EX-99.1 2 a3q2024earningsrelease.htm EX-99.1 Document

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First Horizon Corporation的勢頭在2024年第三季度繼續保持強勁。
淨利潤可供普通股股東使用爲21300萬美元，每股收益爲0.40美元；
$22.4億或調整後的$0.42，都比上一季度增加了$0.06*

3Q24 RO損益率爲12.6％，調整後的RO損益率爲13.2％，每股有形賬面價值爲13.02美元，環比增長$0.81*

孟菲斯，田納西州 （2024年10月16日）- 第一地平線公司（紐交所：FHN或「第一地平線」）今天報告了第三季度普通股股東的淨利潤爲21300萬美元，每股收益爲0.40美元，相比之下，2024年第二季度普通股股東的淨利潤爲18400萬美元，每股收益爲0.34美元。2024年第三季度的結果受到1100萬美元的稅後淨可收入的淨減少，或每股0.02美元的顯著項目的影響，相比之下，2024年第二季度的數字爲1100萬美元，每股0.02美元。不包括顯著項目，調整後的2024年第三季度普通股股東淨利潤爲22400萬美元，每股0.42美元，而2024年第二季度爲19500萬美元，每股0.36美元。

「我們的每股收益同比上一季度增長了18%，這主要得益於我們逆週期業務的強勁表現。我們的業績反映了我們多樣化業務模式的實力，以及我們持續專注於增長和加深客戶關係，」董事長、總裁兼首席執行官Bryan Jordan說道。「我們的信用質量保持穩定，淨沖銷連續第二個季度下降，準備金覆蓋率略有增加。」

喬丹繼續說：「我們將繼續專注於在漫長的恢復過程中繼續支持我們受到最近颶風破壞的同事、客戶和社區。我非常自豪地看到First Horizon團隊爲這些災難性事件做好準備並作出響應，表現出深刻的同情和對受影響同事的關心，以及對爲客戶和社區提供非同尋常服務的堅定承諾，特別是在他們最需要的時刻。」


值得注意的事項
值得注意的事項
季度未經審計（以百萬美元計，每股數據除外）3Q242Q243Q23
值得關注的項目總結：
FDIC特別評估費用（其他非利息支出）$2 $(2)$— 
其他顯着費用(17)(3)(10)
總共值得關注的項目（稅前）$(14)$(5)$(10)
總顯着項目（稅後）$(11)$(11)$(20)
由於四捨五入可能不一致。


第三季度稅前的重要項目包括2百萬美元的FDIC特別評估費用抵銷，以及1千7百萬美元的其他重要項目，其中包括與九月份發生的信託基金融資相關的1億5千萬美元Visa衍生品估值費用和2百萬美元的重組成本。










*對「調整後」結果的參考不包括值得注意的項目以及ROTCE和某些其他財務指標，均爲非GAAP財務指標。所有關於貸款的提及都包括租賃。所有關於每股收益的提及均基於攤薄後的股份。請參見第4頁，了解我們使用非GAAP指標的信息以及從第20頁開始將這些指標與GAAP的對比情況。
1


摘要結果
季度未經審計
3Q24 Change vs.
（除每股和資產負債表數據外，以百萬美元計）3Q242Q243Q232Q243Q23
$/點子%$/點子%
損益表
Interest income - taxable equivalent1
$1,123 $1,097 $1,084 $26 2 %$39 4 %
Interest expense- taxable equivalent1
491 464 475 28 6 17 4 
淨利息收入 - 應徵稅收益631 633 609 (2)— 22 4 
稅前調整4 4 4 — (10)— (2)
淨利息收入627 629 605 (1)— 23 4 
非利息收入200 186 173 14 8 27 15 
總營業收入828 815 778 13 2 49 6 
非利息支出511 500 474 11 2 37 8 
稅前淨收入3
316 315 304 2 1 12 4 
撥備35 55 110 (20)(36)(75)(68)
稅前收入281 260 194 22 8 87 45 
所得稅費用58 56 52 2 4 6 12 
淨收入223 204 142 20 10 81 57 
非控制權益淨收益5 5 5 — — — — 
歸屬於控制權益的淨收入218 199 137 20 10 81 59 
優先股股息5 15 8 (10)(66)(3)(37)
淨利潤可供普通股股東$213 $184 $129 $30 16 %$84 65 %
調整後淨利潤4
$234 $208 $163 $27 13 %$71 43 %
可供普通股股東使用的調整後淨收入4
$224 $195 $150 $29 15 %$74 49 %
普通股信息
每股收益$0.40 $0.34 $0.23 $0.06 18 %$0.17 72 %
調整後的每股收益4
$0.42 $0.36 $0.27 $0.06 17 %$0.15 56 %
稀釋股份8
538 547 561 (9)(2)%(23)(4)%
關鍵績效指標
淨利息收益率6
3.31 %3.38 %3.17 %(7)bp14 bp
效率比率61.89 61.44 60.96 45 93 
調整後的效率比率4
59.86 60.47 59.43 (61)43 
有效所得稅率20.58 21.49 26.67 (91)(609)
平均資產回報率1.08 1.00 0.68 8 40 
調整後的平均資產回報率4
1.13 1.02 0.78 11 35 
平均普通股權益收益率（「ROCE」）10.1 9.0 6.3 112 382 
普通股權平均有形資產回報率（「ROTCE」）4
12.6 11.3 8.0 131 465 
調整後的ROTCOE4
13.2 12.0 9.2 125 403 
非利息收入佔總營業收入的比例24.06 22.75 22.23 131 183 
調整後的非利息收入佔總營業收入的百分比4
23.95 %22.64 %22.11 %131 bp184 bp
資產負債表（億美元）
平均貸款額$62.4 $62.0 $61.4 $0.4 1 %$1.0 2 %
平均存款66.3 65.0 66.5 1.3 2 (0.3)— 
平均資產82.4 81.7 83.2 0.6 1 (0.9)(1)
平均普通股權益$8.4 $8.2 $8.2 $0.2 2 %$0.2 3 %
資產質量亮點
信貸損失撥備與貸款和租賃4
1.44 %1.41 %1.36 %3 bp8 bp
不良貸款和租賃比率0.92 %0.91 %0.64 %1 bp28 bp
淨覈銷比率0.15 %0.22 %0.61 %(6)bp(45)bp
淨撥備$24 $34 $95 $(10)(29)%$(71)(75)%
資本充足率亮點（本季度爲估計值）
一級資本11.2 %11.0 %11.1 %18 bp11 bp
一線城市12.2 12.1 12.1 19 12 
總資本13.9 13.7 13.6 21 26 
一級資本槓桿比率 10.6 %10.6 %10.5 %3 bp17 bp
由於四捨五入可能不一致。
請見第19頁腳註披露。

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2024年第三季度對比2024年第二季度

淨利息收入
稅前淨利息收入下降了200萬美元，至63100萬美元，淨利息收益率爲3.31%，下降了7個點子。這兩項變化是由存款成本增加和經紀存款水平上升驅動的，部分抵消了貸款定價方面的改善。

非利息收入
非利息收入增加1400萬至20000萬美元，其中固定收入生產增加了700萬美元，預期利率下調，以及其他各種非利息收入項目500萬美元，包括證券和其他收益，更高的聯邦住房貸款銀行(FHLB)分紅派息，以及銀行擁有的壽險保險(BOLI)福利。

非利息支出
非利息支出爲5.11億美元，比上一季度增加了1100萬美元。第三季度的值得注意的項目包括200萬美元的FDIC特別評估費用貸項，200萬美元的重組費用以及1500萬美元與Visa衍生估值費用相關的影響。調整後的非利息支出爲49700萬美元，增加了200萬美元，包括300萬美元的更高遞延薪酬。來自較低留任費用的激勵減少有助於抵消與更高的工作日數和更高的醫療費用相關的更高薪資和福利支出。

Loans and leases
Average loan and lease balances of $62.4 billion were up $0.4 billion, or 1%, compared to the prior quarter, while period-end balances of $62.4 billion decreased $0.3 billion or 1% from second quarter 2024. Continued strong performance within loans to mortgage companies (LMC) partially offset reductions to C&I balances that were driven by a portfolio sale. Loan yields of 6.37% improved 3 basis points from wider spreads on new and renewing loans, as well as continued repricing of fixed rate cash flows.

