EX-99.1 2 a2q2022earningsrelease.htm 2Q2022 EARNINGS RELEASE Document




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First Horizon Corporation Reports Second Quarter 2022 Net Income Available to Common Shareholders of
$166 Million, or EPS of $0.29; $195 Million, or $0.34, on an Adjusted Basis*

Pre-provision net revenue up 19% from the prior quarter and up 18% on an Adjusted basis*

ROTCE of 12.1% and Adjusted ROTCE of 14.2% with tangible book value per share of $10.18*


MEMPHIS, TN (July 19, 2022) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported second quarter net income available to common shareholders ("NIAC") of $166 million, or earnings per share of $0.29, compared with first quarter 2022 NIAC of $187 million, or earnings per share of $0.34.

Second quarter 2022 results were reduced by a net $29 million after-tax, or $0.05 per share, of notable items compared with a net $24 million, or $0.04 per share, in first quarter 2022. Excluding notable items, adjusted second quarter 2022 NIAC of $195 million, or $0.34 per share, decreased from $211 million, or $0.38 per share in first quarter 2022. Results reflect a $0.10 per share reduction tied to provision for credit losses as well as the impact of suspension of share repurchases and a 17.7 million increase in diluted shares following the first quarter 2022 preferred issuance related to the proposed TD transaction.

"Our results this quarter reflect strong net interest income and continued expense discipline which helped to mitigate the macroeconomic impact on our fixed income and wealth businesses and provision expense,” said Chairman and Chief Executive Officer Bryan Jordan. "Our high-growth markets and specialty lending businesses delivered loan growth of four percent, before the impact of paycheck protection program and mortgage warehouse loans. With continued strong credit quality and a highly asset-sensitive balance sheet, we are well positioned for the future and remain confident in the power of the proposed transaction with TD Bank Group.”

Notable Items
Notable Items
Quarterly, Unaudited ($s in millions, except per share data)
2Q221Q222Q21
Summary of Notable Items:
Merger/acquisition/transaction-related items:
IBKC:
Purchase accounting gain (other noninterest income)*$— $— $(2)
Merger/acquisition expense(13)(28)(32)
Total IBKC merger/acquisition- related items(13)(28)(34)
TD:
Transaction-related expense(25)(9)— 
Total TD transaction-related items(25)(9)— 
Total Net Merger/acquisition/transaction- related items:(38)(37)(34)
Other notable items:
Gain on mortgage servicing rights (mortgage banking and title)12 — — 
Gain related to a fintech investment— 6 — 
Visa derivative valuation adjustment (other noninterest expense)(12)— — 
Total net other notable items:— (6)— 
Total Notable items (pre-tax)$(38)$(32)$(34)
Total Notable items (after-tax)(29)(24)(26)
EPS impact of notable items$(0.05)$(0.04)$(0.05)
Numbers may not foot due to rounding
*Purchase accounting gain is non-taxable income
Second quarter pre-tax net notable items included TD transaction-related costs of $25 million, and IBKC merger-related expense of $13 million. Other notable items reflect a $12 million mortgage servicing rights gain and $12 million tied to derivative valuation adjustments related to prior Visa Class-B share sales.



*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 5 for information on our use of Non-GAAP measures and their reconciliation to GAAP beginning on page 21.
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Second Quarter 2022 Versus First Quarter 2022 Highlights
•Total revenue of $743 million increased $36 million and Adjusted revenue of $733 million increased $29 million reflecting the benefit of higher net interest income partially offset by lower noninterest income.
•Net interest income of $542 million increased $63 million, or 13%, despite a $6 million reduction in net merger-related and PPP benefits. Core net interest income was up $70 million as the benefit of higher rates, loan balances and investment portfolio income was partially offset by spread compression.
•Noninterest income of $201 million decreased $28 million and Adjusted noninterest income of $188 million decreased $35 million largely as strength in card and digital banking fees was more than offset by reductions in fixed income, deferred compensation and brokerage trust and insurance given the impact of higher long-term rates and macroeconomic uncertainty and volatility as well as lower other noninterest income.
•Noninterest expense of $489 million decreased $4 million and reflected a $13 million increase in notable items. Adjusted noninterest expense of $438 million decreased $17 million largely as lower personnel expense was partially offset by higher other noninterest expense.
•Provision expense of $30 million compared with provision credit of $40 million in first quarter 2022 reflecting the impact of loan growth and revised macroeconomic outlook.
•Average interest-earning assets of $79.7 billion decreased $2.4 billion largely as a $1.5 billion increase in loans was more than offset by a $3.9 billion decrease in interest-bearing deposits with banks.
•Average loans before the impact of PPP up $1.8 billion as a $159 million 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 $1.8 billion, or 3%, driven by a $1.2 billion increase in commercial. Period-end commercial loans excluding PPP and loans to mortgage companies ("LMC") rose 4%.
•Average deposits of $71.9 billion decreased $2.2 billion, or 3%, driven by a $2.1 billion decrease in interest-bearing. Total deposit costs of 10 basis points increased 4 basis points.
•Allowance for credit losses ("ACL") to loans ratio of 1.24% remained relatively stable compared to 1.25% at March 31, 2022; the ACL to nonperforming loans ratio of 234% improved from 207% at March 31, 2022.
•Net charge-offs of $12 million in second quarter 2022 remained relatively stable; nonperforming loans of $301 million decreased 9% linked quarter and the nonperforming loan ratio of 0.53% improved from 0.60% as of March 31, 2022.
•ROCE of 9.1%; ROTCE of 12.1%; Adjusted ROTCE of 14.2%; CET 1 ratio of 9.8%; and total capital ratio of 13.0%.
•Tangible book value per share of $10.18 at June 30, 2022 decreased 3% from $10.46 at March 31, 2022 driven by a $0.43 reduction tied to the mark-to-market valuation adjustment on the securities portfolio.
Strategic Update
IBKC Merger
•On track to deliver approximately $200 million of targeted annualized IBKC merger net cost saves by 4Q22.
•Achieved $140 million of annualized net cost saves in 2Q22.
Proposed Acquisition by TD
•Expect deal to close in 1Q of TD’s 2023 fiscal year.
–FHN shareholder approval received on May 31st, 2022 with more than 99% of votes cast in favor.
–Public meeting with Fed and OCC scheduled for August 18th, 2022.
–Regulatory approval applications progressing.
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SUMMARY RESULTS
Quarterly, Unaudited
2Q22 Change vs.
($s in millions, except per share and balance sheet data)2Q221Q222Q211Q222Q21
$/bp%$/bp%
Income Statement
Interest income - taxable equivalent1
$586 $513 $545 $73 14 %$41 8 %
Interest expense- taxable equivalent1
41 31 45 10 32 (4)(9)
Net interest income- taxable equivalent545 482 500 63 13 45 9 
Less: Taxable-equivalent adjustment3 3 3 — — — — 
Net interest income542 479 497 63 13 45 9 
Noninterest income201 229 285 (28)(12)(84)(29)
      Total revenue743 707 781 36 5 (38)(5)
Noninterest expense489 493 497 (4)(1)(8)(2)
Pre-provision net revenue3
255 215 284 40 19 (29)(10)
Provision for credit losses30 (40)(115)70 NM 145 126 
Income before income taxes225 255 399 (30)(12)(174)(44)
Provision for income taxes48 57 88 (9)(16)(40)(45)
Net income177 198 311 (21)(11)(134)(43)
Net income attributable to noncontrolling interest3 3 3 — — — — 
Net income attributable to controlling interest174 195 308 (21)(11)(134)(44)
Preferred stock dividends8 8 13 — — (5)(38)
Net income available to common shareholders$166 $187 $295 $(21)(11)$(129)(44)
Adjusted net income4
$205 $222 $337 $(17)(8)$(132)(39)
Adjusted net income available to common shareholders4
$195 $211 $321 $(16)(8)%$(126)(39)%
Common stock information
EPS$0.29 $0.34 $0.53 $(0.05)(15)%$(0.24)(45)%
Adjusted EPS4
$0.34 $0.38 $0.58 $(0.04)(11)%$(0.24)(41)%
Diluted shares8
569 550 556 19 3 %13 2 %
Key performance metrics
Net interest margin2.74 %2.37 %2.47 %37 bp27 bp
Efficiency ratio65.76 69.66 63.67 (390)209 
Adjusted efficiency ratio4
59.79 64.64 59.17 (485)62 
Effective income tax rate21.30 22.41 22.03 (111)(73)
Return on average assets0.82 0.90 1.42 (8)(60)
Adjusted return on average assets4
0.95 1.02 1.54 (7)(59)
Return on average common equity (“ROCE")9.1 9.9 15.5 (80)(633)
Return on average tangible common equity (“ROTCE”)4
12.1 13.0 20.4 (91)(829)
Adjusted ROTCE4
14.2 14.7 22.2 (53)(803)
Noninterest income as a % of total revenue27.06 32.31 36.43 (525)(937)
Adjusted noninterest income as a % of total revenue4
25.68 %31.63 %36.49 %(595)bp(1,081)bp
Balance Sheet (billions)
Average loans$55.6 $54.1 $56.8 $1.5 3 %$(1.3)(2)%
Average deposits71.9 74.2 73.2 (2.2)(3)(1.2)(2)
Average assets86.3 88.6 87.6 (2.3)(3)(1.2)(1)
Average common equity$7.3 $7.6 $7.7 $(0.3)(4)%$(0.3)(5)%
Asset Quality Highlights
Allowance for credit losses to loans and leases1.24 %1.25 %1.57 %(1)bp(33)bp
Net charge-off ratio0.09 0.07 (0.07)2 16 
Nonperforming loan and leases ratio0.53 %0.60 %0.61 %(7)bp(8)bp
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 19.8 %10.0 %10.3 %(17)bp(48)bp
Tier 111.6 11.8 11.4 (23)17 
Total Capital13.0 13.2 13.1 (23)(19)
Tier 1 leverage9.1 %8.8 %8.2 %31 bp89 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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Second Quarter 2022 versus First Quarter 2022
Net interest income
Net interest income of $542 million increased $63 million from first quarter 2022 despite a $6 million reduction tied to net merger-related and PPP benefits. Core net interest income up $70 million as the benefit of higher rates, loan balances and investment portfolio income was partially offset by spread compression. Net interest margin of 2.74% increased 37 basis points as the benefit of higher rates, lower excess cash, improved securities yields and loan growth was partially offset by the impact of higher funding costs and spread compression.

