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First Horizon Corporation's Momentum Continues with Strong First Quarter 2025 Results
Net Income Available to Common Shareholders of $213 Million with an EPS of $0.41, a $0.12 Increase from Prior Quarter; $217 Million or $0.42 on an Adjusted Basis, Down $0.01 from Prior Quarter*


MEMPHIS, TN (April 16, 2025) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported first quarter net income available to common shareholders ("NIAC") of $213 million or earnings per share of $0.41, compared with fourth quarter 2024 NIAC of $158 million or earnings per share of $0.29. First quarter 2025 results were reduced by net $4 million after-tax, or $0.01 per share, of notable items compared with $71 million, or $0.13 per share, in fourth quarter 2024. Excluding notable items, adjusted first quarter 2025 NIAC was $217 million or $0.42 per share compared to $228 million or $0.43 per share in fourth quarter 2024.

"We are pleased to report strong performance as we begin 2025. Our commitment to delivering value to our shareholders through consistent returns is achieved by meeting client needs with tailored solutions, maintaining a strong associate culture, and supporting our communities with unwavering resolve," said President and CEO Bryan Jordan.

He continued, "Our business model prioritizes safety and soundness, profitability, and growth, equipping us to manage uncertainties and adapt to economic changes. For 161 years, First Horizon has demonstrated its ability to perform through diverse economic conditions and is well-positioned to achieve sustainable growth and continue delivering results that benefit our stakeholders for the long term."




Notable Items
Notable Items
Quarterly, Unaudited ($ in millions, except per share data)1Q254Q241Q24
Summary of Notable Items:
Loss on AFS portfolio restructuring$— $(91)$— 
FDIC special assessment (other noninterest expense)(1)1 (10)
Other notable expenses (5)(3)(5)
Total notable items (pre-tax)$(6)$(94)$(15)
Total notable items (after-tax) $(4)$(71)$(12)
Numbers may not total due to rounding.



First quarter notable items included $1 million of expense for the FDIC special assessment and a $5 million impact related to Visa derivative valuation expenses.





*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.
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First Quarter 2025 versus Fourth Quarter 2024

Net interest income
Net interest income (FTE) increased $1 million to $634 million and net interest margin of 3.42% increased 9 basis points. Both changes were driven by a 38 basis point reduction in interest-bearing deposit costs and partially offset by the impact of lower loan yields and loan volumes.

Noninterest income
Noninterest income increased $82 million to $181 million, as fourth quarter 2024 contained a $91 million notable loss associated with an opportunistic restructuring of a portion of the securities portfolio. Adjusted noninterest income decreased by $9 million from fourth quarter 2024 as deferred compensation income was $4 million lower. Fixed income remained flat from prior quarter despite average daily revenue (ADR) reduction to $586k, as revenue from other products within that business increased. Typical fluctuation levels in brokerage, trust and insurance income and other noninterest income resulted in reductions of $3 million and $2 million, respectively.

Noninterest expense
Noninterest expense of $488 million decreased $21 million from the prior quarter. First quarter notable items included $1 million of expense for the FDIC special assessment and a $5 million impact related to Visa derivative valuation expenses. Adjusted noninterest expense of $482 million decreased $24 million, including $4 million lower deferred compensation. Personnel expense, excluding deferred compensation, was $9 million higher due to annual merit adjustments and incremental expense associated with performance award adjustments. Outside services declined by $8 million as completed technology projects drove lower vendor costs. Other noninterest expense decreased by $22 million reflecting reductions from 4Q24 expenses that included a $10 million charitable contribution as well as checking account promotion expenses.

Loans and leases
Average loan and lease balances of $61.6 billion represented a $773 million decline compared to the prior quarter, while period-end balances were $62.2 billion, decreasing $350 million from fourth quarter 2024. Loans to mortgage companies (LMC) saw typical seasonal reductions while CRE balances declined due to pay downs. Loan yields of 5.89% decreased 20 basis points driven by lower short-term rates following the rate cuts by the Federal Reserve in fourth quarter 2024.

Deposits
Average deposits of $64.5 billion decreased $1.6 billion from fourth quarter 2024, which included a pay down of $0.7 billion of brokered CDs. Period-end deposits of $64.2 billion declined $1.4 billion, driven by the pay-off of $0.6 billion of brokered CDs. Interest-bearing deposit cost of 2.72% decreased 38 basis points from the prior quarter, with a spot rate of approximately 2.70% at the end of the quarter.

Asset quality
Provision expense of $40 million increased $30 million from the previous quarter. Net charge-offs were $29 million or 19 basis points, up from $13 million or 8 basis points in prior quarter. Nonperforming loans of $609 million increased $8 million, with an increase in C&I partially offset by reductions in commercial and consumer real estate. The ACL to loans ratio increased from fourth quarter 2024 to 1.45%, driven by uncertainty in the economic outlook.

Capital
CET1 ratio was 10.9%, slightly down from fourth quarter 2024 as $360 million of excess capital was returned to shareholders through the share repurchase program.

