Quarterly Performance Summary

Truist Financial Corporation

Third 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
	September 30						%		September 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)	$	3,652		$	2,241		63.0	%	$	12,034		$	6,668		80.5	%
Interest expense	261			518			(49.6)		1,477			1,511			(2.3)
Net interest income - taxable equivalent	3,391			1,723			96.8		10,557			5,157			104.7
Less: Taxable-equivalent adjustment	29			23			26.1		97			71			36.6
Net interest income	3,362			1,700			97.8		10,460			5,086			105.7
Provision for credit losses	421			117			NM		2,158			444			NM
Net interest income after provision for credit losses	2,941			1,583			85.8		8,302			4,642			78.8
Noninterest income	2,210			1,303			69.6		6,594			3,857			71.0
Noninterest expense	3,755			1,840			104.1		11,064			5,359			106.5
Income before income taxes	1,396			1,046			33.5		3,832			3,140			22.0
Provision for income taxes	255			218			17.0		670			629			6.5
Net income	1,141			828			37.8		3,162			2,511			25.9
Noncontrolling interests	3			3			—		9			8			12.5
Net income available to the bank holding company	1,138			825			37.9		3,153			2,503			12.5
Preferred stock dividends	70			90			(22.2)		197			177			11.3
Net income available to common shareholders	1,068			735			45.3		2,956			2,326			27.1
Per Common Share Data
Earnings per share-basic	$	0.79		$	0.96		(17.7)	%	$	2.20		$	3.04		(27.6)	%
Earnings per share-diluted	0.79			0.95			(16.8)		2.18			3.00			(27.3)
Earnings per share-adjusted diluted (2)	0.97			1.07			(9.3)		2.62			3.25			(19.4)
Cash dividends declared	0.450			0.450			—		1.350			1.260			7.1
Common shareholders' equity	45.86			38.07			20.5		45.86			38.07			20.5
Tangible common shareholders' equity (2)	26.63			24.66			8.0		26.63			24.66			8.0
End of period shares outstanding	1,348,118			766,303			75.9		1,348,118			766,303			75.9
Weighted average shares outstanding-basic	1,347,916			766,167			75.9		1,346,605			765,428			75.9
Weighted average shares outstanding-diluted	1,358,122			775,791			75.1		1,357,174			774,907			75.1
Performance Ratios
Return on average assets	0.91		%	1.41		%			0.85		%	1.47		%
Return on average risk-weighted assets (current period is preliminary)	1.19			1.75					1.10			1.81
Return on average common shareholders' equity	6.87			10.04					6.46			11.02
Return on average tangible common shareholders' equity (2)	13.31			16.03					12.79			17.90
Net interest margin - taxable equivalent	3.10			3.37					3.26			3.43
Fee income ratio	39.7			43.4					38.7			43.1
Efficiency ratio-GAAP	67.4			61.3					64.9			59.9
Efficiency ratio-adjusted (2)	57.3			57.1					55.9			56.2
Credit Quality
Nonperforming assets as a percentage of:
Assets	0.26		%	0.22		%			0.26		%	0.22		%
Loans and leases plus foreclosed property	0.39			0.34					0.39			0.34
Net charge-offs as a percentage of average loans and leases	0.42			0.41					0.39			0.40
Allowance for loan and lease losses as a percentage of LHFI	1.91			1.05					1.91			1.05
Ratio of allowance for loan and lease losses to nonperforming LHFI	5.22x			3.52x					5.22x			3.52x
Average Balances
Assets	$	500,826		$	232,420		115.5	%	$	497,710		$	229,106		117.2	%
Securities (3)	79,828			48,900			63.2		76,906			47,257			62.7
Loans and leases	315,691			152,042			107.6		316,621			150,808			109.9
Deposits	372,211			161,992			129.8		359,273			160,650			123.6
Common shareholders' equity	61,804			29,040			112.8		61,173			28,226			116.7
Total shareholders' equity	69,634			32,744			112.7		67,311			31,537			113.4
Period-End Balances
Assets	$	499,183		$	236,750		110.8	%	$	499,183		$	236,750		110.8	%
Securities (3)	86,132			54,765			57.3		86,132			54,765			57.3
Loans and leases	312,149			150,855			106.9		312,149			150,855			106.9
Deposits	370,747			162,280			128.5		370,747			162,280			128.5
Common shareholders' equity	61,819			29,177			111.9		61,819			29,177			111.9
Total shareholders' equity	69,973			32,303			116.6		69,973			32,303			116.6
Capital Ratios (current quarter is preliminary)
Common equity Tier 1	10.0		%	10.6		%			10.0		%	10.6		%
Tier 1	12.2			12.2					12.2			12.2
Total	14.6			14.8					14.6			14.8
Leverage	9.6			10.3					9.6			10.3
