EX-99.1 2 a1q2024earningsrelease.htm EX-99.1
First Horizon Corporation's Momentum Continues with Strong First Quarter 2024 Results
Net Income Available to Common Shareholders of $184 Million or EPS of $0.33;
$195 Million or $0.35 on an Adjusted Basis - up 9% Over Prior Quarter*
1Q24 ROTCE of 11.0% and Adjusted ROTCE of 11.6% with Tangible Book Value per Share of $12.16, up $0.03 QoQ*
MEMPHIS, TN (April 17, 2024) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported first quarter net income available to common shareholders of $184 million or earnings per share of $0.33, compared with fourth quarter 2023 net income available to common ("NIAC") of $175 million or earnings per share of $0.31. First quarter 2024 results were reduced by a net $12 million after-tax or $0.02 per share of notable items compared with $3 million or $0.01 per share in fourth quarter 2023. Excluding notable items, adjusted first quarter 2024 NIAC of $195 million or $0.35 per share increased from $178 million or $0.32 per share in fourth quarter 2023.
“We reported a strong quarter with 10% growth in adjusted net income available to common shareholders from the fourth quarter. We achieved positive operating leverage versus the prior quarter, as revenue increased and expenses declined. Revenue growth was driven by margin expansion in the core banking franchise, as well as significant improvement in our counter-cyclical businesses,” said Chairman, President and Chief Executive Officer Bryan Jordan. “Credit quality remains stable, and our strong capital and liquidity position us to continue to win new client relationships and deepen existing ones.”
Jordan continued, “As we celebrate our 160th year in business, I remain confident in our ability to build on the value and earnings power of our long-standing organization to deliver exceptional results to our shareholders.”
Notable Items

Notable Items |  |  |  |  |  |  |  |  |  |
Quarterly, Unaudited ($ in millions, except per share data) | 1Q24 |  | 4Q23 |  |  | 1Q23 |  |  |  |
Summary of Notable Items: |  |  |  |  |  |  |  |  |  |
Net merger/acquisition/transaction-related items | $ | — |  |  | $ | — |  |  |  | $ | (21) |  |  |  |  |
Gain/(loss) related to equity securities investments (other noninterest income) | — |  |  | (6) |  |  |  | — |  |  |  |  |
Net gain on asset disposition (other noninterest income less incentives) | — |  |  | 7 |  |  |  | — |  |  |  |  |
FDIC special assessment (other noninterest expense) | (10) |  |  | (68) |  |  |  | — |  |  |  |  |
Other notable expenses | (5) |  |  | — |  |  |  | — |  |  |  |  |
Total notable items (pre-tax) | $ | (15) |  |  | $ | (67) |  |  |  | $ | (21) |  |  |  |  |
Total notable items (after-tax) ** | $ | (12) |  |  | $ | (3) |  |  |  | $ | (16) |  |  |  |  |
Numbers may not foot due to rounding. |  |  |  |  |  |  |  |  |  |
** 4Q23 includes a $48 million after-tax benefit primarily from the resolution of IberiaBank merger-related tax items.

First quarter pre-tax notable items include an FDIC special assessment of $10 million and $5 million of restructuring costs.
*References to "Adjusted" results exclude notable items and are Non-GAAP Financial Measures. All references to loans include leases. All references to earnings per share are based on diluted shares. Please see page 4 for information on our use of Non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 20.
1

SUMMARY RESULTS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quarterly, Unaudited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 1Q24 Change vs. |  |  |  |
($s in millions, except per share and balance sheet data) |  | 1Q24 |  | 4Q23 |  | 1Q23 |  | 4Q23 |  | 1Q23 |  |  |  |
|  |  |  |  |  |  |  | $/bp |  | % |  | $/bp |  | % |  |  |  |
Income Statement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income - taxable equivalent 1 |  | $ | 1,076 |  |  | $ | 1,090 |  |  | $ | 923 |  |  | $ | (14) |  |  | (1) | % |  | $ | 153 |  |  | 17 | % |  |  |  |
Interest expense- taxable equivalent 1 |  | 448 |  |  | 469 |  |  | 232 |  |  | (21) |  |  | (5) |  |  | 216 |  |  | 93 |  |  |  |  |
Net interest income- taxable equivalent |  | 628 |  |  | 621 |  |  | 691 |  |  | 7 |  |  | 1 |  |  | (63) |  |  | (9) |  |  |  |  |
Less: Taxable-equivalent adjustment |  | 4 |  |  | 4 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Net interest income |  | 625 |  |  | 617 |  |  | 688 |  |  | 8 |  |  | 1 |  |  | (63) |  |  | (9) |  |  |  |  |
Noninterest income |  | 194 |  |  | 183 |  |  | 171 |  |  | 11 |  |  | 6 |  |  | 23 |  |  | 14 |  |  |  |  |
Total revenue |  | 819 |  |  | 800 |  |  | 859 |  |  | 19 |  |  | 2 |  |  | (40) |  |  | (5) |  |  |  |  |
Noninterest expense |  | 515 |  |  | 572 |  |  | 478 |  |  | (57) |  |  | (10) |  |  | 37 |  |  | 8 |  |  |  |  |
Pre-provision net revenue 3 |  | 304 |  |  | 227 |  |  | 381 |  |  | 77 |  |  | 34 |  |  | (77) |  |  | (20) |  |  |  |  |
Provision for credit losses |  | 50 |  |  | 50 |  |  | 50 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Income before income taxes |  | 254 |  |  | 177 |  |  | 331 |  |  | 77 |  |  | 43 |  |  | (77) |  |  | (23) |  |  |  |  |
Provision for income taxes |  | 57 |  |  | (11) |  |  | 75 |  |  | 68 |  |  | NM |  | (18) |  |  | (24) |  |  |  |  |
Net income |  | 197 |  |  | 188 |  |  | 256 |  |  | 9 |  |  | 5 |  |  | (59) |  |  | (23) |  |  |  |  |
Net income attributable to noncontrolling interest |  | 5 |  |  | 5 |  |  | 4 |  |  | — |  |  | (2) |  |  | 1 |  |  | 22 |  |  |  |  |
Net income attributable to controlling interest |  | 192 |  |  | 183 |  |  | 251 |  |  | 9 |  |  | 5 |  |  | (59) |  |  | (24) |  |  |  |  |
Preferred stock dividends |  | 8 |  |  | 8 |  |  | 8 |  |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  |  |  |
Net income available to common shareholders |  | $ | 184 |  |  | $ | 175 |  |  | $ | 243 |  |  | $ | 9 |  |  | 5 | % |  | $ | (59) |  |  | (24) | % |  |  |  |
Adjusted net income 4 |  | $ | 208 |  |  | $ | 191 |  |  | $ | 271 |  |  | $ | 17 |  |  | 9 | % |  | $ | (63) |  |  | (23) | % |  |  |  |
Adjusted net income available to common shareholders 4 |  | $ | 195 |  |  | $ | 178 |  |  | $ | 259 |  |  | $ | 17 |  |  | 10 | % |  | $ | (64) |  |  | (25) | % |  |  |  |
Common stock information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EPS |  | $ | 0.33 |  |  | $ | 0.31 |  |  | $ | 0.43 |  |  | $ | 0.02 |  |  | 6 | % |  | $ | (0.10) |  |  | (23) | % |  |  |  |
Adjusted EPS 4 |  | $ | 0.35 |  |  | $ | 0.32 |  |  | $ | 0.45 |  |  | $ | 0.03 |  |  | 9 | % |  | $ | (0.10) |  |  | (22) | % |  |  |  |
Diluted shares 8 |  | 558 |  |  | 561 |  |  | 572 |  |  | (3) |  |  | (1) | % |  | (14) |  |  | (2) | % |  |  |  |
Key performance metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest margin |  | 3.37 | % |  | 3.27 | % |  | 3.88 | % |  | 10 | bp |  |  |  | (51) | bp |  |  |  |  |  |
Efficiency ratio |  | 62.92 |  |  | 71.14 |  |  | 55.67 |  |  | (822) |  |  |  |  | 725 |  |  |  |  |  |  |
Adjusted efficiency ratio 4 |  | 60.78 |  |  | 62.84 |  |  | 52.98 |  |  | (206) |  |  |  |  | 780 |  |  |  |  |  |  |
Effective income tax rate |  | 22.48 |  |  | (6.16) |  |  | 22.71 |  |  | NM |  |  |  | (23) |  |  |  |  |  |  |
Return on average assets |  | 0.97 |  |  | 0.91 |  |  | 1.32 |  |  | 6 |  |  |  |  | (35) |  |  |  |  |  |  |
Adjusted return on average assets 4 |  | 1.03 |  |  | 0.92 |  |  | 1.40 |  |  | 11 |  |  |  |  | (37) |  |  |  |  |  |  |
Return on average common equity (“ROCE") |  | 8.8 |  |  | 8.6 |  |  | 13.3 |  |  | 16 |  |  |  |  | (458) |  |  |  |  |  |  |
Return on average tangible common equity (“ROTCE”)4 |  | 11.0 |  |  | 10.9 |  |  | 17.4 |  |  | 6 |  |  |  |  | (648) |  |  |  |  |  |  |
Adjusted ROTCE 4 |  | 11.6 |  |  | 11.1 |  |  | 18.6 |  |  | 60 |  |  |  |  | (690) |  |  |  |  |  |  |
Noninterest income as a % of total revenue |  | 23.72 |  |  | 23.33 |  |  | 19.90 |  |  | 39 |  |  |  |  | 382 |  |  |  |  |  |  |
Adjusted noninterest income as a % of total revenue 4 |  | 23.61 | % |  | 22.32 | % |  | 19.81 | % |  | 129 | bp |  |  |  | 380 | bp |  |  |  |  |  |
Balance Sheet (billions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Average loans |  | $ | 61.2 |  |  | $ | 61.2 |  |  | $ | 58.1 |  |  | $ | — |  |  | — | % |  | $ | 3.1 |  |  | 5 | % |  |  |  |
Average deposits |  | 65.4 |  |  | 66.9 |  |  | 62.2 |  |  | (1.5) |  |  | (2) |  |  | 3.2 |  |  | 5 |  |  |  |  |
Average assets |  | 81.2 |  |  | 82.3 |  |  | 78.8 |  |  | (1.1) |  |  | (1) |  |  | 2.4 |  |  | 3 |  |  |  |  |
Average common equity |  | $ | 8.4 |  |  | $ | 8.1 |  |  | $ | 7.4 |  |  | $ | 0.3 |  |  | 4 | % |  | $ | 1.0 |  |  | 14 | % |  |  |  |
Asset Quality Highlights |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses to loans and leases |  | 1.40 | % |  | 1.40 | % |  | 1.35 | % |  | — | bp |  |  |  | 5 | bp |  |  |  |  |  |
Nonperforming loan and leases ratio |  | 0.82 | % |  | 0.75 | % |  | 0.72 | % |  | 7 | bp |  |  |  | 10 | bp |  |  |  |  |  |
Net charge-off ratio |  | 0.27 | % |  | 0.23 | % |  | 0.11 | % |  | 4 | bp |  |  |  | 15 | bp |  |  |  |  |  |
Net Charge-offs |  | $ | 40 |  |  | $ | 36 |  |  | $ | 16 |  |  | $ | 4 |  |  | 12 | % |  | $ | 24 |  |  | NM |  |  |  |
Capital Ratio Highlights (current quarter is an estimate) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Equity Tier 1 |  | 11.3 | % |  | 11.4 | % |  | 10.4 | % |  | (9) | bp |  |  |  | 95 | bp |  |  |  |  |  |
Tier 1 |  | 12.3 |  |  | 12.4 |  |  | 12.1 |  |  | (10) |  |  |  |  | 21 |  |  |  |  |  |  |
Total Capital |  | 13.9 |  |  | 14.0 |  |  | 13.6 |  |  | (3) |  |  |  |  | 32 |  |  |  |  |  |  |
Tier 1 leverage |  | 10.8 | % |  | 10.7 | % |  | 10.7 | % |  | 13 | bp |  |  |  | 13 | 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 19.
2

First Quarter 2024 versus Fourth Quarter 2023
Net interest income
Net interest income of $625 million increased $8 million and net interest margin of 3.37% increased 10 basis points from the benefit of loan and deposit repricing.
Noninterest income
Noninterest income of $194 million increased $11 million. Adjusted noninterest income of $194 million increased $15 million largely driven by higher fixed income production. Fixed income average daily revenue of $731 thousand increased 58% compared with $463 thousand in fourth quarter 2023, driven by the market's expectation that short-term rates have peaked and by improved liquidity conditions in the banking sector.
Noninterest expense
Noninterest expense of $515 million declined $57 million from the prior quarter. First quarter notable items included the $10 million FDIC special assessment, which is down from $68 million in fourth quarter, and $5 million of restructuring costs. Adjusted noninterest expense of $500 million decreased $2 million. A reduction in outside services, which included advertising and third-party services for strategic investment initiatives, was partially offset by an increase in personnel expense, which included the annual merit adjustment and higher incentives from higher revenue production.
Loans and leases
Average loan and lease balances of $61.2 billion were relatively flat compared to the prior quarter, with loans to mortgage companies (LMC) down $97 million due to seasonality. Period-end loans and leases of $61.8 billion increased $0.5 billion from fourth quarter 2023, with growth in LMC and CRE. Loan yields of 6.28% improved 9 basis points from wider spreads on new and renewing loans, as well as continued repricing of fixed rate cash flows.
Deposits
Average deposits of $65.4 billion decreased 2%, reflecting $0.6 billion lower brokered deposits and continued pressure on non-interest bearing balances. Period-end deposits of $65.7 billion were stable to the prior quarter, with 67% of balances FDIC insured or collateralized. Interest-bearing deposit costs improved 9 basis points from the prior quarter to 3.28%, while total deposits costs declined by 5 basis points from a full quarter benefit of repricing efforts in the fourth quarter.
Asset quality
Provision expense of $50 million remained unchanged from fourth quarter 2023 to first quarter. Net charge-offs were $40 million or 27 basis points. Nonperforming loans of $505 million increased $43 million. The ACL to loans ratio of 1.40% was consistent with the prior quarter. Modest grade migration continued in the first quarter, but overall credit performance is stable after normalizing from a prolonged benign environment.
Capital
CET1 ratio of 11.3% and total capital ratio of 13.9% in first quarter 2024, down from 11.4% and 14.0%, respectively in fourth quarter 2023 as excess capital was returned to shareholders through the share repurchase program. FHN repurchased 10.7 million shares of common stock in first quarter 2024 at a weighted average price of $14.39 under the share repurchase program authorized in first quarter 2024.
Income taxes
First quarter 2024 effective tax rate of 22.5% compared with -6.2% in fourth quarter 2023. On an adjusted basis, the effective tax rate for first quarter 2024 was 22.5% compared with 21.7% in fourth quarter 2023. Fourth quarter 2023 includes a $48 million benefit from after-tax notable items primarily related to the resolution of IberiaBank merger-related tax items.
3

