# EDGAR Filing Document

**Accession Number:** 0000036966
**File Stem:** 0000036966-23-000004
**Filing Date:** 2023-1
**Character Count:** 161521
**Document Hash:** cbcdef2d0fda1547b4563c9a0eb16233
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000036966-23-000004.hdr.sgml**: 20230118

**ACCESSION NUMBER**: 0000036966-23-000004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20230118

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230118

**DATE AS OF CHANGE**: 20230118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST HORIZON CORP
- **CENTRAL INDEX KEY:** 0000036966
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 620803242
- **STATE OF INCORPORATION:** TN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15185
- **FILM NUMBER:** 23534504

**BUSINESS ADDRESS:**
- **STREET 1:** 165 MADISON AVENUE
- **CITY:** MEMPHIS
- **STATE:** TN
- **ZIP:** 38103
- **BUSINESS PHONE:** 9018186232

**MAIL ADDRESS:**
- **STREET 1:** 165 MADISON AVENUE
- **CITY:** MEMPHIS
- **STATE:** TN
- **ZIP:** 38103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST HORIZON NATIONAL CORP
- **DATE OF NAME CHANGE:** 20040422

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST TENNESSEE NATIONAL CORP
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST TENNESSEE BANKS INC
- **DATE OF NAME CHANGE:** 19600201

?xml version="1.0" ? fhn-20230118

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

______________________________________

**FORM 8-K** 

_____________________________________

**CURRENT REPORT**

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

**January 18, 2023**

Date of Report (date of earliest event reported)

![fhn-20230118_g1.jpg](fhn-20230118_g1.jpg)

**(Exact name of registrant as specified in its charter)**

---

| | | | |
|:---|:---|:---|:---|
| **TN** | **001-15185** | **001-15185** | **62-0803242** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| **165 Madison Avenue** | **Memphis,** | **Tennessee** | **38103** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) |

---

(Registrant's telephone number, including area code) **(901) 523-4444** 

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Exchange on which Registered** |
| $0.625 Par Value Common Capital Stock | FHN | New York Stock Exchange LLC |
| Depositary Shares, each representing a 1/400th interest in | FHN PR B | New York Stock Exchange LLC |
| a share of Non-Cumulative Perpetual Preferred Stock, Series B | FHN PR B | New York Stock Exchange LLC |
| Depositary Shares, each representing a 1/400th interest in | FHN PR C | New York Stock Exchange LLC |
| a share of Non-Cumulative Perpetual Preferred Stock, Series C | FHN PR C | New York Stock Exchange LLC |
| Depositary Shares, each representing a 1/400th interest in | FHN PR D | New York Stock Exchange LLC |
| a share of Non-Cumulative Perpetual Preferred Stock, Series D | FHN PR D | New York Stock Exchange LLC |
| Depositary Shares, each representing a 1/4,000th interest in | FHN PR E | New York Stock Exchange LLC |
| a share of Non-Cumulative Perpetual Preferred Stock, Series E | FHN PR E | New York Stock Exchange LLC |
| Depositary Shares, each representing a 1/4,000th interest in | FHN PR F | New York Stock Exchange LLC |
| a share of Non-Cumulative Perpetual Preferred Stock, Series F | FHN PR F | New York Stock Exchange LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

------

**ITEM 2.02. Results of Operations and Financial Condition.**

**ITEM 7.01. Regulation FD Disclosure.**

Furnished as Exhibit 99.1 is a copy of the First Horizon Corporation ("FHN" or "First Horizon") Fourth Quarter 2022 Earnings Release, released today.

Furnished as Exhibit 99.2 is a copy of the Investor Slide Presentation for the quarter ended December 31, 2022, released today.

Exhibits 99.1 and 99.2 are furnished pursuant to Item 2.02, "Results of Operations and Financial Condition" and Item 7.01, "Regulation FD Disclosure." The exhibits speak as of the date thereof and FHN does not assume any obligation to update in the future the information therein.

**Use of Non-GAAP Measures and Regulatory Measures that are not GAAP in the Exhibits**

Certain measures included in or furnished by this report are "non-GAAP," meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. Although other entities may use calculation methods that differ from those used by FHN for non-GAAP measures, FHN's management believes such measures are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. Non-GAAP measures are reported to FHN's management and Board of Directors through various internal reports.

The non-GAAP measures presented in, with, or by this report are: fully taxable equivalent measures; core net interest income ("NII"); core net interest margin ("NIM"); pre-provision net revenue ("PPNR"); loans and leases, allowance for credit losses ("ACL"), and ratios excluding Loans to Mortgage Companies ("LMC") and/or loans under the federal paycheck protection program ("PPP"); 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 results and performance measures and ratios adjusted for notable items identified in the exhibits.

Reconciliations of non-GAAP to GAAP measures and presentation of the most comparable GAAP items are presented near the end (immediately before the Glossary) of Exhibit 99.1-Earnings Release and at the end of Exhibit 99.2-Investor Slide Presentation.

Presentation of regulatory measures, even those which are not GAAP, provide a meaningful base for comparability to other financial institutions subject to the same regulations as FHN, as demonstrated by their use by banking regulators in reviewing capital adequacy of financial institutions. Although not GAAP terms, these regulatory measures are not considered "non-GAAP" under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in this report include: 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 ("RWA"), which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios.

**Forward-Looking Statements**

This report, including material incorporated into it or furnished by it, 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 "<u>Securities Act</u>"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), with respect to First Horizon Corporation's (the "<u>First Horizon</u>") 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. The words "believe," "expect," "anticipate," "intend," "target," "plan", "estimate," "should," "likely," "will," "going forward" and other expressions that indicate future events and trends identify forward-looking statements.

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 the control of First Horizon, and many of which, with respect to future business decisions and actions, are subject to change and which could cause actual results to differ materially from those contemplated or implied by forward-looking statements or historical performance. Examples of uncertainties and contingencies include factors previously disclosed in First Horizon's reports filed with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") as well as the following factors, among others: the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between First Horizon and The Toronto-Dominion Bank ("<u>TD</u>"); the outcome of any legal proceedings that may be instituted against First Horizon or TD, including potential litigation that may be instituted against First Horizon or its directors or officers related to the proposed transaction or the definitive merger agreement between First Horizon and TD related to the proposed transaction; the timing and completion of the transaction, including the possibility that the proposed transaction will not close when expected or at all because required regulatory or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated; interloper risk; the risk

---

| | |
|:---|:---|
| **FIRST HORIZON CORPORATION**<sub>2</sub> | **FORM 8-K CURRENT REPORT 1/18/2023** |

---

------

First Horizon cautions readers of this report, including its exhibits, that the list above is not exhaustive as of the date of this report. Actual results could differ and First Horizon's estimates and expectations could change, possibly materially, because of one or more factors, including those factors listed above or presented elsewhere in this report or those factors listed in material incorporated by reference into this report. In evaluating forward-looking statements and assessing First Horizon's prospects, readers of this report should carefully consider the factors mentioned above along with the additional risk and uncertainty factors discussed: in the forepart, and in Items 1, 1A, and 7, of First Horizon's most recent Annual Report on Form 10-K, as amended; and in the forepart, and in Item 1A of Part II, of First Horizon's Quarterly Report(s) on Form 10-Q filed this year. First Horizon assumes no obligation to update or revise any forward-looking statements that are made in this report or in any other statement, release, report, or filing from time to time.

**ITEM 9.01. Financial Statements and Exhibits.**

(d)Exhibits

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

---

| | |
|:---|:---|
| Exhibit # | Description |
| 99.1 | <u>[First Horizon Corporation](a4q2022earningsrelease.htm)[Fourth](a4q2022earningsrelease.htm)[Quarter 2022 Earnings Release](a4q2022earningsrelease.htm)</u> |
| 99.2 | <u>[First Horizon Corporation Investor Slide Presentation for the quarter ended December 31, 2022](a4q22earningsslides-fina.htm)</u> |
| 104 | Cover Page Interactive Data File, formatted in Inline XBRL |

---

---

| | |
|:---|:---|
| **FIRST HORIZON CORPORATION**<sub>3</sub> | **FORM 8-K CURRENT REPORT 1/18/2023** |

---

------

**SIGNATURES**

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

---

| | | | |
|:---|:---|:---|:---|
| | | **FIRST HORIZON CORPORATION** | **FIRST HORIZON CORPORATION** |
| | | (Registrant) | (Registrant) |
| Date: | January 18, 2023 | By: | /s/ Hope Dmuchowski |
|  |  | Hope Dmuchowski | Hope Dmuchowski |
|  |  | *Senior Executive Vice President—Chief Financial Officer* | *Senior Executive Vice President—Chief Financial Officer* |
|  |  | (Duly Authorized Officer and Principal Financial Officer) | (Duly Authorized Officer and Principal Financial Officer) |

---

---

| | |
|:---|:---|
| **FIRST HORIZON CORPORATION**<sub>4</sub> | **FORM 8-K CURRENT REPORT 1/18/2023** |

---

## Exhibit 99.1

------

![fhnlogo.jpg](fhnlogo.jpg)

**First Horizon Corporation Reports Fourth Quarter 2022 Net Income Available to Common Shareholders of** 

**$258 Million, or EPS of $0.45; $293 Million, or $0.51, on an Adjusted Basis\***

**Pre-provision net revenue down 7% from the prior quarter and up 5% on an adjusted basis\***

 ***ROTCE of 19.1% and adjusted ROTCE of 21.7% with tangible book value per share of $10.23\****

**MEMPHIS, TN** (January 18, 2023) – First Horizon Corporation (NYSE: FHN or "First Horizon") today reported fourth quarter net income available to common shareholders ("NIAC") of $258 million, or earnings per share of $0.45, compared with third quarter 2022 NIAC of $257 million, or earnings per share of $0.45.

Fourth quarter 2022 results were reduced by a net $34 million after-tax, or $0.06 per share, of notable items compared with a net $5 million, or $0.01 per share, increase in third quarter 2022. Excluding notable items, adjusted fourth quarter 2022 NIAC of $293 million, or $0.51 per share, increased from $252 million, or $0.44 per share in third quarter 2022.

Full year 2022 NIAC of $868 million, or earnings per share of $1.53, compares with $962 million, or earnings per share of $1.74, in 2021, largely reflecting the impact of provision expense. 2022 results included a net $82 million after-tax reduction, or $0.15, from notable items compared with $179 million, or $0.32 per share, in 2021. On an adjusted basis, full year 2022 NIAC of $950 million, or earnings per share of $1.68, compares with NIAC of $1.1 billion, or earnings per share $2.07 in 2021.&nbsp;&nbsp;&nbsp;&nbsp;

"Our results for the quarter and year reflect the strength of our markets and the continued momentum of our attractive business mix," said Chairman and Chief Executive Officer Bryan Jordan. "Amidst global uncertainty and a challenging macroeconomic landscape, we delivered exceptional net interest income, net interest margin, strong loan growth, and successfully achieved our annualized net cost save target of two hundred million."

Jordan continued, "I am incredibly proud of our associates for their steadfast commitment to drive value for our clients, communities, and shareholders as we look forward to completing the pending transaction with The Toronto-Dominion Bank (TD)."

**<u>Notable Items</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Quarterly/Annually, Unaudited ($s in millions, except per share data)* | **4Q22** | 3Q22 | 4Q21 | **2022** | 2021 |
| ***Summary of Notable Items:*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**IBKC:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase accounting gain/(loss)\* | $**—** | $— | $— | $**—** | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other noninterest income | **—** |  | 4 | **1** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merger/acquisition expense | **(4)** | (3) | (38) | **(49)** | (187) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total IBKC merger-acquisition-related items** | **(4)** | (3) | (35) | **(48)** | (183) |
| &nbsp;&nbsp;&nbsp;&nbsp;**TD:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction-related expense | **(31)** | (21) |  | **(87)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total TD transaction-related items** | **(31)** | (21) |  | **(87)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Net Merger/acquisition/transaction-related items** | **(36)** | (24) | (35) | **(135)** | (183) |
| &nbsp;&nbsp;**Other notable items:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain/(loss) on TruPS redemption (other noninterest income) | **—** |  | (3) | **—** | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on mortgage servicing rights (mortgage banking and title) | **—** |  |  | **12** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of title services business (other noninterest income) | **1** | 21 |  | **22** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain related to equity securities investment (other noninterest income) | **—** | 10 |  | **16** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other notable expenses | **(10)** |  | (16) | **(22)** | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total other notable items** | **(9)** | 31 | (19) | **28** | (52) |
| **Total Notable items (pre-tax)** | **(45)** | 7 | (54) | **(107)** | 235 |
| **Total Notable items (after-tax)** | $**(34)** | $5 | $(41) | $**(82)** | $(179) |
| **EPS impact of notable items** | $**(0.06)** | $0.01 | $(0.08) | $**(0.15)** | $(0.32) |
| Numbers may not foot due to rounding. \* Purchase accounting gain is nontaxable income. |  |  |  |  |  |

---

\*ROTCE, PPNR, Core net interest income (NII), tangible book value per share, loans and leases excluding PPP and/or LMC, and "Adjusted" results are Non-GAAP Financial Measures; NII, Total Revenue, NIM and PPNR are presented on a fully taxable equivalent basis; References to loans include leases and EPS are based on diluted shares; Capital ratios are preliminary. See page 7 for information on our use of Non-GAAP measures and their reconciliation to GAAP beginning on page 23.

------

Fourth quarter pre-tax net notable items include TD transaction-related costs of $31 million, and IBKC merger-related expense of $4 million. Other notable items reflect $10 million tied to derivative valuation adjustments related to prior Visa Class-B share sales and a $1 million additional gain on the sale of the title services business.

------

**<u>Fourth Quarter 2022 Versus Third Quarter 2022 Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Total revenue of $882 million increased $7 million and adjusted revenue of $885 million increased $38 million, or 4%, reflecting strength in net interest income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest income of $709 million increased $47 million, or 7%, despite a $6 million reduction in net merger-related and PPP benefits. Core net interest income was up $53 million as the benefit of higher rates and loan balances was partially offset by higher funding costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noninterest income of $174 million decreased $39 million and adjusted noninterest income of $173 million decreased $8 million as higher deferred compensation income and other noninterest income was more than offset by reductions in fixed income and mortgage banking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noninterest expense of $503 million increased $35 million and adjusted noninterest expense of $458 million increased $14 million largely as a $10 million increase in other noninterest income and a $9 million increase in deferred compensation expense was partially offset by a reduction in salaries and employee benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provision expense of $45 million compared with $60 million in third quarter 2022 reflects the impact of loan growth and revised macroeconomic outlook. 4Q22 provision includes reduction in losses expected from Hurricane Ian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average interest-earning assets of $72.8 billion decreased $3.2 billion largely as a $1.0 billion increase in loans was more than offset by a $3.7 billion decrease in interest-bearing deposits with banks and a $0.2 billion decrease in investment securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Average loans before the impact of PPP up $1.1 billion as an increase in commercial balances and consumer real estate was partially offset by a $617 million decrease in loans to mortgage companies ("LMC").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Period-end loans before the impact of PPP increased $801 million, or 1%, driven by a $419 million increase in commercial. Period-end commercial loans excluding PPP and LMC rose 2%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Average deposits of $64.9 billion decreased $3.3 billion, or 5%, driven by a $1.7 billion decrease in DDA and a $1.1 billion decrease in savings. Total deposit costs of 69 basis points increased 44 basis points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Allowance for credit losses ("ACL") to loans ratio of 1.33% remained relatively stable compared to 1.31% at September 30, 2022. The ACL to nonperforming loans ratio of 244% decreased from 258% at September 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Net charge-offs of $26 million increased $14 million; nonperforming loans of $316 million increased 8% linked quarter and the nonperforming loan ratio of 0.54% increased from 0.51% at September 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** ROCE of 14.4%; ROTCE of 19.1%; Adjusted ROTCE of 21.7%; CET 1 ratio of 10.2%; and total capital ratio of 13.3%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tangible book value per share of $10.23 at December 31, 2022 compared with $9.72 at September 30, 2022 and reflected a $0.57 increase tied to adjusted NIAC and a $0.15 increase tied to MTM valuation adjustments on AFS securities and cash flow hedges.

**<u>Strategic Update</u>**

**IBKC Merger**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Achieved $200 million of targeted annualized net cost saves target in 4Q22.

**Pending Acquisition by TD**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• TD expects the deal to close in the first half of its 2023 fiscal year, subject to the receipt of required regulatory approvals and satisfaction of other closing conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued progress on integration planning and Legal Day One readiness.