Deposits
Average deposits of $66.3 billion increased $1.3 billion, or 2%, from second quarter 2024. Period-end deposits of $66.6 billion increased $1.8 billion, or 3%, from the prior quarter, as customer interest-bearing deposits increased by almost $1 billion and brokered deposits increased by $0.9 billion. Interest-bearing deposit cost of 3.44% increased 14 basis points from the prior quarter, with a spot rate of ~3.33% at the end of the quarter.

Asset quality
Provision expense of $35 million decreased $20 million from the previous quarter. Net charge-offs were $24 million or 15 basis points. Nonperforming loans of $578 million increased $4 million, with the increase in C&I slightly exceeding declines in consumer and commercial real estate. The ACL to loans ratio increased modestly from 1.41% in second quarter 2024 to 1.44%, driven by $8 million of qualitative reserves for Hurricane Helene and continued grade migration, partially offset by more favorable economic scenarios.

Capital
CET1 ratio of 11.2%, increased from 11.0% in second quarter 2024 as $75 million of excess capital was returned to shareholders through the share repurchase program. FHN repurchased 5 million shares of common stock in third quarter 2024 at an average price paid of $15.80. Year-to-date, FHN repurchased 29 million shares of common stock or $441 million under the $650 million share repurchase program, with an average price paid of $15.03, outperforming the volume weighted average price (VWAP) by $0.12.

Income taxes
The effective tax rate and the adjusted effective tax rate for third quarter 2024 were 20.6% and 20.8%, respectively, compared with an effective tax rate and adjusted tax rate of 21.5% in second quarter 2024.



3



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. The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “should,” “is likely,” “will,” “going forward,” and other expressions that indicate future events and trends identify forward-looking statements. 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. Examples of uncertainties and contingencies 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. 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 mentioned in the reports listed above, those factors presented in the exhibits to that form 8-K, and other factors not listed.

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

Refer to the tabular reconciliation of non-GAAP to GAAP measures and presentation of the most comparable GAAP items, beginning on page 20.
4

Conference Call Information
Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on October 16, 2024 by dialing 1-833-470-1428 (if calling from the U.S.) or 404-975-4839 (if calling from outside the U.S) and entering access code 622725. The conference call will begin at 8:30 a.m. CT.

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

A replay of the call will be available beginning at noon CT on October 16 until midnight CT on October 30, 2024. To listen to the replay, dial 1-866-813-9403 (U.S. callers); the access code is 856467. A replay of the webcast will also be available on our website on October 16 and will be archived on the site for one year.

First Horizon Corp. (NYSE: FHN), with $82.6 billion in assets as of September 30, 2024, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

Contact: Investor Relations - Natalie.Flanders@firsthorizon.com
Media Relations - Beth.Ardoin@firsthorizon.com
5

CONSOLIDATED INCOME STATEMENT
Quarterly, Unaudited
     3Q24 Change vs.
($s in millions, except per share data)3Q242Q241Q244Q233Q232Q243Q23
$ %$ %
Interest income - taxable equivalent1
$1,123 $1,097 $1,076 $1,090 $1,084 $26 2 %$39 4 %
Interest expense- taxable equivalent1
491 464 448 469 475 28 6 17 4 
Net interest income- taxable equivalent631 633 628 621 609 (2)— 22 4 
Less: Taxable-equivalent adjustment4 4 4 4 4 — (10)— (2)
Net interest income627 629 625 617 605 (1)— 23 4 
Noninterest income:
Fixed income47 40 52 37 28 7 16 19 68 
Mortgage banking9 10 9 5 7 (1)(12)2 29 
Brokerage, trust, and insurance39 38 36 36 34 1 4 6 18 
Service charges and fees59 58 57 59 60 — — (1)(2)
Card and digital banking fees19 20 19 16 20 (1)(3)(1)(5)
Deferred compensation income6 3 9 6 — 3 107 6 NM
Other noninterest income21 17 14 23 25 5 29 (3)(13)
Total noninterest income200 186 194 183 173 14 8 27 15 
Total revenue828 815 819 800 778 13 2 49 6 
Noninterest expense:
Personnel expense:
Salaries and benefits199 198 200 190 188 2 1 11 6 
Incentives and commissions76 79 92 82 77 (3)(3)(1)(2)
Deferred compensation expense6 3 9 7 — 3 114 7 NM
Total personnel expense282 279 301 279 266 2 1 16 6 
Occupancy and equipment2
73 72 72 71 67 2 3 6 9 
Outside services74 78 65 84 69 (4)(5)5 7 
Amortization of intangible assets11 11 11 12 12 — — (1)(8)
Other noninterest expense71 60 67 127 60 11 19 11 19 
Total noninterest expense511 500 515 572 474 11 2 37 8 
Pre-provision net revenue3
316 315 304 227 304 2 1 12 4 
Provision for credit losses35 55 50 50 110 (20)(36)(75)(68)
Income before income taxes281 260 254 177 194 22 8 87 45 
Provision for income taxes58 56 57 (11)52 2 4 6 12 
Net income223 204 197 188 142 20 10 81 57 
Net income attributable to noncontrolling interest5 5 5 5 5 — — — — 
Net income attributable to controlling interest218 199 192 183 137 20 10 81 59 
Preferred stock dividends5 15 8 8 8 (10)(66)(3)(37)
Net income available to common shareholders$213 $184 $184 $175 $129 $30 16 %$84 65 %
Common Share Data
EPS$0.40 $0.34 $0.33 $0.31 $0.23 $0.06 18 %$0.17 73 %
Basic shares534 544 555 559 559 (10)(2)(24)(4)
Diluted EPS$0.40 $0.34 $0.33 $0.31 $0.23 $0.06 18 $0.17 72 
Diluted shares8
538 547 558 561 561 (9)(2)%(23)(4)%
Effective tax rate20.6 %21.5 %22.5 %(6.2)%26.7 %
Numbers may not foot due to rounding. See footnote disclosures on page 19.
6

ADJUSTED4 FINANCIAL DATA - SEE NOTABLE ITEMS ON PAGE 8
Quarterly, Unaudited
     3Q24 Change vs.
($s in millions, except per share data)3Q242Q241Q244Q233Q232Q243Q23
$%$%
Net interest income (FTE)1
$631 $633 $628 $621 $609 $(2)— %$22 4 %
Adjusted noninterest income:
Fixed income47 40 52 37 28 7 16 19 68 
Mortgage banking9 10 9 5 7 (1)(12)2 29 
Brokerage, trust, and insurance39 38 36 36 34 1 4 6 18 
Service charges and fees59 58 57 59 60 — — (1)(2)
Card and digital banking fees19 20 19 16 20 (1)(3)(1)(5)
Deferred compensation income6 3 9 6 — 3 107 6 NM
Adjusted other noninterest income21 17 14 20 25 5 29 (3)(13)
Adjusted total noninterest income$200 $186 $194 $179 $173 $14 8 %$27 15 %
Total revenue (FTE)1
$832 $819 $823 $800 $782 $12 2 %$49 6 %
Adjusted noninterest expense:
Adjusted personnel expense:
Adjusted salaries and benefits$199 $198 $199 $190 $188 $2 1 %$11 6 %
Adjusted Incentives and commissions76 78 87 80 68 (2)(3)7 11 
Deferred compensation expense6 3 9 7 — 3 114 7 NM
Adjusted total personnel expense281 279 295 277 256 2 1 26 10 
Adjusted occupancy and equipment2
73 72 72 71 67 2 3 6 8 
Adjusted outside services73 75 65 84 69 (2)(3)3 5 
Amortization of intangible assets11 11 11 12 12 — — (1)(8)
Adjusted other noninterest expense59 58 57 59 60 — 1 (2)(3)
Adjusted total noninterest expense$497 $495 $500 $502 $465 $2 — %$32 7 %
Adjusted pre-provision net revenue4
$335 $324 $323 $298 $318 $11 3 %$17 5 %
Provision for credit losses$35 $55 $50 $50 $110 $(20)(36)%$(75)(68)%
Adjusted net income available to common shareholders$224 $195 $195 $178 $150 $29 15 %$74 49 %
Adjusted Common Share Data
Adjusted diluted EPS$0.42 $0.36 $0.35 $0.32 $0.27 $0.06 17 %$0.15 56 %
Diluted shares8
538 547 558 561 561 (9)(2)%(23)(4)%
Adjusted effective tax rate20.8 %21.5 %22.5 %21.7 %20.1 %
Adjusted ROTCE13.2 %12.0 %11.6 %11.1 %9.2 %
Adjusted efficiency ratio59.9 %60.5 %60.8 %62.8 %59.4 %
Numbers may not foot due to rounding.
See footnote disclosures on page 19.

