Form 8-K FIRST HORIZON CORP For: Jul 16

July 16, 2021 6:42 AM

First Horizon Corporation Reports Second Quarter Net Income Available to Common Shareholders of $295 Million,

or EPS of $0.53; $321 Million, or $0.58, on an Adjusted basis*

Second quarter 2021 ROTCE of 20.4% improved from 15.9% in first quarter 2021; Adjusted ROTCE of 22.2% improved from 20.2%*

Tangible book value per share of $10.74 up 4% from first quarter 2021

MEMPHIS, TN (July 16, 2021) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported second quarter 2021 net income available to common shareholders ("NIAC") of $295 million, or earnings per share of $0.53, compared with first quarter 2021 NIAC of $225 million, or earnings per share of $0.40. Second quarter 2021 results were reduced by a net $26 million after-tax, or $0.05 per share, of notable items largely related to the IBERIABANK Corporation Merger ("IBKC Merger") compared with a net $60 million after-tax reduction, or $0.11 per share, in first quarter 2021. Excluding notable items, adjusted second quarter 2021 NIAC of $321 million, or $0.58 per share, increased from $284 million, or $0.51 per share in first quarter.

“We demonstrated solid performance in the quarter with net income available to common shareholders of $295 million reflecting the benefit of improving overall economic conditions and credit quality, our diversified business model, and strong focus on execution despite challenging conditions across the banking industry," said President and Chief Executive Officer Bryan Jordan. “We remain focused on controlling the things we can control including expenses and deposit pricing and making investments that drive future growth. We are seeing increasing loan pipeline growth and expect demand and economic growth to pick up in the back half of the year as the economy continues to normalize.”

“It has been a little more than a year since we closed our merger with IBERIABANK,” Jordan continued, “I am extremely pleased with the progress we have made bringing two companies together and proud of our associates for their extraordinary efforts and unwavering commitment to our clients, communities and company.”

Notable and Unusual Items


Notable Items
Quarterly, Unaudited

($s in millions, except per share data)	2Q21		1Q21		2Q20

Summary of Notable Items:
Purchase accounting gain	$	(2)	$	1	$	—

Merger/acquisition expense	(32)		(70)		(14)



Other notable expense	—		(10)		—
Total Notable items (pre-tax)	$	(34)	$	(79)	$	(14)
Total Notable items (after-tax)	(26)		(60)		(12)
EPS impact of notable items	$	(0.05)	$	(0.11)	$	(0.04)

Second quarter 2021 earnings were reduced by a net $26 million after-tax impact, or $0.05 per share, tied to notable items compared with a net $60 million impact, or $0.11 per share, in first quarter 2021. Second quarter notable items largely related to the IBKC Merger and include:

•$32 million of merger-related expense largely tied to IBKC merger integration costs.

•$(2) million purchase accounting gain adjustment related to the IBKC Merger.

•Pre-tax merger costs now expected to total ~$500 million, up ~$40 million, given increased complexity tied to product and capabilities enhancements, post-pandemic vendor and staffing constraints and accelerated branch closures/change in mix of branch types than initially planned.

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

Second Quarter 2021 Highlights*

•Total revenue of $781 million decreased 3% from first quarter 2021 levels driven by expected reductions in fixed income and mortgage banking fees and continued net interest income headwinds.

•Noninterest expense of $497 million decreased $47 million from first quarter 2021 driven by a $48 million decrease in notable items largely tied to the IBKC Merger. Adjusted noninterest expense of $465 million remained relatively stable with first quarter 2021 levels, in part reflecting the benefit of a $4 million increase in merger cost saves.

•Provision for credit losses benefit of $115 million improved $70 million from first quarter 2021, largely reflecting the impact of an improved macroeconomic outlook, positive credit migration, and reduced loan balances.

•Average interest earning assets of $81.0 billion increased $2.3 billion from first quarter 2021 largely as a $3.8 billion increase in excess cash was partially offset by a $1.4 billion decrease in loans given post-pandemic impacts on overall market conditions.

•Average deposits of $73.2 billion increased $2.2 billion, or 3%, from first quarter 2021 driven by a $2.1 billion increase in noninterest-bearing deposits largely reflecting the impact of stimulus checks and Payroll Protection Program ("PPP") loan funding.

•Allowance for credit losses to loans ratio of 1.57% decreased from 1.70% at March 31, 2021; the allowance for loan losses to nonperforming loans ratio of 237% increased from 232% at March 31, 2021.

•Net recoveries of 0.07% in second quarter 2021 compared to net charge-offs of 0.06% in first quarter 2021 reflecting continued improvement in overall asset quality; nonperforming loans of $344 million decreased 13% from $394 million and the nonperforming loan ratio of 0.61% improved from 0.67% as of March 31, 2021.

•Tangible book value per share of $10.74 at June 30, 2021 increased 4% from $10.30 at March 31, 2021 as robust net income was partially offset by the impact of capital return.

•ROCE of 15.5%; ROTCE of 20.4%; Adjusted ROTCE of 22.2%; CET 1 ratio of 10.3%; and total capital ratio of 13.2%.

•Returned $141 million of capital to common shareholders including dividends.

•Repurchased 3.1 million shares of common stock during the quarter.

Strategic Update

•Progress across key merger milestones including conversion of mortgage and retail brokerage platform.

•Achieved $92 million of annualized net cost saves in second quarter 2021; on track to deliver a targeted $200 million of annualized net cost saves.

•Completed the VirtualBank systems conversion in July 2021.

•Expect to fully integrate systems in the Fall of 2021.

COVID-19 Update

•Funded approximately $1.6 billion of new PPP loans in 2021 compared with $4.2 billion in full year 2020.

•Loans on deferral represented 0.7% of total loans excluding PPP as of June 30, 2021, stable with March 31, 2021 levels.


SUMMARY RESULTS, Continued
Quarterly, Unaudited

										2Q21 Change vs.
($s in millions, except per share and balance sheet data)	2Q21			1Q21			2Q20			1Q21				2Q20
										$/bp			%	$/bp			%
Income Statement
Interest income - taxable equivalent1	$	545		$	555		$	349		$	(10)		(2)	$	196		56
Interest expense- taxable equivalent1	45			45			41			—			—	4			10
Net interest income- taxable equivalent	500			511			308			(11)			(2)	192			62
Less: Taxable-equivalent adjustment	3			3			3			—			—	—			—
Net interest income	497			$	508		$	305		$	(11)		(2)	192			63
Noninterest income	285			298			206			(13)			(4)	79			38
Total revenue	781			806			512			(25)			(3)	269			53
Noninterest expense	497			544			321			(47)			(9)	176			55
Pre-provision net revenue4	284			262			191			22			8	93			49
Provision for credit losses5	(115)			(45)			121			(70)			NM	(236)			NM
Income before income taxes	399			307			69			92			30	330			NM
Provision for income taxes	88			71			13			17			24	75			NM
Net income	311			235			57			76			32	254			NM
Net income attributable to noncontrolling interest	3			3			3			—			—	—			5
Net income attributable to controlling interest	308			233			54			75			32	254			NM
Preferred stock dividends	13			8			2			5			63	11			NM
Net income available to common shareholders	$	295		$	225		$	52		$	70		31	$	243		NM

Adjusted net income5	$	337		$	295		$	68		$	42		14	$	269		NM
Adjusted net income available to common shareholders5	$	321		$	284		$	64		$	37		13	$	257		NM
Common stock information
EPS	$	0.53		$	0.40		$	0.17		$	0.13		32	$	0.36		NM
Adjusted EPS5	$	0.58		$	0.51		$	0.20		$	0.07		14	$	0.38		NM


Diluted shares	557			558			313			(1)			—	244			78
Key performance metrics
Net interest margin	2.47		%	2.63		%	2.90		%	(16)		bp		(43)		bp

Efficiency ratio	63.67			67.53			62.74			(386)				93
Adjusted efficiency ratio6	59.17			57.49			59.65			168				(48)
Effective income tax rate	22.03			23.24			18.40			(121)				363
Return on average assets	1.42			1.12			0.48			30				94
Adjusted return on average assets6	1.54			1.40			0.57			14				97
Return on average common equity (“ROCE")	15.45			12.01			4.50			344				1,095

Return on average tangible common equity (“ROTCE”)6	20.36			15.90			6.74			446				1,362
Adjusted ROTCE6	22.18			20.15			8.26			203				1,392
Noninterest income as a % of total revenue	36.43			37.00			40.32			(57)				(389)
Adjusted noninterest income as a % of total revenue6	36.49		%	36.78		%	40.12		%	(29)		bp		(363)		bp
Balance Sheet (billions)
Average loans	$	56.8		$	58.2		$	34.0		$	(1.4)		(2)	$	22.9		67
Average deposits	73.2			71.0			37.5			2.2			3	35.6			95
Average assets	87.6			85.4			47.9			2.2			3	39.6			83
Average common equity	$	7.7		$	7.6		$	4.7		$	0.1		1	$	3.0		64
Asset Quality Highlights

Allowance for credit losses to loans and leases	1.57		%	1.70		%	1.80		%	(13)		bp		(23)		bp

Net charge-off ratio	(0.07)			0.06			0.20			(13)				(27)

Nonperforming loan and leases ratio	0.61		%	0.67		%	0.69		%	(6)		bp		(8)		bp
Capital Ratio Highlights (current quarter is an estimate)



Common Equity Tier 1	10.33		%	9.97		%	9.25		%	36		bp		108		bp
Tier 1	11.50			11.04			10.69			46				81
Total Capital	13.21			12.84			12.47			37				74
Tier 1 leverage	8.23		%	8.20		%	8.55		%	3		bp		(32)		bp

Numbers may not foot due to rounding.

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

See footnote disclosures on page 20.

Second Quarter 2021 versus First Quarter 2021

Net interest income

Net interest income of $497 million declined $11 million from first quarter 2021. Results reflect the impact of a decrease in average loans, lower spreads and short-term rates partially offset by improved deposit costs. Net interest margin of 2.47% decreased from 2.63% in the prior quarter, largely driven by a 12 basis point reduction tied to excess cash. Core net interest margin, excluding the impact of net merger accounting accretion, PPP loans and excess cash, decreased 4 basis points largely reflecting the impact of lower loan balances partially offset by a reduction in deposit costs.

Noninterest income

Noninterest income of $285 million decreased $13 million from strong first quarter 2021 levels. Results reflect a decrease in fixed income and mortgage banking and title fees partially offset by higher card and digital banking fees, deferred compensation and other noninterest income. Fixed income average daily revenue decreased to $1.4 million from very strong first quarter 2021 levels reflecting a continued favorable operating environment including elevated liquidity and weak loan demand among depository customers.

Noninterest expense

Noninterest expense of $497 million decreased $47 million from first quarter 2021 driven by a net $48 million decrease in notable items largely related to the IBKC merger. Adjusted noninterest expense of $465 million was relatively stable with first quarter 2021 levels and included a $4 million benefit tied to incremental merger cost saves.

Loans and leases

Average loan and lease balances of $56.8 billion decreased $1.4 billion from first quarter 2021 reflecting an $813 million decrease in commercial and a $580 million decrease in consumer. Commercial loan trends largely reflected a $1.1 billion decrease in loans to mortgage companies partially offset by a $272 million increase in PPP balances. Period-end loans and leases of $56.7 billion decreased $1.9 billion from first quarter 2021 given a $1.6 billion decrease in commercial and a $311 million decrease in consumer. Period-end commercial loan trends largely reflected a $1.2 billion decrease in PPP loans and a $656 million decrease in loans to mortgage companies partially offset by an increase in other commercial categories.

Deposits

Average deposits of $73.2 billion increased $2.2 billion from first quarter 2021 driven by a $2.1 billion increase in noninterest-bearing deposits. Period-end deposits of $73.3 billion remained relatively stable with first quarter 2021 levels as a $673 million decrease in interest-bearing deposits was more than offset by an increase in non interest-bearing. Interest-bearing deposit costs of 20 basis points remained stable with first quarter 2021 levels, reflecting continued benefit of pricing discipline offset by reduced merger-related time deposit amortization benefits.

Asset quality

Provision for credit losses benefit of $115 million compared to a benefit of $45 million in first quarter 2021, largely reflecting the impact of an improved macroeconomic outlook, positive credit migration, and reduced loan balances.

Net recoveries of $10 million, or 7 basis points, improved from net charge-offs of $8 million, or 6 basis points, in first quarter 2021 reflecting continued improvement in overall asset quality.

Nonperforming loans of $344 million decreased $50 million from first quarter 2021 driven by a reduction in consumer real estate- secured and commercial and industrial categories. Second quarter 2021 allowance to nonperforming coverage ratio of 237% compared with 232% in first quarter 2021. Second quarter 2021 nonperforming loans to loans ratio of 61 basis points compared with 67 basis points in first quarter 2021.

The allowance for credit losses to loans ratio decreased to 1.57% from 1.70% in first quarter 2021 reflecting an overall improvement in the macroeconomic environment and asset quality.

Capital

CET1 ratio of 10.3% in second quarter 2021 improved from 10.0% in first quarter 2021. The improvement was driven by growth in retained earnings and a reduction in risk-weighted assets tied to lower loan balances; the increase was partially offset by capital return through share repurchases and dividends.

First Horizon returned $141 million in capital to common stockholders during the quarter including $57 million, or 3.1 million shares, of common stock repurchases.

In May, First Horizon issued $150 million of 4.70% Series F Preferred stock and announced the redemption of its $100 million 6.20% Series A Preferred stock and all related depository shares which subsequently redeemed in July.

Income taxes

The second quarter 2021 effective tax rate of 22.0% decreased from first quarter 2021 rate of 23.2%. On an adjusted basis, the effective tax rate of 22.2% in second quarter 2021 decreased from 23.4% in first quarter 2021.

Conference call information

Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on July 16 by dialing 1-888-317-6003 (if calling from the U.S.) or 412-317-6061 (if calling from outside the U.S) and entering access code 0216267. The conference call will begin at 8:30 a.m. CT.

Participants can also opt to listen to the live audio webcast with the accompanying slide presentation at http://ir.fhnc.com/Event.

A replay of the call will be available beginning at noon CT on July 16 until midnight CT on July 30. To listen to the replay, dial 1-877-344-7529 (U.S. callers) or 412-317-0088 (international callers); the access code is 10156505. A replay of the webcast will also be available at http://ir.fhnc.com/Event and will be archived on the site for one year.

Forward-Looking Statements

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

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

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

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

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

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 interest income and interest expense on a taxable equivalent basis, pre-provision net revenue ("PPNR"), return on average tangible common equity (“ROTCE”), tangible common equity (“TCE”) to tangible assets (“TA”), and tangible book value ("TBV") per common share, and various consolidated and segment results and performance measures and ratios adjusted for notable items.

