Slides
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First Quarter 2025 Earnings April 16, 2025
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2 Disclaimers Non-GAAP Information Certain measures included in this document 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 document are listed, and are reconciled to the most comparable GAAP presentation, in the non-GAAP reconciliation table(s) appearing in the Appendix. In addition, 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 document include: common equity tier 1 capital, 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. 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, numbers are in millions unless otherwise noted, references to EPS are fully diluted, and capital ratios for the most recent quarter are estimates.
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3PPNR, TBVPS, and ROTCE are non-GAAP and are reconciled to GAAP measures in the Appendix. $ in millions except per share data Reported Results 1Q25 Change vs. 1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24 Net interest income $631 $630 $627 $629 $625 $1 —% $7 1% Fee income 181 99 200 186 194 82 83% (13) (7%) Total revenue 812 729 828 815 819 84 11% (7) (1%) Expense 488 508 511 500 515 (21) (4%) (27) (5%) Pre-provision net revenue (PPNR) 325 220 316 315 304 104 47% 21 7% Provision for credit losses 40 10 35 55 50 30 NM (10) (20%) Pre-tax income 285 210 281 260 254 74 35% 31 12% Income tax expense 63 41 58 56 57 22 54% 5 10% Net income 222 170 223 204 197 52 31% 25 13% Non-controlling interest 4 4 5 5 5 — (9%) (1) (17%) Preferred dividends 5 8 5 15 8 (3) (34%) (3) (37%) Net income available to common shareholders (NIAC) $213 $158 $213 $184 $184 $55 35% $29 16% EPS $0.41 $0.29 $0.40 $0.34 $0.33 $0.12 41% $0.08 24% Diluted shares 523 534 538 547 558 (11) (2%) (34) (6%) ROCE 10.3% 7.4% 10.1% 9.0% 8.8% 292bps 154bps ROTCE 12.8% 9.2% 12.6% 11.3% 11.0% 364bps 186bps ROA 1.1% 0.8% 1.1% 1.0% 1.0% 29bps 14bps Net interest margin 3.42% 3.33% 3.31% 3.38% 3.37% 9bps 5bps Fee income / total revenue 22.3% 23.2% 24.1% 22.8% 23.7% (91bps) (143bps) Efficiency ratio 60.1% 62.0% 61.9% 61.4% 62.9% (192bps) (286bps) FTEs (full-time equivalent associates) 7,190 7,158 7,186 7,297 7,327 32 —% (137) (2%) CET1 ratio 10.9% 11.2% 11.2% 11.0% 11.3% (27bps) (38bps) Effective tax rate 22.0% 19.3% 20.6% 21.5% 22.5% 264bps (52bps) Tangible book value per share (TBVPS) $13.17 $12.85 $13.02 $12.22 $12.16 $0.32 2% $1.00 8% Period end loans $62.2B $62.6B $62.4B $62.8B $61.8B ($0.4) (1%) $0.5 1% Period end deposits $64.2B $65.6B $66.6B $64.8B $65.7B ($1.4) (2%) ($1.5) (2%) Period end loan to deposit ratio 97% 95% 94% 97% 94% 150bps 297bps 1Q25 GAAP financial summary
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4 1Q25 highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 1Q25 adjusted financial results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 1Q25 notable items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 NII and NIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Adjusted fee income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Adjusted expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Asset quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 2025 outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Strategic focus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Table of Contents
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5Reflects 1Q25 vs. 4Q24 results. PPNR, ROTCE, TBVPS, ACL to loans ratio, and adjusted financial measures, including measures excluding deferred compensation, are non-GAAP and are reconciled to GAAP measures in the Appendix. Net interest income and margin are adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax of 21 percent and, where applicable, state income taxes. • Returned $360 million of capital to shareholders through share repurchases • TBVPS increased $0.32, driven by strong earnings and lower mark-to-market, supporting $0.15 of common dividends and share buybacks • Net charge-off rate of 19bps; ACL/loans ratio increase of 2bp to 1.45% on increased macroeconomic uncertainty • Adjusted PPNR of $334 million, up $16 million from 4Q24 • NIM expanded 9bps, as deposit repricing momentum continued with a 38bp reduction in interest-bearing deposit rate • Adjusted expenses