Noninterest income
Noninterest income of $201 million decreased $28 million largely as a $13 million benefit tied to notable items and an increase in card and digital banking fees was more than offset by a decrease in fixed income, deferred compensation and brokerage trust and insurance. Results reflect the impact of higher long-term rates and macroeconomic uncertainty and volatility as well as a reduction in other noninterest income. Fixed income average daily revenue of $612 thousand compared with $1.0 million in first quarter 2022.

Noninterest expense
Noninterest expense of $489 million decreased $4 million from first quarter 2022 driven by a $13 million decrease in notable items. Adjusted noninterest expense of $438 million decreased $17 million driven by a $31 million decrease in personnel expense largely tied to lower revenue-based incentives and commissions and deferred compensation. Results also reflect a $13 million increase in other noninterest expense largely reflecting a reduction in internal labor charged to the IBKC merger as well as the impact of higher fraud losses, travel and entertainment, FDIC insurance and customer relations. Linked quarter trends also reflect a $6 million benefit tied to incremental IBKC merger cost savings.

Loans and leases
Average loan and lease balances of $55.6 billion increased $1.5 billion reflecting a 3% increase in commercial and consumer. Commercial loan growth reflected a $747 million increase in commercial and industrial and a $397 million increase in commercial real estate. Results reflect a $336 million decrease in PPP loans and a $159 million reduction in loans to mortgage companies ("LMC"). Loan trends excluding PPP increased $1.8 billion compared to the prior quarter, driven by a $1.5 billion increase in commercial. Period-end loans and leases of $56.5 billion increased $1.5 billion from first quarter 2022, reflecting a 5% increase in consumer and a 2% increase in commercial. Loans before the impact of PPP were up $1.8 billion as a $454 million decrease in LMC was more than offset by a $1.2 billion increase in other commercial and industrial and a $456 million increase in commercial real estate. Before the impact of PPP and LMC, period-end loans increased $2.2 billion, or 4%, driven by a $1.7 billion increase in all other commercial loans.

Deposits
Average deposits of $71.9 billion decreased $2.2 billion, or 3%. Period-end deposits of $70.5 billion decreased $3.6 billion reflecting a $2.6 billion decrease in interest-bearing and a $937 million decrease in noninterest-bearing. Total deposit costs of 10 basis points increased 4 basis points with a 6 basis point increase in interest-bearing deposit costs.

Asset quality
Provision expense of $30 million compared with a $40 million provision credit in first quarter 2022 reflecting the impact of loan growth and revised macroeconomic outlook.

Net charge-offs of $12 million, or 9 basis points in the second quarter, remained relatively stable.

Nonperforming loans of $301 million decreased $31 million from first quarter 2022 levels. Second quarter 2022 ACL to nonperforming loans coverage ratio of 234% compared with 207% in first quarter 2022.

The ACL to loans ratio decreased to 1.24% from 1.25% in the first quarter 2022.
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Capital
CET1 ratio of 9.8% in second quarter 2022 remained strong with 10.0% in first quarter 2022. Total capital ratio of 13.0% vs. 13.2% in first quarter 2022.

Income taxes
The second quarter 2022 effective tax rate of 21.3% compares with 22.4% in first quarter 2022. On an adjusted basis, the effective tax rate of 21.7% in the second quarter 2022 improved from 22.5% in first quarter 2022.

