EX-99.1 2 a2q2024earningsrelease.htm EX-99.1
First Horizon Corporation's Momentum Continues with Strong Second Quarter 2024 Results
Net Income Available to Common Shareholders of $184 Million or EPS of $0.34;
$195 Million or $0.36 on an Adjusted Basis, up $0.01 from prior quarter*
2Q24 ROTCE of 11.3% and Adjusted ROTCE of 12.0% with Tangible Book Value per Share of $12.22, up $0.06 QoQ*
MEMPHIS, TN (July 17, 2024) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported second quarter net income available to common ("NIAC") shareholders of $184 million or earnings per share of $0.34, compared with first quarter 2024 net income available to common of $184 million or earnings per share of $0.33. Second quarter 2024 results were reduced by a net $11 million after-tax or $0.02 per share of notable items compared with $12 million or $0.02 per share in first quarter 2024. Excluding notable items, adjusted second quarter 2024 NIAC was $195 million or $0.36 per share compared to $195 million or $0.35 per share in first quarter 2024.
“We are pleased to report strong second quarter results. Our banking franchise delivered a solid quarter with net interest income and banking fee growth,” said Chairman, President and Chief Executive Officer Bryan Jordan. “Our balance sheet continues to perform well, which combined with strong earnings, enabled the return of $212 million of capital to shareholders this quarter.”
Jordan continued, “We continue to make significant progress on our strategic investments while identifying operational efficiencies that enhance the client experience and our financial performance. I am proud of the continued progress we have made in strengthening our competitive position and remain confident in our ability to continue to deliver value to our shareholders, associates, clients, and communities.”
Notable Items

Notable Items |  |  |  |  |  |  |  |  |  |
Quarterly, Unaudited ($ in millions, except per share data) | 2Q24 |  | 1Q24 |  |  | 2Q23 |  |  |  |
Summary of Notable Items: |  |  |  |  |  |  |  |  |  |
Gain on merger termination | $ | — |  |  | $ | — |  |  |  | $ | 225 |  |  |  |  |
Net merger/acquisition/transaction-related items | — |  |  | — |  |  |  | (30) |  |  |  |  |
FDIC special assessment (other noninterest expense) | (2) |  |  | (10) |  |  |  | — |  |  |  |  |
Other notable expenses | (3) |  |  | (5) |  |  |  | (65) |  |  |  |  |
Total notable items (pre-tax) | $ | (5) |  |  | $ | (15) |  |  |  | $ | 130 |  |  |  |  |
Total notable items (after-tax) | $ | (11) |  |  | $ | (12) |  |  |  | $ | 98 |  |  |  |  |
Numbers may not foot due to rounding. |  |  |  |  |  |  |  |  |  |

Second quarter pre-tax notable items include an FDIC special assessment of $2 million and $3 million of restructuring costs. Second quarter after-tax notable items include $7 million of deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.
*References to "Adjusted" results exclude notable items and, along with ROTCE and certain financial measures, 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 2Q24 Change vs. |  |  |  |
($s in millions, except per share and balance sheet data) |  | 2Q24 |  | 1Q24 |  | 2Q23 |  | 1Q24 |  | 2Q23 |  |  |  |
|  |  |  |  |  |  |  | $/bp |  | % |  | $/bp |  | % |  |  |  |
Income Statement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income - taxable equivalent 1 |  | $ | 1,097 |  |  | $ | 1,076 |  |  | $ | 1,019 |  |  | $ | 21 |  |  | 2 | % |  | $ | 78 |  |  | 8 | % |  |  |  |
Interest expense- taxable equivalent 1 |  | 464 |  |  | 448 |  |  | 385 |  |  | 16 |  |  | 4 |  |  | 79 |  |  | 21 |  |  |  |  |
Net interest income- taxable equivalent |  | 633 |  |  | 628 |  |  | 635 |  |  | 5 |  |  | 1 |  |  | (2) |  |  | — |  |  |  |  |
Less: Taxable-equivalent adjustment |  | 4 |  |  | 4 |  |  | 4 |  |  | — |  |  | 10 |  |  | — |  |  | 6 |  |  |  |  |
Net interest income |  | 629 |  |  | 625 |  |  | 631 |  |  | 4 |  |  | 1 |  |  | (2) |  |  | — |  |  |  |  |
Noninterest income |  | 186 |  |  | 194 |  |  | 400 |  |  | (8) |  |  | (4) |  |  | (214) |  |  | (54) |  |  |  |  |
Total revenue |  | 815 |  |  | 819 |  |  | 1,031 |  |  | (4) |  |  | (1) |  |  | (216) |  |  | (21) |  |  |  |  |
Noninterest expense |  | 500 |  |  | 515 |  |  | 555 |  |  | (15) |  |  | (3) |  |  | (55) |  |  | (10) |  |  |  |  |
Pre-provision net revenue 3 |  | 315 |  |  | 304 |  |  | 475 |  |  | 11 |  |  | 4 |  |  | (161) |  |  | (34) |  |  |  |  |
Provision for credit losses |  | 55 |  |  | 50 |  |  | 50 |  |  | 5 |  |  | 10 |  |  | 5 |  |  | 10 |  |  |  |  |
Income before income taxes |  | 260 |  |  | 254 |  |  | 425 |  |  | 6 |  |  | 2 |  |  | (166) |  |  | (39) |  |  |  |  |
Provision for income taxes |  | 56 |  |  | 57 |  |  | 96 |  |  | (1) |  |  | (2) |  |  | (40) |  |  | (42) |  |  |  |  |
Net income |  | 204 |  |  | 197 |  |  | 329 |  |  | 7 |  |  | 4 |  |  | (125) |  |  | (38) |  |  |  |  |
Net income attributable to noncontrolling interest |  | 5 |  |  | 5 |  |  | 5 |  |  | — |  |  | 1 |  |  | — |  |  | 7 |  |  |  |  |
Net income attributable to controlling interest |  | 199 |  |  | 192 |  |  | 325 |  |  | 7 |  |  | 4 |  |  | (126) |  |  | (39) |  |  |  |  |
Preferred stock dividends |  | 15 |  |  | 8 |  |  | 8 |  |  | 7 |  |  | 85 |  |  | 7 |  |  | 94 |  |  |  |  |
Net income available to common shareholders |  | $ | 184 |  |  | $ | 184 |  |  | $ | 317 |  |  | $ | — |  |  | — | % |  | $ | (133) |  |  | (42) | % |  |  |  |
Adjusted net income 4 |  | $ | 208 |  |  | $ | 208 |  |  | $ | 231 |  |  | $ | — |  |  | — | % |  | $ | (23) |  |  | (10) | % |  |  |  |
Adjusted net income available to common shareholders 4 |  | $ | 195 |  |  | $ | 195 |  |  | $ | 219 |  |  | $ | — |  |  | — | % |  | $ | (24) |  |  | (11) | % |  |  |  |
Common stock information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EPS |  | $ | 0.34 |  |  | $ | 0.33 |  |  | $ | 0.56 |  |  | $ | 0.01 |  |  | 2 | % |  | $ | (0.22) |  |  | (39) | % |  |  |  |
Adjusted EPS 4 |  | $ | 0.36 |  |  | $ | 0.35 |  |  | $ | 0.39 |  |  | $ | 0.01 |  |  | 2 | % |  | $ | (0.03) |  |  | (9) | % |  |  |  |
Diluted shares 8 |  | 547 |  |  | 558 |  |  | 561 |  |  | (11) |  |  | (2) | % |  | (14) |  |  | (2) | % |  |  |  |
Key performance metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest margin 6 |  | 3.38 | % |  | 3.37 | % |  | 3.38 | % |  | 1 | bp |  |  |  | — | bp |  |  |  |  |  |
Efficiency ratio |  | 61.44 |  |  | 62.92 |  |  | 53.89 |  |  | (148) |  |  |  |  | 755 |  |  |  |  |  |  |
Adjusted efficiency ratio 4 |  | 60.47 |  |  | 60.78 |  |  | 56.92 |  |  | (31) |  |  |  |  | 355 |  |  |  |  |  |  |
Effective income tax rate |  | 21.49 |  |  | 22.48 |  |  | 22.63 |  |  | (99) |  |  |  | (114) |  |  |  |  |  |  |
Return on average assets |  | 1.00 |  |  | 0.97 |  |  | 1.60 |  |  | 3 |  |  |  |  | (60) |  |  |  |  |  |  |
Adjusted return on average assets 4 |  | 1.02 |  |  | 1.03 |  |  | 1.13 |  |  | (1) |  |  |  |  | (11) |  |  |  |  |  |  |
Return on average common equity (“ROCE") |  | 9.0 |  |  | 8.8 |  |  | 16.4 |  |  | 22 |  |  |  |  | (742) |  |  |  |  |  |  |
Return on average tangible common equity (“ROTCE”)4 |  | 11.3 |  |  | 11.0 |  |  | 21.1 |  |  | 34 |  |  |  |  | (981) |  |  |  |  |  |  |
Adjusted ROTCE 4 |  | 12.0 |  |  | 11.6 |  |  | 14.6 |  |  | 34 |  |  |  |  | (260) |  |  |  |  |  |  |
Noninterest income as a % of total revenue |  | 22.75 |  |  | 23.72 |  |  | 38.80 |  |  | (97) |  |  |  |  | (1,605) |  |  |  |  |  |  |
Adjusted noninterest income as a % of total revenue 4 |  | 22.64 | % |  | 23.61 | % |  | 21.60 | % |  | (97) | bp |  |  |  | 104 | bp |  |  |  |  |  |
Balance Sheet (billions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Average loans |  | $ | 62.0 |  |  | $ | 61.2 |  |  | $ | 59.9 |  |  | $ | 0.9 |  |  | 1 | % |  | $ | 2.1 |  |  | 4 | % |  |  |  |
Average deposits |  | 65.0 |  |  | 65.4 |  |  | 61.4 |  |  | (0.4) |  |  | (1) |  |  | 3.5 |  |  | 6 |  |  |  |  |
Average assets |  | 81.7 |  |  | 81.2 |  |  | 82.3 |  |  | 0.5 |  |  | 1 |  |  | (0.6) |  |  | (1) |  |  |  |  |
Average common equity |  | $ | 8.2 |  |  | $ | 8.4 |  |  | $ | 7.7 |  |  | $ | (0.2) |  |  | (2) | % |  | $ | 0.5 |  |  | 6 | % |  |  |  |
Asset Quality Highlights |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses to loans and leases 4 |  | 1.41 | % |  | 1.40 | % |  | 1.35 | % |  | — | bp |  |  |  | 7 | bp |  |  |  |  |  |
Nonperforming loan and leases ratio |  | 0.91 | % |  | 0.82 | % |  | 0.66 | % |  | 9 | bp |  |  |  | 25 | bp |  |  |  |  |  |
Net charge-off ratio |  | 0.22 | % |  | 0.27 | % |  | 0.16 | % |  | (5) | bp |  |  |  | 6 | bp |  |  |  |  |  |
Net Charge-offs |  | $ | 34 |  |  | $ | 40 |  |  | $ | 23 |  |  | $ | (6) |  |  | (16) | % |  | $ | 11 |  |  | 46 | % |  |  |  |
Capital Ratio Highlights (current quarter is an estimate) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Equity Tier 1 |  | 11.0 | % |  | 11.3 | % |  | 11.1 | % |  | (26) | bp |  |  |  | (3) | bp |  |  |  |  |  |
Tier 1 |  | 12.0 |  |  | 12.3 |  |  | 12.1 |  |  | (27) |  |  |  |  | (4) |  |  |  |  |  |  |
Total Capital |  | 13.7 |  |  | 13.9 |  |  | 13.6 |  |  | (26) |  |  |  |  | 9 |  |  |  |  |  |  |
Tier 1 leverage |  | 10.6 | % |  | 10.8 | % |  | 10.5 | % |  | (21) | bp |  |  |  | 9 | bp |  |  |  |  |  |

Numbers may not foot due to rounding.
See footnote disclosures on page 19.
2

Second Quarter 2024 versus First Quarter 2024
Net interest income
Net interest income of $629 million increased $4 million and net interest margin of 3.38% increased 1 basis point from the benefit of higher loan volumes and yields, partially offset by continued mix shift within interest-bearing deposits products, higher use of wholesale funds, and lower average noninterest-bearing deposits.
Noninterest income
Noninterest income of $186 million decreased $8 million, with higher traditional banking fees partially offsetting a $12 million decrease in fixed income production, which was driven by a reduction in the market's rate cut expectations and lower portfolio restructuring activity.
Noninterest expense
Noninterest expense of $500 million declined $15 million from the prior quarter. Second quarter notable items included a $2 million FDIC special assessment and $3 million of restructuring costs, which are down from $10 million and $5 million respectively in first quarter 2024. Adjusted noninterest expense of $495 million decreased $5 million as reductions in incentives and deferred compensation were partially offset by increases in outside services expense associated with deposit marketing campaigns and third-party services for strategic investments.
Loans and leases
Average loan and lease balances of $62.0 billion were up $0.9 billion or 1% compared to the prior quarter, while period-end balances of $62.8 billion increased $1.0 billion or 2% from first quarter 2024. The spring home-buying season drove increases in loans to mortgage companies (LMC) and continued fund ups in multi-family within commercial real estate also contributed to the growth. Loan yields of 6.34% improved 6 basis points from wider spreads on new and renewing loans, as well as continued repricing of fixed rate cash flows.
Deposits
Average deposits of $65.0 billion decreased $0.4 billion or 1% from first quarter 2024, largely driven by lower noninterest-bearing deposits, which declined early in the first quarter before stabilizing. Period-end deposits of $64.8 billion decreased $0.9 billion or 1% from the prior quarter, including a $0.7 billion decline in public funds, which was impacted by seasonality. Total deposit costs and interest-bearing deposit costs both increased 2 basis points from the prior quarter to 2.47% and 3.30%, respectively.
Asset quality
Provision expense of $55 million increased $5 million from the previous quarter. Net charge-offs were $34 million or 22 basis points. Nonperforming loans of $574 million increased $69 million, with declines in C&I more than offset by increases in CRE. The ACL to loans ratio of 1.41% increased slightly from 1.40% in first quarter 2024. Modest grade migration continued in the second quarter, but overall credit performance is stable after normalizing from a prolonged benign environment.
Capital
Achieved the near-term CET1 ratio target of 11.0%, down from 11.3% in first quarter 2024 as $212 million of excess capital was returned to shareholders through the share repurchase program. FHN repurchased 13.9 million shares of common stock in second quarter 2024 at a weighted average price of $15.26. Year-to-date, FHN repurchased 25 million shares or $366 million of common stock under the $650 million share repurchase program authorized in 1Q24.
Income taxes
The effective tax rate and the adjusted effective tax rate for second quarter 2024 was 21.5% compared with 22.5% in first quarter 2024.
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 July 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 463278. 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 July 17 until midnight CT on July 31, 2024. To listen to the replay, dial 1-866-813-9403 (U.S. callers); the access code is 610953. A replay of the webcast will also be available on our website on July 17 and will be archived on the site for one year.
First Horizon Corp. (NYSE: FHN), with $82.2 billion in assets as of June 30, 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 - Natalie.Flanders@firsthorizon.com
Media Relations - Beth.Ardoin@firsthorizon.com
5

