EX-99.1 2 a4q2023earningsrelease.htm 4Q2023 EARNINGS RELEASE Document

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

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

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

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

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

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

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

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

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

Full Year 2023 versus Full Year 2022

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

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

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

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

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

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

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

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

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

2

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



3

Fourth Quarter 2023 versus Third Quarter 2023

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

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

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

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

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

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

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

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

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

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

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

4


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

5

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

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

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

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

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

The non-GAAP measures presented in this earnings release are fully taxable equivalent measures, pre-provision net revenue ("PPNR"), Loans to Mortgage Companies ("LMC"), return on average tangible common equity (“ROTCE”), tangible common equity (“TCE”) to tangible assets (“TA”), tangible book value ("TBV") per common share, and various consolidated and segment results and performance measures and ratios adjusted for notable items.

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

Refer to the tabular reconciliation of non-GAAP to GAAP measures and presentation of the most comparable GAAP items, beginning on page 22.


6

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

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

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

First Horizon Corp. (NYSE: FHN), with $81.7 billion in assets as of December 31, 2023, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

Contact: Investor Relations - NRFlanders@firsthorizon.com
Media Relations - Beth.Ardoin@firsthorizon.com
7

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


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

9


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

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


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


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

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

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

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



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


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


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


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

REGIONAL BANKING
Quarterly, Unaudited 
     4Q23 Change vs.2023 vs. 2022
 4Q233Q232Q231Q234Q223Q234Q2220232022
$/bp%$/bp%$/bp%
Income Statement (millions)      
Net interest income$572 $583 $612 $586 $544 $(11)(2)%$28 5 %$2,354 $1,954 $400 20 %
Noninterest income109 109 109 107 107 — — 2 2 433 444 (11)(2)%
Total revenue681 692 721 693 650 (11)(2)31 5 2,787 2,397 390 16 %
Noninterest expense342 318 321 320 321 24 8 21 7 1,301 1,226 75 6 %
Pre-provision net revenue3
340 374 399 373 330 (34)(9)10 3 1,486 1,172 314 27 %
Provision for credit losses35 104 43 41 30 (69)(66)5 17224 94 130 138 %
Income before income tax expense305 270 356 331 300 35 13 5 2 1,262 1,077 185 17 %
Income tax expense72 63 84 78 70 9 14 2 3 296 253 43 17 %
Net income$233 $207 $272 $253 $229 $26 13 %$4 2 %$966 $825 $141 17 %
Average Balances (billions)
Total loans and leases$43.9 $43.9 $42.9 $41.8 $41.1 $— — %$2.8 7 %$43.2 $39.6 $3.6 9 %
Interest-earning assets43.9 43.9 42.9 41.8 41.1 — — 2.8 7 43.2 39.6 3.6 9 
Total assets46.6 46.7 45.6 44.5 43.8 (0.1)— 2.8 6 45.9 42.3 3.6 9 
Total deposits59.3 58.8 55.9 57.8 59.6 0.5 1 (0.3)(1)58.0 63.1 (5.1)(8)
Key Metrics
Net interest margin6
5.20 %5.30 %5.75 %5.71 %5.27 %(10)bp(7)bp5.48 %4.96 %52 bp
Efficiency ratio 50.17 %45.97 %44.59 %46.21 %49.30 %420 bp87 bp46.70 %51.13 %(443)bp
Loans-to-deposits ratio (period-end balances)73.49 %74.40 %74.98 %73.95 %70.81 %(91)bp268 bp73.49 %70.81 %268 bp
Loans-to-deposits ratio (average-end balances)74.02 %74.78 %76.72 %72.39 %69.02 %(76)bp500 bp74.46 %62.74 %1,172 bp
Return on average assets (annualized)1.98 %1.76 %2.39 %2.31 %2.08 %22 bp(10)bp2.11 %1.95 %16 bp
Return on allocated equity7
24.98 %22.19 %29.55 %27.96 %25.21 %279 bp(23)bp26.15 %23.23 %292 bp
Financial center locations418 418 417 417 417 — 1 418 417 1 
Numbers may not add to total due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 21.