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SUMMARY RESULTS** | | | | | | | | | |
| **Quarterly, Unaudited** | | | | | | | | | |
|  |  |  |  | *4Q22 Change vs.* | *4Q22 Change vs.* | *4Q22 Change vs.* | *4Q22 Change vs.* | *4Q22 Change vs.* | *4Q22 Change vs.* |
| *($s in millions, except per share and balance sheet data)* | **4Q22** | 3Q22 | 4Q21 | 3Q22 | 3Q22 | 3Q22 | 4Q21 | 4Q21 | 4Q21 |
|  |  |  |  | **$/bp** | **$/bp** | **%** | **$/bp** | **$/bp** | **%** |
| **<u>Income Statement</u>** |  |  |  |  |  |  |  |  |  |
| Interest income - taxable equivalent<sup>1</sup> | $**860** | $737 | $534 | $123 |  | 17% | $326 |  | 61% |
| Interest expense- taxable equivalent<sup>1</sup> | **148** | 71 | 33 | 77 |  | 108 | 115 |  | NM |
| Net interest income- taxable equivalent | **712** | 666 | 502 | 46 |  | 7 | 210 |  | 42 |
| Less: Taxable-equivalent adjustment | **4** | 4 | 3 |  |  |  | 1 |  | 33 |
| Net interest income | **709** | 662 | 498 | 47 |  | 7 | 211 |  | 42 |
| Noninterest income | **174** | 213 | 247 | (39) |  | (18) | (73) |  | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total revenue | **882** | 875 | 745 | 7 |  | 1 | 137 |  | 18 |
| Noninterest expense | **503** | 468 | 528 | 35 |  | 7 | (25) |  | (5) |
| Pre-provision net revenue<sup>3</sup> | **379** | 406 | 217 | (27) |  | (7) | 162 |  | 75 |
| Provision for credit losses | **45** | 60 | (65) | (15) |  | (25) | 110 |  | NM |
| Income before income taxes | **334** | 346 | 282 | (12) |  | (3) | 52 |  | 18 |
| Provision for income taxes | **64** | 78 | 53 | (14) |  | (18) | 11 |  | 21 |
| **Net income** | **270** | 268 | 229 | 2 |  | 1 | 41 |  | 18 |
| Net income attributable to noncontrolling interest | **4** | 3 | 3 | 1 |  | 33 | 1 |  | 33 |
| Net income attributable to controlling interest | **266** | 265 | 227 | 1 |  |  | 39 |  | 17 |
| Preferred stock dividends | **8** | 8 | 8 |  |  |  |  |  |  |
| **Net income available to common shareholders** | $**258** | $257 | $219 | $1 |  | —% | $39 |  | 18% |
| **Adjusted net income**<sup>4</sup> | $**304** | $263 | $270 | $41 |  | 16% | $34 |  | 13% |
| **Adjusted net income available to common shareholders**<sup>4</sup> | $**293** | $252 | $260 | $41 |  | 16% | $33 |  | 13% |
| **<u>Common stock information</u>** |  |  |  |  |  |  |  |  |  |
| EPS | $**0.45** | $0.45 | $0.40 | $— |  | —% | $0.05 |  | 13% |
| Adjusted EPS<sup>4</sup> | $**0.51** | $0.44 | $0.48 | $0.07 |  | 16% | $0.03 |  | 6% |
| Diluted shares<sup>8</sup> | **572** | 570 | 542 | 2 |  | —% | 30 |  | 6% |
| **<u>Key performance metrics</u>** |  |  |  |  |  |  |  |  |  |
| Net interest margin | **3.89%** | 3.49% | 2.42% | 40 | bp |  | 147 | bp |  |
| Efficiency ratio | **57.07** | 53.56 | 70.88 | 351 |  |  | (1381) |  |  |
| Adjusted efficiency ratio<sup>4</sup> | **51.70** | 52.42 | 63.31 | (72) |  |  | (1161) |  |  |
| Effective income tax rate | **19.19** | 22.58 | 18.63 | (339) |  |  | 56 |  |  |
| Return on average assets | **1.35** | 1.29 | 1.02 | 6 |  |  | 33 |  |  |
| Adjusted return on average assets<sup>4</sup> | **1.52** | 1.27 | 1.21 | 25 |  |  | 31 |  |  |
| Return on average common equity ("ROCE") | **14.4** | 13.9 | 11.3 | 57 |  |  | 316 |  |  |
| Return on average tangible common equity ("ROTCE")<sup>4</sup> | **19.1** | 18.2 | 14.7 | 91 |  |  | 442 |  |  |
| Adjusted ROTCE<sup>4</sup> | **21.7** | 17.9 | 17.5 | 379 |  |  | 417 |  |  |
| Noninterest income as a % of total revenue | **19.68** | 24.30 | 33.10 | (462) |  |  | (1342) |  |  |
| Adjusted noninterest income as a % of total revenue<sup>4</sup> | **19.55%** | 21.37% | 32.95% | (182) | bp |  | (1340) | bp |  |
| **<u>Balance Sheet (billions)</u>** |  |  |  |  |  |  |  |  |  |
| Average loans | $**57.6** | $56.5 | $54.7 | $1 |  | 2% | $2.9 |  | 5% |
| Average deposits | **64.9** | 68.1 | 74.6 | (3.3) |  | (5) | (9.7) |  | (13) |
| Average assets | **79.5** | 82.6 | 89.0 | (3.0) |  | (4) | (9.5) |  | (11) |
| Average common equity | $**7.1** | $7.4 | $7.7 | $(0.3) |  | (3)% | $(0.6) |  | (8)% |
| **<u>Asset Quality Highlights</u>** |  |  |  |  |  |  |  |  |  |
| Allowance for credit losses to loans and leases | **1.33%** | 1.31% | 1.34% | 2 | bp |  | (1) | bp |  |
| Net charge-off ratio | **0.18** | 0.08 | 0.01 | 9 |  |  | 17 |  |  |
| Nonperforming loan and leases ratio | **0.54%** | 0.51% | 0.50% | 4 | bp |  | 4 | bp |  |
| **<u>Capital Ratio Highlights (current quarter is an estimate)</u>** |  |  |  |  |  |  |  |  |  |
| Common Equity Tier 1 | **10.2%** | 9.9% | 9.9% | 24 | bp |  | 25 | bp |  |
| Tier 1 | **11.9** | 11.7 | 11.0 | 22 |  |  | 88 |  |  |
| Total Capital | **13.3** | 13.1 | 12.3 | 24 |  |  | 99 |  |  |
| Tier 1 leverage | **10.4%** | 9.8% | 8.1% | 57 | bp |  | 228 | bp |  |

---

Numbers may not foot due to rounding.

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

See footnote disclosures on page 22.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SUMMARY RESULTS** | | | | | |
| **Annual, Unaudited** | | | | | |
| *($s in millions, except per share and balance sheet data)* | **2022** | 2021 | 2022 vs. 2021 | 2022 vs. 2021 | 2022 vs. 2021 |
|  |  |  | **$/bp** | **$/bp** | **%** |
| **<u>Income Statement</u>** |  |  |  |  |  |
| Interest income - taxable equivalent<sup>1</sup> | $**2696** | $2170 | $526 |  | 24% |
| Interest expense- taxable equivalent<sup>1</sup> | **292** | 163 | 129 |  | 79 |
| Net interest income- taxable equivalent | **2405** | 2006 | 399 |  | 20 |
| Less: Taxable-equivalent adjustment | **13** | 12 | 1 |  | 8 |
| Net interest income | **2392** | 1994 | 398 |  | 20 |
| Noninterest income | **816** | 1076 | (260) |  | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total revenue | **3208** | 3070 | 138 |  | 4 |
| Noninterest expense | **1953** | 2095 | (142) |  | (7) |
| Pre-provision net revenue<sup>4</sup> | **1254** | 975 | 279 |  | 29 |
| Provision for credit losses<sup>5</sup> | **95** | (310) | 405 |  | 131 |
| Income before income taxes | **1159** | 1285 | (126) |  | (10) |
| Provision for income taxes | **247** | 274 | (27) |  | (10) |
| **Net income** | **912** | 1010 | (98) |  | (10) |
| Net income attributable to noncontrolling interest | **12** | 11 | 1 |  | 9 |
| Net income attributable to controlling interest | **900** | 999 | (99) |  | (10) |
| Preferred stock dividends | **32** | 37 | (5) |  | (14) |
| **Net income available to common shareholders** | $**868** | $962 | $(94) |  | (10) |
| **Adjusted net income**<sup>5</sup> | $**994** | $1189 | $(196) |  | (17) |
| **Adjusted net income available to common shareholders**<sup>5</sup> | $**950** | $1140 | $(190) |  | (17)% |
| **<u>Common stock information</u>** |  |  |  |  |  |
| EPS | $**1.53** | $1.74 | $(0.21) |  | (12)% |
| Adjusted EPS<sup>5</sup> | $**1.68** | $2.07 | $(0.39) |  | (19)% |
| Diluted shares | **566** | 551 | 15 |  | 3% |
| **<u>Key performance metrics</u>** |  |  |  |  |  |
| Net interest margin | **3.10%** | 2.48% | 62 | bp |  |
| Efficiency ratio | **60.90** | 68.25 | (735) |  |  |
| Adjusted efficiency ratio<sup>6</sup> | **56.64** | 60.64 | (400) |  |  |
| Effective income tax rate | **21.32** | 21.36 | (4) |  |  |
| Return on average assets | **1.08** | 1.15 | (7) |  |  |
| Adjusted return on average assets<sup>6</sup> | **1.18** | 1.36 | (18) |  |  |
| Return on average common equity ("ROCE") | **11.8** | 12.5 | (72) |  |  |
| Return on average tangible common equity ("ROTCE")<sup>6</sup> | **15.6** | 16.5 | (88) |  |  |
| Adjusted ROTCE<sup>6</sup> | **17.0** | 19.3 | (233) |  |  |
| Noninterest income as a % of total revenue | **25.44** | 35.04 | (960) |  |  |
| Adjusted noninterest income as a % of total revenue<sup>6</sup> | **24.14%** | 36.38% | (1224) | bp |  |
| **<u>Balance Sheet (billions)</u>** |  |  |  |  |  |
| Average loans | $**56.0** | $56.3 | $(0.3) |  | (1)% |
| Average deposits | **69.7** | 73.1 | (3.4) |  | (5) |
| Average assets | **84.2** | 87.6 | (3.4) |  | (4) |
| Average common equity | $**7.3** | $7.7 | $(0.3) |  | (4)% |
| **<u>Asset Quality Highlights</u>** |  |  |  |  |  |
| Allowance for credit losses to loans and leases | **1.33%** | 1.34% | (1) | bp |  |
| Net charge-off ratio | **0.11%** |  | 11 |  |  |
| Nonperforming loan and leases ratio | **0.54%** | 0.50% | 4 | bp |  |
| **<u>Capital Ratio Highlights (current quarter is an estimate)</u>** |  |  |  |  |  |
| Common Equity Tier 1 | **10.2%** | 9.9% | 24 | bp |  |
| Tier 1 | **11.9** | 11.0 | 22 |  |  |
| Total Capital | **13.3** | 12.3 | 24 |  |  |
| Tier 1 leverage | **10.4%** | 8.1% | 57 | bp |  |

---

Numbers may not foot due to rounding.

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

See footnote disclosures on page 22.

------

**<u>Fourth Quarter 2022 versus Third Quarter 2022</u>**

**Net interest income** 

Net interest income of $709 million increased $47 million despite a $6 million reduction tied to net merger-related and PPP benefits. Core net interest income increased $53 million as the benefit of higher rates and loan balances was partially offset by higher funding costs. Net interest margin of 3.89% improved 40 basis points largely as the benefit of higher rates, loan growth and lower cash was partially offset by the impact of higher funding costs.

**Noninterest income**

Noninterest income of $174 million decreased $39 million and included a $31 million decrease in the benefit of notable items. Adjusted noninterest income of $173 million decreased $8 million reflecting reductions in fixed income and mortgage banking partially offset by an increase in deferred compensation. Fixed income average daily revenue of $403 thousand compared with $524 thousand in third quarter 2022 reflecting the impact of increasing interest rates, macro economic uncertainty and market volatility.

**Noninterest expense** 

Noninterest expense of $503 million increased $35 million and included a $21 million increase in notable items. Adjusted noninterest expense of $458 million increased $14 million largely as higher deferred compensation expense and other noninterest expense was partially offset by a reduction in salaries and employee benefits. Linked quarter trends also reflect a $4 million benefit tied to incremental IBKC merger cost savings.

**Loans and leases**

Average loan and lease balances of $57.6 billion increased $1.0 billion reflecting a 1% increase in commercial and a 3% increase in consumer. Commercial loan growth reflected a $442 million increase in commercial and industrial and a $169 million increase in commercial real estate. Consumer loan growth increased $411 million compared to the prior quarter, driven by a $416 million increase in consumer real estate. Results reflect a $617 million reduction in loans to mortgage companies ("LMC") and a $83 million decrease in PPP loans. Loan balances excluding PPP and LMC increased $1.8 billion compared to the prior quarter, driven by a $1.3 billion increase in commercial.

Period-end loans and leases of $58.1 billion increased $0.7 billion from third quarter 2022, reflecting a 1% increase in commercial and a 3% increase in consumer. Before the impact of PPP and LMC, period-end loans increased $1.3 billion, or 2%, driven by a $0.9 billion increase in all other commercial loans.

**Deposits**

Average deposits of $64.9 billion decreased $3.3 billion, or 5%. Period-end deposits of $63.5 billion decreased $2.5 billion reflecting a $2.3 billion decrease in noninterest-bearing and a $0.2 billion decrease in interest-bearing. Total deposit costs of 69 basis points increased 44 basis points with a 70 basis point increase in interest-bearing deposit costs.

**Asset quality**

Provision expense of $45 million compared with $60 million in third quarter 2022 reflects the impact of loan growth and revised macroeconomic outlook. 4Q22 provision includes reduction in losses expected from Hurricane Ian.

Net charge-offs of $26 million, or 18 basis points, compared with $12 million, or 8 basis points in third quarter 2022.

Nonperforming loans of $316 million increased $24 million. Fourth quarter 2022 ACL to nonperforming loans coverage ratio of 244% compared with 258% in third quarter 2022.

The ACL to loans ratio increased to 1.33% from 1.31% in the third quarter 2022.

------

**Capital** 

CET1 ratio of 10.2% in fourth quarter 2022 compared with 9.9% in third quarter 2022. Total capital ratio of 13.3% vs. 13.1% in third quarter 2022.

**Income taxes**

The fourth quarter 2022 effective tax rate of 19.2% compares with 22.6% in third quarter 2022. On an adjusted basis, the effective tax rate of 19.8% in the fourth quarter 2022 improved from 22.4% in third quarter 2022.

**Forward-Looking Statements** 

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

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

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

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

Certain measures included in this report are "non-GAAP," meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. Although other entities may use calculation methods that differ from those used by FHN for non-GAAP measures, FHN's management believes such measures are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. Non-GAAP measures are reported to FHN's management and Board of Directors through various internal reports.

The non-GAAP measures presented in this earnings release are fully taxable equivalent measures, core net interest income ("NII"), pre-provision net revenue ("PPNR"), loans and leases excluding paycheck protection program ('PPP") and/or Loans to Mortgage Companies ("LMC"), return on average tangible common equity ("ROTCE"), tangible common equity ("TCE") to tangible assets ("TA"), tangible book value ("TBV") per common share, and various consolidated and segment results and performance measures and ratios adjusted for notable items.

Presentation of regulatory measures, even those which are not GAAP, provide a meaningful base for comparability to other financial institutions subject to the same regulations as FHN, as demonstrated by their use by banking regulators in reviewing capital adequacy of financial institutions. Although not GAAP terms, these regulatory measures are not considered "non-GAAP" under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in this financial supplement include: common equity tier 1 capital ("CET1"), generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common

------

equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk-weighted assets, which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios.

Refer to the tabular reconciliation of non-GAAP to GAAP measures and presentation of the most comparable GAAP items, beginning on page 23.

**First Horizon Corp. (NYSE: FHN)**, with $79.0 billion in assets as of December 31, 2022, 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 - investorrelations@firsthorizon.com

&nbsp;&nbsp;&nbsp;&nbsp;Media Relations - Beth.Ardoin@firsthorizon.com

------

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED INCOME STATEMENT** | | | | | | | | | | |
| Quarterly, Unaudited |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | *4Q22 Change vs.* | *4Q22 Change vs.* |  |  | 2022 vs 2021 |
| *($s in millions, except per share data)* | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q22 | 4Q21 | **2022** | 2021 |  |
|  |  |  |  |  |  | $**%** | $% |  |  | $**%** |
| Interest income - taxable equivalent<sup>1</sup> | $**860** | $737 | $586 | $513 | $534 | 17% | 61% | $**2696** | $2170 | 24% |
| Interest expense- taxable equivalent<sup>1</sup> | **148** | 71 | 41 | 31 | 33 | 108 | NM | **292** | 163 | 79 |
| Net interest income- taxable equivalent | **712** | 666 | 545 | 482 | 502 | 7 | 42 | **2405** | 2006 | 20 |
| Less: Taxable-equivalent adjustment | **4** | 4 | 3 | 3 | 3 |  | 33 | **13** | 12 | 8 |
| **Net interest income** | **709** | 662 | 542 | 479 | 498 | 7 | 42 | **2392** | 1994 | 20 |
| *Noninterest income:* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed income | **35** | 46 | 51 | 73 | 82 | (24) | (57) | **205** | 406 | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking and title | **4** | 9 | 34 | 22 | 28 | (56) | (86) | **68** | 154 | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokerage, trust, and insurance | **33** | 34 | 36 | 37 | 36 | (3) | (8) | **141** | 141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges and fees | **56** | 56 | 57 | 57 | 56 |  |  | **226** | 219 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Card and digital banking fees | **20** | 21 | 23 | 20 | 19 | (5) | 5 | **84** | 78 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation income | **7** | (3) | (17) | (4) |  | NM | NM | **(17)** | 13 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noninterest income | **20** | 50 | 16 | 24 | 25 | (60) | (20) | **110** | 66 | 67 |
| **Total noninterest income** | **174** | 213 | 201 | 229 | 247 | (18) | (30) | **816** | 1076 | (24) |
| **Total revenue** | **882** | 875 | 743 | 707 | 745 | 1 | 18 | **3208** | 3070 | 4 |
| *Noninterest expense:* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Personnel expense:* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries and benefits | **178** | 186 | 190 | 190 | 190 | (4) | (6) | **743** | 767 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentives and commissions | **97** | 92 | 93 | 94 | 93 | 5 | 4 | **376** | 423 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation expense | **7** | (2) | (18) | (5) | 7 | NM |  | **(18)** | 20 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Total personnel expense | **281** | 275 | 265 | 280 | 290 | 2 | (3) | **1101** | 1210 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and equipment<sup>2</sup> | **71** | 71 | 73 | 72 | 74 |  | (4) | **286** | 300 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Outside services | **70** | 66 | 70 | 84 | 81 | 6 | (14) | **290** | 290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | **13** | 13 | 13 | 13 | 14 |  | (7) | **51** | 56 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noninterest expense | **69** | 44 | 68 | 44 | 70 | 57 | (1) | **225** | 239 | (6) |
| **Total noninterest expense** | **503** | 468 | 489 | 493 | 528 | 7 | (5) | **1953** | 2095 | (7) |
| Pre-provision net revenue<sup>3</sup> | **379** | 406 | 255 | 215 | 217 | (7) | 75 | **1254** | 975 | 29 |
| **Provision for credit losses** | **45** | 60 | 30 | (40) | (65) | (25) | NM | **95** | (310) | 131 |
| **Income before income taxes** | **334** | 346 | 225 | 255 | 282 | (3) | 18 | **1159** | 1285 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | **64** | 78 | 48 | 57 | 53 | (18) | 21 | **247** | 274 | (10) |
| **Net income** | **270** | 268 | 177 | 198 | 229 | 1 | 18 | **912** | 1010 | (10) |
| Net income attributable to noncontrolling interest | **4** | 3 | 3 | 3 | 3 | 33 | 33 | **12** | 11 | 9 |
| Net income attributable to controlling interest | **266** | 265 | 174 | 195 | 227 |  | 17 | **900** | 999 | (10) |
| Preferred stock dividends | **8** | 8 | 8 | 8 | 8 |  |  | **32** | 37 | (14) |
| Net income available to common shareholders | $**258** | $257 | $166 | $187 | $219 | —% | 18% | $**868** | $962 | (10)% |
| **Common Share Data** |  |  |  |  |  |  |  |  |  |  |
| EPS | $**0.48** | $0.48 | $0.31 | $0.35 | $0.41 | —% | 18% | $**1.62** | $1.76 | (8)% |
| Basic shares | **536** | 536 | 535 | 533 | 537 |  |  | **535** | 546 | (2) |
| Diluted EPS | $**0.45** | $0.45 | $0.29 | $0.34 | $0.40 |  | 13 | $**1.53** | $1.74 | (12) |
| Diluted shares<sup>8</sup> | **572** | 570 | 569 | 550 | 542 | —% | 6% | **566** | 551 | 3% |
| Effective tax rate | **19.2%** | 22.6% | 21.3% | 22.4% | 18.6% |  |  | **21.3%** | 21.4% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;Numbers may not foot due to rounding. See footnote disclosures on page 22.

