Quarterly Performance Summary

Truist Financial Corporation

Second Quarter 2020

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
Capital Information - Five Quarter Trend	17
Selected Mortgage Banking Information & Additional Information	18
Selected Items	19
Non-GAAP Reconciliations	19

Financial Highlights
	Quarter Ended								Year-to-Date
	June 30						%		June 30						%
(Dollars in millions, except per share data, shares in thousands)	2020			2019			Change		2020			2019			Change
Summary Income Statement
Interest income - taxable equivalent (1)	$	3,919		$	2,230		75.7	%	$	8,382		$	4,427		89.3	%
Interest expense	440			516			(14.7)		1,216			993			22.5
Net interest income - taxable equivalent	3,479			1,714			103.0		7,166			3,434			108.7
Less: Taxable-equivalent adjustment	31			24			29.2		68			48			41.7
Net interest income	3,448			1,690			104.0		7,098			3,386			109.6
Provision for credit losses	844			172			NM		1,737			327			NM
Net interest income after provision for credit losses	2,604			1,518			71.5		5,361			3,059			75.3
Noninterest income	2,423			1,352			79.2		4,384			2,554			71.7
Noninterest expense	3,878			1,751			121.5		7,309			3,519			107.7
Income before income taxes	1,149			1,119			2.7		2,436			2,094			16.3
Provision for income taxes	191			234			(18.4)		415			411			1.0
Net income	958			885			8.2		2,021			1,683			20.1
Noncontrolling interests	3			(1)			NM		6			5			20.0
Preferred stock dividends	53			44			20.5		127			87			46.0
Net income available to common shareholders	902			842			7.1		1,888			1,591			18.7
Per Common Share Data
Earnings per share-basic	$	0.67		$	1.10		(39.1)	%	$	1.40		$	2.08		(32.7)	%
Earnings per share-diluted	0.67			1.09			(38.5)		1.39			2.06			(32.5)
Earnings per share-adjusted diluted (2)	0.82			1.12			(26.8)		1.65			2.17			(24.0)
Cash dividends declared	0.450			0.405			11.1		0.900			0.810			11.1
Common shareholders' equity	45.74			37.40			22.3		45.74			37.40			22.3
Tangible common shareholders' equity (2)	26.38			23.93			10.2		26.38			23.93			10.2
End of period shares outstanding	1,347,609			766,010			75.9		1,347,609			766,010			75.9
Weighted average shares outstanding-basic	1,347,512			765,958			75.9		1,345,942			765,052			75.9
Weighted average shares outstanding-diluted	1,355,834			774,603			75.0		1,356,809			774,329			75.2
Performance Ratios
Return on average assets	0.75		%	1.55		%			0.82		%	1.49		%
Return on average risk-weighted assets (current period is preliminary)	1.00			1.92					1.06			1.85
Return on average common shareholders' equity	5.90			11.98					6.24			11.54
Return on average tangible common shareholders' equity (2)	11.83			19.45					12.52			18.92
Net interest margin - taxable equivalent	3.13			3.42					3.34			3.47
Fee income ratio	41.3			44.4					38.2			43.0
Efficiency ratio-GAAP	66.1			57.6					63.7			59.3
Efficiency ratio-adjusted (2)	55.8			55.1					55.2			55.8
Credit Quality
Nonperforming assets as a percentage of:
Assets	0.25		%	0.23		%			0.25		%	0.23		%
Loans and leases plus foreclosed property	0.37			0.34					0.37			0.34
Net charge-offs as a percentage of average loans and leases	0.39			0.38					0.38			0.39
Allowance for loan and lease losses as a percentage of loans and leases held for investment	1.81			1.05					1.81			1.05
Ratio of allowance for loan and lease losses to nonperforming loans and leases held for investment	5.24x			3.46x					5.24x			3.46x
Average Balances
Assets	$	514,720		$	229,249		124.5	%	$	496,135		$	227,421		118.2	%
Securities (3)	75,159			46,115			63.0		75,430			46,423			62.5
Loans and leases	326,435			151,557			115.4		317,091			150,181			111.1
Deposits	370,818			159,891			131.9		352,733			159,968			120.5
Common shareholders' equity	61,484			28,188			118.1		60,854			27,812			118.8
Total shareholders' equity	66,863			31,301			113.6		66,137			30,923			113.9
Period-End Balances
Assets	$	504,336		$	230,872		118.4	%	$	504,336		$	230,872		118.4	%
Securities (3)	77,805			45,289			71.8		77,805			45,289			71.8
Loans and leases	321,148			153,823			108.8		321,148			153,823			108.8
Deposits	376,235			159,521			135.9		376,235			159,521			135.9
Common shareholders' equity	61,634			28,650			115.1		61,634			28,650			115.1
Total shareholders' equity	68,883			31,764			116.9		68,883			31,764			116.9
Capital Ratios (current quarter is preliminary)
Common equity Tier 1	9.7		%	10.4		%			9.7		%	10.4		%
Tier 1	11.5			12.0					11.5			12.0
Total	13.9			14.2					13.9			14.2
Leverage	9.0			10.2					9.0			10.2
Supplementary leverage	8.5			NA					8.5			NA
Applicable ratios are annualized.
NM - not meaningful
(1) Interest income includes certain fees, deferred costs and dividends.
(2) 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.
(3) 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.

Truist Financial Corporation 1

Financial Highlights - Five Quarter Trend
	Quarter Ended
	June 30			March 31			Dec. 31			Sept. 30			June 30
(Dollars in millions, except per share data, shares in thousands)	2020			2020			2019			2019			2019
Summary Income Statement
Interest income - taxable equivalent (1)	$	3,919		$	4,463		$	2,837		$	2,241		$	2,230
Interest expense	440			776			585			518			516
Net interest income - taxable equivalent	3,479			3,687			2,252			1,723			1,714
Less: Taxable-equivalent adjustment	31			37			25			23			24
Net interest income	3,448			3,650			2,227			1,700			1,690
Provision for credit losses	844			893			171			117			172
Net interest income after provision for credit losses	2,604			2,757			2,056			1,583			1,518
Noninterest income	2,423			1,961			1,398			1,303			1,352
Noninterest expense	3,878			3,431			2,575			1,840			1,751
Income before income taxes	1,149			1,287			879			1,046			1,119
Provision for income taxes	191			224			153			218			234
Net income	958			1,063			726			828			885
Noncontrolling interests	3			3			5			3			(1)
Preferred stock dividends	53			74			19			90			44
Net income available to common shareholders	902			986			702			735			842
Per Common Share Data
Earnings per share-basic	$	0.67		$	0.73		$	0.76		$	0.96		$	1.10
Earnings per share-diluted	0.67			0.73			0.75			0.95			1.09
Earnings per share-adjusted diluted (2)	0.82			0.83			1.12			1.07			1.12
Cash dividends declared	0.450			0.450			0.450			0.450			0.405
Common shareholders' equity	45.74			45.49			45.66			38.07			37.40
Tangible common shareholders' equity (2)	26.38			26.00			25.93			24.66			23.93
End of period shares outstanding	1,347,609			1,347,461			1,342,166			766,303			766,010
Weighted average shares outstanding-basic	1,347,512			1,344,372			922,840			766,167			765,958
Weighted average shares outstanding-diluted	1,355,834			1,357,545			934,718			775,791			774,603
Performance Ratios
Return on average assets	0.75		%	0.90		%	0.95		%	1.41		%	1.55		%
Return on average risk-weighted assets (current quarter is preliminary)	1.00			1.12			1.02			1.75			1.92
Return on average common shareholders' equity	5.90			6.58			7.33			10.04			11.98
Return on average tangible common shareholders' equity (2)	11.83			13.23			12.91			16.03			19.45
Net interest margin - taxable equivalent	3.13			3.58			3.41			3.37			3.42
Fee income ratio	41.3			34.9			38.6			43.4			44.4
Efficiency ratio-GAAP	66.1			61.1			71.0			61.3			57.6
Efficiency ratio-adjusted (2)	55.8			54.6			57.5			57.1			55.1
Credit Quality
Nonperforming assets as a percentage of:
Assets	0.25		%	0.23		%	0.14		%	0.22		%	0.23		%
Loans and leases plus foreclosed property	0.37			0.36			0.19			0.34			0.34
Net charge-offs as a percentage of average loans and leases	0.39			0.36			0.40			0.41			0.38
Allowance for loan and lease losses as a percentage of loans and leases held for investment	1.81			1.63			0.52			1.05			1.05
Ratio of allowance for loan and lease losses to nonperforming loans and leases held for investment	5.24x			5.04x			3.41x			3.52x			3.46x
Average Balances
Assets	$	514,720		$	477,550		$	302,059		$	232,420		$	229,249
Securities (3)	75,159			75,701			60,699			48,900			46,115
Loans and leases	326,435			307,748			193,641			152,042			151,557
Deposits	370,818			334,649			210,716			161,992			159,891
Common shareholders' equity	61,484			60,224			38,031			29,040			28,188
Total shareholders' equity	66,863			65,412			41,740			32,744			31,301
Period-End Balances
Assets	$	504,336		$	506,229		$	473,078		$	236,750		$	230,872
Securities (3)	77,805			78,398			74,727			54,765			45,289
Loans and leases	321,148			324,039			308,215			150,855			153,823
Deposits	376,235			350,179			334,727			162,280			159,521
Common shareholders' equity	61,634			61,295			61,282			29,177			28,650
Total shareholders' equity	68,883			66,061			66,558			32,303			31,764
Capital Ratios (current quarter is preliminary)
Common equity Tier 1	9.7		%	9.3		%	9.5		%	10.6		%	10.4		%
Tier 1	11.5			10.5			10.8			12.2			12.0
Total	13.9			12.7			12.6			14.8			14.2
Leverage (4)	9.0			9.0			14.7			10.3			10.2
Supplementary leverage (5)	8.5			7.8			7.9			NA			NA
Applicable ratios are annualized.
(1) Interest income includes certain fees, deferred costs and dividends.
(2) 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.
(3) 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.
(4) 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.
(5) Truist became subject to the supplementary leverage ratio in 2020. The 4Q19 measure was an estimate based on a full quarter of average tangible assets.

