 295 295 295 295 — — — — 295 295 — — 
Total shareholders' equity8,905 8,978 9,029 8,707 8,415 (73)(1)490 6 8,905 8,579 326 4 
Total liabilities and shareholders' equity$82,313 $83,220 $82,304 $78,841 $79,521 $(907)(1)%$2,792 4 %$81,683 $84,217 $(2,534)(3)%
Memo:
Total deposits$66,862 $66,523 $61,445 $62,224 $64,876 $339 1 %$1,986 3 %$64,283 $69,748 $(5,465)(8)%
Loans to mortgage companies$1,939 $2,353 $2,262 $1,875 $2,299 $(414)(18)%$(360)(16)%$2,108 $3,086 $(978)(32)%
Numbers may not foot due to rounding. See footnote disclosures on page 21.
13

CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited 
   4Q23 Change vs.2023 vs. 2022
4Q233Q232Q231Q234Q223Q234Q2220232022
(In millions, except rates)Income/ExpenseRateIncome/ExpenseRateIncome/ExpenseRateIncome/ExpenseRateIncome/ExpenseRateIncome/ExpenseIncome/ExpenseIncome/ExpenseRateIncome/ExpenseRateIncome/Expense
$%$%$%
Interest earning assets/Interest income:   
Loans and leases, net of unearned income:
Commercial$783 6.65 %$779 6.58 %$727 6.34 %$668 6.04 %$607 5.40 %$4 1 %$176 29 %$2,957 6.41 %$1,823 4.18 %$1,134 62 %
Consumer171 4.71 165 4.55 153 4.39 141 4.26 134 4.14 6 4 37 28 630 4.48 479 3.89 151 32 
Loans and leases, net of unearned income954 6.19 944 6.10 880 5.89 809 5.64 742 5.12 10 1 212 29 3,587 5.96 2,302 4.11 1,285 56 
Loans held-for-sale11 8.34 15 7.88 14 7.58 11 7.08 9 6.34 (4)(27)2 22 51 7.71 39 4.41 12 31 
Investment securities61 2.62 62 2.54 63 2.49 63 2.45 61 2.41 (1)(2)— — 250 2.52 200 2.01 50 25 
Trading securities20 6.63 19 7.03 19 6.69 20 6.21 19 5.79 1 5 1 5 78 6.62 58 4.04 20 34 
Interest-bearing deposits with banks35 5.46 39 5.34 40 5.13 17 4.60 24 3.61 (4)(10)11 46 130 5.20 87 1.00 43 49 
Federal funds sold and securities purchased under agreements7 5.32 4 5.06 3 4.85 4 4.35 5 3.48 3 75 2 40 19 4.93 10 1.38 9 90 
Interest income$1,089 5.74 %$1,084 5.64 %$1,019 5.42 %$923 5.18 %$860 4.70 %$5 — %$229 27 %$4,115 5.50 $2,696 3.47 $1,419 53 %
Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings$222 3.42 %$219 3.48 %$141 2.63 %$96 1.79 %$67 1.19 %$3 1 %$155 NM $679 2.88 %$94 0.39 %$585 NM
Time deposits82 4.42 89 4.35 49 3.56 16 1.96 6 0.90 (7)(8)76 NM 236 3.87 18 0.60 218 NM
Other interest-bearing deposits116 2.81 102 2.64 75 2.06 58 1.59 39 1.05 14 14 77 NM 351 2.30 73 0.47 278 NM
Total interest-bearing deposits420 3.37 409 3.36 265 2.55 171 1.73 112 1.12 11 3 308 NM 1,266 2.82 184 0.43 1,082 NM
Trading liabilities4 4.59 3 4.20 2 3.82 3 3.83 3 3.59 1 33 1 33 13 4.16 12 2.56 1 8 
Federal funds purchased and securities sold under agreements to repurchase22 4.35 21 4.24 15 3.74 12 3.23 10 2.63 1 5 12 120 70 3.95 18 1.12 52 NM
Short-term borrowings6 5.41 24 5.42 83 5.25 26 4.79 3 3.75 (18)(75)3 100 140 5.19 5 2.26 135 NM
Term borrowings17 5.75 17 5.82 19 5.21 20 4.98 19 4.81 — — (2)(11)72 5.39 72 4.51 — — 
Interest expense469 3.48 475 3.52 385 3.00 232 2.06 148 1.35 (6)(1)321 NM 1,560 3.06 292 0.62 1,268 NM
Net interest income - tax equivalent basis621 2.26 609 2.12 635 2.42 691 3.11 712 3.35 12 2 (91)(13)2,556 2.44 2,405 2.85 151 6 
Fully taxable equivalent adjustment(4)1.01 (4)1.05 (4)0.96 (4)0.76 (4)0.54 — — — — (16)0.98 (13)0.25 (3)(23)
Net interest income$617 3.27 %$605 3.17 %$631 3.38 %$688 3.88 %$709 3.89 %$12 2 %$(92)(13)%$2,540 3.42 %$2,392 3.10 %$148 6 %
Memo:
Total loan yield6.19 %6.10 %5.89 %5.64 %5.12 %5.96 %4.11 %
Total deposit cost2.49 %2.44 %1.73 %1.11 %0.69 %1.97 %0.26 %
Total funding cost2.63 %2.63 %2.17 %1.38 %0.85 %2.22 %0.40 %
Average loans and leases, net of unearned income$61,197 $61,432 $59,924 $58,074 $57,564 $60,169 $55,952 
Average deposits66,86266,52361,44562,22464,87664,28369,748
Average funded liabilities70,82271,72071,08867,84668,64770,38173,632
Net interest income and yields are adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax of 21 percent and, where applicable, state income taxes.
Earning assets yields are expressed net of unearned income.
Loan yields include loan fees, cash basis interest income, and loans on nonaccrual status.
Numbers may not foot due to rounding.
See footnote disclosures on page 21.
14

CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited 
As of 4Q23 change vs.
(In millions, except ratio data)4Q233Q232Q231Q234Q223Q234Q22
$%$%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)$184 $123 $184 $204 $153 $62 50 %$32 21 %
Commercial real estate136 125 73 63 9 12 9 127 NM
Consumer real estate139 145 144 155 152 (6)(4)(13)(9)
Credit card and other5
2 2 2 2 2 — 16 — 4 
Total nonperforming loans and leases$462 $394 $402 $424 $316 $68 17 %$146 46 %
Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)0.57 %0.37 %0.55 %0.63 %0.48 %
Commercial real estate0.96 0.88 0.52 0.47 0.07 
Consumer real estate1.02 1.06 1.07 1.22 1.24 
Credit card and other5
0.30 0.26 0.27 0.29 0.27 
Total nonperforming loans and leases to loans and leases0.75 %0.64 %0.66 %0.72 %0.54 %
Numbers may not foot due to rounding.



CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Quarterly, Unaudited
As of4Q23 change vs.
(In millions)4Q233Q232Q231Q234Q223Q234Q22
$%$%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)$1 $3 $1 $— $11 $(2)(80)%$(11)(95)%
Commercial real estate— — — — — — NM — NM
Consumer real estate17 12 8 7 18 5 44 (1)(7)
Credit card and other5
3 3 5 5 3 1 31 — (5)
Total loans and leases 90 days or more past due and accruing$21 $17 $14 $12 $33 $4 22 %$(12)(38)%
Numbers may not foot due to rounding.
15


CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited
As of4Q23 change vs.
(In millions, except ratio data)4Q233Q232Q231Q234Q223Q234Q22
Charge-off, Recoveries and Related Ratios$%$%
Gross Charge-offs
Commercial, financial, and industrial (C&I) *$31 $92 $19 $14 $24 $(60)(66)%$7 31 %
Commercial real estate2 5 8 2 — (2)(49)2 NM
Consumer real estate1 1 1 1 1 1 130 — 46 
Credit card and other5
6 7 5 5 7 (1)(16)(1)(18)
Total gross charge-offs$41 $104 $33 $22 $32 $(63)(61)%$9 28 %
Gross Recoveries
Commercial, financial, and industrial (C&I)$(2)$(5)$(5)$(2)$(3)$3 60 %$1 24 %
Commercial real estate— — (1)— — — (6)— (146)
Consumer real estate(2)(2)(3)(2)(2)1 28 1 37 
Credit card and other5
(1)(1)(1)(1)(1)— 15 — 9 
Total gross recoveries$(5)$(9)$(9)$(6)$(6)$4 43 %$1 22 %
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I) *$29 $86 $14 $12 $21 $(57)(66)%$8 38 %
Commercial real estate2 4 8 2 — (2)(55)2 NM
Consumer real estate— (2)(2)(2)(2)1 91 1 91 
Credit card and other5
5 6 3 4 6 (1)(16)(1)(20)
Total net charge-offs$36 $95 $23 $16 $26 $(59)(62)%$10 40 %
Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I) *0.36 %1.04 %0.18 %0.15 %0.27 %
Commercial real estate0.06 0.12 0.23 0.05 — 
Consumer real estate— (0.05)(0.06)(0.05)(0.05)
Credit card and other5
2.36 2.77 1.65 1.93 2.76 
Total loans and leases0.23 %0.61 %0.16 %0.11 %0.18 %
Numbers may not foot due to rounding.
•3Q23 increase driven by a single credit from a company in bankruptcy.
16


CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS
Quarterly, Unaudited
As of4Q23 Change vs.
(In millions)4Q233Q232Q231Q234Q223Q234Q22
Summary of Changes in the Components of the Allowance For Credit Losses$%$%
Allowance for loan and lease losses - beginning$760 $737 $715 $685 $664 $23 3 %$96 14 %
Cumulative effect of change in accounting principle:
Commercial, financial, and industrial (C&I)— — — 1 — — NM — NM
Commercial real estate— — — — — — NM — NM
Consumer real estate— — — (7)— — NM — NM
Credit card and other5
— — — — — — NM — NM
Total cumulative effect of change in accounting principles— — — (6)— — NM — NM
Allowance for loan and lease losses - beginning, adjusted$760 $737 $715 $679 $664 $23 3 %$96 14 %
Charge-offs:
Commercial, financial, and industrial (C&I) *(31)(92)(19)(14)(24)60 66 (7)(31)
Commercial real estate(2)(5)(8)(2)— 2 49 (2)NM
Consumer real estate(1)(1)(1)(1)(1)(1)(130)— (46)
Credit card and other5
(6)(7)(5)(5)(7)1 16 1 18 
Total charge-offs(41)(104)(33)(22)(32)63 61 (9)(28)
Recoveries:
Commercial, financial, and industrial (C&I)2 5 5 2 3 (3)(60)(1)(24)
Commercial real estate— — 1 — — — 6 — 146 
Consumer real estate2 2 3 2 2 (1)(28)(1)(38)
Credit card and other5
1 1 1 1 1 — (15)— (9)
Total Recoveries5 9 9 6 6 (4)(43)(1)(17)
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I) *33 96 15 27 35 (63)(66)(2)(5)
Commercial real estate6 14 16 6 (2)(8)(59)8 NM
Consumer real estate5 5 10 15 5 — 4 (1)8 
Credit card and other5
5 3 3 4 9 2 73 (4)(41)
Total provision for loan and lease losses:
49 118 45 52 46 (69)(58)3 7 
Allowance for loan and lease losses - ending$773 $760 $737 $715 $685 $13 2 %$88 13 %
Reserve for unfunded commitments - beginning$82 $90 $85 $87 $88 $(8)(9)%$(6)(7)%
Cumulative effect of change in accounting principle— — — — — — NM — NM
Acquired reserve for unfunded commitments— — — — — — NM — NM
Provision for unfunded commitments1 (8)5 (2)(1)9 113 2 NM
Reserve for unfunded commitments - ending$83 $82 $90 $85 $87 $1 1 %$(4)(5)%
Total allowance for credit losses- ending$856 $842 $827 $800 $771 $14 2 %$85 11 %
Numbers may not foot due to rounding.
•3Q23 increase driven by a single credit from a company in bankruptcy.
17


CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES
Quarterly, Unaudited
As of
4Q233Q232Q231Q234Q22
Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)1.04 %1.01 %0.98 %1.01 %0.97 %
Commercial real estate1.21 %1.19 %1.14 %1.12 %1.10 %
Consumer real estate1.71 %1.67 %1.64 %1.65 %1.63 %
Credit card and other5
3.63 %3.48 %3.79 %3.86 %3.72 %
Total allowance for loans and lease losses to loans and leases1.26 %1.23 %1.20 %1.21 %1.18 %
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)184 %273 %177 %159 %202 %
Commercial real estate126 %135 %219 %238 %1,554 %
Consumer real estate168 %158 %154 %135 %131 %
Credit card and other5
1,202 %1,364 %1,384 %1,439 %1,364 %
Total allowance for loans and lease losses to nonperforming loans and leases167 %193 %183 %169 %217 %
Allowance for credit losses ratios
Total allowance for credit losses to loans and leases4
1.40 %1.36 %1.35 %1.35 %1.33 %
Total allowance for credit losses to nonperforming loans and leases4
185 %214 %206 %189 %244 %
See footnote disclosures on page 21.
18

REGIONAL BANKING
Quarterly, Unaudited 
     4Q23 Change vs.2023 vs. 2022
 4Q233Q232Q231Q234Q223Q234Q2220232022
$/bp%$/bp%$/bp%
Income Statement (millions)      
Net interest income$572 $583 $612 $586 $544 $(11)(2)%$28 5 %$2,354 $1,954 $400 20 %
Noninterest income109 109 109 107 107 — — 2 2 433 444 (11)(2)%
Total revenue681 692 721 693 650 (11)(2)31 5 2,787 2,397 390 16 %
Noninterest expense342 318 321 320 321 24 8 21 7 1,301 1,226 75 6 %
Pre-provision net revenue3
340 374 399 373 330 (34)(9)10 3 1,486 1,172 314 27 %
Provision for credit losses35 104 43 41 30 (69)(66)5 17224 94 130 138 %
Income before income tax expense305 270 356 331 300 35 13 5 2 1,262 1,077 185 17 %
Income tax expense72 63 84 78 70 9 14 2 3 296 253 43 17 %
Net income$233 $207 $272 $253 $229 $26 13 %$4 2 %$966 $825 $141 17 %
Average Balances (billions)
Total loans and leases$43.9 $43.9 $42.9 $41.8 $41.1 $— — %$2.8 7 %$43.2 $39.6 $3.6 9 %
Interest-earning assets43.9 43.9 42.9 41.8 41.1 — — 2.8 7 43.2 39.6 3.6 9 
Total assets46.6 46.7 45.6 44.5 43.8 (0.1)— 2.8 6 45.9 42.3 3.6 9 
Total deposits59.3 58.8 55.9 57.8 59.6 0.5 1 (0.3)(1)58.0 63.1 (5.1)(8)
Key Metrics
Net interest margin6
5.20 %5.30 %5.75 %5.71 %5.27 %(10)bp(7)bp5.48 %4.96 %52 bp
Efficiency ratio 50.17 %45.97 %44.59 %46.21 %49.30 %420 bp87 bp46.70 %51.13 %(443)bp
Loans-to-deposits ratio (period-end balances)73.49 %74.40 %74.98 %73.95 %70.81 %(91)bp268 bp73.49 %70.81 %268 bp
Loans-to-deposits ratio (average-end balances)74.02 %74.78 %76.72 %72.39 %69.02 %(76)bp500 bp74.46 %62.74 %1,172 bp
Return on average assets (annualized)1.98 %1.76 %2.39 %2.31 %2.08 %22 bp(10)bp2.11 %1.95 %16 bp
Return on allocated equity7
24.98 %22.19 %29.55 %27.96 %25.21 %279 bp(23)bp26.15 %23.23 %292 bp
Financial center locations418 418 417 417 417 — 1 418 417 1 
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 21.

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.
19


SPECIALTY BANKING
Quarterly, Unaudited 
     4Q23 Change vs.2023 vs 2022
 4Q233Q232Q231Q234Q223Q234Q2220232022
$/bp%$/bp%$/bp%
Income Statement (millions)      
Net interest income$129 $135 $130 $125 $134 $(6)(4)%$(5)(4)%$519 $557 $(39)(7)%
Noninterest income61 46 48 53 47 15 33 14 30 209 312 (103)(33)
Total revenue190 181 177 179 181 9 5 9 5 727 869 (142)(16)
Noninterest expense94 89 88 93 93 5 6 1 1 364 446 (82)(18)
Pre-provision net revenue3
96 92 89 86 87 4 4 9 10 363 423 (60)(14)
Provision for credit losses25 6 10 10 18 19 NM 7 3950 14 36 NM
Income before income tax expense72 87 79 76 70 (15)(17)2 3 313 409 (96)(24)
Income tax expense17 21 19 18 17 (4)(19)— — 76 100 (24)(24)
Net income$54 $66 $60 $57 $53 $(12)(18)%$1 2 %$237 $310 $(73)(24)%
Average Balances (billions)
Total loans and leases$16.8 $17.0 $16.5 $15.8 $15.9 $(0.2)(1)%$0.9 5 %$16.5 $15.8 $0.7 4 %
Interest-earning assets19.1 19.3 18.7 18.1 18.4 (0.2)(1)0.7 4 18.8 18.8 — — 
Total assets20.5 20.7 20.0 19.4 19.6 (0.2)(1)0.9 4 20.2 20.0 0.2 1 
Total deposits3.4 3.3 3.1 3.6 4.3 0.1 3 (0.9)(21)3.3 5.6 (2.3)(41)
Key Metrics
Fixed income product average daily revenue (thousands)$463 $301 $348 $437 $403 $162 54 %$60 15 %$387 $632 $(245)(39)%
Net interest margin6
2.68 %2.78 %2.77 %2.80 %2.89 %(10)bp(21)bp2.76 %2.97 %(21)bp
Efficiency ratio 49.38 %49.10 %49.60 %52.19 %51.69 %28 bp(231)bp50.06 %51.29 %(123)bp
Loans-to-deposits ratio (period-end balances)537 %509 %559 %504 %426 %2,758 bp11,028 bp537 %426 %11,028 bp
Loans-to-deposits ratio (average-end balances)497 %517 %537 %440 %370 %(1,991)bp12,740 bp496 %284 %21,211 bp
Return on average assets (annualized)1.05 %1.26 %1.20 %1.20 %1.06 %(21)bp(1)bp1.17 %1.55 %(38)bp
Return on allocated equity7
12.07 %15.40 %14.92 %14.69 %13.05 %(333)bp(98)bp14.22 %19.04 %(482)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 21.