CONSOLIDATED INCOME STATEMENT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quarterly, Unaudited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | 2Q24 Change vs. |  |  |  |  |  |
($s in millions, except per share data) | 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q24 |  | 2Q23 |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | $ |  | % |  | $ |  | % |  |  |  |  |  |  |  |
Interest income - taxable equivalent 1 | $ | 1,097 |  |  | $ | 1,076 |  |  | $ | 1,090 |  |  | $ | 1,084 |  |  | $ | 1,019 |  |  | $ | 21 |  |  | 2 | % |  | $ | 78 |  |  | 8 | % |  |  |  |  |  |  |  |
Interest expense- taxable equivalent 1 | 464 |  |  | 448 |  |  | 469 |  |  | 475 |  |  | 385 |  |  | 16 |  |  | 4 |  |  | 79 |  |  | 21 |  |  |  |  |  |  |  |  |
Net interest income- taxable equivalent | 633 |  |  | 628 |  |  | 621 |  |  | 609 |  |  | 635 |  |  | 5 |  |  | 1 |  |  | (2) |  |  | — |  |  |  |  |  |  |  |  |
Less: Taxable-equivalent adjustment | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | — |  |  | 10 |  |  | — |  |  | 6 |  |  |  |  |  |  |  |  |
Net interest income | 629 |  |  | 625 |  |  | 617 |  |  | 605 |  |  | 631 |  |  | 4 |  |  | 1 |  |  | (2) |  |  | — |  |  |  |  |  |  |  |  |
Noninterest income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income | 40 |  |  | 52 |  |  | 37 |  |  | 28 |  |  | 30 |  |  | (12) |  |  | (23) |  |  | 10 |  |  | 34 |  |  |  |  |  |  |  |  |
Mortgage banking | 10 |  |  | 9 |  |  | 5 |  |  | 7 |  |  | 6 |  |  | 2 |  |  | 19 |  |  | 4 |  |  | 66 |  |  |  |  |  |  |  |  |
Brokerage, trust, and insurance | 38 |  |  | 36 |  |  | 36 |  |  | 34 |  |  | 35 |  |  | 2 |  |  | 6 |  |  | 3 |  |  | 10 |  |  |  |  |  |  |  |  |
Service charges and fees | 58 |  |  | 57 |  |  | 59 |  |  | 60 |  |  | 59 |  |  | 1 |  |  | 2 |  |  | (1) |  |  | — |  |  |  |  |  |  |  |  |
Card and digital banking fees | 20 |  |  | 19 |  |  | 16 |  |  | 20 |  |  | 21 |  |  | 1 |  |  | 7 |  |  | (1) |  |  | (5) |  |  |  |  |  |  |  |  |
Deferred compensation income | 3 |  |  | 9 |  |  | 6 |  |  | — |  |  | 8 |  |  | (6) |  |  | (66) |  |  | (5) |  |  | (63) |  |  |  |  |  |  |  |  |
Gain on merger termination | — |  |  | — |  |  | — |  |  | — |  |  | 225 |  |  | — |  |  | NM |  | (225) |  |  | (100) |  |  |  |  |  |  |  |  |
Other noninterest income | 17 |  |  | 14 |  |  | 23 |  |  | 25 |  |  | 17 |  |  | 3 |  |  | 18 |  |  | (1) |  |  | (3) |  |  |  |  |  |  |  |  |
Total noninterest income | 186 |  |  | 194 |  |  | 183 |  |  | 173 |  |  | 400 |  |  | (8) |  |  | (4) |  |  | (214) |  |  | (54) |  |  |  |  |  |  |  |  |
Total revenue | 815 |  |  | 819 |  |  | 800 |  |  | 778 |  |  | 1,031 |  |  | (4) |  |  | (1) |  |  | (216) |  |  | (21) |  |  |  |  |  |  |  |  |
Noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and benefits | 198 |  |  | 200 |  |  | 190 |  |  | 188 |  |  | 191 |  |  | (2) |  |  | (1) |  |  | 7 |  |  | 4 |  |  |  |  |  |  |  |  |
Incentives and commissions | 79 |  |  | 92 |  |  | 82 |  |  | 77 |  |  | 86 |  |  | (13) |  |  | (14) |  |  | (8) |  |  | (9) |  |  |  |  |  |  |  |  |
Deferred compensation expense | 3 |  |  | 9 |  |  | 7 |  |  | — |  |  | 8 |  |  | (6) |  |  | (67) |  |  | (5) |  |  | (62) |  |  |  |  |  |  |  |  |
Total personnel expense | 279 |  |  | 301 |  |  | 279 |  |  | 266 |  |  | 285 |  |  | (21) |  |  | (7) |  |  | (5) |  |  | (2) |  |  |  |  |  |  |  |  |
Occupancy and equipment 2 | 72 |  |  | 72 |  |  | 71 |  |  | 67 |  |  | 68 |  |  | — |  |  | — |  |  | 4 |  |  | 5 |  |  |  |  |  |  |  |  |
Outside services | 78 |  |  | 65 |  |  | 84 |  |  | 69 |  |  | 71 |  |  | 13 |  |  | 19 |  |  | 7 |  |  | 10 |  |  |  |  |  |  |  |  |
Amortization of intangible assets | 11 |  |  | 11 |  |  | 12 |  |  | 12 |  |  | 12 |  |  | — |  |  | — |  |  | (1) |  |  | (8) |  |  |  |  |  |  |  |  |
Other noninterest expense | 60 |  |  | 67 |  |  | 127 |  |  | 60 |  |  | 119 |  |  | (6) |  |  | (10) |  |  | (59) |  |  | (50) |  |  |  |  |  |  |  |  |
Total noninterest expense | 500 |  |  | 515 |  |  | 572 |  |  | 474 |  |  | 555 |  |  | (15) |  |  | (3) |  |  | (55) |  |  | (10) |  |  |  |  |  |  |  |  |
Pre-provision net revenue 3 | 315 |  |  | 304 |  |  | 227 |  |  | 304 |  |  | 475 |  |  | 11 |  |  | 4 |  |  | (161) |  |  | (34) |  |  |  |  |  |  |  |  |
Provision for credit losses | 55 |  |  | 50 |  |  | 50 |  |  | 110 |  |  | 50 |  |  | 5 |  |  | 10 |  |  | 5 |  |  | 10 |  |  |  |  |  |  |  |  |
Income before income taxes | 260 |  |  | 254 |  |  | 177 |  |  | 194 |  |  | 425 |  |  | 6 |  |  | 2 |  |  | (166) |  |  | (39) |  |  |  |  |  |  |  |  |
Provision for income taxes | 56 |  |  | 57 |  |  | (11) |  |  | 52 |  |  | 96 |  |  | (1) |  |  | (2) |  |  | (40) |  |  | (42) |  |  |  |  |  |  |  |  |
Net income | 204 |  |  | 197 |  |  | 188 |  |  | 142 |  |  | 329 |  |  | 7 |  |  | 4 |  |  | (125) |  |  | (38) |  |  |  |  |  |  |  |  |
Net income attributable to noncontrolling interest | 5 |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |  |  | — |  |  | 1 |  |  | — |  |  | 7 |  |  |  |  |  |  |  |  |
Net income attributable to controlling interest | 199 |  |  | 192 |  |  | 183 |  |  | 137 |  |  | 325 |  |  | 7 |  |  | 4 |  |  | (126) |  |  | (39) |  |  |  |  |  |  |  |  |
Preferred stock dividends | 15 |  |  | 8 |  |  | 8 |  |  | 8 |  |  | 8 |  |  | 7 |  |  | 85 |  |  | 7 |  |  | 94 |  |  |  |  |  |  |  |  |
Net income available to common shareholders | $ | 184 |  |  | $ | 184 |  |  | $ | 175 |  |  | $ | 129 |  |  | $ | 317 |  |  | $ | — |  |  | — | % |  | $ | (133) |  |  | (42) | % |  |  |  |  |  |  |  |
Common Share Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EPS | $ | 0.34 |  |  | $ | 0.33 |  |  | $ | 0.31 |  |  | $ | 0.23 |  |  | $ | 0.59 |  |  | $ | 0.01 |  |  | 2 | % |  | $ | (0.25) |  |  | (42) | % |  |  |  |  |  |  |  |
Basic shares | 544 |  |  | 555 |  |  | 559 |  |  | 559 |  |  | 539 |  |  | (11) |  |  | (2) |  |  | 5 |  |  | 1 |  |  |  |  |  |  |  |  |
Diluted EPS | $ | 0.34 |  |  | $ | 0.33 |  |  | $ | 0.31 |  |  | $ | 0.23 |  |  | $ | 0.56 |  |  | $ | 0.01 |  |  | 2 |  |  | $ | (0.22) |  |  | (39) |  |  |  |  |  |  |  |  |
Diluted shares 8 | 547 |  |  | 558 |  |  | 561 |  |  | 561 |  |  | 561 |  |  | (11) |  |  | (2) | % |  | (14) |  |  | (2) | % |  |  |  |  |  |  |  |
Effective tax rate | 21.5 | % |  | 22.5 | % |  | (6.2) | % |  | 26.7 | % |  | 22.6 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

ADJUSTED 4 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 8
Quarterly, Unaudited

|  |  |  |  |  |  |  |  |  |  | 2Q24 Change vs. |  |  |  |  |  |
($s in millions, except per share data) | 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q24 |  | 2Q23 |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | $ |  | % |  | $ |  | % |  |  |  |  |  |  |  |
Net interest income (FTE)1 | $ | 633 |  |  | $ | 628 |  |  | $ | 621 |  |  | $ | 609 |  |  | $ | 635 |  |  | $ | 5 |  |  | 1 | % |  | $ | (2) |  |  | — | % |  |  |  |  |  |  |  |
Adjusted noninterest income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income | 40 |  |  | 52 |  |  | 37 |  |  | 28 |  |  | 30 |  |  | (12) |  |  | (23) |  |  | 10 |  |  | 34 |  |  |  |  |  |  |  |  |
Mortgage banking | 10 |  |  | 9 |  |  | 5 |  |  | 7 |  |  | 6 |  |  | 2 |  |  | 19 |  |  | 4 |  |  | 66 |  |  |  |  |  |  |  |  |
Brokerage, trust, and insurance | 38 |  |  | 36 |  |  | 36 |  |  | 34 |  |  | 35 |  |  | 2 |  |  | 6 |  |  | 3 |  |  | 10 |  |  |  |  |  |  |  |  |
Service charges and fees | 58 |  |  | 57 |  |  | 59 |  |  | 60 |  |  | 59 |  |  | 1 |  |  | 2 |  |  | (1) |  |  | — |  |  |  |  |  |  |  |  |
Card and digital banking fees | 20 |  |  | 19 |  |  | 16 |  |  | 20 |  |  | 21 |  |  | 1 |  |  | 7 |  |  | (1) |  |  | (5) |  |  |  |  |  |  |  |  |
Deferred compensation income | 3 |  |  | 9 |  |  | 6 |  |  | — |  |  | 8 |  |  | (6) |  |  | (66) |  |  | (5) |  |  | (63) |  |  |  |  |  |  |  |  |
Gain on merger termination | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | NM |  | — |  |  | NM |  |  |  |  |  |  |  |
Adjusted other noninterest income | 17 |  |  | 14 |  |  | 20 |  |  | 25 |  |  | 17 |  |  | 3 |  |  | 18 |  |  | (1) |  |  | (3) |  |  |  |  |  |  |  |  |
Adjusted total noninterest income | $ | 186 |  |  | $ | 194 |  |  | $ | 179 |  |  | $ | 173 |  |  | $ | 175 |  |  | $ | (8) |  |  | (4) | % |  | $ | 11 |  |  | 6 | % |  |  |  |  |  |  |  |
Total revenue (FTE)1 | $ | 819 |  |  | $ | 823 |  |  | $ | 800 |  |  | $ | 782 |  |  | $ | 810 |  |  | $ | (4) |  |  | — | % |  | $ | 9 |  |  | 1 | % |  |  |  |  |  |  |  |
Adjusted noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted personnel expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted salaries and benefits | $ | 198 |  |  | $ | 199 |  |  | $ | 190 |  |  | $ | 188 |  |  | $ | 187 |  |  | $ | (1) |  |  | (1) | % |  | $ | 11 |  |  | 6 | % |  |  |  |  |  |  |  |
Adjusted Incentives and commissions | 78 |  |  | 87 |  |  | 80 |  |  | 68 |  |  | 65 |  |  | (9) |  |  | (10) |  |  | 13 |  |  | 20 |  |  |  |  |  |  |  |  |
Deferred compensation expense | 3 |  |  | 9 |  |  | 7 |  |  | — |  |  | 8 |  |  | (6) |  |  | (67) |  |  | (5) |  |  | (62) |  |  |  |  |  |  |  |  |
Adjusted total personnel expense | 279 |  |  | 295 |  |  | 277 |  |  | 256 |  |  | 260 |  |  | (16) |  |  | (5) |  |  | 19 |  |  | 7 |  |  |  |  |  |  |  |  |
Adjusted occupancy and equipment 2 | 72 |  |  | 72 |  |  | 71 |  |  | 67 |  |  | 68 |  |  | — |  |  | — |  |  | 4 |  |  | 5 |  |  |  |  |  |  |  |  |
Outside services | 75 |  |  | 65 |  |  | 84 |  |  | 69 |  |  | 68 |  |  | 10 |  |  | 15 |  |  | 7 |  |  | 10 |  |  |  |  |  |  |  |  |
Amortization of intangible assets | 11 |  |  | 11 |  |  | 12 |  |  | 12 |  |  | 12 |  |  | — |  |  | — |  |  | (1) |  |  | (8) |  |  |  |  |  |  |  |  |
Adjusted other noninterest expense | 58 |  |  | 57 |  |  | 59 |  |  | 60 |  |  | 53 |  |  | 1 |  |  | 2 |  |  | 5 |  |  | 9 |  |  |  |  |  |  |  |  |
Adjusted total noninterest expense | $ | 495 |  |  | $ | 500 |  |  | $ | 502 |  |  | $ | 465 |  |  | $ | 461 |  |  | $ | (5) |  |  | (1) | % |  | $ | 34 |  |  | 7 | % |  |  |  |  |  |  |  |
Adjusted pre-provision net revenue 4 | $ | 324 |  |  | $ | 323 |  |  | $ | 298 |  |  | $ | 318 |  |  | $ | 349 |  |  | $ | 1 |  |  | — | % |  | $ | (25) |  |  | (7) | % |  |  |  |  |  |  |  |
Provision for credit losses | $ | 55 |  |  | $ | 50 |  |  | $ | 50 |  |  | $ | 110 |  |  | $ | 50 |  |  | $ | 5 |  |  | 10 | % |  | $ | 5 |  |  | 10 | % |  |  |  |  |  |  |  |
Adjusted net income available to common shareholders | $ | 195 |  |  | $ | 195 |  |  | $ | 178 |  |  | $ | 150 |  |  | $ | 219 |  |  | $ | — |  |  | — | % |  | $ | (24) |  |  | (11) | % |  |  |  |  |  |  |  |
Adjusted Common Share Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted diluted EPS | $ | 0.36 |  |  | $ | 0.35 |  |  | $ | 0.32 |  |  | $ | 0.27 |  |  | $ | 0.39 |  |  | $ | 0.01 |  |  | 2 | % |  | $ | (0.03) |  |  | (9) | % |  |  |  |  |  |  |  |
Diluted shares 8 | 547 |  |  | 558 |  |  | 561 |  |  | 561 |  |  | 561 |  |  | (11) |  |  | (2) | % |  | (14) |  |  | (2) | % |  |  |  |  |  |  |  |
Adjusted effective tax rate | 21.5 | % |  | 22.5 | % |  | 21.7 | % |  | 20.1 | % |  | 21.6 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted ROTCE | 12.0 | % |  | 11.6 | % |  | 11.1 | % |  | 9.2 | % |  | 14.6 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted efficiency ratio | 60.5 | % |  | 60.8 | % |  | 62.8 | % |  | 59.4 | % |  | 56.9 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

