Document

First Horizon Corporation Delivers Strong Second Quarter 2025 Results

Net Income Available to Common Shareholders of $233 Million with an EPS of $0.45, a $0.04 Increase from Prior Quarter; $229 Million or $0.45 on an Adjusted Basis, up $0.03 from Prior Quarter*

MEMPHIS, TN (July 16, 2025) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported second quarter net income available to common shareholders ("NIAC") of $233 million or earnings per share of $0.45, compared with first quarter 2025 NIAC of $213 million or earnings per share of $0.41. Second quarter 2025 results were increased by $3 million after-tax of notable items compared to a decrease of $4 million in first quarter 2025. Excluding notable items, adjusted second quarter 2025 NIAC was $229 million or $0.45 per share compared to $217 million or $0.42 per share in first quarter 2025.

"We are pleased with our strong performance this quarter, underscoring our unwavering commitment to safety and soundness, profitability and growth. Our results in the second quarter and first half of the year highlight the strengths of our business model and our geographic footprint," remarked President and CEO Bryan Jordan.

"Our dedication to our clients and our deep expertise across our business lines ensure that we consistently deliver long-term value and strong outcomes for our shareholders, clients, communities and associates, regardless of economic conditions," Jordan continued.

Notable Items


Notable Items
Quarterly, Unaudited ($ in millions, except per share data)	2Q25		1Q25		2Q24
Summary of Notable Items:






Deferred compensation adjustment	$	4	$	—	$	—
FDIC special assessment (other noninterest expense)	1		(1)		(2)
Other notable expenses	—		(5)		(3)
Total notable items (pre-tax)	$	4	$	(6)	$	(5)
Total notable items (after-tax)	$	3	$	(4)	$	(11)

Numbers may not total due to rounding.

Second quarter notable items included $1 million of expense credit for the FDIC special assessment and a $4 million expense credit related to an accrual release in deferred compensation related to a business unit divested more than a decade ago.

*References to "adjusted" results exclude notable items and, along with return on tangible common equity, tangible book value per share, and certain other financial measures, are
non-GAAP financial measures. All references to loans include leases. All references to earnings per share are based on diluted shares. Please see page 4 for information on our use of non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 20.

Second Quarter 2025 versus First Quarter 2025

Net interest income

Net interest income (FTE) increased $10 million to $645 million and net interest margin of 3.40% decreased 2 basis points. NII increase was driven by loan portfolio growth. NIM decrease was driven by higher deposit costs associated with increased brokered deposit balances.

Noninterest income

Noninterest income increased $7 million to $189 million. Adjusted noninterest income increased by $7 million from first quarter 2025 as deferred compensation income was $10 million higher. Fixed income declined $7 million from prior quarter as average daily revenue (ADR) decreased 6% to $550k and non-ADR revenues also decreased. Service charges and fees increased $3 million due to higher client transaction volume. Mortgage banking fees increased by $1 million as home purchase seasonality picked up slightly.

Noninterest expense

Noninterest expense of $491 million increased $3 million from the prior quarter. Second quarter notable items included $1 million of expense credit for the FDIC special assessment and a $4 million expense credit related to an accrual release in deferred compensation related to a business unit divested more than a decade ago. Adjusted noninterest expense of $495 million increased $14 million, including $9 million in higher deferred compensation. Personnel expense, excluding deferred compensation, declined by $3 million due to lower incentives expense, partially offset by higher salaries and benefits. Outside services increased by $7 million mostly due to seasonal advertising spend. Other noninterest expense decreased by $2 million from various smaller items.

Loans and leases

Average loan and lease balances of $62.6 billion represented a $906 million increase compared to the prior quarter, while period-end balances were $63.3 billion, increasing $1.0 billion from first quarter 2025. Loans to mortgage companies (LMC) had $689 million of period end growth from typical seasonal increases and market share gains, while other C&I balances increased by $316 million. Loan yields of 5.92% increased 3 basis points driven by the elevated LMC portfolio.

Deposits

Average deposits of $64.7 billion increased $0.2 billion from first quarter 2025. Period-end deposits of $65.6 billion increased $1.4 billion, driven by an increase of $1.6 billion in brokered deposits, which primarily funded increased LMC balances. Interest-bearing deposit cost of 2.76% increased 4 basis points from the prior quarter, with a spot rate of approximately 2.78% at the end of the quarter.

Asset quality

Provision expense of $30 million decreased $10 million from the previous quarter. Net charge-offs were $34 million or 22 basis points, up from $29 million or 19 basis points in prior quarter. Nonperforming loans of $593 million decreased $17 million, with an increase in C&I offset by reductions in commercial real estate. The ACL to loans ratio decreased from first quarter 2025 to 1.42%, mostly driven by a higher loans to mortgage companies balances, which is a portfolio with lower losses as well as positive net risk grade migration and lower NPLs in the quarter.

Capital

CET1 ratio of 11.0%, up 7 basis points from first quarter 2025, as the majority of excess capital was deployed into loan growth.

Income taxes

In second quarter 2025, the effective and adjusted effective tax rates were 20.8%. Both the effective tax rate and adjusted tax rate for first quarter 2025 were 22.0%.


SUMMARY RESULTS
Quarterly, Unaudited

										2Q25 Change vs.
($s in millions, except per share and balance sheet data)	2Q25			1Q25			2Q24			1Q25					2Q24
										$/bp			%		$/bp			%
Income Statement
Interest income - taxable equivalent1	$	1,047		$	1,017		$	1,097		$	30		3	%	$	(50)		(5)	%
Interest expense- taxable equivalent1	403			383			464			20			5		(61)			(13)
Net interest income- taxable equivalent	645			634			633			10			2		12			2
Less: Taxable-equivalent adjustment	4			3			4			—			6		(1)			(15)
Net interest income	641			631			629			10			2		12			2
Noninterest income	189			181			186			7			4		3			1
Total revenue	830			812			815			17			2		15			2
Noninterest expense	491			488			500			3			1		(9)			(2)
Pre-provision net revenue3	339			325			315			14			4		24			8
Provision for credit losses	30			40			55			(10)			(25)		(25)			(45)
Income before income taxes	309			285			260			24			8		49			19
Provision for income taxes	64			63			56			2			3		8			15
Net income	244			222			204			22			10		41			20
Net income attributable to noncontrolling interest	4			4			5			—			—		(1)			(18)
Net income attributable to controlling interest	240			218			199			22			10		41			21
Preferred stock dividends	8			5			15			3			51		(7)			(49)
Net income available to common shareholders	$	233		$	213		$	184		$	20		9	%	$	49		27	%

Adjusted net income4	$	241		$	227		$	208		$	14		6	%	$	33		16	%
Adjusted net income available to common shareholders4	$	229		$	217		$	195		$	12		5	%	$	34		17	%
Common stock information
EPS	$	0.45		$	0.41		$	0.34		$	0.04		10	%	$	0.11		32	%
Adjusted EPS4	$	0.45		$	0.42		$	0.36		$	0.03		7	%	$	0.09		25	%


Diluted shares8	514			523			547			(10)			(2)	%	(33)			(6)	%
Key performance metrics
Net interest margin6	3.40		%	3.42		%	3.38		%	(2)		bp			2		bp

Efficiency ratio	59.20			60.06			61.44			(86)		bp			(224)		bp
Adjusted efficiency ratio4	59.47			59.09			60.47			38		bp			(100)		bp
Effective income tax rate	20.78			21.96			21.49			(118)		bp			(71)		bp
Return on average assets	1.20			1.11			1.00			9		bp			20		bp
Adjusted return on average assets4	1.18			1.14			1.02			4		bp			16		bp
Return on average common equity (“ROCE")	11.1			10.3			9.0			84		bp			216		bp