2 Truist Financial Corporation

Consolidated Statements of Income
	Quarter Ended								Year-to-Date
	June 30				Change				June 30				Change
(Dollars in millions, except per share data, shares in thousands)	2020		2019		$		%		2020		2019		$		%
Interest Income
Interest and fees on loans and leases	$	3,377	$	1,886	$	1,491	79.1	%	$	7,153	$	3,725	$	3,428	92.0	%
Interest on securities	444		300		144		48.0		938		602		336		55.8
Interest on other earning assets	67		20		47		NM		223		52		171		NM
Total interest income	3,888		2,206		1,682		76.2		8,314		4,379		3,935		89.9
Interest Expense
Interest on deposits	201		273		(72)		(26.4)		622		526		96		18.3
Interest on long-term debt	211		193		18		9.3		483		385		98		25.5
Interest on other borrowings	28		50		(22)		(44.0)		111		82		29		35.4
Total interest expense	440		516		(76)		(14.7)		1,216		993		223		22.5
Net Interest Income	3,448		1,690		1,758		104.0		7,098		3,386		3,712		109.6
Provision for credit losses	844		172		672		NM		1,737		327		1,410		NM
Net Interest Income After Provision for Credit Losses	2,604		1,518		1,086		71.5		5,361		3,059		2,302		75.3
Noninterest Income
Insurance income	581		566		15		2.7		1,130		1,076		54		5.0
Service charges on deposits	202		181		21		11.6		507		352		155		44.0
Wealth management income	289		172		117		68.0		621		335		286		85.4
Card and payment related fees	171		139		32		23.0		358		267		91		34.1
Residential mortgage income	341		91		250		NM		586		140		446		NM
Investment banking and trading income	274		48		226		NM		392		74		318		NM
Operating lease income	83		35		48		137.1		160		70		90		128.6
Income from bank-owned life insurance	45		34		11		32.4		89		62		27		43.5
Lending related fees	66		28		38		135.7		133		53		80		150.9
Commercial real estate related income	49		22		27		122.7		93		36		57		158.3
Securities gains (losses)	300		—		300		NM		298		—		298		NM
Other income (loss)	22		36		(14)		(38.9)		17		89		(72)		(80.9)
Total noninterest income	2,423		1,352		1,071		79.2		4,384		2,554		1,830		71.7
Noninterest Expense
Personnel expense	2,008		1,120		888		79.3		3,980		2,207		1,773		80.3
Net occupancy expense	243		116		127		109.5		464		238		226		95.0
Professional fees and outside processing	289		84		205		NM		536		170		366		NM
Software expense	216		71		145		NM		426		143		283		197.9
Equipment expense	120		68		52		76.5		236		133		103		77.4
Marketing and customer development	56		29		27		93.1		140		56		84		150.0
Operating lease depreciation	77		29		48		165.5		148		58		90		155.2
Loan-related expense	56		30		26		86.7		118		55		63		114.5
Amortization of intangibles	178		32		146		NM		343		64		279		NM
Regulatory costs	30		19		11		57.9		59		37		22		59.5
Merger-related and restructuring charges	209		23		186		NM		316		103		213		NM
Loss (gain) on early extinguishment of debt	235		—		235		NM		235		—		235		NM
Other expense	161		130		31		23.8		308		255		53		20.8
Total noninterest expense	3,878		1,751		2,127		121.5		7,309		3,519		3,790		107.7
Earnings
Income before income taxes	1,149		1,119		30		2.7		2,436		2,094		342		16.3
Provision for income taxes	191		234		(43)		(18.4)		415		411		4		1.0
Net income	958		885		73		8.2		2,021		1,683		338		20.1
Noncontrolling interests	3		(1)		4		NM		6		5		1		20.0
Preferred stock dividends	53		44		9		20.5		127		87		40		46.0
Net income available to common shareholders	$	902	$	842	$	60	7.1	%	$	1,888	$	1,591	$	297	18.7	%
Earnings Per Common Share
Basic	$	0.67	$	1.10	$	(0.43)	(39.1)	%	$	1.40	$	2.08	$	(0.68)	(32.7)	%
Diluted	0.67		1.09		(0.42)		(38.5)		1.39		2.06		(0.67)		(32.5)
Weighted Average Shares Outstanding
Basic	1,347,512		765,958		581,554		75.9		1,345,942		765,052		580,890		75.9
Diluted	1,355,834		774,603		581,231		75.0		1,356,809		774,329		582,480		75.2
NM - not meaningful

Truist Financial Corporation 3

Consolidated Statements of Income - Five Quarter Trend
	Quarter Ended
	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions, except per share data, shares in thousands)	2020		2020		2019		2019		2019
Interest Income
Interest and fees on loans and leases	$	3,377	$	3,776	$	2,371	$	1,886	$	1,886
Interest on securities	444		494		402		315		300
Interest on other earning assets	67		156		39		17		20
Total interest income	3,888		4,426		2,812		2,218		2,206
Interest Expense
Interest on deposits	201		421		304		271		273
Interest on long-term debt	211		272		219		193		193
Interest on other borrowings	28		83		62		54		50
Total interest expense	440		776		585		518		516
Net Interest Income	3,448		3,650		2,227		1,700		1,690
Provision for credit losses	844		893		171		117		172
Net Interest Income After Provision for Credit Losses	2,604		2,757		2,056		1,583		1,518
Noninterest Income
Insurance income	581		549		509		487		566
Service charges on deposits	202		305		222		188		181
Wealth management income	289		332		206		175		172
Card and payment related fees	171		187		156		132		139
Residential mortgage income	341		245		65		80		91
Investment banking and trading income	274		118		109		60		48
Operating lease income	83		77		47		36		35
Income from bank-owned life insurance	45		44		38		29		34
Lending related fees	66		67		47		24		28
Commercial real estate related income	49		44		48		32		22
Securities gains (losses)	300		(2)		(116)		—		—
Other income (loss)	22		(5)		67		60		36
Total noninterest income	2,423		1,961		1,398		1,303		1,352
Noninterest Expense
Personnel expense	2,008		1,972		1,465		1,161		1,120
Net occupancy expense	243		221		147		122		116
Professional fees and outside processing	289		247		161		102		84
Software expense	216		210		118		77		71
Equipment expense	120		116		83		64		68
Marketing and customer development	56		84		45		36		29
Operating lease depreciation	77		71		43		35		29
Loan-related expense	56		62		42		26		30
Amortization of intangibles	178		165		71		29		32
Regulatory costs	30		29		24		20		19
Merger-related and restructuring charges	209		107		223		34		23
Loss (gain) on early extinguishment of debt	235		—		—		—		—
Other expense	161		147		153		134		130
Total noninterest expense	3,878		3,431		2,575		1,840		1,751
Earnings
Income before income taxes	1,149		1,287		879		1,046		1,119
Provision for income taxes	191		224		153		218		234
Net income	958		1,063		726		828		885
Noncontrolling interests	3		3		5		3		(1)
Preferred stock dividends	53		74		19		90		44
Net income available to common shareholders	$	902	$	986	$	702	$	735	$	842
Earnings Per Common Share
Basic	$	0.67	$	0.73	$	0.76	$	0.96	$	1.10
Diluted	0.67		0.73		0.75		0.95		1.09
Weighted Average Shares Outstanding
Basic	1,347,512		1,344,372		922,840		766,167		765,958
Diluted	1,355,834		1,357,545		934,718		775,791		774,603