7


NOTABLE ITEMS
Quarterly, Unaudited
(In millions)3Q242Q241Q244Q233Q23
Summary of Notable Items:
Gain/(loss) related to equity securities investments (other noninterest income)$— $— $— $(6)$— 
Net gain on asset disposition (other noninterest income less incentives)— — — 7 — 
FDIC special assessment (other noninterest expense)2 (2)(10)(68)— 
Other notable expenses *(17)(3)(5)— (10)
Total notable items (pre-tax)$(14)$(5)$(15)$(67)$(10)
Tax-related notable items **$— $— $— $48 $(13)
Preferred Stock Dividend ***$— $(7)$— $— $— 
Numbers may not foot due to rounding
* 3Q24, 2Q24, 1Q24 and 3Q23 include $2 million, $3 million, $5 million and $10 million of restructuring expenses; 3Q24 includes $15 million of Visa derivative valuation expenses.
** 4Q23 includes a $48 million after-tax benefit primarily from the resolution of IberiaBank merger-related tax items; 3Q23 includes after-tax notable items of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items.
*** 2Q24 includes $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.

IMPACT OF NOTABLE ITEMS:
Quarterly, Unaudited
     
(In millions)3Q242Q241Q244Q233Q23
Impacts of Notable Items:
Noninterest income:
Other noninterest income$— $— $— $(4)$— 
Total noninterest income$— $— $— $(4)$— 
Noninterest expense:
Personnel expenses:
Salaries and benefits$— $— $— $— $— 
Incentives and commissions— (1)(5)(2)(9)
Total personnel expenses(1)(1)(5)(2)(10)
Outside services(1)(3)— — — 
Other noninterest expense(13)(2)(10)(68)— 
Total noninterest expense$(14)$(5)$(15)$(70)$(10)
Income before income taxes$14 $5 $15 $67 $10 
Provision for income taxes *4 1 3 64 (11)
Preferred stock dividends **— (7)— — — 
Net income/(loss) available to common shareholders$11 $11 $12 $3 $20 
EPS impact of notable items$0.02 $0.02 $0.02 $0.01 $0.04 
Numbers may not foot due to rounding.
* 4Q23 includes a $48 million after-tax benefit primarily from the resolution of IberiaBank merger-related tax items; 3Q23 includes after-tax notable items of $24 million related to the surrender of approximately $214 million in book value of bank owned life insurance policies, partially offset by an $11 million benefit from merger-related tax items.
** 2Q24 includes $7 million deemed dividends on the redemption of $100 million par value of Series D Preferred Stock.
8


FINANCIAL RATIOS
Quarterly, Unaudited
     3Q24 Change vs.
3Q242Q241Q244Q233Q232Q243Q23
FINANCIAL RATIOS$/bp%$/bp%
Net interest margin6
3.31 %3.38 %3.37 %3.27 %3.17 %(7)bp14 bp
Return on average assets1.08 %1.00 %0.97 %0.91 %0.68 %8 40 
Adjusted return on average assets4
1.13 %1.02 %1.03 %0.92 %0.78 %11 35 
Return on average common equity (“ROCE”)10.10 %8.98 %8.76 %8.60 %6.28 %112 382 
Return on average tangible common equity (“ROTCE”)4
12.60 %11.29 %10.95 %10.89 %7.95 %131 465 
Adjusted ROTCE4
13.24 %11.99 %11.65 %11.05 %9.21 %125 403 
Noninterest income as a % of total revenue24.06 %22.75 %23.72 %23.33 %22.23 %131 183 
Adjusted noninterest income as a % of total revenue4
23.95 %22.64 %23.61 %22.32 %22.11 %131 184 
Efficiency ratio61.89 %61.44 %62.92 %71.14 %60.96 %45 93 
Adjusted efficiency ratio4
59.86 %60.47 %60.78 %62.84 %59.43 %(61)43 
Allowance for credit losses to loans and leases4
1.44 %1.41 %1.40 %1.40 %1.36 %(9)(4)
CAPITAL DATA
CET1 capital ratio*
11.2 %11.0 %11.3 %11.4 %11.1 %18 bp11 bp
Tier 1 capital ratio*12.2 %12.1 %12.3 %12.4 %12.1 %19 bp12 bp
Total capital ratio*13.9 %13.7 %13.9 %14.0 %13.6 %21 bp26 bp
Tier 1 leverage ratio*10.6 %10.6 %10.8 %10.7 %10.5 %3 bp17 bp
Risk-weighted assets (“RWA”) (billions)*$71.4 $71.9 $71.1 $71.1 $71.9 $(0.5)(1)%$(0.4)(1)%
Total equity to total assets 11.27 %10.89 %11.21 %11.38 %10.65 %38 bp62 bp
Tangible common equity/tangible assets (“TCE/TA”)4
8.56 %8.14 %8.33 %8.48 %7.76 %42 bp80 bp
Period-end shares outstanding (millions)8
532 537 549 559 559 (5)(1)%(27)(5)%
Cash dividends declared per common share$0.15 $0.15 $0.15 $0.15 $0.15 $— — %$— — %
Book value per common share$16.15 $15.34 $15.23 $15.17 $14.28 $0.81 5 %$1.87 13 %
Tangible book value per common share4
$13.02 $12.22 $12.16 $12.13 $11.22 $0.81 7 %$1.80 16 %
SELECTED BALANCE SHEET DATA
Loans-to-deposit ratio (period-end balances)93.80 %96.89 %93.93 %93.18 %92.18 %(309)bp162 bp
Loans-to-deposit ratio (average balances)94.19 %95.49 %93.54 %91.53 %92.35 %(130)bp184 bp
Full-time equivalent associates7,186 7,297 7,327 7,277 7,340 (111)(2)%(154)(2)%
*Current quarter is an estimate.
See footnote disclosures on page 19.
9