Supplementary leverage	8.9			NA					8.9			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
	Sept. 30			June 30			March 31			Dec. 31			Sept. 30
(Dollars in millions, except per share data, shares in thousands)	2020			2020			2020			2019			2019
Summary Income Statement
Interest income - taxable equivalent (1)	$	3,652		$	3,919		$	4,463		$	2,837		$	2,241
Interest expense	261			440			776			585			518
Net interest income - taxable equivalent	3,391			3,479			3,687			2,252			1,723
Less: Taxable-equivalent adjustment	29			31			37			25			23
Net interest income	3,362			3,448			3,650			2,227			1,700
Provision for credit losses	421			844			893			171			117
Net interest income after provision for credit losses	2,941			2,604			2,757			2,056			1,583
Noninterest income	2,210			2,423			1,961			1,398			1,303
Noninterest expense	3,755			3,878			3,431			2,575			1,840
Income before income taxes	1,396			1,149			1,287			879			1,046
Provision for income taxes	255			191			224			153			218
Net income	1,141			958			1,063			726			828
Noncontrolling interests	3			3			3			5			3
Net income available to the bank holding company	1,138			955			1,060			721			825
Preferred stock dividends	70			53			74			19			90
Net income available to common shareholders	1,068			902			986			702			735
Per Common Share Data
Earnings per share-basic	$	0.79		$	0.67		$	0.73		$	0.76		$	0.96
Earnings per share-diluted	0.79			0.67			0.73			0.75			0.95
Earnings per share-adjusted diluted (2)	0.97			0.82			0.83			1.12			1.07
Cash dividends declared	0.450			0.450			0.450			0.450			0.450
Common shareholders' equity	45.86			45.74			45.49			45.66			38.07
Tangible common shareholders' equity (2)	26.63			26.38			26.00			25.93			24.66
End of period shares outstanding	1,348,118			1,347,609			1,347,461			1,342,166			766,303
Weighted average shares outstanding-basic	1,347,916			1,347,512			1,344,372			922,840			766,167
Weighted average shares outstanding-diluted	1,358,122			1,355,834			1,357,545			934,718			775,791
Performance Ratios
Return on average assets	0.91		%	0.75		%	0.90		%	0.95		%	1.41		%
Return on average risk-weighted assets (current quarter is preliminary)	1.19			1.00			1.12			1.02			1.75
Return on average common shareholders' equity	6.87			5.90			6.58			7.33			10.04
Return on average tangible common shareholders' equity (2)	13.31			11.83			13.23			12.91			16.03
Net interest margin - taxable equivalent	3.10			3.13			3.58			3.41			3.37
Fee income ratio	39.7			41.3			34.9			38.6			43.4
Efficiency ratio-GAAP	67.4			66.1			61.1			71.0			61.3
Efficiency ratio-adjusted (2)	57.3			55.8			54.6			57.5			57.1
Credit Quality
Nonperforming assets as a percentage of:
Assets	0.26		%	0.25		%	0.23		%	0.14		%	0.22		%
Loans and leases plus foreclosed property	0.39			0.37			0.36			0.19			0.34
Net charge-offs as a percentage of average loans and leases	0.42			0.39			0.36			0.40			0.41
Allowance for loan and lease losses as a percentage of LHFI	1.91			1.81			1.63			0.52			1.05
Ratio of allowance for loan and lease losses to nonperforming LHFI	5.22x			5.24x			5.04x			3.41x			3.52x
Average Balances
Assets	$	500,826		$	514,720		$	477,550		$	302,059		$	232,420
Securities (3)	79,828			75,159			75,701			60,699			48,900
Loans and leases	315,691			326,435			307,748			193,641			152,042
Deposits	372,211			370,818			334,649			210,716			161,992
Common shareholders' equity	61,804			61,484			60,224			38,031			29,040
Total shareholders' equity	69,634			66,863			65,412			41,740			32,744
Period-End Balances
Assets	$	499,183		$	504,336		$	506,229		$	473,078		$	236,750
Securities (3)	86,132			77,805			78,398			74,727			54,765
Loans and leases	312,149			321,148			324,039			308,215			150,855
Deposits	370,747			376,235			350,179			334,727			162,280
Common shareholders' equity	61,819			61,634			61,295			61,282			29,177
Total shareholders' equity	69,973			68,883			66,061			66,558			32,303
Capital Ratios (current quarter is preliminary)
Common equity Tier 1	10.0		%	9.7		%	9.3		%	9.5		%	10.6		%
Tier 1	12.2			11.6			10.5			10.8			12.2
Total	14.6			14.0			12.7			12.6			14.8
Leverage (4)	9.6			9.0			9.0			14.7			10.3
Supplementary leverage (5)	8.9			8.5			7.8			7.9			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

