EX-99.1 2 a1q2022earningsrelease.htm EX-99.1 Document




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First Horizon Corporation Reports First Quarter 2022 Net Income Available to Common Shareholders of
$187 Million, or EPS of $0.34; $211 Million, or $0.38, on an Adjusted basis*

ROTCE of 13.0% and Adjusted ROTCE of 14.7% with tangible book value per share of $10.46*


MEMPHIS, TN (April 19, 2022) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported first quarter 2022 net income available to common shareholders ("NIAC") of $187 million, or earnings per share of $0.34, compared with fourth quarter 2021 NIAC of $219 million, or earnings per share of $0.40.

First quarter 2022 results were reduced by a net $24 million after-tax, or $0.04 per share, of notable items compared with a net $41 million, or $0.08 per share, in fourth quarter 2021. Excluding notable items, adjusted first quarter 2022 NIAC of $211 million, or $0.38 per share, decreased from $260 million, or $0.48 per share in fourth quarter of 2021. The decrease was led by a $0.04 per share reduction tied to lower provision credit.

"Our underlying results this quarter reflect the tremendous opportunities and momentum inherent in our higher-growth markets with C&I loan growth of 4% before the impact of paycheck protection program and mortgage warehouse loans," said President and Chief Executive Officer Bryan Jordan. "While higher long-term rates and global uncertainty impacted our countercyclical businesses, our highly asset-sensitive balance sheet is well positioned to benefit from rising short-term rates. I'm particularly proud of the hard work and dedication of our associates who contributed to the successful completion of the IBERIABANK systems and signage integration during the quarter. With that work behind us, we remain focused on driving value for our associates, clients, communities and shareholders as we look forward to completing the proposed transaction with TD Bank Group.”

Jordan continued, “With the war in Ukraine, our hearts go out to the families, clients and associates directly impacted by this crisis and we hope that peace, safety and freedom can be quickly restored.”

Notable Items
Notable Items
Quarterly, Unaudited ($s in millions, except per share data)
1Q224Q211Q21
Summary of Notable Items:
Merger/acquisition/transaction-related items:
IBKC:
Purchase accounting gain (other noninterest income)*$— $— $1 
Branch sale gain (other noninterest income)— 4 — 
Merger/acquisition expense(28)(38)(70)
Total IBKC merger/acquisition- related items(28)(35)(69)
TD:
Transaction-related expense(9)— — 
Total TD transaction-related items(9)— — 
Total Net Merger/acquisition/transaction- related items:(37)(35)(69)
Other notable items:
Gain/(loss) on TruPS redemption (other noninterest income)— (3)— 
Gain related to a fintech investment6 — — 
Other notable expense (other noninterest expense)— (16)(10)
Total net other notable items:(6)(19)(10)
Total Notable items (pre-tax)$(32)$(54)$(79)
Total Notable items (after-tax)(24)(41)(60)
EPS impact of notable items$(0.04)$(0.08)$(0.11)
Numbers may not foot due to rounding
*' Purchase accounting gain is non-taxable income
First quarter 2022 GAAP results were reduced by a net $24 million after-tax impact, or $0.04 per share, of notable items compared with a net $41 million impact, or $0.08 per share, in fourth quarter 2021. First quarter pre-tax net notable items included IBKC merger-related expense of $28 million; TD transaction-related costs of $9 million and a $6 million gain related to a fintech investment.

*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 21.
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First Quarter 2022 Highlights
•Total revenue of $707 million decreased $38 million from fourth quarter levels. Adjusted revenue of $704 million decreased $44 million largely reflecting the impact of higher long-term rates and seasonality.
•Net interest income of $479 million was down $19 million, or 4%, from fourth quarter 2021 levels driven by a $16 million reduction in net merger-related and PPP benefits. Core net interest income was down $3 million given a $7 million impact tied to day count.
•Noninterest income of $229 million decreased $18 million largely as reductions in fixed income and mortgage banking fees given the impact of higher long-term rates and macroeconomic volatility, as well as other noninterest income, were partially offset by a $6 million increase tied to notable items.
•Noninterest expense of $493 million decreased $35 million from fourth quarter 2021 driven by a $17 million decrease in notable items. Adjusted noninterest expense of $455 million decreased $19 million from fourth quarter 2021 driven by lower other noninterest expense and outside services.
•Provision for credit losses was a benefit of $40 million compared with a benefit of $65 million in fourth quarter 2021, largely reflecting decreased COVID-19 impacts, partially offset by a slower growth economic forecast and inflationary pressures.
•Average interest-earning assets of $82.2 billion decreased modestly from fourth quarter 2021 largely as a $399 million increase in the securities portfolio was more than offset by a $695 million decrease in loans and loans held for sale driven by a $630 million decrease in Paycheck Protection Program loans ("PPP").
•Average loans before the impact of PPP remained relatively stable largely as a $1.0 billion decrease in loans to mortgage companies was more than offset by higher other commercial and industrial balances.
•Period-end loans before the impact of PPP increased $550 million, or 1%, driven by a $505 million increase in commercial. Period-end commercial loans excluding PPP and loans to mortgage companies ("LMC") rose 3%.
•Average deposits of $74.2 billion decreased $452 million, or 1%, from fourth quarter 2021 driven by a $356 million decrease in noninterest-bearing. Interest-bearing deposit costs of 10 basis points decreased 1 bp from fourth quarter 2021.
•Allowance for credit losses ("ACL") to loans ratio of 1.25% decreased from 1.34% at December 31, 2021; the ACL to nonperforming loans ratio of 207% decreased from 267% at December 31, 2021.
•Net charge-offs of 0.07% in first quarter 2022 increased from unusually low levels in fourth quarter 2021; nonperforming loans of $332 million increased 21% from from unusually low levels in fourth quarter 2021 and the nonperforming loans ratio of 0.60% increased from 0.50% as of December 31, 2021.
•ROCE of 9.9%; ROTCE of 13.0%; Adjusted ROTCE of 14.7%; CET 1 ratio of 10.0%; and total capital ratio of 13.2%.
•Tangible book value per share of $10.46 at March 31, 2022 decreased 5% from $11.00 at December 31, 2021 driven by a $0.76 reduction tied to the mark-to-market valuation adjustment on the securities portfolio
Strategic Update
•Successfully completed IBKC systems and signage conversion in February 2022.
•On track to deliver approximately $200 million of targeted annualized net cost saves by 4Q22.
•Achieved $116 million of annualized net cost saves in 1Q22.
•Announced proposed acquisition by TD at $25 per common share all cash, or approximately 37% premium at announcement.
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SUMMARY RESULTS
Quarterly, Unaudited
1Q22 Change vs.
($s in millions, except per share and balance sheet data)1Q224Q211Q214Q211Q21
$/bp%$/bp%
Income Statement
Interest income - taxable equivalent1
$513 $534 $555 $(21)(4)%$(42)(8)%
Interest expense- taxable equivalent1
31 33 45 (2)(6)(14)(31)
Net interest income- taxable equivalent482 502 511 (20)(4)(29)(6)
Less: Taxable-equivalent adjustment3 3 3 — — — — 
Net interest income479 498 508 (19)(4)(29)(6)
Noninterest income229 247 298 (18)(7)(69)(23)
      Total revenue707 745 806 (38)(5)(99)(12)
Noninterest expense493 528 544 (35)(7)(51)(9)
Pre-provision net revenue3
215 217 262 (2)(1)(47)(18)
Provision for credit losses(40)(65)(45)25 38 5 11 
Income before income taxes255 282 307 (27)(10)(52)(17)
Provision for income taxes57 53 71 4 8 (14)(20)
Net income198 229 235 (31)(14)(37)(16)
Net income attributable to noncontrolling interest3 3 3 — — — — 
Net income attributable to controlling interest195 227 233 (32)(14)(38)(16)
Preferred stock dividends8 8 8 — — — — 
Net income available to common shareholders$187 $219 $225 $(32)(15)$(38)(17)
Adjusted net income4
$222 $271 $295 $(49)(18)$(73)(25)
Adjusted net income available to common shareholders4
$211 $260 $284 $(49)(19)%$(73)(26)%
Common stock information
EPS$0.34 $0.40 $0.40 $(0.06)(16)%$(0.06)(15)%
Adjusted EPS4
$0.38 $0.48 $0.51 $(0.10)(21)%$(0.13)(25)%
Diluted shares8
550 542 557 8 1 %(7)(1)%
Key performance metrics
Net interest margin2.37 %2.42 %2.62 %(5)bp(25)bp
Efficiency ratio69.66 70.88 67.53 (122)213 
Adjusted efficiency ratio4
64.64 63.31 57.49 133 715 
Effective income tax rate22.41 18.63 23.24 378 (83)
Return on average assets0.90 1.02 1.12 (12)(22)
Adjusted return on average assets4
1.02 1.21 1.40 (19)(38)
Return on average common equity (“ROCE")9.9 11.3 12.0 (134)(209)
Return on average tangible common equity (“ROTCE”)4
13.0 14.7 15.9 (174)(292)
Adjusted ROTCE4
14.7 17.5 20.2 (283)(547)
Noninterest income as a % of total revenue32.31 33.10 37.00 (79)(469)
Adjusted noninterest income as a % of total revenue4
31.63 %32.95 %36.78 %(132)bp(515)bp
Balance Sheet (billions)
Average loans$54.1 $54.7 $58.2 $(0.6)(1)%$(4.1)(7)%
Average deposits74.2 74.6 71.0 (0.5)(1)3.2 4 
Average assets88.6 89.0 85.4 (0.4)— 3.2 4 
Average common equity$7.6 $7.7 $7.6 $(0.1)(1)%$— 1 %
Asset Quality Highlights
Allowance for credit losses to loans and leases1.25 %1.34 %1.70 %(9)bp(45)bp
Net charge-off ratio0.07 0.01 0.06 7 2 
Nonperforming loan and leases ratio0.60 %0.50 %0.67 %10 bp(7)bp
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 110.0 %9.9 %10.0 %5 bp— bp
Tier 111.8 11.0 11.0 80 80 
Total Capital13.2 12.3 12.8 85 35 
Tier 1 leverage8.8 %8.1 %8.2 %73 bp61 bp
Numbers may not foot due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 20.