Income taxes
The effective tax rate and the adjusted effective tax rate for first quarter 2025 were both 22.0%, compared with an effective tax rate of 19.3% and adjusted tax rate of 21.0% for fourth quarter 2024.
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SUMMARY RESULTS
Quarterly, Unaudited
1Q25 Change vs.
($s in millions, except per share and balance sheet data)1Q254Q241Q244Q241Q24
$/bp%$/bp%
Income Statement
Interest income - taxable equivalent1
$1,017 $1,071 $1,076 $(54)(5)%$(59)(5)%
Interest expense- taxable equivalent1
383 438 448 (55)(13)(65)(14)
Net interest income- taxable equivalent634 634 628 1 — 6 1 
Less: Taxable-equivalent adjustment3 4 4 — (6)— (11)
Net interest income631 630 625 1 — 7 1 
Noninterest income181 99 194 82 83 (13)(7)
      Total revenue812 729 819 84 11 (7)(1)
Noninterest expense488 508 515 (21)(4)(27)(5)
Pre-provision net revenue3
325 220 304 104 47 21 7 
Provision for credit losses40 10 50 30 NM (10)(20)
Income before income taxes285 210 254 74 35 31 12 
Provision for income taxes63 41 57 22 54 5 10 
Net income222 170 197 52 31 25 13 
Net income attributable to noncontrolling interest4 4 5 — (9)(1)(17)
Net income attributable to controlling interest218 165 192 53 32 26 14 
Preferred stock dividends5 8 8 (3)(34)(3)(37)
Net income available to common shareholders$213 $158 $184 $55 35 %$29 16 %
Adjusted net income4
$227 $240 $209 $(14)(6)%$17 8 %
Adjusted net income available to common shareholders4
$217 $228 $195 $(11)(5)%$22 11 %
Common stock information
EPS$0.41 $0.29 $0.33 $0.12 41 %$0.08 24 %
Adjusted EPS4
$0.42 $0.43 $0.35 $(0.01)(2)%$0.07 20 %
Diluted shares8
523 534 558 (11)(2)%(34)(6)%
Key performance metrics
Net interest margin6
3.42 %3.33 %3.37 %9 bp5 bp
Efficiency ratio60.06 61.98 62.92 (192)(286)
Adjusted efficiency ratio4
59.09 61.43 60.78 (234)(169)
Effective income tax rate21.96 19.32 22.48 264(52)
Return on average assets1.11 0.82 0.97 29 14 
Adjusted return on average assets4
1.14 1.17 1.03 (3)11 
Return on average common equity (“ROCE")10.3 7.4 8.8 292 154 
Return on average tangible common equity (“ROTCE”)4
12.8 9.2 11.0 364 186 
Adjusted ROTCE4
13.1 13.3 11.6 (19)143 
Noninterest income as a % of total revenue22.29 23.20 23.72 (91)(143)
Adjusted noninterest income as a % of total revenue4
22.20 %23.10 %23.61 %(90)bp(141)bp
Balance Sheet (billions)
Average loans$61.6 $62.4 $61.2 $(0.8)(1)%$0.5 1 %
Average deposits64.5 66.1 65.4 (1.6)(2)(0.9)(1)
Average assets81.0 82.0 81.2 (1.0)(1)(0.3)— 
Average common equity$8.4 $8.5 $8.4 $(0.1)(1)%$— (1)%
Asset Quality Highlights
Allowance for credit losses to loans and leases4
1.45 %1.43 %1.40 %2 bp5 bp
Nonperforming loan and leases ratio0.98 %0.96 %0.82 %2 bp16 bp
Net charge-off ratio0.19 %0.08 %0.27 %11 bp(8)bp
Net charge-offs$29 $13 $40 $16 119 %$(11)(28)%
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 110.9 %11.2 %11.3 %(27)bp(38)bp
Tier 112.0 12.2 12.3 (27)(38)
Total Capital13.7 13.9 13.9 (19)(25)
Tier 1 leverage10.5 %10.6 %10.8 %(15)bp(33)bp
Numbers may not total due to rounding.
See footnote disclosures on page 19 and glossary of terms on page 25.

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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 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.
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Conference Call Information
Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on April 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 728634. 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 April 16 until midnight CT on April 30, 2025. To listen to the replay, dial 1-866-813-9403 (U.S. callers); the access code is 568167. A replay of the webcast will also be available on our website on April 16 and will be archived on the site for one year.

First Horizon Corp. (NYSE: FHN), with $81.5 billion in assets as of March 31, 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 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 - Tyler.Craft@firsthorizon.com
Media Relations - Beth Ardoin - Beth.Ardoin@firsthorizon.com
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CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited
     1Q25 Change vs.
($s in millions, except per share data)1Q254Q243Q242Q241Q244Q241Q24
$ %$ %
Interest income - taxable equivalent1
$1,017 $1,071 $1,123 $1,097 $1,076 $(54)(5)%$(59)(5)%