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

Refer to the tabular reconciliation of non-GAAP to GAAP measures and presentation of the most comparable GAAP items beginning on page 21.


CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited

																2Q21 Change vs.
($s in millions, except per share data)	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21				2Q20
																$		%		$		%
Interest income - taxable equivalent1	$	545		$	555		$	578		$	601		$	349		$	(10)	(2)	%	$	196	56	%
Interest expense- taxable equivalent1	45			45			53			66			41			—		—		4		10
Net interest income- taxable equivalent	500			511			525			535			308			(11)		(2)		192		62
Less: Taxable-equivalent adjustment	3			3			3			3			3			—		—		—		—
Net interest income	497			508			522			532			305			(11)		(2)		192		63
Noninterest income:
Fixed income	102			126			104			111			112			(24)		(19)		(10)		(9)
Mortgage banking and title	38			53			57			66			4			(15)		(28)		34		NM
Brokerage, trust, and insurance	35			33			31			30			22			2		6		13		60
Service charges and fees	54			53			53			50			35			1		2		19		53
Card and digital banking fees	21			17			18			17			12			4		24		9		77
Deferred compensation income	7			3			9			4			8			4		133		(1)		(14)
Other noninterest income2	27			15			16			546			12			12		80		15		118
Total noninterest income	285			298			288			823			206			(13)		(4)		79		38
Total revenue	781			806			810			1,355			512			(25)		(3)		269		53
Noninterest expense:
Personnel expense:
Salaries and benefits	191			196			200			201			111			(5)		(3)		80		71
Incentives and commissions	109			120			110			126			79			(11)		(9)		30		37
Deferred compensation expense	6			3			9			3			9			3		100		(3)		(36)
Total personnel expense	306			318			319			329			200			(12)		(4)		106		53
Occupancy and equipment3	75			76			76			77			46			(1)		(1)		29		62
Outside services	63			58			59			78			38			5		9		25		65
Amortization of intangible assets	14			14			15			15			5			—		—		9		NM
Other noninterest expense	40			78			39			89			31			(38)		(49)		9		29
Total noninterest expense	497			544			508			587			321			(47)		(9)		176		55
Pre-provision net revenue4	284			262			302			768			191			22		8		93		49
Provision for credit losses5	(115)			(45)			1			227			121			(70)		NM		(236)		NM
Income before income taxes	399			307			301			541			69			92		30		330		NM
Provision for income taxes	88			71			56			2			13			17		24		75		NM
Net income	311			235			245			539			57			76		32		254		NM
Net income attributable to noncontrolling interest	3			3			3			3			3			—		—		—		5
Net income attributable to controlling interest	308			233			242			536			54			75		32		254		NM
Preferred stock dividends	13			8			8			13			2			5		63		11		NM
Net income available to common shareholders	$	295		$	225		$	234		$	523		$	52		$	70	31	%	$	243	NM
Common Share Data
EPS	$	0.54		$	0.41		$	0.42		$	0.95		$	0.17		$	0.13	31		$	0.37	NM
Basic shares	550			552			553			550			312			(2)		—		238		76
Diluted EPS	$	0.53		$	0.40		$	0.42		$	0.95		$	0.17		$	0.13	32		$	0.36	NM
Diluted shares	557			558			557			551			313			(1)		—		244		78

Effective tax rate	22.0		%	23.2		%	18.7		%	0.4		%	18.4		%

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


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


																2Q21 Change vs.
($s in millions, except per share data)	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21				2Q20
																$		%		$		%


Net interest income (FTE)1	$	500		$	511		$	525		$	535		$	308		$	(11)	(2)	%	$	192	62	%
Adjusted noninterest income:
Fixed income	102			126			104			111			112			(24)		(19)		(10)		(9)
Mortgage banking and title	38			53			57			66			4			(15)		(28)		34		NM
Brokerage, trust, and insurance	35			33			31			30			22			2		6		13		59
Service charges and fees	54			53			53			50			35			1		2		19		54
Card and digital banking fees	21			17			18			17			12			4		24		9		75
Deferred compensation income	7			3			9			4			8			4		133		(1)		(13)
Adjusted other noninterest income	29			14			15			14			12			15		107		17		142
Adjusted total noninterest income	$	287		$	297		$	288		$	291		$	206		$	(10)	(3)	%	$	81	39	%
Total revenue (FTE)1	$	787		$	808		$	813		$	826		$	514		$	(21)	(3)	%	$	273	53	%

Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$	191		$	195		$	200		$	200		$	107		$	(4)	(2)	%	$	84	79	%
Adjusted Incentives and commissions	93			99			89			91			79			(6)		(6)	%	14		18
Deferred compensation expense	6			3			9			3			9			3		100	%	(3)		(33)
Adjusted total personnel expense	290			297			298			294			195			(7)		(2)	%	95		49
Adjusted occupancy and equipment3	75			72			74			73			46			3		4	%	29		63
Adjusted outside services	56			54			52			46			33			2		4	%	23		70
Adjusted amortization of intangible assets	13			13			14			14			5			—		—	%	8		NM
Adjusted other noninterest expense	31			28			35			45			27			3		11	%	4		15
Adjusted total noninterest expense	$	465		$	464		$	474		$	471		$	307		$	1	—	%	$	158	51	%

Adjusted pre-provision net revenue4	$	321		$	343		$	339		$	355		$	207		$	(22)	(6)	%	$	114	55	%

Adjusted provision for credit losses5	$	(115)		$	(45)		$	1		$	80		$	121		$	(70)	NM		$	(236)	NM







Adjusted net income available to common shareholders	$	321		$	284		$	255		$	193		$	64		$	37	13	%	$	257	NM

Adjusted Common Share Data


Adjusted diluted EPS	$	0.58		$	0.51		$	0.46		$	0.35		$	0.20		$	0.07	14	%	$	0.38	NM
Diluted shares	557			558			557			551			313			(1)		—	%	244		78	%

Adjusted effective tax rate	22.2		%	23.4		%	20.7		%	23.3		%	18.3		%
Adjusted ROTCE	22.2		%	20.2		%	18.2		%	13.9		%	8.3		%
Adjusted efficiency ratio	59.2		%	57.5		%	58.3		%	57.1		%	59.7		%

Numbers may not foot due to rounding.

See footnote disclosures on page 20.


NOTABLE ITEMS
Quarterly, Unaudited



(In millions)	2Q21		1Q21		4Q20		3Q20		2Q20
Summary of Notable Items:
Purchase accounting gain	$	(2)	$	1	$	1	$	532	$	—
Merger/acquisition non-PCD provision expense	—		—		—		(147)		—
Merger/acquisition expense*	(32)		(70)		(34)		(101)		(14)
Charitable contributions	—		—		—		(15)		—
Other notable expenses	—		(10)		—		—		—
Total notable items	$	(34)	$	(79)	$	(33)	$	269	$	(14)
EPS impact of notable items	$	(0.05)	$	(0.11)	$	(0.04)	$	0.60	$	(0.04)

Numbers may not foot due to rounding

*3Q20 includes $20 million of charitable contributions to establish the First Horizon Louisiana Foundation.


IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited



(In millions)	2Q21		1Q21		4Q20		3Q20		2Q20
Impacts of Notable Items:



Noninterest income:






Other noninterest income	$	2	$	(1)	$	(1)	$	(532)	$	—
Total noninterest income	$	2	$	(1)	$	(1)	$	(532)	$	—


Noninterest expense:
Personnel expenses:
Salaries and benefits	$	—	$	—	$	—	$	(1)	$	(5)
Incentives and commissions	(16)		(21)		(21)		(34)		—
Deferred compensation expense	—		—		—		—		—
Total personnel expenses	(16)		(21)		(21)		(35)		(5)
Occupancy and equipment3	—		(4)		(2)		(4)		—
Outside services	(6)		(4)		(7)		(32)		(5)
Amortization of intangible assets	(1)		(1)		(1)		(1)		—
Other noninterest expense	(9)		(50)		(4)		(44)		(4)
Total noninterest expense	$	(32)	$	(80)	$	(34)	$	(116)	$	(14)





Provision for credit losses	$	—	$	—	$	—	$	(147)	$	—

Income before income taxes	$	34	$	79	$	33	$	(269)	$	14
Provision for income taxes	8		19		13		61		3




Net income/(loss) available to common shareholders	$	26	$	60	$	20	$	(331)	$	12

Numbers may not foot due to rounding


FINANCIAL RATIOS
Quarterly, Unaudited
																2Q21 change vs.
	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21					2Q20
FINANCIAL RATIOS																$/bp			%		$/bp			%
Net interest margin	2.47		%	2.63		%	2.71		%	2.84		%	2.90		%	(16)		bp			(43)		bp

Return on average assets	1.42		%	1.12		%	1.16		%	2.63		%	0.48		%	30					94
Adjusted return on average assets6	1.54		%	1.40		%	1.26		%	1.01		%	0.57		%	14					97
Return on average common equity (“ROCE”)	15.45		%	12.01		%	12.53		%	28.49		%	4.50		%	344					1,095

Return on average tangible common equity (“ROTCE”)6	20.36		%	15.90		%	16.73		%	37.75		%	6.74		%	446					1,362
Adjusted ROTCE5	22.18		%	20.15		%	18.18		%	13.90		%	8.26		%	203					1,392
Noninterest income as a % of total revenue	36.43		%	37.00		%	35.61		%	60.72		%	40.32		%	(57)					(389)
Adjusted noninterest income as a % of total revenue6	36.49		%	36.78		%	35.42		%	35.20		%	40.12		%	(29)					(363)
Efficiency ratio	63.67		%	67.53		%	62.71		%	43.31		%	62.74		%	(386)					93
Adjusted efficiency ratio6	59.17		%	57.49		%	58.34		%	57.06		%	59.65		%	168					(48)

CAPITAL DATA
CET1 capital ratio*	10.33		%	9.97		%	9.68		%	9.21		%	9.25		%	36		bp			108		bp
Tier 1 capital ratio*	11.50		%	11.04		%	10.74		%	10.25		%	10.69		%	46		bp			81		bp
Total capital ratio*	13.21		%	12.84		%	12.57		%	12.05		%	12.47		%	37		bp			74		bp
Tier 1 leverage ratio*	8.23		%	8.20		%	8.24		%	8.25		%	8.55		%	3		bp			(32)		bp
Risk-weighted assets (“RWA”) (billions)	$	61.7		$	62.3		$	63.1		$	64.5		$	37.4		$	(1)		(1)	%	$	24		65	%
Total equity to total assets	9.74		%	9.49		%	9.86		%	9.81		%	10.71		%	25		bp			(97)		bp
Tangible common equity/tangible assets (“TCE/TA”)6	6.87		%	6.64		%	6.89		%	6.78		%	6.63		%	23		bp			24		bp
Period-end shares outstanding (millions)	551			552			555			555			312			(2)			—		239			76	%
Cash dividends declared per common share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15		$	—		—		$	—		—
Book value per common share	$	14.07		$	13.65		$	13.59		$	13.30		$	14.96		$	0.42		3		$	(0.89)		(6)	%
Tangible book value per common share6	$	10.74		$	10.30		$	10.23		$	9.92		$	9.99		$	0.44		4	%	$	0.75		8	%


SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	77.36		%	80.09		%	83.21		%	87.28		%	86.62		%	(274)		bp			(927)		bp
Loans-to-deposit ratio (average balances)	77.68		%	82.02		%	85.90		%	89.59		%	90.52		%	(434)		bp			(1,284)		bp
Full-time equivalent associates	8,145			8,284			8,466			8,121			5,006			(139)			(2)	%	3,139			63	%

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

*Current quarter is an estimate.

See footnote disclosures on page 20.

CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited


											2Q21 change vs.
(In millions)	2Q21		1Q21		4Q20		3Q20		2Q20		1Q21				2Q20
											$		%		$		%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	32,528	$	33,951	$	33,103	$	33,656	$	21,394	$	(1,423)	(4)	%	$	11,134	52	%
Commercial real estate	12,292		12,470		12,275		12,511		4,813		(178)		(1)		7,479		NM
Total Commercial	44,820		46,421		45,379		46,167		26,207		(1,601)		(3)		18,613		71
Consumer real estate	10,864		11,053		11,725		12,328		6,052		(189)		(2)		4,812		79
Credit card and other7	1,002		1,126		1,128		1,212		449		(124)		(11)		553		123
Total Consumer	11,867		12,178		12,853		13,540		6,502		(311)		(3)		5,365		83
Loans and leases, net of unearned income	56,687		58,600		58,232		59,707		32,709		(1,913)		(3)		23,978		73
Loans held for sale	977		811		1,022		1,051		746		166		20		232		31
Investment securities	8,398		8,361		8,057		8,006		5,486		36		—		2,912		53
Trading securities	1,035		1,076		1,176		1,386		1,116		(41)		(4)		(82)		(7)
Interest-bearing deposits with banks	13,451		11,635		8,351		5,443		3,136		1,816		16		10,315		NM
Federal funds sold and securities purchased under agreements to resell	622		520		445		593		415		102		20		207		50
Total interest earning assets	81,170		81,004		77,284		76,186		43,608		166		—		37,562		86
Cash and due from banks	1,303		1,169		1,203		1,075		604		134		11		699		116
Goodwill and other intangible assets, net	1,836		1,850		1,864		1,876		1,552		(14)		(1)		284		18
Premises and equipment, net	714		719		759		756		448		(5)		(1)		266		59
Allowance for loan and lease losses	(815)		(914)		(963)		(988)		(538)		99		11		(277)		(52)
Other assets	3,700		3,685		4,063		4,125		2,970		15		—		730		25
Total assets	$	87,908	$	87,513	$	84,209	$	83,030	$	48,645	$	395	—	%	$	39,264	81	%

