EX-99.1 2 a4q21earningsrelease.htm 4Q21 EARNINGS RELEASE Document




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First Horizon Corporation Reports Fourth Quarter Net Income Available to Common Shareholders of $219 Million,
or EPS of $0.40; $260 Million, or $0.48, on an Adjusted basis*

ROTCE of 14.7% and Adjusted ROTCE of 17.5% with tangible book value per share of $11.00*

2021 net income available to common shareholders of $962 million, or EPS of $1.74;
Adjusted EPS of $2.07 up 70% over 2020*

MEMPHIS, TN (January 20, 2022) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported fourth quarter 2021 net income available to common shareholders ("NIAC") of $219 million, or earnings per share of $0.40, compared with third quarter 2021 NIAC of $224 million, or earnings per share of $0.41.

Fourth quarter 2021 results were reduced by a net $41 million after-tax, or $0.08 per share, of notable items largely tied to the IBERIABANK Corporation Merger ("IBKC Merger"), compared with a net $51 million after-tax reduction, or $0.09 per share, in third quarter 2021. Excluding notable items, adjusted fourth quarter 2021 NIAC of $260 million, or $0.48 per share, decreased from $275 million, or $0.50 per share in third quarter. The decrease was led by a $0.03 per share reduction tied to lower provision credit.

Full year 2021 NIAC of $962 million, or earnings per share of $1.74, compares with $822 million, or earnings per share of $1.89, in 2020, largely reflecting the impact of the IBKC merger. 2021 results included a net $179 million after-tax reduction, or $0.32 per share, from notable items largely related to the IBKC merger compared with a net benefit of $294 million, or $0.68 per share, in 2020. On an adjusted basis, full year 2021 NIAC of $1.1 billion, or earnings per share of $2.07, compares with NIAC of $528 million, or $1.22 in 2020 respectively.

“Our solid results for the quarter and the year reflect the underlying momentum in our balanced business model and attractive geographic footprint," said President and Chief Executive Officer Bryan Jordan. "Our continued focus on execution drove improved net interest income, further merger savings and revenue synergies and improved asset quality that more than offset the impact of expected fee income headwinds. We also increased our return of capital to shareholders through common share repurchases."

Jordan continued, “I am grateful to our associates for their unwavering commitment to delivering on our purpose which is to help our clients and communities unlock their full potential through capital and counsel, particularly as we continued to navigate the effects of the pandemic and disruptive natural disasters. Throughout the year, we achieved a number of critical merger milestones, successfully integrating key systems in preparation for the final conversion of clients and signage scheduled for February. We made good strides onboarding new technology and digital capabilities, upgrading operating systems and achieving efficiencies to deliver a differentiated client experience across the organization. I am incredibly proud of the progress we have made and look forward to further capitalizing on the power of business model and footprint."

Jordan concluded, “As we look forward to 2022 and beyond, we believe we are well-positioned to benefit from our enhanced capabilities and expertise, dynamic markets and an improving economic and interest rate environment. We remain focused on growing our core business and selectively transforming by simplifying processes, advancing technology and redeploying investments to achieve higher-growth and return opportunities and deliver top-quartile results.”









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

Notable Items
Quarterly and Annually, Unaudited ($s in millions, except per share data)
4Q213Q214Q2020212020
Summary of Notable Items:
Merger/acquisition-related items:
Purchase accounting gain (other noninterest income)*$— $— $1 $(1)$533 
Branch sale gain (other noninterest income)4 2 — 5 — 
Merger/acquisition expense(38)(46)(34)(187)(155)
Non-PCD provision expense— — — — (147)
Total Net Merger/acquisition- related items:(35)(45)(33)(183)231 
Other notable items:
Gain/(loss) on TruPS redemption (other noninterest income)(3)(23)— (26)— 
Charitable contributions (other noninterest expense)— — — — (15)
Other notable expense (other noninterest expense)(16)— — (26)— 
Total net other notable items:(19)(23)— (52)(15)
Total Notable items (pre-tax)$(54)$(68)$(33)$235 $216 
Total Notable items (after-tax)(41)(51)(20)(179)294 
EPS impact of notable items$(0.08)$(0.09)$(0.04)$(0.32)$0.68 
Numbers may not foot due to rounding
*' Purchase accounting gain is non-taxable income
Fourth quarter 2021 GAAP results were reduced by a net $41 million after-tax impact, or $0.08 per share, of notable items compared with a net $51 million impact, or $0.09 per share, in third quarter 2021.
Fourth quarter net notable items were tied to:
•$35 million of net IBKC merger-related items.
•$10 million tied to derivative valuation adjustments related to prior Visa Class-B share sales included in other noninterest expense.
•$6 million deferred compensation costs resulting from litigation tied to a company that was fully divested more than 10 years ago.
•$3 million loss on retirement of legacy IBKC trust preferred securities included in other noninterest income.
Fourth Quarter 2021 Highlights
•Total revenue of $745 million increased $7 million from third quarter 2021 levels driven by a $6 million increase in net interest income. Adjusted revenue of $748 million decreased $15 million largely as expected reductions in fixed income and mortgage banking fees were partially offset by an increase in other noninterest income.
•Net interest income of $498 million increased $6 million, or 1%, from third quarter 2021 levels despite a $5 million reduction in net merger-related and PPP loan portfolio benefits. Core net interest income increased 3% driven by the benefit of lower funding costs.
•Noninterest expense of $528 million increased $2 million from third quarter 2021 driven by an $8 million increase in notable items. Adjusted noninterest expense of $474 million decreased $6 million from third quarter 2021 driven by a $12 million decrease in personnel expense largely tied to lower revenue-based incentives.
•Provision for credit losses was a benefit of $65 million compared with a benefit of $85 million in third quarter 2021, largely reflecting stabilizing economic outlook and overall credit quality improvement.
•Average interest-earning assets of $82.5 billion increased $694 million, or 1%, from third quarter 2021 largely as a $775 million increase in the securities portfolio, a $381 million increase in the trading portfolio and a $260 million increase in loans held for sale ("LHFS") partially offset by an $827 million decrease in average loans driven by a $1.5 billion decrease in Payceck Protection Program loans ("PPP").
•Average loans before the impact of PPP increased $654 million, or 1%, as a $740 million increase in commercial was partially offset by an $87 million decrease in consumer. Average commercial loans excluding PPP increased 2%.
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•Period-end loans before the impact of PPP increased $402 million, or 1%, as a $446 million increase in commercial was partially offset by a $44 million decrease in consumer. Period-end commercial loans excluding PPP and LMC increased 3%.
•Average deposits of $74.6 billion increased $875 million, or 1%, from third quarter 2021 as a $1.8 billion increase in noninterest-bearing deposits was partially offset by a $921 million decrease in interest-bearing deposits. Interest-bearing deposit costs of 11 basis points improved 6 basis points from third quarter 2021.
•Allowance for credit losses to loans ratio of 1.34% decreased from 1.45% at September 30, 2021; the allowance for loan losses to nonperforming loans ratio of 244% increased from 211% at September 30, 2021.
•Net charge-offs of 0.01% in fourth quarter 2021 improved from 0.02% in third quarter 2021; nonperforming loans of $275 million decreased 21% from $347 million and the nonperforming loan ratio of 0.50% improved from 0.63% as of September 30, 2021.
•ROCE of 11.3%; ROTCE of 14.7%; Adjusted ROTCE of 17.5%; CET 1 ratio of 9.9%; and total capital ratio of 12.4%.
•Returned $225 million of capital to common shareholders including share repurchases and dividends.
•Share repurchases of 9 million shares of common stock at a weighted average price of $16.89 in the quarter.
•Tangible book value per share of $11.00 at December 31, 2021 increased 1% from $10.88 at September 30, 2021 despite a $0.24 impact tied to capital return.
Strategic Update
•On track to fully integrate systems in February 2022 and to deliver ~$200 million of targeted annualized net cost saves by 4Q22.
•Achieved $104 million of annualized net cost saves in 2021.
•Committed to delivering additional efficiencies in 2022.
COVID-19 Update
•~$5 billion Paycheck Protection Program loans forgiven in 2021. 2021 period-end PPP loans of $1.0 billion.
•Loans on deferral represented 0.2% of total loans excluding PPP as of December 31, 2021, down from September 30, 2021 levels of 0.3%.
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SUMMARY RESULTS
Quarterly, Unaudited
4Q21 Change vs.
($s in millions, except per share and balance sheet data)4Q213Q214Q203Q214Q20
$/bp%$/bp%
Income Statement
Interest income - taxable equivalent1
$534 $536 $578 $(2)— %$(44)(8)%
Interest expense- taxable equivalent1
33 41 53 (8)(20)(20)(38)
Net interest income- taxable equivalent502 495 525 7 1 (23)(4)
Less: Taxable-equivalent adjustment3 3 3 — — — — 
Net interest income498 492 522 6 1 (24)(5)
Noninterest income247 247 288 — — (41)(14)
      Total revenue745 738 810 7 1 (65)(8)
Noninterest expense528 526 508 2 — 20 4 
Pre-provision net revenue4
217 213 302 4 2 (85)(28)
Provision for credit losses5
(65)(85)1 20 24 (66)NM
Income before income taxes282 298 301 (16)(5)(19)(6)
Provision for income taxes53 63 56 (10)(16)(3)(6)
Net income229 235 245 (6)(3)(16)(6)
Net income attributable to noncontrolling interest3 3 3 — — — 6 
Net income attributable to controlling interest227 232 242 (5)(2)(15)(6)
Preferred stock dividends8 8 8 — — — 5 
Net income available to common shareholders$219 $224 $234 $(5)(2)$(15)(7)
Adjusted net income5
$271 $286 $265 $(15)(5)$6 2 
Adjusted net income available to common shareholders5
$260 $275 $255 $(15)(5)%$6 2 %
Common stock information
EPS$0.40 $0.41 $0.42 $— (1)%$(0.02)(4)%
Adjusted EPS5
$0.48 $0.50 $0.46 $(0.02)(4)%$0.02 4 %
Diluted shares542 550 556 (8)(1)%(14)(3)%
Key performance metrics
Net interest margin2.42 %2.41 %2.72 %1 bp(30)bp
Efficiency ratio70.88 71.21 62.71 (33)817 
Adjusted efficiency ratio6
63.31 62.87 58.34 44 497 
Effective income tax rate18.63 21.13 18.70 (250)(7)
Return on average assets1.02 1.05 1.16 (3)(14)
Adjusted return on average assets6
1.21 1.28 1.26 (7)(5)
Return on average common equity (“ROCE")11.3 11.4 12.5 (17)(127)
Return on average tangible common equity (“ROTCE”)6
14.7 15.0 16.7 (23)(201)
Adjusted ROTCE6
17.5 18.4 18.2 (85)(67)
Noninterest income as a % of total revenue33.10 33.39 35.61 (29)(251)
Adjusted noninterest income as a % of total revenue6
32.95 %35.14 %35.42 %(219)bp(247)bp
Balance Sheet (billions)
Average loans$54.7 $55.5 $59.8 $(0.8)(1)%$(5.1)(9)%
Average deposits74.6 73.7 69.6 0.9 1 5.0 7 
Average assets89.0 88.4 83.8 0.6 1 5.2 6 
Average common equity$7.7 $7.8 $7.4 $(0.1)(1)%$0.3 4 %
Asset Quality Highlights
Allowance for credit losses to loans and leases1.34 %1.45 %1.80 %(11)bp(46)bp
Net charge-off ratio0.01 0.02 0.19 (1)(18)
Nonperforming loan and leases ratio0.50 %0.63 %0.66 %(13)bp(16)bp
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 19.9 %10.1 %9.7 %(15)bp26 bp
Tier 111.1 11.2 10.7 (18)32 
Total Capital12.4 12.6 12.6 (28)(21)
Tier 1 leverage8.1 %8.1 %8.2 %(6)bp(16)bp
Numbers may not foot due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 22.




