First Horizon Corp.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 15 January 2026: press release. The quarter’s numbers.

Key takeaways

Full-year diluted EPS rose to $1.87: Full-year NIAC rose 29% to $956 million. Diluted EPS rose to $1.87 from $1.36, and adjusted EPS was $1.89 compared with $1.55 in 2024. Source
Fourth-quarter EPS rose to $0.52: The company reported fourth-quarter NIAC of $257 million and EPS of $0.52, compared with $254 million and $0.50 in the third quarter. Source
Full-year margin widened 12 basis points: Net interest income (FTE) rose 4% to $2.6 billion and net interest margin reached 3.47%, up 12 basis points, on lower deposit pricing and higher loans to mortgage companies. Source
Rate cuts lowered loan yields: Loan yields fell 23 basis points to 5.83%. The company attributed this to two Fed rate cuts, since over half the loan portfolio is indexed to short-term rates. Source
Allowance ratio fell on loan resolutions: The allowance for credit losses to loans fell to 1.31% from 1.43%, reflecting resolutions of criticized and classified loans and favorable mix shift. Source
CET1 ratio fell from a year earlier: The CET1 ratio ended 2025 at 10.64% and the total capital ratio at 13.4%, down from 11.20% and 14.2% at the end of 2024. Source
Full-year buybacks totaled $894 million: The company returned $894 million to shareholders in 2025 through share repurchases at an average price of $21.16 per share including commissions. Source

“Consistent execution of our strategy across the organization has driven tremendous earnings growth throughout the year, resulting in an earnings per share of $0.52 in the fourth quarter,”
Chairman, President and CEO Bryan Jordan

Full-year and fourth-quarter results

Full-year diluted EPS rose to $1.87: Full-year NIAC rose 29% to $956 million. Diluted EPS rose to $1.87 from $1.36, and adjusted EPS was $1.89 compared with $1.55 in 2024. Source
Fourth-quarter EPS rose to $0.52: The company reported fourth-quarter NIAC of $257 million and EPS of $0.52, compared with $254 million and $0.50 in the third quarter. Source
Notable items reduced full-year results: Notable items reduced 2025 results by a net $12 million after-tax, or $0.02 per share, compared with a $105 million after-tax reduction, or $0.19 per share, in 2024. Source
Management plans to deepen client relationships: Management said it enters 2026 focused on deepening client relationships, maximizing revenue opportunities, and enhancing its products and capabilities. Source

Net interest income and margin

Full-year margin widened 12 basis points: Net interest income (FTE) rose 4% to $2.6 billion and net interest margin reached 3.47%, up 12 basis points, on lower deposit pricing and higher loans to mortgage companies. Source
Fourth-quarter margin eased on loan yields: Fourth-quarter net interest margin was 3.51%, down 4 basis points. Loan yields and third-quarter MSLP accretion compressed it, partly offset by lower deposit pricing. Source
Rate cuts lowered loan yields: Loan yields fell 23 basis points to 5.83%. The company attributed this to two Fed rate cuts, since over half the loan portfolio is indexed to short-term rates. Source

“Our disciplined risk management, resilient balance sheet, and operations in robust markets and businesses position us to deliver sustainable growth by building on the positive momentum generated in 2025.”
Chairman, President and CEO Bryan Jordan

Loans and deposits

Full-year loans grew $1.6 billion: Mortgage company loans rose $1.2 billion and other C&I loans rose $1.2 billion, offset by a $0.9 billion commercial real estate decline. Source
Fourth-quarter average loans rose $645 million: Average loans and leases were $63.4 billion, up $645 million from the third quarter. Period-end loans rose $1.1 billion over the same period. Source
Fourth-quarter deposits rose $2.0 billion: Period-end deposits rose $2.0 billion, led by interest-bearing deposits and $392 million of brokered CDs, while DDA balances fell $200 million. Source
Interest-bearing deposit costs fell: Interest-bearing deposit cost was 2.53% in the fourth quarter, down 25 basis points, with a spot rate of about 2.34% at quarter end. Source

Noninterest income and expense

Fixed income lifted full-year fee income: Noninterest income rose $118 million to $797 million. The increase reflects lapping 2024 securities restructuring and an $18 million rise in fixed income revenue. Source
Adjusted expenses rose on talent additions: Adjusted noninterest expense rose $63 million to $2.1 billion, mainly from a $33 million increase in salaries and benefits tied to talent additions during the year. Source
Fourth-quarter outside services rose: Outside services rose $16 million for technology, risk and product projects and seasonal advertising. Other noninterest expense fell $27 million after the prior quarter foundation contribution. Source
Quarterly fee income dipped after MSR sale: Noninterest income fell $3 million to $212 million, with mortgage fees down $5 million after the prior quarter's MSR sale. Source

Asset quality and credit

Allowance ratio fell on loan resolutions: The allowance for credit losses to loans fell to 1.31% from 1.43%, reflecting resolutions of criticized and classified loans and favorable mix shift. Source
Full-year net charge-offs held steady: Full-year net charge-offs were $120 million, or 19 basis points, against $112 million, or 18 basis points, in 2024. Source
Fourth-quarter provision was nil: The company recorded no provision for credit losses in the fourth quarter, compared with a $5 million credit in the third quarter. Source
Quarterly net charge-offs rose: Fourth-quarter net charge-offs were $30 million, or 19 basis points, up from $26 million, or 17 basis points, in the third quarter. Source
Nonperforming loans little changed: Nonperforming loans were $604 million, down $1 million from the third quarter. Source

Capital and shareholder returns

CET1 ratio fell from a year earlier: The CET1 ratio ended 2025 at 10.64% and the total capital ratio at 13.4%, down from 11.20% and 14.2% at the end of 2024. Source
Full-year buybacks totaled $894 million: The company returned $894 million to shareholders in 2025 through share repurchases at an average price of $21.16 per share including commissions. Source
Fourth-quarter repurchases were $335 million: Fourth-quarter repurchases totaled $335 million at an average price of $21.32 per share including commissions, alongside loan growth. Source
Full-year effective tax rate rose: The effective tax rate was 22.1% for 2025, up from 21.0% in 2024. Source

Figures management reported

Figure	Reported
Net interest margin Source	3.47% full year; 3.51% fourth quarter
Net interest income Source	$2.6 billion (FTE), full year
Loans Source	$64.2 billion period-end
Deposits Source	$67.5 billion period-end
Deposit costs Source	2.53% interest-bearing, fourth quarter
Provision for credit losses Source	$65 million full year
Net charge-offs Source	$120 million full year; 0.19%
Nonperforming loans Source	$604 million
CET1 ratio Source	10.64% at year end 2025

Risks management discussed

Operational: Visa derivative valuation expenses were a notable item in the fourth quarter, at $10 million pre-tax. Source
External: Lower short-term rates reduced loan yields, since over half the loan portfolio is indexed to short-term rates. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

First Horizon Corporation Reports Full Year 2025 Net Income Available to Common Shareholders (NIAC) increased 29% to $956 Million or $1.87 EPS; Adjusted NIAC increased 15% to $968 Million or $1.89 EPS, driven by revenue strength and credit performance*

Fourth Quarter 2025 Net Income Available to Common Shareholders grew 1% to $257 Million or EPS of $0.52;

$259 Million or $0.52 on an Adjusted Basis, up 2% from Strong Third Quarter Results.*

MEMPHIS, TN (January 15, 2026) - First Horizon Corporation (NYSE: FHN or “First Horizon”) today reported full year 2025 net income available to common shareholders ("NIAC") of $956 million or earnings per share of $1.87, which is a 38% EPS increase compared with full year 2024 earnings per share of $1.36 on NIAC of $738 million. 2025 results were reduced by a net $12 million after-tax reduction or $0.02 per share of notable items compared with a net $105 million after-tax reduction or $0.19 per share in 2024.

“We are pleased to report a strong fourth quarter performance to close out an outstanding 2025 for First Horizon. Consistent execution of our strategy across the organization has driven tremendous earnings growth throughout the year, resulting in an earnings per share of $0.52 in the fourth quarter," said Chairman, President and CEO Bryan Jordan.

“As we enter 2026, we remain focused on deepening client relationships, maximizing revenue opportunities, and enhancing our products and capabilities. I am grateful for the dedication of our associates and their commitment to success for our clients, shareholders, and each other." Jordan concluded, "Our disciplined risk management, resilient balance sheet, and operations in robust markets and businesses position us to deliver sustainable growth by building on the positive momentum generated in 2025.”

Fourth quarter net income available to common shareholders was $257 million or earnings per share of $0.52, compared with third quarter 2025 NIAC of $254 million or earnings per share of $0.50. Fourth quarter 2025 results were reduced by a net $2 million after-tax of notable items compared with $9 million or $0.01 per share in third quarter 2025. Excluding notable items, adjusted fourth quarter 2025 NIAC was $259 million or $0.52 per share compared to $263 million or $0.51 per share in third quarter 2025.

Notable Items

Notable Items
Unaudited ($ in millions, except per share data)	4Q25	3Q25	4Q24		2025		2024
Summary of Notable Items:
Deferred compensation adjustment	$ -	$ -	$ -	$4		$ -
Loss on AFS portfolio restructuring	-	-	(91)	-		(91)
FDIC special assessment (other noninterest expense)	7	2	1	9		(9)
Other notable expenses	(10)	(10)	(3)	(25)		(29)
Total notable items (pre-tax)	$(3)	$(8)	$(94)	$(13)		$(129)
Tax on notable items before preferred stock dividends	$1	$2	$23	$3		$32
Preferred Stock Dividend **	$ -	$(3)	$ -	$(3)		$(7)
Total notable items (after-tax)	$(2)	$(9)	$(71)	$(12)		$(105)
Numbers may not total due to rounding.
** 3Q25 and 2025 include $3 million deemed dividends on the redemption of $80 million par value of Series B Preferred Stock. 2024 includes $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.

Fourth quarter pre-tax notable items include $7 million of expense credit for the FDIC special assessment and a $10 million impact related to Visa derivative valuation expenses.

*"Adjusted" results are non-GAAP financial measures; NII, total revenue, NIM and PPNR are presented on a fully taxable equivalent basis; references to loans include leases and EPS are based on diluted shares; capital ratios are preliminary. See page 6 for information on our use of non-GAAP measures and their reconciliation to GAAP beginning on page 22.

Full Year 2025 versus Full Year 2024

Net interest income

Net interest income (FTE) of $2.6 billion increased $110 million, or 4%. 2025 benefited from lower deposit pricing and higher loan balances, specifically in high-yielding loans to mortgage companies. Net interest margin improved to 3.47%, up 12 basis points from the prior year.