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| |
|:---|
| **ADJUSTED**<sup>5</sup> **FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 11** |
| Quarterly, Unaudited |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | *4Q22 Change vs.* | *4Q22 Change vs.* |  |  | 2022 vs 2021 |
| *($s in millions, except per share data)* | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q22 | 4Q21 | **2022** | 2021 |  |
|  |  |  |  |  |  | $**%** | $% |  |  | $**%** |
| **Net interest income (FTE)**<sup>1</sup> | $**712** | $666 | $545 | $482 | $502 | 7% | 42% | $**2405** | $2006 | 20% |
| **Adjusted noninterest income:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed income | **35** | 46 | 51 | 73 | 82 | (24) | (57) | **205** | 406 | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted mortgage banking and title | **4** | 9 | 22 | 22 | 28 | (56) | (86) | **56** | 154 | (64) |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokerage, trust, and insurance | **33** | 34 | 36 | 37 | 36 | (3) | (8) | **141** | 141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges and fees | **56** | 56 | 57 | 57 | 56 |  |  | **226** | 219 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Card and digital banking fees | **20** | 21 | 23 | 20 | 19 | (5) | 5 | **84** | 78 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation income | **7** | (3) | (17) | (4) |  | NM | NM | **(17)** | 13 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted other noninterest income | **20** | 18 | 15 | 18 | 25 | 11 | (20) | **71** | 89 | (20) |
| **Adjusted total noninterest income** | $**173** | $181 | $188 | $223 | $246 | (4)% | (30)% | $**765** | $1099 | (30)% |
| **Total revenue (FTE)**<sup>1</sup> | $**885** | $847 | $733 | $704 | $748 | 4% | 18% | $**3170** | $3105 | 2% |
| **Adjusted noninterest expense:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted personnel expense: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted salaries and benefits | $**178** | $185 | $190 | $188 | $189 | (4)% | (6)% | $**741** | $766 | (3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Incentives and commissions | **70** | 68 | 71 | 92 | 84 | 3 | (17) | **301** | 367 | (18)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted deferred compensation expense | **7** | (2) | (18) | (5) | 1 | NM | NM | **(18)** | 14 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted total personnel expense | **254** | 251 | 244 | 275 | 274 | 1 | (7) | **1024** | 1147 | (11)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted occupancy and equipment<sup>2</sup> | **71** | 70 | 72 | 72 | 73 | 1 | (3) | **284** | 294 | (3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted outside services | **64** | 64 | 61 | 59 | 66 |  | (3) | **248** | 241 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted amortization of intangible assets | **12** | 12 | 12 | 12 | 13 |  | (8) | **48** | 53 | (9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted other noninterest expense | **58** | 48 | 50 | 37 | 46 | 21 | 26 | **192** | 148 | 30% |
| **Adjusted total noninterest expense** | $**458** | $444 | $438 | $455 | $474 | 3% | (3)% | $**1795** | $1883 | (5)% |
| **Adjusted pre-provision net revenue**<sup>3</sup> | $**424** | $403 | $295 | $249 | $274 | 5% | 55% | $**1362** | $1222 | 11% |
| **Provision for credit losses** | $**45** | $60 | $30 | $(40) | $(65) | (25)% | NM | $**95** | $(310) | 131% |
| **Adjusted net income available to common shareholders** | $**293** | $252 | $195 | $211 | $260 | 16% | 13% | $**950** | $1140 | (17)% |
| **Adjusted Common Share Data** |  |  |  |  |  |  |  |  |  |  |
| Adjusted diluted EPS | $**0.51** | $0.44 | $0.34 | $0.38 | $0.48 | 16% | 6% | $**1.68** | $2.07 | (19)% |
| Diluted shares<sup>8</sup> | **572** | 570 | 569 | 550 | 542 | —% | 6% | **566** | 551 | 3% |
| Adjusted effective tax rate | **19.8%** | 22.4% | 21.7% | 22.5% | 19.5% |  |  | **21.5%** | 21.8% |  |
| Adjusted ROTCE | **21.7%** | 17.9% | 14.2% | 14.7% | 17.5% |  |  | **17.0%** | 19.3% |  |
| Adjusted efficiency ratio | **51.7%** | 52.4% | 59.8% | 64.6% | 63.3% |  |  | **56.6%** | 60.6% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Numbers may not foot due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See footnote disclosures on page 22.

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| |
|:---|
| **NOTABLE ITEMS** |
| Quarterly, Unaudited |

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions)* | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 | **2022** | 2021 |
| ***Summary of Notable Items:*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase accounting gain\* | $**—** | $— | $— | $— | $— | $**—** | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain/(loss) on TRUPS redemption (other noninterest income) | **—** |  |  |  | (3) | **—** | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;IBKC Branch sale gain (other noninterest income) | **—** |  |  |  | 4 | **1** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of title services business | **1** | 21 |  |  |  | **22** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain related to equity securities investments | **—** | 10 |  | 6 |  | **16** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of mortgage servicing rights | **—** |  | 12 |  |  | **12** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;IBKC merger/acquisition expense | **(4)** | (3) | (13) | (28) | (38) | **(49)** | (187) |
| &nbsp;&nbsp;&nbsp;&nbsp;TD transaction-related expense | **(31)** | (21) | (25) | (9) |  | **(87)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other notable expenses\*\* | **(10)** |  | (12) |  | (16) | **(22)** | (26) |
| **Total notable items** | **(45)** | 7 | (38) | (32) | (54) | **(107)** | 235 |
| **EPS impact of notable items** | $**(0.06)** | $0.01 | $(0.05) | $(0.04) | $(0.08) | $**(0.15)** | $(0.32) |

---

Numbers may not foot due to rounding

\* Purchase accounting gain is nontaxable income.

\*\* 4Q22 and 2Q22 includes $10 million and $12 million, respectively of Visa derivative valuation expense; 4Q21 includes $10 million of Visa derivative valuation expense and $6 million of deferred compensation expense.

---

| |
|:---|
| **IMPACT OF NOTABLE ITEMS:** |
| Quarterly, Unaudited |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(In millions)* | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 | **2022** | 2021 |
| Impacts of Notable Items: |  |  |  |  |  |  |  |
| ***Noninterest income:*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking and title | $**—** | $— | $(12) | $— | $— | $**(12)** | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noninterest income | **(1)** | (32) |  | (6) |  | **(38)** | 23 |
| **Total noninterest income** | $**(1)** | $(32) | $(13) | $(6) | $— | $**(51)** | $23 |
| ***Noninterest expense:*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Personnel expenses:* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries and benefits | $**—** | $— | $1 | $(2) | $— | $**(2)** | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentives and commissions | **(27)** | (24) | (22) | (2) | (9) | **(76)** | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation expense | **—** |  |  |  | (6) | **—** | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total personnel expenses | **(27)** | (25) | (21) | (4) | (16) | **(77)** | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and equipment<sup>2</sup> | **—** | (1) | (1) |  |  | **(2)** | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Outside services | **(6)** | (2) | (9) | (25) | (15) | **(42)** | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | **(1)** | (1) | (1) | (1) | (1) | **(3)** | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noninterest expense | **(11)** | 4 | (18) | (7) | (23) | **(33)** | (92) |
| **Total noninterest expense** | $**(46)** | $(25) | $(50) | $(37) | $(54) | $**(158)** | $(212) |
| Income before income taxes | $**45** | $(7) | $38 | $32 | $54 | $**107** | $235 |
| Provision for income taxes | **11** | (2) | 9 | 7 | 13 | **25** | 56 |
| Net income/(loss) available to common shareholders | $**34** | $(5) | $29 | $24 | $41 | $**82** | $179 |

---

Numbers may not foot due to rounding

------

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FINANCIAL RATIOS** | | | | | | | | | | | | | | | | |
| Quarterly, Unaudited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | *4Q22 Change vs.* | *4Q22 Change vs.* | *4Q22 Change vs.* | *4Q22 Change vs.* | *4Q22 Change vs.* | *4Q22 Change vs.* |  |  | 2022 vs. 2021 | 2022 vs. 2021 | 2022 vs. 2021 |
|  | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q22 | 3Q22 | 3Q22 | 4Q21 | 4Q21 | 4Q21 | **2022** | 2021 | 2022 vs. 2021 | 2022 vs. 2021 | 2022 vs. 2021 |
| **<u>FINANCIAL RATIOS</u>** |  |  |  |  |  | $/bp | $/bp | % | $/bp | $/bp | % |  |  | $/bp | $/bp | % |
| Net interest margin | **3.89%** | 3.49% | 2.74% | 2.37% | 2.42% | 40 | bp |  | 147 | bp |  | **3.10%** | 2.48% | 62 | bp |  |
| Return on average assets | **1.35%** | 1.29% | 0.82% | 0.90% | 1.02% | 6 |  |  | 33 |  |  | **1.08%** | 1.15% | (7) |  |  |
| Adjusted return on average assets<sup>4</sup> | **1.52%** | 1.27% | 0.95% | 1.02% | 1.21% | 25 |  |  | 31 |  |  | **1.18%** | 1.36% | (18) |  |  |
| Return on average common equity ("ROCE") | **14.42%** | 13.85% | 9.12% | 9.92% | 11.26% | 57 |  |  | 316 |  |  | **11.81%** | 12.53% | (72) |  |  |
| Return on average tangible common equity ("ROTCE")<sup>4</sup> | **19.14%** | 18.23% | 12.07% | 12.98% | 14.72% | 91 |  |  | 442 |  |  | **15.58%** | 16.46% | (88) |  |  |
| Adjusted ROTCE<sup>4</sup> | **21.68%** | 17.89% | 14.15% | 14.68% | 17.51% | 379 |  |  | 417 |  |  | **16.96%** | 19.29% | (233) |  |  |
| Noninterest income as a % of total revenue | **19.68%** | 24.30% | 27.06% | 32.31% | 33.10% | (462) |  |  | (1342) |  |  | **25.44%** | 35.04% | (960) |  |  |
| Adjusted noninterest income as a % of total revenue<sup>4</sup> | **19.55%** | 21.37% | 25.68% | 31.63% | 32.95% | (182) |  |  | (1340) |  |  | **24.14%** | 36.38% | (1224) |  |  |
| Efficiency ratio | **57.07%** | 53.56% | 65.76% | 69.66% | 70.88% | 351 |  |  | (1381) |  |  | **60.90%** | 68.25% | (735) |  |  |
| Adjusted efficiency ratio<sup>4</sup> | **51.70%** | 52.42% | 59.79% | 64.64% | 63.31% | (72) |  |  | (1161) |  |  | **56.64%** | 60.64% | (400) |  |  |
| **CAPITAL DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CET1 capital ratio\* | **10.2%** | 9.9% | 9.8% | 10.0% | 9.9% | 24 | bp |  | 25 | bp |  | **10.2%** | 9.9% | 27 | bp |  |
| Tier 1 capital ratio\* | **11.9%** | 11.7% | 11.6% | 11.8% | 11.0% | 22 | bp |  | 88 | bp |  | **11.9%** | 11.0% | 92 | bp |  |
| Total capital ratio\* | **13.3%** | 13.1% | 13.0% | 13.2% | 12.3% | 24 | bp |  | 99 | bp |  | **13.3%** | 12.3% | 103 | bp |  |
| Tier 1 leverage ratio\* | **10.4%** | 9.8% | 9.1% | 8.8% | 8.1% | 57 | bp |  | 228 | bp |  | **10.4%** | 8.1% | 226 | bp |  |
| Risk-weighted assets ("RWA") (billions) | $**69.2** | $68.6 | $67.3 | $65 | $64.2 | $1 |  | 1% | $5 |  | 8% | $**69.2** | $64.2 | $5 |  | 7% |
| Total equity to total assets | **10.83%** | 10.32% | 10.04% | 9.81% | 9.53% | 51 | bp |  | 130 | bp |  | **10.83%** | 9.53% | 130 | bp |  |
| Tangible common equity/tangible assets ("TCE/TA")<sup>4</sup> | **7.12%** | 6.64% | 6.55% | 6.44% | 6.73% | 48 | bp |  | 39 | bp |  | **7.12%** | 6.73% | 39 | bp |  |
| Period-end shares outstanding (millions) | **537** | 537 | 536 | 535 | 534 |  |  | —% | 3 |  | 1% | **537** | 534 | 3 |  | 1% |
| Cash dividends declared per common share | $**0.15** | $0.15 | $0.15 | $0.15 | $0.15 | $— |  | —% | $— |  | —% | $**0.60** | $0.60 | $— |  |  |
| Book value per common share | $**13.48** | $12.99 | $13.50 | $13.82 | $14.39 | $0.49 |  | 4% | $(0.91) |  | (6)% | $**13.48** | $14.39 | $(0.91) |  | (6)% |
| Tangible book value per common share<sup>4</sup> | $**10.23** | $9.72 | $10.18 | $10.46 | $11.00 | $0.51 |  | 5% | $(0.77) |  | (7)% | $**10.23** | $11.00 | $(0.77) |  | (7)% |
| **SELECTED BALANCE SHEET DATA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Loans-to-deposit ratio (period-end balances) | **91.51%** | 86.88% | 80.13% | 74.23% | 73.25% | 463 | bp |  | 1826 | bp |  | **91.51%** | 73.25% | 1826 | bp |  |
| Loans-to-deposit ratio (average balances) | **88.73%** | 82.99% | 77.25% | 72.93% | 73.29% | 574 | bp |  | 1544 | bp |  | **80.22%** | 76.98% | 324 | bp |  |
| Full-time equivalent associates | **7477** | 7569 | 7627 | 7900 | 7863 | (92) |  | (1)% | (386) |  | (5)% | **7642** | 8067 | (425) |  | (5)% |

---

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

\*Current quarter is an estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See footnote disclosures on page 22.

------

**CONSOLIDATED PERIOD-END BALANCE SHEET**

Quarterly, Unaudited

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | *4Q22 Change vs.* | *4Q22 Change vs.* |
| *(In millions)* | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q22 | 4Q21 |
|  |  |  |  |  |  | $**%** | $**%** |
| **Assets:** |  |  |  |  |  |  |  |
| *Loans and leases:* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial, financial, and industrial (C&I) | $**31780** | $31620 | $31276 | $30798 | $31068 | 1% | 2% |
| &nbsp;&nbsp;&nbsp;Commercial real estate | **13228** | 13021 | 12942 | 12487 | 12109 | 2 | 9 |
| Total Commercial | **45008** | 44641 | 44218 | 43285 | 43177 | 1 | 4 |
| &nbsp;&nbsp;&nbsp;Consumer real estate | **12253** | 11864 | 11441 | 10874 | 10772 | 3 | 14 |
| &nbsp;&nbsp;Credit card and other<sup>5</sup> | **840** | 849 | 870 | 854 | 910 | (1) | (8) |
| Total Consumer | **13093** | 12712 | 12311 | 11727 | 11682 | 3 | 12 |
| Loans and leases, net of unearned income | **58101** | 57354 | 56529 | 55012 | 54859 | 1 | 6 |
| Loans held for sale | **590** | 680 | 870 | 1014 | 1172 | (13) | (50) |
| Investment securities | **10207** | 10103 | 9628 | 9943 | 9419 | 1 | 8 |
| Trading securities | **1375** | 1421 | 1392 | 1823 | 1601 | (3) | (14) |
| Interest-bearing deposits with banks | **1384** | 3241 | 9475 | 13548 | 14907 | (57) | (91) |
| Federal funds sold and securities purchased under agreements to resell | **482** | 690 | 712 | 640 | 641 | (30) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest earning assets** | **72139** | 73489 | 78606 | 81980 | 82600 | (2) | (13) |
| Cash and due from banks | **1061** | 1193 | 1133 | 1225 | 1147 | (11) | (7) |
| Goodwill and other intangible assets, net | **1744** | 1757 | 1782 | 1795 | 1808 | (1) | (4) |
| Premises and equipment, net | **612** | 622 | 636 | 669 | 665 | (2) | (8) |
| Allowance for loan and lease losses | **(685)** | (664) | (624) | (622) | (670) | (3) | (2) |
| Other assets | **4082** | 3903 | 3598 | 3614 | 3542 | 5 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**78953** | $80299 | $85132 | $88660 | $89092 | (2)% | (11)% |
| **Liabilities and Shareholders' Equity:** |  |  |  |  |  |  |  |
| *Deposits:* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Savings | $**21971** | $22800 | $24376 | $25772 | $26457 | (4)% | (17)% |
| &nbsp;&nbsp;&nbsp;Time deposits | **2887** | 2671 | 2888 | 3165 | 3500 | 8 | (18) |
| &nbsp;&nbsp;&nbsp;Other interest-bearing deposits | **15165** | 14730 | 16172 | 17126 | 17054 | 3 | (11) |
| Total interest-bearing deposits | **40023** | 40202 | 43436 | 46063 | 47012 |  | (15) |
| Trading liabilities | **335** | 383 | 394 | 513 | 426 | (13) | (21) |
| Short-term borrowings | **2506** | 1416 | 1953 | 1719 | 2124 | 77 | 18 |
| Term borrowings | **1597** | 1597 | 1599 | 1591 | 1590 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest-bearing liabilities** | **44461** | 43598 | 47382 | 49885 | 51151 | 2 | (13) |
| Noninterest-bearing deposits | **23466** | 25813 | 27114 | 28052 | 27883 | (9) | (16) |
| Other liabilities | **2480** | 2605 | 2085 | 2027 | 1564 | (5) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **70406** | 72016 | 76581 | 79964 | 80598 | (2) | (13) |
| *Shareholders' Equity:* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock | **1014** | 1014 | 1014 | 1014 | 520 |  | 95 |
| &nbsp;&nbsp;&nbsp;Common stock | **336** | 335 | 335 | 334 | 333 |  | 1 |
| &nbsp;&nbsp;&nbsp;Capital surplus | **4840** | 4812 | 4791 | 4769 | 4742 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;Retained earnings | **3430** | 3254 | 3079 | 2996 | 2891 | 5 | 19 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss, net | **(1367)** | (1427) | (963) | (711) | (288) | 4 | NM |
| &nbsp;&nbsp;&nbsp;Combined shareholders' equity | **8251** | 7987 | 8255 | 8400 | 8199 | 3 | 1 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest | **295** | 295 | 295 | 295 | 295 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | **8547** | 8283 | 8551 | 8696 | 8494 | 3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $**78953** | $80299 | $85132 | $88660 | $89092 | (2)% | (11)% |
| **Memo:** |  |  |  |  |  |  |  |
| Total Deposits | $**63489** | $66014 | $70550 | $74114 | $74895 | (4)% | (15)% |
| **Unfunded Loan Commitments:** |  |  |  |  |  |  |  |
| Commercial | $**22833** | $23706 | $23251 | $21813 | $20487 | (4)% | 11% |
| Consumer | $**4329** | $4248 | $3972 | $3882 | $3936 | 2% | 10% |

---

Numbers may not foot due to rounding. See footnote disclosures on page 22.