CONSOLIDATED PERIOD-END BALANCE SHEET
Quarterly, Unaudited 
     3Q24 Change vs.
(In millions)3Q242Q241Q244Q233Q232Q243Q23
Assets:$%$%
Loans and leases:      
Commercial, financial, and industrial (C&I)$33,092 $33,452 $32,911 $32,632 $33,163 $(361)(1)%$(71)— %
Commercial real estate14,705 14,669 14,426 14,216 14,121 37 — 585 4 
Total Commercial47,797 48,121 47,337 46,849 47,283 (324)(1)514 1 
Consumer real estate13,961 13,909 13,645 13,650 13,685 51 — 276 2 
Credit card and other5
688 751 771 793 809 (63)(8)(122)(15)
Total Consumer14,648 14,660 14,416 14,443 14,494 (12)— 154 1 
Loans and leases, net of unearned income62,445 62,781 61,753 61,292 61,778 (335)(1)668 1 
Loans held for sale494 471 395 502 613 23 5 (119)(19)
Investment securities9,530 9,221 9,460 9,714 9,435 308 3 95 1 
Trading securities1,549 1,249 1,161 1,412 1,231 300 24 319 26 
Interest-bearing deposits with banks1,286 1,452 1,885 1,328 1,917 (167)(11)(631)(33)
Federal funds sold and securities purchased under agreements to resell1,008 487 817 719 416 520 107 592 142 
Total interest earning assets76,311 75,662 75,470 74,967 75,389 650 1 923 1 
Cash and due from banks1,028 969 749 1,012 1,022 59 6 6 1 
Goodwill and other intangible assets, net1,663 1,674 1,685 1,696 1,709 (11)(1)(45)(3)
Premises and equipment, net572 584 586 590 590 (12)(2)(19)(3)
Allowance for loan and lease losses(823)(821)(787)(773)(760)(2)— (63)(8)
Other assets3,883 4,162 4,094 4,169 4,584 (279)(7)(700)(15)
Total assets$82,635 $82,230 $81,799 $81,661 $82,533 $405 — %$101 — %
Liabilities and Shareholders' Equity:
Deposits:
Savings$26,634 $25,437 $25,847 $25,082 $25,590 $1,196 5 %$1,044 4 %
Time deposits8,326 7,163 6,297 6,804 7,783 1,163 16 543 7 
Other interest-bearing deposits15,403 15,845 17,186 16,689 15,817 (442)(3)(414)(3)
Total interest-bearing deposits50,363 48,446 49,331 48,576 49,190 1,917 4 1,173 2 
Trading liabilities767 423 467 509 366 345 82 401 110 
Federal funds purchased and securities sold under agreements to repurchase1,910 2,572 2,137 2,223 2,015 (661)(26)(105)(5)
Short-term borrowings675 1,943 566 326 492 (1,269)(65)183 37 
Term borrowings1,202 1,175 1,165 1,150 1,157 27 2 45 4 
Total interest-bearing liabilities54,918 54,559 53,665 52,783 53,220 359 1 1,697 3 
Noninterest-bearing deposits16,212 16,348 16,410 17,204 17,825 (136)(1)(1,614)(9)
Other liabilities2,189 2,368 2,550 2,383 2,694 (179)(8)(505)(19)
Total liabilities73,318 73,275 72,626 72,370 73,740 44 — (421)(1)
Shareholders' Equity:
Preferred stock426 426 520 520 520 — — (94)(18)
Common stock333 336 343 349 349 (3)(1)(17)(5)
Capital surplus4,947 5,007 5,214 5,351 5,337 (60)(1)(391)(7)
Retained earnings4,304 4,172 4,072 3,964 3,874 132 3 430 11 
Accumulated other comprehensive loss, net(989)(1,281)(1,271)(1,188)(1,582)292 23 593 37 
Combined shareholders' equity9,021 8,660 8,878 8,996 8,498 361 4 523 6 
Noncontrolling interest295 295 295 295 295 — — — — 
Total shareholders' equity9,316 8,955 9,173 9,291 8,794 361 4 523 6 
Total liabilities and shareholders' equity$82,635 $82,230 $81,799 $81,661 $82,533 $405 — %$101 — %
Memo:
Total deposits$66,575 $64,794 $65,741 $65,780 $67,015 $1,781 3 %$(440)(1)%
Loans to mortgage companies$3,244 $2,934 $2,366 $2,024 $2,237 $310 11 %$1,007 45 %
Unfunded Loan Commitments:
Commercial$18,180 $18,781 $19,996 $21,328 $22,063 $(601)(3)%$(3,883)(18)%
Consumer$4,281 $4,334 $4,383 $4,401 $4,432 $(53)(1)%$(150)(3)%
Numbers may not foot due to rounding. See footnote disclosures on page 19.
10

CONSOLIDATED AVERAGE BALANCE SHEET
Quarterly, Unaudited 
     3Q24 Change vs.
(In millions)3Q242Q241Q244Q233Q232Q243Q23
Assets:$%$%
Loans and leases:      
Commercial, financial, and industrial (C&I)$33,074 $32,909 $32,389 $32,520 $33,042 $165 1 %$32 — %
Commercial real estate14,684 14,576 14,367 14,210 13,999 108 1 685 5 
Total Commercial47,758 47,485 46,756 46,730 47,041 273 1 717 2 
Consumer real estate13,935 13,783 13,615 13,664 13,575 152 1 360 3 
Credit card and other5
720 761 781 802 816 (42)(5)(97)(12)
Total Consumer14,654 14,544 14,396 14,466 14,391 110 1 263 2 
Loans and leases, net of unearned income62,413 62,029 61,152 61,197 61,432 384 1 981 2 
Loans held-for-sale491 462 454 547 782 29 6 (291)(37)
Investment securities9,400 9,261 9,590 9,394 9,811 140 2 (410)(4)
Trading securities1,469 1,367 1,245 1,225 1,099 102 7 370 34 
Interest-bearing deposits with banks1,741 1,449 1,793 2,556 2,867 293 20 (1,126)(39)
Federal funds sold and securities purchased under agreements to resell607 676 544 529 315 (70)(10)291 92 
Total interest earning assets76,121 75,243 74,778 75,448 76,306 878 1 (184)— 
Cash and due from banks905 904 948 994 997 1 — (92)(9)
Goodwill and other intangibles assets, net1,669 1,680 1,691 1,702 1,714 (11)(1)(46)(3)
Premises and equipment, net578 585 587 589 592 (7)(1)(15)(3)
Allowances for loan and lease losses(827)(810)(789)(772)(766)(17)(2)(61)(8)
Other assets3,921 4,120 4,028 4,352 4,377 (198)(5)(456)(10)
Total assets$82,366 $81,721 $81,243 $82,313 $83,220 $646 1 %$(854)(1)%
Liabilities and shareholders' equity:
Deposits:
Savings$26,062 $25,462 $25,390 $25,799 $24,963 $600 2 %$1,099 4 %
Time deposits8,167 6,683 6,628 7,372 8,087 1,484 22 80 1 
Other interest-bearing deposits15,923 16,484 16,735 16,344 15,329 (561)(3)594 4 
Total interest-bearing deposits50,153 48,629 48,753 49,515 48,379 1,524 3 1,774 4 
Trading liabilities576 605 462 386 276 (30)(5)300 109 
Federal funds purchased and securities sold under agreements to repurchase2,132 2,208 2,014 1,982 1,970 (77)(3)162 8 
Short-term borrowings884 1,267 537 437 1,790 (383)(30)(906)(51)
Term borrowings1,188 1,170 1,156 1,156 1,161 18 2 27 2 
Total interest-bearing liabilities54,931 53,879 52,921 53,475 53,575 1,053 2 1,356 3 
Noninterest-bearing deposits16,111 16,332 16,626 17,347 18,145 (221)(1)(2,034)(11)
Other liabilities2,196 2,561 2,445 2,585 2,522 (365)(14)(326)(13)
Total liabilities73,238 72,772 71,992 73,407 74,242 467 1 (1,004)(1)
Shareholders' Equity:
Preferred stock426 426 520 520 520 — — (94)(18)
Common stock 334 340 347 349 349 (6)(2)(15)(4)
Capital surplus4,973 5,127 5,301 5,343 5,330 (155)(3)(358)(7)
Retained earnings4,254 4,122 4,028 3,935 3,861 132 3 392 10 
Accumulated other comprehensive loss, net(1,154)(1,361)(1,240)(1,538)(1,378)208 15 225 16 
Combined shareholders' equity8,833 8,654 8,956 8,610 8,683 179 2 150 2 
Noncontrolling interest295 295 295 295 295 — — — — 
Total shareholders' equity9,128 8,949 9,251 8,905 8,978 179 2 150 2 
Total liabilities and shareholders' equity$82,366 $81,721 $81,243 $82,313 $83,220 $646 1 %$(854)(1)%
Memo:
Total deposits$66,263 $64,960 $65,379 $66,862 $66,523 $1,303 2 %$(260)— %
Loans to mortgage companies$2,875 $2,440 $1,847 $1,948 $2,353 $435 18 %$522 22 %
Numbers may not foot due to rounding. See footnote disclosures on page 19.
11

CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCE SHEET: YIELDS AND RATES
Quarterly, Unaudited 
   3Q24 Change vs.
3Q242Q241Q244Q233Q232Q243Q23
(In millions, except rates)Income/ExpenseRateIncome/ExpenseRateIncome/ExpenseRateIncome/ExpenseRateIncome/ExpenseRateIncome/ExpenseIncome/Expense
$/bp%$/bp%
Interest earning assets/Interest income:   
Loans and leases, net of unearned income:
Commercial$813 6.78 %$800 6.78 %$782 6.73 %$783 6.65 %$779 6.58 %$13 2 %$34 4 %
Consumer186 5.05 179 4.91 173 4.80 171 4.71 165 4.55 7 4 21 13 
Loans and leases, net of unearned income999 6.37 978 6.34 955 6.28 954 6.19 944 6.10 20 2 55 6 
Loans held-for-sale10 7.77 9 7.50 9 7.80 11 8.34 15 7.88 1 10 (6)(38)
Investment securities61 2.58 60 2.58 61 2.54 61 2.62 62 2.54 1 2 (1)(2)
Trading securities22 6.05 22 6.30 20 6.48 20 6.63 19 7.03 1 3 3 15 
Interest-bearing deposits with banks24 5.40 20 5.46 24 5.46 35 5.46 39 5.34 4 20 (15)(39)
Federal funds sold and securities purchased under agreements8 5.23 9 5.31 7 5.16 7 5.32 4 5.06 (1)(11)4 98 
Interest income$1,123 5.88 %$1,097 5.86 %$1,076 5.78 %$1,089 5.74 %$1,084 5.64 %$26 2 %$39 4 %
Interest bearing liabilities/Interest expense:
Interest-bearing deposits:
Savings$225 3.43 %$208 3.29 %$206 3.27 %$222 3.42 %$219 3.48 %$17 8 %$6 3 %
Time deposits95 4.63 74 4.45 73 4.42 82 4.42 89 4.35 21 29 6 7 
Other interest-bearing deposits114 2.85 117 2.86 119 2.86 116 2.81 102 2.64 (3)(3)12 12 
Total interest-bearing deposits434 3.44 399 3.30 398 3.28 420 3.37 409 3.36 35 9 25 6 
Trading liabilities6 4.13 7 4.46 5 4.31 4 4.59 3 4.20 (1)(11)3 105 
Federal funds purchased and securities sold under agreements to repurchase23 4.20 24 4.36 21 4.24 22 4.35 21 4.24 (1)(6)1 7 
Short-term borrowings12 5.52 17 5.48 7 5.43 6 5.41 24 5.42 (5)(29)(12)(50)
Term borrowings17 5.64 17 5.64 17 5.71 17 5.75 17 5.82 — 1 — (1)
Interest expense491 3.56 464 3.46 448 3.40 469 3.48 475 3.52 28 6 17 4 
Net interest income - tax equivalent basis631 2.32 633 2.40 628 2.38 621 2.26 609 2.12 (2)— 22 4 
Fully taxable equivalent adjustment(4)0.99 (4)0.98 (4)0.99 (4)1.01 (4)1.05 — 10 — 2 
Net interest income$627 3.31 %$629 3.38 %$625 3.37 %$617 3.27 %$605 3.17 %$(1)— %$23 4 %
Memo:
Total loan yield6.37 %6.34 %6.28 %6.19 %6.10 %3 bp27 bp
Total deposit cost2.61 %2.47 %2.45 %2.49 %2.44 %14 bp17 bp
Total funding cost2.75 %2.66 %2.59 %2.63 %2.63 %9 bp12 bp
Average loans and leases, net of unearned income$62,413 $62,029 $61,152 $61,197 $61,432 $384 1 %$981 2 %
Average deposits66,26364,96065,37966,86266,5231,303 2 %(260)— %
Average funded liabilities71,04270,21069,54770,82271,720$831 1 %$(678)(1)%
Net interest income and yields are adjusted to a fully taxable equivalent (“FTE”) basis assuming a statutory federal income tax of 21 percent and, where applicable, state income taxes.
Earning assets yields are expressed net of unearned income.
Loan yields include loan fees, cash basis interest income, and loans on nonaccrual status.
Numbers may not foot due to rounding.
See footnote disclosures on page 19.
12

CONSOLIDATED NONPERFORMING LOANS AND LEASES ("NPL")
Quarterly, Unaudited 
As of 3Q24 change vs.
(In millions, except ratio data)3Q242Q241Q244Q233Q232Q243Q23
$%$%
Nonperforming loans and leases
Commercial, financial, and industrial (C&I)$190 $167 $206 $184 $123 $22 13 %$67 54 %
Commercial real estate259 261 157 136 125 (2)(1)134 NM
Consumer real estate128 143 140 139 145 (15)(11)(17)(12)
Credit card and other5
1 2 2 2 2 — (26)(1)(33)
Total nonperforming loans and leases$578 $574 $505 $462 $394 $4 1 %$183 47 %
Asset Quality Ratio
Nonperforming loans and leases to loans and leases
Commercial, financial, and industrial (C&I)0.57 %0.50 %0.63 %0.57 %0.37 %
Commercial real estate1.76 1.78 1.09 0.96 0.88 
Consumer real estate0.92 1.03 1.02 1.02 1.06 
Credit card and other5
0.20 0.25 0.20 0.30 0.26 
Total nonperforming loans and leases to loans and leases0.92 %0.91 %0.82 %0.75 %0.64 %
Numbers may not foot due to rounding.
See footnote disclosures on page 19.



CONSOLIDATED LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Quarterly, Unaudited
As of3Q24 change vs.
(In millions)3Q242Q241Q244Q233Q232Q243Q23
$%$%
Loans and leases 90 days or more past due and accruing
Commercial, financial, and industrial (C&I)$1 $— $— $1 $3 $1 13 %$(2)(81)%
Commercial real estate— — — — — — NM — NM
Consumer real estate13 3 6 17 12 10 NM 2 14 
Credit card and other5
3 2 3 3 3 1 25 — 13 
Total loans and leases 90 days or more past due and accruing$17 $6 $10 $21 $17 $11 NM $— NM
Numbers may not foot due to rounding.
See footnote disclosures on page 19.
13


CONSOLIDATED NET CHARGE-OFFS (RECOVERIES)
Quarterly, Unaudited
As of3Q24 change vs.
(In millions, except ratio data)3Q242Q241Q244Q233Q232Q243Q23
Charge-off, Recoveries and Related Ratios$%$%
Gross Charge-offs
Commercial, financial, and industrial (C&I) *$12 $24 $28 $31 $92 $(12)(48)%$(79)(86)%
Commercial real estate15 19 12 2 5 (4)(20)10 NM
Consumer real estate1 1 — 1 1 — (40)— (2)
Credit card and other5
5 5 6 6 7 — 4 (2)(30)
Total gross charge-offs$33 $49 $46 $41 $104 $(16)(32)%$(71)(68)%
Gross Recoveries
Commercial, financial, and industrial (C&I)$(4)$(11)$(3)$(2)$(5)$7 61 %$1 12 %
Commercial real estate(1)— — — — (1)NM — (87)
Consumer real estate(3)(2)(1)(2)(2)— (3)— (15)
Credit card and other5
(1)(1)(2)(1)(1)— (7)— (14)
Total gross recoveries$(9)$(15)$(6)$(5)$(9)$6 40 %$— (3)%
Net Charge-offs (Recoveries)
Commercial, financial, and industrial (C&I) *$8 $13 $25 $29 $86 $(5)(37)%$(78)(91)%
Commercial real estate14 19 12 2 4 (5)(24)10 NM
Consumer real estate(2)(1)(1)— (2)— (33)— (22)
Credit card and other5
3 3 4 5 6 — 2 (2)(39)
Total net charge-offs$24 $34 $40 $36 $95 $(10)(29)%$(71)(75)%
Annualized Net Charge-off (Recovery) Rates
Commercial, financial, and industrial (C&I) *0.10 %0.16 %0.31 %0.36 %1.04 %
Commercial real estate0.39 0.53 0.35 0.06 0.12 
Consumer real estate(0.05)(0.04)(0.03)— (0.05)
Credit card and other5
1.92 1.79 1.98 2.36 2.77 
Total loans and leases0.15 %0.22 %0.27 %0.23 %0.61 %
Numbers may not foot due to rounding.
•3Q23 increase driven by a single credit from a company in bankruptcy.
See footnote disclosures on page 19.
14