4 Truist Financial Corporation

Segment Financial Performance - Preliminary
	Quarter Ended
	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2020		2020		2019		2019		2019
Consumer Banking and Wealth
Net interest income (expense)	$	1,843	$	1,860	$	1,114	$	855	$	835
Net intersegment interest income (expense)	313		390		278		225		210
Segment net interest income	2,156		2,250		1,392		1,080		1,045
Allocated provision for credit losses	270		437		145		115		123
Noninterest income	1,006		1,067		652		574		580
Noninterest expense	1,969		1,988		1,317		929		898
Income (loss) before income taxes	923		892		582		610		604
Provision (benefit) for income taxes	218		210		141		148		146
Segment net income (loss)	$	705	$	682	$	441	$	462	$	458
Corporate and Commercial Banking
Net interest income (expense)	$	1,351	$	1,534	$	934	$	729	$	751
Net intersegment interest income (expense)	(55)		(199)		(95)		(85)		(109)
Segment net interest income	1,296		1,335		839		644		642
Allocated provision for credit losses	533		399		17		14		51
Noninterest income	624		460		419		277		251
Noninterest expense	884		887		576		342		326
Income (loss) before income taxes	503		509		665		565		516
Provision (benefit) for income taxes	94		91		144		119		107
Segment net income (loss)	$	409	$	418	$	521	$	446	$	409
Insurance Holdings
Net interest income (expense)	$	33	$	36	$	38	$	39	$	35
Net intersegment interest income (expense)	(10)		(11)		(11)		(11)		(10)
Segment net interest income	23		25		27		28		25
Allocated provision for credit losses	6		1		2		2		2
Noninterest income	598		557		536		491		570
Noninterest expense	449		440		481		435		444
Income (loss) before income taxes	166		141		80		82		149
Provision (benefit) for income taxes	41		36		21		21		38
Segment net income (loss)	$	125	$	105	$	59	$	61	$	111
Other, Treasury & Corporate (1)
Net interest income (expense)	$	221	$	220	$	141	$	77	$	69
Net intersegment interest income (expense)	(248)		(180)		(172)		(129)		(91)
Segment net interest income	(27)		40		(31)		(52)		(22)
Allocated provision for credit losses	35		56		7		(14)		(4)
Noninterest income	195		(123)		(209)		(39)		(49)
Noninterest expense	576		116		201		134		83
Income (loss) before income taxes	(443)		(255)		(448)		(211)		(150)
Provision (benefit) for income taxes	(162)		(113)		(153)		(70)		(57)
Segment net income (loss)	$	(281)	$	(142)	$	(295)	$	(141)	$	(93)
Total Truist Financial Corporation
Net interest income (expense)	$	3,448	$	3,650	$	2,227	$	1,700	$	1,690
Net intersegment interest income (expense)	—		—		—		—		—
Segment net interest income	3,448		3,650		2,227		1,700		1,690
Allocated provision for credit losses	844		893		171		117		172
Noninterest income	2,423		1,961		1,398		1,303		1,352
Noninterest expense	3,878		3,431		2,575		1,840		1,751
Income (loss) before income taxes	1,149		1,287		879		1,046		1,119
Provision (benefit) for income taxes	191		224		153		218		234
Net income	$	958	$	1,063	$	726	$	828	$	885
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
	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2020		2020		2019		2019		2019
Assets
Cash and due from banks	$	5,116	$	5,312	$	4,084	$	2,027	$	1,831
Interest-bearing deposits with banks	36,081		31,036		14,981		877		722
Securities borrowed or purchased under resale agreements	1,345		1,796		1,417		114		148
Trading assets at fair value	3,824		3,863		5,733		400		1,429
Securities available for sale at fair value	77,805		78,398		74,727		35,997		25,802
Securities held to maturity at amortized cost	—		—		—		18,768		19,487
Loans and leases:
Commercial:
Commercial and industrial	147,141		149,161		130,180		64,324		63,693
CRE	27,963		27,532		26,832		17,080		16,976
Commercial construction	6,891		6,630		6,205		3,804		3,746
Lease financing	5,783		5,984		6,122		2,356		2,203
Consumer:
Residential mortgage	51,671		53,096		52,071		28,297		32,607
Residential home equity and direct	26,935		27,629		27,044		11,646		11,675
Indirect auto	24,509		25,146		24,442		11,871		11,756
Indirect other	11,592		10,980		11,100		6,590		6,453
Student	7,484		7,771		6,743		—		—
Credit card	4,856		5,300		5,619		3,058		3,056
PCI	—		—		3,484		387		421
Total loans and leases held for investment	314,825		319,229		299,842		149,413		152,586
Loans held for sale	6,323		4,810		8,373		1,442		1,237
Total loans and leases	321,148		324,039		308,215		150,855		153,823
Allowance for loan and lease losses	(5,702)		(5,211)		(1,549)		(1,573)		(1,595)
Premises and equipment	4,002		3,999		3,712		2,022		2,029
Goodwill	23,882		23,927		24,154		9,832		9,830
Core deposit and other intangible assets	3,016		3,168		3,142		678		712
Mortgage servicing rights	2,077		2,150		2,630		929		982
Other assets	31,742		33,752		31,832		15,824		15,672
Total assets	$	504,336	$	506,229	$	473,078	$	236,750	$	230,872
Liabilities
Deposits:
Noninterest-bearing deposits	$	122,694	$	97,618	$	92,405	$	52,667	$	52,458
Interest checking	99,005		92,950		85,492		27,723		28,021
Money market and savings	123,974		124,072		120,934		64,454		63,972
Time deposits	30,562		35,539		35,896		16,526		15,070
Foreign office deposits - interest-bearing	—		—		—		910		—
Total deposits	376,235		350,179		334,727		162,280		159,521
Short-term borrowings	5,700		12,696		18,218		10,405		10,344
Long-term debt	42,133		65,662		41,339		25,520		22,640
Other liabilities	11,385		11,631		12,236		6,242		6,603
Total liabilities	435,453		440,168		406,520		204,447		199,108
Shareholders' Equity:
Preferred stock	7,143		4,599		5,102		3,057		3,053
Common stock	6,738		6,737		6,711		3,832		3,830
Additional paid-in capital	35,676		35,584		35,609		6,931		6,889
Retained earnings	18,373		18,076		19,806		19,440		19,050
Accumulated other comprehensive loss	847		898		(844)		(1,026)		(1,119)
Noncontrolling interests	106		167		174		69		61
Total shareholders' equity	68,883		66,061		66,558		32,303		31,764
Total liabilities and shareholders' equity	$	504,336	$	506,229	$	473,078	$	236,750	$	230,872
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
	June 30				Change				June 30				Change
(Dollars in millions)	2020		2019		$		%		2020		2019		$		%
Assets
Securities at amortized cost (1):
U.S. Treasury	$	2,237	$	2,662	$	(425)	(16.0)	%	$	2,255	$	2,980	$	(725)	(24.3)	%
U.S. government-sponsored entities (GSE)	1,844		2,440		(596)		(24.4)		1,850		2,429		(579)		(23.8)
Mortgage-backed securities issued by GSE	70,374		40,112		30,262		75.4		70,595		40,078		30,517		76.1
States and political subdivisions	505		566		(61)		(10.8)		518		593		(75)		(12.6)
Non-agency mortgage-backed	162		302		(140)		(46.4)		174		308		(134)		(43.5)
Other	37		33		4		12.1		38		35		3		8.6
Total securities	75,159		46,115		29,044		63.0		75,430		46,423		29,007		62.5
Loans and leases:
Commercial:
Commercial and industrial	152,991		62,563		90,428		144.5		142,367		61,970		80,397		129.7
CRE	27,804		16,854		10,950		65.0		27,425		16,820		10,605		63.0
Commercial construction	6,748		3,894		2,854		73.3		6,578		4,006		2,572		64.2
Lease financing	5,922		2,122		3,800		179.1		5,996		2,071		3,925		189.5
Consumer:
Residential mortgage	52,380		32,066		20,314		63.4		52,687		31,720		20,967		66.1
Residential home equity and direct	27,199		11,687		15,512		132.7		27,381		11,685		15,696		134.3
Indirect auto	24,721		11,633		13,088		112.5		24,848		11,471		13,377		116.6