Liabilities and Shareholders' Equity:
Deposits:
Savings	$	27,416	$	27,023	$	27,324	$	26,573	$	13,532	$	392	1	%	$	13,883	103	%
Time deposits	4,304		4,653		5,070		5,526		2,656		(349)		(8)		1,648		62
Other interest-bearing deposits	15,728		16,444		15,415		14,925		9,784		(716)		(4)		5,944		61
Total interest-bearing deposits	47,447		48,120		47,810		47,025		25,972		(673)		(1)		21,476		83
Trading liabilities	531		454		353		477		233		77		17		298		128
Short-term borrowings	2,246		2,203		2,198		2,142		2,392		43		2		(146)		(6)
Term borrowings	1,672		1,671		1,670		2,162		2,032		1		—		(360)		(18)
Total interest-bearing liabilities	51,896		52,448		52,030		51,805		30,628		(552)		(1)		21,268		69
Noninterest-bearing deposits	25,833		25,046		22,173		21,384		11,788		787		3		14,045		119
Other liabilities	1,613		1,712		1,699		1,696		1,020		(99)		(6)		593		58
Total liabilities	79,343		79,206		75,903		74,885		43,436		137		—		35,906		83
Shareholders' Equity:
Preferred stock	520		470		470		470		240		50		11		280		116
Common stock	344		345		347		347		195		(1)		—		149		76
Capital surplus	4,997		5,036		5,073		5,061		2,941		(39)		(1)		2,056		70
Retained earnings	2,613		2,402		2,261		2,111		1,672		211		9		941		56
Accumulated other comprehensive loss, net	(203)		(242)		(140)		(140)		(135)		39		16		(68)		(51)
Combined shareholders' equity	8,270		8,012		8,012		7,849		4,913		258		3		3,357		68
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	8,566		8,307		8,307		8,144		5,208		259		3		3,358		64
Total liabilities and shareholders' equity	$	87,908	$	87,513	$	84,209	$	83,030	$	48,645	$	395	—	%	$	39,263	81	%
Memo:
Total Deposits	$	73,281	$	73,167	$	69,982	$	68,409	$	37,759	$	114	—	%	$	35,521	94	%

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

CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly, Unaudited


											2Q21 change vs.
(In millions)	2Q21		1Q21		4Q20		3Q20		2Q20		1Q21				2Q20
											$		%		$		%
Assets:
Loans and leases:
Commercial, financial, and industrial (C&I)	$	32,540	$	33,279	$	34,196	$	34,051	$	22,694	$	(739)	(2)	%	$	9,846	43	%
Commercial real estate	12,350		12,424		12,400		12,414		4,710		(74)		(1)		7,640		NM
Total Commercial	44,890		45,703		46,596		46,465		27,404		(813)		(2)		17,486		64
Consumer real estate	10,926		11,400		12,030		12,444		6,087		(474)		(4)		4,839		79
Credit card and other7	1,013		1,119		1,194		1,209		476		(106)		(9)		537		113
Total Consumer	11,939		12,519		13,224		13,653		6,564		(580)		(5)		5,375		82
Loans and leases, net of unearned income	56,829		58,222		59,820		60,118		33,968		(1,393)		(2)		22,861		67
Loans held-for-sale	734		842		1,030		985		731		(109)		(13)		2		—
Investment securities	8,401		8,320		8,213		8,590		4,541		81		1		3,860		85
Trading securities	1,322		1,418		1,292		1,194		1,420		(96)		(7)		(98)		(7)
Interest-bearing deposits with banks	13,051		9,269		6,201		3,616		1,620		3,782		41		11,431		NM
Federal funds sold and securities purchased under agreements to resell	648		599		440		500		422		49		8		226		54
Total interest earning assets	80,984		78,670		76,995		75,002		42,702		2,313		3		38,281		90
Cash and due from banks	1,267		1,250		1,204		1,028		562		17		1		705		126
Goodwill and other intangibles assets, net	1,843		1,857		1,871		1,794		1,555		(14)		(1)		288		19
Premises and equipment, net	714		755		765		747		452		(40)		(5)		263		58
Allowances for loan and lease losses	(884)		(949)		(985)		(980)		(476)		65		7		(408)		(86)
Other assets	3,635		3,817		3,959		4,093		3,140		(182)		(5)		495		16
Total assets	$	87,559	$	85,401	$	83,809	$	81,683	$	47,934	$	2,158	3	%	$	39,625	83	%

Liabilities and shareholders' equity:
Deposits:
Savings	$	27,238	$	27,370	$	27,090	$	25,648	$	14,118	$	(132)	—	%	$	13,119	93	%
Time deposits	4,487		4,836		5,386		5,783		2,836		(349)		(7)		1,651		58
Other interest-bearing deposits	16,029		15,491		15,057		14,771		9,256		538		3		6,773		73
Total interest-bearing deposits	47,754		47,697		47,534		46,202		26,211		57		—		21,543		82
Trading liabilities	560		518		367		360		352		42		8		207		59
Short-term borrowings	2,248		2,280		2,113		2,469		2,603		(32)		(1)		(356)		(14)
Term borrowings	1,672		1,670		1,913		2,172		1,426		1		—		246		17
Total interest-bearing liabilities	52,233		52,164		51,926		51,202		30,593		69		—		21,640		71
Noninterest-bearing deposits	25,404		23,284		22,105		20,904		11,316		2,119		9		14,088		125
Other liabilities	1,463		1,603		1,568		1,505		908		(139)		(9)		556		61
Total liabilities	79,100		77,052		75,600		73,611		42,816		2,049		3		36,284		85
Shareholders' Equity:
Preferred stock	513		470		470		468		150		43		9		363		NM
Common stock	345		346		347		345		195		(1)		—		150		77
Capital surplus	5,023		5,061		5,902		5,041		2,941		(38)		(1)		2,082		71
Retained earnings	2,499		2,336		1,346		2,025		1,672		163		7		827		49
Accumulated other comprehensive loss, net	(217)		(161)		(151)		(103)		(135)		(56)		(35)		(81)		(60)
Combined shareholders' equity	8,164		8,054		7,914		7,777		4,822		110		1		3,341		69
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	8,459		8,349		8,209		8,072		5,118		110		1		3,341		65
Total liabilities and shareholders' equity	$	87,559	$	85,401	$	83,809	$	81,683	$	47,934	$	2,158	3	%	$	39,625	83	%
Memo:
Total Deposits	$	73,158	$	70,981	$	69,639	$	67,106	$	37,526	$	2,177	3	%	$	35,631	95	%

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


CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited
																					2Q21 change vs.
	2Q21				1Q21				4Q20				3Q20				2Q20				1Q21				2Q20
(In millions, except rates)	Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense				Income/Expense
																					$		%		$		%
Interest earning assets/Interest income:
Loans and leases, net of unearned income:


Commercial	$	380	3.39		$	382	3.39		$	406	3.46		$	419	3.59		$	243	3.56		$	(3)	(1)	%	$	137	56	%


Consumer	118		3.99		127		4.13		129		3.89		141		4.11		65		4.00		(9)		(7)		53		81
Loans and leases, net of unearned income	498		3.52		510		3.55		535		3.56		560		3.70		308		3.65		(11)		(2)		190		62
Loans held-for-sale	7		3.94		7		3.16		8		3.22		8		3.36		7		3.61		1		9		—		4
Investment securities	29		1.39		28		1.41		27		1.29		25		1.21		25		2.23		1		3		4		15
Trading securities	7		2.03		7		2.03		7		2.05		6		2.08		9		2.48		—		(7)		(2)		(25)
Interest-bearing deposits with banks	3		0.10		2		0.10		2		0.10		1		0.09		—		0.09		1		41		3		NM
Federal funds sold and securities purchased under agreements	—		(0.06)		—		(0.12)		—		0.03		—		0.04		—		(0.06)		—		45		—		NM
Interest income	$	545	2.70		$	555	2.86		$	578	2.99		$	601	3.19		$	349	3.29		$	(10)	(2)	%	$	196	56	%

Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$	11	0.16		$	13	0.19		$	18	0.27		$	25	0.38		$	13	0.36		$	(2)	(15)	%	$	(2)	(18)	%
Time deposits	7		0.65		6		0.47		6		0.44		10		0.70		9		1.31		2		29		(2)		(19)
Other interest-bearing deposits	6		0.15		6		0.16		7		0.18		7		0.20		3		0.13		—		(1)		3		96
Total interest-bearing deposits	24		0.20		24		0.20		31		0.26		42		0.36		25		0.38		—		(1)		(1)		(5)
Trading liabilities	2		1.17		1		0.73		1		0.78		1		0.77		1		1.11		1		75		1		68
Short-term borrowings	1		0.22		1		0.21		1		0.23		1		0.20		1		0.22		—		3		—		24
Term borrowings	18		4.38		18		4.39		20		4.16		22		3.98		14		3.96		—		—		4		31
Interest expense	45		0.34		45		0.34		53		0.40		66		0.51		41		0.54		—		1		4		10
Net interest income - tax equivalent basis	500		2.36		511		2.52		525		2.59		535		2.68		308		2.75		(11)		(2)		192		63
Fully taxable equivalent adjustment	(3)		0.11		(3)		0.11		(3)		0.12		(3)		0.16		(3)		0.15		—		(2)		—		(1)
Net interest income	$	497	2.47		$	508	2.63		$	522	2.71		$	532	2.84		$	305	2.90		$	(11)	(2)	%	$	192	63	%

Memo:
Total loan yield			3.52	%			3.55	%			3.56	%			3.70	%			3.65	%
Total deposit cost			0.13	%			0.14	%			0.18	%			0.25	%			0.27	%
Total funding cost			0.23	%			0.24	%			0.28	%			0.36	%			0.40	%

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

Earning assets yields are expressed net of unearned income.

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

Numbers may not foot due to rounding.

See footnote disclosures on page 20.


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

	As of															2Q21 change vs.
(In millions, except ratio data)	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21				2Q20
																$		%		$		%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$	122		$	144		$	144		$	213		$	127		$	(22)	(15)	%	$	(5)	(4)	%
Commercial real estate	70			67			58			51			2			3		4		68		NM
Consumer real estate	149			180			182			180			96			(32)		(18)		52		54
Credit card and other	2			2			2			3			—			—		—		2		NM
Total nonperforming loans and leases	$	344		$	394		$	386		$	447		$	226		$	(50)	(13)	%	$	118	52	%

Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.38		%	0.42		%	0.43		%	0.63		%	0.60		%
Commercial real estate	0.57			0.54			0.48			0.41			0.04
Consumer real estate	1.37			1.63			1.56			1.46			1.59
Credit card and other	0.24			0.22			0.18			0.24			0.06
Total nonperforming loans and leases to loans and leases	0.61		%	0.67		%	0.66		%	0.75		%	0.69		%

Numbers may not foot due to rounding.


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

	As of										2Q21 change vs.
(In millions)	2Q21		1Q21		4Q20		3Q30		2Q20		1Q21				2Q20
											$		%		$		%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)	$	1	$	—	$	—	$	—	$	—	$	1	NM		$	1	NM
Commercial real estate	—		—		—		—		—		—		NM		—		NM
Consumer real estate	12		12		15		14		13		(1)		(6)		(1)		(8)
Credit card and other	1		—		1		1		1		1		136		—		(25)
Total loans and leases 90 days or more past due and accruing	$	14	$	13	$	16	$	15	$	14	$	1	8	%	$	—	(3)	%

Numbers may not foot due to rounding.


CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited

	As of															2Q21 change vs.
(In millions, except ratio data)	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21				2Q20
Charge-off, Recoveries and Related Ratios																$		%		$		%
Gross Charge-offs
Commercial, financial, and industrial (C&I)	$	2		$	15		$	35		$	69		$	18		$	(14)	(88)	%	$	(16)	(90)	%
Commercial real estate	—			3			—			4			—			(3)		(98)		—		18
Consumer real estate	1			1			1			2			2			(1)		(51)		(1)		(65)
Credit card and other	3			3			4			4			3			—		9		1		19
Total gross charge-offs	$	6		$	23		$	40		$	78		$	23		$	(17)	(75)	%	$	(17)	(75)	%
Gross Recoveries
Commercial, financial, and industrial (C&I)	$	(5)		$	(6)		$	(4)		$	(3)		$	(1)		$	1	20	%	$	(4)	NM
Commercial real estate	(1)			(2)			(1)			(2)			—			1		61		—		NM
Consumer real estate	(8)			(6)			(5)			(5)			(4)			(2)		(30)		(4)		(109)
Credit card and other	(2)			(1)			(1)			(1)			(1)			(1)		(65)		(1)		(75)
Total gross recoveries	$	(16)		$	(15)		$	(12)		$	(12)		$	(6)		$	(1)	(4)	%	$	(9)	(147)	%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I)	$	(3)		$	10		$	31		$	66		$	17		$	(12)	(130)	%	$	(20)	(117)	%
Commercial real estate	(1)			2			(1)			1			—			(2)		(130)		—		NM
Consumer real estate	(8)			(5)			(4)			(3)			(2)			(3)		(53)		(6)		NM
Credit card and other	1			2			2			3			2			—		(27)		—		(19)
Total net charge-offs	$	(10)		$	8		$	29		$	67		$	17		$	(18)	NM		$	(26)	NM

Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I)	(0.04)		%	0.12		%	0.36		%	0.77		%	0.30		%
Commercial real estate	(0.02)			0.06			(0.02)			0.04			(0.01)
Consumer real estate	(0.28)			(0.18)			(0.12)			(0.11)			(0.13)
Credit card and other	0.51			0.65			0.68			0.83			1.35
Total loans and leases	(0.07)		%	0.06		%	0.19		%	0.44		%	0.20		%

Numbers may not foot due to rounding.


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

	As of										2Q21 Change vs.
(In millions)	2Q21		1Q21		4Q20		3Q20		2Q20		1Q21				2Q20
Summary of Changes in the Components of the Allowance For Credit Losses											$		%		$		%
Allowance for loan and lease losses - beginning	$	914	$	963	$	988	$	538	$	444	$	(49)	(5)	%	$	470	106	%







Acquired purchased credit deteriorated allowance for loan and lease losses:
Commercial, financial, and industrial (C&I)	—		—		—		138		—		—		NM		—		NM
Commercial real estate	—		—		—		100		—		—		NM		—		NM
Consumer real estate	—		—		—		44		—		—		NM		—		NM
Credit card and other	—		—		—		5		—		—		NM		—		NM
Total acquired purchased credit deteriorated allowance for loan and lease losses	—		—		—		287		—		—		NM		—		NM
Charge-offs:
Commercial, financial, and industrial (C&I)	(2)		(15)		(35)		(69)		(18)		14		88		16		90
Commercial real estate	—		(3)		—		(4)		—		3		98		—		(18)
Consumer real estate	(1)		(1)		(1)		(2)		(2)		1		51		1		65
Credit card and other	(3)		(3)		(4)		(4)		(3)		—		(9)		(1)		(19)
Total charge-offs	(6)		(23)		(40)		(78)		(23)		17		75		17		75
Recoveries:
Commercial, financial, and industrial (C&I)	5		6		4		3		1		(1)		(20)		4		NM
Commercial real estate	1		2		1		2		—		(1)		(61)		—		NM
Consumer real estate	8		6		5		5		4		2		30		4		109
Credit card and other	2		1		1		1		1		1		65		1		75
Total Recoveries	16		15		12		12		6		1		4		9		147
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)*	(60)		(1)		(5)		99		81		(59)		NM		(142)		NM
Commercial real estate*	(22)		(8)		34		52		10		(14)		NM		(32)		NM
Consumer real estate*	(26)		(26)		(27)		74		19		(1)		(3)		(45)		NM
Credit card and other*	—		(6)		3		5		—		6		101		—		(79)
Total provision for loan and lease losses*:	(109)		(41)		4		230		110		(68)		NM		(219)		NM
Allowance for loan and lease losses - ending	$	815	$	914	$	963	$	988	$	538	$	(99)	(11)	%	$	277	52	%

Reserve for unfunded commitments - beginning	$	81	$	85	$	89	$	50	$	39	$	(4)	(5)	%	$	41	105	%
Cumulative effect of change in accounting principle	—		—		—		—		—		—		NM		—		NM
Acquired reserve for unfunded commitments	—		—		(1)		41		—		—		NM		—		NM
Provision for unfunded commitments	(6)		(4)		(3)		(3)		11		(2)		(50)		(17)		NM
Reserve for unfunded commitments - ending	$	75	$	81	$	85	$	89	$	50	$	(6)	(7)		$	24	48
Total allowance for credit losses- ending	$	890	$	995	$	1,048	$	1,077	$	588	$	(105)	(11)	%	$	301	51	%

Numbers may not foot due to rounding. * 3Q20 includes $30 million, $44 million, $70 million, and $3 million recognized within the C&I, Commercial real estate, Consumer real estate, and Credit card and other loan and leases portfolios, respectively, of provision expense associated with the recognition of Non-PCD provision related to mergers/acquisitions.