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.
20

CORPORATE
Quarterly, Unaudited
 4Q23 Change vs.2023 vs. 2022
 4Q233Q232Q231Q234Q223Q234Q2220232022
$%$%$/bp%
Income Statement (millions)
Net interest income/(expense)$(84)$(113)$(111)$(24)$31 $29 26 %$(115)NM $(332)$(119)$(213)NM
Noninterest income13 18 244 11 21 (5)(28)(8)(38)286 60 225 NM
Total revenues(72)(95)133 (13)52 23 24 (124)NM (47)(59)13 21 
Noninterest expense137 67 146 64 90 70 104 47 52 414 282 133 47 
Pre-provision net revenue3
(208)(162)(13)(77)(38)(46)(28)(170)NM (461)(341)(120)(35)
Provision for credit losses(9)— (4)(1)(3)(9)NM (6)NM (14)(13)(1)(6)
Income before income tax expense(199)(162)(10)(76)(35)(37)(23)(164)NM (447)(328)(119)(36)
Income tax expense (benefit)(100)(32)(7)(21)(23)(68)NM (77)NM (160)(105)(55)(52)
Net income/(loss)$(99)$(130)$(3)$(55)$(12)$31 24 %$(87)NM $(287)$(222)$(65)(29)%
Average Balance Sheet (billions)    
Interest bearing assets$12.4 $13.0 $13.7 $12.1 $13.3 $(0.6)(5)%$(0.9)(7)%$12.8 $19.3 $(6.4)(33)%
Total assets15.2 15.9 16.7 14.9 16.0 (0.7)(4)(0.8)(5)15.7 22.0 (6.3)(29)%
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 22.
5 Credit card and other includes $179.6 million of commercial credit card balances at December 31, 2023.
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; 1Q23 and 4Q22 include 27.5 million shares based on the original maximum conversion rate.
9 3Q23 increase driven by the conversion of Series G convertible securities issued in connection with TD transaction.
21

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)4Q233Q232Q231Q234Q2220232022
Tangible Common Equity (Non-GAAP)    
(A) Total equity (GAAP)$9,291 $8,794 $8,960 $8,895 $8,547 $9,291 $8,547 
Less: Noncontrolling interest (a)295 295 295 295 295 295 295 
Less: Preferred stock (a)520 520 520 1,014 1,014 520 1,014 
(B) Total common equity$8,476 $7,978 $8,144 $7,586 $7,238 $8,476 $7,238 
Less: Intangible assets (GAAP) (b)1,696 1,709 1,720 1,732 1,744 1,696 1,744 
(C) Tangible common equity (Non-GAAP)$6,779 $6,270 $6,424 $5,853 $5,494 $6,779 $5,494 
Tangible Assets (Non-GAAP) 
(D) Total assets (GAAP)$81,661 $82,533 $85,071 $80,729 $78,953 $81,661 $78,953 
Less: Intangible assets (GAAP) (b)1,696 1,709 1,720 1,732 1,744 1,696 1,744 
(E) Tangible assets (Non-GAAP)$79,965 $80,825 $83,351 $78,997 $77,209 $79,965 $77,209 
Period-end Shares Outstanding     
(F) Period-end shares outstanding559 559 559 538 537 559 537 
Ratios
(A)/(D) Total equity to total assets (GAAP)11.38 %10.65 %10.53 %11.02 %10.83 %11.38 %10.83 %
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)8.48 %7.76 %7.71 %7.41 %7.12 %8.48 %7.12 %
(B)/(F) Book value per common share (GAAP)$15.17 $14.28 $14.58 $14.11 $13.48 $15.17 $13.48 
(C)/(F) Tangible book value per common share (Non-GAAP)$12.13 $11.22 $11.50 $10.89 $10.23 $12.13 $10.23 
(a)     Included in Total equity on the Consolidated Balance Sheet.
(b)     Includes goodwill and other intangible assets, net of amortization.
Numbers may not foot due to rounding.


22

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)4Q233Q232Q231Q234Q2220232022
Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)a$175 $129 $317 $243 $258 $865 $868 
Plus Tax effected notable items (Non-GAAP) (a)$3 $20 $(98)$16 $34 (59)82 
Adjusted net income available to common shareholders (Non-GAAP)b$178 $150 $219 $259 $293 $806 $950 
Diluted Shares (GAAP)8
c561 561 561 572 572 562 566 
Diluted EPS (GAAP)a/c$0.31 $0.23 $0.56 $0.43 $0.45 $1.54 $1.53 
Adjusted diluted EPS (Non-GAAP)b/c$0.32 $0.27 $0.39 $0.45 $0.51 $1.43 $1.68 
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)$188 $142 $329 $256 $270 $915 $912 
Plus Tax effected notable items (Non-GAAP) (a)$3 $20 $(98)$16 $34 (59)82 
Adjusted NI (Non-GAAP)$191 $163 $231 $271 $304 $856 $994 
NI (annualized) (GAAP)d$746 $565 $1,320 $1,037 $1,070 $915 $912 
Adjusted NI (annualized) (Non-GAAP)e$757 $646 $928 $1,100 $1,206 $856 $994 
Average assets (GAAP)f$82,313 $83,220 $82,304 $78,841 $79,521 $81,683 $84,217 
ROA (GAAP)d/f0.91 %0.68 %1.60 %1.32 %1.35 %1.12 %1.08 %
Adjusted ROA (Non-GAAP)e/f0.92 %0.78 %1.13 %1.40 %1.52 %1.05 %1.18 %
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$695 $513 $1,270 $987 $1,025 $865 $868 
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)h$706 $594 $878 $1,050 $1,161 $806 $950 
Average Common Equity (GAAP)i$8,090 $8,163 $7,747 $7,398 $7,106 $7,852 $7,348 
Intangible Assets (GAAP) (b)1,702 1,714 1,726 1,738 1,750 1,720 1,777 
Average Tangible Common Equity (Non-GAAP)j$6,388 $6,448 $6,021 $5,659 $5,356 $6,132 $5,571 
Equity Adjustment (Non-GAAP)— — — — — 81 32 
Adjusted Average Tangible Common Equity (Non-GAAP)k$6,388 $6,448 $6,021 $5,659 $5,356 $6,213 $5,603 
ROCE (GAAP)g/i8.60 %6.28 %16.40 %13.34 %14.42 %11.01 %11.81 %
ROTCE (Non-GAAP)g/j10.89 %7.95 %21.10 %17.43 %19.14 %14.10 %15.58 %
Adjusted ROTCE (Non-GAAP)h/k11.05 %9.21 %14.59 %18.55 %21.68 %12.96 %16.96 %
(a)     Amounts adjusted for notable items as detailed on page 10.
(b)     Includes goodwill and other intangible assets, net of amortization.
Numbers may not foot due to rounding.


