8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________

Form 8-K

Current Report

_____________________________________________

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

January 30, 2020

Date of Report (Date of earliest event reported)

Truist Financial Corporation

(Exact name of registrant as specified in its charter)

_____________________________

North Carolina	1-10853	56-0939887
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

214 North Tryon Street
Charlotte,	North Carolina	28202
(Address of principal executive offices)		(Zip Code)

(336) 733-2000

(Registrant's telephone number, including area code)

_____________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $5 par value	TFC	New York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series F Non-Cumulative Perpetual Preferred Stock	TFC.PF	New York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series G Non-Cumulative Perpetual Preferred Stock	TFC.PG	New York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series H Non-Cumulative Perpetual Preferred Stock	TFC.PH	New York Stock Exchange
Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred Stock	TFC.PI	New York Stock Exchange
5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred Stock	TFC.PJ	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

ITEM 2.02 Results of Operations and Financial Condition

On January 30, 2020, Truist Financial Corporation ("Truist") issued a press release reporting fourth quarter 2019 results and posted on its website its fourth quarter 2019 Earnings Release, Quarterly Performance Summary and Earnings Release Presentation. The materials contain forward-looking statements regarding Truist and includes a cautionary note identifying important factors that could cause actual results to differ materially from those anticipated. The Earnings Release, Quarterly Performance Summary and Earnings Release Presentation are furnished as Exhibits 99.1, 99.2 and 99.3, respectively. Consequently, they are not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Such materials may only be incorporated by reference into another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K. All information in the earnings release, quarterly performance summary and presentation materials speak as of the date thereof, and Truist does not assume any obligation to update such information in the future.

ITEM 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.	Description of Exhibit
99.1	Earnings Release issued January 30, 2020
99.2	Quarterly Performance Summary issued January 30, 2020
99.3	Earnings Release Presentation issued January 30, 2020
104	The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

TRUIST FINANCIAL CORPORATION
	(Registrant)
By:	/s/ Cynthia B. Powell
	Cynthia B. Powell
	Executive Vice President and Corporate Controller
	(Principal Accounting Officer)

Date: January 30, 2020

EX-99.1

		News Release
Contact:
Investors:	Richard Baytosh 336.733.0732 | investors@truist.com	Aaron Reeves 336.733.2874 | investors@truist.com
Media:	Thomas Crosson 470.218.9178 | media@truist.com

Truist Reports Fourth Quarter 2019 Results

Earnings of $702 million, or $0.75 per diluted share

CHARLOTTE, N.C., (JANUARY 30, 2020)— Truist Financial Corporation (NYSE: TFC) today reported earnings for the fourth quarter of 2019. Reported results for Truist reflect heritage BB&T prior to the completion of the merger and results from both BB&T and SunTrust from the merger closing date forward. The merger of equals resulting in the formation of Truist was completed on December 6, 2019.

Net income available to common shareholders was $702 million, down 6.9 percent, compared with the fourth quarter last year due to costs associated with the merger. Earnings per diluted common share were $0.75 for the fourth quarter of 2019, a decrease of 22.7 percent compared with the same period last year. Results for the fourth quarter produced an annualized return on average assets (ROA) of 0.95 percent, an annualized return on average common shareholders' equity (ROCE) of 7.33 percent, and an annualized return on tangible common shareholders' equity (ROTCE) of 12.91 percent.

Adjusted net income available to common shareholders was $1.0 billion, or $1.12 per diluted share, excluding merger-related and restructuring charges of $223 million ($176 million after-tax), incremental operating expenses related to the merger of $101 million ($79 million after-tax), securities losses of $116 million ($90 million after-tax), partially offset by the after-tax impact from the sale of residential mortgage loans of $1 million. Adjusted diluted earnings per common share increased $0.05 compared to the third quarter of 2019. Adjusted results produced an annualized ROA of 1.40 percent, an annualized ROCE of 10.84 percent and an annualized ROTCE of 18.60 percent.

"The successful completion of our merger was due to the hard work of thousands of Truist teammates and I am truly grateful for their efforts. Our integration and execution efforts are underway and going smoothly. While the fourth quarter of 2019 includes a number of costs necessary to complete the merger, our underlying performance is strong. Taxable-equivalent revenue for the fourth quarter of 2019 totaled $3.7 billion and adjusted net income was $1.0 billion,” said Truist Chairman and Chief Executive Officer Kelly S. King.

"This month, we continued to hit key milestones that will bring Truist to life for our clients and teammates. We shared Truist's purpose, mission, and values, which was positively embraced by our teammates. Our purpose to inspire and build better lives and communities is the reason Truist exists and the starting point for every decision we will make,” said King. “Our purpose is embedded in our visual brand identity, which was rolled out this month as well. Within our new monogram logo and colors, you can see elements that acknowledge our heritage companies and signal how we’ll deliver a distinctive blend of touch and technology to build deeper trust with our clients.”

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Fourth Quarter 2019 Performance Highlights

•Earnings per diluted common share were $0.75

–Adjusted diluted earnings per share were $1.12

–ROA was 0.95 percent; adjusted ROA was 1.40 percent

–ROCE was 7.33 percent; adjusted ROCE was 10.84 percent

–ROTCE was 12.91 percent; adjusted ROTCE was 18.60 percent

•Completed merger of equals on December 6, 2019

–Merged loans of $154.0 billion, net of $4.5 billion mark

–Merged deposits of $170.7 billion, including an $83 million mark for time deposits

–Assumed long-term debt of $19.5 billion, including a $309 million mark

–Recorded core deposit and other intangibles of $2.5 billion

•Restructured balance sheet to enhance credit quality and improve liquidity, interest-sensitivity and return on capital

–Sold $33.2 billion of lower yielding securities to improve yield and lower premium amortization risk

–Transferred $17.9 billion of securities from HTM to AFS in response to changes in regulatory capital rules

–Maintained more than $10 billion in excess reserve balances for stronger liquidity and to meet LCR requirements under the new tailoring rule as a Category III Bank

–Identified $4.2 billion of lending exposures to sell to reduce credit and interest-rate risk

•Taxable-equivalent revenue was $3.7 billion for the fourth quarter of 2019

–Fee income ratio was 38.6 percent, compared to 42.0 percent for fourth quarter 2018

–Net interest margin was 3.41 percent, up four basis points from the third quarter of 2019

–Core net interest margin was 3.14 percent, down 15 basis points from the third quarter of 2019

•Noninterest expense was $2.6 billion for the fourth quarter of 2019

–Noninterest expense includes $223 million of merger-related and restructuring charges and $101 million of incremental operating expenses related to the merger

–GAAP efficiency ratio was 71.0 percent, compared to 60.7 percent for fourth quarter 2018

–Adjusted efficiency ratio was 57.5 percent, compared to 56.5 percent for fourth quarter 2018

•Asset quality remains strong; economic and political uncertainty presents risk

–Nonperforming assets were 0.14 percent of total assets; ratio benefited from pooled basis of accounting for PCI loans

–Loans 90 days or more past due and still accruing were 0.66 percent of loans held for investment, up from 0.27 percent for the prior quarter

–Excluding government guaranteed loans and PCI loans, loans 90 days or more past due and still accruing were 0.03 percent of loans held for investment

–Net charge-offs were 0.40 percent of average loans and leases, down one basis point compared to the prior quarter

–The allowance for loan and lease losses was 0.52 percent of loans and leases held for investment; merged loans were recorded at fair value with no initial allowance

–The allowance for loan loss coverage ratio was 3.41 times nonperforming loans and leases held for investment, versus 3.52 times in the prior quarter

•Capital levels remained strong compared to regulatory levels for well capitalized banks

–Common equity tier 1 to risk-weighted assets was 9.4 percent

–Tier 1 risk-based capital was 10.8 percent

–Total capital was 12.6 percent

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EARNINGS HIGHLIGHTS										Change 4Q19 vs.
(dollars in millions, except per share data)	4Q19			3Q19			4Q18			3Q19			4Q18
Net income available to common shareholders	$	702		$	735		$	754		$	(33)		$	(52)
Diluted earnings per common share	0.75			0.95			0.97			(0.20)			(0.22)
Net interest income - taxable equivalent	$	2,252		$	1,723		$	1,729		$	529		$	523
Noninterest income	1,398			1,303			1,235			95			163
Total taxable-equivalent revenue	$	3,650		$	3,026		$	2,964		$	624		$	686
Less taxable-equivalent adjustment	25			23			24
Total revenue	$	3,625		$	3,003		$	2,940
Return on average assets	0.95		%	1.41		%	1.43		%	(0.46)		%	(0.48)		%
Return on average risk-weighted assets (current quarter is preliminary)	1.02			1.75			1.77			(0.73)			(0.75)
Return on average common shareholders' equity	7.33			10.04			11.14			(2.71)			(3.81)
Return on average tangible common shareholders' equity (1)	12.91			16.03			18.77			(3.12)			(5.86)
Net interest margin - taxable equivalent	3.41			3.37			3.49			0.04			(0.08)

(1) Excludes certain items as detailed in the non-GAAP reconciliations in the Quarterly Performance Summary.

Fourth Quarter 2019 compared to Third Quarter 2019

Total taxable-equivalent revenue was $3.7 billion for the fourth quarter of 2019, an increase of $624 million compared to the prior quarter, driven by an increase of $529 million in net interest income and an increase of $95 million in noninterest income.

The net interest margin was 3.41 percent for the fourth quarter, up four basis points compared to the prior quarter. Average earning assets increased $59.7 billion, which primarily reflects a $41.6 billion increase in average total loans and leases and an $11.8 billion increase in average securities. Average interest earning trading assets and other earning assets increased $6.3 billion due to higher trading securities and interest-bearing balances at the Federal Reserve. Average interest-bearing liabilities increased $47.2 billion, driven by an increase of $36.7 billion in average interest-bearing deposits, an increase of $7.3 billion in average long-term debt and an increase of $3.2 billion in short-term borrowings. The increases in the balances were primarily due to the merger.

The yield on the total loan portfolio for the fourth quarter was 4.91 percent, down seven basis points compared to the prior quarter, primarily due to the impact on variable rate loans from the decrease in short-term rates, partially offset by the accretion of the fair value mark on the merged loans. The yield on the average securities portfolio for the fourth quarter was 2.65 percent, up five basis points compared to the prior quarter, primarily due to the October portfolio restructuring.

The average cost of total deposits was 0.57 percent, down ten basis points compared to the prior quarter. The average cost of interest-bearing deposits was 0.82 percent, down 17 basis points compared to the prior quarter. The average rate on long-term debt was 2.92 percent, down 50 basis points compared to the prior quarter. The average rate on short-term borrowings was 2.15 percent, down 40 basis points compared to the prior quarter. The decreases in rates on deposits and other funding was largely attributable to the declines in the fed funds and LIBOR rates. The decrease in the rates on long-term debt also reflect the amortization of the fair value mark on the assumed debt.

The provision for credit losses was $171 million, and net charge-offs were $192 million for the fourth quarter, compared to $117 million and $153 million, respectively, for the prior quarter. The increase in the provision for credit losses was primarily due to higher net charge-offs in the current quarter and an increase in the provision for unfunded commitments.

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Noninterest income was $1.4 billion, an increase of $95 million compared to the prior quarter. Excluding the securities losses of $116 million and $22 million of losses recognized from the transfer of mortgage loans to held for sale, noninterest income increased $233 million. Approximately $217 million of the variance is due to the contribution from the merger, with the remaining variance due to a seasonal increase in insurance income of $22 million.

Noninterest expense was $2.6 billion for the fourth quarter, up $735 million compared to the prior quarter. Noninterest expense increased $189 million for merger-related and restructuring charges, including $169 million primarily related to the merger and $20 million related to the decision to exit a business, and an increase of $49 million for incremental operating expenses related to the merger. Excluding these items, noninterest expense was up $497 million, of which approximately $400 million of the variance was due to noninterest expenses from the merged operations.

Personnel expense increased $304 million compared to the prior quarter. The increase primarily includes a $227 million impact for personnel expenses of the merged operations, a $41 million increase in incremental operating expenses related to the merger, and a $42 million increase in production-based and other incentives. Amortization of intangibles increased $42 million due to the new intangibles created in the merger.

The provision for income taxes was $153 million for the fourth quarter, compared to $218 million for the prior quarter. The effective tax rate for the fourth quarter was 17.4 percent, compared to 20.8 percent for the prior quarter. The decrease in the effective tax rate was primarily due to an increase in the realization of income tax credits and a decrease in earnings during the current quarter.

Fourth Quarter 2019 compared to Fourth Quarter 2018

Total taxable-equivalent revenues were $3.7 billion for the fourth quarter of 2019, an increase of $686 million compared to the earlier quarter, which reflects an increase of $523 million in taxable-equivalent net interest income and an increase of $163 million in noninterest income.

Net interest margin was 3.41 percent, down eight basis points compared to the earlier quarter. Average earning assets increased $65.9 billion. The increase in average earning assets reflects a $45.2 billion increase in average total loans and leases and a $14.1 billion increase in average securities. Average interest earning trading assets and other earning assets increased $6.6 billion due to higher trading securities and interest-bearing balances at the Federal Reserve. Average interest-bearing liabilities increased $53.0 billion compared to the earlier quarter. Average interest-bearing deposits increased $42.1 billion, average long-term debt increased $6.4 billion and average short-term borrowings increased $4.5 billion. The yield on the total loan portfolio for the fourth quarter of 2019 was 4.91 percent, down five basis points compared to the earlier quarter, reflecting the impact of rate decreases, partially offset by the accretion from the merged loans. The yield on the average securities portfolio was 2.65 percent, up 12 basis points compared to the earlier period.

The average cost of total deposits was 0.57 percent, up five basis points compared to the earlier quarter. The average cost of interest-bearing deposits was 0.82 percent, up four basis points compared to the earlier quarter. The average rate on short-term borrowings was 2.15 percent, down three basis points compared to the earlier quarter. The average rate on long-term debt was 2.92 percent, down 27 basis points compared to the earlier quarter. The lower rates on long-term debt also reflect the amortization of the fair value mark on the assumed debt.

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The provision for credit losses was $171 million, compared to $146 million for the earlier quarter. The increase in the provision for credit losses was primarily due to higher net-charge offs, partially offset by the residential mortgage loan sale in the current quarter. Net charge-offs for the fourth quarter of 2019 totaled $192 million compared to $143 million in the earlier quarter.

Noninterest income for the fourth quarter of 2019 increased $163 million compared to the earlier quarter. Excluding the net change in securities losses of $118 million and $22 million of losses recognized from the transfer of mortgage loans to held for sale, noninterest income increased $303 million. Approximately $217 million of the variance is due to the contribution from the merger. Insurance income increased $22 million due to higher production. The remaining increase is due to $42 million in income related to assets for certain post-employment benefits, which is offset by higher personnel expense, and other sundry items.

Noninterest expense for the fourth quarter of 2019 was up $791 million compared to the earlier quarter. Merger-related and restructuring charges and other incremental operating expenses related to the merger increased $147 million and $101 million, respectively. Excluding these charges, noninterest expense was up $543 million. Approximately $400 million of the remaining variance was the result of noninterest expenses associated with the merged operations.

Personnel expense increased $369 million compared to the earlier quarter. The increase is largely attributable to a $227 million impact from the merged operations, an $80 million increase in incremental operating expenses related to the merger, a $40 million increase for certain post-employment benefits that are offset by higher noninterest income, and a $29 million increase in production-based and other incentives. Amortization of intangibles increased $37 million, primarily due to the new intangibles created in the merger.

The provision for income taxes was $153 million for the fourth quarter of 2019, compared to $205 million for the earlier quarter. This produced an effective tax rate for the fourth quarter of 2019 of 17.4 percent, compared to 20.3 percent for the earlier quarter. The decrease in the effective tax rate was primarily due to an increase in the realization of income tax credits and a decrease in earnings during the current quarter.

LOANS AND LEASES - End of Period
	Dec. 31		Sept. 30
(dollars in millions)	2019		2019		Change
Commercial:
Commercial and industrial	$	130,180	$	64,324	$	65,856
CRE	26,832		17,080		9,752
Commercial construction	6,205		3,804		2,401
Lease financing	6,122		2,356		3,766
Total commercial	169,339		87,564		81,775
Consumer:
Residential mortgage	52,071		28,297		23,774
Residential home equity and direct	27,044		11,646		15,398
Indirect auto	24,442		11,871		12,571
Indirect other	11,100		6,590		4,510
Student	6,743		—		6,743
Total retail	121,400		58,404		62,996
Credit card	5,619		3,058		2,561
PCI	3,484		387		3,097
Total loans and leases held for investment	$	299,842	$	149,413	$	150,429

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Total loans held for investment were $299.8 billion as of December 31, 2019, compared to $149.4 billion as of September 30, 2019. The merger contributed $154.0 billion of loans held for investment.

Management undertook a number of strategic actions to enhance credit quality and interest-rate sensitivity. This includes transferring $1.4 billion of commercial exposures, of which $516 million were funded, to held for sale in order to enhance credit quality. There were also approximately $2.5 billion of residential mortgage loans transferred to held for sale, of which $1.1 billion remains in held for sale as of December 31, 2019. In addition, $356 million of commercial loans were transferred to held for sale as a result of a decision to exit a business and $381 million of loans were transferred to held for sale for the branch divestiture.

Average loans held for investment for the fourth quarter of 2019 were $190.2 billion, up $41.6 billion compared to the third quarter of 2019, primarily due to the merged loans. The discussion below only highlights those portfolios where underlying performance was a meaningful driver of the variance.

Average commercial and industrial loans increased $18.1 billion, with the merged portfolio contributing $18.3 billion of the growth. Excluding the impact of the merged portfolio, commercial and industrial loans declined slightly compared to the prior quarter, as strong growth in mortgage warehouse lending, premium finance and equipment finance were more than offset by paydowns in the corporate banking portfolio.

Average residential mortgage loans held for investment increased $6.4 billion, primarily due to $7.3 billion of the growth from the merged portfolio, partially offset by a decline due to the transfer of loans to held for sale and a higher proportion of loan originations being sold rather than retained in the portfolio.

Average indirect auto loans increased $3.6 billion over the prior quarter, driven by $3.3 billion of the growth from the merged portfolio and $257 million of core portfolio growth.

DEPOSITS - End of Period
	Dec. 31		Sept. 30
(dollars in millions)	2019		2019		Change
Noninterest-bearing deposits	$	92,405	$	52,667	$	39,738
Interest checking	85,492		27,723		57,769
Money market and savings	120,934		64,454		56,480
Time deposits	35,896		16,526		19,370
Foreign office deposits - interest-bearing	—		910		(910)
Total deposits	$	334,727	$	162,280	$	172,447

Total deposits were $334.7 billion as of December 31, 2019, compared to $162.3 billion as of September 30, 2019. The merger contributed $170.7 billion of deposits. Average deposits for the fourth quarter were $210.7 billion, up $48.7 billion compared to the prior quarter, primarily due to the merged deposits. Noninterest-bearing deposits represented 27.6 percent of total deposits as of December 31, 2019, compared to 30.6 percent of total average deposits for the fourth quarter. The cost of average total deposits was 0.57 percent for the fourth quarter, down ten basis points compared to the prior quarter. The cost of average interest-bearing deposits was 0.82 percent for the fourth quarter, down 17 basis points compared to the prior quarter.

