First Horizon Corporation · NYSE:FHN
First Horizon — Q3 2026 Earnings Presentation
31 slides from First Horizon's earnings presentation, Oct 15, 2026
Slide 1: Third Quarter 2026 Earnings
Third Quarter 2026 Earnings October 15, 2026
Slide 2: 3Q26 reported financial summary
©2026 First Horizon Bank. Member FDIC. PPNR, TBVPS, ACL to loans ratio, and ROTCE are non-GAAP and are reconciled to GAAP measures in the Appendix. Share count for all periods shown was impacted by share repurchases. $ in millions, except per share data Reported Results 3Q26 Change vs. 3Q26 2Q26 1Q2
Slide 3: 3Q26 adjusted financial summary
©2026 First Horizon Bank. Member FDIC. $ in millions, except per share data Adjusted Results 3Q26 Change vs. 3Q26 2Q26 1Q26 4Q25 3Q25 2Q26 3Q25 Net interest income (FTE) $686 $679 $670 $679 $678 $7 1% $8 1% Fee income $197 $211 $195 $212 $215 ($14) (7%) ($18) (9%) Total revenue (FTE) $883 $890 $865
Slide 4: Table of contents
©2026 First Horizon Bank. Member FDIC. 3Q26 highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 3Q26 notable items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Slide 5: 3Q26 highlights
©2026 First Horizon Bank. Member FDIC. redit: Capital Earnings: 3Q26 Change vs. 2Q26 Adjusted EPS $0.53 $(0.01) Adjusted PPNR $362 million (1)% NII $686 million +1% Capital: CET1 ratio 10.3% (12bps) TBVPS $13.84 (5)% Tangible common equity Period-end Average $6.6 billion $7.0 billion Credit: NCO% 22
Slide 6: 3Q26 notable items
©2026 First Horizon Bank. Member FDIC. Notable Items ($ in millions, except per share data) 3Q26 Loss on pending mortgage loan sale (noninterest income) ($473) Provision reversal for pending mortgage loan sale $45 Restructuring expenses (personnel expense) ($3) Visa derivative valuation expense (non
Slide 7: Mortgage Business Realignment
©2026 First Horizon Bank. Member FDIC. 7 Earnings impacts reflect estimated 2027 earnings impacts relative to consensus forecast as of October 2, 2026. This guidance with respect to earnings impacts includes forward-looking guidance with respect to certain non-GAAP financial measures. FHN is not abl
Slide 8: NII and NIM
©2026 First Horizon Bank. Member FDIC. • Net interest income increased $7 million and net interest margin compressed 1 bp versus 2Q26 ◦ Interest-bearing deposit costs increased 12 bps reflecting brokered deposit balance carryover from prior quarter as well as higher client deposit costs in the third
Slide 9: Deposits
©2026 First Horizon Bank. Member FDIC. • 3Q26 period end deposits of $67.7 billion ◦ Client deposits increased $1.5 billion versus 2Q26 ◦ Decrease of $372 million versus 2Q26, driven primarily by a $1.6 billion decrease in brokered CDs ◦ Slight growth on $28 billion in balances associated with repri
Slide 10: Loans
©2026 First Horizon Bank. Member FDIC. Period end loans2,4 • 3Q26 period end loans of $59.8 billion, down 8% versus 2Q26 and 5% versus 3Q25 ◦ Primarily driven by residential mortgage portfolio reclassified to loans held for sale ◦ C&I excluding loans to mortgage companies (LMC) decreased $96 million
Slide 11: Fee income
©2026 First Horizon Bank. Member FDIC. • 3Q26 adjusted fee income excluding deferred compensation increased $3 million from 2Q26 ◦ Fixed income up $3 million from 2Q26 as average daily revenue increased to $629k, driven primarily by client portfolio restructuring activity ◦ Service charges and fees
Slide 12: Expense
©2026 First Horizon Bank. Member FDIC. • 3Q26 adjusted expense excluding deferred compensation increased $8 million versus 2Q26 ◦ Occupancy and equipment up $3 million related to internal technology projects ◦ Outside services declined $2 million mostly driven by a decrease in professional fees vers
Slide 13: Credit quality
©2026 First Horizon Bank. Member FDIC. $26 $30 $29 $33 $36 0.17% 0.19% 0.18% 0.20% 0.22% 0.60% 0.56% 0.58% 0.51% 3Q25 4Q25 1Q26 2Q26 3Q26 Non-performing loans (NPLs)Allowance for credit losses (ACL) Net charge-offs (NCOs) FHN NCO%1 Average NCO% of BKX Index2FHN NCOs $870 $839 $826 $808 $747 1.38% 1.