NOTABLE ITEMS
Quarterly, Unaudited

(In millions) | 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  |  |  |  |  |  |  |  |  |  |  |  |
Summary of Notable Items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on merger termination | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 225 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net merger/acquisition/transaction-related items | — |  |  | — |  |  | — |  |  | — |  |  | (30) |  |  |  |  |  |  |  |  |  |  |  |  |  |
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) | (2) |  |  | (10) |  |  | (68) |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other notable expenses * | (3) |  |  | (5) |  |  | — |  |  | (10) |  |  | (65) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total notable items (pre-tax) | $ | (5) |  |  | $ | (15) |  |  | $ | (67) |  |  | $ | (10) |  |  | $ | 130 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-related notable items ** | $ | — |  |  | $ | — |  |  | $ | 48 |  |  | $ | (13) |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stock Dividend *** | $ | (7) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  |  |

Numbers may not foot due to rounding
* 2Q24, 1Q24 and 3Q23 include $3 million, $5 million and $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.
*** 2Q24 includes $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.

IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited

(In millions) | 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  |  |  |  |  |  |  |  |  |  |  |  |
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 | (1) |  |  | (5) |  |  | (2) |  |  | (9) |  |  | (21) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total personnel expenses | (1) |  |  | (5) |  |  | (2) |  |  | (10) |  |  | (25) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outside services | (3) |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other noninterest expense | (2) |  |  | (10) |  |  | (68) |  |  | — |  |  | (66) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total noninterest expense | $ | (5) |  |  | $ | (15) |  |  | $ | (70) |  |  | $ | (10) |  |  | $ | (95) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income before income taxes | $ | 5 |  |  | $ | 15 |  |  | $ | 67 |  |  | $ | 10 |  |  | $ | (130) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for income taxes * | 1 |  |  | 3 |  |  | 64 |  |  | (11) |  |  | (33) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock dividends ** | (7) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income/(loss) available to common shareholders | $ | 11 |  |  | $ | 12 |  |  | $ | 3 |  |  | $ | 20 |  |  | $ | (98) |  |  |  |  |  |  |  |  |  |  |  |  |  |
EPS impact of notable items | $ | 0.02 |  |  | $ | 0.02 |  |  | $ | 0.01 |  |  | $ | 0.04 |  |  | $ | (0.17) |  |  |  |  |  |  |  |  |  |  |  |  |  |

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.
** 2Q24 includes $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.
8

FINANCIAL RATIOS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quarterly, Unaudited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | 2Q24 Change vs. |  |  |  |  |  |
| 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q24 | 2Q23 |  |  |  |  |
FINANCIAL RATIOS |  |  |  |  |  |  |  |  |  |  | $/bp |  | % |  | $/bp |  | % |  |  |  |  |  |  |  |
Net interest margin 6 | 3.38 | % |  | 3.37 | % |  | 3.27 | % |  | 3.17 | % |  | 3.38 | % |  | 1 | bp |  |  |  | — | bp |  |  |  |  |  |  |  |  |  |
Return on average assets | 1.00 | % |  | 0.97 | % |  | 0.91 | % |  | 0.68 | % |  | 1.60 | % |  | 3 |  |  |  |  | (60) |  |  |  |  |  |  |  |  |  |  |
Adjusted return on average assets 4 | 1.02 | % |  | 1.03 | % |  | 0.92 | % |  | 0.78 | % |  | 1.13 | % |  | (1) |  |  |  |  | (11) |  |  |  |  |  |  |  |  |  |  |
Return on average common equity (“ROCE”) | 8.98 | % |  | 8.76 | % |  | 8.60 | % |  | 6.28 | % |  | 16.40 | % |  | 22 |  |  |  |  | (742) |  |  |  |  |  |  |  |  |  |  |
Return on average tangible common equity (“ROTCE”)4 | 11.29 | % |  | 10.95 | % |  | 10.89 | % |  | 7.95 | % |  | 21.10 | % |  | 34 |  |  |  |  | (981) |  |  |  |  |  |  |  |  |  |  |
Adjusted ROTCE 4 | 11.99 | % |  | 11.65 | % |  | 11.05 | % |  | 9.21 | % |  | 14.59 | % |  | 34 |  |  |  |  | (260) |  |  |  |  |  |  |  |  |  |  |
Noninterest income as a % of total revenue | 22.75 | % |  | 23.72 | % |  | 23.33 | % |  | 22.23 | % |  | 38.80 | % |  | (97) |  |  |  |  | (1,605) |  |  |  |  |  |  |  |  |  |  |
Adjusted noninterest income as a % of total revenue 4 | 22.64 | % |  | 23.61 | % |  | 22.32 | % |  | 22.11 | % |  | 21.60 | % |  | (97) |  |  |  |  | 104 |  |  |  |  |  |  |  |  |  |  |
Efficiency ratio | 61.44 | % |  | 62.92 | % |  | 71.14 | % |  | 60.96 | % |  | 53.89 | % |  | (148) |  |  |  |  | 755 |  |  |  |  |  |  |  |  |  |  |
Adjusted efficiency ratio 4 | 60.47 | % |  | 60.78 | % |  | 62.84 | % |  | 59.43 | % |  | 56.92 | % |  | (31) |  |  |  |  | 355 |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses to loans and leases 4 | 1.41 | % |  | 1.40 | % |  | 1.40 | % |  | 1.36 | % |  | 1.35 | % |  | 1 |  |  |  |  | 6 |  |  |  |  |  |  |  |  |  |  |
CAPITAL DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CET1 capital ratio* | 11.0 | % |  | 11.3 | % |  | 11.4 | % |  | 11.1 | % |  | 11.1 | % |  | (26) | bp |  |  |  | (3) | bp |  |  |  |  |  |  |  |  |  |
Tier 1 capital ratio* | 12.0 | % |  | 12.3 | % |  | 12.4 | % |  | 12.1 | % |  | 12.1 | % |  | (27) | bp |  |  |  | (4) | bp |  |  |  |  |  |  |  |  |  |
Total capital ratio* | 13.7 | % |  | 13.9 | % |  | 14.0 | % |  | 13.6 | % |  | 13.6 | % |  | (26) | bp |  |  |  | 9 | bp |  |  |  |  |  |  |  |  |  |
Tier 1 leverage ratio* | 10.6 | % |  | 10.8 | % |  | 10.7 | % |  | 10.5 | % |  | 10.5 | % |  | (21) | bp |  |  |  | 9 | bp |  |  |  |  |  |  |  |  |  |
Risk-weighted assets (“RWA”) (billions)* | $ | 71.9 |  |  | $ | 71.1 |  |  | $ | 71.1 |  |  | $ | 71.9 |  |  | $ | 71.5 |  |  | $ | 0.8 |  |  | 1 | % |  | $ | 0.4 |  |  | 1 | % |  |  |  |  |  |  |  |
Total equity to total assets | 10.89 | % |  | 11.21 | % |  | 11.38 | % |  | 10.65 | % |  | 10.53 | % |  | (32) | bp |  |  |  | 36 | bp |  |  |  |  |  |  |  |  |  |
Tangible common equity/tangible assets (“TCE/TA”)4 | 8.14 | % |  | 8.33 | % |  | 8.48 | % |  | 7.76 | % |  | 7.71 | % |  | (19) | bp |  |  |  | 44 | bp |  |  |  |  |  |  |  |  |  |
Period-end shares outstanding (millions)8 | 537 |  |  | 549 |  |  | 559 |  |  | 559 |  |  | 559 |  |  | (12) |  |  | (2) | % |  | (22) |  |  | (4) | % |  |  |  |  |  |  |  |
Cash dividends declared per common share | $ | 0.15 |  |  | $ | 0.15 |  |  | $ | 0.15 |  |  | $ | 0.15 |  |  | $ | 0.15 |  |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  |  |  |  |  |  |  |
Book value per common share | $ | 15.34 |  |  | $ | 15.23 |  |  | $ | 15.17 |  |  | $ | 14.28 |  |  | $ | 14.58 |  |  | $ | 0.11 |  |  | 1 | % |  | $ | 0.76 |  |  | 5 | % |  |  |  |  |  |  |  |
Tangible book value per common share 4 | $ | 12.22 |  |  | $ | 12.16 |  |  | $ | 12.13 |  |  | $ | 11.22 |  |  | $ | 11.50 |  |  | $ | 0.06 |  |  | — | % |  | $ | 0.72 |  |  | 6 | % |  |  |  |  |  |  |  |
SELECTED BALANCE SHEET DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans-to-deposit ratio (period-end balances) | 96.89 | % |  | 93.93 | % |  | 93.18 | % |  | 92.18 | % |  | 93.68 | % |  | 296 | bp |  |  |  | 321 | bp |  |  |  |  |  |  |  |  |  |
Loans-to-deposit ratio (average balances) | 95.49 | % |  | 93.54 | % |  | 91.53 | % |  | 92.35 | % |  | 97.52 | % |  | 195 | bp |  |  |  | (203) | bp |  |  |  |  |  |  |  |  |  |
Full-time equivalent associates | 7,297 |  |  | 7,327 |  |  | 7,277 |  |  | 7,340 |  |  | 7,327 |  |  | (30) |  |  | — | % |  | (30) |  |  | — | % |  |  |  |  |  |  |  |