------

**CONSOLIDATED AVERAGE BALANCE SHEET**

Quarterly, Unaudited

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | *4Q22 Change vs.* | *4Q22 Change vs.* |  |  | 2022 vs. 2021 |
| *(In millions)* | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q22 | 4Q21 | **2022** | 2021 |  |
|  |  |  |  |  |  | $% | $% |  |  | $% |
| **Assets:** |  |  |  |  |  |  |  |  |  |  |
| *Loans and leases:* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial, financial, and industrial (C&I) | $**31562** | $31120 | $30963 | $30215 | $30780 | 1% | 3% | $**30969** | $32011 | (3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | **13095** | 12926 | 12626 | 12229 | 12220 | 1 | 7 | **12722** | 12314 | 3 |
| Total Commercial | **44657** | 44046 | 43589 | 42445 | 43001 | 1 | 4 | **43691** | 44325 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer real estate | **12049** | 11633 | 11120 | 10769 | 10738 | 4 | 12 | **11397** | 10969 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit card and other<sup>5</sup> | **858** | 864 | 867 | 869 | 943 | (1) | (9) | **864** | 1005 | (14) |
| Total Consumer | **12907** | 12496 | 11987 | 11638 | 11681 | 3 | 10 | **12261** | 11974 | 2 |
| Loans and leases, net of unearned income | **57564** | 56543 | 55576 | 54082 | 54682 | 2 | 5 | **55952** | 56298 | (1) |
| Loans held-for-sale | **597** | 761 | 1027 | 1156 | 1252 | (22) | (52) | **883** | 956 | (8) |
| Investment securities | **10132** | 10315 | 9781 | 9668 | 9269 | (2) | 9 | **9976** | 8623 | 16 |
| Trading securities | **1311** | 1342 | 1509 | 1594 | 1552 | (2) | (15) | **1438** | 1365 | 5 |
| Interest-bearing deposits with banks | **2618** | 6341 | 10989 | 14902 | 15065 | (59) | (83) | **8672** | 13123 | (34) |
| Federal funds sold and securities purchased under agreements to resell | **583** | 661 | 857 | 753 | 650 | (12) | (10) | **713** | 621 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest earning assets** | **72805** | 75963 | 79739 | 82155 | 82469 | (4) | (12) | **77635** | 80987 | (4) |
| Cash and due from banks | **1118** | 1246 | 1281 | 1226 | 1263 | (10) | (12) | **1217** | 1261 | (3) |
| Goodwill and other intangibles assets, net | **1750** | 1767 | 1789 | 1802 | 1815 | (1) | (4) | **1777** | 1836 | (3) |
| Premises and equipment, net | **616** | 629 | 645 | 655 | 676 | (2) | (9) | **636** | 712 | (11) |
| Allowances for loan and lease losses | **(675)** | (639) | (621) | (658) | (714) | (6) | 5 | **(648)** | (834) | 22 |
| Other assets | **3907** | 3585 | 3493 | 3407 | 3515 | 9 | 11 | **3599** | 3647 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**79521** | $82551 | $86326 | $88587 | $89025 | (4)% | (11)% | $**84217** | $87609 | (4)% |
| **Liabilities and shareholders' equity:** |  |  |  |  |  |  |  |  |  |  |
| *Deposits:* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings | $**22477** | $23569 | $24841 | $26330 | $26731 | (5)% | (16)% | $**24292** | $27283 | (11)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Time deposits | **2720** | 2759 | 3040 | 3343 | 3695 | (1) | (26) | **2963** | 4281 | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest-bearing deposits | **14658** | 15102 | 16273 | 16558 | 15900 | (3) | (8) | **15641** | 15688 |  |
| Total interest-bearing deposits | **39855** | 41431 | 44154 | 46230 | 46326 | (4) | (14) | **42896** | 47252 | (9) |
| Trading liabilities | **353** | 372 | 585 | 614 | 556 | (5) | (36) | **480** | 540 | (11) |
| Short-term borrowings | **1821** | 1711 | 1710 | 1995 | 2249 | 6 | (19) | **1808** | 2308 | (22) |
| Term borrowings | **1597** | 1598 | 1597 | 1591 | 1575 |  | 1 | **1596** | 1645 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest-bearing liabilities** | **43626** | 45112 | 48046 | 50430 | 50707 | (3) | (14) | **46780** | 51745 | (10) |
| Noninterest-bearing deposits | **25021** | 26701 | 27791 | 27926 | 28282 | (6) | (12) | **26851** | 25879 | 4 |
| Other liabilities | **2459** | 2068 | 1875 | 1613 | 1511 | 19 | 63 | **2006** | 1505 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **71106** | 73882 | 77712 | 79969 | 80499 | (4) | (12) | **75638** | 79130 | (4) |
| *Shareholders' Equity:* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock | **1014** | 1014 | 1014 | 695 | 520 |  | 95 | **935** | 506 | 85 |
| &nbsp;&nbsp;&nbsp;Common stock | **336** | 335 | 335 | 334 | 336 |  |  | **335** | 342 | (2) |
| &nbsp;&nbsp;&nbsp;Capital surplus | **4826** | 4802 | 4778 | 4753 | 4811 |  |  | **4790** | 4957 | (3) |
| &nbsp;&nbsp;&nbsp;Retained earnings | **3358** | 3175 | 3051 | 2938 | 2819 | 6 | 19 | **3132** | 2583 | 21 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss, net | **(1414)** | (953) | (859) | (398) | (256) | (48) | NM | **(909)** | (206) | NM |
| &nbsp;&nbsp;&nbsp;Combined shareholders' equity | **8119** | 8373 | 8318 | 8323 | 8230 | (3) | (1) | **8283** | 8183 | 1 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest | **295** | 295 | 295 | 295 | 295 |  |  | **295** | 295 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | **8415** | 8669 | 8614 | 8619 | 8526 | (3) | (1) | **8579** | 8478 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $**79521** | $82551 | $86326 | $88587 | $89025 | (4)% | (11)% | $**84217** | $87609 | (4)% |
| **Memo:** |  |  |  |  |  |  |  |  |  |  |
| **Total Deposits** | $**64876** | $68133 | $71945 | $74156 | $74608 | (5)% | (13)% | $**69748** | $73131 | (5)% |

---

Numbers may not foot due to rounding. See footnote disclosures on page 22.

------

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES** | **CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES** | **CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES** | **CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES** | **CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES** | **CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES** | **CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES** | **CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES** | **CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES** | **CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES** | | | | | | | | |
| Quarterly, Unaudited | Quarterly, Unaudited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  | *4Q22 Change vs.* | *4Q22 Change vs.* |  |  |  |  | 2022 vs. 2021 |
|  | **4Q22** | **4Q22** | 3Q22 | 3Q22 | 2Q22 | 2Q22 | 1Q22 | 1Q22 | 4Q21 | 4Q21 | *3Q22* | *4Q21* | **2022** | **2022** | 2021 | 2021 |  |
| *(In millions, except rates)* | Income/Expense | Rate | Income/Expense | Rate | Income/Expense | Rate | Income/Expense | Rate | Income/Expense | Rate | Income/Expense | Income/Expense | Income/Expense | Rate | Income/Expense | Rate | Income/Expense |
|  |  |  |  |  |  |  |  |  |  |  | $% | $% |  |  |  |  | $% |
| **Interest earning assets/Interest income:** | **Interest earning assets/Interest income:** | **Interest earning assets/Interest income:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| *Loans and leases, net of unearned income:* | *Loans and leases, net of unearned income:* | *Loans and leases, net of unearned income:* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Commercial | $**607** | **5.40%** | $496 | 4.47% | $382 | 3.52% | $339 | 3.24% | $365 | 3.37% | 22% | 66% | $**1823** | **4.18%** | $1500 | 3.38% | 22% |
| Consumer | **134** | **4.14** | 124 | 3.94 | 112 | 3.74 | 108 | 3.71 | 110 | 3.77 | 8 | 22 | **479** | **3.89** | 468 | 3.92 | 2 |
| Loans and leases, net of unearned income | **742** | **5.12** | 619 | 4.35 | 494 | 3.57 | 447 | 3.34 | 475 | 3.45 | 20 | 56 | **2302** | **4.11** | 1970 | 3.49 | 17 |
| Loans held-for-sale | **9** | **6.34** | 9 | 4.91 | 10 | 3.89 | 10 | 3.51 | 11 | 3.49 |  | (18) | **39** | **4.41** | 33 | 3.44 | 18 |
| Investment securities | **61** | **2.41** | 55 | 2.14 | 46 | 1.87 | 38 | 1.59 | 33 | 1.43 | 11 | 85 | **200** | **2.01** | 118 | 1.43 | 69 |
| Trading securities | **19** | **5.79** | 15 | 4.55 | 13 | 3.43 | 11 | 2.75 | 10 | 2.50 | 27 | 96 | **58** | **4.04** | 30 | 2.17 | 93 |
| Interest-bearing deposits with banks | **24** | **3.61** | 34 | 2.15 | 22 | 0.79 | 7 | 0.19 | 6 | 0.15 | (29) | NM | **87** | **1.00** | 17 | 0.13 | NM |
| Federal funds sold and securities purchased under agreements | **5** | **3.48** | 2 | 2.04 | 1 | 0.66 |  | (0.04) |  | (0.09) | NM | NM | **10** | **1.38** |  | (0.08) | NM |
| **Interest income** | $**860** | **4.70%** | $737 | 3.86% | $586 | 2.95% | $513 | 2.52% | $534 | 2.58% | 17% | 61% | $**2696** | **3.47** | $2170 | 2.68 | 24% |
| **Interest bearing liabilities/Interest expense:** | **Interest bearing liabilities/Interest expense:** | **Interest bearing liabilities/Interest expense:** | **Interest bearing liabilities/Interest expense:** | **Interest bearing liabilities/Interest expense:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| *Interest-bearing deposits:* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Savings | $**67** | **1.19%** | $18 | 0.31% | $5 | 0.08% | $3 | 0.05% | $4 | 0.06% | NM | NM | $**94** | **0.39%** | $36 | 0.13% | NM |
| &nbsp;&nbsp;&nbsp;Time deposits | **6** | **0.90** | 2 | 0.50 | 4 | 0.50 | 4 | 0.51 | 5 | 0.56 | NM | 16 | **18** | **0.60** | 25 | 0.57 | (28) |
| &nbsp;&nbsp;&nbsp;Other interest-bearing deposits | **39** | **1.05** | 21 | 0.56 | 9 | 0.22 | 4 | 0.09 | 4 | 0.10 | 86 | NM | **73** | **0.47** | 20 | 0.13 | NM |
| Total interest-bearing deposits | **112** | **1.12** | 42 | 0.41 | 18 | 0.16 | 11 | 0.10 | 13 | 0.11 | NM | NM | **184** | **0.43** | 81 | 0.17 | 127 |
| Trading liabilities | **3** | **3.59** | 3 | 3.03 | 4 | 2.52 | 3 | 1.69 | 2 | 1.38 |  | 55 | **12** | **2.56** | 6 | 1.11 | 100 |
| Short-term borrowings | **13** | **2.85** | 7 | 2.22 | 2 | 0.58 | 1 | 0.15 | 1 | 0.18 | 86 | NM | **23** | **1.26** | 5 | 0.21 | NM |
| Term borrowings | **19** | **4.81** | 18 | 4.57 | 17 | 4.38 | 17 | 4.29 | 17 | 4.30 | 6 | 12 | **72** | **4.51** | 72 | 4.37 |  |
| **Interest expense** | **148** | **1.35** | 71 | 0.63 | 41 | 0.34 | 31 | 0.25 | 33 | 0.26 | 108 | NM | **292** | **0.62** | 163 | 0.32 | 79 |
| **Net interest income - tax equivalent basis** | **712** | **3.35** | 666 | 3.23 | 545 | 2.61 | 482 | 2.27 | 502 | 2.32 | 7 | 42 | **2405** | **2.85** | 2006 | 2.36 | 20 |
| Fully taxable equivalent adjustment | **(4)** | **0.54** | (4) | 0.26 | (3) | 0.13 | (3) | 0.10 | (3) | 0.10 |  | (27) | **(13)** | **0.25** | (12) | 0.12 | (8) |
| **Net interest income** | $**709** | **3.89%** | $662 | 3.49% | $542 | 2.74% | $479 | 2.37% | $498 | 2.42% | 7% | 42% | $**2392** | **3.10%** | $1994 | 2.48% | 20% |
| **Memo:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total loan yield |  | **5.12%** |  | 4.35% |  | 3.57% |  | 3.34% |  | 3.45% |  |  |  | **4.11%** |  | 3.49% |  |
| Total deposit cost |  | **0.69%** |  | 0.25% |  | 0.10% |  | 0.06% |  | 0.07% |  |  |  | **0.26%** |  | 0.11% |  |
| Total funding cost |  | **0.85%** |  | 0.39% |  | 0.22% |  | 0.16% |  | 0.16% |  |  |  | **0.40%** |  | 0.21% |  |

---

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 22.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")** | **CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")** | **CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")** | **CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")** | **CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")** | **CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")** | **CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")** | **CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")** |
| Quarterly, Unaudited |  |  |  |  |  |  |  |
|  | As of | As of | As of | As of | As of | *4Q22 change vs.* | *4Q22 change vs.* |
| *(In millions, except ratio data)* | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q22 | 4Q21 |
|  |  |  |  |  |  | $% | $% |
| **Nonperforming loans and leases** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial, financial, and industrial (C&I) | $**153** | $116 | $129 | $153 | $125 | 31% | 22% |
| &nbsp;&nbsp;&nbsp;Commercial real estate | **9** | 10 | 11 | 12 | 9 | (10) | 2 |
| &nbsp;&nbsp;&nbsp;Consumer real estate | **152** | 163 | 159 | 165 | 138 | (7) | 10 |
| &nbsp;&nbsp;&nbsp;Credit card and other | **2** | 3 | 3 | 3 | 3 | (13) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans and leases | $**316** | $292 | $301 | $332 | $275 | 8% | 15% |
| **Asset Quality Ratio** |  |  |  |  |  |  |  |
| **Nonperforming loans and leases to loans and leases** |  |  |  |  |  |  |  |
| Commercial, financial, and industrial (C&I) | **0.48%** | 0.37% | 0.41% | 0.50% | 0.40% |  |  |
| Commercial real estate | **0.07** | 0.08 | 0.08 | 0.09 | 0.08 |  |  |
| Consumer real estate | **1.24** | 1.37 | 1.39 | 1.52 | 1.29 |  |  |
| Credit card and other | **0.27** | 0.31 | 0.29 | 0.32 | 0.31 |  |  |
| &nbsp;&nbsp;&nbsp;Total nonperforming loans and leases to loans and leases | **0.54%** | 0.51% | 0.53% | 0.60% | 0.50% |  |  |

---

Numbers may not foot due to rounding.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING** | **CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING** | **CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING** | **CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING** | **CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING** | **CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING** | **CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING** | **CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING** |
| Quarterly, Unaudited |  |  |  |  |  |  |  |
|  | As of | As of | As of | As of | As of | *4Q22 change vs.* | *4Q22 change vs.* |
| *(In millions)* | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q22 | 4Q21 |
|  |  |  |  |  |  | $% | $% |
| **Loans and leases 90 days or more past due and accruing** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial, financial, and industrial (C&I) | $**11** | $1 | $1 | $6 | $5 | NM | 140% |
| &nbsp;&nbsp;&nbsp;Commercial real estate | **—** |  |  |  |  | NM | NM |
| &nbsp;&nbsp;&nbsp;Consumer real estate | **18** | 17 | 14 | 14 | 33 | 8 | (45) |
| &nbsp;&nbsp;&nbsp;Credit card and other | **3** | 6 | 3 | 3 | 2 | (38) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total loans and leases 90 days or more past due and accruing** | $**33** | $24 | $17 | $23 | $40 | 37% | (18)% |

