EX-99.1 2 a4q2024earningsrelease.htm EX-99.1 Document

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First Horizon Corporation Reports Full Year 2024 Net Income Available to Common Shareholders (NIAC) of $738 Million or EPS of $1.36; Adjusted NIAC increased 5% to $843 Million or $1.55, driven by continued exemplary credit performance, increased fee income generation, and strong margin*

Fourth Quarter 2024 Net Income Available to Common Shareholders of $158 Million or EPS of $0.29;
$228 Million or $0.43 on an Adjusted Basis, up 2% from the prior quarter.*

MEMPHIS, TN (January 16, 2025) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported full year 2024 net income available to common shareholders ("NIAC") of $738 million or earnings per share of $1.36, compared with full year 2023 NIAC of $865 million or earnings per share of $1.54. 2024 results were reduced by a net $105 million after-tax or $0.19 per share of notable items compared with a net benefit of $59 million or $0.11 per share in 2023.

“Our fourth quarter and full-year 2024 results reflect focused execution of our strategic priorities,” said Chairman, President and Chief Executive Officer Bryan Jordan. “Strong client relationships and our attractive business mix positioned us to deliver earnings through a complex interest rate cycle. We successfully grew the business in 2024, driven by a strong net interest margin, improved counter-cyclical revenues, and declining net charge-offs. In the fourth quarter 2024, we delivered solid results with a two basis point expansion of net interest margin, a 6% increase in fixed income revenue, and 8 basis points of net charge-offs, starting 2025 with positive momentum."

“I continue to be inspired by our team’s dedication to creating value for our shareholders, clients, and communities and remain confident in our ability to continue to deliver profitable growth in 2025,” Jordan concluded.

Fourth quarter net income available to common shareholders was $158 million or earnings per share of $0.29, compared with third quarter 2024 NIAC of $213 million or earnings per share of $0.40. Fourth quarter 2024 results were reduced by a net $71 million after-tax or $0.13 per share of notable items compared with $11 million or $0.02 per share in third quarter 2024. Excluding notable items, adjusted fourth quarter 2024 NIAC of $228 million or $0.43 per share increased from $224 million or $0.42 per share in third quarter 2024.

Notable Items
Notable Items
Unaudited ($ in millions, except per share data)4Q243Q244Q2320242023
Summary of Notable Items:
Gain on merger termination$— $— $— $— $225 
Net merger/acquisition/transaction-related items— — — — (51)
Loss on AFS portfolio restructuring(91)— — (91)— 
Gain/(loss) related to equity securities investments (other noninterest income)— — (6)(6)
Net gain on asset disposition (other noninterest income less incentives)— — 7 — 7 
FDIC special assessment (other noninterest expense)1 2 (68)(9)(68)
Other notable expenses (3)(17)— (29)(75)
Total notable items (pre-tax)(94)(14)(67)(129)33 
Total notable items (after-tax) **(71)(11)(3)(105)59 
Numbers may not foot due to rounding.
** 4Q23 and 2023 include a $48 million after-tax benefit primarily from the resolution of IBERIABANK merger-related tax items; 2023 also includes after-tax notable items of $13 million comprised of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items. 2Q24 and 2024 include $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.
Fourth quarter pre-tax notable items include a $91 million loss on an opportunistic restructuring of a portion of the securities portfolio, $3 million of restructuring expense, and an expense credit of $1 million related to the FDIC special assessment.

During 2024, we reorganized our internal management structure and, accordingly, reclassified our reportable business segments. Prior to the 2024 reclassification, we operated through three business segments: (1) regional, (2) specialty, and (3) corporate. As a result of the 2024 reclassification, our reportable business segments now include: (1) commercial, consumer & wealth, (2) wholesale, and (3) corporate. In this release, segment information for prior periods has been reclassified to conform with our current segments.



*ROTCE, PPNR, tangible book value per share, loans and leases excluding LMC, and "adjusted" results are non-GAAP financial measures; NII, total revenue, NIM and PPNR are presented on a fully taxable equivalent basis; references to loans include leases and EPS are based on diluted shares; capital ratios are preliminary. See page 6 for information on our use of non-GAAP measures and their reconciliation to GAAP beginning on page 22.
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Full Year 2024 versus Full Year 2023

Net interest income
Net interest income (FTE) of $2.5 billion decreased $29 million. 2023 benefited from rising short-term rates, which began to reverse in the latter half of 2024. Higher loan yields and 3% average loan growth largely offset the increase in funding costs as the lag in deposit pricing diminished late in the cycle. Net interest margin declined modestly to 3.35%, down 7 basis points from the prior year.

Noninterest income
Noninterest income of $679 million decreased $248 million, largely driven by a $225 million merger termination fee in 2023. Adjusted noninterest income of $771 million increased $72 million as the counter-cyclical businesses improved from cycle lows in 2023: fixed income revenues increased by $54 million and mortgage banking revenues improved $12 million. Brokerage, trust, and insurance grew $15 million, which was partially offset by declines in service charges and other fees.

Noninterest expense
Noninterest expense of $2.0 billion decreased $45 million and included $37 million of notable items in 2024 and $196 million in 2023. Adjusted noninterest expense of $2.0 billion increased $114 million, driven by a $37 million increase in incentives on higher commission-based revenue, as well as strategic investments in personnel and technology.

Loans and leases
Average loan and lease balances of $62.0 billion increased $1.8 billion, including $0.5 billion of growth in loans to mortgage companies (LMC) from market share gains and fund-up of existing commercial real estate loans. Period-end loans and leases were $62.6 billion, increasing $1.3 billion, with loans to mortgage companies up $1.4 billion from 2023 year end.

Deposits
Average deposits of $65.7 billion increased 2%, and period end deposits of $65.6 billion were flat compared to year end 2023. Deposit costs increased 50 basis points year-over-year, however the repricing efforts begun in late 2023 reduced the rate paid from 2.49% in 4Q23 to 2.34% in 4Q24.

Asset quality
Provision expense of $150 million decreased from $260 million in 2023. Net charge-offs were $112 million or 0.18% versus $170 million or 0.28% in 2023. 2023 included a $72 million idiosyncratic credit loss on a single relationship in the third quarter. The ACL to loans ratio increased slightly to 1.43% from 1.40% in the prior year, largely driven by grade migration.

Capital
CET1 ratio was 11.2% and total capital ratio was 13.9% at year end 2024, down from 11.4% and 14.0%, respectively, at the end of 2023. Returned $604 million of capital to shareholders in 2024 through share repurchases at an average price of $15.98. Opportunistically restructured the securities portfolio, utilizing 10 basis points or $69 million of excess capital.

Income taxes
2024 effective tax rate was 21.0% compared with 18.8% in 2023. On an adjusted basis, the effective tax rate was 21.4% in 2024 and 21.8% in 2023. 2023 included a $35 million net benefit from tax-related notable items, which included a $59 million benefit related to the resolution of merger-related tax items, partially offset by $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies.

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SUMMARY RESULTS
Annual, Unaudited
($s in millions, except per share and balance sheet data)20242023
$/bp%
Income Statement
Interest income - taxable equivalent1
$4,367 $4,115 $251 6 %
Interest expense- taxable equivalent1
1,841 1,560 281 18 
Net interest income- taxable equivalent2,526 2,556 (29)(1)
Less: Taxable-equivalent adjustment16 16 — (1)
Net interest income2,511 2,540 (29)(1)
Noninterest income679 927 (248)(27)
      Total revenue3,190 3,467 (277)(8)
Noninterest expense2,035 2,080 (45)(2)
Pre-provision net revenue3
1,155 1,388 (232)(17)
Provision for credit losses150 260 (110)(42)
Income before income taxes1,005 1,128 (122)(11)
Provision for income taxes211 212 (1)— 
Net income794 915 (122)(13)
Net income attributable to noncontrolling interest19 19 — 2 
Net income attributable to controlling interest775 897 (122)(14)
Preferred stock dividends36 32 4 13 
Net income available to common shareholders$738 $865 $(126)(15)
Adjusted net income4
$891 $856 $35 4 %
Adjusted net income available to common shareholders4
$843 $806 $37 5 %
Common stock information
EPS$1.36 $1.54 $(0.18)(12)%
Adjusted EPS4
$1.55 $1.43 $0.12 8 %
Diluted shares8
544 562 (17)(3)%
Key performance metrics
Net interest margin6
3.35 %3.42 %(7)bp
Efficiency ratio62.06 59.91 215 
Adjusted efficiency ratio4
60.64 57.93 271 
Effective income tax rate21.03 18.82 221 
Return on average assets0.97 1.12 (15)
Adjusted return on average assets4
1.09 1.05 4 
Return on average common equity (“ROCE")8.8 11.0 (221)
Return on average tangible common equity (“ROTCE”)4
11.0 14.1 (311)
Adjusted ROTCE4
12.5 13.3 (77)
Noninterest income as a % of total revenue23.44 26.83 (339)
Adjusted noninterest income as a % of total revenue4
23.33 %21.43 %190 bp
Balance Sheet (billions)
Average loans$62.0 $60.2 $1.8 3 %
Average deposits65.7 64.3 1.4 2 
Average assets81.8 81.7 0.1 — 
Average common equity$8.4 $7.9 $0.5 7 %
Asset Quality Highlights
Allowance for credit losses to loans and leases4
1.43 %1.40 %3 bp
Nonperforming loan and leases ratio0.96 %0.75 %21 bp
Net charge-off ratio0.18 %0.28 %(10)bp
Net charge-offs$112 $170 $(58)NM
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 111.2 %11.4 %(20)bp
Tier 112.2 12.4 (21)
Total Capital13.9 14.0 (10)
Tier 1 leverage10.6 %10.7 %(5)bp
Numbers may not foot due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 21.