*Current quarter is an estimate.
See footnote disclosures on page 19.
9

CONSOLIDATED PERIOD-END BALANCE SHEET
Quarterly, Unaudited

|  |  |  |  |  |  |  |  |  |  | 2Q24 Change vs.
(In millions) | 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q24 |  |  | 2Q23
Assets: |  |  |  |  |  |  |  |  |  |  | $ |  | % |  |  | $ |  | % |
Loans and leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) | $ | 33,452 |  |  | $ | 32,911 |  |  | $ | 32,632 |  |  | $ | 33,163 |  |  | $ | 33,116 |  |  | $ | 542 |  |  | 2 | % |  |  | $ | 337 |  |  | 1 | % |
Commercial real estate | 14,669 |  |  | 14,426 |  |  | 14,216 |  |  | 14,121 |  |  | 13,891 |  |  | 242 |  |  | 2 |  |  |  | 778 |  |  | 6 |  |
Total Commercial | 48,121 |  |  | 47,337 |  |  | 46,849 |  |  | 47,283 |  |  | 47,006 |  |  | 784 |  |  | 2 |  |  |  | 1,115 |  |  | 2 |  |
Consumer real estate | 13,909 |  |  | 13,645 |  |  | 13,650 |  |  | 13,685 |  |  | 13,475 |  |  | 264 |  |  | 2 |  |  |  | 434 |  |  | 3 |  |
Credit card and other 5 | 751 |  |  | 771 |  |  | 793 |  |  | 809 |  |  | 813 |  |  | (20) |  |  | (3) |  |  |  | (63) |  |  | (8) |  |
Total Consumer | 14,660 |  |  | 14,416 |  |  | 14,443 |  |  | 14,494 |  |  | 14,289 |  |  | 244 |  |  | 2 |  |  |  | 371 |  |  | 3 |  |
Loans and leases, net of unearned income | 62,781 |  |  | 61,753 |  |  | 61,292 |  |  | 61,778 |  |  | 61,295 |  |  | 1,028 |  |  | 2 |  |  |  | 1,486 |  |  | 2 |  |
Loans held for sale | 471 |  |  | 395 |  |  | 502 |  |  | 613 |  |  | 789 |  |  | 76 |  |  | 19 |  |  |  | (319) |  |  | (40) |  |
Investment securities | 9,221 |  |  | 9,460 |  |  | 9,714 |  |  | 9,435 |  |  | 9,949 |  |  | (238) |  |  | (3) |  |  |  | (728) |  |  | (7) |  |
Trading securities | 1,249 |  |  | 1,161 |  |  | 1,412 |  |  | 1,231 |  |  | 1,059 |  |  | 88 |  |  | 8 |  |  |  | 191 |  |  | 18 |  |
Interest-bearing deposits with banks | 1,452 |  |  | 1,885 |  |  | 1,328 |  |  | 1,917 |  |  | 4,523 |  |  | (432) |  |  | (23) |  |  |  | (3,071) |  |  | (68) |  |
Federal funds sold and securities purchased under agreements to resell | 487 |  |  | 817 |  |  | 719 |  |  | 416 |  |  | 282 |  |  | (330) |  |  | (40) |  |  |  | 205 |  |  | 73 |  |
Total interest earning assets | 75,662 |  |  | 75,470 |  |  | 74,967 |  |  | 75,389 |  |  | 77,898 |  |  | 191 |  |  | — |  |  |  | (2,236) |  |  | (3) |  |
Cash and due from banks | 969 |  |  | 749 |  |  | 1,012 |  |  | 1,022 |  |  | 1,137 |  |  | 219 |  |  | 29 |  |  |  | (168) |  |  | (15) |  |
Goodwill and other intangible assets, net | 1,674 |  |  | 1,685 |  |  | 1,696 |  |  | 1,709 |  |  | 1,720 |  |  | (11) |  |  | (1) |  |  |  | (46) |  |  | (3) |  |
Premises and equipment, net | 584 |  |  | 586 |  |  | 590 |  |  | 590 |  |  | 595 |  |  | (3) |  |  | — |  |  |  | (11) |  |  | (2) |  |
Allowance for loan and lease losses | (821) |  |  | (787) |  |  | (773) |  |  | (760) |  |  | (737) |  |  | (34) |  |  | (4) |  |  |  | (84) |  |  | (11) |  |
Other assets | 4,162 |  |  | 4,094 |  |  | 4,169 |  |  | 4,584 |  |  | 4,458 |  |  | 68 |  |  | 2 |  |  |  | (296) |  |  | (7) |  |
Total assets | $ | 82,230 |  |  | $ | 81,799 |  |  | $ | 81,661 |  |  | $ | 82,533 |  |  | $ | 85,071 |  |  | $ | 431 |  |  | 1 | % |  |  | $ | (2,841) |  |  | (3) | % |
Liabilities and Shareholders' Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Savings | $ | 25,437 |  |  | $ | 25,847 |  |  | $ | 25,082 |  |  | $ | 25,590 |  |  | $ | 23,733 |  |  | $ | (410) |  |  | (2) | % |  |  | $ | 1,704 |  |  | 7 | % |
Time deposits | 7,163 |  |  | 6,297 |  |  | 6,804 |  |  | 7,783 |  |  | 8,279 |  |  | 866 |  |  | 14 |  |  |  | (1,116) |  |  | (13) |  |
Other interest-bearing deposits | 15,845 |  |  | 17,186 |  |  | 16,689 |  |  | 15,817 |  |  | 14,620 |  |  | (1,341) |  |  | (8) |  |  |  | 1,226 |  |  | 8 |  |
Total interest-bearing deposits | 48,446 |  |  | 49,331 |  |  | 48,576 |  |  | 49,190 |  |  | 46,632 |  |  | (885) |  |  | (2) |  |  |  | 1,814 |  |  | 4 |  |
Trading liabilities | 423 |  |  | 467 |  |  | 509 |  |  | 366 |  |  | 174 |  |  | (44) |  |  | (9) |  |  |  | 248 |  |  | NM |
Federal funds purchased and securities sold under agreements to repurchase | 2,572 |  |  | 2,137 |  |  | 2,223 |  |  | 2,015 |  |  | 2,169 |  |  | 435 |  |  | 20 |  |  |  | 403 |  |  | 19 |  |
Short-term borrowings | 1,943 |  |  | 566 |  |  | 326 |  |  | 492 |  |  | 4,777 |  |  | 1,377 |  |  | NM |  |  | (2,834) |  |  | (59) |  |
Term borrowings | 1,175 |  |  | 1,165 |  |  | 1,150 |  |  | 1,157 |  |  | 1,156 |  |  | 10 |  |  | 1 |  |  |  | 19 |  |  | 2 |  |
Total interest-bearing liabilities | 54,559 |  |  | 53,665 |  |  | 52,783 |  |  | 53,220 |  |  | 54,908 |  |  | 893 |  |  | 2 |  |  |  | (350) |  |  | (1) |  |
Noninterest-bearing deposits | 16,348 |  |  | 16,410 |  |  | 17,204 |  |  | 17,825 |  |  | 18,801 |  |  | (62) |  |  | — |  |  |  | (2,453) |  |  | (13) |  |
Other liabilities | 2,368 |  |  | 2,550 |  |  | 2,383 |  |  | 2,694 |  |  | 2,403 |  |  | (182) |  |  | (7) |  |  |  | (34) |  |  | (1) |  |
Total liabilities | 73,275 |  |  | 72,626 |  |  | 72,370 |  |  | 73,740 |  |  | 76,112 |  |  | 649 |  |  | 1 |  |  |  | (2,837) |  |  | (4) |  |
Shareholders' Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock | 426 |  |  | 520 |  |  | 520 |  |  | 520 |  |  | 520 |  |  | (94) |  |  | (18) |  |  |  | (94) |  |  | (18) |  |
Common stock | 336 |  |  | 343 |  |  | 349 |  |  | 349 |  |  | 349 |  |  | (7) |  |  | (2) |  |  |  | (14) |  |  | (4) |  |
Capital surplus | 5,007 |  |  | 5,214 |  |  | 5,351 |  |  | 5,337 |  |  | 5,324 |  |  | (207) |  |  | (4) |  |  |  | (317) |  |  | (6) |  |
Retained earnings | 4,172 |  |  | 4,072 |  |  | 3,964 |  |  | 3,874 |  |  | 3,830 |  |  | 101 |  |  | 2 |  |  |  | 342 |  |  | 9 |  |
Accumulated other comprehensive loss, net | (1,281) |  |  | (1,271) |  |  | (1,188) |  |  | (1,582) |  |  | (1,359) |  |  | (10) |  |  | (1) |  |  |  | 78 |  |  | 6 |  |
Combined shareholders' equity | 8,660 |  |  | 8,878 |  |  | 8,996 |  |  | 8,498 |  |  | 8,664 |  |  | (218) |  |  | (2) |  |  |  | (4) |  |  | — |  |
Noncontrolling interest | 295 |  |  | 295 |  |  | 295 |  |  | 295 |  |  | 295 |  |  | — |  |  | — |  |  |  | — |  |  | — |  |
Total shareholders' equity | 8,955 |  |  | 9,173 |  |  | 9,291 |  |  | 8,794 |  |  | 8,960 |  |  | (218) |  |  | (2) |  |  |  | (4) |  |  | — |  |
Total liabilities and shareholders' equity | $ | 82,230 |  |  | $ | 81,799 |  |  | $ | 81,661 |  |  | $ | 82,533 |  |  | $ | 85,071 |  |  | $ | 431 |  |  | 1 | % |  |  | $ | (2,841) |  |  | (3) | % |
Memo: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total deposits | $ | 64,794 |  |  | $ | 65,741 |  |  | $ | 65,780 |  |  | $ | 67,015 |  |  | $ | 65,433 |  |  | $ | (947) |  |  | (1) | % |  |  | $ | (639) |  |  | (1) | % |
Loans to mortgage companies | $ | 2,934 |  |  | $ | 2,366 |  |  | $ | 2,024 |  |  | $ | 2,237 |  |  | $ | 2,691 |  |  | $ | 568 |  |  | 24 | % |  |  | $ | 243 |  |  | 9 | % |
Unfunded Loan Commitments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 18,781 |  |  | $ | 19,996 |  |  | $ | 21,328 |  |  | $ | 22,063 |  |  | $ | 22,134 |  |  | $ | (1,215) |  |  | (6) | % |  |  | $ | (3,353) |  |  | (15) | % |
Consumer | $ | 4,334 |  |  | $ | 4,383 |  |  | $ | 4,401 |  |  | $ | 4,432 |  |  | $ | 4,400 |  |  | $ | (49) |  |  | (1) | % |  |  | $ | (66) |  |  | (2) | % |

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

CONSOLIDATED AVERAGE BALANCE SHEET
Quarterly, Unaudited

|  |  |  |  |  |  |  |  |  |  | 2Q24 Change vs. |  |  |  |  |  |
(In millions) | 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q24 |  | 2Q23 |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  | $ |  | % |  | $ |  | % |  |  |  |  |  |  |  |
Loans and leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) | $ | 32,909 |  |  | $ | 32,389 |  |  | $ | 32,520 |  |  | $ | 33,042 |  |  | $ | 32,423 |  |  | $ | 519 |  |  | 2 | % |  | $ | 485 |  |  | 1 | % |  |  |  |  |  |  |  |
Commercial real estate | 14,576 |  |  | 14,367 |  |  | 14,210 |  |  | 13,999 |  |  | 13,628 |  |  | 209 |  |  | 1 |  |  | 949 |  |  | 7 |  |  |  |  |  |  |  |  |
Total Commercial | 47,485 |  |  | 46,756 |  |  | 46,730 |  |  | 47,041 |  |  | 46,051 |  |  | 728 |  |  | 2 |  |  | 1,434 |  |  | 3 |  |  |  |  |  |  |  |  |
Consumer real estate | 13,783 |  |  | 13,615 |  |  | 13,664 |  |  | 13,575 |  |  | 13,058 |  |  | 168 |  |  | 1 |  |  | 725 |  |  | 6 |  |  |  |  |  |  |  |  |
Credit card and other 5 | 761 |  |  | 781 |  |  | 802 |  |  | 816 |  |  | 815 |  |  | (20) |  |  | (3) |  |  | (54) |  |  | (7) |  |  |  |  |  |  |  |  |
Total Consumer | 14,544 |  |  | 14,396 |  |  | 14,466 |  |  | 14,391 |  |  | 13,873 |  |  | 148 |  |  | 1 |  |  | 671 |  |  | 5 |  |  |  |  |  |  |  |  |
Loans and leases, net of unearned income | 62,029 |  |  | 61,152 |  |  | 61,197 |  |  | 61,432 |  |  | 59,924 |  |  | 876 |  |  | 1 |  |  | 2,105 |  |  | 4 |  |  |  |  |  |  |  |  |
Loans held-for-sale | 462 |  |  | 454 |  |  | 547 |  |  | 782 |  |  | 731 |  |  | 8 |  |  | 2 |  |  | (269) |  |  | (37) |  |  |  |  |  |  |  |  |
Investment securities | 9,261 |  |  | 9,590 |  |  | 9,394 |  |  | 9,811 |  |  | 10,192 |  |  | (329) |  |  | (3) |  |  | (931) |  |  | (9) |  |  |  |  |  |  |  |  |
Trading securities | 1,367 |  |  | 1,245 |  |  | 1,225 |  |  | 1,099 |  |  | 1,110 |  |  | 122 |  |  | 10 |  |  | 257 |  |  | 23 |  |  |  |  |  |  |  |  |
Interest-bearing deposits with banks | 1,449 |  |  | 1,793 |  |  | 2,556 |  |  | 2,867 |  |  | 3,110 |  |  | (344) |  |  | (19) |  |  | (1,661) |  |  | (53) |  |  |  |  |  |  |  |  |
Federal funds sold and securities purchased under agreements to resell | 676 |  |  | 544 |  |  | 529 |  |  | 315 |  |  | 279 |  |  | 132 |  |  | 24 |  |  | 397 |  |  | 142 |  |  |  |  |  |  |  |  |
Total interest earning assets | 75,243 |  |  | 74,778 |  |  | 75,448 |  |  | 76,306 |  |  | 75,346 |  |  | 465 |  |  | 1 |  |  | (103) |  |  | — |  |  |  |  |  |  |  |  |
Cash and due from banks | 904 |  |  | 948 |  |  | 994 |  |  | 997 |  |  | 1,024 |  |  | (45) |  |  | (5) |  |  | (121) |  |  | (12) |  |  |  |  |  |  |  |  |
Goodwill and other intangibles assets, net | 1,680 |  |  | 1,691 |  |  | 1,702 |  |  | 1,714 |  |  | 1,726 |  |  | (11) |  |  | (1) |  |  | (47) |  |  | (3) |  |  |  |  |  |  |  |  |
Premises and equipment, net | 585 |  |  | 587 |  |  | 589 |  |  | 592 |  |  | 598 |  |  | (2) |  |  | — |  |  | (13) |  |  | (2) |  |  |  |  |  |  |  |  |
Allowances for loan and lease losses | (810) |  |  | (789) |  |  | (772) |  |  | (766) |  |  | (728) |  |  | (22) |  |  | (3) |  |  | (82) |  |  | (11) |  |  |  |  |  |  |  |  |
Other assets | 4,120 |  |  | 4,028 |  |  | 4,352 |  |  | 4,377 |  |  | 4,338 |  |  | 92 |  |  | 2 |  |  | (218) |  |  | (5) |  |  |  |  |  |  |  |  |
Total assets | $ | 81,721 |  |  | $ | 81,243 |  |  | $ | 82,313 |  |  | $ | 83,220 |  |  | $ | 82,304 |  |  | $ | 477 |  |  | 1 | % |  | $ | (583) |  |  | (1) | % |  |  |  |  |  |  |  |
Liabilities and shareholders' equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Savings | $ | 25,462 |  |  | $ | 25,390 |  |  | $ | 25,799 |  |  | $ | 24,963 |  |  | $ | 21,542 |  |  | $ | 72 |  |  | — | % |  | $ | 3,920 |  |  | 18 | % |  |  |  |  |  |  |  |
Time deposits | 6,683 |  |  | 6,628 |  |  | 7,372 |  |  | 8,087 |  |  | 5,520 |  |  | 55 |  |  | 1 |  |  | 1,163 |  |  | 21 |  |  |  |  |  |  |  |  |
Other interest-bearing deposits | 16,484 |  |  | 16,735 |  |  | 16,344 |  |  | 15,329 |  |  | 14,719 |  |  | (251) |  |  | (2) |  |  | 1,765 |  |  | 12 |  |  |  |  |  |  |  |  |
Total interest-bearing deposits | 48,629 |  |  | 48,753 |  |  | 49,515 |  |  | 48,379 |  |  | 41,781 |  |  | (124) |  |  | — |  |  | 6,847 |  |  | 16 |  |  |  |  |  |  |  |  |
Trading liabilities | 605 |  |  | 462 |  |  | 386 |  |  | 276 |  |  | 216 |  |  | 144 |  |  | 31 |  |  | 389 |  |  | NM |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | 2,208 |  |  | 2,014 |  |  | 1,982 |  |  | 1,970 |  |  | 1,634 |  |  | 195 |  |  | 10 | % |  | 574 |  |  | 35 | % |  |  |  |  |  |  |  |
Short-term borrowings | 1,267 |  |  | 537 |  |  | 437 |  |  | 1,790 |  |  | 6,365 |  |  | 730 |  |  | 136 |  |  | (5,098) |  |  | (80) |  |  |  |  |  |  |  |  |
Term borrowings | 1,170 |  |  | 1,156 |  |  | 1,156 |  |  | 1,161 |  |  | 1,428 |  |  | 14 |  |  | 1 |  |  | (258) |  |  | (18) |  |  |  |  |  |  |  |  |
Total interest-bearing liabilities | 53,879 |  |  | 52,921 |  |  | 53,475 |  |  | 53,575 |  |  | 51,424 |  |  | 957 |  |  | 2 |  |  | 2,455 |  |  | 5 |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits | 16,332 |  |  | 16,626 |  |  | 17,347 |  |  | 18,145 |  |  | 19,664 |  |  | (294) |  |  | (2) |  |  | (3,332) |  |  | (17) |  |  |  |  |  |  |  |  |
Other liabilities | 2,561 |  |  | 2,445 |  |  | 2,585 |  |  | 2,522 |  |  | 2,187 |  |  | 116 |  |  | 5 |  |  | 374 |  |  | 17 |  |  |  |  |  |  |  |  |
Total liabilities | 72,772 |  |  | 71,992 |  |  | 73,407 |  |  | 74,242 |  |  | 73,275 |  |  | 779 |  |  | 1 |  |  | (503) |  |  | (1) |  |  |  |  |  |  |  |  |
Shareholders' Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock | 426 |  |  | 520 |  |  | 520 |  |  | 520 |  |  | 986 |  |  | (94) |  |  | (18) |  |  | (560) |  |  | (57) |  |  |  |  |  |  |  |  |
Common stock | 340 |  |  | 347 |  |  | 349 |  |  | 349 |  |  | 337 |  |  | (7) |  |  | (2) |  |  | 3 |  |  | 1 |  |  |  |  |  |  |  |  |
Capital surplus | 5,127 |  |  | 5,301 |  |  | 5,343 |  |  | 5,330 |  |  | 4,891 |  |  | (174) |  |  | (3) |  |  | 236 |  |  | 5 |  |  |  |  |  |  |  |  |
Retained earnings | 4,122 |  |  | 4,028 |  |  | 3,935 |  |  | 3,861 |  |  | 3,759 |  |  | 93 |  |  | 2 |  |  | 362 |  |  | 10 |  |  |  |  |  |  |  |  |
Accumulated other comprehensive loss, net | (1,361) |  |  | (1,240) |  |  | (1,538) |  |  | (1,378) |  |  | (1,241) |  |  | (121) |  |  | (10) |  |  | (121) |  |  | (10) |  |  |  |  |  |  |  |  |
Combined shareholders' equity | 8,654 |  |  | 8,956 |  |  | 8,610 |  |  | 8,683 |  |  | 8,734 |  |  | (302) |  |  | (3) |  |  | (80) |  |  | (1) |  |  |  |  |  |  |  |  |
Noncontrolling interest | 295 |  |  | 295 |  |  | 295 |  |  | 295 |  |  | 295 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Total shareholders' equity | 8,949 |  |  | 9,251 |  |  | 8,905 |  |  | 8,978 |  |  | 9,029 |  |  | (302) |  |  | (3) |  |  | (80) |  |  | (1) |  |  |  |  |  |  |  |  |
Total liabilities and shareholders' equity | $ | 81,721 |  |  | $ | 81,243 |  |  | $ | 82,313 |  |  | $ | 83,220 |  |  | $ | 82,304 |  |  | $ | 477 |  |  | 1 | % |  | $ | (583) |  |  | (1) | % |  |  |  |  |  |  |  |
Memo: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total deposits | $ | 64,960 |  |  | $ | 65,379 |  |  | $ | 66,862 |  |  | $ | 66,523 |  |  | $ | 61,445 |  |  | $ | (418) |  |  | (1) | % |  | $ | 3,515 |  |  | 6 | % |  |  |  |  |  |  |  |
Loans to mortgage companies | $ | 2,440 |  |  | $ | 1,847 |  |  | $ | 1,948 |  |  | $ | 2,353 |  |  | $ | 2,262 |  |  | $ | 593 |  |  | 32 | % |  | $ | 177 |  |  | 8 | % |  |  |  |  |  |  |  |

