First Horizon National : 4Q19 FHN Earnings Presentation

First Horizon National Corporation

Fourth Quarter 2019 Earnings

January 17, 2020

Disclaimer

Forward-Looking Statement

Portions of this presentation use non-GAAP financial information. Each of those portions is so noted, and a reconciliation of that non-GAAP information to comparable GAAP information is provided in a footnote or in the appendix at the end of this presentation. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. This presentation also includes certain non-GAAP financial measures related to "tangible common equity" and certain financial measures excluding notable items, including merger-related charges. Notable items include certain revenue or expense items that may occur in a reporting period which management does not consider indicative of ongoing financial performance. Management believes it is useful for the investment community to consider financial metrics with and without notable items in order to enable a better understanding of company results, facilitate comparability of period-to-period financial results, and to evaluate and forecast those results. Although FHN has procedures in place to ensure that these measures are calculated using the appropriate GAAP or regulatory components, they have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of results under GAAP. For more information on these calculations and to view the reconciliations to the most comparable GAAP measures, please refer to the appendix of this presentation.

This presentation contains forward-looking statements, which may include guidance, involving significant risks and uncertainties which will be identified by words such as "believe","expect","anticipate","intend","estimate", "should","is likely","will","going forward" and other expressions that indicate future events and trends and may be followed by or reference cautionary statements. A number of factors could cause actual results to differ materially from those in the forward-looking statements. These factors are outlined in our recent earnings and other press releases and in more detail in the most current 10-Q and 10-K. FHN disclaims any obligation to update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements to reflect future events or developments.

Important Other Information

In connection with FHN'S proposed merger-of-equals transaction with IBERIABANK Corporation ("IBKC"), FHN has filed with the SEC a registration statement on Form S-4 (No. 333-235757) to register the shares of FHN'S capital stock to be issued in connection with the proposed transaction. When effective, the registration statement will include a joint proxy statement of FHN and IBKC which will be sent to the shareholders of FHN and IBKC seeking their approval of the proposed transaction.

This communication does not constitute an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval. INVESTORS AND SHAREHOLDERS OF FHN AND IBKC ARE URGED TO READ, AS FILED TO DATE AND AS AMENDED IN THE FUTURE, THE REGISTRATION STATEMENT ON FORM S-4, THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FHN, IBKC AND THE PROPOSED TRANSACTION.

Investors and shareholders will be able to obtain a free copy of the registration statement, including the joint proxy statement/prospectus, as well as other relevant documents filed with the SEC containing information about FHN and IBKC, without charge, at the SEC's website (http://www.sec.gov). Copies of the registration statement, including the joint proxy statement/prospectus, and the filings with the SEC that will be incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to Clyde A. Billings Jr., First Horizon National Corporation, 165 Madison Avenue, Memphis, TN 38103, telephone [phone], or Jefferson G. Parker, IBERIABANK Corporation, 200 West Congress Street, Lafayette, LA 70501, telephone [phone].

Participants in the Solicitation

FHN, IBKC and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction under the rules of the SEC. Information regarding FHN's directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on March 11, 2019, and certain of its Current Reports on Form 8-K. Information regarding IBKC's directors and executive officers is available in its definitive proxy statement, which was filed with SEC on March 28, 2019, and certain of its Current Reports on Form 8-K. Other information regarding the participants in the solicitation of proxies in respect of the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.

2

Transformational Year in 2019

Successfully Executing on Commitments, Building Momentum

Successfully

Executed on●Strengthened franchise through market expansion, customer growth,

Capital Bankimproved efficiency, and more profitable funding mix

Merger

Delivered on	●Focus on strategic priorities and benefits of countercyclical business
model delivered strong balance sheet growth, fee income generation,
Investor Day Targets
and significant expense efficiencies

Strong Business	●Earnings and balance sheet growth generated across the franchise
Momentum	in 2019 continues into 2020

MOE with IBKC●Merger of equals with IBERIABANK and Truist branch acquisition will

Positionsexpand opportunities in attractive high-growth markets, enhance scale, Company for Successand create top-tier profitability

3

Successful Execution of Capital Bank Merger Established Strong Foundation for 2019 Results

	Enhanced Profitability 3Q17-4Q191
EPS	ROA

ROTCE

	$0.47				1.40%
$0.32	$0.37			1.08%
$0.28					1.12%
0.99%

13.5%

12.2%

18.9%

15.0%

3Q17

4Q19

3Q17

4Q19

3Q174Q19

Improve

Efficiency

Optimize

Funding Mix

Significant improvement in efficiency ratio due to $85mm of cost saves and increased operating leverage