---

Numbers may not foot due to rounding.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)** | **CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)** | **CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)** | **CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)** | **CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)** | **CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)** | **CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)** | **CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)** |
| Quarterly, Unaudited |  |  |  |  |  |  |  |
|  | As of | As of | As of | As of | As of | *4Q22 change vs.* | *4Q22 change vs.* |
| *(In millions, except ratio data)* | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q22 | 4Q21 |
| **Charge-off, Recoveries and Related Ratios** |  |  |  |  |  | $% | $% |
| **Gross Charge-offs** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial, financial, and industrial (C&I) | $**24** | $13 | $12 | $13 | $5 | 87% | NM |
| &nbsp;&nbsp;&nbsp;Commercial real estate | **—** | 1 |  |  |  | (98) | (26) |
| &nbsp;&nbsp;&nbsp;Consumer real estate | **1** | 1 | 2 | 1 | 2 | 1 | (52) |
| &nbsp;&nbsp;&nbsp;Credit card and other | **7** | 7 | 7 | 5 | 4 | 6 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total gross charge-offs** | $**32** | $21 | $21 | $19 | $11 | 53% | NM |
| **Gross Recoveries** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial, financial, and industrial (C&I) | $**(3)** | $(2) | $(1) | $(3) | $(3) | (49)% | 19% |
| &nbsp;&nbsp;&nbsp;Commercial real estate | **—** |  | (1) |  |  | (134) | 56 |
| &nbsp;&nbsp;&nbsp;Consumer real estate | **(2)** | (6) | (6) | (5) | (5) | 59 | 48 |
| &nbsp;&nbsp;&nbsp;Credit card and other | **(1)** | (1) | (1) | (1) | (1) | 16 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total gross recoveries** | $**(6)** | $(9) | $(9) | $(9) | $(10) | 28% | 35% |
| **Net Charge-offs (Recoveries)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial, financial, and industrial (C&I) | $**21** | $11 | $11 | $10 | $1 | 94% | NM |
| &nbsp;&nbsp;&nbsp;Commercial real estate | **—** |  | (1) |  |  | (135) | NM |
| &nbsp;&nbsp;&nbsp;Consumer real estate | **(2)** | (5) | (3) | (4) | (3) | 70 | 50 |
| &nbsp;&nbsp;&nbsp;Credit card and other | **6** | 5 | 5 | 4 | 3 | 11 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net charge-offs** | $**26** | $12 | $12 | $10 | $1 | 113% | NM |
| **Annualized Net Charge-off (Recovery) Rates** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial, financial, and industrial (C&I) | **0.27%** | 0.14% | 0.14% | 0.13% | 0.01% |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate | **—** | 0.01 | (0.03) | (0.01) | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;Consumer real estate | **(0.05)** | (0.17) | (0.12) | (0.15) | (0.10) |  |  |
| &nbsp;&nbsp;&nbsp;Credit card and other | **2.76** | 2.46 | 2.49 | 1.85 | 1.26 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total loans and leases** | **0.18%** | 0.08% | 0.09% | 0.07% | 0.01% |  |  |

---

Numbers may not foot due to rounding.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS** | **CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS** | **CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS** | **CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS** | **CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS** | **CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS** | **CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS** | **CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS** |
| Quarterly, Unaudited |  |  |  |  |  |  |  |
|  | As of | As of | As of | As of | As of | *4Q22 Change vs.* | *4Q22 Change vs.* |
| *(In millions)* | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q22 | 4Q21 |
| **Summary of Changes in the Components of the Allowance For Credit Losses** |  |  |  |  |  | $% | $% |
| **Allowance for loan and lease losses - beginning** | $**664** | $624 | $622 | $670 | $734 | 6% | (10)% |
| Charge-offs: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial, financial, and industrial (C&I) | **(24)** | (13) | (12) | (13) | (5) | (87) | NM |
| &nbsp;&nbsp;&nbsp;Commercial real estate | **—** | (1) |  |  |  | 98 | 26 |
| &nbsp;&nbsp;&nbsp;Consumer real estate | **(1)** | (1) | (2) | (1) | (2) | (1) | 52 |
| &nbsp;&nbsp;&nbsp;Credit card and other | **(7)** | (7) | (7) | (5) | (4) | (6) | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total charge-offs | **(32)** | (21) | (21) | (19) | (11) | (53) | NM |
| Recoveries: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial, financial, and industrial (C&I) | **3** | 2 | 1 | 3 | 3 | 49 | (19) |
| &nbsp;&nbsp;&nbsp;Commercial real estate | **—** |  | 1 |  |  | 134 | (56) |
| &nbsp;&nbsp;&nbsp;Consumer real estate | **2** | 6 | 6 | 5 | 5 | (59) | (48) |
| &nbsp;&nbsp;&nbsp;Credit card and other | **1** | 1 | 1 | 1 | 1 | (16) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Recoveries | **6** | 9 | 9 | 9 | 10 | (28) | (35) |
| Provision for loan and lease losses: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial, financial, and industrial (C&I) | **35** | 32 | (2) | (36) | (40) | 10 | NM |
| &nbsp;&nbsp;&nbsp;Commercial real estate | **(2)** | 8 | (12) | (3) | (9) | (130) | 72 |
| &nbsp;&nbsp;&nbsp;Consumer real estate | **5** | 5 | 16 | (3) | (18) | (12) | 125 |
| &nbsp;&nbsp;&nbsp;Credit card and other | **9** | 7 | 12 | 4 | 3 | 24 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provision for loan and lease losses: | **46** | 52 | 14 | (38) | (63) | (12) | NM |
| **Allowance for loan and lease losses - ending** | $**685** | $664 | $624 | $622 | $670 | 3% | 2% |
| **Reserve for unfunded commitments - beginning** | $**88** | $80 | $64 | $66 | $68 | 10% | 29% |
| &nbsp;&nbsp;&nbsp;Cumulative effect of change in accounting principle |  |  |  |  |  | NM | NM |
| &nbsp;&nbsp;&nbsp;Acquired reserve for unfunded commitments |  |  |  |  |  | NM | NM |
| &nbsp;&nbsp;&nbsp;Provision for unfunded commitments | **(1)** | 8 | 16 | (2) | (2) | (113) | 50 |
| **Reserve for unfunded commitments - ending** | $**87** | $88 | $80 | $64 | $66 | (1)% | 32% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total allowance for credit losses- ending** | $**771** | $752 | $704 | $686 | $736 | 3% | 5% |

---

Numbers may not foot due to rounding.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES** | | | | | |
| Quarterly, Unaudited |  |  |  |  |  |
|  | As of | As of | As of | As of | As of |
|  | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 |
| **Allowance for loans and lease losses to loans and leases** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial, financial, and industrial (C&I) | **0.97%** | 0.93% | 0.88% | 0.93% | 1.07% |
| &nbsp;&nbsp;&nbsp;Commercial real estate | **1.10%** | 1.14% | 1.09% | 1.21% | 1.27% |
| &nbsp;&nbsp;&nbsp;Consumer real estate | **1.63%** | 1.63% | 1.60% | 1.51% | 1.51% |
| &nbsp;&nbsp;&nbsp;Credit card and other | **3.72%** | 3.32% | 3.01% | 2.31% | 2.14% |
| &nbsp;&nbsp;&nbsp;Total allowance for loans and lease losses to loans and leases | **1.18%** | 1.16% | 1.10% | 1.13% | 1.22% |
| **Allowance for loans and lease losses to nonperforming loans and leases** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial, financial, and industrial (C&I) | **202%** | 253% | 213% | 188% | 268% |
| &nbsp;&nbsp;&nbsp;Commercial real estate | **1554%** | 1422% | 1331% | 1303% | 1671% |
| &nbsp;&nbsp;&nbsp;Consumer real estate | **131%** | 119% | 115% | 99% | 118% |
| &nbsp;&nbsp;&nbsp;Credit card and other | **1364%** | 1070% | 1021% | 730% | 699% |
| &nbsp;&nbsp;&nbsp;Total allowance for loans and lease losses to nonperforming loans and leases | **217%** | 228% | 207% | 187% | 244% |

---

------

**REGIONAL BANKING**

Quarterly, Unaudited

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | *4Q22 Change vs.* | *4Q22 Change vs.* | *4Q22 Change vs.* | *4Q22 Change vs.* | *4Q22 Change vs.* | *4Q22 Change vs.* |  |  | 2022 vs. 2021 | 2022 vs. 2021 | 2022 vs. 2021 |
|  | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q22 | 3Q22 | 3Q22 | 4Q21 | 4Q21 | 4Q21 | **2022** | 2021 |  |  |  |
|  |  |  |  |  |  | $/bp | $/bp | % | $/bp | $/bp | % |  |  | $/bp | $/bp | % |
| **Income Statement (millions)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net interest income | $**544** | $518 | $465 | $427 | $448 | $26 |  | 5% | $96 |  | 21% | $**1954** | $1764 | $190 |  | 11% |
| Noninterest income | **107** | 110 | 114 | 114 | 115 | (3) |  | (3) | (8) |  | (7) | **444** | 438 | 6 |  | 1% |
| Total revenue | **650** | 628 | 579 | 541 | 563 | 22 |  | 4 | 87 |  | 15 | **2398** | 2202 | 196 |  | 9% |
| Noninterest expense | **322** | 304 | 301 | 306 | 301 | 18 |  | 6 | 21 |  | 7 | **1234** | 1139 | 95 |  | 8% |
| Pre-provision net revenue<sup>3</sup> | **328** | 324 | 277 | 235 | 262 | 4 |  | 1 | 66 |  | 25 | **1164** | 1063 | 101 |  | 10% |
| Provision for credit losses | **30** | 43 | 52 | (30) | (60) | (13) |  | (30) | 90 |  | NM | **94** | (229) | 323 |  | 141% |
| Income before income tax expense | **298** | 281 | 226 | 265 | 322 | 17 |  | 6 | (24) |  | (7) | **1070** | 1292 | (222) |  | (17)% |
| Income tax expense | **70** | 66 | 53 | 63 | 75 | 4 |  | 6 | (5) |  | (7) | **251** | 303 | (52) |  | (17)% |
| Net income | $**228** | $215 | $173 | $203 | $247 | $13 |  | 6% | $(19) |  | (8)% | $**819** | $989 | $(170) |  | (17)% |
| **Average Balances (billions)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total loans and leases | $**41.1** | $40.1 | $39.2 | $38 | $37.7 | $1 |  | 2% | $3.4 |  | 9% | $**39.6** | $39.1 | $0.5 |  | 1% |
| Interest-earning assets | **41.1** | 40.1 | 39.2 | 38.0 | 37.8 | 1.0 |  | 2 | 3.3 |  | 9 | **39.6** | 39.1 | 0.5 |  | 1 |
| Total assets | **43.8** | 42.8 | 41.9 | 40.5 | 40.1 | 1.0 |  | 2 | 3.7 |  | 9 | **42.3** | 41.5 | 0.8 |  | 2 |
| Total deposits | **59.6** | 61.9 | 64.5 | 66.6 | 66.6 | (2.3) |  | (4) | (7.0) |  | (11) | **63.1** | 64.8 | (1.7) |  | (3) |
| **Key Metrics** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net interest margin<sup>6</sup> | **5.27%** | 5.15% | 4.78% | 4.58% | 4.74% | 12 | bp |  | 53 | bp |  | **4.96%** | 4.53% | 43 | bp |  |
| Efficiency ratio | **49.57%** | 48.43% | 52.05% | 56.57% | 53.45% | 114 | bp |  | (388) | bp |  | **51.45%** | 51.74% | (29) | bp |  |
| Loans-to-deposits ratio (period-end balances) | **70.81%** | 66.77% | 62.77% | 57.46% | 56.03% | 404 | bp |  | 1478 | bp |  | **70.81%** | 56.03% | 1478 | bp |  |
| Loans-to-deposits ratio (average-end balances) | **69.02%** | 64.78% | 60.75% | 57.02% | 56.65% | 424 | bp |  | 1237 | bp |  | **62.74%** | 60.33% | 241 | bp |  |
| Return on average assets (annualized) | **2.06%** | 1.99% | 1.65% | 2.03% | 2.44% | 7 | bp |  | (38) | bp |  | **1.94%** | 2.38% | (44) | bp |  |
| Return on allocated equity<sup>7</sup> | **25.07%** | 23.97% | 19.63% | 23.49% | 27.83% | 110 | bp |  | (276) | bp |  | **23.06%** | 27.46% | (440) | bp |  |
| Financial center locations | **417** | 417 | 417 | 417 | 427 |  |  | —% | (10) |  | (2)% | **417** | 427 | (10) |  | (2)% |

---

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 22.

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

------

**SPECIALTY BANKING**

Quarterly, Unaudited

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | *4Q22 Change vs.* | *4Q22 Change vs.* | *4Q22 Change vs.* | *4Q22 Change vs.* | *4Q22 Change vs.* | *4Q22 Change vs.* |  |  | 2022 vs. 2021 | 2022 vs. 2021 | 2022 vs. 2021 |
|  | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q22 | 3Q22 | 3Q22 | 4Q21 | 4Q21 | 4Q21 | **2022** | 2021 |  |  |  |
|  |  |  |  |  |  | $/bp | $/bp | % | $/bp | $/bp | % |  |  | $/bp | $/bp | % |
| **Income Statement (millions)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net interest income | $**134** | $138 | $141 | $144 | $154 | $(4) |  | (3)% | $(20) |  | (13)% | $**557** | $620 | $(63) |  | (10)% |
| Noninterest income | **46** | 64 | 96 | 105 | 120 | (18) |  | (28) | (74) |  | (61) | **312** | 597 | (285) |  | (48) |
| Total revenue | **180** | 202 | 237 | 249 | 274 | (22) |  | (11) | (94) |  | (34) | **869** | 1217 | (348) |  | (29) |
| Noninterest expense | **92** | 104 | 113 | 132 | 129 | (12) |  | (12) | (37) |  | (29) | **440** | 570 | (130) |  | (23) |
| Pre-provision net revenue<sup>3</sup> | **89** | 98 | 124 | 118 | 146 | (9) |  | (10) | (57) |  | (39) | **429** | 647 | (218) |  | (34) |
| Provision for credit losses | **18** | 17 | (18) | (2) | (3) |  |  | 2 | 21 |  | NM | **14** | (64) | 78 |  | 122 |
| Income before income tax expense | **71** | 81 | 142 | 120 | 149 | (10) |  | (13) | (78) |  | (52) | **415** | 711 | (296) |  | (42) |
| Income tax expense | **17** | 20 | 35 | 29 | 36 | (3) |  | (13) | (19) |  | (52) | **101** | 172 | (71) |  | (41) |
| Net income | $**54** | $61 | $108 | $91 | $113 | $(8) |  | (13)% | $(59) |  | (52)% | $**314** | $539 | $(225) |  | (42)% |
| **Average Balances (billions)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total loans and leases | $**15.9** | $15.9 | $15.8 | $15.5 | $16.3 | $— |  | —% | $(0.4) |  | (2)% | $**15.8** | $16.5 | $(0.7) |  | (4)% |
| Interest-earning assets | **18.4** | 18.6 | 19.1 | 19.0 | 19.8 | (0.1) |  | (1) | (1.4) |  | (7) | **18.8** | 19.5 | (0.7) |  | (4) |
| Total assets | **19.6** | 19.7 | 20.2 | 20.2 | 21.0 | (0.1) |  | (1) | (1.4) |  | (7) | **20.0** | 20.8 | (0.8) |  | (4) |
| Total deposits | **4.3** | 5.2 | 6.3 | 6.5 | 6.7 | (0.9) |  | (17) | (2.3) |  | (35) | **5.6** | 5.9 | (0.3) |  | (6) |
| **Key Metrics** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Fixed income product average daily revenue (thousands) | $**403** | $524 | $612 | $987 | $1123 | $(121) |  | (23)% | $(720) |  | (64)% | $**632** | $1436 | $(804) |  | (56)% |
| Net interest margin<sup>6</sup> | **2.89%** | 2.96% | 2.96% | 3.07% | 3.10% | (7) | bp |  | (21) | bp |  | **2.97%** | 3.19% | (22) | bp |  |
| Efficiency ratio | **50.91%** | 51.35% | 47.69% | 52.77% | 46.87% | (44) | bp |  | 404 | bp |  | **50.67%** | 46.85% | 382 | bp |  |
| Loans-to-deposits ratio (period-end balances) | **426%** | 378% | 268% | 256% | 264% | 4826 | bp |  | 16254 | bp |  | **426%** | 264% | 16254 | bp |  |
| Loans-to-deposits ratio (average-end balances) | **370%** | 307% | 250% | 239% | 245% | 6252 | bp |  | 12474 | bp |  | **284%** | 279% | 469 | bp |  |
| Return on average assets (annualized) | **1.09%** | 1.23% | 2.13% | 1.82% | 2.13% | (14) | bp |  | (104) | bp |  | **1.57%** | 2.59% | (102) | bp |  |
| Return on allocated equity<sup>7</sup> | **13.30%** | 14.98% | 26.05% | 22.81% | 25.26% | (168) | bp |  | (1196) | bp |  | **19.29%** | 30.36% | (1107) | 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 22.

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

------

**CORPORATE**

Quarterly, Unaudited

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | *4Q22 Change vs.* | *4Q22 Change vs.* |  |  | 2022 vs. 2021 | 2022 vs. 2021 |
|  | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q22 | 4Q21 | **2022** | 2021 |  |  |
|  |  |  |  |  |  | $% | $% |  |  | $/bp | % |
| **Income Statement (millions)** |  |  |  |  |  |  |  |  |  |  |  |
| Net interest income/(expense) | $**31** | $6 | $(64) | $(93) | $(104) | NM | 130% | $**(119)** | $(390) | $270 | 69% |
| Noninterest income | **21** | 39 | (8) | 9 | 11 | (47) | 81 | **60** | 41 | 19 | 47 |
| Total revenues | **52** | 45 | (72) | (83) | (92) | 15 | NM | **(59)** | (349) | 290 | 83 |
| Noninterest expense | **89** | 61 | 75 | 55 | 99 | 47 | (9) | **279** | 386 | (106) | (28) |
| Pre-provision net revenue<sup>3</sup> | **(38)** | (16) | (147) | (138) | (191) | (136) | 80 | **(339)** | (735) | 396 | 54 |
| Provision for credit losses | **(3)** |  | (4) | (7) | (2) | NM | (50) | **(13)** | (17) | 4 | 23 |
| Income before income tax expense | **(35)** | (16) | (143) | (131) | (189) | (119) | 81 | **(325)** | (718) | 392 | 55 |
| Income tax expense (benefit) | **(23)** | (8) | (39) | (35) | (59) | NM | 61 | **(105)** | (200) | 95 | 48 |
| Net income/(loss) | $**(12)** | $(9) | $(104) | $(96) | $(130) | (42)% | 91% | $**(221)** | $(517) | $297 | 57% |
| **Average Balance Sheet (billions)** |  |  |  |  |  |  |  |  |  |  |  |
| Interest bearing assets | $**13.3** | $17.3 | $21.5 | $25.2 | $25.0 | (23)% | (47)% | $**19.3** | $22.4 | $(3.1) | (14)% |
| Total assets | **16.0** | 20.0 | 24.1 | 27.8 | 27.9 | (20) | (42) | **22.0** | 25.3 | (3.3) | (13)% |

---

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**

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

<sup>2</sup> Occupancy and Equipment expense includes Computer Software Expense.

