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First Horizon Corporation Delivers Strong Third Quarter 2025 Results

Net Income Available to Common Shareholders of $254 Million with an EPS of $0.50, a $0.05 Increase from Prior Quarter; $263 Million or $0.51 on an Adjusted Basis, up $0.06 from Prior Quarter*

MEMPHIS, TN (October 15, 2025) – First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported third quarter net income available to common shareholders ("NIAC") of $254 million or earnings per share of $0.50, compared with second quarter 2025 NIAC of $233 million or earnings per share of $0.45. Third quarter 2025 results decreased by $9 million due to after-tax notable items compared with a $3 million increase in second quarter 2025. Excluding notable items, adjusted third quarter 2025 NIAC was $263 million or $0.51 per share compared to $229 million or $0.45 per share in second quarter 2025.

“We are pleased to report another strong quarter, a testament to the disciplined execution of our strategy and the expertise of our associates,” said Chairman, President and CEO Bryan Jordan. “First Horizon’s diversified business model and attractive geographic footprint position us well amid a changing environment. Our ongoing focus on safety and soundness, profitability, and growth enables us to meet our clients’ evolving needs with tailored solutions that create meaningful value."

Jordan continued, “Credit quality remains a strength, driven by prudent risk management and the dedicated efforts of our associates, who maintain high standards of service for our clients and communities. As economic conditions evolve, our adaptability and solid performance, supported by continued investments in technology and community partnerships, position First Horizon to deliver consistent returns and foster long-term growth for our shareholders.”

Notable Items


Notable Items
Quarterly, Unaudited ($ in millions, except per share data)	3Q25		2Q25		3Q24
Summary of Notable Items:






Deferred compensation adjustment	$	—	$	4	$	—
FDIC special assessment (other noninterest expense)	2		1		2
Other notable expenses	(10)		—		(17)
Total notable items (pre-tax)	$	(8)	$	4	$	(14)
Preferred Stock Dividend **	$	(3)	$	—	$	—
Total notable items (after-tax)	$	(9)	$	3	$	(11)

Numbers may not total due to rounding.
** 3Q25 includes $3 million deemed dividends on the redemption of $80 million par value of Series B Preferred Stock.

Third quarter pre-tax notable items included $2 million of expense credit for the FDIC special assessment and a $10 million impact related to Visa derivative valuation expenses. Third quarter after-tax notable items include $3 million of deemed dividends on the redemption of $80 million par value of Series B Preferred Stock.

*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.

Third Quarter 2025 versus Second Quarter 2025

Net interest income

Net interest income (FTE) increased $33 million to $678 million and net interest margin of 3.55% increased 15 basis points. NII increase was driven by average balance growth in higher yielding portfolios and cash basis income as well as increased accretion related to the Main Street Lending Program.

Noninterest income

Noninterest income increased $26 million to $215 million primarily driven by improvement in the counter-cyclical businesses; specifically, fixed income revenues increased $15 million and mortgage banking revenues increased $6 million driven by a $4.7 million pre-tax gain from a sale of mortgage servicing rights (MSRs) in the quarter.

Noninterest expense

Noninterest expense of $551 million increased $59 million from the prior quarter. Third quarter notable items included $2 million of expense credit for the FDIC special assessment and a $10 million expense tied to Visa derivative valuation expenses. Adjusted noninterest expense of $542 million increased $47 million, largely due to a $28 million increase in other noninterest expense, the largest component of which was a $20 million contribution to the First Horizon Foundation in the third quarter. Outside services increased by $8 million, which reflects project expenses in technology and risk. Additionally, increased incentives and commissions expenses of $6 million reflect fixed income revenue increases in the quarter.

Loans and leases

Average loan and lease balances of $62.8 billion represented a $236 million increase compared to the prior quarter, while period-end balances were $63.1 billion, decreasing $202 million from second quarter 2025. Loans to mortgage companies (LMC) declined $132 million at period end due to typical seasonality, while other C&I balances increased by $174 million. Loan yields of 6.06% increased 14 basis points driven by average balance increases in higher yield portfolios and accretion from the Main Street Lending Program referenced above.

Deposits

Average deposits of $65.9 billion increased $1.2 billion from second quarter 2025. Period-end deposits of $65.5 billion decreased $52 million, driven by a $652 million decrease in brokered deposits, partially offset by a $131 million increase in DDA balances. Interest-bearing deposit cost of 2.78% increased 2 basis points from the prior quarter, with a spot rate of approximately 2.68% at the end of the quarter.

Asset quality

Provision credit of $5 million versus expense of $30 million in the previous quarter. Net charge-offs were $26 million or 17 basis points, down from $34 million or 22 basis points in prior quarter. Nonperforming loans of $605 million increased $13 million, with a decrease in C&I offset by increases in commercial real estate. The ACL to loans ratio decreased from 1.42% in second quarter 2025 to 1.38%, driven by reductions in criticized and classified graded credits and favorable portfolio mix.

Capital

CET1 ratio of 11.0% was consistent with the second quarter 2025. NIAC growth and loan portfolio shrinkage in the quarter was offset by share repurchases totaling $190 million.

Income taxes

Third quarter 2025 effective and adjusted effective tax rates were 22.7%. Both the effective tax rate and adjusted effective tax rate for second quarter 2025 were 20.8%.


SUMMARY RESULTS
Quarterly, Unaudited

										3Q25 Change vs.
($s in millions, except per share and balance sheet data)	3Q25			2Q25			3Q24			2Q25					3Q24
										$/bp			%		$/bp			%
Income Statement
Interest income - taxable equivalent1	$	1,081		$	1,047		$	1,123		$	34		3	%	$	(42)		(4)	%
Interest expense- taxable equivalent1	403			403			491			1			—		(88)			(18)
Net interest income- taxable equivalent	678			645			631			33			5		46			7
Less: Taxable-equivalent adjustment	3			4			4			—			(4)		—			(9)
Net interest income	674			641			627			33			5		47			7
Noninterest income	215			189			200			26			14		15			7
Total revenue	889			830			828			60			7		62			7
Noninterest expense	551			491			511			59			12		39			8
Pre-provision net revenue3	339			339			316			—			—		23			7
Provision for credit losses	(5)			30			35			(35)			(117)		(40)			(114)
Income before income taxes	344			309			281			35			11		63			22
Provision for income taxes	78			64			58			14			22		20			35
Net income	266			244			223			21			9		42			19
Net income attributable to noncontrolling interest	4			4			5			—			3		(1)			(15)
Net income attributable to controlling interest	262			240			218			21			9		43			20
Preferred stock dividends	8			8			5			—			—		3			52
Net income available to common shareholders	$	254		$	233		$	213		$	21		9	%	$	41		19	%

Adjusted net income4	$	272		$	241		$	234		$	31		13	%	$	38		16	%
Adjusted net income available to common shareholders4	$	263		$	229		$	224		$	33		15	%	$	38		17	%
Common stock information
EPS	$	0.50		$	0.45		$	0.40		$	0.05		11	%	$	0.10		25	%
Adjusted EPS4	$	0.51		$	0.45		$	0.42		$	0.06		13	%	$	0.09		21	%