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 after that Annual Report.
FHN assumes no obligation to update or revise any forward-looking statements that are made in this document or in any other statement, release, report, or filing from time to time.
Use of Non-GAAP Measures and Regulatory Measures that are not GAAP
Certain measures included in this report are “non-GAAP,” meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. Although other entities may use calculation methods that differ from those used by FHN for non-GAAP measures, FHN’s management believes such measures are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. Non-GAAP measures are reported to FHN’s management and Board of Directors through various internal reports.
The non-GAAP measures presented in this earnings release are fully taxable equivalent measures, pre-provision net revenue ("PPNR"), return on average tangible common equity (“ROTCE”), tangible common equity (“TCE”) to tangible assets (“TA”), tangible book value ("TBV") per common share, and various consolidated and segment results and performance measures and ratios adjusted for notable items.
Presentation of regulatory measures, even those which are not GAAP, provide a meaningful base for comparability to other financial institutions subject to the same regulations as FHN, as demonstrated by their use by banking regulators in reviewing capital adequacy of financial institutions. Although not GAAP terms, these regulatory measures are not considered “non-GAAP” under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in this financial supplement include: common equity tier 1 capital ("CET1"), generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk-weighted assets, which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios.
Refer to the tabular reconciliation of non-GAAP to GAAP measures and presentation of the most comparable GAAP items, beginning on page 20.
4

Conference Call Information
Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on April 17, 2024 by dialing 1-833-470-1428 (if calling from the U.S.) or 404-975-4839 (if calling from outside the U.S) and entering access code 883096. The conference call will begin at 8:30 a.m. CT.
Participants can also opt to listen to the live audio webcast at https://ir.firsthorizon.com/events-and-presentations/default.aspx.
A replay of the call will be available beginning at noon CT on April 17 until midnight CT on May 1, 2024. To listen to the replay, dial 1-866-813-9403 (U.S. callers); the access code is 492536. A replay of the webcast will also be available on our website on April 17 and will be archived on the site for one year.
First Horizon Corp. (NYSE: FHN), with $81.8 billion in assets as of March 31, 2024, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.
Contact: Investor Relations - NRFlanders@firsthorizon.com
Media Relations - Beth.Ardoin@firsthorizon.com
5

CONSOLIDATED INCOME STATEMENT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quarterly, Unaudited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | 1Q24 Change vs. |  |  |  |  |  |
($s in millions, except per share data) | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q23 |  | 4Q23 |  | 1Q23 |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | $ |  | % |  | $ |  | % |  |  |  |  |  |  |  |
Interest income - taxable equivalent 1 | $ | 1,076 |  |  | $ | 1,090 |  |  | $ | 1,084 |  |  | $ | 1,019 |  |  | $ | 923 |  |  | $ | (14) |  |  | (1) | % |  | $ | 153 |  |  | 17 | % |  |  |  |  |  |  |  |
Interest expense- taxable equivalent 1 | 448 |  |  | 469 |  |  | 475 |  |  | 385 |  |  | 232 |  |  | (21) |  |  | (5) |  |  | 216 |  |  | 93 |  |  |  |  |  |  |  |  |
Net interest income- taxable equivalent | 628 |  |  | 621 |  |  | 609 |  |  | 635 |  |  | 691 |  |  | 7 |  |  | 1 |  |  | (63) |  |  | (9) |  |  |  |  |  |  |  |  |
Less: Taxable-equivalent adjustment | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Net interest income | 625 |  |  | 617 |  |  | 605 |  |  | 631 |  |  | 688 |  |  | 8 |  |  | 1 |  |  | (63) |  |  | (9) |  |  |  |  |  |  |  |  |
Noninterest income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income | 52 |  |  | 37 |  |  | 28 |  |  | 30 |  |  | 39 |  |  | 15 |  |  | 40 |  |  | 13 |  |  | 33 |  |  |  |  |  |  |  |  |
Mortgage banking | 9 |  |  | 5 |  |  | 7 |  |  | 6 |  |  | 5 |  |  | 4 |  |  | 71 |  |  | 4 |  |  | 71 |  |  |  |  |  |  |  |  |
Brokerage, trust, and insurance | 36 |  |  | 36 |  |  | 34 |  |  | 35 |  |  | 34 |  |  | — |  |  | (1) |  |  | 2 |  |  | 5 |  |  |  |  |  |  |  |  |
Service charges and fees | 57 |  |  | 59 |  |  | 60 |  |  | 59 |  |  | 55 |  |  | (2) |  |  | (3) |  |  | 2 |  |  | 4 |  |  |  |  |  |  |  |  |
Card and digital banking fees | 19 |  |  | 16 |  |  | 20 |  |  | 21 |  |  | 19 |  |  | 3 |  |  | 16 |  |  | — |  |  | (2) |  |  |  |  |  |  |  |  |
Deferred compensation income | 9 |  |  | 6 |  |  | — |  |  | 8 |  |  | 3 |  |  | 3 |  |  | 42 |  |  | 6 |  |  | NM |  |  |  |  |  |  |  |
Gain on merger termination | — |  |  | — |  |  | — |  |  | 225 |  |  | — |  |  | — |  |  | NM |  | — |  |  | NM |  |  |  |  |  |  |  |
Other noninterest income | 14 |  |  | 23 |  |  | 25 |  |  | 17 |  |  | 15 |  |  | (9) |  |  | (38) |  |  | (1) |  |  | (6) |  |  |  |  |  |  |  |  |
Total noninterest income | 194 |  |  | 183 |  |  | 173 |  |  | 400 |  |  | 171 |  |  | 11 |  |  | 6 |  |  | 23 |  |  | 14 |  |  |  |  |  |  |  |  |
Total revenue | 819 |  |  | 800 |  |  | 778 |  |  | 1,031 |  |  | 859 |  |  | 19 |  |  | 2 |  |  | (40) |  |  | (5) |  |  |  |  |  |  |  |  |
Noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and benefits | 200 |  |  | 190 |  |  | 188 |  |  | 191 |  |  | 188 |  |  | 10 |  |  | 5 |  |  | 12 |  |  | 6 |  |  |  |  |  |  |  |  |
Incentives and commissions | 92 |  |  | 82 |  |  | 77 |  |  | 86 |  |  | 80 |  |  | 10 |  |  | 12 |  |  | 12 |  |  | 15 |  |  |  |  |  |  |  |  |
Deferred compensation expense | 9 |  |  | 7 |  |  | — |  |  | 8 |  |  | 3 |  |  | 2 |  |  | 27 |  |  | 6 |  |  | NM |  |  |  |  |  |  |  |
Total personnel expense | 301 |  |  | 279 |  |  | 266 |  |  | 285 |  |  | 271 |  |  | 22 |  |  | 8 |  |  | 30 |  |  | 11 |  |  |  |  |  |  |  |  |
Occupancy and equipment 2 | 72 |  |  | 71 |  |  | 67 |  |  | 68 |  |  | 70 |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 2 |  |  |  |  |  |  |  |  |
Outside services | 65 |  |  | 84 |  |  | 69 |  |  | 71 |  |  | 66 |  |  | (19) |  |  | (22) |  |  | (1) |  |  | (1) |  |  |  |  |  |  |  |  |
Amortization of intangible assets | 11 |  |  | 12 |  |  | 12 |  |  | 12 |  |  | 12 |  |  | (1) |  |  | (9) |  |  | (1) |  |  | (9) |  |  |  |  |  |  |  |  |
Other noninterest expense | 67 |  |  | 127 |  |  | 60 |  |  | 119 |  |  | 59 |  |  | (60) |  |  | (48) |  |  | 8 |  |  | 13 |  |  |  |  |  |  |  |  |
Total noninterest expense | 515 |  |  | 572 |  |  | 474 |  |  | 555 |  |  | 478 |  |  | (57) |  |  | (10) |  |  | 37 |  |  | 8 |  |  |  |  |  |  |  |  |
Pre-provision net revenue 3 | 304 |  |  | 227 |  |  | 304 |  |  | 475 |  |  | 381 |  |  | 77 |  |  | 34 |  |  | (77) |  |  | (20) |  |  |  |  |  |  |  |  |
Provision for credit losses | 50 |  |  | 50 |  |  | 110 |  |  | 50 |  |  | 50 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Income before income taxes | 254 |  |  | 177 |  |  | 194 |  |  | 425 |  |  | 331 |  |  | 77 |  |  | 43 |  |  | (77) |  |  | (23) |  |  |  |  |  |  |  |  |
Provision for income taxes | 57 |  |  | (11) |  |  | 52 |  |  | 96 |  |  | 75 |  |  | 68 |  |  | NM |  | (18) |  |  | (24) |  |  |  |  |  |  |  |  |
Net income | 197 |  |  | 188 |  |  | 142 |  |  | 329 |  |  | 256 |  |  | 9 |  |  | 5 |  |  | (59) |  |  | (23) |  |  |  |  |  |  |  |  |
Net income attributable to noncontrolling interest | 5 |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 4 |  |  | — |  |  | (2) |  |  | 1 |  |  | 22 |  |  |  |  |  |  |  |  |
Net income attributable to controlling interest | 192 |  |  | 183 |  |  | 137 |  |  | 325 |  |  | 251 |  |  | 9 |  |  | 5 |  |  | (59) |  |  | (24) |  |  |  |  |  |  |  |  |
Preferred stock dividends | 8 |  |  | 8 |  |  | 8 |  |  | 8 |  |  | 8 |  |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  |  |  |  |  |  |  |
Net income available to common shareholders | $ | 184 |  |  | $ | 175 |  |  | $ | 129 |  |  | $ | 317 |  |  | $ | 243 |  |  | $ | 9 |  |  | 5 | % |  | $ | (59) |  |  | (24) | % |  |  |  |  |  |  |  |
Common Share Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EPS | $ | 0.33 |  |  | $ | 0.31 |  |  | $ | 0.23 |  |  | $ | 0.59 |  |  | $ | 0.45 |  |  | $ | 0.02 |  |  | 6 | % |  | $ | (0.12) |  |  | (27) | % |  |  |  |  |  |  |  |
Basic shares | 555 |  |  | 559 |  |  | 559 |  |  | 539 |  |  | 537 |  |  | (4) |  |  | (1) |  |  | 18 |  |  | 3 |  |  |  |  |  |  |  |  |
Diluted EPS | $ | 0.33 |  |  | $ | 0.31 |  |  | $ | 0.23 |  |  | $ | 0.56 |  |  | $ | 0.43 |  |  | $ | 0.02 |  |  | 6 |  |  | $ | (0.10) |  |  | (23) |  |  |  |  |  |  |  |  |
Diluted shares 8 | 558 |  |  | 561 |  |  | 561 |  |  | 561 |  |  | 572 |  |  | (3) |  |  | (1) | % |  | (14) |  |  | (2) | % |  |  |  |  |  |  |  |
Effective tax rate | 22.5 | % |  | (6.2) | % |  | 26.7 | % |  | 22.6 | % |  | 22.7 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

Numbers may not foot due to rounding. See footnote disclosures on page 19.
6

ADJUSTED 5 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 8
Quarterly, Unaudited

|  |  |  |  |  |  |  |  |  |  | 1Q24 Change vs. |  |  |  |  |  |
($s in millions, except per share data) | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q23 |  | 4Q23 |  | 1Q23 |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | $ |  | % |  | $ |  | % |  |  |  |  |  |  |  |
Net interest income (FTE)1 | $ | 628 |  |  | $ | 621 |  |  | $ | 609 |  |  | $ | 635 |  |  | $ | 691 |  |  | $ | 7 |  |  | 1 | % |  | $ | (63) |  |  | (9) | % |  |  |  |  |  |  |  |
Adjusted noninterest income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income | 52 |  |  | 37 |  |  | 28 |  |  | 30 |  |  | 39 |  |  | 15 |  |  | 40 |  |  | 13 |  |  | 33 |  |  |  |  |  |  |  |  |
Adjusted mortgage banking | 9 |  |  | 5 |  |  | 7 |  |  | 6 |  |  | 5 |  |  | 4 |  |  | 71 |  |  | 4 |  |  | 71 |  |  |  |  |  |  |  |  |
Brokerage, trust, and insurance | 36 |  |  | 36 |  |  | 34 |  |  | 35 |  |  | 34 |  |  | — |  |  | (1) |  |  | 2 |  |  | 5 |  |  |  |  |  |  |  |  |
Service charges and fees | 57 |  |  | 59 |  |  | 60 |  |  | 59 |  |  | 55 |  |  | (2) |  |  | (3) |  |  | 2 |  |  | 4 |  |  |  |  |  |  |  |  |
Card and digital banking fees | 19 |  |  | 16 |  |  | 20 |  |  | 21 |  |  | 19 |  |  | 3 |  |  | 16 |  |  | — |  |  | (2) |  |  |  |  |  |  |  |  |
Deferred compensation income | 9 |  |  | 6 |  |  | — |  |  | 8 |  |  | 3 |  |  | 3 |  |  | 42 |  |  | 6 |  |  | NM |  |  |  |  |  |  |  |
Gain on merger termination | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | NM |  | — |  |  | NM |  |  |  |  |  |  |  |
Adjusted other noninterest income | 14 |  |  | 20 |  |  | 25 |  |  | 17 |  |  | 15 |  |  | (6) |  |  | (29) |  |  | (1) |  |  | (6) |  |  |  |  |  |  |  |  |
Adjusted total noninterest income | $ | 194 |  |  | $ | 179 |  |  | $ | 173 |  |  | $ | 175 |  |  | $ | 171 |  |  | $ | 15 |  |  | 9 | % |  | $ | 23 |  |  | 14 | % |  |  |  |  |  |  |  |
Total revenue (FTE)1 | $ | 823 |  |  | $ | 800 |  |  | $ | 782 |  |  | $ | 810 |  |  | $ | 863 |  |  | $ | 23 |  |  | 3 | % |  | $ | (40) |  |  | (5) | % |  |  |  |  |  |  |  |
Adjusted noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted personnel expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted salaries and benefits | $ | 199 |  |  | $ | 190 |  |  | $ | 188 |  |  | $ | 187 |  |  | $ | 188 |  |  | $ | 9 |  |  | 5 | % |  | $ | 11 |  |  | 6 | % |  |  |  |  |  |  |  |
Adjusted Incentives and commissions | 87 |  |  | 80 |  |  | 68 |  |  | 65 |  |  | 64 |  |  | 7 |  |  | 9 |  |  | 23 |  |  | 36 |  |  |  |  |  |  |  |  |
Adjusted deferred compensation expense | 9 |  |  | 7 |  |  | — |  |  | 8 |  |  | 3 |  |  | 2 |  |  | 27 |  |  | 6 |  |  | NM |  |  |  |  |  |  |  |
Adjusted total personnel expense | 295 |  |  | 277 |  |  | 256 |  |  | 260 |  |  | 255 |  |  | 18 |  |  | 7 |  |  | 40 |  |  | 16 |  |  |  |  |  |  |  |  |
Adjusted occupancy and equipment 2 | 72 |  |  | 71 |  |  | 67 |  |  | 68 |  |  | 70 |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 2 |  |  |  |  |  |  |  |  |
Adjusted outside services | 65 |  |  | 84 |  |  | 69 |  |  | 68 |  |  | 63 |  |  | (19) |  |  | (22) |  |  | 2 |  |  | 4 |  |  |  |  |  |  |  |  |
Adjusted amortization of intangible assets | 11 |  |  | 12 |  |  | 12 |  |  | 12 |  |  | 12 |  |  | (1) |  |  | (9) |  |  | (1) |  |  | (9) |  |  |  |  |  |  |  |  |
Adjusted other noninterest expense | 57 |  |  | 59 |  |  | 60 |  |  | 53 |  |  | 58 |  |  | (2) |  |  | (4) |  |  | (1) |  |  | (3) |  |  |  |  |  |  |  |  |
Adjusted total noninterest expense | $ | 500 |  |  | $ | 502 |  |  | $ | 465 |  |  | $ | 461 |  |  | $ | 457 |  |  | $ | (2) |  |  | — | % |  | $ | 43 |  |  | 9 | % |  |  |  |  |  |  |  |
Adjusted pre-provision net revenue 3 | $ | 323 |  |  | $ | 298 |  |  | $ | 318 |  |  | $ | 349 |  |  | $ | 406 |  |  | $ | 25 |  |  | 8 | % |  | $ | (83) |  |  | (20) | % |  |  |  |  |  |  |  |
Provision for credit losses | $ | 50 |  |  | $ | 50 |  |  | $ | 110 |  |  | $ | 50 |  |  | $ | 50 |  |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  |  |  |  |  |  |  |
Adjusted net income available to common shareholders | $ | 195 |  |  | $ | 178 |  |  | $ | 150 |  |  | $ | 219 |  |  | $ | 259 |  |  | $ | 17 |  |  | 10 | % |  | $ | (64) |  |  | (25) | % |  |  |  |  |  |  |  |
Adjusted Common Share Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted diluted EPS | $ | 0.35 |  |  | $ | 0.32 |  |  | $ | 0.27 |  |  | $ | 0.39 |  |  | $ | 0.45 |  |  | $ | 0.03 |  |  | 9 | % |  | $ | (0.10) |  |  | (22) | % |  |  |  |  |  |  |  |
Diluted shares 8 | 558 |  |  | 561 |  |  | 561 |  |  | 561 |  |  | 572 |  |  | (3) |  |  | (1) | % |  | (14) |  |  | (2) | % |  |  |  |  |  |  |  |
Adjusted effective tax rate | 22.5 | % |  | 21.7 | % |  | 20.1 | % |  | 21.6 | % |  | 22.9 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted ROTCE | 11.6 | % |  | 11.1 | % |  | 9.2 | % |  | 14.6 | % |  | 18.6 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted efficiency ratio | 60.8 | % |  | 62.8 | % |  | 59.4 | % |  | 56.9 | % |  | 53.0 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