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Fourth Quarter 2024 versus Third Quarter 2024

Net interest income
Net interest income (FTE) increased $2 million to $634 million and net interest margin of 3.33% increased 2 basis points. Both changes were driven by a 34 basis point reduction in interest-bearing deposit costs and pay off of brokered CDs, partially offset by the impact of lower short-term rates on loan yields.

Noninterest income
Noninterest income decreased $101 million to $99 million, driven by a $91 million notable loss associated with an opportunistic restructuring of a portion of the securities portfolio. Adjusted noninterest income decreased by $10 million as service charges and fees were reduced by $6 million and deferred compensation income was $5 million lower.

Noninterest expense
Noninterest expense of $508 million decreased $3 million from the prior quarter. Fourth quarter notable items included a $1 million expense credit for the FDIC special assessment and $3 million of restructuring costs. Adjusted noninterest expense of $506 million increased $9 million, including $5 million lower deferred compensation. Personnel expense, excluding deferred compensation, was down $3 million as annual incentive true-ups offset increases to production-based incentives. Other noninterest expense increased by $16 million mainly due to a $10 million contribution to the First Horizon Foundation.

Loans and leases
Average loan and lease balances of $62.4 billion were flat compared to the prior quarter, while period-end balances were $62.6 billion, increasing $0.1 billion from third quarter 2024. Strong performance within loans to mortgage companies (LMC) and C&I was partially offset by reductions to CRE balances. Loan yields of 6.09% decreased 28 basis points driven by lower short-term rates, partially offset by continued repricing of fixed rate cash flows.

Deposits
Average deposits of $66.1 billion decreased $0.2 billion from third quarter 2024, which includes a pay down of $0.8 billion of brokered CDs. Period-end deposits of $65.6 billion declined $1.0 billion, driven by the pay-off of $1.1 billion of brokered CDs. Interest-bearing deposit cost of 3.10% decreased 34 basis points from the prior quarter, with a spot rate of approximately 2.80% at the end of the quarter.

Asset quality
Provision expense of $10 million decreased $25 million from the previous quarter. Net charge-offs were $13 million or 8 basis points, down from $24 million or 15 basis points in prior quarter. Nonperforming loans of $602 million increased $24 million, with the increases in consumer and commercial real estate exceeding the decline in C&I. The ACL to loans ratio decreased slightly from third quarter 2024 to 1.43%, driven by the net benefit of a slightly more favorable economic outlook.

Capital
CET1 ratio was 11.2%, stable from third quarter 2024 as $163 million of excess capital was returned to shareholders through the share repurchase program and $69 million of capital was utilized for an opportunistic securities portfolio restructuring.

Income taxes
The effective tax rate and the adjusted effective tax rate for fourth quarter 2024 were 19.3% and 21.0%, respectively, compared with an effective tax rate of 20.6% and adjusted tax rate of 20.8% in third quarter 2024.



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SUMMARY RESULTS
Quarterly, Unaudited
4Q24 Change vs.
($s in millions, except per share and balance sheet data)4Q243Q244Q233Q244Q23
$/bp%$/bp%
Income Statement
Interest income - taxable equivalent1
$1,071 $1,123 $1,090 $(52)(5)%$(19)(2)%
Interest expense- taxable equivalent1
438 491 469 (54)(11)(31)(7)
Net interest income- taxable equivalent634 631 621 2 — 13 2 
Less: Taxable-equivalent adjustment4 4 4 — (5)— (6)
Net interest income630 627 617 2 — 13 2 
Noninterest income99 200 183 (101)(51)(84)(46)
      Total revenue729 828 800 (99)(12)(71)(9)
Noninterest expense508 511 572 (3)(1)(64)(11)
Pre-provision net revenue3
220 316 227 (96)(30)(7)(3)
Provision for credit losses10 35 50 (25)(71)(40)(80)
Income before income taxes210 281 177 (71)(25)33 19 
Provision for income taxes41 58 (11)(17)(30)52 NM
Net income170 223 188 (54)(24)(18)(10)
Net income attributable to noncontrolling interest4 5 5 — (10)(1)(11)
Net income attributable to controlling interest165 218 183 (53)(24)(18)(10)
Preferred stock dividends8 5 8 3 51 — — 
Net income available to common shareholders$158 $213 $175 $(56)(26)%$(18)(10)%
Adjusted net income4
$240 $234 $191 $6 3 %$50 26 %
Adjusted net income available to common shareholders4
$228 $224 $178 $4 2 %$50 28 %
Common stock information
EPS$0.29 $0.40 $0.31 $(0.11)(26)%$(0.02)(6)%
Adjusted EPS4
$0.43 $0.42 $0.32 $0.01 2 %$0.11 35 %
Diluted shares8
534 538 561 (4)(1)%(27)(5)%
Key performance metrics
Net interest margin6
3.33 %3.31 %3.27 %2 bp6 bp
Efficiency ratio61.98 61.89 71.14 9 (916)
Adjusted efficiency ratio4
61.43 59.86 62.84 157 (141)
Effective income tax rate19.32 20.58 (6.16)(126)NM
Return on average assets0.82 1.08 0.91 (26)(9)
Adjusted return on average assets4
1.17 1.13 0.92 4 25 
Return on average common equity (“ROCE")7.4 10.1 8.6 (272)(122)
Return on average tangible common equity (“ROTCE”)4
9.2 12.6 10.9 (343)(172)
Adjusted ROTCE4
13.3 13.2 11.1 3 222 
Noninterest income as a % of total revenue23.20 24.06 23.33 (86)(13)
Adjusted noninterest income as a % of total revenue4
23.10 %23.95 %22.32 %(85)bp78 bp
Balance Sheet (billions)
Average loans$62.4 $62.4 $61.2 $— — %$1.2 2 %
Average deposits66.1 66.3 66.9 (0.2)— (0.8)(1)
Average assets82.0 82.4 82.3 (0.4)(1)(0.4)— 
Average common equity$8.5 $8.4 $8.1 $0.1 1 %$0.4 5 %
Asset Quality Highlights
Allowance for credit losses to loans and leases4
1.43 %1.44 %1.40 %(1)bp3 bp
Nonperforming loan and leases ratio0.96 %0.92 %0.75 %4 bp21 bp
Net charge-off ratio0.08 %0.15 %0.23 %(7)bp(15)bp
Net charge-offs$13 $24 $36 $(11)(45)%$(23)(63)%
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 111.2 %11.2 %11.4 %(3)bp(20)bp
Tier 112.2 12.2 12.4 (3)(21)
Total Capital13.9 13.9 14.0 (2)(10)
Tier 1 leverage10.6 %10.6 %10.7 %(1)bp(5)bp
Numbers may not foot due to rounding.
See footnote disclosures on page 21.

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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, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect 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 often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other similar 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. While there is no assurance that any list of uncertainties and contingencies is complete, examples of factors which could cause actual results to differ from those contemplated by forward-looking statements or historical performance 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 furnished 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 after that Annual Report. Any forward-looking statements made by or on behalf of FHN speak only as of the date they are made, and 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. Actual results could differ and expectations could change, possibly materially, because of one or more factors, including those factors listed in this document or the documents mentioned above, and other factors not listed.

Throughout this document, numbers may not foot due to rounding, references to EPS are fully diluted, and capital ratios for the most recent quarter are estimates.

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

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

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

Refer to the tabular reconciliation of non-GAAP to GAAP measures and presentation of the most comparable GAAP items, beginning on page 22.
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Conference Call Information
Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on January 16, 2025 by dialing 1-833-470-1428 (if calling from the U.S.) or 404-975-4839 (if calling from outside the U.S) and entering access code 071092. The conference call will begin at 8:30 a.m. CT.

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

A replay of the call will be available beginning at noon CT on January 16 until midnight CT on January 30, 2025. To listen to the replay, dial 1-866-813-9403 (U.S. callers); the access code is 634828. A replay of the webcast will also be available on our website on January 16 and will be archived on the site for one year.

First Horizon Corp. (NYSE: FHN), with $82.2 billion in assets as of December 31, 2024, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