Reported efficiency ratio at 66% vs 74% in 4Q19 vs 3Q17

Adjusted efficiency ratio1at 59% vs 66% in 4Q19 vs 3Q17

Leveraged new markets to grow customer deposits and replace market-rate deposits

Added $1.9B of deposits in South Florida with 111bps rate paid

Decreased market-indexed deposits from 16% to 13% of total deposits

Capture

Revenue

Synergies

Enhance

Presence in

High-Growth

Markets

Expanded customer relationships with larger balance sheet and new products

$30mm goal captured within 12 months Regional Bank fees up ~40%

Capacity to grow loans and deposits profitably

Mid-Atlantic and Florida percent of total loans grew to 16% from 6%

Mid-Atlantic and Florida percent of total deposits grew to 19% from 3%

1Adjusted EPS, ROTCE, Adjusted ROTCE, Adjusted ROA, and Adjusted Efficiency Ratio are Non-GAAP numbers and are reconciled in the appendix. Adjusted numbers exclude notable items as outlined in the appendix.
All comparisons from 3Q17 to 4Q19.	4

2019 Results: Delivered on Strategic Priorities

	2019 FY	2019 Outlook	Commentary
	Reported	Adjusted1	Investor Day
ROTCE1	14.7%	17.6%	17% - 18%	Strong earnings growth, profitable loan
ROA	1.08%	1.30%	1.20% - 1.30%	growth and effective capital deployment
				Profitable balance sheet growth and
NIM	3.28%	3.40% - 3.50%	lower deposit costs, offset by impact of
three rate cuts vs assumption of two
				rate increases
Efficiency	66.1%	59.9%	60% - 62%	Excellent expense discipline
Ratio
NCOs	9bps	<10bps	Continued asset quality stability
CET1	9.2%	9.5% - 10%	Optimized organic and capital return
mix; strong stress test results

1ROTCE, Adjusted ROTCE , Adjusted ROA, and Adjusted Efficiency Ratio are Non-GAAP numbers and are reconciled in the appendix. Adjusted numbers exclude notable items as outlined in the appendix.
Investor Day targets from November 6, 2018.	5

FINANCIAL RESULTS

6

Delivered Significant Earnings Growth in 2019

	EPS Trends: 2018 to 2019			EPS Trends: 4Q18 to 4Q19
$1.65 EPS includes impact of Visa Stock Monetization: $213mm									$0.47
$1.65			$1.66						$0.42	$0.43
$1.41	$1.38	$0.35	$0.35
											$0.35	$0.35	$0.37
						$0.30	$0.31
							4Q18	1Q19	2Q19	3Q19	4Q19
2018			2019
						Reported		Adjusted¹
			Reported		Adjusted¹

• Profitable balance sheet growth with loan and deposit growth across key markets and specialty areas
• Unique business mix provides earnings contribution in challenging rate environment
• Efficiency ratio improved with good expense discipline and implementation of CBF cost saves
• Stable credit quality trends with declines in net charge offs,non-performing loans, and 30+day delinquencies
• Effective capital deployment through organic growth, share buybacks, and dividends

1Adjusted EPS is a Non-GAAP number and is reconciled in the appendix. Adjusted numbers exclude notable items as outlined in the appendix.

7

Financial Results: Building Momentum

	4Q19	Actual	Actual		Adjusted	Adjusted
	LQ	YoY	4Q19 Adjusted¹	LQ	YoY
	Actual
$ in millions except per share data	% Change	% Change		% Change1	% Change1
Net Interest Income	$311	+4%	+3%	$311	4%	3%
Fee Income	$183	+7%	+66%	$183	7%	52%
Total Revenue	$495	+5%	+20%	$495	5%	17%
Expense	$327	+6%	+16%	$290	5%	7%
Loan Loss Provision	$10	-33%	67%	$10	-33%	67%
Pre-Tax Income	$157	+5%	+26%	$194	7%	32%
NIAC2	$117	+7%	+21%	$147	9%	30%
EPS	$0.37	+6%	+23%	$0.47	9%	35%
Avg Loans ($B)	$30.7	+2%	+13%	$30.7	2%	13%
Avg Deposits ($B)	$32.8	+1%	+3%	$32.8	1%	3%

• YOY: Reported EPS up 23%, Adjusted up 34%1
• LQ: Reported EPS up 6%, Adjusted up 9%1
• Strong performance driven by higher revenue, good expense discipline, profitable balance sheet growth, and stable asset quality trends