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

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

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

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

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

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

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

First Horizon Corp. (NYSE: FHN), with $85.1 billion in assets as of June 30, 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
     2Q22 Change vs.
($s in millions, except per share data)2Q221Q224Q213Q212Q211Q222Q21
$ %$ %
Interest income - taxable equivalent1
$586 $513 $534 $536 $545 $73 14 %$41 8 %
Interest expense- taxable equivalent1
41 31 33 41 45 10 32 (4)(9)
Net interest income- taxable equivalent545 482 502 495 500 63 13 45 9 
Less: Taxable-equivalent adjustment3 3 3 3 3 — — — — 
Net interest income542 479 498 492 497 63 13 45 9 
Noninterest income:
Fixed income51 73 82 96 102 (22)(30)(51)(50)
Mortgage banking and title34 22 28 34 38 12 55 (4)(11)
Brokerage, trust, and insurance36 37 36 37 35 (1)(3)1 3 
Service charges and fees57 57 56 56 54 — — 3 6 
Card and digital banking fees23 20 19 21 21 3 15 2 10 
Deferred compensation income(17)(4)— 3 7 (13)NM (24)NM
Other noninterest income16 24 25 (1)27 (8)(33)(11)(41)
Total noninterest income201 229 247 247 285 (28)(12)(84)(29)
Total revenue743 707 745 738 781 36 5 (38)(5)
Noninterest expense:
Personnel expense:
Salaries and benefits190 190 190 191 191 — — (1)(1)
Incentives and commissions93 94 93 101 109 (1)(1)(16)(15)
Deferred compensation expense(18)(5)7 4 6 (13)NM (24)NM
Total personnel expense265 280 290 296 306 (15)(5)(41)(13)
Occupancy and equipment2
73 72 74 75 75 1 1 (2)(3)
Outside services70 84 81 89 63 (14)(17)7 11 
Amortization of intangible assets13 13 14 14 14 — — (1)(7)
Other noninterest expense68 44 70 52 40 24 55 28 70 
Total noninterest expense489 493 528 526 497 (4)(1)(8)(2)
Pre-provision net revenue3
255 215 217 213 284 40 19 (29)(10)
Provision for credit losses30 (40)(65)(85)(115)70 NM 145 126 
Income before income taxes225 255 282 298 399 (30)(12)(174)(44)
Provision for income taxes48 57 53 63 88 (9)(16)(40)(45)
Net income177 198 229 235 311 (21)(11)(134)(43)
Net income attributable to noncontrolling interest3 3 3 3 3 — — — — 
Net income attributable to controlling interest174 195 227 232 308 (21)(11)(134)(44)
Preferred stock dividends8 8 8 8 13 — — (5)(38)
Net income available to common shareholders$166 $187 $219 $224 $295 $(21)(11)%$(129)(44)%
Common Share Data
EPS$0.31 $0.35 $0.41 $0.41 $0.54 $(0.04)(12)%$(0.23)(43)%
Basic shares535 533 537 546 550 2 — (15)(3)
Diluted EPS$0.29 $0.34 $0.40 $0.41 $0.53 $(0.05)(15)$(0.24)(45)
Diluted shares8
569 550 542 550 556 19 3 %13 2 %
Effective tax rate21.3 %22.4 %18.6 %21.1 %22.0 %
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
     2Q22 Change vs.
($s in millions, except per share data)2Q221Q224Q213Q212Q211Q222Q21
$%$%
Net interest income (FTE)1
$545 $482 $502 $495 $500 $63 13 %$45 9 %
Adjusted noninterest income:
Fixed income51 73 82 96 102 (22)(30)(51)(50)
Mortgage banking and title22 22 28 34 38 — — (16)(42)
Brokerage, trust, and insurance36 37 36 37 35 (1)(3)1 3 
Service charges and fees57 57 56 56 54 — — 3 6 
Card and digital banking fees23 20 19 21 21 3 15 2 10 
Deferred compensation income(17)(4)— 3 7 (13)NM (24)NM
Adjusted other noninterest income15 18 25 21 29 (3)(17)(14)(48)
Adjusted total noninterest income$188 $223 $246 $268 $287 $(35)(16)%$(99)(34)%
Total revenue (FTE)1
$733 $704 $748 $763 $787 $29 4 %$(54)(7)%
Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits$190 $188 $189 $191 $191 $2 1 %$(1)(1)%
Adjusted Incentives and commissions71 92 84 92 93 (21)(23)%(22)(24)
Deferred compensation expense(18)(5)1 4 6 (13)NM (24)NM
Adjusted total personnel expense244 275 274 286 290 (31)(11)%(46)(16)
Adjusted occupancy and equipment2
72 72 73 74 75 — — %(3)(4)
Adjusted outside services61 59 66 65 56 2 3 %5 9 
Adjusted amortization of intangible assets12 12 13 13 13 — — %(1)(8)
Adjusted other noninterest expense50 37 46 42 31 13 35 %19 61 
Adjusted total noninterest expense$438 $455 $474 $480 $465 $(17)(4)%$(27)(6)%
Adjusted pre-provision net revenue3
$295 $249 $274 $284 $321 $46 18 %$(26)(8)%
Adjusted provision for credit losses$30 $(40)$(65)$(85)$(115)$70 NM $145 126 %
Adjusted net income available to common shareholders$195 $211 $260 $275 $321 $(16)(8)%$(126)(39)%
Adjusted Common Share Data
Adjusted diluted EPS$0.34 $0.38 $0.48 $0.50 $0.58 $(0.04)(11)%$(0.24)(41)%
Diluted shares8
569 550 542 550 556 19 3 %13 2 %
Adjusted effective tax rate21.7 %22.5 %19.5 %21.8 %22.2 %
Adjusted ROTCE14.2 %14.7 %17.5 %18.4 %22.2 %
Adjusted efficiency ratio59.8 %64.6 %63.3 %62.9 %59.2 %
Numbers may not foot due to rounding.
See footnote disclosures on page 20.

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NOTABLE ITEMS
Quarterly, Unaudited
(In millions)2Q221Q224Q213Q212Q21
Summary of Notable Items:
IBKC Purchase accounting gain (other noninterest income)*$— $— $— $— $(2)
Gain/(loss) on TRUPS redemption (other noninterest income)— — (3)(23)— 
IBKC Branch sale gain (other noninterest income)— — 4 2 — 
Gain related to a fintech investment — 6 — — — 
Gain on sale of mortgage servicing rights12 — — — — 
IBKC merger/acquisition expense(13)(28)(38)(46)(32)
TD transaction-related expense (25)(9)— — — 
Other notable expenses**(12)— (16)— — 
Total notable items$(38)$(32)$(54)$(68)$(34)
EPS impact of notable items$(0.05)$(0.04)$(0.08)$(0.09)$(0.05)
Numbers may not foot due to rounding
*Purchase accounting gain is non-taxable income.
**2Q22 includes $12 million of Visa derivative valuation expense; 4Q21 includes $10 million of Visa derivative valuation expense and $6 million of deferred compensation expense.



IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited
     
(In millions)2Q221Q224Q213Q212Q21
Impacts of Notable Items:
Noninterest income:
Mortgage banking and title$(12)$— $— $— $— 
Other noninterest income— (6)— 22 2 
Total noninterest income$(13)$(6)$— $22 $2 
Noninterest expense:
Personnel expenses:
Salaries and benefits$1 $(2)$— $— $— 
Incentives and commissions(22)(2)(9)(10)(16)
Deferred compensation expense— — (6)— — 
Total personnel expenses(21)(4)(16)(10)(16)
Occupancy and equipment2
(1)— — (1)— 
Outside services(9)(25)(15)(24)(6)
Amortization of intangible assets(1)(1)(1)(1)(1)
Other noninterest expense(18)(7)(23)(10)(9)
Total noninterest expense$(50)$(37)$(54)$(46)$(32)
Income before income taxes$38 $32 $54 $68 $34 
Provision for income taxes9 7 13 17 8 
Net income/(loss) available to common shareholders$29 $24 $41 $51 $26 
Numbers may not foot due to rounding