Contact: Investor Relations - Tyler Craft - TCraft@firsthorizon.com
Media Relations - Beth Ardoin - Beth.Ardoin@firsthorizon.com
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CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited
     4Q24 Change vs.2024 vs 2023
($s in millions, except per share data)4Q243Q242Q241Q244Q233Q244Q2320242023
$ %$ %$%
Interest income - taxable equivalent1
$1,071 $1,123 $1,097 $1,076 $1,090 $(52)(5)%$(19)(2)%$4,367 $4,115 $251 6 %
Interest expense- taxable equivalent1
438 491 464 448 469 (54)(11)(31)(7)1,841 1,560 281 18 
Net interest income- taxable equivalent634 631 633 628 621 2 — 13 2 2,526 2,556 (29)(1)
Less: Taxable-equivalent adjustment4 4 4 4 4 — (5)— (6)16 16 — (1)
Net interest income630 627 629 625 617 2 — 13 2 2,511 2,540 (29)(1)
Noninterest income:
Fixed income49 47 40 52 37 3 6 12 34 187 133 54 41 
Mortgage banking8 9 10 9 5 (1)(16)3 55 35 23 12 51 
Brokerage, trust, and insurance41 39 38 36 36 1 3 4 12 154 139 15 11 
Service charges and fees53 59 58 57 59 (6)(10)(6)(11)227 233 (6)(3)
Card and digital banking fees19 19 20 19 16 — (2)3 18 77 77 — — 
Deferred compensation income1 6 3 9 6 (5)(78)(5)(79)19 17 1 7 
Gain on merger termination— — — — — — NM — NM — 225 (225)(100)%
Securities gains/(losses)(91)1 1 — (5)(93)NM (86)NM (89)(4)(85)NM
Other noninterest income20 20 16 14 28 — (1)(9)(30)70 84 (14)(17)
Total noninterest income99 200 186 194 183 (101)(51)(84)(46)679 927 (248)(27)
Total revenue729 828 815 819 800 (99)(12)(71)(9)3,190 3,467 (277)(8)
Noninterest expense:
Personnel expense:
Salaries and benefits199 199 198 200 190 — — 9 5 795 757 38 5 
Incentives and commissions76 76 79 92 82 — (1)(6)(8)323 326 (3)(1)
Deferred compensation expense1 6 3 9 7 (5)(78)(5)(79)20 17 3 15 
Total personnel expense276 282 279 301 279 (6)(2)(3)(1)1,137 1,100 38 3 
Occupancy and equipment2
76 73 72 72 71 3 4 6 8 293 276 17 6 
Outside services72 74 78 65 84 (2)(3)(13)(15)289 291 (2)(1)
Amortization of intangible assets11 11 11 11 12 — (1)(1)(9)44 47 (4)(8)
Other noninterest expense74 71 60 67 127 2 3 (53)(42)272 365 (94)(26)
Total noninterest expense508 511 500 515 572 (3)(1)(64)(11)2,035 2,080 (45)(2)
Pre-provision net revenue3
220 316 315 304 227 (96)(30)(7)(3)1,155 1,388 (232)(17)
Provision for credit losses10 35 55 50 50 (25)(71)(40)(80)150 260 (110)(42)
Income before income taxes210 281 260 254 177 (71)(25)33 19 1,005 1,128 (122)(11)
Provision for income taxes41 58 56 57 (11)(17)(30)52 NM 211 212 (1)— 
Net income170 223 204 197 188 (54)(24)(18)(10)794 915 (122)(13)
Net income attributable to noncontrolling interest4 5 5 5 5 — (10)(1)(11)19 19 — 2 
Net income attributable to controlling interest165 218 199 192 183 (53)(24)(18)(10)775 897 (122)(14)
Preferred stock dividends8 5 15 8 8 3 51 — — 36 32 4 13 
Net income available to common shareholders$158 $213 $184 $184 $175 $(56)(26)%$(18)(10)%$738 $865 $(126)(15)%
Common Share Data
EPS$0.30 $0.40 $0.34 $0.33 $0.31 $(0.10)(25)%$(0.02)(5)%$1.37 $1.58 $(0.21)(13)%
Basic shares528 534 544 555 559 (6)(1)(30)(5)540 548 (8)(1)
Diluted EPS$0.29 $0.40 $0.34 $0.33 $0.31 $(0.11)(26)$(0.02)(6)$1.36 $1.54 $(0.18)(12)
Diluted shares8
534 538 547 558 561 (4)(1)%(27)(5)%544 562 (17)(3)%
Effective tax rate19.3 %20.6 %21.5 %22.5 %(6.2)%21.0 %18.8 %
Numbers may not foot due to rounding. See footnote disclosures on page 21.
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ADJUSTED4 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 10
Quarterly, Unaudited
     4Q24 Change vs.2024 vs 2023
($s in millions, except per share data)4Q243Q242Q241Q244Q233Q244Q2320242023
$%$%$%
Net interest income (FTE)1
$634 $631 $633 $628 $621 $2 — %$13 2 %$2,526 $2,556 $(29)(1)%
Adjusted noninterest income:
Fixed income49 47 40 52 37 3 6 12 34 187 133 54 41 
Mortgage banking8 9 10 9 5 (1)(16)3 55 35 23 12 51 
Brokerage, trust, and insurance41 39 38 36 36 1 3 4 12 154 139 15 11 
Service charges and fees53 59 58 57 59 (6)(10)(6)(11)227 233 (6)(3)
Card and digital banking fees19 19 20 19 16 — (2)3 18 77 77 — — 
Deferred compensation income1 6 3 9 6 (5)(78)(5)(79)19 17 1 7 
Gain on merger termination— — — — — — NM — NM — — — NM
Securities gains/(losses)— 1 1 — 1 (1)(98)%(1)(96)%2 2 1 32 %
Adjusted other noninterest income20 20 16 14 19 — (1)1 5 70 75 (5)(6)
Adjusted total noninterest income$190 $200 $186 $194 $179 $(10)(5)%$11 6 %$771 $699 $72 10 %
Total revenue (FTE)1
$824 $832 $819 $823 $800 $(8)(1)%$24 3 %$3,297 $3,254 $43 1 %
Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits$199 $199 $198 $199 $190 $— — %$9 5 %$795 $753 $42 6 %
Adjusted Incentives and commissions73 76 78 87 80 (2)(3)(6)(8)314 278 37 13 %
Deferred compensation expense1 6 3 9 7 (5)(78)(5)(79)20 17 3 15 %
Adjusted total personnel expense274 281 279 295 277 (7)(3)(3)(1)1,129 1,048 81 8 %
Adjusted occupancy and equipment2
76 73 72 72 71 3 4 6 7 293 276 17 6 %
Adjusted outside services71 73 75 65 84 (2)(3)(13)(16)285 284 — — %
Amortization of intangible assets11 11 11 11 12 — (1)(1)(9)44 47 (4)(8)%
Adjusted other noninterest expense74 59 58 57 59 16 27 16 27 248 229 18 8 %
Adjusted total noninterest expense$506 $497 $495 $500 $502 $9 2 %$4 1 %$1,998 $1,884 $114 6 %
Adjusted pre-provision net revenue4
$318 $335 $324 $323 $298 $(17)(5)%$20 7 %$1,299 $1,370 $(71)(5)%
Provision for credit losses$10 $35 $55 $50 $50 $(25)(71)%$(40)(80)%$150 $260 $(110)(42)%
Adjusted net income available to common shareholders$228 $224 $195 $195 $178 $4 2 %$50 28 %$843 $806 $37 5 %
Adjusted Common Share Data
Adjusted diluted EPS$0.43 $0.42 $0.36 $0.35 $0.32 $0.01 2 %$0.11 35 %$1.55 $1.43 $0.12 8 %
Diluted shares8
534 538 547 558 561 (4)(1)%(27)(5)%544 562 (17)(3)%
Adjusted effective tax rate21.0 %20.8 %21.5 %22.5 %21.7 %21.4 %21.8 %
Adjusted ROTCE13.3 %13.2 %12.0 %11.6 %11.1 %12.5 %13.3 %
Adjusted efficiency ratio61.4 %59.9 %60.5 %60.8 %62.8 %60.6 %57.9 %
Numbers may not foot due to rounding.
See footnote disclosures on page 21.







9


NOTABLE ITEMS
Quarterly, Unaudited
(In millions)4Q243Q242Q241Q244Q2320242023
Summary of Notable Items:
Gain on merger termination$— $— $— $— $— $— $225 
Net merger/acquisition/transaction-related items— — — — — — (51)
Loss on AFS portfolio restructuring(91)— — — — (91)— 
Gain/(loss) related to equity securities investments (other noninterest income)— — — — (6)— (6)
Net gain on asset disposition (other noninterest income less incentives)— — — — 7 — 7 
FDIC special assessment (other noninterest expense)1 2 (2)(10)(68)(9)(68)
Other notable expenses *(3)(17)(3)(5)— (29)(75)
Total notable items (pre-tax)$(94)$(14)$(5)$(15)$(67)$(129)$33 
Tax-related notable items **$— $— $— $— $48 $— $35 
Preferred Stock Dividend ***$— $— $(7)$— $— $(7)$— 
Numbers may not foot due to rounding
* 4Q24, 3Q24, 2Q24, 1Q24 and 3Q23 include $3 million, $2 million, $3 million, $5 million and $10 million of restructuring expenses; 3Q24 and 2Q23 each include $15 million of Visa derivative valuation expenses and 2Q23 includes a $50 million contribution to First Horizon Foundation.
** 4Q23 and 2023 include a $48 million after-tax benefit primarily from the resolution of IBERIABANK merger-related tax items; 2023 also includes after-tax notable items of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items.
*** 2Q24 and 2024 include $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.

IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited
     
(In millions)4Q243Q242Q241Q244Q2320242023
Impacts of Notable Items:
Noninterest income:
Gain on merger termination$— $— $— $— $— $— $(225)
Securities (gains)/losses91 — — — 6 91 6 
Other noninterest income— — — — (9)— (9)
Total noninterest income$91 $— $— $— $(4)$91 $(229)
Noninterest expense:
Personnel expenses:
Salaries and benefits$— $— $— $— $— $— $(4)
Incentives and commissions(2)— (1)(5)(2)(8)(49)
Total personnel expenses(2)(1)(1)(5)(2)(9)(52)
Outside services(1)(1)(3)— — (5)(7)
Other noninterest expense1 (13)(2)(10)(68)(24)(136)
Total noninterest expense$(2)$(14)$(5)$(15)$(70)$(37)$(196)
Income before income taxes$94 $14 $5 $15 $67 $129 $(33)
Provision for income taxes *23 4 1 3 64 32 26 
Preferred stock dividends **— — (7)— — (7)— 
Net income/(loss) available to common shareholders$71 $11 $11 $12 $3 $105 $(59)
EPS impact of notable items$0.13 $0.02 $0.02 $0.02 $0.01 $0.19 $(0.11)
Numbers may not foot due to rounding.
* 4Q23 and 2023 include a $48 million after-tax benefit primarily from the resolution of IBERIABANK merger-related tax items; 2023 also includes after-tax notable items of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items.
** 2Q24 and 2024 include $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.
10