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SUMMARY RESULTS
Annual, Unaudited
($s in millions, except per share and balance sheet data)202120202021 vs. 2020
$/bp%
Income Statement
Interest income - taxable equivalent1
$2,170 $1,909 $261 14 %
Interest expense- taxable equivalent1
163 235 (72)(31)
Net interest income- taxable equivalent2,006 1,673 333 20 
Less: Taxable-equivalent adjustment12 11 1 9 
Net interest income1,994 1,662 332 20 
Noninterest income1,076 1,492 (416)(28)
      Total revenue3,070 3,155 (85)(3)
Noninterest expense2,095 1,718 377 22 
Pre-provision net revenue4
975 1,436 (461)(32)
Provision for credit losses5
(310)503 (813)NM
Income before income taxes1,285 933 352 38 
Provision for income taxes274 76 198 NM
Net income1,010 857 153 18 
Net income attributable to noncontrolling interest11 12 (1)(8)
Net income attributable to controlling interest999 845 154 18 
Preferred stock dividends37 23 14 61 
Net income available to common shareholders$962 $822 $140 17 
Adjusted net income5
$1,189 $563 $627 114 
Adjusted net income available to common shareholders5
$1,140 $528 $612 116 %
Common stock information
EPS$1.74 $1.89 $(0.15)(8)%
Adjusted EPS5
$2.07 $1.22 $0.85 70 %
Diluted shares551 434 117 27 %
Key performance metrics
Net interest margin2.48 %2.86 %(38)bp
Efficiency ratio68.25 54.47 1,378 
Adjusted efficiency ratio6
60.64 58.82 182 
Effective income tax rate21.36 8.15 1,321 
Return on average assets1.15 1.33 (18)
Adjusted return on average assets6
1.36 0.87 49 
Return on average common equity (“ROCE")12.5 13.7 (113)
Return on average tangible common equity (“ROTCE”)6
16.5 19.0 (257)
Adjusted ROTCE6
19.3 12.2 714 
Noninterest income as a % of total revenue35.04 47.31 (1,227)
Adjusted noninterest income as a % of total revenue6
36.38 %36.45 %(7)bp
Balance Sheet (billions)
Average loans$56.3 $46.2 $10.1 22 %
Average deposits73.1 51.9 21.3 41 
Average assets87.6 64.3 23.3 36 
Average common equity$7.7 $6.0 $1.7 28 %
Asset Quality Highlights
Allowance for credit losses to loans and leases1.34 %1.80 %(11)bp
Net charge-off ratio— 0.20 (1,961)
Nonperforming loan and leases ratio0.50 %0.66 %(13)bp
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 19.9 %9.7 %(15)bp
Tier 111.1 10.7 (18)
Total Capital12.4 12.6 (28)
Tier 1 leverage8.1 %8.2 %(6)bp
Numbers may not foot due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 22.



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Fourth Quarter 2021 versus Third Quarter 2021
Net interest income
Net interest income of $498 million increased $6 million from third quarter 2021 despite a $5 million reduction in net merger-related and PPP benefits. Core net interest income of $466 million was up $12 million as the benefit of lower funding costs, higher loans held for sale and trading portfolio balances, and higher investment portfolio income more than offset the net impact of loan growth and tighter loan spreads. Net interest margin of 2.42% was relatively stable with third quarter 2021 as the benefit of lower funding costs offset the impact of tighter loan and investment portfolio spreads.

Noninterest income
Noninterest income of $247 million was stable as a net $22 million reduction tied to notable items was largely offset by expected declines in fixed income and mortgage banking and title fees. Adjusted noninterest income of $246 million decreased $22 million driven by expected declines in fixed income and mortgage banking and title fees. Fixed income average daily revenue of $1.1 million remained at relatively healthy levels compared with
$1.3 million in third quarter 2021.

Noninterest expense
Noninterest expense of $528 million increased $2 million from third quarter 2021 driven by a net $8 million decrease in notable items. Adjusted noninterest expense of $474 million decreased $6 million from third quarter 2021 levels as a $12 million reduction in personnel expense was partially offset by growth in outside services and other noninterest expense driven by a $4 million increase tied to demand deposit product accruals, costs tied to markets reopening, and FDIC premium costs partially offset by lower contribution costs and franchise taxes. Results reflect $1 million benefit tied to incremental merger cost savings.

Loans and leases
Average loan and lease balances of $54.7 billion decreased $827 million from third quarter 2021 driven by a $1.5 billion decrease in PPP loans. Loan trends excluding PPP increased $654 million, or 1%, compared to the prior quarter, and 5% annualized, driven by a $740 million increase in commercial. Commercial loan growth excluding PPP reflects a $735 million increase in other C&I with relatively stable loans to mortgage companies ("LMC') and commercial real estate balances. Period-end loans and leases of $54.9 billion decreased $576 million from third quarter 2021 driven by a $979 million reduction in the PPP portfolio and a $622 million decrease in LMC. Before the impact of PPP and LMC, period-end loans increased $1.0 billion, or 8% annualized, reflecting a $1.1 billion increase in commercial. Period-end commercial loan growth excluding PPP and LMC was driven by growth in other commercial and industrial loans.

Deposits
Average deposits of $74.6 billion increased $875 million, or 1% from third quarter 2021 as a $1.8 billion increase in noninterest-bearing deposits was partially offset by a $921 million reduction in interest-bearing deposits. Period-end deposits of $74.9 billion increased $630 million from third quarter 2021 as a $535 million increase in noninterest-bearing and a $95 million increase in interest-bearing deposits. Interest-bearing deposit costs of 11 basis points declined 6 basis points from third quarter 2021 levels reflecting continued discipline on deposit pricing.

Asset quality
Provision for credit losses benefit of $65 million compared to a benefit of $85 million in third quarter 2021, largely reflects stabilizing economic outlook and overall credit quality improvement.

Net charge-offs of $1 million, or 1 basis points in the fourth quarter, decreased from $3 million, or 2 basis points, in the third quarter 2021 reflecting strong asset quality overall.

Nonperforming loans of $275 million decreased $72 million from third quarter 2021 driven by a decrease in the commercial real estate portfolio. Fourth quarter 2021 allowance to nonperforming coverage ratio of 244% compared with 211% in third quarter 2021. Fourth quarter 2021 nonperforming loans to loans ratio of 50 basis points compared with 63 basis points in third quarter 2021.
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The allowance for credit losses to loans ratio decreased to 1.34% from 1.45% in the third quarter 2021.

Capital
CET1 ratio of 9.9% in fourth quarter 2021 was stable compared with 10.1% in third quarter 2021.
First Horizon returned $225 million in capital to common stockholders during the quarter including $144 million, or 9 million shares, of common stock repurchases.

Income taxes
The fourth quarter 2021 effective tax rate of 18.6% decreased from third quarter 2021 rate of 21.1%. On an adjusted basis, the effective tax rate of 19.5% in the fourth quarter 2021 decreased from 21.8% in third quarter 2021.

Conference call information
Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on January 20 by dialing 1-844-200-6205 (if calling from the U.S.) or 929-526-1599 (if calling from outside the U.S) and entering access code 177675. The conference call will begin at 8:30 a.m. CT.

Participants can also opt to listen to the live audio webcast with the accompanying slide presentation at https://ir.firsthorizon.com/investor-relations/news-and-events/events-and-presentations/.

A replay of the call will be available beginning at noon CT on January 20 until midnight CT on February 3. To listen to the replay, dial 1-866-813-9403 (U.S. callers) or +44-204-525-0658 (international callers); the access code is 953908. A replay of the webcast will also be available on our website by 10:30 am CT on January 20 and will be archived on the site for one year.