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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2Q24 Change vs. |  |  |  |  |  |  |  |
| 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 | 2Q23 |  | 1Q24 |  | 2Q23 |  |  |  |  |  |
(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 | $ | 800 |  | 6.78 | % |  | $ | 782 |  | 6.73 | % |  | $ | 783 |  | 6.65 | % |  | $ | 779 |  | 6.58 | % |  | $ | 727 |  | 6.34 | % |  | $ | 18 |  | 2 | % |  | $ | 73 |  | 10 | % |  |  |  |  |  |  |  |  |
Consumer | 179 |  | 4.91 |  |  | 173 |  | 4.80 |  |  | 171 |  | 4.71 |  |  | 165 |  | 4.55 |  |  | 153 |  | 4.39 |  |  | 6 |  | 3 |  |  | 26 |  | 17 |  |  |  |  |  |  |  |  |  |
Loans and leases, net of unearned income | 978 |  | 6.34 |  |  | 955 |  | 6.28 |  |  | 954 |  | 6.19 |  |  | 944 |  | 6.10 |  |  | 880 |  | 5.89 |  |  | 23 |  | 2 |  |  | 98 |  | 11 |  |  |  |  |  |  |  |  |  |
Loans held-for-sale | 9 |  | 7.50 |  |  | 9 |  | 7.80 |  |  | 11 |  | 8.34 |  |  | 15 |  | 7.88 |  |  | 14 |  | 7.58 |  |  | — |  | (1) |  |  | (5) |  | (37) |  |  |  |  |  |  |  |  |  |
Investment securities | 60 |  | 2.58 |  |  | 61 |  | 2.54 |  |  | 61 |  | 2.62 |  |  | 62 |  | 2.54 |  |  | 63 |  | 2.49 |  |  | (1) |  | (2) |  |  | (4) |  | (6) |  |  |  |  |  |  |  |  |  |
Trading securities | 22 |  | 6.30 |  |  | 20 |  | 6.48 |  |  | 20 |  | 6.63 |  |  | 19 |  | 7.03 |  |  | 19 |  | 6.69 |  |  | 1 |  | 7 |  |  | 3 |  | 16 |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits with banks | 20 |  | 5.46 |  |  | 24 |  | 5.46 |  |  | 35 |  | 5.46 |  |  | 39 |  | 5.34 |  |  | 40 |  | 5.13 |  |  | (5) |  | (19) |  |  | (20) |  | (51) |  |  |  |  |  |  |  |  |  |
Federal funds sold and securities purchased under agreements | 9 |  | 5.31 |  |  | 7 |  | 5.16 |  |  | 7 |  | 5.32 |  |  | 4 |  | 5.06 |  |  | 3 |  | 4.85 |  |  | 2 |  | 28 |  |  | 6 |  | NM |  |  |  |  |  |  |  |  |
Interest income | $ | 1,097 |  | 5.86 | % |  | $ | 1,076 |  | 5.78 | % |  | $ | 1,089 |  | 5.74 | % |  | $ | 1,084 |  | 5.64 | % |  | $ | 1,019 |  | 5.42 | % |  | $ | 21 |  | 2 | % |  | $ | 78 |  | 8 | % |  |  |  |  |  |  |  |  |
Interest bearing liabilities/Interest expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Savings | $ | 208 |  | 3.29 | % |  | $ | 206 |  | 3.27 | % |  | $ | 222 |  | 3.42 | % |  | $ | 219 |  | 3.48 | % |  | $ | 141 |  | 2.63 | % |  | $ | 2 |  | 1 | % |  | $ | 67 |  | 48 | % |  |  |  |  |  |  |  |  |
Time deposits | 74 |  | 4.45 |  |  | 73 |  | 4.42 |  |  | 82 |  | 4.42 |  |  | 89 |  | 4.35 |  |  | 49 |  | 3.56 |  |  | 1 |  | 1 |  |  | 25 |  | 51 |  |  |  |  |  |  |  |  |  |
Other interest-bearing deposits | 117 |  | 2.86 |  |  | 119 |  | 2.86 |  |  | 116 |  | 2.81 |  |  | 102 |  | 2.64 |  |  | 75 |  | 2.06 |  |  | (2) |  | (1) |  |  | 42 |  | 56 |  |  |  |  |  |  |  |  |  |
Total interest-bearing deposits | 399 |  | 3.30 |  |  | 398 |  | 3.28 |  |  | 420 |  | 3.37 |  |  | 409 |  | 3.36 |  |  | 265 |  | 2.55 |  |  | 1 |  | — |  |  | 134 |  | 50 |  |  |  |  |  |  |  |  |  |
Trading liabilities | 7 |  | 4.46 |  |  | 5 |  | 4.31 |  |  | 4 |  | 4.59 |  |  | 3 |  | 4.20 |  |  | 2 |  | 3.82 |  |  | 2 |  | 35 |  |  | 5 |  | NM |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | 24 |  | 4.36 |  |  | 21 |  | 4.24 |  |  | 22 |  | 4.35 |  |  | 21 |  | 4.24 |  |  | 15 |  | 3.74 |  |  | 3 |  | 13 |  |  | 9 |  | 57 |  |  |  |  |  |  |  |  |  |
Short-term borrowings | 17 |  | 5.48 |  |  | 7 |  | 5.43 |  |  | 6 |  | 5.41 |  |  | 24 |  | 5.42 |  |  | 83 |  | 5.25 |  |  | 10 |  | 138 |  |  | (66) |  | (79) |  |  |  |  |  |  |  |  |  |
Term borrowings | 17 |  | 5.64 |  |  | 17 |  | 5.71 |  |  | 17 |  | 5.75 |  |  | 17 |  | 5.82 |  |  | 19 |  | 5.21 |  |  | — |  | — |  |  | (2) |  | (11) |  |  |  |  |  |  |  |  |  |
Interest expense | 464 |  | 3.46 |  |  | 448 |  | 3.40 |  |  | 469 |  | 3.48 |  |  | 475 |  | 3.52 |  |  | 385 |  | 3.00 |  |  | 16 |  | 4 |  |  | 79 |  | 21 |  |  |  |  |  |  |  |  |  |
Net interest income - tax equivalent basis | 633 |  | 2.40 |  |  | 628 |  | 2.38 |  |  | 621 |  | 2.26 |  |  | 609 |  | 2.12 |  |  | 635 |  | 2.42 |  |  | 5 |  | 1 |  |  | (2) |  | — |  |  |  |  |  |  |  |  |  |
Fully taxable equivalent adjustment | (4) |  | 0.98 |  |  | (4) |  | 0.99 |  |  | (4) |  | 1.01 |  |  | (4) |  | 1.05 |  |  | (4) |  | 0.96 |  |  | — |  | (10) |  |  | — |  | (6) |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 629 |  | 3.38 | % |  | $ | 625 |  | 3.37 | % |  | $ | 617 |  | 3.27 | % |  | $ | 605 |  | 3.17 | % |  | $ | 631 |  | 3.38 | % |  | $ | 4 |  | 1 | % |  | $ | (2) |  | — | % |  |  |  |  |  |  |  |  |
Memo: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total loan yield |  | 6.34 | % |  |  | 6.28 | % |  |  | 6.19 | % |  |  | 6.10 | % |  |  | 5.89 | % |  | 6 | bp |  |  | 45 | bp |  |  |  |  |  |  |  |  |  |
Total deposit cost |  | 2.47 | % |  |  | 2.45 | % |  |  | 2.49 | % |  |  | 2.44 | % |  |  | 1.73 | % |  | 2 | bp |  |  | 74 | bp |  |  |  |  |  |  |  |  |  |
Total funding cost |  | 2.66 | % |  |  | 2.59 | % |  |  | 2.63 | % |  |  | 2.63 | % |  |  | 2.17 | % |  | 7 | bp |  |  | 49 | bp |  |  |  |  |  |  |  |  |  |
Average loans and leases, net of unearned income | $ | 62,029 |  |  |  | $ | 61,152 |  |  |  | $ | 61,197 |  |  |  | $ | 61,432 |  |  |  | $ | 59,924 |  |  |  | $ | 876 |  | 1 | % |  | $ | 2,105 |  | 4 | % |  |  |  |  |  |  |  |  |
Average deposits | 64,960 |  |  | 65,379 |  |  | 66,862 |  |  | 66,523 |  |  | 61,445 |  |  | (418) |  | (1) | % |  | 3,515 |  | 6 | % |  |  |  |  |  |  |  |  |
Average funded liabilities | 70,210 |  |  | 69,547 |  |  | 70,822 |  |  | 71,720 |  |  | 71,088 |  |  | $ | 663 |  | 1 | % |  | $ | (877) |  | (1) | % |  |  |  |  |  |  |  |  |

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 |  | 2Q24 change vs. |
(In millions, except ratio data) |  | 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q24 |  | 2Q23 |
|  |  |  |  |  |  |  |  |  |  |  | $ |  | % |  | $ |  | % |
Nonperforming loans and leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) |  | $ | 167 |  |  | $ | 206 |  |  | $ | 184 |  |  | $ | 123 |  |  | $ | 184 |  |  | $ | (39) |  |  | (19) | % |  | $ | (16) |  |  | (9) | % |
Commercial real estate |  | 261 |  |  | 157 |  |  | 136 |  |  | 125 |  |  | 73 |  |  | 104 |  |  | 66 |  |  | 188 |  |  | NM |
Consumer real estate |  | 143 |  |  | 140 |  |  | 139 |  |  | 145 |  |  | 144 |  |  | 4 |  |  | 3 |  |  | (1) |  |  | — |  |
Credit card and other 5 |  | 2 |  |  | 2 |  |  | 2 |  |  | 2 |  |  | 2 |  |  | — |  |  | 21 |  |  | — |  |  | (15) |  |
Total nonperforming loans and leases |  | $ | 574 |  |  | $ | 505 |  |  | $ | 462 |  |  | $ | 394 |  |  | $ | 402 |  |  | $ | 69 |  |  | 14 | % |  | $ | 171 |  |  | 43 | % |
Asset Quality Ratio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nonperforming loans and leases to loans and leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) |  | 0.50 | % |  | 0.63 | % |  | 0.57 | % |  | 0.37 | % |  | 0.55 | % |  |  |  |  |  |  |  |  |
Commercial real estate |  | 1.78 |  |  | 1.09 |  |  | 0.96 |  |  | 0.88 |  |  | 0.52 |  |  |  |  |  |  |  |  |  |
Consumer real estate |  | 1.03 |  |  | 1.02 |  |  | 1.02 |  |  | 1.06 |  |  | 1.07 |  |  |  |  |  |  |  |  |  |
Credit card and other 5 |  | 0.25 |  |  | 0.20 |  |  | 0.30 |  |  | 0.26 |  |  | 0.27 |  |  |  |  |  |  |  |  |  |
Total nonperforming loans and leases to loans and leases |  | 0.91 | % |  | 0.82 | % |  | 0.75 | % |  | 0.64 | % |  | 0.66 | % |  |  |  |  |  |  |  |  |