Numbers may not foot due to rounding.
See footnote disclosures on page 19.
7

NOTABLE ITEMS
Quarterly, Unaudited

(In millions) | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q23 |  |  |  |  |  |  |  |  |  |  |  |  |
Summary of Notable Items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on merger termination | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 225 |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net merger/acquisition/transaction-related items | — |  |  | — |  |  | — |  |  | (30) |  |  | (21) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain/(loss) related to equity securities investments (other noninterest income) | — |  |  | (6) |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gain on asset disposition (other noninterest income less incentives) | — |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
FDIC special assessment (other noninterest expense) | (10) |  |  | (68) |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other notable expenses * | (5) |  |  | — |  |  | (10) |  |  | (65) |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total notable items (pre-tax) | $ | (15) |  |  | $ | (67) |  |  | $ | (10) |  |  | $ | 130 |  |  | $ | (21) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-related notable items ** | $ | — |  |  | $ | 48 |  |  | $ | (13) |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  |  |

Numbers may not foot due to rounding
* 1Q24 includes $5 million of restructuring expenses; 3Q23 includes $10 million of restructuring expenses; 2Q23 includes $50 million contribution to First Horizon Foundation and $15 million of Visa derivative valuation expenses.
** 4Q23 includes a $48 million after-tax benefit primarily from the resolution of IberiaBank merger-related tax items; 3Q23 includes after-tax notable items of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items.

IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited

(In millions) | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q23 |  |  |  |  |  |  |  |  |  |  |  |  |
Impacts of Notable Items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on merger termination | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (225) |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other noninterest income | — |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total noninterest income | $ | — |  |  | $ | (4) |  |  | $ | — |  |  | $ | (225) |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and benefits | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (4) |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Incentives and commissions | (5) |  |  | (2) |  |  | (9) |  |  | (21) |  |  | (16) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total personnel expenses | (5) |  |  | (2) |  |  | (10) |  |  | (25) |  |  | (16) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outside services | — |  |  | — |  |  | — |  |  | (4) |  |  | (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other noninterest expense | (10) |  |  | (68) |  |  | — |  |  | (66) |  |  | (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total noninterest expense | $ | (15) |  |  | $ | (70) |  |  | $ | (10) |  |  | $ | (95) |  |  | $ | (21) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income before income taxes | $ | 15 |  |  | $ | 67 |  |  | $ | 10 |  |  | $ | (130) |  |  | $ | 21 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for income taxes * | 3 |  |  | 64 |  |  | (11) |  |  | (33) |  |  | 6 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income/(loss) available to common shareholders | $ | 12 |  |  | $ | 3 |  |  | $ | 20 |  |  | $ | (98) |  |  | $ | 16 |  |  |  |  |  |  |  |  |  |  |  |  |  |
EPS impact of notable items | $ | 0.02 |  |  | $ | 0.01 |  |  | $ | 0.04 |  |  | $ | (0.17) |  |  | $ | 0.03 |  |  |  |  |  |  |  |  |  |  |  |  |  |

Numbers may not foot due to rounding
* 4Q23 includes a $48 million after-tax benefit primarily from the resolution of IberiaBank merger-related tax items; 3Q23 includes after-tax notable items of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items.
8

FINANCIAL RATIOS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quarterly, Unaudited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | 1Q24 Change vs. |  |  |  |  |  |
| 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q23 |  | 4Q23 | 1Q23 |  |  |  |  |
FINANCIAL RATIOS |  |  |  |  |  |  |  |  |  |  | $/bp |  | % |  | $/bp |  | % |  |  |  |  |  |  |  |
Net interest margin | 3.37 | % |  | 3.27 | % |  | 3.17 | % |  | 3.38 | % |  | 3.88 | % |  | 10 | bp |  |  |  | (51) | bp |  |  |  |  |  |  |  |  |  |
Return on average assets | 0.97 | % |  | 0.91 | % |  | 0.68 | % |  | 1.60 | % |  | 1.32 | % |  | 6 |  |  |  |  | (35) |  |  |  |  |  |  |  |  |  |  |
Adjusted return on average assets 4 | 1.03 | % |  | 0.92 | % |  | 0.78 | % |  | 1.13 | % |  | 1.40 | % |  | 11 |  |  |  |  | (37) |  |  |  |  |  |  |  |  |  |  |
Return on average common equity (“ROCE”) | 8.76 | % |  | 8.60 | % |  | 6.28 | % |  | 16.40 | % |  | 13.34 | % |  | 16 |  |  |  |  | (458) |  |  |  |  |  |  |  |  |  |  |
Return on average tangible common equity (“ROTCE”)4 | 10.95 | % |  | 10.89 | % |  | 7.95 | % |  | 21.10 | % |  | 17.43 | % |  | 6 |  |  |  |  | (648) |  |  |  |  |  |  |  |  |  |  |
Adjusted ROTCE 4 | 11.65 | % |  | 11.05 | % |  | 9.21 | % |  | 14.59 | % |  | 18.55 | % |  | 60 |  |  |  |  | (690) |  |  |  |  |  |  |  |  |  |  |
Noninterest income as a % of total revenue | 23.72 | % |  | 23.33 | % |  | 22.23 | % |  | 38.80 | % |  | 19.90 | % |  | 39 |  |  |  |  | 382 |  |  |  |  |  |  |  |  |  |  |
Adjusted noninterest income as a % of total revenue 4 | 23.61 | % |  | 22.32 | % |  | 22.11 | % |  | 21.60 | % |  | 19.81 | % |  | 129 |  |  |  |  | 380 |  |  |  |  |  |  |  |  |  |  |
Efficiency ratio | 62.92 | % |  | 71.14 | % |  | 60.96 | % |  | 53.89 | % |  | 55.67 | % |  | (822) |  |  |  |  | 725 |  |  |  |  |  |  |  |  |  |  |
Adjusted efficiency ratio 4 | 60.78 | % |  | 62.84 | % |  | 59.43 | % |  | 56.92 | % |  | 52.98 | % |  | (206) |  |  |  |  | 780 |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses to loans and leases | 1.40 | % |  | 1.40 | % |  | 1.36 | % |  | 1.35 | % |  | 1.35 | % |  | — |  |  |  |  | 5 |  |  |  |  |  |  |  |  |  |  |
CAPITAL DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CET1 capital ratio* | 11.3 | % |  | 11.4 | % |  | 11.1 | % |  | 11.1 | % |  | 10.4 | % |  | (9) | bp |  |  |  | 95 | bp |  |  |  |  |  |  |  |  |  |
Tier 1 capital ratio* | 12.3 | % |  | 12.4 | % |  | 12.1 | % |  | 12.1 | % |  | 12.1 | % |  | (10) | bp |  |  |  | 21 | bp |  |  |  |  |  |  |  |  |  |
Total capital ratio* | 13.9 | % |  | 14.0 | % |  | 13.6 | % |  | 13.6 | % |  | 13.6 | % |  | (3) | bp |  |  |  | 32 | bp |  |  |  |  |  |  |  |  |  |
Tier 1 leverage ratio* | 10.8 | % |  | 10.7 | % |  | 10.5 | % |  | 10.5 | % |  | 10.7 | % |  | 13 | bp |  |  |  | 13 | bp |  |  |  |  |  |  |  |  |  |
Risk-weighted assets (“RWA”) (billions) | $ | 71.2 |  |  | $ | 71.1 |  |  | $ | 71.9 |  |  | $ | 71.5 |  |  | $ | 69.5 |  |  | $ | 0.2 |  |  | — | % |  | $ | 1.7 |  |  | 2 | % |  |  |  |  |  |  |  |
Total equity to total assets | 11.21 | % |  | 11.38 | % |  | 10.65 | % |  | 10.53 | % |  | 11.02 | % |  | (17) | bp |  |  |  | 19 | bp |  |  |  |  |  |  |  |  |  |
Tangible common equity/tangible assets (“TCE/TA”)4 | 8.33 | % |  | 8.48 | % |  | 7.76 | % |  | 7.71 | % |  | 7.41 | % |  | (15) | bp |  |  |  | 92 | bp |  |  |  |  |  |  |  |  |  |
Period-end shares outstanding (millions)9 | 549 |  |  | 559 |  |  | 559 |  |  | 559 |  |  | 538 |  |  | (10) |  |  | (2) | % |  | 11 |  |  | 2 | % |  |  |  |  |  |  |  |
Cash dividends declared per common share | $ | 0.15 |  |  | $ | 0.15 |  |  | $ | 0.15 |  |  | $ | 0.15 |  |  | $ | 0.15 |  |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  |  |  |  |  |  |  |
Book value per common share | $ | 15.23 |  |  | $ | 15.17 |  |  | $ | 14.28 |  |  | $ | 14.58 |  |  | $ | 14.11 |  |  | $ | 0.06 |  |  | — | % |  | $ | 1.12 |  |  | 8 | % |  |  |  |  |  |  |  |
Tangible book value per common share 4 | $ | 12.16 |  |  | $ | 12.13 |  |  | $ | 11.22 |  |  | $ | 11.50 |  |  | $ | 10.89 |  |  | $ | 0.03 |  |  | — | % |  | $ | 1.27 |  |  | 12 | % |  |  |  |  |  |  |  |
SELECTED BALANCE SHEET DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans-to-deposit ratio (period-end balances) | 93.93 | % |  | 93.18 | % |  | 92.18 | % |  | 93.68 | % |  | 96.10 | % |  | 75 | bp |  |  |  | (217) | bp |  |  |  |  |  |  |  |  |  |
Loans-to-deposit ratio (average balances) | 93.54 | % |  | 91.53 | % |  | 92.35 | % |  | 97.52 | % |  | 93.33 | % |  | 201 | bp |  |  |  | 21 | bp |  |  |  |  |  |  |  |  |  |
Full-time equivalent associates | 7,327 |  |  | 7,277 |  |  | 7,340 |  |  | 7,327 |  |  | 7,282 |  |  | 50 |  |  | 1 | % |  | 45 |  |  | 1 | % |  |  |  |  |  |  |  |

Certain previously reported amounts have been reclassified to agree with current presentation.
*Current quarter is an estimate.
See footnote disclosures on page 19.
9