excluding deferred comp decreased $20 million following elevated charitable contributions & client promotions in 4Q24 Earnings & Returns Capital & Credit Quality Period End Balance Sheet & Liquidity Adj. EPS Adj. ROTCE NIM Adj. Efficiency $0.42 13.1% 3.42% 59.1% Deposits Loans Loan-to-Deposit Ratio (2)% (1)% 97% CET1 TBVPS NCO% 10.9% $13.17 0.19% Earnings success on margin expansion in 1Q25 • Loan-to-deposit ratio of 97%, up slightly from 4Q24 • Total deposits decrease driven by $559 million brokered CD pay-offs; average total deposit cost decreased 27bps • Total loans down $350 million from 4Q24, driven by commercial real estate payoffs and loans to mortgage companies (LMC) seasonality, slightly offset by growth within C&I excluding LMC
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6PPNR, ROTCE, TBVPS, ACL to loans ratio, and adjusted financial measures, including measures excluding deferred compensation, are non-GAAP and are reconciled to GAAP measures in the Appendix. Net interest income and margin are adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax of 21 percent and, where applicable, state income taxes. $ in millions, except per share data Adjusted Results 1Q25 Change vs. 1Q25 4Q24 1Q24 4Q24 1Q24 Net interest income (FTE) $634 $634 $628 $1 —% $6 1% Fee income $181 $190 $194 ($9) (5%) ($13) (7%) Total revenue (FTE) $816 $824 $823 ($8) (1%) ($7) (1%) Expense $482 $506 $500 ($24) (5%) ($18) (4%) Pre-provision net revenue $334 $318 $323 $16 5% $11 3% Provision for credit losses $40 $10 $50 $30 NM ($10) (20%) Net charge-offs $29 $13 $40 $16 119% ($11) (28%) Reserve build / (release) $11 ($3) $10 $14 NM $1 12% NIAC $217 $228 $195 ($11) (5%) $22 11% EPS $0.42 $0.43 $0.35 ($0.01) (2%) $0.07 20% Diluted shares 523 534 558 (11) (2%) (34) (6%) ROTCE 13.1% 13.3% 11.6% (19bps) 143bps ROA 1.1% 1.2% 1.0% (3bps) 11bps Net interest margin (NIM) 3.42% 3.33% 3.37% 9bps 5bps Fee income / total revenue 22.2% 23.1% 23.6% (90bps) (141bps) Efficiency ratio 59.1% 61.4% 60.8% (234bps) (169bps) CET1 Ratio 10.9% 11.2% 11.3% (27bps) (38bps) TBVPS $13.17 $12.85 $12.16 $0.32 2% $1.00 8% Effective tax rate 22.0% 21.0% 22.5% 99bps (55bps) 1Q25 adjusted financial highlights • Adjusted EPS of $0.42, a $0.01 decline from 4Q24 • Adjusted ROTCE of 13.1%, decreased 19bps from 4Q24 • Adjusted PPNR of $334 million, up 5% from 4Q24 • NII up $1 million linked quarter with NIM expansion of 9bps, driven by a 38bp reduction in interest-bearing deposit costs • Adjusted fee income decreased $5 million excluding deferred compensation, as fixed income and service charges held flat and other fluctuating revenue lines saw moderate declines • Adjusted expense excluding deferred compensation decreased $20 million from an elevated 4Q24 • Provision expense of $40 million increased $30 million from 4Q24 • Net charge-offs increased to $29 million with a reserve build of $11 million • Strong earnings resulted in CET1 ratio of 10.9% along with $360 million of share repurchases
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7 1Q25 notable items Notable Items ($ in millions, except EPS) 1Q25 FDIC special assessment (other noninterest expense) ($1) Visa Derivative Valuation Expense (other noninterest expense) ($5) Pre-tax impact of notable items ($6) Tax impact on pre-tax notable items $1 NIAC impact of notable items ($4) EPS impact of notable items ($0.01) Pre-Tax Notable Items • $5 million tied to Visa derivative valuation expenses • Expense of $1 million associated with an updated FDIC special assessment
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8 • Net interest income increased $1 million and net interest margin expanded 9bps versus 4Q24 ◦ Continued momentum from last quarter as average interest-bearing deposit costs improved another 38bps, while loan yields decreased by 20bps • 4Q24 securities portfolio restructuring contributed ~$8mm of incremental NII • As of 1Q25, 55%1 of loans are indexed to short-term rates • Fixed rate cash flows over the next year include ~$4 billion of fixed rate loans with a roll-off yield of ~4.6% and $1 billion of securities at a roll-off yield of ~2.6% $628 $633 $631 $634 $634 3.37% 3.38% 3.31% 3.33% 3.42% 1Q24 2Q24 3Q24 4Q24 1Q25 Net interest income ($) and NIM (%) Deposit pricing discipline delivered NIM expansion Net interest income and margin are adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax of 21 percent and, where applicable, state income taxes. 1Does not include the impact of interest rate hedges. For more detail on the hedges, see slide 18 in the Appendix. $ in millions NII Margin 4Q24 $634 3.33% Days ($8) Investment Portfolio Yield $8 0.04% Loan Yields ($31) (0.17%) Deposit Rate Paid $42 0.23% Other ($10) (0.01%) 1Q25 $634 3.42%