23

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(In millions)4Q233Q232Q231Q234Q2220232022
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)k$183 $173 $400 $171 $174 $927 $816 
Plus notable items (GAAP) (a)(4)— (225)— (1)(229)(51)
Adjusted noninterest income (Non-GAAP)l$179 $173 $175 $171 $173 $699 $765 
Revenue (GAAP)m$800 $778 $1,031 $859 $882 $3,467 $3,208 
Taxable-equivalent adjustment4 4 4 4 4 16 13 
Revenue- Taxable-equivalent (Non-GAAP)804 782 1,035 863 886 3,483 3,221 
Plus notable items (GAAP) (a)(4)— (225)— (1)(229)(51)
Adjusted revenue (Non-GAAP)n$800 $782 $810 $863 $885 $3,254 $3,170 
Securities gains/(losses) (GAAP)o$(5)$— $— $— $1 $(4)$18 
Noninterest income as a % of total revenue (GAAP)(k-o)/ (m-o)23.33 %22.23 %38.80 %19.90 %19.63 %26.83 %25.01 %
Adjusted noninterest income as a % of total revenue (Non-GAAP)l/n22.32 %22.11 %21.60 %19.81 %19.50 %21.43 %24.08 %
Adjusted Efficiency Ratio
Noninterest expense (GAAP)p$572 $474 $555 $478 $503 $2,080 $1,953 
Plus notable items (GAAP) (a)(70)(10)(95)(21)(46)(196)(158)
Adjusted noninterest expense (Non-GAAP)q$502 $465 $461 $457 $458 $1,884 $1,795 
Revenue (GAAP)r$800 $778 $1,031 $859 $882 $3,467 $3,208 
Taxable-equivalent adjustment4 4 4 4 4 16 13 
Revenue- Taxable-equivalent (Non-GAAP)804 782 1,035 863 886 3,483 3,221 
Plus notable items (GAAP) (a)(4)— (225)— (1)(229)(51)
Adjusted revenue (Non-GAAP)s$800 $782 $810 $863 $885 $3,254 $3,170 
Securities gains/(losses) (GAAP)t$(5)$— $— $— $1 $(4)$18 
Efficiency ratio (GAAP)p/ (r-t)71.14 %60.96 %53.89 %55.67 %57.10 %59.91 %61.25 %
Adjusted efficiency ratio (Non-GAAP)q/s62.84 %59.43 %56.92 %92.98 %51.73 %57.93 %56.68 %
(a)     Amounts adjusted for notable items as detailed on page 10.
(b)     Includes goodwill and other intangible assets, net of amortization.
Numbers may not foot due to rounding.
24

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions)
Period-endAverage
4Q233Q234Q23 vs. 3Q234Q233Q234Q23 vs. 3Q23
Loans excluding LMC
Total Loans (GAAP)$61,292 $61,778 $(486)(1)%$61,197 $61,432 $(235)— %
LMC (GAAP)2,0192,237(218)(10)%1,9392,353(414)(18)%
Total Loans excl. LMC (Non-GAAP)59,273 59,541 (268)— %59,258 59,079 179 — %
Total Consumer (GAAP)14,44314,494(51)— %14,46614,39175 1 %
Total Commercial excl. LMC (Non-GAAP)44,829 45,047 (218)— %44,792 44,688 104 — %
Total CRE (GAAP)14,216 14,121 95 1 %14,210 13,999 211 2 %
Total C&I excl. LMC (Non-GAAP)$30,613 $30,926 $(313)(1)%$30,581 $30,689 $(108)— %
Numbers may not foot due to rounding.




4Q233Q232Q231Q234Q22
Allowance for credit losses to loans and leases and Allowance for credit losses to nonperforming loans and leases
Allowance for loan and lease losses (GAAP)A$773 $760 $737 $715 $685 
Reserve for unfunded commitments (GAAP)83 82 90 85 87 
Allowance for credit losses (Non-GAAP)B$856 $842 $827 $800 $771 
Loans and leases (GAAP)C$61,292 $61,778 $61,295 $59,045 $58,101 
Nonaccrual loans and leases (GAAP)D$462 $394 $402 $424 $316 
Allowance for loans and lease losses to loans and leases (GAAP)A/C1.26 %1.23 %1.20 %1.21 %1.18 %
Allowance for credit losses to loans and leases (Non-GAAP)B/C1.40 %1.36 %1.35 %1.35 %1.33 %
Allowance for loans and lease losses to nonperforming loans and leases (GAAP)A/D167 %193 %183 %169 %217 %
Allowance for credit losses to nonperforming loans and leases (Non-GAAP)B/D185 %214 %206 %189 %244 %
Numbers may not foot due to rounding.
25


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.
 
TD Transaction: The acquisition of FHN by TD contemplated by a merger agreement signed in February 2022 and terminated in May 2023.

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

Key Ratios
Return on Average Assets: Ratio is annualized net income to average total assets.
 
Return on Average Common Equity: Ratio is annualized net income available to common shareholders to average common equity.
 
Return on Average Tangible Common Equity: Ratio is annualized net income available to common shareholders to average tangible common equity.
 
Noninterest Income as a Percentage of Total Revenue: Ratio is noninterest income excluding securities gains/losses to total revenue - taxable equivalent excluding securities gains/losses.
 
Efficiency Ratio: Ratio is noninterest expense to total revenue - taxable equivalent excluding securities gains/losses.
 
Leverage Ratio: Ratio is tier 1 capital to average assets for leverage.

Asset Quality - Consolidated Key Ratios
Nonperforming loans and leases ("NPL") %: Ratio is nonaccruing loans and leases in the loan portfolio to total period-end loans and leases.
 
Net charge-offs %: Ratio is annualized net charge-offs to total average loans and leases.
 
Allowance / loans and leases: Ratio is allowance for loan and lease losses to total period-end loans and leases.
 
Allowance / Nonperforming loans and leases: Ratio is allowance for loan and lease losses to nonperforming loans and leases in the loan portfolio.
 
Allowance / charge-offs: Ratio is allowance for loan and lease losses to annualized net charge-offs.

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

Specialty Banking segment: Consists of lines of business that deliver product offerings and services with specialized industry knowledge. Specialty Banking’s lines of business include asset-based lending, mortgage warehouse lending, commercial real estate, franchise finance, correspondent banking, equipment finance, mortgage, and title insurance (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 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.

26
Fourth Quarter 2023 Earnings January 18, 2024

 
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 after that Annual Report. 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, and 4Q23 capital ratios are estimates.

 
3 4Q23 GAAP financial summary 12Q23 includes 19.7 million share impact of Series G convertible securities issued in connection with TD transaction based on the final conversion rate; 1Q23 and 4Q22 include 27.5 million shares based on the original maximum conversion rate. $ in millions except per share data Reported Results 4Q23 Change vs. 4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 Net interest income $ 617 $ 605 $ 631 $ 688 $ 709 $ 12 2 % $ (92) (13) % Fee income 183 173 400 171 174 10 6 % 9 5 % Total revenue 800 778 1,031 859 882 22 3 % (82) (9) % Expense 572 474 555 478 503 98 21 % 69 14 % Pre-provision net revenue (PPNR) 227 304 475 381 379 (77) (25) % (152) (40) % Provision for credit losses 50 110 50 50 45 (60) (55) % 5 11 % Pre-tax income 177 194 425 331 334 (17) (9) % (157) (47) % Income tax expense (11) 52 96 75 64 (63) (121) % (75) (117) % Net income 188 142 329 256 270 46 32 % (82) (30) % Non-controlling interest 5 5 5 4 4 — — % 1 25 % Preferred dividends 8 8 8 8 8 — — % — — % Net income available to common shareholders (NIAC) $ 175 $ 129 $ 317 $ 243 $ 258 $ 46 36 % $ (83) (32) % Diluted EPS $ 0.31 $ 0.23 $ 0.56 $ 0.43 $ 0.45 $ 0.08 35 % $ (0.14) (31) % Average diluted shares outstanding1 561 561 561 572 572 — — % (11) (2) % ROCE 8.6 % 6.3 % 16.4 % 13.3 % 14.4 % 2.3 % (5.8) % ROTCE 10.9 % 8.0 % 21.1 % 17.4 % 19.1 % 2.9 % (8.3) % ROA 0.9 % 0.7 % 1.6 % 1.3 % 1.4 % 0.2 % (0.4) % Net interest margin 3.27 % 3.17 % 3.38 % 3.88 % 3.89 % 0.10 % (0.62) % Efficiency ratio 71.1 % 61.0 % 53.9 % 55.7 % 57.1 % 10.2 % 14.0 % FTEs 7,277 7,340 7,327 7,282 7,477 (63) (1) % (200) (3) % CET1 ratio 11.4 % 11.1 % 11.1 % 10.4 % 10.2 % 0.3 % 1.2 % Effective tax rate (6.2) % 26.7 % 22.6 % 22.7 % 19.2 % (32.8) % (25.4) % Tangible book value per share $12.13 $11.22 $11.50 $10.89 $10.23 $ 0.91 8 % $ 1.90 19 % Period end loans $61.3B $61.8B $61.3B $59.0B $58.1B $ (0.5) (1) % $ 3.2 5 % Period end deposits $65.8B $67.0B $65.4B $61.4B $63.5B $ (1.2) (2) % $ 2.3 4 % Period end loan to deposit ratio 93 % 92 % 94 % 96 % 92 % 1 % 2 %