FINANCIAL RATIOS
Quarterly, Unaudited
     4Q24 Change vs.2024 vs.2023
4Q243Q242Q241Q244Q233Q244Q2320242023
FINANCIAL RATIOS$/bp%$/bp%$/bp%
Net interest margin6
3.33 %3.31 %3.38 %3.37 %3.27 %2 bp6 bp3.35 %3.42 %(7)bp
Return on average assets0.82 %1.08 %1.00 %0.97 %0.91 %(26)(9)0.97 %1.12 %(15)
Adjusted return on average assets4
1.17 %1.13 %1.02 %1.03 %0.92 %4 25 1.09 %1.05 %4 
Return on average common equity (“ROCE”)7.38 %10.10 %8.98 %8.76 %8.60 %(272)(122)8.80 %11.01 %(221)
Return on average tangible common equity (“ROTCE”)4
9.17 %12.60 %11.29 %10.95 %10.89 %(343)(172)10.99 %14.10 %(311)
Adjusted ROTCE4
13.27 %13.24 %11.99 %11.65 %11.05 %3 222 12.51 %13.28 %(77)
Noninterest income as a % of total revenue23.20 %24.06 %22.75 %23.72 %23.33 %(86)(13)23.44 %26.83 %(339)
Adjusted noninterest income as a % of total revenue4
23.10 %23.95 %22.64 %23.61 %22.32 %(85)78 23.33 %21.43 %190 
Efficiency ratio61.98 %61.89 %61.44 %62.92 %71.14 %9 (916)62.06 %59.91 %215 
Adjusted efficiency ratio4
61.43 %59.86 %60.47 %60.78 %62.84 %157 (141)60.64 %57.93 %271 
Allowance for credit losses to loans and leases4
1.43 %1.44 %1.41 %1.40 %1.40 %(1)3 1.43 %1.40 %3 
CAPITAL DATA
CET1 capital ratio*
11.2 %11.2 %11.0 %11.3 %11.4 %(3)bp(20)bp11.2 %11.4 %(20)bp
Tier 1 capital ratio*12.2 %12.2 %12.1 %12.3 %12.4 %(3)bp(21)bp12.2 %12.4 %(21)bp
Total capital ratio*13.9 %13.9 %13.7 %13.9 %14.0 %(2)bp(10)bp13.9 %14.0 %(10)bp
Tier 1 leverage ratio*10.6 %10.6 %10.6 %10.8 %10.7 %(1)bp(5)bp10.6 %10.7 %(5)bp
Risk-weighted assets (“RWA”) (billions)*$71.2 $71.5 $71.9 $71.1 $71.1 $(0.3)— %$0.1 — %$71.2 $71.1 $0.1 — %
Total equity to total assets 11.09 %11.27 %10.89 %11.21 %11.38 %(18)bp(29)bp11.09 %11.38 %(29)bp
Tangible common equity/tangible assets (“TCE/TA”)4
8.37 %8.56 %8.14 %8.33 %8.48 %(19)bp(11)bp8.37 %8.48 %(11)bp
Period-end shares outstanding (millions)8
524 532 537 549 559 (8)(2)%(35)(6)%524 559 (35)(6)%
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$16.00 $16.15 $15.34 $15.23 $15.17 $(0.15)(1)%$0.84 5 %$16.00 $15.17 $0.84 5 %
Tangible book value per common share4
$12.85 $13.02 $12.22 $12.16 $12.13 $(0.17)(1)%$0.72 6 %$12.85 $12.13 $0.72 6 %
SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)95.40 %93.80 %96.89 %93.93 %93.18 %160 bp222 bp95.40 %93.18 %222 bp
Loans-to-deposit ratio (average balances)94.44 %94.19 %95.49 %93.54 %91.53 %25 bp291 bp94.41 %93.60 %81 bp
Full-time equivalent associates7,158 7,186 7,297 7,327 7,277 (28)— %(119)(2)%7,242 7,306 (64)(1)%
*Current quarter is an estimate.
See footnote disclosures on page 21.
11



CONSOLIDATED PERIOD-END BALANCE SHEET
Quarterly, Unaudited 
     4Q24 Change vs.
(In millions)4Q243Q242Q241Q244Q233Q244Q23
Assets:$%$%
Loans and leases:      
Commercial, financial, and industrial (C&I)$33,428 $33,092 $33,452 $32,911 $32,632 $336 1 %$795 2 %
Commercial real estate14,421 14,705 14,669 14,426 14,216 (284)(2)205 1 
Total Commercial47,849 47,797 48,121 47,337 46,849 52 — 1,000 2 
Consumer real estate14,047 13,961 13,909 13,645 13,650 86 1 397 3 
Credit card and other5
670 688 751 771 793 (18)(3)(123)(16)
Total Consumer14,716 14,648 14,660 14,416 14,443 68 — 274 2 
Loans and leases, net of unearned income62,565 62,445 62,781 61,753 61,292 120 — 1,274 2 
Loans held for sale551 494 471 395 502 57 11 48 10 
Investment securities9,166 9,530 9,221 9,460 9,714 (363)(4)(547)(6)
Trading securities1,387 1,549 1,249 1,161 1,412 (162)(10)(25)(2)
Interest-bearing deposits with banks1,538 1,286 1,452 1,885 1,328 252 20 209 16 
Federal funds sold and securities purchased under agreements to resell631 1,008 487 817 719 (376)(37)(88)(12)
Total interest earning assets75,838 76,311 75,662 75,470 74,967 (473)(1)872 1 
Cash and due from banks906 1,028 969 749 1,012 (122)(12)(106)(10)
Goodwill and other intangible assets, net1,653 1,663 1,674 1,685 1,696 (11)(1)(44)(3)
Premises and equipment, net574 572 584 586 590 3 — (16)(3)
Allowance for loan and lease losses(815)(823)(821)(787)(773)7 1 (42)(5)
Other assets3,996 3,883 4,162 4,094 4,169 113 3 (173)(4)
Total assets$82,152 $82,635 $82,230 $81,799 $81,661 $(483)(1)%$491 1 %
Liabilities and Shareholders' Equity:
Deposits:
Savings$26,695 $26,634 $25,437 $25,847 $25,082 $62 — %$1,613 6 %
Time deposits6,613 8,326 7,163 6,297 6,804 (1,713)(21)(192)(3)
Other interest-bearing deposits16,252 15,403 15,845 17,186 16,689 849 6 (437)(3)
Total interest-bearing deposits49,560 50,363 48,446 49,331 48,576 (803)(2)984 2 
Trading liabilities550 767 423 467 509 (217)(28)41 8 
Federal funds purchased and securities sold under agreements to repurchase2,355 1,910 2,572 2,137 2,223 444 23 132 6 
Short-term borrowings1,045 675 1,943 566 326 370 55 719 NM
Term borrowings1,195 1,202 1,175 1,165 1,150 (7)(1)45 4 
Total interest-bearing liabilities54,705 54,918 54,559 53,665 52,783 (213)— 1,922 4 
Noninterest-bearing deposits16,021 16,212 16,348 16,410 17,204 (191)(1)(1,183)(7)
Other liabilities2,315 2,189 2,368 2,550 2,383 126 6 (68)(3)
Total liabilities73,041 73,318 73,275 72,626 72,370 (278)— 670 1 
Shareholders' Equity:
Preferred stock426 426 426 520 520 — — (94)(18)
Common stock328 333 336 343 349 (5)(1)(22)(6)
Capital surplus4,809 4,947 5,007 5,214 5,351 (138)(3)(542)(10)
Retained earnings4,382 4,304 4,172 4,072 3,964 77 2 418 11 
Accumulated other comprehensive loss, net(1,128)(989)(1,281)(1,271)(1,188)(139)(14)60 5 
Combined shareholders' equity8,816 9,021 8,660 8,878 8,996 (205)(2)(180)(2)
Noncontrolling interest295 295 295 295 295 — — — — 
Total shareholders' equity9,111 9,316 8,955 9,173 9,291 (205)(2)(180)(2)
Total liabilities and shareholders' equity$82,152 $82,635 $82,230 $81,799 $81,661 $(483)(1)%$491 1 %
Memo:
Total deposits$65,581 $66,575 $64,794 $65,741 $65,780 $(994)(1)%$(199)— %
Loans to mortgage companies$3,471 $3,244 $2,934 $2,366 $2,024 $227 7 %$1,446 71 %
Unfunded Loan Commitments:
Commercial$17,863 $18,180 $18,781 $19,996 $21,328 $(317)(2)%$(3,465)(16)%
Consumer$4,203 $4,281 $4,334 $4,383 $4,401 $(78)(2)%$(198)(5)%
Numbers may not foot due to rounding. See footnote disclosures on page 21.
12