CONSOLIDATED PERIOD-END BALANCE SHEET
Quarterly, Unaudited

|  |  |  |  |  |  |  |  |  |  | 1Q24 Change vs.
(In millions) | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q23 |  | 4Q23 |  |  | 1Q23
Assets: |  |  |  |  |  |  |  |  |  |  | $ |  | % |  |  | $ |  | % |
Loans and leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) | $ | 32,911 |  |  | $ | 32,632 |  |  | $ | 33,163 |  |  | $ | 33,116 |  |  | $ | 32,172 |  |  | $ | 279 |  |  | 1 | % |  |  | $ | 738 |  |  | 2 | % |
Commercial real estate | 14,426 |  |  | 14,216 |  |  | 14,121 |  |  | 13,891 |  |  | 13,397 |  |  | 210 |  |  | 1 |  |  |  | 1,029 |  |  | 8 |  |
Total Commercial | 47,337 |  |  | 46,849 |  |  | 47,283 |  |  | 47,006 |  |  | 45,570 |  |  | 488 |  |  | 1 |  |  |  | 1,767 |  |  | 4 |  |
Consumer real estate | 13,645 |  |  | 13,650 |  |  | 13,685 |  |  | 13,475 |  |  | 12,668 |  |  | (5) |  |  | — |  |  |  | 977 |  |  | 8 |  |
Credit card and other 5 | 771 |  |  | 793 |  |  | 809 |  |  | 813 |  |  | 807 |  |  | (22) |  |  | (3) |  |  |  | (37) |  |  | (5) |  |
Total Consumer | 14,416 |  |  | 14,443 |  |  | 14,494 |  |  | 14,289 |  |  | 13,475 |  |  | (27) |  |  | — |  |  |  | 941 |  |  | 7 |  |
Loans and leases, net of unearned income | 61,753 |  |  | 61,292 |  |  | 61,778 |  |  | 61,295 |  |  | 59,045 |  |  | 461 |  |  | 1 |  |  |  | 2,708 |  |  | 5 |  |
Loans held for sale | 395 |  |  | 502 |  |  | 613 |  |  | 789 |  |  | 650 |  |  | (107) |  |  | (21) |  |  |  | (255) |  |  | (39) |  |
Investment securities | 9,460 |  |  | 9,714 |  |  | 9,435 |  |  | 9,949 |  |  | 10,317 |  |  | (254) |  |  | (3) |  |  |  | (857) |  |  | (8) |  |
Trading securities | 1,161 |  |  | 1,412 |  |  | 1,231 |  |  | 1,059 |  |  | 1,122 |  |  | (251) |  |  | (18) |  |  |  | 39 |  |  | 4 |  |
Interest-bearing deposits with banks | 1,885 |  |  | 1,328 |  |  | 1,917 |  |  | 4,523 |  |  | 2,488 |  |  | 557 |  |  | 42 |  |  |  | (603) |  |  | (24) |  |
Federal funds sold and securities purchased under agreements to resell | 817 |  |  | 719 |  |  | 416 |  |  | 282 |  |  | 309 |  |  | 98 |  |  | 14 |  |  |  | 509 |  |  | NM |
Total interest earning assets | 75,470 |  |  | 74,967 |  |  | 75,389 |  |  | 77,898 |  |  | 73,929 |  |  | 504 |  |  | 1 |  |  |  | 1,541 |  |  | 2 |  |
Cash and due from banks | 749 |  |  | 1,012 |  |  | 1,022 |  |  | 1,137 |  |  | 987 |  |  | (263) |  |  | (26) |  |  |  | (238) |  |  | (24) |  |
Goodwill and other intangible assets, net | 1,685 |  |  | 1,696 |  |  | 1,709 |  |  | 1,720 |  |  | 1,732 |  |  | (11) |  |  | (1) |  |  |  | (47) |  |  | (3) |  |
Premises and equipment, net | 586 |  |  | 590 |  |  | 590 |  |  | 595 |  |  | 603 |  |  | (4) |  |  | (1) |  |  |  | (16) |  |  | (3) |  |
Allowance for loan and lease losses | (787) |  |  | (773) |  |  | (760) |  |  | (737) |  |  | (715) |  |  | (14) |  |  | (2) |  |  |  | (72) |  |  | (10) |  |
Other assets | 4,094 |  |  | 4,169 |  |  | 4,584 |  |  | 4,458 |  |  | 4,193 |  |  | (75) |  |  | (2) |  |  |  | (99) |  |  | (2) |  |
Total assets | $ | 81,799 |  |  | $ | 81,661 |  |  | $ | 82,533 |  |  | $ | 85,071 |  |  | $ | 80,729 |  |  | $ | 138 |  |  | — | % |  |  | $ | 1,069 |  |  | 1 | % |
Liabilities and Shareholders' Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Savings | $ | 25,847 |  |  | $ | 25,082 |  |  | $ | 25,590 |  |  | $ | 23,733 |  |  | $ | 21,346 |  |  | $ | 765 |  |  | 3 | % |  |  | $ | 4,502 |  |  | 21 | % |
Time deposits | 6,297 |  |  | 6,804 |  |  | 7,783 |  |  | 8,279 |  |  | 3,777 |  |  | (507) |  |  | (7) |  |  |  | 2,520 |  |  | 67 |  |
Other interest-bearing deposits | 17,186 |  |  | 16,689 |  |  | 15,817 |  |  | 14,620 |  |  | 15,184 |  |  | 497 |  |  | 3 |  |  |  | 2,002 |  |  | 13 |  |
Total interest-bearing deposits | 49,331 |  |  | 48,576 |  |  | 49,190 |  |  | 46,632 |  |  | 40,306 |  |  | 755 |  |  | 2 |  |  |  | 9,024 |  |  | 22 |  |
Trading liabilities | 467 |  |  | 509 |  |  | 366 |  |  | 174 |  |  | 144 |  |  | (42) |  |  | (8) |  |  |  | 323 |  |  | NM |
Federal funds purchased and securities sold under agreements to repurchase | 2,137 |  |  | 2,223 |  |  | 2,015 |  |  | 2,169 |  |  | 1,621 |  |  | (86) |  |  | (4) |  |  |  | 516 |  |  | 32 |  |
Short-term borrowings | 566 |  |  | 326 |  |  | 492 |  |  | 4,777 |  |  | 4,863 |  |  | 240 |  |  | 74 |  |  |  | (4,297) |  |  | (88) |  |
Term borrowings | 1,165 |  |  | 1,150 |  |  | 1,157 |  |  | 1,156 |  |  | 1,605 |  |  | 15 |  |  | 1 |  |  |  | (441) |  |  | (27) |  |
Total interest-bearing liabilities | 53,665 |  |  | 52,783 |  |  | 53,220 |  |  | 54,908 |  |  | 48,540 |  |  | 882 |  |  | 2 |  |  |  | 5,125 |  |  | 11 |  |
Noninterest-bearing deposits | 16,410 |  |  | 17,204 |  |  | 17,825 |  |  | 18,801 |  |  | 21,134 |  |  | (794) |  |  | (5) |  |  |  | (4,723) |  |  | (22) |  |
Other liabilities | 2,550 |  |  | 2,383 |  |  | 2,694 |  |  | 2,403 |  |  | 2,161 |  |  | 167 |  |  | 7 |  |  |  | 389 |  |  | 18 |  |
Total liabilities | 72,626 |  |  | 72,370 |  |  | 73,740 |  |  | 76,112 |  |  | 71,835 |  |  | 256 |  |  | — |  |  |  | 791 |  |  | 1 |  |
Shareholders' Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock | 520 |  |  | 520 |  |  | 520 |  |  | 520 |  |  | 1,014 |  |  | — |  |  | — |  |  |  | (494) |  |  | (49) |  |
Common stock | 343 |  |  | 349 |  |  | 349 |  |  | 349 |  |  | 336 |  |  | (6) |  |  | (2) |  |  |  | 7 |  |  | 2 |  |
Capital surplus | 5,214 |  |  | 5,351 |  |  | 5,337 |  |  | 5,324 |  |  | 4,863 |  |  | (137) |  |  | (3) |  |  |  | 351 |  |  | 7 |  |
Retained earnings | 4,072 |  |  | 3,964 |  |  | 3,874 |  |  | 3,830 |  |  | 3,595 |  |  | 108 |  |  | 3 |  |  |  | 477 |  |  | 13 |  |
Accumulated other comprehensive loss, net | (1,271) |  |  | (1,188) |  |  | (1,582) |  |  | (1,359) |  |  | (1,208) |  |  | (83) |  |  | (7) |  |  |  | (62) |  |  | (5) |  |
Combined shareholders' equity | 8,878 |  |  | 8,996 |  |  | 8,498 |  |  | 8,664 |  |  | 8,599 |  |  | (118) |  |  | (1) |  |  |  | 279 |  |  | 3 |  |
Noncontrolling interest | 295 |  |  | 295 |  |  | 295 |  |  | 295 |  |  | 295 |  |  | — |  |  | — |  |  |  | — |  |  | — |  |
Total shareholders' equity | 9,173 |  |  | 9,291 |  |  | 8,794 |  |  | 8,960 |  |  | 8,895 |  |  | (118) |  |  | (1) |  |  |  | 279 |  |  | 3 |  |
Total liabilities and shareholders' equity | $ | 81,799 |  |  | $ | 81,661 |  |  | $ | 82,533 |  |  | $ | 85,071 |  |  | $ | 80,729 |  |  | $ | 138 |  |  | — | % |  |  | $ | 1,069 |  |  | 1 | % |
Memo: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total deposits | $ | 65,741 |  |  | $ | 65,780 |  |  | $ | 67,015 |  |  | $ | 65,433 |  |  | $ | 61,440 |  |  | $ | (39) |  |  | — | % |  |  | $ | 4,301 |  |  | 7 | % |
Loans to mortgage companies | $ | 2,362 |  |  | $ | 2,019 |  |  | $ | 2,237 |  |  | $ | 2,691 |  |  | $ | 2,040 |  |  | $ | 343 |  |  | 17 | % |  |  | $ | 322 |  |  | 16 | % |
Unfunded Loan Commitments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 19,996 |  |  | $ | 21,328 |  |  | $ | 22,063 |  |  | $ | 22,134 |  |  | $ | 21,844 |  |  | $ | (1,333) |  |  | (6) | % |  |  | $ | (1,848) |  |  | (8) | % |
Consumer | $ | 4,383 |  |  | $ | 4,401 |  |  | $ | 4,432 |  |  | $ | 4,400 |  |  | $ | 4,404 |  |  | $ | (18) |  |  | — | % |  |  | $ | (21) |  |  | — | % |

Numbers may not foot due to rounding. See footnote disclosures on page 19.
10

CONSOLIDATED AVERAGE BALANCE SHEET
Quarterly, Unaudited

|  |  |  |  |  |  |  |  |  |  | 1Q24 Change vs. |  |  |  |  |  |
(In millions) | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q23 |  | 4Q23 |  | 1Q23 |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  | $ |  | % |  | $ |  | % |  |  |  |  |  |  |  |
Loans and leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) | $ | 32,389 |  |  | $ | 32,520 |  |  | $ | 33,042 |  |  | $ | 32,423 |  |  | $ | 31,558 |  |  | $ | (131) |  |  | — | % |  | $ | 831 |  |  | 3 | % |  |  |  |  |  |  |  |
Commercial real estate | 14,367 |  |  | 14,210 |  |  | 13,999 |  |  | 13,628 |  |  | 13,290 |  |  | 157 |  |  | 1 |  |  | 1,077 |  |  | 8 |  |  |  |  |  |  |  |  |
Total Commercial | 46,756 |  |  | 46,730 |  |  | 47,041 |  |  | 46,051 |  |  | 44,848 |  |  | 26 |  |  | — |  |  | 1,908 |  |  | 4 |  |  |  |  |  |  |  |  |
Consumer real estate | 13,615 |  |  | 13,664 |  |  | 13,575 |  |  | 13,058 |  |  | 12,401 |  |  | (49) |  |  | — |  |  | 1,215 |  |  | 10 |  |  |  |  |  |  |  |  |
Credit card and other 5 | 781 |  |  | 802 |  |  | 816 |  |  | 815 |  |  | 825 |  |  | (21) |  |  | (3) |  |  | (44) |  |  | (5) |  |  |  |  |  |  |  |  |
Total Consumer | 14,396 |  |  | 14,466 |  |  | 14,391 |  |  | 13,873 |  |  | 13,226 |  |  | (70) |  |  | — |  |  | 1,170 |  |  | 9 |  |  |  |  |  |  |  |  |
Loans and leases, net of unearned income | 61,152 |  |  | 61,197 |  |  | 61,432 |  |  | 59,924 |  |  | 58,074 |  |  | (44) |  |  | — |  |  | 3,079 |  |  | 5 |  |  |  |  |  |  |  |  |
Loans held-for-sale | 454 |  |  | 547 |  |  | 782 |  |  | 731 |  |  | 596 |  |  | (93) |  |  | (17) |  |  | (142) |  |  | (24) |  |  |  |  |  |  |  |  |
Investment securities | 9,590 |  |  | 9,394 |  |  | 9,811 |  |  | 10,192 |  |  | 10,263 |  |  | 196 |  |  | 2 |  |  | (673) |  |  | (7) |  |  |  |  |  |  |  |  |
Trading securities | 1,245 |  |  | 1,225 |  |  | 1,099 |  |  | 1,110 |  |  | 1,284 |  |  | 20 |  |  | 2 |  |  | (39) |  |  | (3) |  |  |  |  |  |  |  |  |
Interest-bearing deposits with banks | 1,793 |  |  | 2,556 |  |  | 2,867 |  |  | 3,110 |  |  | 1,468 |  |  | (763) |  |  | (30) |  |  | 325 |  |  | 22 |  |  |  |  |  |  |  |  |
Federal funds sold and securities purchased under agreements to resell | 544 |  |  | 529 |  |  | 315 |  |  | 279 |  |  | 392 |  |  | 15 |  |  | 3 |  |  | 152 |  |  | 39 |  |  |  |  |  |  |  |  |
Total interest earning assets | 74,778 |  |  | 75,448 |  |  | 76,306 |  |  | 75,346 |  |  | 72,076 |  |  | (670) |  |  | (1) |  |  | 2,701 |  |  | 4 |  |  |  |  |  |  |  |  |
Cash and due from banks | 948 |  |  | 994 |  |  | 997 |  |  | 1,024 |  |  | 1,035 |  |  | (46) |  |  | (5) |  |  | (87) |  |  | (8) |  |  |  |  |  |  |  |  |
Goodwill and other intangibles assets, net | 1,691 |  |  | 1,702 |  |  | 1,714 |  |  | 1,726 |  |  | 1,738 |  |  | (11) |  |  | (1) |  |  | (48) |  |  | (3) |  |  |  |  |  |  |  |  |
Premises and equipment, net | 587 |  |  | 589 |  |  | 592 |  |  | 598 |  |  | 607 |  |  | (2) |  |  | — |  |  | (20) |  |  | (3) |  |  |  |  |  |  |  |  |
Allowances for loan and lease losses | (789) |  |  | (772) |  |  | (766) |  |  | (728) |  |  | (692) |  |  | (17) |  |  | (2) |  |  | (96) |  |  | (14) |  |  |  |  |  |  |  |  |
Other assets | 4,028 |  |  | 4,352 |  |  | 4,377 |  |  | 4,338 |  |  | 4,076 |  |  | (324) |  |  | (7) |  |  | (48) |  |  | (1) |  |  |  |  |  |  |  |  |
Total assets | $ | 81,243 |  |  | $ | 82,313 |  |  | $ | 83,220 |  |  | $ | 82,304 |  |  | $ | 78,841 |  |  | $ | (1,069) |  |  | (1) | % |  | $ | 2,403 |  |  | 3 | % |  |  |  |  |  |  |  |
Liabilities and shareholders' equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Savings | $ | 25,390 |  |  | $ | 25,799 |  |  | $ | 24,963 |  |  | $ | 21,542 |  |  | $ | 21,824 |  |  | $ | (409) |  |  | (2) | % |  | $ | 3,566 |  |  | 16 | % |  |  |  |  |  |  |  |
Time deposits | 6,628 |  |  | 7,372 |  |  | 8,087 |  |  | 5,520 |  |  | 3,336 |  |  | (744) |  |  | (10) |  |  | 3,291 |  |  | 99 |  |  |  |  |  |  |  |  |
Other interest-bearing deposits | 16,735 |  |  | 16,344 |  |  | 15,329 |  |  | 14,719 |  |  | 14,790 |  |  | 391 |  |  | 2 |  |  | 1,945 |  |  | 13 |  |  |  |  |  |  |  |  |
Total interest-bearing deposits | 48,753 |  |  | 49,515 |  |  | 48,379 |  |  | 41,781 |  |  | 39,950 |  |  | (762) |  |  | (2) |  |  | 8,802 |  |  | 22 |  |  |  |  |  |  |  |  |
Trading liabilities | 462 |  |  | 386 |  |  | 276 |  |  | 216 |  |  | 324 |  |  | 76 |  |  | 20 |  |  | 137 |  |  | 42 |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | 2,014 |  |  | 1,982 |  |  | 1,970 |  |  | 1,634 |  |  | 1,507 |  |  | 32 |  |  | 2 | % |  | 507 |  |  | 34 | % |  |  |  |  |  |  |  |
Short-term borrowings | 537 |  |  | 437 |  |  | 1,790 |  |  | 6,365 |  |  | 2,188 |  |  | 100 |  |  | 23 |  |  | (1,651) |  |  | (75) |  |  |  |  |  |  |  |  |
Term borrowings | 1,156 |  |  | 1,156 |  |  | 1,161 |  |  | 1,428 |  |  | 1,602 |  |  | — |  |  | — |  |  | (446) |  |  | (28) |  |  |  |  |  |  |  |  |
Total interest-bearing liabilities | 52,921 |  |  | 53,475 |  |  | 53,575 |  |  | 51,424 |  |  | 45,572 |  |  | (554) |  |  | (1) |  |  | 7,350 |  |  | 16 |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits | 16,626 |  |  | 17,347 |  |  | 18,145 |  |  | 19,664 |  |  | 22,274 |  |  | (721) |  |  | (4) |  |  | (5,648) |  |  | (25) |  |  |  |  |  |  |  |  |
Other liabilities | 2,445 |  |  | 2,585 |  |  | 2,522 |  |  | 2,187 |  |  | 2,289 |  |  | (140) |  |  | (5) |  |  | 157 |  |  | 7 |  |  |  |  |  |  |  |  |
Total liabilities | 71,992 |  |  | 73,407 |  |  | 74,242 |  |  | 73,275 |  |  | 70,134 |  |  | (1,415) |  |  | (2) |  |  | 1,858 |  |  | 3 |  |  |  |  |  |  |  |  |
Shareholders' Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock | 520 |  |  | 520 |  |  | 520 |  |  | 986 |  |  | 1,014 |  |  | — |  |  | — |  |  | (494) |  |  | (49) |  |  |  |  |  |  |  |  |
Common stock | 347 |  |  | 349 |  |  | 349 |  |  | 337 |  |  | 336 |  |  | (2) |  |  | (1) |  |  | 11 |  |  | 3 |  |  |  |  |  |  |  |  |
Capital surplus | 5,301 |  |  | 5,343 |  |  | 5,330 |  |  | 4,891 |  |  | 4,851 |  |  | (42) |  |  | (1) |  |  | 450 |  |  | 9 |  |  |  |  |  |  |  |  |
Retained earnings | 4,028 |  |  | 3,935 |  |  | 3,861 |  |  | 3,759 |  |  | 3,518 |  |  | 93 |  |  | 2 |  |  | 510 |  |  | 15 |  |  |  |  |  |  |  |  |
Accumulated other comprehensive loss, net | (1,240) |  |  | (1,538) |  |  | (1,378) |  |  | (1,241) |  |  | (1,307) |  |  | 298 |  |  | 19 |  |  | 67 |  |  | 5 |  |  |  |  |  |  |  |  |
Combined shareholders' equity | 8,956 |  |  | 8,610 |  |  | 8,683 |  |  | 8,734 |  |  | 8,411 |  |  | 346 |  |  | 4 |  |  | 545 |  |  | 6 |  |  |  |  |  |  |  |  |
Noncontrolling interest | 295 |  |  | 295 |  |  | 295 |  |  | 295 |  |  | 295 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Total shareholders' equity | 9,251 |  |  | 8,905 |  |  | 8,978 |  |  | 9,029 |  |  | 8,707 |  |  | 346 |  |  | 4 |  |  | 544 |  |  | 6 |  |  |  |  |  |  |  |  |
Total liabilities and shareholders' equity | $ | 81,243 |  |  | $ | 82,313 |  |  | $ | 83,220 |  |  | $ | 82,304 |  |  | $ | 78,841 |  |  | $ | (1,069) |  |  | (1) | % |  | $ | 2,403 |  |  | 3 | % |  |  |  |  |  |  |  |
Memo: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total deposits | $ | 65,379 |  |  | $ | 66,862 |  |  | $ | 66,523 |  |  | $ | 61,445 |  |  | $ | 62,224 |  |  | $ | (1,483) |  |  | (2) | % |  | $ | 3,154 |  |  | 5 | % |  |  |  |  |  |  |  |
Loans to mortgage companies | $ | 1,842 |  |  | $ | 1,939 |  |  | $ | 2,353 |  |  | $ | 2,262 |  |  | $ | 1,875 |  |  | $ | (97) |  |  | (5) | % |  | $ | (33) |  |  | (2) | % |  |  |  |  |  |  |  |