Return on average tangible common equity (“ROTCE”)4	13.8			12.8			11.3			104		bp			256		bp
Adjusted ROTCE4	13.6			13.1			12.0			57		bp			166		bp
Noninterest income as a % of total revenue	22.73			22.29			22.75			44		bp			(2)		bp
Adjusted noninterest income as a % of total revenue4	22.63		%	22.20		%	22.64		%	43		bp			(1)		bp
Balance Sheet (billions)
Average loans	$	62.6		$	61.6		$	62.0		$	0.9		1	%	$	0.5		1	%
Average deposits	64.7			64.5			65.0			0.2			—		(0.2)			—
Average assets	82.0			81.0			81.7			1.0			1		0.2			—
Average common equity	$	8.4		$	8.4		$	8.2		$	—		—	%	$	0.1		2	%
Asset Quality Highlights

Allowance for credit losses to loans and leases4	1.42		%	1.45		%	1.41		%	(3)		bp			1		bp

Nonperforming loan and leases ratio	0.94		%	0.98		%	0.91		%	(4)		bp			3		bp
Net charge-off ratio	0.22		%	0.19		%	0.22		%	3		bp			—		bp
Net charge-offs	$	34		$	29		$	34		$	5		16	%	$	—		—	%
Capital Ratio Highlights (current quarter is an estimate)



Common Equity Tier 1	11.0		%	10.9		%	11.0		%	7		bp			(5)		bp
Tier 1	12.0			11.9			12.1			6		bp			(4)		bp
Total Capital	14.0			14.1			14.0			(9)		bp			(7)		bp
Tier 1 leverage	10.6		%	10.5		%	10.6		%	7		bp			(5)		bp

Numbers may not total due to rounding.

See footnote disclosures on page 19 and glossary of terms on page 25.

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 total 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 20.

Conference Call Information

Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on July 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 804399. 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 July 16 until midnight CT on July 30, 2025. To listen to the replay, dial 1-866-813-9403 (U.S. callers); the access code is 939343. A replay of the webcast will also be available on our website on July 16 and will be archived on the site for one year.

First Horizon Corp. (NYSE: FHN), with $82.1 billion in assets as of June 30, 2025, 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 concentrated in 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 - Tyler.Craft@firsthorizon.com

Media Relations - Beth Ardoin - Beth.Ardoin@firsthorizon.com


CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited

																2Q25 Change vs.
($s in millions, except per share data)	2Q25			1Q25			4Q24			3Q24			2Q24			1Q25				2Q24
																$		%		$		%
Interest income - taxable equivalent1	$	1,047		$	1,017		$	1,071		$	1,123		$	1,097		$	30	3	%	$	(50)	(5)	%
Interest expense- taxable equivalent1	403			383			438			491			464			20		5		(61)		(13)
Net interest income- taxable equivalent	645			634			634			631			633			10		2		12		2
Less: Taxable-equivalent adjustment	4			3			4			4			4			—		6		(1)		(15)
Net interest income	641			631			630			627			629			10		2		12		2
Noninterest income:
Fixed income	42			49			49			47			40			(7)		(15)		2		5
Mortgage banking	10			8			8			9			10			1		18		(1)		(6)
Brokerage, trust, and insurance	39			38			41			39			38			1		2		1		2
Service charges and fees	55			52			53			59			58			3		5		(3)		(6)
Card and digital banking fees	19			18			19			19			20			2		9		(1)		(4)
Deferred compensation income9	8			(3)			1			6			3			10		NM		5		NM

Securities gains/(losses)	—			—			(91)			1			1			—		(53)		(1)		(81)
Other noninterest income	16			18			20			20			16			(2)		(12)		—		2
Total noninterest income	189			181			99			200			186			7		4		3		1
Total revenue	830			812			729			828			815			17		2		15		2
Noninterest expense:
Personnel expense:
Salaries and benefits	206			201			199			199			198			5		3		9		4
Incentives and commissions	73			81			76			76			79			(8)		(10)		(6)		(8)
Deferred compensation expense9	3			(3)			1			6			3			6		NM		—		1
Total personnel expense	282			279			276			282			279			3		1		3		1
Occupancy and equipment2	79			78			76			73			72			1		1		8		11
Outside services	71			63			72			74			78			7		12		(7)		(10)
Amortization of intangible assets	10			10			11			11			11			—		—		(1)		(10)
Other noninterest expense	50			58			74			71			60			(8)		(14)		(10)		(17)
Total noninterest expense	491			488			508			511			500			3		1		(9)		(2)
Pre-provision net revenue3	339			325			220			316			315			14		4		24		8
Provision for credit losses	30			40			10			35			55			(10)		(25)		(25)		(45)
Income before income taxes	309			285			210			281			260			24		8		49		19
Provision for income taxes	64			63			41			58			56			2		3		8		15
Net income	244			222			170			223			204			22		10		41		20
Net income attributable to noncontrolling interest	4			4			4			5			5			—		—		(1)		(18)
Net income attributable to controlling interest	240			218			165			218			199			22		10		41		21
Preferred stock dividends	8			5			8			5			15			3		51		(7)		(49)
Net income available to common shareholders	$	233		$	213		$	158		$	213		$	184		$	20	9	%	$	49	27	%
Common Share Data
EPS	$	0.46		$	0.41		$	0.30		$	0.40		$	0.34		$	0.05	12	%	$	0.12	35	%
Basic shares	508			517			528			534			544			(9)		(2)		(36)		(7)
Diluted EPS	$	0.45		$	0.41		$	0.29		$	0.40		$	0.34		$	0.04	10		$	0.11	32
Diluted shares8	514			523			534			538			547			(10)		(2)	%	(33)		(6)	%

Effective tax rate	20.8		%	22.0		%	19.3		%	20.6		%	21.5		%

Numbers may not total due to rounding.

See footnote disclosures on page 19 and glossary of terms on page 25.


ADJUSTED4 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 8
Quarterly, Unaudited


																2Q25 Change vs.
($s in millions, except per share data)	2Q25			1Q25			4Q24			3Q24			2Q24			1Q25				2Q24
																$		%		$		%


Net interest income (FTE)1	$	645		$	634		$	634		$	631		$	633		$	10	2	%	$	12	2	%
Adjusted noninterest income:
Fixed income	42			49			49			47			40			(7)		(15)		2		5
Mortgage banking	10			8			8			9			10			1		18		(1)		(6)
Brokerage, trust, and insurance	39			38			41			39			38			1		2		1		2
Service charges and fees	55			52			53			59			58			3		5		(3)		(6)
Card and digital banking fees	19			18			19			19			20			2		9		(1)		(4)
Deferred compensation income9	8			(3)			1			6			3			10		NM		5		NM

Adjusted securities gains/(losses)	—			—			—			1			1			—		(53)	%	(1)		(81)	%
Adjusted other noninterest income	16			18			20			20			16			(2)		(12)		—		2
Adjusted total noninterest income	$	189		$	181		$	190		$	200		$	186		$	7	4	%	$	3	1	%
Total revenue (FTE)1	$	833		$	816		$	824		$	832		$	819		$	17	2	%	$	14	2	%

Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$	206		$	201		$	199		$	199		$	198		$	5	3	%	$	9	4	%
Adjusted Incentives and commissions	73			81			73			76			78			(8)		(10)		(5)		(7)
Deferred compensation expense9	7			(3)			1			6			3			9		NM		4		120
Adjusted total personnel expense	285			279			274			281			279			7		2		7		2
Adjusted occupancy and equipment2	79			78			76			73			72			1		1		8		11
Adjusted outside services	71			63			71			73			75			7		12		(5)		(6)
Amortization of intangible assets	10			10			11			11			11			—		—		(1)		(10)
Adjusted other noninterest expense	50			52			74			59			58			(2)		(3)		(8)		(13)
Adjusted total noninterest expense	$	495		$	482		$	506		$	497		$	495		$	14	3	%	$	1	—	%