 
4 Table of contents 2023 highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4Q23 highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 4Q23 adjusted financial results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 4Q23 notable items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 NII and NIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Adjusted fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Adjusted expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Asset quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 FY24 guidance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Strategic focus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

 
5 2023 Key Accomplishments Diversified Business Model Demonstrated ability to perform through the economic cycle with adjusted pre-tax pre-provision in 2023 consistent with 2022. Benefited from asset sensitivity with 32bps of NIM expansion in 2023. Prudent Risk Management Managed balance sheet for safety and soundness, including maintaining a smaller securities portfolio with a focus on interest rate risk and liquidity. Generated 124bps of CET1 over the course of 2023. Attractive Southeast Footprint Deposit growth of 4% significantly outperformed an industry decline of 2%, while loan growth of 5% outpaced 2% industry growth1 1FHN data presented for the year 2023 or as of 12/31/2023, as applicable. Source for industry data: H8 data series of the Federal Reserve Board, 12/28/22 to 12/27/23. Disciplined Execution of Strategy Raised $6 billion of new customer funds in 2Q deposit campaign; successful repricing efforts reduced the period end interest-bearing deposits rate to ~3.25% Extraordinary Client Base We have long tenured, deep relationships with our clients; retained +90% of the client base in 2023, which has 9+ years of tenure at the bank

 
6 • Average customer deposits were up $0.6 billion, supporting the pay down of $1.2 billion brokered deposits over the quarter • Loan growth moderating as focus remains on deepening existing customer relationships and strategic market share expansion • Strong capital position, with CET1 up 29bps • TBVPS increased 8% driven by $0.72 from lower mark-to-market impacts and $0.34 of NIAC, partially offset by $0.15 of dividends • ACL coverage of 1.40% with net charge-offs of $36 million • Adjusted pre-tax pre-provision of $298 million • Net interest margin improved 10bps from asset repricing and favorable balance sheet mix • Fees were relatively stable, while expenses were up, driven by strategic investments and incentives on higher revenue production Strong 4Q23 results driven by stable, diversified business mix Reflects 4Q23 vs. 3Q23 results. Adjusted financial measures, including measures excluding deferred compensation, are Non-GAAP and are reconciled to GAAP measures in the appendix. 1Period end Loan-to-Deposit ratio. Earnings Strength and Solid Returns Capital and Credit Quality Strong Liquidity and Improving Funding Profile Adj. EPS Adj. ROTCE NIM Adj. Efficiency $0.32 11.1% 3.27% 62.8% CET1 TBV NCO% 11.4% $12.13 0.23% Avg Deposit Growth Avg Loan Growth PE LDR1 1% 0% 93%

 
7 • 4Q23 adjusted EPS of $0.32 vs. $0.27 in 3Q23 – Adjusted ROTCE of 11.1% – Tangible Book Value per share grew 8% to $12.13 • NII up $12 million or 2% linked quarter – NIM expanded 10bps vs 3Q23 • Adjusted fee income flat excluding deferred compensation – Higher fixed income revenue, offset by timing of discrete items • Adjusted expense up $30 million excluding deferred compensation – $5 million incentive accrual, primarily related to retention, due to stock price improvement over the quarter – $4 million increase in incentives & commissions from higher production in variable revenue businesses – Medical expenses up $5 million from seasonality and higher claims – Outside services up $15 million due to marketing campaigns and third-party services on the strategic investments, which should decline next quarter • Provision expense of $50 million, resulting in a 4bps increase in ACL coverage to 1.40% 4Q23 Adjusted financial highlights $ in millions, except per share data Adjusted Results 4Q23 Change vs. 4Q23 3Q23 4Q22 3Q23 4Q22 Net interest income (FTE) $621 $609 $712 $ 12 2 % $ (91) (13) % Fee income 179 173 173 6 3 % 6 3 % Total revenue (FTE) 800 782 885 18 2 % (85) (10) % Expense 502 465 458 37 8 % 44 10 % Pre-provision net revenue 298 318 428 (20) (6) % (130) (30) % Provision for credit losses 50 110 45 (60) (55) % 5 11 % Net charge-offs 36 95 26 (59) (62) % 10 40 % Reserve build / (release) 14 15 19 (1) (6) % (5) (27) % NIAC $178 $150 $293 $ 28 19 % $ (115) (39) % Diluted EPS $0.32 $0.27 $0.51 $ 0.05 19 % $ (0.19) (37) % Diluted shares1 561 561 572 — — % (11) (2) % ROTCE 11.1% 9.2% 21.7% 1.8 % (10.6) % ROA 0.9% 0.8% 1.5% 0.1 % (0.6) % Net interest margin (NIM) 3.27% 3.17% 3.89% 0.10 % (0.62) % Fee income / total revenue 22.3% 22.1% 19.5% 0.2 % 2.8 % Efficiency ratio 62.8% 59.4% 51.7% 3.4 % 11.1 % TBV per share $12.13 $11.22 $10.23 $ 0.91 8 % $ 1.90 19 % Effective tax rate 21.7% 20.1% 19.8% 1.6 % 1.9 % Revenue growth driven by NIM expansion and fixed income production Adjusted financial measures, including measures excluding deferred compensation, are Non-GAAP and are reconciled to GAAP measures in the appendix. 14Q22 included 27.5 million shares based on the original maximum conversion rate of the Series G convertible securities issued in connection with TD transaction.

 
8 4Q23 notable items Adjusted financial measures, including measures excluding deferred compensation, are Non-GAAP and are reconciled to GAAP measures in the appendix. Notable Items ($ in millions, except EPS) 4Q23 Net gain on disposition & valuation adjustments $ 1 FDIC special assessment $ (68) Pre-tax impact of notable items $ (67) Notable tax items $ 48 After-tax impact of notable items $ (3) EPS impact of notable items $ 0.01 • FDIC special assessment of $68 million • Net gain of $1 million from a small FHN Financial asset disposition and equities valuation adjustments • In addition to the tax effect on the pre-tax notable items, 4Q23 includes a $48 million discrete benefit primarily attributable to the resolution of IberiaBank merger-related tax items Pre-Tax Notable Items Notable Tax Items GAAP results reduced by a net $0.01 per share impact from notable items

 
9 NIM improved 10bps from asset repricing and favorable balance sheet mix $712 $691 $635 $609 $621 3.89% 3.88% 3.38% 3.17% 3.27% 4Q22 1Q23 2Q23 3Q23 4Q23 Net Interest Income and NIM Trends Net interest income and margin are adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax of 21 percent and, where applicable, state income taxes. • 4Q23 net interest income increased $12 million and net interest margin expanded 10bps versus 3Q23 – Reflects a full quarter benefit of the July rate hike on floating asset yields – Wider spreads on new and renewing loans, as well as continued repricing of fixed rate cash flows improved NII – Full pay-off of FHLB borrowings in 3Q and $1.2 billion of brokered deposit pay downs in 4Q improved the funding profile – 1Q24 margin should benefit from the repricing that occurred in late 4Q23 on the promotional deposits gathered in the second quarter campaign, reducing the period end interest-bearing deposits costs by ~15 basis points Net interest income grew $12 million from the prior quarter $ in millions NII Margin 3Q23 $609 3.17% Deposits & Funding Mix $4 0.03% Loan Rates & Spreads $12 0.07% Loan Volumes & Mix $(3) —% Investment Securities & Other $(1) —% 4Q23 $621 3.27%

 
10 $63.5B $61.4B $65.4B $67.0B $65.8B $39.7 $39.7 $42.9 $45.3 $45.9 $0.4 $0.6 $3.7 $3.8 $2.6 $23.5 $21.1 $18.8 $17.8 $17.2 Customer interest-bearing deposits Brokered deposits Noninterest-bearing deposits 4Q22 1Q23 2Q23 3Q23 4Q23 Strong client retention supported pay down of brokered deposits Period end deposits • 4Q23 period end deposits of $65.8 billion – New client acquisition continues to be strong with $0.9 billion or almost 18,000 new accounts opened this quarter with a weighted average rate of 3.3% – Strong client retention supported the pay down of $1.2 billion of brokered deposits at a weighted average rate of 5.3% – Average deposits grew 1% • 2Q23 money market deposit campaign promotional rate of ~5.25% expired in late 4Q23 – Excellent retention thus far at 96% – Average reduction in rate was 76bps – Retention effort included almost 9,000 outbound calls • The 4Q23 interest-bearing rate paid of 3.37% was essentially flat to the prior quarter – The cumulative interest-bearing deposit beta of 62% declined slightly from 63% in 3Q23 – The end-of-period rate on interest-bearing deposits declined to approximately 3.25%, while the total deposit rate paid fell to ~2.40% – The full quarter impact of lowering promotional rates and reducing brokered funding should have a positive impact on NIM in 1Q24 1Source for industry data: H8 data series of the Federal Reserve Board, 12/28/22 to 12/27/23. 2023 deposit growth of 4% significantly outperforms industry decline of 2%1