Interest expense- taxable equivalent1
383 438 491 464 448 (55)(13)(65)(14)
Net interest income- taxable equivalent634 634 631 633 628 1 — 6 1 
Less: Taxable-equivalent adjustment3 4 4 4 4 — (6)— (11)
Net interest income631 630 627 629 625 1 — 7 1 
Noninterest income:
Fixed income49 49 47 40 52 — — (3)(5)
Mortgage banking8 8 9 10 9 1 7 — (5)
Brokerage, trust, and insurance38 41 39 38 36 (3)(7)2 6 
Service charges and fees52 53 59 58 57 — — (5)(8)
Card and digital banking fees18 19 19 20 19 (1)(7)(1)(5)
Deferred compensation income9
(3)1 6 3 9 (4)NM (11)NM
Securities gains/(losses)— (91)1 1 — 92 100 — 11 
Other noninterest income18 20 20 16 14 (2)(8)4 32 
Total noninterest income181 99 200 186 194 82 83 (13)(7)
Total revenue812 729 828 815 819 84 11 (7)(1)
Noninterest expense:
Personnel expense:
Salaries and benefits201 199 199 198 200 2 1 1 1 
Incentives and commissions81 76 76 79 92 5 6 (11)(12)
Deferred compensation expense9
(3)1 6 3 9 (4)NM (12)NM
Total personnel expense279 276 282 279 301 3 1 (22)(7)
Occupancy and equipment2
78 76 73 72 72 2 2 6 9 
Outside services63 72 74 78 65 (8)(12)(2)(3)
Amortization of intangible assets10 11 11 11 11 (1)(9)(1)(10)
Other noninterest expense58 74 71 60 67 (16)(21)(9)(13)
Total noninterest expense488 508 511 500 515 (21)(4)(27)(5)
Pre-provision net revenue3
325 220 316 315 304 104 47 21 7 
Provision for credit losses40 10 35 55 50 30 NM (10)(20)
Income before income taxes285 210 281 260 254 74 35 31 12 
Provision for income taxes63 41 58 56 57 22 54 5 10 
Net income222 170 223 204 197 52 31 25 13 
Net income attributable to noncontrolling interest4 4 5 5 5 — (9)(1)(17)
Net income attributable to controlling interest218 165 218 199 192 53 32 26 14 
Preferred stock dividends5 8 5 15 8 (3)(34)(3)(37)
Net income available to common shareholders$213 $158 $213 $184 $184 $55 35 %$29 16 %
Common Share Data
EPS$0.41 $0.30 $0.40 $0.34 $0.33 $0.11 37 %$0.08 24 %
Basic shares517 528 534 544 555 (11)(2)(38)(7)
Diluted EPS$0.41 $0.29 $0.40 $0.34 $0.33 $0.12 41 $0.08 24 
Diluted shares8
523 534 538 547 558 (11)(2)%(34)(6)%
Effective tax rate22.0 %19.3 %20.6 %21.5 %22.5 %
Numbers may not total due to rounding.
See footnote disclosures on page 19 and glossary of terms on page 25.
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ADJUSTED4 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 8
Quarterly, Unaudited
     1Q25 Change vs.
($s in millions, except per share data)1Q254Q243Q242Q241Q244Q241Q24
$%$%
Net interest income (FTE)1
$634 $634 $631 $633 $628 $1 — %$6 1 %
Adjusted noninterest income:
Fixed income49 49 47 40 52 — — (3)(5)
Mortgage banking8 8 9 10 9 1 7 — (5)
Brokerage, trust, and insurance38 41 39 38 36 (3)(7)2 6 
Service charges and fees52 53 59 58 57 — — (5)(8)
Card and digital banking fees18 19 19 20 19 (1)(7)(1)(5)
Deferred compensation income9
(3)1 6 3 9 (4)NM (11)NM
Adjusted securities gains/(losses)— — 1 1 — — NM — 11 %
Adjusted other noninterest income18 20 20 16 14 (2)(8)4 32 
Adjusted total noninterest income$181 $190 $200 $186 $194 $(9)(5)%$(13)(7)%
Total revenue (FTE)1
$816 $824 $832 $819 $823 $(8)(1)%$(7)(1)%
Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits$201 $199 $199 $198 $199 $2 1 %$2 1 %
Adjusted Incentives and commissions81 73 76 78 87 7 10 (6)(7)
Deferred compensation expense9
(3)1 6 3 9 (4)NM (12)NM
Adjusted total personnel expense279 274 281 279 295 5 2 (17)(6)
Adjusted occupancy and equipment2
78 76 73 72 72 2 2 6 9 
Adjusted outside services63 71 73 75 65 (8)(11)(2)(3)
Amortization of intangible assets10 11 11 11 11 (1)(9)(1)(10)
Adjusted other noninterest expense52 74 59 58 57 (22)(30)(4)(8)
Adjusted total noninterest expense$482 $506 $497 $495 $500 $(24)(5)%$(18)(4)%
Adjusted pre-provision net revenue4
$334 $318 $335 $324 $323 $16 5 %$11 3 %
Provision for credit losses$40 $10 $35 $55 $50 $30 NM $(10)(20)%
Adjusted net income available to common shareholders$217 $228 $224 $195 $195 $(11)(5)%$22 11 %
Adjusted Common Share Data
Adjusted diluted EPS$0.42 $0.43 $0.42 $0.36 $0.35 $(0.01)(2)%$0.07 20 %
Diluted shares8
523 534 538 547 558 (11)(2)%(34)(6)%
Adjusted effective tax rate22.0 %21.0 %20.8 %21.5 %22.5 %
Adjusted ROTCE13.1 %13.3 %13.2 %12.0 %11.6 %
Adjusted efficiency ratio59.1 %61.4 %59.9 %60.5 %60.8 %
Numbers may not total due to rounding.
See footnote disclosures on page 19 and glossary of terms on page 25.