Numbers may not foot due to rounding. See footnote disclosures on page 19.
11

CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quarterly, Unaudited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1Q24 Change vs. |  |  |  |  |  |  |  |
| 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 | 1Q23 |  | 4Q23 |  | 1Q23 |  |  |  |  |  |
(In millions, except rates) | Income/Expense | Rate |  | Income/Expense | Rate |  | Income/Expense | Rate |  | Income/Expense | Rate |  | Income/Expense | Rate |  | Income/Expense |  | Income/Expense |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $/bp | % |  | $/bp | % |  |  |  |  |  |  |  |  |
Interest earning assets/Interest income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and leases, net of unearned income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 782 |  | 6.73 | % |  | $ | 783 |  | 6.65 | % |  | $ | 779 |  | 6.58 | % |  | $ | 727 |  | 6.34 | % |  | $ | 668 |  | 6.04 | % |  | $ | (1) |  | — | % |  | $ | 114 |  | 17 | % |  |  |  |  |  |  |  |  |
Consumer | 173 |  | 4.80 |  |  | 171 |  | 4.71 |  |  | 165 |  | 4.55 |  |  | 153 |  | 4.39 |  |  | 141 |  | 4.26 |  |  | 2 |  | 1 |  |  | 32 |  | 23 |  |  |  |  |  |  |  |  |  |
Loans and leases, net of unearned income | 955 |  | 6.28 |  |  | 954 |  | 6.19 |  |  | 944 |  | 6.10 |  |  | 880 |  | 5.89 |  |  | 809 |  | 5.64 |  |  | 1 |  | — |  |  | 146 |  | 18 |  |  |  |  |  |  |  |  |  |
Loans held-for-sale | 9 |  | 7.80 |  |  | 11 |  | 8.34 |  |  | 15 |  | 7.88 |  |  | 14 |  | 7.58 |  |  | 11 |  | 7.08 |  |  | (2) |  | (21) |  |  | (2) |  | (21) |  |  |  |  |  |  |  |  |  |
Investment securities | 61 |  | 2.54 |  |  | 61 |  | 2.62 |  |  | 62 |  | 2.54 |  |  | 63 |  | 2.49 |  |  | 63 |  | 2.45 |  |  | — |  | — |  |  | (2) |  | (4) |  |  |  |  |  |  |  |  |  |
Trading securities | 20 |  | 6.48 |  |  | 20 |  | 6.63 |  |  | 19 |  | 7.03 |  |  | 19 |  | 6.69 |  |  | 20 |  | 6.21 |  |  | — |  | 1 |  |  | — |  | 1 |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits with banks | 24 |  | 5.46 |  |  | 35 |  | 5.46 |  |  | 39 |  | 5.34 |  |  | 40 |  | 5.13 |  |  | 17 |  | 4.60 |  |  | (11) |  | (30) |  |  | 7 |  | 43 |  |  |  |  |  |  |  |  |  |
Federal funds sold and securities purchased under agreements | 7 |  | 5.16 |  |  | 7 |  | 5.32 |  |  | 4 |  | 5.06 |  |  | 3 |  | 4.85 |  |  | 4 |  | 4.35 |  |  | — |  | — |  |  | 3 |  | 74 |  |  |  |  |  |  |  |  |  |
Interest income | $ | 1,076 |  | 5.78 | % |  | $ | 1,089 |  | 5.74 | % |  | $ | 1,084 |  | 5.64 | % |  | $ | 1,019 |  | 5.42 | % |  | $ | 923 |  | 5.18 | % |  | $ | (13) |  | (1) | % |  | $ | 153 |  | 17 | % |  |  |  |  |  |  |  |  |
Interest bearing liabilities/Interest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Savings | $ | 206 |  | 3.27 | % |  | $ | 222 |  | 3.42 | % |  | $ | 219 |  | 3.48 | % |  | $ | 141 |  | 2.63 | % |  | $ | 96 |  | 1.79 | % |  | $ | (16) |  | (7) | % |  | $ | 110 |  | 115 | % |  |  |  |  |  |  |  |  |
Time deposits | 73 |  | 4.42 |  |  | 82 |  | 4.42 |  |  | 89 |  | 4.35 |  |  | 49 |  | 3.56 |  |  | 16 |  | 1.96 |  |  | (9) |  | (11) |  |  | 57 |  | NM |  |  |  |  |  |  |  |  |
Other interest-bearing deposits | 119 |  | 2.86 |  |  | 116 |  | 2.81 |  |  | 102 |  | 2.64 |  |  | 75 |  | 2.06 |  |  | 58 |  | 1.59 |  |  | 3 |  | 2 |  |  | 61 |  | 105 |  |  |  |  |  |  |  |  |  |
Total interest-bearing deposits | 398 |  | 3.28 |  |  | 420 |  | 3.37 |  |  | 409 |  | 3.36 |  |  | 265 |  | 2.55 |  |  | 171 |  | 1.73 |  |  | (22) |  | (5) |  |  | 227 |  | 133 |  |  |  |  |  |  |  |  |  |
Trading liabilities | 5 |  | 4.31 |  |  | 4 |  | 4.59 |  |  | 3 |  | 4.20 |  |  | 2 |  | 3.82 |  |  | 3 |  | 3.83 |  |  | 1 |  | 24 |  |  | 2 |  | 65 |  |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | 21 |  | 4.24 |  |  | 22 |  | 4.35 |  |  | 21 |  | 4.24 |  |  | 15 |  | 3.74 |  |  | 12 |  | 3.23 |  |  | (1) |  | (4) |  |  | 9 |  | 77 |  |  |  |  |  |  |  |  |  |
Short-term borrowings | 7 |  | 5.43 |  |  | 6 |  | 5.41 |  |  | 24 |  | 5.42 |  |  | 83 |  | 5.25 |  |  | 26 |  | 4.79 |  |  | 1 |  | 21 |  |  | (19) |  | (72) |  |  |  |  |  |  |  |  |  |
Term borrowings | 17 |  | 5.71 |  |  | 17 |  | 5.75 |  |  | 17 |  | 5.82 |  |  | 19 |  | 5.21 |  |  | 20 |  | 4.98 |  |  | — |  | (3) |  |  | (3) |  | (17) |  |  |  |  |  |  |  |  |  |
Interest expense | 448 |  | 3.40 |  |  | 469 |  | 3.48 |  |  | 475 |  | 3.52 |  |  | 385 |  | 3.00 |  |  | 232 |  | 2.06 |  |  | (21) |  | (5) |  |  | 216 |  | 93 |  |  |  |  |  |  |  |  |  |
Net interest income - tax equivalent basis | 628 |  | 2.38 |  |  | 621 |  | 2.26 |  |  | 609 |  | 2.12 |  |  | 635 |  | 2.42 |  |  | 691 |  | 3.11 |  |  | 7 |  | 1 |  |  | (63) |  | (9) |  |  |  |  |  |  |  |  |  |
Fully taxable equivalent adjustment | (4) |  | 0.99 |  |  | (4) |  | 1.01 |  |  | (4) |  | 1.05 |  |  | (4) |  | 0.96 |  |  | (4) |  | 0.76 |  |  | — |  | 4 |  |  | — |  | 4 |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 625 |  | 3.37 | % |  | $ | 617 |  | 3.27 | % |  | $ | 605 |  | 3.17 | % |  | $ | 631 |  | 3.38 | % |  | $ | 688 |  | 3.88 | % |  | $ | 8 |  | 1 | % |  | $ | (63) |  | (9) | % |  |  |  |  |  |  |  |  |
Memo: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total loan yield |  | 6.28 | % |  |  | 6.19 | % |  |  | 6.10 | % |  |  | 5.89 | % |  |  | 5.64 | % |  | 9 | bp |  |  | 64 | bp |  |  |  |  |  |  |  |  |  |
Total deposit cost |  | 2.45 | % |  |  | 2.49 | % |  |  | 2.44 | % |  |  | 1.73 | % |  |  | 1.11 | % |  | (5) | bp |  |  | 134 | bp |  |  |  |  |  |  |  |  |  |
Total funding cost |  | 2.59 | % |  |  | 2.63 | % |  |  | 2.63 | % |  |  | 2.17 | % |  |  | 1.38 | % |  | (4) | bp |  |  | 121 | bp |  |  |  |  |  |  |  |  |  |
Average loans and leases, net of unearned income | $ | 61,152 |  |  |  | $ | 61,197 |  |  |  | $ | 61,432 |  |  |  | $ | 59,924 |  |  |  | $ | 58,074 |  |  |  | $ | (44) |  | — | % |  | $ | 3,079 |  | 5 | % |  |  |  |  |  |  |  |  |
Average deposits | 65,379 |  |  | 66,862 |  |  | 66,523 |  |  | 61,445 |  |  | 62,224 |  |  | (1,483) |  | (2) | % |  | 3,154 |  | 5 | % |  |  |  |  |  |  |  |  |
Average funded liabilities | 69,547 |  |  | 70,822 |  |  | 71,720 |  |  | 71,088 |  |  | 67,846 |  |  | $ | (1,275) |  | (2) | % |  | $ | 1,702 |  | 3 | % |  |  |  |  |  |  |  |  |

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 19.
12

CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL") |
Quarterly, Unaudited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As of |  | 1Q24 change vs. |
(In millions, except ratio data) |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q23 |  | 4Q23 |  | 1Q23 |
|  |  |  |  |  |  |  |  |  |  |  | $ |  | % |  | $ |  | % |
Nonperforming loans and leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) |  | $ | 206 |  |  | $ | 184 |  |  | $ | 123 |  |  | $ | 184 |  |  | $ | 204 |  |  | $ | 22 |  |  | 12 | % |  | $ | 2 |  |  | 1 | % |
Commercial real estate |  | 157 |  |  | 136 |  |  | 125 |  |  | 73 |  |  | 63 |  |  | 21 |  |  | 15 |  |  | 94 |  |  | NM |
Consumer real estate |  | 140 |  |  | 139 |  |  | 145 |  |  | 144 |  |  | 155 |  |  | 1 |  |  | 1 |  |  | (15) |  |  | (10) |  |
Credit card and other 5 |  | 2 |  |  | 2 |  |  | 2 |  |  | 2 |  |  | 2 |  |  | (1) |  |  | (35) |  |  | (1) |  |  | (28) |  |
Total nonperforming loans and leases |  | $ | 505 |  |  | $ | 462 |  |  | $ | 394 |  |  | $ | 402 |  |  | $ | 424 |  |  | $ | 43 |  |  | 9 | % |  | $ | 81 |  |  | 19 | % |
Asset Quality Ratio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nonperforming loans and leases to loans and leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) |  | 0.63 | % |  | 0.57 | % |  | 0.37 | % |  | 0.55 | % |  | 0.63 | % |  |  |  |  |  |  |  |  |
Commercial real estate |  | 1.09 |  |  | 0.96 |  |  | 0.88 |  |  | 0.52 |  |  | 0.47 |  |  |  |  |  |  |  |  |  |
Consumer real estate |  | 1.02 |  |  | 1.02 |  |  | 1.06 |  |  | 1.07 |  |  | 1.22 |  |  |  |  |  |  |  |  |  |
Credit card and other 5 |  | 0.20 |  |  | 0.30 |  |  | 0.26 |  |  | 0.27 |  |  | 0.29 |  |  |  |  |  |  |  |  |  |
Total nonperforming loans and leases to loans and leases |  | 0.82 | % |  | 0.75 | % |  | 0.64 | % |  | 0.66 | % |  | 0.72 | % |  |  |  |  |  |  |  |  |

Numbers may not foot due to rounding.
See footnote disclosures on page 19.

CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING |
Quarterly, Unaudited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As of |  | 1Q24 change vs. |
(In millions) |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q23 |  | 4Q23 |  | 1Q23 |
|  |  |  |  |  |  |  |  |  |  |  | $ |  | % |  | $ |  | % |
Loans and leases 90 days or more past due and accruing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) |  | $ | — |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | (27) | % |  | $ | — |  |  | 5 | % |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | NM |  | — |  |  | NM |
Consumer real estate |  | 6 |  |  | 17 |  |  | 12 |  |  | 8 |  |  | 7 |  |  | (11) |  |  | (63) |  |  | (1) |  |  | (8) |  |
Credit card and other 5 |  | 3 |  |  | 3 |  |  | 3 |  |  | 5 |  |  | 5 |  |  | — |  |  | (8) |  |  | (2) |  |  | (34) |  |
Total loans and leases 90 days or more past due and accruing |  | $ | 10 |  |  | $ | 21 |  |  | $ | 17 |  |  | $ | 14 |  |  | $ | 12 |  |  | $ | (11) |  |  | (53) | % |  | $ | (2) |  |  | (18) | % |

Numbers may not foot due to rounding.
See footnote disclosures on page 19.
13

CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As of |  | 1Q24 change vs. |
(In millions, except ratio data) |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q23 |  | 4Q23 |  | 1Q23 |
Charge-off, Recoveries and Related Ratios |  |  |  |  |  |  |  |  |  |  |  | $ |  | % |  | $ |  | % |
Gross Charge-offs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) * |  | $ | 28 |  |  | $ | 31 |  |  | $ | 92 |  |  | $ | 19 |  |  | $ | 14 |  |  | $ | (3) |  |  | (11) | % |  | $ | 14 |  |  | 98 | % |
Commercial real estate |  | 12 |  |  | 2 |  |  | 5 |  |  | 8 |  |  | 2 |  |  | 10 |  |  | NM |  | 11 |  |  | NM |
Consumer real estate |  | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | (1) |  |  | (67) |  |  | — |  |  | (38) |  |
Credit card and other 5 |  | 6 |  |  | 6 |  |  | 7 |  |  | 5 |  |  | 5 |  |  | — |  |  | (4) |  |  | — |  |  | 7 |  |
Total gross charge-offs |  | $ | 46 |  |  | $ | 41 |  |  | $ | 104 |  |  | $ | 33 |  |  | $ | 22 |  |  | $ | 5 |  |  | 13 | % |  | $ | 24 |  |  | NM |
Gross Recoveries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) |  | $ | (3) |  |  | $ | (2) |  |  | $ | (5) |  |  | $ | (5) |  |  | $ | (2) |  |  | $ | (1) |  |  | (36) | % |  | $ | — |  |  | (20) | % |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | 76 |  |  | — |  |  | 55 |  |
Consumer real estate |  | (1) |  |  | (2) |  |  | (2) |  |  | (3) |  |  | (2) |  |  | — |  |  | 11 |  |  | 1 |  |  | 40 |  |
Credit card and other 5 |  | (2) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | (69) |  |  | — |  |  | (34) |  |
Total gross recoveries |  | $ | (6) |  |  | $ | (5) |  |  | $ | (9) |  |  | $ | (9) |  |  | $ | (6) |  |  | $ | (1) |  |  | (18) | % |  | $ | — |  |  | 3 | % |
Net Charge-offs (Recoveries) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) * |  | $ | 25 |  |  | $ | 29 |  |  | $ | 86 |  |  | $ | 14 |  |  | $ | 12 |  |  | $ | (4) |  |  | (14) | % |  | $ | 13 |  |  | NM |
Commercial real estate |  | 12 |  |  | 2 |  |  | 4 |  |  | 8 |  |  | 2 |  |  | 10 |  |  | NM |  | 11 |  |  | NM |
Consumer real estate |  | (1) |  |  | — |  |  | (2) |  |  | (2) |  |  | (2) |  |  | (1) |  |  | NM |  | 1 |  |  | 40 |  |
Credit card and other 5 |  | 4 |  |  | 5 |  |  | 6 |  |  | 3 |  |  | 4 |  |  | (1) |  |  | (20) |  |  | — |  |  | (2) |  |
Total net charge-offs |  | $ | 40 |  |  | $ | 36 |  |  | $ | 95 |  |  | $ | 23 |  |  | $ | 16 |  |  | $ | 4 |  |  | 12 | % |  | $ | 24 |  |  | NM |
Annualized Net Charge-off (Recovery) Rates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) * |  | 0.31 | % |  | 0.36 | % |  | 1.04 | % |  | 0.18 | % |  | 0.15 | % |  |  |  |  |  |  |  |  |
Commercial real estate |  | 0.35 |  |  | 0.06 |  |  | 0.12 |  |  | 0.23 |  |  | 0.05 |  |  |  |  |  |  |  |  |  |
Consumer real estate |  | (0.03) |  |  | — |  |  | (0.05) |  |  | (0.06) |  |  | (0.05) |  |  |  |  |  |  |  |  |  |
Credit card and other 5 |  | 1.98 |  |  | 2.36 |  |  | 2.77 |  |  | 1.65 |  |  | 1.93 |  |  |  |  |  |  |  |  |  |
Total loans and leases |  | 0.27 | % |  | 0.23 | % |  | 0.61 | % |  | 0.16 | % |  | 0.11 | % |  |  |  |  |  |  |  |  |

Numbers may not foot due to rounding.
•3Q23 increase driven by a single credit from a company in bankruptcy.
See footnote disclosures on page 19.
14

CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS |
Quarterly, Unaudited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As of |  | 1Q24 Change vs. |
(In millions) |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q23 |  | 4Q23 |  | 1Q23 |
Summary of Changes in the Components of the Allowance For Credit Losses |  |  |  |  |  |  |  |  |  |  |  | $ |  | % |  | $ |  | % |
Allowance for loan and lease losses - beginning |  | $ | 773 |  |  | $ | 760 |  |  | $ | 737 |  |  | $ | 715 |  |  | $ | 685 |  |  | $ | 13 |  |  | 2 | % |  | $ | 88 |  |  | 13 | % |
Cumulative effect of change in accounting principle: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | NM |  | (1) |  |  | NM |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | NM |  | — |  |  | NM |
Consumer real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | (7) |  |  | — |  |  | NM |  | 7 |  |  | NM |
Credit card and other 5 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | NM |  | — |  |  | NM |
Total cumulative effect of change in accounting principles |  | — |  |  | — |  |  | — |  |  | — |  |  | (6) |  |  | — |  |  | NM |  | 6 |  |  | NM |
Allowance for loan and lease losses - beginning, adjusted |  | $ | 773 |  |  | $ | 760 |  |  | $ | 737 |  |  | $ | 715 |  |  | $ | 679 |  |  | $ | 13 |  |  | 2 | % |  | $ | 94 |  |  | 14 | % |
Charge-offs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) * |  | (28) |  |  | (31) |  |  | (92) |  |  | (19) |  |  | (14) |  |  | 3 |  |  | 11 |  |  | (14) |  |  | (98) |  |
Commercial real estate |  | (12) |  |  | (2) |  |  | (5) |  |  | (8) |  |  | (2) |  |  | (10) |  |  | NM |  | (11) |  |  | NM |
Consumer real estate |  | — |  |  | (1) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | 1 |  |  | 67 |  |  | — |  |  | 38 |  |
Credit card and other 5 |  | (6) |  |  | (6) |  |  | (7) |  |  | (5) |  |  | (5) |  |  | — |  |  | 4 |  |  | — |  |  | (7) |  |
Total charge-offs |  | (46) |  |  | (41) |  |  | (104) |  |  | (33) |  |  | (22) |  |  | (5) |  |  | (13) |  |  | (24) |  |  | NM |
Recoveries: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) |  | 3 |  |  | 2 |  |  | 5 |  |  | 5 |  |  | 2 |  |  | 1 |  |  | 36 |  |  | — |  |  | 20 |  |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | (76) |  |  | — |  |  | (55) |  |
Consumer real estate |  | 1 |  |  | 2 |  |  | 2 |  |  | 3 |  |  | 2 |  |  | — |  |  | (11) |  |  | (1) |  |  | (40) |  |
Credit card and other 5 |  | 2 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 63 |  |  | — |  |  | 29 |  |
Total Recoveries |  | 6 |  |  | 5 |  |  | 9 |  |  | 9 |  |  | 6 |  |  | 1 |  |  | 17 |  |  | — |  |  | (4) |  |
Provision for loan and lease losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) * |  | 34 |  |  | 33 |  |  | 96 |  |  | 15 |  |  | 27 |  |  | — |  |  | 1 |  |  | 7 |  |  | 24 |  |
Commercial real estate |  | 21 |  |  | 6 |  |  | 14 |  |  | 16 |  |  | 6 |  |  | 15 |  |  | NM |  | 15 |  |  | NM |
Consumer real estate |  | (3) |  |  | 5 |  |  | 5 |  |  | 10 |  |  | 15 |  |  | (8) |  |  | NM |  | (19) |  |  | NM |
Credit card and other 5 |  | 3 |  |  | 5 |  |  | 3 |  |  | 3 |  |  | 4 |  |  | (3) |  |  | (51) |  |  | (1) |  |  | (34) |  |
Total provision for loan and lease losses: |  | 54 |  |  | 49 |  |  | 118 |  |  | 45 |  |  | 52 |  |  | 5 |  |  | 10 |  |  | 2 |  |  | 4 |  |
Allowance for loan and lease losses - ending |  | $ | 787 |  |  | $ | 773 |  |  | $ | 760 |  |  | $ | 737 |  |  | $ | 715 |  |  | $ | 14 |  |  | 2 | % |  | $ | 72 |  |  | 10 | % |
Reserve for unfunded commitments - beginning |  | $ | 83 |  |  | $ | 82 |  |  | $ | 90 |  |  | $ | 85 |  |  | $ | 87 |  |  | $ | 1 |  |  | 1 | % |  | $ | (4) |  |  | (5) | % |
Cumulative effect of change in accounting principle |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | NM |  | — |  |  | NM |
Acquired reserve for unfunded commitments |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | NM |  | — |  |  | NM |
Provision for unfunded commitments |  | (4) |  |  | 1 |  |  | (8) |  |  | 5 |  |  | (2) |  |  | (5) |  |  | NM |  | (2) |  |  | (100) |  |
Reserve for unfunded commitments - ending |  | $ | 79 |  |  | $ | 83 |  |  | $ | 82 |  |  | $ | 90 |  |  | $ | 85 |  |  | $ | (4) |  |  | (5) | % |  | $ | (6) |  |  | (7) | % |
Total allowance for credit losses- ending |  | $ | 865 |  |  | $ | 856 |  |  | $ | 842 |  |  | $ | 827 |  |  | $ | 800 |  |  | $ | 10 |  |  | 1 | % |  | $ | 65 |  |  | 8 | % |

Numbers may not foot due to rounding.
•3Q23 increase driven by a single credit from a company in bankruptcy.
See footnote disclosures on page 19.
15

CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES |  |  |  |  |  |  |  |  |  |  |
Quarterly, Unaudited |  |  |  |  |  |  |  |  |  |  |
|  | As of |
|  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q23 |
Allowance for loans and lease losses to loans and leases |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) |  | 1.06 | % |  | 1.04 | % |  | 1.01 | % |  | 0.98 | % |  | 1.01 | % |
Commercial real estate |  | 1.26 | % |  | 1.21 | % |  | 1.19 | % |  | 1.14 | % |  | 1.12 | % |
Consumer real estate |  | 1.69 | % |  | 1.71 | % |  | 1.67 | % |  | 1.64 | % |  | 1.65 | % |
Credit card and other 5 |  | 3.57 | % |  | 3.63 | % |  | 3.48 | % |  | 3.79 | % |  | 3.86 | % |
Total allowance for loans and lease losses to loans and leases |  | 1.27 | % |  | 1.26 | % |  | 1.23 | % |  | 1.20 | % |  | 1.21 | % |
Allowance for loans and lease losses to nonperforming loans and leases |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) |  | 168 | % |  | 184 | % |  | 273 | % |  | 177 | % |  | 159 | % |
Commercial real estate |  | 115 | % |  | 126 | % |  | 135 | % |  | 219 | % |  | 238 | % |
Consumer real estate |  | 165 | % |  | 168 | % |  | 158 | % |  | 154 | % |  | 135 | % |
Credit card and other 5 |  | 1,766 | % |  | 1,202 | % |  | 1,364 | % |  | 1,384 | % |  | 1,439 | % |
Total allowance for loans and lease losses to nonperforming loans and leases |  | 156 | % |  | 167 | % |  | 193 | % |  | 183 | % |  | 169 | % |
Allowance for credit losses ratios |  |  |  |  |  |  |  |  |  |  |
Total allowance for credit losses to loans and leases 4 |  | 1.40 | % |  | 1.40 | % |  | 1.36 | % |  | 1.35 | % |  | 1.35 | % |
Total allowance for credit losses to nonperforming loans and leases 4 |  | 171 | % |  | 185 | % |  | 214 | % |  | 206 | % |  | 189 | % |