Regional Banking segment: Offers financial products and services, including traditional lending and deposit taking, to consumer and commercial customers primarily in the southern and southeastern U.S. and other selected markets. Regional Banking also provides investment, wealth management, financial planning, trust and asset management services for consumer customers.
19


SPECIALTY BANKING
Quarterly, Unaudited 
     4Q23 Change vs.2023 vs 2022
 4Q233Q232Q231Q234Q223Q234Q2220232022
$/bp%$/bp%$/bp%
Income Statement (millions)      
Net interest income$129 $135 $130 $125 $134 $(6)(4)%$(5)(4)%$519 $557 $(39)(7)%
Noninterest income61 46 48 53 47 15 33 14 30 209 312 (103)(33)
Total revenue190 181 177 179 181 9 5 9 5 727 869 (142)(16)
Noninterest expense94 89 88 93 93 5 6 1 1 364 446 (82)(18)
Pre-provision net revenue3
96 92 89 86 87 4 4 9 10 363 423 (60)(14)
Provision for credit losses25 6 10 10 18 19 NM 7 3950 14 36 NM
Income before income tax expense72 87 79 76 70 (15)(17)2 3 313 409 (96)(24)
Income tax expense17 21 19 18 17 (4)(19)— — 76 100 (24)(24)
Net income$54 $66 $60 $57 $53 $(12)(18)%$1 2 %$237 $310 $(73)(24)%
Average Balances (billions)
Total loans and leases$16.8 $17.0 $16.5 $15.8 $15.9 $(0.2)(1)%$0.9 5 %$16.5 $15.8 $0.7 4 %
Interest-earning assets19.1 19.3 18.7 18.1 18.4 (0.2)(1)0.7 4 18.8 18.8 — — 
Total assets20.5 20.7 20.0 19.4 19.6 (0.2)(1)0.9 4 20.2 20.0 0.2 1 
Total deposits3.4 3.3 3.1 3.6 4.3 0.1 3 (0.9)(21)3.3 5.6 (2.3)(41)
Key Metrics
Fixed income product average daily revenue (thousands)$463 $301 $348 $437 $403 $162 54 %$60 15 %$387 $632 $(245)(39)%
Net interest margin6
2.68 %2.78 %2.77 %2.80 %2.89 %(10)bp(21)bp2.76 %2.97 %(21)bp
Efficiency ratio 49.38 %49.10 %49.60 %52.19 %51.69 %28 bp(231)bp50.06 %51.29 %(123)bp
Loans-to-deposits ratio (period-end balances)537 %509 %559 %504 %426 %2,758 bp11,028 bp537 %426 %11,028 bp
Loans-to-deposits ratio (average-end balances)497 %517 %537 %440 %370 %(1,991)bp12,740 bp496 %284 %21,211 bp
Return on average assets (annualized)1.05 %1.26 %1.20 %1.20 %1.06 %(21)bp(1)bp1.17 %1.55 %(38)bp
Return on allocated equity7
12.07 %15.40 %14.92 %14.69 %13.05 %(333)bp(98)bp14.22 %19.04 %(482)bp
Numbers may not add to total due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 21.

Specialty Banking segment: Consists of lines of business that deliver product offerings and services with specialized industry knowledge. Specialty Banking’s lines of business include asset-based lending, mortgage warehouse lending, commercial real estate, franchise finance, correspondent banking, equipment finance, mortgage, and title insurance (prior to July 2022). In addition to traditional lending and deposit taking, Specialty Banking also delivers treasury management solutions, loan syndications, and international banking. Additionally, Specialty Banking has a line of business focused on fixed income securities sales, trading, underwriting, and strategies for institutional clients in the U.S. and abroad, as well as loan sales, portfolio advisory services, and derivative sales.
20