Diluted shares8	510			514			538			(3)			(1)	%	(28)			(5)	%
Key performance metrics
Net interest margin6	3.55		%	3.40		%	3.31		%	15		bp			24		bp

Efficiency ratio	61.92			59.20			61.89			272		bp			3		bp
Adjusted efficiency ratio4	60.76			59.47			59.86			129		bp			90		bp
Effective income tax rate	22.69			20.78			20.58			191		bp			211		bp
Return on average assets	1.29			1.20			1.08			9		bp			21		bp
Adjusted return on average assets4	1.32			1.18			1.13			14		bp			19		bp
Return on average common equity (“ROCE")	11.7			11.1			10.1			60		bp			164		bp

Return on average tangible common equity (“ROTCE”)4	14.5			13.8			12.6			64		bp			189		bp
Adjusted ROTCE4	15.0			13.6			13.2			135		bp			176		bp
Noninterest income as a % of total revenue	24.16			22.73			24.06			143		bp			10		bp
Adjusted noninterest income as a % of total revenue4	24.07		%	22.63		%	23.95		%	144		bp			12		bp
Balance Sheet (billions)
Average loans	$	62.8		$	62.6		$	62.4		$	0.2		—	%	$	0.4		1	%
Average deposits	65.9			64.7			66.3			1.2			2		(0.3)			(1)
Average assets	82.0			82.0			82.4			0.1			—		(0.3)			—
Average common equity	$	8.6		$	8.4		$	8.4		$	0.2		2	%	$	0.2		2	%
Asset Quality Highlights

Allowance for credit losses to loans and leases4	1.38		%	1.42		%	1.44		%	(4)		bp			(6)		bp

Nonperforming loan and leases ratio	0.96		%	0.94		%	0.92		%	2		bp			4		bp
Net charge-off ratio	0.17		%	0.22		%	0.15		%	(5)		bp			2		bp
Net charge-offs	$	26		$	34		$	24		$	(7)		(22)	%	$	2		10	%
Capital Ratio Highlights (current quarter is an estimate)



Common Equity Tier 1	11.0		%	11.0		%	11.2		%	(2)		bp			(26)		bp
Tier 1	11.9			12.0			12.2			(13)		bp			(37)		bp
Total Capital	13.8			14.0			14.2			(17)		bp			(46)		bp
Tier 1 leverage	10.5		%	10.6		%	10.6		%	(9)		bp			(18)		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 October 15, 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 547397. 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 October 15 until midnight CT on October 29, 2025. To listen to the replay, dial 1-866-813-9403 (U.S. callers); the access code is 101579. A replay of the webcast will also be available on our website on October 15 and will be archived on the site for one year.

First Horizon Corporation (NYSE: FHN), with $83.2 billion in assets as of September 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

																3Q25 Change vs.
($s in millions, except per share data)	3Q25			2Q25			1Q25			4Q24			3Q24			2Q25				3Q24
																$		%		$		%
Interest income - taxable equivalent1	$	1,081		$	1,047		$	1,017		$	1,071		$	1,123		$	34	3	%	$	(42)	(4)	%
Interest expense- taxable equivalent1	403			403			383			438			491			1		—		(88)		(18)
Net interest income- taxable equivalent	678			645			634			634			631			33		5		46		7
Less: Taxable-equivalent adjustment	3			4			3			4			4			—		(4)		—		(9)
Net interest income	674			641			631			630			627			33		5		47		7
Noninterest income:
Fixed income	57			42			49			49			47			15		36		11		23
Mortgage banking	15			10			8			8			9			6		59		6		70
Brokerage, trust, and insurance	39			39			38			41			39			1		1		—		—
Service charges and fees	57			55			52			53			59			2		4		(1)		(2)
Card and digital banking fees	19			19			18			19			19			(1)		(3)		(1)		(4)
Deferred compensation income9	8			8			(3)			1			6			1		10		2		42

Securities gains/(losses)	—			—			—			(91)			1			—		75		(1)		(81)
Other noninterest income	19			16			18			20			20			3		16		(1)		(7)
Total noninterest income	215			189			181			99			200			26		14		15		7
Total revenue	889			830			812			729			828			60		7		62		7
Noninterest expense:
Personnel expense:
Salaries and benefits	209			206			201			199			199			3		1		10		5
Incentives and commissions	79			73			81			76			76			6		9		3		4
Deferred compensation expense9	8			3			(3)			1			6			5		NM		2		25
Total personnel expense	296			282			279			276			282			14		5		14		5
Occupancy and equipment2	80			79			78			76			73			1		1		7		9
Outside services	79			71			63			72			74			8		12		5		6
Amortization of intangible assets	9			10			10			11			11			(1)		(8)		(2)		(18)
Other noninterest expense	87			50			58			74			71			37		75		16		22
Total noninterest expense	551			491			488			508			511			59		12		39		8
Pre-provision net revenue3	339			339			325			220			316			—		—		23		7
Provision for credit losses	(5)			30			40			10			35			(35)		(117)		(40)		(114)
Income before income taxes	344			309			285			210			281			35		11		63		22
Provision for income taxes	78			64			63			41			58			14		22		20		35
Net income	266			244			222			170			223			21		9		42		19
Net income attributable to noncontrolling interest	4			4			4			4			5			—		3		(1)		(15)
Net income attributable to controlling interest	262			240			218			165			218			21		9		43		20
Preferred stock dividends	8			8			5			8			5			—		—		3		52
Net income available to common shareholders	$	254		$	233		$	213		$	158		$	213		$	21	9	%	$	41	19	%
Common Share Data
EPS	$	0.50		$	0.46		$	0.41		$	0.30		$	0.40		$	0.04	9	%	$	0.10	25	%
Basic shares	505			508			517			528			534			(3)		(1)		(29)		(5)
Diluted EPS	$	0.50		$	0.45		$	0.41		$	0.29		$	0.40		$	0.05	11		$	0.10	25
Diluted shares8	510			514			523			534			538			(3)		(1)	%	(28)		(5)	%

Effective tax rate	22.7		%	20.8		%	22.0		%	19.3		%	20.6		%

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


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


Net interest income (FTE)1	$	678		$	645		$	634		$	634		$	631		$	33	5	%	$	46	7	%
Adjusted noninterest income:
Fixed income	57			42			49			49			47			15		36		11		23
Mortgage banking	15			10			8			8			9			6		59		6		70
Brokerage, trust, and insurance	39			39			38			41			39			1		1		—		—
Service charges and fees	57			55			52			53			59			2		4		(1)		(2)
Card and digital banking fees	19			19			18			19			19			(1)		(3)		(1)		(4)
Deferred compensation income9	8			8			(3)			1			6			1		10		2		42

Adjusted securities gains/(losses)	—			—			—			—			1			—		75	%	(1)		(81)	%
Adjusted other noninterest income	19			16			18			20			20			3		16		(1)		(7)
Adjusted total noninterest income	$	215		$	189		$	181		$	190		$	200		$	26	14	%	$	15	7	%
Total revenue (FTE)1	$	893		$	833		$	816		$	824		$	832		$	60	7	%	$	61	7	%

Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$	209		$	206		$	201		$	199		$	199		$	3	1	%	$	10	5	%
Adjusted Incentives and commissions	79			73			81			73			76			6		9		3		4
Deferred compensation expense9	8			7			(3)			1			6			1		22		2		25
Adjusted total personnel expense	296			286			279			274			281			10		4		14		5
Adjusted occupancy and equipment2	80			79			78			76			73			1		1		7		9
Adjusted outside services	79			71			63			71			73			8		12		6		8
Amortization of intangible assets	9			10			10			11			11			(1)		(8)		(2)		(18)
Adjusted other noninterest expense	79			50			52			74			59			28		56		20		35
Adjusted total noninterest expense	$	542		$	495		$	482		$	506		$	497		$	47	9	%	$	45	9	%

Adjusted pre-provision net revenue4	$	351		$	338		$	334		$	318		$	335		$	13	4	%	$	16	5	%

Provision for credit losses	$	(5)		$	30		$	40		$	10		$	35		$	(35)	(117)	%	$	(40)	(114)	%







Adjusted net income available to common shareholders	$	263		$	229		$	217		$	228		$	224		$	33	15	%	$	38	17	%

Adjusted Common Share Data


Adjusted diluted EPS	$	0.51		$	0.45		$	0.42		$	0.43		$	0.42		$	0.06	13	%	$	0.09	21	%
Diluted shares8	510			514			523			534			538			(3)		(1)	%	(28)		(5)	%

Adjusted effective tax rate	22.7		%	20.8		%	22.0		%	21.0		%	20.8		%
Adjusted ROTCE4	15.0		%	13.6		%	13.1		%	13.3		%	13.2		%
Adjusted efficiency ratio4	60.8		%	59.5		%	59.1		%	61.4		%	59.9		%

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


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



Deferred compensation adjustment	—		4		—		—		—
FDIC special assessment (other noninterest expense)	2		1		(1)		1		2
Other notable expenses *	(10)		—		(5)		(3)		(17)
Total notable items (pre-tax)	$	(8)	$	4	$	(6)	$	(94)	$	(14)
Tax-related notable items	$	—	$	—	$	—	$	—	$	—
Preferred Stock Dividend **	$	(3)	$	—	$	—	$	—	$	—

Numbers may not total due to rounding.

* 4Q24 and 3Q24 include $3 million and $2 million of restructuring expenses; 3Q25, 1Q25, and 3Q24 include $10 million, $5 million, and $15 million of Visa derivative valuation expenses

** 3Q25 includes $3 million deemed dividends on the redemption of $80 million par value of Series B Preferred Stock.


IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited



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



Noninterest income:







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

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


Noninterest expense:
Personnel expenses:

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

Outside services	—		—		—		(1)		(1)

Other noninterest expense	(8)		1		(6)		1		(13)
Total noninterest expense	$	(8)	$	4	$	(6)	$	(2)	$	(14)


Income before income taxes	$	8	$	(4)	$	6	$	94	$	14
Provision for income taxes	2		(1)		1		23		4
Preferred stock dividends *	(3)		—		—		—		—
Net income/(loss) available to common shareholders	$	9	$	(3)	$	4	$	71	$	11
EPS impact of notable items	$	0.01	$	—	$	0.01	$	0.13	$	0.02

Numbers may not total due to rounding.

* 3Q25 includes $3 million deemed dividends on the redemption of $80 million par value of Series B Preferred Stock.


FINANCIAL RATIOS
Quarterly, Unaudited
																3Q25 Change vs.
	3Q25			2Q25			1Q25			4Q24			3Q24			2Q25					3Q24
FINANCIAL RATIOS																$/bp			%		$/bp			%
Net interest margin6	3.55		%	3.40		%	3.42		%	3.33		%	3.31		%	15		bp			24		bp

Return on average assets	1.29		%	1.20		%	1.11		%	0.82		%	1.08		%	9		bp			21		bp
Adjusted return on average assets4	1.32		%	1.18		%	1.14		%	1.17		%	1.13		%	14		bp			19		bp
Return on average common equity (“ROCE”)	11.74		%	11.14		%	10.30		%	7.38		%	10.10		%	60		bp			164		bp

Return on average tangible common equity (“ROTCE”)4	14.49		%	13.85		%	12.81		%	9.17		%	12.60		%	64		bp			189		bp
Adjusted ROTCE4	15.00		%	13.65		%	13.08		%	13.27		%	13.24		%	135		bp			176		bp
Noninterest income as a % of total revenue	24.16		%	22.73		%	22.29		%	23.20		%	24.06		%	143		bp			10		bp
Adjusted noninterest income as a % of total revenue4	24.07		%	22.63		%	22.20		%	23.10		%	23.95		%	144		bp			12		bp
Efficiency ratio	61.92		%	59.20		%	60.06		%	61.98		%	61.89		%	272		bp			3		bp
Adjusted efficiency ratio4	60.76		%	59.47		%	59.09		%	61.43		%	59.86		%	129		bp			90		bp
Allowance for credit losses to loans and leases4	1.38		%	1.42		%	1.45		%	1.43		%	1.44		%	(4)		bp			(6)		bp

CAPITAL DATA
CET1 capital ratio*	11.0		%	11.0		%	10.9		%	11.2		%	11.2		%	(2)		bp			(26)		bp
Tier 1 capital ratio*	11.9		%	12.0		%	11.9		%	12.2		%	12.2		%	(13)		bp			(37)		bp
Total capital ratio*	13.8		%	14.0		%	14.1		%	14.2		%	14.2		%	(17)		bp			(46)		bp
Tier 1 leverage ratio*	10.5		%	10.6		%	10.5		%	10.6		%	10.6		%	(9)		bp			(18)		bp
Risk-weighted assets (“RWA”) (billions)*	$	72.0		$	71.7		$	70.8		$	71.1		$	71.5		$	0.2		—	%	$	0.5		1	%
Total equity to total assets	11.11		%	11.28		%	11.10		%	11.09		%	11.27		%	(17)		bp			(16)		bp
Tangible common equity/tangible assets (“TCE/TA”)4	8.55		%	8.58		%	8.37		%	8.37		%	8.56		%	(3)		bp			(1)		bp
Period-end shares outstanding (millions)8	500			509			507			524			532			(8)			(2)	%	(32)			(6)	%
Cash dividends declared per common share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15		$	—		—	%	$	—		—	%
Book value per common share	$	17.19		$	16.78		$	16.40		$	16.00		$	16.15		$	0.41		2	%	$	1.04		6	%
Tangible book value per common share4	$	13.94		$	13.57		$	13.17		$	12.85		$	13.02		$	0.37		3	%	$	0.92		7	%


SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	96.23		%	96.47		%	96.90		%	95.40		%	93.80		%	(23)		bp			244		bp
Loans-to-deposit ratio (average balances)	95.24		%	96.62		%	95.57		%	94.44		%	94.19		%	(137)		bp			105		bp
Full-time equivalent associates	7,341			7,255			7,190			7,158			7,186			86			1	%	155			2	%