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

	As of
	2Q21		1Q21		4Q20		3Q20		2Q20

Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	1.18	%	1.30	%	1.37	%	1.45	%	1.49	%
Commercial real estate	1.71	%	1.86	%	1.97	%	1.66	%	1.19	%
Consumer real estate	1.87	%	2.00	%	2.07	%	2.15	%	2.38	%
Credit card and other	1.71	%	1.63	%	2.34	%	2.11	%	4.03	%
Total allowance for loans and lease losses to loans and leases	1.44	%	1.56	%	1.65	%	1.65	%	1.64	%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	314	%	307	%	315	%	230	%	250	%
Commercial real estate	300	%	345	%	415	%	407	%	2,771	%
Consumer real estate	136	%	123	%	133	%	147	%	149	%
Credit card and other	725	%	749	%	1,313	%	890	%	7,114	%
Total allowance for loans and lease losses to nonperforming loans and leases	237	%	232	%	249	%	221	%	238	%

REGIONAL BANKING

Quarterly, Unaudited


																2Q21 Change vs.
	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21					2Q20
																$/bp			%		$/bp			%
Income Statement (millions)
Net interest income	$	442		$	427		$	430		$	448		$	211		$	15		4	%	$	231		109	%
Noninterest income	108			99			105			97			69			9			9		39			57	%
Total revenue	551			526			535			545			280			25			5		271			97	%
Noninterest expense	278			272			306			301			164			6			2		114			70	%
Pre-provision net revenue4	272			254			229			244			116			18			7		156			134	%
Provision for credit losses5	(89)			(32)			(2)			194			102			(57)			NM		(191)			NM
Income before income tax expense	361			286			231			50			13			75			26		348			NM
Income tax expense	84			66			53			9			1			18			27		83			NM
Net income	$	276		$	220		$	178		$	41		$	12		$	56		25	%	$	264		NM

Average Balances (billions)
Total loans and leases	$	39.9		$	40.1		$	40.6		$	41.6		$	19.1		$	(0.2)		—	%	$	20.8		109	%
Interest-earning assets	40.0			40.1			40.6			41.5			19.1			(0.1)			—		20.9			109
Total assets	42.2			42.4			43.0			43.7			21.0			(0.2)			—		21.2			101
Total deposits	64.9			62.1			60.8			59.3			30.2			2.8			5		34.7			115

Key Metrics
Net interest margin8	4.47		%	4.34		%	4.24		%	4.32		%	4.50		%	13		bp			(3)		bp
Efficiency ratio	50.57		%	51.64		%	57.24		%	55.23		%	58.61		%	(107)		bp			(804)		bp
Loans-to-deposits ratio (period-end balances)	59.85		%	62.45		%	65.29		%	68.07		%	62.34		%	(260)		bp			(249)		bp
Loans-to-deposits ratio (average-end balances)	61.51		%	64.52		%	66.84		%	70.05		%	63.11		%	(301)		bp			(160)		bp
Return on average assets (annualized)	2.63		%	2.10		%	1.65		%	0.37		%	0.24		%	53		bp			239		bp
Return on allocated equity9	30.32		%	24.07		%	17.98		%	4.32		%	2.57		%	625		bp			2,775		bp
Financial center locations	490			490			492			493			269			—			—	%	221			82	%

Numbers may not add to total due to rounding.

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

See footnote disclosures on page 20.

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

SPECIALTY BANKING

Quarterly, Unaudited


																2Q21 Change vs.
	2Q21			1Q21			4Q20			3Q20			2Q20			1Q21					2Q20
																$/bp			%		$/bp			%
Income Statement (millions)
Net interest income	$	153		$	158		$	173		$	161		$	130		$	(5)		(3)	%	$	23		18	%
Noninterest income	150			185			167			181			124			(35)			(19)		26			21
Total revenue	303			344			339			342			254			(41)			(12)		49			19
Noninterest expense	146			154			135			137			111			(8)			(5)		35			32
Pre-provision net revenue4	156			189			205			205			143			(33)			(17)		13			9
Provision for credit losses5	(21)			(7)			11			34			18			(14)			NM		(39)			NM
Income before income tax expense	177			196			194			171			125			(19)			(10)		52			42
Income tax expense	43			47			47			42			31			(4)			(9)		12			39
Net income	$	134		$	149		$	147		$	129		$	94		$	(15)		(10)	%	$	40		43	%

Average Balances (billions)
Total loans and leases	$	16.0		$	17.2		$	18.2		$	17.6		$	14.0		$	(1.2)		(7)	%	$	2.0		14	%
Interest-earning assets	18.8			20.2			21.1			20.3			16.7			(1.4)			(7)		2.1			13
Total assets	20.1			21.5			22.5			21.7			18.0			(1.4)			(7)		2.0			11
Total deposits	5.5			5.3			4.9			4.4			3.6			0.2			3		1.9			54

Key Metrics
Fixed income product average daily revenue (thousands)	$	1,425		$	1,885		$	1,505		$	1,545		$	1,592		$	(460)		(24)	%	$	(167)		(10)	%
Net interest margin8	3.26		%	3.18		%	3.26		%	3.16		%	3.14		%	8		bp			12		bp
Efficiency ratio	48.30		%	44.88		%	39.72		%	40.18		%	43.81		%	342		bp			449		bp
Loans-to-deposits ratio (period-end balances)	308		%	318		%	371		%	405		%	375		%	(1,025)		bp			(6,729)		bp
Loans-to-deposits ratio (average-end balances)	293		%	325		%	375		%	399		%	393		%	(3,217)		bp			(10,076)		bp
Return on average assets (annualized)	2.69		%	2.81		%	2.60		%	2.37		%	2.10		%	(12)		bp			59		bp
Return on allocated equity9	31.89		%	33.70		%	32.30		%	29.78		%	27.27		%	(181)		bp			462		bp

Numbers may not add to total due to rounding.

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

See footnote disclosures on page 20.

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

CORPORATE

Quarterly, Unaudited


											2Q21 Change vs.
	2Q21		1Q21		4Q20		3Q20		2Q20		1Q21				2Q20
											$		%		$		%
Income Statement (millions)
Net interest income/(expense)	$	(99)	$	(77)	$	(81)	$	(77)	$	(36)	$	(22)	(29)	%	$	(63)	NM
Noninterest income2	27		13		17		545		14		14		108		13		93
Total revenues	(72)		(64)		(64)		468		(23)		(8)		(13)		(49)		NM
Noninterest expense	73		118		67		148		46		(45)		(38)		27		59
Pre-provision net revenue4	(145)		(182)		(131)		319		(68)		37		20		(77)		(113)
Provision for credit losses5	(6)		(6)		(7)		(1)		1		—		—		(7)		NM
Income before income tax expense	(139)		(176)		(124)		321		(69)		37		21		(70)		(101)
Income tax expense (benefit)	(39)		(43)		(44)		(48)		(19)		4		9		(20)		(105)
Net income/(loss)	$	(100)	$	(133)	$	(80)	$	369	$	(50)	$	33	25	%	$	(50)	(100)	%

Average Balance Sheet (billions)
Interest bearing assets	$	22.2	$	18.4	$	15.3	$	13.2	$	6.9	$	3.8	20	%	$	15.3	NM
Total assets	25.3		21.5		18.3		16.3		8.9		3.8		18		16.4		NM

Numbers may not add to total due to rounding.

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

See footnote disclosures on page 20.

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 3Q20 includes a $532 million purchase accounting gain from FHN's merger with IBERIABANK.

3 Occupancy and Equipment expense includes Computer Software Expense.

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

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

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

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

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

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


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

($s in millions, except per share data)	2Q21			1Q21			4Q20			3Q20			2Q20

Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$	8,566		$	8,307		$	8,307		$	8,144		$	5,208
Less: Noncontrolling interest (a)	295			295			295			295			295
Less: Preferred stock (a)	520			470			470			470			240
(B) Total common equity	$	7,750		$	7,541		$	7,541		$	7,378		$	4,673
Less: Intangible assets (GAAP) (b)	1,836			1,850			1,864			1,876			1,552
(C) Tangible common equity (Non-GAAP)	$	5,914		$	5,691		$	5,677		$	5,502		$	3,120

Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$	87,908		$	87,513		$	84,209		$	83,030		$	48,645
Less: Intangible assets (GAAP) (b)	1,836			1,850			1,864			1,876			1,552
(E) Tangible assets (Non-GAAP)	$	86,072		$	85,663		$	82,345		$	81,154		$	47,092












Period-end Shares Outstanding
(F) Period-end shares outstanding	551			552			555			555			312

Ratios


(A)/(D) Total equity to total assets (GAAP)	9.74		%	9.49		%	9.86		%	9.81		%	10.71		%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	6.87		%	6.64		%	6.89		%	6.78		%	6.63		%
(B)/(F) Book value per common share (GAAP)	$	14.07		$	13.65		$	13.59		$	13.30		$	14.96
(C)/(F) Tangible book value per common share (Non-GAAP)	$	10.74		$	10.30		$	10.23		$	9.92		$	9.99

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

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

Numbers may not foot due to rounding.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
	2Q21						1Q21						4Q20						3Q20						2Q20
($s in millions, except per share data)	GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP		GAAP		Notable Items		Non-GAAP
Interest income - FTE	$	542	$	3	$	545	$	552	$	3	$	555	$	574	$	3	$	578	$	598	$	3	$	601	$	347	$	3	$	349
Interest expense- FTE	45		—		45		45		—		45		53		—		53		66		—		66		41		—		41
Net interest income- FTE	497		3		500		508		3		511		522		3		525		532		3		535		305		3		308
Less: Taxable-equivalent adjustment	—		3		3		—		3		3		—		3		3		—		3		3		—		3		3


Net interest income	497		—		497		508		—		508		522		—		522		532		—		532		305		—		305
Noninterest income:
Fixed income	102		—		102		126		—		126		104		—		104		111		—		111		112		—		112
Mortgage banking and title	38		—		38		53		—		53		57		—		57		66		—		66		4		—		4
Brokerage, trust, and insurance	35		—		35		33		—		33		31		—		31		30		—		30		22		—		22
Service charges and fees	54		—		54		53		—		53		53		—		53		50		—		50		35		—		35
Card and digital banking fees	21		—		21		17		—		17		18		—		18		17		—		17		12		—		12
Deferred compensation income	7		—		7		3		—		3		9		—		9		4		—		4		8		—		8
Other noninterest income	27		2		29		15		(1)		14		16		(1)		15		546		(532)		14		12		—		12
Total noninterest income	285		2		287		298		(1)		297		288		(1)		288		823		(532)		291		206		—		206
Total revenue	781		2		784		806		(1)		805		810		(1)		810		1,355		(532)		823		512		—		512
Noninterest expense:
Personnel expense:
Salaries and benefits	191		—		191		196		—		195		200		—		200		201		(1)		200		111		(5)		107
Incentives and commissions	109		(16)		93		120		(21)		99		110		(21)		89		126		(34)		91		79		—		79
Deferred compensation expense	6		—		6		3		—		3		9		—		9		3		—		3		9		—		9
Total personnel expense	306		(16)		290		318		(21)		297		319		(21)		298		329		(35)		294		200		(5)		195
Occupancy and equipment	75		—		75		76		(4)		72		76		(2)		74		77		(4)		73		46		—		46
Outside services	63		(6)		56		58		(4)		54		59		(7)		52		78		(32)		46		38		(5)		33
Amortization of intangible assets	14		(1)		13		14		(1)		13		15		(1)		14		15		(1)		14		5		—		5
Other noninterest expense	40		(9)		31		78		(50)		28		39		(4)		35		89		(44)		45		31		(4)		27
Total noninterest expense	497		(32)		465		544		(80)		464		508		(34)		474		587		(116)		471		321		(14)		307
Pre-provision net revenue	284		34		318		262		79		340		302		33		335		768		(416)		352		191		14		205
Provision for credit losses	(115)		—		(115)		(45)		—		(45)		1		—		1		227		(147)		80		121		—		121
Income before income taxes	399		34		433		307		79		386		301		33		334		541		(269)		272		69		14		84
Provision for income taxes	88		8		96		71		19		90		56		13		69		2		61		63		13		3		15
Net income	311		26		337		235		60		295		245		20		265		539		(331)		208		57		12		68
Net income attributable to noncontrolling interest	3		—		3		3		—		3		3		—		3		3		—		3		3		—		3
Net income attributable to controlling interest	308		26		334		233		60		292		242		20		262		536		(331)		205		54		12		66
Preferred stock dividends	13		—		13		8		—		8		8		—		8		13		—		13		2		—		2
Net income available to common shareholders	$	295	$	26	$	321	$	225	$	60	$	284	$	234	$	20	$	255	$	523	$	(331)	$	193	$	52	$	12	$	64
Common Stock Data
EPS	$	0.54	$	(0.05)	$	0.58	$	0.41	$	(0.11)	$	0.51	$	0.42	$	(0.04)	$	0.46	$	0.95	$	0.60	$	0.35	$	0.17	$	(0.04)	$	0.21
Basic shares	550				550		552				552		553				553		550				550		312				312
Diluted EPS	$	0.53	$	(0.05)	$	0.58	$	0.40	$	(0.11)	$	0.51	$	0.42	$	(0.04)	$	0.46	$	0.95	$	0.60	$	0.35	$	0.17	$	(0.04)	$	0.20
Diluted shares	557				557		558				558		557				557		551				551		313				313
Memo:
Total Revenue-FTE (Non-GAAP)	$	781	$	5	$	787	$	806	$	2	$	808	$	810	$	2	$	813	$	1,355	$	(529)	$	826	$	512	$	3	$	514
PPNR-FTE (Non-GAAP)	$	284	$	37	$	321	$	262	$	82	$	343	$	302	$	36	$	339	$	768	$	(414)	$	355	$	191	$	17	$	207