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

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

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

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

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

First Horizon Corp. (NYSE: FHN), with $89.1 billion in assets as of December 31, 2021, 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/Annually, Unaudited
     4Q21 Change vs.2021 vs 2020
($s in millions, except per share data)4Q213Q212Q211Q214Q203Q214Q2020212020
$ %$ %$%
Interest income - taxable equivalent1
$534 $536 $545 $555 $578 $(2)— %$(44)(8)%$2,170 $1,909 $261 14 %
Interest expense- taxable equivalent1
33 41 45 45 53 (8)(20)(20)(38)163 235 (72)(31)
Net interest income- taxable equivalent502 495 500 511 525 7 1 (23)(4)2,006 1,673 333 20 
Less: Taxable-equivalent adjustment3 3 3 3 3 — — — — 12 11 1 9 
Net interest income498 492 497 508 522 6 1 (24)(5)1,994 1,662 332 20 
Noninterest income:
Fixed income82 96 102 126 104 (14)(15)(22)(21)406 423 (17)(4)
Mortgage banking and title28 34 38 53 57 (6)(18)(29)(51)154 129 25 19 
Brokerage, trust, and insurance36 37 35 33 31 (1)(3)5 14 141 107 34 32 
Service charges and fees56 56 54 53 53 — — 3 6 219 174 45 26 
Card and digital banking fees19 21 21 17 18 (2)(10)1 3 78 59 19 32 
Deferred compensation income— 3 7 3 9 (3)(100)(9)(100)13 11 2 18 
Other noninterest income2
25 (1)27 15 16 26 NM 9 57 66 589 (523)(89)
Total noninterest income247 247 285 298 288 — — (41)(14)1,076 1,492 (416)(28)
Total revenue745 738 781 806 810 7 1 (65)(8)3,070 3,155 (85)(3)
Noninterest expense:
Personnel expense:
Salaries and benefits190 191 191 196 200 (1)(1)(10)(5)767 625 142 23 
Incentives and commissions93 101 109 120 110 (8)(8)(17)(16)423 396 27 7 
Deferred compensation expense7 4 6 3 9 3 75 (2)(22)20 11 9 82 
Total personnel expense290 296 306 318 319 (6)(2)(29)(9)1,210 1,033 177 17 
Occupancy and equipment3
74 75 75 76 76 (1)(1)(2)(3)300 243 57 23 
Outside services81 89 63 58 59 (8)(9)22 38 290 213 77 36 
Amortization of intangible assets14 14 14 14 15 — — (1)(5)56 40 16 40 
Other noninterest expense70 52 40 78 39 18 35 31 80 239 189 50 26 
Total noninterest expense528 526 497 544 508 2 — 20 4 2,095 1,718 377 22 
Pre-provision net revenue4
217 213 284 262 302 4 2 (85)(28)975 1,436 (461)(32)
Provision for credit losses5
(65)(85)(115)(45)1 20 24 (66)NM (310)503 (813)NM
Income before income taxes282 298 399 307 301 (16)(5)(19)(6)1,285 933 352 38 
Provision for income taxes53 63 88 71 56 (10)(16)(3)(6)274 76 198 NM
Net income229 235 311 235 245 (6)(3)(16)(6)1,010 857 153 18 
Net income attributable to noncontrolling interest3 3 3 3 3 — — — 6 11 12 (1)(8)
Net income attributable to controlling interest227 232 308 233 242 (5)(2)(15)(6)999 845 154 18 
Preferred stock dividends8 8 13 8 8 — — — 5 37 23 14 61 
Net income available to common shareholders$219 $224 $295 $225 $234 $(5)(2)%$(15)(7)%$962 $822 $140 17 %
Common Share Data
EPS$0.41 $0.41 $0.54 $0.41 $0.42 $— (1)%$(0.01)(3)%$1.76 $1.90 $(0.14)(7)%
Basic shares537 546 550 552 553 (9)(2)(16)(3)546 432 114 26 
Diluted EPS$0.40 $0.41 $0.53 $0.40 $0.42 $— (1)$(0.02)(4)$1.74 $1.89 $(0.15)(8)
Diluted shares542 550 556 557 556 (8)(1)%(14)(3)%551 434 117 27 %
Effective tax rate18.6 %21.1 %22.0 %23.2 %18.7 %21.4 %8.2 %
Numbers may not foot due to rounding. See footnote disclosures on page 22.
9


ADJUSTED5 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 11
Quarterly/Annually, Unaudited
     4Q21 Change vs.2021 vs 2020
($s in millions, except per share data)4Q213Q212Q211Q214Q203Q214Q2020212020
$%$%$%
Net interest income (FTE)1
$502 $495 $500 $511 $525 $7 1 %$(23)(4)%$2,006 $1,673 $333 20 %
Adjusted noninterest income:
Fixed income82 96 102 126 104 (14)(15)(22)(21)406 423 (17)(4)
Mortgage banking and title28 34 38 53 57 (6)(18)(29)(51)154 129 25 19 
Brokerage, trust, and insurance36 37 35 33 31 (1)(3)5 14 141 107 34 32 
Service charges and fees56 56 54 53 53 — — 3 6 219 174 45 26 
Card and digital banking fees19 21 21 17 18 (2)(10)1 3 78 59 19 32 
Deferred compensation income— 3 7 3 9 (3)(100)(9)(100)13 11 2 18 
Adjusted other noninterest income25 21 29 14 15 4 19 10 68 89 56 33 59 
Adjusted total noninterest income$246 $268 $287 $297 $288 $(22)(8)%$(42)(14)%$1,099 $960 $139 14 %
Total revenue (FTE)1
$748 $763 $787 $808 $813 $(15)(2)%$(65)(8)%$3,105 $2,633 $472 18 %
Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits$189 $191 $191 $195 $200 $(2)(1)%$(11)(6)%$766 $619 $147 24 %
Adjusted Incentives and commissions84 92 93 99 89 (8)(9)%(5)(6)367 341 26 8 %
Deferred compensation expense1 4 6 3 9 (3)(75)%(8)(89)14 11 3 27 %
Adjusted total personnel expense274 286 290 297 298 (12)(4)%(24)(8)1,147 971 176 18 %
Adjusted occupancy and equipment3
73 74 75 72 74 (1)(1)%(1)(2)294 238 56 24 %
Adjusted outside services66 65 56 54 52 1 2 %14 27 241 166 75 45 %
Adjusted amortization of intangible assets13 13 13 13 14 — — %(1)(5)53 38 15 39 %
Adjusted other noninterest expense46 42 31 28 35 4 10 %11 32 148 136 12 9 %
Adjusted total noninterest expense$474 $480 $465 $464 $474 $(6)(1)%$— — %$1,883 $1,549 $334 22 %
Adjusted pre-provision net revenue4
$274 $284 $321 $343 $339 $(10)(4)%$(65)(19)%$1,222 $1,084 $138 13 %
Adjusted provision for credit losses5
$(65)$(85)$(115)$(45)$1 $20 24 %$(66)NM $(310)$356 $(666)NM
Adjusted net income available to common shareholders$260 $275 $321 $284 $255 $(15)(5)%$6 2 %$1,140 $528 $612 116 %
Adjusted Common Share Data
Adjusted diluted EPS$0.48 $0.50 $0.58 $0.51 $0.46 $(0.02)(4)%$0.02 4 %$2.07 $1.22 $0.85 70 %
Diluted shares542 550 556 557 556 (8)(1)%(14)(3)%551 434 117 27 %
Adjusted effective tax rate19.5 %21.8 %22.2 %23.4 %20.7 %21.8 %21.5 %
Adjusted ROTCE17.5 %18.4 %22.2 %20.2 %18.2 %19.3 %12.2 %
Adjusted efficiency ratio63.3 %62.9 %59.2 %57.5 %58.3 %60.6 %58.8 %
Numbers may not foot due to rounding.
See footnote disclosures on page 22.

10


NOTABLE ITEMS
Quarterly/Annually, Unaudited
(In millions)4Q213Q212Q211Q214Q2020212020
Summary of Notable Items:
Purchase accounting gain (other noninterest income)*$— $— $(2)$1 $1 $(1)$533 
Gain/(loss) on TRUPS redemption (other noninterest income)(3)(23)— — — (26)— 
Branch sale gain (other noninterest income)4 2 — — — 5 — 
Merger/acquisition expense(38)(46)(32)(70)(34)(187)(155)
Charitable contributions— — — — — — (15)
Other notable expenses**(16)— — (10)— (26)— 
Merger/acquisition non-PCD provision expense— — — — — — (147)
Total notable items$(54)$(68)$(34)$(79)$(33)$235 $216 
EPS impact of notable items$(0.08)$(0.09)$(0.05)$(0.11)$(0.04)$(0.32)$0.68 
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/Annually, Unaudited
     
(In millions)4Q213Q212Q211Q214Q2020212020
Impacts of Notable Items:
Noninterest income:
Other noninterest income$— $22 $2 $(1)$(1)$23 $(533)
Total noninterest income$— $22 $2 $(1)$(1)$23 $(533)
Noninterest expense:
Personnel expenses:
Salaries and benefits$— $— $— $— $— $(1)$(7)
Incentives and commissions(9)(10)(16)(21)(21)(56)(55)
Deferred compensation expense(6)— — — — (6)— 
Total personnel expenses(16)(10)(16)(21)(21)(63)(62)
Occupancy and equipment3
— (1)— (4)(2)(5)(6)
Outside services(15)(24)(6)(4)(7)(49)(46)
Amortization of intangible assets(1)(1)(1)(1)(1)(3)(2)
Other noninterest expense(23)(10)(9)(50)(4)(92)(54)
Total noninterest expense$(54)$(46)$(32)$(80)$(34)$(212)$(170)
Provision for credit losses$— $— $— $— $— $— $(147)
Income before income taxes$54 $68 $34 $79 $33 $235 $(216)
Provision for income taxes13 17 8 19 13 56 78 
Net income/(loss) available to common shareholders$41 $51 $26 $60 $20 $179 $(294)
Numbers may not foot due to rounding