CORPORATE
Quarterly, Unaudited
 4Q23 Change vs.2023 vs. 2022
 4Q233Q232Q231Q234Q223Q234Q2220232022
$%$%$/bp%
Income Statement (millions)
Net interest income/(expense)$(84)$(113)$(111)$(24)$31 $29 26 %$(115)NM $(332)$(119)$(213)NM
Noninterest income13 18 244 11 21 (5)(28)(8)(38)286 60 225 NM
Total revenues(72)(95)133 (13)52 23 24 (124)NM (47)(59)13 21 
Noninterest expense137 67 146 64 90 70 104 47 52 414 282 133 47 
Pre-provision net revenue3
(208)(162)(13)(77)(38)(46)(28)(170)NM (461)(341)(120)(35)
Provision for credit losses(9)— (4)(1)(3)(9)NM (6)NM (14)(13)(1)(6)
Income before income tax expense(199)(162)(10)(76)(35)(37)(23)(164)NM (447)(328)(119)(36)
Income tax expense (benefit)(100)(32)(7)(21)(23)(68)NM (77)NM (160)(105)(55)(52)
Net income/(loss)$(99)$(130)$(3)$(55)$(12)$31 24 %$(87)NM $(287)$(222)$(65)(29)%
Average Balance Sheet (billions)    
Interest bearing assets$12.4 $13.0 $13.7 $12.1 $13.3 $(0.6)(5)%$(0.9)(7)%$12.8 $19.3 $(6.4)(33)%
Total assets15.2 15.9 16.7 14.9 16.0 (0.7)(4)(0.8)(5)15.7 22.0 (6.3)(29)%
Numbers may not add to total due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.


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


FOOTNOTES
1 Taxable equivalent interest income and interest expense are non-GAAP measures and reconcile to net interest income (GAAP) in the table.
2 Occupancy and Equipment expense includes Computer Software Expense.
3 Pre-provision net revenue is a non-GAAP measure and is reconciled to income before income taxes (GAAP) in the table.
4 Represents a non-GAAP measure and is reconciled to the nearest GAAP measure in the non-GAAP to GAAP reconciliations beginning on page 22.
5 Credit card and other includes $179.6 million of commercial credit card balances at December 31, 2023.
6 Net interest margin is computed using total NII adjusted for FTE assuming a statutory federal income tax rate of 21 percent, and, where applicable state taxes.
7 Segment equity is allocated based on an internal allocation methodology.
8 2Q23 includes 19.7 million share impact of Series G convertible securities issued in connection with TD transaction based on the final conversion rate; 1Q23 and 4Q22 include 27.5 million shares based on the original maximum conversion rate.
9 3Q23 increase driven by the conversion of Series G convertible securities issued in connection with TD transaction.
21