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FINANCIAL RATIOS
Quarterly, Unaudited
     2Q22 Change vs.
2Q221Q224Q213Q212Q211Q222Q21
FINANCIAL RATIOS$/bp%$/bp%
Net interest margin2.74 %2.37 %2.42 %2.41 %2.47 %37 bp27 bp
Return on average assets0.82 %0.90 %1.02 %1.05 %1.42 %(8)(60)
Adjusted return on average assets4
0.95 %1.02 %1.21 %1.28 %1.54 %(7)(59)
Return on average common equity (“ROCE”)9.12 %9.92 %11.26 %11.43 %15.45 %(80)(633)
Return on average tangible common equity (“ROTCE”)4
12.07 %12.98 %14.72 %14.95 %20.36 %(91)(829)
Adjusted ROTCE4
14.15 %14.68 %17.51 %18.36 %22.18 %(53)(803)
Noninterest income as a % of total revenue27.06 %32.31 %33.10 %33.39 %36.43 %(525)(937)
Adjusted noninterest income as a % of total revenue4
25.68 %31.63 %32.95 %35.14 %36.49 %(595)(1,081)
Efficiency ratio65.76 %69.66 %70.88 %71.21 %63.67 %(390)209 
Adjusted efficiency ratio4
59.79 %64.64 %63.31 %62.87 %59.17 %(485)62 
CAPITAL DATA
CET1 capital ratio*
9.8 %10.0 %9.9 %10.1 %10.3 %(17)bp(48)bp
Tier 1 capital ratio*11.6 %11.8 %11.0 %11.2 %11.4 %(23)bp17 bp
Total capital ratio*13.0 %13.2 %12.3 %12.6 %13.1 %(23)bp(19)bp
Tier 1 leverage ratio*9.1 %8.8 %8.1 %8.1 %8.2 %31 bp89 bp
Risk-weighted assets (“RWA”) (billions)$67.3 $65.0 $64.2 $63.0 $62.0 $2 4 %$5 9 %
Total equity to total assets 10.04 %9.81 %9.53 %9.64 %9.74 %23 bp30 bp
Tangible common equity/tangible assets (“TCE/TA”)4
6.55 %6.44 %6.73 %6.80 %6.87 %11 bp(32)bp
Period-end shares outstanding (millions)536 535 534 542 551 1 — %(15)(3)%
Cash dividends declared per common share$0.15 $0.15 $0.15 $0.15 $0.15 $— — $— — 
Book value per common share$13.50 $13.82 $14.39 $14.24 $14.07 $(0.32)(2)%$(0.57)(4)%
Tangible book value per common share4
$10.18 $10.46 $11.00 $10.88 $10.74 $(0.28)(3)%$(0.56)(5)%
SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)80.13 %74.23 %73.25 %74.65 %77.36 %590 bp277 bp
Loans-to-deposit ratio (average balances)77.25 %72.93 %73.29 %75.28 %77.68 %432 bp(43)bp
Full-time equivalent associates7,627 7,900 7,863 7,982 8,145 (273)(3)%(518)(6)%
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 
     2Q22 Change vs.
(In millions)2Q221Q224Q213Q212Q211Q222Q21
$%$%
Assets:      
Loans and leases:
Commercial, financial, and industrial (C&I)$31,276 $30,798 $31,068 $31,516 $32,528 $478 2 %$(1,252)(4)%
Commercial real estate12,942 12,487 12,109 12,194 12,292 455 4 650 5 
Total Commercial44,218 43,285 43,177 43,710 44,820 933 2 (602)(1)
Consumer real estate11,441 10,874 10,772 10,787 10,864 567 5 577 5 
Credit card and other5
870 854 910 938 1,002 16 2 (132)(13)
Total Consumer12,311 11,727 11,682 11,725 11,867 585 5 444 4 
Loans and leases, net of unearned income56,529 55,012 54,859 55,435 56,687 1,516 3 (158)— 
Loans held for sale870 1,014 1,172 1,052 977 (144)(14)(108)(11)
Investment securities9,628 9,943 9,419 8,798 8,398 (315)(3)1,230 15 
Trading securities1,392 1,823 1,601 1,319 1,035 (431)(24)357 34 
Interest-bearing deposits with banks9,475 13,548 14,907 14,829 13,451 (4,073)(30)(3,976)(30)
Federal funds sold and securities purchased under agreements to resell712 640 641 361 622 72 11 90 15 
Total interest earning assets78,606 81,980 82,600 81,794 81,170 (3,374)(4)(2,564)(3)
Cash and due from banks1,133 1,225 1,147 1,197 1,303 (91)(7)(170)(13)
Goodwill and other intangible assets, net1,782 1,795 1,808 1,822 1,836 (13)(1)(54)(3)
Premises and equipment, net636 669 665 692 714 (33)(5)(77)(11)
Allowance for loan and lease losses(624)(622)(670)(734)(815)(2)— 191 23 
Other assets3,598 3,614 3,542 3,766 3,700 (15)— (102)(3)
Total assets$85,132 $88,660 $89,092 $88,537 $87,908 $(3,528)(4)%$(2,776)(3)%
Liabilities and Shareholders' Equity:
Deposits:
Savings$24,376 $25,772 $26,457 $27,425 $27,416 $(1,396)(5)%$(3,040)(11)%
Time deposits2,888 3,165 3,500 3,920 4,304 (277)(9)(1,416)(33)
Other interest-bearing deposits16,172 17,126 17,054 15,571 15,728 (953)(6)444 3 
Total interest-bearing deposits43,436 46,063 47,012 46,916 47,447 (2,627)(6)(4,012)(8)
Trading liabilities394 513 426 315 531 (119)(23)(136)(26)
Short-term borrowings1,953 1,719 2,124 2,225 2,246 234 14 (293)(13)
Term borrowings1,599 1,591 1,590 1,584 1,672 8 1 (73)(4)
Total interest-bearing liabilities47,382 49,885 51,151 51,040 51,896 (2,503)(5)(4,514)(9)
Noninterest-bearing deposits27,114 28,052 27,883 27,348 25,833 (937)(3)1,281 5 
Other liabilities2,085 2,027 1,564 1,617 1,613 57 3 472 29 
Total liabilities76,581 79,964 80,598 80,005 79,343 (3,383)(4)(2,761)(3)
Shareholders' Equity:
Preferred stock1,014 1,014 520 520 520 — — 494 95 
Common stock335 334 333 339 344 1 — (9)(3)
Capital surplus4,791 4,769 4,742 4,866 4,997 22 — (206)(4)
Retained earnings3,079 2,996 2,891 2,754 2,613 83 3 466 18 
Accumulated other comprehensive loss, net(963)(711)(288)(241)(203)(252)(35)(760)NM
Combined shareholders' equity8,255 8,400 8,199 8,237 8,270 (145)(2)(15)— 
Noncontrolling interest295 295 295 295 295 — — — — 
Total shareholders' equity8,551 8,696 8,494 8,533 8,566 (145)(2)(15)— 
Total liabilities and shareholders' equity$85,132 $88,660 $89,092 $88,537 $87,908 $(3,528)(4)%$(2,776)(3)%
Memo:
Total Deposits$70,550 $74,114 $74,895 $74,265 $73,281 $(3,564)(5)%$(2,731)(4)%
Unfunded Loan Commitments:
Commercial$23,251 $21,813 $20,487 $19,019 $18,035 $1,439 7 %$5,216 29 %
Consumer$3,972 $3,882 $3,936 $3,892 $4,031 $90 2 %$(59)(1)%
Numbers may not foot due to rounding. See footnote disclosures on page 20.
11