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First Quarter 2022 versus Fourth Quarter 2021
Net interest income
Net interest income of $479 million decreased $19 million from fourth quarter 2021 driven by a $23 million reduction tied to net merger-related and PPP benefits and day count. Core net interest income up $3 million before day count as the impact of lower loans to mortgage companies and consumer loan balances and spreads was more than offset by the benefit of higher investment portfolio income, other commercial and industrial loan balances and lower funding costs. Net interest margin of 2.37% decreased 5 bps from fourth quarter 2021 as the benefit of higher investment portfolio balances and spreads and lower funding costs was partially offset by the impact of lower LMC and consumer loan balances and spreads.

Noninterest income
Noninterest income of $229 million decreased $18 million as a $6 million benefit tied to notable items was more than offset by lower fixed income and mortgage banking fees given the impact of higher long-term rates and macroeconomic volatility as well as seasonality. Results were also impacted by lower other noninterest income and seasonality in traditional banking fees. Fixed income average daily revenue of $1.0 million compared with $1.1 million in fourth quarter 2021.

Noninterest expense
Noninterest expense of $493 million decreased $35 million from fourth quarter 2021 driven by a net $17 million decrease in notable items. Adjusted noninterest expense of $455 million decreased $19 million from fourth quarter 2021 driven by lower other noninterest expense and outside services. Adjusted personnel expense of $275 million remained relatively stable. Adjusted other noninterest expense decreased $9 million largely as a decrease in DDA product accruals, fraud losses, travel and entertainment, pension expense and contributions was partially offset by an increase in franchise taxes. Adjusted outside services decreased $7 million driven by lower contractor costs, advertising and consulting costs. Results reflect $3 million benefit tied to incremental merger cost savings.

Loans and leases
Average loan and lease balances of $54.1 billion decreased $599 million from fourth quarter 2021 driven by a $630 million decrease in PPP loans and a $1.0 billion reduction in loans to mortgage companies ("LMC"). Loan trends excluding PPP increased $30 million compared to the prior quarter, driven by a $73 million increase in commercial. Period-end loans and leases of $55.0 billion increased $153 million from fourth quarter 2021 despite a $397 million decrease in PPP. Loans before the impact of PPP were up $550 million largely as a $622 million decrease in LMC was more than offset by a $750 million increase in other commercial and industrial and a $378 million increase in commercial real estate. Before the impact of PPP and LMC, period-end loans increased $1.2 billion, or 10% annualized, reflecting a $1.1 billion increase in all other commercial loans.

Deposits
Average deposits of $74.2 billion decreased $452 million, or 1% from fourth quarter 2021. Period-end deposits of $74.1 billion decreased $780 million from fourth quarter 2021 from a $169 million increase in noninterest-bearing offset by a $949 million decrease in interest-bearing deposits. Interest-bearing deposit costs of 10 basis points remained remained relatively stable from fourth quarter 2021 levels.

Asset quality
Provision for credit losses benefit of $40 million compared to a benefit of $65 million in fourth quarter 2021, largely reflects decreased COVID-19 impacts, partially offset by a slower growth economic forecast and inflationary pressures.

Net charge-offs of $10 million, or 7 basis points in the first quarter, increased from unusually low fourth quarter 2021 levels reflecting continued relatively strong asset quality overall.

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Nonperforming loans of $332 million increased $57 million from unusually low fourth quarter 2021 levels. First quarter 2022 ACL to nonperforming loans coverage ratio of 207% compared with 267% in fourth quarter 2021.

The ACL to loans ratio decreased to 1.25% from 1.34% in the fourth quarter 2021.

Capital
CET1 ratio of 10.0% in first quarter 2022 remained strong with 9.9% in fourth quarter 2021. Total capital ratio of 13.2% vs. 12.3% in fourth quarter 2021. Issued $494 million convertible preferred in connection with the TD transaction which added approximately 80 bps to Tier 1 and Total capital ratios.

Income taxes
The first quarter 2022 effective tax rate of 22.4% increased from fourth quarter 2021 rate of 18.6%. On an adjusted basis, the effective tax rate of 22.5% in the first quarter 2022 increased from 19.5% in fourth quarter 2021.

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.

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

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

Important Other Information

In connection with the proposed transaction with TD, First Horizon has filed a preliminary proxy statement and other materials with the SEC, and intends to file additional relevant materials with the SEC, including a definitive proxy statement on Schedule 14A. All preliminary materials are subject to completion.

Neither this report nor any exhibit constitutes an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval.

SHAREHOLDERS OF FIRST HORIZON ARE URGED TO READ, WHEN AVAILABLE, ALL RELEVANT DOCUMENTS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED WITH THE SEC, INCLUDING FIRST HORIZON’S PROXY STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FIRST HORIZON AND THE PROPOSED TRANSACTION WITH TD.

Investors and shareholders of First Horizon will be able to obtain a free copy of the definitive proxy statement as well as other relevant documents filed with the SEC without charge at the SEC’s website (http://www.sec.gov). Copies of the definitive proxy statement and the filings with the SEC that will be incorporated by reference in that proxy statement can also be obtained, without charge, by directing a request to Clyde A. Billings Jr., First Horizon Corporation, 165 Madison, Memphis, TN 38103, telephone (901) 523-4444.

Participants in the Solicitation

First Horizon and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction under the rules of the SEC. Information regarding First Horizon’s directors and executive officers is available in the proxy statement for its 2022 annual meeting of shareholders, which was filed with the SEC on March 14, 2022, and certain of its Current Reports on Form 8-K. Other information regarding the participants in the solicitation of proxies in respect of the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.