See footnote disclosures on page 19.
16

REGIONAL BANKING
Quarterly, Unaudited

|  |  |  |  |  |  |  |  |  |  | 1Q24 Change vs. |  |  |  |
| 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q23 |  | 4Q23 |  | 1Q23 |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | $/bp |  | % |  | $/bp |  | % |  |  |  |  |  |  |  |
Income Statement (millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 532 |  |  | $ | 548 |  |  | $ | 558 |  |  | $ | 586 |  |  | $ | 561 |  |  | $ | (16) |  |  | (3) | % |  | $ | (29) |  |  | (5) | % |  |  |  |  |  |  |  |
Noninterest income | 105 |  |  | 106 |  |  | 106 |  |  | 106 |  |  | 104 |  |  | (1) |  |  | (1) |  |  | 1 |  |  | 1 |  |  |  |  |  |  |  |  |
Total revenue | 637 |  |  | 655 |  |  | 664 |  |  | 691 |  |  | 665 |  |  | (18) |  |  | (3) |  |  | (28) |  |  | (4) |  |  |  |  |  |  |  |  |
Noninterest expense | 324 |  |  | 335 |  |  | 312 |  |  | 315 |  |  | 313 |  |  | (11) |  |  | (3) |  |  | 11 |  |  | 4 |  |  |  |  |  |  |  |  |
Pre-provision net revenue 3 | 313 |  |  | 320 |  |  | 352 |  |  | 377 |  |  | 352 |  |  | (7) |  |  | (2) |  |  | (39) |  |  | (11) |  |  |  |  |  |  |  |  |
Provision for credit losses | 28 |  |  | 28 |  |  | 112 |  |  | 35 |  |  | 37 |  |  | — |  |  | — |  |  | (9) |  |  | (24) |  |  |  |  |  |  |  |
Income before income tax expense | 285 |  |  | 292 |  |  | 240 |  |  | 342 |  |  | 315 |  |  | (7) |  |  | (2) |  |  | (30) |  |  | (10) |  |  |  |  |  |  |  |  |
Income tax expense | 67 |  |  | 68 |  |  | 56 |  |  | 80 |  |  | 74 |  |  | (1) |  |  | (1) |  |  | (7) |  |  | (9) |  |  |  |  |  |  |  |  |
Net income | $ | 218 |  |  | $ | 224 |  |  | $ | 185 |  |  | $ | 261 |  |  | $ | 241 |  |  | $ | (6) |  |  | (3) | % |  | $ | (23) |  |  | (10) | % |  |  |  |  |  |  |  |
Average Balances (billions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total loans and leases | $ | 40.6 |  |  | $ | 40.6 |  |  | $ | 40.6 |  |  | $ | 39.7 |  |  | $ | 38.7 |  |  | $ | — |  |  | — | % |  | $ | 1.9 |  |  | 5 | % |  |  |  |  |  |  |  |
Interest-earning assets | 40.6 |  |  | 40.6 |  |  | 40.6 |  |  | 39.7 |  |  | 38.7 |  |  | — |  |  | — |  |  | 1.9 |  |  | 5 |  |  |  |  |  |  |  |  |
Total assets | 43.1 |  |  | 43.2 |  |  | 43.3 |  |  | 42.3 |  |  | 41.3 |  |  | (0.1) |  |  | — |  |  | 1.8 |  |  | 4 |  |  |  |  |  |  |  |  |
Total deposits | 57.8 |  |  | 58.6 |  |  | 58.0 |  |  | 55.2 |  |  | 56.9 |  |  | (0.8) |  |  | (1) |  |  | 0.9 |  |  | 2 |  |  |  |  |  |  |  |  |
Key Metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest margin 6 | 5.30 | % |  | 5.39 | % |  | 5.48 | % |  | 5.95 | % |  | 5.90 | % |  | (9) | bp |  |  |  | (60) | bp |  |  |  |  |  |  |  |  |  |
Efficiency ratio | 50.84 | % |  | 51.17 | % |  | 46.94 | % |  | 45.49 | % |  | 47.10 | % |  | (33) | bp |  |  |  | 374 | bp |  |  |  |  |  |  |  |  |  |
Loans-to-deposits ratio (period-end balances) | 69.82 | % |  | 68.76 | % |  | 69.68 | % |  | 70.22 | % |  | 69.54 | % |  | 106 | bp |  |  |  | 28 | bp |  |  |  |  |  |  |  |  |  |
Loans-to-deposits ratio (average-end balances) | 70.18 | % |  | 69.34 | % |  | 70.03 | % |  | 71.83 | % |  | 68.02 | % |  | 84 | bp |  |  |  | 216 | bp |  |  |  |  |  |  |  |  |  |
Return on average assets (annualized) | 2.04 | % |  | 2.05 | % |  | 1.69 | % |  | 2.48 | % |  | 2.37 | % |  | (1) | bp |  |  |  | (33) | bp |  |  |  |  |  |  |  |  |  |
Return on allocated equity 7 | 25.03 | % |  | 25.78 | % |  | 21.25 | % |  | 30.33 | % |  | 28.39 | % |  | (75) | bp |  |  |  | (336) | bp |  |  |  |  |  |  |  |  |  |
Financial center locations | 418 |  |  | 418 |  |  | 418 |  |  | 417 |  |  | 417 |  |  | — |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |

Numbers may not add to total due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 19.
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.
17

SPECIALTY BANKING
Quarterly, Unaudited

|  |  |  |  |  |  |  |  |  |  | 1Q24 Change vs. |  |  |  |
| 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q23 |  | 4Q23 |  | 1Q23 |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | $/bp |  | % |  | $/bp |  | % |  |  |  |  |  |  |  |
Income Statement (millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 153 |  |  | $ | 153 |  |  | $ | 161 |  |  | $ | 156 |  |  | $ | 151 |  |  | $ | (1) |  |  | — | % |  | $ | 2 |  |  | 1 | % |  |  |  |  |  |  |  |
Noninterest income | 72 |  |  | 64 |  |  | 49 |  |  | 50 |  |  | 56 |  |  | 8 |  |  | 12 |  |  | 15 |  |  | 27 |  |  |  |  |  |  |  |  |
Total revenue | 224 |  |  | 217 |  |  | 209 |  |  | 206 |  |  | 207 |  |  | 7 |  |  | 3 |  |  | 17 |  |  | 8 |  |  |  |  |  |  |  |  |
Noninterest expense | 104 |  |  | 100 |  |  | 95 |  |  | 94 |  |  | 100 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  |  |  |  |  |  |  |
Pre-provision net revenue 3 | 120 |  |  | 117 |  |  | 114 |  |  | 112 |  |  | 107 |  |  | 4 |  |  | 3 |  |  | 13 |  |  | 12 |  |  |  |  |  |  |  |  |
Provision for credit losses | 23 |  |  | 31 |  |  | 2 |  |  | 18 |  |  | 14 |  |  | (8) |  |  | (27) |  |  | 9 |  |  | 60 |  |  |  |  |  |  |  |
Income before income tax expense | 97 |  |  | 85 |  |  | 112 |  |  | 94 |  |  | 93 |  |  | 12 |  |  | 14 |  |  | 5 |  |  | 5 |  |  |  |  |  |  |  |  |
Income tax expense | 24 |  |  | 21 |  |  | 27 |  |  | 23 |  |  | 23 |  |  | 3 |  |  | 14 |  |  | 1 |  |  | 6 |  |  |  |  |  |  |  |  |
Net income | $ | 74 |  |  | $ | 65 |  |  | $ | 85 |  |  | $ | 71 |  |  | $ | 70 |  |  | $ | 9 |  |  | 14 | % |  | $ | 3 |  |  | 5 | % |  |  |  |  |  |  |  |
Average Balances (billions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total loans and leases | $ | 20.2 |  |  | $ | 20.1 |  |  | $ | 20.4 |  |  | $ | 19.8 |  |  | $ | 18.9 |  |  | $ | — |  |  | — | % |  | $ | 1.3 |  |  | 7 | % |  |  |  |  |  |  |  |
Interest-earning assets | 22.4 |  |  | 22.4 |  |  | 22.7 |  |  | 22.0 |  |  | 21.2 |  |  | — |  |  | — |  |  | 1.2 |  |  | 6 |  |  |  |  |  |  |  |  |
Total assets | 23.7 |  |  | 23.9 |  |  | 24.1 |  |  | 23.3 |  |  | 22.6 |  |  | (0.2) |  |  | (1) |  |  | 1.1 |  |  | 5 |  |  |  |  |  |  |  |  |
Total deposits | 4.0 |  |  | 4.2 |  |  | 4.1 |  |  | 3.8 |  |  | 4.5 |  |  | (0.2) |  |  | (4) |  |  | (0.5) |  |  | (11) |  |  |  |  |  |  |  |  |
Key Metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income product average daily revenue (thousands) | $ | 731 |  |  | $ | 463 |  |  | $ | 301 |  |  | $ | 348 |  |  | $ | 437 |  |  | $ | 268 |  |  | 58 | % |  | $ | 294 |  |  | 67 | % |  |  |  |  |  |  |  |
Net interest margin 6 | 2.74 | % |  | 2.71 | % |  | 2.81 | % |  | 2.85 | % |  | 2.87 | % |  | 3 | bp |  |  |  | (13) | bp |  |  |  |  |  |  |  |  |  |
Efficiency ratio | 46.38 | % |  | 46.22 | % |  | 45.43 | % |  | 45.65 | % |  | 48.26 | % |  | 16 | bp |  |  |  | (188) | bp |  |  |  |  |  |  |  |  |  |
Loans-to-deposits ratio (period-end balances) | 539 | % |  | 524 | % |  | 493 | % |  | 534 | % |  | 467 | % |  | 1,494 | bp |  |  |  | 7,156 | bp |  |  |  |  |  |  |  |  |  |
Loans-to-deposits ratio (average-end balances) | 506 | % |  | 482 | % |  | 501 | % |  | 521 | % |  | 424 | % |  | 2,328 | bp |  |  |  | 8,210 | bp |  |  |  |  |  |  |  |  |  |
Return on average assets (annualized) | 1.25 | % |  | 1.08 | % |  | 1.40 | % |  | 1.22 | % |  | 1.26 | % |  | 17 | bp |  |  |  | (1) | bp |  |  |  |  |  |  |  |  |  |
Return on allocated equity 7 | 14.45 | % |  | 12.53 | % |  | 17.34 | % |  | 15.46 | % |  | 15.69 | % |  | 192 | bp |  |  |  | (124) | 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 19.
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, and mortgage. In addition to traditional lending and deposit taking, Specialty Banking also delivers treasury management solutions, loan syndications, and international banking. Additionally, Specialty Banking has a line of business focused on fixed income securities sales, trading, underwriting, and strategies for institutional clients in the U.S. and abroad, as well as loan sales, portfolio advisory services, and derivative sales.
18

CORPORATE
Quarterly, Unaudited

|  | 1Q24 Change vs. |  |  |  |  |  |
| 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q23 |  | 4Q23 |  | 1Q23 |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | $ |  | % |  | $ |  | % |  |  |  |  |  |  |  |
Income Statement (millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income/(expense) | $ | (60) |  |  | $ | (85) |  |  | $ | (113) |  |  | $ | (111) |  |  | $ | (24) |  |  | $ | 25 |  |  | 29 | % |  | $ | (36) |  |  | NM |  |  |  |  |  |  |  |
Noninterest income | 18 |  |  | 13 |  |  | 18 |  |  | 244 |  |  | 11 |  |  | 5 |  |  | 39 |  |  | 7 |  |  | 62 |  |  |  |  |  |  |  |  |
Total revenues | (43) |  |  | (72) |  |  | (95) |  |  | 133 |  |  | (13) |  |  | 30 |  |  | 41 |  |  | (30) |  |  | NM |  |  |  |  |  |  |  |
Noninterest expense | 87 |  |  | 137 |  |  | 67 |  |  | 147 |  |  | 65 |  |  | (50) |  |  | (36) |  |  | 22 |  |  | 34 |  |  |  |  |  |  |  |  |
Pre-provision net revenue 3 | (130) |  |  | (209) |  |  | (162) |  |  | (14) |  |  | (78) |  |  | 80 |  |  | 38 |  |  | (52) |  |  | (67) |  |  |  |  |  |  |  |  |
Provision for credit losses | (1) |  |  | (9) |  |  | (5) |  |  | (4) |  |  | (1) |  |  | 8 |  |  | 90 |  |  | — |  |  | 17 |  |  |  |  |  |  |  |  |
Income before income tax expense | (129) |  |  | (200) |  |  | (158) |  |  | (10) |  |  | (77) |  |  | 71 |  |  | 36 |  |  | (52) |  |  | (68) |  |  |  |  |  |  |  |  |
Income tax expense (benefit) | (33) |  |  | (100) |  |  | (31) |  |  | (7) |  |  | (21) |  |  | 67 |  |  | 67 |  |  | (12) |  |  | (58) |  |  |  |  |  |  |  |  |
Net income/(loss) | $ | (95) |  |  | $ | (100) |  |  | $ | (127) |  |  | $ | (3) |  |  | $ | (56) |  |  | $ | 5 |  |  | 5 | % |  | $ | (40) |  |  | (71) | % |  |  |  |  |  |  |  |
Average Balance Sheet (billions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest bearing assets | $ | 11.8 |  |  | $ | 12.4 |  |  | $ | 13.0 |  |  | $ | 13.7 |  |  | $ | 12.1 |  |  | $ | (0.6) |  |  | (5) | % |  | $ | (0.4) |  |  | (3) | % |  |  |  |  |  |  |  |
Total assets | 14.4 |  |  | 15.2 |  |  | 15.9 |  |  | 16.7 |  |  | 14.9 |  |  | (0.8) |  |  | (5) |  |  | (0.5) |  |  | (4) |  |  |  |  |  |  |  |  |

Numbers may not add to total due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
Corporate segment: Consists primarily of corporate support functions including risk management, audit, accounting, finance, executive office, and corporate communications. Shared support services such as human resources, properties, technology, credit risk and bank operations are allocated to the activities of Regional Banking, Specialty Banking, and Corporate. Additionally, the Corporate segment includes centralized management of capital and funding to support the business activities of the company including management of wholesale funding, liquidity, and capital management and allocation. Finally, the Corporate segment includes the revenue and expense associated with run-off businesses such as pre-2009 mortgage banking elements, run-off consumer and trust preferred loan portfolios, and other exited businesses.
FOOTNOTES
1 Taxable equivalent interest income and interest expense are non-GAAP measures and reconcile to net interest income (GAAP) in the table.
2 Occupancy and Equipment expense includes Computer Software Expense.
3 Pre-provision net revenue is a non-GAAP measure and is reconciled to income before income taxes (GAAP) in the table.
4 Represents a non-GAAP measure and is reconciled to the nearest GAAP measure in the non-GAAP to GAAP reconciliations beginning on page 20.
5 Credit card and other includes $180.9 million of commercia l credit card balances at March 31, 2024.
6 Net interest margin is computed using total NII adjusted for FTE assuming a statutory federal income tax rate of 21 percent, and, where applicable state taxes.
7 Segment equity is allocated based on an internal allocation methodology.
8 2Q23 includes 19.7 million share impact of Series G convertible securities issued in connection with TD transaction based on the final conversion rate; 1Q23 includes 27.5 million shares based on the original maximum conversion rate.
9 2Q23 increase driven by the conversion of Series G convertible securities issued in connection with TD transaction.
19

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quarterly, Unaudited |  |  |  |  |  |  |  |  |  |  |  |  |  |
($s in millions, except per share data) | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q23 |  |  |  |  |
Tangible Common Equity (Non-GAAP) |  |  |  |  |  |  |  |  |  |  |  |  |  |
(A) Total equity (GAAP) | $ | 9,173 |  |  | $ | 9,291 |  |  | $ | 8,794 |  |  | $ | 8,960 |  |  | $ | 8,895 |  |  |  |  |  |
Less: Noncontrolling interest (a) | 295 |  |  | 295 |  |  | 295 |  |  | 295 |  |  | 295 |  |  |  |  |  |
Less: Preferred stock (a) | 520 |  |  | 520 |  |  | 520 |  |  | 520 |  |  | 1,014 |  |  |  |  |  |
(B) Total common equity | $ | 8,358 |  |  | $ | 8,476 |  |  | $ | 7,978 |  |  | $ | 8,144 |  |  | $ | 7,586 |  |  |  |  |  |
Less: Intangible assets (GAAP) (b) | 1,685 |  |  | 1,696 |  |  | 1,709 |  |  | 1,720 |  |  | 1,732 |  |  |  |  |  |
(C) Tangible common equity (Non-GAAP) | $ | 6,673 |  |  | $ | 6,779 |  |  | $ | 6,270 |  |  | $ | 6,424 |  |  | $ | 5,853 |  |  |  |  |  |
Tangible Assets (Non-GAAP) |  |  |  |  |  |  |  |  |  |  |  |  |  |
(D) Total assets (GAAP) | $ | 81,799 |  |  | $ | 81,661 |  |  | $ | 82,533 |  |  | $ | 85,071 |  |  | $ | 80,729 |  |  |  |  |  |
Less: Intangible assets (GAAP) (b) | 1,685 |  |  | 1,696 |  |  | 1,709 |  |  | 1,720 |  |  | 1,732 |  |  |  |  |  |
(E) Tangible assets (Non-GAAP) | $ | 80,114 |  |  | $ | 79,965 |  |  | $ | 80,825 |  |  | $ | 83,351 |  |  | $ | 78,997 |  |  |  |  |  |
Period-end Shares Outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |
(F) Period-end shares outstanding | 549 |  |  | 559 |  |  | 559 |  |  | 559 |  |  | 538 |  |  |  |  |  |
Ratios |  |  |  |  |  |  |  |  |  |  |  |  |  |
(A)/(D) Total equity to total assets (GAAP) | 11.21 | % |  | 11.38 | % |  | 10.65 | % |  | 10.53 | % |  | 11.02 | % |  |  |  |  |
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) | 8.33 | % |  | 8.48 | % |  | 7.76 | % |  | 7.71 | % |  | 7.41 | % |  |  |  |  |
(B)/(F) Book value per common share (GAAP) | $ | 15.23 |  |  | $ | 15.17 |  |  | $ | 14.28 |  |  | $ | 14.58 |  |  | $ | 14.11 |  |  |  |  |  |
(C)/(F) Tangible book value per common share (Non-GAAP) | $ | 12.16 |  |  | $ | 12.13 |  |  | $ | 11.22 |  |  | $ | 11.50 |  |  | $ | 10.89 |  |  |  |  |  |