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SEGMENT RESULTS							Change 4Q19 vs.
(dollars in millions)
Segment Net Income	4Q19		3Q19		4Q18		3Q19		4Q18
Consumer Banking and Wealth	$	425	$	454	$	384	$	(29)	$	41
Corporate and Commercial Banking	557		450		421		107		136
Insurance Holdings	59		61		77		(2)		(18)
Other, Treasury & Corporate	(315)		(137)		(77)		(178)		(238)
Total net income	$	726	$	828	$	805	$	(102)	$	(79)

Effective December 2019, segments were realigned in connection with the SunTrust merger. Results for prior periods have been revised to reflect the new structure.

Fourth Quarter 2019 compared to Third Quarter 2019

Consumer Banking and Wealth ("CB&W")

CB&W serves individuals and small business clients by offering a variety of loan and deposit products, payment services, bankcard products and other financial services by connecting clients to a wide range of financial products and services. CB&W includes Dealer Retail Services, which originates loans on an indirect basis to individuals for the purchase of automobiles, boats and recreational vehicles. Additionally, CB&W includes National Consumer Finance & Payments, which provides a comprehensive set of technology-enabled lending solutions to individuals and small businesses through several national channels, as well as merchant services and payment processing solutions to business clients. CB&W also includes Mortgage Banking, which offers residential mortgage products nationally through its retail and correspondent channels, the internet and by telephone. These products are either sold in the secondary market, primarily with servicing rights retained, or held in the Company’s loan portfolio. Mortgage Banking also services loans for other investors, in addition to loans held in the Company’s loan portfolio. Mortgage Banking also includes Mortgage Warehouse Lending, which provides short-term lending solutions to finance first-lien residential mortgage LHFS by independent mortgage companies. Wealth delivers investment management, financial planning, banking, fiduciary services and related solutions to institutions, affluent and high net worth individuals and families, with financial expertise and industry-specific insights in the medical, legal, sports and entertainment industries.

CB&W net income was $425 million for the fourth quarter of 2019, a decrease of $29 million compared to the prior quarter. Segment net interest income increased $319 million. Noninterest income increased $72 million. The allocated provision for credit losses increased $30 million primarily due to seasonally higher net charge-offs. Noninterest expense increased $399 million primarily due to operating expenses and amortization of intangibles related to the merger, and higher merger-related charges in the current quarter.

Loans and leases were up $74.6 billion at December 31, 2019, compared to the prior quarter, primarily due to the merger, partially offset by the transfer of residential mortgage loans to held for sale. Total deposits were up $111.3 billion at December 31, 2019, compared to the prior quarter, primarily due to the merger.

Corporate and Commercial Banking ("C&CB")

C&CB serves large, medium and small business clients by offering a variety of loan and deposit products and connecting clients to the combined organization’s broad array of financial services. C&CB includes Corporate and Investment Banking, which delivers a comprehensive range of strategic advisory, capital raising, risk management, financing, liquidity and investment solutions to both public and private companies in the C&CB segment and Wealth. Additionally, C&CB includes Commercial Community Banking, which offers an array of traditional banking products, including lending, cash management and

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investment banking to commercial clients via CIB. C&CB also includes Commercial Real Estate, which provides a range of credit and deposit services as well as fee-based product offerings to privately held developers, operators, and investors in commercial real estate properties. C&CB also includes Grandbridge Real Estate Capital, which is a fully integrated commercial mortgage banking company that originates commercial and multi-family real estate loans, services loan portfolios and provides asset and portfolio management as well as real estate brokerage services. Treasury Solutions, within C&CB, provides business clients across the organization with services required to manage their payments and receipts, combined with the ability to manage and optimize their deposits across all aspects of their business.

C&CB net income was $557 million for the fourth quarter of 2019, an increase of $107 million compared to the prior quarter. Segment net interest income increased $196 million. Noninterest income increased $140 million. Noninterest expense increased $222 million primarily due to operating expenses and amortization of intangibles related to the merger in the current quarter.

Loans and leases were up $76.3 billion at December 31, 2019, compared to the prior quarter, primarily due to the merger. Total deposits were up $57.7 billion at December 31, 2019, compared to the prior quarter, primarily due to the merger.

Insurance Holdings ("IH")

Truist’s IH segment is one of the largest insurance agency / brokerage networks in the world, providing property and casualty, employee benefits and life insurance to businesses and individuals. It also provides small business and corporate services, such as workers compensation and professional liability, as well as surety coverage and title insurance. In addition, IH includes commercial and retail insurance premium finance.

IH net income was $59 million for the fourth quarter of 2019, a decrease of $2 million compared to the prior quarter. Noninterest income increased $45 million primarily due to seasonality. Noninterest expense increased $46 million primarily due to seasonally higher performance-based incentives and restructuring expense in the current quarter.

Other, Treasury & Corporate ("OT&C")

Net income in OT&C can vary due to the changing needs of the Corporation, including the size of the investment portfolio, the need for wholesale funding and variability associated with derivatives used to hedge the balance sheet.

OT&C generated a net loss of $315 million for the fourth quarter of 2019, compared to a net loss of $137 million for the prior quarter. Segment net interest income increased $13 million. Noninterest income decreased $162 million primarily due to losses on the sale of securities during the current quarter. The allocated provision for credit losses increased $21 million primarily due to the provision for unfunded commitments. Noninterest expense increased $68 million primarily due to operating expenses related to the merger, and higher merger-related charges. The benefit for income taxes increased primarily due to higher pre-tax losses in the current quarter.

Fourth Quarter 2019 compared to Fourth Quarter 2018

Consumer Banking and Wealth

CB&W net income was $425 million for the fourth quarter of 2019, an increase of $41 million compared to the earlier quarter. Segment net interest income increased $369 million. Noninterest income increased

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$102 million, primarily driven by the merger. Noninterest expense increased $427 million primarily due to operating expenses and amortization of intangibles related to the merger in the current quarter.

Corporate and Commercial Banking

C&CB net income was $557 million for the fourth quarter of 2019, an increase of $136 million compared to the earlier quarter. Segment net interest income increased $186 million. Noninterest income increased $145 million compared to the earlier quarter. Noninterest expense increased $204 million primarily due to operating expenses and amortization of intangibles related to the merger in the current quarter.

Insurance Holdings

IH net income was $59 million for the fourth quarter of 2019, a decrease of $18 million compared to the earlier quarter. Noninterest income increased $40 million primarily due to higher production. Noninterest expense increased $66 million primarily due to commissions on higher production and restructuring expense in the current quarter.

Other, Treasury & Corporate

OT&C generated a net loss of $315 million in the fourth quarter of 2019, compared to a net loss of $77 million in the earlier quarter. Segment net interest income decreased $38 million primarily due to increases in the net credit for funds provided to other operating segments and rates on long-term debt. Noninterest income decreased $124 million primarily due to losses on the sale of securities during the current quarter. The allocated provision for credit losses increased $31 million primarily due to the provision for unfunded commitments. Noninterest expense increased $94 million primarily due to operating expenses related to the merger and higher merger-related charges. The benefit for income taxes increased $49 million primarily due to a higher pre-tax loss.

CAPITAL RATIOS	4Q19		3Q19		2Q19		1Q19		4Q18
Risk-based:	(preliminary)
Common equity Tier 1	9.4	%	10.6	%	10.4	%	10.3	%	10.2	%
Tier 1	10.8		12.2		12.0		12.0		11.8
Total	12.6		14.8		14.2		14.2		13.8
Leverage (1)	14.7		10.3		10.2		10.1		9.9
Supplementary leverage (2)	7.9		NA		NA		NA		NA

(1)The leverage ratio is calculated using end of period Tier 1 capital and quarterly average tangible assets. The timing of the merger impacted the result for the fourth quarter of 2019. The estimated leverage ratio using a full quarterly average tangible assets was 9.3 percent.

(2)Truist became subject to the supplementary leverage ratio as of January 1, 2020. The above measure is the current estimate based on a full quarter of average tangible assets in the denominator.

Capital ratios declined due to the merger, but remain strong compared to the regulatory levels for well capitalized banks at December 31, 2019. Truist declared common dividends of $0.450 per share during the fourth quarter of 2019. The dividend and total payout ratios for the fourth quarter of 2019 were 49.1 percent. As previously communicated, Truist suspended its share repurchase program until capital ratios return to higher levels.

Truist's average modified liquidity coverage ratio was approximately 165 percent for the three months ended December 31, 2019, compared to the regulatory minimum of 100 percent. The higher liquidity coverage ratio was due to adding additional liquidity to prepare for the merger. In addition, the liquid asset buffer, which is defined as high quality unencumbered liquid assets as a percentage of total assets, was 16.5 percent at December 31, 2019.

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ASSET QUALITY
(dollars in millions)	4Q19			3Q19			2Q19			1Q19			4Q18
Total nonperforming assets	$	684		$	509		$	523		$	584		$	585
Total performing TDRs	980			1,057			1,070			1,130			1,119
Total loans 90 days past due and still accruing	1,994			403			407			431			462
Total loans 30-89 days past due	2,213			992			1,016			948			1,044
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.15		%	0.30		%	0.30		%	0.35		%	0.35		%
Nonperforming assets as a percentage of total assets	0.14			0.22			0.23			0.26			0.26
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.74			0.66			0.67			0.64			0.70
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.66			0.27			0.27			0.29			0.31
Loans 90 days or more past due and still accruing as a percentage of loans and leases, excluding government guaranteed and PCI	0.03			0.04			0.04			0.04			0.04
Allowance for loan and lease losses as a percentage of loans and leases held for investment	0.52			1.05			1.05			1.05			1.05
Net charge-offs as a percentage of average loans and leases, annualized	0.40			0.41			0.38			0.40			0.38
Ratio of allowance for loan and lease losses to net charge-offs, annualized	2.03x			2.59x			2.80x			2.62x			2.76x
Ratio of allowance for loan and lease losses to nonperforming loans and leases held for investment	3.41x			3.52x			3.46x			2.97x			2.99x

Nonperforming assets totaled $684 million at December 31, 2019, up $175 million compared to September 30, 2019. This includes nonperforming assets from the merger of $107 million of loans held for sale, $63 million of loans and leases held for investment and $63 million in other nonperforming assets. Nonperforming loans and leases held for investment represented 0.15 percent of loans and leases held for investment, down 15 basis points compared to September 30, 2019. The decline is primarily due to the impact of the merged nonperforming loans being accounted for on a pooled basis in PCI and the sale of $69 million of nonperforming mortgage loans. Upon adoption of CECL and the transition from pooled level accounting for PCI, nonperforming loans will be determined based on the individual loan level and aggregated for reporting. There are approximately $500 million of PCI loans that would be classified as nonperforming as of December 31, 2019.

Performing TDRs were down $77 million during the fourth quarter primarily in residential mortgage loans due to the previously discussed sale, which was partially offset by an increase in commercial construction loans.

Loans 90 days or more past due and still accruing totaled $2.0 billion at December 31, 2019, up $1.6 billion compared to the prior quarter. This increase is a result of merged loans, including $1.2 billion of PCI loans, $193 million of government guaranteed residential mortgages and $187 million of government guaranteed student loans. The ratio of loans 90 days or more past due and still accruing as a percentage of loans and leases was 0.66 percent at December 31, 2019, an increase of 39 basis points from the prior quarter. Excluding government guaranteed and PCI loans, the ratio of loans 90 days or more past due and still accruing as a percentage of loans and leases was 0.03 percent at December 31, 2019, down from 0.04 percent at September 30, 2019.

Loans 30-89 days past due and still accruing totaled $2.2 billion at December 31, 2019, up $1.2 billion compared to the prior quarter, primarily due to the merged portfolio, which added $1.2 billion. The ratio of loans 30-89 days or more past due and still accruing as a percentage of loans and leases was 0.74 percent at December 31, 2019, an increase of eight basis points from the prior quarter. The primary driver of the increase is the addition of the merged guaranteed student loan portfolio.

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Net charge-offs during the fourth quarter totaled $192 million, up $39 million compared to the prior quarter. As a percentage of average loans and leases, annualized net charge-offs were 0.40 percent, down one basis point compared to the prior quarter.

The allowance for loan and lease losses, excluding the allowance for PCI loans, was $1.5 billion, down $24 million compared to the prior quarter. The decrease in the allowance for loan and lease losses was primarily due to the sale of residential mortgage loans during the fourth quarter. As of December 31, 2019, the total allowance for loan and lease losses was 0.52 percent of loans and leases held for investment. All of the merged loans were marked to fair value as of December 6, 2019 and therefore, there is no allowance related to these loans. Upon the adoption of CECL, an allowance will be established for all loans held for investment, with the portion related to non-PCI loans and leases charged to retained earnings.

The allowance for loan and lease losses was 3.41 times nonperforming loans and leases held for investment, compared to 3.52 times at September 30, 2019. At December 31, 2019, the allowance for loan and lease losses was 2.03 times annualized net charge-offs, compared to 2.59 times at September 30, 2019.

Earnings Presentation and Quarterly Performance Summary

To listen to Truist's live fourth quarter 2019 earnings conference call at 8 a.m. ET today, please call 866-519-2796 and enter the participant code 892418. A presentation will be used during the earnings conference call and is available on our website at https://ir.truist.com/events-and-presentation. Replays of the conference call will be available for 30 days by dialing 888-203-1112 (access code 6759252).

The presentation, including an appendix reconciling non-GAAP disclosures, and Truist's Fourth Quarter 2019 Quarterly Performance Summary, which contains detailed financial schedules, is available at https://ir.truist.com/earnings.

About Truist

Truist Financial Corporation is a purpose-driven financial services company committed to inspire and build better lives and communities. With 275 years of combined BB&T and SunTrust history, Truist serves approximately 10 million households with leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending and wealth management. Headquartered in Charlotte, North Carolina, Truist is the sixth-largest commercial bank in the U.S. with total assets of $473 billion as of December 31, 2019. Truist Bank, Member FDIC. Learn more at Truist.com.

#-#-#

Capital ratios and return on risk-weighted assets are preliminary.

This news release contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Truist's management uses these "non-GAAP" measures in their analysis of the Corporation's performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. The Corporation believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. Truist's management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Below is a listing of the types of non-GAAP measures used in this news release:

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=	The adjusted efficiency ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges and other selected items. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges.
=	Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist's management uses these measures to assess the quality of capital and returns relative to balance sheet risk and believes investors may find them useful in their analysis of the Corporation.
=	Core net interest margin is a non-GAAP measure that adjusts net interest margin to exclude the impact of purchase accounting. The purchase accounting marks and related amortization for a) securities acquired from the FDIC in the Colonial Bank acquisition and b) loans, deposits and long-term debt from SunTrust, Susquehanna and National Penn are excluded to approximate their yields at the pre-merger and acquisition rates. Interest income for PCI loans adjusts the accretion, net of interest reversals, which approximates the interest received from the client. Truist's management believes the adjustments to the calculation of net interest margin for certain assets and liabilities acquired provide investors with useful information related to the performance of Truist's earning assets.
=	The adjusted diluted earnings per share is non-GAAP in that it excludes merger-related and restructuring charges and other selected items, net of tax. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges.
=	The adjusted operating leverage ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges and other selected items. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges.
=	The adjusted performance ratios are non-GAAP in that they exclude merger-related and restructuring charges, selected items and, in the case of return on average tangible common shareholders' equity, amortization of intangible assets. Truist's management uses these measures in their analysis of the Corporation's performance. Truist's management believes these measures provide a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges.

A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is included in the appendix to Truist's Fourth Quarter 2019 Earnings Presentation, which is available at https://ir.truist.com/earnings.

This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the financial condition, results of operations, business plans and the future performance of Truist. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should," “would," "could" and other similar expressions are intended to identify these forward-looking statements.

Forward-looking statements are not based on historical facts but instead represent management's expectations and assumptions regarding Truist's business, the economy and other future conditions. Such statements involve inherent uncertainties, risks and changes in circumstances that are difficult to predict. As such, Truist’s actual results may differ materially from those contemplated by forward-looking statements. While there can be no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those contemplated by forward-looking statements include the following, without limitation, as well as the risks and uncertainties more fully discussed under Item 1A-Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2018 and in Truist's subsequent filings with the Securities and Exchange Commission:

=	risks and uncertainties relating to the merger of BB&T and SunTrust, including the ability to successfully integrate the companies or to realize the anticipated benefits of the merger;
=	expenses relating to the merger and integration of BB&T and SunTrust;
=	deposit attrition, customer loss or revenue loss following completed mergers or acquisitions may be greater than anticipated;
=	changes in the interest rate environment, including the replacement of LIBOR as an interest rate benchmark, that could adversely affect Truist’s revenue and expenses, the value of assets and obligations, and the availability and cost of capital, cash flows, and liquidity;
=	volatility in mortgage production and servicing revenues, and changes in carrying values of Truist’s servicing assets and mortgages held for sale due to changes in interest rates;
=	management’s ability to effectively manage credit risk;
=	inability to access short-term funding or liquidity;
=	loss of customer deposits, which could increase Truist’s funding costs;
=	changes in Truist’s credit ratings, which could increase the cost of funding or limit access to capital markets;
=	additional capital and liquidity requirements that will result from the merger of BB&T and SunTrust;

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=	regulatory matters, litigation or other legal actions, which may result in, among other things, costs, fines, penalties, restrictions on Truist’s business activities, reputational harm, or other adverse consequences;
=	risks related to originating and selling mortgages, including repurchase and indemnity demands from purchasers related to representations and warranties on loans sold, which could result in an increase in the amount of losses for loan repurchases;
=	failure to execute on strategic or operational plans, including the ability to successfully complete and/or integrate mergers and acquisitions;
=	risks relating to Truist’s role as a servicer of loans, including an increase in the scope or costs of the services Truist is required to perform without any corresponding increase in Truist’s servicing fee, or a breach of Truist’s obligations as servicer;
=	negative public opinion, which could damage Truist’s reputation;
=	increased scrutiny regarding Truist’s consumer sales practices, training practices, incentive compensation design and governance;
=	competition from new or existing competitors, including increased competition from products and services offered by non-bank financial technology companies, may reduce Truist’s customer base, cause Truist to lower prices for its products and services in order to maintain market share or otherwise adversely impact Truist’s businesses or results of operations;
=	Truist’s ability to introduce new products and services in response to industry trends or developments in technology that achieve market acceptance and regulatory approval;
=	Truist’s success depends on the expertise of key personnel, and if these individuals leave or change their roles without effective replacements, which could be exacerbated as Truist continues to integrate the executive management teams of BB&T and SunTrust, or if we are unable to hire and retain qualified personnel, Truist's operations and integration activities could be adversely impacted;
=	legislative, regulatory or accounting changes may adversely affect the businesses in which Truist is engaged;
=	evolving regulatory standards, including with respect to capital and liquidity, and results of regulatory examinations, may adversely affect Truist's financial condition and results of operations;
=	accounting policies and processes require management to make estimates about matters that are uncertain;
=	general economic or business conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, slower deposit or asset growth, a deterioration in credit quality or a reduced demand for credit, insurance or other services;
=	risk management measures and management oversight functions may not identify or address risks adequately;
=	unfavorable resolution of legal proceedings or other claims or regulatory or other governmental investigations or inquiries could result in negative publicity, protests, fines, penalties, restrictions on Truist's operations or ability to expand its business or other negative consequences, all of which could cause reputational damage and adversely impact Truist's financial condition and results of operations;
=	competitors of Truist may have greater financial resources or develop products that enable them to compete more successfully than Truist and may be subject to different regulatory standards than Truist;
=	failure to maintain or enhance Truist’s competitive position with respect to technology, whether because it fails to anticipate customer expectations or because its technological developments fail to perform as desired or are not rolled out in a timely manner or for other reasons, may cause Truist to lose market share or incur additional expense;
=	fraud or misconduct by internal or external parties, which Truist may not be able to prevent, detect or mitigate;
=	operational or communications systems, including systems used by vendors or other external parties, may fail or may be the subject of a breach or cyber-attack that, if successful, could adversely impact Truist's financial condition and results of operations;
=	security risks, including denial of service attacks, hacking, social engineering attacks targeting Truist’s employees and customers, malware intrusion or data corruption attempts, and identity theft could result in the disclosure of confidential information, adversely affect Truist’s business or reputation or create significant legal or financial exposure;
=	natural or other disasters, including acts of terrorism, could have an adverse effect on Truist, including by materially disrupting Truist's operations or the ability or willingness of customers to access Truist's products and services;
=	widespread system outages, caused by the failure of critical internal systems or critical services provided by third parties, could adversely impact Truist's financial condition and results of operations;
=	accounting policies and processes requiring management to make estimates about matters that are uncertain;
=	depressed market values for Truist’s stock and adverse economic conditions sustained over a period of time may require us to write down all or some portion of Truist’s goodwill; and
=	new tax guidance or differences in interpretation of tax laws and regulations.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by applicable law or regulation, Truist undertakes no obligation to revise or update any forward-looking statements.