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9 Period end deposits $65.7B $64.8B $66.6B $65.6B $64.2B $16.4 $16.3 $16.2 $16.0 $15.8 $19.2 $18.0 $16.3 $16.0 $16.2 $20.1 $20.3 $22.3 $21.5 $20.9 $9.0 $8.0 $9.2 $10.7 $10.5 $1.0 $2.1 $2.5 $1.4 $0.8 Noninterest bearing depositsBase rate deposits Promotional deposits & CDsIndexed deposits Brokered CDs 1Q24 2Q24 3Q24 4Q24 1Q25 Repriced deposits while retaining balances and clients • 1Q25 period end deposits of $64.2 billion ◦ Base rate and non-interest bearing deposits remained consistent quarter over quarter ◦ Decline of $1.4 billion versus 4Q24 largely driven by a $0.6 billion reduction in brokered CDs ◦ Retained ~95% of ~$16 billion of promotional deposits and CDs repriced in the first quarter, while achieving a 34bp reduction in the weighted average rate of these promotional deposits • 1Q25 average deposits of $64.5 billion ◦ Brokered CDs averaged $0.7 billion lower in 1Q25 ◦ DDA balances decline with first quarter seasonal lows • 1Q25 interest-bearing rate paid of 2.72%, down 38bps ◦ Achieved ~80% cumulative beta since Fed rate cuts began in 3Q24 ◦ Quarter end interest-bearing deposit spot rate was ~2.70%
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10 Period end loans • 1Q25 period end loans of $62.2 billion, down 1% versus 4Q24 ◦ Loans to mortgage companies (LMC) saw typical seasonality, with balances down $101 million ◦ C&I excluding LMC grew $27 million ◦ CRE balances declined $282 million due to paydowns across the portfolio including classified CRE loans paying down • Period end line utilization of 43%1 • Loan yields compressed 20bps to 5.9%, driven by lower short- term rates following the Fed rate cuts in the fourth quarter 2024 • Asset sensitive profile reflected in loan composition of 55% variable rate, 12% ARM, and 32% fixed rate3 1Utilization rates exclude loans to mortgage companies. 2Credit card & other is $0.8B from 1Q24 to 2Q24, $0.7B in 3Q24 and 4Q24, and $0.6B in 1Q25. 3Does not include the impact of interest rate hedges. For more detail on the hedges, see slide 18 in the Appendix. Diversified portfolio across attractive geographic footprint $61.8B $62.8B $62.4B $62.6B $62.2B $30.5B $30.5B $29.8B $30.0B $30.0B $14.4B $14.7B $14.7B $14.4B $14.1B $13.6B $13.9B $14.0B $14.0B $14.1B $2.4B $2.9B $3.2B $3.5B $3.4B C&I ex LMC Commercial real estate (CRE) Consumer real estate LMC Credit card & other² 1Q24 2Q24 3Q24 4Q24 1Q25
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11 • 1Q25 adjusted fee income excluding deferred compensation decreased $5 million from 4Q24 ◦ Fixed income remained flat with average daily revenue down 11%, offset by increased revenue associated with products not included in ADR ◦ Service charges and fees held steady, reflecting normalized run rates after changes made in 4Q24 ◦ Brokerage, trust, and insurance and other noninterest income decreased $3 million and $2 million respectively, which is in line with normal quarterly fluctuations and seasonality Stable fee income despite market volatility Adjusted financial measures, including measures excluding deferred compensation, are non-GAAP and are reconciled to GAAP measures in the Appendix. 1Fixed Income ADR is based upon Fixed Income trading revenues and excludes other product revenues (e.g. investment advisory, derivatives, loan trading and other service related revenues). $ in millions Adjusted Results 1Q25 Change vs. 1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24 Fixed income $49 $49 $47 $40 $52 $0 —% ($3) (5%) Mortgage banking $8 $8 $9 $10 $9 $1 7% $0 (5%) Service charges and fees $52 $53 $59 $58 $57 $0 —% ($5) (8%) Brokerage, trust, and insurance $38 $41 $39 $38 $36 ($3) (7%) $2 6% Card and digital banking fees $18 $19 $19 $20 $19 ($1) (7%) ($1) (5%) Deferred compensation income $(3) $1 $6 $3 $9 ($4) NM ($11) NM Securities gains/(losses) $0 $0 $1 $1 $0 $0 NM $0 11% Other noninterest income $18 $20 $20 $16 $14 ($2) (8%) $4 32% Total fee income $181 $190 $200 $186 $194 ($9) (5%) ($13) (7%) Fee income ex deferred comp $184 $189 $194 $183 $186 ($5) (3%) ($2) (1%) Fixed income ADR1 $586k $659k $593k $488k $731k ($73k) (11%) ($145k) (20%)