Indirect other	11,282		6,246		5,036		80.6		11,116		6,138		4,978		81.1
Student	7,633		—		7,633		NM		7,710		—		7,710		NM
Credit card	4,949		2,970		1,979		66.6		5,242		2,946		2,296		77.9
PCI	—		432		(432)		(100.0)		—		444		(444)		(100.0)
Total loans and leases held for investment	321,629		150,467		171,162		113.8		311,350		149,271		162,079		108.6
Loans held for sale	4,806		1,090		3,716		NM		5,741		910		4,831		NM
Total loans and leases	326,435		151,557		174,878		115.4		317,091		150,181		166,910		111.1
Interest earning trading assets	3,700		1,456		2,244		154.1		5,017		1,031		3,986		NM
Other earning assets	41,531		1,711		39,820		NM		32,641		1,653		30,988		NM
Total earning assets	446,825		200,839		245,986		122.5		430,179		199,288		230,891		115.9
Nonearning assets	67,895		28,410		39,485		139.0		65,956		28,133		37,823		134.4
Total assets	$	514,720	$	229,249	$	285,471	124.5	%	$	496,135	$	227,421	$	268,714	118.2	%
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing deposits	$	113,875	$	52,680	$	61,195	116.2	%	$	103,505	$	52,484	$	51,021	97.2	%
Interest checking	97,863		27,708		70,155		NM		91,435		27,665		63,770		NM
Money market and savings	126,071		63,394		62,677		98.9		123,504		63,360		60,144		94.9
Time deposits	33,009		15,730		17,279		109.8		34,289		16,059		18,230		113.5
Foreign office deposits - interest-bearing	—		379		(379)		(100.0)		—		400		(400)		(100.0)
Total deposits	370,818		159,891		210,927		131.9		352,733		159,968		192,765		120.5
Short-term borrowings	8,998		8,367		631		7.5		13,949		7,003		6,946		99.2
Long-term debt	55,537		23,233		32,304		139.0		51,042		23,240		27,802		119.6
Other liabilities	12,504		6,457		6,047		93.7		12,274		6,287		5,987		95.2
Total liabilities	447,857		197,948		249,909		126.2		429,998		196,498		233,500		118.8
Shareholders' equity	66,863		31,301		35,562		113.6		66,137		30,923		35,214		113.9
Total liabilities and shareholders' equity	$	514,720	$	229,249	$	285,471	124.5	%	$	496,135	$	227,421	$	268,714	118.2	%
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
	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2020		2020		2019		2019		2019
Assets
Securities at amortized cost (1):
U.S. Treasury	$	2,237	$	2,274	$	2,384	$	2,240	$	2,662
U.S. government-sponsored entities (GSE)	1,844		1,856		2,301		2,449		2,440
Mortgage-backed securities issued by GSE	70,374		70,816		55,119		43,415		40,112
States and political subdivisions	505		530		598		566		566
Non-agency mortgage-backed	162		185		263		198		302
Other	37		40		34		32		33
Total securities	75,159		75,701		60,699		48,900		46,115
Loans and leases:
Commercial:
Commercial and industrial	152,991		131,743		81,853		63,768		62,563
CRE	27,804		27,046		19,896		17,042		16,854
Commercial construction	6,748		6,409		4,506		3,725		3,894
Lease financing	5,922		6,070		3,357		2,260		2,122
Consumer:
Residential mortgage	52,380		52,993		34,824		28,410		32,066
Residential home equity and direct	27,199		27,564		15,810		11,650		11,687
Indirect auto	24,721		24,975		15,390		11,810		11,633
Indirect other	11,282		10,950		7,772		6,552		6,246
Student	7,633		7,787		1,825		—		—
Credit card	4,949		5,534		3,788		3,036		2,970
PCI	—		—		1,220		411		432
Total loans and leases held for investment	321,629		301,071		190,241		148,664		150,467
Loans held for sale	4,806		6,677		3,400		3,378		1,090
Total loans and leases	326,435		307,748		193,641		152,042		151,557
Interest earning trading assets	3,700		6,334		2,370		668		1,456
Other earning assets	41,531		23,750		6,405		1,798		1,711
Total earning assets	446,825		413,533		263,115		203,408		200,839
Nonearning assets	67,895		64,017		38,944		29,012		28,410
Total assets	$	514,720	$	477,550	$	302,059	$	232,420	$	229,249
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing deposits	$	113,875	$	93,135	$	64,485	$	52,500	$	52,680
Interest checking	97,863		85,008		43,246		27,664		27,708
Money market and savings	126,071		120,936		79,903		64,920		63,394
Time deposits	33,009		35,570		23,058		16,643		15,730
Foreign office deposits - interest-bearing	—		—		24		265		379
Total deposits	370,818		334,649		210,716		161,992		159,891
Short-term borrowings	8,998		18,900		11,489		8,307		8,367
Long-term debt	55,537		46,547		29,888		22,608		23,233
Other liabilities	12,504		12,042		8,226		6,769		6,457
Total liabilities	447,857		412,138		260,319		199,676		197,948
Shareholders' equity	66,863		65,412		41,740		32,744		31,301
Total liabilities and shareholders' equity	$	514,720	$	477,550	$	302,059	$	232,420	$	229,249
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
	June 30, 2020						March 31, 2020
	(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	$	2,237	$	10	1.88	%	$	2,274	$	11	1.93	%
U.S. government-sponsored entities (GSE)	1,844		12		2.33		1,856		10		2.33
Mortgage-backed securities issued by GSE	70,374		413		2.35		70,816		461		2.60
States and political subdivisions	505		4		3.57		530		5		3.56
Non-agency mortgage-backed	162		7		16.71		185		8		16.72
Other	37		—		2.27		40		—		3.01
Total securities	75,159		446		2.37		75,701		495		2.62
Loans and leases:
Commercial:
Commercial and industrial	152,991		1,204		3.16		131,743		1,419		4.33
CRE	27,804		227		3.26		27,046		287		4.25
Commercial construction	6,748		61		3.70		6,409		76		4.87
Lease financing	5,922		70		4.71		6,070		65		4.27
Consumer:
Residential mortgage	52,380		608		4.65		52,993		594		4.48
Residential home equity and direct	27,199		391		5.78		27,564		452		6.60
Indirect auto	24,721		407		6.63		24,975		428		6.89
Indirect other	11,282		201		7.18		10,950		201		7.37
Student	7,633		87		4.55		7,787		104		5.38
Credit card	4,949		114		9.27		5,534		133		9.68
PCI	—		—		—		—		—		—
Total loans and leases held for investment	321,629		3,370		4.21		301,071		3,759		5.02
Loans held for sale	4,806		36		3.04		6,677		53		3.14
Total loans and leases	326,435		3,406		4.19		307,748		3,812		4.98
Interest earning trading assets	3,700		39		4.19		6,334		64		4.04
Other earning assets	41,531		28		0.28		23,750		92		1.55
Total earning assets	446,825		3,919		3.52		413,533		4,463		4.33
Nonearning assets	67,895						64,017
Total assets	$	514,720					$	477,550
Liabilities and Shareholders' Equity
Interest-bearing deposits:
Interest checking	$	97,863	55		0.23		$	85,008	129		0.61
Money market and savings	126,071		57		0.18		120,936		178		0.59
Time deposits	33,009		89		1.09		35,570		114		1.29
Foreign office deposits - interest-bearing	—		—		—		—		—		—
Total interest-bearing deposits (4)	256,943		201		0.32		241,514		421		0.70
Short-term borrowings	8,998		28		1.24		18,900		83		1.76
Long-term debt	55,537		211		1.52		46,547		272		2.34
Total interest-bearing liabilities	321,478		440		0.55		306,961		776		1.02
Noninterest-bearing deposits (4)	113,875						93,135
Other liabilities	12,504						12,042
Shareholders' equity	66,863						65,412
Total liabilities and shareholders' equity	$	514,720					$	477,550
Average interest-rate spread					2.97						3.31
Net interest income/ net interest margin			$	3,479	3.13	%			$	3,687	3.58	%
Taxable-equivalent adjustment			$	31					$	37
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. Interest income includes certain fees, deferred costs and dividends.
(3) Includes AFS and HTM securities.
(4) Total deposit costs were 0.22% and 0.51% for the three months ended June 30, 2020 and March 31, 2020, respectively.