*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


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

Loans and leases:
Commercial, financial, and industrial (C&I)	$	34,401	$	34,359	$	33,354	$	33,428	$	33,092	$	42	—	%	$	1,310	4	%
Commercial real estate	13,674		13,936		14,139		14,421		14,705		(261)		(2)		(1,031)		(7)
Total Commercial	48,076		48,295		47,493		47,849		47,797		(219)		—		279		1
Consumer real estate	14,403		14,368		14,089		14,047		13,961		36		—		443		3
Credit card and other5	579		597		633		670		688		(18)		(3)		(109)		(16)
Total Consumer	14,982		14,965		14,722		14,716		14,648		17		—		334		2
Loans and leases, net of unearned income	63,058		63,260		62,215		62,565		62,445		(202)		—		612		1
Loans held for sale	501		402		510		551		494		99		25		7		1
Investment securities	9,332		9,362		9,333		9,166		9,530		(31)		—		(198)		(2)
Trading securities	2,070		1,430		1,376		1,387		1,549		640		45		521		34
Interest-bearing deposits with banks	1,228		911		1,164		1,538		1,286		317		35		(58)		(4)
Federal funds sold and securities purchased under agreements to resell	774		527		728		631		1,008		247		47		(233)		(23)
Total interest earning assets	76,963		75,893		75,326		75,838		76,311		1,070		1		652		1
Cash and due from banks	912		988		915		906		1,028		(76)		(8)		(116)		(11)
Goodwill and other intangible assets, net	1,624		1,633		1,643		1,653		1,663		(9)		(1)		(39)		(2)
Premises and equipment, net	553		561		569		574		572		(8)		(1)		(18)		(3)
Allowance for loan and lease losses	(777)		(814)		(822)		(815)		(823)		37		5		46		6
Other assets	3,916		3,823		3,861		3,996		3,883		94		2		33		1
Total assets	$	83,192	$	82,084	$	81,491	$	82,152	$	82,635	$	1,109	1	%	$	558	1	%

Liabilities and Shareholders' Equity:
Deposits:
Savings	$	26,365	$	25,939	$	26,242	$	26,695	$	26,634	$	426	2	%	$	(269)	(1)	%
Time deposits	6,201		7,270		5,918		6,613		8,326		(1,069)		(15)		(2,125)		(26)
Other interest-bearing deposits	16,936		16,477		16,213		16,252		15,403		460		3		1,533		10
Total interest-bearing deposits	49,502		49,685		48,373		49,560		50,363		(183)		—		(861)		(2)
Trading liabilities	662		469		670		550		767		192		41		(106)		(14)
Federal funds purchased and securities sold under agreements to repurchase	2,675		3,201		2,572		2,355		1,910		(525)		(16)		765		40
Short-term borrowings	1,596		260		1,223		1,045		675		1,336		NM		921		137
Term borrowings	1,328		1,342		1,691		1,195		1,202		(14)		(1)		126		10
Total interest-bearing liabilities	55,763		54,957		54,529		54,705		54,918		806		1		845		2
Noninterest-bearing deposits	16,023		15,892		15,835		16,021		16,212		131		1		(189)		(1)
Other liabilities	2,163		1,978		2,084		2,315		2,189		185		9		(26)		(1)
Total liabilities	73,948		72,826		72,447		73,041		73,318		1,122		2		630		1
Shareholders' Equity:
Preferred stock	349		426		426		426		426		(77)		(18)		(77)		(18)
Common stock	313		318		317		328		333		(5)		(2)		(20)		(6)
Capital surplus	4,288		4,459		4,472		4,809		4,947		(171)		(4)		(659)		(13)
Retained earnings	4,848		4,671		4,516		4,382		4,304		177		4		544		13
Accumulated other comprehensive loss, net	(849)		(912)		(983)		(1,128)		(989)		63		7		140		14
Combined shareholders' equity	8,949		8,962		8,749		8,816		9,021		(13)		—		(72)		(1)
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	9,244		9,257		9,044		9,111		9,316		(13)		—		(72)		(1)
Total liabilities and shareholders' equity	$	83,192	$	82,084	$	81,491	$	82,152	$	82,635	$	1,109	1	%	$	558	1	%
Memo:
Total deposits	$	65,525	$	65,576	$	64,208	$	65,581	$	66,575	$	(52)	—	%	$	(1,050)	(2)	%
Loans to mortgage companies	$	3,926	$	4,058	$	3,369	$	3,471	$	3,244	$	(132)	(3)	%	$	682	21	%
Unfunded Loan Commitments:
Commercial	$	18,485	$	17,784	$	17,974	$	17,863	$	18,180	$	702	4	%	$	305	2	%
Consumer	$	4,036	$	4,153	$	4,190	$	4,203	$	4,281	$	(117)	(3)	%	$	(245)	(6)	%

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


											3Q25 Change vs.
(In millions)	3Q25		2Q25		1Q25		4Q24		3Q24		2Q25				3Q24
Assets:											$		%		$		%
Loans and leases:
Commercial, financial, and industrial (C&I)	$	34,011	$	33,634	$	32,632	$	33,107	$	33,074	$	377	1	%	$	938	3	%
Commercial real estate	13,772		14,070		14,318		14,601		14,684		(298)		(2)		(912)		(6)
Total Commercial	47,784		47,704		46,951		47,709		47,758		79		—		26		—
Consumer real estate	14,409		14,224		14,046		14,008		13,935		185		1		474		3
Credit card and other5	594		623		649		701		720		(28)		(5)		(125)		(17)
Total Consumer	15,004		14,847		14,694		14,709		14,654		157		1		349		2
Loans and leases, net of unearned income	62,787		62,551		61,645		62,418		62,413		236		—		375		1
Loans held-for-sale	454		501		519		482		491		(47)		(9)		(37)		(7)
Investment securities	9,321		9,330		9,209		9,295		9,400		(10)		—		(80)		(1)
Trading securities	1,625		1,609		1,442		1,515		1,469		16		1		156		11
Interest-bearing deposits with banks	1,272		1,259		1,265		1,438		1,741		12		1		(470)		(27)
Federal funds sold and securities purchased under agreements to resell	573		636		713		594		607		(63)		(10)		(33)		(5)
Total interest earning assets	76,032		75,887		74,793		75,742		76,121		145		—		(89)		—
Cash and due from banks	860		864		886		911		905		(4)		—		(44)		(5)
Goodwill and other intangible assets, net	1,628		1,638		1,648		1,658		1,669		(9)		(1)		(40)		(2)
Premises and equipment, net	556		565		570		571		578		(9)		(2)		(21)		(4)
Allowances for loan and lease losses	(809)		(828)		(827)		(821)		(827)		18		2		18		2
Other assets	3,781		3,831		3,896		3,889		3,921		(50)		(1)		(140)		(4)
Total assets	$	82,049	$	81,958	$	80,965	$	81,950	$	82,366	$	91	—	%	$	(318)	—	%