Amounts adjusted for notable items as detailed on page 9. Numbers may not foot due to rounding.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

($s in millions, except per share data)		2Q21			1Q21			4Q20			3Q20			2Q20

Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)	a	$	295		$	225		$	234		$	523		$	52
Plus Tax effected notable items (Non-GAAP) (a)		26			60			20			(331)			12
Adjusted net income available to common shareholders (Non-GAAP)	b	$	321		$	284		$	255		$	193		$	64

Diluted Shares (GAAP)	c	557			558			557			551			313

Diluted EPS (GAAP)	a/c	$	0.53		$	0.40		$	0.42		$	0.95		$	0.17
Adjusted diluted EPS (Non-GAAP)	b/c	$	0.58		$	0.51		$	0.46		$	0.35		$	0.20

Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)		$	311		$	235		$	245		$	539		$	57
Plus Tax effected notable items (Non-GAAP) (a)		26			60			20			(331)			12
Adjusted NI (Non-GAAP)		$	337		$	295		$	265		$	208		$	68

NI (annualized) (GAAP)	d	$	1,247		$	955		$	974		$	2,144		$	228
Adjusted NI (annualized) (Non-GAAP)	e	$	1,353		$	1,198		$	1,055		$	829		$	275

Average assets (GAAP)	f	$	87,559		$	85,401		$	83,809		$	81,683		$	47,934

ROA (GAAP)	d/f	1.42		%	1.12		%	1.16		%	2.63		%	0.48		%
Adjusted ROA (Non-GAAP)	e/f	1.54		%	1.40		%	1.26		%	1.01		%	0.57		%

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




Net income available to common shareholders ("NIAC") (GAAP)	g	$	1,182		$	911		$	933		$	2,082		$	210
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)	h	$	1,288		$	1,154		$	1,013		$	767		$	257

Average Common Equity (GAAP)	i	$	7,651		$	7,583		$	7,444		$	7,309		$	4,673
Intangible Assets (GAAP) (b)		1,843			1,857			1,871			1,794			1,555
Average Tangible Common Equity (Non-GAAP)	j	$	5,808		$	5,726		$	5,573		$	5,515		$	3,117



ROCE (GAAP)	g/i	15.45		%	12.01		%	12.53		%	28.49		%	4.50		%


ROTCE (Non-GAAP)	g/j	20.36		%	15.90		%	16.73		%	37.75		%	6.74		%
Adjusted ROTCE (Non-GAAP)	h/k	22.18		%	20.15		%	18.18		%	13.90		%	8.26		%

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

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

Numbers may not foot due to rounding.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

(In millions)		2Q21			1Q21			4Q20			3Q20			2Q20

Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	k	$	285		$	298		$	288		$	823		$	206
Plus notable items (GAAP) (a)		2			(1)			(1)			(532)			—
Adjusted noninterest income (Non-GAAP)	l	$	287		$	297		$	288		$	291		$	206

Revenue (GAAP)	m	$	781		$	806		$	810		$	1,355		$	512
Taxable-equivalent adjustment		3			3			3			3			3
Revenue- Taxable-equivalent (Non-GAAP)		784			809			813			1,358			514
Plus notable items (GAAP) (a)		2			(1)			(1)			(532)			—
Adjusted revenue (Non-GAAP)	n	$	787		$	808		$	813		$	826		$	514

Noninterest income as a % of total revenue (GAAP)	k/m	36.43		%	37.00		%	35.61		%	60.72		%	40.32		%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	l/n	36.49		%	36.78		%	35.42		%	35.20		%	40.12		%

Adjusted Efficiency Ratio
Noninterest expense (GAAP)	o	$	497		$	544		$	508		$	587		$	321
Plus notable items (GAAP) (a)		(32)			(80)			(34)			(116)			(14)
Adjusted noninterest expense (Non-GAAP)	p	$	465		$	464		$	474		$	471		$	307

Revenue (GAAP)	q	$	781		$	806		$	810		$	1,355		$	512
Taxable-equivalent adjustment		3			3			3			3			3
Revenue- Taxable-equivalent (Non-GAAP)		784			809			813			1,358			514
Plus notable items (GAAP) (a)		2			(1)			(1)			(532)			—
Adjusted revenue (Non-GAAP)	r	$	787		$	808		$	813		$	826		$	514

Efficiency ratio (GAAP)	o/q	63.67		%	67.53		%	62.71		%	43.31		%	62.74		%
Adjusted efficiency ratio (Non-GAAP)	p/r	59.17		%	57.49		%	58.34		%	57.06		%	59.65		%

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

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

Numbers may not foot due to rounding.

GLOSSARY OF TERMS

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

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

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

Key Ratios

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

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

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

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

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

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

Asset Quality - Consolidated Key Ratios

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

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

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

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

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

Operating Segments

Second Quarter 2021 Earnings July 16, 2021

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

3 2Q21 GAAP financial summary1 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. Reported 2Q21 Change vs. $s in millions except per share data 2Q21 1Q21 4Q20 3Q20 2Q20 1Q21 2Q20 $/bps % $/bps % Net interest income $ 497 $ 508 $ 522 $ 532 $ 305 $ (11) (2) % $ 192 63 % Fee income 285 298 288 823 206 (13) (4) % 79 38 % Total revenue 781 806 810 1,355 512 (25) (3) % 269 53 % Expense 497 544 508 587 321 (47) (9) % 176 55 % Pre-provision net revenue (PPNR)¹ 284 262 302 768 191 22 8 % 93 49 % Provision for credit losses (115) (45) 1 227 121 (70) NM (236) NM Pre-tax income 399 307 301 541 69 92 30 % 330 NM Income tax expense 88 71 56 2 13 17 24 % 75 NM Net income 311 235 245 539 57 76 32 % 254 NM Non-controlling interest 3 3 3 3 3 — — % — 5 % Preferred dividends 13 8 8 13 2 5 63 % 11 NM Net income available to common shareholders (NIAC) $ 295 $ 225 $ 234 $ 523 $ 52 $ 70 31 % $ 243 NM $s in billions Avg loans $ 56.8 $ 58.2 $ 59.8 $ 60.1 $ 34.0 $ (1.4) (2) % $ 22.9 67 % Period-end loans $ 56.7 $ 58.6 $ 58.2 $ 59.7 $ 32.7 $ (1.9) (3) % $ 24.0 73 % Avg deposits $ 73.2 $ 71.0 $ 69.6 $ 67.1 $ 37.5 $ 2.2 3 % $ 35.6 95 % Period-end deposits $ 73.3 $ 73.2 $ 70.0 $ 68.4 $ 37.8 $ 0.1 — % $ 35.5 94 % Key performance metrics Net interest margin (NIM) 2.47 % 2.63 % 2.71 % 2.84 % 2.90 % (16) bps (43) bps Loan to deposit ratio (avg.) 77.7 % 82.0 % 85.9 % 89.6 % 90.5 % (434) bps (1,284) bps ROCE 15.5 % 12.0 % 12.5 % 28.5 % 4.5 % 344 bps 1,095 bps ROTCE 20.4 % 15.9 % 16.7 % 37.8 % 6.7 % 446 bps 1,362 bps ROA 1.4 % 1.1 % 1.2 % 2.6 % 0.5 % 30 bps 94 bps Efficiency ratio 63.7 % 67.5 % 62.7 % 43.3 % 62.7 % (386) bps 93 bps FTEs 8,145 8,284 8,466 8,121 5,006 (139) (2) % 3,139 63 % CET1 ratio 10.33 % 9.97 % 9.68 % 9.21 % 9.25 % 36 bps 108 bps Effective tax rate 22.0 % 23.2 % 18.7 % 0.4 % 18.4 % (121) bps 363 bps Per common share Diluted EPS $ 0.53 $ 0.40 $ 0.42 $ 0.95 $ 0.17 $ 0.13 32 % $ 0.36 NM Tangible book value per share $ 10.74 $ 10.30 $ 10.23 $ 9.92 $ 9.99 $ 0.44 4 % $ 0.75 8 % Avg. diluted shares outstanding 557 558 557 551 313 (1) — % 244 78 %

4 Table of contents 2Q21 overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2Q21 notable items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 2Q21 adjusted financial highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 NII and NIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Adjusted fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Adjusted expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Total funding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Asset quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Allowance for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Merger integration update . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 3Q21 and updated FY2021 outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Key takeaways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

5 Key Messages • More diversified business model performing as expected – Strong fee income results helping mitigate interest rate headwinds • Controlling what we can control while investing for the future – Results reflect resiliency of our balanced business model and continued strong execution • MOE delivering revenue synergies and expense efficiencies • Strong credit quality performance – Net recoveries of 7 bps, or $10 million, on a $56.8 billion portfolio • Delivering enhanced returns

6 Delivering solid PPNR in line with expectations More Diversified Model Performing as Expected Enhanced Returns Strong Credit Quality Capitalizing on MOE Benefits • Adjusted revenue of $787 million decreased 3% QoQ from strong 1Q21 levels given expected reductions in fixed income and mortgage banking fees and continued NII headwinds – NII down 2% QoQ and fee income down 3%; in line with expectations • Adjusted expense of $465 million remained relatively stable QoQ and reflects the benefit of incremental merger cost saves • Provision credit of $115 million; ACL of $890 million and ACL/NPL coverage of 2.59x • Adjusted ROTCE of 22.2%; Adjusted ROTCE of 16.0% before the impact of provision credit • TBVPS of $10.74 up 4% QoQ as robust net income was partially offset by impact of capital return • CET1 ratio of 10.33% increased 36 bps largely reflecting growth in retained earnings • Returned $141 million of capital to common shareholders including dividends and the repurchase of 3.1 million shares • Net recoveries of 7 bps improved from NCOs of 6 bps in 1Q21; NPLs of 61 bps vs. 67 bps in 1Q21 • ACL/Loans ratio of 1.85% excl. LMC/PPP portfolios; Total loss absorption capacity of 2.23% • Significant progress across key merger milestones – Expect to fully integrate systems in fall of 2021 • On track to deliver ~$200 million of targeted net cost saves – Achieved $92 million of annualized net cost saves in 2Q21 • ~$20 million of identified revenue synergies tied to commercial loans and mortgage/wealth 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Q21 Adjusted EPS of $0.58 and PPNR of $321 million reflects benefit of more diversified business model and improved credit outlook1

7 2Q21 notable items1 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted.2Merger accounting adjustment is non-taxable income. EPS computed based on approximately 557 million diluted shares. 3Includes pre-closing expenses incurred by IBKC. 2Q21 Total merger-related notable items 2Q21 Noninterest income: Merger accounting adjustment: other noninterest income2 $ 2 Total noninterest income 2 Noninterest expense: Salaries and benefits — Incentives and commissions (16) Total personnel expenses (16) Occupancy and equipment — Outside services (6) Amortization of intangible assets (1) Other noninterest expense (9) Total noninterest expense (32) Total net merger-related notable items $ (34) Tax impact of 2Q21 notable items 8 After-tax impact of 2Q21 notable items $ (26) EPS impact of 2Q21 notable items2 $ (0.05) IBKC Cumulative Pre-tax Integration Costs Cost to Date Targeted 4Q19 - 1Q213 Purchase Acct. 2Q21 Total 2H21 2022 Total $ 247 $ 100 $ 33 $ 380 $ 95 $ 25 $ 500 Notable Items ($s in millions, except per share data) 2Q21 results were reduced by $26 million after-tax, or $0.05 per share, of notable items • Pre-tax merger costs expected to total ~$500 million; up ~$40 million tied to increased systems upgrades and more branch closures than initially planned Systems Integration/Other Significant Upgrades (~66%) – Tied to significant product/capabilities enhancements; increased complexity and post- pandemic vendor and staffing constraints Real Estate Consolidation Costs (~33%) – Tied to accelerated branch closures and impact of higher impairment costs tied to mix of facilities • On track to deliver ~$200 million of net merger saves • TBV earnback remains at less than 2 years • TBV of $10.74 vs. $9.99 as of 6/30/20 prior to IBKC merger IBKC Estimated Pre-tax Merger Costs

8 • Adjusted EPS of $0.58 up 14% QoQ – Adjusted ROTCE of 22.2% and TBV per share of $10.74 • Adjusted revenue of $787 million decreased $21 million from 1Q21 • NII decreased $11 million, or 2% from 1Q21 – Core NII decreased $14 million largely as the impact of lower loan balances and short-term rates and spreads were partially offset by a reduction in deposit costs • Adjusted fee income decreased $10 million from strong 1Q21 levels • Adjusted expense of $465 million remained relatively stable with 1Q21 levels – Results reflect the benefit of a $4 million increase in merger cost saves • Provision credit of $115 million improved $70 million QoQ, largely reflecting the impact of an improved macroeconomic outlook, positive credit grade migration, and reduced loan balances 2Q21 adjusted financial highlights1 Adjusted FHN Adjusted FHN standalone 2Q21 Change vs. $s in millions except per share data 2Q21 1Q21 2Q20 1Q21 2Q20 $/bps % $/bps % Net Interest Income (FTE) $ 500 $ 511 $ 308 $ (11) (2) % $ 192 63 % Fee income 287 297 206 (10) (3) % 81 39 % Total revenue (FTE) 787 808 514 (21) (3) % 273 53 % Expense 465 464 307 1 — % 158 51 % Pre-provision net revenue 321 343 207 (22) (6) % 114 55 % Provision for credit losses (115) (45) 121 (70) NM (236) NM Net charge-offs (10) 8 17 (18) NM (26) NM Reserve build/(release) (105) (53) 104 (52) (99) % (210) NM Net income available to common $ 321 $ 284 $ 64 $ 37 13 % $ 257 NM Key performance Metrics Fee income as a % of total revenue 36.5 % 36.8 % 40.1 % (29) bps (363) bps Efficiency ratio 59.2 % 57.5 % 59.7 % 168 bps (48) bps ROTCE 22.2 % 20.2 % 8.3 % 203 bps 1,392 bps Diluted EPS $ 0.58 $ 0.51 $ 0.20 $ 0.07 14 % $ 0.38 NM TBV per share $ 10.74 $ 10.30 $ 9.99 $ 0.44 4 % $ 0.75 8 % Effective tax rate 22.2 % 23.4 % 18.3 % (125) bps 383 bps Results relatively resilient despite overall industry headwinds; in line with expectations 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted.