Truist Financial Corporation 9

Average Balances and Rates - Quarters
	Quarter Ended
	December 31, 2019						September 30, 2019						June 30, 2019
	(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	$	2,384	$	12	1.97	%	$	2,240	$	11	2.04	%	$	2,662	$	14	2.04	%
U.S. government-sponsored entities (GSE)	2,301		12		2.28		2,449		14		2.25		2,440		13		2.25
Mortgage-backed securities issued by GSE	55,119		366		2.64		43,415		279		2.57		40,112		258		2.57
States and political subdivisions	598		4		3.38		566		5		3.44		566		6		4.37
Non-agency mortgage-backed	263		9		13.15		198		9		18.77		302		10		13.28
Other	34		—		3.53		32		—		3.67		33		1		3.85
Total securities	60,699		403		2.65		48,900		318		2.60		46,115		302		2.62
Loans and leases:
Commercial:
Commercial and industrial	81,853		862		4.18		63,768		671		4.18		62,563		679		4.35
CRE	19,896		223		4.43		17,042		209		4.83		16,854		210		4.97
Commercial construction	4,506		57		5.17		3,725		47		5.11		3,894		50		5.32
Lease financing	3,357		32		3.79		2,260		18		3.17		2,122		17		3.29
Consumer:
Residential mortgage	34,824		361		4.15		28,410		285		4.02		32,066		321		4.00
Residential home equity and direct	15,810		242		6.04		11,650		173		5.92		11,687		173		5.97
Indirect auto	15,390		312		8.04		11,810		262		8.84		11,633		254		8.71
Indirect other	7,772		133		6.77		6,552		110		6.61		6,246		102		6.63
Student	1,825		24		5.20		—		—		—		—		—		—
Credit card	3,788		85		9.06		3,036		71		9.18		2,970		67		8.94
PCI	1,220		33		10.63		411		25		24.23		432		24		21.63
Total loans and leases held for investment	190,241		2,364		4.94		148,664		1,871		5.00		150,467		1,897		5.05
Loans held for sale	3,400		31		3.52		3,378		35		4.16		1,090		11		4.17
Total loans and leases	193,641		2,395		4.91		152,042		1,906		4.98		151,557		1,908		5.05
Interest earning trading assets	2,370		11		1.84		668		3		2.02		1,456		8		2.25
Other earning assets	6,405		28		1.78		1,798		14		2.92		1,711		12		2.88
Total earning assets	263,115		2,837		4.29		203,408		2,241		4.38		200,839		2,230		4.45
Nonearning assets	38,944						29,012						28,410
Total assets	$	302,059					$	232,420					$	229,249
Liabilities and Shareholders' Equity
Interest-bearing deposits:
Interest checking	$	43,246	65		0.60		$	27,664	47		0.67		$	27,708	45		0.65
Money market and savings	79,903		152		0.76		64,920		156		0.95		63,394		163		1.03
Time deposits	23,058		87		1.48		16,643		67		1.62		15,730		63		1.58
Foreign office deposits - interest-bearing	24		—		2.19		265		1		2.13		379		2		2.43
Total interest-bearing deposits (4)	146,231		304		0.82		109,492		271		0.99		107,211		273		1.02
Short-term borrowings	11,489		62		2.15		8,307		54		2.55		8,367		50		2.40
Long-term debt	29,888		219		2.92		22,608		193		3.42		23,233		193		3.33
Total interest-bearing liabilities	187,608		585		1.24		140,407		518		1.47		138,811		516		1.49
Noninterest-bearing deposits (4)	64,485						52,500						52,680
Other liabilities	8,226						6,769						6,457
Shareholders' equity	41,740						32,744						31,301
Total liabilities and shareholders' equity	$	302,059					$	232,420					$	229,249
Average interest-rate spread					3.05						2.91						2.96
Net interest income/ net interest margin			$	2,252	3.41	%			$	1,723	3.37	%			$	1,714	3.42	%
Taxable-equivalent adjustment			$	25					$	23					$	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. Interest income includes certain fees, deferred costs and dividends.
(3) Includes AFS and HTM securities.
(4) Total deposit costs were 0.57%, 0.67% and 0.68% for the three months ended December 31, 2019, September 30, 2019 and June 30, 2019, respectively.

10 Truist Financial Corporation

Average Balances and Rates - Year-To-Date
	Year-to-Date
	June 30, 2020						June 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	$	2,255	$	21	1.91	%	$	2,980	$	30	2.02	%
U.S. government-sponsored entities (GSE)	1,850		22		2.33		2,429		27		2.24
Mortgage-backed securities issued by GSE	70,595		874		2.48		40,078		516		2.58
States and political subdivisions	518		9		3.57		593		12		4.04
Non-agency mortgage-backed	174		15		16.71		308		20		12.89
Other	38		—		2.65		35		1		3.90
Total securities	75,430		941		2.49		46,423		606		2.61
Loans and leases:
Commercial:
Commercial and industrial	142,367		2,623		3.70		61,970		1,335		4.34
CRE	27,425		514		3.75		16,820		417		4.98
Commercial construction	6,578		137		4.27		4,006		104		5.33
Lease financing	5,996		135		4.49		2,071		34		3.31
Consumer:
Residential mortgage	52,687		1,202		4.56		31,720		645		4.07
Residential home equity and direct	27,381		843		6.19		11,685		344		5.95
Indirect auto	24,848		835		6.76		11,471		494		8.67
Indirect other	11,116		402		7.27		6,138		200		6.60
Student	7,710		191		4.97		—		—		—
Credit card	5,242		247		9.49		2,946		132		8.98
PCI	—		—		—		444		44		19.77
Total loans and leases held for investment	311,350		7,129		4.60		149,271		3,749		5.06
Loans held for sale	5,741		89		3.10		910		19		4.25
Total loans and leases	317,091		7,218		4.57		150,181		3,768		5.05
Interest earning trading assets	5,017		103		4.09		1,031		12		2.25
Other earning assets	32,641		120		0.74		1,653		41		5.06
Total earning assets	430,179		8,382		3.91		199,288		4,427		4.47
Nonearning assets	65,956						28,133
Total assets	$	496,135					$	227,421
Liabilities and Shareholders' Equity
Interest-bearing deposits:
Interest checking	$	91,435	184		0.41		$	27,665	85		0.62
Money market and savings	123,504		235		0.38		63,360		313		0.99
Time deposits	34,289		203		1.19		16,059		123		1.54
Foreign office deposits - interest-bearing	—		—		—		400		5		2.43
Total interest-bearing deposits (4)	249,228		622		0.50		107,484		526		0.99
Short-term borrowings	13,949		111		1.60		7,003		82		2.37
Long-term debt	51,042		483		1.90		23,240		385		3.31
Total interest-bearing liabilities	314,219		1,216		0.78		137,727		993		1.45
Noninterest-bearing deposits (4)	103,505						52,484
Other liabilities	12,274						6,287
Shareholders' equity	66,137						30,923
Total liabilities and shareholders' equity	$	496,135					$	227,421
Average interest-rate spread					3.13						3.02
Net interest income/ net interest margin			$	7,166	3.34	%			$	3,434	3.47	%
Taxable-equivalent adjustment			$	68					$	48
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. Interest income includes certain fees, deferred costs and dividends.
(3) Includes AFS and HTM securities.
(4) Total deposit costs were 0.35% and 0.66% for the year ended June 30, 2020 and 2019, respectively.