4Q19 NIAC and EPS Reconciliation

	Amount Amount	Per Share
$ in millions except per share data	Pre-tax	After-tax	EPS Impact
4Q19 Adjusted1	$194	$147	$0.47
Notable Items:
Restructuring	($1)	($1)	($0.00)
Rebranding	($9)	($7)	($0.02)
Acquisition Related Items	($16)	($13)	($0.04)
Charitable Contributions	($11)	($9)	($0.03)
4Q19 Reported	$157	$117	$0.37

YOY - Year over Year. LQ - Linked Quarter. Numbers may not add to total due to rounding.
1Adjusted Fee Income, Revenue, Expense, Pre-Tax Income, NIAC, and EPS are Non-GAAP numbers and are reconciled in the appendix. Adjusted numbers exclude notable items as outlined in the appendix.	8
EPS and Adjusted EPS calculated using 313mm shares. 2Net Income Available to Common (NIAC) includes the impact from $3mm of noncontrolling interest and $1.6mm of preferred stock dividends.

Specialty Areas and Key Markets Drive Growth

• Total average YOY loan growth of 13% outpaced H.8 industry growth of 4%1
• Broad-basedloan growth across specialty areas and key markets
• Specialty areas grew across multiple areas

1. Specialty areas excluding loans to mortgage companies up 1% LQ, up 8% YOY

• 1. Specialty areas represent 44% of Regional Bank loan portfolio
• Key markets growth in Middle TN, South Florida, Texas, andMid-Atlantic

Diversified Specialty Loan Portfolios

Specialty Areas	4Q19	LQ	YOY
Avg. Bal.	Growth %	Growth %
Loans to Mort. Co.	$4.4B	13%	133%
Commercial Real Estate	$3.0B	- %	-2%
Asset-based Lending	$2.1B	1%	6%
Corporate	$1.0B	-1%	3%
Healthcare	$0.9B	4%	20%
Franchise Finance	$0.9B	4%	17%
Energy	$0.5B	6%	78%
Correspondent	$0.4B	1%	13%
Total Specialty	$13.2B	5%	31%

Diversified Market Loan Portfolios

Markets	4Q19	LQ	YOY
Avg. Bal.	Growth %	Growth %
Middle Tennessee	$4.5B	3%	10%
East Tennessee	$3.3B	2%	3%
West Tennessee	$2.0B	- %	4%
Mid-Atlantic	$3.5B	1%	1%
South Florida	$1.5B	4%	11%
Texas	$0.4B	-8%	59%
Total Markets	$15.1B	1%	6%

LQ - Linked Quarter. YOY - Year over Year. Numbers may not add to total due to rounding. Specialty areas include Commercial Real Estate, Asset-based Lending, Loans to
Mortgage Companies, Corporate, Franchise Finance, Healthcare, Correspondent, and Energy. Key Markets includes Mid-Atlantic, Middle Tennessee, South Florida, and Texas.	9
1Source: December 2019 H.8 Assets and Liabilities of Commercial Banks in the United States, Federal Reserve Board.

Regional Bank Deposits

Key Markets & Specialty Areas Driving Customer and Balance Growth

• Regional Banking average deposit growth of 7% YOYoDeposit costs declined 13bps LQ, down 1bp YOY
• Strategic focus on increasing customer deposits
• Growth across various markets with increase in specialty areas

Regional Banking YOY Avg. Deposit Growth

Key Market YOY Avg. Deposit Growth Highlights

Specialty		21%	Middle TN	10%
Key Markets	6%		South Florida	4%
TN	6%		Mid-Atlantic	3%

LQ - Linked Quarter. YOY - Year over Year. Specialty areas include Commercial Real Estate, Asset-based Lending, Loans to Mortgage Companies, Corporate, Franchise Finance, Healthcare, Correspondent, and Energy.
Key Markets include Mid-Atlantic, Middle Tennessee, South Florida, and Texas.	10

Fixed Income Delivers Strong Countercyclical Growth

• Fixed income product ADR up 72% from 2018 to 2019
• Fixed Income net income in 2019 was $52mm vs. $9mm in 2018
• Growth across all trading desks and across customer base
• Other product revenue up 54% due to derivatives and loan sales
• Focus on strategic hires and efficiency positioned business for improved profitability

Fixed Income: Pre-Tax Income

Key Drivers of Average Daily Revenue in 2019

$195mm	Expense	Revenue	Pre-Tax Income

$175mm
$155mm
$135mm				$83mm	$88mm
$115mm			$72mm
$95mm		$61mm
$49mm
$75mm
$55mm			$56mm	$68mm	$62mm
	$47mm	$51mm
$35mm		$0k
	4Q18	1Q19	2Q19	3Q19	4Q19
ADR	$492K	$729K	$866K	$994K	$1.1mm