CONSOLIDATED AVERAGE BALANCE SHEET
Quarterly, Unaudited 
     2Q22 Change vs.
(In millions)2Q221Q224Q213Q212Q211Q222Q21
$%$%
Assets:      
Loans and leases:      
Commercial, financial, and industrial (C&I)$30,963 $30,215 $30,780 $31,477 $32,540 $747 2 %$(1,577)(5)%
Commercial real estate12,626 12,229 12,220 12,264 12,350 397 3 276 2 
Total Commercial43,589 42,445 43,001 43,741 44,890 1,144 3 (1,301)(3)
Consumer real estate11,120 10,769 10,738 10,819 10,926 351 3 194 2 
Credit card and other5
867 869 943 948 1,013 (2)— (146)(14)
Total Consumer11,987 11,638 11,681 11,767 11,939 349 3 48 — 
Loans and leases, net of unearned income55,576 54,082 54,682 55,508 56,829 1,494 3 (1,253)(2)
Loans held-for-sale1,027 1,156 1,252 992 734 (129)(11)293 40 
Investment securities9,781 9,668 9,269 8,494 8,401 113 1 1,380 16 
Trading securities1,509 1,594 1,552 1,171 1,322 (85)(5)188 14 
Interest-bearing deposits with banks10,989 14,902 15,065 15,022 13,051 (3,912)(26)(2,062)(16)
Federal funds sold and securities purchased under agreements to resell857 753 650 587 648 104 14 209 32 
Total interest earning assets79,739 82,155 82,469 81,775 80,984 (2,415)(3)(1,244)(2)
Cash and due from banks1,281 1,226 1,263 1,263 1,267 55 4 14 1 
Goodwill and other intangibles assets, net1,789 1,802 1,815 1,829 1,843 (13)(1)(54)(3)
Premises and equipment, net645 655 676 703 714 (10)(2)(70)(10)
Allowances for loan and lease losses(621)(658)(714)(793)(884)36 6 263 30 
Other assets3,493 3,407 3,515 3,624 3,635 86 3 (142)(4)
Total assets$86,326 $88,587 $89,025 $88,401 $87,559 $(2,262)(3)%$(1,233)(1)%
Liabilities and shareholders' equity:
Deposits:
Savings$24,841 $26,330 $26,731 $27,793 $27,238 $(1,489)(6)%$(2,397)(9)%
Time deposits3,040 3,343 3,695 4,121 4,487 (303)(9)(1,447)(32)
Other interest-bearing deposits16,273 16,558 15,900 15,333 16,029 (285)(2)244 2 
Total interest-bearing deposits44,154 46,230 46,326 47,248 47,754 (2,076)(4)(3,599)(8)
Trading liabilities585 614 556 527 560 (29)(5)25 4 
Short-term borrowings1,710 1,995 2,249 2,452 2,248 (285)(14)(538)(24)
Term borrowings1,597 1,591 1,575 1,665 1,672 6 — (75)(4)
Total interest-bearing liabilities48,046 50,430 50,707 51,892 52,233 (2,384)(5)(4,187)(8)
Noninterest-bearing deposits27,791 27,926 28,282 26,485 25,404 (135)— 2,387 9 
Other liabilities1,875 1,613 1,511 1,447 1,463 262 16 412 28 
Total liabilities77,712 79,969 80,499 79,824 79,100 (2,257)(3)(1,388)(2)
Shareholders' Equity:
Preferred stock1,014 695 520 520 513 318 46 500 98 
Common stock 335 334 336 342 345 1 — (10)(3)
Capital surplus4,778 4,753 4,811 4,936 5,023 25 1 (245)(5)
Retained earnings3,051 2,938 2,819 2,673 2,499 113 4 552 22 
Accumulated other comprehensive loss, net(859)(398)(256)(190)(217)(461)(116)(642)NM
Combined shareholders' equity8,318 8,323 8,230 8,281 8,164 (5)— 155 2 
Noncontrolling interest295 295 295 295 295 — — — — 
Total shareholders' equity8,614 8,619 8,526 8,577 8,459 (5)— 155 2 
Total liabilities and shareholders' equity$86,326 $88,587 $89,025 $88,401 $87,559 $(2,262)(3)%$(1,233)(1)%
Memo:
Total Deposits$71,945 $74,156 $74,608 $73,733 $73,158 $(2,211)(3)%$(1,212)(2)%
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 
   2Q22 Change vs.
2Q221Q224Q213Q212Q211Q222Q21
(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$382 3.52 %$339 3.24 %$365 3.37 %$372 3.37 %$380 3.39 %$43 13 %$2 1 %
Consumer112 3.74 108 3.71 110 3.77 112 3.83 118 3.98 4 4 (6)(5)
Loans and leases, net of unearned income494 3.57 447 3.34 475 3.45 484 3.47 498 3.52 47 11 (4)(1)
Loans held-for-sale10 3.89 10 3.51 11 3.49 8 3.25 7 3.94 — — 3 37 
Investment securities46 1.87 38 1.59 33 1.43 31 1.48 29 1.39 8 21 17 60 
Trading securities13 3.43 11 2.75 10 2.50 6 2.07 7 2.03 2 18 6 94 
Interest-bearing deposits with banks22 0.79 7 0.19 6 0.15 6 0.16 3 0.10 15 NM 19 NM
Federal funds sold and securities purchased under agreements1 0.66 — (0.04)— (0.09)— (0.03)— (0.06)1 NM 1 NM
Interest income$586 2.95 %$513 2.52 %$534 2.58 %$536 2.61 %$545 2.70 %$73 14 %$41 8 %
Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings$5 0.08 %$3 0.05 %$4 0.06 %$9 0.12 %$11 0.16 %$2 67 %$(6)(53)%
Time deposits4 0.50 4 0.51 5 0.56 6 0.62 7 0.65 — — (3)(45)
Other interest-bearing deposits9 0.22 4 0.09 4 0.10 5 0.12 6 0.15 5 125 3 53 
Total interest-bearing deposits18 0.16 11 0.10 13 0.11 20 0.17 24 0.20 7 64 (6)(24)
Trading liabilities4 2.52 3 1.69 2 1.38 1 1.11 2 1.17 1 33 2 145 
Short-term borrowings2 0.58 1 0.15 1 0.18 1 0.24 1 0.22 1 100 1 61 
Term borrowings17 4.38 17 4.29 17 4.30 18 4.39 18 4.38 — — (1)(7)
Interest expense41 0.34 31 0.25 33 0.26 41 0.31 45 0.34 10 32 (4)(9)
Net interest income - tax equivalent basis545 2.61 482 2.27 502 2.32 495 2.30 500 2.36 63 13 45 9 
Fully taxable equivalent adjustment(3)0.13 (3)0.10 (3)0.10 (3)0.11 (3)0.11 — — — 1 
Net interest income$542 2.74 %$479 2.37 %$498 2.42 %$492 2.41 %$497 2.47 %$63 13 %$45 9 %
Memo:
Total loan yield3.57 %3.34 %3.45 %3.47 %3.52 %
Total deposit cost0.10 %0.06 %0.07 %0.11 %0.13 %
Total funding cost0.22 %0.16 %0.16 %0.21 %0.23 %
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 20.
13

CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited 
As of 2Q22 change vs.
(In millions, except ratio data)2Q221Q224Q213Q212Q211Q222Q21
$%$%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)$129 $153 $125 $144 $122 $(24)(16)%$6 5 %
Commercial real estate11 12 9 58 70 (1)(9)(60)(85)
Consumer real estate159 165 138 143 149 (6)(4)10 7 
Credit card and other3 3 3 2 2 — (5)— 9 
Total nonperforming loans and leases$301 $332 $275 $347 $344 $(31)(9)%$(43)(12)%
Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)0.41 %0.50 %0.40 %0.46 %0.38 %
Commercial real estate0.08 0.09 0.08 0.48 0.57 
Consumer real estate1.39 1.52 1.29 1.33 1.37 
Credit card and other0.29 0.32 0.31 0.22 0.24 
Total nonperforming loans and leases to loans and leases0.53 %0.60 %0.50 %0.63 %0.61 %
Numbers may not foot due to rounding.



CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Quarterly, Unaudited
As of2Q22 change vs.
(In millions)2Q221Q224Q213Q212Q211Q222Q21
$%$%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)$1 $6 $5 $1 $1 $(5)(90)%$(1)(59)%
Commercial real estate— — — 2 — — NM — NM
Consumer real estate14 14 33 12 12 — (2)2 18 
Credit card and other3 3 2 2 1 — (3)2 NM
Total loans and leases 90 days or more past due and accruing$17 $23 $40 $16 $14 $(5)(23)%$3 23 %
Numbers may not foot due to rounding.
14


CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited
As of2Q22 change vs.
(In millions, except ratio data)2Q221Q224Q213Q212Q211Q222Q21
Charge-off, Recoveries and Related Ratios$%$%
Gross Charge-offs
Commercial, financial, and industrial (C&I)$12 $13 $5 $12 $2 $(1)(6)%$10 NM
Commercial real estate— — — 2 — — NM — 3 
Consumer real estate2 1 2 1 1 1 NM 2 NM
Credit card and other7 5 4 5 3 2 38 3 106 
Total gross charge-offs$21 $19 $11 $19 $6 $3 14 %$15 NM
Gross Recoveries
Commercial, financial, and industrial (C&I)$(1)$(3)$(3)$(7)$(5)$2 62 %$4 76 %
Commercial real estate(1)— — (2)(1)(1)NM — (45)
Consumer real estate(6)(5)(5)(7)(8)(1)(14)3 33 
Credit card and other(1)(1)(1)— (2)— (46)1 37 
Total gross recoveries$(9)$(9)$(10)$(16)$(16)$— 2 %$7 44 %
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I)$11 $10 $1 $5 $(3)$1 12 %$14 NM
Commercial real estate(1)— — — (1)(1)NM — (51)
Consumer real estate(3)(4)(3)(7)(8)1 19 4 57 
Credit card and other5 4 3 4 1 1 36 4 NM
Total net charge-offs$12 $10 $1 $3 $(10)$3 29 %$22 NM
Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I)0.14 %0.13 %0.01 %0.06 %(0.04)%
Commercial real estate(0.03)(0.01)(0.01)0.01 (0.02)
Consumer real estate(0.12)(0.15)(0.10)(0.24)(0.28)
Credit card and other2.49 1.85 1.26 1.86 0.51 
Total loans and leases0.09 %0.07 %0.01 %0.02 %(0.07)%
Numbers may not foot due to rounding.
15


CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS
Quarterly, Unaudited
As of2Q22 Change vs.
(In millions)2Q221Q224Q213Q212Q211Q222Q21
Summary of Changes in the Components of the Allowance For Credit Losses$%$%
Allowance for loan and lease losses - beginning$622 $670 $734 $815 $914 $(48)(7)%$(292)(32)%
Charge-offs:
Commercial, financial, and industrial (C&I)(12)(13)(5)(12)(2)1 6 (10)NM
Commercial real estate— — — (2)— — NM — (3)
Consumer real estate(2)(1)(2)(1)(1)(1)NM (2)NM
Credit card and other(7)(5)(4)(5)(3)(2)(38)(3)(106)
Total charge-offs(21)(19)(11)(19)(6)(3)(14)(15)NM
Recoveries:
Commercial, financial, and industrial (C&I)1 3 3 7 5 (2)(62)(4)(76)
Commercial real estate1 — — 2 1 1 NM — 45 
Consumer real estate6 5 5 7 8 1 14 (3)(33)
Credit card and other1 1 1 — 2 — 46 (1)(37)
Total Recoveries9 9 10 16 16 — (2)(7)(44)
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)(2)(36)(40)(5)(60)34 94 58 96 
Commercial real estate(12)(3)(9)(48)(22)(9)NM 11 49 
Consumer real estate16 (3)(18)(31)(26)19 NM 42 NM
Credit card and other12 4 3 6 — 8 NM 12 NM
Total provision for loan and lease losses:
14 (38)(63)(78)(109)52 137 123 113 
Allowance for loan and lease losses - ending$624 $622 $670 $734 $815 $2 — %$(191)(23)%
Reserve for unfunded commitments - beginning$64 $66 $68 $75 $81 $(2)(3)%$(17)(21)%
Cumulative effect of change in accounting principle— — — — — — NM — NM
Acquired reserve for unfunded commitments— — — — — — NM — NM
Provision for unfunded commitments16 (2)(2)(7)(6)18 NM 22 NM
Reserve for unfunded commitments - ending$80 $64 $66 $68 $75 $16 25 $5 7 
Total allowance for credit losses- ending$704 $686 $736 $802 $890 $18 3 %$(186)(21)%
Numbers may not foot due to rounding.
16


CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES
Quarterly, Unaudited
As of
2Q221Q224Q213Q212Q21
Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)0.88 %0.93 %1.07 %1.19 %1.18 %
Commercial real estate1.09 %1.21 %1.27 %1.33 %1.71 %
Consumer real estate1.60 %1.51 %1.51 %1.65 %1.87 %
Credit card and other3.01 %2.31 %2.14 %2.03 %1.71 %
Total allowance for loans and lease losses to loans and leases1.10 %1.13 %1.22 %1.32 %1.44 %
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)213 %188 %268 %261 %314 %
Commercial real estate1,331 %1,303 %1,671 %278 %300 %
Consumer real estate115 %99 %118 %125 %136 %
Credit card and other1,021 %730 %699 %926 %725 %
Total allowance for loans and lease losses to nonperforming loans and leases207 %187 %244 %211 %237 %
17