First Horizon Corp. (NYSE: FHN), with $88.7 billion in assets as of March 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, mortgage, and title insurance 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, Ellen Taylor (901) 523-4450
Media Relations, Beth Ardoin, (337) 278-6868
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CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited
     1Q22 Change vs.
($s in millions, except per share data)1Q224Q213Q212Q211Q214Q211Q21
$ %$ %
Interest income - taxable equivalent1
$513 $534 $536 $545 $555 $(21)(4)%$(42)(8)%
Interest expense- taxable equivalent1
31 33 41 45 45 (2)(6)(14)(31)
Net interest income- taxable equivalent482 502 495 500 511 (20)(4)(29)(6)
Less: Taxable-equivalent adjustment3 3 3 3 3 — — — — 
Net interest income479 498 492 497 508 (19)(4)(29)(6)
Noninterest income:
Fixed income73 82 96 102 126 (9)(11)(53)(42)
Mortgage banking and title22 28 34 38 53 (6)(21)(31)(58)
Brokerage, trust, and insurance37 36 37 35 33 1 3 4 12 
Service charges and fees57 56 56 54 53 1 2 4 8 
Card and digital banking fees20 19 21 21 17 1 5 3 18 
Deferred compensation income(4)— 3 7 3 (4)NM (7)NM
Other noninterest income24 25 (1)27 15 (1)(4)9 60 
Total noninterest income229 247 247 285 298 (18)(7)(69)(23)
Total revenue707 745 738 781 806 (38)(5)(99)(12)
Noninterest expense:
Personnel expense:
Salaries and benefits190 190 191 191 196 — — (6)(3)
Incentives and commissions94 93 101 109 120 1 1 (26)(22)
Deferred compensation expense(5)7 4 6 3 (12)NM (8)NM
Total personnel expense280 290 296 306 318 (10)(3)(38)(12)
Occupancy and equipment2
72 74 75 75 76 (2)(3)(4)(5)
Outside services84 81 89 63 58 3 4 26 45 
Amortization of intangible assets13 14 14 14 14 (1)(7)(1)(7)
Other noninterest expense44 70 52 40 78 (26)(37)(34)(44)
Total noninterest expense493 528 526 497 544 (35)(7)(51)(9)
Pre-provision net revenue3
215 217 213 284 262 (2)(1)(47)(18)
Provision for credit losses(40)(65)(85)(115)(45)25 38 5 11 
Income before income taxes255 282 298 399 307 (27)(10)(52)(17)
Provision for income taxes57 53 63 88 71 4 8 (14)(20)
Net income198 229 235 311 235 (31)(14)(37)(16)
Net income attributable to noncontrolling interest3 3 3 3 3 — — — — 
Net income attributable to controlling interest195 227 232 308 233 (32)(14)(38)(16)
Preferred stock dividends8 8 8 13 8 — — — — 
Net income available to common shareholders$187 $219 $224 $295 $225 $(32)(15)%$(38)(17)%
Common Share Data
EPS$0.35 $0.41 $0.41 $0.54 $0.41 $(0.06)(14)%$(0.06)(15)%
Basic shares533 537 546 550 552 (4)(1)(19)(3)
Diluted EPS$0.34 $0.40 $0.41 $0.53 $0.40 $(0.06)(16)$(0.06)(15)
Diluted shares8
550 542 550 556 557 8 1 %(7)(1)%
Effective tax rate22.4 %18.6 %21.1 %22.0 %23.2 %
Numbers may not foot due to rounding. See footnote disclosures on page 20.
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ADJUSTED5 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 9
Quarterly, Unaudited
     1Q22 Change vs.
($s in millions, except per share data)1Q224Q213Q212Q211Q214Q211Q21
$%$%
Net interest income (FTE)1
$482 $502 $495 $500 $511 $(20)(4)%$(29)(6)%
Adjusted noninterest income:
Fixed income73 82 96 102 126 (9)(11)(53)(42)
Mortgage banking and title22 28 34 38 53 (6)(21)(31)(58)
Brokerage, trust, and insurance37 36 37 35 33 1 3 4 12 
Service charges and fees57 56 56 54 53 1 2 4 8 
Card and digital banking fees20 19 21 21 17 1 5 3 18 
Deferred compensation income(4)— 3 7 3 (4)NM (7)NM
Adjusted other noninterest income18 25 21 29 14 (7)(28)4 29 
Adjusted total noninterest income$223 $246 $268 $287 $297 $(23)(9)%$(74)(25)%
Total revenue (FTE)1
$704 $748 $763 $787 $808 $(44)(6)%$(104)(13)%
Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits$188 $189 $191 $191 $195 $(1)(1)%$(7)(4)%
Adjusted Incentives and commissions92 84 92 93 99 8 10 %(7)(7)
Deferred compensation expense(5)1 4 6 3 (6)NM (8)NM
Adjusted total personnel expense275 274 286 290 297 1 — %(22)(7)
Adjusted occupancy and equipment2
72 73 74 75 72 (1)(1)%— — 
Adjusted outside services59 66 65 56 54 (7)(11)%5 9 
Adjusted amortization of intangible assets12 13 13 13 13 (1)(8)%(1)(8)
Adjusted other noninterest expense37 46 42 31 28 (9)(20)%9 32 
Adjusted total noninterest expense$455 $474 $480 $465 $464 $(19)(4)%$(9)(2)%
Adjusted pre-provision net revenue3
$249 $274 $284 $321 $343 $(25)(9)%$(94)(27)%
Adjusted provision for credit losses$(40)$(65)$(85)$(115)$(45)$25 38 %$5 11 %
Adjusted net income available to common shareholders$211 $260 $275 $321 $284 $(49)(19)%$(73)(26)%
Adjusted Common Share Data
Adjusted diluted EPS$0.38 $0.48 $0.50 $0.58 $0.51 $(0.10)(21)%$(0.13)(25)%
Diluted shares8
550 542 550 556 557 8 1 %(7)(1)%
Adjusted effective tax rate22.5 %19.5 %21.8 %22.2 %23.4 %
Adjusted ROTCE14.7 %17.5 %18.4 %22.2 %20.2 %
Adjusted efficiency ratio64.6 %63.3 %62.9 %59.2 %57.5 %
Numbers may not foot due to rounding.
See footnote disclosures on page 20.

8


NOTABLE ITEMS
Quarterly, Unaudited
(In millions)1Q224Q213Q212Q211Q21
Summary of Notable Items:
IBKC Purchase accounting gain (other noninterest income)*$— $— $— $(2)$1 
Gain/(loss) on TRUPS redemption (other noninterest income)— (3)(23)— — 
IBKC Branch sale gain (other noninterest income)— 4 2 — — 
Gain related to a fintech investment 6 — — — — 
IBKC merger/acquisition expense(28)(38)(46)(32)(70)
TD transaction-related expense (9)— — — — 
Other notable expenses**— (16)— — (10)
Total notable items$(32)$(54)$(68)$(34)$(79)
EPS impact of notable items$(0.04)$(0.08)$(0.09)$(0.05)$(0.11)
Numbers may not foot due to rounding
*' Purchase accounting gain is non-taxable income.
** 4Q21 includes $10 million of Visa derivative valuation expense and $6 million of deferred compensation expense.



IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited
     
(In millions)1Q224Q213Q212Q211Q21
Impacts of Notable Items:
Noninterest income:
Other noninterest income$(6)$— $22 $2 $(1)
Total noninterest income$(6)$— $22 $2 $(1)
Noninterest expense:
Personnel expenses:
Salaries and benefits$(2)$— $— $— $— 
Incentives and commissions(2)(9)(10)(16)(21)
Deferred compensation expense— (6)— — — 
Total personnel expenses(4)(16)(10)(16)(21)
Occupancy and equipment3
— — (1)— (4)
Outside services(25)(15)(24)(6)(4)
Amortization of intangible assets(1)(1)(1)(1)(1)
Other noninterest expense(7)(23)(10)(9)(50)
Total noninterest expense$(37)$(54)$(46)$(32)$(80)
Provision for credit losses$— $— $— $— $— 
Income before income taxes$32 $54 $68 $34 $79 
Provision for income taxes7 13 17 8 19 
Net income/(loss) available to common shareholders$24 $41 $51 $26 $60 
Numbers may not foot due to rounding