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NOTABLE ITEMS
Quarterly, Unaudited
(In millions)1Q254Q243Q242Q241Q24
Summary of Notable Items:
Loss on AFS portfolio restructuring$— $(91)$— $— $— 
FDIC special assessment (other noninterest expense)(1)1 2 (2)(10)
Other notable expenses *(5)(3)(17)(3)(5)
Total notable items (pre-tax)$(6)$(94)$(14)$(5)$(15)
Tax-related notable items $— $— $— $— $— 
Preferred Stock Dividend **$— $— $— $(7)$— 
Numbers may not total due to rounding.
* 4Q24, 3Q24, 2Q24, and 1Q24 include $3 million, $2 million, $3 million, and $5 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
     
($s in millions, except per share data)1Q254Q243Q242Q241Q24
Impacts of Notable Items:
Noninterest income:
Securities (gains)/losses$— $91 $— $— $— 
Total noninterest income$— $91 $— $— $— 
Noninterest expense:
Personnel expenses:
Incentives and commissions$— $(2)$— $(1)$(5)
Total personnel expenses— (2)(1)(1)(5)
Outside services— (1)(1)(3)— 
Other noninterest expense(6)1 (13)(2)(10)
Total noninterest expense$(6)$(2)$(14)$(5)$(15)
Income before income taxes$6 $94 $14 $5 $15 
Provision for income taxes1 23 4 1 3 
Preferred stock dividends *— — — (7)— 
Net income/(loss) available to common shareholders$4 $71 $11 $11 $12 
EPS impact of notable items$0.01 $0.13 $0.02 $0.02 $0.02 
Numbers may not total due to rounding.
*2Q24 includes $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.
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FINANCIAL RATIOS
Quarterly, Unaudited
     1Q25 Change vs.
1Q254Q243Q242Q241Q244Q241Q24
FINANCIAL RATIOS$/bp%$/bp%
Net interest margin6
3.42 %3.33 %3.31 %3.38 %3.37 %9 bp5 bp
Return on average assets1.11 %0.82 %1.08 %1.00 %0.97 %29 14 
Adjusted return on average assets4
1.14 %1.17 %1.13 %1.02 %1.03 %(3)11 
Return on average common equity (“ROCE”)10.30 %7.38 %10.10 %8.98 %8.76 %292 154 
Return on average tangible common equity (“ROTCE”)4
12.81 %9.17 %12.60 %11.29 %10.95 %364 186 
Adjusted ROTCE4
13.08 %13.27 %13.24 %11.99 %11.65 %(19)143 
Noninterest income as a % of total revenue22.29 %23.20 %24.06 %22.75 %23.72 %(91)(143)
Adjusted noninterest income as a % of total revenue4
22.20 %23.10 %23.95 %22.64 %23.61 %(90)(141)
Efficiency ratio60.06 %61.98 %61.89 %61.44 %62.92 %(192)(286)
Adjusted efficiency ratio4
59.09 %61.43 %59.86 %60.47 %60.78 %(234)(169)
Allowance for credit losses to loans and leases4
1.45 %1.43 %1.44 %1.41 %1.40 %2 5 
CAPITAL DATA
CET1 capital ratio*
10.9 %11.2 %11.2 %11.0 %11.3 %(27)bp(38)bp
Tier 1 capital ratio*12.0 %12.2 %12.2 %12.1 %12.3 %(27)bp(38)bp
Total capital ratio*13.7 %13.9 %13.9 %13.7 %13.9 %(19)bp(25)bp
Tier 1 leverage ratio*10.5 %10.6 %10.6 %10.6 %10.8 %(15)bp(33)bp
Risk-weighted assets (“RWA”) (billions)*$70.8 $71.1 $71.5 $71.9 $71.1 $(0.3)— %$(0.4)(1)%
Total equity to total assets 11.10 %11.09 %11.27 %10.89 %11.21 %1 bp(11)bp
Tangible common equity/tangible assets (“TCE/TA”)4
8.37 %8.37 %8.56 %8.14 %8.33 %— bp4 bp
Period-end shares outstanding (millions)8
507 524 532 537 549 (17)(3)%(42)(8)%
Cash dividends declared per common share$0.15 $0.15 $0.15 $0.15 $0.15 $— — %$— — %
Book value per common share$16.40 $16.00 $16.15 $15.34 $15.23 $0.40 2 %$1.17 8 %
Tangible book value per common share4
$13.17 $12.85 $13.02 $12.22 $12.16 $0.32 2 %$1.00 8 %
SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)96.90 %95.40 %93.80 %96.89 %93.93 %150 bp297 bp
Loans-to-deposit ratio (average balances)95.57 %94.44 %94.19 %95.49 %93.54 %113 bp203 bp
Full-time equivalent associates7,190 7,158 7,186 7,297 7,327 32 — %(137)(2)%
*Current quarter is an estimate.
See footnote disclosures on page 19 and glossary of terms on page 25.
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CONSOLIDATED PERIOD-END BALANCE SHEET
Quarterly, Unaudited 
     1Q25 Change vs.
(In millions)1Q254Q243Q242Q241Q244Q241Q24
Assets:$%$%
Loans and leases:      
Commercial, financial, and industrial (C&I)$33,354 $33,428 $33,092 $33,452 $32,911 $(74)— %$443 1 %
Commercial real estate14,139 14,421 14,705 14,669 14,426 (282)(2)(287)(2)
Total Commercial47,493 47,849 47,797 48,121 47,337 (356)(1)156 — 
Consumer real estate14,089 14,047 13,961 13,909 13,645 42 — 444 3 
Credit card and other5
633 670 688 751 771 (36)(5)(137)(18)
Total Consumer14,722 14,716 14,648 14,660 14,416 6 — 306 2 
Loans and leases, net of unearned income62,215 62,565 62,445 62,781 61,753 (350)(1)462 1 
Loans held for sale510 551 494 471 395 (41)(7)115 29 
Investment securities9,333 9,166 9,530 9,221 9,460 167 2 (127)(1)
Trading securities1,376 1,387 1,549 1,249 1,161 (11)(1)215 18 
Interest-bearing deposits with banks1,164 1,538 1,286 1,452 1,885 (373)(24)(720)(38)
Federal funds sold and securities purchased under agreements to resell728 631 1,008 487 817 97 15 (89)(11)
Total interest earning assets75,326 75,838 76,311 75,662 75,470 (512)(1)(144)— 
Cash and due from banks915 906 1,028 969 749 10 1 166 22 
Goodwill and other intangible assets, net1,643 1,653 1,663 1,674 1,685 (10)(1)(42)(3)
Premises and equipment, net569 574 572 584 586 (6)(1)(18)(3)
Allowance for loan and lease losses(822)(815)(823)(821)(787)(7)(1)(35)(5)
Other assets3,861 3,996 3,883 4,162 4,094 (135)(3)(234)(6)
Total assets$81,491 $82,152 $82,635 $82,230 $81,799 $(660)(1)%$(308)— %
Liabilities and Shareholders' Equity:
Deposits:
Savings$26,242 $26,695 $26,634 $25,437 $25,847 $(453)(2)%$394 2 %
Time deposits5,918 6,613 8,326 7,163 6,297 (695)(11)(379)(6)
Other interest-bearing deposits16,213 16,252 15,403 15,845 17,186 (39)— (973)(6)
Total interest-bearing deposits48,373 49,560 50,363 48,446 49,331 (1,187)(2)(958)(2)
Trading liabilities670 550 767 423 467 120 22 203 44 
Federal funds purchased and securities sold under agreements to repurchase2,572 2,355 1,910 2,572 2,137 217 9 435 20 
Short-term borrowings1,223 1,045 675 1,943 566 178 17 657 116 
Term borrowings1,691 1,195 1,202 1,175 1,165 496 41 526 45 
Total interest-bearing liabilities54,529 54,705 54,918 54,559 53,665 (176)— 864 2 
Noninterest-bearing deposits15,835 16,021 16,212 16,348 16,410 (186)(1)(576)(4)
Other liabilities2,084 2,315 2,189 2,368 2,550 (231)(10)(466)(18)
Total liabilities72,447 73,041 73,318 73,275 72,626 (593)(1)(178)— 
Shareholders' Equity:
Preferred stock426 426 426 426 520 — — (94)(18)
Common stock317 328 333 336 343 (11)(3)(26)(8)
Capital surplus4,472 4,809 4,947 5,007 5,214 (336)(7)(742)(14)
Retained earnings4,516 4,382 4,304 4,172 4,072 135 3 445 11 
Accumulated other comprehensive loss, net(983)(1,128)(989)(1,281)(1,271)145 13 287 23 
Combined shareholders' equity8,749 8,816 9,021 8,660 8,878 (67)(1)(129)(1)
Noncontrolling interest295 295 295 295 295 — — — — 
Total shareholders' equity9,044 9,111 9,316 8,955 9,173 (67)(1)(129)(1)
Total liabilities and shareholders' equity$81,491 $82,152 $82,635 $82,230 $81,799 $(660)(1)%$(308)— %
Memo:
Total deposits$64,208 $65,581 $66,575 $64,794 $65,741 $(1,373)(2)%$(1,533)(2)%
Loans to mortgage companies$3,369 $3,471 $3,244 $2,934 $2,366 $(101)(3)%$1,003 42 %
Unfunded Loan Commitments:
Commercial$17,974 $17,863 $18,180 $18,781 $19,996 $111 1 %$(2,022)(10)%
Consumer$4,190 $4,203 $4,281 $4,334 $4,383 $(13)— %$(193)(4)%
Numbers may not total due to rounding. See footnote disclosures on page 19 and glossary of terms on page 25.
10