CONSOLIDATED AVERAGE BALANCE SHEET
Quarterly, Unaudited
     4Q24 Change vs.
(In millions)4Q243Q242Q241Q244Q233Q244Q23202420232024 vs 2023
Assets:$%$%$%
Loans and leases:      
Commercial, financial, and industrial (C&I)$33,107 $33,074 $32,909 $32,389 $32,520 $34 — %$587 2 %$32,871 $32,390 $481 1 %
Commercial real estate14,601 14,684 14,576 14,367 14,210 (83)(1)391 3 14,558 13,785 773 6 
Total Commercial47,709 47,758 47,485 46,756 46,730 (49)— 978 2 47,429 46,175 1,254 3 
Consumer real estate14,008 13,935 13,783 13,615 13,664 73 1 344 3 13,836 13,179 657 5 
Credit card and other5
701 720 761 781 802 (19)(3)(101)(13)740 814 (74)(9)
Total Consumer14,709 14,654 14,544 14,396 14,466 55 — 243 2 14,577 13,994 583 4 
Loans and leases, net of unearned income62,418 62,413 62,029 61,152 61,197 5 — 1,221 2 62,005 60,169 1,837 3 
Loans held-for-sale482 491 462 454 547 (9)(2)(64)(12)472 664 (192)(29)
Investment securities9,295 9,400 9,261 9,590 9,394 (105)(1)(99)(1)9,386 9,912 (526)(5)
Trading securities1,515 1,469 1,367 1,245 1,225 45 3 290 24 1,399 1,179 220 19 
Interest-bearing deposits with banks1,438 1,741 1,449 1,793 2,556 (304)(17)(1,118)(44)1,605 2,504 (899)(36)
Federal funds sold and securities purchased under agreements to resell594 607 676 544 529 (13)(2)65 12 605 379 226 60 
Total interest earning assets75,742 76,121 75,243 74,778 75,448 (379)— 294 — 75,473 74,807 666 1 
Cash and due from banks911 905 904 948 994 6 1 (83)(8)917 1,012 (96)(9)
Goodwill and other intangibles assets, net1,658 1,669 1,680 1,691 1,702 (11)(1)(45)(3)1,674 1,720 (46)(3)
Premises and equipment, net571 578 585 587 589 (7)(1)(18)(3)580 596 (16)(3)
Allowances for loan and lease losses(821)(827)(810)(789)(772)6 1 (49)(6)(812)(740)(72)(10)
Other assets3,889 3,921 4,120 4,028 4,352 (32)(1)(462)(11)3,989 4,287 (298)(7)
Total assets$81,950 $82,366 $81,721 $81,243 $82,313 $(416)(1)%$(363)— %$81,822 $81,683 $139 — %
Liabilities and shareholders' equity:
Deposits:
Savings$26,836 $26,062 $25,462 $25,390 $25,799 $774 3 %$1,037 4 %$25,941 $23,547 $2,393 10 %
Time deposits7,407 8,167 6,683 6,628 7,372 (760)(9)35 — 7,224 6,095 1,129 19 
Other interest-bearing deposits15,726 15,923 16,484 16,735 16,344 (198)(1)(618)(4)16,215 15,300 915 6 
Total interest-bearing deposits49,969 50,153 48,629 48,753 49,515 (184)— 454 1 49,379 44,942 4,437 10 
Trading liabilities578 576 605 462 386 2 — 192 50 555 300 255 85 
Federal funds purchased and securities sold under agreements to repurchase2,205 2,132 2,208 2,014 1,982 73 3 222 11 2,140 1,775 365 21 
Short-term borrowings441 884 1,267 537 437 (443)(50)4 1 781 2,688 (1,906)(71)
Term borrowings1,206 1,188 1,170 1,156 1,156 19 2 50 4 1,180 1,335 (155)(12)
Total interest-bearing liabilities54,398 54,931 53,879 52,921 53,475 (533)(1)923 2 54,036 51,040 2,996 6 
Noninterest-bearing deposits16,123 16,111 16,332 16,626 17,347 12 — (1,224)(7)16,297 19,341 (3,044)(16)
Other liabilities2,213 2,196 2,561 2,445 2,585 17 1 (372)(14)2,353 2,397 (44)(2)
Total liabilities72,735 73,238 72,772 71,992 73,407 (504)(1)(673)(1)72,686 72,778 (92)— 
Shareholders' Equity:
Preferred stock426 426 426 520 520 — — (94)(18)450 758 (308)(41)
Common stock 330 334 340 347 349 (4)(1)(19)(5)338 343 (5)(2)
Capital surplus4,881 4,973 5,127 5,301 5,343 (92)(2)(462)(9)5,070 5,106 (36)(1)
Retained earnings4,382 4,254 4,122 4,028 3,935 128 3 446 11 4,197 3,770 427 11 
Accumulated other comprehensive loss, net(1,099)(1,154)(1,361)(1,240)(1,538)55 5 439 29 (1,213)(1,367)154 11 
Combined shareholders' equity8,920 8,833 8,654 8,956 8,610 87 1 310 4 8,841 8,610 231 3 
Noncontrolling interest295 295 295 295 295 — — — — 295 295 — — 
Total shareholders' equity9,216 9,128 8,949 9,251 8,905 87 1 310 3 9,136 8,905 231 3 
Total liabilities and shareholders' equity$81,950 $82,366 $81,721 $81,243 $82,313 $(416)(1)%$(363)— %$81,822 $81,683 $139 — %
Memo:
Total deposits$66,092 $66,263 $64,960 $65,379 $66,862 $(171)— %$(770)(1)%$65,676 $64,283 $1,394 2 %
Loans to mortgage companies$3,283 $2,875 $2,440 $1,847 $1,948 $408 14 %$1,335 69 %$2,614 $2,110 $503 24 %
Numbers may not foot due to rounding. See footnote disclosures on page 21.
13


CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited 
   4Q24 Change vs.2024 vs 2023
4Q243Q242Q241Q244Q233Q244Q23202420232023
(In millions, except rates)Income/ExpenseRateIncome/ExpenseRateIncome/ExpenseRateIncome/ExpenseRateIncome/ExpenseRateIncome/ExpenseIncome/ExpenseIncome/ExpenseRateIncome/ExpenseRateIncome/Expense
$/bp%$/bp%$%
Interest earning assets/Interest income:   
Loans and leases, net of unearned income:
Commercial$771 6.43 %$813 6.78 %$800 6.78 %$782 6.73 %$783 6.65 %$(42)(5)%$(12)(2)%$3,166 6.68 %$2,957 6.41 %$209 7 %
Consumer183 4.97 186 5.05 179 4.91 173 4.80 171 4.71 (2)(1)12 7 720 4.93 630 4.48 91 14 
Loans and leases, net of unearned income954 6.09 999 6.37 978 6.34 955 6.28 954 6.19 (45)(4)— — 3,886 6.27 3,587 5.96 299 8 
Loans held-for-sale9 7.38 10 7.77 9 7.50 9 7.80 11 8.34 (1)(7)(3)(22)36 7.61 51 7.71 (15)(30)
Investment securities62 2.69 61 2.58 60 2.58 61 2.54 61 2.62 2 3 1 2 244 2.60 250 2.52 (6)(3)
Trading securities22 5.74 22 6.05 22 6.30 20 6.48 20 6.63 — (2)1 7 86 6.12 78 6.62 8 10 
Interest-bearing deposits with banks17 4.77 24 5.40 20 5.46 24 5.46 35 5.46 (6)(27)(18)(51)85 5.29 130 5.20 (45)(35)
Federal funds sold and securities purchased under agreements7 4.46 8 5.23 9 5.31 7 5.16 7 5.32 (1)(16)— (6)31 5.05 19 4.93 12 63 
Interest income$1,071 5.63 %$1,123 5.88 %$1,097 5.86 %$1,076 5.78 %$1,089 5.74 %$(52)(5)%$(18)(2)%$4,367 5.79 $4,115 5.50 $251 6 %
Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings$210 3.11 %$225 3.43 %$208 3.29 %$206 3.27 %$222 3.42 %$(15)(7)%$(13)(6)%$849 3.27 %$679 2.88 %$170 25 %
Time deposits81 4.35 95 4.63 74 4.45 73 4.42 82 4.42 (14)(15)(1)(1)323 4.47 236 3.87 87 37 
Other interest-bearing deposits99 2.49 114 2.85 117 2.86 119 2.86 116 2.81 (16)(14)(17)(15)449 2.77 351 2.30 98 28 
Total interest-bearing deposits389 3.10 434 3.44 399 3.30 398 3.28 420 3.37 (45)(10)(31)(7)1,620 3.28 1,266 2.82 355 28 
Trading liabilities6 4.01 6 4.13 7 4.46 5 4.31 4 4.59 — (3)1 31 23 4.22 13 4.16 11 88 
Federal funds purchased and securities sold under agreements to repurchase21 3.72 23 4.20 24 4.36 21 4.24 22 4.35 (2)(9)(1)(5)88 4.13 70 3.95 18 26 
Short-term borrowings5 4.75 12 5.52 17 5.48 7 5.43 6 5.41 (7)(57)(1)(12)42 5.38 140 5.19 (98)(70)
Term borrowings17 5.52 17 5.64 17 5.64 17 5.71 17 5.75 — (1)— — 66 5.63 72 5.39 (6)(8)
Interest expense438 3.20 491 3.56 464 3.46 448 3.40 469 3.48 (54)(11)(31)(7)1,841 3.41 1,560 3.06 281 18 
Net interest income - tax equivalent basis634 2.43 631 2.32 633 2.40 628 2.38 621 2.26 2 — 13 2 2,526 2.38 2,556 2.44 (29)(1)
Fully taxable equivalent adjustment(4)0.90 (4)0.99 (4)0.98 (4)0.99 (4)1.01 — 5 — 6 (16)0.97 (16)0.98 — 1 
Net interest income$630 3.33 %$627 3.31 %$629 3.38 %$625 3.37 %$617 3.27 %$2 — %$13 2 %$2,511 3.35 %$2,540 3.42 %$(29)(1)%
Memo:
Total loan yield6.09 %6.37 %6.34 %6.28 %6.19 %(28)bp(10)bp6.27 %5.96 %31 bp
Total deposit cost2.34 %2.61 %2.47 %2.45 %2.49 %(27)bp(15)bp2.47 %1.97 %50 bp
Total funding cost2.47 %2.75 %2.66 %2.59 %2.63 %(28)bp(16)bp2.62 %2.22 %40 bp
Average loans and leases, net of unearned income$62,418 $62,413 $62,029 $61,152 $61,197 $5 — %$1,221 2 %$62,005 $60,169 $1,837 3 %
Average deposits66,09266,26364,96065,37966,862(171)— %(770)(1)%65,67664,2831,394 2 %
Average funded liabilities70,52171,04270,21069,54770,822$(521)(1)%$(301)— %70,33370,381$(48)— %
Net interest income and yields are adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax of 21 percent and, where applicable, state income taxes.
Earning assets yields are expressed net of unearned income.
Loan yields include loan fees, cash basis interest income, and loans on nonaccrual status.
Numbers may not foot due to rounding.
See footnote disclosures on page 21.
14


CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited 
As of 4Q24 change vs.
(In millions, except ratio data)4Q243Q242Q241Q244Q233Q244Q23
$%$%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)$173 $190 $167 $206 $184 $(16)(9)%$(11)(6)%
Commercial real estate294 259 261 157 136 35 14 158 NM
Consumer real estate133 128 143 140 139 5 4 (6)(4)
Credit card and other5
2 1 2 2 2 — 10 (1)(36)
Total nonperforming loans and leases$602 $578 $574 $505 $462 $24 4 %$140 30 %
Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)0.52 %0.57 %0.50 %0.63 %0.57 %
Commercial real estate2.04 1.76 1.78 1.09 0.96 
Consumer real estate0.95 0.92 1.03 1.02 1.02 
Credit card and other5
0.23 0.20 0.25 0.20 0.30 
Total nonperforming loans and leases to loans and leases0.96 %0.92 %0.91 %0.82 %0.75 %
Numbers may not foot due to rounding.
See footnote disclosures on page 21.



CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Quarterly, Unaudited
As of4Q24 change vs.
(In millions)4Q243Q242Q241Q244Q233Q244Q23
$%$%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)$1 $1 $— $— $1 $— 18 %$— 14 %
Commercial real estate— — — — — — NM — NM
Consumer real estate19 13 3 6 17 6 47 3 16 
Credit card and other5
1 3 2 3 3 (2)(54)(2)(60)
Total loans and leases 90 days or more past due and accruing$21 $17 $6 $10 $21 $5 29 %$1 4 %
Numbers may not foot due to rounding.
See footnote disclosures on page 21.
15



CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited
As of4Q24 change vs.
(In millions, except ratio data)4Q243Q242Q241Q244Q233Q244Q23
Charge-off, Recoveries and Related Ratios$%$%
Gross Charge-offs
Commercial, financial, and industrial (C&I) *$13 $12 $24 $28 $31 $— 1 %$(19)(60)%
Commercial real estate9 15 19 12 2 (6)(39)7 NM
Consumer real estate1 1 1 — 1 — 22 (1)(48)
Credit card and other5
6 5 5 6 6 1 26 — 4 
Total gross charge-offs$29 $33 $49 $46 $41 $(4)(14)%$(12)(30)%
Gross Recoveries
Commercial, financial, and industrial (C&I)$(12)$(4)$(11)$(3)$(2)$(7)NM $(10)NM
Commercial real estate— (1)— — — 1 80 — 65 
Consumer real estate(2)(3)(2)(1)(2)— 5 (1)(51)
Credit card and other5
(1)(1)(1)(2)(1)— 16 — (12)
Total gross recoveries$(15)$(9)$(15)$(6)$(5)$(6)(70)%$(10)NM
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I) *$1 $8 $13 $25 $29 $(7)(89)%$(28)(97)%
Commercial real estate9 14 19 12 2 (5)(37)7 NM
Consumer real estate(2)(2)(1)(1)— — 14 (1)NM
Credit card and other5
5 3 3 4 5 1 41 — NM
Total net charge-offs$13 $24 $34 $40 $36 $(11)(45)%$(23)(63)%
Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I) *0.01 %0.10 %0.16 %0.31 %0.36 %
Commercial real estate0.25 0.39 0.53 0.35 0.06 
Consumer real estate(0.05)(0.05)(0.04)(0.03)— 
Credit card and other5
2.78 1.92 1.79 1.98 2.36 
Total loans and leases0.08 %0.15 %0.22 %0.27 %0.23 %
Numbers may not foot due to rounding.
See footnote disclosures on page 21.
16



CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS
Quarterly, Unaudited
As of4Q24 Change vs.
(In millions)4Q243Q242Q241Q244Q233Q244Q23
Summary of Changes in the Components of the Allowance For Credit Losses$%$%
Allowance for loan and lease losses - beginning$823 $821 $787 $773 $760 $2 — %$63 8 %
Charge-offs:
Commercial, financial, and industrial (C&I) *(13)(12)(24)(28)(31)— (1)19 60 
Commercial real estate(9)(15)(19)(12)(2)6 39 (7)NM
Consumer real estate(1)(1)(1)— (1)— (22)1 48 
Credit card and other5
(6)(5)(5)(6)(6)(1)(26)— (4)
Total charge-offs(29)(33)(49)(46)(41)4 14 12 30 
Recoveries:
Commercial, financial, and industrial (C&I)12 4 11 3 2 7 NM 10 NM
Commercial real estate— 1 — — — (1)(80)— (65)
Consumer real estate2 3 2 1 2 — (5)1 51 
Credit card and other5
1 1 1 2 1 — (16)— 12 
Total Recoveries15 9 15 6 5 6 70 10 NM
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I) *(5)15 9 34 33 (20)NM(38)NM
Commercial real estate18 11 59 21 6 6 56 12 NM
Consumer real estate(10)(3)(1)(3)5 (7)NM (15)NM
Credit card and other5
4 2 — 3 5 1 53 (2)(33)
Total provision for loan and lease losses:
6 26 68 54 49 (20)(77)(43)(88)
Allowance for loan and lease losses - ending$815 $823 $821 $787 $773 $(7)(1)%$42 5 %
Reserve for unfunded commitments - beginning$75 $66 $79 $83 $82 $9 14 %$(7)(9)%
Cumulative effect of change in accounting principle— — — — — — NM — NM
Acquired reserve for unfunded commitments— — — — — — NM — NM
Provision for unfunded commitments4 9 (13)(4)1 (5)(56)3 NM
Reserve for unfunded commitments - ending$79 $75 $66 $79 $83 $4 5 %$(4)(5)%
Total allowance for credit losses- ending$894 $897 $887 $865 $856 $(3)(1)%$38 4 %
Numbers may not foot due to rounding.
See footnote disclosures on page 21.
17



CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES
Quarterly, Unaudited
As of
4Q243Q242Q241Q244Q23
Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)1.03 %1.06 %1.03 %1.06 %1.04 %
Commercial real estate1.57 %1.48 %1.51 %1.26 %1.21 %
Consumer real estate1.57 %1.65 %1.66 %1.69 %1.71 %
Credit card and other5
3.28 %3.39 %3.26 %3.57 %3.63 %
Total allowance for loans and lease losses to loans and leases1.30 %1.32 %1.31 %1.27 %1.26 %
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)199 %185 %205 %168 %184 %
Commercial real estate77 %84 %85 %115 %126 %
Consumer real estate167 %180 %161 %165 %168 %
Credit card and other5
1,438 %1,672 %1,295 %1,766 %1,202 %
Total allowance for loans and lease losses to nonperforming loans and leases136 %142 %143 %156 %167 %
Allowance for credit losses ratios
Total allowance for credit losses to loans and leases4
1.43 %1.44 %1.41 %1.40 %1.40 %
Total allowance for credit losses to nonperforming loans and leases4
149 %155 %155 %171 %185 %
See footnote disclosures on page 21.
18


COMMERCIAL, CONSUMER, AND WEALTH
Quarterly, Unaudited 
     4Q24 Change vs.2024 vs 2023
 4Q243Q242Q241Q244Q233Q244Q2320242023
$/bp%$/bp%$/bp%
Income Statement (millions)      
Net interest income$632 $632 $635 $644 $660 $— — %$(28)(4)%$2,543 $2,694 $(151)(6)%
Noninterest income116 119 115 110 112 (3)(2)4 4 461 448 13 3 %
Total revenue748 752 750 754 772 (3)— (24)(3)3,004 3,142 (138)(4)%
Noninterest expense362 352 357 347 359 10 3 2 1 1,418 1,370 48 3 %
Pre-provision net revenue3
387 400 393 407 413 (13)(3)(26)(6)1,587 1,772 (185)(10)%
Provision for credit losses15 42 56 44 56 (27)(65)(41)(74)158 261 (103)(39)%
Income before income tax expense372 358 337 363 357 14 4 15 4 1,429 1,512 (82)(5)%
Income tax expense88 85 79 86 84 4 4 4 5 337 357 (19)(5)%
Net income$284 $273 $258 $277 $272 $11 4 %$11 4 %$1,092 $1,155 $(63)(5)%
Average Balances (billions)
Total loans and leases$56.5 $56.9 $56.9 $56.5 $56.4 $(0.4)(1)%$— — %$56.7 $55.2 $1.5 3 %
Interest-earning assets56.5 56.9 56.9 56.5 56.4 (0.4)(1)— — 56.7 55.2 1.5 3 
Total assets59.1 59.5 59.7 59.3 59.4 (0.4)(1)(0.3)(1)59.4 58.1 1.3 2 
Total deposits59.9 59.7 59.5 60.0 61.0 0.2 — (1.1)(2)59.8 59.6 0.1 — 
Key Metrics
Net interest margin6
4.47 %4.45 %4.51 %4.60 %4.66 %2 bp(19)bp4.51 %4.91 %(40)bp
Efficiency ratio 48.31 %46.80 %47.59 %46.05 %46.50 %151 bp181 bp47.18 %43.60 %358 bp
Loans-to-deposits ratio (period-end balances)94.14 %94.41 %96.62 %93.69 %92.35 %(27)bp179 bp94.14 %92.35 %179 bp
Loans-to-deposits ratio (average-end balances)94.30 %95.26 %95.54 %94.24 %92.50 %(96)bp180 bp94.83 %92.50 %233 bp
Return on average assets (annualized)1.91 %1.83 %1.74 %1.88 %1.82 %8 bp9 bp1.84 %1.99 %(15)bp
Return on allocated equity7
22.23 %21.48 %20.69 %22.40 %22.09 %75 bp14 bp21.70 %24.16 %(246)bp
Financial center locations416 416 418 418 418 — (2)416 418 (2)
Numbers may not foot to total due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 21.