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


22

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


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CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(In millions)4Q233Q232Q231Q234Q2220232022
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)k$183 $173 $400 $171 $174 $927 $816 
Plus notable items (GAAP) (a)(4)— (225)— (1)(229)(51)
Adjusted noninterest income (Non-GAAP)l$179 $173 $175 $171 $173 $699 $765 
Revenue (GAAP)m$800 $778 $1,031 $859 $882 $3,467 $3,208 
Taxable-equivalent adjustment4 4 4 4 4 16 13 
Revenue- Taxable-equivalent (Non-GAAP)804 782 1,035 863 886 3,483 3,221 
Plus notable items (GAAP) (a)(4)— (225)— (1)(229)(51)
Adjusted revenue (Non-GAAP)n$800 $782 $810 $863 $885 $3,254 $3,170 
Securities gains/(losses) (GAAP)o$(5)$— $— $— $1 $(4)$18 
Noninterest income as a % of total revenue (GAAP)(k-o)/ (m-o)23.33 %22.23 %38.80 %19.90 %19.63 %26.83 %25.01 %
Adjusted noninterest income as a % of total revenue (Non-GAAP)l/n22.32 %22.11 %21.60 %19.81 %19.50 %21.43 %24.08 %
Adjusted Efficiency Ratio
Noninterest expense (GAAP)p$572 $474 $555 $478 $503 $2,080 $1,953 
Plus notable items (GAAP) (a)(70)(10)(95)(21)(46)(196)(158)
Adjusted noninterest expense (Non-GAAP)q$502 $465 $461 $457 $458 $1,884 $1,795 
Revenue (GAAP)r$800 $778 $1,031 $859 $882 $3,467 $3,208 
Taxable-equivalent adjustment4 4 4 4 4 16 13 
Revenue- Taxable-equivalent (Non-GAAP)804 782 1,035 863 886 3,483 3,221 
Plus notable items (GAAP) (a)(4)— (225)— (1)(229)(51)
Adjusted revenue (Non-GAAP)s$800 $782 $810 $863 $885 $3,254 $3,170 
Securities gains/(losses) (GAAP)t$(5)$— $— $— $1 $(4)$18 
Efficiency ratio (GAAP)p/ (r-t)71.14 %60.96 %53.89 %55.67 %57.10 %59.91 %61.25 %
Adjusted efficiency ratio (Non-GAAP)q/s62.84 %59.43 %56.92 %92.98 %51.73 %57.93 %56.68 %
(a)     Amounts adjusted for notable items as detailed on page 10.
(b)     Includes goodwill and other intangible assets, net of amortization.
Numbers may not foot due to rounding.
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CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions)
Period-endAverage
4Q233Q234Q23 vs. 3Q234Q233Q234Q23 vs. 3Q23
Loans excluding LMC
Total Loans (GAAP)$61,292 $61,778 $(486)(1)%$61,197 $61,432 $(235)— %
LMC (GAAP)2,0192,237(218)(10)%1,9392,353(414)(18)%
Total Loans excl. LMC (Non-GAAP)59,273 59,541 (268)— %59,258 59,079 179 — %
Total Consumer (GAAP)14,44314,494(51)— %14,46614,39175 1 %
Total Commercial excl. LMC (Non-GAAP)44,829 45,047 (218)— %44,792 44,688 104 — %
Total CRE (GAAP)14,216 14,121 95 1 %14,210 13,999 211 2 %
Total C&I excl. LMC (Non-GAAP)$30,613 $30,926 $(313)(1)%$30,581 $30,689 $(108)— %
Numbers may not foot due to rounding.




4Q233Q232Q231Q234Q22
Allowance for credit losses to loans and leases and Allowance for credit losses to nonperforming loans and leases
Allowance for loan and lease losses (GAAP)A$773 $760 $737 $715 $685 
Reserve for unfunded commitments (GAAP)83 82 90 85 87 
Allowance for credit losses (Non-GAAP)B$856 $842 $827 $800 $771 
Loans and leases (GAAP)C$61,292 $61,778 $61,295 $59,045 $58,101 
Nonaccrual loans and leases (GAAP)D$462 $394 $402 $424 $316 
Allowance for loans and lease losses to loans and leases (GAAP)A/C1.26 %1.23 %1.20 %1.21 %1.18 %
Allowance for credit losses to loans and leases (Non-GAAP)B/C1.40 %1.36 %1.35 %1.35 %1.33 %
Allowance for loans and lease losses to nonperforming loans and leases (GAAP)A/D167 %193 %183 %169 %217 %
Allowance for credit losses to nonperforming loans and leases (Non-GAAP)B/D185 %214 %206 %189 %244 %
Numbers may not foot due to rounding.
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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.
 
TD Transaction: The acquisition of FHN by TD contemplated by a merger agreement signed in February 2022 and terminated in May 2023.

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

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

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

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

Specialty Banking segment: Consists of lines of business that deliver product offerings and services with specialized industry knowledge. Specialty Banking’s lines of business include asset-based lending, mortgage warehouse lending, commercial real estate, franchise finance, correspondent banking, equipment finance, mortgage, and title insurance (prior to July 2022). In addition to traditional lending and deposit taking, Specialty Banking also delivers treasury management solutions, loan syndications, and international banking. Additionally, Specialty Banking has a line of business focused on fixed income securities sales, trading, underwriting, and strategies for institutional clients in the U.S. and abroad, as well as loan sales, portfolio advisory services, and derivative sales.

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

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