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EX-99.2

Quarterly Performance Summary

Truist Financial Corporation

Fourth Quarter 2019

Table of Contents
Quarterly Performance Summary
Truist Financial Corporation
	Page
Financial Highlights	1
Financial Highlights - Five Quarter Trend	2
Consolidated Statements of Income	3
Consolidated Statements of Income - Five Quarter Trend	4
Segment Financial Performance - Five Quarter Trend	5
Consolidated Ending Balance Sheets - Five Quarter Trend	6
Average Balance Sheets	7
Average Balance Sheets - Five Quarter Trend	8
Average Balances and Rates - Quarters	9
Average Balances and Rates - Year-To-Date	11
Credit Quality	12
Selected Purchase Accounting Information	16
Capital Information - Five Quarter Trend	18
Selected Items	19
Selected Mortgage Banking Information & Additional Information	20
Non-GAAP Reconciliations	20

Financial Highlights
	Quarter Ended								Year-to-Date
	December 31						%		December 31						%
(Dollars in millions, except per share data, shares in thousands)	2019			2018			Change		2019			2018			Change
Summary Income Statement
Interest income - taxable equivalent	$	2,837		$	2,160		31.3	%	$	9,505		$	8,216		15.7	%
Interest expense	585			431			35.7		2,096			1,438			45.8
Net interest income - taxable equivalent	2,252			1,729			30.2		7,409			6,778			9.3
Less: Taxable-equivalent adjustment	25			24			4.2		96			96			—
Net interest income	2,227			1,705			30.6		7,313			6,682			9.4
Provision for credit losses	171			146			17.1		615			566			8.7
Net interest income after provision for credit losses	2,056			1,559			31.9		6,698			6,116			9.5
Noninterest income	1,398			1,235			13.2		5,255			4,876			7.8
Noninterest expense	2,575			1,784			44.3		7,934			6,932			14.5
Income before income taxes	879			1,010			(13.0)		4,019			4,060			(1.0)
Provision for income taxes	153			205			(25.4)		782			803			(2.6)
Net income	726			805			(9.8)		3,237			3,257			(0.6)
Noncontrolling interests	5			7			(28.6)		13			20			(35.0)
Preferred stock dividends	19			44			(56.8)		196			174			12.6
Net income available to common shareholders	702			754			(6.9)		3,028			3,063			(1.1)
Per Common Share Data
Earnings per share-basic	$	0.76		$	0.99		(23.2)	%	$	3.76		$	3.96		(5.1)	%
Earnings per share-diluted	0.75			0.97			(22.7)		3.71			3.91			(5.1)
Earnings per share-adjusted diluted (1)	1.12			1.07			4.2		4.37			4.05			7.9
Cash dividends declared	0.450			0.405			11.1		1.710			1.560			9.6
Common shareholders' equity	45.66			35.46			28.8		45.66			35.46			28.8
Tangible common shareholders' equity (1)	25.93			21.89			18.5		25.93			21.89			18.5
End of period shares outstanding	1,342,166			763,326			75.8		1,342,166			763,326			75.8
Weighted average shares outstanding-basic	922,840			765,013			20.6		805,104			772,963			4.2
Weighted average shares outstanding-diluted	934,718			775,402			20.5		815,204			783,484			4.0
Performance Ratios
Return on average assets	0.95		%	1.43		%			1.31		%	1.47		%
Return on average risk-weighted assets (current period is preliminary)	1.02			1.77					1.54			1.82
Return on average common shareholders' equity	7.33			11.14					9.87			11.50
Return on average tangible common shareholders' equity (1)	12.91			18.77					16.40			19.48
Net interest margin - taxable equivalent	3.41			3.49					3.42			3.46
Fee income ratio	38.6			42.0					41.8			42.2
Efficiency ratio-GAAP	71.0			60.7					63.1			60.0
Efficiency ratio-adjusted (1)	57.5			56.5					56.6			57.1
Credit Quality
Nonperforming assets as a percentage of:
Assets	0.14		%	0.26		%			0.14		%	0.26		%
Loans and leases plus foreclosed property	0.19			0.39					0.19			0.39
Net charge-offs as a percentage of average loans and leases	0.40			0.38					0.40			0.36
Allowance for loan and lease losses as a percentage of loans and leases held for investment	0.52			1.05					0.52			1.05
Ratio of allowance for loan and lease losses to nonperforming loans and leases held for investment	3.41x			2.99x					3.41x			2.99x
Average Balances
Assets	$	302,059		$	223,625		35.1	%	$	247,494		$	222,273		11.3	%
Securities (2)	60,699			46,610			30.2		50,645			47,100			7.5
Loans and leases	193,641			148,457			30.4		161,604			146,417			10.4
Deposits	210,716			157,842			33.5		173,269			157,483			10.0
Common shareholders' equity	38,031			26,860			41.6		30,697			26,640			15.2
Total shareholders' equity	41,740			29,965			39.3		34,108			29,743			14.7
Period-End Balances
Assets	$	473,078		$	225,697		109.6	%	$	473,078		$	225,697		109.6	%
Securities (2)	74,727			45,590			63.9		74,727			45,590			63.9
Loans and leases	308,215			150,001			105.5		308,215			150,001			105.5
Deposits	334,727			161,199			107.6		334,727			161,199			107.6
Common shareholders' equity	61,282			27,069			126.4		61,282			27,069			126.4
Total shareholders' equity	66,558			30,178			120.6		66,558			30,178			120.6
Capital Ratios (current quarter is preliminary)
Risk-based:
Common equity Tier 1	9.4		%	10.2		%			9.4		%	10.2		%
Tier 1	10.8			11.8					10.8			11.8
Total	12.6			13.8					12.6			13.8
Leverage (3)	14.7			9.9					14.7			9.9
Applicable ratios are annualized.
(1) Represents a non-GAAP measure. See the calculations and management's reasons for using these measures in the Non-GAAP Reconciliations and Preliminary Capital Information - Five Quarter Trend sections of this supplement.
(2) Includes AFS and HTM securities. Average balances reflect both AFS and HTM securities at amortized cost. Period-end balances reflect AFS securities at fair value and HTM securities at amortized cost. In 4Q19, Truist transferred all HTM securities into AFS securities in response to changes in regulatory capital rules.
(3) The leverage ratio is calculated using end of period Tier 1 capital and quarterly average tangible assets. The timing of the merger impacted the 4Q19 result.

Truist Financial Corporation 1

Financial Highlights - Five Quarter Trend
	Quarter Ended
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
(Dollars in millions, except per share data, shares in thousands)	2019			2019			2019			2019			2018
Summary Income Statement
Interest income - taxable equivalent	$	2,837		$	2,241		$	2,230		$	2,197		$	2,160
Interest expense	585			518			516			477			431
Net interest income - taxable equivalent	2,252			1,723			1,714			1,720			1,729
Less: Taxable-equivalent adjustment	25			23			24			24			24
Net interest income	2,227			1,700			1,690			1,696			1,705
Provision for credit losses	171			117			172			155			146
Net interest income after provision for credit losses	2,056			1,583			1,518			1,541			1,559
Noninterest income	1,398			1,303			1,352			1,202			1,235
Noninterest expense	2,575			1,840			1,751			1,768			1,784
Income before income taxes	879			1,046			1,119			975			1,010
Provision for income taxes	153			218			234			177			205
Net income	726			828			885			798			805
Noncontrolling interests	5			3			(1)			6			7
Preferred stock dividends	19			90			44			43			44
Net income available to common shareholders	702			735			842			749			754
Per Common Share Data
Earnings per share-basic	$	0.76		$	0.96		$	1.10		$	0.98		$	0.99
Earnings per share-diluted	0.75			0.95			1.09			0.97			0.97
Earnings per share-adjusted diluted (1)	1.12			1.07			1.12			1.05			1.05
Cash dividends declared	0.450			0.450			0.405			0.405			0.405
Common shareholders' equity	45.66			38.07			37.40			36.26			35.46
Tangible common shareholders' equity (1)	25.93			24.66			23.93			22.78			21.89
End of period shares outstanding	1,342,166			766,303			766,010			765,920			763,326
Weighted average shares outstanding-basic	922,840			766,167			765,958			764,135			765,013
Weighted average shares outstanding-diluted	934,718			775,791			774,603			774,071			775,402
Performance Ratios
Return on average assets	0.95		%	1.41		%	1.55		%	1.43		%	1.43		%
Return on average risk-weighted assets (current quarter is preliminary)	1.02			1.75			1.92			1.78			1.77
Return on average common shareholders' equity	7.33			10.04			11.98			11.08			11.14
Return on average tangible common shareholders' equity (1)	12.91			16.03			19.45			18.36			18.77
Net interest margin - taxable equivalent	3.41			3.37			3.42			3.51			3.49
Fee income ratio	38.6			43.4			44.4			41.5			42.0
Efficiency ratio-GAAP	71.0			61.3			57.6			61.0			60.7
Efficiency ratio-adjusted (1)	57.5			57.1			55.1			56.6			56.5
Credit Quality
Nonperforming assets as a percentage of:
Assets	0.14		%	0.22		%	0.23		%	0.26		%	0.26		%
Loans and leases plus foreclosed property	0.19			0.34			0.34			0.39			0.39
Net charge-offs as a percentage of average loans and leases	0.40			0.41			0.38			0.40			0.38
Allowance for loan and lease losses as a percentage of loans and leases held for investment	0.52			1.05			1.05			1.05			1.05
Ratio of allowance for loan and lease losses to nonperforming loans and leases held for investment	3.41x			3.52x			3.46x			2.97x			2.99x
Average Balances
Assets	$	302,059		$	232,420		$	229,249		$	225,573		$	223,625
Securities (2)	60,699			48,900			46,115			46,734			46,610
Loans and leases	193,641			152,042			151,557			148,790			148,457
Deposits	210,716			161,992			159,891			160,045			157,842
Common shareholders' equity	38,031			29,040			28,188			27,432			26,860
Total shareholders' equity	41,740			32,744			31,301			30,541			29,965
Period-End Balances
Assets	$	473,078		$	236,750		$	230,872		$	227,683		$	225,697
Securities (2)	74,727			54,765			45,289			46,410			45,590
Loans and leases	308,215			150,855			153,823			149,891			150,001
Deposits	334,727			162,280			159,521			159,766			161,199
Common shareholders' equity	61,282			29,177			28,650			27,770			27,069
Total shareholders' equity	66,558			32,303			31,764			30,883			30,178
Capital Ratios (current quarter is preliminary)
Risk-based:
Common equity Tier 1	9.4		%	10.6		%	10.4		%	10.3		%	10.2		%
Tier 1	10.8			12.2			12.0			12.0			11.8
Total	12.6			14.8			14.2			14.2			13.8
Leverage (3)	14.7			10.3			10.2			10.1			9.9
Applicable ratios are annualized.
(1) Represents a non-GAAP measure. See the calculations and management's reasons for using these measures in the Non-GAAP Reconciliations and Preliminary Capital Information - Five Quarter Trend sections of this supplement.
(2) Includes AFS and HTM securities. Average balances reflect both AFS and HTM securities at amortized cost. Period-end balances reflect AFS securities at fair value and HTM securities at amortized cost. In 4Q19, Truist transferred all HTM securities into AFS securities in response to changes in regulatory capital rules.
(3) The leverage ratio is calculated using end of period Tier 1 capital and quarterly average tangible assets. The timing of the merger impacted the 4Q19 result.

2 Truist Financial Corporation

Consolidated Statements of Income
	Quarter Ended								Year-to-Date
	Dec. 31				Change				Dec. 31				Change
(Dollars in millions, except per share data, shares in thousands)	2019		2018		$		%		2019		2018		$		%
Interest Income
Interest and fees on loans and leases	$	2,371	$	1,830	$	541	29.6	%	$	7,982	$	6,894	$	1,088	15.8	%
Interest and dividends on securities	402		292		110		37.7		1,319		1,160		159		13.7
Interest on other earning assets	39		14		25		178.6		108		66		42		63.6
Total interest income	2,812		2,136		676		31.6		9,409		8,120		1,289		15.9
Interest Expense
Interest on deposits	304		206		98		47.6		1,101		644		457		71.0
Interest on long-term debt	219		186		33		17.7		797		683		114		16.7
Interest on other borrowings	62		39		23		59.0		198		111		87		78.4
Total interest expense	585		431		154		35.7		2,096		1,438		658		45.8
Net Interest Income	2,227		1,705		522		30.6		7,313		6,682		631		9.4
Provision for credit losses	171		146		25		17.1		615		566		49		8.7
Net Interest Income After Provision for Credit Losses	2,056		1,559		497		31.9		6,698		6,116		582		9.5
Noninterest Income
Insurance income	509		487		22		4.5		2,072		1,852		220		11.9
Service charges on deposits	222		185		37		20.0		762		712		50		7.0
Wealth management income	206		169		37		21.9		715		660		55		8.3
Card and payment related fees	156		135		21		15.6		555		522		33		6.3
Residential mortgage income	65		58		7		12.1		285		258		27		10.5
Investment banking and trading income	109		53		56		105.7		244		154		90		58.4
Operating lease income	47		35		12		34.3		153		145		8		5.5
Income from bank-owned life insurance	38		28		10		35.7		129		116		13		11.2
Lending related fees	47		19		28		147.4		124		99		25		25.3
Commercial real estate related income	48		28		20		71.4		116		100		16		16.0
Securities gains (losses), net	(116)		2		(118)		NM		(116)		3		(119)		NM
Other income	67		36		31		86.1		216		255		(39)		(15.3)
Total noninterest income	1,398		1,235		163		13.2		5,255		4,876		379		7.8
Noninterest Expense
Personnel expense	1,465		1,096		369		33.7		4,833		4,313		520		12.1
Net occupancy expense	147		120		27		22.5		507		491		16		3.3
Professional fees and outside processing	161		103		58		56.3		433		365		68		18.6
Software expense	118		70		48		68.6		338		272		66		24.3
Equipment expense	83		68		15		22.1		280		267		13		4.9
Marketing and customer development	45		22		23		104.5		137		102		35		34.3
Depreciation - property under operating leases	43		30		13		43.3		136		120		16		13.3
Loan-related expense	42		25		17		68.0		123		108		15		13.9
Amortization	71		34		37		108.8		164		131		33		25.2
Regulatory costs	24		18		6		33.3		81		134		(53)		(39.6)
Merger-related and restructuring charges, net	223		76		147		193.4		360		146		214		146.6
Other expense	153		122		31		25.4		542		483		59		12.2
Total noninterest expense	2,575		1,784		791		44.3		7,934		6,932		1,002		14.5
Earnings
Income before income taxes	879		1,010		(131)		(13.0)		4,019		4,060		(41)		(1.0)
Provision for income taxes	153		205		(52)		(25.4)		782		803		(21)		(2.6)
Net income	726		805		(79)		(9.8)		3,237		3,257		(20)		(0.6)
Noncontrolling interests	5		7		(2)		(28.6)		13		20		(7)		(35.0)
Preferred stock dividends	19		44		(25)		(56.8)		196		174		22		12.6
Net income available to common shareholders	$	702	$	754	$	(52)	(6.9)	%	$	3,028	$	3,063	$	(35)	(1.1)	%
Earnings Per Common Share
Basic	$	0.76	$	0.99	$	(0.23)	(23.2)	%	$	3.76	$	3.96	$	(0.20)	(5.1)	%
Diluted	0.75		0.97		(0.22)		(22.7)		3.71		3.91		(0.20)		(5.1)
Weighted Average Shares Outstanding
Basic	922,840		765,013		157,827		20.6		805,104		772,963		32,141		4.2
Diluted	934,718		775,402		159,316		20.5		815,204		783,484		31,720		4.0
NM - not meaningful

Truist Financial Corporation 3

Consolidated Statements of Income - Five Quarter Trend
	Quarter Ended
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions, except per share data, shares in thousands)	2019		2019		2019		2019		2018
Interest Income
Interest and fees on loans and leases	$	2,371	$	1,886	$	1,886	$	1,839	$	1,830
Interest and dividends on securities	402		315		300		302		292
Interest on other earning assets	39		17		20		32		14
Total interest income	2,812		2,218		2,206		2,173		2,136
Interest Expense
Interest on deposits	304		271		273		253		206
Interest on long-term debt	219		193		193		192		186
Interest on other borrowings	62		54		50		32		39
Total interest expense	585		518		516		477		431
Net Interest Income	2,227		1,700		1,690		1,696		1,705
Provision for credit losses	171		117		172		155		146
Net Interest Income After Provision for Credit Losses	2,056		1,583		1,518		1,541		1,559
Noninterest Income
Insurance income	509		487		566		510		487
Service charges on deposits	222		188		181		171		185
Wealth management income	206		175		172		162		169
Card and payment related fees	156		132		139		128		135
Residential mortgage income	65		80		91		49		58
Investment banking and trading income	109		60		48		27		53
Operating lease income	47		36		35		35		35
Income from bank-owned life insurance	38		29		34		28		28
Lending related fees	47		24		28		25		19
Commercial real estate related income	48		32		22		14		28
Securities gains (losses), net	(116)		—		—		—		2
Other income	67		60		36		53		36
Total noninterest income	1,398		1,303		1,352		1,202		1,235
Noninterest Expense
Personnel expense	1,465		1,161		1,120		1,087		1,096
Net occupancy expense	147		122		116		122		120
Professional fees and outside processing	161		102		84		86		103
Software expense	118		77		71		72		70
Equipment expense	83		64		68		65		68
Marketing and customer development	45		36		29		27		22
Depreciation - property under operating leases	43		35		29		29		30
Loan-related expense	42		26		30		25		25
Amortization	71		29		32		32		34
Regulatory costs	24		20		19		18		18
Merger-related and restructuring charges, net	223		34		23		80		76
Other expense	153		134		130		125		122
Total noninterest expense	2,575		1,840		1,751		1,768		1,784
Earnings
Income before income taxes	879		1,046		1,119		975		1,010
Provision for income taxes	153		218		234		177		205
Net income	726		828		885		798		805
Noncontrolling interests	5		3		(1)		6		7
Preferred stock dividends	19		90		44		43		44
Net income available to common shareholders	$	702	$	735	$	842	$	749	$	754
Earnings Per Common Share
Basic	$	0.76	$	0.96	$	1.10	$	0.98	$	0.99
Diluted	0.75		0.95		1.09		0.97		0.97
Weighted Average Shares Outstanding
Basic	922,840		766,167		765,958		764,135		765,013
Diluted	934,718		775,791		774,603		774,071		775,402