 
11 • 4Q23 period end loans of $61.3 billion, declined $0.5 billion or 1% versus 3Q23 as credit conditions have tightened across the industry – $0.3 billion or 0.5% decrease in loans excluding loans to mortgage companies (LMC), which decreased by $218 million – CRE growth driven by fund-ups of previously committed construction loans, primarily multi-family – On balance sheet mortgage production focused on the Medical Doctor (MD) program, which comprised over 60% of consumer originations • Total unfunded commitments down ~$1 billion • Period end line utilization of 42%1 • Loan yields expanded 9bps to 6.19% – Spreads on new commercial originations are up 21bps linked quarter and 64bps year-over-year – Reflects a full quarter benefit of the July rate hike on floating asset yields • Asset sensitive profile reflected in loan composition of 67% floating vs 33% fixed rate 1Utilization rates exclude Loans to Mortgage Companies. Period end loans Diversified portfolio across attractive geographic footprint Focused on deepening relationships and improved risk-adjusted pricing $58.1B $59.0B $61.3B $61.8B $61.3B C&I ex LMC Commercial real estate (CRE) Consumer real estate LMC Credit card & other 4Q22 1Q23 2Q23 3Q23 4Q23 51% 23% 21% 4% 51% 23% 21% 3% 50% 23% 22% 4% 50% 23% 22% 4% 50% 23% 22% 3%

 
12 • 4Q23 adjusted fee income excluding deferred compensation flat to 3Q23 – Fixed income increased $9 million as average daily revenue (ADR) rebounded to $463k from $301k, driven by a favorable change in the market’s interest rate expectations and year-end customer portfolio restructurings – Mortgage banking income declined $2 million, largely due to seasonally lower volume – Brokerage, trust, and insurance income increased $2 million, driven by higher annuities sales – Card and digital banking fees down $4 million due to a methodology adjustment on cardholder rebates, resulting in an isolated impact to 4Q23 – Other noninterest income declined by $5 million as 3Q23 included elevated FHLB stock dividends related to second quarter borrowing levels, as well as lower BOLI revenue this quarter Fee income stable with modest rebound in fixed income Adjusted financial measures, including measures excluding deferred compensation, are Non-GAAP and are reconciled to GAAP measures in the appendix. $ in millions Adjusted Results 4Q23 Change vs. 4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 Fixed income $37 $28 $30 $39 $35 $9 32 % $2 6 % Mortgage banking & title $5 $7 $6 $5 $4 $(2) (29) % $1 25 % Service charges and fees $59 $60 $59 $55 $56 $(1) (2) % $3 5 % Brokerage, trust, and insurance $36 $34 $35 $34 $33 $2 6 % $3 9 % Card and digital banking fees $16 $20 $21 $19 $20 $(4) (20) % $(4) (20) % Deferred compensation income $6 $0 $8 $3 $7 $6 NM $(1) (14) % Other noninterest income $20 $25 $17 $15 $20 $(5) (20) % $0 — % Total fee income $179 $173 $175 $171 $173 $6 3 % $6 3 % Fixed income ADR $463k $301k $348k $437k $403k $162k 54 % $60k 15 % Adjusted fee income flat excluding deferred compensation

 
13 Expense trend driven by strategic investments and higher production • 4Q23 adjusted expense, excluding deferred compensation, increased $30 million versus 3Q23 ◦ Personnel expense excluding deferred compensation up $14 million, primarily driven by incentives and commissions – Long-term incentive accruals, primarily related to retention, increased $5 million due to significant stock price improvement over the quarter – Variable compensation within FHN Financial and Wealth Management increased $4 million due to higher production – Medical expenses up $5 million linked quarter due to seasonality and higher claims ◦ Strategic investments drove an increase in expense in the quarter – Occupancy and equipment up $4 million as new software begins depreciating – Outside services up $15 million due to deposit and brand marketing campaigns, as well as third-party services engaged on strategic investments, which should decline next quarter $ in millions Adjusted Results 4Q23 Change vs. 4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 Salaries and benefits $190 $188 $187 $188 $178 $2 1 % $12 7 % Incentives and commissions $80 $68 $65 $64 $70 $12 18 % $10 14 % Deferred compensation expense $7 $0 $8 $3 $7 $7 NM $0 — % Total personnel expense $277 $256 $260 $255 $254 $21 8 % $23 9 % Occupancy and equipment $71 $67 $68 $70 $71 $4 6 % $0 — % Outside services $84 $69 $68 $63 $64 $15 22 % $20 31 % Amortization of intangible assets $12 $12 $12 $12 $12 $0 — % $0 — % Other noninterest expense $59 $60 $53 $58 $58 $(1) (2) % $1 2 % Total noninterest expense $502 $465 $461 $457 $458 $37 8 % $44 10 % Full-time equivalent associates 7,277 7,340 7,327 7,282 7,477 (63) (1) % (200) (3) % Adjusted financial measures, including measures excluding deferred compensation, are Non-GAAP and are reconciled to GAAP measures in the appendix. 1Occupancy and Equipment expense includes Computer Software Expense. Investing in technology and personnel with a continued focus on operational efficiencies 1

 
14 $26 $16 $23 $95 $36 0.18% 0.11% 0.16% 0.61% 0.23% NCOs NCO% 4Q22 1Q23 2Q23 3Q23 4Q23 Disciplined lending leads to strong performance across the cycle 1Net charge-off % is annualized and as % of average loans. $771 $800 $827 $842 $856 1.33% 1.35% 1.35% 1.36% 1.40% ACL ACL/Loans 4Q22 1Q23 2Q23 3Q23 4Q23 Allowance for credit losses (ACL) Non-performing loans (NPLs) $316 $424 $402 $394 $462 0.54% 0.72% 0.66% 0.64% 0.75% NPLs $ NPLs % 4Q22 1Q23 2Q23 3Q23 4Q23 • 4Q23 net charge-offs of $36 million decreased $59 million – 3Q23 included a $72 million idiosyncratic C&I charge-off • Provision expense of $50 million in 4Q23 – $14 million reserve build primarily driven by marginal deterioration in CECL macroeconomic scenarios for the CRE and consumer portfolios, as well as modest grade migration • NPL ratio of 75bps up 11bps from 3Q23 • 4Q23 ACL coverage ratio increased to 1.40% 1 ACL coverage ratio increased 4bps to 1.40%, reflecting macroeconomic uncertainty Net charge-offs

 
15 4Q22 1Q23 2Q23 3Q23 4Q23 CET1 ratio Tier 1 capital ratio Total capital ratio 4Q22 1Q23 2Q23 3Q23 4Q23 Strong capital position even adjusted for unrealized losses1 Capital levels 11.9% 13.3% 13.6% 12.1% 13.6% 12.1% 13.6% 12.1% 14.0% 12.4% $11.22 $0.34 $(0.15) $0.72 $12.13 3Q23 NIAC² Common Dividend Mark on AFS & Hedges 4Q23 • 4Q23 CET1 ratio grew 29bps to 11.4% from the benefit of NIAC and period end loan reductions, partially offset by the common dividend – CET1 net of unrealized losses of 9.1%1 above regulatory capital threshold of 7.0% • Total capital of 14.0% up 34bps from 3Q23 • TBVPS of $12.13 increased 8% versus 3Q23, driven by NIAC2 and lower mark-to-market impacts, partially offset by $0.15 of dividends 1CET1 impact of available for sale (AFS) and held to maturity (HTM) unrealized losses are presented on an after-tax basis. Loan FV impact represents the difference between book value and estimated fair value of loans and leases, which is a preliminary estimate for 12.31.23. 2Net of change in intangibles. Tangible book value per share 10.2% 10.4% 11.1% 11.1% 11.4% 11.4% (1.2)% (0.2)% 10.1% (0.9)% 9.1% 4Q23 Estimate AFS Impact HTM Impact Pro Forma Loan FV Impact Pro Forma incl. Loan FV Impact 4Q23 CET1 net of unrealized losses1 Prudently managed balance sheet focused on safety and soundness

 
16 FY2024 Outlook Earnings Drivers FY23 Adjusted Baseline FY24 Adjusted Expectations Comments Net Interest Income $2,556 million Up 1% – 4% Assumes 25bps cuts in May, July, November, and December, as well as modest balance sheet growth Noninterest Income $699 million Up 4% – 6% Potential for modest rebound in fixed income and mortgage Noninterest Expense $1,884 million Up 4% – 6% Reflects investment in technology and personnel with a continued focus on operational efficiencies Net Charge-Offs 28bps 25bps – 30bps Reflects continued macroeconomic uncertainty Tax Rate 21.8% 21% – 23% Timing of discrete items impacts quarterly rate CET1 Ratio 11.4% ~11.0% Excess capital to be deployed organically, as well as potential for capital repatriation Adjusted financial measures, including measures excluding deferred compensation, are Non-GAAP and are reconciled to GAAP measures in the appendix. Net interest income is adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax of 21 percent and, where applicable, state income taxes. Variability in Deferred Compensation may impact growth rates in noninterest income and noninterest expense but should have an offsetting and immaterial impact on pretax income. Expectations of pre-provision net revenue growth in 2024