Q

Consolidated Statements of Income
	Quarter Ended								Year-to-Date
	Sept. 30				Change				Sept. 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	$	3,174	$	1,886	$	1,288	68.3	%	$	10,327	$	5,611	$	4,716	84.0	%
Interest on securities	393		315		78		24.8		1,331		917		414		45.1
Interest on other earning assets	56		17		39		NM		279		69		210		NM
Total interest income	3,623		2,218		1,405		63.3		11,937		6,597		5,340		80.9
Interest Expense
Interest on deposits	96		271		(175)		(64.6)		718		797		(79)		(9.9)
Interest on long-term debt	152		193		(41)		(21.2)		635		578		57		9.9
Interest on other borrowings	13		54		(41)		(75.9)		124		136		(12)		(8.8)
Total interest expense	261		518		(257)		(49.6)		1,477		1,511		(34)		(2.3)
Net Interest Income	3,362		1,700		1,662		97.8		10,460		5,086		5,374		105.7
Provision for credit losses	421		117		304		NM		2,158		444		1,714		NM
Net Interest Income After Provision for Credit Losses	2,941		1,583		1,358		85.8		8,302		4,642		3,660		78.8
Noninterest Income
Insurance income	518		487		31		6.4		1,648		1,563		85		5.4
Service charges on deposits	247		188		59		31.4		754		540		214		39.6
Wealth management income	324		175		149		85.1		945		509		436		85.7
Card and payment related fees	200		132		68		51.5		558		399		159		39.8
Residential mortgage income	221		80		141		176.3		807		220		587		NM
Investment banking and trading income	244		60		184		NM		636		135		501		NM
Operating lease income	72		36		36		100.0		232		106		126		118.9
Income from bank-owned life insurance	46		29		17		58.6		135		91		44		48.4
Lending related fees	77		24		53		NM		210		77		133		172.7
Commercial real estate related income	55		32		23		71.9		148		68		80		117.6
Securities gains (losses)	104		—		104		NM		402		—		402		NM
Other income (loss)	102		60		42		70.0		119		149		(30)		(20.1)
Total noninterest income	2,210		1,303		907		69.6		6,594		3,857		2,737		71.0
Noninterest Expense
Personnel expense	2,058		1,161		897		77.3		6,038		3,368		2,670		79.3
Net occupancy expense	233		122		111		91.0		697		360		337		93.6
Professional fees and outside processing	323		102		221		NM		859		272		587		NM
Software expense	221		77		144		187.0		647		220		427		194.1
Equipment expense	127		64		63		98.4		363		197		166		84.3
Marketing and customer development	75		36		39		108.3		215		92		123		133.7
Operating lease depreciation	56		35		21		60.0		204		93		111		119.4
Loan-related expense	59		26		33		126.9		177		81		96		118.5
Amortization of intangibles	170		29		141		NM		513		93		420		NM
Regulatory costs	34		20		14		70.0		93		57		36		63.2
Merger-related and restructuring charges	236		34		202		NM		552		137		415		NM
Loss (gain) on early extinguishment of debt	—		—		—		—		235		—		235		NM
Other expense	163		134		29		21.6		471		389		82		21.1
Total noninterest expense	3,755		1,840		1,915		104.1		11,064		5,359		5,705		106.5
Earnings
Income before income taxes	1,396		1,046		350		33.5		3,832		3,140		692		22.0
Provision for income taxes	255		218		37		17.0		670		629		41		6.5
Net income	1,141		828		313		37.8		3,162		2,511		651		25.9
Noncontrolling interests	3		3		—		—		9		8		1		12.5
Net income available to the bank holding company	1,138		825		313		37.9		3,153		2,503		650		26.0
Preferred stock dividends	70		90		(20)		(22.2)		197		177		20		11.3
Net income available to common shareholders	$	1,068	$	735	$	333	45.3	%	$	2,956	$	2,326	$	630	27.1	%
Earnings Per Common Share
Basic	$	0.79	$	0.96	$	(0.17)	(17.7)	%	$	2.20	$	3.04	$	(0.84)	(27.6)	%
Diluted	0.79		0.95		(0.16)		(16.8)		2.18		3.00		(0.82)		(27.3)
Weighted Average Shares Outstanding
Basic	1,347,916		766,167		581,749		75.9		1,346,605		765,428		581,177		75.9
Diluted	1,358,122		775,791		582,331		75.1		1,357,174		774,907		582,267		75.1
NM - not meaningful

Truist Financial Corporation 3

Consolidated Statements of Income - Five Quarter Trend
	Quarter Ended
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions, except per share data, shares in thousands)	2020		2020		2020		2019		2019
Interest Income
Interest and fees on loans and leases	$	3,174	$	3,377	$	3,776	$	2,371	$	1,886
Interest on securities	393		444		494		402		315
Interest on other earning assets	56		67		156		39		17
Total interest income	3,623		3,888		4,426		2,812		2,218
Interest Expense
Interest on deposits	96		201		421		304		271
Interest on long-term debt	152		211		272		219		193
Interest on other borrowings	13		28		83		62		54
Total interest expense	261		440		776		585		518
Net Interest Income	3,362		3,448		3,650		2,227		1,700
Provision for credit losses	421		844		893		171		117
Net Interest Income After Provision for Credit Losses	2,941		2,604		2,757		2,056		1,583
Noninterest Income
Insurance income	518		581		549		509		487
Service charges on deposits	247		202		305		222		188
Wealth management income	324		289		332		206		175
Card and payment related fees	200		171		187		156		132
Residential mortgage income	221		341		245		65		80
Investment banking and trading income	244		274		118		109		60
Operating lease income	72		83		77		47		36
Income from bank-owned life insurance	46		45		44		38		29
Lending related fees	77		66		67		47		24
Commercial real estate related income	55		49		44		48		32
Securities gains (losses)	104		300		(2)		(116)		—
Other income (loss)	102		22		(5)		67		60
Total noninterest income	2,210		2,423		1,961		1,398		1,303
Noninterest Expense
Personnel expense	2,058		2,008		1,972		1,465		1,161
Net occupancy expense	233		243		221		147		122
Professional fees and outside processing	323		289		247		161		102
Software expense	221		216		210		118		77
Equipment expense	127		120		116		83		64
Marketing and customer development	75		56		84		45		36
Operating lease depreciation	56		77		71		43		35
Loan-related expense	59		56		62		42		26
Amortization of intangibles	170		178		165		71		29
Regulatory costs	34		30		29		24		20
Merger-related and restructuring charges	236		209		107		223		34
Loss (gain) on early extinguishment of debt	—		235		—		—		—
Other expense	163		161		147		153		134
Total noninterest expense	3,755		3,878		3,431		2,575		1,840
Earnings
Income before income taxes	1,396		1,149		1,287		879		1,046
Provision for income taxes	255		191		224		153		218
Net income	1,141		958		1,063		726		828
Noncontrolling interests	3		3		3		5		3
Net income available to the bank holding company	1,138		955		1,060		721		825
Preferred stock dividends	70		53		74		19		90
Net income available to common shareholders	$	1,068	$	902	$	986	$	702	$	735
Earnings Per Common Share
Basic	$	0.79	$	0.67	$	0.73	$	0.76	$	0.96
Diluted	0.79		0.67		0.73		0.75		0.95
Weighted Average Shares Outstanding
Basic	1,347,916		1,347,512		1,344,372		922,840		766,167
Diluted	1,358,122		1,355,834		1,357,545		934,718		775,791