Lower	Key Driver	Higher
Revenue	Revenue
Up	Direction of rates	Down
Low	Market Volatility	Moderate
Flatter	Shape of Yield Curve	Steeper
Positive	State of Economy &	Negative
Outlook

11

Net Interest Income and Margin Trends

●NII and NIM favorably impacted LQ by higher	NII and NIM Linked-Quarter Change Drivers
accretion, commercial loan growth, and lower

deposit costs

($ in millions)

NII NIM

●Total loan accretion of $42mm in 2019

3Q19 - Reported

$301

3.21%

●Optimized balance sheet through profitable loan

Less: 3Q19 CBF Loan Accretion

-$6

-6bps

growth and lower deposit costs to offset

3Q19 - Core1

$295

3.15%

anticipated NII shortfall due to Fed rate cuts

Loan Rates (Primarily LIBOR/prime)

-$19

-19bps

●NII sensitivity estimates 1% decline in NII with

Loan Volume

+$3

-

25bps rate cut, up 0.5% with 25bps increase

Deposit Rates

+$11

+11bps

NII Shortfall Offset by Balance Sheet Growth

Deposit Volume

+$3

+3bps

Other

+$4

+2bps

($20)

4Q19 - Core1

$297

3.11%

$38

($43)

$1,220

$16

$1,210

Plus: 4Q19 CBF Loan Accretion

+$14

+15bps

4Q19 - Reported

$311

3.26%

Deposit

Loan Growth

2018 NII

Accretion

Rates

2019 NII

Growth

& Other

LQ - Linked Quarter. Numbers may not add to total due to rounding. 1Core excludes the accretion from CBF's loans, and is a Non-GAAP number reconciled in the table found on this slide. The average earning assets impact from CBF's loan

accretion was $83mm in 4Q19 and $93mm in 3Q19. NII sensitivity impact analysis uses FHN's balance sheet as of 12/31/2019. Sensitivity scenarios shown assume a flat balance sheet and measure the NII impact for the 12 months

12

following an instantaneous parallel shock across the yield curve.

Disciplined Expense Management

• Good expense discipline throughout 2019

• 1. Expenses down, despite $40mm increase in Fixed Income expenses due to higher revenue
• Achieved $85mm of cost savings from CBF deal, 30% greater than initially targeted
• Implemented efficiency actions to right size expense base
• 1. 23 branch closures

• 1. Decreased costs associated with vendors, personnel, and discretionary expense
• Additional $80mm of efficiencies in 2019 supported $15mm of reinvestment
• 1. Reinvestment through strategic hires in key markets and technology upgrades

Total Noninterest Expense

Efficiency Ratio

$1,222	$1,232
				71%
		$1,120		66%	64%
		$1,117
			60%
Reported	Adjusted¹	Reported	Adjusted¹
	2018	2019		2018	2019

Numbers may not add to total due to rounding.
1Adjusted Expense and Adjusted Efficiency Ratio are Non-GAAP numbers and are reconciled in the appendix. Adjusted numbers exclude notable items as outlined in the appendix.	13

Asset Quality

• Asset quality remains stable
• Netcharge-offs,non-performing loans, and delinquencies ratio declined YOY and LQ
• Loan loss provision reflects growth in commercial portfolios, offset by reserve decrease in nonstrategic portfolio

Asset Quality Highlights

($ in millions)	4Q18	1Q19	2Q19	3Q19	4Q19
Charge-offs	($18)	($11)	($12)	($24)	($12)
Recoveries	$6	$6	$7	$10	$9
Net Charge-offs	$12	$5	$5	$15	$3
Provision/(Credit)	$6	$9	$13	$15	$10

Allowance for Loan Losses

	$28B	$30B	$31B	$31B
$28B
66bps	66bps	65bps	62bps	64bps
4Q18	1Q19	2Q19	3Q19	4Q19
	Period-end Loans	ALLL to Loans Ratio

LQ - Linked Quarter. YOY - Year over Year. Numbers may not add to total due to rounding.
Net charge-off % is annualized and as % of average loans.	14

CECL Impact

CECL Adoption

• CECL replaces the current incurred loss methodology with a life of loan concept
• Currently expect a CECL allowance for loan losses ratio of 100bps to 110bps
• Average peer estimated allowance to loan ratio at 134bps
• Increase in reserve largely due to longer term consumer loans and establishment of reserve for previously marked/acquired loans; other commercial portfolios relatively stable