Adjusted pre-provision net revenue4	$	338		$	334		$	318		$	335		$	324		$	4	1	%	$	14	4	%

Provision for credit losses	$	30		$	40		$	10		$	35		$	55		$	(10)	(25)	%	$	(25)	(45)	%







Adjusted net income available to common shareholders	$	229		$	217		$	228		$	224		$	195		$	12	5	%	$	34	17	%

Adjusted Common Share Data


Adjusted diluted EPS	$	0.45		$	0.42		$	0.43		$	0.42		$	0.36		$	0.03	7	%	$	0.09	25	%
Diluted shares8	514			523			534			538			547			(10)		(2)	%	(33)		(6)	%

Adjusted effective tax rate	20.8		%	22.0		%	21.0		%	20.8		%	21.5		%
Adjusted ROTCE	13.6		%	13.1		%	13.3		%	13.2		%	12.0		%
Adjusted efficiency ratio	59.5		%	59.1		%	61.4		%	59.9		%	60.5		%

Numbers may not total due to rounding.

See footnote disclosures on page 19 and glossary of terms on page 25.


NOTABLE ITEMS
Quarterly, Unaudited


(In millions)	2Q25		1Q25		4Q24		3Q24		2Q24
Summary of Notable Items:


Loss on AFS portfolio restructuring	$	—	$	—	$	(91)	$	—	$	—



Deferred compensation adjustment	4		—		—		—		—
FDIC special assessment (other noninterest expense)	1		(1)		1		2		(2)
Other notable expenses *	—		(5)		(3)		(17)		(3)
Total notable items (pre-tax)	$	4	$	(6)	$	(94)	$	(14)	$	(5)
Tax-related notable items	$	—	$	—	$	—	$	—	$	—
Preferred Stock Dividend **	$	—	$	—	$	—	$	—	$	(7)

Numbers may not total due to rounding.

* 4Q24, 3Q24, and 2Q24 include $3 million, $2 million, and $3 million of restructuring expenses; 1Q25 and 3Q24 include $5 million and $15 million of Visa derivative valuation expenses

** 2Q24 includes $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.


IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited



($s in millions, except per share data)	2Q25		1Q25		4Q24		3Q24		2Q24
Impacts of Notable Items:



Noninterest income:







Securities (gains)/losses	$	—	$	—	$	91	$	—	$	—

Total noninterest income	$	—	$	—	$	91	$	—	$	—


Noninterest expense:
Personnel expenses:

Incentives and commissions	$	—	$	—	$	(2)	$	—	$	(1)
Deferred compensation expense	4		—		$	—	$	—	—
Total personnel expenses	4		—		(2)		(1)		(1)

Outside services	—		—		(1)		(1)		(3)

Other noninterest expense	1		(6)		1		(13)		(2)
Total noninterest expense	$	4	$	(6)	$	(2)	$	(14)	$	(5)


Income before income taxes	$	(4)	$	6	$	94	$	14	$	5
Provision for income taxes	(1)		1		23		4		1
Preferred stock dividends *	—		—		—		—		(7)
Net income/(loss) available to common shareholders	$	(3)	$	4	$	71	$	11	$	11
EPS impact of notable items	$	—	$	0.01	$	0.13	$	0.02	$	0.02

Numbers may not total due to rounding.

*2Q24 includes $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.


FINANCIAL RATIOS
Quarterly, Unaudited
																2Q25 Change vs.
	2Q25			1Q25			4Q24			3Q24			2Q24			1Q25					2Q24
FINANCIAL RATIOS																$/bp			%		$/bp			%
Net interest margin6	3.40		%	3.42		%	3.33		%	3.31		%	3.38		%	(2)		bp			2		bp

Return on average assets	1.20		%	1.11		%	0.82		%	1.08		%	1.00		%	9		bp			20		bp
Adjusted return on average assets4	1.18		%	1.14		%	1.17		%	1.13		%	1.02		%	4		bp			16		bp
Return on average common equity (“ROCE”)	11.14		%	10.30		%	7.38		%	10.10		%	8.98		%	84		bp			216		bp

Return on average tangible common equity (“ROTCE”)4	13.85		%	12.81		%	9.17		%	12.60		%	11.29		%	104		bp			256		bp
Adjusted ROTCE4	13.65		%	13.08		%	13.27		%	13.24		%	11.99		%	57		bp			166		bp
Noninterest income as a % of total revenue	22.73		%	22.29		%	23.20		%	24.06		%	22.75		%	44		bp			(2)		bp
Adjusted noninterest income as a % of total revenue4	22.63		%	22.20		%	23.10		%	23.95		%	22.64		%	43		bp			(1)		bp
Efficiency ratio	59.20		%	60.06		%	61.98		%	61.89		%	61.44		%	(86)		bp			(224)		bp
Adjusted efficiency ratio4	59.47		%	59.09		%	61.43		%	59.86		%	60.47		%	38		bp			(100)		bp
Allowance for credit losses to loans and leases4	1.42		%	1.45		%	1.43		%	1.44		%	1.41		%	(3)		bp			1		bp

CAPITAL DATA
CET1 capital ratio*	11.0		%	10.9		%	11.2		%	11.2		%	11.0		%	7		bp			(5)		bp
Tier 1 capital ratio*	12.0		%	11.9		%	12.2		%	12.2		%	12.1		%	6		bp			(4)		bp
Total capital ratio*	14.0		%	14.1		%	14.2		%	14.2		%	14.0		%	(9)		bp			(7)		bp
Tier 1 leverage ratio*	10.6		%	10.5		%	10.6		%	10.6		%	10.6		%	7		bp			(5)		bp
Risk-weighted assets (“RWA”) (billions)*	$	71.7		$	70.8		$	71.1		$	71.5		$	71.9		$	0.9		1	%	$	(0.3)		—	%
Total equity to total assets	11.28		%	11.10		%	11.09		%	11.27		%	10.89		%	18		bp			39		bp
Tangible common equity/tangible assets (“TCE/TA”)4	8.58		%	8.37		%	8.37		%	8.56		%	8.14		%	21		bp			44		bp
Period-end shares outstanding (millions)8	509			507			524			532			537			2			—	%	(28)			(5)	%
Cash dividends declared per common share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15		$	—		—	%	$	—		—	%
Book value per common share	$	16.78		$	16.40		$	16.00		$	16.15		$	15.34		$	0.37		2	%	$	1.44		9	%
Tangible book value per common share4	$	13.57		$	13.17		$	12.85		$	13.02		$	12.22		$	0.40		3	%	$	1.35		11	%


SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	96.47		%	96.90		%	95.40		%	93.80		%	96.89		%	(43)		bp			(42)		bp
Loans-to-deposit ratio (average balances)	96.62		%	95.57		%	94.44		%	94.19		%	95.49		%	105		bp			113		bp
Full-time equivalent associates	7,255			7,190			7,158			7,186			7,297			65			1	%	(42)			(1)	%

*Current quarter is an estimate.

See footnote disclosures on page 19 and glossary of terms on page 25.