Noninterest income

Noninterest income of $797 million increased $118 million, driven by prior year securities portfolio restructuring impacts and an increase in fixed income revenue of $18 million. Adjusted noninterest income of $797 million increased $26 million driven by a fixed income revenue increase of $18 million and mortgage banking revenue improvement of $8 million.

Noninterest expense

Noninterest expense of $2.1 billion increased $39 million and included $13 million of notable items in 2025 and $37 million in 2024. Adjusted noninterest expense of $2.1 billion increased $63 million, driven by a $33 million increase in salaries and benefits reflecting talent additions throughout the year with increases in occupancy & equipment and outside services of $27 million and $23 million, respectively, partially offset by reductions in other noninterest expenses of $15 million.

Loans and leases

Average loan and lease balances of $62.6 billion increased $0.6 billion, including $0.9 billion of growth in loans to mortgage companies (LMC) from market share gains and fund-up of existing client lines. Period-end loans and leases were $64.2 billion, increasing $1.6 billion, with loans to mortgage companies up $1.2 billion from year end 2024 and other C&I loans up $1.2 billion, offset by a $0.9 billion decrease in CRE.

Deposits

Average deposits of $65.4 billion were flat compared to 2024, and period end deposits of $67.5 billion were up 3% compared to year end 2024. Deposit costs decreased 42 basis points year-over-year, reflecting strong repricing performance.

Asset quality

Provision for credit losses expense of $65 million decreased from $150 million in 2024. Net charge-offs remained consistent year-over-year at $120 million or 19 basis points versus $112 million or 18 basis points in 2024. The ACL to loans ratio decreased to 1.31% from 1.43% in the prior year, reflecting criticized and classified loan resolutions throughout the year as well as favorable mix shift.

Capital

CET1 ratio was 10.64% and total capital ratio was 13.4% at year end 2025, down from 11.20% and 14.2%, respectively, at the end of 2024. Returned $894 million of capital to shareholders in 2025 through share repurchases at an average price of $21.16 per share including commissions.

Income taxes

2025 effective tax rate was 22.1% compared with 21.0% in 2024. On an adjusted basis, the effective tax rate was 22.1% in 2025 and 21.4% in 2024.

SUMMARY RESULTS
Annual, Unaudited
($s in millions, except per share and balance sheet data)		2025		2024
					$/bp	%
Income Statement
Interest income - taxable equivalent	$4,200		$4,367		$(167)	(4)%%
Interest expense- taxable equivalent	1,564		1,841		(277)	(15)
Net interest income- taxable equivalent	2,636		2,526		110	4
Less: Taxable-equivalent adjustment	14		16		(2)	(11)
Net interest income	2,622		2,511		112	4
Noninterest income	797		679		118	17
Total revenue	3,420		3,190		229	7
Noninterest expense	2,074		2,035		39	2
Pre-provision net revenue	1,346		1,155		190	16
Provision for credit losses	65		150		(85)	(57)
Income before income taxes	1,281		1,005		275	27
Provision for income taxes	282		211		71	34
Net income	998		794		204	26
Net income attributable to noncontrolling interest	16		19		(3)	(15)
Net income attributable to controlling interest	982		775		207	27
Preferred stock dividends	26		36		(10)	(29)
Net income available to common shareholders	$956		$738		$218	29 %%
Adjusted net income	$1,008		$891		$117	13 %%
Adjusted net income available to common shareholders	$968		$843		$126	15 %%
Common stock information
EPS	$1.87		$1.36		$0.51	38 %%
Adjusted EPS	$1.89		$1.55		$0.34	22 %%
Diluted shares	511		544		(33)	(6)%%
Key performance metrics
Net interest margin	3.47 %%		3.35 %%		12bp
Efficiency ratio	60.66		62.06		(140)
Adjusted efficiency ratio	60.04		60.64		(60)
Effective income tax rate	22.06		21.03		103
Return on average assets	1.22		0.97		25
Adjusted return on average assets	1.23		1.09		14
Return on average common equity (“ROCE")	11.3		8.8		250
Return on average tangible common equity (“ROTCE”)	14.0		11.0		302
Adjusted ROTCE	14.2		12.5		167
Noninterest income as a % of total revenue	23.30		23.44		(14)
Adjusted noninterest income as a % of total revenue	23.21 %%		23.33 %%		(12)bp
Balance Sheet (billions)
Average loans	$62.6		$62.0		$0.6	1 %%
Average deposits	65.4		65.7		(0.2)	-
Average assets	82.0		81.8		0.2	-
Average common equity	$8.5		$8.4		$0.1	1 %%
Asset Quality Highlights
Allowance for credit losses to loans and leases	1.31 %%		1.43 %%		(12)bp
Nonperforming loan and leases ratio	0.94 %%		0.96 %%		(2)bp
Net charge-off ratio	0.19 %%		0.18 %%		1bp
Net charge-offs	$120		$112		$7	7 %%
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 1	10.6 %%		11.2 %%		(56)bp
Tier 1	11.5		12.2		(70)
Total Capital	13.4		14.2		(89)
Tier 1 leverage	10.2 %%		10.6 %%		(45)bp

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

See footnote disclosures on page 21.

Fourth Quarter 2025 versus Third Quarter 2025

Net interest income

Net interest income (FTE) increased $2 million to $679 million and net interest margin of 3.51% decreased 4 basis points. NII increase was driven by lower deposit pricing as well as growth in loans to mortgage company balances, which was partially offset by lower loan yields. Margin compression was driven by loan yields and the impact of the third quarter MSLP accretion, while also benefiting from deposit pricing.

Noninterest income

Noninterest income decreased $3 million to $212 million, driven by mortgage fee decreases of $5 million following an MSR sale in the prior quarter and fluctuations in deferred compensation of $6 million, offset by growth in service charges of $7 million which included income related to our equipment finance lease business of $4.4 million.

Noninterest expense

Noninterest expense of $545 million decreased $6 million from the prior quarter. Fourth quarter notable items included $7 million of expense credit for the FDIC special assessment and a $10 million expense tied to Visa derivative valuation expenses. Adjusted noninterest expense of $541 million decreased $1 million. This includes outside services increases of $16 million related to technology, risk and product projects as well as seasonal advertising costs and increased incentives and commissions expenses of $8 million related to revenue performance. A reduction of $27 million in other noninterest expenses related to impacts from the prior quarter foundation contribution as well as client promotional payout reductions from earlier marketing campaigns.

Loans and leases

Average loan and lease balances of $63.4 billion represented a $645 million increase compared to the prior quarter, while period-end balances were $64.2 billion, increasing $1.1 billion from third quarter 2025. Loans to mortgage companies (LMC) grew $776 million at period end, and other C&I balances increased by $727 million. Loan yields of 5.83% decreased 23 basis points driven by two Fed rate cuts, as over half of the loan portfolio is indexed to short term rates.

Deposits

Average deposits of $66.5 billion increased $0.6 billion from third quarter 2025. Period-end deposits of $67.5 billion increased $2.0 billion, driven by a $2.2 billion increase in interest bearing deposits including a $392 million increase in brokered CDs partially offset by a $200 million decrease in DDA balances. Interest-bearing deposit cost of 2.53% decreased 25 basis points from the prior quarter, with a spot rate of approximately 2.34% at the end of the quarter.

Asset quality

There was no provision for credit losses expense in the quarter versus a $5 million credit in the previous quarter. Net charge-offs were $30 million or 19 basis points, up from $26 million or 17 basis points in prior quarter. Nonperforming loans of $604 million decreased $1 million. The ACL to loans ratio decreased from 1.38% in third quarter 2025 to 1.31%, driven by an 11% reduction in criticized and classified loans including payoffs of non-pass loans.

Capital

CET1 ratio of 10.64% was a 32 basis point decline from the third quarter 2025. Capital was deployed into loan growth and share repurchases totaling $335 million at an average price of $21.32 per share including commissions.

Income taxes

Fourth quarter 2025 effective and adjusted effective tax rates were 22.6% and 22.7%. Both the effective tax rate and adjusted effective tax rate for third quarter 2025 were 22.7%.

				4Q25 Change vs.
SUMMARY RESULTS
Quarterly, Unaudited
($s in millions, except per share and balance sheet data)	4Q25	3Q25	4Q24	3Q25		4Q24
				$/bp	%	$/bp	%
Income Statement
Interest income - taxable equivalent	$1,054	$1,081	$1,071	$(27)	(2)%%	$(17)	(2)%%
Interest expense- taxable equivalent	375	403	438	(28)	(7)	(63)	(14)
Net interest income- taxable equivalent	679	678	634	2	-	46	7
Less: Taxable-equivalent adjustment	3	3	4	-	(3)	-	(7)
Net interest income	676	674	630	2	-	46	7
Noninterest income	212	215	99	(3)	(1)	113	115
Total revenue	888	889	729	(1)	-	159	22
Noninterest expense	545	551	508	(6)	(1)	36	7
Pre-provision net revenue	343	339	220	5	1	123	56
Provision for credit losses	-	(5)	10	5	100	(10)	(100)
Income before income taxes	343	344	210	-	-	133	63
Provision for income taxes	78	78	41	-	-	37	91
Net income	266	266	170	-	-	96	57
Net income attributable to noncontrolling interest	4	4	4	-	(5)	-	(11)
Net income attributable to controlling interest	262	262	165	-	-	96	58
Preferred stock dividends	5	8	8	(3)	(34)	(3)	(34)
Net income available to common shareholders	$257	$254	$158	$3	1 %%	$99	63 %%
Adjusted net income	$268	$272	$240	$(4)	(1)%%	$28	12 %%
Adjusted net income available to common shareholders	$259	$263	$228	$(4)	(1)%%	$31	14 %%
Common stock information
EPS	$0.52	$0.50	$0.29	$0.02	4 %%	$0.23	79 %%
Adjusted EPS	$0.52	$0.51	$0.43	$0.01	2 %%	$0.09	21 %%
Diluted shares	496	510	534	(14)	(3)%%	(37)	(7)%%
Key performance metrics
Net interest margin	3.51 %%	3.55 %%	3.33 %%	(4)bp		18bp
Efficiency ratio	61.33	61.92	61.98	(59)bp		(65)bp
Adjusted efficiency ratio	60.73	60.76	61.43	(3)bp		(70)bp
Effective income tax rate	22.64	22.69	19.32	(5)bp		332bp
Return on average assets	1.27	1.29	0.82	(2)bp		45bp
Adjusted return on average assets	1.28	1.32	1.17	(4)bp		11bp
Return on average common equity (“ROCE")	12.0	11.7	7.4	25bp		461bp
Return on average tangible common equity (“ROTCE”)	14.8	14.5	9.2	33bp		565bp
Adjusted ROTCE	15.0	15.0	13.3	(4)bp		169bp
Noninterest income as a % of total revenue	23.89	24.16	23.20	(27)bp		69bp
Adjusted noninterest income as a % of total revenue	23.80 %%	24.07 %%	23.10 %%	(27)bp		70bp
Balance Sheet (billions)
Average loans	$63.4	$62.8	$62.4	$0.6	1 %%	$1.0	2 %%
Average deposits	66.5	65.9	66.1	0.6	1	0.5	1
Average assets	83.1	82.0	82.0	1.0	1	1.1	1
Average common equity	$8.5	$8.6	$8.5	$(0.1)	(1)%%	$ -	- %	%
Asset Quality Highlights
Allowance for credit losses to loans and leases	1.31 %%	1.38 %%	1.43 %%	(7)bp		(12)bp
Nonperforming loan and leases ratio	0.94 %%	0.96 %%	0.96 %%	(2)bp		(2)bp
Net charge-off ratio	0.19 %%	0.17 %%	0.08 %%	2bp		11bp
Net charge-offs	$30	$26	$13	$4	15 %%	$17		NM
Capital Ratio Highlights (current quarter is an estimate)
Common Equity Tier 1	10.6 %%	11.0 %%	11.2 %%	(32)bp		(56)bp
Tier 1	11.5	11.9	12.2	(34)bp		(70)bp
Total Capital	13.4	13.8	14.2	(41)bp		(89)bp
Tier 1 leverage	10.2 %%	10.5 %%	10.6 %%	(28)bp		(45)bp