CECL Impact from

IBKC Merger

• Under CECL, acquired loans separated into purchase credit deteriorated (PCD) and non- purchase credit deteriorated(non-PCD)
  oPCD Loans - CECL reserve relating to PCD loans will be recorded as an allowance with remainder of mark recorded as a discount
  oNon-PCD Loans - Non-PCD loans are recorded net of credit and rate marks. The non-PCD loans also require an allowance to be established through provision expense in addition to the purchase accounting discount. Represents 'double-count' of credit mark impact
• Estimated loan credit mark of 1.2% of gross loans is composed of:o0.5% PCD credit mark on gross loans
  o0.7% non-PCD credit mark on gross loans; accreted back through income over the life of the loans (5-years)
• Day 2 CECL reserve of 1.0xnon-PCD credit mark (additional 'double-count' of 0.7% on gross loans); to be booked as provision expense immediately post closing

Peer estimates represent 25 large cap banks.
CECL impact subject to change and will be highly influenced by macroeconomic forecast and loan portfolio composition.	15

Merger & Branch Acquisition Update

Initial Steps

Next Steps

• Establish and Execute Communication Plans

1. Announced transformational MOE with IBERIABANK and acquisition of 30 branches divested by Truist

1. Employee engagement with town hall meetings across all markets for IBERIABANK merger and branch acquisition

• 1. Regular ongoing communications with all employees
• Framework for Integration Planning
• 1. Established Merger Project Offices for MOE and branch acquisition

1. Held joint two day merger integration planning kickoff meeting

1. Planning underway for branch acquisition closing and conversion

• 1. Weekly discussions among senior leadership team to begin organizational planning for MOE
• Complete Regulatory Filings and Initial Shareholder- Related Filings
• 1. Filed regulatory applications for branch acquisition in November, and IBERIABANK merger in December

1. FiledS-4 in December

• Next tier of leadership to be determined in January 2020
• DevelopingGo-To models to evaluate systems & processes
• Shareholder meeting/vote
• Anticipate closing of branch acquisition in 2Q20
• Anticipate closing of IBERIABANK mergermid-2020

16

Key Takeaways

Successfully Executing on Commitments, Maintaining Momentum

• Delivered on 2019 financial targetsfrom Investor Day

1. Meaningfulearnings growthdespite challenging rate environment

1. Significant loan and deposit growthacross markets and specialty areas

1. Countercyclical businessesproviding offsets in a declining rate environment

• 1. Excellent expense disciplinewith improved efficiency
• Demonstrated successful merger executionon Capital Bank deal
• Continued strong credit risk management
• Effectively deploying capitalthrough organic growth, merger, and branch acquisitions
• Strong 4Q19 momentumcontinues into 2020

17

APPENDIX

18

4Q19 Credit Quality Summary by Portfolio

			Regional Banking		Corporate5		Non-Strategic		FHNC
		Commercial			Other1		Permanent	Commercial	HE &	Permanent	Other2
		(C&I &	CRE	HE & HELOC	Subtotal	(C&I &	Total
		Mortgage	HELOC	Mortgage
	($ in millions)	Other)					Other)
	Period End Loans	$19,721	$4,292	$5,735	$465	$30,213	$31	$375	$272	$135	$35	$31,061
	30+ Delinquency %	0.05%	0.02%	0.50%	0.74%	0.14%	5.29%	0.00%	3.01%	3.28%	4.05%	0.19%
	Dollars	$9	$1	$28	$3	$42	$2	$0	$8	$4	$1	$58
	NPL3%	0.38%	0.04%	0.64%	0.05%	0.37%	4.22%	0.00%	12.69%	9.50%	0.85%	0.52%
	Dollars	$74	$2	$37	$0	$113	$1	$0	$35	$13	$0	$162
	Net Charge-offs4%	0.07%	NM	NM	2.31%	0.08%	NM	0.00%	NM	NM	1.83%	0.04%
	Dollars	$3	$0	$0	$3	$6	$0	$0	-$3	-$1	$0	$3
	Allowance	$122	$34	$13	$13	$183	$0	$2	$6	$9	$0	$200
	Allowance / Loans %	0.62%	0.79%	0.23%	2.87%	0.60%	NM	0.65%	2.35%	6.44%	0.09%	0.64%
	Allowance / Net Charge-offs	9.23x	NM	NM	1.23x	7.82x	NM	NM	NM	NM	0.04	17.76x

Numbers may not add to total due to rounding. Data as of 4Q19. NM - Not meaningful.
1Includes Credit card, Permanent Mortgage, and Other. 2Includes Credit card, OTC, and Other Consumer. 3Non-performing loans excludes held-for-sale loans. 4Net charge-offs are annualized.	19
5Exercised clean-up calls on jumbo securitizations in 1Q13, 3Q12, 2Q11, and 4Q10, which are now on the balance sheet in the Corporate segment.