9 NII performed in line with expectations despite increased headwinds1 $308 $535 $525 $511 $500 $287 $479 $482 $464 $450 2.90% 2.84% 2.71% 2.63% 2.47% Core NII Reported NII Reported NIM 2Q20 3Q20 4Q20 1Q21 2Q21 ($s in millions) FTE NII and NIM Trends Legacy FHN Core NIM1 2.80 % 2.68 % 2.63 % 2.52 % 2.36 % 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. • FTE NII decreased $11 million QoQ – Core NII decreased $14 million QoQ as the impact of lower loan balances and spreads and short-term rates was partially offset by a reduction in deposit costs • Reported NIM and Core NIM down 16 bps – 12 bp impact tied to higher excess cash – Period-end excess cash of $12.7 billion vs. $10.8 billion in 1Q21 • Lower deposit costs benefited NIM by 2 bps 2Q21 vs. 1Q21 $s in millions NII NIM 1Q21 Reported $ 511 2.63 % PPP Coupon Income and Fees 24 (0.02) Net merger-related impacts 22 0.13 1Q21 Core $ 464 2.52 % Daycount 4 — Deposit costs 3 0.02 Higher excess cash 1 (0.12) Lower LIBOR (1) (0.01) Securities premium amortization/other (2) (0.02) Lower other loan balances/spreads (8) (0.02) Lower LMC balances (11) (0.02) 2Q21 Core $ 450 2.36 % PPP Coupon Income and Fees 35 0.04 % Net merger-related impacts 14 0.08 % 2Q21 Reported $ 500 2.47 % Continued deposit pricing discipline helping to mitigate impact of lower rates and overall muted loan demand

10 • Adjusted fee income decreased $10 million from 1Q21 • Fixed income decreased $24 million from very strong 1Q21 results – Benefit of continued elevated liquidity and weak loan demand across banking industry – Strong ADR of $1.4 million down from $1.9 million in 1Q21 • Mortgage banking and title decreased $15 million QoQ reflecting intentional shift in production toward portfolio balances and lower gain on sale spreads – Origination volume up 21% QoQ – Purchase/Refi mix of ~65%/35% – Gain on sale spreads decreased 51 bps • Card and digital banking fees up $4 million largely reflecting the impact of higher transaction volume and rebate benefits • Other income up $15 million driven by $11 million of securities gains largely tied to legacy IBKC equity investment Adjusted fee income in line with expectations vs. strong 1Q21 levels1 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. Adjusted FHN Adjusted FHN /IBKC combined 2Q21 Change vs. $s in millions 2Q21 1Q21 4Q20 3Q20 2Q20 1Q21 2Q20 $/bps % $/bps % Fixed income $ 102 $ 126 $ 104 $ 111 $ 112 $(24) (19) % $(10) (10) % Mortgage banking & title 38 53 57 66 53 (15) (28) % (15) (47) % Brokerage, trust, and insurance 35 33 31 30 33 2 6 % 2 6 % Service charges and fees 54 53 53 50 46 1 2 % 8 16 % Card and digital banking fees 21 17 18 17 17 4 24 % 4 21 % Deferred compensation income 7 3 9 4 8 4 133 % (1) 10 % Other noninterest income 29 14 15 14 18 15 107 % 11 52 % Total fee income $ 287 $ 297 $ 288 $ 291 $ 287 $(10) (3) % $— — % Key Metrics Fixed Income Average Daily Revenue (ADR) $ 1.4 $ 1.9 $ 1.5 $ 1.5 $ 1.6 $ (0.5) (24) % $ (0.2) (10) % Mortgage banking Originations Secondary $ 998 $ 1,139 $ 1,183 $ 1,186 $ 1,152 $ (141) (12) % $ (154) (13) % Portfolio $ 791 $ 343 $ 341 $ 396 $ 675 $ 448 131 % $ 116 17 % Total $ 1,789 $ 1,482 $ 1,524 $ 1,582 $ 1,827 $ 307 21 % $ (38) (2) % Gain on sale spread 3.21 % 3.72 % 4.08 % 3.93 % 2.86 % (51) bps 35 bps Mix Purchase 65 % 50 % 55 % 58 % 43 % Refinance 35 % 50 % 45 % 42 % 57 % Strength in fixed income and card fees with solid results in mortgage despite shift in originations towards portfolio

11 Adjusted expense relatively stable1 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Occupancy and Equipment expense includes Computer Software Expense. Adjusted FHN Adjusted FHN /IBKC combined 2Q21 Change vs. $s in millions 2Q21 1Q21 4Q20 3Q20 2Q20 1Q21 2Q20 $/bps % $/bps % Salaries and benefits $ 191 $ 195 $ 200 $ 200 $ 193 $ (4) (2) % $ (2) (1) % Incentives and commissions 93 99 89 91 97 (6) (6) % (4) (4) % Deferred compensation expense 6 3 9 3 10 3 100 % (4) 40 % Total personnel expense 290 297 298 294 300 (7) (2) % (10) (4) % Occupancy and equipment 75 72 74 73 74 3 4 % 1 1 % Outside services 56 54 52 46 46 2 4 % 10 20 % Amortization of intangible assets 13 13 14 14 9 — — % 4 44 % Other noninterest expense 31 28 35 45 57 3 11 % (26) (45) % Total noninterest expense $ 465 $ 464 $ 474 $ 471 $ 486 $ 1 — % $ (21) (4) % Full-time equivalent associates 8,145 8,284 8,466 8,121 8,384 (139) (2) % (260) (3) % • Adjusted expense of $465 million remained relatively stable with 1Q21 – $4 million benefit tied to incremental merger cost saves • Personnel expense down $7 million QoQ – Salaries and benefits decreased $4 million largely reflecting the benefit of merger saves and continued lower levels of medical costs – Incentives and commissions decreased $6 million from 1Q21 as reductions tied to fixed income and mortgage banking were partially offset by other long-term revenue and performance-based costs • Occupancy and equipment up $3 million driven by strategic software investments and return to office costs • Outside services increased $2 million QoQ largely reflecting increased activity levels tied to reopening of markets • Other noninterest expense up $3 million from unusually low 1Q21 levels Results reflect continued expense discipline and the benefit of merger efficiencies 2

12 Loan trends reflect lower loans to mortgage companies/industry headwinds1 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Utilization rates exclude Loans to Mortgage Companies. • Loans of $56.8 billion decreased $1.4 billion QoQ – $813 million decrease in commercial largely as a $1.1 billion decline in LMC was partially offset by a $272 million increase in PPP loans – $580 million decrease in consumer largely reflects continued high level of real estate secured paydowns – Overall trends reflect continued high levels of payoffs and muted demand • Period-end loans of $56.7 billion decreased $1.9 billion QoQ given a $1.6 billion decrease in commercial and a $311 million decrease in consumer – PPP down $1.2 billion and LMC down $656 million • Commercial utilization rates of 45% remained stable QoQ2 • Variable/Fixed loan portfolio mix of 63%/37% Period-end commercial line utilization2 FHN/IBKC combined 2Q20 3Q20 4Q20 1Q21 2Q21 Utilization % 47% 44% 44% 45% 45% $58.8B $58.6B $56.7B $60.1B $59.8B $58.2B $56.8B Total Commercial excl. LMC & PPP Commercial real estate (CRE) Consumer real estate Credit card and other Payroll Protection Program (PPP) Loans to mortgage companies (LMC) FHN/IBKC 2Q20 . . . . 1Q21 2Q21 3Q20 4Q20 1Q21 2Q21 Loan trends 40% 22% 2% 10% 38% 26% 22% 2% 7% 42% 21% 19% 2% 9% 9% 19% 9% 7% 40% 21% 20% 2%7% 2% 40% 21% 21% 9% 8% 3Q20 4Q20 1Q21 2Q21 Yields 3.70% 3.56% 3.55% 3.52% Core yields 3.46% 3.43% 3.40% 3.35% Avg 1M LIBOR 0.16% 0.15% 0.12% 0.10% 41% 22% 2% 8% 8% 19% 39% 20% 21% 2% 7% 11% 7% Period-end Average

13 $72.1B $77.5B $77.7B $72.1B $74.0B $75.4B $77.6B DDA Savings Time deposits Term borrowings Other interest-bearing deposits Short-term borrowings Trading Liabilities FHN/IBKC 2Q20 * * * * * 1Q21 2Q21 3Q20 4Q20 1Q21 2Q21 Deposit pricing discipline helping to mitigate NII headwinds1 Interest-bearing liabilities & DDA trends • Deposits of $73.2 billion increased $2.2 billion QoQ driven by a $2.1 billion increase in noninterest-bearing – Period-end deposits of $73.3 billion remained relatively stable with 1Q21 levels as a $673 million decrease in interest- bearing was more than offset by increase in noninterest-bearing • Total deposit costs of 13 bps relatively stable QoQ – Interest-bearing deposit costs of 20 bps remained stable with 1Q21 levels – IBD costs down 2 bps before impact of merger- related time deposit amortization • Total funding costs of 23 bps in 2Q21 improved from 24 bps in 1Q21 28% 34% 8% 4% 21% 32% 35% 6% 2% 21% 29% 36% 8% 3% 3% 20% 30% 37% 7% 3% 3% 20% 33% 35% 6% 2% 3% 21%4% —% 3% 1% 1% 3Q20 4Q20 1Q21 2Q21 Deposit cost of funds 25 bps 18 bps 14 bps 13 bps Total cost of funds 36 bps 28 bps 24 bps 23 bps Avg 1M LIBOR 0.16% 0.15% 0.12% 0.10% 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Interest-bearing deposit costs remained stable QoQ as merger-related impact offset underlying decrease 31% 36% 6% 2% 21% 3% 33% 35% 6% 2% 20% 3% 1% —% —% Period-end Average 1%

14 $227 2Q20 3Q20 4Q20 1Q20 2Q21 Strong credit quality performance 1Net charge-off % is annualized and as % of average loans. ($s in millions) Provision, credit losses, and net charge-offs Legacy FHN $588 1.80% 1.80% 1.80% 1.70% 1.57% 260% 241% 271% 253% 259% ACL ACL/Loans ACL/NPLs 2Q20 3Q20 4Q20 1Q21 2Q21 Allowance for credit losses (ACL) $1,048 $995 $890 Legacy FHN Non-performing loans (NPLs) $226 $447 $386 $394 $344 0.69% 0.75% 0.66% 0.67% 0.61% NPLs $ NPLs % 2Q20 3Q20 4Q20 1Q21 2Q21 • Net recoveries of 7 bps improved 13 bps QoQ compared to NCOs of 6 bps in 1Q21 • NPL ratio of 61 bps improved 6 bps from 1Q21 • ACL coverage ratio of 1.57% vs. 1.70% in 1Q21 – Provision credit of $115 million improved $70 million QoQ reflecting an improved macroeconomic outlook, positive credit grade migration and reduced loan balances Legacy FHN 1 $17 $67 $29 $8 $(10) $121 $80 $1 $(45) $(115) 0.20% 0.44% 0.19% 0.06% (0.07)% NCOs Provision for credit losses Non-PCD NCO% 2Q20 3Q20 4Q20 1Q21 2Q21 Net recoveries of $10 million and improving economic and asset quality trends drive $115 million provision credit $1,077

15 Significant reserves for current environment1 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. ($s in millions) 1Q21 vs. 2Q21 Allowance for credit losses (ACL) ACL/loans 1.57% 1.85% Total Total ex. LMC & PPP • Reserve release of $105 million – Largely reflects the impact of improving macroeconomic scenario forecasts and lower loan balances and positive grade migration – Utilized Moody’s May baseline scenario and applied additional modest weighting to alternative upside and downside scenarios • Also incorporated detailed portfolio reviews of industries currently affected by pandemic $s in millions 2Q21 Period- end % of Total Loans Total allowance for credit losses $ 890 1.57 % Total allowance for credit losses ex. LMC & PPP 886 1.85 % Unrecognized discount - acquired loans ex. LMC & PPP 183 0.38 % Total loss absorption capacity ex. LMC & PPP 1,068 2.23 % $995 $10 $(115) $890 3/31/2021 Net recoveries Provision expense/(credit) 6/30/2021 259% Total ACL/NPLs

16 2Q20 3Q20 4Q20 1Q20 1Q21 CET1 ratio Tier 1 capital ratio Total capital ratio 2Q20 3Q20 4Q20 1Q21 2Q21 Strong capital position1 Capital levels 10.69% 12.47% 12.05% 10.25% 12.57% 10.74% 12.84% 11.04% 13.21% 11.50% Tangible book value per share 9.97% 0.51% (0.13)% (0.09)% (0.04)% 0.11% 10.33% 1Q21 actual Adjusted NIAC Common Dividends Share Buybacks Notable Items Lower LMC Balances 2Q21 estimate $10.30 $0.61 $(0.15) $(0.04) $(0.05) $0.07 $10.74 1Q21 actual Adjusted NIAC, net of change in Intangibles Common Dividends Share Buybacks Notable Items AFS Securities MTM, Other 2Q21 actual • Robust PPNR1 and enhanced earnings power provide dividend support and additional loss- absorbing capital • TBVPS of $10.74 increased 4% QoQ • CET1 ratio of 10.33% improved ~36 bps largely reflecting: – 58 bp benefit from GAAP NIAC and lower RWAs partially offset by a 22 bp reduction tied to return of capital to common shareholders • Repurchased 3.1 million shares of common stock during the quarter 1Adjusted financial measures, core results, results excluding unusual items, TBV per share, ROTCE, ROTCE or NIAC before provision credit, fully taxable equivalent measures, PPNR, combined financial information, and the ACL/Loans ratio excluding Loans to Mortgage Companies and loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 2Q21 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. 1Q21 vs. 2Q21 CET1 ratio 9.25% 9.21% 9.68% 9.97% 10.33%

17 Merger integration update Integration Framework • Continue to make substantial progress toward achieving key merger milestones • Focused on retaining and growing client base with expanded products and services 2Q21 Milestones • Associate retention remains strong, including in leadership/critical positions (92%) • Continue to merge and enhance our culture via regular virtual/in person leadership workshops, culture calls, and team building sessions • Completed mock conversion events • Finalized branch consolidation/closure list for 2021 • Converted mortgage servicing for retained loans • Migrated PPP forgiveness onto single platform • Successfully converted VirtualBank customers onto new, cloud-based Finxact core • Continued consolidation of corporate facilities Upcoming Events • Wealth and Trust conversion • Credit card conversion • First round of banking center consolidations • Continued preparation for systems conversion, including dress rehearsals • Client communications begin in earnest, including microsite launch • Training for all associates on new systems • Core systems conversion scheduled for Fall 2021 Pe op le Sy st em s/ O ps Integration Highlights Targeting annualized cost saves of ~$200 million by 1H22 Achieved $23 million of savings in 2Q21 ~$20 million of identified annualized revenue synergies tied to commercial loans and mortgage/wealth Annualized Savings Actual Estimated 1Q21 2Q21 2021 2022 ~$76mm ~$92mm ~$115mm ~$200mm