Truist Financial Corporation 11

Credit Quality
	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2020		2020		2019		2019		2019
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial	$	428	$	443	$	212	$	172	$	193
CRE	42		18		10		27		31
Commercial construction	13		2		—		2		2
Lease financing	56		27		8		2		2
Consumer:
Residential mortgage	198		248		55		106		104
Residential home equity and direct	192		170		67		56		54
Indirect auto	155		125		100		81		74
Indirect other	3		1		2		1		1
Total nonaccrual loans and leases held for investment	1,087		1,034		454		447		461
Loans held for sale	102		41		107		—		—
Total nonaccrual loans and leases	1,189		1,075		561		447		461
Foreclosed real estate	43		63		82		33		36
Other foreclosed property	20		39		41		29		26
Total nonperforming assets	$	1,252	$	1,177	$	684	$	509	$	523
Troubled Debt Restructurings (TDRs)
Performing TDRs:
Commercial:
Commercial and industrial	$	57	$	65	$	47	$	69	$	84
CRE	22		7		6		6		7
Commercial construction	36		36		37		1		1
Lease financing	1		1		—		—		—
Consumer:
Residential mortgage	533		513		470		570		581
Residential home equity and direct	71		66		51		54		53
Indirect auto	342		350		333		324		311
Indirect other	4		5		5		4		4
Student	4		1		—		—		—
Credit card	37		35		31		29		29
Total performing TDRs	1,107		1,079		980		1,057		1,070
Nonperforming TDRs	111		121		82		115		135
Total TDRs	$	1,218	$	1,200	$	1,062	$	1,172	$	1,205
Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial	$	9	$	5	$	1	$	—	$	—
CRE	3		1		—		—		—
Lease financing	1		—		—		—		—
Consumer:
Residential mortgage	$	521	$	610	$	543	$	347	$	350
Residential home equity and direct	9		10		9		8		11
Indirect auto	10		11		11		9		7
Indirect other	3		2		2		—		—
Student	478		1,068		188		—		—
Credit card	38		41		22		15		13
PCI	—		—		1,218		24		26
Total loans 90 days past due and still accruing	$	1,072	$	1,748	$	1,994	$	403	$	407
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial	$	282	$	262	$	94	$	34	$	32
CRE	6		8		5		1		3
Commercial construction	1		16		1		—		—
Lease financing	10		8		2		1		5
Consumer:
Residential mortgage	703		679		498		432		480
Residential home equity and direct	108		156		122		56		60
Indirect auto	265		521		560		380		354
Indirect other	50		74		85		43		39
Student	442		593		650		—		—
Credit card	34		57		56		29		26
PCI	—		—		140		16		17
Total loans 30-89 days past due	$	1,901	$	2,374	$	2,213	$	992	$	1,016

12 Truist Financial Corporation

	As of/For the Quarter Ended
	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2020		2020		2019		2019		2019
Allowance for Credit Losses
Beginning balance	$	5,611	$	1,889	$	1,653	$	1,689	$	1,659
CECL adoption - impact to retained earnings before tax	—		2,762		—		—		—
CECL adoption - reserves on PCD assets	—		378		—		—		—
Provision for credit losses	844		893		171		117		172
Charge-offs:
Commercial:
Commercial and industrial	(123)		(39)		(23)		(28)		(22)
CRE	(14)		(1)		(5)		(2)		(18)
Commercial construction	—		(3)		—		—		—
Lease financing	(4)		(2)		(9)		(1)		—
Consumer:
Residential mortgage	(35)		(11)		(8)		(3)		(5)
Residential home equity and direct	(65)		(68)		(25)		(24)		(24)
Indirect auto	(80)		(142)		(107)		(92)		(79)
Indirect other	(20)		(18)		(19)		(14)		(12)
Student	(6)		(8)		—		—		—
Credit card	(50)		(53)		(37)		(25)		(23)
Total charge-offs	(397)		(345)		(233)		(189)		(183)
Recoveries:
Commercial:
Commercial and industrial	21		17		6		5		8
CRE	4		—		—		3		2
Commercial construction	7		1		1		—		1
Lease financing	—		—		—		1		—
Consumer:
Residential mortgage	2		2		1		—		—
Residential home equity and direct	15		15		10		6		8
Indirect auto	18		23		13		12		14
Indirect other	7		7		5		3		5
Student	1		—		—		—		—
Credit card	6		8		5		6		3
Total recoveries	81		73		41		36		41
Net charge-offs	(316)		(272)		(192)		(153)		(142)
Merger related items and other	(6)		(39)		257		—		—
Ending balance	$	6,133	$	5,611	$	1,889	$	1,653	$	1,689
Allowance for Credit Losses:
Allowance for loan and lease losses (excluding PCD / PCI loans)	$	5,408	$	4,880	$	1,541	$	1,565	$	1,587
Allowance for PCD / PCI loans	294		331		8		8		8
Reserve for unfunded lending commitments (RUFC)	431		400		340		80		94
Total	$	6,133	$	5,611	$	1,889	$	1,653	$	1,689

Truist Financial Corporation 13

	As of/For the Year-to-Date
	Period Ended June 30
(Dollars in millions)	2020		2019
Allowance for Credit Losses
Beginning balance	$	1,889	$	1,651
CECL adoption - impact to retained earnings before tax	2,762		—
CECL adoption - reserves on PCD assets	378		—
Provision for credit losses	1,737		327
Charge-offs:
Commercial:
Commercial and industrial	(162)		(39)
CRE	(15)		(26)
Commercial construction	(3)		—
Lease financing	(6)		(1)
Consumer:
Residential mortgage	(46)		(10)
Residential home equity and direct	(133)		(44)
Indirect auto	(222)		(171)
Indirect other	(38)		(29)
Student	(14)		—
Credit card	(103)		(47)
Total charge-offs	(742)		(367)
Recoveries:
Commercial:
Commercial and industrial	38		14
CRE	4		2
Commercial construction	8		2
Consumer:
Residential mortgage	4		1
Residential home equity and direct	30		14
Indirect auto	41		27
Indirect other	14		9
Student	1		—
Credit card	14		9
Total recoveries	154		78
Net charge-offs	(588)		(289)
Merger related items and other	(45)		—
Ending balance	$	6,133	$	1,689

	As of/For the Quarter Ended
	June 30		March 31		Dec. 31		Sept. 30		June 30
	2020		2020		2019		2019		2019
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.60	%	0.74	%	0.74	%	0.66	%	0.67	%
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.34		0.55		0.66		0.27		0.27
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.35		0.32		0.15		0.30		0.30
Nonperforming loans and leases as a percentage of loans and leases (1)	0.37		0.33		0.18		0.30		0.30
Nonperforming assets as a percentage of:
Total assets (1)	0.25		0.23		0.14		0.22		0.23
Loans and leases plus foreclosed property	0.37		0.36		0.19		0.34		0.34
Net charge-offs as a percentage of average loans and leases	0.39		0.36		0.40		0.41		0.38
Allowance for loan and lease losses as a percentage of loans and leases	1.81		1.63		0.52		1.05		1.05
Ratio of allowance for loan and lease losses to:
Net charge-offs	4.49X		4.76X		2.03X		2.59X		2.80X
Nonperforming loans and leases	5.24X		5.04X		3.41X		3.52X		3.46X
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	%	0.03	%	0.04	%	0.04	%
Applicable ratios are annualized.
(1)Includes loans held for sale.