Forward-Looking Statements

Forward-looking statements notice

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

Refer to the tabular reconciliation of non-GAAP to GAAP measures and presentation of the most comparable GAAP items, beginning on page 22.

Conference Call Information

Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on January 15, 2026, by dialing 1-833-470-1428 (if calling from the U.S.) and entering access code 504514. The conference call will begin at 8:30 a.m. CT.

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

A replay of the call will be available beginning at noon CT on January 15 until midnight CT on January 29, 2026. To listen to the replay, dial 1-866-813-9403 (U.S. callers); the access code is 950381. A replay of the webcast will also be available on our website on January 15 and will be archived on the site for one year.

First Horizon Corporation (NYSE: FHN), with $83.9 billion in assets as of December 31, 2025, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states 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

						4Q25 Change vs.								2025 vs 2024
CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited
($s in millions, except per share data)	4Q25	3Q25	2Q25	1Q25	4Q24	3Q25		4Q24			2025		2024
Interest income - taxable equivalent	$1,054	$1,081	$1,047	$1,017	$1,071	$(27)	(2)%%	$(17)	(2)%%	$4,200		$4,367		$(167)	(4)%%
Interest expense- taxable equivalent	375	403	403	383	438	(28)	(7)	(63)	(14)	1,564		1,841		(277)	(15)
Net interest income- taxable equivalent	679	678	645	634	634	2	-	46	7	2,636		2,526		110	4
Less: Taxable-equivalent adjustment	3	3	4	3	4	-	(3)	-	(7)	14		16		(2)	(11)
Net interest income	676	674	641	631	630	2	-	46	7	2,622		2,511		112	4
Noninterest income:
Fixed income	57	57	42	49	49	-	-	8	16	206		187		18	10
Mortgage banking	10	15	10	8	8	(5)	(34)	3	34	43		35		8	22
Brokerage, trust, and insurance	41	39	39	38	41	2	5	1	1	157		154		3	2
Service charges and fees	64	57	55	52	53	7	11	11	22	229		227		2	1
Card and digital banking fees	18	19	19	18	19	-	-	(1)	(3)	74		77		(3)	(4)
Deferred compensation income	3	8	8	(3)	1	(6)	(67)	1	107	16		19		(2)	(12)
Securities gains/(losses)	-	-	-	-	(91)	-	(67)	92	100	1		(89)		90	101
Other noninterest income	18	19	16	18	20	-	(2)	(2)	(8)	72		70		2	3
Total noninterest income	212	215	189	181	99	(3)	(1)	113	115	797		679		118	17
Total revenue	888	889	830	812	729	(1)	-	159	22	3,420		3,190		229	7
Noninterest expense:
Personnel expense:
Salaries and benefits	213	209	206	201	199	4	2	14	7	828		795		33	4
Incentives and commissions	87	79	73	81	76	8	10	12	15	320		323		(3)	(1)
Deferred compensation expense	3	8	3	(3)	1	(5)	(62)	2	113	11		20		(9)	(44)
Total personnel expense	303	296	282	279	276	7	2	27	10	1,159		1,137		22	2
Occupancy and equipment	83	80	79	78	76	3	3	6	8	320		293		27	9
Outside services	95	79	71	63	72	16	20	23	33	308		289		19	6
Amortization of intangible assets	9	9	10	10	11	-	-	(2)	(17)	38		44		(6)	(14)
Other noninterest expense	55	87	50	58	74	(32)	(37)	(18)	(25)	250		272		(22)	(8)
Total noninterest expense	545	551	491	488	508	(6)	(1)	36	7	2,074		2,035		39	2
Pre-provision net revenue	343	339	339	325	220	5	1	123	56	1,346		1,155		190	16
Provision for credit losses	-	(5)	30	40	10	5	100	(10)	(100)	65		150		(85)	(57)
Income before income taxes	343	344	309	285	210	-	-	133	63	1,281		1,005		275	27
Provision for income taxes	78	78	64	63	41	-	-	37	91	282		211		71	34
Net income	266	266	244	222	170	-	-	96	57	998		794		204	26
Net income attributable to noncontrolling interest	4	4	4	4	4	-	(5)	-	(11)	16		19		(3)	(15)
Net income attributable to controlling interest	262	262	240	218	165	-	-	96	58	982		775		207	27
Preferred stock dividends	5	8	8	5	8	(3)	(34)	(3)	(34)	26		36		(10)	(29)
Net income available to common shareholders	$257	$254	$233	$213	$158	$3	1 %%	$99	63 %%	$956		$738		$218	29 %%
Common Share Data
EPS	$0.52	$0.50	$0.46	$0.41	$0.30	$0.02	4 %%	$0.22	73 %%	$1.89		$1.37		$0.53	39 %%
Basic shares	491	505	508	517	528	(14)	(3)	(38)	(7)	505		540		(35)	(7)
Diluted EPS	$0.52	$0.50	$0.45	$0.41	$0.29	$0.02	4	$0.23	79	$1.87		$1.36		$0.51	38
Diluted shares	496	510	514	523	534	(14)	(3)%%	(37)	(7)%%	511		544		(33)	(6)%%
Effective tax rate	22.6 %%	22.7 %%	20.8 %%	22.0 %%	19.3 %%					22.1 %%		21.0 %%

ADJUSTEDFINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 10

						4Q25 Change vs.										2025 vs 2024
($s in millions, except per share data)	4Q25	3Q25	2Q25	1Q25	4Q24	3Q25			4Q24				2025		2024
Net interest income (FTE)	$679	$678	$645	$634	$634	$2	- %	%	$46	7 %%		$2,636		$2,526		$110	4 %%
Adjusted noninterest income:
Fixed income	57	57	42	49	49	-	-		8	16		206		187		18	10
Mortgage banking	10	15	10	8	8	(5)	(34)		3	34		43		35		8	22
Brokerage, trust, and insurance	41	39	39	38	41	2	5		1	1		157		154		3	2
Service charges and fees	64	57	55	52	53	7	11		11	22		229		227		2	1
Card and digital banking fees	18	19	19	18	19	-	-		(1)	(3)		74		77		(3)	(4)
Deferred compensation income	3	8	8	(3)	1	(6)	(67)		1	107		16		19		(2)	(12)
Adjusted securities gains/(losses)	-	-	-	-	-	-	(67)		-		NM	1		2		(2)	(68)
Adjusted other noninterest income	18	19	16	18	20	-	(2)		(2)	(8)		72		70		2	3
Adjusted total noninterest income	$212	$215	$189	$181	$190	$(3)	(1)%%		$22	12 %%		$797		$771		$26	3 %%
Total revenue (FTE)	$892	$893	$833	$816	$824	$(1)	- %	%	$68	8 %%		$3,434		$3,297		$136	4 %%
Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits	$213	$209	$206	$201	$199	$4	2 %%		$14	7 %%		$828		$795		$33	4 %%
Adjusted Incentives and commissions	87	79	73	81	73	8	10		14	19		320		314		5	2
Deferred compensation expense	3	8	7	(3)	1	(5)	(62)		2	113		14		20		(5)	(26)
Adjusted total personnel expense	303	296	286	279	274	7	2		29	11		1,163		1,129		34	3
Adjusted occupancy and equipment	83	80	79	78	76	3	3		6	8		320		293		27	9
Adjusted outside services	95	79	71	63	71	16	20		24	34		308		285		23	8
Amortization of intangible assets	9	9	10	10	11	-	-		(2)	(17)		38		44		(6)	(14)
Adjusted other noninterest expense	52	79	50	52	74	(27)	(34)		(23)	(30)		233		248		(15)	(6)
Adjusted total noninterest expense	$541	$542	$495	$482	$506	$(1)	- %	%	$35	7 %%		$2,061		$1,998		$63	3 %%
Adjusted pre-provision net revenue	$350	$351	$338	$334	$318	$ -	- %	%	$32	10 %%		$1,372		$1,299		$73	6 %%
Provision for credit losses	$ -	$(5)	$30	$40	$10	$5	100 %%		$(10)	(100)%%		$65		$150		$(85)	(57)%%
Adjusted net income available to common shareholders	$259	$263	$229	$217	$228	$(4)	(1)%%		$31	14 %%		$968		$843		$126	15 %%
Adjusted Common Share Data
Adjusted diluted EPS	$0.52	$0.51	$0.45	$0.42	$0.43	$0.01	2 %%		$0.09	21 %%		$1.89		$1.55		$0.34	22 %%
Diluted shares	496	510	514	523	534	(14)	(3)%%		(37)	(7)%%		511		544		(33)	(6)%%
Adjusted effective tax rate	22.7 %%	22.7 %%	20.8 %%	22.0 %%	21.0 %%							22.1 %%		21.4 %%
Adjusted ROTCE	15.0 %%	15.0 %%	13.6 %%	13.1 %%	13.3 %%							14.2 %%		12.5 %%
Adjusted efficiency ratio	60.7 %%	60.8 %%	59.5 %%	59.1 %%	61.4 %%							60.0 %%		60.6 %%

NOTABLE ITEMS

(In millions)	4Q25	3Q25	2Q25	1Q25	4Q24		2025		2024
Summary of Notable Items:
Loss on AFS portfolio restructuring	$ -	$ -	$ -	$ -	$(91)	$ -		$(91)
Deferred compensation adjustment	-	-	4	-	-	4		-
FDIC special assessment (other noninterest expense)	7	2	1	(1)	1	9		(9)
Other notable expenses *	(10)	(10)	-	(5)	(3)	(25)		(29)
Total notable items (pre-tax)	$(3)	$(8)	$4	$(6)	$(94)	$(13)		$(129)
Tax-related notable items	$ -	$ -	$ -	$ -	$ -	$ -		$ -
Preferred Stock Dividend **	$ -	$(3)	$ -	$ -	$ -	$(3)		$(7)

* 4Q24 includes $3 million of restructuring expenses; 4Q25 and 3Q25 each include $10 million of Visa derivative valuation expenses and 1Q25 includes $5 million. 2025 includes $25 million in Visa derivative valuation expenses. 2024 includes $14 million of restructuring expenses and $15 million in Visa derivative valuation expenses.