9


FINANCIAL RATIOS
Quarterly, Unaudited
     1Q22 change vs.
1Q224Q213Q212Q211Q214Q211Q21
FINANCIAL RATIOS$/bp%$/bp%
Net interest margin2.37 %2.42 %2.41 %2.47 %2.62 %(5)bp(25)bp
Return on average assets0.90 %1.02 %1.05 %1.42 %1.12 %(12)(22)
Adjusted return on average assets4
1.02 %1.21 %1.28 %1.54 %1.40 %(19)(38)
Return on average common equity (“ROCE”)9.92 %11.26 %11.43 %15.45 %12.01 %(134)(209)
Return on average tangible common equity (“ROTCE”)4
12.98 %14.72 %14.95 %20.36 %15.90 %(174)(292)
Adjusted ROTCE4
14.68 %17.51 %18.36 %22.18 %20.15 %(283)(547)
Noninterest income as a % of total revenue32.31 %33.10 %33.39 %36.43 %37.00 %(79)(469)
Adjusted noninterest income as a % of total revenue4
31.63 %32.95 %35.14 %36.49 %36.78 %(132)(515)
Efficiency ratio69.66 %70.88 %71.21 %63.67 %67.53 %(122)213 
Adjusted efficiency ratio4
64.64 %63.31 %62.87 %59.17 %57.49 %133 715 
CAPITAL DATA
CET1 capital ratio*
10.0 %9.9 %10.1 %10.3 %10.0 %5 bp— bp
Tier 1 capital ratio*11.8 %11.0 %11.2 %11.4 %11.0 %80 bp80 bp
Total capital ratio*13.2 %12.3 %12.6 %13.1 %12.8 %85 bp35 bp
Tier 1 leverage ratio*8.8 %8.1 %8.1 %8.2 %8.2 %73 bp61 bp
Risk-weighted assets (“RWA”) (billions)$65.0 $64.2 $63.0 $62.0 $62.3 $1 1 %$3 4 %
Total equity to total assets 9.81 %9.53 %9.64 %9.74 %9.49 %28 bp32 bp
Tangible common equity/tangible assets (“TCE/TA”)4
6.44 %6.73 %6.80 %6.87 %6.64 %(29)bp(20)bp
Period-end shares outstanding (millions)535 534 542 551 552 1 — %(17)(3)%
Cash dividends declared per common share$0.15 $0.15 $0.15 $0.15 $0.15 $— — $— — 
Book value per common share$13.82 $14.39 $14.24 $14.07 $13.65 $(0.57)(4)%$0.17 1 %
Tangible book value per common share4
$10.46 $11.00 $10.88 $10.74 $10.30 $(0.54)(5)%$0.16 2 %
SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)74.23 %73.25 %74.65 %77.36 %80.09 %98 bp(586)bp
Loans-to-deposit ratio (average balances)72.93 %73.29 %75.28 %77.68 %82.02 %(36)bp(909)bp
Full-time equivalent associates7,900 7,863 7,982 8,145 8,284 37 — %(384)(5)%
Certain previously reported amounts have been reclassified to agree with current presentation
*Current quarter is an estimate.
See footnote disclosures on page 20.
10

CONSOLIDATED PERIOD-END BALANCE SHEET
Quarterly, Unaudited 
     1Q22 change vs.
(In millions)1Q224Q213Q212Q211Q214Q211Q21
$%$%
Assets:      
Loans and leases:
Commercial, financial, and industrial (C&I)$30,798 $31,068 $31,516 $32,528 $33,951 $(269)(1)%$(3,153)(9)%
Commercial real estate12,487 12,109 12,194 12,292 12,470 378 3 17 — 
Total Commercial43,285 43,177 43,710 44,820 46,421 109 — (3,136)(7)
Consumer real estate10,874 10,772 10,787 10,864 11,053 102 1 (179)(2)
Credit card and other5
854 910 938 1,002 1,126 (57)(6)(272)(24)
Total Consumer11,727 11,682 11,725 11,867 12,178 46 — (451)(4)
Loans and leases, net of unearned income55,012 54,859 55,435 56,687 58,600 153 — (3,588)(6)
Loans held for sale1,014 1,172 1,052 977 811 (158)(13)203 25 
Investment securities9,943 9,419 8,798 8,398 8,361 524 6 1,582 19 
Trading securities1,823 1,601 1,319 1,035 1,076 221 14 747 69 
Interest-bearing deposits with banks13,548 14,907 14,829 13,451 11,635 (1,359)(9)1,913 16 
Federal funds sold and securities purchased under agreements to resell640 641 361 622 520 (1)— 120 23 
Total interest earning assets81,980 82,600 81,794 81,170 81,004 (620)(1)976 1 
Cash and due from banks1,225 1,147 1,197 1,303 1,169 78 7 55 5 
Goodwill and other intangible assets, net1,795 1,808 1,822 1,836 1,850 (13)(1)(55)(3)
Premises and equipment, net669 665 692 714 719 4 1 (50)(7)
Allowance for loan and lease losses(622)(670)(734)(815)(914)48 7 292 32 
Other assets3,614 3,542 3,766 3,700 3,685 71 2 (71)(2)
Total assets$88,660 $89,092 $88,537 $87,908 $87,513 $(432)— %$1,147 1 %
Liabilities and Shareholders' Equity:
Deposits:
Savings$25,772 $26,457 $27,425 $27,416 $27,023 $(685)(3)%$(1,251)(5)%
Time deposits3,165 3,500 3,920 4,304 4,653 (335)(10)(1,488)(32)
Other interest-bearing deposits17,126 17,054 15,571 15,728 16,444 71 — 681 4 
Total interest-bearing deposits46,063 47,012 46,916 47,447 48,120 (949)(2)(2,057)(4)
Trading liabilities513 426 315 531 454 87 20 59 13 
Short-term borrowings1,719 2,124 2,225 2,246 2,203 (405)(19)(484)(22)
Term borrowings1,591 1,590 1,584 1,672 1,671 1 — (80)(5)
Total interest-bearing liabilities49,885 51,151 51,040 51,896 52,448 (1,266)(2)(2,563)(5)
Noninterest-bearing deposits28,052 27,883 27,348 25,833 25,046 169 1 3,005 12 
Other liabilities2,027 1,564 1,617 1,613 1,712 463 30 316 18 
Total liabilities79,964 80,598 80,005 79,343 79,206 (634)(1)758 1 
Shareholders' Equity:
Preferred stock1,014 520 520 520 470 494 95 543 115 
Common stock334 333 339 344 345 1 — (11)(3)
Capital surplus4,769 4,742 4,866 4,997 5,036 26 1 (268)(5)
Retained earnings2,996 2,891 2,754 2,613 2,402 105 4 594 25 
Accumulated other comprehensive loss, net(711)(288)(241)(203)(242)(424)(147)(470)NM
Combined shareholders' equity8,400 8,199 8,237 8,270 8,012 202 2 389 5 
Noncontrolling interest295 295 295 295 295 — — — — 
Total shareholders' equity8,696 8,494 8,533 8,566 8,307 202 2 389 5 
Total liabilities and shareholders' equity$88,660 $89,092 $88,537 $87,908 $87,513 $(432)— %$1,147 1 %
Memo:
Total Deposits$74,114 $74,895 $74,265 $73,281 $73,167 $(780)(1)%$948 1 %
Unfunded Loan Commitments:
Commercial$21,813 $20,487 $19,019 $18,035 $16,759 $1,326 6 %$5,054 30 %
Consumer$3,882 $3,936 $3,892 $4,031 $4,067 $(54)(1)%$(185)(5)%
Numbers may not foot due to rounding. See footnote disclosures on page 20.
11