4 Truist Financial Corporation

Segment Financial Performance - Preliminary
	Quarter Ended
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2019		2019		2019		2019		2018
Consumer Banking and Wealth
Net interest income (expense)	$	1,114	$	855	$	836	$	828	$	866
Net intersegment interest income (expense)	285		225		210		193		164
Segment net interest income	1,399		1,080		1,046		1,021		1,030
Allocated provision for credit losses	145		115		123		130		152
Noninterest income	648		576		581		508		546
Noninterest expense	1,341		942		910		893		914
Income (loss) before income taxes	561		599		594		506		510
Provision (benefit) for income taxes	136		145		144		123		126
Segment net income (loss)	$	425	$	454	$	450	$	383	$	384
Corporate and Commercial Banking
Net interest income (expense)	$	934	$	729	$	751	$	739	$	735
Net intersegment interest income (expense)	(94)		(85)		(109)		(105)		(81)
Segment net interest income	840		644		642		634		654
Allocated provision for credit losses	17		14		51		20		18
Noninterest income	390		250		232		214		245
Noninterest expense	553		331		312		303		349
Income (loss) before income taxes	660		549		511		525		532
Provision (benefit) for income taxes	103		99		94		89		111
Segment net income (loss)	$	557	$	450	$	417	$	436	$	421
Insurance Holdings
Net interest income (expense)	$	38	$	39	$	35	$	34	$	32
Net intersegment interest income (expense)	(11)		(11)		(10)		(11)		(10)
Segment net interest income	27		28		25		23		22
Allocated provision for credit losses	2		2		2		3		—
Noninterest income	536		491		570		515		496
Noninterest expense	481		435		444		417		415
Income (loss) before income taxes	80		82		149		118		103
Provision (benefit) for income taxes	21		21		38		30		26
Segment net income (loss)	$	59	$	61	$	111	$	88	$	77
Other, Treasury & Corporate (1)
Net interest income (expense)	$	141	$	77	$	68	$	95	$	72
Net intersegment interest income (expense)	(180)		(129)		(91)		(77)		(73)
Segment net interest income	(39)		(52)		(23)		18		(1)
Allocated provision for credit losses	7		(14)		(4)		2		(24)
Noninterest income	(176)		(14)		(31)		(35)		(52)
Noninterest expense	200		132		85		155		106
Income (loss) before income taxes	(422)		(184)		(135)		(174)		(135)
Provision (benefit) for income taxes	(107)		(47)		(42)		(65)		(58)
Segment net income (loss)	$	(315)	$	(137)	$	(93)	$	(109)	$	(77)
Total Truist Financial Corporation
Net interest income (expense)	$	2,227	$	1,700	$	1,690	$	1,696	$	1,705
Net intersegment interest income (expense)	—		—		—		—		—
Segment net interest income	2,227		1,700		1,690		1,696		1,705
Allocated provision for credit losses	171		117		172		155		146
Noninterest income	1,398		1,303		1,352		1,202		1,235
Noninterest expense	2,575		1,840		1,751		1,768		1,784
Income (loss) before income taxes	879		1,046		1,119		975		1,010
Provision (benefit) for income taxes	153		218		234		177		205
Net income	$	726	$	828	$	885	$	798	$	805
Effective December 2019, segments were realigned in connection with the SunTrust merger. Results for prior periods have been revised to reflect the new structure.
(1) Includes financial data from subsidiaries below the quantitative and qualitative thresholds requiring disclosure.

Truist Financial Corporation 5

Consolidated Ending Balance Sheets - Five Quarter Trend
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2019		2019		2019		2019		2018
Assets
Cash and due from banks	$	4,084	$	2,027	$	1,831	$	1,873	$	2,753
Interest-bearing deposits with banks	14,981		877		722		847		1,091
Federal funds sold and securities purchased under resale agreements or similar arrangements	1,417		114		148		252		143
Trading assets	5,733		400		1,429		1,524		391
Securities available for sale at fair value	74,727		35,997		25,802		26,315		25,038
Securities held to maturity at amortized cost	—		18,768		19,487		20,095		20,552
Loans and leases:
Commercial:
Commercial and industrial	130,180		64,324		63,693		61,978		61,935
CRE	26,832		17,080		16,976		16,718		16,808
Commercial construction	6,205		3,804		3,746		4,111		4,252
Lease financing	6,122		2,356		2,203		2,098		2,018
Consumer:
Residential mortgage	52,071		28,297		32,607		31,572		31,393
Residential home equity and direct	27,044		11,646		11,675		11,646		11,775
Indirect auto	24,442		11,871		11,756		11,506		11,282
Indirect other	11,100		6,590		6,453		6,017		6,143
Student	6,743		—		—		—		—
Credit card	5,619		3,058		3,056		2,970		2,941
PCI	3,484		387		421		441		466
Total loans and leases held for investment	299,842		149,413		152,586		149,057		149,013
Loans held for sale	8,373		1,442		1,237		834		988
Total loans and leases	308,215		150,855		153,823		149,891		150,001
Allowance for loan and lease losses	(1,549)		(1,573)		(1,595)		(1,561)		(1,558)
Premises and equipment	3,712		2,022		2,029		2,078		2,118
Goodwill	24,154		9,832		9,830		9,818		9,818
Core deposit and other intangible assets	3,142		678		712		726		758
Mortgage servicing rights	2,630		929		982		1,049		1,122
Other assets	31,832		15,824		15,672		14,776		13,470
Total assets	$	473,078	$	236,750	$	230,872	$	227,683	$	225,697
Liabilities
Deposits:
Noninterest-bearing deposits	$	92,405	$	52,667	$	52,458	$	53,021	$	53,025
Interest checking	85,492		27,723		28,021		28,028		28,130
Money market and savings	120,934		64,454		63,972		63,739		63,467
Time deposits	35,896		16,526		15,070		14,978		16,577
Foreign office deposits - interest-bearing	—		910		—		—		—
Total deposits	334,727		162,280		159,521		159,766		161,199
Short-term borrowings	18,218		10,405		10,344		6,305		5,178
Long-term debt	41,339		25,520		22,640		24,729		23,709
Other liabilities	12,236		6,242		6,603		6,000		5,433
Total liabilities	406,520		204,447		199,108		196,800		195,519
Shareholders' Equity:
Preferred stock	5,102		3,057		3,053		3,053		3,053
Common stock	6,711		3,832		3,830		3,830		3,817
Additional paid-in capital	35,609		6,931		6,889		6,843		6,849
Retained earnings	19,806		19,440		19,050		18,518		18,118
Accumulated other comprehensive loss	(844)		(1,026)		(1,119)		(1,421)		(1,715)
Noncontrolling interests	174		69		61		60		56
Total shareholders' equity	66,558		32,303		31,764		30,883		30,178
Total liabilities and shareholders' equity	$	473,078	$	236,750	$	230,872	$	227,683	$	225,697
New lease accounting guidance was adopted prospectively in 1Q19 that requires lessees to recognize assets and liabilities related to certain operating leases on the balance sheet.
In 4Q19, Truist transferred all HTM securities into AFS securities in response to changes in regulatory capital rules.

6 Truist Financial Corporation

Average Balance Sheets
	Quarter Ended								Year-to-Date
	December 31				Change				December 31				Change
(Dollars in millions)	2019		2018		$		%		2019		2018		$		%
Assets
Securities at amortized cost (1):
U.S. Treasury	$	2,384	$	4,555	$	(2,171)	(47.7)	%	$	2,644	$	3,800	$	(1,156)	(30.4)	%
U.S. government-sponsored entities (GSE)	2,301		2,408		(107)		(4.4)		2,402		2,394		8		0.3
Mortgage-backed securities issued by GSE	55,119		38,566		16,553		42.9		44,710		39,559		5,151		13.0
States and political subdivisions	598		725		(127)		(17.5)		587		958		(371)		(38.7)
Non-agency mortgage-backed	263		326		(63)		(19.3)		269		349		(80)		(22.9)
Other	34		30		4		13.3		33		40		(7)		(17.5)
Total securities	60,699		46,610		14,089		30.2		50,645		47,100		3,545		7.5
Loans and leases:
Commercial:
Commercial and industrial	81,853		60,553		21,300		35.2		67,435		59,663		7,772		13.0
CRE	19,896		16,914		2,982		17.6		17,651		16,994		657		3.9
Commercial construction	4,506		4,387		119		2.7		4,061		4,441		(380)		(8.6)
Lease financing	3,357		1,990		1,367		68.7		2,443		1,917		526		27.4
Consumer:
Residential mortgage	34,824		31,103		3,721		12.0		31,668		29,932		1,736		5.8
Residential home equity and direct	15,810		11,790		4,020		34.1		12,716		11,860		856		7.2
Indirect auto	15,390		11,255		4,135		36.7		12,545		11,215		1,330		11.9
Indirect other	7,772		6,181		1,591		25.7		6,654		5,896		758		12.9
Student	1,825		—		1,825		NM		460		—		460		NM
Credit card	3,788		2,880		908		31.5		3,181		2,723		458		16.8
PCI	1,220		486		734		151.0		631		548		83		15.1
Total loans and leases held for investment	190,241		147,539		42,702		28.9		159,445		145,189		14,256		9.8
Loans held for sale	3,400		918		2,482		NM		2,159		1,228		931		75.8
Total loans and leases	193,641		148,457		45,184		30.4		161,604		146,417		15,187		10.4
Interest earning trading assets	2,370		428		1,942		NM		1,277		633		644		101.7
Other earning assets	6,405		1,718		4,687		NM		2,888		1,618		1,270		78.5
Total earning assets	263,115		197,213		65,902		33.4		216,414		195,768		20,646		10.5
Nonearning assets	38,944		26,412		12,532		47.4		31,080		26,505		4,575		17.3
Total assets	$	302,059	$	223,625	$	78,434	35.1	%	$	247,494	$	222,273	$	25,221	11.3	%
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing deposits	$	64,485	$	53,732	$	10,753	20.0	%	$	55,513	$	53,818	$	1,695	3.1	%
Interest checking	43,246		26,921		16,325		60.6		31,592		26,951		4,641		17.2
Money market and savings	79,903		62,261		17,642		28.3		67,922		62,257		5,665		9.1
Time deposits	23,058		14,682		8,376		57.0		17,970		13,963		4,007		28.7
Foreign office deposits - interest-bearing	24		246		(222)		(90.2)		272		494		(222)		(44.9)
Total deposits	210,716		157,842		52,874		33.5		173,269		157,483		15,786		10.0
Short-term borrowings	11,489		6,979		4,510		64.6		8,462		5,955		2,507		42.1
Long-term debt	29,888		23,488		6,400		27.2		24,756		23,755		1,001		4.2
Other liabilities	8,226		5,351		2,875		53.7		6,899		5,337		1,562		29.3
Total liabilities	260,319		193,660		66,659		34.4		213,386		192,530		20,856		10.8
Shareholders' equity	41,740		29,965		11,775		39.3		34,108		29,743		4,365		14.7
Total liabilities and shareholders' equity	$	302,059	$	223,625	$	78,434	35.1	%	$	247,494	$	222,273	$	25,221	11.3	%
New lease accounting guidance was adopted prospectively in 1Q19 that requires lessees to recognize assets and liabilities related to certain operating leases on the balance sheet.
Average balances exclude basis adjustments for fair value hedges.
(1) Includes AFS and HTM securities.
NM - not meaningful

Truist Financial Corporation 7

Average Balance Sheets - Five Quarter Trend
	Quarter Ended
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2019		2019		2019		2019		2018
Assets
Securities at amortized cost (1):
U.S. Treasury	$	2,384	$	2,240	$	2,662	$	3,302	$	4,555
U.S. government-sponsored entities (GSE)	2,301		2,449		2,440		2,418		2,408
Mortgage-backed securities issued by GSE	55,119		43,415		40,112		40,044		38,566
States and political subdivisions	598		566		566		620		725
Non-agency mortgage-backed	263		198		302		315		326
Other	34		32		33		35		30
Total securities	60,699		48,900		46,115		46,734		46,610
Loans and leases:
Commercial:
Commercial and industrial	81,853		63,768		62,563		61,370		60,553
CRE	19,896		17,042		16,854		16,786		16,914
Commercial construction	4,506		3,725		3,894		4,119		4,387
Lease financing	3,357		2,260		2,122		2,021		1,990
Consumer:
Residential mortgage	34,824		28,410		32,066		31,370		31,103
Residential home equity and direct	15,810		11,650		11,687		11,681		11,790
Indirect auto	15,390		11,810		11,633		11,308		11,255
Indirect other	7,772		6,552		6,246		6,029		6,181
Student	1,825		—		—		—		—
Credit card	3,788		3,036		2,970		2,922		2,880
PCI	1,220		411		432		455		486
Total loans and leases held for investment	190,241		148,664		150,467		148,061		147,539
Loans held for sale	3,400		3,378		1,090		729		918
Total loans and leases	193,641		152,042		151,557		148,790		148,457
Interest earning trading assets	2,370		668		1,456		602		428
Other earning assets	6,405		1,798		1,711		1,595		1,718
Total earning assets	263,115		203,408		200,839		197,721		197,213
Nonearning assets	38,944		29,012		28,410		27,852		26,412
Total assets	$	302,059	$	232,420	$	229,249	$	225,573	$	223,625
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing deposits	$	64,485	$	52,500	$	52,680	$	52,283	$	53,732
Interest checking	43,246		27,664		27,708		27,622		26,921
Money market and savings	79,903		64,920		63,394		63,325		62,261
Time deposits	23,058		16,643		15,730		16,393		14,682
Foreign office deposits - interest-bearing	24		265		379		422		246
Total deposits	210,716		161,992		159,891		160,045		157,842
Short-term borrowings	11,489		8,307		8,367		5,624		6,979
Long-term debt	29,888		22,608		23,233		23,247		23,488
Other liabilities	8,226		6,769		6,457		6,116		5,351
Total liabilities	260,319		199,676		197,948		195,032		193,660
Shareholders' equity	41,740		32,744		31,301		30,541		29,965
Total liabilities and shareholders' equity	$	302,059	$	232,420	$	229,249	$	225,573	$	223,625
New lease accounting guidance was adopted prospectively in 1Q19 that requires lessees to recognize assets and liabilities related to certain operating leases on the balance sheet.
Average balances exclude basis adjustments for fair value hedges.
(1) Includes AFS and HTM securities.

8 Truist Financial Corporation

Average Balances and Rates - Quarters
	Quarter Ended
	December 31, 2019						September 30, 2019
	(1)		(2) Interest		(2)		(1)		(2) Interest		(2)
	Average		Income/		Yields/		Average		Income/		Yields/
(Dollars in millions)	Balances		Expense		Rates		Balances		Expense		Rates
Assets
Securities at amortized cost (3):
U.S. Treasury	$	2,384	$	12	1.97	%	$	2,240	$	11	2.04	%
U.S. government-sponsored entities (GSE)	2,301		12		2.28		2,449		14		2.25
Mortgage-backed securities issued by GSE	55,119		366		2.64		43,415		279		2.57
States and political subdivisions	598		4		3.38		566		5		3.44
Non-agency mortgage-backed	263		9		13.15		198		9		18.77
Other	34		—		3.53		32		—		3.67
Total securities	60,699		403		2.65		48,900		318		2.60
Loans and leases:
Commercial:
Commercial and industrial	81,853		862		4.18		63,768		671		4.18
CRE	19,896		223		4.43		17,042		209		4.83
Commercial construction	4,506		57		5.17		3,725		47		5.11
Lease financing	3,357		32		3.79		2,260		18		3.17
Consumer:
Residential mortgage	34,824		361		4.15		28,410		285		4.02
Residential home equity and direct	15,810		242		6.04		11,650		173		5.92
Indirect auto	15,390		312		8.04		11,810		262		8.84
Indirect other	7,772		133		6.77		6,552		110		6.61
Student	1,825		24		5.20		—		—		—
Credit card	3,788		85		9.06		3,036		71		9.18
PCI	1,220		33		10.63		411		25		24.23
Total loans and leases held for investment	190,241		2,364		4.94		148,664		1,871		5.00
Loans held for sale	3,400		31		3.52		3,378		35		4.16
Total loans and leases	193,641		2,395		4.91		152,042		1,906		4.98
Interest earning trading assets	2,370		11		1.84		668		3		2.02
Other earning assets	6,405		28		1.78		1,798		14		2.92
Total earning assets	263,115		2,837		4.29		203,408		2,241		4.38
Nonearning assets	38,944						29,012
Total assets	$	302,059					$	232,420
Liabilities and Shareholders' Equity
Interest-bearing deposits:
Interest checking	$	43,246	65		0.60		$	27,664	47		0.67
Money market and savings	79,903		152		0.76		64,920		156		0.95
Time deposits	23,058		87		1.48		16,643		67		1.62
Foreign office deposits - interest-bearing	24		—		2.19		265		1		2.13
Total interest-bearing deposits	146,231		304		0.82		109,492		271		0.99
Short-term borrowings	11,489		62		2.15		8,307		54		2.55
Long-term debt	29,888		219		2.92		22,608		193		3.42
Total interest-bearing liabilities	187,608		585		1.24		140,407		518		1.47
Noninterest-bearing deposits (4)	64,485						52,500
Other liabilities	8,226						6,769
Shareholders' equity	41,740						32,744
Total liabilities and shareholders' equity	$	302,059					$	232,420
Average interest-rate spread					3.05						2.91
Net interest income/ net interest margin			$	2,252	3.41	%			$	1,723	3.37	%
Taxable-equivalent adjustment			$	25					$	23
Applicable ratios are annualized.
(1) Excludes basis adjustments for fair value hedges.
(2) Amounts are on a taxable-equivalent basis utilizing the federal income tax rate of 21% for the periods presented.
(3) Includes AFS and HTM securities.
(4) Total deposit costs were 0.57% and 0.67% for the three months ended December 31, 2019 and September 30, 2019, respectively.