Select C&I and CRE Portfolio Metrics

Regional Bank Average Commercial Loans

C&I: Loans to Mortgage Companies

Specialty

Areas

4% 13%

9%

37% 4Q19

20%

2%	4%	4% 5%
	2%

CRE: Collateral Type

Commercial Real Estate

Asset-Based Lending

Loans to Mortgage Co.

Corporate

Franchise Finance

Healthcare

Correspondent

Energy

Commercial

Business Banking

						$5.0B
								$4.4B	$4.4B
				$3.8B			$3.9B
					$3.0B
$2.0B		$2.3B
$1.9B
	$1.7B

4Q18	1Q19	2Q19		3Q19	4Q19
		Period-end Balance ($B)		Average Balance ($B)
			CRE: Geographic Distribution

		2%
Multi-Family	11%
Retail	20%

Office	9%
Industrial
Other	14%	19%
Hospitality
Land		27%

			NC
	16%		TN
		29%
		FL
6%
8%			TX
			SC
9%			GA
		21%
	12%
		Other

Data as of 4Q19 unless noted otherwise. Numbers may not add to total due to rounding.

20

Consumer Portfolio & Non-Strategic Overview

HELOC Draw vs Repayment Balance

In Draw

In Repayment

$1.0B $0.3B

Non-Strategic Consumer Real Estate

$405mm

$372mm

$337mm

$304mm

$272mm

32%

37%

39%

39%

36%

4Q18

1Q19

2Q19

3Q19

4Q19

Period-end Balance

Constant Pre-Payment Rate

Home Equity Portfolio

68%

5%	6%		7%		7%	8%
0-12	13-24	25-36	37-48	49-60	>60
				Mortgage Repurchase Reserve
							4Q18	1Q19	2Q191	3Q19	4Q19
($ in millions)
Beginning Balance	$32		$32	$31	$18	$17
Net Realized Losses	($0)		($0)	($13)	($1)	($2)
Provision Credit	($0)		($0)	($1)	($0)	($0)
Ending Balance	$32		$31	$18	$17	$15

Data as of 4Q19 unless noted otherwise. Numbers may not add to total due to rounding.
12Q19 includes a single party complete settlement payment that reduces the repurchase and foreclosure reserve.	21

Notable Items-2018 & 2019

			Pre-Tax		Pre-Tax
2018	Amount	2019	Amount
	1Q	Acquisition Expense	($31.4mm)	Restructuring	($12.2mm)
	Gain on property sale	$3.3mm	Acquisition Expense	($5.7mm)
		Acquisition Expense	($43.2mm)	Restructuring	($18.7mm)
		Rebranding	($9.1mm)
	2Q
			Acquisition Expense	($8.6mm)
		Other Expense (Visa Shares)	($4.1mm)
		Legal Resolution Expense Reversal	$8.3mm
		Acquisition Expense	($11.4mm)	Rebranding	($3.1mm)
		Acquisition Expense	($9.0mm)
	3Q			Restructuring	($7.8mm)
		Visa B Share Monetization	$212.9mm	Net Impact of Legal Resolutions	($7.5mm)
				Visa Derivative Valuation Adjustments	($4.0mm)
		Acquisition Expense	($11.6mm)	Acquisition Expense	($15.7mm)
				Charitable Contributions	($11.0mm)
	4Q	Acquisition: Fee-income Adjustment	($1.8mm)	Rebranding Expense	($9.1mm)
		Return of excess fees from Capital Bank	($8.7mm)	Restructuring	($1.2mm)
		Debit Cards

22

Expense: Acquisition, Restructuring, & Rebranding

Acquisition Expenses

Restructuring Expenses

($ in millions)	4Q19	3Q19	4Q18
Legal and professional fees (a)	$9.7	$3.5	$3.1
Employee comp., incentives, and benefits (b)	$4.1	$1.5	$2.5
Occupancy (c)	($0.1) ($0.1)	$2.9
Contract employment and outsourcing (d)	$ -	$0.2	$ -
Miscellaneous expense (e)	$0.3	$1.0	$1.1
All other expense (f)	$1.6	$2.8	$2.0
Total Acquisition Expense	$15.7	$9.0	$11.6

1. Primarily comprised of fees for legal, accounting, and merger consultants.
2. Primarily comprised of fees for severance and retention.
3. Primarily relates to fees associated with lease exit accruals.
4. Primarily relates to fees for temporary assistance for merger and integration activities.
5. Consists of fees for operations services, communications and courier, equipment rentals, depreciation and maintenance, supplies, travel and entertainment, computer software, and advertising and public relations.
6. Primarily relates to contract termination charges, costs of shareholder matters and asset impairments related to integration, as well as other miscellaneous expenses.