Liabilities and shareholders' equity:
Deposits:
Savings	$	26,326	$	25,899	$	26,544	$	26,836	$	26,062	$	427	2	%	$	263	1	%
Time deposits	6,871		6,630		6,329		7,407		8,167		241		4		(1,296)		(16)
Other interest-bearing deposits	16,866		16,362		16,096		15,726		15,923		503		3		942		6
Total interest-bearing deposits	50,063		48,891		48,970		49,969		50,153		1,171		2		(90)		—
Trading liabilities	549		613		692		578		576		(64)		(10)		(27)		(5)
Federal funds purchased and securities sold under agreements to repurchase	2,631		2,692		2,479		2,205		2,132		(60)		(2)		500		23
Short-term borrowings	387		1,208		681		441		884		(821)		(68)		(497)		(56)
Term borrowings	1,335		1,556		1,332		1,206		1,188		(221)		(14)		148		12
Total interest-bearing liabilities	54,965		54,960		54,154		54,398		54,931		5		—		34		—
Noninterest-bearing deposits	15,862		15,851		15,535		16,123		16,111		10		—		(249)		(2)
Other liabilities	1,999		2,050		2,165		2,213		2,196		(51)		(2)		(198)		(9)
Total liabilities	72,825		72,861		71,854		72,735		73,238		(36)		—		(413)		(1)
Shareholders' Equity:
Preferred stock	350		426		426		426		426		(77)		(18)		(77)		(18)
Common stock	316		318		323		330		334		(2)		(1)		(18)		(6)
Capital surplus	4,379		4,464		4,664		4,881		4,973		(85)		(2)		(594)		(12)
Retained earnings	4,798		4,562		4,468		4,382		4,254		236		5		544		13
Accumulated other comprehensive loss, net	(913)		(967)		(1,066)		(1,099)		(1,154)		54		6		240		21
Combined shareholders' equity	8,928		8,802		8,816		8,920		8,833		126		1		95		1
Noncontrolling interest	295		295		295		295		295		—		—		—		—
Total shareholders' equity	9,224		9,097		9,111		9,216		9,128		126		1		95		1
Total liabilities and shareholders' equity	$	82,049	$	81,958	$	80,965	$	81,950	$	82,366	$	91	—	%	$	(318)	—	%
Memo:
Total deposits	$	65,924	$	64,742	$	64,504	$	66,092	$	66,263	$	1,182	2	%	$	(339)	(1)	%
Loans to mortgage companies	$	3,628	$	3,533	$	2,819	$	3,283	$	2,875	$	96	3	%	$	754	26	%

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
																					3Q25 Change vs.
	3Q25				2Q25				1Q25				4Q24				3Q24				2Q25					3Q24
(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	$	767	6.37	%	$	738	6.21	%	$	715	6.18	%	$	771	6.43	%	$	813	6.78	%	$	29		4	%	$	(46)		(6)	%


Consumer	191		5.07		186		4.99		182		4.96		183		4.97		186		5.05		5			3		5			3
Loans and leases, net of unearned income	957		6.06		924		5.92		897		5.89		954		6.09		999		6.37		34			4		(41)			(4)
Loans held-for-sale	8		6.86		8		6.76		9		7.09		9		7.38		10		7.77		(1)			(8)		(2)			(18)
Investment securities	72		3.09		71		3.06		69		3.02		62		2.69		61		2.58		1			1		11			19
Trading securities	24		5.81		23		5.72		20		5.57		22		5.74		22		6.05		1			2		1			6
Interest-bearing deposits with banks	14		4.41		14		4.45		14		4.44		17		4.77		24		5.40		—			1		(10)			(40)
Federal funds sold and securities purchased under agreements	6		4.20		7		4.24		7		4.24		7		4.46		8		5.23		(1)			(10)		(2)			(24)
Interest income	$	1,081	5.65	%	$	1,047	5.53	%	$	1,017	5.50	%	$	1,071	5.63	%	$	1,123	5.88	%	$	34		3	%	$	(42)		(4)	%

Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$	184	2.78	%	$	177	2.73	%	$	175	2.67	%	$	210	3.11	%	$	225	3.43	%	$	8		4	%	$	(41)		(18)	%
Time deposits	64		3.71		64		3.88		62		4.00		81		4.35		95		4.63		—			—		(31)			(32)
Other interest-bearing deposits	102		2.41		96		2.36		92		2.31		99		2.49		114		2.85		6			6		(12)			(10)
Total interest-bearing deposits	351		2.78		337		2.76		329		2.72		389		3.10		434		3.44		14			4		(83)			(19)
Trading liabilities	5		3.93		6		4.07		7		4.29		6		4.01		6		4.13		(1)			(13)		(1)			(9)
Federal funds purchased and securities sold under agreements to repurchase	23		3.52		24		3.61		21		3.47		21		3.72		23		4.20		(1)			(3)		1			4
Short-term borrowings	4		4.39		13		4.47		7		4.40		5		4.75		12		5.52		(9)			(68)		(8)			(65)
Term borrowings	19		5.82		22		5.60		18		5.41		17		5.52		17		5.64		(2)			(11)		3			16
Interest expense	403		2.91		403		2.94		383		2.87		438		3.20		491		3.56		1			—		(88)			(18)
Net interest income - tax equivalent basis	678		2.74		645		2.59		634		2.63		634		2.43		631		2.32		33			5		46			7
Fully taxable equivalent adjustment	(3)		0.81		(4)		0.81		(3)		0.79		(4)		0.90		(4)		0.99		—			4		—			9
Net interest income	$	674	3.55	%	$	641	3.40	%	$	631	3.42	%	$	630	3.33	%	$	627	3.31	%	$	33		5	%	$	47		7	%

Memo:
Total loan yield			6.06	%			5.92	%			5.89	%			6.09	%			6.37	%	14		bp			(31)		bp
Total deposit cost			2.11	%			2.09	%			2.07	%			2.34	%			2.61	%	2		bp			(50)		bp
Total funding cost			2.26	%			2.28	%			2.23	%			2.47	%			2.75	%	(2)		bp			(49)		bp
Average loans and leases, net of unearned income	$	62,787			$	62,551			$	61,645			$	62,418			$	62,413			$	236		—	%	$	375		1	%
Average deposits	65,924				64,742				64,504				66,092				66,263				1,182			2	%	(339)			(1)	%
Average funded liabilities	70,827				70,811				69,689				70,521				71,042				$	15		—	%	$	(215)		—	%

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															3Q25 change vs.
(In millions, except ratio data)	3Q25			2Q25			1Q25			4Q24			3Q24			2Q25				3Q24
																$		%		$		%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$	211		$	224		$	195		$	173		$	190		$	(14)	(6)	%	$	21	11	%
Commercial real estate	254			236			284			294			259			18		8		(4)		(2)
Consumer real estate	139			131			129			133			128			8		6		11		8
Credit card and other5	1			1			1			2			1			—		15		—		3
Total nonperforming loans and leases	$	605		$	593		$	609		$	602		$	578		$	13	2	%	$	28	5	%

Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.61		%	0.65		%	0.58		%	0.52		%	0.57		%
Commercial real estate	1.86			1.70			2.01			2.04			1.76
Consumer real estate	0.96			0.91			0.92			0.95			0.92
Credit card and other5	0.25			0.21			0.19			0.23			0.20
Total nonperforming loans and leases to loans and leases	0.96		%	0.94		%	0.98		%	0.96		%	0.92		%