Truist Financial Corporation 9

Average Balances and Rates - Quarters
	Quarter Ended
	June 30, 2019						March 31, 2019						December 31, 2018
	(1)		(2) Interest		(2)		(1)		(2) Interest		(2)		(1)		(2) Interest		(2)
	Average		Income/		Yields/		Average		Income/		Yields/		Average		Income/		Yields/
(Dollars in millions)	Balances		Expense		Rates		Balances		Expense		Rates		Balances		Expense		Rates
Assets
Securities at amortized cost (3):
U.S. Treasury	$	2,662	$	14	2.04	%	$	3,302	$	16	2.01	%	$	4,555	$	25	2.11	%
U.S. government-sponsored entities (GSE)	2,440		13		2.25		2,418		14		2.24		2,408		14		2.24
Mortgage-backed securities issued by GSE	40,112		258		2.57		40,044		258		2.58		38,566		241		2.50
States and political subdivisions	566		6		4.37		620		6		3.73		725		6		3.53
Non-agency mortgage-backed	302		10		13.28		315		10		12.51		326		10		11.50
Other	33		1		3.85		35		—		3.96		30		—		4.51
Total securities	46,115		302		2.62		46,734		304		2.60		46,610		296		2.53
Loans and leases:
Commercial:
Commercial and industrial	62,563		679		4.35		61,370		656		4.33		60,553		645		4.23
CRE	16,854		210		4.97		16,786		207		4.99		16,914		206		4.82
Commercial construction	3,894		50		5.32		4,119		54		5.33		4,387		55		5.08
Lease financing	2,122		17		3.29		2,021		17		3.33		1,990		18		3.64
Consumer:
Residential mortgage	32,066		321		4.00		31,370		324		4.13		31,103		319		4.10
Residential home equity and direct	11,687		173		5.97		11,681		171		5.92		11,790		172		5.73
Indirect auto	11,633		254		8.71		11,308		240		8.62		11,255		237		8.43
Indirect other	6,246		102		6.63		6,029		98		6.57		6,181		98		6.35
Student	—		—		—		—		—		—		—		—		—
Credit card	2,970		67		8.94		2,922		65		9.03		2,880		64		8.91
PCI	432		24		21.63		455		20		17.99		486		26		20.49
Total loans and leases held for investment	150,467		1,897		5.05		148,061		1,852		5.06		147,539		1,840		4.96
Loans held for sale	1,090		11		4.17		729		8		4.38		918		10		4.66
Total loans and leases	151,557		1,908		5.05		148,790		1,860		5.06		148,457		1,850		4.96
Interest earning trading assets	1,456		8		2.25		602		4		2.27		428		2		2.03
Other earning assets	1,711		12		2.88		1,595		29		7.43		1,718		12		2.67
Total earning assets	200,839		2,230		4.45		197,721		2,197		4.49		197,213		2,160		4.36
Nonearning assets	28,410						27,852						26,412
Total assets	$	229,249					$	225,573					$	223,625
Liabilities and Shareholders' Equity
Interest-bearing deposits:
Interest checking	$	27,708	45		0.65		$	27,622	40		0.59		$	26,921	34		0.49
Money market and savings	63,394		163		1.03		63,325		150		0.96		62,261		125		0.80
Time deposits	15,730		63		1.58		16,393		60		1.50		14,682		45		1.22
Foreign office deposits - interest-bearing	379		2		2.43		422		3		2.43		246		2		2.22
Total interest-bearing deposits (4)	107,211		273		1.02		107,762		253		0.95		104,110		206		0.78
Short-term borrowings	8,367		50		2.40		5,624		32		2.32		6,979		39		2.18
Long-term debt	23,233		193		3.33		23,247		192		3.30		23,488		186		3.19
Total interest-bearing liabilities	138,811		516		1.49		136,633		477		1.41		134,577		431		1.28
Noninterest-bearing deposits (4)	52,680						52,283						53,732
Other liabilities	6,457						6,116						5,351
Shareholders' equity	31,301						30,541						29,965
Total liabilities and shareholders' equity	$	229,249					$	225,573					$	223,625
Average interest-rate spread					2.96						3.08						3.08
Net interest income/ net interest margin			$	1,714	3.42	%			$	1,720	3.51	%			$	1,729	3.49	%
Taxable-equivalent adjustment			$	24					$	24					$	24
Applicable ratios are annualized.
(1) Excludes basis adjustments for fair value hedges.
(2) Amounts are on a taxable-equivalent basis utilizing the federal income tax rate of 21% for the periods presented.
(3) Includes AFS and HTM securities.
(4) Total deposit costs were 0.68%, 0.64 and 0.52% for the three months ended June 30, 2019, March 31, 2019 and December 31, 2018, respectively.

10 Truist Financial Corporation

Average Balances and Rates - Year-To-Date
	Year-to-Date
	December 31, 2019						December 31, 2018
	(1)		(2) Interest		(2)		(1)		(2) Interest		(2)
	Average		Income/		Yields/		Average		Income/		Yields/
(Dollars in millions)	Balances		Expense		Rates		Balances		Expense		Rates
Assets
Securities at amortized cost (3):
U.S. Treasury	$	2,644	$	53	2.01	%	$	3,800	$	72	1.89	%
U.S. government-sponsored entities (GSE)	2,402		53		2.26		2,394		54		2.23
Mortgage-backed securities issued by GSE	44,710		1,161		2.59		39,559		969		2.45
States and political subdivisions	587		21		3.73		958		35		3.68
Non-agency mortgage-backed	269		38		14.05		349		42		11.93
Other	33		1		3.75		40		1		3.34
Total securities	50,645		1,327		2.62		47,100		1,173		2.49
Loans and leases:
Commercial:
Commercial and industrial	67,435		2,868		4.25		59,663		2,374		3.98
CRE	17,651		849		4.79		16,994		798		4.67
Commercial construction	4,061		208		5.23		4,441		209		4.79
Lease financing	2,443		84		3.44		1,917		61		3.19
Consumer:
Residential mortgage	31,668		1,291		4.08		29,932		1,212		4.05
Residential home equity and direct	12,716		759		5.97		11,860		641		5.41
Indirect auto	12,545		1,068		8.51		11,215		917		8.18
Indirect other	6,654		443		6.65		5,896		368		6.25
Student	460		24		5.20		—		—		—
Credit card	3,181		288		9.05		2,723		238		8.73
PCI	631		102		16.05		548		108		19.64
Total loans and leases held for investment	159,445		7,984		5.01		145,189		6,926		4.77
Loans held for sale	2,159		85		3.91		1,228		50		4.13
Total loans and leases	161,604		8,069		4.99		146,417		6,976		4.77
Interest earning trading assets	1,277		26		2.02		633		24		3.82
Other earning assets	2,888		83		2.89		1,618		43		2.63
Total earning assets	216,414		9,505		4.39		195,768		8,216		4.20
Nonearning assets	31,080						26,505
Total assets	$	247,494					$	222,273
Liabilities and Shareholders' Equity
Interest-bearing deposits:
Interest checking	$	31,592	197		0.62		$	26,951	116		0.43
Money market and savings	67,922		621		0.91		62,257		387		0.62
Time deposits	17,970		277		1.54		13,963		132		0.94
Foreign office deposits - interest-bearing	272		6		2.35		494		9		1.67
Total interest-bearing deposits (4)	117,756		1,101		0.93		103,665		644		0.62
Short-term borrowings	8,462		198		2.34		5,955		111		1.86
Long-term debt	24,756		797		3.22		23,755		683		2.88
Total interest-bearing liabilities	150,974		2,096		1.39		133,375		1,438		1.08
Noninterest-bearing deposits (4)	55,513						53,818
Other liabilities	6,899						5,337
Shareholders' equity	34,108						29,743
Total liabilities and shareholders' equity	$	247,494					$	222,273
Average interest-rate spread					3.00						3.12
Net interest income/ net interest margin			$	7,409	3.42	%			$	6,778	3.46	%
Taxable-equivalent adjustment			$	96					$	96
Applicable ratios are annualized.
(1) Excludes basis adjustments for fair value hedges.
(2) Amounts are on a taxable-equivalent basis utilizing the federal income tax rate of 21% for the periods presented.
(3) Includes AFS and HTM securities.
(4) Total deposit costs were 0.57% and 0.41% for the year ended December 31, 2019 and 2018, respectively.

Truist Financial Corporation 11

Credit Quality
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2019		2019		2019		2019		2018
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial	$	212	$	172	$	193	$	196	$	200
CRE	10		27		31		73		63
Commercial construction	—		2		2		2		2
Lease financing	8		2		2		1		3
Consumer:
Residential mortgage	55		106		104		121		119
Residential home equity and direct	67		56		54		53		53
Indirect auto	100		81		74		79		82
Indirect other	2		1		1		1		—
Total nonaccrual loans and leases held for investment	454		447		461		526		522
Loans held for sale	107		—		—		—		—
Total nonaccrual loans and leases (1)	561		447		461		526		522
Foreclosed real estate	82		33		36		33		35
Other foreclosed property	41		29		26		25		28
Total nonperforming assets(1)	$	684	$	509	$	523	$	584	$	585
Troubled Debt Restructurings (TDRs) (2)
Performing TDRs:
Commercial:
Commercial and industrial	$	47	$	69	$	84	$	63	$	65
CRE	6		6		7		8		8
Commercial construction	37		1		1		1		2
Consumer:
Residential mortgage	470		570		581		669		656
Residential home equity and direct	51		54		53		54		56
Indirect auto	333		324		311		302		299
Indirect other	5		4		4		4		6
Credit card	31		29		29		29		27
Total performing TDRs (2)	980		1,057		1,070		1,130		1,119
Nonperforming TDRs	82		115		135		178		176
Total TDRs (2)	$	1,062	$	1,172	$	1,205	$	1,308	$	1,295
Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial	$	1	$	—	$	—	$	—	$	—
Consumer:
Residential mortgage	$	543	$	347	$	350	$	377	$	405
Residential home equity and direct	9		8		11		8		8
Indirect auto	11		9		7		5		6
Indirect other	2		—		—		—		—
Student	188		—		—		—		—
Credit card	22		15		13		13		13
PCI	1,218		24		26		28		30
Total loans 90 days past due and still accruing	$	1,994	$	403	$	407	$	431	$	462
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial	$	94	$	34	$	32	$	36	$	34
CRE	5		1		3		3		4
Commercial construction	1		—		—		—		1
Lease financing	2		1		5		3		1
Consumer:
Residential mortgage	498		432		480		478		456
Residential home equity and direct	122		56		60		69		63
Indirect auto	560		380		354		281		390
Indirect other	85		43		39		35		46
Student	650		—		—		—		—
Credit card	56		29		26		25		26
PCI	140		16		17		18		23
Total loans 30-89 days past due	$	2,213	$	992	$	1,016	$	948	$	1,044
(1) Sales of nonperforming loans totaled $119 million, $42 million, $48 million, $30 million and $30 million for the quarter ended December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018, respectively.
(2) Sales and transfers to HFS of performing TDRs, which were primarily residential mortgage loans, totaled $146 million, $39 million, $120 million, $33 million and $15 million for the quarter ended December 31, 2019, September 30, 2019, June 30, 2019, March 31, 2019 and December 31, 2018, respectively.

12 Truist Financial Corporation

	As of/For the Quarter Ended
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2019		2019		2019		2019		2018
Allowance for Credit Losses
Beginning balance	$	1,653	$	1,689	$	1,659	$	1,651	$	1,648
Provision for credit losses (excluding PCI loans)	171		117		172		156		147
Provision (benefit) for PCI loans	—		—		—		(1)		(1)
Charge-offs:
Commercial:
Commercial and industrial	(23)		(28)		(22)		(17)		(18)
CRE	(5)		(2)		(18)		(8)		(3)
Commercial construction	—		—		—		—		(2)
Lease financing	(9)		(1)		—		(1)		(1)
Consumer:
Residential mortgage	(8)		(3)		(5)		(5)		(8)
Residential home equity and direct	(25)		(24)		(24)		(20)		(20)
Indirect auto	(107)		(92)		(79)		(92)		(93)
Indirect other	(19)		(14)		(12)		(17)		(15)
Student	—		—		—		—		—
Credit card	(37)		(25)		(23)		(24)		(20)
PCI	—		—		—		—		—
Total charge-offs	(233)		(189)		(183)		(184)		(180)
Recoveries:
Commercial:
Commercial and industrial	6		5		8		6		7
CRE	—		3		2		—		2
Commercial construction	1		—		1		1		2
Lease financing	—		1		—		—		—
Consumer:
Residential mortgage	1		—		—		1		1
Residential home equity and direct	10		6		8		6		6
Indirect auto	13		12		14		13		12
Indirect other	5		3		5		4		3
Student	—		—		—		—		—
Credit card	5		6		3		6		4
Total recoveries	41		36		41		37		37
Net charge-offs	(192)		(153)		(142)		(147)		(143)
RUFC assumed with SunTrust Merger	257		—		—		—		—
Ending balance	$	1,889	$	1,653	$	1,689	$	1,659	$	1,651
Allowance for Credit Losses:
Allowance for loan and lease losses (excluding PCI loans)	$	1,541	$	1,565	$	1,587	$	1,553	$	1,549
Allowance for PCI loans	8		8		8		8		9
Reserve for unfunded lending commitments (RUFC)	340		80		94		98		93
Total	$	1,889	$	1,653	$	1,689	$	1,659	$	1,651
							As of/For the Year-to-Date
							Period Ended Dec. 31
(Dollars in millions)							2019		2018
Allowance for Credit Losses
Beginning balance							$	1,651	$	1,609
Provision for credit losses (excluding PCI loans)							616		583
Provision (benefit) for PCI loans							(1)		(17)
Charge-offs:
Commercial:
Commercial and industrial							(90)		(92)
CRE							(33)		(10)
Commercial construction							—		(3)
Lease financing							(11)		(4)
Consumer:
Residential mortgage							(21)		(21)
Residential home equity and direct							(93)		(79)
Indirect auto							(370)		(342)
Indirect other							(62)		(49)
Student							—		—
Credit card							(109)		(76)
PCI							—		(2)
Total charge-offs							(789)		(678)
Recoveries:
Commercial:
Commercial and industrial							25		39
CRE							5		3
Commercial construction							3		5
Lease financing							1		1
Consumer:
Residential mortgage							2		2
Residential home equity and direct							30		25
Indirect auto							52		49
Indirect other							17		13
Student							—		—
Credit card							20		17
Total recoveries							155		154
Net charge-offs							(634)		(524)
RUFC assumed with SunTrust Merger							257		—
Ending balance							$	1,889	$	1,651

	As of/For the Quarter Ended
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
	2019		2019		2019		2019		2018
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.74	%	0.66	%	0.67	%	0.64	%	0.70	%
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.66		0.27		0.27		0.29		0.31
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.15		0.30		0.30		0.35		0.35
Nonperforming loans and leases as a percentage of loans and leases (1)	0.18		0.30		0.30		0.35		0.35
Nonperforming assets as a percentage of:
Total assets (1)	0.14		0.22		0.23		0.26		0.26
Loans and leases plus foreclosed property	0.19		0.34		0.34		0.39		0.39
Net charge-offs as a percentage of average loans and leases	0.40		0.41		0.38		0.40		0.38
Allowance for loan and lease losses as a percentage of loans and leases	0.52		1.05		1.05		1.05		1.05
Ratio of allowance for loan and lease losses to:
Net charge-offs	2.03X		2.59X		2.80X		2.62X		2.76X
Nonperforming loans and leases	3.41X		3.52X		3.46X		2.97X		2.99X
Asset Quality Ratios (Excluding Government Guaranteed and PCI)
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.03	%	0.04	%	0.04	%	0.04	%	0.04	%
Applicable ratios are annualized.
(1)Includes loans held for sale.
							As of/For the Year-to-Date
							Period Ended Dec. 31
							2019		2018
Asset Quality Ratios
Net charge-offs as a percentage of average loans and leases							0.40	%	0.36	%
Ratio of allowance for loan and lease losses to net charge-offs							2.44X		2.98X
Applicable ratios are annualized.

13 Truist Financial Corporation

	December 31, 2019
					Past Due 30-89					Past Due 90+
(Dollars in millions)	Current Status				Days					Days					Total
Troubled Debt Restructurings
Performing TDRs: (1)
Commercial:
Commercial and industrial	$	46	97.9	%	$	1		2.1	%	$	—		—	%	$	47
CRE	6		100.0		—			—		—			—		6
Commercial construction	37		100.0		—			—		—			—		37
Lease financing	—		—		—			—		—			—		—
Consumer:
Residential mortgage	233		49.5		83			17.7		154			32.8		470
Residential home equity and direct	49		96.1		2			3.9		—			—		51
Indirect auto	266		79.9		67			20.1		—			—		333
Indirect other	5		100.0		—			—		—			—		5
Student	—		—		—			—		—			—		—
Credit card	25		80.7		5			16.1		1			3.2		31
Total performing TDRs (1)	667		68.1		158			16.1		155			15.8		980
Nonperforming TDRs (2)	36		43.9		6			7.3		40			48.8		82
Total TDRs (1)(2)	$	703	66.2	%	$	164		15.4	%	$	195		18.4	%	$	1,062
(1)Past due performing TDRs are included in past due disclosures.
(2)Nonperforming TDRs are included in nonaccrual loan disclosures.
					Quarter Ended
					Dec. 31			Sept. 30		June 30			March 31		Dec. 31
					2019			2019		2019			2019		2018
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial					0.09		%	0.14	%	0.09		%	0.07	%	0.06		%
CRE					0.09			—		0.41			0.18		0.03
Commercial construction					(0.09)			(0.11)		(0.19)			(0.08)		(0.03)
Lease financing					1.03			0.11		0.03			0.10		0.17
Consumer:
Residential mortgage					0.09			0.04		0.06			0.05		0.10
Residential home equity and direct					0.39			0.60		0.57			0.47		0.48
Indirect auto					2.41			2.70		2.23			2.88		2.86
Indirect other					0.72			0.60		0.49			0.79		0.81
Student					(0.01)			—		—			—		—
Credit card					3.32			2.59		2.50			2.58		2.16
PCI					—			—		—			—		—
Total loans and leases					0.40			0.41		0.38			0.40		0.38
Applicable ratios are annualized.

Credit Quality - Allowance Rollforward with Fair Value Marks
(Dollars in millions)	As of/For the Quarter Ended December 31, 2019
	PCI			Non-PCI			Total ALLL			RUFC		Total ACL
Beginning balance	$	8		$	1,565		$	1,573		$	80	$	1,653
Provision (benefit) for credit losses	—			168			168			3		171
Net charge offs	—			(192)			(192)			—		(192)
RUFC assumed with the SunTrust merger	—			—			—			257		257
Ending balance	8			1,541			1,549			340		1,889
Unamortized fair value mark (1)	537			4,027			4,564			—		4,564
Allowance plus unamortized fair value mark	$	545		$	5,568		$	6,113		$	340	$	6,453
Allowance for loan and lease losses as a percentage of loans and leases	0.23		%	0.52		%	0.52		%
Allowance for loan and lease losses and unamortized fair value mark as a percentage of gross loans and leases (1)	13.55			1.85			2.01

(1)Unamortized fair value mark includes credit, interest rate and liquidity components.

Truist Financial Corporation 15

Selected Purchase Accounting Information - Fair Value of Assets Merged and Liabilities Assumed
	Balance At Merger (1)
(Dollars in millions)
Assets:
Cash and due from banks	$	1,621
Interest-bearing deposits with banks	4,668
Federal funds sold and securities purchased under resale agreements or similar arrangements	1,191
Trading assets	5,710
Securities available for sale	30,986
Loans and leases:
PCI gross value	3,652
PCI purchase accounting mark	(425)
Total PCI	3,227
Non-PCI gross value	154,832
Non-PCI purchase accounting mark	(4,088)
Total non-PCI	150,744
Total loans and leases	153,971
Loans held for sale	3,741
Premises and equipment	1,587
Goodwill	14,321
Core deposit and other intangible assets	2,535
Mortgage servicing rights	1,605
Other assets	14,087
Total assets	$	236,023
Liabilities:
Deposits	$	170,721
Short-term borrowings	6,837
Long-term debt	19,473
Other liabilities	5,337
Total liabilities	202,368
Net Assets	$	33,655

(1)Represents the provisional fair value of SunTrust's assets and liabilities as of the merger date, except for gross loan and leases balances.