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 |  | 2Q24 change vs. |
(In millions) |  | 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q24 |  | 2Q23 |
|  |  |  |  |  |  |  |  |  |  |  | $ |  | % |  | $ |  | % |
Loans and leases 90 days or more past due and accruing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | — |  |  | NM |  | $ | (1) |  |  | NM |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | NM |  | — |  |  | NM |
Consumer real estate |  | 3 |  |  | 6 |  |  | 17 |  |  | 12 |  |  | 8 |  |  | (3) |  |  | (47) |  |  | (5) |  |  | (58) |  |
Credit card and other 5 |  | 2 |  |  | 3 |  |  | 3 |  |  | 3 |  |  | 5 |  |  | (1) |  |  | (25) |  |  | (2) |  |  | (52) |  |
Total loans and leases 90 days or more past due and accruing |  | $ | 6 |  |  | $ | 10 |  |  | $ | 21 |  |  | $ | 17 |  |  | $ | 14 |  |  | $ | (4) |  |  | (38) | % |  | $ | (8) |  |  | (56) | % |

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

CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As of |  | 2Q24 change vs. |
(In millions, except ratio data) |  | 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q24 |  | 2Q23 |
Charge-off, Recoveries and Related Ratios |  |  |  |  |  |  |  |  |  |  |  | $ |  | % |  | $ |  | % |
Gross Charge-offs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) * |  | $ | 24 |  |  | $ | 28 |  |  | $ | 31 |  |  | $ | 92 |  |  | $ | 19 |  |  | $ | (4) |  |  | (13) | % |  | $ | 5 |  |  | 28 | % |
Commercial real estate |  | 19 |  |  | 12 |  |  | 2 |  |  | 5 |  |  | 8 |  |  | 7 |  |  | 54 |  |  | 11 |  |  | NM |
Consumer real estate |  | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | NM |  | — |  |  | 46 |  |
Credit card and other 5 |  | 5 |  |  | 6 |  |  | 6 |  |  | 7 |  |  | 5 |  |  | (1) |  |  | (16) |  |  | — |  |  | 1 |  |
Total gross charge-offs |  | $ | 49 |  |  | $ | 46 |  |  | $ | 41 |  |  | $ | 104 |  |  | $ | 33 |  |  | $ | 3 |  |  | 6 | % |  | $ | 16 |  |  | 50 | % |
Gross Recoveries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) |  | $ | (11) |  |  | $ | (3) |  |  | $ | (2) |  |  | $ | (5) |  |  | $ | (5) |  |  | $ | (9) |  |  | NM |  | $ | (7) |  |  | NM |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | 91 |  |  | 1 |  |  | 99 |  |
Consumer real estate |  | (2) |  |  | (1) |  |  | (2) |  |  | (2) |  |  | (3) |  |  | (1) |  |  | (74) |  |  | — |  |  | 9 |  |
Credit card and other 5 |  | (1) |  |  | (2) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | — |  |  | 27 |  |  | — |  |  | (2) |  |
Total gross recoveries |  | $ | (15) |  |  | $ | (6) |  |  | $ | (5) |  |  | $ | (9) |  |  | $ | (9) |  |  | $ | (9) |  |  | NM |  | $ | (6) |  |  | (62) | % |
Net Charge-offs (Recoveries) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) * |  | $ | 13 |  |  | $ | 25 |  |  | $ | 29 |  |  | $ | 86 |  |  | $ | 14 |  |  | $ | (12) |  |  | (49) | % |  | $ | (1) |  |  | (10) | % |
Commercial real estate |  | 19 |  |  | 12 |  |  | 2 |  |  | 4 |  |  | 8 |  |  | 7 |  |  | 55 |  |  | 11 |  |  | NM |
Consumer real estate |  | (1) |  |  | (1) |  |  | — |  |  | (2) |  |  | (2) |  |  | — |  |  | (53) |  |  | 1 |  |  | 29 |  |
Credit card and other 5 |  | 3 |  |  | 4 |  |  | 5 |  |  | 6 |  |  | 3 |  |  | — |  |  | (12) |  |  | — |  |  | 1 |  |
Total net charge-offs |  | $ | 34 |  |  | $ | 40 |  |  | $ | 36 |  |  | $ | 95 |  |  | $ | 23 |  |  | $ | (6) |  |  | (16) | % |  | $ | 11 |  |  | 46 | % |
Annualized Net Charge-off (Recovery) Rates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) * |  | 0.16 | % |  | 0.31 | % |  | 0.36 | % |  | 1.04 | % |  | 0.18 | % |  |  |  |  |  |  |  |  |
Commercial real estate |  | 0.53 |  |  | 0.35 |  |  | 0.06 |  |  | 0.12 |  |  | 0.23 |  |  |  |  |  |  |  |  |  |
Consumer real estate |  | (0.04) |  |  | (0.03) |  |  | — |  |  | (0.05) |  |  | (0.06) |  |  |  |  |  |  |  |  |  |
Credit card and other 5 |  | 1.79 |  |  | 1.98 |  |  | 2.36 |  |  | 2.77 |  |  | 1.65 |  |  |  |  |  |  |  |  |  |
Total loans and leases |  | 0.22 | % |  | 0.27 | % |  | 0.23 | % |  | 0.61 | % |  | 0.16 | % |  |  |  |  |  |  |  |  |

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 |  | 2Q24 Change vs. |
(In millions) |  | 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q24 |  | 2Q23 |
Summary of Changes in the Components of the Allowance For Credit Losses |  |  |  |  |  |  |  |  |  |  |  | $ |  | % |  | $ |  | % |
Allowance for loan and lease losses - beginning |  | $ | 787 |  |  | $ | 773 |  |  | $ | 760 |  |  | $ | 737 |  |  | $ | 715 |  |  | $ | 14 |  |  | 2 | % |  | $ | 72 |  |  | 10 | % |
Charge-offs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) * |  | (24) |  |  | (28) |  |  | (31) |  |  | (92) |  |  | (19) |  |  | 4 |  |  | 13 |  |  | (5) |  |  | (28) |  |
Commercial real estate |  | (19) |  |  | (12) |  |  | (2) |  |  | (5) |  |  | (8) |  |  | (7) |  |  | (54) |  |  | (11) |  |  | NM |
Consumer real estate |  | (1) |  |  | — |  |  | (1) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | NM |  | — |  |  | (46) |  |
Credit card and other 5 |  | (5) |  |  | (6) |  |  | (6) |  |  | (7) |  |  | (5) |  |  | 1 |  |  | 16 |  |  | — |  |  | (1) |  |
Total charge-offs |  | (49) |  |  | (46) |  |  | (41) |  |  | (104) |  |  | (33) |  |  | (3) |  |  | (6) |  |  | (16) |  |  | (50) |  |
Recoveries: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) |  | 11 |  |  | 3 |  |  | 2 |  |  | 5 |  |  | 5 |  |  | 9 |  |  | NM |  | 7 |  |  | NM |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | (91) |  |  | (1) |  |  | (99) |  |
Consumer real estate |  | 2 |  |  | 1 |  |  | 2 |  |  | 2 |  |  | 3 |  |  | 1 |  |  | 74 |  |  | — |  |  | (9) |  |
Credit card and other 5 |  | 1 |  |  | 2 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | (27) |  |  | — |  |  | 2 |  |
Total Recoveries |  | 15 |  |  | 6 |  |  | 5 |  |  | 9 |  |  | 9 |  |  | 9 |  |  | NM |  | 6 |  |  | 62 |  |
Provision for loan and lease losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) * |  | 9 |  |  | 34 |  |  | 33 |  |  | 96 |  |  | 15 |  |  | (24) |  |  | (72) |  |  | (6) |  |  | (39) |  |
Commercial real estate |  | 59 |  |  | 21 |  |  | 6 |  |  | 14 |  |  | 16 |  |  | 38 |  |  | NM |  | 43 |  |  | NM |
Consumer real estate |  | (1) |  |  | (3) |  |  | 5 |  |  | 5 |  |  | 10 |  |  | 2 |  |  | 73 |  |  | (11) |  |  | NM |
Credit card and other 5 |  | — |  |  | 3 |  |  | 5 |  |  | 3 |  |  | 3 |  |  | (2) |  |  | (88) |  |  | (3) |  |  | (89) |  |
Total provision for loan and lease losses: |  | 68 |  |  | 54 |  |  | 49 |  |  | 118 |  |  | 45 |  |  | 14 |  |  | 26 |  |  | 23 |  |  | 51 |  |
Allowance for loan and lease losses - ending |  | $ | 821 |  |  | $ | 787 |  |  | $ | 773 |  |  | $ | 760 |  |  | $ | 737 |  |  | $ | 34 |  |  | 4 | % |  | $ | 84 |  |  | 11 | % |
Reserve for unfunded commitments - beginning |  | $ | 79 |  |  | $ | 83 |  |  | $ | 82 |  |  | $ | 90 |  |  | $ | 85 |  |  | $ | (4) |  |  | (5) | % |  | $ | (6) |  |  | (7) | % |
Cumulative effect of change in accounting principle |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | NM |  | — |  |  | NM |
Acquired reserve for unfunded commitments |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | NM |  | — |  |  | NM |
Provision for unfunded commitments |  | (13) |  |  | (4) |  |  | 1 |  |  | (8) |  |  | 5 |  |  | (9) |  |  | NM |  | (18) |  |  | NM |
Reserve for unfunded commitments - ending |  | $ | 66 |  |  | $ | 79 |  |  | $ | 83 |  |  | $ | 82 |  |  | $ | 90 |  |  | $ | (13) |  |  | (17) | % |  | $ | (24) |  |  | (27) | % |
Total allowance for credit losses- ending |  | $ | 887 |  |  | $ | 865 |  |  | $ | 856 |  |  | $ | 842 |  |  | $ | 827 |  |  | $ | 22 |  |  | 2 | % |  | $ | 60 |  |  | 7 | % |

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 |
|  | 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |
Allowance for loans and lease losses to loans and leases |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) |  | 1.03 | % |  | 1.06 | % |  | 1.04 | % |  | 1.01 | % |  | 0.98 | % |
Commercial real estate |  | 1.51 | % |  | 1.26 | % |  | 1.21 | % |  | 1.19 | % |  | 1.14 | % |
Consumer real estate |  | 1.66 | % |  | 1.69 | % |  | 1.71 | % |  | 1.67 | % |  | 1.64 | % |
Credit card and other 5 |  | 3.26 | % |  | 3.57 | % |  | 3.63 | % |  | 3.48 | % |  | 3.79 | % |
Total allowance for loans and lease losses to loans and leases |  | 1.31 | % |  | 1.27 | % |  | 1.26 | % |  | 1.23 | % |  | 1.20 | % |
Allowance for loans and lease losses to nonperforming loans and leases |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, and industrial (C&I) |  | 205 | % |  | 168 | % |  | 184 | % |  | 273 | % |  | 177 | % |
Commercial real estate |  | 85 | % |  | 115 | % |  | 126 | % |  | 135 | % |  | 219 | % |
Consumer real estate |  | 161 | % |  | 165 | % |  | 168 | % |  | 158 | % |  | 154 | % |
Credit card and other 5 |  | 1,295 | % |  | 1,766 | % |  | 1,202 | % |  | 1,364 | % |  | 1,384 | % |
Total allowance for loans and lease losses to nonperforming loans and leases |  | 143 | % |  | 156 | % |  | 167 | % |  | 193 | % |  | 183 | % |
Allowance for credit losses ratios |  |  |  |  |  |  |  |  |  |  |
Total allowance for credit losses to loans and leases 4 |  | 1.41 | % |  | 1.40 | % |  | 1.40 | % |  | 1.36 | % |  | 1.35 | % |
Total allowance for credit losses to nonperforming loans and leases 4 |  | 155 | % |  | 171 | % |  | 185 | % |  | 214 | % |  | 206 | % |