(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.
20

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quarterly, Unaudited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
($s in millions, except per share data) |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q23 |  |  |  |  |
Adjusted Diluted EPS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common shareholders ("NIAC") (GAAP) | a | $ | 184 |  |  | $ | 175 |  |  | $ | 129 |  |  | $ | 317 |  |  | $ | 243 |  |  |  |  |  |
Plus Tax effected notable items (Non-GAAP) (a) |  | $ | 12 |  |  | $ | 3 |  |  | $ | 20 |  |  | $ | (98) |  |  | $ | 16 |  |  |  |  |  |
Adjusted net income available to common shareholders (Non-GAAP) | b | $ | 196 |  |  | $ | 178 |  |  | $ | 150 |  |  | $ | 219 |  |  | $ | 259 |  |  |  |  |  |
Diluted Shares (GAAP)8 | c | 558 |  |  | 561 |  |  | 561 |  |  | 561 |  |  | 572 |  |  |  |  |  |
Diluted EPS (GAAP) | a/c | $ | 0.33 |  |  | $ | 0.31 |  |  | $ | 0.23 |  |  | $ | 0.56 |  |  | $ | 0.43 |  |  |  |  |  |
Adjusted diluted EPS (Non-GAAP) | b/c | $ | 0.35 |  |  | $ | 0.32 |  |  | $ | 0.27 |  |  | $ | 0.39 |  |  | $ | 0.45 |  |  |  |  |  |
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income ("NI") (GAAP) |  | $ | 197 |  |  | $ | 188 |  |  | $ | 142 |  |  | $ | 329 |  |  | $ | 256 |  |  |  |  |  |
Plus Tax effected notable items (Non-GAAP) (a) |  | $ | 12 |  |  | $ | 3 |  |  | $ | 20 |  |  | $ | (98) |  |  | $ | 16 |  |  |  |  |  |
Adjusted NI (Non-GAAP) |  | $ | 209 |  |  | $ | 191 |  |  | $ | 163 |  |  | $ | 231 |  |  | $ | 271 |  |  |  |  |  |
NI (annualized) (GAAP) | d | $ | 791 |  |  | $ | 746 |  |  | $ | 565 |  |  | $ | 1,320 |  |  | $ | 1,037 |  |  |  |  |  |
Adjusted NI (annualized) (Non-GAAP) | e | $ | 838 |  |  | $ | 757 |  |  | $ | 646 |  |  | $ | 928 |  |  | $ | 1,100 |  |  |  |  |  |
Average assets (GAAP) | f | $ | 81,243 |  |  | $ | 82,313 |  |  | $ | 83,220 |  |  | $ | 82,304 |  |  | $ | 78,841 |  |  |  |  |  |
ROA (GAAP) | d/f | 0.97 | % |  | 0.91 | % |  | 0.68 | % |  | 1.60 | % |  | 1.32 | % |  |  |  |  |
Adjusted ROA (Non-GAAP) | e/f | 1.03 | % |  | 0.92 | % |  | 0.78 | % |  | 1.13 | % |  | 1.40 | % |  |  |  |  |
Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE |  |  |  |
Net income available to common shareholders ("NIAC") (annualized) (GAAP) | g | $ | 739 |  |  | $ | 695 |  |  | $ | 513 |  |  | $ | 1,270 |  |  | $ | 987 |  |  |  |  |  |
Adjusted Net income available to common shareholders (annualized) (Non-GAAP) | h | $ | 787 |  |  | $ | 706 |  |  | $ | 594 |  |  | $ | 878 |  |  | $ | 1,050 |  |  |  |  |  |
Average Common Equity (GAAP) | i | $ | 8,436 |  |  | $ | 8,090 |  |  | $ | 8,163 |  |  | $ | 7,747 |  |  | $ | 7,398 |  |  |  |  |  |
Intangible Assets (GAAP) (b) |  | 1,691 |  |  | 1,702 |  |  | 1,714 |  |  | 1,726 |  |  | 1,738 |  |  |  |  |  |
Average Tangible Common Equity (Non-GAAP) | j | $ | 6,745 |  |  | $ | 6,388 |  |  | $ | 6,448 |  |  | $ | 6,021 |  |  | $ | 5,659 |  |  |  |  |  |
ROCE (GAAP) | g/i | 8.76 | % |  | 8.60 | % |  | 6.28 | % |  | 16.40 | % |  | 13.34 | % |  |  |  |  |
ROTCE (Non-GAAP) | g/j | 10.95 | % |  | 10.89 | % |  | 7.95 | % |  | 21.10 | % |  | 17.43 | % |  |  |  |  |
Adjusted ROTCE (Non-GAAP) | h/j | 11.65 | % |  | 11.05 | % |  | 9.21 | % |  | 14.59 | % |  | 18.55 | % |  |  |  |  |

(a) Amounts adjusted for notable items as detailed on page 8.
(b) Includes goodwill and other intangible assets, net of amortization.
Numbers may not foot due to rounding.
21

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quarterly, Unaudited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In millions) |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q23 |  |  |  |  |
Adjusted Noninterest Income as a % of Total Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest income (GAAP) | k | $ | 194 |  |  | $ | 183 |  |  | $ | 173 |  |  | $ | 400 |  |  | $ | 171 |  |  |  |  |  |
Plus notable items (GAAP) (a) |  | — |  |  | (4) |  |  | — |  |  | (225) |  |  | — |  |  |  |  |  |
Adjusted noninterest income (Non-GAAP) | l | $ | 194 |  |  | $ | 179 |  |  | $ | 173 |  |  | $ | 175 |  |  | $ | 171 |  |  |  |  |  |
Revenue (GAAP) | m | $ | 819 |  |  | $ | 800 |  |  | $ | 778 |  |  | $ | 1,031 |  |  | $ | 859 |  |  |  |  |  |
Taxable-equivalent adjustment |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  |  |  |  |
Revenue- Taxable-equivalent (Non-GAAP) |  | 823 |  |  | 804 |  |  | 782 |  |  | 1,035 |  |  | 863 |  |  |  |  |  |
Plus notable items (GAAP) (a) |  | — |  |  | (4) |  |  | — |  |  | (225) |  |  | — |  |  |  |  |  |
Adjusted revenue (Non-GAAP) | n | $ | 823 |  |  | $ | 800 |  |  | $ | 782 |  |  | $ | 810 |  |  | $ | 863 |  |  |  |  |  |
Securities gains/(losses) (GAAP) | o | $ | — |  |  | $ | (5) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |  |
Noninterest income as a % of total revenue (GAAP) | (k-o)/ (m-o) | 23.72 | % |  | 23.33 | % |  | 22.23 | % |  | 38.80 | % |  | 19.90 | % |  |  |  |  |
Adjusted noninterest income as a % of total revenue (Non-GAAP) | l/n | 23.61 | % |  | 22.32 | % |  | 22.11 | % |  | 21.60 | % |  | 19.81 | % |  |  |  |  |
Adjusted Efficiency Ratio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest expense (GAAP) | p | $ | 515 |  |  | $ | 572 |  |  | $ | 474 |  |  | $ | 555 |  |  | $ | 478 |  |  |  |  |  |
Plus notable items (GAAP) (a) |  | (15) |  |  | (70) |  |  | (10) |  |  | (95) |  |  | (21) |  |  |  |  |  |
Adjusted noninterest expense (Non-GAAP) | q | $ | 500 |  |  | $ | 502 |  |  | $ | 465 |  |  | $ | 461 |  |  | $ | 457 |  |  |  |  |  |
Revenue (GAAP) | r | $ | 819 |  |  | $ | 800 |  |  | $ | 778 |  |  | $ | 1,031 |  |  | $ | 859 |  |  |  |  |  |
Taxable-equivalent adjustment |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  |  |  |  |
Revenue- Taxable-equivalent (Non-GAAP) |  | 823 |  |  | 804 |  |  | 782 |  |  | 1,035 |  |  | 863 |  |  |  |  |  |
Plus notable items (GAAP) (a) |  | — |  |  | (4) |  |  | — |  |  | (225) |  |  | — |  |  |  |  |  |
Adjusted revenue (Non-GAAP) | s | $ | 823 |  |  | $ | 800 |  |  | $ | 782 |  |  | $ | 810 |  |  | $ | 863 |  |  |  |  |  |
Securities gains/(losses) (GAAP) | t | $ | — |  |  | $ | (5) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |  |
Efficiency ratio (GAAP) | p/ (r-t) | 62.92 | % |  | 71.14 | % |  | 60.96 | % |  | 53.89 | % |  | 55.67 | % |  |  |  |  |
Adjusted efficiency ratio (Non-GAAP) | q/s | 60.78 | % |  | 62.84 | % |  | 59.43 | % |  | 56.92 | % |  | 52.95 | % |  |  |  |  |

(a) Amounts adjusted for notable items as detailed on page 8.
(b) Includes goodwill and other intangible assets, net of amortization.
Numbers may not foot due to rounding.
22

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions)

|  | Period-end |  | Average
|  | 1Q24 |  | 4Q23 |  | 1Q24 vs. 4Q23 |  | 1Q24 |  | 4Q23 |  | 1Q24 vs. 4Q23
Loans excluding LMC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Loans (GAAP) |  | $ | 61,753 |  |  | $ | 61,292 |  |  | $ | 461 |  |  | 1 | % |  | $ | 61,152 |  |  | $ | 61,197 |  |  | $ | (45) |  |  | — | %
LMC (GAAP) |  | 2,362 |  | 2,019 |  | 343 |  |  | 17 | % |  | 1,842 |  | 1,939 |  | (97) |  |  | (5) | %
Total Loans excl. LMC (Non-GAAP) |  | 59,391 |  |  | 59,273 |  |  | 118 |  |  | — | % |  | 59,310 |  |  | 59,258 |  |  | 52 |  |  | — | %
Total Consumer (GAAP) |  | 14,416 |  | 14,443 |  | (27) |  |  | — | % |  | 14,396 |  | 14,466 |  | (70) |  |  | — | %
Total Commercial excl. LMC (Non-GAAP) |  | 44,975 |  |  | 44,829 |  |  | 146 |  |  | — | % |  | 44,914 |  |  | 44,792 |  |  | 122 |  |  | — | %
Total CRE (GAAP) |  | 14,426 |  |  | 14,216 |  |  | 210 |  |  | 1 | % |  | 14,367 |  |  | 14,210 |  |  | 157 |  |  | 1 | %
Total C&I excl. LMC (Non-GAAP) |  | $ | 30,549 |  |  | $ | 30,613 |  |  | $ | (64) |  |  | — | % |  | $ | 30,547 |  |  | $ | 30,581 |  |  | $ | (34) |  |  | — | %

Numbers may not foot due to rounding.

|  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q23
Allowance for credit losses to loans and leases and Allowance for credit losses to nonperforming loans and leases |  |  |  |  |  |  |  |  |  |
Allowance for loan and lease losses (GAAP) | A | $ | 787 |  |  | $ | 773 |  |  | $ | 760 |  |  | $ | 737 |  |  | $ | 715 |
Reserve for unfunded commitments (GAAP) |  | 79 |  |  | 83 |  |  | 82 |  |  | 90 |  |  | 85 |
Allowance for credit losses (Non-GAAP) | B | $ | 865 |  |  | $ | 856 |  |  | $ | 842 |  |  | $ | 827 |  |  | $ | 800 |
Loans and leases (GAAP) | C | $ | 61,753 |  |  | $ | 61,292 |  |  | $ | 61,778 |  |  | $ | 61,295 |  |  | $ | 59,045 |
Nonaccrual loans and leases (GAAP) | D | $ | 505 |  |  | $ | 462 |  |  | $ | 394 |  |  | $ | 402 |  |  | $ | 424 |
Allowance for loans and lease losses to loans and leases (GAAP) | A/C | 1.27 | % |  | 1.26 | % |  | 1.23 | % |  | 1.20 | % |  | 1.21 | %
Allowance for credit losses to loans and leases (Non-GAAP) | B/C | 1.40 | % |  | 1.40 | % |  | 1.36 | % |  | 1.35 | % |  | 1.35 | %
Allowance for loans and lease losses to nonperforming loans and leases (GAAP) | A/D | 156 | % |  | 167 | % |  | 193 | % |  | 183 | % |  | 169 | %
Allowance for credit losses to nonperforming loans and leases (Non-GAAP) | B/D | 171 | % |  | 185 | % |  | 214 | % |  | 206 | % |  | 189 | %

Numbers may not foot due to rounding.
23

GLOSSARY OF TERMS

Common Equity Tier 1 Ratio: Ratio consisting of common equity adjusted for certain unrealized gains/(losses) on available-for-sale securities, less disallowed portions of goodwill, other intangibles, and deferred tax assets as well as certain other regulatory deductions divided by risk-weighted assets.
Fully Taxable Equivalent (“FTE”): Reflects the amount of tax-exempt income adjusted to a level that would yield the same after-tax income had that income been subject to taxation.
TD Transaction: The acquisition of FHN by TD contemplated by a merger agreement signed in February 2022 and terminated in May 2023.
Tier 1 Capital Ratio: Ratio consisting of shareholders’ equity adjusted for certain unrealized gains/(losses) on available-for-sale securities, plus qualifying portions of noncontrolling interests, less disallowed portions of goodwill, other intangible assets, and deferred tax assets as well as certain other regulatory deductions divided by risk-weighted assets.

Key Ratios

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

Asset Quality - Consolidated Key Ratios

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

Operating Segments

Regional Banking segment: Offers financial products and services, including traditional lending and deposit taking, to consumer and commercial customers primarily in the southern and southeastern U.S. and other selected markets. Regional Banking also provides investment, wealth management, financial planning, trust and asset management services for consumer customers.
Specialty Banking segment: Consists of lines of business that deliver product offerings and services with specialized industry knowledge. Specialty Banking’s lines of business include asset-based lending, mortgage warehouse lending, commercial real estate, franchise finance, correspondent banking, equipment finance, and mortgage. In addition to traditional lending and deposit taking, Specialty Banking also delivers treasury management solutions, loan syndications, and international banking. Additionally, Specialty Banking has a line of business focused on fixed income securities sales, trading, underwriting, and strategies for institutional clients in the U.S. and abroad, as well as loan sales, portfolio advisory services, and derivative sales.
Corporate segment: Consists primarily of corporate support functions including risk management, audit, accounting, finance, executive office, and corporate communications. Shared support services such as human resources, properties, technology, creditFS Work 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.
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