** 3Q25 and 2025 includes $3 million deemed dividends on the redemption of $80 million par value of Series B Preferred Stock; 2024 includes $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.

IMPACT OF NOTABLE ITEMS:

($s in millions, except per share data)	4Q25	3Q25	2Q25	1Q25	4Q24		2025		2024
Impacts of Notable Items:
Noninterest income:
Securities (gains)/losses	$ -	$ -	$ -	$ -	$91	$ -		$91
Total noninterest income	$ -	$ -	$ -	$ -	$91	$ -		$91
Noninterest expense:
Personnel expenses:
Incentives and commissions	$ -	$ -	$ -	$ -	$(2)	$ -		$(8)
Deferred compensation expense	-	-	4	-	-	4		-
Total personnel expenses	-	-	4	-	(2)	4		(9)
Outside services	-	-	-	-	(1)	-		(5)
Other noninterest expense	(3)	(8)	1	(6)	1	(16)		(24)
Total noninterest expense	$(3)	$(8)	$4	$(6)	$(2)	$(13)		$(37)
Income before income taxes	$3	$8	$(4)	$6	$94	13		$129
Provision for income taxes	1	2	(1)	1	23	3		32
Preferred stock dividends *	-	(3)	-	-	-	(3)		(7)
Net income/(loss) available to common shareholders	$2	$9	$(3)	$4	$71	$12		$105
EPS impact of notable items	$ -	$0.01	$ -	$0.01	$0.13	$0.02		$0.19

* 3Q25 and 2025 include $3 million deemed dividends on the redemption of $80 million par value of Series B Preferred Stock; 2024 includes $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.

						4Q25 Change vs.								2025 vs.2024
	4Q25	3Q25	2Q25	1Q25	4Q24	3Q25			4Q24			2025	2024
FINANCIAL RATIOS
Quarterly, Unaudited
FINANCIAL RATIOS						$/bp	%		$/bp	%				$/bp	%
Net interest margin	3.51 %%	3.55 %%	3.40 %%	3.42 %%	3.33 %%	(4)bp			18bp			3.47 %%	3.35 %%	12bp
Return on average assets	1.27 %%	1.29 %%	1.20 %%	1.11 %%	0.82 %%	(2)bp			45bp			1.22 %%	0.97 %%	25
Adjusted return on average assets	1.28 %%	1.32 %%	1.18 %%	1.14 %%	1.17 %%	(4)bp			11bp			1.23 %%	1.09 %%	14
Return on average common equity (“ROCE”)	11.99 %%	11.74 %%	11.14 %%	10.30 %%	7.38 %%	25bp			461bp			11.30 %%	8.80 %%	250
Return on average tangible common equity (“ROTCE”)	14.82 %%	14.49 %%	13.85 %%	12.81 %%	9.17 %%	33bp			565bp			14.01 %%	10.99 %%	302
Adjusted ROTCE	14.96 %%	15.00 %%	13.65 %%	13.08 %%	13.27 %%	(4)bp			169bp			14.18 %%	12.51 %%	167
Noninterest income as a % of total revenue	23.89 %%	24.16 %%	22.73 %%	22.29 %%	23.20 %%	(27)bp			69bp			23.30 %%	23.44 %%	(14)
Adjusted noninterest income as a % of total revenue	23.80 %%	24.07 %%	22.63 %%	22.20 %%	23.10 %%	(27)bp			70bp			23.21 %%	23.33 %%	(12)
Efficiency ratio	61.33 %%	61.92 %%	59.20 %%	60.06 %%	61.98 %%	(59)bp			(65)bp			60.66 %%	62.06 %%	(140)
Adjusted efficiency ratio	60.73 %%	60.76 %%	59.47 %%	59.09 %%	61.43 %%	(3)bp			(70)bp			60.04 %%	60.64 %%	(60)
Allowance for credit losses to loans and leases	1.31 %%	1.38 %%	1.42 %%	1.45 %%	1.43 %%	(7)bp			(12)bp			1.31 %%	1.43 %%	(12)
CAPITAL DATA
CET1 capital ratio*	10.6 %%	11.0 %%	11.0 %%	10.9 %%	11.2 %%	(32)bp			(56)bp			10.6 %%	11.2 %%	(56)bp
Tier 1 capital ratio*	11.5 %%	11.9 %%	12.0 %%	11.9 %%	12.2 %%	(34)bp			(70)bp			11.5 %%	12.2 %%	(70)bp
Total capital ratio*	13.4 %%	13.8 %%	14.0 %%	14.1 %%	14.2 %%	(41)bp			(89)bp			13.4 %%	14.2 %%	(89)bp
Tier 1 leverage ratio*	10.2 %%	10.5 %%	10.6 %%	10.5 %%	10.6 %%	(28)bp			(45)bp			10.2 %%	10.6 %%	(45)bp
Risk-weighted assets (“RWA”) (billions)*	$72.9	$72.0	$71.7	$70.8	$71.1	$0.9	1 %%		$1.8	3 %%		$72.9	$71.1	$1.8	3 %%
Total equity to total assets	10.90 %%	11.11 %%	11.28 %%	11.10 %%	11.09 %%	(21)bp			(19)bp			10.90 %%	11.09 %%	(19)bp
Tangible common equity/tangible assets (“TCE/TA”)	8.37 %%	8.55 %%	8.58 %%	8.37 %%	8.37 %%	(18)bp			- bp			8.37 %%	8.37 %%	- bp
Period-end shares outstanding (millions)	485	500	509	507	524	(16)	(3)%%		(39)	(8)%%		485	524	(39)	(8)%%
Cash dividends declared per common share	$0.15	$0.15	$0.15	$0.15	$0.15	$ -	- %	%	$ -	- %	%	$0.60	$0.60	$ -	- %	%
Book value per common share	$17.53	$17.19	$16.78	$16.40	$16.00	$0.34	2 %%		$1.53	10 %%		$17.53	$16.00	$1.53	10 %%
Tangible book value per common share	$14.20	$13.94	$13.57	$13.17	$12.85	$0.26	2 %%		$1.35	11 %%		$14.20	$12.85	$1.35	11 %%
SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)	95.08%	96.23%	96.47%	96.90%	95.40%	(115)bp			(32)bp			95.08%	95.40%	(32)bp
Loans-to-deposit ratio (average balances)	95.33%	95.24%	96.62%	95.57%	94.44%	9bp			89bp			95.68%	94.41%	127bp
Full-time equivalent associates	7,373	7,341	7,255	7,190	7,158	32	- %	%	215	3 %%		7,290	7,242	48	1 %%

*Current quarter is an estimate.

CONSOLIDATED PERIOD-END BALANCE SHEET

						4Q25 Change vs.
(In millions)	4Q25	3Q25	2Q25	1Q25	4Q24	3Q25		4Q24
Assets:						$	%	$	%
Loans and leases:
Commercial, financial, and industrial (C&I)	$35,905	$34,401	$34,359	$33,354	$33,428	$1,504	4 %%	$2,477	7 %%
Commercial real estate	13,563	13,674	13,936	14,139	14,421	(111)	(1)	(858)	(6)
Total Commercial	49,468	48,076	48,295	47,493	47,849	1,392	3	1,619	3
Consumer real estate	14,107	14,403	14,368	14,089	14,047	(296)	(2)	61	-
Credit card and other	580	579	597	633	670	2	-	(89)	(13)
Total Consumer	14,688	14,982	14,965	14,722	14,716	(294)	(2)	(29)	-
Loans and leases, net of unearned income	64,156	63,058	63,260	62,215	62,565	1,098	2	1,590	3
Loans held for sale	406	501	402	510	551	(95)	(19)	(144)	(26)
Investment securities	9,382	9,332	9,362	9,333	9,166	50	1	215	2
Trading securities	1,904	2,070	1,430	1,376	1,387	(167)	(8)	517	37
Interest-bearing deposits with banks	1,125	1,228	911	1,164	1,538	(103)	(8)	(413)	(27)
Federal funds sold and securities purchased under agreements to resell	634	774	527	728	631	(141)	(18)	2	-
Total interest earning assets	77,606	76,963	75,893	75,326	75,838	643	1	1,768	2
Cash and due from banks	961	912	988	915	906	48	5	55	6
Goodwill and other intangible assets, net	1,615	1,624	1,633	1,643	1,653	(9)	(1)	(38)	(2)
Premises and equipment, net	544	553	561	569	574	(9)	(2)	(30)	(5)
Allowance for loan and lease losses	(738)	(777)	(814)	(822)	(815)	38	5	77	9
Other assets	3,889	3,916	3,823	3,861	3,996	(28)	(1)	(108)	(3)
Total assets	$83,876	$83,192	$82,084	$81,491	$82,152	$684	1 %%	$1,725	2 %%
Liabilities and Shareholders' Equity:
Deposits:
Savings	$26,010	$26,365	$25,939	$26,242	$26,695	$(354)	(1)%%	$(685)	(3)%%
Time deposits	6,485	6,201	7,270	5,918	6,613	284	5	(128)	(2)
Other interest-bearing deposits	19,158	16,936	16,477	16,213	16,252	2,222	13	2,906	18
Total interest-bearing deposits	51,653	49,502	49,685	48,373	49,560	2,151	4	2,093	4
Trading liabilities	607	662	469	670	550	(55)	(8)	57	10
Federal funds purchased and securities sold under agreements to repurchase	3,012	2,675	3,201	2,572	2,355	337	13	658	28
Short-term borrowings	241	1,596	260	1,223	1,045	(1,355)	(85)	(804)	(77)
Term borrowings	1,321	1,328	1,342	1,691	1,195	(7)	(1)	126	11
Total interest-bearing liabilities	56,835	55,763	54,957	54,529	54,705	1,072	2	2,130	4
Noninterest-bearing deposits	15,823	16,023	15,892	15,835	16,021	(200)	(1)	(198)	(1)
Other liabilities	2,076	2,163	1,978	2,084	2,315	(86)	(4)	(238)	(10)
Total liabilities	74,734	73,948	72,826	72,447	73,041	786	1	1,694	2
Shareholders' Equity:
Preferred stock	349	349	426	426	426	-	-	(77)	(18)
Common stock	303	313	318	317	328	(10)	(3)	(25)	(8)
Capital surplus	3,974	4,288	4,459	4,472	4,809	(314)	(7)	(835)	(17)
Retained earnings	5,030	4,848	4,671	4,516	4,382	183	4	649	15
Accumulated other comprehensive loss, net	(809)	(849)	(912)	(983)	(1,128)	39	5	319	28
Combined shareholders' equity	8,847	8,949	8,962	8,749	8,816	(102)	(1)	31	-
Noncontrolling interest	295	295	295	295	295	-	-	-	-
Total shareholders' equity	9,142	9,244	9,257	9,044	9,111	(102)	(1)	31	-
Total liabilities and shareholders' equity	$83,876	$83,192	$82,084	$81,491	$82,152	$684	1 %%	$1,725	2 %%
Memo:
Total deposits	$67,477	$65,525	$65,576	$64,208	$65,581	$1,952	3 %%	$1,896	3 %%
Loans to mortgage companies	$4,703	$3,926	$4,058	$3,369	$3,471	$776	20 %%	$1,232	36 %%
Unfunded Loan Commitments:
Commercial	$18,644	$18,485	$17,784	$17,974	$17,863	$158	1 %%	$781	4 %%
Consumer	$4,002	$4,036	$4,153	$4,190	$4,203	$(34)	(1)%%	$(201)	(5)%%