Selected Loan and Lease Balances and Related Fair Value Marks as of Period End
	Dec. 31
(Dollars in millions)	2019
PCI Loans and Leases:
Gross value	$	4,021
Fair value mark	(537)
Carrying value of PCI loans and leases	3,484
Non-PCI Loans and Leases:
Gross value	155,423
Fair value mark	(4,027)
Carrying value of non-PCI loans and leases	151,396
Carrying value of originated loan and leases	144,962
Total Loans and Leases Held for Investment	$	299,842

16 Truist Financial Corporation

Rollforward of Intangible Assets and Selected Fair Value Marks (1)
	As of/For the Quarter Ended
	Dec. 31
(Dollars in millions)	2019
PCI Loans and Leases (2)
Beginning balance unamortized fair value mark	$	(152)
Additions - Merger with SunTrust	(425)
Accretion	33
Interest reversal	(19)
Net charge offs	26
Ending balance	$	(537)
Non-PCI Loans and Leases (2)
Beginning balance unamortized fair value mark	$	(69)
Additions - Merger with SunTrust	(4,088)
Accretion	130
Ending balance	$	(4,027)
Core deposit and other intangible assets
Beginning balance	$	678
Additions - Merger with SunTrust	2,535
Amortization	(71)
Ending balance	$	3,142
Deposits (3)
Beginning balance unamortized fair value mark	$	—
Additions - Merger with SunTrust	(83)
Amortization	7
Ending balance	$	(76)
Long-Term Debt (3)
Beginning balance unamortized fair value mark	$	(10)
Additions - Merger with SunTrust	(309)
Amortization	7
Ending balance	$	(312)

(1)Includes the merger with SunTrust, as well as other acquisitions. This summary includes only selected information and does not represent all purchase accounting adjustments.

(2)Purchase accounting loan marks on loans and leases represents the total mark, including credit, interest and liquidity, and are recognized using level-yield method over the remaining life of the individual loans or recognized in full in the event of prepayment.

(3)Purchase accounting marks on liabilities represents interest rate marks on time deposits and long-term debt and are recognized using level-yield method over the term of the liability.

Truist Financial Corporation 17

Capital Information - Five Quarter Trend
	As of/For the Quarter Ended
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
(Dollars in millions, except per share data, shares in thousands)	2019			2019			2019			2019			2018
Selected Capital Information	(preliminary)
Risk-based capital:
Common equity tier 1	$	35,643		$	19,905		$	19,435		$	18,848		$	18,405
Tier 1	40,744			22,960			22,486			21,899			21,456
Total	47,523			27,666			26,693			26,078			24,963
Risk-weighted assets	377,518			187,503			187,523			183,060			181,260
Average quarterly tangible assets	276,590			223,298			220,514			217,247			215,872
Risk-based capital ratios:
Common equity tier 1	9.4		%	10.6		%	10.4		%	10.3		%	10.2		%
Tier 1	10.8			12.2			12.0			12.0			11.8
Total	12.6			14.8			14.2			14.2			13.8
Leverage capital ratio (1)	14.7			10.3			10.2			10.1			9.9
Supplementary leverage (2)	7.9			NA			NA			NA			NA
Equity as a percentage of total assets	14.1			13.6			13.8			13.6			13.4
Common equity per common share	$	45.66		$	38.07		$	37.40		$	36.26		$	35.46
(1)The leverage ratio is calculated using end of period Tier 1 capital and quarterly average tangible assets. The timing of the merger impacted the 4Q19 result.
(2)Truist became subject to the supplementary leverage ratio as of January 1, 2020. The above measure is the current estimate based on a full quarter of average tangible assets in the denominator.
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
(Dollars in millions, except per share data, shares in thousands)	2019			2019			2019			2019			2018
Calculations of Tangible Common Equity and Related Measures: (1)
Total shareholders' equity	$	66,558		$	32,303		$	31,764		$	30,883		$	30,178
Less:
Preferred stock	5,102			3,057			3,053			3,053			3,053
Noncontrolling interests	174			69			61			60			56
Intangible assets, net of deferred taxes	26,482			10,281			10,317			10,326			10,360
Tangible common equity	$	34,800		$	18,896		$	18,333		$	17,444		$	16,709
Outstanding shares at end of period (in thousands)	1,342,166			766,303			766,010			765,920			763,326
Tangible Common Equity Per Common Share	$	25.93		$	24.66		$	23.93		$	22.78		$	21.89

(1)Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist's management uses these measures to assess the quality of capital and returns relative to balance sheet risk and believes investors may find them useful in their analysis of the Corporation. These measures are not necessarily comparable to similar measures that may be presented by other companies.

18 Truist Financial Corporation

Selected Items (1)
		Favorable (Unfavorable)
(Dollars in millions)				After-Tax at
Description	Financial Statement Caption	Pre-Tax		Marginal Rate
Selected Items
Fourth Quarter 2019
Incremental operating expenses related to the merger:
Personnel expense	Personnel expense	$	(80)
Professional fees and outside processing	Professional fees and outside processing	(12)
Other expense	Other expense	(9)
Total		$	(101)	$	(79)
Allowance release related to residential mortgage portfolio sale	Provision for credit losses	$	25	$	19
Gain (loss) on residential mortgage portfolio sale	Residential mortgage income	(22)		(17)
Corporate advance write off	Loan-related expense	(2)		(1)
Impact of mortgage portfolio sale		$	1	$	1
Third Quarter 2019
Incremental operating expenses related to the merger:
Personnel expense	Personnel expense	$	(39)
Professional fees and outside processing	Professional fees and outside processing	(12)
Other expense	Other expense	(1)
Total		$	(52)	$	(40)
Redemption of preferred shares	Preferred stock dividends	$	(46)	$	(46)
Allowance release related to residential mortgage portfolio sale	Provision for credit losses	$	16	$	12
Gain (loss) on residential mortgage portfolio sale	Residential mortgage income	4		3
Impact of mortgage portfolio sale		$	20	$	15
Second Quarter 2019
Incremental operating expenses related to the merger:
Personnel expense	Personnel expense	$	(4)
Professional fees and outside processing	Professional fees and outside processing	(5)
Total		$	(9)	$	(7)
First Quarter 2019
Incremental operating expenses related to the merger:
Professional fees and outside processing	Professional fees and outside processing	$	(1)
Other expense	Other expense	(1)
Total		$	(2)	$	(1)
Fourth Quarter 2018
None		N/A		N/A
Third Quarter 2018
None		N/A		N/A
Second Quarter 2018
None		N/A		N/A
First Quarter 2018
None		N/A		N/A

(1)Includes costs not classified as merger-related and restructuring charges that are excluded from adjusted disclosures.

Truist Financial Corporation 19

Selected Mortgage Banking Information & Additional Information
	As of/For the Quarter Ended
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
(Dollars in millions, except per share data)	2019			2019			2019			2019			2018
Residential Mortgage Income
Residential mortgage production revenue	$	40		$	50		$	37		$	20		$	22
Residential mortgage servicing revenue	78			64			62			61			65
Realization of expected residential MSR cash flows	(59)			(36)			(38)			(33)			(37)
Residential mortgage income before MSR valuation	59			78			61			48			50
Income statement impact of mortgage servicing rights valuation:
MSRs fair value increase (decrease)	80			(79)			(47)			(51)			(49)
MSRs hedge gains (losses)	(74)			81			77			52			57
Net MSRs valuation	6			2			30			1			8
Total residential mortgage income	$	65		$	80		$	91		$	49		$	58
Commercial Real Estate Related Income
Commercial mortgage production revenue	$	44		$	26		$	20		$	11		$	28
Commercial mortgage servicing revenue	13			10			9			10			9
Realization of expected commercial MSR cash flows	(7)			(7)			(7)			(7)			(7)
Commercial real estate related income before MSR valuation	50			29			22			14			30
Income statement impact of mortgage servicing rights valuation:
MSRs fair value increase (decrease)	2			—			(5)			(3)			(6)
MSRs hedge gains (losses)	(4)			3			5			3			4
Net MSRs valuation	(2)			3			—			—			(2)
Commercial real estate related income	$	48		$	32		$	22		$	14		$	28
Other Mortgage Banking Information
Residential mortgage loan originations	$	7,523		$	5,274		$	4,735		$	2,383		$	2,735
Residential mortgage servicing portfolio (1):
Loans serviced for others	219,347			87,147			85,060			86,119			87,270
Bank-owned loans serviced	60,211			29,122			32,852			31,861			31,335
Total servicing portfolio	279,558			116,269			117,912			117,980			118,605
Weighted-average coupon rate on mortgage loans serviced for others	4.04		%	4.09		%	4.07		%	4.06		%	4.04		%
Weighted-average servicing fee on mortgage loans serviced for others	0.310			0.280			0.279			0.278			0.277
Additional Information
Fair value of derivatives, net	1,687			641			489			158			(1)
Common stock prices:
High	56.92			53.85			51.76			52.45			52.11
Low	50.02			44.98			46.53			42.79			40.68
End of period	56.32			53.37			49.13			46.53			43.32
Banking offices	2,958			1,789			1,787			1,871			1,879
ATMs	4,426			2,376			2,376			2,503			2,573
FTEs (2)	40,691			34,723			34,771			35,334			35,852

(1)Amounts reported are unpaid principal balance.

(2)FTEs represents an average for the quarter. The timing of the merger impacted the 4Q19 result.

Non-GAAP Reconciliations
	Quarter Ended															Year-to-Date
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31			Dec. 31			Dec. 31
(Dollars in millions)	2019			2019			2019			2019			2018			2019			2018
Efficiency Ratio (1)
Efficiency Ratio Numerator - Noninterest Expense - GAAP	$	2,575		$	1,840		$	1,751		$	1,768		$	1,784		$	7,934		$	6,932
Merger-related and restructuring charges, net	(223)			(34)			(23)			(80)			(76)			(360)			(146)
Incremental operating expense related to the merger	(101)			(52)			(9)			(2)			—			(164)			—
Amortization	(71)			(29)			(32)			(32)			(34)			(164)			(131)
Corporate advance write off	(2)			—			—			—			—			(2)			—
Efficiency Ratio Numerator - Adjusted	$	2,178		$	1,725		$	1,687		$	1,654		$	1,674		$	7,244		$	6,655
Efficiency Ratio Denominator - Revenue (2) - GAAP	$	3,625		$	3,003		$	3,042		$	2,898		$	2,940		$	12,568		$	11,558
Taxable equivalent adjustment	25			23			24			24			24			96			96
Securities (gains) losses, net	116			—			—			—			(2)			116			(3)
Gain (loss) on loan portfolio sale	22			(4)			—			—			—			18			—
Efficiency Ratio Denominator - Adjusted	$	3,788		$	3,022		$	3,066		$	2,922		$	2,962		$	12,798		$	11,651
Efficiency Ratio - GAAP	71.0		%	61.3		%	57.6		%	61.0		%	60.7		%	63.1		%	60.0		%
Efficiency Ratio - Adjusted	57.5			57.1			55.1			56.6			56.5			56.6			57.1

(1)The adjusted efficiency ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges and other selected items. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. These measures are not necessarily comparable to similar measures that may be presented by other companies.

(2)Revenue is defined as net interest income plus noninterest income.

20 Truist Financial Corporation

	Quarter Ended															Year-to-Date
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31			Dec. 31			Dec. 31
(Dollars in millions)	2019			2019			2019			2019			2018			2019			2018
Return on Average Tangible Common Shareholders' Equity (1)
Net income available to common shareholders	$	702		$	735		$	842		$	749		$	754		$	3,028		$	3,063
Plus: Amortization of intangibles, net of tax	57			22			24			25			25			128			100
Tangible net income available to common shareholders	$	759		$	757		$	866		$	774		$	779		$	3,156		$	3,163
Average common shareholders' equity	$	38,031		$	29,040		$	28,188		$	27,432		$	26,860		$	30,697		$	26,640
Less: Average intangible assets, net of deferred taxes	14,760			10,298			10,326			10,343			10,391			11,460			10,243
Average tangible common shareholders' equity	$	23,271		$	18,742		$	17,862		$	17,089		$	16,469		$	19,237		$	16,397
Return on average common shareholders' equity	7.33		%	10.04		%	11.98		%	11.08		%	11.14		%	9.87		%	11.50		%
Return on average tangible common shareholders' equity	12.91			16.03			19.45			18.36			18.77			16.40			19.48

(1)Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist's management uses these measures to assess the quality of capital and returns relative to balance sheet risk and believes investors may find them useful in their analysis of the Corporation. These measures are not necessarily comparable to similar measures that may be presented by other companies.

	Quarter Ended										Year-to-Date
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31		Dec. 31		Dec. 31
(Dollars in millions, except per share data)	2019		2019		2019		2019		2018		2019		2018
Diluted EPS (1)
Net income available to common shareholders - GAAP	$	702	$	735	$	842	$	749	$	754	$	3,028	$	3,063
Merger-related and restructuring charges, net	176		26		19		64		59		285		111
Securities gains (losses), net	90		—		—		—		(1)		90		(2)
Incremental operating expenses related to the merger	79		40		7		1		—		127		—
Corporate advance write off	1		—		—		—		—		1		—
Gain (loss) on loan portfolio sale	17		(3)		—		—		—		14		—
Redemption of preferred shares	—		46		—		—		—		46		—
Allowance release related to loan portfolio sale	(19)		(12)		—		—		—		(31)		—
Net income available to common shareholders - adjusted	$	1,046	$	832	$	868	$	814	$	812	$	3,560	$	3,172
Weighted average shares outstanding - diluted	934,718		775,791		774,603		774,071		775,402		815,204		783,484
Diluted EPS - GAAP	$	0.75	$	0.95	$	1.09	$	0.97	$	0.97	$	3.71	$	3.91
Diluted EPS - adjusted	1.12		1.07		1.12		1.05		1.05		4.37		4.05

(1)The adjusted diluted earnings per share is non-GAAP in that it excludes merger-related and restructuring charges and other selected items, net of tax. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges.

Truist Financial Corporation 21

EX-99.3

Fourth Quarter 2019 Earnings Conference Call Kelly King - Chairman & CEO Daryl Bible - CFO January 30, 2020

Forward-Looking Statement This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the financial condition, results of operations, business plans and the future performance of Truist. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “would,” “could” and other similar expressions are intended to identify these forward-looking statements. In particular, forward looking statements include, but are not limited to, statements we make about: (i) future levels of Truist’s earning assets, net interest margin, net charge-offs, loan loss provision, noninterest income, noninterest expense, including merger-related expenses and amortization of intangibles, Truist’s effective tax rate and average diluted common shares outstanding, (ii) medium term performance targets relating to return on tangible common equity, efficiency ratios and capital ratios, (iii) expense savings to be realized from the merger and the timing of such realization, (iv) expected positive operating leverage for the next three years, and (v) expected levels of investments to be made in personnel, branding, digital and technology. Forward-looking statements are not based on historical facts but instead represent management’s expectations and assumptions regarding Truist’s business, the economy and other future conditions. Such statements involve inherent uncertainties, risks and changes in circumstances that are difficult to predict. As such, Truist’s actual results may differ materially from those contemplated by forward-looking statements. While there can be no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those contemplated by forward-looking statements include the following, without limitation, as well as the risks and uncertainties more fully discussed under Item 1A-Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2018 and in Truist's subsequent filings with the Securities and Exchange Commission: = risks and uncertainties relating to the merger of BB&T and SunTrust, including the ability to successfully integrate the companies or to realize the = legislative, regulatory or accounting changes may adversely affect the businesses in which Truist is engaged; anticipated benefits of the merger; = = evolving regulatory standards, including with respect to capital and liquidity, and results of regulatory examinations, may adversely affect Truist's expenses relating to the merger and integration of BB&T and SunTrust; financial condition and results of operations; = deposit attrition, customer loss or revenue loss following completed mergers or acquisitions may be greater than anticipated; = accounting policies and processes require management to make estimates about matters that are uncertain; = changes in the interest rate environment, including the replacement of LIBOR as an interest rate benchmark, that could adversely affect Truist’s = revenue and expenses, the value of assets and obligations, and the availability and cost of capital, cash flows, and liquidity; general economic or business conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, slower deposit or asset growth, a deterioration in credit quality or a reduced demand for credit, insurance or other services; = volatility in mortgage production and servicing revenues, and changes in carrying values of Truist’s servicing assets and mortgages held for sale due to changes in interest rates; = risk management measures and management oversight functions may not identify or address risks adequately; = management’s ability to effectively manage credit risk; = unfavorable resolution of legal proceedings or other claims or regulatory or other governmental investigations or inquiries could result in negative = publicity, protests, fines, penalties, restrictions on Truist's operations or ability to expand its business or other negative consequences, all of inability to access short-term funding or liquidity; which could cause reputational damage and adversely impact Truist's financial condition and results of operations; = loss of customer deposits, which could increase Truist’s funding costs; = competitors of Truist may have greater financial resources or develop products that enable them to compete more successfully than Truist and = changes in Truist’s credit ratings, which could increase the cost of funding or limit access to capital markets; may be subject to different regulatory standards than Truist; = = additional capital and liquidity requirements that will result from the merger of BB&T and SunTrust; failure to maintain or enhance Truist’s competitive position with respect to technology, whether because it fails to anticipate customer expectations or because its technological developments fail to perform as desired or are not rolled out in a timely manner or for other reasons, = regulatory matters, litigation or other legal actions, which may result in, among other things, costs, fines, penalties, restrictions on Truist’s may cause Truist to lose market share or incur additional expense; business activities, reputational harm, or other adverse consequences; = = risks related to originating and selling mortgages, including repurchase and indemnity demands from purchasers related to representations and fraud or misconduct by internal or external parties, which Truist may not be able to prevent, detect or mitigate; warranties on loans sold, which could result in an increase in the amount of losses for loan repurchases; = operational or communications systems, including systems used by vendors or other external parties, may fail or may be the subject of a breach = failure to execute on strategic or operational plans, including the ability to successfully complete and/or integrate mergers and acquisitions; or cyber-attack that, if successful, could adversely impact Truist's financial condition and results of operations; = = risks relating to Truist’s role as a servicer of loans, including an increase in the scope or costs of the services Truist is required to perform without security risks, including denial of service attacks, hacking, social engineering attacks targeting Truist’s employees and customers, malware any corresponding increase in Truist’s servicing fee, or a breach of Truist’s obligations as servicer; intrusion or data corruption attempts, and identity theft could result in the disclosure of confidential information, adversely affect Truist’s business or reputation or create significant legal or financial exposure; = negative public opinion, which could damage Truist’s reputation; = = natural or other disasters, including acts of terrorism, could have an adverse effect on Truist, including by materially disrupting Truist's operations increased scrutiny regarding Truist’s consumer sales practices, training practices, incentive compensation design and governance; or the ability or willingness of customers to access Truist's products and services; = competition from new or existing competitors, including increased competition from products and services offered by non-bank financial = widespread system outages, caused by the failure of critical internal systems or critical services provided by third parties, could adversely impact technology companies, may reduce Truist’s customer base, cause Truist to lower prices for its products and services in order to maintain market Truist's financial condition and results of operations; share or otherwise adversely impact Truist’s businesses or results of operations; = = Truist’s ability to introduce new products and services in response to industry trends or developments in technology that achieve market accounting policies and processes requiring management to make estimates about matters that are uncertain; acceptance and regulatory approval; = depressed market values for Truist’s stock and adverse economic conditions sustained over a period of time may require us to write down all or Truist’s success depends on the expertise of key personnel, and if these individuals leave or change their roles without effective replacements, some portion of Truist’s goodwill; and which could be exacerbated as Truist continues to integrate the executive management teams of BB&T and SunTrust, or if we are unable to hire = and retain qualified personnel, Truist's operations and integration activities could be adversely impacted; new tax guidance or differences in interpretation of tax laws and regulations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by applicable law or regulation, Truist undertakes no obligation to revise or update any forward-looking statements. 2