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12 Continued prioritization of expense efficiency • 1Q25 adjusted expense excluding deferred compensation decreased $20 million versus 4Q24 ◦ Personnel expense excluding deferred compensation increased $9 million ▪ Salaries and benefits increased $2 million, as annual merit adjustments and benefits seasonality were partially offset by lower day count ▪ Incentives and commissions increased $7 million primarily reflecting accrual adjustments and performance-related awards ◦ Occupancy and equipment increased by $2 million, which included slightly higher seasonal utilities and incremental software depreciation ◦ Outside services declined by $8 million, driven by third-party expense reductions related to recently completed technology projects ◦ Other noninterest expense decreased by $22 million from an elevated 4Q24, which included a $10 million contribution to the First Horizon Foundation as well as incremental customer incentives related to deposit campaigns $ in millions Adjusted Results 1Q25 Change vs. 1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24 Salaries and benefits $201 $199 $199 $198 $199 $2 1% $2 1% Incentives and commissions $81 $73 $76 $78 $87 $7 10% ($6) (7%) Deferred compensation expense ($3) $1 $6 $3 $9 ($4) NM ($12) NM Total personnel expense $279 $274 $281 $279 $295 $5 2% ($17) (6%) Occupancy and equipment1 $78 $76 $73 $72 $72 $2 2% $6 9% Outside services $63 $71 $73 $75 $65 ($8) (11%) ($2) (3%) Amortization of intangible assets $10 $11 $11 $11 $11 ($1) (9%) ($1) (10%) Other noninterest expense $52 $74 $59 $58 $57 ($22) (30%) ($4) (8%) Adjusted total noninterest expense $482 $506 $497 $495 $500 ($24) (5%) ($18) (4%) Expense ex deferred comp $485 $505 $491 $492 $491 ($20) (4%) ($7) (1%) Full-time equivalent associates 7,190 7,158 7,186 7,297 7,327 32 —% (137) (2%) Adjusted financial measures, including measures excluding deferred compensation, are non-GAAP and are reconciled to GAAP measures in the Appendix. 1Occupancy and Equipment expense includes Computer Software Expense.
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13 Non-performing loans (NPLs)Allowance for credit losses (ACL) Net charge-offs FHN NCO%1 Average NCO% of BKX Index2 $40 $34 $24 $13 $29 0.27% 0.22% 0.15% 0.08% 0.19% 0.56% 0.57% 0.57% 0.62% 1Q24 2Q24 3Q24 4Q24 1Q25FHN NCOs Disciplined lending leads to strong performance across the cycle ACL/ loans ratio is non-GAAP and is reconciled to GAAP measures in the Appendix. 1Net charge-off % is annualized and as % of average loans. 2Excludes trust and investment banks. $865 $887 $897 $894 $905 1.40% 1.41% 1.44% 1.43% 1.45% ACL ACL/Loans 1Q24 2Q24 3Q24 4Q24 1Q25 $505 $574 $578 $602 $609 0.82% 0.91% 0.92% 0.96% 0.98% NPLs $ NPLs % 1Q24 2Q24 3Q24 4Q24 1Q25 • 1Q25 net charge-offs of $29 million in line with 2024 quarterly average and down year-over-year ◦ NCO ratio of 0.19%, consistent with guidance ◦ Results include $12 million of recoveries • Provision expense of $40 million in 1Q25 ◦ 1Q25 ACL to loans ratio increased to 1.45% to account for increased macroeconomic uncertainty • NPL ratio of 98bps, up 2bps from 4Q24
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14 11.2% 0.31% (0.01)%(0.11)% (0.51)% 0.05% (0.01)% 10.9% 4Q24 Actual Adjusted NIAC Notable Items Common Dividend Share Buybacks Change in Loan Balances & Unfunded Commitments Other¹ 1Q25 Estimate Capital Ratios Common Equity Tier 1 (CET1) Tangible Book Value per Share (TBVPS) 13.9% 13.7% 13.9% 13.9% 13.7% CET1 ratio Tier 1 capital ratio Total capital ratio 1Q24 2Q24 3Q24 4Q24 1Q25 Earnings power supported return of capital to shareholders $12.85 $0.43 $(0.01) $(0.15) $0.27 $(0.25) $0.03 $13.17 4Q24 Actual Adjusted NIAC Impact² Notable Items Common Dividends Marks on AFS & Hedges Share Buybacks Other¹ 1Q25 Actual • CET1 ratio down slightly from 4Q24 to 10.9% ◦ Returned $360 million of capital to shareholders through share repurchases in first quarter ◦ Capital priorities focused on ongoing safety and soundness and profitable organic deployment into the loan portfolio • TBVPS of $13.17 increased $0.32 versus 4Q24, primarily driven by NIAC and lower mark-to-market impacts, which were partially offset by the $0.15 common dividend and the share buybacks TBVPS and adjusted financial measures are non-GAAP and are reconciled to GAAP measures in the Appendix. 1Other includes equity compensation. 2Net of change in intangibles. 11.3% 11.0% 11.2% 11.2% 10.9% 12.2%12.2%12.1%12.3% 12.0%