Numbers may not total due to rounding. See footnote disclosures on page 21 and glossary of terms on page 27.

CONSOLIDATED AVERAGE BALANCE SHEET

						4Q25 Change vs.
(In millions)	4Q25	3Q25	2Q25	1Q25	4Q24	3Q25		4Q24			2025		2024	2025 vs 2024
Assets:						$	%	$	%					$	%
Loans and leases:
Commercial, financial, and industrial (C&I)	$35,005	$34,011	$33,634	$32,632	$33,107	$993	3 %%	$1,897	6 %%	$33,831		$32,871		$960	3 %%
Commercial real estate	13,587	13,772	14,070	14,318	14,601	(186)	(1)	(1,014)	(7)	13,931		14,558		(626)	(4)
Total Commercial	48,591	47,784	47,704	46,951	47,709	807	2	883	2	47,762		47,429		334	1
Consumer real estate	14,255	14,409	14,224	14,046	14,008	(154)	(1)	247	2	14,235		13,836		398	3
Credit card and other	586	594	623	649	701	(8)	(1)	(115)	(16)	613		740		(128)	(17)
Total Consumer	14,841	15,004	14,847	14,694	14,709	(162)	(1)	132	1	14,847		14,577		271	2
Loans and leases, net of unearned income	63,432	62,787	62,551	61,645	62,418	645	1	1,015	2	62,610		62,005		604	1
Loans held-for-sale	515	454	501	519	482	60	13	32	7	497		472		25	5
Investment securities	9,321	9,321	9,330	9,209	9,295	-	-	26	-	9,295		9,386		(91)	(1)
Trading securities	1,798	1,625	1,609	1,442	1,515	173	11	283	19	1,619		1,399		220	16
Interest-bearing deposits with banks	1,218	1,272	1,259	1,265	1,438	(53)	(4)	(220)	(15)	1,254		1,605		(352)	(22)
Federal funds sold and securities purchased under agreements to resell	743	573	636	713	594	170	30	149	25	666		605		61	10
Total interest earning assets	77,027	76,032	75,887	74,793	75,742	994	1	1,285	2	75,941		75,473		468	1
Cash and due from banks	900	860	864	886	911	40	5	(10)	(1)	878		917		(39)	(4)
Goodwill and other intangible assets, net	1,619	1,628	1,638	1,648	1,658	(9)	(1)	(39)	(2)	1,633		1,674		(41)	(2)
Premises and equipment, net	548	556	565	570	571	(8)	(1)	(23)	(4)	560		580		(20)	(4)
Allowances for loan and lease losses	(774)	(809)	(828)	(827)	(821)	36	4	47	6	(809)		(812)		2	-
Other assets	3,760	3,781	3,831	3,896	3,889	(21)	(1)	(129)	(3)	3,817		3,989		(173)	(4)
Total assets	$83,081	$82,049	$81,958	$80,965	$81,950	$1,032	1 %%	$1,131	1 %%	$82,019		$81,822		$197	- %	%
Liabilities and shareholders' equity:
Deposits:
Savings	$26,693	$26,326	$25,899	$26,544	$26,836	$368	1 %%	$(143)	(1)%%	$26,366		$25,941		$425	2 %%
Time deposits	6,205	6,871	6,630	6,329	7,407	(667)	(10)	(1,202)	(16)	6,509		7,224		(715)	(10)
Other interest-bearing deposits	17,573	16,866	16,362	16,096	15,726	707	4	1,847	12	16,729		16,215		514	3
Total interest-bearing deposits	50,470	50,063	48,891	48,970	49,969	408	1	502	1	49,604		49,379		224	-
Trading liabilities	722	549	613	692	578	173	32	144	25	644		555		88	16
Federal funds purchased and securities sold under agreements to repurchase	2,807	2,631	2,692	2,479	2,205	176	7	603	27	2,653		2,140		513	24
Short-term borrowings	470	387	1,208	681	441	83	21	29	7	685		781		(96)	(12)
Term borrowings	1,323	1,335	1,556	1,332	1,206	(13)	(1)	117	10	1,386		1,180		206	17
Total interest-bearing liabilities	55,792	54,965	54,960	54,154	54,398	827	2	1,394	3	54,972		54,036		937	2
Noninterest-bearing deposits	16,072	15,862	15,851	15,535	16,123	210	1	(52)	-	15,831		16,297		(466)	(3)
Other liabilities	2,082	1,999	2,050	2,165	2,213	83	4	(132)	(6)	2,073		2,353		(280)	(12)
Total liabilities	73,946	72,825	72,861	71,854	72,735	1,120	2	1,211	2	72,877		72,686		191	-
Shareholders' Equity:
Preferred stock	349	350	426	426	426	(1)	-	(77)	(18)	388		450		(62)	(14)
Common stock	307	316	318	323	330	(9)	(3)	(24)	(7)	316		338		(22)	(7)
Capital surplus	4,095	4,379	4,464	4,664	4,881	(284)	(6)	(786)	(16)	4,399		5,070		(671)	(13)
Retained earnings	4,910	4,798	4,562	4,468	4,382	112	2	528	12	4,686		4,197		489	12
Accumulated other comprehensive loss, net	(821)	(913)	(967)	(1,066)	(1,099)	93	10	278	25	(941)		(1,213)		272	22
Combined shareholders' equity	8,840	8,928	8,802	8,816	8,920	(88)	(1)	(80)	(1)	8,847		8,841		6	-
Noncontrolling interest	295	295	295	295	295	-	-	-	-	295		295		-	-
Total shareholders' equity	9,135	9,224	9,097	9,111	9,216	(88)	(1)	(80)	(1)	9,142		9,136		6	-
Total liabilities and shareholders' equity	$83,081	$82,049	$81,958	$80,965	$81,950	$1,032	1 %%	$1,131	1 %%	$82,019		$81,822		$197	- %	%
Memo:
Total deposits	$66,542	$65,924	$64,742	$64,504	$66,092	$618	1 %%	$450	1 %%	$65,435		$65,676		$(241)	- %	%
Loans to mortgage companies	$4,160	$3,628	$3,533	$2,819	$3,283	$531	15 %%	$877	27 %%	$3,539		$2,614		$925	35 %%