Commercial, Consumer, and Wealth segment: Offers financial products and services, including traditional lending and deposit taking, to commercial and consumer clients primarily in the southern U.S. and other selected markets. Commercial, Consumer & Wealth also consists of lines of business that deliver product offerings and services with niche industry knowledge including asset-based lending, commercial real estate, equipment finance/leasing, energy, international banking, healthcare, and trucking and transportation. Additionally, Commercial, Consumer & Wealth provides investment, wealth management, financial planning, trust and asset management services for consumer clients as well as delivering treasury management solutions, loan syndications, and corporate banking services.
19



WHOLESALE
Quarterly, Unaudited 
     4Q24 Change vs.2024 vs 2023
 4Q243Q242Q241Q244Q233Q244Q2320242023
$/bp%$/bp%$/bp%
Income Statement (millions)      
Net interest income$54 $52 $46 $42 $42 $2 4 %$11 27 %$194 $182 $11 6 %
Noninterest income58 57 53 62 53 2 3 5 10 230 174 56 32 
Total revenue112 108 100 104 95 4 3 17 17 424 357 67 19 
Noninterest expense76 75 73 75 72 1 1 4 6 299 277 22 8 
Pre-provision net revenue3
36 33 27 29 24 3 10 12 51 125 80 45 56 
Provision for credit losses1 (7)1 7 2 8 118 (1)(47)3 15 (12)(83)
Income before income tax expense35 40 26 22 21 (5)(13)13 62 122 65 57 88 
Income tax expense8 10 6 5 5 (1)(13)3 61 29 16 14 90 
Net income$26 $30 $20 $17 $16 $(4)(13)%$10 63 %$93 $50 $43 87 %
Average Balances (billions)
Total loans and leases$5.6 $5.2 $4.8 $4.2 $4.3 $0.4 8 %$1.3 31 %$5.0 $4.5 $0.4 9 %
Interest-earning assets8.3 7.8 7.4 6.5 6.6 0.5 6 1.7 26 7.5 6.8 0.7 10 
Total assets9.0 8.5 8.1 7.2 7.4 0.5 5 1.6 21 8.2 7.6 0.6 8 
Total deposits2.0 1.9 1.8 1.8 1.7 0.1 6 0.3 15 1.9 1.7 0.2 12 
Key Metrics
Fixed income product average daily revenue (thousands)$659 $593 $488 $731 $463 $66 11 %$196 42 %$617 $387 $230 59 %
Net interest margin6
2.59 %2.63 %2.54 %2.62 %2.56 %(4)bp3 bp2.59 %2.68 %(9)bp
Efficiency ratio 67.84 %69.70 %72.81 %72.15 %75.05 %(186)bp(721)bp70.54 %77.60 %(706)bp
Loans-to-deposits ratio (period-end balances)311 %286 %285 %267 %276 %2,570 bp3,563 bp311 %276 %3,563 bp
Loans-to-deposits ratio (average-end balances)285 %278 %264 %231 %249 %658 bp3,557 bp265 %273 %(729)bp
Return on average assets (annualized)1.17 %1.41 %0.97 %0.93 %0.87 %(24)bp30 bp1.13 %0.65 %48 bp
Return on allocated equity7
18.84 %21.29 %14.33 %12.29 %11.75 %(245)bp709 bp16.76 %9.25 %751 bp
Numbers may not foot to total due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 21.

Wholesale segment: Consists of lines of business that deliver product offerings and services with differentiated industry knowledge. Wholesale’s lines of business include mortgage warehouse lending, franchise finance, correspondent banking, and mortgage. Additionally, Wholesale has a line of business focused on fixed income securities sales, trading, underwriting, and strategies for institutional clients in the U.S. and abroad, as well as loan sales, portfolio advisory services, and derivative sales.
20


CORPORATE
Quarterly, Unaudited
 4Q24 Change vs.2024 vs 2023
 4Q243Q242Q241Q244Q233Q244Q2320242023
$%$%$/bp%
Income Statement (millions)
Net interest income/(expense)$(56)$(57)$(53)$(61)$(85)$1 1 %$29 34 %$(226)$(337)$110 33 %
Noninterest income(75)25 17 22 18 (100)NM (93)NM (11)306 (317)(104)
Total revenues(131)(32)(35)(39)(68)(99)NM (64)(94)(238)(31)(207)NM
Noninterest expense71 84 70 93 142 (13)(16)(71)(50)319 433 (114)(26)
Pre-provision net revenue3
(202)(116)(106)(132)(210)(86)(74)7 3 (556)(464)(92)(20)
Provision for credit losses(6)— (3)(1)(9)(6)NM 3 29 (10)(15)5 33 
Income before income tax expense(196)(116)(103)(131)(201)(80)(69)5 2 (546)(449)(97)(22)
Income tax expense (benefit)(56)(36)(29)(34)(100)(20)(54)44 44 (156)(160)5 3 
Net income/(loss)$(140)$(80)$(74)$(97)$(101)$(61)(76)%$(40)(40)%$(391)$(289)$(102)(35)%
Average Balance Sheet (billions)    
Interest bearing assets$11.0 $11.4 $11.0 $11.8 $12.4 $(0.5)(4)%$(1.4)(12)%$11.3 $12.8 $(1.5)(12)%
Total assets13.9 14.3 13.9 14.7 15.5 (0.5)(3)(1.6)(11)14.2 16.0 (1.8)(11)%
Numbers may not foot to total due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.


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


FOOTNOTES
1 Taxable equivalent interest income and interest expense are non-GAAP measures and reconcile to net interest income (GAAP) in the table.
2 Occupancy and Equipment expense includes Computer Software Expense.
3 Pre-provision net revenue is a non-GAAP measure and is reconciled to income before income taxes (GAAP) in the table.
4 Represents a non-GAAP measure and is reconciled to the nearest GAAP measure in the non-GAAP to GAAP reconciliations beginning on page 22.
5 Credit card and other includes $174 million of commercial credit card balances at December 31, 2024.
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 Share count was impacted by the repurchase of 11 million shares during 1Q24, 14 million shares during 2Q24, 5 million shares in 3Q24, and 8 million shares in 4Q24.


21


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)4Q243Q242Q241Q244Q2320242023
Tangible Common Equity (Non-GAAP)    
(A) Total equity (GAAP)$9,111 $9,316 $8,955 $9,173 $9,291 $9,111 $9,291 
Less: Noncontrolling interest (a)295 295 295 295 295 295 295 
Less: Preferred stock (a)426 426 426 520 520 426 520 
(B) Total common equity$8,389 $8,595 $8,234 $8,358 $8,476 $8,389 $8,476 
Less: Intangible assets (GAAP) (b)1,653 1,663 1,674 1,685 1,696 1,653 1,696 
(C) Tangible common equity (Non-GAAP)$6,737 $6,931 $6,560 $6,673 $6,779 $6,737 $6,779 
Tangible Assets (Non-GAAP) 
(D) Total assets (GAAP)$82,152 $82,635 $82,230 $81,799 $81,661 $82,152 $81,661 
Less: Intangible assets (GAAP) (b)1,653 1,663 1,674 1,685 1,696 1,653 1,696 
(E) Tangible assets (Non-GAAP)$80,499 $80,971 $80,556 $80,114 $79,965 $80,499 $79,965 
Period-end Shares Outstanding     
(F) Period-end shares outstanding524 532 537 549 559 524 559 
Ratios
(A)/(D) Total equity to total assets (GAAP)11.09 %11.27 %10.89 %11.21 %11.38 %11.09 %11.38 %
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)8.37 %8.56 %8.14 %8.33 %8.48 %8.37 %8.48 %
(B)/(F) Book value per common share (GAAP)$16.00 $16.15 $15.34 $15.23 $15.17 $16.00 $15.17 
(C)/(F) Tangible book value per common share (Non-GAAP)$12.85 $13.02 $12.22 $12.16 $12.13 $12.85 $12.13 
(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.