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15 Earnings Drivers FY24 Adjusted Baseline FY25 vs FY24 Expectations Comments Adjusted Revenue (excluding deferred comp) $3,279 million Flat - Up 4% Composition of revenue will be driven by the quantity and pace of interest rate cuts and other macroeconomic variables. Adjusted Expense (excluding deferred comp) $1,978 million Up 2% - 4% Maintain disciplined expense management. Guidance range reflects potential for variable compensation increases in fixed income trading business. Net Charge-Offs 0.18% 0.15% - 0.25% Maintaining a range of possibilities as macroeconomic conditions evolve. Tax Rate 21.4% 21% - 23% Timing of discrete items impacts quarterly rate. CET1 Ratio 11.2% 10.5% - 11.0% Reflects expectations for modest loan growth in addition to opportunistic deployment of excess capital. Adjusted financial measures, including measures excluding deferred compensation, are non-GAAP and are reconciled to GAAP measures in the Appendix. Net interest income is adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax of 21 percent and, where applicable, state income taxes. Variability in deferred compensation may impact growth rates in noninterest income and noninterest expense but should have an offsetting and immaterial impact on pretax income. 15 2025 outlook reflects earnings growth expectations
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16 Strategic capital management to opportunistically deploy excess capital and lower CET1 to 10% - 10.5% range Key steps to achieving intermediate term 15%+ ROTCE Highly attractive geographic footprint in growth markets with opportunities to drive loan and deposit growth Diversified business model with balance between asset sensitivity and counter-cyclical businesses provides opportunity to deliver outperformance through a variety of economic cycles Disciplined execution of strategy and continuous focus on efficiency and profitability Maintaining prudent credit culture that minimizes losses and maximizes long-term returns
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Appendix
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18 Actively managing liquidity and interest rate sensitivity Variable 55% Fixed 32% ARMs 12% $62.2B Floors 60% Swaps 40% $5.0B Loan repricing profile Balance sheet hedges Modest interest rate sensitivity1 +100bps +1.4% -100bps -2.3% • Modestly asset-sensitive profile driven by 55% variable rate loan mix • Within the ARM portfolio, only 7% of loans will be in their variable period within the next year • Floors with strike prices between 1.25% and 2.5% and maturities ranging from late 2027 to early 2029 • Receive fixed swaps with fixed rates between 2.6% and 3.0% and maturities in 2027 and 2029 1Estimate as of 3/31/25 change in the next 12 months’ NII for an instantaneous, parallel shock on a static balance sheet Insured 58% Neither 35%7% $64.2B 65% of deposits insured or collateralized Collateralized • Commercial deposits of $35 billion or 54% and consumer deposits of $29 billion or 46% • Attractive lower-cost deposit base with 25% comprised of non-interest bearing products • Contingency funding plan equates to ~144% of uninsured or uncollateralized deposits
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19 Track record of strong results supported by stable, diversified business mix • Our diversified business model with a highly attractive geographic footprint provides opportunity to deliver strong performance through a variety of economic cycles • The counter-cyclical businesses (fixed income, loans to mortgage companies, and mortgage) provide a counterbalance to the asset sensitive balance sheet during periods of declining interest rates Adjusted pre-provision net revenue (PPNR) is a non-GAAP measure and is reconciled to pre-tax income (GAAP) in the Appendix. Numbers may not total due to rounding. 12019 and 1H20 are standalone FHN, as the IBKC merger-of-equals did not occur until July 1, 2020. 2Counter-cyclical PPNR includes direct and allocated fees and expenses, as well as net interest income net of funds transfer pricing. $754 $1,084 $1,222 $1,374 $1,370 $1,299 $1,355 All Other Adjusted PPNRCounter-Cyclicals² Avg Fed Funds Effective Rate 2019¹ (pre-IBKC) 2020¹ (IBKC in 2H20) 2021 2022 2023 2024 2025 YTD Annualized $— $200 $400 $600 $800 $1,000 $1,200 $1,400 0% 1% 2% 3% 4% 5% 6% 7% 8% $158 / 21% $406 / 37% $347 / 28% $81 / 6% $26 / 2% $108 / 8% $596 / 79% $678 / 63% $875 / 72% $1,266 / 92% $1,344 / 98% $1,218 / 94% Adjusted PPNR in millions Average Fed Funds Effective $80 / 6% $1,275 / 94%