Slide 14: Capital ratios
©2026 First Horizon Bank. Member FDIC. 10.5% 0.34% (0.46)% (0.11)% (0.01)% 0.17% (0.05)% 10.3% 2Q26 Actual Adj. NIAC Notable Items Common Dividend Share Buybacks Change in Loan Balances & Unfunded Commitments Other¹ 3Q26 Estimate • CET1 ratio declined to 10.3% in the quarter ◦ Notable items connecte
Slide 15: Updated 2026 outlook
©2026 First Horizon Bank. Member FDIC. Core objectives Pre-provision net revenue growth1 Commercial Loan Growth Strategic Reduction in Mortgage Loans Positive operating leverage Key metrics 2025 Baseline 2026 Expectations Comments Adjusted Revenue ex. deferred comp. $3.42 billion Low end of 3% – 7%
Slide 16: Key ingredients to sustained return levels
©2026 First Horizon Bank. Member FDIC. PPNR, ROTCE, TBVPS, ACL to loans ratio, fully taxable equivalents, and adjusted financial measures are non-GAAP and are reconciled to GAAP measures in the Appendix. Net interest income and margin are adjusted to a fully taxable equivalent (“FTE”) basis assuming
Slide 17: Appendix
©2026 First Horizon Bank. Member FDIC. Appendix
Slide 18: Loan repricing profile, hedges and deposits
©2026 First Horizon Bank. Member FDIC. Variable 62% Fixed 30% ARMs 8% $59.8B Floors 60% Swaps 40% $5.0B Loan repricing profile3 Balance sheet hedges Modest interest rate sensitivity1,2 +100bps +4.6% -100bps -4.9% • Modestly asset-sensitive profile driven by 62% variable rate loan mix • Within the AR
Slide 19: Diversified business model and counter-cyclical businesses
©2026 First Horizon Bank. Member FDIC. Average Fed Funds Effective • Our diversified business model with a highly attractive geographic footprint provides opportunity to deliver strong performance through a variety of economic cycles • The counter-cyclical businesses (fixed income, loans to mortgage
Slide 20: FHN Financial fixed income
©2026 First Horizon Bank. Member FDIC. 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 20 26 —% 2.00% 4.00% 6.00% $0.0 $0.5 $1.0 $1.5 $2.0 Lower Revenue Market Factor Higher Revenue 2025 Environment Current Environment Up Rate Directi
Slide 21: Loan portfolio composition
©2026 First Horizon Bank. Member FDIC. Other 14 Industries 25% Finance & Insurance 12% Real Estate & Leasing 11% Loans to Mortgage Companies 11% Wholesale Trade 8%Health Care & Social Assistance 7% Manufacturing 7% Accommodation & Food Service 6% Retail Trade 5% Transportation & Warehousing 5% Energ
Slide 22: Geographic diversification of commercial loans
©2026 First Horizon Bank. Member FDIC. 30% $36.3B 9% FL 31% TX 20% GA 9% NC 11% TN 6% LA 5% Other SE1 6% 7% 17% 14% SC 3% Total C&I Multi- family Traditional office Other CRE Total CRE $4.5B $1.2B $8.0B $13.7B C&I C&I exposure to markets outside the southeast primarily driven by specialty businesses
Slide 23: Investment portfolio composition