($ in millions)	4Q19	3Q19
Legal and professional fees	$1.0	$6.5
Employee comp., incentives, and benefits	$0.3	$1.2
Occupancy	$0.1	($0.1)
All other expense (a)	($0.1)	$0.3
Total Restructuring Expense	$1.2	$7.8

Rebranding Expenses

($ in millions)	4Q19	3Q19
Legal and professional fees	$1.0	$0.9
Advertising and public relations	$6.4	$0.7
Supplies	$0.9	$0.1
Miscellaneous Expense	$0.3	$0.1
All other expense (a)	$0.6	$1.3
Total Rebranding Expense	$9.1	$3.1

1. Primarily relates to costs associated with fixed asset impairments and technology- related expenses.

Numbers may not add to total due to rounding.

23

Reconciliation to GAAP Financials

Slides in this presentation use non-GAAP information of adjusted fee income, adjusted revenue, adjusted noninterest expense, adjusted pre-tax income, adjusted net income available to common, and adjusted earnings per share. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below.

($ in millions)	2019	2018	YOY % Change	4Q19	3Q19	LQ % Change	2Q19	1Q19	4Q18	3Q17
Adjusted Fee Income & Revenue
Revenue (GAAP)	$1,864	$1,943	-4%	$495	$472	5%			$413	$322
Fee Income (GAAP)	$654	$723	-10%	$183	$172	7%			$110
Plus: Notable Items (GAAP)	$0	$206	-100%	$0	$0	-100%			$10	$14
Adjusted Fee Income (Non-GAAP)	$654	$517	26%	$183	$172	7%			$121
Plus: Net Interest Income (GAAP)	$1,210	$1,220	-1%	$311	$301	4%			$303
Adjusted Revenue (Non-GAAP)	$1,864	$1,737	7%	$495	$472	5%			$423	$337
Adjusted Noninterest Expense
Noninterest Expense (GAAP)	$1,232	$1,222	1%	$327	$308	6%	$300	$296	$282	$237
Plus: Notable Items (GAAP)	-$115	-$102	13%	-$37	-$31	19%	-$28	-$18	-$12	-$16
Adjusted Noninterest Expense (Non-GAAP)	$1,117	$1,120	0%	$290	$276	5%	$272	$278	$270	$221
Adjusted Pre-Tax Income
Pre-Tax Income (GAAP)	$586	$714	-18%	$157	$150	5%			$125
Plus: Notable Items (GAAP)	$115	-$104	-210%	$37	$31	19%			$22
Adjusted Pre-Tax Income (Non-GAAP)	$700	$610	15%	$195	$181	7%			$147
Adjusted Net Income
Net Income (GAAP)	$452	$557	-19%	$121	$114	6%			$101	$72
Plus: Tax-affected Notable Items (GAAP)1	$90	-$78	-225%	$30	$24	24%			$17	$7
Adjusted Net Income (Non-GAAP)	$542	$478	15%	$151	$138	9%			$118	$79

Adjusted Net Income Available to Common (NIAC) & Earnings Per Share (EPS)

Net Income Available to Common (GAAP)	$435	$539	-19%	$117	$110	7%	$109	$99	$96	$67
Plus: Tax-affected Notable Items (GAAP)1	$90	-$78	-225%	$30	$24	24%	$22	$14	$17	$7
Adjusted Net Income Available to Common (Non-GAAP) (a)	$525	$461	16%	$147	$134	10%	$132	$113	$113	$74
Average Common Diluted Shares (GAAP) (b)	316	327	-4%	313	314	0%	316	320	324	236
Adjusted Average Common Diluted Shares (Non-GAAP) (b)	316	327	-4%	313	314	0%	316	320	324	236
Earnings Per Share (GAAP)	$1.38	$1.65	-16%	$0.37	$0.35	7%	$0.35	$0.31	$0.30	$0.28
Adjusted Earnings Per Share (Non-GAAP) (a/b)	$1.66	$1.41	20%	$0.47	$0.43	10%	$0.42	$0.35	$0.35	$0.32
							LQ - Linked Quarter. Numbers may not add to total due to rounding.
	1Tax-affected notable items assume an effective tax rate of ~19% in 4Q19, ~22% in 3Q19, ~21% in 2Q19, ~23% in 1Q19, ~24% in 4Q18, ~32% in 3Q17, ~21% in 2019, and ~24% in 2018.
3Q17 includes a $14.3 million pre-tax loss from the repurchase of equity securities previously included in a financing transaction, $8.2 million of pre-taxacquisition-related expenses primarily associated with the Capital Bank Financial (CBF) and Coastal Securities, Inc. (Coastal) acquisitions, and	24
$8.2 million of pre-tax loss accruals related to legal matters adjusted using an incremental tax rate of approximately 32 percent. Also includes $(13.7) million related to favorable effective tax rate adjustments primarily associated with the reversal of a capital loss deferred tax valuation

allowance and certain discrete period items.