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										3Q25 change vs.
(In millions)	3Q25		2Q25		1Q25		4Q24		3Q24		2Q25				3Q24
											$		%		$		%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)	$	1	$	1	$	1	$	1	$	1	$	—	2	%	$	—	16	%
Commercial real estate	—		—		—		—		—		—		NM		—		NM
Consumer real estate	6		6		7		19		13		—		(5)		(7)		(55)
Credit card and other5	2		1		—		1		3		—		38		(1)		(36)
Total loans and leases 90 days or more past due and accruing	$	9	$	8	$	8	$	21	$	17	$	—	5	%	$	(8)	(49)	%

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															3Q25 change vs.
(In millions, except ratio data)	3Q25			2Q25			1Q25			4Q24			3Q24			2Q25				3Q24
Charge-off, Recoveries and Related Ratios																$		%		$		%
Gross Charge-offs
Commercial, financial, and industrial (C&I)	$	25		$	28		$	34		$	13		$	12		$	(3)	(10)	%	$	12	99	%
Commercial real estate	3			8			3			9			15			(4)		(56)		(12)		(78)
Consumer real estate	1			2			—			1			1			(1)		(51)		—		38
Credit card and other5	6			6			4			6			5			1		11		2		32
Total gross charge-offs	$	36		$	43		$	41		$	29		$	33		$	(7)	(17)	%	$	2	7	%
Gross Recoveries
Commercial, financial, and industrial (C&I)	$	(6)		$	(6)		$	(6)		$	(12)		$	(4)		$	—	(5)	%	$	(2)	(43)	%
Commercial real estate	—			—			(3)			—			(1)			—		NM		1		75
Consumer real estate	(1)			(2)			(1)			(2)			(3)			—		5		1		41
Credit card and other5	(1)			(2)			(1)			(1)			(1)			1		35		—		22
Total gross recoveries	$	(9)		$	(9)		$	(12)		$	(15)		$	(9)		$	—	—	%	$	—	—	%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I)	$	19		$	22		$	28		$	1		$	8		$	(3)	(14)	%	$	10	NM
Commercial real estate	3			8			(1)			9			14			(5)		(59)		(11)		(78)
Consumer real estate	(1)			—			(1)			(2)			(2)			(1)		NM		1		67
Credit card and other5	5			4			3			5			3			1		29		2		53
Total net charge-offs	$	26		$	34		$	29		$	13		$	24		$	(7)	(22)	%	$	2	10	%

Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I)	0.22		%	0.26		%	0.35		%	0.01		%	0.10		%
Commercial real estate	0.09			0.22			(0.02)			0.25			0.39
Consumer real estate	(0.02)			—			(0.02)			(0.05)			(0.05)
Credit card and other5	3.54			2.64			1.60			2.78			1.92
Total loans and leases	0.17		%	0.22		%	0.19		%	0.08		%	0.15		%

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										3Q25 Change vs.
(In millions)	3Q25		2Q25		1Q25		4Q24		3Q24		2Q25				3Q24
Summary of Changes in the Components of the Allowance For Credit Losses											$		%		$		%
Allowance for loan and lease losses - beginning	$	814	$	822	$	815	$	823	$	821	$	(8)	(1)	%	$	(7)	(1)	%













Charge-offs:
Commercial, financial, and industrial (C&I)	(25)		(28)		(34)		(13)		(12)		3		10		(12)		(99)
Commercial real estate	(3)		(8)		(3)		(9)		(15)		4		56		12		78
Consumer real estate	(1)		(2)		—		(1)		(1)		1		51		—		(38)
Credit card and other5	(6)		(6)		(4)		(6)		(5)		(1)		(11)		(2)		(32)
Total charge-offs	(36)		(43)		(41)		(29)		(33)		7		17		(2)		(7)
Recoveries:
Commercial, financial, and industrial (C&I)	6		6		6		12		4		—		5		2		43
Commercial real estate	—		—		3		—		1		—		NM		(1)		(75)
Consumer real estate	1		2		1		2		3		—		(5)		(1)		(41)
Credit card and other5	1		2		1		1		1		(1)		(35)		—		(22)
Total Recoveries	9		9		12		15		9		—		—		—		—
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)	5		23		28		(5)		15		(18)		(77)		(10)		(66)
Commercial real estate	(5)		(5)		(2)		18		11		(1)		(12)		(16)		NM
Consumer real estate	(15)		4		8		(10)		(3)		(19)		NM		(12)		NM
Credit card and other5	4		3		2		4		2		1		23		2		79
Total provision for loan and lease losses:	(11)		26		36		6		26		(37)		NM		(37)		NM
Allowance for loan and lease losses - ending	$	777	$	814	$	822	$	815	$	823	$	(37)	(5)	%	$	(46)	(6)	%

Reserve for unfunded commitments - beginning	$	87	$	83	$	79	$	75	$	66	$	4	5	%	$	21	32	%


Provision for unfunded commitments	6		4		4		4		9		2		50		(3)		(33)
Reserve for unfunded commitments - ending	$	93	$	87	$	83	$	79	$	75	$	6	7	%	$	18	24	%
Total allowance for credit losses- ending	$	870	$	901	$	905	$	894	$	897	$	(31)	(3)	%	$	(28)	(3)	%

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
	3Q25		2Q25		1Q25		4Q24		3Q24

Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	0.97	%	1.01	%	1.04	%	1.03	%	1.06	%
Commercial real estate	1.49	%	1.53	%	1.59	%	1.57	%	1.48	%
Consumer real estate	1.52	%	1.63	%	1.63	%	1.57	%	1.65	%
Credit card and other5	3.42	%	3.50	%	3.41	%	3.28	%	3.39	%
Total allowance for loans and lease losses to loans and leases	1.23	%	1.29	%	1.32	%	1.30	%	1.32	%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	158	%	155	%	178	%	199	%	185	%
Commercial real estate	80	%	90	%	79	%	77	%	84	%
Consumer real estate	158	%	179	%	178	%	167	%	180	%
Credit card and other5	1,380	%	1,684	%	1,752	%	1,438	%	1,672	%
Total allowance for loans and lease losses to nonperforming loans and leases	128	%	137	%	135	%	136	%	142	%

Allowance for credit losses ratios
Total allowance for credit losses to loans and leases4	1.38	%	1.42	%	1.45	%	1.43	%	1.44	%
Total allowance for credit losses to nonperforming loans and leases4	144	%	152	%	148	%	149	%	155	%

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

COMMERCIAL, CONSUMER, AND WEALTH

Quarterly, Unaudited


																3Q25 Change vs.
	3Q25			2Q25			1Q25			4Q24			3Q24			2Q25					3Q24
																$/bp			%		$/bp			%
Income Statement (millions)
Net interest income	$	660		$	634		$	624		$	635		$	634		$	26		4	%	$	26		4	%
Noninterest income	117			113			110			116			119			3			3		(2)			(2)
Total revenue	777			747			734			751			754			30			4		23			3
Noninterest expense	365			354			344			361			352			11			3		14			4
Pre-provision net revenue3	411			393			390			390			402			19			5		9			2
Provision for credit losses	2			13			38			15			42			(12)			(88)		(41)			(96)
Income before income tax expense	410			380			352			375			359			30			8		50			14
Income tax expense	98			90			84			89			85			8			8		13			15
Net income	$	312		$	289		$	268		$	286		$	274		$	23		8	%	$	38		14	%