©2026 First Horizon Bank. Member FDIC. 3Q26 investment portfolio composition2 Steady principal cash flows3 Investment portfolio $0.3B $0.2B $0.2B $0.3B 4Q26 1Q27 2Q27 3Q27 Agency MBS 37% Agency CMBS 28% Agency CMO 14% U.S. Agencies & Treasury 18% States & Municipalities 3% $9.3B $9.3B $9.5B $9.2B $8
Slide 24: Notable items
©2026 First Horizon Bank. Member FDIC. $ in millions, except EPS 3Q26 2Q26 1Q26 4Q25 3Q25 Summary of Notable Items: Loss on pending sale of mortgage loans (noninterest income) $(473) $— $— $— $— Provision reversal related to pending sale of mortgage loans $45 $— $— $— $— Restructuring expenses (pers
Slide 25: Non-GAAP reconciliation: tangible equity
©2026 First Horizon Bank. Member FDIC. Slides in this presentation use non-GAAP information. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below. $ in millions, except per share data Quarterly, Unaudited 3Q26 2Q26
Slide 26: Non-GAAP reconciliation: adjusted EPS and ROA
©2026 First Horizon Bank. Member FDIC. $ in millions, except per share data Quarterly, Unaudited 3Q26 2Q26 1Q26 4Q25 3Q25 Adjusted Diluted EPS Net income available to common shareholders ("NIAC") (GAAP) a $(94) $260 $257 $257 $254 Plus Total notable items (after-tax) (Non-GAAP) (a) 347 1 — 2 9 Adjus
Slide 27: Non-GAAP reconciliation: noninterest income and efficiency
©2026 First Horizon Bank. Member FDIC. $ in millions Quarterly, Unaudited 3Q26 2Q26 1Q26 4Q25 3Q25 Adjusted Noninterest Income as a % of Total Revenue Noninterest income (GAAP) l $(276) $211 $195 $212 $215 Plus notable items (pretax) (GAAP) (a) 473 — — — — Adjusted noninterest income (Non-GAAP) m $1
Slide 28: Non-GAAP reconciliation: loans excluding LMC and ACL
©2026 First Horizon Bank. Member FDIC. $ in millions Period end Average 3Q26 2Q26 3Q26 vs. 2Q26 3Q26 2Q26 3Q26 vs. 2Q26 Loans excluding LMC Total Loans (GAAP) $59,808 $65,330 $(5,522) (8)% $64,489 $64,695 $(206) —% LMC (GAAP) 3,869 4,759 (891) (19)% 4,092 4,284 (192) (4)% Total Loans excl. LMC (non-
Slide 29: Non-GAAP reconciliation: excluding deferred compensation
©2026 First Horizon Bank. Member FDIC. $ in millions Quarterly, Unaudited 3Q26 2Q26 1Q26 4Q25 3Q25 Adjusted noninterest income excluding deferred compensation income Noninterest income (GAAP) $(276) $211 $195 $212 $215 Plus notable items (pretax) (GAAP) (a) 473 — — — — Adjusted noninterest income (n
Slide 30: Non-GAAP reconciliation: adjusted PPNR
©2026 First Horizon Bank. Member FDIC. $ in millions Quarterly, Unaudited 3Q26 2Q26 1Q26 4Q25 3Q25 Adjusted Pre-provision Net Revenue (PPNR) Pre-tax income (GAAP) $(97) $341 $342 $343 $344 Plus notable items (pretax) (GAAP) (a) 436 5 — 3 8 Adjusted Pre-tax income (non-GAAP) $339 $346 $342 $347 $352
Slide 31: Non-GAAP Information
©2026 First Horizon Bank. Member FDIC. Non-GAAP Information Certain measures included in this document are “non-GAAP,” meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to