																4Q25 Change vs.											2025 vs 2024
	4Q25			3Q25			2Q25			1Q25			4Q24			3Q25			4Q24		2025			2024
																$/bp	%		$/bp	%							$	%
CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited
(In millions, except rates)	Income/Expense		Rate	Income/Expense		Rate	Income/Expense		Rate	Income/Expense		Rate	Income/Expense		Rate	Income/Expense			Income/Expense		Income/Expense		Rate	Income/Expense		Rate	Income/Expense
Interest earning assets/Interest income:
Loans and leases, net of unearned income:
Commercial	$743		6.07 %%	$767		6.37 %%	$738		6.21 %%	$715		6.18 %%	$771		6.43 %%	$(24)	(3)%%		$(28)	(4)%%	$2,964		6.21 %%	$3,166		6.68 %%	$(203)	(6)%%
Consumer	187		5.02	191		5.07	186		4.99	182		4.96	183		4.97	(4)	(2)		4	2	745		5.01	720		4.93	25	3
Loans and leases, net of unearned income	930		5.83	957		6.06	924		5.92	897		5.89	954		6.09	(27)	(3)		(24)	(3)	3,709		5.92	3,886		6.27	(178)	(5)
Loans held-for-sale	8		6.45	8		6.86	8		6.76	9		7.09	9		7.38	1	7		(1)	(7)	34		6.79	36		7.61	(2)	(6)
Investment securities	71		3.06	72		3.09	71		3.06	69		3.02	62		2.69	(1)	(1)		9	14	284		3.06	244		2.60	41	17
Trading securities	25		5.57	24		5.81	23		5.72	20		5.57	22		5.74	1	6		3	15	92		5.66	86		6.12	6	7
Interest-bearing deposits with banks	12		3.97	14		4.41	14		4.45	14		4.44	17		4.77	(2)	(14)		(5)	(29)	54		4.32	85		5.29	(31)	(36)
Federal funds sold and securities purchased under agreements	7		3.86	6		4.20	7		4.24	7		4.24	7		4.46	1	19		1	9	27		4.13	31		5.05	(3)	(10)
Interest income	$1,054		5.44 %%	$1,081		5.65 %%	$1,047		5.53 %%	$1,017		5.50 %%	$1,071		5.63 %%	$(27)	(2)%%		$(17)	(2)%%	$4,200		5.53	$4,367		5.79	$(167)	(4)%%
Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings	$169		2.51 %%	$184		2.78 %%	$177		2.73 %%	$175		2.67 %%	$210		3.11 %%	$(16)	(8)%%		$(41)	(20)%%	$704		2.67 %%	$849		3.27 %%	$(145)	(17)%%
Time deposits	55		3.49	64		3.71	64		3.88	62		4.00	81		4.35	(10)	(15)		(26)	(33)	245		3.77	323		4.47	(78)	(24)
Other interest-bearing deposits	98		2.22	102		2.41	96		2.36	92		2.31	99		2.49	(4)	(4)		-	-	389		2.32	449		2.77	(60)	(13)
Total interest-bearing deposits	322		2.53	351		2.78	337		2.76	329		2.72	389		3.10	(29)	(8)		(68)	(17)	1,338		2.70	1,620		3.28	(282)	(17)
Trading liabilities	7		3.76	5		3.93	6		4.07	7		4.29	6		4.01	1	26		1	18	26		4.01	23		4.22	2	10
Federal funds purchased and securities sold under agreements to repurchase	23		3.21	23		3.52	24		3.61	21		3.47	21		3.72	(1)	(3)		2	10	92		3.45	88		4.13	3	4
Short-term borrowings	5		4.08	4		4.39	13		4.47	7		4.40	5		4.75	1	13		-	(8)	30		4.37	42		5.38	(12)	(29)
Term borrowings	19		5.76	19		5.82	22		5.60	18		5.41	17		5.52	-	(2)		2	14	78		5.65	66		5.63	12	18
Interest expense	375		2.67	403		2.91	403		2.94	383		2.87	438		3.20	(28)	(7)		(63)	(14)	1,564		2.84	1,841		3.41	(277)	(15)
Net interest income - tax equivalent basis	679		2.77	678		2.74	645		2.59	634		2.63	634		2.43	2	-		46	7	2,636		2.69	2,526		2.38	110	4
Fully taxable equivalent adjustment	(3)		0.74	(3)		0.81	(4)		0.81	(3)		0.79	(4)		0.90	-	3		-	7	(14)		0.78	(16)		0.97	2	11
Net interest income	$676		3.51 %%	$674		3.55 %%	$641		3.40 %%	$631		3.42 %%	$630		3.33 %%	$2	- %	%	$46	7 %%	$2,622		3.47 %%	$2,511		3.35 %%	$112	4 %%
Memo:
Total loan yield			5.83 %%			6.06 %%			5.92 %%			5.89 %%			6.09 %%	(23)bp			(26)bp				5.92 %%			6.27 %%	(35)bp
Total deposit cost			1.92 %%			2.11 %%			2.09 %%			2.07 %%			2.34 %%	(19)bp			(42)bp				2.05 %%			2.47 %%	(42)bp
Total funding cost			2.07 %%			2.26 %%			2.28 %%			2.23 %%			2.47 %%	(19)bp			(40)bp				2.21 %%			2.62 %%	(41)bp
Average loans and leases, net of unearned income	$63,432			$62,787			$62,551			$61,645			$62,418			$645	1 %%		$1,015	2 %%	$62,610			$62,005			$604	1 %%
Average deposits		66,542			65,924			64,742			64,504			66,092		618	1 %%		450	1 %%		65,435			65,676		(241)	- %	%
Average funded liabilities		71,864			70,827			70,811			69,689			70,521		$1,037	1 %%		$1,343	2 %%		70,804			70,333		$471	1 %%

Net interest income and yields are adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax of 21 percent and, where applicable, state income taxes.

Earning assets yields are expressed net of unearned income.

Loan yields include loan fees, cash basis interest income, and loans on nonaccrual status.

	As of					4Q25 change vs.
CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited
(In millions, except ratio data)	4Q25	3Q25	2Q25	1Q25	4Q24	3Q25			4Q24
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)	$224	$211	$224	$195	$173	$13	6 %%		$50	29 %%
Commercial real estate	239	254	236	284	294	(15)	(6)		(55)	(19)
Consumer real estate	140	139	131	129	133	1	1		7	6
Credit card and other	1	1	1	1	2	-	(34)		(1)	(38)
Total nonperforming loans and leases	$604	$605	$593	$609	$602	$(1)	- %	%	$2	- %	%
Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)	0.62 %%	0.61 %%	0.65 %%	0.58 %%	0.52 %%
Commercial real estate	1.76	1.86	1.70	2.01	2.04
Consumer real estate	0.99	0.96	0.91	0.92	0.95
Credit card and other	0.16	0.25	0.21	0.19	0.23
Total nonperforming loans and leases to loans and leases	0.94 %%	0.96 %%	0.94 %%	0.98 %%	0.96 %%

	As of					4Q25 change vs.
CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Quarterly, Unaudited
(In millions)	4Q25	3Q25	2Q25	1Q25	4Q24	3Q25			4Q24
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)	$1	$1	$1	$1	$1	$1		NM	$1		NM
Commercial real estate	-	-	-	-	-	-		NM	-		NM
Consumer real estate	6	6	6	7	19	-	(4)		(14)	(71)
Credit card and other	1	2	1	-	1	(1)	(44)		-	(22)
Total loans and leases 90 days or more past due and accruing	$8	$9	$8	$8	$21	$ -	(5)%%		$(13)	(62)%%

	As of					4Q25 change vs.
CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited
(In millions, except ratio data)	4Q25	3Q25	2Q25	1Q25	4Q24	3Q25			4Q24
Charge-off, Recoveries and Related Ratios						$	%		$	%
Gross Charge-offs
Commercial, financial, and industrial (C&I)	$39	$25	$28	$34	$13	$14	58 %%		$27		NM
Commercial real estate	2	3	8	3	9	(2)	(56)		(8)	(84)
Consumer real estate	1	1	2	-	1	1	70		1	93
Credit card and other	4	6	6	4	6	(2)	(32)		(2)	(29)
Total gross charge-offs	$47	$36	$43	$41	$29	$11	31 %%		$18	63 %%
Gross Recoveries
Commercial, financial, and industrial (C&I)	$(13)	$(6)	$(6)	$(6)	$(12)	$(7)		NM	$(2)	(13)%%
Commercial real estate	-	-	-	(3)	-	-		NM	-		NM
Consumer real estate	(2)	(1)	(2)	(1)	(2)	(1)	(43)		-	11
Credit card and other	(1)	(1)	(2)	(1)	(1)	-	14		-	20
Total gross recoveries	$(16)	$(9)	$(9)	$(12)	$(15)	$(7)	(79)%%		$(1)	(6)%%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I)	$26	$19	$22	$28	$1	$8	41 %%		$25		NM
Commercial real estate	2	3	8	(1)	9	(2)	(53)		(8)	(83)
Consumer real estate	(1)	(1)	-	(1)	(2)	-	(8)		1	58
Credit card and other	3	5	4	3	5	(2)	(36)		(1)	(31)
Total net charge-offs	$30	$26	$34	$29	$13	$4	15 %%		$17		NM
Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I)	0.30 %%	0.22 %%	0.26 %%	0.35 %%	0.01 %%
Commercial real estate	0.04	0.09	0.22	(0.02)	0.25
Consumer real estate	(0.02)	(0.02)	-	(0.02)	(0.05)
Credit card and other	2.31	3.54	2.64	1.60	2.78
Total loans and leases	0.19 %%	0.17 %%	0.22 %%	0.19 %%	0.08 %%

	As of					4Q25 Change vs.
CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS
Quarterly, Unaudited
(In millions)	4Q25	3Q25	2Q25	1Q25	4Q24	3Q25			4Q24
Summary of Changes in the Components of the Allowance For Credit Losses						$	%		$	%
Allowance for loan and lease losses - beginning	$777	$814	$822	$815	$823	$(37)	(5)%%		$(46)	(6)%%
Charge-offs:
Commercial, financial, and industrial (C&I)	(39)	(25)	(28)	(34)	(13)	(14)	(58)		(27)		NM
Commercial real estate	(2)	(3)	(8)	(3)	(9)	2	56		8	84
Consumer real estate	(1)	(1)	(2)	-	(1)	(1)	(70)		(1)	(93)
Credit card and other	(4)	(6)	(6)	(4)	(6)	2	32		2	29
Total charge-offs	(47)	(36)	(43)	(41)	(29)	(11)	(31)		(18)	(63)
Recoveries:
Commercial, financial, and industrial (C&I)	13	6	6	6	12	7		NM	2	13
Commercial real estate	-	-	-	3	-	-		NM	-		NM
Consumer real estate	2	1	2	1	2	1	43		-	(11)
Credit card and other	1	1	2	1	1	-	(14)		-	(20)
Total Recoveries	16	9	9	12	15	7	79		1	6
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I)	28	5	23	28	(5)	23		NM	33		NM
Commercial real estate	(26)	(5)	(5)	(2)	18	(21)		NM	(44)		NM
Consumer real estate	(13)	(15)	4	8	(10)	2	14		(3)	(27)
Credit card and other	3	4	3	2	4	(1)	(19)		-	(5)
Total provision for loan and lease losses:	(8)	(11)	26	36	6	3	27		(14)		NM
Allowance for loan and lease losses - ending	$738	$777	$814	$822	$815	$(38)	(5)%%		$(77)	(9)%%
Reserve for unfunded commitments - beginning	$93	$87	$83	$79	$75	$6	7 %%		$18	24 %%
Provision for unfunded commitments	8	6	4	4	4	2	33		4		NM
Reserve for unfunded commitments - ending	$101	$93	$87	$83	$79	$8	9 %%		$22	28 %%
Total allowance for credit losses- ending	$839	$870	$901	$905	$894	$(30)	(3)%%		$(55)	(6)%%