CONSOLIDATED ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS
Quarterly, Unaudited
As of3Q24 Change vs.
(In millions)3Q242Q241Q244Q233Q232Q243Q23
Summary of Changes in the Components of the Allowance For Credit Losses$%$%
Allowance for loan and lease losses - beginning$821 $787 $773 $760 $737 $34 4 %$84 11 %
Charge-offs:
Commercial, financial, and industrial (C&I) *(12)(24)(28)(31)(92)12 48 79 86 
Commercial real estate(15)(19)(12)(2)(5)4 20 (10)NM
Consumer real estate(1)(1)— (1)(1)— 40 — 2 
Credit card and other5
(5)(5)(6)(6)(7)— (4)2 30 
Total charge-offs(33)(49)(46)(41)(104)16 32 71 68 
Recoveries:
Commercial, financial, and industrial (C&I)4 11 3 2 5 (7)(61)(1)(12)
Commercial real estate1 — — — — 1 NM — 87 
Consumer real estate3 2 1 2 2 — 3 — 15 
Credit card and other5
1 1 2 1 1 — 7 — 14 
Total Recoveries9 15 6 5 9 (6)(40)— 3 
Provision for loan and lease losses:
Commercial, financial, and industrial (C&I) *15 9 34 33 96 6 65 (81)(84)
Commercial real estate11 59 21 6 14 (48)(81)(3)(19)
Consumer real estate(3)(1)(3)5 5 (2)NM (8)NM
Credit card and other5
2 — 3 5 3 2 NM (1)(25)
Total provision for loan and lease losses:
26 68 54 49 118 (42)(62)(92)(78)
Allowance for loan and lease losses - ending$823 $821 $787 $773 $760 $2 — %$63 8 %
Reserve for unfunded commitments - beginning$66 $79 $83 $82 $90 $(13)(17)%$(24)(27)%
Cumulative effect of change in accounting principle— — — — — — NM — NM
Acquired reserve for unfunded commitments— — — — — — NM — NM
Provision for unfunded commitments9 (13)(4)1 (8)22 NM 17 NM
Reserve for unfunded commitments - ending$75 $66 $79 $83 $82 $9 14 %$(7)(9)%
Total allowance for credit losses- ending$897 $887 $865 $856 $842 $11 — %$56 7 %
Numbers may not foot due to rounding.
•3Q23 increase driven by a single credit from a company in bankruptcy.
See footnote disclosures on page 19.
15


CONSOLIDATED ASSET QUALITY RATIOS - ALLOWANCE FOR LOAN AND LEASE LOSSES
Quarterly, Unaudited
As of
3Q242Q241Q244Q233Q23
Allowance for loans and lease losses to loans and leases
Commercial, financial, and industrial (C&I)1.06 %1.03 %1.06 %1.04 %1.01 %
Commercial real estate1.48 %1.51 %1.26 %1.21 %1.19 %
Consumer real estate1.65 %1.66 %1.69 %1.71 %1.67 %
Credit card and other5
3.39 %3.26 %3.57 %3.63 %3.48 %
Total allowance for loans and lease losses to loans and leases1.32 %1.31 %1.27 %1.26 %1.23 %
Allowance for loans and lease losses to nonperforming loans and leases
Commercial, financial, and industrial (C&I)185 %205 %168 %184 %273 %
Commercial real estate84 %85 %115 %126 %135 %
Consumer real estate180 %161 %165 %168 %158 %
Credit card and other5
1,672 %1,295 %1,766 %1,202 %1,364 %
Total allowance for loans and lease losses to nonperforming loans and leases142 %143 %156 %167 %193 %
Allowance for credit losses ratios
Total allowance for credit losses to loans and leases4
1.44 %1.41 %1.40 %1.40 %1.36 %
Total allowance for credit losses to nonperforming loans and leases4
155 %155 %171 %185 %214 %
See footnote disclosures on page 19.
16

REGIONAL BANKING
Quarterly, Unaudited 
     3Q24 Change vs.
 3Q242Q241Q244Q233Q232Q243Q23
$/bp%$/bp%
Income Statement (millions)      
Net interest income$517 $522 $532 $549 $558 $(5)(1)%$(41)(7)%
Noninterest income113 109 105 106 106 4 4 7 7 
Total revenue630 631 637 655 664 (1)— (34)(5)
Noninterest expense329 333 324 334 311 (5)(1)18 6 
Pre-provision net revenue3
302 298 314 321 353 4 1 (52)(15)
Provision for credit losses33 57 28 28 112 (24)(42)(79)(70)
Income before income tax expense269 241 286 293 241 28 12 27 11 
Income tax expense63 55 67 69 56 7 13 7 12 
Net income$206 $185 $219 $224 $185 $21 11 %$21 11 %
Average Balances (billions)
Total loans and leases$41.0 $41.0 $40.6 $40.6 $40.6 $— — %$0.4 1 %
Interest-earning assets41.0 41.0 40.6 40.6 40.6 — — 0.4 1 
Total assets43.4 43.5 43.1 43.2 43.2 (0.1)— 0.2 — 
Total deposits57.6 57.5 57.8 58.6 58.0 0.1 — (0.4)(1)
Key Metrics
Net interest margin6
5.04 %5.15 %5.30 %5.39 %5.48 %(11)bp(44)bp
Efficiency ratio 52.12 %52.80 %50.79 %50.98 %46.78 %(68)bp534 bp
Loans-to-deposits ratio (period-end balances)71.21 %72.05 %69.82 %68.76 %69.68 %(84)bp153 bp
Loans-to-deposits ratio (average-end balances)71.22 %71.32 %70.18 %69.34 %70.03 %(10)bp119 bp
Return on average assets (annualized)1.89 %1.71 %2.04 %2.06 %1.70 %18 bp19 bp
Return on allocated equity7
23.71 %21.47 %25.40 %25.89 %21.34 %224 bp237 bp
Financial center locations416 418 418 418 418 (2)(2)
Numbers may not foot to total due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 19.

Regional Banking segment: Offers financial products and services, including traditional lending and deposit taking, to consumer and commercial customers primarily in the southern and southeastern U.S. and other selected markets. Regional Banking also provides investment, wealth management, financial planning, trust and asset management services for consumer customers.
17


SPECIALTY BANKING
Quarterly, Unaudited 
     3Q24 Change vs.
 3Q242Q241Q244Q233Q232Q243Q23
$/bp%$/bp%
Income Statement (millions)      
Net interest income$166 $158 $153 $153 $160 $8 5 %$5 3 %
Noninterest income67 64 72 64 49 3 5 19 38 
Total revenue233 222 224 217 209 11 5 24 11 
Noninterest expense104 103 104 101 96 2 2 9 9 
Pre-provision net revenue3
129 119 120 116 113 9 8 15 13 
Provision for credit losses3 1 23 31 2 2 NM — 8
Income before income tax expense126 119 97 85 111 7 6 15 14 
Income tax expense31 29 24 21 27 2 6 4 14 
Net income$95 $90 $74 $64 $84 $6 6 %$11 14 %
Average Balances (billions)
Total loans and leases$21.1 $20.7 $20.2 $20.1 $20.4 $0.4 2 %$0.7 3 %
Interest-earning assets23.7 23.3 22.4 22.4 22.7 0.4 2 1.0 5 
Total assets24.9 24.6 23.8 23.9 24.1 0.4 1 0.9 4 
Total deposits4.0 3.9 4.0 4.2 4.1 0.1 3 (0.1)(2)
Key Metrics
Fixed income product average daily revenue (thousands)$593 $488 $731 $463 $301 $105 22 %$292 97 %
Net interest margin6
2.79 %2.73 %2.74 %2.71 %2.81 %6 bp(2)bp
Efficiency ratio 44.79 %46.23 %46.41 %46.62 %45.82 %(144)bp(103)bp
Loans-to-deposits ratio (period-end balances)505 %551 %539 %524 %493 %(4,560)bp1,192 bp
Loans-to-deposits ratio (average-end balances)530 %535 %506 %482 %501 %(499)bp2,838 bp
Return on average assets (annualized)1.52 %1.47 %1.25 %1.06 %1.39 %5 bp13 bp
Return on allocated equity7
17.19 %16.88 %14.12 %12.39 %17.19 %31 bp— bp
Numbers may not foot to total due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.
See footnote disclosures on page 19.