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20 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 —% 2.00% 4.00% 6.00% $0.0 $0.5 $1.0 $1.5 $2.0 FHN Financial’s strong full-cycle returns are counter-cyclical to bank franchise Lower Revenue Market Factor Higher Revenue 2023 Environment 2024 Environment Up Rate Direction Down Rapid increase in short term rates Decline in short-term rates Extreme (low/high) Market Volatility Moderate Extreme - MOVE index sharply higher MOVE index elevated Flat/Inverted Yield Curve Shape Steep Strongly inverted Slightly inverted Tight Corporate & Mortgage Spreads Wide Wide Wide Lower Depository Liquidity Greater Constrained - exacerbated by QT Constrained, but improving • FHN Financial provides fixed income sales & trading, investment advisory, interest rate derivatives and other services to financial institutions, municipalities and other institutional investors across the United States and internationally • In addition to trading revenues, FHN Financial generates ~$40 million annually of fee income from other products, including investment advisory, derivatives, loan trading and other service related revenue • 4,000+ active institutional clients • Clients include approximately one third of all US banks and 50% of banks with portfolios over $100 million in size FOMC easing during GFC FOMC ZIRP Policy Normalizing FOMC Policy FOMC easing during pandemic FOMC tightening to fight inflation Fed Funds Average ADR in millions $1.6 $1.2 $0.7 $1.3 $0.5 Early stage of FOMC easing $0.6
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21 <$5 $3.2B $5-$10 $1.9B $10-$20 $2.7B $20-$30 $2.4B $30-$40 $1.8B $40-$50 $1.4B >$50 $0.7B CRE by property typeCRE by loan size2 CRE by state3 $3.1B $3.3B $2.6B $5.1B Floating Fixed 2025 2026 2027 2028+ High credit quality, diversified CRE portfolio All loan balances are period end unless otherwise noted. 1FHN’s CRE metrics database includes information for all loans in the Pro CRE LOB, as well as market/investor CRE loans $5+ million in commitments, which encompasses 75% of total CRE commitments. 2Loan size ranges in millions and dollar amounts are total funded balances in that size range to any single customer. 3Excludes CRE balances totaling $1.3B outside the Southeast and New York footprint. • Disciplined risk management practice and underwriting standards across CRE portfolio • No significant upcoming repricing events, as ~72% of loans are floating and maturities are dispersed over time • Granular portfolio with only 14 loans with commitments above $50 million • No property type comprises over ~8% of total loans • Average debt service coverage of 1.5x and average stabilized LTV of 54%1 $ in billions $14.1B 35% 10% 9% 15% 15% 9% 4% 3% Multi-Family Traditional Office Medical Office Retail Industrial Hospitality Other Land + Residential Maturity schedule 84% 81% 73% 59% 16% 19% 27% 41%
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22 • Medical office comprises 50% of office exposure • Less than 5% of projects are 10 stories or taller • Total office portfolio vacancy rate of 10% • Within the traditional office portfolio1: ◦ Average debt service coverage of 1.6x ◦ Average stabilized LTV of 61% $2.7 billion office CRE portfolio $5.0 billion multi-family CRE portfolio1 2.6M 1.3M 1.3M 13.6M 2025 2026 2027 2028+ Multi-Family2 $ in millions Strong underwriting in the office and multi-family portfolios All loan balances are period end unless otherwise noted. 1FHN’s CRE metrics database includes a mix of proforma and updated information for all loans in the Professional CRE line of business , as well as market/investor CRE loans $5+ million in commitments, which encompasses 70% of traditional office CRE commitments and 87% of multi-family CRE commitments. 2Excludes traditional office balances totaling $63 million and multi-family balances totaling $117 million outside of the Southeast and New York footprint. Maps encompass entirety of traditional office and multi-family CRE portfolios. Traditional Office2 $ in millions • Average debt service coverage of 1.2x • Average stabilized LTV of 53% • Average property has 254 units • Low exposure to rent control, which is mostly related to low and moderate income housing focused on serving the communities in our footprint Office lease renewals Square feet in millions