CONSOLIDATED PERIOD-END BALANCE SHEET

Quarterly, Unaudited


											2Q25 Change vs.
(In millions)	2Q25		1Q25		4Q24		3Q24		2Q24		1Q25				2Q24
Assets:											$		%		$		%

Loans and leases:
Commercial, financial, and industrial (C&I)	$	34,359	$	33,354	$	33,428	$	33,092	$	33,452	$	1,005	3	%	$	907	3	%
Commercial real estate	13,936		14,139		14,421		14,705		14,669		(203)		(1)		(733)		(5)
Total Commercial	48,295		47,493		47,849		47,797		48,121		802		2		174		—
Consumer real estate	14,368		14,089		14,047		13,961		13,909		279		2		458		3
Credit card and other5	597		633		670		688		751		(36)		(6)		(153)		(20)
Total Consumer	14,965		14,722		14,716		14,648		14,660		243		2		305		2
Loans and leases, net of unearned income	63,260		62,215		62,565		62,445		62,781		1,045		2		479		1
Loans held for sale	402		510		551		494		471		(107)		(21)		(68)		(15)
Investment securities	9,362		9,333		9,166		9,530		9,221		29		—		141		2
Trading securities	1,430		1,376		1,387		1,549		1,249		54		4		181		14
Interest-bearing deposits with banks	911		1,164		1,538		1,286		1,452		(253)		(22)		(541)		(37)
Federal funds sold and securities purchased under agreements to resell	527		728		631		1,008		487		(201)		(28)		40		8
Total interest earning assets	75,893		75,326		75,838		76,311		75,662		567		1		231		—
Cash and due from banks	988		915		906		1,028		969		73		8		19		2
Goodwill and other intangible assets, net	1,633		1,643		1,653		1,663		1,674		(10)		(1)		(41)		(2)
Premises and equipment, net	561		569		574		572		584		(8)		(1)		(23)		(4)
Allowance for loan and lease losses	(814)		(822)		(815)		(823)		(821)		8		1		7		1
Other assets	3,823		3,861		3,996		3,883		4,162		(38)		(1)		(340)		(8)
Total assets	$	82,084	$	81,491	$	82,152	$	82,635	$	82,230	$	592	1	%	$	(147)	—	%

Liabilities and Shareholders' Equity:
Deposits:
Savings	$	25,939	$	26,242	$	26,695	$	26,634	$	25,437	$	(303)	(1)	%	$	501	2	%
Time deposits	7,270		5,918		6,613		8,326		7,163		1,352		23		107		1
Other interest-bearing deposits	16,477		16,213		16,252		15,403		15,845		264		2		631		4
Total interest-bearing deposits	49,685		48,373		49,560		50,363		48,446		1,312		3		1,239		3
Trading liabilities	469		670		550		767		423		(201)		(30)		47		11
Federal funds purchased and securities sold under agreements to repurchase	3,201		2,572		2,355		1,910		2,572		629		24		629		24
Short-term borrowings	260		1,223		1,045		675		1,943		(963)		(79)		(1,683)		(87)
Term borrowings	1,342		1,691		1,195		1,202		1,175		(349)		(21)		167		14
Total interest-bearing liabilities	54,957		54,529		54,705		54,918		54,559		428		1		398		1
Noninterest-bearing deposits	15,892		15,835		16,021		16,212		16,348		57		—		(457)		(3)
Other liabilities	1,978		2,084		2,315		2,189		2,368		(106)		(5)		(390)		(16)
Total liabilities	72,826		72,447		73,041		73,318		73,275		379		1		(449)		(1)
Shareholders' Equity:
Preferred stock	426		426		426		426		426		—		—		—		—
Common stock	318		317		328		333		336		1		—		(18)		(5)
Capital surplus	4,459		4,472		4,809		4,947		5,007		(14)		—		(548)		(11)
Retained earnings	4,671		4,516		4,382		4,304		4,172		154		3		498		12
Accumulated other comprehensive loss, net	(912)		(983)		(1,128)		(989)		(1,281)		72		7		369		29
Combined shareholders' equity	8,962		8,749		8,816		9,021		8,660		213		2		302		3
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	9,257		9,044		9,111		9,316		8,955		213		2		302		3
Total liabilities and shareholders' equity	$	82,084	$	81,491	$	82,152	$	82,635	$	82,230	$	592	1	%	$	(147)	—	%
Memo:
Total deposits	$	65,576	$	64,208	$	65,581	$	66,575	$	64,794	$	1,369	2	%	$	783	1	%
Loans to mortgage companies	$	4,058	$	3,369	$	3,471	$	3,244	$	2,934	$	689	20	%	$	1,124	38	%
Unfunded Loan Commitments:
Commercial	$	17,784	$	17,974	$	17,863	$	18,180	$	18,781	$	(190)	(1)	%	$	(997)	(5)	%
Consumer	$	4,153	$	4,190	$	4,203	$	4,281	$	4,334	$	(37)	(1)	%	$	(181)	(4)	%

Numbers may not total due to rounding. See footnote disclosures on page 19 and glossary of terms on page 25.

CONSOLIDATED AVERAGE BALANCE SHEET

Quarterly, Unaudited


											2Q25 Change vs.
(In millions)	2Q25		1Q25		4Q24		3Q24		2Q24		1Q25				2Q24
Assets:											$		%		$		%
Loans and leases:
Commercial, financial, and industrial (C&I)	$	33,634	$	32,632	$	33,107	$	33,074	$	32,909	$	1,002	3	%	$	726	2	%
Commercial real estate	14,070		14,318		14,601		14,684		14,576		(248)		(2)		(506)		(3)
Total Commercial	47,704		46,951		47,709		47,758		47,485		754		2		220		—
Consumer real estate	14,224		14,046		14,008		13,935		13,783		178		1		441		3
Credit card and other5	623		649		701		720		761		(26)		(4)		(138)		(18)
Total Consumer	14,847		14,694		14,709		14,654		14,544		153		1		303		2
Loans and leases, net of unearned income	62,551		61,645		62,418		62,413		62,029		906		1		523		1
Loans held-for-sale	501		519		482		491		462		(18)		(3)		40		9
Investment securities	9,330		9,209		9,295		9,400		9,261		121		1		70		1
Trading securities	1,609		1,442		1,515		1,469		1,367		167		12		242		18
Interest-bearing deposits with banks	1,259		1,265		1,438		1,741		1,449		(6)		—		(189)		(13)
Federal funds sold and securities purchased under agreements to resell	636		713		594		607		676		(77)		(11)		(40)		(6)
Total interest earning assets	75,887		74,793		75,742		76,121		75,243		1,095		1		645		1
Cash and due from banks	864		886		911		905		904		(22)		(2)		(40)		(4)
Goodwill and other intangible assets, net	1,638		1,648		1,658		1,669		1,680		(10)		(1)		(42)		(2)
Premises and equipment, net	565		570		571		578		585		(5)		(1)		(20)		(3)
Allowances for loan and lease losses	(828)		(827)		(821)		(827)		(810)		(1)		—		(18)		(2)
Other assets	3,831		3,896		3,889		3,921		4,120		(65)		(2)		(289)		(7)
Total assets	$	81,958	$	80,965	$	81,950	$	82,366	$	81,721	$	993	1	%	$	237	—	%