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

<sup>4</sup> Represents a non-GAAP measure and is reconciled to the nearest GAAP measure in the non-GAAP to GAAP reconciliations beginning on page 23.

<sup>5</sup> Credit card and other includes an insignificant amount of commercial credit card balances.

<sup>6</sup> 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.

<sup>7</sup> Segment equity is allocated based on an internal allocation methodology.

<sup>8</sup> Fourth, Third and Second quarter 2022 include 27.5 million shares related to the full impact of Series G convertible securities issued in connection with TD transaction; First quarter 2022 includes 9.8 million shares related to the one month average impact of these shares.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION** | | | | | | | |
| Quarterly, Unaudited |  |  |  |  |  |  |  |
| *($s in millions, except per share data)* | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 | **2022** | 2021 |
| **Tangible Common Equity (Non-GAAP)** |  |  |  |  |  |  |  |
| (A) Total equity (GAAP) | $**8547** | $8283 | $8551 | $8696 | $8494 | $**8547** | $8494 |
| Less: Noncontrolling interest (a) | **295** | 295 | 295 | 295 | 295 | **295** | 295 |
| Less: Preferred stock (a) | **1014** | 1014 | 1014 | 1014 | 520 | **1014** | 520 |
| (B) Total common equity | $**7238** | $6974 | $7242 | $7387 | $7679 | $**7238** | $7679 |
| Less: Intangible assets (GAAP) (b) | **1744** | 1757 | 1782 | 1795 | 1808 | **1744** | 1808 |
| (C) Tangible common equity (Non-GAAP) | $**5494** | $5217 | $5459 | $5592 | $5871 | $**5494** | $5871 |
| **Tangible Assets (Non-GAAP)** |  |  |  |  |  |  |  |
| (D) Total assets (GAAP) | $**78953** | $80299 | $85132 | $88660 | $89092 | $**78953** | $89092 |
| Less: Intangible assets (GAAP) (b) | **1744** | 1757 | 1782 | 1795 | 1808 | **1744** | 1808 |
| (E) Tangible assets (Non-GAAP) | $**77209** | $78542 | $83350 | $86865 | $87284 | $**77209** | $87284 |
| **Period-end Shares Outstanding** |  |  |  |  |  |  |  |
| (F) Period-end shares outstanding | **537** | 537 | 536 | 535 | 534 | **537** | 534 |
| **Ratios** |  |  |  |  |  |  |  |
| (A)/(D) Total equity to total assets (GAAP) | **10.83%** | 10.32% | 10.04% | 9.81% | 9.53% | **10.83%** | 9.53% |
| (C)/(E) Tangible common equity to tangible assets ("TCE/TA") (Non-GAAP) | **7.12%** | 6.64% | 6.55% | 6.44% | 6.73% | **7.12%** | 6.73% |
| (B)/(F) Book value per common share (GAAP) | $**13.48** | $12.99 | $13.50 | $13.82 | $14.39 | $**13.48** | $14.39 |
| (C)/(F) Tangible book value per common share (Non-GAAP) | $**10.23** | $9.72 | $10.18 | $10.46 | $11.00 | $**10.23** | $11.00 |

---

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

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

Numbers may not foot due to rounding.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION** | | | | | | | | |
| Quarterly, Unaudited |  |  |  |  |  |  |  |  |
| *($s in millions, except per share data)* |  | **4Q22** | **3Q22** | 2Q22 | 1Q22 | 4Q21 | **2022** | 2021 |
| **<u>Adjusted Diluted EPS</u>** |  |  |  |  |  |  |  |  |
| Net income available to common shareholders ("NIAC") (GAAP) | **a** | $**258** | $257 | $166 | $187 | $219 | $**868** | $962 |
| Plus Tax effected notable items (Non-GAAP) (a) |  | **34** | (5) | 29 | 24 | 41 | **82** | 179 |
| Adjusted net income available to common shareholders (Non-GAAP) | **b** | $**293** | $252 | $195 | $211 | $260 | $**950** | $1140 |
| Diluted Shares (GAAP)<sup>8</sup> | **c** | **572** | 570 | 569 | 550 | 542 | **566** | 551 |
| **Diluted EPS (GAAP)** | **a/c** | $**0.45** | $0.45 | $0.29 | $0.34 | $0.40 | $**1.53** | $1.74 |
| **Adjusted diluted EPS (Non-GAAP)** | **b/c** | $**0.51** | $0.44 | $0.34 | $0.38 | $0.48 | $**1.68** | $2.07 |
| **<u>Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")</u>** |  |  |  |  |  |  |  |  |
| Net Income ("NI") (GAAP) |  | $**270** | $268 | $177 | $198 | $229 | $**912** | $1010 |
| Plus Tax effected notable items (Non-GAAP) (a) |  | **34** | (5) | 29 | 24 | 41 | **82** | 179 |
| Adjusted NI (Non-GAAP) |  | $**304** | $263 | $206 | $223 | $270 | $**994** | $1189 |
| NI (annualized) (GAAP) | **d** | $**1070** | $1063 | $709 | $801 | $910 | $**912** | $1010 |
| Adjusted NI (annualized) (Non-GAAP) | **e** | $**1206** | $1045 | $823 | $900 | $1074 | $**994** | $1189 |
| Average assets (GAAP) | **f** | $**79521** | $82551 | $86326 | $88587 | $89025 | $**84217** | $87609 |
| **ROA (GAAP)** | **d/f** | **1.35%** | 1.29% | 0.82% | 0.90% | 1.02% | **1.08%** | 1.15% |
| **Adjusted ROA (Non-GAAP)** | **e/f** | **1.52%** | 1.27% | 0.95% | 1.02% | 1.21% | **1.18%** | 1.36% |
| **<u>Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE</u>** | **<u>Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE</u>** | **<u>Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE</u>** | **<u>Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE</u>** | **<u>Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE</u>** | **<u>Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE</u>** | **<u>Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE</u>** |  |  |
| Net income available to common shareholders ("NIAC") (GAAP) | **g** | $**1025** | $1020 | $666 | $756 | $868 | $**868** | $962 |
| Adjusted Net income available to common shareholders (annualized) (Non-GAAP) | **h** | $**1161** | $1001 | $781 | $855 | $1032 | $**950** | $1140 |
| Average Common Equity (GAAP) | **i** | $**7106** | $7360 | $7305 | $7628 | $7710 | $**7348** | $7677 |
| Intangible Assets (GAAP) (b) |  | **1750** | 1767 | 1789 | 1802 | 1815 | **1777** | 1836 |
| Average Tangible Common Equity (Non-GAAP) | **j** | $**5356** | $5593 | $5516 | $5826 | $5895 | $**5571** | $5841 |
| Equity Adjustment (Non-GAAP) |  | **—** |  |  |  |  | **32** | 71 |
| Adjusted Average Tangible Common Equity (Non-GAAP) | **k** | $**5356** | $5593 | $5516 | $5826 | $5895 | $**5603** | $5912 |
| **ROCE (GAAP)** | **g/i** | **14.42%** | 13.85% | 9.12% | 9.92% | 11.26% | **11.81%** | 12.53% |
| **ROTCE (Non-GAAP)** | **g/j** | **19.14%** | 18.23% | 12.07% | 12.98% | 14.72% | **15.58%** | 16.46% |
| **Adjusted ROTCE (Non-GAAP)** | **h/k** | **21.68%** | 17.89% | 14.15% | 14.68% | 17.51% | **16.96%** | 19.29% |

---

(a) Amounts adjusted for notable items as detailed on page 11.

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

Numbers may not foot due to rounding.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION** | | | | | | | | |
| Quarterly, Unaudited |  |  |  |  |  |  |  |  |
| *(In millions)* |  | **4Q22** | 3Q22 | 2Q22 | 1Q22 | 4Q21 | **2022** | 2021 |
| **<u>Adjusted Noninterest Income as a % of Total Revenue</u>** |  |  |  |  |  |  |  |  |
| Noninterest income (GAAP) | **k** | $**174** | $213 | $201 | $229 | $247 | $**816** | $1076 |
| Plus notable items (GAAP) (a) |  | **(1)** | (32) | (13) | (6) |  | **(51)** | 23 |
| Adjusted noninterest income (Non-GAAP) | **l** | $**173** | $181 | $188 | $222 | $246 | $**765** | $1099 |
| Revenue (GAAP) | **m** | $**882** | $875 | $743 | $707 | $745 | $**3208** | $3070 |
| Taxable-equivalent adjustment |  | **4** | 4 | 3 | 3 | 3 | **13** | 12 |
| Revenue- Taxable-equivalent (Non-GAAP) |  | **886** | 878 | 746 | 710 | 748 | **3221** | 3082 |
| Plus notable items (GAAP) (a) |  | **(1)** | (32) | (13) | (6) |  | **(51)** | 23 |
| Adjusted revenue (Non-GAAP) | **n** | $**885** | $847 | $733 | $704 | $748 | $**3170** | $3105 |
| **Noninterest income as a % of total revenue (GAAP)** | **k/m** | **19.68%** | 24.30% | 27.06% | 32.31% | 33.10% | **25.44%** | 35.04% |
| **Adjusted noninterest income as a % of total revenue (Non-GAAP)** | **l/n** | **19.55%** | 21.37% | 25.68% | 31.63% | 32.95% | **24.14%** | 36.38% |
| **<u>Adjusted Efficiency Ratio</u>** |  |  |  |  |  |  |  |  |
| Noninterest expense (GAAP) | **o** | $**503** | $468 | $489 | $493 | $528 | $**1953** | $2095 |
| Plus notable items (GAAP) (a) |  | **(46)** | (25) | (50) | (37) | (54) | **(158)** | (212) |
| Adjusted noninterest expense (Non-GAAP) | **p** | $**458** | $444 | $438 | $455 | $474 | $**1795** | $1883 |
| Revenue (GAAP) | **q** | $**882** | $875 | $743 | $707 | $745 | $**3208** | $3070 |
| Taxable-equivalent adjustment |  | **4** | 4 | 3 | 3 | 3 | **13** | 12 |
| Revenue- Taxable-equivalent (Non-GAAP) |  | **886** | 878 | 746 | 710 | 748 | **3221** | 3082 |
| Plus notable items (GAAP) (a) |  | **(1)** | (32) | (13) | (6) |  | **(51)** | 23 |
| Adjusted revenue (Non-GAAP) | **r** | $**885** | $847 | $733 | $704 | $748 | $**3170** | $3105 |
| **Efficiency ratio (GAAP)** | **o/q** | **57.07%** | 53.56% | 65.76% | 69.66% | 70.88% | **60.90%** | 68.25% |
| **Adjusted efficiency ratio (Non-GAAP)** | **p/r** | **51.70%** | 52.42% | 59.79% | 64.64% | 63.31% | **56.64%** | 60.64% |

---

(a) Amounts adjusted for notable items as detailed on page 11.

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

Numbers may not foot due to rounding.

------

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| | | | |
|:---|:---|:---|:---|
| **CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION** | **CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION** | **CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION** | **CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION** |
| Quarterly, Unaudited | Quarterly, Unaudited | Quarterly, Unaudited | Quarterly, Unaudited |
| *($s in millions)* | *($s in millions)* | *($s in millions)* | *($s in millions)* |
|  |  | **4Q22 vs 3Q22** |  |
| **NII/NIM Analysis** | **NII** | % | **NIM** |
| **4Q22 Reported (FTE)** | $**712** |  | **3.89%** |
| Less: non-core items |  |  |  |
| PPP coupon income and fees | **0** |  | **—** |
| Loan Accretion | **7** |  | **0.04** |
| IBKC Premium Amortization | **(6)** |  | **(0.03)** |
| **4Q22 Core (FTE) (Non-GAAP)** | $**711** | **8%** | **3.89%** |
| **3Q22 Reported (FTE)** | $666 |  | 3.49% |
| Less: non-core items |  |  |  |
| PPP coupon income and fees | 2 |  |  |
| Loan Accretion | 12 |  | 0.07 |
| IBKC Premium Amortization | (7) |  | (0.04) |
| **3Q22 Core (FTE) (Non-GAAP)** | $659 |  | 3.45% |

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Numbers may not foot due to rounding.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Period-end** | **Period-end** | **Period-end** | **Average** | **Average** | **Average** |
| *($s in millions)* | **4Q22** | **3Q22** | **4Q22 vs. 3Q22** | **4Q22** | **3Q22** | **4Q22 vs. 3Q22** |
| **Loans excluding LMC & PPP** |  |  | $% |  |  | $% |
| Total Loans (GAAP) | $58101 | $57354 | 1% | $57564 | $56543 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;PPP (GAAP) | 76 | 129 | (41)% | 121 | 204 | (41)% |
| &nbsp;&nbsp;&nbsp;&nbsp;LMC (GAAP) | 2258 | 2710 | (17)% | 2299 | 2917 | (21)% |
| Total Loans excl. LMC & PPP (Non-GAAP) | 55767 | 54514 | 2% | 55144 | 53422 | 3% |
| Total Consumer (GAAP) | 13093 | 12712 | 3% | 12907 | 12496 | 3% |
| Total Commercial excl. LMC & PPP (Non-GAAP) | 42674 | 41802 | 2% | 42237 | 40926 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CRE (GAAP) | 13228 | 13021 | 2% | 13095 | 12926 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total C&I excl. LMC & PPP (Non-GAAP) | $29446 | $28781 | 2% | $29142 | $28000 | 4% |
| **Loans excluding PPP** |  |  |  |  |  |  |
| Total Loans (GAAP) | $58101 | $57354 | 1% | $57564 | $56543 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;PPP (GAAP) | 76 | 129 | (41)% | 121 | 204 | (41)% |
| Total Loans excl. PPP (Non-GAAP) | 58025 | 57224 | 1% | 57443 | 56339 | 2% |
| Total Consumer (GAAP) | 13093 | 12712 | 3% | 12907 | 12496 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Commercial excl. PPP (Non-GAAP) | $44932 | $44512 | 1% | $44536 | $43843 | 2% |

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Numbers may not foot due to rounding.

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**GLOSSARY OF TERMS**

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

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

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

**Key Ratios**

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

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

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

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

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

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

**Asset Quality - Consolidated Key Ratios**

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

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

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

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

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

**Operating Segments**

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

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

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

## Exhibit 99.2

![](a4q22earningsslides-fina001.jpg)

Fourth Quarter 2022 Earnings January 18, 2023

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![](a4q22earningsslides-fina002.jpg)

2 Disclaimers Non-GAAP Information Certain measures included in this document are "non-GAAP," meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. FHN's management believes such measures, even though not always comparable to non-GAAP measures used by other financial institutions, are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. The non-GAAP measures presented in this document are listed, and are reconciled to the most comparable GAAP presentation, in the non-GAAP reconciliation table(s) appearing in the Appendix. In addition, presentation of regulatory measures, even those which are not GAAP, provide a meaningful base for comparability to other financial institutions subject to the same regulations as FHN. Although not GAAP terms, these regulatory measures are not considered "non-GAAP" under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in this document include: common equity tier 1 capital, generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk-weighted assets, which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios. Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements pertain to FHN's beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results, or other developments. Forward- looking statements can be identified by the words "believe," "expect," "anticipate," "intend," "estimate," "should," "is likely," "will," "going forward," and other expressions that indicate future events and trends. Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic, and competitive uncertainties and contingencies, many of which are beyond FHN's control, and many of which, with respect to future business decisions and actions (including acquisitions and divestitures), are subject to change and could cause FHN's actual future results and outcomes to differ materially from those contemplated or implied by forward-looking statements or historical performance. Examples of uncertainties and contingencies include those mentioned: in this document; in Items 2.02 and 7.01 of FHN's Current Report on Form 8-K to which this document has been filed as an exhibit; in the forepart, and in Items 1, 1A, and 7, of FHN's most recent Annual Report on Form 10-K, as amended; and in the forepart, and in Item 1A of Part II, of FHN's Quarterly Report(s) on Form 10-Q filed this year. FHN assumes no obligation to update or revise any forward-looking statements that are made in this document or in any other statement, release, report, or filing from time to time. Throughout this presentation, numbers may not foot due to rounding, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases.