Reconciliation to GAAP Financials

Slides in this presentation use non-GAAP information of adjusted efficiency ratio, return on tangible common equity, adjusted return on tangible common equity, adjusted return on average assets, and adjusted return on equity. That information is not presented according to generally accepted accounting principles (GAAP) and is reconciled to GAAP information below.

($ in millions)	2019	2018	4Q19	3Q17
Adjusted Efficiency Ratio
Noninterest Expense (GAAP) (a)	$1,232	$1,222	$327	$237
Revenue Excluding Securities Gains (GAAP) (b)	$1,864	$1,730	$495	$322
Efficiency Ratio (GAAP) (a/b)	66.1%	70.6%	66.2%	73.5%
Adjusted Noninterest Expense1(Non-GAAP) (c)	$1,117	$1,120	$290	$221
Revenue Excluding Securities Gains (Non-GAAP) (d)	$1,864	$1,737	$495	$337
Adjusted Efficiency Ratio (Non-GAAP) (c/d)	59.9%	64.5%	58.7%	65.5%
Return on Tangible Common Equity (ROTCE)
Average Total Equity (GAAP)	$4,921	$4,618	$5,040	$2,867
Less: Average Noncontrolling Interest (GAAP)	-$295	-$295	-$295	-$295
Less: Average Preferred Stock (GAAP)	-$96	-$96	-$96	-$96
Average Common Equity (GAAP) (e)	$4,530	$4,226	$4,649	$2,476
Less: Average Intangible Assets (GAAP)	-$1,575	-$1,570	-$1,566	-$281
Average Tangible Common Equity (Non-GAAP) (f)	$2,955	$2,656	$3,083	$2,195
Annualized Net Income Available to Common (GAAP) (g)	$435	$539	$463	$267
Return on Average Common Equity (ROCE) (GAAP) (g/e)	9.6%	12.7%	10.0%	10.8%
Return on Average Tangible Common Equity (ROTCE) (Non-GAAP) (g/f)	14.7%	20.3%	15.0%	12.2%
Adjusted Return on Tangible Common Equity (ROTCE)
Average Tangible Common Equity (Non-GAAP) (f)	$2,955	$2,656	$3,083	$2,195
Less: Equity impact for notable items2	$28	-$46	$0	$0
Adjusted Average Tangible Common Equity (Non-GAAP) (i)	$2982	$2,610	$3,083	$2,195
Annualized Adjusted Net Income Available to Common1(Non-GAAP) (h)	$525	$461	$582	$295
Adjusted Return on Average Tangible Common Equity (ROTCE) (Non-GAAP) (h/i)	17.6%	17.7%	18.9%	13.5%
Adjusted Return on Average Common Equity (ROCE) (Non-GAAP)
Adjusted Return on Average Common Equity (ROCE) (Non-GAAP) (h/e)	11.6%	10.9%	12.5%	11.9%
Adjusted Return on Average Assets (ROA)
Annualized Net Income (GAAP) (j)	$452	$557	$481	$285
Average Total Assets (GAAP) (k)	$41,744	$40,225	$42,886	$28,875
Return on Average Assets (GAAP) (j/k)	1.08%	1.38%	1.12%	0.99%
Annualized Adjusted Net Income1(Non-GAAP) (l)	$543	$478	$600	$313
Average Total Assets (GAAP) (k)	$41,744	$40,225	$42,886	$28,875
Adjusted Return on Average Assets (Non-GAAP) (l/k)	1.30%	1.19%	1.40%	1.08%

Numbers may not add to total due to rounding.
1ROTCE, Adjusted ROTCE, Adjusted Efficiency Ratio, Adjusted Noninterest expense, Adjusted Net Income Available to Common, and Adjusted Net Income are Non-GAAP numbers that are reconciled on the previous slide. 2Includes	25
the average after-tax impact of $27.9 million and $(46.2) million of notable items recognized in 2019 and 2018, respectively.