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23 82% 14% 4% Real estate installment loans HELOC Credit card and other C&I by state C&I by industry Consumer portfolio by product Granular C&I portfolio and real estate backed consumer portfolio 21% 21% 12% 10% 9% 7% 6% 6% 4% 4% All Other TN FL TX Other Southeastern NC LA CA GA AL 11% 10% 10% 8% 8%7%7% 5% 5% 3% 26% Real Estate & Leasing Finance & Insurance Mortgage Warehouse Wholesale Trade Healthcare & Social Assistance Manufacturing Accommodation & Food Service Retail Trade Transportation & Warehousing Energy Other 14 Industries • The C&I portfolio is both geographically diverse and benefits from a lack of industry concentration ◦ No more than 11% C&I exposure to any industry ◦ Southeastern footprint is economically and demographically strong ◦ Exposure to markets outside the southeast primarily driven by specialty businesses • Consumer portfolio focused on real estate, with negligible exposure to auto or consumer credit card All loan balances are period end unless otherwise noted. $33.4B $14.7B
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24 1Q25 investment portfolio composition1 Steady principal cash flows2 Investment portfolio $0.3B $0.3B $0.3B $0.3B 2Q25 3Q25 4Q25 1Q26 Agency MBS 41% Agency CMBS 27% Agency CMO 16% U.S. Agencies & Treasury 12% States & Municipalities 4% $9.6B $9.3B $9.4B $9.3B $9.2B 2.54% 2.58% 2.58% 2.69% 3.02% Average AFS SecuritiesAverage HTM Securities Average Yield 1Q24 2Q24 3Q24 4Q24 1Q25 Investment portfolio prudently managed to support liquidity and IRR • 1Q25 investment portfolio represents ~11% of total assets ◦ Moderate total portfolio effective duration of 4.5 ◦ Low reliance on the HTM designation at ~14% of total portfolio ◦ 96% U.S. government or agency-backed by GSEs • 1Q25 total unrealized losses on the AFS and HTM portfolios of $1.0B, decreased from 4Q24 levels 1Calculated based on period end market values. 2Estimated as of 3/31/2025; includes maturities and projected calls. 1Q24 2Q24 3Q24 4Q24 1Q25 % of total assets 12% 11% 11% 11% 11% Pre-tax unrealized losses ($1.4B) ($1.4B) ($1.0B) ($1.2B) ($1.0B) Effective duration 5.0 4.9 4.6 4.8 4.5 Unencumbered securities / total securities1 27% 25% 38% 29% 36%
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25 Notable Items 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. $ in millions, except EPS 1Q25 4Q24 3Q24 2Q24 1Q24 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) $—
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26 Reconciliation to GAAP financials Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. (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. $s in millions, except per share data Quarterly, Unaudited 1Q25 4Q24 3Q24 2Q24 1Q24 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 outstanding 507 524 532 537 549 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
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27 Reconciliation to GAAP financials Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $s in millions, except per share data Quarterly, Unaudited 1Q25 4Q24 3Q24 2Q24 1Q24 Adjusted 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) c 523 534 538 547 558 EPS (GAAP) a/c $0.41 $0.29 $0.40 $0.34 $0.33 Adjusted 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/f 1.11% 0.82% 1.08% 1.00% 0.97% Adjusted ROA (Non-GAAP) e/f 1.14% 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/i 10.30% 7.38% 10.10% 8.98% 8.76% ROTCE (Non-GAAP) g/j 12.81% 9.17% 12.60% 11.29% 10.95% Adjusted ROTCE (Non-GAAP) h/j 13.08% 13.27% 13.24% 11.99% 11.65% (a) Adjusted for notable items as detailed on page 25. (b) Includes goodwill and other intangible assets, net of amortization. Numbers may not total due to rounding.