CONSOLIDATED AVERAGE BALANCE SHEET
Quarterly, Unaudited 
     1Q22 change vs.
(In millions)1Q224Q213Q212Q211Q214Q211Q21
$%$%
Assets:      
Loans and leases:      
Commercial, financial, and industrial (C&I)$30,215 $30,780 $31,477 $32,540 $33,279 $(565)(2)%$(3,064)(9)%
Commercial real estate12,229 12,220 12,264 12,350 12,424 9 — (195)(2)
Total Commercial42,445 43,001 43,741 44,890 45,703 (556)(1)(3,258)(7)
Consumer real estate10,769 10,738 10,819 10,926 11,400 31 — (631)(6)
Credit card and other5
869 943 948 1,013 1,119 (74)(8)(250)(22)
Total Consumer11,638 11,681 11,767 11,939 12,519 (43)— (882)(7)
Loans and leases, net of unearned income54,082 54,682 55,508 56,829 58,222 (599)(1)(4,140)(7)
Loans held-for-sale1,156 1,252 992 734 842 (96)(8)314 37 
Investment securities9,668 9,269 8,494 8,401 8,320 399 4 1,347 16 
Trading securities1,594 1,552 1,171 1,322 1,418 43 3 176 12 
Interest-bearing deposits with banks14,902 15,065 15,022 13,051 9,269 (163)(1)5,633 61 
Federal funds sold and securities purchased under agreements to resell753 650 587 648 599 103 16 153 26 
Total interest earning assets82,155 82,469 81,775 80,984 78,670 (314)— 3,484 4 
Cash and due from banks1,226 1,263 1,263 1,267 1,250 (37)(3)(24)(2)
Goodwill and other intangibles assets, net1,802 1,815 1,829 1,843 1,857 (13)(1)(55)(3)
Premises and equipment, net655 676 703 714 755 (21)(3)(100)(13)
Allowances for loan and lease losses(658)(714)(793)(884)(949)56 8 291 31 
Other assets3,407 3,515 3,624 3,635 3,817 (108)(3)(410)(11)
Total assets$88,587 $89,025 $88,401 $87,559 $85,401 $(438)— %$3,187 4 %
Liabilities and shareholders' equity:
Deposits:
Savings$26,330 $26,731 $27,793 $27,238 $27,370 $(401)(2)%$(1,040)(4)%
Time deposits3,343 3,695 4,121 4,487 4,836 (352)(10)(1,493)(31)
Other interest-bearing deposits16,558 15,900 15,333 16,029 15,491 658 4 1,067 7 
Total interest-bearing deposits46,230 46,326 47,248 47,754 47,697 (96)— (1,466)(3)
Trading liabilities614 556 527 560 518 58 10 96 19 
Short-term borrowings1,995 2,249 2,452 2,248 2,280 (255)(11)(285)(13)
Term borrowings1,591 1,575 1,665 1,672 1,670 15 1 (80)(5)
Total interest-bearing liabilities50,430 50,707 51,892 52,233 52,164 (277)(1)(1,735)(3)
Noninterest-bearing deposits27,926 28,282 26,485 25,404 23,284 (356)(1)4,641 20 
Other liabilities1,613 1,511 1,447 1,463 1,603 103 7 10 1 
Total liabilities79,969 80,499 79,824 79,100 77,052 (531)(1)2,917 4 
Shareholders' Equity:
Preferred stock695 520 520 513 470 175 34 225 48 
Common stock 334 336 342 345 346 (3)(1)(13)(4)
Capital surplus4,753 4,811 4,936 5,023 5,061 (58)(1)(308)(6)
Retained earnings2,938 2,819 2,673 2,499 2,336 119 4 602 26 
Accumulated other comprehensive loss, net(398)(256)(190)(217)(161)(141)(55)(237)(147)
Combined shareholders' equity8,323 8,230 8,281 8,164 8,054 93 1 269 3 
Noncontrolling interest295 295 295 295 295 — — — — 
Total shareholders' equity8,619 8,526 8,577 8,459 8,349 93 1 269 3 
Total liabilities and shareholders' equity$88,587 $89,025 $88,401 $87,559 $85,401 $(438)— %$3,187 4 %
Memo:
Total Deposits$74,156 $74,608 $73,733 $73,158 $70,981 $(452)(1)%$3,175 4 %
Numbers may not foot due to rounding. See footnote disclosures on page 20.
12

CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited 
   1Q22 change vs.
1Q224Q213Q212Q211Q214Q211Q21
(In millions, except rates)Income/ExpenseRateIncome/ExpenseRateIncome/ExpenseRateIncome/ExpenseRateIncome/ExpenseRateIncome/ExpenseIncome/Expense
$%$%
Interest earning assets/Interest income:   
Loans and leases, net of unearned income:
Commercial$339 3.24 %$365 3.37 %$372 3.37 %$380 3.39 %$382 3.39 %$(26)(7)%$(43)(11)%
Consumer108 3.71 110 3.77 112 3.83 118 3.98 127 4.09 (2)(2)(19)(15)
Loans and leases, net of unearned income447 3.34 475 3.45 484 3.47 498 3.52 510 3.54 (28)(6)(63)(12)
Loans held-for-sale10 3.51 11 3.49 8 3.25 7 3.94 7 3.16 (1)(8)3 50 
Investment securities38 1.59 33 1.43 31 1.48 29 1.39 28 1.41 5 15 10 37 
Trading securities11 2.75 10 2.50 6 2.07 7 2.03 7 2.03 1 13 4 53 
Interest-bearing deposits with banks7 0.19 6 0.15 6 0.16 3 0.10 2 0.10 1 21 5 NM
Federal funds sold and securities purchased under agreements— (0.04)— (0.09)— (0.03)— (0.06)— (0.12)— 100 — 100 
Interest income$513 2.52 %$534 2.58 %$536 2.61 %$545 2.70 %$555 2.85 %$(21)(4)%$(42)(8)%
Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings$3 0.05 %$4 0.06 %$9 0.12 %$11 0.16 %$13 0.19 %$(1)(23)%$(10)(76)%
Time deposits4 0.51 5 0.56 6 0.62 7 0.65 6 0.47 (1)(23)(2)(29)
Other interest-bearing deposits4 0.09 4 0.10 5 0.12 6 0.15 6 0.16 — 4 (2)(33)
Total interest-bearing deposits11 0.10 13 0.11 20 0.17 24 0.20 24 0.20 (2)(15)(13)(54)
Trading liabilities3 1.69 2 1.38 1 1.11 2 1.17 1 0.73 1 55 2 NM
Short-term borrowings1 0.15 1 0.18 1 0.24 1 0.22 1 0.21 — — — (17)
Term borrowings17 4.29 17 4.30 18 4.39 18 4.38 18 4.39 — — (1)(7)
Interest expense31 0.25 33 0.26 41 0.31 45 0.34 45 0.34 (2)(6)(14)(30)
Net interest income - tax equivalent basis482 2.27 502 2.32 495 2.30 500 2.36 511 2.51 (20)(4)(29)(6)
Fully taxable equivalent adjustment(3)0.10 (3)0.10 (3)0.11 (3)0.11 (3)0.11 — 5 — (1)
Net interest income$479 2.37 %$498 2.42 %$492 2.41 %$497 2.47 %$508 2.62 %$(19)(4)%$(29)(6)%
Memo:
Total loan yield3.34 %3.45 %3.47 %3.52 %3.54 %
Total deposit cost0.06 %0.07 %0.11 %0.13 %0.14 %
Total funding cost0.16 %0.16 %0.21 %0.23 %0.24 %
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.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 20.
13

CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited 
As of 1Q22 change vs.
(In millions, except ratio data)1Q224Q213Q212Q211Q214Q211Q21
$%$%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)$153 $125 $144 $122 $144 $28 23 %$9 6 %
Commercial real estate12 9 58 70 67 2 26 (56)(83)
Consumer real estate165 138 143 149 180 26 19 (15)(8)
Credit card and other3 3 2 2 2 — (3)— 11 
Total nonperforming loans and leases$332 $275 $347 $344 $394 $57 21 %$(62)(16)%
Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)0.50 %0.40 %0.46 %0.38 %0.42 %
Commercial real estate0.09 0.08 0.48 0.57 0.54 
Consumer real estate1.52 1.29 1.33 1.37 1.63 
Credit card and other0.32 0.31 0.22 0.24 0.22 
Total nonperforming loans and leases to loans and leases0.60 %0.50 %0.63 %0.61 %0.67 %
Numbers may not foot due to rounding.



CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Quarterly, Unaudited
As of1Q22 change vs.
(In millions)1Q224Q213Q212Q211Q214Q211Q21
$%$%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)$6 $5 $1 $1 $— $1 18 %$5 NM
Commercial real estate— — 2 — — — NM — NM
Consumer real estate14 33 12 12 12 (20)(59)1 8 
Credit card and other4 2 2 1 — 1 61 3 NM
Total loans and leases 90 days or more past due and accruing$23 $40 $16 $14 $13 $(17)(43)%$10 73 %
Numbers may not foot due to rounding.
14


CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited
As of1Q22 change vs.
(In millions, except ratio data)1Q224Q213Q212Q211Q214Q211Q21
Charge-off, Recoveries and Related Ratios$%$%
Gross Charge-offs
Commercial, financial, and industrial (C&I)$13 $5 $12 $2 $15 $8 NM $(2)(16)%
Commercial real estate— — 2 — 3 — (100)(3)(100)
Consumer real estate1 2 1 1 1 (1)(60)(1)(43)
Credit card and other5 4 5 3 3 1 17 2 62 
Total gross charge-offs$19 $11 $19 $6 $23 $8 74 %$(4)(19)%
Gross Recoveries
Commercial, financial, and industrial (C&I)$(3)$(3)$(7)$(5)$(6)$— 10 %$3 48 %
Commercial real estate— — (2)(1)(2)— 48 1 87 
Consumer real estate(5)(5)(7)(8)(6)— (1)2 24 
Credit card and other(1)(1)— (2)(1)— 25 — 29 
Total gross recoveries$(9)$(10)$(16)$(16)$(15)$1 8 %$6 40 %
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I)$10 $1 $5 $(3)$10 $9 NM $— 5 %
Commercial real estate— — — (1)2 — 46 (2)(112)
Consumer real estate(4)(3)(7)(8)(5)(1)(45)1 19 
Credit card and other4 3 4 1 2 1 32 2 121 
Total net charge-offs$10 $1 $3 $(10)$8 $9 NM $2 20 %
Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I)0.13 %0.01 %0.06 %(0.04)%0.12 %
Commercial real estate(0.01)(0.01)0.01 (0.02)0.06 
Consumer real estate(0.15)(0.10)(0.24)(0.28)(0.18)
Credit card and other1.85 1.26 1.86 0.51 0.65 
Total loans and leases0.07 %0.01 %0.02 %(0.07)%0.06 %
Numbers may not foot due to rounding.
15


CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS
Quarterly, Unaudited
As of1Q22 Change vs.
(In millions)1Q224Q213Q212Q211Q214Q211Q21
Summary of Changes in the Components of the Allowance For Credit Losses$%$%
Allowance for loan and lease losses - beginning$670 $734 $815 $914 $963 $(64)(9)%$(293)(30)%
Charge-offs:
Commercial, financial, and industrial (C&I)(13)(5)(12)(2)(15)(8)NM 2 16 
Commercial real estate— — (2)— (3)— 100 3 100 
Consumer real estate(1)(2)(1)(1)(1)1 60 1 43 
Credit card and other(5)(4)(5)(3)(3)(1)(17)(2)(62)
Total charge-offs(19)(11)(19)(6)(23)(8)(74)4 19 
Recoveries:
Commercial, financial, and industrial (C&I)3 3 7 5 6 — (10)(3)(48)
Commercial real estate— — 2 1 2 — (48)(1)(87)
Consumer real estate5 5 7 8 6 — 1 (2)(24)
Credit card and other1 1 — 2 1 — (25)— (29)
Total Recoveries9 10 16 16 15 (1)(8)(6)(40)
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)(36)(40)(5)(60)(1)3 9 (35)NM
Commercial real estate(3)(9)(48)(22)(8)6 68 5 66 
Consumer real estate(3)(18)(31)(26)(26)15 82 22 87 
Credit card and other4 3 6 — (6)1 25 10 NM
Total provision for loan and lease losses:
(38)(63)(78)(109)(41)25 40 3 7 
Allowance for loan and lease losses - ending$622 $670 $734 $815 $914 $(48)(7)%$(292)(32)%
Reserve for unfunded commitments - beginning$66 $68 $75 $81 $85 $(2)(3)%$(19)(22)%
Cumulative effect of change in accounting principle— — — — — — NM — NM
Acquired reserve for unfunded commitments— — — — — — NM — NM
Provision for unfunded commitments(2)(2)(7)(6)(4)— — 2 50 
Reserve for unfunded commitments - ending$64 $66 $68 $75 $81 $(2)(3)$(17)(21)
Total allowance for credit losses- ending$686 $736 $802 $890 $995 $(50)(7)%$(309)(31)%
Numbers may not foot due to rounding.
16


CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES
Quarterly, Unaudited
As of
1Q224Q213Q212Q211Q21
Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)0.93 %1.07 %1.19 %1.18 %1.30 %
Commercial real estate1.21 %1.27 %1.33 %1.71 %1.86 %
Consumer real estate1.51 %1.51 %1.65 %1.87 %2.00 %
Credit card and other2.31 %2.14 %2.03 %1.71 %1.63 %
Total allowance for loans and lease losses to loans and leases1.13 %1.22 %1.32 %1.44 %1.56 %
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)188 %268 %261 %314 %307 %
Commercial real estate1,303 %1,671 %278 %300 %345 %
Consumer real estate99 %118 %125 %136 %123 %
Credit card and other730 %699 %926 %725 %749 %
Total allowance for loans and lease losses to nonperforming loans and leases187 %244 %211 %237 %232 %
17

REGIONAL BANKING
Quarterly, Unaudited 
     1Q22 Change vs.
 1Q224Q213Q212Q211Q214Q211Q21
$/bp%$/bp%
Income Statement (millions)      
Net interest income$425 $446 $441 $441 $430 $(21)(5)%$(5)(1)%
Noninterest income114 115 113 109 100 (1)(1)14 14 %
Total revenue538 561 555 551 530 (23)(4)8 2 %
Noninterest expense310 306 300 277 270 4 1 40 15 %
Pre-provision net revenue3
229 255 255 273 260 (26)(10)(31)(12)%
Provision for credit losses(30)(60)(52)(88)(29)30 50 (1)(3)%
Income before income tax expense259 315 307 362 289 (56)(18)(30)(10)%
Income tax expense61 73 72 85 67 (12)(16)(6)(9)%
Net income$198 $242 $235 $277 $222 $(44)(18)%$(24)(11)%
Average Balances (billions)
Total loans and leases$38.0 $37.7 $38.5 $40.0 $40.2 $0.3 1 %$(2.2)(5)%
Interest-earning assets38.0 37.7 38.5 40.0 40.2 0.3 1 (2.2)(5)
Total assets40.5 39.9 40.7 42.2 42.4 0.6 2 (1.9)(4)
Total deposits66.6 66.6 65.4 65.0 62.1 — — 4.5 7 
Key Metrics
Net interest margin6
4.55 %4.72 %4.57 %4.45 %4.35 %(17)bp20 bp
Efficiency ratio 57.50 %54.54 %54.03 %50.35 %50.94 %296 bp656 bp
Loans-to-deposits ratio (period-end balances)57.46 %56.16 %57.40 %59.95 %62.61 %130 bp(515)bp
Loans-to-deposits ratio (average-end balances)57.04 %56.71 %58.92 %61.61 %64.69 %33 bp(765)bp
Return on average assets (annualized)1.99 %2.41 %2.29 %2.64 %2.12 %(42)bp(13)bp
Return on allocated equity7
22.96 %20.17 %20.05 %23.50 %18.70 %279 bp426 bp
Financial center locations417 427 438 490 490 (10)(2)%(73)(15)%
Numbers may not add to total due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 20.