18 3Q21 and Updated FY2021 Outlook Earnings Drivers Previous Expectations for 2Q21 Adjusted Results 2Q21 Actual Results 2Q21 Adjusted Baseline 3Q21 Adjusted Expectations Adjusted 4Q20 Annualized Baseline 2021 Adjusted Expectations Comments Net Interest Income (FTE) Flat to low single- digit % decrease (2.1)% ✔ $500 million (FTE) Down modestly $2,088 million (FTE) Mid single-digit % decrease 3Q21: Assumes continued growth in excess cash, lower PPP and continued focus on deposit pricing discipline FY21: Expect continued low interest rates, accelerating PPP forgiveness and decreased merger accretion benefits Low single-digit % increase 2.9% ✔ $80.984 billion avg. interest earning assets Up modestly with average loans down modestly $76.995 billion avg. interest earning assets Mid single-digit % increase with average loans down mid single- digits Avg. loans down modestly (2.4)% ✔ Noninterest Income High single-digit to low double- digit % decrease (3.4)% $287 million Low double-digit to low teens % decrease $1,144 million Mid single-digit % decrease Reflects relatively resilient results in fixed income with lower mortgage banking given higher rates and shift to portfolio originations Noninterest Expense Relatively stable 0.3% ✔ $465 million Low single-digit % decrease $1,886 million Low single-digit % decrease Ongoing focus on efficiency and achievement of merger cost saves Increased cost tied to reopening Low single-digit % increase (ex. Incentives & commissions) 2.1% ✔ $373 million - excluding incentives & commissions Up modestly $1,531 million - excluding incentives & commissions Low single-digit % decrease Net Charge- Offs 5 bps - 15 bps -7 bps -7 bps 0 bps - 10 bps 19 bps 0 bps - 10 bps 3Q21/FY21: Expect continued positive credit grade migration Potential for continued reserve releases if macroeconomic trends continue to improve CET1 Ratio ~ 10% 10.33% 10.33% ~10% - 10.5% 9.68% ~10% - 10.5% Focus on organic growth with optionality to repurchase shares Assumes continued low-rate environment, mid single-digit GDP growth, further improvement in unemployment trends and stabilization of real estate values

19 Well positioned to deliver strong execution • Expanded franchise in attractive, high-growth Southern markets • More diversified business model performing as expected – Strong fee income results helping mitigate interest rate headwinds • Controlling what we can control while investing for the future • Results reflect resiliency of our balanced business model and continued strong execution • MOE delivering revenue synergies and expense efficiencies – Continued progress toward ~$200 million of cost saves • Strong credit quality performance – Net recoveries of 7 bps, or $10 million, on a $56.8 billion portfolio • Delivering enhanced returns Significant opportunities to drive relative outperformance and build shareholder value

APPENDIX 20

21 Update on areas of perceived risk Portfolio by industry 3/31/21 6/30/21 $s in billions Balance Balance % of total loans Subject to more heightened monitoring % of total loans Other C&I $ 6.1 $ 6.2 10.9 % $ — — % Finance & Insurance 3.0 3.1 5.5 — — Health Care & Social Assistance 2.2 2.2 3.9 — — Non-real estate leasing 0.6 0.6 1.1 — — Real estate leasing 1.6 1.7 3.1 1.7 3.1 Real Estate Rental & Leasing 2.2 2.3 4.1 — — Quick serve restaurants and other lower-risk categories 1.1 1.3 2.2 — — Higher-risk accommodation and food service 0.7 0.6 1.1 0.6 1.1 Accommodation & Food Service 1.8 1.9 3.3 — — Wholesale Trade 1.9 1.9 3.3 — — Energy 1.6 1.4 2.5 1.4 2.5 Manufacturing 1.6 1.8 3.1 — — Grocery stores, gas stations, convenience stores, home improvement, auto-related and other lower-risk retail 1.2 1.3 2.3 — — Higher-risk retail trade 0.1 0.1 0.1 0.1 0.1 Retail Trade 1.3 1.4 2.4 — — Transportation & Warehousing 1.2 1.2 2.2 — — Golf courses and other outdoor lower- risk sectors 0.3 0.3 0.6 — — Fitness centers, recreational centers and other higher-risk arts, entertainment and recreation 0.4 0.4 0.6 0.4 0.6 Arts, Entertainment & Recreation 0.7 0.7 1.2 — — Total C&I excluding LMC and PPP $ 23.5 $ 24.1 42.3 % $ — — % Other CRE 8.9 8.7 15.4 — — Lower-risk CRE retail 2.1 2.1 3.6 — — Higher-risk CRE retail 0.1 0.1 0.2 0.1 0.2 CRE - Retail 2.2 2.2 3.8 — — Lower-risk CRE hospitality 1.0 1.1 1.9 — — Higher-risk CRE hospitality 0.3 0.3 0.6 0.3 0.6 CRE - Hospitality 1.4 1.4 2.4 — — Total CRE excluding PPP $ 12.5 $ 12.3 21.6 % — — % Total commercial loans excluding LMC and PPP $ 36.0 $ 36.4 64.0 % $ 4.6 8.1 % Loans to mortgage companies (LMC) 5.6 4.9 8.7 Paycheck protection program (PPP) 5.1 3.8 6.8 Total commercial loans $ 46.7 $ 45.2 79.4 % Total consumer loans $ 12.1 $ 11.7 20.6 % Total loans $ 58.8 $ 56.9 100.0 % Total loans excl. LMC and PPP $ 48.1 $ 48.1 84.5 % • Continuing to closely monitor industries that have been impacted by COVID-19 disruptions; Criticized loans of $2.0 billion as of June 30, 2021 vs. $2.1 billion as of March 31, 2020 – Many clients in these impacted industries are experiencing recovery; continuing to monitor headwinds such as supply chain disruptions, labor shortages and elevated material costs • Consumer portfolio asset quality relatively stable; refreshed weighted avg. FICO score of ~769 • Real Estate Rental/Leasing – ~26% non-real estate rental and leasing, primarily equipment with ~74% real estate-related, largely REITs which are diversified across property types • Accommodation/Food Service – ~67% quick service restaurants and other lower risk categories with normalizing trends; higher-risk portfolio largely reflects regional and national casual dining brands • Energy – ~$203 million in oil field services, ~$738 million in E&P - Portfolio clients are hedged 70% through 2021, 40% through 2022 and 20% through 2023 • Retail Trade – Substantially all essential services and other more resilient sectors including home improvement and auto-related • Arts/Entertainment – ~46% tied to golf courses and other lower risk outdoor sectors • CRE – Retail – Granular portfolio with ~1,875+ tenants largely focused on value and necessity-based properties; limited geographic/major tenant concentration; limited regional mall/power center exposure – ~0.1% of CRE-Retail on active deferral vs. ~41% peak deferral • CRE – Hospitality – Predominately flagged properties and limited service/extended stay properties – ~12% of CRE hospitality is on active deferral vs. ~68% peak deferral Portfolios subject to more heightened monitoring decreased 2% QoQ to $4.6 billion, ex. LMC/PPP or ~8.1% of loans Data based on loan balances from credit systems and does not reflect certain general ledger accounting adjustments including unrecognized loan discounts. NAICs codes as of 2Q21. Energy-related loans represented across various categories.

22 FHN reserve and deferrals by portfolio $s in billions Loan Balance Allowance for Loan Losses Allowance Coverage Ratio Portfolios excl. Loans to Mortgage Companies (LMC) & PPP Energy $ 1.4 0.1 5.9 % C&I excl. Energy, LMC, & PPP 22.6 0.3 1.3 Total C&I excl. LMC & PPP 24.1 0.4 1.6 CRE - Other 8.7 0.1 1.1 CRE - Retail 2.2 0.1 2.4 CRE - Hospitality 1.4 0.1 4.3 Total CRE excl. PPP 12.3 0.2 1.7 Total Commercial excl. LMC & PPP 36.4 0.6 1.6 Total Consumer 11.7 0.2 1.9 Total Loans excl. LMC & PPP 48.1 0.8 1.7 LMC 4.9 — 0.1 PPP 3.8 — — Total Loans $ 56.9 $ 0.8 1.4 % Reserve for unfunded commitments $ 56.9 $ 0.1 0.1 % Total Loans to Allowance for Credit Losses $ 56.9 $ 0.9 1.6 % Have Taken a COVID-19 Deferral Are Still on Deferral $s in millions Approx. # of Deferrals Balances with Deferrals % of Total Balances Approx. # of Deferrals Balances with Deferrals % of Total Balances Consumer 5,296 $ 1,152 9.3 % 679 $ 146 1.2 % Commercial excl. PPP 4,127 5,191 12.9 % 67 213 0.5 % Total excl. PPP 9,423 $ 6,343 12.0 % 746 $ 359 0.7 % Allowance for Credit Losses (ACL) to Loans Ratio $s in millions Loan Balance ACL Balance ACL/Loans Total Loans $ 56,856 $ 890 1.6 % Loans to Mortgage Companies (LMC) $ 4,876 4 0.1 PPP 3,840 — — Total excl. LMC & PPP $ 48,141 $ 886 1.8 % Data based on loan balances from credit systems and does not reflect certain general ledger accounting adjustments including unrecognized loan discounts. NAICs codes as of 2Q21. Energy-related loans represented across various categories.Numbers may not add to total due to rounding.

23 Notable Items ($s in millions except per share data) Favorable / (Unfavorable) (In millions, except per share data) 2Q21 1Q21 4Q20 3Q20 Noninterest income: Merger accounting adjustment other noninterest income1 $ 2 $ (1) $ (1) $ (532) Total noninterest income 2 (1) (1) (532) Noninterest expense: Salaries and benefits — — — (1) Incentives and commissions (16) (21) (21) (34) Total personnel expenses (16) (21) (21) (35) Occupancy and equipment — (4) (2) (4) Outside services (6) (4) (7) (32) Amortization of intangible assets (1) (1) (1) (1) Other noninterest expense (9) (50) (4) (44) Total noninterest expense (32) (80) (34) (116) Total net notable items (pre-tax) 34 79 33 (269) Tax impact of notable items 8 19 13 61 After-tax impact of notable itmes 26 $ 60 20 $ (331) EPS impact of notable items $ (0.05) $ (0.11) $ (0.04) $ (0.60) Diluted shares 557 558 557 551 Favorable / (Unfavorable) FHN IBKC Financial Statement Caption Pre-Tax After-Tax at Marginal Tax Rate Pre-Tax After-Tax at Marginal Tax Rate 2Q20 Salaries and benefits $ (5) $ (4) $ (2) $ (2) Incentives and commissions — — (2) (2) Occupancy and equipment — — (1) (1) Outside services (6) (5) (9) (7) Other noninterest expense (4) (3) (1) (1) Total Acquisition and Hazard related expenses (14) (12) (15) (12) Other noninterest income - (Gain) loss on sale of investments — — (6) (5) Total Notable items $ (14) $ (12) $ (9) $ (7) 1Merger accounting adjustment is non-taxable income.

24 NII accretion schedule & NII/NIM reconciliation to GAAP financials Estimated IBKC Securities Premium Amortization1 Estimated IBKC Loan Accretion Estimated Loan Accretion - Other Acquisitions $s in millions $s in millions $s in millions 3Q21-4Q21 $ 22 3Q21-4Q21 $ 28 3Q21-4Q21 $ 10 2022 $ 36 2022 $ 50 2022 $ 14 2023 and beyond $ 66 2023 and beyond $ 72 2023 and beyond $ 12 1Q21 Reported to Core Reconciliation $s in millions NII NIM 1Q21 Reported (FTE) 511 2.63 % Less: non-core items PPP coupon income and fees 24 (0.01) Time Deposit Amortization 4 0.02 Loan Accretion 32 0.17 IBKC Premium Amortization (14) (0.07) 1Q21 Core (FTE) $ 464 2.52 % 3Q20 Reported to Core Reconciliation $s in millions NII NIM 3Q20 Reported (FTE) $ 535 2.84 % Less: non-core items PPP loans and fees 26 (0.02) Current Period loan accretion 44 0.30 Time Deposit Amortization 8 (0.26) Securities Premium Amortization (22) 0.13 3Q20 Core (FTE) $ 479 2.68 % 1Estimated based on market rates and prepayment assumptions as of 6/30/2021. 2Q20 Reported to Core Reconciliation $s in millions NII NIM 2Q20 Reported (FTE) $ 308 2.90 % Less: non-core items PPP loans and fees 15 0.04 Current Period loan accretion 6 0.06 2Q20 Core (FTE) $ 287 2.80 % 4Q20 Reported to Core Reconciliation $s in millions NII NIM 4Q20 Reported (FTE) $ 525 2.71 % Less: non-core items PPP Coupon Income and Fees 20 (0.05) Time Deposit Amortization 8 0.04 Loan Accretion 33 0.19 IBKC Premium Amortization (18) (0.10) 4Q20 Core (FTE) $ 482 2.63 % 4Q20 Reported (FTE) 525 2.71 % Less: unusual items (5) (0.03) 4Q20 Reported ex-unusual items $ 530 2.74 % 4Q20 Core (FTE) $ 482 2.63 % Less: unusual items (5) (0.03) 4Q20 Core ex-unusual items $ 488 2.65 % 2Q21 Reported to Core Reconciliation $s in millions NII NIM 2Q21 Reported (FTE) 500 2.47 % Less: non-core items PPP coupon income and fees 35 0.04 Time Deposit Amortization 1 — Loan Accretion 25 0.13 IBKC Premium Amortization (12) (0.06) 2Q21 Core (FTE) $ 450 2.36 %