4 Truist Financial Corporation

Segment Financial Performance - Preliminary
	Quarter Ended
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2020		2020		2020		2019		2019
Consumer Banking and Wealth
Net interest income (expense)	$	1,856	$	1,843	$	1,860	$	1,114	$	855
Net intersegment interest income (expense)	338		317		394		282		229
Segment net interest income	2,194		2,160		2,254		1,396		1,084
Allocated provision for credit losses	181		270		437		145		115
Noninterest income	990		1,006		1,066		652		576
Noninterest expense	1,934		1,972		1,989		1,318		931
Income (loss) before income taxes	1,069		924		894		585		614
Provision (benefit) for income taxes	252		218		210		142		149
Segment net income (loss)	$	817	$	706	$	684	$	443	$	465
Corporate and Commercial Banking
Net interest income (expense)	$	1,235	$	1,351	$	1,534	$	934	$	729
Net intersegment interest income (expense)	41		(61)		(208)		(99)		(89)
Segment net interest income	1,276		1,290		1,326		835		640
Allocated provision for credit losses	311		534		399		17		14
Noninterest income	609		621		457		412		271
Noninterest expense	843		880		883		570		338
Income (loss) before income taxes	731		497		501		660		559
Provision (benefit) for income taxes	148		92		89		142		118
Segment net income (loss)	$	583	$	405	$	412	$	518	$	441
Insurance Holdings
Net interest income (expense)	$	31	$	33	$	36	$	38	$	39
Net intersegment interest income (expense)	(7)		(10)		(11)		(11)		(11)
Segment net interest income	24		23		25		27		28
Allocated provision for credit losses	—		6		1		2		2
Noninterest income	524		598		557		536		491
Noninterest expense	446		448		440		481		435
Income (loss) before income taxes	102		167		141		80		82
Provision (benefit) for income taxes	25		41		36		21		21
Segment net income (loss)	$	77	$	126	$	105	$	59	$	61
Other, Treasury & Corporate (1)
Net interest income (expense)	$	240	$	221	$	220	$	141	$	77
Net intersegment interest income (expense)	(372)		(246)		(175)		(172)		(129)
Segment net interest income	(132)		(25)		45		(31)		(52)
Allocated provision for credit losses	(71)		34		56		7		(14)
Noninterest income	87		198		(119)		(202)		(35)
Noninterest expense	532		578		119		206		136
Income (loss) before income taxes	(506)		(439)		(249)		(446)		(209)
Provision (benefit) for income taxes	(170)		(160)		(111)		(152)		(70)
Segment net income (loss)	$	(336)	$	(279)	$	(138)	$	(294)	$	(139)
Total Truist Financial Corporation
Net interest income (expense)	$	3,362	$	3,448	$	3,650	$	2,227	$	1,700
Net intersegment interest income (expense)	—		—		—		—		—
Segment net interest income	3,362		3,448		3,650		2,227		1,700
Allocated provision for credit losses	421		844		893		171		117
Noninterest income	2,210		2,423		1,961		1,398		1,303
Noninterest expense	3,755		3,878		3,431		2,575		1,840
Income (loss) before income taxes	1,396		1,149		1,287		879		1,046
Provision (benefit) for income taxes	255		191		224		153		218
Net income	$	1,141	$	958	$	1,063	$	726	$	828
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
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2020		2020		2020		2019		2019
Assets
Cash and due from banks	$	4,194	$	5,116	$	5,312	$	4,084	$	2,027
Interest-bearing deposits with banks	32,914		36,081		31,036		14,981		877
Securities borrowed or purchased under resale agreements	1,300		1,345		1,796		1,417		114
Trading assets at fair value	4,670		3,824		3,863		5,733		400
Securities available for sale at fair value	86,132		77,805		78,398		74,727		35,997
Securities held to maturity at amortized cost	—		—		—		—		18,768
Loans and leases:
Commercial:
Commercial and industrial	140,874		147,141		149,161		130,180		64,324
CRE	27,474		27,963		27,532		26,832		17,080
Commercial construction	6,772		6,891		6,630		6,205		3,804
Lease financing	5,493		5,783		5,984		6,122		2,356
Consumer:
Residential mortgage	50,379		51,671		53,096		52,071		28,297
Residential home equity and direct	26,558		26,935		27,629		27,044		11,646
Indirect auto	25,269		24,509		25,146		24,442		11,871
Indirect other	11,527		11,592		10,980		11,100		6,590
Student	7,480		7,484		7,771		6,743		—
Credit card	4,801		4,856		5,300		5,619		3,058
PCI	—		—		—		3,484		387
Total loans and leases held for investment	306,627		314,825		319,229		299,842		149,413
Loans held for sale	5,522		6,323		4,810		8,373		1,442
Total loans and leases	312,149		321,148		324,039		308,215		150,855
Allowance for loan and lease losses	(5,863)		(5,702)		(5,211)		(1,549)		(1,573)
Premises and equipment	3,968		4,002		3,999		3,712		2,022
Goodwill	23,869		23,882		23,927		24,154		9,832
Core deposit and other intangible assets	2,840		3,016		3,168		3,142		678
Mortgage servicing rights	1,991		2,077		2,150		2,630		929
Other assets	31,019		31,742		33,752		31,832		15,824
Total assets	$	499,183	$	504,336	$	506,229	$	473,078	$	236,750