Regional Banking segment: Offers financial products and services, including traditional lending and deposit taking, to consumer and commercial customers primarily in the southern and southeastern U.S. and other selected markets. Regional Banking also provides investment, wealth management, financial planning, trust and asset management services for consumer customers.
18


SPECIALTY BANKING
Quarterly, Unaudited 
     1Q22 Change vs.
 1Q224Q213Q212Q211Q214Q211Q21
$/bp%$/bp%
Income Statement (millions)      
Net interest income$141 $152 $151 $151 $158 $(11)(7)%$(17)(11)%
Noninterest income105 120 142 150 185 (15)(13)(80)(43)
Total revenue246 272 293 301 343 (26)(10)(97)(28)
Noninterest expense136 131 141 146 154 5 4 (18)(12)
Pre-provision net revenue3
110 141 152 155 189 (31)(22)(79)(42)
Provision for credit losses(2)(3)(33)(21)(7)1 33 5 71 
Income before income tax expense112 144 185 175 196 (32)(22)(84)(43)
Income tax expense27 35 45 42 47 (8)(23)(20)(43)
Net income$85 $109 $141 $133 $148 $(24)(22)%$(63)(43)%
Average Balances (billions)
Total loans and leases$15.5 $16.3 $16.3 $16.0 $17.2 $(0.8)(5)%$(1.7)(10)%
Interest-earning assets19.0 19.8 19.2 18.8 20.2 (0.7)(4)(1.1)(6)
Total assets20.2 21.0 20.5 20.1 21.6 (0.8)(4)(1.3)(6)
Total deposits6.5 6.7 6.2 5.5 5.3 (0.2)(2)1.2 22 
Key Metrics
Fixed income product average daily revenue (thousands)$987 $1,123 $1,323 $1,425 $1,885 $(136)(12)%$(898)(48)%
Net interest margin6
3.00 %3.05 %3.14 %3.22 %3.17 %(5)bp(17)bp
Efficiency ratio 55.34 %48.25 %48.01 %48.59 %44.94 %709 bp1,040 bp
Loans-to-deposits ratio (period-end balances)256 %264 %274 %308 %318 %(801)bp(6,239)bp
Loans-to-deposits ratio (average-end balances)239 %245 %266 %293 %325 %(554)bp(8,548)bp
Return on average assets (annualized)1.71 %2.06 %2.72 %2.65 %2.79 %(35)bp(108)bp
Return on allocated equity7
21.38 %19.84 %23.29 %21.59 %23.27 %154 bp(189)bp
Numbers may not add to total due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 20.

Specialty Banking segment: Consists of lines of business that deliver product offerings and services with specialized industry knowledge. Specialty Banking’s lines of business include asset-based lending, mortgage warehouse lending, commercial real estate, franchise finance, correspondent banking, equipment finance, mortgage, and title insurance. In addition to traditional lending and deposit taking, Specialty Banking also delivers treasury management solutions, loan syndications, 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.
19

CORPORATE
Quarterly, Unaudited
 1Q22 Change vs.
 1Q224Q213Q212Q211Q214Q211Q21
$%$%
Income Statement (millions)
Net interest income/(expense)$(87)$(100)$(101)$(96)$(80)$13 13 %$(7)(9)%
Noninterest income9 11 (8)25 12 (2)(18)(3)(25)
Total revenues(77)(88)(110)(70)(67)11 13 (10)(15)
Noninterest expense47 91 85 74 120 (44)(48)(73)(61)
Pre-provision net revenue3
(124)(179)(195)(144)(187)55 31 63 34 
Provision for credit losses(7)(2)— (6)(10)(5)NM 3 30 
Income before income tax expense(117)(177)(195)(138)(178)60 34 61 34 
Income tax expense (benefit)(31)(56)(54)(39)(43)25 45 12 28 
Net income/(loss)$(86)$(122)$(141)$(99)$(135)$36 30 %$49 36 %
Average Balance Sheet (billions)    
Interest bearing assets$25.2 $25.0 $24.0 $22.1 $18.3 $0.2 1 %$6.8 37 %
Total assets27.9 28.1 27.2 25.3 21.5 (0.2)(1)6.4 30 %
Numbers may not add to total due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 20.

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


FOOTNOTES
1 Taxable equivalent interest income and interest expense are non-GAAP measures and reconcile to net interest income (GAAP) in the table.
2 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 21.
5 Credit card and other includes an insignificant amount of commercial credit card balances.
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 First quarter 2022 includes 9.8 million shares related to the the one month average impact of Series G convertible securities issued in connection with the TD transaction..


20

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)1Q224Q213Q212Q211Q21
Tangible Common Equity (Non-GAAP)    
(A) Total equity (GAAP)$8,696 $8,494 $8,533 $8,566 $8,307 
Less: Noncontrolling interest (a)295 295 295 295 295 
Less: Preferred stock (a)1,014 520 520 520 470 
(B) Total common equity$7,387 $7,679 $7,717 $7,750 $7,541 
Less: Intangible assets (GAAP) (b)1,795 1,808 1,822 1,836 1,850 
(C) Tangible common equity (Non-GAAP)$5,592 $5,871 $5,895 $5,914 $5,691 
Tangible Assets (Non-GAAP) 
(D) Total assets (GAAP)$88,660 $89,092 $88,537 $87,908 $87,513 
Less: Intangible assets (GAAP) (b)1,795 1,808 1,822 1,836 1,850 
(E) Tangible assets (Non-GAAP)$86,865 $87,284 $86,715 $86,072 $85,663 
Period-end Shares Outstanding     
(F) Period-end shares outstanding535 534 542 551 552 
Ratios
(A)/(D) Total equity to total assets (GAAP)9.81 %9.53 %9.64 %9.74 %9.49 %
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)6.44 %6.73 %6.80 %6.87 %6.64 %
(B)/(F) Book value per common share (GAAP)$13.82 $14.39 $14.24 $14.07 $13.65 
(C)/(F) Tangible book value per common share (Non-GAAP)$10.46 $11.00 $10.88 $10.74 $10.30 
(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.


21

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
1Q224Q213Q212Q211Q21
($s in millions, except per share data)GAAPNotable ItemsNon-GAAPGAAPNotable ItemsNon-GAAPGAAPNotable ItemsNon-GAAPGAAPNotable ItemsNon-GAAPGAAPNotable ItemsNon-GAAP
Interest income - FTE$510 $3 $513 $531 $3 $534 $533 $3 $536 $542 $3 $545 $552 $3 $555 
Interest expense- FTE31— 3133— 33 41— 41 45— 45 45— 45 
Net interest income- FTE4793 4824983 502 4923 495 4973 500 5083 511 
Less: Taxable-equivalent adjustment— 3 3 — 3 3 — 3 3 — 3 3 — 3 3 
Net interest income479 — 479 498 — 498 492 — 492 497 — 497 508 — 508 
Noninterest income:
Fixed income73 — 73 82 — 82 96 — 96 102 — 102 126 — 126 
Mortgage banking and title22 — 22 28 — 28 34 — 34 38 — 38 53 — 53 
Brokerage, trust, and insurance37 — 37 36 — 36 37 — 37 35 — 35 33 — 33 
Service charges and fees57 — 57 56 — 56 56 — 56 54 — 54 53 — 53 
Card and digital banking fees20 — 20 19 — 19 21 — 21 21 — 21 17 — 17 
Deferred compensation income(4)— (4)— — — 3 — 3 7 — 7 3 — 3 
Other noninterest income24 (6)18 25 — 25 (1)22 21 27 2 29 15 (1)14 
Total noninterest income229 (6)223 247 — 246 247 22 268 285 2 287 298 (1)297 
Total revenue707 (6)702 745 — 745 738 22 760 781 2 784 806 (1)805 
Noninterest expense:
Personnel expense:
Salaries and benefits190 (2)188 190 — 189 191 — 191 191 — 191 196 — 195 
Incentives and commissions94 (2)92 93 (9)84 101 (10)92 109 (16)93 120 (21)99 
Deferred compensation expense(5)— (5)7 (6)1 4 — 4 6 — 6 3 — 3 
Total personnel expense280 (4)275 290 (16)274 296 (10)286 306 (16)290 318 (21)297 
Occupancy and equipment72 — 72 74 — 73 75 (1)74 75 — 75 76 (4)72 
Outside services84 (25)59 81 (15)66 89 (24)65 63 (6)56 58 (4)54 
Amortization of intangible assets13 (1)12 14 (1)13 14 (1)13 14 (1)13 14 (1)13 
Other noninterest expense44 (7)37 70 (23)46 52 (10)42 40 (9)31 78 (50)28 
Total noninterest expense493 (37)455 528 (54)474 526 (46)480 497 (32)465 544 (80)464 
Pre-provision net revenue215 32 246 217 54 271 213 68 281 284 34 318 262 79 340 
Provision for credit losses(40)— (40)(65)— (65)(85)— (85)(115)— (115)(45)— (45)
Income before income taxes255 32 286 282 54 336 298 68 365 399 34 433 307 79 386 
Provision for income taxes57 7 64 53 13 65 63 17 80 88 8 96 71 19 90 
Net income198 24 222 229 41 271 235 51 286 311 26 337 235 60 295 
Net income attributable to noncontrolling interest3 — 3 3 — 3 3 — 3 3 — 3 3 — 3 
Net income attributable to controlling interest195 24 219 227 41 268 232 51 283 308 26 334 233 60 292 
Preferred stock dividends8 — 8 8 — 8 8 — 8 13 — 13 8 — 8 
Net income available to common shareholders$187 $24 $211 $219 $41 $260 $224 $51 $275 $295 $26 $321 $225 $60 $284 
Common Stock Data
EPS$0.35 $(0.05)$0.40 $0.41 $(0.08)$0.48 $0.41 $(0.09)$0.50 $0.54 $(0.05)$0.58 $0.41 $(0.11)$0.51 
Basic shares533 533 537 537 546 546 550 550 552 552 
Diluted EPS$0.34 $(0.04)$0.38 $0.40 $(0.08)$0.48 $0.41 $(0.09)$0.50 $0.53 $(0.05)$0.58 $0.40 $(0.11)$0.51 
Diluted shares8
550 550 542 542 550 550 556 556 557 557 
Memo:
Total Revenue-FTE (Non-GAAP)$707 $3 $704 $745 $3 $748 $738 $24 $763 $781 $5 $787 $806 $2 $808 
PPNR-FTE (Non-GAAP)$215 $34 $249 $217 $58 $274 $213 $71 $283 $284 $37 $321 $262 $82 $343 
Amounts adjusted for notable items as detailed on page 9.
Numbers may not foot due to rounding.
22