CONSOLIDATED AVERAGE BALANCE SHEET
Quarterly, Unaudited
     1Q25 Change vs.
(In millions)1Q254Q243Q242Q241Q244Q241Q24
Assets:$%$%
Loans and leases:      
Commercial, financial, and industrial (C&I)$32,632 $33,107 $33,074 $32,909 $32,389 $(475)(1)%$243 1 %
Commercial real estate14,318 14,601 14,684 14,576 14,367 (283)(2)(49)— 
Total Commercial46,951 47,709 47,758 47,485 46,756 (758)(2)195 — 
Consumer real estate14,046 14,008 13,935 13,783 13,615 37 — 430 3 
Credit card and other5
649 701 720 761 781 (52)(7)(132)(17)
Total Consumer14,694 14,709 14,654 14,544 14,396 (15)— 298 2 
Loans and leases, net of unearned income61,645 62,418 62,413 62,029 61,152 (773)(1)493 1 
Loans held-for-sale519 482 491 462 454 37 8 65 14 
Investment securities9,209 9,295 9,400 9,261 9,590 (86)(1)(381)(4)
Trading securities1,442 1,515 1,469 1,367 1,245 (73)(5)197 16 
Interest-bearing deposits with banks1,265 1,438 1,741 1,449 1,793 (173)(12)(528)(29)
Federal funds sold and securities purchased under agreements to resell713 594 607 676 544 119 20 169 31 
Total interest earning assets74,793 75,742 76,121 75,243 74,778 (949)(1)15 — 
Cash and due from banks886 911 905 904 948 (25)(3)(63)(7)
Goodwill and other intangibles assets, net1,648 1,658 1,669 1,680 1,691 (10)(1)(43)(3)
Premises and equipment, net570 571 578 585 587 (1)— (17)(3)
Allowances for loan and lease losses(827)(821)(827)(810)(789)(6)(1)(38)(5)
Other assets3,896 3,889 3,921 4,120 4,028 6 — (132)(3)
Total assets$80,965 $81,950 $82,366 $81,721 $81,243 $(985)(1)%$(279)— %
Liabilities and shareholders' equity:
Deposits:
Savings$26,544 $26,836 $26,062 $25,462 $25,390 $(292)(1)%$1,154 5 %
Time deposits6,329 7,407 8,167 6,683 6,628 (1,078)(15)(299)(5)
Other interest-bearing deposits16,096 15,726 15,923 16,484 16,735 371 2 (639)(4)
Total interest-bearing deposits48,970 49,969 50,153 48,629 48,753 (999)(2)217 — 
Trading liabilities692 578 576 605 462 115 20 231 50 
Federal funds purchased and securities sold under agreements to repurchase2,479 2,205 2,132 2,208 2,014 275 12 465 23 
Short-term borrowings681 441 884 1,267 537 240 55 144 27 
Term borrowings1,332 1,206 1,188 1,170 1,156 125 10 176 15 
Total interest-bearing liabilities54,154 54,398 54,931 53,879 52,921 (244)— 1,233 2 
Noninterest-bearing deposits15,535 16,123 16,111 16,332 16,626 (589)(4)(1,091)(7)
Other liabilities2,165 2,213 2,196 2,561 2,445 (48)(2)(280)(11)
Total liabilities71,854 72,735 73,238 72,772 71,992 (881)(1)(139)— 
Shareholders' Equity:
Preferred stock426 426 426 426 520 — — (94)(18)
Common stock 323 330 334 340 347 (7)(2)(24)(7)
Capital surplus4,664 4,881 4,973 5,127 5,301 (217)(4)(637)(12)
Retained earnings4,468 4,382 4,254 4,122 4,028 86 2 440 11 
Accumulated other comprehensive loss, net(1,066)(1,099)(1,154)(1,361)(1,240)33 3 175 14 
Combined shareholders' equity8,816 8,920 8,833 8,654 8,956 (104)(1)(140)(2)
Noncontrolling interest295 295 295 295 295 — — — — 
Total shareholders' equity9,111 9,216 9,128 8,949 9,251 (104)(1)(140)(2)
Total liabilities and shareholders' equity$80,965 $81,950 $82,366 $81,721 $81,243 $(985)(1)%$(279)— %
Memo:
Total deposits$64,504 $66,092 $66,263 $64,960 $65,379 $(1,588)(2)%$(875)(1)%
Loans to mortgage companies$2,819 $3,283 $2,875 $2,440 $1,847 $(464)(14)%$972 53 %
Numbers may not total due to rounding.
See footnote disclosures on page 19 and glossary of terms on page 25.
11

CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited 
   1Q25 Change vs.
1Q254Q243Q242Q241Q244Q241Q24
(In millions, except rates)Income/ExpenseRateIncome/ExpenseRateIncome/ExpenseRateIncome/ExpenseRateIncome/ExpenseRateIncome/ExpenseIncome/Expense
$/bp%$/bp%
Interest earning assets/Interest income:   
Loans and leases, net of unearned income:
Commercial$715 6.18 %$771 6.43 %$813 6.78 %$800 6.78 %$782 6.73 %$(56)(7)%$(68)(9)%
Consumer182 4.96 183 4.97 186 5.05 179 4.91 173 4.80 (2)(1)9 5 
Loans and leases, net of unearned income897 5.89 954 6.09 999 6.37 978 6.34 955 6.28 (57)(6)(58)(6)
Loans held-for-sale9 7.09 9 7.38 10 7.77 9 7.50 9 7.80 — 3 — 5 
Investment securities69 3.02 62 2.69 61 2.58 60 2.58 61 2.54 7 11 9 14 
Trading securities20 5.57 22 5.74 22 6.05 22 6.30 20 6.48 (2)(8)— — 
Interest-bearing deposits with banks14 4.44 17 4.77 24 5.40 20 5.46 24 5.46 (3)(20)(11)(43)
Federal funds sold and securities purchased under agreements7 4.24 7 4.46 8 5.23 9 5.31 7 5.16 1 12 — 7 
Interest income$1,017 5.50 %$1,071 5.63 %$1,123 5.88 %$1,097 5.86 %$1,076 5.78 %$(54)(5)%$(59)(5)%
Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings$175 2.67 %$210 3.11 %$225 3.43 %$208 3.29 %$206 3.27 %$(35)(17)%$(31)(15)%
Time deposits62 4.00 81 4.35 95 4.63 74 4.45 73 4.42 (19)(23)(10)(14)
Other interest-bearing deposits92 2.31 99 2.49 114 2.85 117 2.86 119 2.86 (7)(7)(27)(23)
Total interest-bearing deposits329 2.72 389 3.10 434 3.44 399 3.30 398 3.28 (60)(15)(69)(17)
Trading liabilities7 4.29 6 4.01 6 4.13 7 4.46 5 4.31 1 26 2 48 
Federal funds purchased and securities sold under agreements to repurchase21 3.47 21 3.72 23 4.20 24 4.36 21 4.24 1 3 — — 
Short-term borrowings7 4.40 5 4.75 12 5.52 17 5.48 7 5.43 2 41 — 2 
Term borrowings18 5.41 17 5.52 17 5.64 17 5.64 17 5.71 1 8 2 9 
Interest expense383 2.87 438 3.20 491 3.56 464 3.46 448 3.40 (55)(13)(65)(14)
Net interest income - tax equivalent basis634 2.63 634 2.43 631 2.32 633 2.40 628 2.38 1 — 6 1 
Fully taxable equivalent adjustment(3)0.79 (4)0.90 (4)0.99 (4)0.98 (4)0.99 — 6 — 11 
Net interest income$631 3.42 %$630 3.33 %$627 3.31 %$629 3.38 %$625 3.37 %$1 — %$7 1 %
Memo:
Total loan yield5.89 %6.09 %6.37 %6.34 %6.28 %(20)bp(39)bp
Total deposit cost2.07 %2.34 %2.61 %2.47 %2.45 %(27)bp(38)bp
Total funding cost2.23 %2.47 %2.75 %2.66 %2.59 %(24)bp(36)bp
Average loans and leases, net of unearned income$61,645 $62,418 $62,413 $62,029 $61,152 $(773)(1)%$493 1 %
Average deposits64,50466,09266,26364,96065,379(1,588)(2)%(875)(1)%
Average funded liabilities69,68970,52171,04270,21069,547$(833)(1)%$141 — %
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.
12

CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited 
As of 1Q25 change vs.
(In millions, except ratio data)1Q254Q243Q242Q241Q244Q241Q24
$%$%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)$195 $173 $190 $167 $206 $21 12 %$(12)(6)%
Commercial real estate284 294 259 261 157 (10)(3)127 81 
Consumer real estate129 133 128 143 140 (4)(3)(10)(7)
Credit card and other5
1 2 1 2 2 — (19)— (21)
Total nonperforming loans and leases$609 $602 $578 $574 $505 $8 1 %$105 21 %
Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)0.58 %0.52 %0.57 %0.50 %0.63 %
Commercial real estate2.01 2.04 1.76 1.78 1.09 
Consumer real estate0.92 0.95 0.92 1.03 1.02 
Credit card and other5
0.19 0.23 0.20 0.25 0.20 
Total nonperforming loans and leases to loans and leases0.98 %0.96 %0.92 %0.91 %0.82 %
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 of1Q25 change vs.
(In millions)1Q254Q243Q242Q241Q244Q241Q24
$%$%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)$1 $1 $1 $— $— $— (10)%$— 41 %
Commercial real estate— — — — — — NM — NM
Consumer real estate7 19 13 3 6 (13)(65)1 10 
Credit card and other5
— 1 3 2 3 (1)(77)(3)(90)
Total loans and leases 90 days or more past due and accruing$8 $21 $17 $6 $10 $(14)(64)%$(2)(20)%
Numbers may not total due to rounding.
See footnote disclosures on page 19 and glossary of terms on page 25.
13


CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited
As of1Q25 change vs.
(In millions, except ratio data)1Q254Q243Q242Q241Q244Q241Q24
Charge-off, Recoveries and Related Ratios$%$%
Gross Charge-offs
Commercial, financial, and industrial (C&I)$34 $13 $12 $24 $28 $21 NM $6 22 %
Commercial real estate3 9 15 19 12 (7)(72)(10)(79)
Consumer real estate— 1 1 1 — — (46)— (14)
Credit card and other5
4 6 5 5 6 (2)(36)(2)(31)
Total gross charge-offs$41 $29 $33 $49 $46 $12 42 %$(6)(12)%
Gross Recoveries
Commercial, financial, and industrial (C&I)$(6)$(12)$(4)$(11)$(3)$6 51 %$(3)(105)%
Commercial real estate(3)— (1)— — (3)NM (3)NM
Consumer real estate(1)(2)(3)(2)(1)1 50 — 15 
Credit card and other5
(1)(1)(1)(1)(2)— (15)— 24 
Total gross recoveries$(12)$(15)$(9)$(15)$(6)$4 25 %$(6)(93)%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I)$28 $1 $8 $13 $25 $27 NM $3 12 %
Commercial real estate(1)9 14 19 12 (10)(108)(13)(106)
Consumer real estate(1)(2)(2)(1)(1)1 52 — 16 
Credit card and other5
3 5 3 3 4 (2)(48)(1)(33)
Total net charge-offs$29 $13 $24 $34 $40 $16 119 %$(11)(28)%
Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I)0.35 %0.01 %0.10 %0.16 %0.31 %
Commercial real estate(0.02)0.25 0.39 0.53 0.35 
Consumer real estate(0.02)(0.05)(0.05)(0.04)(0.03)
Credit card and other5
1.60 2.78 1.92 1.79 1.98 
Total loans and leases0.19 %0.08 %0.15 %0.22 %0.27 %
Numbers may not total due to rounding.
See footnote disclosures on page 19 and glossary of terms on page 25.
14


CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS
Quarterly, Unaudited
As of1Q25 Change vs.
(In millions)1Q254Q243Q242Q241Q244Q241Q24
Summary of Changes in the Components of the Allowance For Credit Losses$%$%
Allowance for loan and lease losses - beginning$815 $823 $821 $787 $773 $(7)(1)%$42 5 %
Charge-offs:
Commercial, financial, and industrial (C&I)(34)(13)(12)(24)(28)(21)NM (6)(22)
Commercial real estate(3)(9)(15)(19)(12)7 72 10 79 
Consumer real estate— (1)(1)(1)— — 46 — 14 
Credit card and other5
(4)(6)(5)(5)(6)2 36 2 31 
Total charge-offs(41)(29)(33)(49)(46)(12)(42)6 12 
Recoveries:
Commercial, financial, and industrial (C&I)6 12 4 11 3 (6)(51)3 105 
Commercial real estate3 — 1 — — 3 NM 3 NM
Consumer real estate1 2 3 2 1 (1)(50)— (15)
Credit card and other5
1 1 1 1 2 — 15 — (24)
Total Recoveries12 15 9 15 6 (4)(25)6 93 
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)28 (5)15 9 34 33 NM (5)(16)
Commercial real estate(2)18 11 59 21 (20)(113)(23)(111)
Consumer real estate8 (10)(3)(1)(3)18 NM 11 NM
Credit card and other5
2 4 2 — 3 (1)(37)— (15)
Total provision for loan and lease losses:
36 6 26 68 54 30 NM (18)(33)
Allowance for loan and lease losses - ending$822 $815 $823 $821 $787 $8 1 %$35 5 %
Reserve for unfunded commitments - beginning$79 $75 $66 $79 $83 $4 5 %$(4)(5)%
Provision for unfunded commitments4 4 9 (13)(4)— — 8 NM
Reserve for unfunded commitments - ending$83 $79 $75 $66 $79 $4 5 %$4 5 %
Total allowance for credit losses- ending$905 $894 $897 $887 $865 $11 1 %$39 5 %
Numbers may not total due to rounding.
See footnote disclosures on page 19 and glossary of terms on page 25.
15


CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES
Quarterly, Unaudited
As of
1Q254Q243Q242Q241Q24
Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)1.04 %1.03 %1.06 %1.03 %1.06 %
Commercial real estate1.59 %1.57 %1.48 %1.51 %1.26 %
Consumer real estate1.63 %1.57 %1.65 %1.66 %1.69 %
Credit card and other5
3.41 %3.28 %3.39 %3.26 %3.57 %
Total allowance for loans and lease losses to loans and leases1.32 %1.30 %1.32 %1.31 %1.27 %
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)178 %199 %185 %205 %168 %
Commercial real estate79 %77 %84 %85 %115 %
Consumer real estate178 %167 %180 %161 %165 %
Credit card and other5
1,752 %1,438 %1,672 %1,295 %1,766 %
Total allowance for loans and lease losses to nonperforming loans and leases135 %136 %142 %143 %156 %
Allowance for credit losses ratios
Total allowance for credit losses to loans and leases4
1.45 %1.43 %1.44 %1.41 %1.40 %
Total allowance for credit losses to nonperforming loans and leases4
148 %149 %155 %155 %171 %
See footnote disclosures on page 19 and glossary of terms on page 25.
16