Liabilities
Deposits:
Noninterest-bearing deposits	$	124,297	$	122,694	$	97,618	$	92,405	$	52,667
Interest checking	98,694		99,005		92,950		85,492		27,723
Money market and savings	121,856		123,974		124,072		120,934		64,454
Time deposits	25,900		30,562		35,539		35,896		16,526
Foreign office deposits - interest-bearing	—		—		—		—		910
Total deposits	370,747		376,235		350,179		334,727		162,280
Short-term borrowings	6,244		5,700		12,696		18,218		10,405
Long-term debt	41,008		42,133		65,662		41,339		25,520
Other liabilities	11,211		11,385		11,631		12,236		6,242
Total liabilities	429,210		435,453		440,168		406,520		204,447
Shareholders' Equity:
Preferred stock	8,048		7,143		4,599		5,102		3,057
Common stock	6,741		6,738		6,737		6,711		3,832
Additional paid-in capital	35,774		35,676		35,584		35,609		6,931
Retained earnings	18,834		18,373		18,076		19,806		19,440
Accumulated other comprehensive loss	470		847		898		(844)		(1,026)
Noncontrolling interests	106		106		167		174		69
Total shareholders' equity	69,973		68,883		66,061		66,558		32,303
Total liabilities and shareholders' equity	$	499,183	$	504,336	$	506,229	$	473,078	$	236,750
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
	September 30				Change				September 30				Change
(Dollars in millions)	2020		2019		$		%		2020		2019		$		%
Assets
Securities at amortized cost (1):
U.S. Treasury	$	2,218	$	2,240	$	(22)	(1.0)	%	$	2,243	$	2,731	$	(488)	(17.9)	%
U.S. government-sponsored entities (GSE)	1,842		2,449		(607)		(24.8)		1,847		2,436		(589)		(24.2)
Mortgage-backed securities issued by GSE	75,232		43,415		31,817		73.3		72,152		41,202		30,950		75.1
States and political subdivisions	499		566		(67)		(11.8)		512		583		(71)		(12.2)
Non-agency mortgage-backed	—		198		(198)		(100.0)		115		271		(156)		(57.6)
Other	37		32		5		15.6		37		34		3		8.8
Total securities	79,828		48,900		30,928		63.2		76,906		47,257		29,649		62.7
Loans and leases:
Commercial:
Commercial and industrial	143,452		63,768		79,684		125.0		142,731		62,576		80,155		128.1
CRE	27,761		17,042		10,719		62.9		27,538		16,894		10,644		63.0
Commercial construction	6,861		3,725		3,136		84.2		6,673		3,912		2,761		70.6
Lease financing	5,626		2,260		3,366		148.9		5,872		2,135		3,737		175.0
Consumer:
Residential mortgage	51,500		28,410		23,090		81.3		52,288		30,604		21,684		70.9
Residential home equity and direct	26,726		11,650		15,076		129.4		27,161		11,673		15,488		132.7
Indirect auto	24,732		11,810		12,922		109.4		24,809		11,586		13,223		114.1
Indirect other	11,530		6,552		4,978		76.0		11,255		6,277		4,978		79.3
Student	7,446		—		7,446		NM		7,622		—		7,622		NM
Credit card	4,810		3,036		1,774		58.4		5,097		2,976		2,121		71.3
PCI	—		411		(411)		(100.0)		—		433		(433)		(100.0)
Total loans and leases held for investment	310,444		148,664		161,780		108.8		311,046		149,066		161,980		108.7
Loans held for sale	5,247		3,378		1,869		55.3		5,575		1,742		3,833		NM
Total loans and leases	315,691		152,042		163,649		107.6		316,621		150,808		165,813		109.9
Interest earning trading assets	4,056		668		3,388		NM		4,695		910		3,785		NM
Other earning assets	35,819		1,798		34,021		NM		33,708		1,702		32,006		NM
Total earning assets	435,394		203,408		231,986		114.0		431,930		200,677		231,253		115.2
Nonearning assets	65,432		29,012		36,420		125.5		65,780		28,429		37,351		131.4
Total assets	$	500,826	$	232,420	$	268,406	115.5	%	$	497,710	$	229,106	$	268,604	117.2	%
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing deposits	$	123,966	$	52,500	$	71,466	136.1	%	$	110,375	$	52,489	$	57,886	110.3	%
Interest checking	96,707		27,664		69,043		NM		93,205		27,665		65,540		NM
Money market and savings	123,598		64,920		58,678		90.4		123,536		63,885		59,651		93.4
Time deposits	27,940		16,643		11,297		67.9		32,157		16,256		15,901		97.8
Foreign office deposits - interest-bearing	—		265		(265)		(100.0)		—		355		(355)		(100.0)
Total deposits	372,211		161,992		210,219		129.8		359,273		160,650		198,623		123.6
Short-term borrowings	6,209		8,307		(2,098)		(25.3)		11,350		7,443		3,907		52.5
Long-term debt	40,919		22,608		18,311		81.0		47,643		23,027		24,616		106.9
Other liabilities	11,853		6,769		5,084		75.1		12,133		6,449		5,684		88.1
Total liabilities	431,192		199,676		231,516		115.9		430,399		197,569		232,830		117.8
Shareholders' equity	69,634		32,744		36,890		112.7		67,311		31,537		35,774		113.4
Total liabilities and shareholders' equity	$	500,826	$	232,420	$	268,406	115.5	%	$	497,710	$	229,106	$	268,604	117.2	%
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
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2020		2020		2020		2019		2019
Assets
Securities at amortized cost (1):
U.S. Treasury	$	2,218	$	2,237	$	2,274	$	2,384	$	2,240
U.S. government-sponsored entities (GSE)	1,842		1,844		1,856		2,301		2,449