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28 Reconciliation to GAAP financials Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $s in millions Quarterly, Unaudited 1Q25 4Q24 3Q24 2Q24 1Q24 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 adjustment $3 $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/n 22.20% 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 adjustment 3 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/s 59.09% 61.43% 59.86% 60.47% 60.78% (a) Adjusted for notable items as detailed on page 25. Numbers may not total due to rounding.
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29 Reconciliation to GAAP financials Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $s in millions Period end Average 1Q25 4Q24 1Q25 vs. 4Q24 1Q25 4Q24 1Q25 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) —% $s in millions Quarterly, Unaudited 1Q25 4Q24 3Q24 2Q24 1Q24 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/C 1.32% 1.30% 1.32% 1.31% 1.27% Allowance for credit losses to loans and leases (Non-GAAP) B/C 1.45% 1.43% 1.44% 1.41% 1.40% Allowance for loans and lease losses to nonperforming loans and leases (GAAP) A/D 135% 136% 142% 143% 156% Allowance for credit losses to nonperforming loans and leases (Non-GAAP) B/D 148% 149% 155% 155% 171% Numbers may not total due to rounding.
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30 Reconciliation to GAAP financials Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. (a) Adjusted for notable items as detailed on page 25. Numbers may not total due to rounding. $s in millions Quarterly, Unaudited 1Q25 4Q24 3Q24 2Q24 1Q24 Adjusted noninterest income excluding deferred compensation income Noninterest income (GAAP) $181 $99 $200 $186 $194 Plus notable items (pretax) (GAAP) (a) — 91 — — — Adjusted noninterest income (non-GAAP) $181 $190 $200 $186 $194 Less deferred compensation income (GAAP) (3) 1 6 3 9 Adjusted noninterest income excluding deferred compensation income (non-GAAP) $184 $189 $194 $183 $186 Adjusted revenue excluding deferred compensation income Revenue (GAAP) $812 $729 $828 $815 $819 Taxable-equivalent adjustment $3 $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) $816 $824 $832 $819 $823 Less deferred compensation income (GAAP) (3) 1 6 3 9 Adjusted revenue excluding deferred compensation income (non-GAAP) $818 $823 $826 $816 $814 Adjusted noninterest expense excluding deferred compensation expense Noninterest expense (GAAP) $488 $508 $511 $500 $515 Plus notable items (pretax) (GAAP) (a) $(6) $(2) $(14) $(5) $(15) Adjusted noninterest expense (non-GAAP) $482 $506 $497 $495 $500 Less deferred compensation expense (GAAP) (3) 1 6 3 9 Adjusted noninterest expense excluding deferred compensation expense (non-GAAP) $485 $505 $491 $492 $491 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
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31 Reconciliation to GAAP financials Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. (a) Adjusted for notable items as detailed on page 25. Numbers may not total due to rounding. Notable items can be found in the appendices of earnings releases in previously furnished 8-K filings related to the periods shown. $s in millions Quarterly, Unaudited 1Q25 4Q24 3Q24 2Q24 1Q24 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 adjustment 3 4 4 4 4 Pre-provision net revenue-Taxable-equivalent (non-GAAP) $ 334 $ 318 $ 335 $ 324 $ 323 $s in millions 2024 2025 YTD 2019 2020 2021 2022 2023 Annualized Adjusted Pre-provision Net Revenue (PPNR) Pre-tax Income (GAAP) $586 $933 $1,284 $1,159 $1,128 $1,005 $1,155 Provision Expense (GAAP) 45 503 (310) 95 260 150 162 Total PPNR (non-GAAP) $631 $1,436 $974 $1,254 $1,388 $1,155 $1,317 Taxable-equivalent adjustment (9) (11) (12) (13) (16) (15) (14) Notable Items (GAAP) (a) (114) 363 (235) (107) 33 (129) (24) Adjusted PPNR (non-GAAP) $754 $1,084 $1,222 $1,374 $1,370 $1,299 $1,355 All Other Adjusted PPNR (non-GAAP) $596 $678 $875 $1,266 $1,344 $1,218 $1,275 Counter-cyclical Adjusted PPNR (non-GAAP) $158 $406 $347 $108 $26 $81 $80