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![](a4q22earningsslides-fina003.jpg)

3 4Q22 GAAP financial summary1 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted.2Fourth, third and second quarter 2022 includes 27.5 million shares related to the full impact of Series G convertible securities issued in connection with TD transaction; First quarter 2022 includes 9.8 million shares related to the one month average impact of these shares. Reported 4Q22 Change vs. Reported 2022 vs. 2021 $s in millions except per share data 4Q22 3Q22 2Q22 1Q22 4Q21 3Q22 4Q21 2022 2021 $/bps % $/bps % $/bps % Net interest income $709 $662 $542 $479 $498 $47 7 % $211 42 % $2,392 $1,994 $398 20 % Fee income 174 213 201 229 247 (39) (18) % (73) (30) % 816 1,076 (260) (24) % Total revenue 882 875 743 707 745 7 1 % 137 18 % 3,208 3,070 138 4 % Expense 503 468 489 493 528 35 7 % (25) (5) % 1,953 2,095 (142) (7) % Pre-provision net revenue (PPNR) 379 406 255 215 217 (27) (7) % 162 75 % 1,254 975 279 29 % Provision for credit losses 45 60 30 (40) (65) (15) (25) % 110 NM 95 (310) 405 131 % Pre-tax income 334 346 225 255 282 (12) (3) % 52 18 % 1,159 1,285 (126) (10) % Income tax expense 64 78 48 57 53 (14) (18) % 11 21 % 247 274 (27) (10) % Net income 270 268 177 198 229 2 1 % 41 18 % 912 1,010 (98) (10) % Non-controlling interest 4 3 3 3 3 1 33 % 1 33 % 12 11 1 9 % Preferred dividends 8 8 8 8 8 — — % — — % 32 37 (5) (14) % Net income available to common shareholders (NIAC) $258 $257 $166 $187 $219 $1 — % $39 18 % 868 962 (94) (10) % $s in billions Avg loans $57.6 $56.5 $55.6 $54.1 $54.7 $1.0 2 % $2.9 5 % $56.0 $56.3 $(0.3) (1) % Period-end loans $58.1 $57.4 $56.5 $55.0 $54.9 $0.7 1 % $3.2 6 % $58.1 $54.9 $3.2 6 % Avg deposits $64.9 $68.1 $71.9 $74.2 $74.6 $(3.3) (5) % $(9.7) (13) % $69.7 $73.1 $(3.4) (5) % Period-end deposits $63.5 $66.0 $70.5 $74.1 $74.9 $(2.5) (4) % $(11.4) (15) % $63.5 $74.9 $(11.4) (15) % Key performance metrics Net interest margin (NIM) 3.89 % 3.49 % 2.74 % 2.37 % 2.42 % 40 bps 147 bps 3.10 % 2.48 % 62 bps Loan to deposit ratio (avg.) 88.7 % 83.0 % 77.3 % 72.9 % 73.3 % 574 bps 1,544 bps 80.2 % 77.0 % 324 bps ROCE 14.4 % 13.9 % 9.1 % 9.9 % 11.3 % 57 bps 316 bps 11.8 % 12.5 % (72) bps ROTCE 19.1 % 18.2 % 12.1 % 13.0 % 14.7 % 91 bps 442 bps 15.6 % 16.5 % (88) bps ROA 1.4 % 1.3 % 0.8 % 0.9 % 1.0 % 6 bps 33 bps 1.1 % 1.2 % (7) bps Efficiency ratio 57.1 % 53.6 % 65.8 % 69.7 % 70.9 % 351 bps (1,381) bps 60.9 % 68.3 % (735) bps FTEs 7,477 7,569 7,627 7,900 7,863 (92) (1) % (386) (5) % 7,642 8,067 (425) (5) % CET1 ratio 10.2 % 9.9 % 9.8 % 10.0 % 9.9 % 24 bps 25 bps 10.2 % 9.9 % 27 bps Effective tax rate 19.2 % 22.6 % 21.3 % 22.4 % 18.6 % (339) bps 56 bps 21.3 % 21.4 % (4) bps Per common share Diluted EPS $0.45 $0.45 $0.29 $0.34 $0.40 $— — % $0.05 13 % $1.53 $1.74 $(0.21) (12) % Tangible book value per share $10.23 $9.72 $10.18 $10.46 $11.00 $0.51 5 % $(0.77) (7) % $10.23 $11.00 $(0.77) (7) % Avg. diluted shares outstanding2 572 570 569 550 542 2 — % 30 6 % 566 551 15 3 %

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![](a4q22earningsslides-fina004.jpg)

4 Table of contents 4Q22 key messages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4Q22 overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 4Q22 notable items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 4Q22 adjusted financial highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 FY22 adjusted financial highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 NII and NIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Adjusted fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Adjusted expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Total funding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Asset quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Key takeaways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

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![](a4q22earningsslides-fina005.jpg)

5 Well positioned to benefit given outlook for rates1 Reflects 4Q22 vs. 3Q22 results. 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. +8% Core Net Interest Income +44 bps Total Deposit Costs ~$94 million IBKC Merger Annualized Revenue Synergies -4% Adjusted Noninterest Income Adjusted EPS $0.51 Adjusted ROTCE 21.7% TBV $10.23 +43 bps Core Net Interest Margin +4% C&I Loans ex. PPP & LMC +3% Adjusted Expense +5% Adjusted PPNR +1.8% Asset Sensitive to +25 bp Shock Scenario

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![](a4q22earningsslides-fina006.jpg)

6 4Q22 robust PPNR driven by strength in NII Benefits of Diversified Model Solid Returns Strong Credit Quality IBKC Merger Update • Adjusted revenue of $885 million increased $38 million, or 4%, QoQ as strength in NII was partially offset by lower noninterest income largely given macroeconomic impacts – NII up $46 million QoQ reflecting the benefit of higher rates and 2% loan growth – Core NII increased 8% and core NIM up 43 bps with C&I loan growth of 4% ex. PPP and LMC – Fee income down 4% as higher deferred compensation income and other noninterest income was more than offset by reductions in fixed income and mortgage banking • Adjusted expense of $458 million up $14 million, or 3%, QoQ driven by higher deferred compensation and other noninterest expense partially offset by lower salaries and benefits • PPNR of $424 million up $21 million, or 5%, QoQ • Provision expense of $45 million reflects the impact of loan growth and revised macroeconomic outlook. 4Q22 provision includes reduction in losses expected from Hurricane Ian • Adjusted ROTCE of 21.7% • TBVPS of $10.23 increased 5% driven by a $0.57 increase tied to adjusted NIAC net of change in intangibles and a $0.15 increase tied to MTM valuation adjustments on AFS securities and cash flow hedges • Credit remains strong with net charge-offs of 18 bps and NPLs of 54 bps • ACL/NPL coverage of 2.44x; ACL/Loans ratio of 1.38% excluding LMC/PPP loans • Achieved $200 million of targeted annualized net cost saves in 4Q22 • ~$94 million of identified annualized revenue synergies largely tied to commercial loans 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. Adjusted EPS of $0.51 and PPNR of $424 million1 Pending TD Transaction • TD expects the deal to close in the first half of its 2023 fiscal year, subject to the receipt of required regulatory approvals and satisfaction of other closing conditions • Continued progress on integration planning and Legal Day One readiness

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![](a4q22earningsslides-fina007.jpg)

7 4Q22 notable items1 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted.2Includes pre-closing expenses incurred by IBKC. 4Q22 IBKC merger-related notable items Noninterest expense: Total noninterest expense 4 4Q22 Total IBKC net merger-related notable items $(4) 4Q22 TD transaction-related items Noninterest expense: Total noninterest expense 31 4Q22 Total TD transaction-related costs $(31) 4Q22 Other notable items Noninterest income: Other noninterest income 1 Noninterest expense: Other noninterest expense (10) 4Q22 Total other notable items $(9) 4Q22 Total notable items (45) Tax impact of 4Q22 notable items 11 After-tax impact of 4Q22 notable items $(34) EPS impact of 4Q22 notable items $(0.06) IBKC Cumulative Net Pre-tax Integration Costs Cost to Date 4Q19 - 3Q222 Purchase Acct. 4Q22 Total $403 $100 $4 $508 Notable Items ($s in millions, except per share data) GAAP results reduced by $34 million after-tax, or $0.06 per share, of notable items • IBKC merger-related expense of $4 million • TD transaction-related expense of $31 million • Other notable items reflect $10 million tied to derivative valuation adjustments related to prior Visa Class-B share sales and a $1 million additional gain on the sale of the title services business Pre-tax Notable Items

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![](a4q22earningsslides-fina008.jpg)

8 • Adjusted EPS of $0.51 vs. $0.44 – Adjusted ROTCE of 21.7% and TBV per share of $10.23 • Total revenue up $38 million, or 4% • NII up $46 million, or 7%, given benefit of higher rates and 2% loan growth – Core NII up $53 million, or 8% • Adjusted fee income down 4% as higher deferred compensation income and other noninterest income was more than offset by reductions in fixed income and mortgage banking • Adjusted expense up $14 million, or 3%, driven by increases in deferred compensation, fraud losses, client rewards, derivative expense and other noninterest expense • Provision expense of $45 million vs. $60 million in 3Q22 reflects the impact of loan growth and revised macroeconomic outlook 4Q22 adjusted financial highlights1 4Q22 Change vs. $s in millions except per share data 4Q22 3Q22 4Q21 3Q22 4Q21 $/bps % $/bps % Net Interest Income (FTE) $712 $666 $502 $46 7 % $210 42 % Fee income 173 181 246 (8) (4) % (73) (30) % Total revenue (FTE) 885 847 748 38 4 % 137 18 % Expense 458 444 474 14 3 % (16) (3) % Pre-provision net revenue 424 403 274 21 5 % 150 55 % Provision for credit losses 45 60 (65) (15) (25) % 110 NM Net charge-offs 26 12 1 14 113 % 25 NM Reserve build/(release) 19 48 (66) (29) (60) % 85 129 % Net income available to common $293 $252 $260 $41 16 % $33 13 % Key performance metrics Fee income as a % of total revenue 19.5 % 21.4 % 33.0 % (182) bps (1,340) bps Efficiency ratio 51.7 % 52.4 % 63.3 % (72) bps (1,161) bps ROTCE 21.7 % 17.9 % 17.5 % 379 bps 417 bps Diluted EPS $0.51 $0.44 $0.48 $0.07 16 % $0.03 6 % Diluted shares2 572 570 542 2 — % 30 6 % TBV per share $10.23 $9.72 $11.00 $0.51 5 % $(0.77) (7) % Effective tax rate 19.8 % 22.4 % 19.5 % (262) bps 32 bps PPNR up 5% driven by strength in NII 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Fourth, third, and second quarter 2022 includes 27.5 million shares related to the full impact of Series G convertible securities issued in connection with TD transaction; First quarter 2022 includes 9.8 million shares related to the one month average impact of these shares. 4Q22 vs. 3Q22 Highlights

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![](a4q22earningsslides-fina009.jpg)

9 • Adjusted EPS of $1.68 vs. $2.07 – Adjusted ROTCE of 17.0% and TBV per share of $10.23 • Total revenue up $65 million, or 2% • NII up $399 million, or 20%, given benefit of higher rates • Adjusted fee income down $334 million, or 30% reflecting the impact of increasing interest rates, macroeconomic uncertainty and volatility • Adjusted expense down $88 million, or 5%, driven by decreases in salaries and employee benefits, incentives and commissions, and deferred compensation partially offset by an increase in other noninterest expense • Provision expense of $95 million vs. $310 million credit in FY21 reflects the impact of revised macroeconomic outlook and loan growth ex. PPP and LMC FY22 adjusted financial highlights1 FY22 Change vs. $s in millions except per share data FY22 FY21 FY21 $/bps % Net Interest Income (FTE) $2,405 $2,006 $399 20 % Fee income 765 1,099 (334) (30) % Total revenue (FTE) 3,170 3,105 65 2 % Expense 1,795 1,883 (88) (5) % Pre-provision net revenue 1,362 1,222 140 11 % Provision for credit losses 95 (310) 405 131 % Net charge-offs 60 2 58 NM Reserve build/(release) 35 (312) 347 (111) % Net income available to common $950 $1,140 $(190) (17) % Key performance metrics Fee income as a % of total revenue 24.1 % 36.4 % (1,224) bps Efficiency ratio 56.6 % 60.6 % (400) bps ROTCE 17.0 % 19.3 % (233) bps Diluted EPS $1.68 $2.07 $(0.39) (19) % Diluted shares2 566 551 15 3 % TBV per share $10.23 $11.00 $(0.77) (7) % Effective tax rate 21.5 % 21.8 % (2,180) bps PPNR up 11% driven by strength in NII and expense discipline 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Fourth, third, and second quarter 2022 includes 27.5 million shares related to the full impact of Series G convertible securities issued in connection with TD transaction; First quarter 2022 includes 9.8 million shares related to the one month average impact of these shares. FY22 vs. FY21 Highlights

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10 NII trends reflect the benefit of rising rates and loan growth 1 $502 $482 $545 $666 $712 $466 $462 $532 $659 $711 2.42% 2.37% 2.74% 3.49% 3.89% Core NII Reported NII Reported NIM 4Q21 1Q22 2Q22 3Q22 4Q22 ($s in millions) FTE NII and NIM Trends Core NIM 2.28% 2.29% 2.69% 3.45% 3.89% 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. • FTE NII up $46 million, or 7%, and NIM up 41 bps despite a $6 million, or 3 bp, reduction in net merger- related and PPP benefits • Core NII of $711 million up $53 million, or 8% – Benefit of higher rates and loan balances partially offset by higher funding costs • Core NIM increased 43 bps to 3.89% – Benefit of higher rates, lower cash, and loan growth partially offset by the impact of higher funding costs – Period-end cash at the Fed declined from $3.0 billion to $1.2 billion 4Q22 vs. 3Q22 $s in millions NII NIM 3Q22 Reported $666 3.49 % PPP coupon income and fees 2 — % Net merger-related impacts 5 0.03 % 3Q22 Core $659 3.45 % Rates/Spreads 130 0.69 % All Other Loan Balances 21 0.03 % LMC Balances (9) (0.02) % Funding Costs (77) (0.42) % Lower Cash/Other (12) 0.15 % 4Q22 Core $711 3.89 % PPP coupon income and fees — — % Net merger-related impacts — — % 4Q22 Reported $712 3.89 % Results reflect 2% loan growth and 4% C&I loan growth ex. PPP and LMC 4Q22 vs. 3Q22 Highlights

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11 • Adjusted fee income down $8 million, or 4%, driven by a reduction in fixed income and mortgage banking partially offset by an increase in deferred compensation • Fixed income decreased $11 million reflecting the impact of increasing interest rates, macroeconomic uncertainty and volatility; – ADR of $403 thousand; full year of $632 thousand • Mortgage banking fees decreased $5 million largely driven by declines in mortgage sales volume • Deferred compensation up $10 million largely offset in noninterest expense • Card and digital banking fees decreased $1 million largely driven by declines in bank card income • Other noninterest income up $2 million driven by Bank Owned Life Insurance Adjusted fee income trends impacted by higher rates1 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 4Q22 Change vs. $s in millions 4Q22 3Q22 2Q22 1Q22 4Q21 3Q22 4Q21 $/bps % $/bps % Fixed income $35 $46 $51 $73 $82 $(11) (24) % $(47) (57) % Service charges and fees 56 56 57 57 56 — — % — — % Mortgage banking & title 4 9 22 22 28 (5) (56) % (24) (86) % Brokerage, trust, and insurance 33 34 36 37 36 (1) (3) % (3) (8) % Card and digital banking fees 20 21 23 20 19 (1) (5) % 1 5 % Deferred compensation income 7 (3) (17) (4) — 10 NM 7 NM Other noninterest income 20 18 15 18 25 2 11 % (5) (20) % Total fee income $173 $181 $188 $223 $246 $(8) (4) % $(73) (30) % Key Metrics Fixed Income Average Daily Revenue (ADR) $0.4 $0.5 $0.6 $1.0 $1.1 $(0.1) (23) % $(0.7) (64) % Mortgage banking Originations Secondary $145 $302 $467 $533 $706 $(157) (52) % $(561) (79) % Portfolio $575 $716 $1,120 $801 $874 $(141) (20) % $(299) (34) % Total $720 $1,018 $1,587 $1,334 $1,580 $(298) (29) % $(860) (54) % Gain on sale spread 2.04 % 2.03 % 2.41 % 2.65 % 2.98 % 1 bps (94) bps Mix Purchase 89 % 89 % 80 % 61 % 51 % Refinance 11 % 11 % 20 % 39 % 49 % Results driven by declines in fixed income & mortgage banking 4Q22 vs. 3Q22 Highlights

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12 Adjusted expense up 3% driven by increases in other noninterest expense1 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Occupancy and Equipment expense includes Computer Software Expense. • Adjusted expense of $458 million increased $14 million, or 3%, as higher deferred compensation expense and other noninterest expense was partially offset by a reduction in salaries and employee benefits – $4 million benefit tied to incremental merger cost saves • Personnel expense up $3 million – Salaries and benefits decreased $7 million reflecting sale of title business, seasonality and reductions in average headcount – Incentives and commissions up $2 million – Deferred compensation expense up $9 million largely offset in noninterest income • Outside services remained relatively stable • Other noninterest expense up $10 million largely tied to customer derivative expense and elevated fraud losses 4Q22 Change vs. $s in millions 4Q22 3Q22 2Q22 1Q22 4Q21 3Q22 4Q21 $/bps % $/bps % Salaries and benefits $178 $185 $190 $188 $189 $(7) (4) % $(11) (6) % Incentives and commissions 70 68 71 92 84 2 3 % (14) (17) % Deferred compensation expense 7 (2) (18) (5) 1 9 NM 6 NM Total personnel expense 254 251 244 275 274 3 1 % (20) (7) % Occupancy and equipment 71 70 72 72 73 1 1 % (2) (3) % Outside services 64 64 61 59 66 — — % (2) (3) % Amortization of intangible assets 12 12 12 12 13 — — % (1) (8) % Other noninterest expense 58 48 50 37 46 10 21 % 12 26 % Total noninterest expense $458 $444 $438 $455 $474 $14 3 % $(16) (3) % Full-time equivalent associates 7,477 7,569 7,627 7,900 7,863 (92) (1) % (386) (5) % Results largely reflect lower salaries and revenue-based incentives and commissions 2 4Q22 vs. 3Q22 Highlights

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13 • Loans of $57.6 billion up $1.0 billion driven by a 1% increase in commercial and a 3% in consumer – $1.7 billion, or 3%, increase in loans before the impact of PPP and LMC – C&I loan growth ex. PPP & LMC up 4% driven by Asset Based Lending, Florida, Tennessee, and Corporate Banking – Total core loan yields expanded 81 bps • Period-end loans of $58.1 billion up $748 million, or 1%, driven by a $382 million, or 3%, increase in consumer and a $367 million, or 1%, increase in commercial – $1.3 billion, or 2%, increase in loans before the impact of PPP and LMC – C&I loan growth ex. PPP & LMC up 2% driven by Asset Based Lending, Florida, and Tennessee – Unfunded commitments decreased 3% driven primarily by reductions in LMC 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 2Utilization rates exclude Loans to Mortgage Companies. Period-end commercial line utilization2 1Q22 2Q22 3Q22 4Q22 Utilization % 41% 41% 41% 42% $54.9B $57.4B $58.1B $54.1B $55.6B $56.5B $57.6B Commercial and Industrial (C&I) excl. LMC & PPP Commercial real estate (CRE) Consumer real estate Credit card and other Payroll Protection Program (PPP) Loans to mortgage companies (LMC) 4Q21 . . . . 3Q22 4Q22 1Q22 2Q22 3Q22 4Q22 Loan trends 23% 51% 1% 21% 4% 20% —% 2% 48% 23% 7% 2% 1Q22 2Q22 3Q22 4Q22 Yields 3.34% 3.57% 4.35% 5.12% Core yields 3.16% 3.43% 4.26% 5.07% Avg 1M LIBOR 0.22% 0.99% 2.47% 3.91% Period-end Average Total loan growth of 3% ex PPP & LMC1 49% 23% 20% 2%1% 6% C&I ex PPP & LMC up 4% QoQ 51% 23% 21% 1% —% 4% 47% 22% 20% 2% 8% 50% 23% 21% 2% —% 5% 23% 50% 1% 21% 5%—% 2% 4Q22 vs. 3Q22 Highlights