COMMERCIAL, CONSUMER, AND WEALTH
Quarterly, Unaudited 
     1Q25 Change vs.
 1Q254Q243Q242Q241Q244Q241Q24
$/bp%$/bp%
Income Statement (millions)      
Net interest income$624 $635 $634 $637 $625 $(11)(2)%$(2)— %
Noninterest income110 116 119 115 110 (6)(5)— — 
Total revenue734 751 754 752 736 (17)(2)(2)— 
Noninterest expense343 361 352 357 347 (19)(5)(4)(1)
Pre-provision net revenue3
391 390 402 395 388 1 — 2 1 
Provision for credit losses38 15 42 56 44 23 NM (6)(14)
Income before income tax expense353 375 359 339 344 (22)(6)9 2 
Income tax expense84 89 85 79 81 (5)(6)3 3 
Net income$269 $286 $274 $259 $263 $(17)(6)%$6 2 %
Average Balances (billions)
Total loans and leases$56.2 $56.5 $56.9 $56.9 $56.5 $(0.3)(1)%$(0.3)(1)%
Interest-earning assets56.2 56.5 56.9 56.9 56.5 (0.3)(1)(0.4)(1)
Total assets58.7 59.1 59.5 59.7 59.3 (0.4)(1)(0.6)(1)
Total deposits59.1 59.9 59.7 59.5 60.0 (0.7)(1)(0.8)(1)
Key Metrics
Net interest margin6
4.52 %4.49 %4.46 %4.53 %4.47 %3 bp5 bp
Efficiency ratio 46.75 %48.13 %46.67 %47.46 %47.21 %(138)bp(46)bp
Loans-to-deposits ratio (period-end balances)94.28 %94.14 %94.41 %96.62 %93.69 %14 bp59 bp
Loans-to-deposits ratio (average-end balances)94.99 %94.30 %95.26 %95.54 %94.24 %69 bp75 bp
Return on average assets (annualized)1.86 %1.92 %1.83 %1.75 %1.78 %(6)bp8 bp
Return on allocated equity7
21.54 %22.39 %21.60 %20.81 %21.27 %(85)bp27 bp
Financial center locations414 416 416 418 418 (2)(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.
17


WHOLESALE
Quarterly, Unaudited 
     1Q25 Change vs.
 1Q254Q243Q242Q241Q244Q241Q24
$/bp%$/bp%
Income Statement (millions)      
Net interest income$50 $54 $52 $46 $42 $(4)(8)%$8 19 %
Noninterest income59 58 57 53 62 1 2 (2)(4)
Total revenue109 112 108 100 103 (3)(3)6 6 
Noninterest expense77 76 75 73 75 1 1 2 2 
Pre-provision net revenue3
32 36 33 27 29 (4)(11)4 14 
Provision for credit losses3 1 (7)1 7 2 NM (4)(54)
Income before income tax expense29 35 40 26 21 (6)(17)8 36 
Income tax expense7 8 10 6 5 (1)(17)2 35 
Net income$22 $27 $30 $20 $16 $(4)(17)%$6 36 %
Average Balances (billions)
Total loans and leases$5.0 $5.5 $5.1 $4.7 $4.2 $(0.5)(9)%$0.9 21 %
Interest-earning assets7.8 8.2 7.7 7.3 6.4 (0.4)(5)1.4 21 
Total assets8.5 8.9 8.4 8.0 7.1 (0.4)(4)1.3 19 
Total deposits2.0 2.0 1.9 1.8 1.8 — 1 0.2 10 
Key Metrics
Fixed income product average daily revenue (thousands)$586 $659 $593 $488 $731 $(73)(11)%$(145)(20)%
Net interest margin6
2.59 %2.64 %2.67 %2.57 %2.61 %(5)bp(2)bp
Efficiency ratio 70.29 %67.66 %69.62 %72.79 %72.40 %263 bp(211)bp
Loans-to-deposits ratio (period-end balances)288 %305 %281 %279 %264 %(1,691)bp2,385 bp
Loans-to-deposits ratio (average-end balances)252 %278 %273 %260 %229 %(2,603)bp2,316 bp
Return on average assets (annualized)1.06 %1.19 %1.43 %0.99 %0.91 %(13)bp15 bp
Return on allocated equity7
16.14 %19.00 %21.36 %14.35 %12.08 %(286)bp406 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.
18

CORPORATE
Quarterly, Unaudited
 1Q25 Change vs.
 1Q254Q243Q242Q241Q244Q241Q24
$%$%
Income Statement (millions)
Net interest income/(expense)$(42)$(59)$(59)$(55)$(42)$17 28 %$— — %
Noninterest income12 (75)25 17 22 87 116 (10)(47)
Total revenues(30)(134)(34)(37)(20)104 77 (10)(51)
Noninterest expense68 71 84 70 93 (3)(4)(25)(27)
Pre-provision net revenue3
(98)(205)(118)(108)(113)107 52 15 13 
Provision for credit losses(1)(6)— (3)(1)5 80 — (1)
Income before income tax expense(97)(199)(118)(105)(112)102 51 15 13 
Income tax expense (benefit)(28)(57)(37)(30)(29)28 50 1 4 
Net income/(loss)$(69)$(143)$(81)$(75)$(83)$74 52 %$14 16 %
Average Balance Sheet (billions)    
Interest bearing assets$10.8 $11.1 $11.5 $11.1 $11.8 $(0.3)(2)%$(1.0)(8)%
Total assets13.8 14.0 14.4 14.0 14.7 (0.2)(2)(1.0)(7)
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 $168 million of commercial credit card balances at March 31, 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.



19

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)1Q254Q243Q242Q241Q24
Tangible Common Equity (Non-GAAP)    
(A) Total equity (GAAP)$9,044 $9,111 $9,316 $8,955 $9,173 
Less: Noncontrolling interest (a)295 295 295 295 295 
Less: Preferred stock (a)426 426 426 426 520 
(B) Total common equity$8,322 $8,389 $8,595 $8,234 $8,358 
Less: Intangible assets (GAAP) (b)1,643 1,653 1,663 1,674 1,685 
(C) Tangible common equity (Non-GAAP)$6,680 $6,737 $6,931 $6,560 $6,673 
Tangible Assets (Non-GAAP) 
(D) Total assets (GAAP)$81,491 $82,152 $82,635 $82,230 $81,799 
Less: Intangible assets (GAAP) (b)1,643 1,653 1,663 1,674 1,685 
(E) Tangible assets (Non-GAAP)$79,849 $80,499 $80,971 $80,556 $80,114 
Period-end Shares Outstanding     
(F) Period-end shares outstanding507 524 532 537 549 
Ratios
(A)/(D) Total equity to total assets (GAAP)11.10 %11.09 %11.27 %10.89 %11.21 %
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)8.37 %8.37 %8.56 %8.14 %8.33 %
(B)/(F) Book value per common share (GAAP)$16.40 $16.00 $16.15 $15.34 $15.23 
(C)/(F) Tangible book value per common share (Non-GAAP)$13.17 $12.85 $13.02 $12.22 $12.16 
(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.