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)1Q224Q213Q212Q211Q21
Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)a$187 $219 $224 $295 $225 
Plus Tax effected notable items (Non-GAAP) (a)24 41 51 26 60 
Adjusted net income available to common shareholders (Non-GAAP)b$211 $260 $275 $321 $284 
Diluted Shares (GAAP)8
c550 542 550 556 557 
Diluted EPS (GAAP)a/c$0.34 $0.40 $0.41 $0.53 $0.40 
Adjusted diluted EPS (Non-GAAP)b/c$0.38 $0.48 $0.50 $0.58 $0.51 
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)$198 $229 $235 $311 $235 
Plus Tax effected notable items (Non-GAAP) (a)24 41 51 26 60 
Adjusted NI (Non-GAAP)$222 $271 $286 $337 $295 
NI (annualized) (GAAP)d$801 $910 $931 $1,247 $955 
Adjusted NI (annualized) (Non-GAAP)e$900 $1,074 $1,133 $1,353 $1,198 
Average assets (GAAP)f$88,587 $89,025 $88,401 $87,559 $85,401 
ROA (GAAP)d/f0.90 %1.02 %1.05 %1.42 %1.12 %
Adjusted ROA (Non-GAAP)e/f1.02 %1.21 %1.28 %1.54 %1.40 %
Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE
Net income available to common shareholders ("NIAC") (GAAP)g$756 $868 $887 $1,182 $911 
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)h$855 $1,032 $1,089 $1,288 $1,154 
Average Common Equity (GAAP)i$7,628 $7,710 $7,761 $7,651 $7,583 
Intangible Assets (GAAP) (b)1,802 1,815 1,829 1,843 1,857 
Average Tangible Common Equity (Non-GAAP)j$5,826 $5,895 $5,932 $5,808 $5,726 
ROCE (GAAP)g/i9.92 %11.26 %11.43 %15.45 %12.01 %
ROTCE (Non-GAAP)g/j12.98 %14.72 %14.95 %20.36 %15.90 %
Adjusted ROTCE (Non-GAAP)h/j14.68 %17.51 %18.36 %22.18 %20.15 %
(a) Amounts adjusted for notable items as detailed on page 9.
(b)     Includes goodwill and other intangible assets, net of amortization.
Numbers may not foot due to rounding.


23

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(In millions)1Q224Q213Q212Q211Q21
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)k$229 $247 $247 $285 $298 
Plus notable items (GAAP) (a)(6)— 22 2 (1)
Adjusted noninterest income (Non-GAAP)l$223 $246 $268 $287 $297 
Revenue (GAAP)m$707 $745 $738 $781 $806 
Taxable-equivalent adjustment3 3 3 3 3 
Revenue- Taxable-equivalent (Non-GAAP)710 748 741 784 809 
Plus notable items (GAAP) (a)(6)— 22 2 (1)
Adjusted revenue (Non-GAAP)n$704 $748 $763 $787 $808 
Noninterest income as a % of total revenue (GAAP)k/m32.31 %33.10 %33.39 %36.43 %37.00 %
Adjusted noninterest income as a % of total revenue (Non-GAAP)l/n31.63 %32.95 %35.14 %36.49 %36.78 %
Adjusted Efficiency Ratio
Noninterest expense (GAAP)o$493 $528 $526 $497 $544 
Plus notable items (GAAP) (a)(37)(54)(46)(32)(80)
Adjusted noninterest expense (Non-GAAP)p$455 $474 $480 $465 $464 
Revenue (GAAP)q$707 $745 $738 $781 $806 
Taxable-equivalent adjustment3 3 3 3 3 
Revenue- Taxable-equivalent (Non-GAAP)710 748 741 784 809 
Plus notable items (GAAP) (a)(6)— 22 2 (1)
Adjusted revenue (Non-GAAP)r$704 $748 $763 $787 $808 
Efficiency ratio (GAAP)o/q69.66 %70.88 %71.21 %63.67 %67.53 %
Adjusted efficiency ratio (Non-GAAP)p/r64.64 %63.31 %62.87 %59.17 %57.49 %
(a) Amounts adjusted for notable items as detailed on page 9.
(b)     Includes goodwill and other intangible assets, net of amortization.
Numbers may not foot due to rounding.
24

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions)
1Q22 vs 4Q21
NII/NIM AnalysisNII%NIM
1Q22 Reported (FTE)$482 2.37 %
Less: non-core items
PPP coupon income and fees120.04 
Loan Accretion170.09 
IBKC Premium Amortization(10)(0.05)
1Q22 Core (FTE) (Non-GAAP)$462 (1)%2.29 %
Less: day count impact(7)— 
1Q22 Core (FTE) ex. day count$469 2.29 %
4Q21 Reported (FTE)$502 2.42 %
Less: non-core items
PPP coupon income and fees300.10 
Loan Accretion150.08 
IBKC Premium Amortization(10)(0.05)
4Q21 Core (FTE) (Non-GAAP)$466 2.28 %
Numbers may not foot due to rounding.

Period-endAverage
($s in millions)1Q224Q211Q22 vs 4Q211Q224Q211Q22 vs 4Q21
Loans excluding LMC & PPP$%$%
Total C& I excl. LMC & PPP$26,262 $25,512 $750 3 %$25,749 $24,668 $1,081 4 %
Total CRE12,48612,109377 3 %12,229 12,220 9 — %
Total Commercial excl. LMC & PPP38,748 37,621 1,127 3 %37,978 36,888 1,090 3 %
Total Consumer11,72711,68245 — %11,63811,681(43)— %
Total Loans excl. LMC & PPP50,47549,3031,172 2 %49,61648,5691,047 2 %
PPP6421,038(397)(38)%8151,444(630)(44)%
LMC3,8954,518(622)(14)%3,6514,669(1,018)(22)%
Total Loans$55,012 $54,859 $153 — %$54,082 $54,682 $(600)(1)%
Loans excluding PPP
Total Commercial excl. PPP$42,642 $42,138 $504 1 %$41,629 $41,557 $72 — %
Total Consumer11,72711,68245 — %11,63811,681(43)— %
Total Loans excl. PPP$54,369 $53,820 549 1 %$53,267 $53,238 29 — %
PPP6421,038(397)(38)%8151,444(630)(44)%
Total Loans$55,012 $54,859 $153 — %$54,082 $54,682 (600)(1)%
Numbers may not foot due to rounding.
25


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.

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