Non-GAAP Information This presentation contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Truist’s management uses these "non-GAAP" measures in their analysis of the Corporation's performance and the efficiency of its operations. Management believes these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant items in the current period. The company believes a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. Truist’s management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non- GAAP performance measures that may be presented by other companies. Below is a listing of the types of non-GAAP measures used in this presentation: Adjusted Efficiency Ratio - The adjusted efficiency ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges and other selected items. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. Tangible Common Equity and Related Measures - Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist's management uses these measures to assess the quality of capital and returns relative to balance sheet risk and believes investors may find them useful in their analysis of the Corporation. Core NIM - Core net interest margin is a non-GAAP measure that adjusts net interest margin to exclude the impact of purchase accounting. The purchase accounting marks and related amortization for a) securities acquired from the FDIC in the Colonial Bank acquisition and b) loans, deposits and long-term debt from SunTrust, Susquehanna and National Penn are excluded to approximate their yields at the pre-merger and acquisition rates. Interest income for PCI loans adjusts the accretion, net of interest reversals, which approximates the interest received from the client. Truist's management believes the adjustments to the calculation of net interest margin for certain assets and liabilities acquired provide investors with useful information related to the performance of Truist's earning assets. Adjusted Diluted EPS - The adjusted diluted earnings per share is non-GAAP in that it excludes merger-related and restructuring charges and other selected items, net of tax. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. Adjusted Operating Leverage - The adjusted operating leverage ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges and other selected items. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. Performance Ratios - The adjusted performance ratios are non-GAAP in that they exclude merger-related and restructuring charges, selected items and, in the case of return on average tangible common shareholders' equity, amortization of intangible assets. Truist's management uses these measures in their analysis of the Corporation's performance. Truist's management believes these measures provide a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. Adjusted NIM - The adjusted net interest margin is a non-GAAP measure in that it estimates the impact on taxable-equivalent net interest income as if the tax reform legislation had not been enacted. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of tax reform. Insurance Holdings Adjusted EBITDA - EBITDA is a non-GAAP measurement of operating profitability that is calculated by adding back interest, taxes, deprecation and amortization to net income. Truist's management also adds back merger- related and restructuring charges and incremental operating expenses related to the merger when calculating adjusted EBITDA. Truist's management uses this measure in its analysis of the Corporation's Insurance Holdings segment. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. Selected items affecting results are included on slide 7. 3

We Are Truist Financial Corporation Successfully closed Largest financial 275+ combined merger of equals institution merger in years of serving our between BB&T and more than 15 years clients and SunTrust communities 6th largest U.S. #2 weighted $473.1B assets commercial bank by average deposit $75.6B market value assets and market value rank in Top 20 MSAs ~10 Million households ~59,000 teammates Headquartered in Charlotte, N.C. 4

5

4Q19 Highlights Summary Income Statement ($ MM) 4Q19 Asset Quality and Capital 4Q19 Total taxable-equivalent revenue1 $3,650 Nonperforming assets as a % of total assets 0.14% Provision for credit losses 171 Net charge-offs as a % of average loans and leases 0.40% Income before income taxes 879 Common equity tier 1 capital ratio (CET1)4 9.4% Net income 726 Key Points Net income available to common shareholders 702 ▪ Completed merger of equals to form Truist on December 6 ▪ Delivered strong underlying performance, including taxable- Adjusted net income available to common shareholders2,3 1,046 equivalent revenue of $3.7B and adjusted net income of $1.0B3 GAAP / 2,3 ▪ Maintained strong asset quality; economic and political 4Q19 Performance Metrics Unadjusted Adjusted uncertainty presents risk Diluted earnings per share $0.75 $1.12 ▪ Managed to strong capital levels relative to regulatory guidelines ▪ Restructured balance sheet to enhance credit quality, liquidity, Return on average assets 0.95% 1.40% interest rate sensitivity and return on capital Return on average common equity 7.33% 10.84% ▪ Launched the Truist brand, visual identity and logo on January 13 ▪ Building momentum to deepen client relationships Return on average tangible common equity2 12.91% 18.60% ▪ Holding 39 town halls with teammates across footprint to celebrate and activate the Truist culture Efficiency ratio 71.0% 57.5% ▪ Serving communities with promised commitments 1 Comprised of net interest income and noninterest income 2 See non-GAAP reconciliations in the attached appendix 3 Excludes merger-related and restructuring charges, incremental operating expenses related to the merger and other items noted on slide 7 4 Current quarter regulatory capital information is preliminary 6

Selected Items Affecting 4Q19 Results Item Pre-Tax After-Tax Diluted EPS Impact ($ MM, except per share impact) Merger-related and restructuring charges $(223) $(176) $(0.19) Securities gains (losses), net $(116) $(90) $(0.10) Incremental operating expenses related to the merger1 $(101) $(79) $(0.08) Impact from sale of residential mortgage loans: Allowance release related to residential mortgage portfolio sale $25 $19 Gain (loss) on residential mortgage portfolio sale $(22) $(17) Corporate advance write off $(2) $(1) Impact from sale of residential mortgage loans $1 $1 $— 1 Includes costs not classified as merger-related and restructuring charges that are also excluded from adjusted disclosures. Refer to the non-GAAP disclosures in the Appendix. 7

Loans & Leases 4Q19 Loans & Leases Held for Investment ($ MM) $300,000 6.00% Average End of period $121,400 balance balance 4.94% $200,000 5.00% Commercial: $75,621 $169,339 Commercial and industrial $81,853 $130,180 $100,000 4.00% $109,612 CRE 19,896 26,832 Commercial construction 4,506 6,205 $— 3.00% 4Q19 Average balance 4Q19 End of period balance Lease financing 3,357 6,122 Commercial LHFI ($ MM) Consumer LHFI ($ MM) Loans HFI yield (%) Consumer: Key Points Residential mortgage 34,824 52,071 Residential home equity and direct 15,810 27,044 ▪ LHFI totaled $299.8B at year-end and included $154.0B from the merger Indirect auto 15,390 24,442 ▪ The mix of LHFI consisted of 56.4% commercial, 40.5% Indirect other 7,772 11,100 consumer, 1.9% credit card, and 1.2% PCI based on end of period balances Student 1,825 6,743 ▪ Undertook a series of strategic actions during 4Q19 to better Credit card 3,788 5,619 position the loan portfolio for future profitability, including the PCI 1,220 3,484 transfer of $2.5B of residential mortgage to LHFS, of which $1.1B remained in HFS at year-end Total loans & leases held for investment $190,241 $299,842 ▪ Approximately $4.5B of the total $8.4B LHFS at year-end were related to the merger and will be settled in early 2020 8

Deposits 4Q19 Deposits ($ MM) $400,000 1.00% Average End of period balance balance 0.82% $334,727 Noninterest-bearing deposits $64,485 $92,405 $200,000 0.75% $210,716 Interest checking 43,246 85,492 0.57% 0.50% Money market and savings 79,903 120,934 $— 4Q19 Average balance 4Q19 End of period balance Time deposits 23,058 35,896 Total deposits ($ MM) IBD cost (%) Total deposit cost (%) Foreign office deposits - interest- bearing 24 — Key Points Total deposits $210,716 $334,727 ▪ Total deposits were $334.7B at year-end, which included $170.7B from the merger ▪ End of period deposit mix consisted of 27.6% noninterest-bearing, 25.5% interest checking, 36.2% money market and savings and 10.7% time deposits ▪ Average noninterest-bearing deposits were 30.6% of total deposits during 4Q19 ▪ The cost of average total deposits and average interest-bearing deposits decreased 10 bps and 17 bps, respectively, vs. 3Q19 9

Net Interest Income and Interest Rate Sensitivity Net Interest Income and Margin Key Points 4.00% $2,252 ▪ Reported NIM increased 4 bps and the core NIM decreased 15 $2,000 bps vs. 3Q19 3.41% 3.50% ▪ Total loans and leases HFI portfolio yield decreased 6 bps vs. 3Q19 due to the impact of lower short-term rates on 3.14% 3.00% variable rate loans, partially offset by the impact of $1,000 purchase accounting of 37 bps ▪ The yield on the average securities portfolio increased 5 2.50% 4Q19 bps due to the 4Q19 portfolio restructuring Net interest income TE ($ MM) Reported NIM (%) Core NIM (%) ▪ Purchase accounting contributed 27 bps to the reported NIM 1 Change in Net Interest Income ▪ Average earning assets increased $59.7B to $263.1B due to the +2.00% merger; average total loans and leases increased $41.6B and average securities increased $11.8B +0.95% +0.75% +1.00% ▪ Interest rate risk profile achieved goal of becoming relatively neutral from balance sheet restructuring 0.00% -1.18% -1.00% -1.72% -2.00% Down 100 Down 50 Up 50 Up 100 At 12/31/19 1 Rate increase or decrease scenarios assume a ramped, parallel 25 basis point change per quarter in market interest rates 10

Balance Sheet Restructuring A number of actions were taken in 4Q19 to optimize the balance sheet: enhance credit quality, build a strong liquidity profile, minimize option risk and premium amortization, create a more neutral interest rate risk profile, improve ongoing core net interest margin and increase returns on capital. Investment Portfolio Loan Sales and Transfers ▪ Sold $7.1B low coupon securities yielding 1.72% at a loss of $93MM, ▪ Transferred $1.4B of commercial exposures to HFS to enhance credit reinvested at 2.36% and improved run rate 64 bps, breakeven of 2.6 years quality with $516MM funded as of year-end; about 80% of sale traded ▪ Sold $1.4B low coupon securities yielding 1.85% at a loss of $23MM, in January reinvested at 2.55% and improved run rate 70 bps, breakeven of 2.6 years ▪ Sold $1.2B residential mortgages to reduce prepayment risk ▪ Sold $24.7B of securities yielding 2.23% at a book price of 103.2 and ▪ Sold $178MM of TDR/NPL residential mortgages to enhance credit purchased $21.2B yielding 2.41% at a book price of 101.4 to reduce positioning premium amortization risk ▪ Transferred $1.1B of residential mortgages to HFS for sale in 1Q20 to ▪ Maintained >$10B in excess reserves to manage a stronger liquidity reduce interest rate risk position and to meet the LCR requirements as a Category III financial ▪ Transferred $356MM of commercial loans to HFS for sale in relation to institution under the Tailoring Rule the exit of a business ▪ Moved $17.9B from HTM to AFS in response to changes in regulatory ▪ Transferred $59MM of commercial loans, $257MM of residential capital rules mortgage loans and $65MM of retail loans to HFS as part of the merger-related branch divestitures Funding Actions Derivatives and Off Balance Sheet ▪ Through the end of January, reduced rates on $16.6B of institutional ▪ Utilized $12.0B FHLB letters of credit to meet LCR requirements as a deposits having a cumulative reduction of 20 bps since the merger Category III financial institution under the Tailoring Rule ▪ Plan to be opportunistic to replace other funding as markets allow to ▪ Unwound $26.4B in heritage SunTrust swaps and added $9.4B in swaps to take advantage of Truist’s higher credit ratings re-hedge the balance sheet and manage toward a neutral interest rate ▪ Redeemed $4.4B holding company and bank debt and issued $1.25B position bank debt to manage the LCR and interest expense ▪ Deposit divestiture of ~$2.4B in progress 11

Noninterest Income $1,500 $1,398 60% 4Q19 Noninterest Income ($ MM) 38.6% $1,000 40% Insurance income $509 Service charges on deposits 222 $500 20% Wealth management income 206 $— —% Card and payment related fees 156 4Q19 Residential mortgage income 65 Noninterest income ($ MM) Fee income ratio (%) Investment banking and trading income 109 Key Points Operating lease income 47 ▪ Noninterest income totaled $1.4B, an increase of $95MM vs. 3Q19 ▪ Noninterest income increased $233MM vs. 3Q19 excluding $116MM of Income from bank-owned life insurance 38 securities losses and $22MM of losses recognized from the transfer of mortgage loans to HFS; approximately $217MM of this increase was due to Lending related fees 47 the merger Commercial real estate related income 48 ▪ Insurance income increased $22MM vs. 3Q19 primarily due to seasonality, and increased $22MM vs. 4Q18; organic insurance income grew 8.8% in Securities gains (losses), net (116) full-year 2019 and contributed to a 25.0% EBITDA margin Other income 67 ▪ Heritage BB&T noninterest income also reflected the following minor changes vs. 3Q19: Total noninterest income $1,398 • Other income increased due to SBIC funds • Service charges on deposits decreased due to fewer revenue days • Investment banking and trading income decreased due to lower client derivative volume • CRE related income decreased due to lower volume 12

Noninterest Expense & Efficiency $3,000 $2,575 80% Noninterest Expense ($ MM) $2,000 70% Personnel expense $1,465 71.0% Net occupancy expense 147 57.5% $1,000 60% Professional fees and outside processing 161 Software expense 118 $— 50% 4Q19 Equipment expense 83 Marketing and customer development 45 Total noninterest expense ($ MM) GAAP efficiency (%) Adjusted efficiency (%) Depreciation - property under operating leases 43 Key Points Loan-related expense 42 Amortization 71 ▪ Noninterest expense increased $497MM vs. 3Q19 excluding an increase of $189MM in merger-related and restructuring charges and an increase of Regulatory costs 24 $49MM in incremental operating expenses related to the merger; approximately $400MM of this increase was due to merged operations Merger-related and restructuring charges, net 223 ▪ Personnel expense included a $41MM increase in incremental operating Other expense 153 expenses related to the merger; heritage BB&T also reflected a $42MM Total noninterest expense $ 2,575 increase in production-based and other incentives expense Adjusted noninterest expense1 $ 2,249 ▪ Amortization increased $42MM due to higher CDI and other intangibles ▪ Heritage BB&T noninterest expense also reflected the following minor changes vs. 3Q19: ▪ The adjusted efficiency ratio of 57.5% reflected underlying adjusted noninterest expense of $2.2B • Software expense increased due to strategic projects • Equipment expense increased due to technology infrastructure projects • Loan-related expense increased due to the TDR loan sale 1 Excludes merger-related charges and other selected items in the Quarterly Performance Summary 13

Asset Quality Net Charge-offs Nonperforming Assets $240 1.00% $800 1.00% $192 $684 $120 0.50% $400 0.50% 0.40% 0.14% $— —% $— —% 4Q19 4Q19 Net charge-offs ($ MM) as % of avg. loans and leases Nonperforming assets ($ MM) as a % of total assets Key Points Allowance for Loan and Lease Losses ▪ Asset quality remains strong; economic and political uncertainty presents risk 0.75% ▪ Net charge-offs were 0.40% as a percentage of average loans and leases, $1,500 $1,549 down 1 bp from 3Q19 ▪ Nonperforming loans and leases were 0.15% of loans and leases HFI vs. 0.50% $1,250 0.52% 0.30% in 3Q19 due to merged nonperforming loans being accounted for on a pooled basis in PCI and the sale of $69MM in nonperforming mortgage loans ▪ The allowance for loan and lease losses decreased $24MM vs. 3Q19 $1,000 0.25% primarily due to the sale of residential mortgage loans 4Q19 ▪ Allowance coverage ratios remain strong at 2.03x net charge-offs and 3.41x nonperforming loans and leases ALLL ($ MM) as % of loans and leases ▪ The ALLL to loans and leases ratio decreased to 0.52% from 1.05% in 3Q19 due to the elimination of the SunTrust ALLL ▪ The coverage ratio including the ALLL and FV mark was 2.01% for 4Q19 14

Implementation of Current Expected Credit Losses (CECL) Allowance for Credit Losses ($ B) Summary of Key Inputs and Assumptions 12/31/2019 Incurred Impact at Adoption 1/1/2020 CECL Reasonable and Commercial $1.1 $0.9 $2.0 Supportable ▪ 2 years 1-4 Single Family Residential 0.2 0.3 0.5 Period Consumer 0.6 1.7 2.3 Total $1.9 $2.9 $4.8 Reversion ▪ 1 year reversion to historic loss conditions Impact to Capital ($ B) ▪ Moody’s consensus baseline forecast, adjusted to Macroeconomic Total CECL Impact at Adoption $2.9 incorporate Truist’s implied rate forecast Forecast ▪ Qualitative adjustments to incorporate Less: CECL Reserve on PCD Assets (0.2) consideration of forecast imprecision Total Pre-Tax Impact 2.7 ▪ Employment - rate, etc. Key ▪ Market indicators - GDP, credit spreads, interest Less: Tax Effect (0.6) Macroeconomic rates, etc. Variables Impact to Retained Earnings $2.1 ▪ Collateral values - housing, CRE, used auto pricing Adoption Impact ▪ CECL was effective on January 1, 2020 ▪ Increase at adoption impacted by merger; an approximate 40% increase to ACL excluding purchase accounting ▪ Increase in reserves on retail portfolios partially offset by decrease in commercial reserves excluding purchase accounting ▪ Elected phase-in of $2.1B regulatory capital impact; 25% per year from 2020 through 2023 ▪ Approximately 14 basis point impact to CET1 for 1Q20 15

Capital & Liquidity Position Common Equity Tier 1 Ratio1 Key Points 10% 9.4% ▪ The CET1 ratio1 was 9.4% for 4Q19 ▪ Items reducing regulatory capital: 5% ▪ MSR RWA impact of 10 bps in 1Q20 as a result of the simplification rule ▪ CECL phase-in impact of 14 bps in 1Q20 (3-year phase- in period) —% 4Q19 ▪ The dividend and total payout ratios were 49.1% for 4Q19 ▪ TCE per share was $25.93 at December 31, up 5.2% vs. 4Q19 Liquidity Coverage Ratio September 30 200% 165% • Earnings during the quarter contributed about 3.4% • The merger contributed about 1.8%, confirming the 117% close was accretable to tangible common equity 100% ▪ Liquidity ratios remain strong and include an average modified LCR of 165% for 4Q19 and a liquid asset buffer of 16.5% at year end —% Modified LCR 2 Estimated Tailored LCR 3 1 Current quarter regulatory capital information is preliminary 2 Based on average of 10/31/19, 11/30/19 and 12/31/19 3 Based on 12/31/19 16

Outlook Category First Quarter Full Year 2020 Earning assets - average $405.5B - $406.5B $405B - $408B Net interest margin 3.45% - 3.49% 3.40% - 3.46% Core net interest margin 3.01% - 3.05% 3.01% - 3.07% Net charge-offs 35 - 50 bps 35 - 50 bps Loan loss provision $325MM - $375MM $1.35B - $1.45B Noninterest income $2.05B - $2.10B $8.45B - $8.65B Noninterest expense - total $3.40B - $3.45B $13.65B - $13.85B Merger expenses1 $100MM - $150MM $600MM - $700MM Amortization of intangibles $150MM - $200MM $675MM - $725MM Effective tax rate 18% - 19% 18% - 19% Average diluted shares 1.355B - 1.365B 1.355B - 1.365B Growth rates are not provided due to the absence of meaningful historical baselines 1 Includes merger-related and restructuring charges and incremental operating expenses related to the merger 17