Mortgage-backed securities issued by GSE	75,232		70,374		70,816		55,119		43,415
States and political subdivisions	499		505		530		598		566
Non-agency mortgage-backed	—		162		185		263		198
Other	37		37		40		34		32
Total securities	79,828		75,159		75,701		60,699		48,900
Loans and leases:
Commercial:
Commercial and industrial	143,452		152,991		131,743		81,853		63,768
CRE	27,761		27,804		27,046		19,896		17,042
Commercial construction	6,861		6,748		6,409		4,506		3,725
Lease financing	5,626		5,922		6,070		3,357		2,260
Consumer:
Residential mortgage	51,500		52,380		52,993		34,824		28,410
Residential home equity and direct	26,726		27,199		27,564		15,810		11,650
Indirect auto	24,732		24,721		24,975		15,390		11,810
Indirect other	11,530		11,282		10,950		7,772		6,552
Student	7,446		7,633		7,787		1,825		—
Credit card	4,810		4,949		5,534		3,788		3,036
PCI	—		—		—		1,220		411
Total loans and leases held for investment	310,444		321,629		301,071		190,241		148,664
Loans held for sale	5,247		4,806		6,677		3,400		3,378
Total loans and leases	315,691		326,435		307,748		193,641		152,042
Interest earning trading assets	4,056		3,700		6,334		2,370		668
Other earning assets	35,819		41,531		23,750		6,405		1,798
Total earning assets	435,394		446,825		413,533		263,115		203,408
Nonearning assets	65,432		67,895		64,017		38,944		29,012
Total assets	$	500,826	$	514,720	$	477,550	$	302,059	$	232,420
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing deposits	$	123,966	$	113,875	$	93,135	$	64,485	$	52,500
Interest checking	96,707		97,863		85,008		43,246		27,664
Money market and savings	123,598		126,071		120,936		79,903		64,920
Time deposits	27,940		33,009		35,570		23,058		16,643
Foreign office deposits - interest-bearing	—		—		—		24		265
Total deposits	372,211		370,818		334,649		210,716		161,992
Short-term borrowings	6,209		8,998		18,900		11,489		8,307
Long-term debt	40,919		55,537		46,547		29,888		22,608
Other liabilities	11,853		12,504		12,042		8,226		6,769
Total liabilities	431,192		447,857		412,138		260,319		199,676
Shareholders' equity	69,634		66,863		65,412		41,740		32,744
Total liabilities and shareholders' equity	$	500,826	$	514,720	$	477,550	$	302,059	$	232,420
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
	September 30, 2020						June 30, 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	$	2,218	$	10	1.78	%	$	2,237	$	10	1.88	%
U.S. government-sponsored entities (GSE)	1,842		10		2.33		1,844		12		2.33
Mortgage-backed securities issued by GSE	75,232		366		1.95		70,374		413		2.35
States and political subdivisions	499		7		5.03		505		4		3.57
Non-agency mortgage-backed	—		—		—		162		7		16.71
Other	37		1		1.99		37		—		2.27
Total securities	79,828		394		1.97		75,159		446		2.37
Loans and leases:
Commercial:
Commercial and industrial	143,452		1,087		3.02		152,991		1,204		3.16
CRE	27,761		203		2.88		27,804		227		3.26
Commercial construction	6,861		55		3.26		6,748		61		3.70
Lease financing	5,626		52		3.71		5,922		70		4.71
Consumer:
Residential mortgage	51,500		576		4.47		52,380		608		4.65
Residential home equity and direct	26,726		394		5.86		27,199		391		5.78
Indirect auto	24,732		405		6.51		24,721		407		6.63
Indirect other	11,530		204		7.05		11,282		201		7.18
Student	7,446		80		4.30		7,633		87		4.55
Credit card	4,810		109		9.03		4,949		114		9.27
Total loans and leases held for investment	310,444		3,165		4.06		321,629		3,370		4.21
Loans held for sale	5,247		37		2.78		4,806		36		3.04
Total loans and leases	315,691		3,202		4.04		326,435		3,406		4.19
Interest earning trading assets	4,056		32		3.23		3,700		39		4.19
Other earning assets	35,819		24		0.26		41,531		28		0.28
Total earning assets	435,394		3,652		3.34		446,825		3,919		3.52
Nonearning assets	65,432						67,895
Total assets	$	500,826					$	514,720
Liabilities and Shareholders' Equity
Interest-bearing deposits:
Interest checking	$	96,707	15		0.06		$	97,863	55		0.23
Money market and savings	123,598		19		0.06		126,071		57		0.18
Time deposits	27,940		62		0.89		33,009		89		1.09
Total interest-bearing deposits (4)	248,245		96		0.15		256,943		201		0.32
Short-term borrowings	6,209		13		0.85		8,998		28		1.24
Long-term debt	40,919		152		1.48		55,537		211		1.52
Total interest-bearing liabilities	295,373		261		0.35		321,478		440		0.55
Noninterest-bearing deposits (4)	123,966						113,875
Other liabilities	11,853						12,504
Shareholders' equity	69,634						66,863
Total liabilities and shareholders' equity	$	500,826					$	514,720
Average interest-rate spread					2.99						2.97
Net interest income/ net interest margin			$	3,391	3.10	%			$	3,479	3.13	%
Taxable-equivalent adjustment			$	29					$	31
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 0.10% and 0.22% for the three months ended September 30, 2020 and June 30, 2020, respectively.