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CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)4Q243Q242Q241Q244Q2320242023
Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)a$158 $213 $184 $184 $175 $738 $865 
Plus Total notable items (after-tax) (Non-GAAP) (a)$71 $11 $11 $12 $3 105 (59)
Adjusted net income available to common shareholders (Non-GAAP)b$228 $224 $195 $196 $178 $843 $806 
Diluted Shares (GAAP)8
c534 538 547 558 561 544 562 
Diluted EPS (GAAP)a/c$0.29 $0.40 $0.34 $0.33 $0.31 $1.36 $1.54 
Adjusted diluted EPS (Non-GAAP)b/c$0.43 $0.42 $0.36 $0.35 $0.32 $1.55 $1.43 
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)$170 $223 $204 $197 $188 $794 $915 
Plus Relevant notable items (after-tax) (Non-GAAP) (a)$71 $11 $4 $12 $3 $97 (59)
Adjusted NI (Non-GAAP)$240 $234 $208 $209 $191 $891 $856 
NI (annualized) (GAAP)d$675 $889 $820 $791 $746 $794 $915 
Adjusted NI (annualized) (Non-GAAP)e$956 $932 $836 $838 $757 $891 $856 
Average assets (GAAP)f$81,950 $82,366 $81,721 $81,243 $82,313 $81,822 $81,683 
ROA (GAAP)d/f0.82 %1.08 %1.00 %0.97 %0.91 %0.97 %1.12 %
Adjusted ROA (Non-GAAP)e/f1.17 %1.13 %1.02 %1.03 %0.92 %1.09 %1.05 %
Return on Average Common Equity ("ROCE")/ Return on Average Tangible Common Equity ("ROTCE")/ Adjusted ROTCE
Net income available to common shareholders ("NIAC") (annualized) (GAAP)g$627 $849 $739 $739 $695 $738 $865 
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)h$907 $892 $785 $787 $706 $843 $806 
Average Common Equity (GAAP)i$8,494 $8,407 $8,228 $8,436 $8,090 $8,391 $7,852 
Intangible Assets (GAAP) (b)1,658 1,669 1,680 1,691 1,702 1,674 1,720 
Average Tangible Common Equity (Non-GAAP)j$6,836 $6,738 $6,548 $6,745 $6,388 $6,717 $6,132 
Equity Adjustment (Non-GAAP)— — — — — 20 (68)
Adjusted Average Tangible Common Equity (Non-GAAP)k$6,836 $6,738 $6,548 $6,745 $6,388 $6,737 $6,064 
ROCE (GAAP)g/i7.38 %10.10 %8.98 %8.76 %8.60 %8.80 %11.01 %
ROTCE (Non-GAAP)g/j9.17 %12.60 %11.29 %10.95 %10.89 %10.99 %14.10 %
Adjusted ROTCE (Non-GAAP)h/k13.27 %13.24 %11.99 %11.65 %11.05 %12.51 %13.28 %
(a)     Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 10.
(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)4Q243Q242Q241Q244Q2320242023
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)l$99 $200 $186 $194 $183 $679 $927 
Plus notable items (pretax) (GAAP) (a)91 — — — (4)91 (229)
Adjusted noninterest income (Non-GAAP)m$190 $200 $186 $194 $179 $771 $699 
Revenue (GAAP)n$729 $828 $815 $819 $800 $3,190 $3,467 
Taxable-equivalent adjustment4 4 4 4 4 16 16 
Revenue- Taxable-equivalent (Non-GAAP)732 832 819 823 804 3,206 3,483 
Plus notable items (pretax) (GAAP) (a)91 — — — (4)91 (229)
Adjusted revenue (Non-GAAP)o$824 $832 $819 $823 $800 $3,297 $3,254 
Securities gains/(losses) (GAAP)p$(91)$1 $1 $— $(5)$(89)$(4)
Noninterest income as a % of total revenue (GAAP)(l-p)/ (n-p)23.20 %24.06 %22.75 %23.72 %23.33 %23.44 %26.83 %
Adjusted noninterest income as a % of total revenue (Non-GAAP)m/o23.10 %23.95 %22.64 %23.61 %22.32 %23.33 %21.43 %
Adjusted Efficiency Ratio
Noninterest expense (GAAP)q$508 $511 $500 $515 $572 $2,035 $2,080 
Plus notable items (pretax) (GAAP) (a)(2)(14)(5)(15)(70)(37)(196)
Adjusted noninterest expense (Non-GAAP)r$506 $497 $495 $500 $502 $1,998 $1,884 
Revenue (GAAP)s$729 $828 $815 $819 $800 $3,190 $3,467 
Taxable-equivalent adjustment4 4 4 4 4 16 16 
Revenue- Taxable-equivalent (Non-GAAP)732 832 819 823 804 3,206 3,483 
Plus notable items (pretax) (GAAP) (a)91 — — — (4)91 (229)
Adjusted revenue (Non-GAAP)t$824 $832 $819 $823 $800 $3,297 $3,254 
Securities gains/(losses) (GAAP)u$(91)$1 $1 $— $(5)$(89)$(4)
Efficiency ratio (GAAP)q/ (s-u)61.98 %61.89 %61.44 %62.92 %71.14 %62.06 %59.91 %
Adjusted efficiency ratio (Non-GAAP)r/t61.43 %59.86 %60.47 %60.78 %62.84 %60.64 %57.93 %
(a)     Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 10.
(b)     Includes goodwill and other intangible assets, net of amortization.
Numbers may not foot due to rounding.
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CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions)
Period-endAverage
4Q243Q244Q24 vs. 3Q244Q243Q244Q24 vs. 3Q24
Loans excluding LMC
Total Loans (GAAP)$62,565 $62,445 $120 — %$62,418 $62,413 $5 — %
LMC (GAAP)3,471 3,244 227 7 %3,283 2,875 408 14 %
Total Loans excl. LMC (Non-GAAP)59,095 59,201 (107)— %59,135 59,538 (403)(1)%
Total Consumer (GAAP)14,716 14,648 68 — %14,709 14,65455 — %
Total Commercial excl. LMC (Non-GAAP)44,378 44,553 (175)— %44,426 44,883 (457)(1)%
Total CRE (GAAP)14,421 14,705 (284)(2)%14,601 14,684 (83)(1)%
Total C&I excl. LMC (Non-GAAP)$29,957 $29,848 $110 — %$29,825 $30,199 (374)(1)%
Numbers may not foot due to rounding.


2024 vs. 2023
4Q243Q242Q241Q244Q2320242023
Allowance for credit losses to loans and leases and Allowance for credit losses to nonperforming loans and leases$/bp
Allowance for loan and lease losses (GAAP)A$815 $823 $821 $787 $773 $815 $773 $42 
Reserve for unfunded commitments (GAAP)79 75 66 79 83 79 83 (4)
Allowance for credit losses (Non-GAAP)B$894 $897 $887 $865 $856 $894 $856 38 
Loans and leases (GAAP)C$62,565 $62,445 $62,781 $61,753 $61,292 $62,565 $61,292 $1,274 
Nonaccrual loans and leases (GAAP)D$602 $578 $574 $505 $462 $602 $462 $140 
Allowance for loans and lease losses to loans and leases (GAAP)A/C1.30 %1.32 %1.31 %1.27 %1.26 %1.30 %1.26 %4 
Allowance for credit losses to loans and leases (Non-GAAP)B/C1.43 %1.44 %1.41 %1.40 %1.40 %1.43 %1.40 %3 
Allowance for loans and lease losses to nonperforming loans and leases (GAAP)A/D136 %142 %143 %156 %167 %136 %167 %(31,392)
Allowance for credit losses to nonperforming loans and leases (Non-GAAP)B/D149 %155 %155 %171 %185 %149 %185 %(36,281)
Numbers may not foot due to rounding.


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CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions)
4Q243Q242Q241Q244Q23
Adjusted Pre-provision Net Revenue (PPNR)
Pre-tax income (GAAP)$210 $281 $260 $254 $177 
Plus notable items (pretax) (GAAP) (a)94 14 5 15 67 
Adjusted Pre-tax income (non-GAAP)$304 $296 $265 $269 $244 
Plus provision expense (GAAP)10 35 55 50 50 
Adjusted Pre-provision net revenue (PPNR) (non-GAAP)$314 $331 $320 $319 $294 
Taxable-equivalent adjustment4 4 4 4 4 
Pre-provision net revenue-Taxable-equivalent (Non-GAAP)$318 $335 $324 $323 $298 
(a)     Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 10.
Numbers may not foot due to rounding.

4Q243Q242Q241Q244Q2320242023
Adjusted personnel expense excluding deferred compensation expense
Personnel expense (GAAP)$276 $282 $279 $301 $279 $1,137 $1,100 
Plus notable items (pretax) (GAAP) (a)(2)(1)(1)(5)(2)(9)(52)
Adjusted personnel expense (non-GAAP)$274 $281 $279 $295 $277 $1,129 $1,048 
Less deferred compensation expense (GAAP)1 6 3 9 7 20 17 
Adjusted personnel expense excluding deferred compensation expense (non-GAAP)$272 $275 $276 $286 $270 $1,109 $1,031 
(a)     Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 10.
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 excluding securities gains/(losses) to total revenue - taxable equivalent excluding securities gains/(losses).
 
Efficiency Ratio: Ratio is noninterest expense to total revenue - taxable equivalent excluding securities gains/(losses).
 
Leverage Ratio: Ratio is tier 1 capital to average assets for leverage.

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

Operating Segments
Commercial, Consumer, and Wealth segment: Offers financial products and services, including traditional lending and deposit taking, to commercial and consumer clients primarily in the southern U.S. and other selected markets. Commercial, Consumer & Wealth also consists of lines of business that deliver product offerings and services with niche industry knowledge including asset-based lending, commercial real estate, equipment finance/leasing, energy, international banking, healthcare, and trucking and transportation. Additionally, Commercial, Consumer & Wealth provides investment, wealth management, financial planning, trust and asset management services for consumer clients as well as delivering treasury management solutions, loan syndications, and corporate banking services.

Wholesale segment: Consists of lines of business that deliver product offerings and services with differentiated industry knowledge. Wholesale’s lines of business include mortgage warehouse lending, franchise finance, correspondent banking, and mortgage. Additionally, Wholesale 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, marketing, properties, technology, credit risk and bank operations are allocated to the activities of Commercial, Consumer & Wealth, Wholesale and Corporate. Additionally, the Corporate segment includes centralized management of capital and funding to support the business activities of the company including management of balance sheet funding, liquidity, and capital management and allocation. The Corporate segment also includes the revenue and expense associated with run-off businesses such as pre-2009 mortgage banking elements, run-off consumer and trust preferred loan portfolios, and other exited businesses.

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