Liabilities and shareholders' equity:
Deposits:
Savings	$	25,899	$	26,544	$	26,836	$	26,062	$	25,462	$	(646)	(2)	%	$	437	2	%
Time deposits	6,630		6,329		7,407		8,167		6,683		301		5		(53)		(1)
Other interest-bearing deposits	16,362		16,096		15,726		15,923		16,484		266		2		(121)		(1)
Total interest-bearing deposits	48,891		48,970		49,969		50,153		48,629		(78)		—		263		1
Trading liabilities	613		692		578		576		605		(80)		(12)		7		1
Federal funds purchased and securities sold under agreements to repurchase	2,692		2,479		2,205		2,132		2,208		213		9		483		22
Short-term borrowings	1,208		681		441		884		1,267		527		77		(59)		(5)
Term borrowings	1,556		1,332		1,206		1,188		1,170		225		17		387		33
Total interest-bearing liabilities	54,960		54,154		54,398		54,931		53,879		806		1		1,081		2
Noninterest-bearing deposits	15,851		15,535		16,123		16,111		16,332		317		2		(481)		(3)
Other liabilities	2,050		2,165		2,213		2,196		2,561		(116)		(5)		(512)		(20)
Total liabilities	72,861		71,854		72,735		73,238		72,772		1,007		1		89		—
Shareholders' Equity:
Preferred stock	426		426		426		426		426		—		—		—		—
Common stock	318		323		330		334		340		(6)		(2)		(22)		(7)
Capital surplus	4,464		4,664		4,881		4,973		5,127		(201)		(4)		(664)		(13)
Retained earnings	4,562		4,468		4,382		4,254		4,122		94		2		440		11
Accumulated other comprehensive loss, net	(967)		(1,066)		(1,099)		(1,154)		(1,361)		99		9		394		29
Combined shareholders' equity	8,802		8,816		8,920		8,833		8,654		(14)		—		148		2
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	9,097		9,111		9,216		9,128		8,949		(14)		—		148		2
Total liabilities and shareholders' equity	$	81,958	$	80,965	$	81,950	$	82,366	$	81,721	$	993	1	%	$	237	—	%
Memo:
Total deposits	$	64,742	$	64,504	$	66,092	$	66,263	$	64,960	$	238	—	%	$	(218)	—	%
Loans to mortgage companies	$	3,533	$	2,819	$	3,283	$	2,875	$	2,440	$	714	25	%	$	1,093	45	%

Numbers may not total due to rounding.

See footnote disclosures on page 19 and glossary of terms on page 25.


CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited
																					2Q25 Change vs.
	2Q25				1Q25				4Q24				3Q24				2Q24				1Q25					2Q24
(In millions, except rates)	Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense		Rate		Income/Expense					Income/Expense
																					$/bp			%		$/bp			%
Interest earning assets/Interest income:
Loans and leases, net of unearned income:


Commercial	$	738	6.21	%	$	715	6.18	%	$	771	6.43	%	$	813	6.78	%	$	800	6.78	%	$	24		3	%	$	(62)		(8)	%


Consumer	186		4.99		182		4.96		183		4.97		186		5.05		179		4.91		4			2		7			4
Loans and leases, net of unearned income	924		5.92		897		5.89		954		6.09		999		6.37		978		6.34		26			3		(55)			(6)
Loans held-for-sale	8		6.76		9		7.09		9		7.38		10		7.77		9		7.50		(1)			(8)		—			(2)
Investment securities	71		3.06		69		3.02		62		2.69		61		2.58		60		2.58		2			3		12			20
Trading securities	23		5.72		20		5.57		22		5.74		22		6.05		22		6.30		3			15		1			7
Interest-bearing deposits with banks	14		4.45		14		4.44		17		4.77		24		5.40		20		5.46		—			1		(6)			(29)
Federal funds sold and securities purchased under agreements	7		4.24		7		4.24		7		4.46		8		5.23		9		5.31		(1)			(10)		(2)			(25)
Interest income	$	1,047	5.53	%	$	1,017	5.50	%	$	1,071	5.63	%	$	1,123	5.88	%	$	1,097	5.86	%	$	30		3	%	$	(50)		(5)	%

Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$	177	2.73	%	$	175	2.67	%	$	210	3.11	%	$	225	3.43	%	$	208	3.29	%	$	2		1	%	$	(31)		(15)	%
Time deposits	64		3.88		62		4.00		81		4.35		95		4.63		74		4.45		2			3		(10)			(13)
Other interest-bearing deposits	96		2.36		92		2.31		99		2.49		114		2.85		117		2.86		5			5		(21)			(18)
Total interest-bearing deposits	337		2.76		329		2.72		389		3.10		434		3.44		399		3.30		8			2		(62)			(16)
Trading liabilities	6		4.07		7		4.29		6		4.01		6		4.13		7		4.46		(1)			(15)		—			(7)
Federal funds purchased and securities sold under agreements to repurchase	24		3.61		21		3.47		21		3.72		23		4.20		24		4.36		3			14		—			1
Short-term borrowings	13		4.47		7		4.40		5		4.75		12		5.52		17		5.48		6			82		(4)			(22)
Term borrowings	22		5.60		18		5.41		17		5.52		17		5.64		17		5.64		4			21		5			32
Interest expense	403		2.94		383		2.87		438		3.20		491		3.56		464		3.46		20			5		(61)			(13)
Net interest income - tax equivalent basis	645		2.59		634		2.63		634		2.43		631		2.32		633		2.40		10			2		12			2
Fully taxable equivalent adjustment	(4)		0.81		(3)		0.79		(4)		0.90		(4)		0.99		(4)		0.98		—			(6)		1			15
Net interest income	$	641	3.40	%	$	631	3.42	%	$	630	3.33	%	$	627	3.31	%	$	629	3.38	%	$	10		2	%	$	12		2	%

Memo:
Total loan yield			5.92	%			5.89	%			6.09	%			6.37	%			6.34	%	3		bp			(42)		bp
Total deposit cost			2.09	%			2.07	%			2.34	%			2.61	%			2.47	%	2		bp			(38)		bp
Total funding cost			2.28	%			2.23	%			2.47	%			2.75	%			2.66	%	5		bp			(38)		bp
Average loans and leases, net of unearned income	$	62,551			$	61,645			$	62,418			$	62,413			$	62,029			$	906		1	%	$	523		1	%
Average deposits	64,742				64,504				66,092				66,263				64,960				238			—	%	(218)			—	%
Average funded liabilities	70,811				69,689				70,521				71,042				70,210				$	1,123		2	%	$	601		1	%

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 total due to rounding.

See footnote disclosures on page 19 and glossary of terms on page 25.


CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited

	As of															2Q25 change vs.
(In millions, except ratio data)	2Q25			1Q25			4Q24			3Q24			2Q24			1Q25				2Q24
																$		%		$		%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$	224		$	195		$	173		$	190		$	167		$	30	15	%	$	57	34	%
Commercial real estate	236			284			294			259			261			(48)		(17)		(25)		(10)
Consumer real estate	131			129			133			128			143			2		1		(13)		(9)
Credit card and other5	1			1			2			1			2			—		1		(1)		(34)
Total nonperforming loans and leases	$	593		$	609		$	602		$	578		$	574		$	(17)	(3)	%	$	19	3	%

Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.65		%	0.58		%	0.52		%	0.57		%	0.50		%
Commercial real estate	1.70			2.01			2.04			1.76			1.78
Consumer real estate	0.91			0.92			0.95			0.92			1.03
Credit card and other5	0.21			0.19			0.23			0.20			0.25
Total nonperforming loans and leases to loans and leases	0.94		%	0.98		%	0.96		%	0.92		%	0.91		%

Numbers may not total due to rounding.

See footnote disclosures on page 19 and glossary of terms on page 25.


CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Quarterly, Unaudited

	As of										2Q25 change vs.
(In millions)	2Q25		1Q25		4Q24		3Q24		2Q24		1Q25				2Q24
											$		%		$		%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)	$	1	$	1	$	1	$	1	$	—	$	—	7	%	$	1	NM
Commercial real estate	—		—		—		—		—		—		NM		—		NM
Consumer real estate	6		7		19		13		3		(1)		(9)		3		90
Credit card and other5	1		—		1		3		2		1		NM		(1)		(42)
Total loans and leases 90 days or more past due and accruing	$	8	$	8	$	21	$	17	$	6	$	—	6	%	$	3	47	%

Numbers may not total due to rounding.

See footnote disclosures on page 19 and glossary of terms on page 25.


CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited

	As of															2Q25 change vs.
(In millions, except ratio data)	2Q25			1Q25			4Q24			3Q24			2Q24			1Q25				2Q24
Charge-off, Recoveries and Related Ratios																$		%		$		%
Gross Charge-offs
Commercial, financial, and industrial (C&I)	$	28		$	34		$	13		$	12		$	24		$	(6)	(18)	%	$	4	15	%
Commercial real estate	8			3			9			15			19			5		NM		(11)		(60)
Consumer real estate	2			—			1			1			1			1		NM		1		69
Credit card and other5	6			4			6			5			5			2		49		1		23
Total gross charge-offs	$	43		$	41		$	29		$	33		$	49		$	2	6	%	$	(6)	(12)	%
Gross Recoveries
Commercial, financial, and industrial (C&I)	$	(6)		$	(6)		$	(12)		$	(4)		$	(11)		$	—	(7)	%	$	5	46	%
Commercial real estate	—			(3)			—			(1)			—			4		NM		—		NM
Consumer real estate	(2)			(1)			(2)			(3)			(2)			—		(31)		1		37
Credit card and other5	(2)			(1)			(1)			(1)			(1)			—		(26)		—		(29)
Total gross recoveries	$	(9)		$	(12)		$	(15)		$	(9)		$	(15)		$	2	21	%	$	6	40	%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I)	$	22		$	28		$	1		$	8		$	13		$	(6)	(23)	%	$	9	71	%
Commercial real estate	8			(1)			9			14			19			9		NM		(11)		(59)
Consumer real estate	—			(1)			(2)			(2)			(1)			1		NM		2		NM
Credit card and other5	4			3			5			3			3			2		60		1		21
Total net charge-offs	$	34		$	29		$	13		$	24		$	34		$	5	16	%	$	—	—	%

Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I)	0.26		%	0.35		%	0.01		%	0.10		%	0.16		%
Commercial real estate	0.22			(0.02)			0.25			0.39			0.53
Consumer real estate	—			(0.02)			(0.05)			(0.05)			(0.04)
Credit card and other5	2.64			1.60			2.78			1.92			1.79
Total loans and leases	0.22		%	0.19		%	0.08		%	0.15		%	0.22		%

Numbers may not total due to rounding.

See footnote disclosures on page 19 and glossary of terms on page 25.


CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS
Quarterly, Unaudited

	As of										2Q25 Change vs.
(In millions)	2Q25		1Q25		4Q24		3Q24		2Q24		1Q25				2Q24
Summary of Changes in the Components of the Allowance For Credit Losses											$		%		$		%
Allowance for loan and lease losses - beginning	$	822	$	815	$	823	$	821	$	787	$	7	1	%	$	35	5	%













Charge-offs:
Commercial, financial, and industrial (C&I)	(28)		(34)		(13)		(12)		(24)		6		18		(4)		(15)
Commercial real estate	(8)		(3)		(9)		(15)		(19)		(5)		NM		11		60
Consumer real estate	(2)		—		(1)		(1)		(1)		(1)		NM		(1)		(69)
Credit card and other5	(6)		(4)		(6)		(5)		(5)		(2)		(49)		(1)		(23)
Total charge-offs	(43)		(41)		(29)		(33)		(49)		(2)		(6)		6		12
Recoveries:
Commercial, financial, and industrial (C&I)	6		6		12		4		11		—		7		(5)		(46)
Commercial real estate	—		3		—		1		—		(4)		NM		—		NM
Consumer real estate	2		1		2		3		2		—		31		(1)		(37)
Credit card and other5	2		1		1		1		1		—		26		—		29
Total Recoveries	9		12		15		9		15		(2)		(21)		(6)		(40)
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)	23		28		(5)		15		9		(5)		(17)		14		149
Commercial real estate	(5)		(2)		18		11		59		(2)		(98)		(64)		(108)
Consumer real estate	4		8		(10)		(3)		(1)		(4)		(51)		5		NM
Credit card and other5	3		2		4		2		—		1		53		3		NM
Total provision for loan and lease losses:	26		36		6		26		68		(10)		(28)		(42)		(62)
Allowance for loan and lease losses - ending	$	814	$	822	$	815	$	823	$	821	$	(8)	(1)	%	$	(7)	(1)	%

Reserve for unfunded commitments - beginning	$	83	$	79	$	75	$	66	$	79	$	4	5	%	$	4	5	%


Provision for unfunded commitments	4		4		4		9		(13)		—		—		17		131
Reserve for unfunded commitments - ending	$	87	$	83	$	79	$	75	$	66	$	4	5	%	$	21	32	%
Total allowance for credit losses- ending	$	901	$	905	$	894	$	897	$	887	$	(4)	—	%	$	14	2	%

Numbers may not total due to rounding.

See footnote disclosures on page 19 and glossary of terms on page 25.


CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES
Quarterly, Unaudited

	As of
	2Q25		1Q25		4Q24		3Q24		2Q24

Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	1.01	%	1.04	%	1.03	%	1.06	%	1.03	%
Commercial real estate	1.53	%	1.59	%	1.57	%	1.48	%	1.51	%
Consumer real estate	1.63	%	1.63	%	1.57	%	1.65	%	1.66	%
Credit card and other5	3.50	%	3.41	%	3.28	%	3.39	%	3.26	%
Total allowance for loans and lease losses to loans and leases	1.29	%	1.32	%	1.30	%	1.32	%	1.31	%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	155	%	178	%	199	%	185	%	205	%
Commercial real estate	90	%	79	%	77	%	84	%	85	%
Consumer real estate	179	%	178	%	167	%	180	%	161	%
Credit card and other5	1,684	%	1,752	%	1,438	%	1,672	%	1,295	%
Total allowance for loans and lease losses to nonperforming loans and leases	137	%	135	%	136	%	142	%	143	%

Allowance for credit losses ratios
Total allowance for credit losses to loans and leases4	1.42	%	1.45	%	1.43	%	1.44	%	1.41	%
Total allowance for credit losses to nonperforming loans and leases4	152	%	148	%	149	%	155	%	155	%

See footnote disclosures on page 19 and glossary of terms on page 25.

COMMERCIAL, CONSUMER, AND WEALTH

Quarterly, Unaudited


																2Q25 Change vs.
	2Q25			1Q25			4Q24			3Q24			2Q24			1Q25					2Q24
																$/bp			%		$/bp			%
Income Statement (millions)
Net interest income	$	634		$	624		$	635		$	634		$	637		$	10		2	%	$	(3)		(1)	%
Noninterest income	113			110			116			119			115			3			3		(2)			(2)
Total revenue	747			734			751			754			752			13			2		(5)			(1)
Noninterest expense	354			344			361			352			357			11			3		(3)			(1)
Pre-provision net revenue3	393			390			390			402			395			3			1		(3)			(1)
Provision for credit losses	13			38			15			42			56			(25)			(66)		(43)			(77)
Income before income tax expense	380			352			375			359			339			28			8		41			12
Income tax expense	90			84			89			85			79			7			8		11			13
Net income	$	289		$	268		$	286		$	274		$	259		$	21		8	%	$	30		12	%

Average Balances (billions)
Total loans and leases	$	56.3		$	56.2		$	56.5		$	56.9		$	56.9		$	0.1		—	%	$	(0.6)		(1)	%
Interest-earning assets	56.3			56.2			56.5			56.9			56.9			0.1			—		(0.6)			(1)
Total assets	58.7			58.7			59.1			59.5			59.7			—			—		(0.9)			(2)
Total deposits	58.9			59.1			59.9			59.7			59.5			(0.3)			—		(0.7)			(1)

Key Metrics
Net interest margin6	4.53		%	4.52		%	4.49		%	4.46		%	4.53		%	1		bp			—		bp
Efficiency ratio	47.43		%	46.85		%	48.13		%	46.67		%	47.46		%	58		bp			(3)		bp
Loans-to-deposits ratio (period-end balances)	95.24		%	94.28		%	94.14		%	94.41		%	96.62		%	96		bp			(138)		bp
Loans-to-deposits ratio (average-end balances)	95.59		%	94.99		%	94.30		%	95.26		%	95.54		%	60		bp			5		bp
Return on average assets (annualized)	1.98		%	1.85		%	1.92		%	1.83		%	1.75		%	13		bp			23		bp
Return on allocated equity7	23.03		%	21.50		%	22.39		%	21.60		%	20.81		%	153		bp			222		bp
Financial center locations	414			414			416			416			418			—					(4)

Numbers may not total due to rounding.