11


FINANCIAL RATIOS
Quarterly/Annually, Unaudited
     4Q21 change vs.2021 vs. 2020
4Q213Q212Q211Q214Q203Q214Q2020212020
FINANCIAL RATIOS$/bp%$/bp%$/bp%
Net interest margin2.42 %2.41 %2.47 %2.62 %2.72 %1 bp(30)bp2.48 %2.86 %(38)bp
Return on average assets1.02 %1.05 %1.42 %1.12 %1.16 %(3)(14)1.15 %1.33 %(18)
Adjusted return on average assets6
1.21 %1.28 %1.54 %1.40 %1.26 %(7)(5)1.36 %0.87 %49 
Return on average common equity (“ROCE”)11.26 %11.43 %15.45 %12.01 %12.53 %(17)(127)12.53 %13.66 %(113)
Return on average tangible common equity (“ROTCE”)6
14.72 %14.95 %20.36 %15.90 %16.73 %(23)(201)16.46 %19.03 %(257)
Adjusted ROTCE5
17.51 %18.36 %22.18 %20.15 %18.18 %(85)(67)19.29 %12.15 %714 
Noninterest income as a % of total revenue33.10 %33.39 %36.43 %37.00 %35.61 %(29)(251)35.04 %47.31 %(1,227)
Adjusted noninterest income as a % of total revenue6
32.95 %35.14 %36.49 %36.78 %35.42 %(219)(247)36.38 %36.45 %(7)
Efficiency ratio70.88 %71.21 %63.67 %67.53 %62.71 %(33)817 68.25 %54.47 %1,378 
Adjusted efficiency ratio6
63.31 %62.87 %59.17 %57.49 %58.34 %44 497 60.64 %58.82 %182 
CAPITAL DATA
CET1 capital ratio*
9.9 %10.1 %10.3 %10.0 %9.7 %(15)bp26 bp9.9 %9.7 %26 bp
Tier 1 capital ratio*11.1 %11.2 %11.4 %11.0 %10.7 %(18)bp32 bp11.1 %10.7 %32 bp
Total capital ratio*12.4 %12.6 %13.1 %12.8 %12.6 %(28)bp(21)bp12.4 %12.6 %(21)bp
Tier 1 leverage ratio*8.1 %8.1 %8.2 %8.2 %8.2 %(6)bp(16)bp8.1 %8.2 %(16)bp
Risk-weighted assets (“RWA”) (billions)$64.1 $63.0 $62.0 $62.3 $63.1 $1 2 %$1 1 %$64.1 $63.1 $1 1 %
Total equity to total assets 9.53 %9.64 %9.74 %9.49 %9.86 %(11)bp(33)bp9.53 %9.86 %(33)bp
Tangible common equity/tangible assets (“TCE/TA”)6
6.73 %6.80 %6.87 %6.64 %6.89 %(7)bp(16)bp6.73 %6.89 %(16)bp
Period-end shares outstanding (millions)534 542 551 552 555 (8)(1)%(21)(4)%534 555 (21)(4)%
Cash dividends declared per common share$0.15 $0.15 $0.15 $0.15 $0.15 $— — $— — $0.60 $0.60 $— — 
Book value per common share$14.39 $14.24 $14.07 $13.65 $13.59 $0.15 1 %$0.80 6 %$14.39 $13.59 $0.80 6 %
Tangible book value per common share6
$11.00 $10.88 $10.74 $10.30 $10.23 $0.12 1 %$0.77 8 %$11.00 $10.23 $0.77 8 %
SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)73.25 %74.65 %77.36 %80.09 %83.21 %(140)bp(996)bp73.25 %83.21 %(996)bp
Loans-to-deposit ratio (average balances)73.29 %75.28 %77.68 %82.02 %85.90 %(199)bp(1,261)bp76.98 %89.02 %(1,204)bp
Full-time equivalent associates7,863 7,982 8,145 8,284 8,466 (119)(1)%(603)(7)%8,067 6,649 1,418 21 %
Certain previously reported amounts have been reclassified to agree with current presentation
*Current quarter is an estimate.
See footnote disclosures on page 22.
12

CONSOLIDATED PERIOD-END BALANCE SHEET
Quarterly, Unaudited 
     4Q21 change vs.
(In millions)4Q213Q212Q211Q214Q203Q214Q20
$%$%
Assets:      
Loans and leases:
Commercial, financial, and industrial (C&I)$31,068 $31,516 $32,528 $33,951 $33,103 $(448)(1)%$(2,035)(6)%
Commercial real estate12,109 12,194 12,292 12,470 12,275 (85)(1)(167)(1)
Total Commercial43,177 43,710 44,820 46,421 45,379 (533)(1)(2,202)(5)
Consumer real estate10,772 10,787 10,864 11,053 11,725 (15)— (953)(8)
Credit card and other7
910 938 1,002 1,126 1,128 (28)(3)(218)(19)
Total Consumer11,682 11,725 11,867 12,178 12,853 (42)— (1,171)(9)
Loans and leases, net of unearned income54,859 55,435 56,687 58,600 58,232 (576)(1)(3,373)(6)
Loans held for sale1,172 1,052 977 811 1,022 120 11 150 15 
Investment securities9,419 8,798 8,398 8,361 8,057 621 7 1,362 17 
Trading securities1,601 1,319 1,035 1,076 1,176 282 21 425 36 
Interest-bearing deposits with banks14,907 14,829 13,451 11,635 8,351 79 1 6,556 79 
Federal funds sold and securities purchased under agreements to resell641 361 622 520 445 281 78 196 44 
Total interest earning assets82,600 81,794 81,170 81,004 77,284 806 1 5,316 7 
Cash and due from banks1,147 1,197 1,303 1,169 1,203 (50)(4)(56)(5)
Goodwill and other intangible assets, net1,808 1,822 1,836 1,850 1,864 (14)(1)(56)(3)
Premises and equipment, net665 692 714 719 759 (27)(4)(94)(12)
Allowance for loan and lease losses(670)(734)(815)(914)(963)64 9 293 30 
Other assets3,542 3,766 3,700 3,685 4,063 (224)(6)(521)(13)
Total assets$89,092 $88,537 $87,908 $87,513 $84,209 $555 1 %$4,883 6 %
Liabilities and Shareholders' Equity:
Deposits:
Savings$26,457 $27,425 $27,416 $27,023 $27,324 $(968)(4)%$(867)(3)%
Time deposits3,500 3,920 4,304 4,653 5,070 (420)(11)(1,570)(31)
Other interest-bearing deposits17,054 15,571 15,728 16,444 15,415 1,484 10 1,639 11 
Total interest-bearing deposits47,012 46,916 47,447 48,120 47,810 95 — (798)(2)
Trading liabilities426 315 531 454 353 112 35 74 21 
Short-term borrowings2,124 2,225 2,246 2,203 2,198 (101)(5)(75)(3)
Term borrowings1,590 1,584 1,672 1,671 1,670 6 — (80)(5)
Total interest-bearing liabilities51,151 51,040 51,896 52,448 52,030 112 — (879)(2)
Noninterest-bearing deposits27,883 27,348 25,833 25,046 22,173 535 2 5,710 26 
Other liabilities1,564 1,617 1,613 1,712 1,699 (53)(3)(136)(8)
Total liabilities80,598 80,005 79,343 79,206 75,903 593 1 4,695 6 
Shareholders' Equity:
Preferred stock520 520 520 470 470 — — 50 11 
Common stock333 339 344 345 347 (5)(2)(13)(4)
Capital surplus4,742 4,866 4,997 5,036 5,073 (124)(3)(331)(7)
Retained earnings2,891 2,754 2,613 2,402 2,261 137 5 630 28 
Accumulated other comprehensive loss, net(288)(241)(203)(242)(140)(47)(20)(148)(105)
Combined shareholders' equity8,199 8,237 8,270 8,012 8,012 (39)— 187 2 
Noncontrolling interest295 295 295 295 295 — — — — 
Total shareholders' equity8,494 8,533 8,566 8,307 8,307 (39)— 187 2 
Total liabilities and shareholders' equity$89,092 $88,537 $87,908 $87,513 $84,209 $555 1 %$4,883 6 %
Memo:
Total Deposits$74,895 $74,265 $73,281 $73,167 $69,982 $630 1 %$4,912 7 %
Unfunded Loan Commitments:
Commercial$20,487 $19,019 $18,035 $16,759 $17,201 $1,468 8 %$3,286 19 %
Consumer$3,936 $3,892 $4,031 $4,067 $4,086 $44 1 %$(150)(4)%
Numbers may not foot due to rounding. See footnote disclosures on page 22.
13