 
17 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 18

 
191Other includes equity compensation. 4Q23 CET1 walkforward 11.1% 0.25% (0.12)% 0.13% 0.03% 11.4% 3Q23 CET1 Adjusted NIAC Common Dividend Change in Loan Balances & Unfunded Commitments Notable Items & Other 4Q23 Estimate 1

 
20 7% 4% 4% 2% 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 • $2 million of total net charge-offs in 4Q23 from CRE in the total portfolio, driven by the office portfolio – $8 million of net charge-offs in office portfolio year-to-date • Granular CRE loan book with no more than 7% property type concentration across the total loan portfolio • Continued strong asset quality with 98% of CRE graded pass • Vacancy rate of 19% in office CRE in-line with the industry in the southeast1 1FHN’s CRE database includes information for loans in the Pro CRE LOB, as well as market CRE loans above $5mm. Vacancy rates are based on this population. Industry statistics from Moody’s as of 11/30/23. High credit quality, diversified CRE portfolio Geographically diverse portfolio with minimal concentration across property types 27% 13% 12% 11% 11% 9% 9% 8% FL TX NC Other South- eastern All Other GA TN LA PE CRE by Property Type / Total LoansPE CRE by State Composition

 
21 Well-diversified across segments, industries, and markets Granular C&I portfolio and real estate backed consumer portfolio PE C&I by Industry Type 24% 21% 13% 13% 11% 7% 6% 5% All Other TN Other Southeastern FL TX NC LA GA PE C&I by State Composition • The C&I portfolio is both geographically diverse and benefits from a lack of industry concentration ◦ No more than 12% C&I exposure to any industry ◦ Southeastern footprint is economically and demographically strong ◦ Exposure to markets outside the southeast primarily driven by specialty businesses • Consumer portfolio focused on real estate, with negligible exposure to auto or consumer credit card Consumer Portfolio by Product 30% 12% 12% 8% 7% 7% 7% 6% 6% 5% 10 Other Industries Finance & Insurance Real Estate Enterprises Healthcare & Social Assistance Accommodation & Food Service Manufacturing Wholesale Trade Mortgage Warehouse Retail Trade Transportation & Warehousing $11.4B 79% $2.2B $0.8B 5% Real estate installment loans HELOC Credit card and other 16%

 
22 TN, 38% FL, 18% NC, 12% LA, 12% TX, 4% AL, 3% GA, 2% AR, 2% All other states, 3% Specialty Bank, 5% Attractive and stable funding mix • Stable, cost-effective deposits from a diverse commercial and consumer client base across 12-state footprint and specialty lines of business • Commercial deposits of $35.9 billion or 55% and consumer of $29.9 billion or 45% • Attractive lower-cost deposit base with 26% DDA • Contingency funding plan equates to ~160% of uninsured or uncollateralized deposits 67% of 4Q23 deposits insured or collateralized Deposit portfolio diversified by customer type, product, and geography 4Q23 diversified deposit mix by product 26% 38% 10% 25% Demand deposit accounts Savings Time deposits Other interest-bearing deposits 4Q23 deposits by state $39B 59% $22B 33% $5B 8% Insured Uninsured & uncollateralized Collateralized

 
23 $0.3B $0.3B $0.3B $0.3B 1Q24 2Q24 3Q24 4Q24 Agency MBS 43% Agency CMBS 25% Agency CMO 14% U.S. Agencies & Treasury 12% States & Municipalities 6% $10.1B $10.3B $10.2B $9.8B $9.4B 2.41% 2.45% 2.49% 2.54% 2.62% Average AFS Securities Average HTM Securities Average Yield 4Q22 1Q23 2Q23 3Q23 4Q23 Investment portfolio prudently managed to support liquidity and IRR • 4Q23 investment portfolio represents 11% of total assets – Moderate total portfolio effective duration of 5.0 years – Low reliance on HTM designation at 14% of total portfolio – 94% U.S. Government or Agency-backed by GSEs • 4Q23 total unrealized losses of $1.3B vs $1.8B in 3Q23 1Calculated based on period end market values. 2Estimated as of 12/31/23; includes maturities and projected calls. Lower exposure to unrealized losses due to smaller portfolio and moderate effective duration Steady principal cash flows2 Investment portfolio 4Q22 1Q23 2Q23 3Q23 4Q23 % of total assets 13% 13% 12% 12% 11% Pre-tax unrealized losses $(1.4)B $(1.3)B $(1.4)B $(1.8)B $(1.3)B Effective duration 5.3 5.2 5.2 5.2 5.0 Unencumbered securities / total securities1 45% 44% 35% 33% 30% 4Q23 investment portfolio composition1

 
24 FHN Financial Key Market Factors Affecting Fixed Income Lower Revenue Market Factor Higher Revenue Up Rate Direction Down Extreme (low/high) Market Volatility Moderate Flat/Inverted Yield Curve Shape Steep Tighter Corporate & Mortgage Spreads Wider Lower Depository Liquidity Greater Positive Economic Outlook Negative • FHN Financial provides fixed income sales & trading, investment advisory, interest rate derivatives and other services to financial institutions, municipalities and other institutional investors across the United States and internationally • 4,000+ active institutional clients • Clients include approximately one third of all US banks • The variable compensation payout ratio on marginal revenue is approximately 60% $918k $696k $531k $914k $1,477k $1,436k $632k $387k 0.51% 1.10% 1.91% 2.28% 0.54% 0.25% 1.86% 5.20% ADR Avg Fed Funds Rate 2016 2017 2018 2019 2020 2021 2022 2023 Counter-cyclical business model

 
25 Notable Items *3Q23 includes $10 million of restructuring expenses; 2Q23 includes $50 million contribution to First Horizon Foundation; 2Q23 and 4Q22 includes $15 million and $10 million, respectively of Visa derivative valuation expense. **4Q23 includes a discrete benefit primarily attributable to the resolution of merger-related tax items and 3Q23 includes after-tax notable items of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items. $ in millions, except EPS 4Q23 3Q23 2Q23 1Q23 4Q22 Summary of Notable Items: Gain on merger termination $— $— $225 $— $— Net merger/acquisition/transaction-related items — — (30) (21) (36) Gain on sale of title services business (other noninterest income) — — — — 1 Gain/(loss) related to equity securities investments (other noninterest income) (6) — — — — Net gain on asset disposition (other noninterest income less incentives) 7 — — — — FDIC special assessment (other noninterest expense) (68) — — — Other notable expenses* — (10) (65) — (10) Total notable items (pre-tax) (67) (10) 130 (21) (45) Tax related notable items** 48 (13) — — — EPS impact of notable items $ 0.01 $ 0.04 $ (0.17) $ 0.03 $ 0.06

 
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. (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. $s in millions, except per share data Quarterly, Unaudited 4Q23 3Q23 2Q23 1Q23 4Q22 Tangible Common Equity (Non-GAAP) (A) Total equity (GAAP) $ 9,291 $ 8,794 $ 8,960 $ 8,895 $ 8,547 Less: Noncontrolling interest (a) 295 295 295 295 295 Less: Preferred stock (a) 520 520 520 1,014 1,014 (B) Total common equity $ 8,476 $ 7,978 $ 8,144 $ 7,586 $ 7,238 Less: Intangible assets (GAAP) (b) 1,696 1,709 1,720 1,732 1,744 (C) Tangible common equity (Non-GAAP) $ 6,779 $ 6,270 $ 6,424 $ 5,853 $ 5,494 Tangible Assets (Non-GAAP) (D) Total assets (GAAP) $ 81,661 $ 82,533 $ 85,071 $ 80,729 $ 78,953 Less: Intangible assets (GAAP) (b) 1,696 1,709 1,720 1,732 1,744 (E) Tangible assets (Non-GAAP) $ 79,965 $ 80,825 $ 83,351 $ 78,997 $ 77,209 Period-end Shares Outstanding (F) Period-end shares outstanding 559 559 559 538 537 Ratios (A)/(D) Total equity to total assets (GAAP) 11.38 % 10.65 % 10.53 % 11.02 % 10.83 % (C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) 8.48 % 7.76 % 7.71 % 7.41 % 7.12 % (B)/(F) Book value per common share (GAAP) $ 15.17 $ 14.28 $ 14.58 $ 14.11 $ 13.48 (C)/(F) Tangible book value per common share (Non-GAAP) $ 12.13 $ 11.22 $ 11.50 $ 10.89 $ 10.23