See footnote disclosures on page 19.
16

REGIONAL BANKING
Quarterly, Unaudited

|  |  |  |  |  |  |  |  |  |  | 2Q24 Change vs. |  |  |  |
| 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q24 |  | 2Q23 |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | $/bp |  | % |  | $/bp |  | % |  |  |  |  |  |  |  |
Income Statement (millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 522 |  |  | $ | 532 |  |  | $ | 548 |  |  | $ | 558 |  |  | $ | 586 |  |  | $ | (10) |  |  | (2) | % |  | $ | (64) |  |  | (11) | % |  |  |  |  |  |  |  |
Noninterest income | 109 |  |  | 105 |  |  | 106 |  |  | 106 |  |  | 106 |  |  | 4 |  |  | 4 |  |  | 3 |  |  | 3 |  |  |  |  |  |  |  |  |
Total revenue | 632 |  |  | 637 |  |  | 655 |  |  | 664 |  |  | 691 |  |  | (5) |  |  | (1) |  |  | (59) |  |  | (9) |  |  |  |  |  |  |  |  |
Noninterest expense | 334 |  |  | 324 |  |  | 334 |  |  | 311 |  |  | 314 |  |  | 10 |  |  | 3 |  |  | 20 |  |  | 6 |  |  |  |  |  |  |  |  |
Pre-provision net revenue 3 | 298 |  |  | 313 |  |  | 321 |  |  | 353 |  |  | 377 |  |  | (15) |  |  | (5) |  |  | (79) |  |  | (21) |  |  |  |  |  |  |  |  |
Provision for credit losses | 57 |  |  | 28 |  |  | 28 |  |  | 112 |  |  | 35 |  |  | 29 |  |  | 104 |  |  | 22 |  |  | 63 |  |  |  |  |  |  |  |
Income before income tax expense | 241 |  |  | 285 |  |  | 293 |  |  | 241 |  |  | 342 |  |  | (44) |  |  | (15) |  |  | (101) |  |  | (30) |  |  |  |  |  |  |  |  |
Income tax expense | 55 |  |  | 67 |  |  | 69 |  |  | 56 |  |  | 80 |  |  | (12) |  |  | (18) |  |  | (25) |  |  | (31) |  |  |  |  |  |  |  |  |
Net income | $ | 185 |  |  | $ | 219 |  |  | $ | 224 |  |  | $ | 185 |  |  | $ | 262 |  |  | $ | (34) |  |  | (16) | % |  | $ | (77) |  |  | (29) | % |  |  |  |  |  |  |  |
Average Balances (billions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total loans and leases | $ | 41.0 |  |  | $ | 40.6 |  |  | $ | 40.6 |  |  | $ | 40.6 |  |  | $ | 39.7 |  |  | $ | 0.4 |  |  | 1 | % |  | $ | 1.3 |  |  | 3 | % |  |  |  |  |  |  |  |
Interest-earning assets | 41.0 |  |  | 40.6 |  |  | 40.6 |  |  | 40.6 |  |  | 39.7 |  |  | 0.4 |  |  | 1 |  |  | 1.3 |  |  | 3 |  |  |  |  |  |  |  |  |
Total assets | 43.5 |  |  | 43.1 |  |  | 43.2 |  |  | 43.3 |  |  | 42.3 |  |  | 0.4 |  |  | 1 |  |  | 1.2 |  |  | 3 |  |  |  |  |  |  |  |  |
Total deposits | 57.5 |  |  | 57.8 |  |  | 58.6 |  |  | 58.0 |  |  | 55.2 |  |  | (0.3) |  |  | (1) |  |  | 2.3 |  |  | 4 |  |  |  |  |  |  |  |  |
Key Metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest margin 6 | 5.16 | % |  | 5.30 | % |  | 5.39 | % |  | 5.48 | % |  | 5.95 | % |  | (14) | bp |  |  |  | (79) | bp |  |  |  |  |  |  |  |  |  |
Efficiency ratio | 52.80 | % |  | 50.83 | % |  | 51.04 | % |  | 46.82 | % |  | 45.41 | % |  | 197 | bp |  |  |  | 739 | bp |  |  |  |  |  |  |  |  |  |
Loans-to-deposits ratio (period-end balances) | 72.05 | % |  | 69.82 | % |  | 68.76 | % |  | 69.68 | % |  | 70.22 | % |  | 223 | bp |  |  |  | 183 | bp |  |  |  |  |  |  |  |  |  |
Loans-to-deposits ratio (average-end balances) | 71.32 | % |  | 70.18 | % |  | 69.34 | % |  | 70.03 | % |  | 71.83 | % |  | 114 | bp |  |  |  | (51) | bp |  |  |  |  |  |  |  |  |  |
Return on average assets (annualized) | 1.71 | % |  | 2.04 | % |  | 2.06 | % |  | 1.70 | % |  | 2.48 | % |  | (33) | bp |  |  |  | (77) | bp |  |  |  |  |  |  |  |  |  |
Return on allocated equity 7 | 21.47 | % |  | 25.37 | % |  | 25.84 | % |  | 21.30 | % |  | 30.36 | % |  | (390) | bp |  |  |  | (889) | bp |  |  |  |  |  |  |  |  |  |
Financial center locations | 418 |  |  | 418 |  |  | 418 |  |  | 418 |  |  | 417 |  |  | — |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |

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

|  |  |  |  |  |  |  |  |  |  | 2Q24 Change vs. |  |  |  |
| 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q24 |  | 2Q23 |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | $/bp |  | % |  | $/bp |  | % |  |  |  |  |  |  |  |
Income Statement (millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 158 |  |  | $ | 153 |  |  | $ | 153 |  |  | $ | 161 |  |  | $ | 156 |  |  | $ | 5 |  |  | 3 | % |  | $ | 2 |  |  | 1 | % |  |  |  |  |  |  |  |
Noninterest income | 64 |  |  | 72 |  |  | 64 |  |  | 49 |  |  | 50 |  |  | (7) |  |  | (10) |  |  | 14 |  |  | 27 |  |  |  |  |  |  |  |  |
Total revenue | 222 |  |  | 224 |  |  | 217 |  |  | 209 |  |  | 206 |  |  | (3) |  |  | (1) |  |  | 15 |  |  | 7 |  |  |  |  |  |  |  |  |
Noninterest expense | 103 |  |  | 104 |  |  | 101 |  |  | 96 |  |  | 95 |  |  | (1) |  |  | (1) |  |  | 8 |  |  | 8 |  |  |  |  |  |  |  |  |
Pre-provision net revenue 3 | 119 |  |  | 120 |  |  | 116 |  |  | 114 |  |  | 112 |  |  | (1) |  |  | (1) |  |  | 8 |  |  | 7 |  |  |  |  |  |  |  |  |
Provision for credit losses | 1 |  |  | 23 |  |  | 31 |  |  | 2 |  |  | 18 |  |  | (22) |  |  | (98) |  |  | (18) |  |  | (97) |  |  |  |  |  |  |  |
Income before income tax expense | 119 |  |  | 97 |  |  | 85 |  |  | 111 |  |  | 93 |  |  | 21 |  |  | 22 |  |  | 25 |  |  | 27 |  |  |  |  |  |  |  |  |
Income tax expense | 29 |  |  | 24 |  |  | 21 |  |  | 27 |  |  | 23 |  |  | 5 |  |  | 22 |  |  | 6 |  |  | 28 |  |  |  |  |  |  |  |  |
Net income | $ | 90 |  |  | $ | 74 |  |  | $ | 64 |  |  | $ | 84 |  |  | $ | 71 |  |  | $ | 16 |  |  | 22 | % |  | $ | 19 |  |  | 27 | % |  |  |  |  |  |  |  |
Average Balances (billions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total loans and leases | $ | 20.7 |  |  | $ | 20.2 |  |  | $ | 20.1 |  |  | $ | 20.4 |  |  | $ | 19.8 |  |  | $ | 0.5 |  |  | 3 | % |  | $ | 0.9 |  |  | 5 | % |  |  |  |  |  |  |  |
Interest-earning assets | 23.3 |  |  | 22.4 |  |  | 22.4 |  |  | 22.7 |  |  | 22.0 |  |  | 0.8 |  |  | 4 |  |  | 1.3 |  |  | 6 |  |  |  |  |  |  |  |  |
Total assets | 24.6 |  |  | 23.8 |  |  | 23.9 |  |  | 24.1 |  |  | 23.3 |  |  | 0.8 |  |  | 3 |  |  | 1.3 |  |  | 5 |  |  |  |  |  |  |  |  |
Total deposits | 3.9 |  |  | 4.0 |  |  | 4.2 |  |  | 4.1 |  |  | 3.8 |  |  | (0.1) |  |  | (3) |  |  | 0.1 |  |  | 2 |  |  |  |  |  |  |  |  |
Key Metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income product average daily revenue (thousands) | $ | 488 |  |  | $ | 731 |  |  | $ | 463 |  |  | $ | 301 |  |  | $ | 348 |  |  | $ | (243) |  |  | (33) | % |  | $ | 140 |  |  | 40 | % |  |  |  |  |  |  |  |
Net interest margin 6 | 2.72 | % |  | 2.73 | % |  | 2.71 | % |  | 2.81 | % |  | 2.85 | % |  | (1) | bp |  |  |  | (13) | bp |  |  |  |  |  |  |  |  |  |
Efficiency ratio | 46.28 | % |  | 46.40 | % |  | 46.60 | % |  | 45.80 | % |  | 45.92 | % |  | (12) | bp |  |  |  | 36 | bp |  |  |  |  |  |  |  |  |  |
Loans-to-deposits ratio (period-end balances) | 551 | % |  | 539 | % |  | 524 | % |  | 493 | % |  | 534 | % |  | 1,224 | bp |  |  |  | 1,684 | bp |  |  |  |  |  |  |  |  |  |
Loans-to-deposits ratio (average-end balances) | 535 | % |  | 506 | % |  | 482 | % |  | 501 | % |  | 521 | % |  | 2,881 | bp |  |  |  | 1,330 | bp |  |  |  |  |  |  |  |  |  |
Return on average assets (annualized) | 1.47 | % |  | 1.25 | % |  | 1.06 | % |  | 1.39 | % |  | 1.21 | % |  | 22 | bp |  |  |  | 26 | bp |  |  |  |  |  |  |  |  |  |
Return on allocated equity 7 | 16.86 | % |  | 14.13 | % |  | 12.41 | % |  | 17.21 | % |  | 15.37 | % |  | 273 | bp |  |  |  | 149 | 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

|  | 2Q24 Change vs. |  |  |  |  |  |
| 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  | 1Q24 |  | 2Q23 |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | $ |  | % |  | $ |  | % |  |  |  |  |  |  |  |
Income Statement (millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income/(expense) | $ | (51) |  |  | $ | (60) |  |  | $ | (85) |  |  | $ | (113) |  |  | $ | (111) |  |  | $ | 9 |  |  | 15 | % |  | $ | 60 |  |  | 54 | % |  |  |  |  |  |  |  |
Noninterest income | 13 |  |  | 18 |  |  | 13 |  |  | 18 |  |  | 244 |  |  | (5) |  |  | (28) |  |  | (231) |  |  | (95) |  |  |  |  |  |  |  |  |
Total revenues | (39) |  |  | (43) |  |  | (72) |  |  | (95) |  |  | 133 |  |  | 4 |  |  | 9 |  |  | (172) |  |  | (129) |  |  |  |  |  |  |  |  |
Noninterest expense | 64 |  |  | 87 |  |  | 137 |  |  | 67 |  |  | 147 |  |  | (23) |  |  | (27) |  |  | (83) |  |  | (56) |  |  |  |  |  |  |  |  |
Pre-provision net revenue 3 | (103) |  |  | (130) |  |  | (209) |  |  | (162) |  |  | (14) |  |  | 27 |  |  | 21 |  |  | (89) |  |  | NM |  |  |  |  |  |  |  |
Provision for credit losses | (3) |  |  | (1) |  |  | (9) |  |  | (5) |  |  | (4) |  |  | (2) |  |  | NM |  | 1 |  |  | 17 |  |  |  |  |  |  |  |  |
Income before income tax expense | (100) |  |  | (129) |  |  | (200) |  |  | (158) |  |  | (10) |  |  | 29 |  |  | 23 |  |  | (90) |  |  | NM |  |  |  |  |  |  |  |
Income tax expense (benefit) | (29) |  |  | (33) |  |  | (100) |  |  | (31) |  |  | (7) |  |  | 5 |  |  | 15 |  |  | (22) |  |  | NM |  |  |  |  |  |  |  |
Net income/(loss) | $ | (71) |  |  | $ | (95) |  |  | $ | (100) |  |  | $ | (127) |  |  | $ | (3) |  |  | $ | 24 |  |  | 26 | % |  | $ | (68) |  |  | NM |  |  |  |  |  |  |  |
Average Balance Sheet (billions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest bearing assets | $ | 11.0 |  |  | $ | 11.8 |  |  | $ | 12.4 |  |  | $ | 13.0 |  |  | $ | 13.7 |  |  | $ | (0.8) |  |  | (7) | % |  | $ | (2.7) |  |  | (20) | % |  |  |  |  |  |  |  |
Total assets | 13.6 |  |  | 14.4 |  |  | 15.2 |  |  | 15.9 |  |  | 16.7 |  |  | (0.8) |  |  | (5) |  |  | (3.1) |  |  | (18) |  |  |  |  |  |  |  |  |

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 inclu des $190 million of commercia l credit card balances at June 30, 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 Share count was impacted by the repurchase of 11 million shares during 1Q24 and 14 million shares during 2Q24.
19

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quarterly, Unaudited |  |  |  |  |  |  |  |  |  |  |  |  |  |
($s in millions, except per share data) | 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  |  |  |  |
Tangible Common Equity (Non-GAAP) |  |  |  |  |  |  |  |  |  |  |  |  |  |
(A) Total equity (GAAP) | $ | 8,955 |  |  | $ | 9,173 |  |  | $ | 9,291 |  |  | $ | 8,794 |  |  | $ | 8,960 |  |  |  |  |  |
Less: Noncontrolling interest (a) | 295 |  |  | 295 |  |  | 295 |  |  | 295 |  |  | 295 |  |  |  |  |  |
Less: Preferred stock (a) | 426 |  |  | 520 |  |  | 520 |  |  | 520 |  |  | 520 |  |  |  |  |  |
(B) Total common equity | $ | 8,234 |  |  | $ | 8,358 |  |  | $ | 8,476 |  |  | $ | 7,978 |  |  | $ | 8,144 |  |  |  |  |  |
Less: Intangible assets (GAAP) (b) | 1,674 |  |  | 1,685 |  |  | 1,696 |  |  | 1,709 |  |  | 1,720 |  |  |  |  |  |
(C) Tangible common equity (Non-GAAP) | $ | 6,560 |  |  | $ | 6,673 |  |  | $ | 6,779 |  |  | $ | 6,270 |  |  | $ | 6,424 |  |  |  |  |  |
Tangible Assets (Non-GAAP) |  |  |  |  |  |  |  |  |  |  |  |  |  |
(D) Total assets (GAAP) | $ | 82,230 |  |  | $ | 81,799 |  |  | $ | 81,661 |  |  | $ | 82,533 |  |  | $ | 85,071 |  |  |  |  |  |
Less: Intangible assets (GAAP) (b) | 1,674 |  |  | 1,685 |  |  | 1,696 |  |  | 1,709 |  |  | 1,720 |  |  |  |  |  |
(E) Tangible assets (Non-GAAP) | $ | 80,556 |  |  | $ | 80,114 |  |  | $ | 79,965 |  |  | $ | 80,825 |  |  | $ | 83,351 |  |  |  |  |  |
Period-end Shares Outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |
(F) Period-end shares outstanding | 537 |  |  | 549 |  |  | 559 |  |  | 559 |  |  | 559 |  |  |  |  |  |
Ratios |  |  |  |  |  |  |  |  |  |  |  |  |  |
(A)/(D) Total equity to total assets (GAAP) | 10.89 | % |  | 11.21 | % |  | 11.38 | % |  | 10.65 | % |  | 10.53 | % |  |  |  |  |
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP) | 8.14 | % |  | 8.33 | % |  | 8.48 | % |  | 7.76 | % |  | 7.71 | % |  |  |  |  |
(B)/(F) Book value per common share (GAAP) | $ | 15.34 |  |  | $ | 15.23 |  |  | $ | 15.17 |  |  | $ | 14.28 |  |  | $ | 14.58 |  |  |  |  |  |
(C)/(F) Tangible book value per common share (Non-GAAP) | $ | 12.22 |  |  | $ | 12.16 |  |  | $ | 12.13 |  |  | $ | 11.22 |  |  | $ | 11.50 |  |  |  |  |  |