25 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. Adjusted FHN historical quarterly income statements 2Q21 1Q21 4Q20 3Q20 2Q20 ($s in millions, except per share data) GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP GAAP Notable Items Non- GAAP Interest income - FTE $ 542 $ 3 $ 545 $ 552 $ 3 $ 555 $ 574 $ 3 $ 578 $ 598 $ 3 $ 601 $ 347 $ 3 $ 349 Interest expense- FTE 45 — 45 45 — 45 53 — 53 66 — 66 41 — 41 Net interest income- FTE 497 3 500 508 3 511 522 3 525 532 3 535 305 3 308 Less: Taxable-equivalent adjustment — 3 3 — 3 3 — 3 3 — 3 3 — 3 3 Net interest income 497 — 497 508 — 508 522 — 522 532 — 532 305 — 305 Noninterest income: Fixed income 102 — 102 126 — 126 104 — 104 111 — 111 112 — 112 Mortgage banking and title 38 — 38 53 — 53 57 — 57 66 — 66 4 — 4 Brokerage, trust, and insurance 35 — 35 33 — 33 31 — 31 30 — 30 22 — 22 Service charges and fees 54 — 54 53 — 53 53 — 53 50 — 50 35 — 35 Card and digital banking fees 21 — 21 17 — 17 18 — 18 17 — 17 12 — 12 Deferred compensation income 7 — 7 3 — 3 9 — 9 4 — 4 8 — 8 Other noninterest income 27 2 29 15 (1) 14 16 (1) 15 546 (532) 14 12 — 12 Total noninterest income 285 2 287 298 (1) 297 288 (1) 288 823 (532) 291 206 — 206 Total revenue 781 2 784 806 (1) 805 810 (1) 810 1,355 (532) 823 512 — 512 Noninterest expense: Personnel expense: Salaries and benefits 191 — 191 196 — 195 200 — 200 201 (1) 200 111 (5) 107 Incentives and commissions 109 (16) 93 120 (21) 99 110 (21) 89 126 (34) 91 79 — 79 Deferred compensation expense 6 — 6 3 — 3 9 — 9 3 — 3 9 — 9 Total personnel expense 306 (16) 290 318 (21) 297 319 (21) 298 329 (35) 294 200 (5) 195 Occupancy and equipment 75 — 75 76 (4) 72 76 (2) 74 77 (4) 73 46 — 46 Outside services 63 (6) 56 58 (4) 54 59 (7) 52 78 (32) 46 38 (5) 33 Amortization of intangible assets 14 (1) 13 14 (1) 13 15 (1) 14 15 (1) 14 5 5 Other noninterest expense 40 (9) 31 78 (50) 28 39 (4) 35 89 (44) 45 31 (4) 27 Total noninterest expense 497 (32) 465 544 (80) 464 508 (34) 474 587 (116) 471 321 (14) 307 Pre-provision net revenue 284 34 318 262 79 340 302 33 335 768 (416) 352 191 14 205 Provision for credit losses (115) — (115) (45) — (45) 1 — 1 227 (147) 80 121 — 121 Income before income taxes 399 34 433 307 79 386 301 33 334 541 (269) 272 69 14 84 Provision for income taxes 88 8 96 71 19 90 56 13 69 2 61 63 13 3 15 Net income 311 26 337 235 60 295 245 20 265 539 (331) 208 57 12 68 Net income attributable to noncontrolling interest 3 — 3 3 — 3 3 — 3 3 — 3 3 — 3 Net income attributable to controlling interest 308 26 334 233 60 292 242 20 262 536 (331) 205 54 12 66 Preferred stock dividends 13 — 13 8 — 8 8 — 8 13 — 13 2 — 2 Net income available to common shareholders $ 295 $ 26 $ 321 $ 225 $ 60 $ 284 $ 234 $ 20 $ 255 $ 523 $ (331) $ 193 $ 52 $ 12 $ 64 Common Stock Data EPS $ 0.54 $ (0.05) $ 0.58 $ 0.41 $ (0.11) $ 0.51 $ 0.42 $ (0.04) $ 0.46 $ 0.95 $ 0.60 $ 0.35 $ 0.17 $ (0.04) $ 0.21 Basic shares 550 550 552 552 553 553 550 550 312 312 Diluted EPS $ 0.53 $ (0.05) $ 0.58 $ 0.40 $ (0.11) $ 0.51 $ 0.42 $ (0.04) $ 0.46 $ 0.95 $ 0.60 $ 0.35 $ 0.17 $ (0.04) $ 0.20 Diluted shares 557 557 558 558 557 557 551 551 313 313 Memo: Total Revenue-FTE (Non-GAAP) $ 781 $ 5 $ 787 $ 806 $ 2 $ 808 $ 810 $ 2 $ 813 $ 1,355 $ (529) $ 826 $ 512 $ 3 $ 514 PPNR-FTE (Non-GAAP) 284 37 321 262 82 343 302 36 339 768 (414) 355 191 17 207

26 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. Adjusted Combined Historical Data: non-interest income and expense 2Q20 ($s in millions, except per share data) FHN IBKC Combined Noninterest income: Fixed income $ 112 $ — $ 112 Mortgage banking and title 4 49 53 Brokerage, trust, and insurance 22 11 33 Service charges and fees 35 11 46 Card and digital banking fees 12 5 17 Deferred compensation income 8 — 8 Other noninterest income 12 5 18 Total noninterest income $ 206 $ 81 $ 287 Noninterest expense: Personnel expense: Salaries and benefits $ 111 $ 81 $ 193 Incentives and commissions 75 22 97 Deferred compensation expense 9 — 10 Total personnel expense 195 104 300 Occupancy and equipment 46 28 74 Outside services 32 14 46 Amortization of intangible assets 5 4 9 Other noninterest expense 27 30 57 Total noninterest expense $ 307 $ 179 $ 486

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. Adjusted 2Q21 FHN compared to adjusted combined historical data: non-interest income and expense 2Q21 1Q21 4Q20 3Q20 2Q20 2Q21 vs 1Q21 2Q21 vs 2Q20 ($s in millions, except per share data) FHN FHN FHN FHN FHN/IBKC Combined $/bps % $/bps % Noninterest income: Fixed income $ 102 $ 126 $ 104 $ 111 $ 112 $ (24) (19) % $ (10) (9) % Mortgage banking and title 38 53 57 66 53 (15) (28) (15) (28) Brokerage, trust, and insurance 35 33 31 30 33 2 6 2 6 Service charges and fees 54 53 53 50 46 1 2 8 17 Card and digital banking fees 21 17 18 17 17 4 24 4 24 Deferred compensation income 7 3 9 4 8 4 133 (1) (13) Other noninterest income 29 14 15 14 18 15 107 11 61 Total noninterest income $ 287 $ 297 $ 288 $ 291 $ 287 $ (10) (3) % $ — — % Noninterest expense: Personnel expense: Salaries and benefits $ 191 $ 195 $ 200 $ 200 $ 193 $ (4) (2) % $ (2) (1) % Incentives and commissions 93 99 89 91 97 (6) (6) (4) (4) Deferred compensation expense 6 3 9 3 10 3 100 (4) (40) Total personnel expense 290 297 298 294 300 (7) (2) (10) (3) Occupancy and equipment 75 72 74 73 74 3 4 1 1 Outside services 56 54 52 46 46 2 4 10 22 Amortization of intangible assets 13 13 14 14 9 — — 4 44 Other noninterest expense 31 28 35 45 57 3 11 (26) (46) Total noninterest expense $ 465 $ 464 $ 474 $ 471 $ 486 $ 1 — % $ (21) (4) %

28 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. ($s in millions, except per share data) 2Q21 1Q20 4Q20 3Q20 2Q20 Tangible Common Equity (Non-GAAP) (A) Total equity (GAAP) $ 8,566 $ 8,307 $ 8,307 $ 8,144 $ 5,208 Less: Noncontrolling interest 295 295 295 295 295 Less: Preferred stock 520 470 470 470 240 (B) Total common equity $ 7,750 $ 7,541 $ 7,541 $ 7,378 $ 4,673 Less: Intangible assets (GAAP) 1,836 1,850 1,864 1,876 1,552 (C) Tangible common equity (Non-GAAP) $ 5,914 $ 5,691 $ 5,677 $ 5,502 $ 3,120 Tangible Assets (Non-GAAP) (D) Total assets (GAAP) $ 87,908 $ 87,513 $ 84,209 $ 83,030 $ 48,645 Less: Intangible assets (GAAP) 1,836 1,850 1,864 1,876 1,552 (E) Tangible assets (Non-GAAP) $ 86,072 $ 85,663 $ 82,345 $ 81,154 $ 47,092 Period-end Shares Outstanding (F) Period-end shares outstanding 551 552 555 555 312 Ratios (A)/(D) Total equity to total assets (GAAP) 9.74 % 9.49 % 9.86 % 9.81 % 10.71 % (C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) 6.87 % 6.64 % 6.89 % 6.78 % 6.63 % (B)/(F) Book value per common share (GAAP) $ 14.07 $ 13.65 $ 13.59 $ 13.30 $ 14.96 (C)/(F) Tangible book value per common share (Non-GAAP) $ 10.74 $ 10.30 $ 10.23 $ 9.92 $ 9.99

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. ($s in millions, except per share data) 2Q21 1Q21 4Q20 3Q20 2Q20 Adjusted Diluted EPS Net income available to common shareholders ("NIAC") (GAAP) a $ 295 $ 225 $ 234 $ 523 $ 52 Plus Tax effected notable items (Non-GAAP) 26 60 20 (331) 12 Adjusted Net income available to common shareholders (Non-GAAP) b $ 321 $ 284 $ 255 $ 193 $ 64 Diluted Shares (GAAP) c 557 558 557 551 313 Diluted EPS (GAAP) a/c $ 0.53 $ 0.40 $ 0.42 $ 0.95 $ 0.17 Adjusted diluted EPS (Non-GAAP) b/c $ 0.58 $ 0.51 $ 0.46 $ 0.35 $ 0.20 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $ 311 $ 235 $ 245 $ 539 $ 57 Plus Tax effected notable items (Non-GAAP) 26 60 20 (331) 12 Adjusted NI (Non-GAAP) $ 337 $ 295 $ 265 $ 208 $ 68 NI (annualized) (GAAP) d $ 1,247 $ 955 $ 974 $ 2,144 $ 228 Adjusted NI (annualized) (Non-GAAP) e $ 1,353 $ 1,198 $ 1,055 $ 829 $ 275 Average assets (GAAP) f $ 87,559 $ 85,401 $ 83,809 $ 81,683 $ 47,934 ROA (GAAP) d/f 1.42 % 1.12 % 1.16 % 2.63 % 0.48 % Adjusted ROA (Non-GAAP) e/f 1.54 % 1.40 % 1.26 % 1.01 % 0.57 % Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE Net income available to common shareholders (annualized) (GAAP) g $ 1,182 $ 911 $ 933 $ 2,082 $ 210 Adjusted Net income available to common shareholders (annualized) (Non- GAAP) h $ 1,288 $ 1,154 $ 1,013 $ 767 $ 257 Average Common Equity (GAAP) i $ 7,651 $ 7,583 $ 7,444 $ 7,309 $ 4,673 Intangible Assets (GAAP) 1,843 1,857 1,871 1,794 1,555 Average Tangible Common Equity (Non-GAAP) j $ 5,808 $ 5,726 $ 5,573 $ 5,515 $ 3,117 Equity Adjustment (Non-GAAP) — — — — — Adjusted Average Tangible Common Equity (Non-GAAP) k $ 5,808 $ 5,726 $ 5,573 $ 5,515 $ 3,117 ROCE (GAAP) g/i 15.45 % 12.01 % 12.53 % 28.49 % 4.50 % ROTCE (Non-GAAP) g/j 20.36 % 15.90 % 16.73 % 37.75 % 6.74 % Adjusted ROTCE (Non-GAAP) h/k 22.18 % 20.15 % 18.18 % 13.90 % 8.26 %

30 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions except per share data) 2Q21 1Q21 4Q20 3Q20 2Q20 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) a $ 285 $ 298 $ 288 $ 823 $ 206 Plus notable items (GAAP) 2 (1) (1) (532) — Adjusted noninterest income (Non-GAAP) b 287 297 288 291 206 Revenue (GAAP) c 781 806 810 1,355 512 Taxable-equivalent adjustment 3 3 3 3 3 Revenue- Taxable-equivalent (Non-GAAP) $ 784 $ 809 $ 813 $ 1,358 $ 514 Plus notable items (GAAP) (a) 2 (1) (1) (532) — Adjusted revenue (Non-GAAP) d 787 808 813 826 514 Noninterest income as a % of total revenue (GAAP) a/c 36.43 % 37.00 % 35.61 % 60.72 % 40.32 % Adjusted noninterest income as a % of total revenue (Non-GAAP) b/d 36.49 % 36.78 % 35.42 % 35.20 % 40.12 % Adjusted Efficiency Ratio Noninterest expense (GAAP) e $ 497 $ 544 $ 508 $ 587 $ 321 Plus notable items (GAAP) (32) (80) (34) (116) (14) Adjusted noninterest expense (Non-GAAP) f 465 464 474 471 307 Revenue (GAAP) g 781 806 810 1,355 512 Taxable-equivalent adjustment 3 3 3 3 3 Revenue- Taxable-equivalent (Non-GAAP) $ 784 $ 809 $ 813 $ 1,358 $ 514 Plus notable items (GAAP) (a) 2 (1) (1) (532) — Adjusted revenue (Non-GAAP) h 787 808 813 826 514 Efficiency ratio (GAAP) e/g 63.67 % 67.53 % 62.71 % 43.31 % 62.74 % Adjusted efficiency ratio (Non-GAAP) f/h 59.17 % 57.49 % 58.34 % 57.06 % 59.65 % Adjusted Reserve Build Provision for credit losses (GAAP) i $ (115) (45) $ 1 $ 227 $ 121 Plus notable items (GAAP) — — — (147) — Adjusted provision for credit losses (Non-GAAP) j $ (115) $ (45) $ 1 $ 80 $ 121 Net Charge-offs (GAAP) k $ (10) $ 8 $ 29 $ 67 $ 17 Reserve Build/(Release) i-k $ (105) $ (53) $ (28) $ 160 $ 104 Adjusted Reserve Build/(Release) j-k $ (105) $ (53) $ (28) $ 13 $ 104

31 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions except per share data) 2Q21 Net income available to common shareholders (GAAP) $ 295 Tax effected Notable Items $ 26 Adjusted Net income available to common shareholders (Non-GAAP) $ 321 Tax effected provision credit $ (90) Adjusted Net income available to common shareholders before provision credit (Non-GAAP) $ 231 Net income available to common shareholders (annualized) (GAAP) a $ 1,183 Adjusted Net income available to common shareholders (annualized) Non- GAAP) b $ 1,288 Adjusted Net income available to common shareholders before provision credit (annualized) (Non-GAAP) c 926 Average Common Equity (GAAP) d $ 7,651 Intangible Assets (GAAP) $ 1,843 Average Tangible Common Equity (Non-GAAP) e $ 5,808 Equity Adjustment for provision credit (Non-GAAP) $ 30 Adjusted Average Tangbile Common Equity (Non-GAAP) f $ 5,778 ROCE (GAAP) a/d 15.5 % ROTCE (Non-GAAP) a/e 20.4 % Adjusted ROTCE (Non-GAAP) b/e 22.2 % Adjusted ROTCE before provision credit (Non-GAAP) c/f 16.0 %

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