Average Balances (billions)
Total loans and leases	$	56.4		$	56.3		$	56.2		$	56.5		$	56.9		$	0.1		—	%	$	(0.5)		(1)	%
Interest-earning assets	56.4			56.3			56.2			56.5			56.9			0.1			—		(0.5)			(1)
Total assets	58.8			58.7			58.7			59.1			59.5			0.1			—		(0.7)			(1)
Total deposits	59.1			58.9			59.1			59.9			59.7			0.3			—		(0.5)			(1)

Key Metrics
Net interest margin6	4.67		%	4.53		%	4.52		%	4.49		%	4.46		%	14		bp			21		bp
Efficiency ratio	47.05		%	47.43		%	46.85		%	48.13		%	46.67		%	(38)		bp			38		bp
Loans-to-deposits ratio (period-end balances)	94.56		%	95.33		%	94.28		%	94.14		%	94.41		%	(77)		bp			15		bp
Loans-to-deposits ratio (average-end balances)	95.30		%	95.59		%	94.99		%	94.30		%	95.26		%	(29)		bp			4		bp
Return on average assets (annualized)	2.10		%	1.98		%	1.85		%	1.92		%	1.83		%	12		bp			27		bp
Return on allocated equity7	25.14		%	23.03		%	21.50		%	22.38		%	21.59		%	211		bp			355		bp
Financial center locations	413			414			414			416			416			(1)					(3)

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


																3Q25 Change vs.
	3Q25			2Q25			1Q25			4Q24			3Q24			2Q25					3Q24
																$/bp			%		$/bp			%
Income Statement (millions)
Net interest income	$	60		$	57		$	50		$	54		$	52		$	3		6	%	$	9		17	%
Noninterest income	74			53			59			58			57			20			38		17			31
Total revenue	134			111			109			112			108			24			21		26			24
Noninterest expense	83			76			76			76			75			8			10		8			11
Pre-provision net revenue3	51			35			33			36			33			16			46		18			56
Provision for credit losses	(1)			6			3			1			(7)			(6)			(109)		6			93
Income before income tax expense	52			29			30			35			40			22			76		12			30
Income tax expense	12			7			7			8			10			5			77		3			30
Net income	$	39		$	22		$	23		$	27		$	30		$	17		75	%	$	9		29	%

Average Balances (billions)
Total loans and leases	$	6.0		$	5.8		$	5.0		$	5.5		$	5.1		$	0.1		3	%	$	0.9		17	%
Interest-earning assets	8.7			8.6			7.8			8.2			7.7			—			—		0.9			12
Total assets	9.4			9.3			8.5			8.9			8.4			—			1		0.9			11
Total deposits	2.2			2.1			2.0			2.0			1.9			0.1			5		0.3			16

Key Metrics
Fixed income product average daily revenue (thousands)	$	771		$	550		$	586		$	659		$	593		$	221		40	%	$	178		30	%
Net interest margin6	2.78		%	2.67		%	2.59		%	2.64		%	2.67		%	11		bp			11		bp
Efficiency ratio	61.93		%	68.29		%	69.58		%	67.65		%	69.60		%	(636)		bp			(768)		bp
Loans-to-deposits ratio (period-end balances)	319		%	312		%	288		%	305		%	281		%	735		bp			3,817		bp
Loans-to-deposits ratio (average-end balances)	276		%	282		%	252		%	278		%	273		%	(669)		bp			272		bp
Return on average assets (annualized)	1.66		%	0.96		%	1.08		%	1.19		%	1.43		%	70		bp			24		bp
Return on allocated equity7	27.16		%	15.96		%	16.56		%	18.99		%	21.36		%	1,120		bp			580		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


											3Q25 Change vs.
	3Q25		2Q25		1Q25		4Q24		3Q24		2Q25				3Q24
											$		%		$		%
Income Statement (millions)
Net interest income/(expense)	$	(46)	$	(50)	$	(42)	$	(59)	$	(59)	$	4	7	%	$	12	21	%
Noninterest income	25		22		12		(75)		25		3		12		—		—
Total revenues	(22)		(28)		(30)		(134)		(34)		6		23		12		37
Noninterest expense	102		61		68		71		84		41		67		18		21
Pre-provision net revenue3	(124)		(89)		(98)		(205)		(118)		(34)		(38)		(5)		(4)
Provision for credit losses	(6)		11		(1)		(6)		—		(17)		NM		(6)		NM
Income before income tax expense	(118)		(100)		(97)		(199)		(118)		(17)		(17)		1		—
Income tax expense (benefit)	(32)		(33)		(28)		(57)		(37)		1		3		5		12
Net income/(loss)	$	(85)	$	(67)	$	(69)	$	(143)	$	(81)	$	(18)	(27)	%	$	(4)	(5)	%

Average Balance Sheet (billions)
Interest bearing assets	$	11.0	$	11.0	$	10.8	$	11.1	$	11.5	$	—	—	%	$	(0.5)	(5)	%
Total assets	13.9		13.9		13.8		14.0		14.4		—		—		(0.6)		(4)

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 $154 million of commercial credit card balances at September 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)	3Q25			2Q25			1Q25			4Q24			3Q24

Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$	9,244		$	9,257		$	9,044		$	9,111		$	9,316
Less: Noncontrolling interest (a)	295			295			295			295			295
Less: Preferred stock (a)	349			426			426			426			426
(B) Total common equity	$	8,600		$	8,536		$	8,322		$	8,389		$	8,595
Less: Intangible assets (GAAP) (b)	1,624			1,633			1,643			1,653			1,663
(C) Tangible common equity (Non-GAAP)	$	6,976		$	6,903		$	6,680		$	6,737		$	6,931

Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$	83,192		$	82,084		$	81,491		$	82,152		$	82,635
Less: Intangible assets (GAAP) (b)	1,624			1,633			1,643			1,653			1,663
(E) Tangible assets (Non-GAAP)	$	81,568		$	80,451		$	79,849		$	80,499		$	80,971












Period-end Shares Outstanding
(F) Period-end shares outstanding	500			509			507			524			532

Ratios


(A)/(D) Total equity to total assets (GAAP)	11.11		%	11.28		%	11.10		%	11.09		%	11.27		%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	8.55		%	8.58		%	8.37		%	8.37		%	8.56		%
(B)/(F) Book value per common share (GAAP)	$	17.19		$	16.78		$	16.40		$	16.00		$	16.15
(C)/(F) Tangible book value per common share (Non-GAAP)	$	13.94		$	13.57		$	13.17		$	12.85		$	13.02

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

Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)	a	$	254		$	233		$	213		$	158		$	213
Plus Total notable items (after-tax) (Non-GAAP) (a)		$	9		$	(3)		$	4		$	71		$	11
Adjusted net income available to common shareholders (Non-GAAP)	b	$	263		$	229		$	217		$	228		$	224

Diluted Shares (GAAP)8	c	510			514			523			534			538

Diluted EPS (GAAP)	a/c	$	0.50		$	0.45		$	0.41		$	0.29		$	0.40
Adjusted diluted EPS (Non-GAAP)	b/c	$	0.51		$	0.45		$	0.42		$	0.43		$	0.42

Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)		$	266		$	244		$	222		$	170		$	223
Plus Relevant notable items (after-tax) (Non-GAAP) (a)		$	6		$	(3)		$	4		$	71		$	11
Adjusted NI (Non-GAAP)		$	272		$	241		$	227		$	240		$	234

NI (annualized) (GAAP)	d	$	1,055		$	980		$	901		$	675		$	889
Adjusted NI (annualized) (Non-GAAP)	e	$	1,079		$	967		$	919		$	956		$	932

Average assets (GAAP)	f	$	82,049		$	81,958		$	80,965		$	81,950		$	82,366

ROA (GAAP)	d/f	1.29		%	1.20		%	1.11		%	0.82		%	1.08		%
Adjusted ROA (Non-GAAP)	e/f	1.32		%	1.18		%	1.14		%	1.17		%	1.13		%

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	$	1,007		$	933		$	864		$	627		$	849
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)	h	$	1,042		$	919		$	882		$	907		$	892

Average Common Equity (GAAP)	i	$	8,579		$	8,376		$	8,389		$	8,494		$	8,407
Intangible Assets (GAAP) (b)		1,628			1,638			1,648			1,658			1,669
Average Tangible Common Equity (Non-GAAP)	j	$	6,950		$	6,738		$	6,742		$	6,836		$	6,738



ROCE (GAAP)	g/i	11.74		%	11.14		%	10.30		%	7.38		%	10.10		%


ROTCE (Non-GAAP)	g/j	14.49		%	13.85		%	12.81		%	9.17		%	12.60		%
Adjusted ROTCE (Non-GAAP)	h/j	15.00		%	13.65		%	13.08		%	13.27		%	13.24		%

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

Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	k	$	215		$	189		$	181		$	99		$	200
Plus notable items (pretax) (GAAP) (a)		—			—			—			91			—
Adjusted noninterest income (Non-GAAP)	l	$	215		$	189		$	181		$	190		$	200

Revenue (GAAP)	m	$	889		$	830		$	812		$	729		$	828
Taxable-equivalent adjustment		3			4			3			4			4
Revenue- Taxable-equivalent (Non-GAAP)		893			833			816			732			832
Plus notable items (pretax) (GAAP) (a)		—			—			—			91			—
Adjusted revenue (Non-GAAP)	n	$	893		$	833		$	816		$	824		$	832

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

Noninterest income as a % of total revenue (GAAP)	(k-o)/ (m-o)	24.16		%	22.73		%	22.29		%	23.20		%	24.06		%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	l/n	24.07		%	22.63		%	22.20		%	23.10		%	23.95		%

Adjusted Efficiency Ratio
Noninterest expense (GAAP)	p	$	551		$	491		$	488		$	508		$	511
Plus notable items (pretax) (GAAP) (a)		$	(8)		$	4		$	(6)		$	(2)		$	(14)
Adjusted noninterest expense (Non-GAAP)	q	$	542		$	495		$	482		$	506		$	497

Revenue (GAAP)	r	$	889		$	830		$	812		$	729		$	828
Taxable-equivalent adjustment		3			4			3			4			4
Revenue- Taxable-equivalent (Non-GAAP)		893			833			816			732			832
Plus notable items (pretax) (GAAP) (a)		—			—			—			91			—
Adjusted revenue (Non-GAAP)	s	$	893		$	833		$	816		$	824		$	832

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

Efficiency ratio (GAAP)	p/ (r-t)	61.92		%	59.20		%	60.06		%	61.98		%	61.89		%
Adjusted efficiency ratio (Non-GAAP)	q/s	60.76		%	59.47		%	59.09		%	61.43		%	59.86		%

(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
	3Q25		2Q25		3Q25 vs. 3Q24				3Q25		2Q25		3Q25 vs. 3Q24










Loans excluding LMC
Total Loans (GAAP)	$	63,058	$	63,260	$	(202)	—	%	$	62,787	$	62,551	$	236	—	%
LMC (GAAP)	3,926		4,058		(132)		(3)	%	3,628		3,533		96		3	%
Total Loans excl. LMC (Non-GAAP)	59,131		59,201		(70)		—	%	59,159		59,019		140		—	%
Total Consumer (GAAP)	14,982		14,965		17		—	%	15,004		14,847		157		1	%
Total Commercial excl. LMC (Non-GAAP)	44,149		44,237		(87)		—	%	44,156		44,172		(16)		—	%
Total CRE (GAAP)	13,674		13,936		(261)		(2)	%	13,772		14,070		(298)		(2)	%
Total C&I excl. LMC (Non-GAAP)	$	30,475	$	30,301	$	174	1	%	$	30,383	$	30,102	281		1	%

Numbers may not total due to rounding.



		3Q25			2Q25			1Q25			4Q24			3Q24
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	$	777		$	814		$	822		$	815		$	823
Reserve for unfunded commitments (GAAP)		93			87			83			79			75
Allowance for credit losses (Non-GAAP)	B	$	870		$	901		$	905		$	894		$	897

Loans and leases (GAAP)	C	$	63,058		$	63,260		$	62,215		$	62,565		$	62,445
Nonaccrual loans and leases (GAAP)	D	$	605		$	593		$	609		$	602		$	578

Allowance for loans and lease losses to loans and leases (GAAP)	A/C	1.23		%	1.29		%	1.32		%	1.30		%	1.32		%
Allowance for credit losses to loans and leases (Non-GAAP)	B/C	1.38		%	1.42		%	1.45		%	1.43		%	1.44		%

Allowance for loans and lease losses to nonperforming loans and leases (GAAP)	A/D	128		%	137		%	135		%	136		%	142		%
Allowance for credit losses to nonperforming loans and leases (Non-GAAP)	B/D	144		%	152		%	148		%	149		%	155		%

Numbers may not total due to rounding.


CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited

($s in millions)

	3Q25		2Q25		1Q25		4Q24		3Q24
Adjusted Pre-provision Net Revenue (PPNR)
Pre-tax income (GAAP)	$	344	$	309	$	285	$	210	$	281
Plus notable items (pretax) (GAAP) (a)	8		(4)		6		94		14
Adjusted Pre-tax income (non-GAAP)	$	352	$	304	$	290	$	304	$	296
Plus provision expense (GAAP)	(5)		30		40		10		35
Adjusted Pre-provision net revenue (PPNR) (non-GAAP)	$	347	$	334	$	330	$	314	$	331
Taxable-equivalent adjustment	3		4		3		4		4
Pre-provision net revenue-Taxable-equivalent (Non-GAAP)	$	351	$	338	$	334	$	318	$	335

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

Numbers may not total due to rounding.







	3Q25		2Q25		1Q25		4Q24		3Q24
Adjusted personnel expense excluding deferred compensation expense
Personnel expense (GAAP)	$	296	$	282	$	279	$	276	$	282
Plus notable items (pretax) (GAAP) (a)	—		4		—		(2)		(1)
Adjusted personnel expense (non-GAAP)	$	296	$	286	$	279	$	274	$	281
Less adjusted deferred compensation expense (GAAP)	8		7		(3)		1		6
Adjusted personnel expense excluding deferred compensation expense (non-GAAP)	$	288	$	279	$	282	$	272	$	275

(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