REGIONAL BANKING
Quarterly, Unaudited 
     2Q22 Change vs.
 2Q221Q224Q213Q212Q211Q222Q21
$/bp%$/bp%
Income Statement (millions)      
Net interest income$465 $426 $449 $444 $444 $39 9 %$21 5 %
Noninterest income114 114 115 113 109 — — 5 5 %
Total revenue579 540 564 557 553 39 7 26 5 %
Noninterest expense297 301 300 292 270 (4)(1)27 10 %
Pre-provision net revenue3
282 238 263 265 283 44 18 (1)— %
Provision for credit losses52 (30)(60)(52)(88)82 NM 140 NM
Income before income tax expense230 269 323 317 371 (39)(14)(141)(38)%
Income tax expense54 63 75 74 87 (9)(14)(33)(38)%
Net income$176 $206 $248 $243 $284 $(30)(15)%$(108)(38)%
Average Balances (billions)
Total loans and leases$39.2 $38.0 $37.7 $38.5 $40.0 $1.2 3 %$(0.8)(2)%
Interest-earning assets39.2 38.0 37.8 38.5 40.0 1.2 3 (0.8)(2)
Total assets42.0 40.5 40.0 40.9 42.4 1.5 4 (0.4)(1)
Total deposits64.6 66.6 66.7 65.6 65.1 (2.0)(3)(0.5)(1)
Key Metrics
Net interest margin6
4.78 %4.56 %4.75 %4.60 %4.47 %22 bp31 bp
Efficiency ratio 51.32 %55.81 %53.25 %52.41 %48.80 %(449)bp252 bp
Loans-to-deposits ratio (period-end balances)62.78 %57.47 %56.03 %57.27 %59.82 %531 bp296 bp
Loans-to-deposits ratio (average-end balances)60.71 %56.97 %56.58 %58.78 %61.48 %374 bp(77)bp
Return on average assets (annualized)1.68 %2.06 %2.46 %2.36 %2.69 %(38)bp(101)bp
Return on allocated equity7
20.00 %26.77 %27.32 %27.44 %31.80 %(677)bp(1,180)bp
Financial center locations417 417 427 438 490 — — %(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 
     2Q22 Change vs.
 2Q221Q224Q213Q212Q211Q222Q21
$/bp%$/bp%
Income Statement (millions)      
Net interest income$141 $144 $154 $154 $153 $(3)(2)%$(12)(8)%
Noninterest income96 105 120 142 150 (9)(9)(54)(36)
Total revenue237 250 274 295 303 (13)(5)(66)(22)
Noninterest expense116 136 128 138 145 (20)(15)(29)(20)
Pre-provision net revenue3
121 113 146 157 157 8 7 (36)(23)
Provision for credit losses(18)(2)(3)(33)(21)(16)NM 3 14 
Income before income tax expense139 116 149 190 178 23 20 (39)(22)
Income tax expense34 28 36 46 43 6 21 (9)(21)
Net income$105 $87 $113 $144 $135 $18 21 %$(30)(22)%
Average Balances (billions)
Total loans and leases$15.8 $15.5 $16.3 $16.3 $16.0 $0.3 2 %$(0.2)(1)%
Interest-earning assets19.1 19.0 19.8 19.2 18.8 0.1 — 0.3 1 
Total assets20.2 20.2 21.0 20.5 20.1 — — 0.1 1 
Total deposits6.3 6.5 6.7 6.2 5.5 (0.2)(3)0.8 15 
Key Metrics
Fixed income product average daily revenue (thousands)$612 $987 $1,123 $1,323 $1,425 $(375)(38)%$(813)(57)%
Net interest margin6
2.97 %3.07 %3.10 %3.18 %3.26 %(10)bp(29)bp
Efficiency ratio 48.98 %54.65 %46.74 %46.83 %48.00 %(567)bp98 bp
Loans-to-deposits ratio (period-end balances)268 %256 %264 %274 %308 %1,225 bp(3,989)bp
Loans-to-deposits ratio (average-end balances)250 %239 %245 %266 %293 %1,073 bp(4,258)bp
Return on average assets (annualized)2.09 %1.75 %2.14 %2.79 %2.69 %34 bp(60)bp
Return on allocated equity7
25.50 %22.68 %27.87 %32.19 %29.75 %282 bp(425)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
 2Q22 Change vs.
 2Q221Q224Q213Q212Q211Q222Q21
$%$%
Income Statement (millions)
Net interest income/(expense)$(64)$(91)$(104)$(106)$(100)$27 30 %$36 36 %
Noninterest income(8)9 11 (8)25 (17)NM (33)(132)
Total revenues(73)(82)(93)(114)(74)9 11 1 1 
Noninterest expense76 55 100 95 82 21 38 (6)(7)
Pre-provision net revenue3
(148)(137)(193)(210)(157)(11)(8)9 6 
Provision for credit losses(4)(7)(2)— (6)3 43 2 33 
Income before income tax expense(145)(130)(191)(210)(151)(15)(12)6 4 
Income tax expense (benefit)(40)(34)(59)(57)(42)(6)(18)2 5 
Net income/(loss)$(105)$(96)$(132)$(153)$(109)$(9)(9)%$4 4 %
Average Balance Sheet (billions)    
Interest bearing assets$21.5 $25.2 $25.0 $24.0 $22.1 $(3.7)(15)%$(0.7)(3)%
Total assets24.1 27.8 27.9 27.0 25.1 (3.7)(13)(1.0)(4)%
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 Second quarter 2022 includes 27.5 million shares related to the full impact of Series G convertible securities issued in connection with TD transaction; First quarter 2022 includes 9.8 million shares related to the one month average impact of these shares.