Truist Financial Corporation 9

Average Balances and Rates - Quarters
	Quarter Ended
	March 31, 2020						December 31, 2019						September 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	$	2,274	$	11	1.93	%	$	2,384	$	12	1.97	%	$	2,240	$	11	2.04	%
U.S. government-sponsored entities (GSE)	1,856		10		2.33		2,301		12		2.28		2,449		14		2.25
Mortgage-backed securities issued by GSE	70,816		461		2.60		55,119		366		2.64		43,415		279		2.57
States and political subdivisions	530		5		3.56		598		4		3.38		566		5		3.44
Non-agency mortgage-backed	185		8		16.72		263		9		13.15		198		9		18.77
Other	40		—		3.01		34		—		3.53		32		—		3.67
Total securities	75,701		495		2.62		60,699		403		2.65		48,900		318		2.60
Loans and leases:
Commercial:
Commercial and industrial	131,743		1,419		4.33		81,853		862		4.18		63,768		671		4.18
CRE	27,046		287		4.25		19,896		223		4.43		17,042		209		4.83
Commercial construction	6,409		76		4.87		4,506		57		5.17		3,725		47		5.11
Lease financing	6,070		65		4.27		3,357		32		3.79		2,260		18		3.17
Consumer:
Residential mortgage	52,993		594		4.48		34,824		361		4.15		28,410		285		4.02
Residential home equity and direct	27,564		452		6.60		15,810		242		6.04		11,650		173		5.92
Indirect auto	24,975		428		6.89		15,390		312		8.04		11,810		262		8.84
Indirect other	10,950		201		7.37		7,772		133		6.77		6,552		110		6.61
Student	7,787		104		5.38		1,825		24		5.20		—		—		—
Credit card	5,534		133		9.68		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	301,071		3,759		5.02		190,241		2,364		4.94		148,664		1,871		5.00
Loans held for sale	6,677		53		3.14		3,400		31		3.52		3,378		35		4.16
Total loans and leases	307,748		3,812		4.98		193,641		2,395		4.91		152,042		1,906		4.98
Interest earning trading assets	6,334		64		4.04		2,370		11		1.84		668		3		2.02
Other earning assets	23,750		92		1.55		6,405		28		1.78		1,798		14		2.92
Total earning assets	413,533		4,463		4.33		263,115		2,837		4.29		203,408		2,241		4.38
Nonearning assets	64,017						38,944						29,012
Total assets	$	477,550					$	302,059					$	232,420
Liabilities and Shareholders' Equity
Interest-bearing deposits:
Interest checking	$	85,008	129		0.61		$	43,246	65		0.60		$	27,664	47		0.67
Money market and savings	120,936		178		0.59		79,903		152		0.76		64,920		156		0.95
Time deposits	35,570		114		1.29		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 (4)	241,514		421		0.70		146,231		304		0.82		109,492		271		0.99
Short-term borrowings	18,900		83		1.76		11,489		62		2.15		8,307		54		2.55
Long-term debt	46,547		272		2.34		29,888		219		2.92		22,608		193		3.42
Total interest-bearing liabilities	306,961		776		1.02		187,608		585		1.24		140,407		518		1.47
Noninterest-bearing deposits (4)	93,135						64,485						52,500
Other liabilities	12,042						8,226						6,769
Shareholders' equity	65,412						41,740						32,744
Total liabilities and shareholders' equity	$	477,550					$	302,059					$	232,420
Average interest-rate spread					3.31						3.05						2.91
Net interest income/ net interest margin			$	3,687	3.58	%			$	2,252	3.41	%			$	1,723	3.37	%
Taxable-equivalent adjustment			$	37					$	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. Interest income includes certain fees, deferred costs and dividends.
(3) Includes AFS and HTM securities.
(4) Total deposit costs were 0.51%, 0.57% and 0.67% for the three months ended March 31, 2020, December 31, 2019 and September 30, 2019, respectively.

10 Truist Financial Corporation

Average Balances and Rates - Year-To-Date
	Year-to-Date
	September 30, 2020						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	$	2,243	$	31	1.86	%	$	2,731	$	41	2.03	%
U.S. government-sponsored entities (GSE)	1,847		32		2.33		2,436		41		2.25
Mortgage-backed securities issued by GSE	72,152		1,240		2.29		41,202		795		2.57
States and political subdivisions	512		16		4.04		583		17		3.85
Non-agency mortgage-backed	115		15		16.78		271		29		14.34
Other	37		1		2.44		34		1		3.83
Total securities	76,906		1,335		2.31		47,257		924		2.61
Loans and leases:
Commercial:
Commercial and industrial	142,731		3,710		3.47		62,576		2,006		4.28
CRE	27,538		717		3.46		16,894		626		4.93
Commercial construction	6,673		192		3.92		3,912		151		5.26
Lease financing	5,872		187		4.24		2,135		52		3.26
Consumer:
Residential mortgage	52,288		1,778		4.53		30,604		930		4.05
Residential home equity and direct	27,161		1,237		6.08		11,673		517		5.94
Indirect auto	24,809		1,240		6.68		11,586		756		8.73
Indirect other	11,255		606		7.19		6,277		310		6.60
Student	7,622		271		4.75		—		—		—
Credit card	5,097		356		9.34		2,976		203		9.05
PCI	—		—		—		433		69		21.20
Total loans and leases held for investment	311,046		10,294		4.42		149,066		5,620		5.04
Loans held for sale	5,575		126		3.00		1,742		54		4.17
Total loans and leases	316,621		10,420		4.39		150,808		5,674		5.03
Interest earning trading assets	4,695		135		3.85		910		15		2.20
Other earning assets	33,708		144		0.57		1,702		55		4.30
Total earning assets	431,930		12,034		3.72		200,677		6,668		4.44
Nonearning assets	65,780						28,429
Total assets	$	497,710					$	229,106
Liabilities and Shareholders' Equity
Interest-bearing deposits:
Interest checking	$	93,205	199		0.28		$	27,665	132		0.64
Money market and savings	123,536		254		0.27		63,885		469		0.98
Time deposits	32,157		265		1.10		16,256		190		1.57
Foreign office deposits - interest-bearing	—		—		—		355		6		2.36
Total interest-bearing deposits (4)	248,898		718		0.39		108,161		797		0.99
Short-term borrowings	11,350		124		1.46		7,443		136		2.44
Long-term debt	47,643		635		1.78		23,027		578		3.35
Total interest-bearing liabilities	307,891		1,477		0.64		138,631		1,511		1.46
Noninterest-bearing deposits (4)	110,375						52,489
Other liabilities	12,133						6,449
Shareholders' equity	67,311						31,537
Total liabilities and shareholders' equity	$	497,710					$	229,106
Average interest-rate spread					3.08						2.98
Net interest income/ net interest margin			$	10,557	3.26	%			$	5,157	3.43	%
Taxable-equivalent adjustment			$	97					$	71
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 0.27% and 0.66% for the year ended September 30, 2020 and 2019, respectively.