Certain previously reported amounts have been reclassified to agree with current presentation.

See footnote disclosures on page 19 and glossary of terms on page 25.

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 transportation and logistics. 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

Quarterly, Unaudited


																2Q25 Change vs.
	2Q25			1Q25			4Q24			3Q24			2Q24			1Q25					2Q24
																$/bp			%		$/bp			%
Income Statement (millions)
Net interest income	$	57		$	50		$	54		$	52		$	46		$	8		15	%	$	11		23	%
Noninterest income	53			59			58			57			53			(6)			(10)		—			—
Total revenue	111			109			112			108			100			2			1		11			11
Noninterest expense	76			76			76			75			73			—			—		3			4
Pre-provision net revenue3	35			33			36			33			27			2			6		8			29
Provision for credit losses	6			3			1			(7)			1			2			73		4			NM
Income before income tax expense	29			30			35			40			26			(1)			(2)		3			13
Income tax expense	7			7			8			10			6			—			(2)		1			12
Net income	$	22		$	23		$	27		$	30		$	20		$	—		(2)	%	$	3		14	%

Average Balances (billions)
Total loans and leases	$	5.8		$	5.0		$	5.5		$	5.1		$	4.7		$	0.8		16	%	$	1.1		24	%
Interest-earning assets	8.6			7.8			8.2			7.7			7.3			0.8			11		1.3			18
Total assets	9.3			8.5			8.9			8.4			8.0			0.8			10		1.3			16
Total deposits	2.1			2.0			2.0			1.9			1.8			0.1			3		0.2			14

Key Metrics
Fixed income product average daily revenue (thousands)	$	550		$	586		$	659		$	593		$	488		$	(35)		(6)	%	$	62		13	%
Net interest margin6	2.67		%	2.59		%	2.64		%	2.67		%	2.57		%	8		bp			10		bp
Efficiency ratio	68.29		%	69.58		%	67.66		%	69.62		%	72.79		%	(129)		bp			(450)		bp
Loans-to-deposits ratio (period-end balances)	312		%	288		%	305		%	281		%	279		%	2,423		bp			3,328		bp
Loans-to-deposits ratio (average-end balances)	282		%	252		%	278		%	273		%	260		%	3,015		bp			2,269		bp
Return on average assets (annualized)	0.96		%	1.08		%	1.19		%	1.43		%	0.99		%	(12)		bp			(3)		bp
Return on allocated equity7	15.96		%	16.56		%	19.00		%	21.36		%	14.35		%	(60)		bp			161		bp

Numbers may not total due to rounding.

Certain previously reported amounts have been reclassified to agree with current presentation.

See footnote disclosures on page 19 and glossary of terms on page 25.

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

Quarterly, Unaudited


											2Q25 Change vs.
	2Q25		1Q25		4Q24		3Q24		2Q24		1Q25				2Q24
											$		%		$		%
Income Statement (millions)
Net interest income/(expense)	$	(50)	$	(42)	$	(59)	$	(59)	$	(55)	$	(8)	(18)	%	$	5	9	%
Noninterest income	22		12		(75)		25		17		10		84		4		26
Total revenues	(28)		(30)		(134)		(34)		(37)		2		8		9		25
Noninterest expense	61		68		71		84		70		(7)		(10)		(9)		(13)
Pre-provision net revenue3	(89)		(98)		(205)		(118)		(108)		9		9		18		17
Provision for credit losses	11		(1)		(6)		—		(3)		12		NM		14		NM
Income before income tax expense	(100)		(97)		(199)		(118)		(105)		(3)		(3)		5		4
Income tax expense (benefit)	(33)		(28)		(57)		(37)		(30)		(5)		(17)		(3)		(10)
Net income/(loss)	$	(67)	$	(69)	$	(143)	$	(81)	$	(75)	$	2	2	%	$	8	10	%

Average Balance Sheet (billions)
Interest bearing assets	$	11.0	$	10.8	$	11.1	$	11.5	$	11.1	$	0.2	1	%	$	(0.1)	(1)	%
Total assets	13.9		13.8		14.0		14.4		14.0		0.2		1		(0.1)		(1)

Numbers may not 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 are reconciled 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 20.

5 Credit card and other includes $161 million of commercial credit card balances at June 30, 2025.

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 for all periods shown was impacted by share repurchases.

9 Balance fluctuates based on market conditions. 1Q25 decrease driven by equity market valuations.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

($s in millions, except per share data)	2Q25			1Q25			4Q24			3Q24			2Q24

Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$	9,257		$	9,044		$	9,111		$	9,316		$	8,955
Less: Noncontrolling interest (a)	295			295			295			295			295
Less: Preferred stock (a)	426			426			426			426			426
(B) Total common equity	$	8,536		$	8,322		$	8,389		$	8,595		$	8,234
Less: Intangible assets (GAAP) (b)	1,633			1,643			1,653			1,663			1,674
(C) Tangible common equity (Non-GAAP)	$	6,903		$	6,680		$	6,737		$	6,931		$	6,560

Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$	82,084		$	81,491		$	82,152		$	82,635		$	82,230
Less: Intangible assets (GAAP) (b)	1,633			1,643			1,653			1,663			1,674
(E) Tangible assets (Non-GAAP)	$	80,451		$	79,849		$	80,499		$	80,971		$	80,556












Period-end Shares Outstanding
(F) Period-end shares outstanding	509			507			524			532			537

Ratios


(A)/(D) Total equity to total assets (GAAP)	11.28		%	11.10		%	11.09		%	11.27		%	10.89		%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	8.58		%	8.37		%	8.37		%	8.56		%	8.14		%
(B)/(F) Book value per common share (GAAP)	$	16.78		$	16.40		$	16.00		$	16.15		$	15.34
(C)/(F) Tangible book value per common share (Non-GAAP)	$	13.57		$	13.17		$	12.85		$	13.02		$	12.22

(a) Included in Total equity on the Consolidated Balance Sheet.

(b) Includes goodwill and other intangible assets, net of amortization.