 
27 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $s in millions Quarterly, Unaudited 4Q23 3Q23 2Q23 1Q23 4Q22 Adjusted Diluted EPS Net income available to common shareholders ("NIAC") (GAAP) a $ 175 $ 129 $ 317 $ 243 $ 258 Plus Tax effected notable items (Non-GAAP) (a) 3 20 (98) 16 34 Adjusted net income available to common shareholders (Non-GAAP) b $ 178 $ 150 $ 219 $ 259 $ 293 Diluted Shares (GAAP)8 c 561 561 561 572 572 Diluted EPS (GAAP) a/c $ 0.31 $ 0.23 $ 0.56 $ 0.43 $ 0.45 Adjusted diluted EPS (Non-GAAP) b/c $ 0.32 $ 0.27 $ 0.39 $ 0.45 $ 0.51 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $ 188 $ 142 $ 329 $ 256 $ 270 Plus Tax effected notable items (Non-GAAP) (a) 3 20 (98) 16 34 Adjusted NI (Non-GAAP) $ 191 $ 163 $ 231 $ 271 $ 304 NI (annualized) (GAAP) d $ 746 $ 565 $ 1,320 $ 1,037 $ 1,070 Adjusted NI (annualized) (Non-GAAP) e $ 757 $ 646 $ 928 $ 1,100 $ 1,206 Average assets (GAAP) f $ 82,313 $ 83,220 $ 82,304 $ 78,841 $ 79,521 ROA (GAAP) d/f 0.91 % 0.68 % 1.60 % 1.32 % 1.35 % Adjusted ROA (Non-GAAP) e/f 0.92 % 0.78 % 1.13 % 1.40 % 1.52 % 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 $ 695 $ 513 $ 1,270 $ 987 $ 1,025 Adjusted Net income available to common shareholders (annualized) (Non-GAAP) h $ 706 $ 594 $ 878 $ 1,050 $ 1,161 Average Common Equity (GAAP) i $ 8,090 $ 8,163 $ 7,747 $ 7,398 $ 7,106 Intangible Assets (GAAP) (b) 1,702 1,714 1,726 1,738 1,750 Average Tangible Common Equity (Non-GAAP) j $ 6,388 $ 6,448 $ 6,021 $ 5,659 $ 5,356 ROCE (GAAP) g/i 8.60 % 6.28 % 16.40 % 13.34 % 14.42 % ROTCE (Non-GAAP) g/j 10.89 % 7.95 % 21.10 % 17.43 % 19.14 % Adjusted ROTCE (Non-GAAP) h/j 11.05 % 9.21 % 14.59 % 18.55 % 21.68 % (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

 
28 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $s in millions Quarterly, Unaudited 4Q23 3Q23 2Q23 1Q23 4Q22 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) k $ 183 $ 173 $ 400 $ 171 $ 174 Plus notable items (GAAP) (a) (4) — (225) — (1) Adjusted noninterest income (Non-GAAP) l $ 179 $ 173 $ 175 $ 171 $ 173 Revenue (GAAP) m $ 800 $ 778 $ 1,031 $ 859 $ 882 Taxable-equivalent adjustment 4 4 4 4 4 Revenue- Taxable-equivalent (Non-GAAP) 804 782 1,035 863 886 Plus notable items (GAAP) (a) (4) — (225) — (1) Adjusted revenue (Non-GAAP) n $ 800 $ 782 $ 810 $ 863 $ 885 Securities gains/(losses) (GAAP) o $ (5) $ — $ — $ — $ 1 Noninterest income as a % of total revenue (GAAP) (k-o)/ (m-o) 23.33 % 22.23 % 38.80 % 19.90 % 19.63 % Adjusted noninterest income as a % of total revenue (Non-GAAP) l/n 22.32 % 22.11 % 21.60 % 19.81 % 19.50 % Adjusted Efficiency Ratio Noninterest expense (GAAP) p $ 572 $ 474 $ 555 $ 478 $ 503 Plus notable items (GAAP) (a) (70) (10) (95) (21) (46) Adjusted noninterest expense (Non-GAAP) q $ 502 $ 465 $ 461 $ 457 $ 458 Revenue (GAAP) r $ 800 $ 778 $ 1,031 $ 859 $ 882 Taxable-equivalent adjustment 4 4 4 4 4 Revenue- Taxable-equivalent (Non-GAAP) 804 782 1,035 863 886 Plus notable items (GAAP) (a) (4) — (225) — (1) Adjusted revenue (Non-GAAP) s $ 800 $ 782 $ 810 $ 863 $ 885 Securities gains/(losses) (GAAP) t $ (5) $ — $ — $ — $ 1 Efficiency ratio (GAAP) p/ (r-t) 71.14 % 60.96 % 53.89 % 55.67 % 57.10 % Adjusted efficiency ratio (Non-GAAP) q/s 62.84 % 59.43 % 56.92 % 92.98 % 51.73 % (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

 
29 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. Period-end Average ($s in millions) 4Q23 3Q23 4Q23 vs. 3Q23 4Q23 3Q23 4Q23 vs. 3Q23 Loans excluding LMC Total Loans (GAAP) $ 61,292 $ 61,778 $ (486) (1) % $ 61,197 $ 61,432 $ (235) — % LMC (GAAP) 2,019 2,237 (218) (10) % 1,939 2,353 (414) (18) % Total Loans excl. LMC (Non-GAAP) 59,273 59,541 (268) — % 59,258 59,079 179 — % Total Consumer (GAAP) 14,443 14,494 (51) — % 14,466 14,391 75 1 % Total Commercial excl. LMC (Non-GAAP) 44,829 45,047 (218) — % 44,792 44,688 104 — % Total CRE (GAAP) 14,216 14,121 95 1 % 14,210 13,999 211 2 % Total C& I excl. LMC (Non-GAAP) $ 30,613 $ 30,926 $ (313) (1) % $ 30,581 $ 30,689 $ (108) — %

 
30 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. (a) Amounts adjusted for notable items as detailed on page 25. Numbers may not foot due to rounding $s in millions Quarterly, Unaudited 4Q23 3Q23 Adjusted noninterest income excluding deferred compensation income Noninterest income (GAAP) 183 173 Plus notable items (GAAP) (4) — Adjusted noninterest income (Non-GAAP) $179 $173 Less deferred compensation income (GAAP) 6 — Adjusted noninterest income excluding deferred compensation income (Non-GAAP) $ 173 $ 173 Adjusted noninterest expense excluding deferred compensation expense Noninterest expense (GAAP) 572 474 Plus notable items (GAAP) (70) (10) Adjusted noninterest expense (Non-GAAP) $502 $465 Less deferred compensation expense (GAAP) 7 — Adjusted noninterest expense excluding deferred compensation expense (Non-GAAP) $ 495 $ 465 Adjusted personnel expense excluding deferred compensation expense Personnel expense (GAAP) 279 266 Plus notable items (GAAP) (2) (10) Adjusted personnel expense (Non-GAAP) 277 256 Less deferred compensation expense (GAAP) 7 — Adjusted personnel expense excluding deferred compensation expense (Non-GAAP) $ 270 $ 256

 
v3.23.4
Cover
Jan. 18, 2024
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Jan. 18, 2024
Entity Registrant Name FIRST HORIZON CORP
Entity Incorporation, State or Country Code TN
Entity File Number 001-15185
Entity Tax Identification Number 62-0803242
Entity Address, Address Line One 165 Madison Avenue
Entity Address, City or Town Memphis,
Entity Address, State or Province TN
Entity Address, Postal Zip Code 38103
City Area Code 901
Local Phone Number 523-4444
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000036966
Amendment Flag false
$0.625 Par Value Common Capital Stock  
Document Information [Line Items]  
Title of 12(b) Security $0.625 Par Value Common Capital Stock
Trading Symbol FHN
Security Exchange Name NYSE
Depository Shares, each representing a 1/4,000th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series B  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/400th interest in
Trading Symbol FHN PR B
Security Exchange Name NYSE
Depository Shares, each representing a 1/4,000th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series C  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/400th interest in
Trading Symbol FHN PR C
Security Exchange Name NYSE
Depository Shares, each representing a 1/4,000th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series D  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/400th interest in
Trading Symbol FHN PR D
Security Exchange Name NYSE
Depository Shares, each representing a 1/4,000th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series E  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/4,000th interest in
Trading Symbol FHN PR E
Security Exchange Name NYSE
Depository Shares, each representing a 1/4,000th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series F  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/4,000th interest in
Trading Symbol FHN PR F
Security Exchange Name NYSE
First Horizon (NYSE:FHN-F)
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First Horizon (NYSE:FHN-F)
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