(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) |  | 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  |  |  |  |
Adjusted Diluted EPS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common shareholders ("NIAC") (GAAP) | a | $ | 184 |  |  | $ | 184 |  |  | $ | 175 |  |  | $ | 129 |  |  | $ | 317 |  |  |  |  |  |
Plus Total notable items (after-tax) (Non-GAAP) (a) |  | $ | 11 |  |  | $ | 12 |  |  | $ | 3 |  |  | $ | 20 |  |  | $ | (98) |  |  |  |  |  |
Adjusted net income available to common shareholders (Non-GAAP) | b | $ | 195 |  |  | $ | 196 |  |  | $ | 178 |  |  | $ | 150 |  |  | $ | 219 |  |  |  |  |  |
Diluted Shares (GAAP)8 | c | 547 |  |  | 558 |  |  | 561 |  |  | 561 |  |  | 561 |  |  |  |  |  |
Diluted EPS (GAAP) | a/c | $ | 0.34 |  |  | $ | 0.33 |  |  | $ | 0.31 |  |  | $ | 0.23 |  |  | $ | 0.56 |  |  |  |  |  |
Adjusted diluted EPS (Non-GAAP) | b/c | $ | 0.36 |  |  | $ | 0.35 |  |  | $ | 0.32 |  |  | $ | 0.27 |  |  | $ | 0.39 |  |  |  |  |  |
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income ("NI") (GAAP) |  | $ | 204 |  |  | $ | 197 |  |  | $ | 188 |  |  | $ | 142 |  |  | $ | 329 |  |  |  |  |  |
Plus Relevant notable items (after-tax) (Non-GAAP) (a) |  | $ | 4 |  |  | $ | 12 |  |  | $ | 3 |  |  | $ | 20 |  |  | $ | (98) |  |  |  |  |  |
Adjusted NI (Non-GAAP) |  | $ | 208 |  |  | $ | 209 |  |  | $ | 191 |  |  | $ | 163 |  |  | $ | 231 |  |  |  |  |  |
NI (annualized) (GAAP) | d | $ | 820 |  |  | $ | 791 |  |  | $ | 746 |  |  | $ | 565 |  |  | $ | 1,320 |  |  |  |  |  |
Adjusted NI (annualized) (Non-GAAP) | e | $ | 836 |  |  | $ | 838 |  |  | $ | 757 |  |  | $ | 646 |  |  | $ | 928 |  |  |  |  |  |
Average assets (GAAP) | f | $ | 81,721 |  |  | $ | 81,243 |  |  | $ | 82,313 |  |  | $ | 83,220 |  |  | $ | 82,304 |  |  |  |  |  |
ROA (GAAP) | d/f | 1.00 | % |  | 0.97 | % |  | 0.91 | % |  | 0.68 | % |  | 1.60 | % |  |  |  |  |
Adjusted ROA (Non-GAAP) | e/f | 1.02 | % |  | 1.03 | % |  | 0.92 | % |  | 0.78 | % |  | 1.13 | % |  |  |  |  |
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 |  |  | $ | 739 |  |  | $ | 695 |  |  | $ | 513 |  |  | $ | 1,270 |  |  |  |  |  |
Adjusted Net income available to common shareholders (annualized) (Non-GAAP) | h | $ | 785 |  |  | $ | 787 |  |  | $ | 706 |  |  | $ | 594 |  |  | $ | 878 |  |  |  |  |  |
Average Common Equity (GAAP) | i | $ | 8,228 |  |  | $ | 8,436 |  |  | $ | 8,090 |  |  | $ | 8,163 |  |  | $ | 7,747 |  |  |  |  |  |
Intangible Assets (GAAP) (b) |  | 1,680 |  |  | 1,691 |  |  | 1,702 |  |  | 1,714 |  |  | 1,726 |  |  |  |  |  |
Average Tangible Common Equity (Non-GAAP) | j | $ | 6,548 |  |  | $ | 6,745 |  |  | $ | 6,388 |  |  | $ | 6,448 |  |  | $ | 6,021 |  |  |  |  |  |
ROCE (GAAP) | g/i | 8.98 | % |  | 8.76 | % |  | 8.60 | % |  | 6.28 | % |  | 16.40 | % |  |  |  |  |
ROTCE (Non-GAAP) | g/j | 11.29 | % |  | 10.95 | % |  | 10.89 | % |  | 7.95 | % |  | 21.10 | % |  |  |  |  |
Adjusted ROTCE (Non-GAAP) | h/j | 11.99 | % |  | 11.65 | % |  | 11.05 | % |  | 9.21 | % |  | 14.59 | % |  |  |  |  |

(a) Adjusted for those notable items relevant to the amount being adjusted, 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) |  | 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23 |  |  |  |  |
Adjusted Noninterest Income as a % of Total Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest income (GAAP) | k | $ | 186 |  |  | $ | 194 |  |  | $ | 183 |  |  | $ | 173 |  |  | $ | 400 |  |  |  |  |  |
Plus notable items (pretax) (GAAP) (a) |  | — |  |  | — |  |  | (4) |  |  | — |  |  | (225) |  |  |  |  |  |
Adjusted noninterest income (Non-GAAP) | l | $ | 186 |  |  | $ | 194 |  |  | $ | 179 |  |  | $ | 173 |  |  | $ | 175 |  |  |  |  |  |
Revenue (GAAP) | m | $ | 815 |  |  | $ | 819 |  |  | $ | 800 |  |  | $ | 778 |  |  | $ | 1,031 |  |  |  |  |  |
Taxable-equivalent adjustment |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  |  |  |  |
Revenue- Taxable-equivalent (Non-GAAP) |  | 819 |  |  | 823 |  |  | 804 |  |  | 782 |  |  | 1,035 |  |  |  |  |  |
Plus notable items (pretax) (GAAP) (a) |  | — |  |  | — |  |  | (4) |  |  | — |  |  | (225) |  |  |  |  |  |
Adjusted revenue (Non-GAAP) | n | $ | 819 |  |  | $ | 823 |  |  | $ | 800 |  |  | $ | 782 |  |  | $ | 810 |  |  |  |  |  |
Securities gains/(losses) (GAAP) | o | $ | 1 |  |  | $ | — |  |  | $ | (5) |  |  | $ | — |  |  | $ | — |  |  |  |  |  |
Noninterest income as a % of total revenue (GAAP) | (k-o)/ (m-o) | 22.75 | % |  | 23.72 | % |  | 23.33 | % |  | 22.23 | % |  | 38.80 | % |  |  |  |  |
Adjusted noninterest income as a % of total revenue (Non-GAAP) | l/n | 22.64 | % |  | 23.61 | % |  | 22.32 | % |  | 22.11 | % |  | 21.60 | % |  |  |  |  |
Adjusted Efficiency Ratio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest expense (GAAP) | p | $ | 500 |  |  | $ | 515 |  |  | $ | 572 |  |  | $ | 474 |  |  | $ | 555 |  |  |  |  |  |
Plus notable items (pretax) (GAAP) (a) |  | (5) |  |  | (15) |  |  | (70) |  |  | (10) |  |  | (95) |  |  |  |  |  |
Adjusted noninterest expense (Non-GAAP) | q | $ | 495 |  |  | $ | 500 |  |  | $ | 502 |  |  | $ | 465 |  |  | $ | 461 |  |  |  |  |  |
Revenue (GAAP) | r | $ | 815 |  |  | $ | 819 |  |  | $ | 800 |  |  | $ | 778 |  |  | $ | 1,031 |  |  |  |  |  |
Taxable-equivalent adjustment |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  |  |  |  |
Revenue- Taxable-equivalent (Non-GAAP) |  | 819 |  |  | 823 |  |  | 804 |  |  | 782 |  |  | 1,035 |  |  |  |  |  |
Plus notable items (pretax) (GAAP) (a) |  | — |  |  | — |  |  | (4) |  |  | — |  |  | (225) |  |  |  |  |  |
Adjusted revenue (Non-GAAP) | s | $ | 819 |  |  | $ | 823 |  |  | $ | 800 |  |  | $ | 782 |  |  | $ | 810 |  |  |  |  |  |
Securities gains/(losses) (GAAP) | t | $ | 1 |  |  | $ | — |  |  | $ | (5) |  |  | $ | — |  |  | $ | — |  |  |  |  |  |
Efficiency ratio (GAAP) | p/ (r-t) | 61.44 | % |  | 62.92 | % |  | 71.14 | % |  | 60.96 | % |  | 53.89 | % |  |  |  |  |
Adjusted efficiency ratio (Non-GAAP) | q/s | 60.47 | % |  | 60.78 | % |  | 62.84 | % |  | 59.43 | % |  | 56.92 | % |  |  |  |  |

(a) Adjusted for those notable items relevant to the amount being adjusted, 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
|  | 2Q24 |  | 1Q24 |  | 2Q24 vs.1Q24 |  | 2Q24 |  | 1Q24 |  | 2Q24 vs.1Q24
Loans excluding LMC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Loans (GAAP) |  | $ | 62,781 |  |  | $ | 61,753 |  |  | $ | 1,028 |  |  | 2 | % |  | $ | 62,029 |  |  | $ | 61,152 |  |  | $ | 876 |  |  | 1 | %
LMC (GAAP) |  | 2,934 |  | 2,366 |  | 568 |  |  | 24 | % |  | 2,440 |  | 1,847 |  | 593 |  |  | 32 | %
Total Loans excl. LMC (Non-GAAP) |  | 59,847 |  |  | 59,387 |  |  | 460 |  |  | 1 | % |  | 59,589 |  |  | 59,305 |  |  | 284 |  |  | — | %
Total Consumer (GAAP) |  | 14,660 |  | 14,416 |  | 244 |  |  | 2 | % |  | 14,544 |  | 14,396 |  | 148 |  |  | 1 | %
Total Commercial excl. LMC (Non-GAAP) |  | 45,187 |  |  | 44,971 |  |  | 216 |  |  | — | % |  | 45,045 |  |  | 44,909 |  |  | 136 |  |  | — | %
Total CRE (GAAP) |  | 14,669 |  |  | 14,426 |  |  | 243 |  |  | 2 | % |  | 14,576 |  |  | 14,367 |  |  | 209 |  |  | 1 | %
Total C&I excl. LMC (Non-GAAP) |  | $ | 30,518 |  |  | $ | 30,545 |  |  | $ | (27) |  |  | — | % |  | $ | 30,469 |  |  | $ | 30,542 |  |  | $ | (73) |  |  | — | %

Numbers may not foot due to rounding.

|  | 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23
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 | $ | 821 |  |  | $ | 787 |  |  | $ | 773 |  |  | $ | 760 |  |  | $ | 737 |
Reserve for unfunded commitments (GAAP) |  | 66 |  |  | 79 |  |  | 83 |  |  | 82 |  |  | 90 |
Allowance for credit losses (Non-GAAP) | B | $ | 887 |  |  | $ | 865 |  |  | $ | 856 |  |  | $ | 842 |  |  | $ | 827 |
Loans and leases (GAAP) | C | $ | 62,781 |  |  | $ | 61,753 |  |  | $ | 61,292 |  |  | $ | 61,778 |  |  | $ | 61,295 |
Nonaccrual loans and leases (GAAP) | D | $ | 574 |  |  | $ | 505 |  |  | $ | 462 |  |  | $ | 394 |  |  | $ | 402 |
Allowance for loans and lease losses to loans and leases (GAAP) | A/C | 1.31 | % |  | 1.27 | % |  | 1.26 | % |  | 1.23 | % |  | 1.20 | %
Allowance for credit losses to loans and leases (Non-GAAP) | B/C | 1.41 | % |  | 1.40 | % |  | 1.40 | % |  | 1.36 | % |  | 1.35 | %
Allowance for loans and lease losses to nonperforming loans and leases (GAAP) | A/D | 143 | % |  | 156 | % |  | 167 | % |  | 193 | % |  | 183 | %
Allowance for credit losses to nonperforming loans and leases (Non-GAAP) | B/D | 155 | % |  | 171 | % |  | 185 | % |  | 214 | % |  | 206 | %

Numbers may not foot due to rounding.
23

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION |  |  |  |
Quarterly, Unaudited |  |  |  |
($s in millions) |  |  |  |
|  | 2Q24 |  | 1Q24 |  | 4Q23 |  | 3Q23 |  | 2Q23
Adjusted Pre-provision Net Revenue (PPNR) |  |  |  |  |  |  |  |  |  |
Pre-tax income (GAAP) |  | $ | 260 |  |  | $ | 254 |  |  | $ | 177 |  |  | $ | 194 |  |  | $ | 425 |
Plus notable items (pretax) (GAAP) (a) |  | 5 |  |  | 15 |  |  | 67 |  |  | 10 |  |  | (130) |
Adjusted Pre-tax income (non-GAAP) |  | $ | 265 |  |  | $ | 269 |  |  | $ | 244 |  |  | $ | 204 |  |  | $ | 295 |
Plus provision expense (GAAP) |  | 55 |  |  | 50 |  |  | 50 |  |  | 110 |  |  | 50 |
Adjusted Pre-provision net revenue (PPNR) (non-GAAP) |  | $ | 320 |  |  | $ | 319 |  |  | $ | 294 |  |  | $ | 314 |  |  | $ | 345 |
Taxable-equivalent adjustment |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |
Pre-provision net revenue-Taxable-equivalent (Non-GAAP) |  | $ | 324 |  |  | $ | 323 |  |  | $ | 298 |  |  | $ | 318 |  |  | $ | 349 |

(a) Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 8.
Numbers may not foot due to rounding.
24

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.
25