CONSOLIDATED AVERAGE BALANCE SHEET
Quarterly/Annually, Unaudited 
     4Q21 change vs.2021 vs. 2020
(In millions)4Q213Q212Q211Q214Q203Q214Q2020212020
$%$%$%
Assets:      
Loans and leases:      
Commercial, financial, and industrial (C&I)$30,780 $31,477 $32,540 $33,279 $34,196 $(697)(2)%$(3,415)(10)%$32,011 $27,625 $4,386 16 %
Commercial real estate12,220 12,264 12,350 12,424 12,400 (44)— (179)(1)12,314 8,519 3,795 45 
Total Commercial43,001 43,741 44,890 45,703 46,596 (740)(2)(3,595)(8)44,325 36,144 8,181 23 
Consumer real estate10,738 10,819 10,926 11,400 12,030 (81)(1)(1,292)(11)10,969 9,191 1,778 19 
Credit card and other7
943 948 1,013 1,119 1,194 (5)(1)(251)(21)1,005 848 157 19 
Total Consumer11,681 11,767 11,939 12,519 13,224 (86)(1)(1,543)(12)11,974 10,039 1,935 19 
Loans and leases, net of unearned income54,682 55,508 56,829 58,222 59,820 (827)(1)(5,138)(9)56,298 46,183 10,115 22 
Loans held-for-sale1,252 992 734 842 1,030 260 26 222 22 956 835 121 14 
Investment securities9,269 8,494 8,401 8,320 8,213 775 9 1,056 13 8,623 6,464 2,159 33 
Trading securities1,552 1,171 1,322 1,418 1,292 381 33 260 20 1,365 1,433 (68)(5)
Interest-bearing deposits with banks15,065 15,022 13,051 9,269 6,201 43 — 8,864 143 13,123 3,006 10,117 NM
Federal funds sold and securities purchased under agreements to resell650 587 648 599 440 63 11 210 48 621 547 74 14 
Total interest earning assets82,469 81,775 80,984 78,670 76,995 694 1 5,474 7 80,987 58,468 22,519 39 
Cash and due from banks1,263 1,263 1,267 1,250 1,204 — — 59 5 1,261 852 409 48 
Goodwill and other intangibles assets, net1,815 1,829 1,843 1,857 1,871 (14)(1)(56)(3)1,836 1,696 140 8 
Premises and equipment, net676 703 714 755 765 (27)(4)(89)(12)712 604 108 18 
Allowances for loan and lease losses(714)(793)(884)(949)(985)80 10 271 28 (834)(700)(134)(19)
Other assets3,515 3,624 3,635 3,817 3,959 (109)(3)(444)(11)3,647 3,426 221 6 
Total assets$89,025 $88,401 $87,559 $85,401 $83,809 $624 1 %$5,216 6 %$87,609 $64,346 $23,263 36 %
Liabilities and shareholders' equity:
Deposits:
Savings$26,731 $27,793 $27,238 $27,370 $27,090 $(1,062)(4)%$(359)(1)%$27,283 $19,780 $7,503 38 %
Time deposits3,695 4,121 4,487 4,836 5,386 (426)(10)(1,691)(31)4,281 4,347 (66)(2)
Other interest-bearing deposits15,900 15,333 16,029 15,491 15,057 567 4 842 6 15,688 11,973 3,715 31 
Total interest-bearing deposits46,326 47,248 47,754 47,697 47,534 (921)(2)(1,208)(3)47,252 36,100 11,152 31 
Trading liabilities556 527 560 518 367 29 6 189 51 540 457 83 18 
Short-term borrowings2,249 2,452 2,248 2,280 2,113 (203)(8)136 6 2,308 2,597 (289)(11)
Term borrowings1,575 1,665 1,672 1,670 1,913 (90)(5)(337)(18)1,645 1,578 67 4 
Total interest-bearing liabilities50,707 51,892 52,233 52,164 51,926 (1,185)(2)(1,220)(2)51,745 40,732 11,013 27 
Noninterest-bearing deposits28,282 26,485 25,404 23,284 22,105 1,797 7 6,177 28 25,879 15,779 10,100 64 
Other liabilities1,511 1,447 1,463 1,603 1,568 64 4 (58)(4)1,505 1,226 279 23 
Total liabilities80,499 79,824 79,100 77,052 75,600 675 1 4,900 6 79,130 57,737 21,393 37 
Shareholders' Equity:
Preferred stock520 520 513 470 470 — — 50 11 506 297 209 70 
Common stock 336 342 345 346 347 (5)(2)(10)(3)342 271 71 26 
Capital surplus4,811 4,936 5,023 5,061 5,902 (125)(3)(1,091)(18)4,957 4,215 742 18 
Retained earnings2,819 2,673 2,499 2,336 1,346 146 5 1,473 109 2,583 1,679 904 54 
Accumulated other comprehensive loss, net(256)(190)(217)(161)(151)(66)(35)(105)(70)(206)(149)(57)(38)
Combined shareholders' equity8,230 8,281 8,164 8,054 7,914 (51)(1)316 4 8,183 6,313 1,870 30 
Noncontrolling interest295 295 295 295 295 — — — — 295 295 — — 
Total shareholders' equity8,526 8,577 8,459 8,349 8,209 (51)(1)316 4 8,478 6,609 1,869 28 
Total liabilities and shareholders' equity$89,025 $88,401 $87,559 $85,401 $83,809 $624 1 %$5,216 6 %$87,609 $64,346 $23,263 36 %
Memo:
Total Deposits$74,608 $73,733 $73,158 $70,981 $69,639 $875 1 %$4,969 7 %$73,131 $51,879 $21,252 41 %
Numbers may not foot due to rounding. See footnote disclosures on page 22.
14

CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly/Annually, Unaudited 
   4Q21 change vs.2021 vs. 2020
4Q213Q212Q211Q214Q203Q214Q2020212020
(In millions, except rates)Income/ExpenseRateIncome/ExpenseRateIncome/ExpenseRateIncome/ExpenseRateIncome/ExpenseRateIncome/ExpenseIncome/ExpenseIncome/ExpenseRateIncome/ExpenseRateIncome/Expense
$%$%$%
Interest earning assets/Interest income:   
Loans and leases, net of unearned income:
Commercial$365 3.37 %$372 3.37 %$380 3.39 %$382 3.39 %$406 3.46 %$(7)(2)%$(41)(10)%$1,500 3.38 %$1,324 3.66 %$176 13 %
Consumer110 3.77 112 3.83 118 3.98 127 4.09 129 3.90 (2)(1)(19)(15)468 3.92 406 4.05 62 15 
Loans and leases, net of unearned income475 3.45 484 3.47 498 3.52 510 3.54 535 3.56 (9)(2)(60)(11)1,970 3.49 1,732 3.75 238 14 
Loans held-for-sale11 3.49 8 3.25 7 3.94 7 3.16 8 3.22 3 35 3 31 33 3.44 30 3.60 3 9 
Investment securities30 1.43 31 1.48 29 1.39 28 1.41 27 1.29 (1)(3)3 11 118 1.43 105 1.64 13 12 
Trading securities10 2.50 6 2.07 7 2.03 7 2.03 7 2.05 4 60 3 47 30 2.17 35 2.44 (5)(14)
Interest-bearing deposits with banks6 0.15 6 0.16 3 0.10 2 0.10 2 0.10 — (2)4 NM 17 0.13 5 0.14 13 NM
Federal funds sold and securities purchased under agreements— (0.09)— (0.03)— (0.06)— (0.12)— 0.03 — NM — NM — (0.08)2 0.43 (2)(100)
Interest income$534 2.58 %$536 2.61 %$545 2.70 %$555 2.85 %$578 2.99 $(1)— %$(43)(7)%$2,170 2.68 $1,909 3.26 $261 14 %
Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings$4 0.06 %$9 0.12 %$11 0.16 %$13 0.19 %$18 0.27 %$(5)(54)%$(14)(78)%$36 0.13 %$82 0.41 %$(46)(57)%
Time deposits5 0.56 6 0.62 7 0.65 6 0.47 6 0.44 (1)(20)(1)(12)25 0.57 39 0.90 (14)(37)
Other interest-bearing deposits4 0.10 5 0.12 6 0.15 6 0.16 7 0.18 (1)(18)(3)(44)20 0.13 31 0.26 (11)(34)
Total interest-bearing deposits13 0.11 20 0.17 24 0.20 24 0.20 31 0.26 (7)(34)(18)(58)81 0.17 152 0.42 (71)(47)
Trading liabilities2 1.38 1 1.11 2 1.17 1 0.73 1 0.78 — 31 1 NM 6 1.11 6 1.24 — 5 
Short-term borrowings1 0.18 1 0.24 1 0.22 1 0.21 1 0.23 — (32)— (18)5 0.21 14 0.53 (9)(65)
Term borrowings17 4.30 18 4.39 18 4.38 18 4.39 20 4.16 (1)(7)(3)(15)72 4.37 64 4.02 8 12 
Interest expense33 0.26 41 0.31 45 0.34 45 0.34 53 0.40 (8)(20)(20)(38)163 0.32 235 0.58 (72)(31)
Net interest income - tax equivalent basis502 2.32 495 2.30 500 2.36 511 2.51 525 2.59 7 1 (23)(4)2,006 2.36 1,673 2.68 333 20 
Fully taxable equivalent adjustment(3)0.10 (3)0.11 (3)0.11 (3)0.11 (3)0.13 — (7)— 1 (12)0.12 (11)0.18 (1)(8)
Net interest income$498 2.42 %$492 2.41 %$497 2.47 %$508 2.62 %$522 2.72 %$7 1 %$(23)(4)%$1,994 2.48 %$1,662 2.86 %$333 20 %
Memo:
Total loan yield3.45 %3.47 %3.52 %3.54 %3.56 %3.49 %3.75 %
Total deposit cost0.07 %0.11 %0.13 %0.14 %0.18 %0.11 %0.29 %
Total funding cost0.16 %0.21 %0.23 %0.24 %0.28 %0.21 %0.42 %
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 22.
15

CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited 
As of 4Q21 change vs.
(In millions, except ratio data)4Q213Q212Q211Q214Q203Q214Q20
$%$%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)$125 $144 $122 $144 $144 $(19)(13)%$(19)(13)%
Commercial real estate9 58 70 67 58 (49)(84)(49)(84)
Consumer real estate138 143 149 180 182 (5)(3)(44)(24)
Credit card and other3 2 2 2 2 1 35 1 39 
Total nonperforming loans and leases$275 $347 $344 $394 $386 $(72)(21)%$(111)(29)%
Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)0.40 %0.46 %0.38 %0.42 %0.43 %
Commercial real estate0.08 0.48 0.57 0.54 0.48 
Consumer real estate1.29 1.33 1.37 1.63 1.56 
Credit card and other0.31 0.22 0.24 0.22 0.18 
Total nonperforming loans and leases to loans and leases0.50 %0.63 %0.61 %0.67 %0.66 %
Numbers may not foot due to rounding.



CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Quarterly, Unaudited
As of4Q21 change vs.
(In millions)4Q213Q212Q211Q214Q203Q214Q20
$%$%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)$5 $1 $1 $— $— $4 NM $4 NM
Commercial real estate— 2 — — — (2)(100)— NM
Consumer real estate33 12 12 12 15 21 NM 18 115 
Credit card and other2 2 1 — 1 1 36 1 NM
Total loans and leases 90 days or more past due and accruing$40 $16 $14 $13 $16 $24 147 %$24 144 %
Numbers may not foot due to rounding.
16


CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited
As of4Q21 change vs.
(In millions, except ratio data)4Q213Q212Q211Q214Q203Q214Q20
Charge-off, Recoveries and Related Ratios$%$%
Gross Charge-offs
Commercial, financial, and industrial (C&I)$5 $12 $2 $15 $35 $(7)(61)%$(30)(87)%
Commercial real estate— 2 — 3 — (2)(99)— (97)
Consumer real estate2 1 1 1 1 1 NM 1 35 
Credit card and other4 5 3 3 4 — (10)1 16 
Total gross charge-offs$11 $19 $6 $23 $40 $(9)(45)%$(30)(74)%
Gross Recoveries
Commercial, financial, and industrial (C&I)$(3)$(7)$(5)$(6)$(4)$3 50 %$1 16 %
Commercial real estate— (2)(1)(2)(1)2 81 1 64 
Consumer real estate(5)(7)(8)(6)(5)3 35 — 6 
Credit card and other(1)— (2)(1)(1)(1)NM — 25 
Total gross recoveries$(10)$(16)$(16)$(15)$(12)$7 41 %$2 17 %
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I)$1 $5 $(3)$10 $31 $(4)(76)%$(30)(96)%
Commercial real estate— — (1)2 (1)(1)NM — 43 
Consumer real estate(3)(7)(8)(5)(4)4 58 1 23 
Credit card and other3 4 1 2 2 (1)(33)1 46 
Total net charge-offs$1 $3 $(10)$8 $29 $(2)(67)%$(28)(97)%
Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I)0.01 %0.06 %(0.04)%0.12 %0.36 %
Commercial real estate(0.01)0.01 (0.02)0.06 (0.02)
Consumer real estate(0.10)(0.24)(0.28)(0.18)(0.12)
Credit card and other1.26 1.86 0.51 0.65 0.68 
Total loans and leases0.01 %0.02 %(0.07)%0.06 %0.19 %
Numbers may not foot due to rounding.
17


CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS
Quarterly, Unaudited
As of4Q21 Change vs.
(In millions)4Q213Q212Q211Q214Q203Q214Q20
Summary of Changes in the Components of the Allowance For Credit Losses$%$%
Allowance for loan and lease losses - beginning$734 $815 $914 $963 $988 $(81)(10)%$(254)(26)%
Charge-offs:
Commercial, financial, and industrial (C&I)(5)(12)(2)(15)(35)7 61 30 87 
Commercial real estate— (2)— (3)— 2 99 — 97 
Consumer real estate(2)(1)(1)(1)(1)(1)NM (1)(35)
Credit card and other(4)(5)(3)(3)(4)— 10 (1)(16)
Total charge-offs(11)(19)(6)(23)(40)9 45 30 74 
Recoveries:
Commercial, financial, and industrial (C&I)3 7 5 6 4 (3)(50)(1)(16)
Commercial real estate— 2 1 2 1 (2)(81)(1)(64)
Consumer real estate5 7 8 6 5 (3)(35)— (6)
Credit card and other1 — 2 1 1 1 NM — (25)
Total Recoveries10 16 16 15 12 (7)(41)(2)(17)
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)*(40)(5)(60)(1)(5)(34)NM (34)NM
Commercial real estate*(9)(48)(22)(8)34 39 82 (42)(126)
Consumer real estate*(18)(31)(26)(26)(27)13 42 9 33 
Credit card and other*3 6 — (6)3 (3)(47)1 22 
Total provision for loan and lease losses*:
(63)(78)(109)(41)4 15 19 (67)NM
Allowance for loan and lease losses - ending$670 $734 $815 $914 $963 $(64)(9)%$(293)(30)%
Reserve for unfunded commitments - beginning$68 $75 $81 $85 $89 $(7)(9)%$(21)(24)%
Cumulative effect of change in accounting principle— — — — — — NM — NM
Acquired reserve for unfunded commitments— — — — (1)— NM 1 100 
Provision for unfunded commitments(2)(7)(6)(4)(3)5 71 1 33 
Reserve for unfunded commitments - ending$66 $68 $75 $81 $85 $(2)(3)$(19)(22)
Total allowance for credit losses- ending$736 $802 $890 $995 $1,048 $(66)(8)%$(312)(30)%
Numbers may not foot due to rounding.
18


CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES
Quarterly, Unaudited
As of
4Q213Q212Q211Q214Q20
Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)1.07 %1.19 %1.18 %1.30 %1.37 %
Commercial real estate1.27 %1.33 %1.71 %1.86 %1.97 %
Consumer real estate1.51 %1.65 %1.87 %2.00 %2.07 %
Credit card and other2.14 %2.03 %1.71 %1.63 %2.34 %
Total allowance for loans and lease losses to loans and leases1.22 %1.32 %1.44 %1.56 %1.65 %
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)268 %261 %314 %307 %315 %
Commercial real estate1,671 %278 %300 %345 %415 %
Consumer real estate118 %125 %136 %123 %133 %
Credit card and other699 %926 %725 %749 %1,313 %
Total allowance for loans and lease losses to nonperforming loans and leases244 %211 %237 %232 %249 %
19

REGIONAL BANKING
Quarterly/Annually, Unaudited 
     4Q21 Change vs.2021 vs. 2020
 4Q213Q212Q211Q214Q203Q214Q2020212020
$/bp%$/bp%$/bp%
Income Statement (millions)      
Net interest income$450 $445 $444 $426 $409 $5 1 %$41 10 %$1,764 $1,264 $500 40 %
Noninterest income115 113 109 100 106 2 2 9 8 %438 345 93 27 %
Total revenue565 558 553 527 515 7 1 50 10 %2,202 1,609 593 37 %
Noninterest expense304 300 277 270 306 4 1 (2)(1)%1,151 944 207 22 %
Pre-provision net revenue4
261 258 276 256 209 3 1 52 25 %1,051 665 386 58 %
Provision for credit losses5
(60)(52)(88)(29)(2)(8)(15)(58)NM (229)392 (621)NM
Income before income tax expense321 310 364 285 211 11 4 110 52 %1,280 273 1,007 NM
Income tax expense75 72 85 66 48 3 4 27 56 %299 56 243 NM
Net income$246 $238 $279 $219 $163 $8 3 %$83 51 %$982 $217 $765 NM
Average Balances (billions)
Total loans and leases$37.7 $38.5 $40.0 $40.2 $40.8 $(0.8)(2)%$(3.1)(8)%$39.1 $29.7 $9.4 32 %
Interest-earning assets37.7 38.5 40.0 40.2 40.8 (0.8)(2)(3.1)(8)39.1 29.7 9.4 32 
Total assets44.0 44.9 46.4 46.5 47.2 (0.9)(2)(3.2)(7)45.4 32.8 12.6 38 
Total deposits66.6 65.4 65.0 62.1 61.0 1.2 2 5.6 9 64.8 44.6 20.2 45 
Key Metrics
Net interest margin8
4.76 %4.60 %4.47 %4.32 %4.02 %16 bp74 bp4.54 %4.28 %26 bp
Efficiency ratio 53.82 %53.73 %50.13 %51.30 %59.47 %9 bp(565)bp52.27 %58.66 %(639)bp
Loans-to-deposits ratio (period-end balances)56.16 %57.40 %59.95 %62.61 %65.46 %(124)bp(930)bp56.16 %65.46 %(930)bp
Loans-to-deposits ratio (average-end balances)56.71 %58.92 %61.61 %64.69 %66.77 %(221)bp(1,006)bp60.39 %66.69 %(630)bp
Return on average assets (annualized)2.22 %2.10 %2.41 %1.91 %1.37 %12 bp85 bp2.16 %0.66 %150 bp
Return on allocated equity9
25.80 %25.71 %30.29 %23.73 %16.26 %9 bp954 bp26.37 %7.47 %1,890 bp
Financial center locations426 438 490 490 492 (12)(3)%(66)(13)%426 492 (66)(13)%
Numbers may not add to total due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 22.

Regional Banking segment: Offers financial products and services, including traditional lending and deposit taking, to consumer and commercial customers primarily in the southern and southeastern U.S. and other selected markets. Regional Banking also provides investment, wealth management, financial planning, trust and asset management services for consumer customers.
20


SPECIALTY BANKING
Quarterly/Annually, Unaudited 
     4Q21 Change vs.2021 vs. 2020
 4Q213Q212Q211Q214Q203Q214Q2020212020
$/bp%$/bp%$/bp%
Income Statement (millions)      
Net interest income$154 $154 $153 $158 $172 $— — %$(18)(10)%$619 $572 $47 8 %
Noninterest income120 142 150 185 167 (22)(15)(47)(28)597 576 21 4 
Total revenue275 295 302 343 339 (20)(7)(64)(19)1,216 1,149 67 6 
Noninterest expense130 141 146 154 135 (11)(8)(5)(4)571 494 77 16 
Pre-provision net revenue4
145 154 156 189 204 (9)(6)(59)(29)645 655 (10)(2)
Provision for credit losses5
(3)(33)(21)(7)11 30 91 (14)(127)(64)117 (181)NM
Income before income tax expense148 187 177 196 194 (39)(21)(46)(24)709 538 171 32 
Income tax expense36 45 43 47 47 (9)(20)(11)(23)171 131 40 31 
Net income$112 $142 $134 $149 $147 $(30)(21)%$(35)(24)%$537 $407 $130 32 %
Average Balances (billions)
Total loans and leases$16.3 $16.3 $16.0 $17.2 $18.2 $— — %$(1.9)(11)%$16.5 $15.6 $0.9 6 %
Interest-earning assets19.8 19.2 18.8 20.2 21.1 0.6 3 (1.3)(6)19.5 18.5 1.0 5 
Total assets21.0 20.5 20.1 21.6 22.5 0.5 3 (1.5)(7)20.8 19.8 1.0 5 
Total deposits6.7 6.2 5.5 5.3 4.9 0.5 8 1.8 37 5.9 4.1 1.8 46 
Key Metrics
Fixed income product average daily revenue (thousands)$1,123 $1,323 $1,425 $1,885 $1,505 $(200)(15)%$(382)(25)%$1,436 $1,477 $(41)(3)%
Net interest margin8
3.11 %3.18 %3.25 %3.17 %3.26 %(7)bp(15)bp3.18 %3.10 %8 bp
Efficiency ratio 47.34 %47.68 %48.29 %44.89 %39.74 %(34)bp760 bp46.97 %43.01 %396 bp
Loans-to-deposits ratio (period-end balances)264 %274 %308 %318 %371 %(1,070)bp(10,675)bp264 %371 %(10,675)bp
Loans-to-deposits ratio (average-end balances)245 %266 %293 %325 %375 %(2,067)bp(13,023)bp279 %384 %(10,502)bp
Return on average assets (annualized)2.12 %2.75 %2.68 %2.80 %2.59 %(63)bp(47)bp2.58 %2.05 %53 bp
Return on allocated equity9
27.32 %33.81 %31.60 %33.39 %31.97 %(649)bp(465)bp31.58 %25.70 %588 bp
Numbers may not add to total due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 22.