20

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)2Q221Q224Q213Q212Q21
Tangible Common Equity (Non-GAAP)    
(A) Total equity (GAAP)$8,551 $8,696 $8,494 $8,533 $8,566 
Less: Noncontrolling interest (a)295 295 295 295 295 
Less: Preferred stock (a)1,014 1,014 520 520 520 
(B) Total common equity$7,242 $7,387 $7,679 $7,717 $7,750 
Less: Intangible assets (GAAP) (b)1,782 1,795 1,808 1,822 1,836 
(C) Tangible common equity (Non-GAAP)$5,459 $5,592 $5,871 $5,895 $5,914 
Tangible Assets (Non-GAAP) 
(D) Total assets (GAAP)$85,132 $88,660 $89,092 $88,537 $87,908 
Less: Intangible assets (GAAP) (b)1,782 1,795 1,808 1,822 1,836 
(E) Tangible assets (Non-GAAP)$83,350 $86,865 $87,284 $86,715 $86,072 
Period-end Shares Outstanding     
(F) Period-end shares outstanding536 535 534 542 551 
Ratios
(A)/(D) Total equity to total assets (GAAP)10.04 %9.81 %9.53 %9.64 %9.74 %
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)6.55 %6.44 %6.73 %6.80 %6.87 %
(B)/(F) Book value per common share (GAAP)$13.50 $13.82 $14.39 $14.24 $14.07 
(C)/(F) Tangible book value per common share (Non-GAAP)$10.18 $10.46 $11.00 $10.88 $10.74 
(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
2Q221Q224Q213Q212Q21
($s in millions, except per share data)GAAPNotable ItemsNon-GAAPGAAPNotable ItemsNon-GAAPGAAPNotable ItemsNon-GAAPGAAPNotable ItemsNon-GAAPGAAPNotable ItemsNon-GAAP
Interest income - FTE$583 $3 $586 $510 $3 $513 $531 $3 $534 $533 $3 $536 $542 $3 $545 
Interest expense- FTE41— 4131— 31 33— 33 41— 41 45— 45 
Net interest income- FTE5423 5454793 482 4983 502 4923 495 4973 500 
Less: Taxable-equivalent adjustment— 3 3 — 3 3 — 3 3 — 3 3 — 3 3 
Net interest income542 — 542 479 — 479 498 — 498 492 — 492 497 — 497 
Noninterest income:
Fixed income51 — 51 73 — 73 82 — 82 96 — 96 102 — 102 
Mortgage banking and title34 (12)22 22 — 22 28 — 28 34 — 34 38 — 38 
Brokerage, trust, and insurance36 — 36 37 — 37 36 — 36 37 — 37 35 — 35 
Service charges and fees57 — 57 57 — 57 56 — 56 56 — 56 54 — 54 
Card and digital banking fees23 — 23 20 — 20 19 — 19 21 — 21 21 — 21 
Deferred compensation income(17)— (17)(4)— (4)— — — 3 — 3 7 — 7 
Other noninterest income16 — 15 24 (6)18 25 — 25 (1)22 21 27 2 29 
Total noninterest income201 (13)188 229 (6)223 247 — 246 247 22 268 285 2 287 
Total revenue743 (13)730 707 (6)702 745 — 745 738 22 760 781 2 784 
Noninterest expense:
Personnel expense:
Salaries and benefits190 1 191 190 (2)188 190 — 189 191 — 191 191 — 191 
Incentives and commissions93 (22)71 94 (2)92 93 (9)84 101 (10)92 109 (16)93 
Deferred compensation expense(18)— (18)(5)— (5)7 (6)1 4 — 4 6 — 6 
Total personnel expense265 (21)244 280 (4)275 290 (16)274 296 (10)286 306 (16)290 
Occupancy and equipment73 (1)72 72 — 72 74 — 73 75 (1)74 75 — 75 
Outside services70 (9)61 84 (25)59 81 (15)66 89 (24)65 63 (6)56 
Amortization of intangible assets13 (1)12 13 (1)12 14 (1)13 14 (1)13 14 (1)13 
Other noninterest expense68 (18)50 44 (7)37 70 (23)46 52 (10)42 40 (9)31 
Total noninterest expense489 (50)438 493 (37)455 528 (54)474 526 (46)480 497 (32)465 
Pre-provision net revenue255 38 293 215 32 246 217 54 271 213 68 281 284 34 318 
Provision for credit losses30 — 30 (40)— (40)(65)— (65)(85)— (85)(115)— (115)
Income before income taxes225 38 263 255 32 286 282 54 336 298 68 365 399 34 433 
Provision for income taxes48 9 57 57 7 64 53 13 65 63 17 80 88 8 96 
Net income177 29 205 198 24 222 229 41 271 235 51 286 311 26 337 
Net income attributable to noncontrolling interest3 — 3 3 — 3 3 — 3 3 — 3 3 — 3 
Net income attributable to controlling interest174 29 202 195 24 219 227 41 268 232 51 283 308 26 334 
Preferred stock dividends8 — 8 8 — 8 8 — 8 8 — 8 13 — 13 
Net income available to common shareholders$166 $29 $195 $187 $24 $211 $219 $41 $260 $224 $51 $275 $295 $26 $321 
Common Stock Data
EPS$0.31 $(0.05)$0.36 $0.35 $(0.05)$0.40 $0.41 $(0.08)$0.48 $0.41 $(0.09)$0.50 $0.54 $(0.05)$0.58 
Basic shares535 535 533 533 537 537 546 546 550 550 
Diluted EPS$0.29 $(0.05)$0.34 $0.34 $(0.04)$0.38 $0.40 $(0.08)$0.48 $0.41 $(0.09)$0.50 $0.53 $(0.05)$0.58 
Diluted shares8
569 569 550 550 542 542 550 550 556 556 
Memo:
Total Revenue-FTE (Non-GAAP)$743 $(10)$733 $707 $3 $704 $745 $3 $748 $738 $24 $763 $781 $5 $787 
PPNR-FTE (Non-GAAP)$255 $39 $295 $215 $34 $249 $217 $58 $274 $213 $71 $283 $284 $37 $321 
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)2Q221Q224Q213Q212Q21
Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)a$166 $187 $219 $224 $295 
Plus Tax effected notable items (Non-GAAP) (a)29 24 41 51 26 
Adjusted net income available to common shareholders (Non-GAAP)b$195 $211 $260 $275 $321 
Diluted Shares (GAAP)8
c569 550 542 550 556 
Diluted EPS (GAAP)a/c$0.29 $0.34 $0.40 $0.41 $0.53 
Adjusted diluted EPS (Non-GAAP)b/c$0.34 $0.38 $0.48 $0.50 $0.58 
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)$177 $198 $229 $235 $311 
Plus Tax effected notable items (Non-GAAP) (a)29 24 41 51 26 
Adjusted NI (Non-GAAP)$205 $222 $271 $286 $337 
NI (annualized) (GAAP)d$709 $801 $910 $931 $1,247 
Adjusted NI (annualized) (Non-GAAP)e$823 $900 $1,074 $1,133 $1,353 
Average assets (GAAP)f$86,326 $88,587 $89,025 $88,401 $87,559 
ROA (GAAP)d/f0.82 %0.90 %1.02 %1.05 %1.42 %
Adjusted ROA (Non-GAAP)e/f0.95 %1.02 %1.21 %1.28 %1.54 %
Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE
Net income available to common shareholders ("NIAC") (GAAP)g$666 $756 $868 $887 $1,182 
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)h$781 $855 $1,032 $1,089 $1,288 
Average Common Equity (GAAP)i$7,305 $7,628 $7,710 $7,761 $7,651 
Intangible Assets (GAAP) (b)1,789 1,802 1,815 1,829 1,843 
Average Tangible Common Equity (Non-GAAP)j$5,516 $5,826 $5,895 $5,932 $5,808 
ROCE (GAAP)g/i9.12 %9.92 %11.26 %11.43 %15.45 %
ROTCE (Non-GAAP)g/j12.07 %12.98 %14.72 %14.95 %20.36 %
Adjusted ROTCE (Non-GAAP)h/j14.15 %14.68 %17.51 %18.36 %22.18 %
(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)2Q221Q224Q213Q212Q21
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)k$201 $229 $247 $247 $285 
Plus notable items (GAAP) (a)(13)(6)— 22 2 
Adjusted noninterest income (Non-GAAP)l$188 $223 $246 $268 $287 
Revenue (GAAP)m$743 $707 $745 $738 $781 
Taxable-equivalent adjustment3 3 3 3 3 
Revenue- Taxable-equivalent (Non-GAAP)746 710 748 741 784 
Plus notable items (GAAP) (a)(13)(6)— 22 2 
Adjusted revenue (Non-GAAP)n$733 $704 $748 $763 $787 
Noninterest income as a % of total revenue (GAAP)k/m27.06 %32.31 %33.10 %33.39 %36.43 %
Adjusted noninterest income as a % of total revenue (Non-GAAP)l/n25.68 %31.63 %32.95 %35.14 %36.49 %
Adjusted Efficiency Ratio
Noninterest expense (GAAP)o$489 $493 $528 $526 $497 
Plus notable items (GAAP) (a)(50)(37)(54)(46)(32)
Adjusted noninterest expense (Non-GAAP)p$438 $455 $474 $480 $465 
Revenue (GAAP)q$743 $707 $745 $738 $781 
Taxable-equivalent adjustment3 3 3 3 3 
Revenue- Taxable-equivalent (Non-GAAP)746 710 748 741 784 
Plus notable items (GAAP) (a)(13)(6)— 22 2 
Adjusted revenue (Non-GAAP)r$733 $704 $748 $763 $787 
Efficiency ratio (GAAP)o/q65.76 %69.66 %70.88 %71.21 %63.67 %
Adjusted efficiency ratio (Non-GAAP)p/r59.79 %64.64 %63.31 %62.87 %59.17 %
(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)
2Q22 vs 1Q22
NII/NIM AnalysisNII%NIM
2Q22 Reported (FTE)$545 2.74 %
Less: non-core items
PPP coupon income and fees70.02 
Loan Accretion150.08 
IBKC Premium Amortization(8)(0.04)
2Q22 Core (FTE) (Non-GAAP)$532 15 %2.69 %
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 2.29 %
Less: day count impact(7)— 
1Q22 Core (FTE) ex. day count$469 2.29 %
Numbers may not foot due to rounding.

Period-endAverage
($s in millions)2Q221Q222Q22 vs 1Q222Q221Q222Q22 vs 1Q22
Loans excluding LMC & PPP$%$%
Total C& I excl. LMC & PPP$27,459 $26,262 $1,197 5 %$26,993 $25,749 $1,244 5 %
Total CRE12,94212,487456 4 %12,626 12,229 397 3 %
Total Commercial excl. LMC & PPP40,401 38,749 1,652 4 %39,619 37,978 1,641 4 %
Total Consumer12,31111,727585 5 %11,98711,638349 3 %
Total Loans excl. LMC & PPP52,71250,4762,236 4 %51,60649,6161,990 4 %
PPP375642(268)(42)%478815(336)(41)%
LMC3,4413,895(454)(12)%3,4923,651(159)(4)%
Total Loans$56,529 $55,013 $1,516 3 %$55,576 $54,082 $1,494 3 %
Loans excluding PPP
Total Commercial excl. PPP$43,842 $42,642 $1,200 3 %$43,111 $41,629 $1,482 4 %
Total Consumer12,31111,727584 5 %11,98711,638349 3 %
Total Loans excl. PPP$56,153 $54,369 1,784 3 %$55,098 $53,267 1,831 3 %
PPP375642(268)(42)%478815(336)(41)%
Total Loans$56,529 $55,012 $1,517 3 %$55,576 $54,082 1,494 3 %
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.

26