Medium-Term Targets Performance Targets Key Points ▪ 2019 noninterest expense, excluding merger-related and ROTCE Adjusted CET1 Ratio restructuring charges, incremental operating expenses Efficiency related to the merger and a one-time charitable contribution, on a combined basis was ~$12.9B Low 20% Low 50% 10% (2020 target) ▪ Excluding amortization of intangibles, noninterest expense on a combined basis was ~$12.8B ▪ Average life of purchase accounting for commercial and Net Expense Savings - Run Rate consumer, and amortization of intangibles is ~3 years, ~6 years and ~3 years, respectively 4Q20 4Q21 4Q22 annualized annualized annualized $480MM $1,040MM $1,600MM ▪ Expense savings are net of investments in personnel, 30% of net 65% of net 100% of net branding, digital and technology cost saves cost saves cost saves Expect positive operating leverage for the next 3 years Annualized 4Q20 investment of ~$200MM 18

Merger Update Accomplishments Converted Launched Introduced Integrated Successfully Added Closed derivatives, Restructured visual Truist financial retained leadership to merger FX and balance imagery, purpose, reporting talent and drive December 6 securities sheet colors and mission and systems clients innovation systems logo values Next Steps Complete Build on Complete town hall Complete Introduce Continue momentum Complete Convert product culture purchase of and market investments to deepen branch additional mapping and meetings Truist the Truist in digital and client divestitures systems development (28 of 39 Center brand technology relationships remain) 19

Appendix

Consumer Banking & Wealth 4Q19 Key Points ▪ Represents performance for Retail Community Banking, Wealth, Net interest income $1,399 Mortgage Banking, Dealer Retail Services and National Consumer Finance & Payments Noninterest income 648 ▪ 2020 performance will be driven by: Provision for credit losses 145 ▪ Revenue growth resulting from a client-first view across ~10 million households Noninterest expense 1,341 ▪ Retaining and growing the strong household base via a Income Statement ($ MM) distinctive client and community-centric experience based on Pre-tax income 561 Touch, Technology and Trust ▪ Aligning bank-wide products and resources with our clients’ Segment net income 425 needs ▪ Providing strategic advice and solutions to successfully EOP loans(1) $140.8 retain, grow and deepen the client base ▪ Expanding the complimentary capabilities of Premier Banking, @ Work and Small Business to maximize synergies Balance Sheet ($ B) EOP deposits 202.1 across Wealth, Insurance and core banking (2) Mortgages serviced for others $219.3 ▪ Efficiencies from driving out cost while supporting a more technology-enabled digital client experience and managing Branches 2,958 overall risk ($ B) • Expanding omnichannel client experiences through Other Key Metrics ATMs 4,426 transformation of platforms and improving advisor productivity (1) Excludes loans held for sale (2) Amount reported reflects end of period balance A-1

Corporate & Commercial 4Q19 Key Points ▪ Represents performance for Corporate and Investment Banking, Net interest income $840 Commercial Community Banking, Commercial Real Estate and Grandbridge Real Estate Capital Noninterest income 390 ▪ 2020 performance will be driven by: ▪ Revenue growth resulting from a relentless focus on our Provision for credit losses 17 clients’ needs ▪ Strategic dialogue with increased product and service Noninterest expense 553 offerings to deliver to the new and expanding client bases Income Statement ($ MM) (i.e., Full suite of Capital Markets solutions and Insurance platform) Pre-tax income 660 ▪ Expense reduction realized from platform integration, synergies and increased productivity levels Segment net income 557 EOP loans(1) $156.5 ($ B) EOP deposits 120.8 Balance Sheet (1) Excludes loans held for sale A-2

Insurance Holdings 4Q19 Key Points Net interest income $27 ▪ Favorable market conditions with tightening capacity and increasing pricing in most lines Noninterest income 536 ▪ Execution of Insurance Holdings Optimization Program initiatives Total revenue 563 delivering robust results across all lines of business Provision for credit losses 2 ▪ 4Q new business up 13% with a 90% retention rate in retail ▪ Economic indicators are positive and backdrop remains strong Noninterest expense 481 Income Statement ($ MM) heading into 2020 Pre-tax income 80 ▪ Strong organic revenue growth combined with prudent cost management driving meaningful margin expansion Segment net income 59 Y-o-Y organic revenue growth 7.9% Net acquired revenue $1 Performance based commissions 17 EBITDA(1) 132 Performance ($ MM) EBITDA margin(1) 23.4% (1) EBITDA is a non-GAAP measurement of operating profitability that is calculated by adding back interest, taxes, deprecation and amortization to net income. Truist's management also adds back merger- related and restructuring charges and incremental operating expenses related to the merger when calculating adjusted EBITDA. Truist's management uses this measure in its analysis of the Corporation's Insurance Holdings segment. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. See non-GAAP reconciliations included in the attached Appendix. A-3

Allowance and Fair Value Marks Information ($ MM) Allowance for Credit Losses & Fair Value Marks December 31, 2019 PCI Non-PCI Total ALLL RUFC Total ACL Allowance for credit losses - End of period $ 8 $ 1,541 $ 1,549 $ 340 $ 1,889 Unamortized fair value mark(1) 537 4,027 4,564 — 4,564 Allowance plus unamortized fair value mark $ 545 $ 5,568 $ 6,113 $ 340 $ 6,453 Allowance for loan and lease losses as a percentage of loans and leases 0.23 % 0.52 % 0.52 % Allowance for loan and lease losses and unamortized fair value mark as a percentage of gross loans and leases(1) 13.55 1.85 2.01 Fair Value Marks and Loan and Lease Balances as of Period End December 31, 2019 PCI Loans and Leases Gross value $ 4,021 Fair value mark (537) Carrying value of PCI loans and leases 3,484 Non-PCI Loans and Leases Gross value 155,423 Fair value mark (4,027) Carrying value of non-PCI loans and leases 151,396 Carrying value of originated loan and leases 144,962 Total Loans and Leases Held for Investment $ 299,842 (1) Unamortized fair value mark includes credit, interest rate and liquidity components. A-4

Purchase Accounting Summary1 ($ MM) December 31, 2019 PCI Loans and Leases(2) Beginning balance unamortized fair value mark $ (152) Additions - Merger with SunTrust (425) Accretion 33 Interest reversal (19) Net charge offs 26 Ending balance $ (537) Non-PCI Loans and Leases(2) Beginning balance unamortized fair value mark $ (69) Additions - Merger with SunTrust (4,088) Accretion 130 Ending balance $ (4,027) Core deposit and other intangible assets Beginning balance $ 678 Additions - Merger with SunTrust 2,535 Amortization (71) Ending balance $ 3,142 Deposits(3) Beginning balance unamortized fair value mark $ — Additions - Merger with SunTrust (83) Amortization 7 Ending balance $ (76) Long-Term Debt(3) Beginning balance unamortized fair value mark $ (10) Additions - Merger with SunTrust (309) Amortization 7 Ending balance $ (312) (1) Includes the merger with SunTrust, as well as other acquisitions. This summary includes only selected information and does not represent all purchase accounting adjustments. (2) Purchase accounting loan marks on loans and leases represents the total mark, including credit, interest and liquidity, and are recognized using level-yield method over the remaining life of the individual loans or recognized in full in the event of prepayment. (3) Purchase accounting marks on liabilities represents interest rate marks on time deposits and long-term debt and are recognized using level-yield method over the term of the liability. A-5

Non-GAAP Reconciliations

Non-GAAP Reconciliations Diluted EPS ($ MM, except per share data, shares in thousands) Quarter Ended Year-to-Date Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. 31 Dec. 31 2019 2019 2019 2019 2018 2019 2018 Net income available to common shareholders - GAAP $702 $735 $842 $749 $754 $3,028 $3,063 Merger-related and restructuring charges, net 176 26 19 64 59 285 111 Securities gains (losses), net 90 — — — (1) 90 (2) Incremental operating expenses related to the merger 79 40 7 1 — 127 — Corporate advance write off 1 — — — — 1 — Gain (loss) on loan portfolio sale 17 (3) — — — 14 — Redemption of preferred shares — 46 — — — 46 — Allowance release related to loan portfolio sale (19) (12) — — — (31) — Net income available to common shareholders - adjusted $1,046 $832 $868 $814 $812 $3,560 $3,172 Weighted average shares outstanding - diluted 934,718 775,791 774,603 774,071 775,402 815,204 783,484 Diluted EPS - GAAP $0.75 $0.95 $1.09 $0.97 $0.97 $3.71 $3.91 Diluted EPS - adjusted(1) $1.12 $1.07 $1.12 $1.05 $1.05 $4.37 $4.05 (1) The adjusted diluted earnings per share is non-GAAP in that it excludes merger-related and restructuring charges and other selected items, net of tax. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. A-7

Non-GAAP Reconciliations Efficiency Ratio ($ MM) Quarter Ended Year-to-Date Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. 31 Dec. 31 2019 2019 2019 2019 2018 2019 2018 Efficiency ratio numerator - noninterest expense - GAAP $ 2,575 $ 1,840 $ 1,751 $ 1,768 $ 1,784 $ 7,934 $ 6,932 Merger-related and restructuring charges, net (223) (34) (23) (80) (76) (360) (146) Incremental operating expense related to the merger (101) (52) (9) (2) — (164) — Amortization (71) (29) (32) (32) (34) (164) (131) Corporate advance write off (2) — — — — (2) — Efficiency ratio numerator - adjusted $ 2,178 $ 1,725 $ 1,687 $ 1,654 $ 1,674 $ 7,244 $ 6,655 Efficiency ratio denominator - revenue(1) - GAAP $ 3,625 $ 3,003 $ 3,042 $ 2,898 $ 2,940 $ 12,568 $ 11,558 Taxable equivalent adjustment 25 23 24 24 24 96 96 Securities (gains) losses, net 116 — — — (2) 116 (3) Gain (loss) on loan portfolio sale 22 (4) — — — 18 — Efficiency ratio denominator - adjusted $ 3,788 $ 3,022 $ 3,066 $ 2,922 $ 2,962 $ 12,798 $ 11,651 Efficiency ratio - GAAP 71.0 % 61.3 % 57.6 % 61.0 % 60.7 % 63.1 % 60.0 % Efficiency ratio - adjusted(2) 57.5 57.1 55.1 56.6 56.5 56.6 57.1 (1) Revenue is defined as net interest income plus noninterest income. (2) The adjusted efficiency ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges and other selected items. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. A-8

Non-GAAP Reconciliations Calculations of tangible common equity and related measures ($ MM, except per share data, shares in thousands) As of / Quarter Ended Dec. 31 Sept. 30 June 30 March 31 Dec. 31 2019 2019 2019 2019 2018 Common shareholders' equity $ 61,282 $ 29,177 $ 28,650 $ 27,770 $ 27,069 Less: Intangible assets, net of deferred taxes 26,482 10,281 10,317 10,326 10,360 Tangible common shareholders' equity(1) $ 34,800 $ 18,896 $ 18,333 $ 17,444 $ 16,709 Outstanding shares at end of period 1,342,166 766,303 766,010 765,920 763,326 Common shareholders' equity per common share $ 45.66 $ 38.07 $ 37.40 $ 36.26 $ 35.46 Tangible common shareholders' equity per common share(1) 25.93 24.66 23.93 22.78 21.89 Net income available to common shareholders $ 702 $ 735 $ 842 $ 749 $ 754 Plus amortization of intangibles, net of tax 57 22 24 25 25 Tangible net income available to common shareholders(1) $ 759 $ 757 $ 866 $ 774 $ 779 Average common shareholders' equity $ 38,031 $ 29,040 $ 28,188 $ 27,432 $ 26,860 Less: Average intangible assets, net of deferred taxes 14,760 10,298 10,326 10,343 10,391 Average tangible common shareholders' equity(1) $ 23,271 $ 18,742 $ 17,862 $ 17,089 $ 16,469 Return on average common shareholders' equity 7.33 % 10.04 % 11.98 % 11.08 % 11.14 % Return on average tangible common shareholders' equity(1) 12.91 16.03 19.45 18.36 18.77 (1) Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist's management uses these measures to assess the quality of capital and returns relative to balance sheet risk and believes investors may find them useful in their analysis of the Corporation. These measures are not necessarily comparable to similar measures that may be presented by other companies. A-9

Non-GAAP Reconciliations Performance Ratios ($ MM, except per share data, shares in thousands) Quarter Ended December 31, 2019 Return on Average Return on Average Return on Average Common Tangible Common Assets Shareholders’ Equity Shareholders’ Equity(2) Net income - GAAP $ 726 Net income available to common shareholders - GAAP $ 702 $ 702 Merger-related and restructuring charges, net 176 176 176 Securities gains (losses), net 90 90 90 Incremental operating expenses related to the merger 79 79 79 Amortization 57 Corporate advance write off 1 1 1 Gain (loss) on loan portfolio sale 17 17 17 Allowance release related to loan portfolio sale (19) (19) (19) Numerator - adjusted(1) $ 1,070 $ 1,046 $ 1,103 Average assets $ 302,059 Average common shareholders' equity $ 38,031 $ 38,031 Plus: Estimated impact of adjustments on denominator — 171 171 Less: Average intangible assets, net of deferred taxes (14,760) Denominator - adjusted(1) $ 302,059 $ 38,202 $ 23,442 Reported ratio 0.95 % 7.33 % 12.91 % Adjusted ratio 1.40 10.84 18.60 (1) Tangible common equity and related measures are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist's management uses these measures to assess the quality of capital and returns relative to balance sheet risk and believes investors may find them useful in their analysis of the Corporation. These measures are not necessarily comparable to similar measures that may be presented by other companies. (2) Tangible common equity - reported ratio is a non-GAAP reconciliation on page A-9 A-10

Non-GAAP Reconciliations Operating Leverage(1) ($ MM) Quarter Ended Dec. 31 Sept. 30 Dec. 31 % Growth 4Q19 vs. 2019 2019 2018 3Q19 4Q18 (annualized) Revenue(2) - GAAP $ 3,625 $ 3,003 $ 2,940 82.2 % 23.3 % Taxable equivalent adjustment 25 23 24 Securities (gains) losses, net 116 — (2) Gain (loss) on loan portfolio sale 22 (4) — Revenue(2) - adjusted $ 3,788 $ 3,022 $ 2,962 100.6 % 27.9 % Noninterest expense - GAAP $ 2,575 $ 1,840 $ 1,784 158.5 % 44.3 % Merger-related and restructuring charges, net (223) (34) (76) Incremental operating expense related to the merger (101) (52) — Amortization (71) (29) (34) Corporate advance write off (2) — — Noninterest expense - adjusted $ 2,178 $ 1,725 $ 1,674 104.2 % 30.1 % Operating leverage - GAAP (76.3)% (21.0)% Operating leverage - adjusted(3) (3.6) (2.2)% (1) Operating leverage is defined as percentage growth in revenue growth less percentage growth in noninterest expense. (2) Revenue is defined as net interest income plus noninterest income. (3) The adjusted operating leverage ratio is non-GAAP in that it excludes securities gains (losses), amortization of intangible assets, merger-related and restructuring charges and other selected items. Truist's management uses this measure in their analysis of the Corporation's performance. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges.These measures are not necessarily comparable to similar measures that may be presented by other companies. A-11

Non-GAAP Reconciliations Core NIM ($ MM) Quarter Ended Dec. 31 2019 Net interest income - GAAP $ 2,227 Taxable-equivalent adjustment 25 Net interest income - taxable-equivalent 2,252 Accretion of mark, net of interest reversals - PCI loans (14) Accretion of mark on acquired non-PCI loans (130) Accretion of mark on acquired liabilities (14) Accretion of mark on securities acquired from FDIC (3) Net interest income - core(1) $ 2,091 Average earning assets - GAAP $ 263,115 Average balance - mark on PCI loans 254 Average balance - mark on acquired non-PCI loans 1,169 Average balance - mark on securities acquired from FDIC 339 Average earning assets - core(1) $ 264,877 Annualized net interest margin: Reported - taxable-equivalent 3.41 % Core(1) 3.14 (1) Core net interest margin is a non-GAAP measure that adjusts net interest margin to exclude the impact of purchase accounting. The purchase accounting marks and related amortization for a) securities acquired from the FDIC in the Colonial Bank acquisition and b) loans, deposits and long-term debt from SunTrust, Susquehanna and National Penn are excluded to approximate their yields at the pre-merger and acquisition rates. Interest income for PCI loans adjusts the accretion, net of interest reversals, which approximates the interest received from the client. Truist's management believes the adjustments to the calculation of net interest margin for certain assets and liabilities acquired provide investors with useful information related to the performance of Truist's earning assets.These measures are not necessarily comparable to similar measures that may be presented by other companies. A-12

Non-GAAP Reconciliations Insurance Holdings Adjusted EBITDA ($ MM) Quarter Ended Year-to-Date Dec. 31 Sept. 30 June 30 March 31 Dec. 31 Dec. 31 2019 2019 2019 2019 2018 2019 Segment net interest income $ 27 $ 28 $ 25 $ 23 $ 22 $ 103 Noninterest income 536 491 570 515 496 2,112 Total revenue $ 563 $ 519 $ 595 $ 538 $ 518 $ 2,215 Segment net income (loss) - GAAP $ 59 $ 61 $ 111 $ 88 $ 77 $ 319 Provision (benefit) for income taxes 21 21 38 30 26 110 Depreciation & amortization 19 20 20 20 21 79 EBITDA 99 102 169 138 124 508 Merger-related and restructuring charges, net 22 1 2 2 3 27 Incremental operating expenses related to the merger 11 8 — — — 19 Adjusted EBITDA(1) $ 132 $ 111 $ 171 $ 140 $ 127 $ 554 Adjusted EBITDA(1) margin 23.4 % 21.4 % 28.8 % 26.1 % 24.5 % 25.0 % (1) EBITDA is a non-GAAP measurement of operating profitability that is calculated by adding back interest, taxes, deprecation and amortization to net income. Truist's management also adds back merger-related and restructuring charges and incremental operating expenses related to the merger when calculating adjusted EBITDA. Truist's management uses this measure in its analysis of the Corporation's Insurance Holdings segment. Truist's management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. A-13

To inspire and build better lives and communities

XML

Cover Cover	Jan. 30, 2020
Entity Information [Line Items]
Entity Central Index Key	0000092230
Entity Address, Address Line Two	214 North Tryon Street
Entity Address, City or Town	Charlotte,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28202
Entity Address, Address Line One	NC
Document Type	8-K
Document Period End Date	Jan. 30, 2020
Entity Registrant Name	Truist Financial Corporation
Entity File Number	1-10853
Entity Tax Identification Number	56-0939887
City Area Code	336
Local Phone Number	733-2000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Amendment Flag	false
Entity Emerging Growth Company	false
Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $5 par value
Trading Symbol	TFC
Security Exchange Name	NYSE
Series F Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/1,000th interest in a share of Series F Non-Cumulative Perpetual Preferred Stock
Trading Symbol	TFC.PF
Security Exchange Name	NYSE
Series G Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/1,000th interest in a share of Series G Non-Cumulative Perpetual Preferred Stock
Trading Symbol	TFC.PG
Security Exchange Name	NYSE
Series H Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/1,000th interest in a share of Series H Non-Cumulative Perpetual Preferred Stock
Trading Symbol	TFC.PH
Security Exchange Name	NYSE
Series I Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred Stock
Trading Symbol	TFC.PI
Security Exchange Name	NYSE
Series J Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred Stock
Trading Symbol	TFC.PJ
Security Exchange Name	NYSE