Specialty Banking segment: Consists of lines of business that deliver product offerings and services with specialized industry knowledge. Specialty Banking’s lines of business include asset-based lending, mortgage warehouse lending, commercial real estate, franchise finance, correspondent banking, equipment finance, mortgage, and title insurance. In addition to traditional lending and deposit taking, Specialty Banking also delivers treasury management solutions, loan syndications, international banking and SBA lending. 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.
21

CORPORATE
Quarterly/Annually, Unaudited
 4Q21 Change vs.2021 vs. 2020
 4Q213Q212Q211Q214Q203Q214Q2020212020
$%$%$/bp%
Income Statement (millions)
Net interest income/(expense)$(106)$(106)$(100)$(77)$(60)$— — %$(46)(77)%$(389)$(174)$(215)(124)%
Noninterest income2
11 (8)25 12 16 19 NM (5)(31)41 571 (530)(93)
Total revenues(95)(115)(74)(64)(44)20 17 (51)(116)(348)397 (745)NM
Noninterest expense94 85 74 120 67 9 11 27 40 373 280 93 33 
Pre-provision net revenue4
(189)(200)(148)(184)(111)11 6 (78)(70)(721)117 (838)NM
Provision for credit losses5
(2)— (6)(10)(7)(2)NM 5 71 (17)(5)(12)NM
Income before income tax expense(187)(200)(143)(174)(104)13 6 (83)(80)(704)122 (826)NM
Income tax expense (benefit)(58)(55)(40)(42)(39)(3)(5)(19)(49)(195)(111)(84)(76)
Net income/(loss)$(129)$(145)$(102)$(132)$(65)$16 11 %$(64)(98)%$(509)$233 $(742)NM
Average Balance Sheet (billions)    
Interest bearing assets$25.0 $24.0 $22.1 $18.3 $15.1 $0.9 4 %$9.8 65 %$22.4 $10.3 $12.1 118 %
Total assets24.0 23.0 21.1 17.3 14.1 1.0 4 9.9 70 %21.4 11.7 9.6 82 %
Numbers may not add to total due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 22.

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 2020 includes a $533 million purchase accounting gain from FHN's merger with IBERIABANK.
3 Occupancy and Equipment expense includes Computer Software Expense.
4 Pre-provision net revenue is a non-GAAP measure and is reconciled to income before income taxes (GAAP) in the table.
5 Beginning in 3Q20 FHN began recording credit expense on unfunded commitments as a component of provision for credit losses. Prior period amounts have been reclassified from other noninterest expense.
6 Represents a non-GAAP measure and is reconciled to the nearest GAAP measure in the non-GAAP to GAAP reconciliations beginning on page 23.
7 Credit card and other includes an insignificant amount of commercial credit card balances.
8 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.
9 Segment equity is allocated based on an internal allocation methodology.

22

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly/Annually, Unaudited
($s in millions, except per share data)4Q213Q212Q211Q214Q2020212020
Tangible Common Equity (Non-GAAP)    
(A) Total equity (GAAP)$8,494 $8,533 $8,566 $8,307 $8,307 $8,494 $8,307 
Less: Noncontrolling interest (a)295 295 295 295 295 295 295 
Less: Preferred stock (a)520 520 520 470 470 520 470 
(B) Total common equity$7,679 $7,717 $7,750 $7,541 $7,541 $7,679 $7,541 
Less: Intangible assets (GAAP) (b)1,808 1,822 1,836 1,850 1,864 1,808 1,864 
(C) Tangible common equity (Non-GAAP)$5,871 $5,895 $5,914 $5,691 $5,677 $5,871 $5,677 
Tangible Assets (Non-GAAP) 
(D) Total assets (GAAP)$89,092 $88,537 $87,908 $87,513 $84,209 $89,092 $84,209 
Less: Intangible assets (GAAP) (b)1,808 1,822 1,836 1,850 1,864 1,808 1,864 
(E) Tangible assets (Non-GAAP)$87,284 $86,715 $86,072 $85,663 $82,345 $87,284 $82,345 
Period-end Shares Outstanding     
(F) Period-end shares outstanding534 542 551 552 555 534 555 
Ratios
(A)/(D) Total equity to total assets (GAAP)9.53 %9.64 %9.74 %9.49 %9.86 %9.53 %9.86 %
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)6.73 %6.80 %6.87 %6.64 %6.89 %6.73 %6.89 %
(B)/(F) Book value per common share (GAAP)$14.39 $14.24 $14.07 $13.65 $13.59 $14.39 $13.59 
(C)/(F) Tangible book value per common share (Non-GAAP)$11.00 $10.88 $10.74 $10.30 $10.23 $11.00 $10.23 
(a)     Included in Total equity on the Consolidated Balance Sheet.
(b)     Includes goodwill and other intangible assets, net of amortization.
Numbers may not foot due to rounding.


23

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
4Q213Q212Q211Q214Q20
($s in millions, except per share data)GAAPNotable ItemsNon-GAAPGAAPNotable ItemsNon-GAAPGAAPNotable ItemsNon-GAAPGAAPNotable ItemsNon-GAAPGAAPNotable ItemsNon-GAAP
Interest income - FTE$531 $3 $534 $533 $3 $536 $542 $3 $545 $552 $3 $555 $574 $3 $578 
Interest expense- FTE33— 3341— 41 45— 45 45— 45 53— 53 
Net interest income- FTE4983 5024923 495 4973 500 5083 511 5223 525 
Less: Taxable-equivalent adjustment— 3 3 — 3 3 — 3 3 — 3 3 — 3 3 
Net interest income498 — 498 492 — 492 497 — 497 508 — 508 522 — 522 
Noninterest income:
Fixed income82 — 82 96 — 96 102 — 102 126 — 126 104 — 104 
Mortgage banking and title28 — 28 34 — 34 38 — 38 53 — 53 57 — 57 
Brokerage, trust, and insurance36 — 36 37 — 37 35 — 35 33 — 33 31 — 31 
Service charges and fees56 — 56 56 — 56 54 — 54 53 — 53 53 — 53 
Card and digital banking fees19 — 19 21 — 21 21 — 21 17 — 17 18 — 18 
Deferred compensation income— — — 3 — 3 7 — 7 3 — 3 9 — 9 
Other noninterest income25 — 25 (1)22 21 27 2 29 15 (1)14 16 (1)15 
Total noninterest income247 — 246 247 22 268 285 2 287 298 (1)297 288 (1)288 
Total revenue745 — 745 738 22 760 781 2 784 806 (1)805 810 (1)810 
Noninterest expense:
Personnel expense:
Salaries and benefits190 — 189 191 — 191 191 — 191 196 — 195 200 — 200 
Incentives and commissions93 (9)84 101 (10)92 109 (16)93 120 (21)99 110 (21)89 
Deferred compensation expense7 (6)1 4 — 4 6 — 6 3 — 3 9 — 9 
Total personnel expense290 (16)274 296 (10)286 306 (16)290 318 (21)297 319 (21)298 
Occupancy and equipment74 — 73 75 (1)74 75 — 75 76 (4)72 76 (2)74 
Outside services81 (15)66 89 (24)65 63 (6)56 58 (4)54 59 (7)52 
Amortization of intangible assets14 (1)13 14 (1)13 14 (1)13 14 (1)13 15 (1)14 
Other noninterest expense70 (23)46 52 (10)42 40 (9)31 78 (50)28 39 (4)35 
Total noninterest expense528 (54)474 526 (46)480 497 (32)465 544 (80)464 508 (34)474 
Pre-provision net revenue217 54 271 213 68 281 284 34 318 262 79 340 302 33 335 
Provision for credit losses(65)— (65)(85)— (85)(115)— (115)(45)— (45)1 — 1 
Income before income taxes282 54 336 298 68 365 399 34 433 307 79 386 301 33 334 
Provision for income taxes53 13 65 63 17 80 88 8 96 71 19 90 56 13 69 
Net income229 41 271 235 51 286 311 26 337 235 60 295 245 20 265 
Net income attributable to noncontrolling interest3 — 3 3 — 3 3 — 3 3 — 3 3 — 3 
Net income attributable to controlling interest227 41 268 232 51 283 308 26 334 233 60 292 242 20 262 
Preferred stock dividends8 — 8 8 — 8 13 — 13 8 — 8 8 — 8 
Net income available to common shareholders$219 $41 $260 $224 $51 $275 $295 $26 $321 $225 $60 $284 $234 $20 $255 
Common Stock Data
EPS$0.41 $(0.08)$0.48 $0.41 $(0.09)$0.50 $0.54 $(0.05)$0.58 $0.41 $(0.11)$0.51 $0.42 $(0.04)$0.46 
Basic shares537 537 546 546 550 550 552 552 553 553 
Diluted EPS$0.40 $(0.08)$0.48 $0.41 $(0.09)$0.50 $0.53 $(0.05)$0.58 $0.40 $(0.11)$0.51 $0.42 $(0.04)$0.46 
Diluted shares542 542 550 550 556 556 557 557 556 556 
Memo:
Total Revenue-FTE (Non-GAAP)$745 $3 $748 $738 $24 $763 $781 $5 $787 $806 $2 $808 $810 $2 $813 
PPNR-FTE (Non-GAAP)$217 $58 $274 $213 $71 $283 $284 $37 $321 $262 $82 $343 $302 $36 $339 
Amounts adjusted for notable items as detailed on page 11.
Numbers may not foot due to rounding.
24