	As of
	4Q25	3Q25	2Q25	1Q25	4Q24
CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES
Quarterly, Unaudited
Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)	0.93 %%	0.97 %%	1.01 %%	1.04 %%	1.03 %%
Commercial real estate	1.30 %%	1.49 %%	1.53 %%	1.59 %%	1.57 %%
Consumer real estate	1.46 %%	1.52 %%	1.63 %%	1.63 %%	1.57 %%
Credit card and other	3.40 %%	3.42 %%	3.50 %%	3.41 %%	3.28 %%
Total allowance for loans and lease losses to loans and leases	1.15 %%	1.23 %%	1.29 %%	1.32 %%	1.30 %%
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)	150 %%	158 %%	155 %%	178 %%	199 %%
Commercial real estate	74 %%	80 %%	90 %%	79 %%	77 %%
Consumer real estate	147 %%	158 %%	179 %%	178 %%	167 %%
Credit card and other	2,096 %%	1,380 %%	1,684 %%	1,752 %%	1,438 %%
Total allowance for loans and lease losses to nonperforming loans and leases	122 %%	128 %%	137 %%	135 %%	136 %%
Allowance for credit losses ratios
Total allowance for credit losses to loans and leases	1.31 %%	1.38 %%	1.42 %%	1.45 %%	1.43 %%
Total allowance for credit losses to nonperforming loans and leases	139 %%	144 %%	152 %%	148 %%	149 %%

COMMERCIAL, CONSUMER, AND WEALTH

						4Q25 Change vs.								2025 vs 2024
	4Q25	3Q25	2Q25	1Q25	4Q24	3Q25			4Q24			2025	2024
						$/bp	%		$/bp	%				$/bp	%
Income Statement (millions)
Net interest income	$651	$660	$634	$624	$635	$(9)	(1)%%		$16	3 %%		$2,568	$2,532	$37	1 %%
Noninterest income	124	117	113	110	116	8	7		8	7		465	461	4	1 %%
Total revenue	776	777	747	734	751	(1)	-		25	3		3,033	2,993	40	1 %%
Noninterest expense	379	365	354	344	361	14	4		18	5		1,443	1,417	25	2 %%
Pre-provision net revenue	396	411	393	390	390	(15)	(4)		7	2		1,590	1,575	15	1 %%
Provision for credit losses	(2)	2	13	38	15	(4)		NM	(17)		(115)	50	158	(107)	(68)%%
Income before income tax expense	399	410	380	352	375	(11)	(3)		24	6		1,540	1,417	123	9 %%
Income tax expense	95	98	90	84	89	(3)	(3)		6	7		367	335	32	10 %%
Net income	$304	$312	$289	$268	$286	$(9)	(3)%%		$18	6 %%		$1,173	$1,083	$91	8 %%
Average Balances (billions)
Total loans and leases	$56.5	$56.4	$56.3	$56.2	$56.5	$0.1	- %	%	$ -	- %	%	$56.3	$56.7	$(0.4)	(1)%%
Interest-earning assets	56.5	56.4	56.3	56.2	56.5	0.1	-		-	-		56.3	56.7	(0.4)	(1)
Total assets	59.0	58.8	58.7	58.7	59.1	0.2	-		(0.1)	-		58.8	59.4	(0.6)	(1)
Total deposits	59.4	59.1	58.9	59.1	59.9	0.2	-		(0.5)	(1)		59.1	59.8	(0.6)	(1)
Key Metrics
Net interest margin	4.60 %%	4.67 %%	4.53 %%	4.52 %%	4.49 %%	(7)bp			11bp			4.58 %%	4.49 %%	9bp
Efficiency ratio	48.89 %%	47.04 %%	47.43 %%	46.85 %%	48.13 %%	185bp			76bp			47.56 %%	47.37 %%	19bp
Loans-to-deposits ratio (period-end balances)	94.83 %%	94.56 %%	95.33 %%	94.28 %%	94.14 %%	27bp			69bp			94.83 %%	94.14 %%	69bp
Loans-to-deposits ratio (average-end balances)	95.09 %%	95.30 %%	95.59 %%	94.99 %%	94.30 %%	(21)bp			79bp			95.24 %%	94.83 %%	41bp
Return on average assets (annualized)	2.04 %%	2.10 %%	1.98 %%	1.85 %%	1.92 %%	(6)bp			12bp			1.99 %%	1.82 %%	17bp
Return on allocated equity	25.01 %%	25.14 %%	23.03 %%	21.50 %%	22.38 %%	(13)bp			263bp			23.66 %%	21.54 %%	212bp
Financial center locations	412	413	414	414	416	(1)			(4)			412	416	(4)

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

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

						4Q25 Change vs.								2025 vs 2024
	4Q25	3Q25	2Q25	1Q25	4Q24	3Q25			4Q24			2025	2024
						$/bp	%		$/bp	%				$/bp	%
Income Statement (millions)
Net interest income	$66	$60	$57	$50	$54	$5	9 %%		$12	22 %%		$233	$194	$39	20 %%
Noninterest income	69	74	53	59	58	(4)	(6)		11	20		256	230	26	12
Total revenue	135	134	111	109	112	1	1		23	21		490	424	66	16
Noninterest expense	85	83	76	76	76	2	3		9	12		320	299	21	7
Pre-provision net revenue	50	51	35	33	36	(1)	(2)		14	38		169	125	44	36
Provision for credit losses	3	(1)	6	3	1	4		NM	2		NM	12	3	9		NM
Income before income tax expense	47	52	29	30	35	(5)	(10)		12	33		158	122	35	29
Income tax expense	11	12	7	7	8	(1)	(10)		3	33		38	30	8	28
Net income	$35	$39	$22	$23	$27	$(4)	(10)%%		$9	33 %%		$120	$93	$27	29 %%
Average Balances (billions)
Total loans and leases	$6.5	$6.0	$5.8	$5.0	$5.5	$0.5	9 %%		$1.0	18 %%		$5.8	$4.9	$1.0	20 %%
Interest-earning assets	9.6	8.7	8.6	7.8	8.2	0.9	11		1.4	17		8.7	7.4	1.3	17
Total assets	10.3	9.4	9.3	8.5	8.9	0.9	10		1.4	16		9.4	8.1	1.2	15
Total deposits	2.3	2.2	2.1	2.0	2.0	0.1	4		0.3	14		2.1	1.9	0.2	13
Key Metrics
Fixed income product average daily revenue (thousands)	$765	$771	$550	$586	$659	$(6)	(1)%%		$106	16 %%		$669	$617	$53	9 %%
Net interest margin	2.74 %%	2.78 %%	2.67 %%	2.59 %%	2.64 %%	(5)bp			9bp			2.70 %%	2.62 %%	8bp
Efficiency ratio	63.08 %%	61.93 %%	68.29 %%	69.58 %%	67.65 %%	115bp			(458)bp			65.39 %%	70.52 %%	(513)bp
Loans-to-deposits ratio (period-end balances)	343 %%	319 %%	312 %%	288 %%	305 %%	2,389bp			3,856bp			343 %%	305 %%	3,856bp
Loans-to-deposits ratio (average-end balances)	288 %%	276 %%	282 %%	252 %%	278 %%	1,229bp			971bp			275 %%	261 %%	1,461bp
Return on average assets (annualized)	1.37 %%	1.66 %%	0.96 %%	1.08 %%	1.19 %%	(30)bp			17bp			1.28 %%	1.14 %%	14bp
Return on allocated equity	24.37 %%	27.16 %%	15.96 %%	16.56 %%	18.99 %%	(279)bp			538bp			21.11 %%	16.78 %%	433bp

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

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

						4Q25 Change vs.							2025 vs 2024
	4Q25	3Q25	2Q25	1Q25	4Q24	3Q25			4Q24		2025	2024
						$	%		$	%			$/bp	%
Income Statement (millions)
Net interest income/(expense)	$(41)	$(46)	$(50)	$(42)	$(59)	$5	11 %%		$18	30 %%	$(179)	$(215)	$35	17 %%
Noninterest income	18	25	22	12	(75)	(6)	(25)		94	124	77	(11)	88		NM
Total revenues	(23)	(22)	(28)	(30)	(134)	(1)	(5)		112	83	(103)	(226)	123	55
Noninterest expense	80	102	61	68	71	(22)	(21)		9	13	311	319	(7)	(2)
Pre-provision net revenue	(103)	(124)	(89)	(98)	(205)	21	17		102	50	(414)	(545)	131	24
Provision for credit losses	(1)	(6)	11	(1)	(6)	5	80		5	81	3	(10)	13	128
Income before income tax expense	(102)	(118)	(100)	(97)	(199)	16	13		97	49	(417)	(535)	118	22
Income tax expense (benefit)	(29)	(32)	(33)	(28)	(57)	4	11		28	50	(122)	(153)	31	20
Net income/(loss)	$(73)	$(85)	$(67)	$(69)	$(143)	$12	14 %%		$69	49 %%	$(295)	$(382)	$87	23 %%
Average Balance Sheet (billions)
Interest bearing assets	$11.0	$11.0	$11.0	$10.8	$11.1	$ -	- %	%	$(0.1)	(1)%%	$10.9	$11.4	$(0.4)	(4)%%
Total assets	13.8	13.9	13.9	13.8	14.0	-	-		(0.2)	(1)	13.8	14.3	(0.5)	(3)%%

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

Taxable equivalent interest income and interest expense are non-GAAP measures and are reconciled to net interest income (GAAP) in the table.

Occupancy and Equipment expense includes Computer Software Expense.

Pre-provision net revenue is a non-GAAP measure and is reconciled to income before income taxes (GAAP) in the table.

Represents a non-GAAP measure and is reconciled to the nearest GAAP measure in the non-GAAP to GAAP reconciliations beginning on page 22.

Credit card and other includes $143 million of commercial credit card balances at December 31, 2025.

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.

Segment equity is allocated based on an internal allocation methodology.

Share count for all periods shown was impacted by share repurchases.