14 Truist Financial Corporation

	June 30, 2020
					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	$	50	87.7	%	$	7		12.3	%	$	—		—	%	$	57
CRE	22		100.0		—			—		—			—		22
Commercial construction	36		100.0		—			—		—			—		36
Lease financing	1		100.0		—			—		—			—		1
Consumer:
Residential mortgage	268		50.2		84			15.8		181			34.0		533
Residential home equity and direct	70		98.6		1			1.4		—			—		71
Indirect auto	320		93.6		22			6.4		—			—		342
Indirect other	4		100.0		—			—		—			—		4
Student	4		100.0		—			—		—			—		4
Credit card	32		86.5		3			8.1		2			5.4		37
Total performing TDRs (1)	807		72.9		117			10.6		183			16.5		1,107
Nonperforming TDRs (2)	59		53.2		8			7.2		44			39.6		111
Total TDRs (1)(2)	$	866	71.1	%	$	125		10.3	%	$	227		18.6	%	$	1,218
(1)Past due performing TDRs are included in past due disclosures.
(2)Nonperforming TDRs are included in nonaccrual loan disclosures.
					Quarter Ended
					June 30			March 31		Dec. 31			Sept. 30		June 30
					2020			2020		2019			2019		2019
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial					0.27		%	0.07	%	0.09		%	0.14	%	0.09		%
CRE					0.15			0.01		0.09			—		0.41
Commercial construction					(0.43)			0.13		(0.09)			(0.11)		(0.19)
Lease financing					0.33			0.08		1.03			0.11		0.03
Consumer:
Residential mortgage					0.25			0.07		0.09			0.04		0.06
Residential home equity and direct					0.73			0.78		0.39			0.60		0.57
Indirect auto					1.03			1.89		2.41			2.70		2.23
Indirect other					0.41			0.47		0.72			0.60		0.49
Student					0.31			0.38		(0.01)			—		—
Credit card					3.50			3.30		3.32			2.59		2.50
Total loans and leases					0.39			0.36		0.40			0.41		0.38
Applicable ratios are annualized.

Credit Quality - Allowance with Fair Value Marks
	As of/For the Quarter Ended
	June 30			March 31			Dec. 31
(Dollars in millions)	2020			2020			2019
ALLL	$	5,702		$	5,211		$	1,549
Unamortized fair value mark (1)	3,077			3,539			4,564
Allowance plus unamortized fair value mark	$	8,779		$	8,750		$	6,113
Loans and leases held for investment	$	314,825		$	319,229		$	299,842
Unamortized fair value mark (1)	3,077			3,539			4,564
Gross loans and leases	$	317,902		$	322,768		$	304,406
Allowance for loan and lease losses as a percentage of loans and leases - GAAP	1.81		%	1.63		%	0.52		%
Allowance for loan and lease losses and unamortized fair value mark as a percentage of gross loans and leases - Adjusted (1) (2)	2.76			2.71			2.01

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

(2)Allowance for loan and lease losses and unamortized fair value mark, and allowance for credit losses and unamortized fair value mark, as a percentage of gross loans and leases are non-GAAP measurements of credit reserves that are calculated by adjusting the ALLL or ACL, and loans and leases held for investment by the unamortized fair value mark. Truist's management uses these measures to assess loss absorption capacity.

Truist Financial Corporation 15

Rollforward of Intangible Assets and Selected Fair Value Marks (1)
	As of/For the Quarter Ended
	June 30		March 31		Dec. 31
(Dollars in millions)	2020		2020		2019
Loans and Leases (2)
Beginning balance unamortized fair value mark	$	(3,539)	$	(4,564)	$	(221)
Additions - Merger with SunTrust	—		—		(4,513)
Accretion	440		454		170
CECL adoption - reserves on PCD assets	—		378		—
Purchase accounting adjustments and other activity	22		193		—
Ending balance	$	(3,077)	$	(3,539)	$	(4,564)
Core deposit and other intangible assets
Beginning balance	$	3,168	$	3,142	$	678
Additions - Merger with SunTrust	—		—		2,535
Amortization of intangibles	(178)		(165)		(71)
Amortization in net occupancy expense	(6)		(5)		—
Purchase accounting adjustments and other activity	32		196		—
Ending balance	$	3,016	$	3,168	$	3,142
Deposits (3)
Beginning balance unamortized fair value mark	$	(54)	$	(76)	$	—
Additions - Merger with SunTrust	—		—		(83)
Amortization	17		22		7
Ending balance	$	(37)	$	(54)	$	(76)
Long-Term Debt (3)
Beginning balance unamortized fair value mark	$	(285)	$	(312)	$	(10)
Additions - Merger with SunTrust	—		—		(309)
Amortization	23		27		7
Ending balance	$	(262)	$	(285)	$	(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 marks on loans and leases includes credit, interest and liquidity components, and are generally recognized using the 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 the level-yield method over the term of the liability.

16 Truist Financial Corporation

Capital Information - Five Quarter Trend
	As of/For the Quarter Ended
	June 30			March 31			Dec. 31			Sept. 30			June 30
(Dollars in millions, except per share data, shares in thousands)	2020			2020			2019			2019			2019
Selected Capital Information	(preliminary)
Risk-based capital:
Common equity tier 1	$	37,108		$	36,396		$	35,643		$	19,905		$	19,435
Tier 1	44,249			40,993			40,743			22,960			22,486
Total	53,437			49,395			47,511			27,666			26,693
Risk-weighted assets	383,430			390,348			376,056			187,503			187,523
Average quarterly tangible assets	490,203			454,381			276,591			223,298			220,514
Risk-based capital ratios:
Common equity tier 1	9.7		%	9.3		%	9.5		%	10.6		%	10.4		%
Tier 1	11.5			10.5			10.8			12.2			12.0
Total	13.9			12.7			12.6			14.8			14.2
Leverage capital ratio (1)	9.0			9.0			14.7			10.3			10.2
Supplementary leverage (2)	8.5			7.8			7.9			NA			NA
Equity as a percentage of total assets	13.7			13.0			14.1			13.6			13.8
Common equity per common share	$	45.74		$	45.49		$	45.66		$	38.07		$	37.40
(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 in 2020. The 4Q19 measure was an estimate based on a full quarter of average tangible assets.
	June 30			March 31			Dec. 31			Sept. 30			June 30
(Dollars in millions, except per share data, shares in thousands)	2020			2020			2019			2019			2019
Calculations of Tangible Common Equity and Related Measures: (1)
Total shareholders' equity	$	68,883		$	66,061		$	66,558		$	32,303		$	31,764
Less:
Preferred stock	7,143			4,599			5,102			3,057			3,053
Noncontrolling interests	106			167			174			69			61
Intangible assets, net of deferred taxes	26,083			26,263			26,482			10,281			10,317
Tangible common equity	$	35,551		$	35,032		$	34,800		$	18,896		$	18,333
Outstanding shares at end of period (in thousands)	1,347,609			1,347,461			1,342,166			766,303			766,010
Tangible Common Equity Per Common Share	$	26.38		$	26.00		$	25.93		$	24.66		$	23.93

(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. These measures are not necessarily comparable to similar measures that may be presented by other companies.