20

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)1Q254Q243Q242Q241Q24
Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)a$213 $158 $213 $184 $184 
Plus Total notable items (after-tax) (Non-GAAP) (a)$4 $71 $11 $11 $12 
Adjusted net income available to common shareholders (Non-GAAP)b$217 $228 $224 $195 $196 
Diluted Shares (GAAP)8
c523 534 538 547 558 
Diluted EPS (GAAP)a/c$0.41 $0.29 $0.40 $0.34 $0.33 
Adjusted diluted EPS (Non-GAAP)b/c$0.42 $0.43 $0.42 $0.36 $0.35 
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)$222 $170 $223 $204 $197 
Plus Relevant notable items (after-tax) (Non-GAAP) (a)$4 $71 $11 $4 $12 
Adjusted NI (Non-GAAP)$227 $240 $234 $208 $209 
NI (annualized) (GAAP)d$901 $675 $889 $820 $791 
Adjusted NI (annualized) (Non-GAAP)e$919 $956 $932 $836 $838 
Average assets (GAAP)f$80,965 $81,950 $82,366 $81,721 $81,243 
ROA (GAAP)d/f1.11 %0.82 %1.08 %1.00 %0.97 %
Adjusted ROA (Non-GAAP)e/f1.14 %1.17 %1.13 %1.02 %1.03 %
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$864 $627 $849 $739 $739 
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)h$882 $907 $892 $785 $787 
Average Common Equity (GAAP)i$8,389 $8,494 $8,407 $8,228 $8,436 
Intangible Assets (GAAP) (b)1,648 1,658 1,669 1,680 1,691 
Average Tangible Common Equity (Non-GAAP)j$6,742 $6,836 $6,738 $6,548 $6,745 
ROCE (GAAP)g/i10.30 %7.38 %10.10 %8.98 %8.76 %
ROTCE (Non-GAAP)g/j12.81 %9.17 %12.60 %11.29 %10.95 %
Adjusted ROTCE (Non-GAAP)h/j13.08 %13.27 %13.24 %11.99 %11.65 %
(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.


21

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(In millions)1Q254Q243Q242Q241Q24
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)k$181 $99 $200 $186 $194 
Plus notable items (pretax) (GAAP) (a)— 91 — — — 
Adjusted noninterest income (Non-GAAP)l$181 $190 $200 $186 $194 
Revenue (GAAP)m$812 $729 $828 $815 $819 
Taxable-equivalent adjustment3 4 4 4 4 
Revenue- Taxable-equivalent (Non-GAAP)816 732 832 819 823 
Plus notable items (pretax) (GAAP) (a)— 91 — — — 
Adjusted revenue (Non-GAAP)n$816 $824 $832 $819 $823 
Securities gains/(losses) (GAAP)o$— $(91)$1 $1 $— 
Noninterest income as a % of total revenue (GAAP)(k-o)/ (m-o)22.29 %23.20 %24.06 %22.75 %23.72 %
Adjusted noninterest income as a % of total revenue (Non-GAAP)l/n22.20 %23.10 %23.95 %22.64 %23.61 %
Adjusted Efficiency Ratio
Noninterest expense (GAAP)p$488 $508 $511 $500 $515 
Plus notable items (pretax) (GAAP) (a)$(6)$(2)$(14)$(5)$(15)
Adjusted noninterest expense (Non-GAAP)q$482 $506 $497 $495 $500 
Revenue (GAAP)r$812 $729 $828 $815 $819 
Taxable-equivalent adjustment3 4 4 4 4 
Revenue- Taxable-equivalent (Non-GAAP)816 732 832 819 823 
Plus notable items (pretax) (GAAP) (a)— 91 — — — 
Adjusted revenue (Non-GAAP)s$816 $824 $832 $819 $823 
Securities gains/(losses) (GAAP)t$— $(91)$1 $1 $— 
Efficiency ratio (GAAP)p/ (r-t)60.06 %61.98 %61.89 %61.44 %62.92 %
Adjusted efficiency ratio (Non-GAAP)q/s59.09 %61.43 %59.86 %60.47 %60.78 %
(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.
22

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions)
Period-endAverage
1Q254Q241Q25 vs. 4Q241Q254Q241Q25 vs. 4Q24
Loans excluding LMC
Total Loans (GAAP)$62,215 $62,565 $(350)(1)%$61,645 $62,418 $(773)(1)%
LMC (GAAP)3,369 3,471 (101)(3)%2,819 3,283 (464)(14)%
Total Loans excl. LMC (Non-GAAP)58,846 59,095 (249)— %58,826 59,135 (309)(1)%
Total Consumer (GAAP)14,722 14,716 6 — %14,694 14,709(15)— %
Total Commercial excl. LMC (Non-GAAP)44,124 44,378 (255)(1)%44,132 44,426 (294)(1)%
Total CRE (GAAP)14,139 14,421 (282)(2)%14,318 14,601 (283)(2)%
Total C&I excl. LMC (Non-GAAP)$29,985 $29,957 $27 — %$29,814 $29,825 (11)— %
Numbers may not total due to rounding.


1Q254Q243Q242Q241Q24
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$822 $815 $823 $821 $787 
Reserve for unfunded commitments (GAAP)83 79 75 66 79 
Allowance for credit losses (Non-GAAP)B$905 $894 $897 $887 $865 
Loans and leases (GAAP)C$62,215 $62,565 $62,445 $62,781 $61,753 
Nonaccrual loans and leases (GAAP)D$609 $602 $578 $574 $505 
Allowance for loans and lease losses to loans and leases (GAAP)A/C1.32 %1.30 %1.32 %1.31 %1.27 %
Allowance for credit losses to loans and leases (Non-GAAP)B/C1.45 %1.43 %1.44 %1.41 %1.40 %
Allowance for loans and lease losses to nonperforming loans and leases (GAAP)A/D135 %136 %142 %143 %156 %
Allowance for credit losses to nonperforming loans and leases (Non-GAAP)B/D148 %149 %155 %155 %171 %
Numbers may not total due to rounding.


23

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions)
1Q254Q243Q242Q241Q24
Adjusted Pre-provision Net Revenue (PPNR)
Pre-tax income (GAAP)$285 $210 $281 $260 $254 
Plus notable items (pretax) (GAAP) (a)6 94 14 5 15 
Adjusted Pre-tax income (non-GAAP)$290 $304 $296 $265 $269 
Plus provision expense (GAAP)40 10 35 55 50 
Adjusted Pre-provision net revenue (PPNR) (non-GAAP)$330 $314 $331 $320 $319 
Taxable-equivalent adjustment3 4 4 4 4 
Pre-provision net revenue-Taxable-equivalent (Non-GAAP)$334 $318 $335 $324 $323 
(a)     Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 8.
Numbers may not total due to rounding.

1Q254Q243Q242Q241Q24
Adjusted personnel expense excluding deferred compensation expense
Personnel expense (GAAP)$279 $276 $282 $279 $301 
Plus notable items (pretax) (GAAP) (a)— (2)(1)(1)(5)
Adjusted personnel expense (non-GAAP)$279 $274 $281 $279 $295 
Less deferred compensation expense (GAAP)(3)1 6 3 9 
Adjusted personnel expense excluding deferred compensation expense (non-GAAP)$282 $272 $275 $276 $286 
(a)     Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 8.
Numbers may not total due to rounding.
24


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
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 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.

25