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)	4Q25	3Q25	2Q25	1Q25	4Q24		2025		2024
Tangible Common Equity (Non-GAAP)
(A) Total equity (GAAP)	$9,142	$9,244	$9,257	$9,044	$9,111	$9,142		$9,111
Less: Noncontrolling interest (a)	295	295	295	295	295	295		295
Less: Preferred stock (a)	349	349	426	426	426	349		426
(B) Total common equity	$8,498	$8,600	$8,536	$8,322	$8,389	$8,498		$8,389
Less: Intangible assets (GAAP) (b)	1,615	1,624	1,633	1,643	1,653	1,615		1,653
(C) Tangible common equity (Non-GAAP)	$6,882	$6,976	$6,903	$6,680	$6,737	$6,882		$6,737
Tangible Assets (Non-GAAP)
(D) Total assets (GAAP)	$83,876	$83,192	$82,084	$81,491	$82,152	$83,876		$82,152
Less: Intangible assets (GAAP) (b)	1,615	1,624	1,633	1,643	1,653	1,615		1,653
(E) Tangible assets (Non-GAAP)	$82,261	$81,568	$80,451	$79,849	$80,499	$82,261		$80,499
Period-end Shares Outstanding
(F) Period-end shares outstanding	485	500	509	507	524	485		524
Ratios
(A)/(D) Total equity to total assets (GAAP)	10.90 %%	11.11 %%	11.28 %%	11.10 %%	11.09 %%	10.90 %%		11.09 %%
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)	8.37 %%	8.55 %%	8.58 %%	8.37 %%	8.37 %%	8.37 %%		8.37 %%
(B)/(F) Book value per common share (GAAP)	$17.53	$17.19	$16.78	$16.40	$16.00	$17.53		$16.00
(C)/(F) Tangible book value per common share (Non-GAAP)	$14.20	$13.94	$13.57	$13.17	$12.85	$14.20		$12.85

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

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)		4Q25	3Q25	2Q25	1Q25	4Q24		2025		2024
Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)	a	$257	$254	$233	$213	$158	$956		$738
Plus Total notable items (after-tax) (Non-GAAP) (a)		$2	$9	$(3)	$4	$71	12		105
Adjusted net income available to common shareholders (Non-GAAP)	b	$259	$263	$229	$217	$228	$968		$843
Diluted Shares (GAAP)	c	496	510	514	523	534	511		544
Diluted EPS (GAAP)	a/c	$0.52	$0.50	$0.45	$0.41	$0.29	$1.87		$1.36
Adjusted diluted EPS (Non-GAAP)	b/c	$0.52	$0.51	$0.45	$0.42	$0.43	$1.89		$1.55
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)		$266	$266	$244	$222	$170	$998		$794
Plus Relevant notable items (after-tax) (Non-GAAP) (a)		$2	$6	$(3)	$4	$71	$10		97
Adjusted NI (Non-GAAP)		$268	$272	$241	$227	$240	$1,008		$891
NI (annualized) (GAAP)	d	$1,054	$1,055	$980	$901	$675	$998		$794
Adjusted NI (annualized) (Non-GAAP)	e	$1,064	$1,079	$967	$919	$956	$1,008		$891
Average assets (GAAP)	f	$83,081	$82,049	$81,958	$80,965	$81,950	$82,019		$81,822
ROA (GAAP)	d/f	1.27 %%	1.29 %%	1.20 %%	1.11 %%	0.82 %%	1.22 %%		0.97 %%
Adjusted ROA (Non-GAAP)	e/f	1.28 %%	1.32 %%	1.18 %%	1.14 %%	1.17 %%	1.23 %%		1.09 %%
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	$1,018	$1,007	$933	$864	$627	$956		$738
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)	h	$1,028	$1,042	$919	$882	$907	$968		$843
Average Common Equity (GAAP)	i	$8,491	$8,579	$8,376	$8,389	$8,494	$8,459		$8,391
Intangible Assets (GAAP) (b)		1,619	1,628	1,638	1,648	1,658	1,633		1,674
Average Tangible Common Equity (Non-GAAP)	j	$6,872	$6,950	$6,738	$6,742	$6,836	$6,826		$6,717
Equity Adjustment (Non-GAAP)		-	-	-	-	-	4		20
Adjusted Average Tangible Common Equity (Non-GAAP)	k	$6,872	$6,950	$6,738	$6,742	$6,836	$6,830		$6,737
ROCE (GAAP)	g/i	11.99 %%	11.74 %%	11.14 %%	10.30 %%	7.38 %%	11.30 %%		8.80 %%
ROTCE (Non-GAAP)	g/j	14.82 %%	14.49 %%	13.85 %%	12.81 %%	9.17 %%	14.01 %%		10.99 %%
Adjusted ROTCE (Non-GAAP)	h/k	14.96 %%	15.00 %%	13.65 %%	13.08 %%	13.27 %%	14.18 %%		12.51 %%

(a) Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 10.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(In millions)		4Q25	3Q25	2Q25	1Q25	4Q24		2025		2024
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)	l	$212	$215	$189	$181	$99	$797		$679
Plus notable items (pretax) (GAAP) (a)		-	-	-	-	91	-		91
Adjusted noninterest income (Non-GAAP)	m	$212	$215	$189	$181	$190	$797		$771
Revenue (GAAP)	n	$888	$889	$830	$812	$729	$3,420		$3,190
Taxable-equivalent adjustment		3	3	4	3	4	14		16
Revenue- Taxable-equivalent (Non-GAAP)		892	893	833	816	732	3,434		3,206
Plus notable items (pretax) (GAAP) (a)		-	-	-	-	91	-		91
Adjusted revenue (Non-GAAP)	o	$892	$893	$833	$816	$824	$3,434		$3,297
Securities gains/(losses) (GAAP)	p	$ -	$ -	$ -	$ -	$(91)	$1		(89)
Noninterest income as a % of total revenue (GAAP)	(l-p)/ (n-p)	23.89 %%	24.16 %%	22.73 %%	22.29 %%	23.20 %%	23.30 %%		23.44 %%
Adjusted noninterest income as a % of total revenue (Non-GAAP)	m/o	23.80 %%	24.07 %%	22.63 %%	22.20 %%	23.10 %%	23.21 %%		23.33 %%
Adjusted Efficiency Ratio
Noninterest expense (GAAP)	q	$545	$551	$491	$488	$508	$2,074		$2,035
Plus notable items (pretax) (GAAP) (a)		(3)	(8)	4	(6)	(2)	(13)		(37)
Adjusted noninterest expense (Non-GAAP)	r	$541	$542	$495	$482	$506	$2,061		$1,998
Revenue (GAAP)	s	$888	$889	$830	$812	$729	$3,420		$3,190
Taxable-equivalent adjustment		3	3	4	3	4	14		16
Revenue- Taxable-equivalent (Non-GAAP)		892	893	833	816	732	3,434		3,206
Plus notable items (pretax) (GAAP) (a)		-	-	-	-	91	-		91
Adjusted revenue (Non-GAAP)	t	$892	$893	$833	$816	$824	$3,434		$3,297
Securities gains/(losses) (GAAP)	u	$ -	$ -	$ -	$ -	$(91)	$1		$(89)
Efficiency ratio (GAAP)	q/ (s-u)	61.33 %%	61.92 %%	59.20 %%	60.06 %%	61.98 %%	60.66 %%		62.06 %%
Adjusted efficiency ratio (Non-GAAP)	r/t	60.73 %%	60.76 %%	59.47 %%	59.09 %%	61.43 %%	60.04 %%		60.64 %%

(a) Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 10.

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION

($s in millions)

	Period-end				Average						Period-end						Average
	4Q25	3Q25	4Q25 vs. 3Q25		4Q25	3Q25		4Q25 vs. 3Q25			2025	2024		2025 vs. 2024			2025	2024		2025 vs. 2024
Loans excluding LMC
Total Loans (GAAP)	$64,156	$63,058	$1,098	2 %%	$63,432	$62,787		$645	1 %%		$64,156	$62,565		$1,590	3 %%		$62,610	$62,005		$604	1 %%
LMC (GAAP)	4,703	3,926	776	20 %%	4,160	3,628		531	15 %%		4,703	3,471		1,232	36 %%		3,539	2,614		925	35 %%
Total Loans excl. LMC (Non-GAAP)	59,453	59,131	322	1 %%	59,273	59,159		114	- %	%	59,453	59,095		358	1 %%		59,071	59,392		(321)	(1)%%
Total Consumer (GAAP)	14,688	14,982	(294)	(2)%%	14,841		15,004	(162)	(1)%%		14,688		14,716	(29)	- %	%	14,847		14,577	271	2 %%
Total Commercial excl. LMC (Non-GAAP)	44,765	44,149	616	1 %%	44,432	44,156		276	1 %%		44,765	44,378		387	1 %%		44,223	44,815		(592)	(1)%%
Total CRE (GAAP)	13,563	13,674	(111)	(1)%%	13,587	13,772		(186)	(1)%%		13,563	14,421		(858)	(6)%%		13,931	14,558		(626)	(4)%%
Total C&I excl. LMC (Non-GAAP)	$31,202	$30,475	$727	2 %%	$30,845	$30,383		462	2 %%		$31,202	$29,957		$1,245	4 %%		$30,292	$30,257		$35	- %	%

		4Q25	3Q25	2Q25	1Q25	4Q24	2025	2024	2025 vs. 2024
Allowance for credit losses to loans and leases and Allowance for credit losses to nonperforming loans and leases									$/bp
Allowance for loan and lease losses (GAAP)	A	$738	$777	$814	$822	$815	$738	$815	(76)
Reserve for unfunded commitments (GAAP)		101	93	87	83	79	101	79		22
Allowance for credit losses (Non-GAAP)	B	$839	$870	$901	$905	$894	$839	$894	(55)
Loans and leases (GAAP)	C	$64,156	$63,058	$63,260	$62,215	$62,565	$64,156	$62,565		1590
Nonaccrual loans and leases (GAAP)	D	$604	$605	$593	$609	$602	$604	$602		2
Allowance for loans and lease losses to loans and leases (GAAP)	A/C	1.15 %%	1.23 %%	1.29 %%	1.32 %%	1.30 %%	1.15 %%	1.30 %%	(15)
Allowance for credit losses to loans and leases (Non-GAAP)	B/C	1.31 %%	1.38 %%	1.42 %%	1.45 %%	1.43 %%	1.31 %%	1.43 %%	(12)
Allowance for loans and lease losses to nonperforming loans and leases (GAAP)	A/D	122 %%	128 %%	137 %%	135 %%	136 %%	122 %%	136 %%	(1,400)
Allowance for credit losses to nonperforming loans and leases (Non-GAAP)	B/D	139 %%	144 %%	152 %%	148 %%	149 %%	139 %%	149 %%	(1,000)

	4Q25	3Q25	2Q25	1Q25	4Q24	2025	2024
CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions)
Adjusted Pre-provision Net Revenue (PPNR)
Pre-tax income (GAAP)	$343	$344	$309	$285	$210	$1,281	$1,005
Plus notable items (pretax) (GAAP) (a)	3	8	(4)	6	94	13	129
Adjusted Pre-tax income (non-GAAP)	$347	$352	$304	$290	$304	$1,294	$1,134
Plus provision for credit losses expense (GAAP)	-	(5)	30	40	10	65	150
Adjusted Pre-provision net revenue (PPNR) (non-GAAP)	$347	$347	$334	$330	$314	$1,359	$1,284
Taxable-equivalent adjustment	3	3	4	3	4	14	16
Pre-provision net revenue-Taxable-equivalent (Non-GAAP)	$350	$351	$338	$334	$318	$1,372	$1,299

(a) Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 10.

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