Specialty Banking segment: Consists of lines of business that deliver product offerings and services with specialized industry knowledge. Specialty Banking’s lines of business include asset-based lending, mortgage warehouse lending, commercial real estate, franchise finance, correspondent banking, equipment finance, and mortgage. In addition to traditional lending and deposit taking, Specialty Banking also delivers treasury management solutions, loan syndications, and international banking. Additionally, Specialty Banking has a line of business focused on fixed income securities sales, trading, underwriting, and strategies for institutional clients in the U.S. and abroad, as well as loan sales, portfolio advisory services, and derivative sales.
18

CORPORATE
Quarterly, Unaudited
 3Q24 Change vs.
 3Q242Q241Q244Q233Q232Q243Q23
$%$%
Income Statement (millions)
Net interest income/(expense)$(55)$(51)$(60)$(85)$(113)$(4)(8)%$58 51 %
Noninterest income19 13 18 13 18 7 54 1 5 
Total revenues(36)(39)(43)(72)(95)3 7 59 62 
Noninterest expense78 64 87 137 68 14 22 11 16 
Pre-provision net revenue3
(114)(103)(130)(210)(163)(11)(11)49 30 
Provision for credit losses(1)(3)(1)(9)(5)2 78 4 85 
Income before income tax expense(114)(100)(129)(200)(158)(14)(14)45 28 
Income tax expense (benefit)(36)(29)(34)(100)(31)(7)(24)(5)(15)
Net income/(loss)$(78)$(71)$(96)$(100)$(127)$(7)(10)%$49 39 %
Average Balance Sheet (billions)    
Interest bearing assets$11.4 $11.0 $11.8 $12.4 $13.0 $0.4 4 %$(1.6)(12)%
Total assets14.0 13.6 14.4 15.2 15.9 0.4 3 (1.9)(12)
Numbers may not foot to total due to rounding.
Certain previously reported amounts have been reclassified to agree with current presentation.


Corporate segment: Consists primarily of corporate support functions including risk management, audit, accounting, finance, executive office, and corporate communications. Shared support services such as human resources, properties, technology, credit risk, and bank operations are allocated to the activities of Regional Banking, Specialty Banking, and Corporate. Additionally, the Corporate segment includes centralized management of capital and funding to support the business activities of the company including management of wholesale funding, liquidity, and capital management and allocation. Finally, the Corporate segment includes the revenue and expense associated with run-off businesses such as pre-2009 mortgage banking elements, run-off consumer and trust preferred loan portfolios, and other exited businesses.


FOOTNOTES
1 Taxable equivalent interest income and interest expense are non-GAAP measures and reconcile to net interest income (GAAP) in the table.
2 Occupancy and Equipment expense includes Computer Software Expense.
3 Pre-provision net revenue is a non-GAAP measure and is reconciled to income before income taxes (GAAP) in the table.
4 Represents a non-GAAP measure and is reconciled to the nearest GAAP measure in the non-GAAP to GAAP reconciliations beginning on page 20.
5 Credit card and other includes $184 million of commercial credit card balances at September 30, 2024.
6 Net interest margin is computed using total NII adjusted for FTE assuming a statutory federal income tax rate of 21 percent, and, where applicable state taxes.
7 Segment equity is allocated based on an internal allocation methodology.
8 Share count was impacted by the repurchase of 11 million shares during 1Q24, 14 million shares during 2Q24, and 5 million shares in 3Q24.


19

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)3Q242Q241Q244Q233Q23
Tangible Common Equity (Non-GAAP)    
(A) Total equity (GAAP)$9,316 $8,955 $9,173 $9,291 $8,794 
Less: Noncontrolling interest (a)295 295 295 295 295 
Less: Preferred stock (a)426 426 520 520 520 
(B) Total common equity$8,595 $8,234 $8,358 $8,476 $7,978 
Less: Intangible assets (GAAP) (b)1,663 1,674 1,685 1,696 1,709 
(C) Tangible common equity (Non-GAAP)$6,931 $6,560 $6,673 $6,779 $6,270 
Tangible Assets (Non-GAAP) 
(D) Total assets (GAAP)$82,635 $82,230 $81,799 $81,661 $82,533 
Less: Intangible assets (GAAP) (b)1,663 1,674 1,685 1,696 1,709 
(E) Tangible assets (Non-GAAP)$80,971 $80,556 $80,114 $79,965 $80,825 
Period-end Shares Outstanding     
(F) Period-end shares outstanding532 537 549 559 559 
Ratios
(A)/(D) Total equity to total assets (GAAP)11.27 %10.89 %11.21 %11.38 %10.65 %
(C)/(E) Tangible common equity to tangible assets (“TCE/TA”) (Non-GAAP)8.56 %8.14 %8.33 %8.48 %7.76 %
(B)/(F) Book value per common share (GAAP)$16.15 $15.34 $15.23 $15.17 $14.28 
(C)/(F) Tangible book value per common share (Non-GAAP)$13.02 $12.22 $12.16 $12.13 $11.22 
(a)     Included in Total equity on the Consolidated Balance Sheet.
(b)     Includes goodwill and other intangible assets, net of amortization.
Numbers may not foot due to rounding.


20

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions, except per share data)3Q242Q241Q244Q233Q23
Adjusted Diluted EPS
Net income available to common shareholders ("NIAC") (GAAP)a$213 $184 $184 $175 $129 
Plus Total notable items (after-tax) (Non-GAAP) (a)$11 $11 $12 $3 $20 
Adjusted net income available to common shareholders (Non-GAAP)b$224 $195 $196 $178 $150 
Diluted Shares (GAAP)8
c538 547 558 561 561 
Diluted EPS (GAAP)a/c$0.40 $0.34 $0.33 $0.31 $0.23 
Adjusted diluted EPS (Non-GAAP)b/c$0.42 $0.36 $0.35 $0.32 $0.27 
Adjusted Net Income ("NI") and Adjusted Return on Assets ("ROA")
Net Income ("NI") (GAAP)$223 $204 $197 $188 $142 
Plus Relevant notable items (after-tax) (Non-GAAP) (a)$11 $4 $12 $3 $20 
Adjusted NI (Non-GAAP)$234 $208 $209 $191 $163 
NI (annualized) (GAAP)d$889 $820 $791 $746 $565 
Adjusted NI (annualized) (Non-GAAP)e$932 $836 $838 $757 $646 
Average assets (GAAP)f$82,366 $81,721 $81,243 $82,313 $83,220 
ROA (GAAP)d/f1.08 %1.00 %0.97 %0.91 %0.68 %
Adjusted ROA (Non-GAAP)e/f1.13 %1.02 %1.03 %0.92 %0.78 %
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$849 $739 $739 $695 $513 
Adjusted Net income available to common shareholders (annualized) (Non-GAAP)h$892 $785 $787 $706 $594 
Average Common Equity (GAAP)i$8,407 $8,228 $8,436 $8,090 $8,163 
Intangible Assets (GAAP) (b)1,669 1,680 1,691 1,702 1,714 
Average Tangible Common Equity (Non-GAAP)j$6,738 $6,548 $6,745 $6,388 $6,448 
ROCE (GAAP)g/i10.10 %8.98 %8.76 %8.60 %6.28 %
ROTCE (Non-GAAP)g/j12.60 %11.29 %10.95 %10.89 %7.95 %
Adjusted ROTCE (Non-GAAP)h/j13.24 %11.99 %11.65 %11.05 %9.21 %
(a)     Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 8.
(b)     Includes goodwill and other intangible assets, net of amortization.
Numbers may not foot due to rounding.