Numbers may not total due to rounding.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

($s in millions, except per share data)		2Q25			1Q25			4Q24			3Q24			2Q24

Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)	a	$	233		$	213		$	158		$	213		$	184
Plus Total notable items (after-tax) (Non-GAAP) (a)		$	(3)		$	4		$	71		$	11		$	11
Adjusted net income available to common shareholders (Non-GAAP)	b	$	229		$	217		$	228		$	224		$	195

Diluted Shares (GAAP)8	c	514			523			534			538			547

Diluted EPS (GAAP)	a/c	$	0.45		$	0.41		$	0.29		$	0.40		$	0.34
Adjusted diluted EPS (Non-GAAP)	b/c	$	0.45		$	0.42		$	0.43		$	0.42		$	0.36

Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)		$	244		$	222		$	170		$	223		$	204
Plus Relevant notable items (after-tax) (Non-GAAP) (a)		$	(3)		$	4		$	71		$	11		$	4
Adjusted NI (Non-GAAP)		$	241		$	227		$	240		$	234		$	208

NI (annualized) (GAAP)	d	$	980		$	901		$	675		$	889		$	820
Adjusted NI (annualized) (Non-GAAP)	e	$	967		$	919		$	956		$	932		$	836

Average assets (GAAP)	f	$	81,958		$	80,965		$	81,950		$	82,366		$	81,721

ROA (GAAP)	d/f	1.20		%	1.11		%	0.82		%	1.08		%	1.00		%
Adjusted ROA (Non-GAAP)	e/f	1.18		%	1.14		%	1.17		%	1.13		%	1.02		%

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	$	933		$	864		$	627		$	849		$	739
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)	h	$	919		$	882		$	907		$	892		$	785

Average Common Equity (GAAP)	i	$	8,376		$	8,389		$	8,494		$	8,407		$	8,228
Intangible Assets (GAAP) (b)		1,638			1,648			1,658			1,669			1,680
Average Tangible Common Equity (Non-GAAP)	j	$	6,738		$	6,742		$	6,836		$	6,738		$	6,548



ROCE (GAAP)	g/i	11.14		%	10.30		%	7.38		%	10.10		%	8.98		%


ROTCE (Non-GAAP)	g/j	13.85		%	12.81		%	9.17		%	12.60		%	11.29		%
Adjusted ROTCE (Non-GAAP)	h/j	13.65		%	13.08		%	13.27		%	13.24		%	11.99		%

(a) Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 8.

(b) Includes goodwill and other intangible assets, net of amortization.

Numbers may not total due to rounding.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

(In millions)		2Q25			1Q25			4Q24			3Q24			2Q24

Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	k	$	189		$	181		$	99		$	200		$	186
Plus notable items (pretax) (GAAP) (a)		—			—			91			—			—
Adjusted noninterest income (Non-GAAP)	l	$	189		$	181		$	190		$	200		$	186

Revenue (GAAP)	m	$	830		$	812		$	729		$	828		$	815
Taxable-equivalent adjustment		4			3			4			4			4
Revenue- Taxable-equivalent (Non-GAAP)		833			816			732			832			819
Plus notable items (pretax) (GAAP) (a)		—			—			91			—			—
Adjusted revenue (Non-GAAP)	n	$	833		$	816		$	824		$	832		$	819

Securities gains/(losses) (GAAP)	o	$	—		$	—		$	(91)		$	1		$	1

Noninterest income as a % of total revenue (GAAP)	(k-o)/ (m-o)	22.73		%	22.29		%	23.20		%	24.06		%	22.75		%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	l/n	22.63		%	22.20		%	23.10		%	23.95		%	22.64		%

Adjusted Efficiency Ratio
Noninterest expense (GAAP)	p	$	491		$	488		$	508		$	511		$	500
Plus notable items (pretax) (GAAP) (a)		$	4		$	(6)		$	(2)		$	(14)		$	(5)
Adjusted noninterest expense (Non-GAAP)	q	$	495		$	482		$	506		$	497		$	495

Revenue (GAAP)	r	$	830		$	812		$	729		$	828		$	815
Taxable-equivalent adjustment		4			3			4			4			4
Revenue- Taxable-equivalent (Non-GAAP)		833			816			732			832			819
Plus notable items (pretax) (GAAP) (a)		—			—			91			—			—
Adjusted revenue (Non-GAAP)	s	$	833		$	816		$	824		$	832		$	819

Securities gains/(losses) (GAAP)	t	$	—		$	—		$	(91)		$	1		$	1

Efficiency ratio (GAAP)	p/ (r-t)	59.20		%	60.06		%	61.98		%	61.89		%	61.44		%
Adjusted efficiency ratio (Non-GAAP)	q/s	59.47		%	59.09		%	61.43		%	59.86		%	60.47		%

(a) Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 8.

(b) Includes goodwill and other intangible assets, net of amortization.

Numbers may not total due to rounding.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION

Quarterly, Unaudited

($s in millions)



	Period-end								Average
	2Q25		1Q25		2Q25 vs. 1Q25				2Q25		1Q25		2Q25 vs. 1Q25










Loans excluding LMC
Total Loans (GAAP)	$	63,260	$	62,215	$	1,045	2	%	$	62,551	$	61,645	$	906	1	%
LMC (GAAP)	4,058		3,369		689		20	%	3,533		2,819		714		25	%
Total Loans excl. LMC (Non-GAAP)	59,201		58,846		356		1	%	59,019		58,826		193		—	%
Total Consumer (GAAP)	14,965		14,722		243		2	%	14,847		14,694		153		1	%
Total Commercial excl. LMC (Non-GAAP)	44,237		44,124		113		—	%	44,172		44,132		40		—	%
Total CRE (GAAP)	13,936		14,139		(203)		(1)	%	14,070		14,318		(248)		(2)	%
Total C&I excl. LMC (Non-GAAP)	$	30,301	$	29,985	$	316	1	%	$	30,102	$	29,814	288		1	%

Numbers may not total due to rounding.



		2Q25			1Q25			4Q24			3Q24			2Q24
Allowance for credit losses to loans and leases and Allowance for credit losses to nonperforming loans and leases
Allowance for loan and lease losses (GAAP)	A	$	814		$	822		$	815		$	823		$	821
Reserve for unfunded commitments (GAAP)		87			83			79			75			66
Allowance for credit losses (Non-GAAP)	B	$	901		$	905		$	894		$	897		$	887

Loans and leases (GAAP)	C	$	63,260		$	62,215		$	62,565		$	62,445		$	62,781
Nonaccrual loans and leases (GAAP)	D	$	593		$	609		$	602		$	578		$	574

Allowance for loans and lease losses to loans and leases (GAAP)	A/C	1.29		%	1.32		%	1.30		%	1.32		%	1.31		%
Allowance for credit losses to loans and leases (Non-GAAP)	B/C	1.42		%	1.45		%	1.43		%	1.44		%	1.41		%

Allowance for loans and lease losses to nonperforming loans and leases (GAAP)	A/D	137		%	135		%	136		%	142		%	143		%
Allowance for credit losses to nonperforming loans and leases (Non-GAAP)	B/D	152		%	148		%	149		%	155		%	155		%

Numbers may not total due to rounding.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

($s in millions)

	2Q25		1Q25		4Q24		3Q24		2Q24
Adjusted Pre-provision Net Revenue (PPNR)
Pre-tax income (GAAP)	$	309	$	285	$	210	$	281	$	260
Plus notable items (pretax) (GAAP) (a)	(4)		6		94		14		5
Adjusted Pre-tax income (non-GAAP)	$	304	$	290	$	304	$	296	$	265
Plus provision expense (GAAP)	30		40		10		35		55
Adjusted Pre-provision net revenue (PPNR) (non-GAAP)	$	334	$	330	$	314	$	331	$	320
Taxable-equivalent adjustment	4		3		4		4		4
Pre-provision net revenue-Taxable-equivalent (Non-GAAP)	$	338	$	334	$	318	$	335	$	324

(a) Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 8.

Numbers may not total due to rounding.







	2Q25		1Q25		4Q24		3Q24		2Q24
Adjusted personnel expense excluding deferred compensation expense
Personnel expense (GAAP)	$	282	$	279	$	276	$	282	$	279
Plus notable items (pretax) (GAAP) (a)	4		—		(2)		(1)		(1)
Adjusted personnel expense (non-GAAP)	$	285	$	279	$	274	$	281	$	279
Less adjusted deferred compensation expense (GAAP)	7		(3)		1		6		3
Adjusted personnel expense excluding deferred compensation expense (non-GAAP)	$	279	$	282	$	272	$	275	$	276

(a) Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 8.

Numbers may not total due to rounding.

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.

Operating Segments