Truist Financial Corporation 17

Selected Mortgage Banking Information & Additional Information
	As of/For the Quarter Ended
	June 30			March 31			Dec. 31			Sept. 30			June 30
(Dollars in millions, except per share data)	2020			2020			2019			2019			2019
Residential Mortgage Income
Residential mortgage production revenue	$	344		$	206		$	40		$	50		$	37
Residential mortgage servicing revenue	159			169			78			64			62
Realization of expected residential MSR cash flows	(176)			(122)			(59)			(36)			(38)
Residential mortgage income before MSR valuation	327			253			59			78			61
Income statement impact of mortgage servicing rights valuation:
MSRs fair value increase (decrease)	(28)			(503)			80			(79)			(47)
MSRs hedge gains (losses)	42			495			(74)			81			77
Net MSRs valuation	14			(8)			6			2			30
Total residential mortgage income	$	341		$	245		$	65		$	80		$	91
Commercial Real Estate Related Income
Commercial mortgage production revenue	$	42		$	36		$	44		$	26		$	20
Commercial mortgage servicing revenue	18			19			13			10			9
Realization of expected commercial MSR cash flows	(8)			(11)			(7)			(7)			(7)
Commercial real estate related income before MSR valuation	52			44			50			29			22
Income statement impact of mortgage servicing rights valuation:
MSRs fair value increase (decrease)	(6)			(20)			2			—			(5)
MSRs hedge gains (losses)	3			20			(4)			3			5
Net MSRs valuation	(3)			—			(2)			3			—
Commercial real estate related income	$	49		$	44		$	48		$	32		$	22
Other Mortgage Banking Information
Residential mortgage loan originations	$	14,631		$	11,708		$	7,523		$	5,274		$	4,735
Residential mortgage servicing portfolio (1):
Loans serviced for others	209,070			219,979			219,347			87,147			85,060
Bank-owned loans serviced	56,365			56,325			60,211			29,122			32,852
Total servicing portfolio	265,435			276,304			279,558			116,269			117,912
Weighted-average coupon rate on mortgage loans serviced for others	3.98		%	4.02		%	4.04		%	4.09		%	4.07		%
Weighted-average servicing fee on mortgage loans serviced for others	0.315			0.313			0.310			0.280			0.279
Additional Information
Fair value of derivatives, net	3,766			3,276			1,687			641			489
Common stock prices:
High	46.53			56.68			56.92			53.85			51.76
Low	26.41			24.01			50.02			44.98			46.53
End of period	37.55			30.84			56.32			53.37			49.13
Banking offices	2,916			2,957			2,958			1,789			1,787
ATMs	4,354			4,408			4,426			2,376			2,376
FTEs (2)	55,769			56,504			40,691			34,723			34,771

(1)Amounts reported are unpaid principal balance.

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

18 Truist Financial Corporation

Selected Items (1)
	Favorable (Unfavorable)
(Dollars in millions)			After-Tax at
Description	Pre-Tax		Marginal Rate
Selected Items
Second Quarter 2020
Incremental operating expenses related to the merger ($64 million in professional fees and outside processing, $49 million in personnel expense, and $16 million in other expense)	$	(129)	$	(99)
First Quarter 2020
Incremental operating expenses related to the merger ($44 million in personnel expense, $20 million in professional fees and outside processing, and $10 million in other expense)	$	(74)	$	(57)
Fourth Quarter 2019
Incremental operating expenses related to the merger ($80 million in personnel expense, $12 million in professional fees and outside processing, and $9 million in other expense)	$	(101)	$	(79)
Impact of mortgage portfolio sale ($25 million in provision for credit losses, offset by $22 in residential mortgage income, and a $2 million corporate advance write off included in loan-related expense)	1		1
Third Quarter 2019
Incremental operating expenses related to the merger ($39 million in personnel expense, $12 million in professional fees and outside processing, and $1 million in other expense)	$	(52)	$	(40)
Redemption of preferred shares	(46)		(46)
Impact of mortgage portfolio sale ($16 million in provision for credit losses and $4 million in residential mortgage income)	20		15
Second Quarter 2019
Incremental operating expenses related to the merger ($4 million in personnel expense, and $5 million in professional fees and outside processing)	$	(9)	$	(7)
First Quarter 2019
Incremental operating expenses related to the merger ($1 million in personnel expense, and $1 million in other expense)	$	(2)	$	(1)

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

Non-GAAP Reconciliations
	Quarter Ended															Year-to-Date
	June 30			March 31			Dec. 31			Sept. 30			June 30			June 30			June 30
(Dollars in millions)	2020			2020			2019			2019			2019			2020			2019
Efficiency Ratio (1)
Efficiency Ratio Numerator - Noninterest Expense - GAAP	$	3,878		$	3,431		$	2,575		$	1,840		$	1,751		$	7,309		$	3,519
Merger-related and restructuring charges, net	(209)			(107)			(223)			(34)			(23)			(316)			(103)
Gain (loss) on early extinguishment of debt	(235)			—			—			—			—			(235)			—
Incremental operating expense related to the merger	(129)			(74)			(101)			(52)			(9)			(203)			(11)
Amortization	(178)			(165)			(71)			(29)			(32)			(343)			(64)
Corporate advance write off	—			—			(2)			—			—			—			—
Efficiency Ratio Numerator - Adjusted	$	3,127		$	3,085		$	2,178		$	1,725		$	1,687		$	6,212		$	3,341
Efficiency Ratio Denominator - Revenue (2) - GAAP	$	5,871		$	5,611		$	3,625		$	3,003		$	3,042		$	11,482		$	5,940
Taxable equivalent adjustment	31			37			25			23			24			68			48
Securities (gains) losses, net	(300)			2			116			—			—			(298)			—
Gain (loss) on loan portfolio sale	—			—			22			(4)			—			—			—
Efficiency Ratio Denominator - Adjusted	$	5,602		$	5,650		$	3,788		$	3,022		$	3,066		$	11,252		$	5,988
Efficiency Ratio - GAAP	66.1		%	61.1		%	71.0		%	61.3		%	57.6		%	63.7		%	59.3		%
Efficiency Ratio - Adjusted	55.8			54.6			57.5			57.1			55.1			55.2			55.8

(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.

Truist Financial Corporation 19

	Quarter Ended															Year-to-Date
	June 30			March 31			Dec. 31			Sept. 30			June 30			June 30			June 30
(Dollars in millions)	2020			2020			2019			2019			2019			2020			2019
Return on Average Tangible Common Shareholders' Equity (1)
Net income available to common shareholders	$	902		$	986		$	702		$	735		$	842		$	1,888		$	1,591
Plus: Amortization of intangibles, net of tax	137			126			57			22			24			263			49
Tangible net income available to common shareholders	$	1,039		$	1,112		$	759		$	757		$	866		$	2,151		$	1,640
Average common shareholders' equity	$	61,484		$	60,224		$	38,031		$	29,040		$	28,188		$	60,854		$	27,812
Less: Average intangible assets, net of deferred taxes	26,161			26,429			14,760			10,298			10,326			26,295			10,334
Average tangible common shareholders' equity	$	35,323		$	33,795		$	23,271		$	18,742		$	17,862		$	34,559		$	17,478
Return on average common shareholders' equity	5.90		%	6.58		%	7.33		%	10.04		%	11.98		%	6.24		%	11.54		%
Return on average tangible common shareholders' equity	11.83			13.23			12.91			16.03			19.45			12.52			18.92

(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. These measures are not necessarily comparable to similar measures that may be presented by other companies.

	Quarter Ended										Year-to-Date
	June 30		March 31		Dec. 31		Sept. 30		June 30		June 30		June 30
(Dollars in millions, except per share data)	2020		2020		2019		2019		2019		2020		2019
Diluted EPS (1)
Net income available to common shareholders - GAAP	$	902	$	986	$	702	$	735	$	842	$	1,888	$	1,591
Merger-related and restructuring charges	160		82		176		26		19		242		83
Securities gains (losses)	(230)		2		90		—		—		(228)		—
Loss on extinguishment of debt	180		—		—		—		—		180		—
Incremental operating expenses related to the merger	99		57		79		40		7		156		8
Corporate advance write off	—		—		1		—		—		—		—
Gain (loss) on loan portfolio sale	—		—		17		(3)		—		—		—
Redemption of preferred shares	—		—		—		46		—		—		—
Allowance release related to loan portfolio sale	—		—		(19)		(12)		—		—		—
Net income available to common shareholders - adjusted	$	1,111	$	1,127	$	1,046	$	832	$	868	$	2,238	$	1,682
Weighted average shares outstanding - diluted	1,355,834		1,357,545		934,718		775,791		774,603		1,356,809		774,329
Diluted EPS - GAAP	$	0.67	$	0.73	$	0.75	$	0.95	$	1.09	$	1.39	$	2.06
Diluted EPS - adjusted	0.82		0.83		1.12		1.07		1.12		1.65		2.17

(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.

20 Truist Financial Corporation