21

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
(In millions)3Q242Q241Q244Q233Q23
Adjusted Noninterest Income as a % of Total Revenue
Noninterest income (GAAP)k$200 $186 $194 $183 $173 
Plus notable items (pretax) (GAAP) (a)— — — (4)— 
Adjusted noninterest income (Non-GAAP)l$200 $186 $194 $179 $173 
Revenue (GAAP)m$828 $815 $819 $800 $778 
Taxable-equivalent adjustment4 4 4 4 4 
Revenue- Taxable-equivalent (Non-GAAP)832 819 823 804 782 
Plus notable items (pretax) (GAAP) (a)— — — (4)— 
Adjusted revenue (Non-GAAP)n$832 $819 $823 $800 $782 
Securities gains/(losses) (GAAP)o$1 $1 $— $(5)$— 
Noninterest income as a % of total revenue (GAAP)(k-o)/ (m-o)24.06 %22.75 %23.72 %23.33 %22.23 %
Adjusted noninterest income as a % of total revenue (Non-GAAP)l/n23.95 %22.64 %23.61 %22.32 %22.11 %
Adjusted Efficiency Ratio
Noninterest expense (GAAP)p$511 $500 $515 $572 $474 
Plus notable items (pretax) (GAAP) (a)(14)(5)(15)(70)(10)
Adjusted noninterest expense (Non-GAAP)q$497 $495 $500 $502 $465 
Revenue (GAAP)r$828 $815 $819 $800 $778 
Taxable-equivalent adjustment4 4 4 4 4 
Revenue- Taxable-equivalent (Non-GAAP)832 819 823 804 782 
Plus notable items (pretax) (GAAP) (a)— — — (4)— 
Adjusted revenue (Non-GAAP)s$832 $819 $823 $800 $782 
Securities gains/(losses) (GAAP)t$1 $1 $— $(5)$— 
Efficiency ratio (GAAP)p/ (r-t)61.89 %61.44 %62.92 %71.14 %60.96 %
Adjusted efficiency ratio (Non-GAAP)q/s59.86 %60.47 %60.78 %62.84 %59.43 %
(a)     Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 8.
(b)     Includes goodwill and other intangible assets, net of amortization.
Numbers may not foot due to rounding.
22

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions)
Period-endAverage
3Q242Q243Q24 vs. 2Q243Q242Q243Q24 vs. 2Q24
Loans excluding LMC
Total Loans (GAAP)$62,445 $62,781 $(335)(1)%$62,413 $62,029 $384 1 %
LMC (GAAP)3,244 2,934 $310 11 %$2,875 $2,440 $435 18 %
Total Loans excl. LMC (Non-GAAP)59,201 59,847 $(645)(1)%$59,538 $59,589 $(51)— %
Total Consumer (GAAP)14,648 14,660(12)— %14,654 14,544110 1 %
Total Commercial excl. LMC (Non-GAAP)44,553 45,187 (634)(1)%$44,883 $45,045 (161)— %
Total CRE (GAAP)14,705 14,669 37 — %$14,684 $14,576 108 1 %
Total C&I excl. LMC (Non-GAAP)$29,848 $30,518 $(671)(2)%$30,199 $30,469 (270)(1)%
Numbers may not foot due to rounding.


3Q242Q241Q244Q233Q23
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$823 $821 $787 $773 $760 
Reserve for unfunded commitments (GAAP)75 66 79 83 82 
Allowance for credit losses (Non-GAAP)B$897 $887 $865 $856 $842 
Loans and leases (GAAP)C$62,445 $62,781 $61,753 $61,292 $61,778 
Nonaccrual loans and leases (GAAP)D$578 $574 $505 $462 $394 
Allowance for loans and lease losses to loans and leases (GAAP)A/C1.32 %1.31 %1.27 %1.26 %1.23 %
Allowance for credit losses to loans and leases (Non-GAAP)B/C1.44 %1.41 %1.40 %1.40 %1.36 %
Allowance for loans and lease losses to nonperforming loans and leases (GAAP)A/D142 %143 %156 %167 %193 %
Allowance for credit losses to nonperforming loans and leases (Non-GAAP)B/D155 %155 %171 %185 %214 %
Numbers may not foot due to rounding.


23

CONSOLIDATED NON-GAAP TO GAAP RECONCILIATION
Quarterly, Unaudited
($s in millions)
3Q242Q241Q244Q233Q23
Adjusted Pre-provision Net Revenue (PPNR)
Pre-tax income (GAAP)$281 $260 $254 $177 $194 
Plus notable items (pretax) (GAAP) (a)14 5 15 67 10 
Adjusted Pre-tax income (non-GAAP)$296 $265 $269 $244 $204 
Plus provision expense (GAAP)35 55 50 50 110 
Adjusted Pre-provision net revenue (PPNR) (non-GAAP)$331 $320 $319 $294 $314 
Taxable-equivalent adjustment4 4 4 4 4 
Pre-provision net revenue-Taxable-equivalent (Non-GAAP)$335 $324 $323 $298 $318 
(a)     Adjusted for those notable items relevant to the amount being adjusted, as detailed on page 8.
Numbers may not foot due to rounding.
24


GLOSSARY OF TERMS
Common Equity Tier 1 Ratio: Ratio consisting of common equity adjusted for certain unrealized gains/(losses) on available-for-sale securities, less disallowed portions of goodwill, other intangibles, and deferred tax assets as well as certain other regulatory deductions divided by risk-weighted assets.
 
Fully Taxable Equivalent (“FTE”): Reflects the amount of tax-exempt income adjusted to a level that would yield the same after-tax income had that income been subject to taxation.

Tier 1 Capital Ratio: Ratio consisting of shareholders’ equity adjusted for certain unrealized gains/(losses) on available-for-sale securities, plus qualifying portions of noncontrolling interests, less disallowed portions of goodwill, other intangible assets, and deferred tax assets as well as certain other regulatory deductions divided by risk-weighted assets.

Key Ratios
Return on Average Assets: Ratio is annualized net income to average total assets.
 
Return on Average Common Equity: Ratio is annualized net income available to common shareholders to average common equity.
 
Return on Average Tangible Common Equity: Ratio is annualized net income available to common shareholders to average tangible common equity.
 
Noninterest Income as a Percentage of Total Revenue: Ratio is noninterest income excluding securities gains/(losses) to total revenue - taxable equivalent excluding securities gains/(losses).
 
Efficiency Ratio: Ratio is noninterest expense to total revenue - taxable equivalent excluding securities gains/(losses).
 
Leverage Ratio: Ratio is tier 1 capital to average assets for leverage.

Asset Quality - Consolidated Key Ratios
Nonperforming loans and leases ("NPL") %: Ratio is nonaccruing loans and leases in the loan portfolio to total period-end loans and leases.
 
Net charge-offs %: Ratio is annualized net charge-offs to total average loans and leases.
 
Allowance / loans and leases: Ratio is allowance for loan and lease losses to total period-end loans and leases.
 
Allowance / Nonperforming loans and leases: Ratio is allowance for loan and lease losses to nonperforming loans and leases in the loan portfolio.
 
Allowance / charge-offs: Ratio is allowance for loan and lease losses to annualized net charge-offs.

Operating Segments
Regional Banking segment: Offers financial products and services, including traditional lending and deposit taking, to consumer and commercial customers primarily in the southern and southeastern U.S. and other selected markets. Regional Banking also provides investment, wealth management, financial planning, trust and asset management services for consumer customers.

Specialty Banking segment: Consists of lines of business that deliver product offerings and services with specialized industry knowledge. Specialty Banking’s lines of business include asset-based lending, mortgage warehouse lending, commercial real estate, franchise finance, correspondent banking, equipment finance, and mortgage. In addition to traditional lending and deposit taking, Specialty Banking also delivers treasury management solutions, loan syndications, and international banking. Additionally, Specialty Banking has a line of business focused on fixed income securities sales, trading, underwriting, and strategies for institutional clients in the U.S. and abroad, as well as loan sales, portfolio advisory services, and derivative sales.

Corporate segment: Consists primarily of corporate support functions including risk management, audit, accounting, finance, executive office, and corporate communications. Shared support services such as human resources, properties, technology, credit risk, and bank operations are allocated to the activities of Regional Banking, Specialty Banking, and Corporate. Additionally, the Corporate segment includes centralized management of capital and funding to support the business activities of the company including management of wholesale funding, liquidity, and capital management and allocation. Finally, the Corporate segment includes the revenue and expense associated with run-off businesses such as pre-2009 mortgage banking elements, run-off consumer and trust preferred loan portfolios, and other exited businesses.

25