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14 Demand Deposit Accounts (DDA) Savings Time deposits Other interest-bearing deposits 4Q21 . . . . . 3Q22 4Q22 1Q22 2Q22 3Q22 4Q22 Deposit costs reflect impact of rising rates and increased competition1 Interest-bearing liabilities & DDA trends • Average deposits of $64.9 billion decreased $3.3 billion, or 5%, driven by a $1.7 billion decrease in DDA and a $1.6 billion decrease in interest- bearing deposits – Period-end deposits of $63.5 billion decreased $2.5 billion with a $2.3 billion decrease in DDA and a $0.2 billion decrease in interest-bearing • Deposit costs of 69 bps increased 44 bps – Interest-bearing deposit costs of 112 bps increased 70 bps • Total funding costs of 85 bps increased 46 bps given higher rates 1Q22 2Q22 3Q22 4Q22 Deposit cost of funds 6 bps 10 bps 25 bps 69 bps Total cost of funds 16 bps 22 bps 39 bps 85 bps Avg Fed Funds 0.12% 0.77% 2.18% 3.65% 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non- GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. Interest-bearing deposit betas of 48% in the quarter Period-end Average 4Q22 vs. 3Q22 Highlights $68.6B $71.8B $75.8B $78.4B $67.9B $69.4B $79.0B 29% 4% 32% 35% 26% 4% 33% 37%35% 33% 4% 27% 36% 37% 37% 36% 34% 33% 33% 33% 4% 4% 4% 4% 26% 27% 26% 27%

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15 Continued strong credit quality 1Net charge-off % is annualized and as % of average loans. $736 $686 $704 $752 $771 1.34% 1.25% 1.25% 1.31% 1.33% 268% 207% 234% 258% 244% ACL ACL/Loans ACL/NPLs 4Q21 1Q22 2Q22 3Q22 4Q22 Allowance for credit losses (ACL) Non-performing loans (NPLs) $275 $332 $301 $292 $316 0.50% 0.60% 0.53% 0.51% 0.54% NPLs $ NPLs % 4Q21 1Q22 2Q22 3Q22 4Q22 • Net charge-offs of $26 million increased $14 million • NPL ratio of 54 bps increased 4 bps • ACL coverage ratio of 1.33% vs. 1.31%; ACL coverage ex. LMC and PPP of 1.38% • 244% ACL coverage of NPLs • Provision expense of $45 million compared with a $60 million in 3Q22 – ~$19 million reserve build reflects the impact of loan growth and revised macroeconomic outlook – 4Q22 provision includes reduction in losses expected from Hurricane Ian 1 $1 $10 $12 $12 $26 $(65) $(40) $30 $60 $45 0.01% 0.07% 0.09% 0.08% 0.18% NCOs Provision for credit losses NCO% 4Q21 1Q22 2Q22 3Q22 4Q22 Reserve build reflects the impact of loan growth and revised macroeconomic outlook 4Q22 vs. 3Q22 Highlights ($s in millions) Provision, credit losses, and net charge-offs

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16 4Q21 1Q22 2Q22 3Q22 4Q22 CET1 ratio Tier 1 capital ratio Total capital ratio 4Q21 1Q22 2Q22 3Q22 4Q22 Strong capital position1 Capital levels 11.0% 12.3% 13.2% 11.8% 13.0% 11.6% 13.1% 11.7% 13.3% 11.9% Tangible book value per share 9.9% 0.43% (0.12)% (0.05)% (0.05)% 0.02% 10.2% 3Q22 actual Adjusted NIAC Common Dividend Notable Items Loans/ unfunded commitments growth Other 4Q22 estimate $9.72 $0.57 $0.15 $(0.15) $(0.06) $10.23 3Q22 actual Adjusted NIAC, net of change in Intangibles AFS Securities & Cash Flow Hedges MTM Common Dividends Notable Items 4Q22 actual • TBVPS of $10.23 increased 5% driven by a $0.57 increase tied to adjusted NIAC and a $0.15 increase tied to MTM valuation adjustments on AFS securities and cash flow hedges • CET1 ratio remained strong at 10.2% – The benefit of adjusted NIAC partially offset by a reduction tied to growth in loans and unfunded commitments, and common dividends • Total capital of 13.3% vs. 13.1% in 3Q22 1Adjusted financial measures, core NII, core NII ex. day count, core NIM, TBV per share, ROTCE, fully taxable equivalent measures, PPNR, and loans and leases, ACL and ratios excluding Loans to Mortgage Companies and/or loans under the federal PPP are Non-GAAP and are reconciled to GAAP measures in the appendix. Throughout this presentation, references to EPS are fully diluted, 4Q22 capital ratios are estimates, and unless otherwise noted, references to loans reflect average balances and include leases. Throughout this presentation references to NII, Total Revenue, Net Interest Margin and PPNR are presented on a fully taxable equivalent basis unless otherwise noted. 4Q22 vs. 3Q22 CET1 ratio 9.9% 10.0% 9.8% 9.9% 10.2% 4Q22 vs. 3Q22 Highlights

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17 Focused on driving enhanced value • Focused on driving enhanced value for our associates, clients, communities and shareholders as we plan to join forces with TD • Deliver further benefits of diversified business model through revenue synergies and loan growth – Leverage benefits of MOE integrated systems and product set to serve clients – Drive continuous improvement in productivity and efficiency beyond the integration • Actively manage balance sheet and maintain excellent credit quality – Continue to improve overall balance sheet asset and funding mix – Maintain strong risk management practices

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APPENDIX 18

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19 NII/NIM reconciliation to GAAP financials 1Q22 Reported to Core Reconciliation $s in millions NII NIM 1Q22 Reported (FTE) $482 2.37 % Less: non-core items PPP coupon income and fees 12 0.04 Loan Accretion 17 0.09 IBKC Premium Amortization (10) (0.05) 1Q22 Core (FTE) $462 2.29 % 4Q21 Reported to Core Reconciliation $s in millions NII NIM 4Q21 Reported (FTE) $502 2.42 % Less: non-core items PPP coupon income and fees 30 0.10 Loan Accretion 15 0.08 IBKC Premium Amortization (10) (0.05) 4Q21 Core (FTE) $466 2.28 % 2Q22 Reported to Core Reconciliation $s in millions NII NIM 2Q22 Reported (FTE) $545 2.74 % Less: non-core items PPP coupon income and fees 7 0.02 Loan Accretion 15 0.08 IBKC Premium Amortization (8) (0.04) 2Q22 Core (FTE) $532 2.69 % 4Q22 Reported to Core Reconciliation $s in millions NII NIM 4Q22 Reported (FTE) $712 3.89 % Less: non-core items PPP coupon income and fees — — Loan Accretion 7 0.04 IBKC Premium Amortization (6) (0.03) 4Q22 Core (FTE) $711 3.89 % 3Q22 Reported to Core Reconciliation $s in millions NII NIM 3Q22 Reported (FTE) $666 3.49 % Less: non-core items PPP coupon income and fees 2 — Loan Accretion 12 0.07 IBKC Premium Amortization (7) (0.04) 3Q22 Core (FTE) $659 3.45 %

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20 Notable Items ($s in millions except per share data) \*Purchase accounting gain is nontaxable income.\*\* 4Q22 and 2Q22 includes $10 million and $12 million, respectively of Visa derivative valuation expense; 4Q21 includes $10 million of Visa derivative valuation expense and $6 million of deferred compensation expense. (In millions) 4Q22 3Q22 2Q22 1Q22 4Q21 2022 2021 Summary of Notable Items: Purchase accounting gain\* $— $— $— $— $— $— $(1) Gain/(loss) on TRUPS redemption (other noninterest income) — — — — (3) — (26) IBKC Branch sale gain (other noninterest income) — — — — 4 1 5 Gain on sale of title services business 1 21 — — — 22 — Gain related to equity securities investments — 10 — 6 — 16 — Gain on sale of mortgage servicing rights — — 12 — — 12 — IBKC merger/acquisition expense (4) (3) (13) (28) (38) (49) (187) TD transaction-related expense (31) (21) (25) (9) — (87) — Other notable expenses\*\* (10) — (12) — (16) (22) (26) Total notable items (45) 7 (38) (32) (54) (107) 235 EPS impact of notable items $(0.06) $0.01 $(0.05) $(0.04) $(0.08) $(0.15) $(0.32)

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21 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. (a) Included in Total equity on the Consolidated Balance Sheet. (b) Includes goodwill and other intangible assets, net of amortization. Numbers may not foot due to rounding. CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION Quarterly, Unaudited ($s in millions, except per share data) 4Q22 3Q22 2Q22 1Q22 4Q21 2022 2021 Tangible Common Equity (Non-GAAP) (A) Total equity (GAAP) $8,547 $8,283 $8,551 $8,696 $8,494 $8,547 $8,494 Less: Noncontrolling interest (a) 295 295 295 295 295 295 295 Less: Preferred stock (a) 1,014 1,014 1,014 1,014 520 1,014 520 (B) Total common equity $7,238 $6,974 $7,242 $7,387 $7,679 $7,238 $7,679 Less: Intangible assets (GAAP) (b) 1,744 1,757 1,782 1,795 1,808 1,744 1,808 (C) Tangible common equity (Non-GAAP) $5,494 $5,217 $5,459 $5,592 $5,871 $5,494 $5,871 Tangible Assets (Non-GAAP) (D) Total assets (GAAP) $78,953 $80,299 $85,132 $88,660 $89,092 $78,953 $89,092 Less: Intangible assets (GAAP) (b) 1,744 1,757 1,782 1,795 1,808 1,744 1,808 (E) Tangible assets (Non-GAAP) $77,209 $78,542 $83,350 $86,865 $87,284 $77,209 $87,284 Period-end Shares Outstanding (F) Period-end shares outstanding 537 537 536 535 534 537 534 Ratios (A)/(D) Total equity to total assets (GAAP) 10.83 % 10.32 % 10.04 % 9.81 % 9.53 % 10.83 % 9.53 % (C)/(E) Tangible common equity to tangible assets ("TCE/TA") (Non-GAAP) 7.12 % 6.64 % 6.55 % 6.44 % 6.73 % 7.12 % 6.73 % (B)/(F) Book value per common share (GAAP) $13.48 $12.99 $13.50 $13.82 $14.39 $13.48 $14.39 (C)/(F) Tangible book value per common share (Non-GAAP) $10.23 $9.72 $10.18 $10.46 $11.00 $10.23 $11.00

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22 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION Quarterly, Unaudited ($s in millions, except per share data) 4Q22 3Q22 2Q22 1Q22 4Q21 2022 2021 Adjusted Diluted EPS Net income available to common shareholders ("NIAC") (GAAP) a $258 $257 $166 $187 $219 $868 $962 Plus Tax effected notable items (Non-GAAP) (a) 34 (5) 29 24 41 82 179 Adjusted net income available to common shareholders (Non-GAAP) b $293 $252 $195 $211 $260 $950 $1,140 Diluted Shares (GAAP)8 c 572 570 569 550 542 566 551 Diluted EPS (GAAP) a/c $0.45 $0.45 $0.29 $0.34 $0.40 $1.53 $1.74 Adjusted diluted EPS (Non-GAAP) b/c $0.51 $0.44 $0.34 $0.38 $0.48 $1.68 $2.07 Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA") Net Income ("NI") (GAAP) $270 $268 $177 $198 $229 $912 $1,010 Plus Tax effected notable items (Non-GAAP) (a) 34 (5) 29 24 41 82 179 Adjusted NI (Non-GAAP) $304 $263 $206 $223 $270 $994 $1,189 NI (annualized) (GAAP) d $1,070 $1,063 $709 $801 $910 $912 $1,010 Adjusted NI (annualized) (Non-GAAP) e $1,206 $1,045 $823 $900 $1,074 $994 $1,189 Average assets (GAAP) f $79,521 $82,551 $86,326 $88,587 $89,025 $84,217 $87,609 ROA (GAAP) d/f 1.35 % 1.29 % 0.82 % 0.90 % 1.02 % 1.08 % 1.15 % Adjusted ROA (Non-GAAP) e/f 1.52 % 1.27 % 0.95 % 1.02 % 1.21 % 1.18 % 1.36 % Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE Net income available to common shareholders ("NIAC") (GAAP) g $1,025 $1,020 $666 $756 $868 $868 $962 Adjusted Net income available to common shareholders (annualized) (Non-GAAP) h $1,161 $1,001 $781 $855 $1,032 $950 $1,140 Average Common Equity (GAAP) i $7,106 $7,360 $7,305 $7,628 $7,710 $7,348 $7,677 Intangible Assets (GAAP) (b) 1,750 1,767 1,789 1,802 1,815 1,777 1,836 Average Tangible Common Equity (Non-GAAP) j $5,356 $5,593 $5,516 $5,826 $5,895 $5,571 $5,841 Equity Adjustment (Non-GAAP) — — — — — 32 71 Adjusted Average Tangible Common Equity (Non-GAAP) k $5,356 $5,593 $5,516 $5,826 $5,895 $5,603 $5,912 ROCE (GAAP) g/i 14.42 % 13.85 % 9.12 % 9.92 % 11.26 % 11.81 % 12.53 % ROTCE (Non-GAAP) g/j 19.14 % 18.23 % 12.07 % 12.98 % 14.72 % 15.58 % 16.46 % Adjusted ROTCE (Non-GAAP) h/k 21.68 % 17.89 % 14.15 % 14.68 % 17.51 % 16.96 % 19.29 %

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23 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION Quarterly, Unaudited (In millions) 4Q22 3Q22 2Q22 1Q22 4Q21 2022 2021 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) k $174 $213 $201 $229 $247 $816 $1,076 Plus notable items (GAAP) (a) (1) (32) (13) (6) — (51) 23 Adjusted noninterest income (Non-GAAP) l $173 $181 $188 $222 $246 $765 $1,099 Revenue (GAAP) m $882 $875 $743 $707 $745 $3,208 $3,070 Taxable-equivalent adjustment 4 4 3 3 3 13 12 Revenue- Taxable-equivalent (Non-GAAP) 886 878 746 710 748 3,221 3,082 Plus notable items (GAAP) (a) (1) (32) (13) (6) — (51) 23 Adjusted revenue (Non-GAAP) n $885 $847 $733 $704 $748 $3,170 $3,105 Noninterest income as a % of total revenue (GAAP) k/m 19.68 % 24.30 % 27.06 % 32.31 % 33.10 % 25.44 % 35.04 % Adjusted noninterest income as a % of total revenue (Non-GAAP) l/n 19.55 % 21.37 % 25.68 % 31.63 % 32.95 % 24.14 % 36.38 % Adjusted Efficiency Ratio Noninterest expense (GAAP) o $503 $468 $489 $493 $528 $1,953 $2,095 Plus notable items (GAAP) (a) (46) (25) (50) (37) (54) (158) (212) Adjusted noninterest expense (Non-GAAP) p $458 $444 $438 $455 $474 $1,795 $1,883 Revenue (GAAP) q $882 $875 $743 $707 $745 $3,208 $3,070 Taxable-equivalent adjustment 4 4 3 3 3 13 12 Revenue- Taxable-equivalent (Non-GAAP) 886 878 746 710 748 3,221 3,082 Plus notable items (GAAP) (a) (1) (32) (13) (6) — (51) 23 Adjusted revenue (Non-GAAP) r $885 $847 $733 $704 $748 $3,170 $3,105 Efficiency ratio (GAAP) o/q 57.07 % 53.56 % 65.76 % 69.66 % 70.88 % 60.90 % 68.25 % Adjusted efficiency ratio (Non-GAAP) p/r 51.70 % 52.42 % 59.79 % 64.64 % 63.31 % 56.64 % 60.64 %

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24 Reconciliation to GAAP financials Slides in this presentation use Non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. Numbers may not foot due to rounding Allowance for Credit Losses (ACL) to Loans Ratio $s in millions Loan Balance ACL Balance ACL/Loans Total Loans $58,101 $771 1.3 % Loans to Mortgage Companies (LMC) 2,258 2 0.1 PPP 76 — — Total excl. LMC & PPP $55,767 $770 1.4 % Period-end Average ($s in millions) 4Q22 3Q22 4Q22 vs. 3Q22 4Q22 3Q22 4Q22 vs. 3Q22 Loans excluding LMC & PPP $% $% Total Loans (GAAP) $58,101 $57,354 $747 1 % $57,564 $56,543 $1,021 2 % PPP (GAAP) 76 129 (53) (41) % 121 204 (83) (41) % LMC (GAAP) 2,258 2,710 (452) (17) % 2,299 2,917 (617) (21) % Total Loans excl. LMC & PPP (Non-GAAP) 55,767 54,514 1,253 2 % 55,144 53,422 1,722 3 % Total Consumer (GAAP) 13,093 12,712 381 3 % 12,907 12,496 411 3 % Total Commercial excl. LMC & PPP (Non-GAAP) 42,674 41,802 872 2 % 42,237 40,926 1,311 3 % Total CRE (GAAP) 13,228 13,021 207 2 % 13,095 12,926 169 1 % Total C&I excl. LMC & PPP (Non-GAAP) $29,446 $28,781 $665 2 % $29,142 $28,000 $1,142 4 % Loans excluding PPP Total Loans (GAAP) $58,101 $57,354 $747 1 % $57,564 $56,543 $1,021 2 % PPP (GAAP) 76 129 (53) (41) % 121 204 (83) (41) % Total Loans excl. PPP (Non-GAAP) 58,025 57,224 801 1 % 57,443 56,339 1,104 2 % Total Consumer (GAAP) 13,093 12,712 381 3 % 12,907 12,496 411 3 % Total Commercial excl. PPP (Non-GAAP) $44,932 $44,512 $419 1 % $44,536 $43,843 $693 2 %

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