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Year-end, Unaudited
20212020
($s in millions, except per share data)GAAPNotable ItemsNon-GAAPGAAPNotable ItemsNon-GAAP
Interest income - FTE$2,158 $12 $2,170 $1,898 $11 $1,909 
Interest expense- FTE163 — 163 235 — 235 
Net interest income- FTE1,994 12 2,006 1,662 11 1,673 
Less: Taxable-equivalent adjustment— 12 12 — 11 11 
Net interest income1,994 — 1,994 1,662 — 1,662 
Noninterest income:
Fixed income406 — 406 423 — 423 
Mortgage banking and title154 — 154 129 — 129 
Brokerage, trust, and insurance141 — 141 107 — 107 
Service charges and fees219 — 219 174 — 174 
Card and digital banking fees78 — 78 59 — 59 
Deferred compensation income13 — 13 11 — 11 
Other noninterest income66 23 89 589 (533)56 
Total noninterest income1,076 23 1,099 1,492 (533)960 
Total revenue3,070 23 3,093 3,155 (533)2,622 
Noninterest expense:
Personnel expense:
Salaries and benefits767 (1)766 625 (7)619 
Incentives and commissions423 (56)367 396 (55)341 
Deferred compensation expense20 (6)14 11 — 11 
Total personnel expense1,210 (63)1,147 1,033 (62)971 
Occupancy and equipment300 (5)294 243 (6)238 
Outside services290 (49)241 213 (46)166 
Amortization of intangible assets56 (3)53 40 (2)38 
Other noninterest expense239 (92)148 189 (54)136 
Total noninterest expense2,095 (212)1,883 1,718 (170)1,549 
Pre-provision net revenue975 235 1,210 1,436 (363)1,073 
Provision for credit losses(310)— (310)503 (147)356 
Income before income taxes1,285 235 1,520 933 (216)717 
Provision for income taxes274 56 331 76 78 154 
Net income1,010 179 1,189 857 (294)563 
Net income attributable to noncontrolling interest11 — 11 12 — 12 
Net income attributable to controlling interest999 179 1,178 845 (294)551 
Preferred stock dividends37 — 37 23 — 23 
Net income available to common shareholders$962 $179 $1,140 $822 $(294)$528 
Common Stock Data
EPS$1.76 $(0.33)$2.09 $1.90 $0.68 $1.22 
Basic shares546 546 432 432 
Diluted EPS$1.74 $(0.32)$2.07 $1.89 $0.68 $1.22 
Diluted shares551 551 434 434 
Memo:
Total Revenue-FTE (Non-GAAP)3,070 35 3,105 3,155 (522)2,633 
PPNR-FTE (Non-GAAP)975 247 1,222 1,436 (353)1,084 
Amounts adjusted for notable items as detailed on page 11.
Numbers may not foot due to rounding.
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CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)4Q213Q212Q211Q214Q2020212020
Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)a$219 $224 $295 $225 $234 $962 $822 
Plus Tax effected notable items (Non-GAAP) (a)41 51 26 60 20 179 (294)
Adjusted net income available to common shareholders (Non-GAAP)b$260 $275 $321 $284 $255 $1,140 $528 
Diluted Shares (GAAP)c542 550 556 557 556 551 434 
Diluted EPS (GAAP)a/c$0.40 $0.41 $0.53 $0.40 $0.42 $1.74 $1.89 
Adjusted diluted EPS (Non-GAAP)b/c$0.48 $0.50 $0.58 $0.51 $0.46 $2.07 $1.22 
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)$229 $235 $311 $235 $245 $1,010 $857 
Plus Tax effected notable items (Non-GAAP) (a)41 51 26 60 20 179 (294)
Adjusted NI (Non-GAAP)$271 $286 $337 $295 $265 $1,189 $563 
NI (annualized) (GAAP)d$910 $931 $1,247 $955 $974 $1,010 $857 
Adjusted NI (annualized) (Non-GAAP)e$1,074 $1,133 $1,353 $1,198 $1,055 $1,189 $563 
Average assets (GAAP)f$89,025 $88,401 $87,559 $85,401 $83,809 $87,609 $64,346 
ROA (GAAP)d/f1.02 %1.05 %1.42 %1.12 %1.16 %1.15 %1.33 %
Adjusted ROA (Non-GAAP)e/f1.21 %1.28 %1.54 %1.40 %1.26 %1.36 %0.87 %
Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE
Net income available to common shareholders ("NIAC") (GAAP)g$868 $887 $1,182 $911 $933 $962 $822 
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)h$1,032 $1,089 $1,288 $1,154 $1,013 $1,140 $528 
Average Common Equity (GAAP)i$7,710 $7,761 $7,651 $7,583 $7,444 $7,677 $6,016 
Intangible Assets (GAAP) (b)1,815 1,829 1,843 1,857 1,871 1,836 1,696 
Average Tangible Common Equity (Non-GAAP)j$5,895 $5,932 $5,808 $5,726 $5,573 $5,841 $4,320 
Equity Adjustment (Non-GAAP)— — — — — 71 23 
Adjusted Average Tangible Common Equity (Non-GAAP)k$5,895 $5,932 $5,808 $5,726 $5,573 $5,912 $4,343 
ROCE (GAAP)g/i11.26 %11.43 %15.45 %12.01 %12.53 %12.53 %13.66 %
ROTCE (Non-GAAP)g/j14.72 %14.95 %20.36 %15.90 %16.73 %16.46 %19.03 %
Adjusted ROTCE (Non-GAAP)h/j17.51 %18.36 %22.18 %20.15 %18.18 %19.29 %12.15 %
(a) Amounts adjusted for notable items as detailed on page 11.
(b)     Includes goodwill and other intangible assets, net of amortization.
Numbers may not foot due to rounding.


26

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(In millions)4Q213Q212Q211Q214Q2020212020
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)k$247 $247 $285 $298 $288 $1,076 $1,492 
Plus notable items (GAAP) (a)— 22 2 (1)(1)23 (533)
Adjusted noninterest income (Non-GAAP)l$246 $268 $287 $297 $288 $1,099 $960 
Revenue (GAAP)m$745 $738 $781 $806 $810 $3,070 $3,155 
Taxable-equivalent adjustment3 3 3 3 3 12 11 
Revenue- Taxable-equivalent (Non-GAAP)748 741 784 809 813 3,082 3,166 
Plus notable items (GAAP) (a)— 22 2 (1)(1)23 (533)
Adjusted revenue (Non-GAAP)n$748 $763 $787 $808 $813 $3,105 $2,633 
Noninterest income as a % of total revenue (GAAP)k/m33.10 %33.39 %36.43 %37.00 %35.61 %35.04 %47.31 %
Adjusted noninterest income as a % of total revenue (Non-GAAP)l/n32.95 %35.14 %36.49 %36.78 %35.42 %36.38 %36.45 %
Adjusted Efficiency Ratio
Noninterest expense (GAAP)o$528 $526 $497 $544 $508 $2,095 $1,718 
Plus notable items (GAAP) (a)(54)(46)(32)(80)(34)(212)(170)
Adjusted noninterest expense (Non-GAAP)p$474 $480 $465 $464 $474 $1,883 $1,549 
Revenue (GAAP)q$745 $738 $781 $806 $810 $3,070 $3,155 
Taxable-equivalent adjustment3 3 3 3 3 12 11 
Revenue- Taxable-equivalent (Non-GAAP)748 741 784 809 813 3,082 3,166 
Plus notable items (GAAP) (a)— 22 2 (1)(1)23 (533)
Adjusted revenue (Non-GAAP)r$748 $763 $787 $808 $813 $3,105 $2,633 
Efficiency ratio (GAAP)o/q70.88 %71.21 %63.67 %67.53 %62.71 %68.25 %54.47 %
Adjusted efficiency ratio (Non-GAAP)p/r63.31 %62.87 %59.17 %57.49 %58.34 %60.64 %58.82 %
(a) Amounts adjusted for notable items as detailed on page 11.
(b)     Includes goodwill and other intangible assets, net of amortization.
Numbers may not foot due to rounding.
27

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(In millions)
4Q21 vs 3Q21
NII/NIM AnalysisNII%NIM
4Q21 Reported (FTE)$502 2.42 %
Less: non-core items
PPP coupon income and fees300.10 
Time Deposit Amortization0— 
Loan Accretion150.08 
IBKC Premium Amortization(10)(0.05)
4Q21 Core (Non-GAAP)$466 3 %2.28 %
3Q21 Reported (FTE)$495 2.41 %
Less: non-core items
PPP coupon income and fees320.07 
Time Deposit Amortization0— 
Loan Accretion200.10 
IBKC Premium Amortization(12)(0.06)
3Q21 Core (Non-GAAP)$454 2.28 %
Numbers may not foot due to rounding.

Period-endAverage
($s in millions)4Q213Q214Q21 vs 3Q214Q213Q214Q21 vs 3Q21
Loans excluding LMC & PPP$%$%
Total C& I excl. LMC & PPP$25,512 $24,360 $1,152 5 %$24,668 $23,932 $735 3 %
Total CRE12,10912,194(85)(1)%12,220 12,264 (44)— %
Total Commercial excl. LMC & PPP37,621 36,554 1,067 3 %36,888 36,196 692 2 %
Total Consumer11,68211,726(44)— %11,68111,767(87)(1)%
Total Loans excl. LMC & PPP49,30348,2791,024 2 %48,56947,963607 1 %
PPP1,0382,017(979)(49)%1,4442,925(1,481)(51)%
LMC4,5185,139(622)(12)%4,6694,62050 1 %
Total Loans$54,859 $55,435 $(576)(1)%$54,682 $55,508 $(827)(1)%
Loans excluding PPP
Total Commercial excl. PPP$42,138 $41,693 $446 1 %$41,557 $40,816 $740 2 %
Total Consumer11,68211,726(44)— %11,68111,767(87)(1)%
Total Loans excl. PPP$53,820 $53,418 402 1 %$53,238 $52,583 654 1 %
PPP1,0382,017(979)(49)%1,4442,925(1,481)(51)%
Total Loans$54,859 $55,435 $(576)(1)%$54,682 $55,508 (827)(1)%
Numbers may not foot due to rounding.
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GLOSSARY OF TERMS
Common Equity Tier 1 Ratio: Ratio consisting of common equity adjusted for certain unrealized gains/(losses) on available-for-sale securities, less disallowed portions of goodwill, other intangibles, and deferred tax assets as well as certain other regulatory deductions divided by risk-weighted assets.
 
Fully Taxable Equivalent (“FTE”): Reflects the amount of tax-exempt income adjusted to a level that would yield the same after-tax income had that income been subject to taxation.
 
Tier 1 Capital Ratio: Ratio consisting of shareholders’ equity adjusted for certain unrealized gains/(losses) on available-for-sale securities, plus qualifying portions of noncontrolling interests, less disallowed portions of goodwill, other intangible assets, and deferred tax assets as well as certain other regulatory deductions divided by risk-weighted assets.

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

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

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

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

29