Truist Financial Corporation 11

Credit Quality
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2020		2020		2020		2019		2019
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial	$	507	$	428	$	443	$	212	$	172
CRE	52		42		18		10		27
Commercial construction	7		13		2		—		2
Lease financing	32		56		27		8		2
Consumer:
Residential mortgage	205		198		248		55		106
Residential home equity and direct	180		192		170		67		56
Indirect auto	137		155		125		100		81
Indirect other	4		3		1		2		1
Total nonaccrual loans and leases held for investment	1,124		1,087		1,034		454		447
Loans held for sale	130		102		41		107		—
Total nonaccrual loans and leases	1,254		1,189		1,075		561		447
Foreclosed real estate	30		43		63		82		33
Other foreclosed property	30		20		39		41		29
Total nonperforming assets	$	1,314	$	1,252	$	1,177	$	684	$	509
Troubled Debt Restructurings (TDRs)
Performing TDRs:
Commercial:
Commercial and industrial	$	84	$	57	$	65	$	47	$	69
CRE	36		22		7		6		6
Commercial construction	1		36		36		37		1
Lease financing	1		1		1		—		—
Consumer:
Residential mortgage	640		533		513		470		570
Residential home equity and direct	71		71		66		51		54
Indirect auto	336		342		350		333		324
Indirect other	5		4		5		5		4
Student	5		4		1		—		—
Credit card	38		37		35		31		29
Total performing TDRs	1,217		1,107		1,079		980		1,057
Nonperforming TDRs	140		111		121		82		115
Total TDRs	$	1,357	$	1,218	$	1,200	$	1,062	$	1,172
Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial	$	6	$	9	$	5	$	1	$	—
CRE	8		3		1		—		—
Lease financing	—		1		—		—		—
Consumer:
Residential mortgage	573		521		610		543		347
Residential home equity and direct	5		9		10		9		8
Indirect auto	8		10		11		11		9
Indirect other	3		3		2		2		—
Student	570		478		1,068		188		—
Credit card	24		38		41		22		15
PCI	—		—		—		1,218		24
Total loans 90 days past due and still accruing	$	1,197	$	1,072	$	1,748	$	1,994	$	403
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial	$	155	$	282	$	262	$	94	$	34
CRE	7		6		8		5		1
Commercial construction	—		1		16		1		—
Lease financing	9		10		8		2		1
Consumer:
Residential mortgage	796		703		679		498		432
Residential home equity and direct	103		108		156		122		56
Indirect auto	321		265		521		560		380
Indirect other	52		50		74		85		43
Student	666		442		593		650		—
Credit card	39		34		57		56		29
PCI	—		—		—		140		16
Total loans 30-89 days past due	$	2,148	$	1,901	$	2,374	$	2,213	$	992

12 Truist Financial Corporation

	As of/For the Quarter Ended
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2020		2020		2020		2019		2019
Allowance for Credit Losses
Beginning balance	$	6,133	$	5,611	$	1,889	$	1,653	$	1,689
CECL adoption - impact to retained earnings before tax	—		—		2,762		—		—
CECL adoption - reserves on PCD assets	—		—		378		—		—
Provision for credit losses	421		844		893		171		117
Charge-offs:
Commercial:
Commercial and industrial	(112)		(123)		(39)		(23)		(28)
CRE	(44)		(14)		(1)		(5)		(2)
Commercial construction	(19)		—		(3)		—		—
Lease financing	(44)		(4)		(2)		(9)		(1)
Consumer:
Residential mortgage	(4)		(35)		(11)		(8)		(3)
Residential home equity and direct	(52)		(65)		(68)		(25)		(24)
Indirect auto	(72)		(80)		(142)		(107)		(92)
Indirect other	(8)		(20)		(18)		(19)		(14)
Student	(6)		(6)		(8)		—		—
Credit card	(44)		(50)		(53)		(37)		(25)
Total charge-offs	(405)		(397)		(345)		(233)		(189)
Recoveries:
Commercial:
Commercial and industrial	20		21		17		6		5
CRE	—		4		—		—		3
Commercial construction	2		7		1		1		—
Lease financing	4		—		—		—		1
Consumer:
Residential mortgage	3		2		2		1		—
Residential home equity and direct	16		15		15		10		6
Indirect auto	22		18		23		13		12
Indirect other	4		7		7		5		3
Student	—		1		—		—		—
Credit card	8		6		8		5		6
Total recoveries	79		81		73		41		36
Net charge-offs	(326)		(316)		(272)		(192)		(153)
Merger related items and other	1		(6)		(39)		257		—
Ending balance	$	6,229	$	6,133	$	5,611	$	1,889	$	1,653
Allowance for Credit Losses:
Allowance for loan and lease losses (excluding PCD / PCI loans)	$	5,675	$	5,408	$	4,880	$	1,541	$	1,565
Allowance for PCD / PCI loans	188		294		331		8		8
Reserve for unfunded lending commitments (RUFC)	366		431		400		340		80
Total	$	6,229	$	6,133	$	5,611	$	1,889	$	1,653

Truist Financial Corporation 13

	As of/For the Year-to-Date
	Period Ended Sept. 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	2,158		444
Charge-offs:
Commercial:
Commercial and industrial	(274)		(67)
CRE	(59)		(28)
Commercial construction	(22)		—
Lease financing	(50)		(2)
Consumer:
Residential mortgage	(50)		(13)
Residential home equity and direct	(185)		(68)
Indirect auto	(294)		(263)
Indirect other	(46)		(43)
Student	(20)		—
Credit card	(147)		(72)
Total charge-offs	(1,147)		(556)
Recoveries:
Commercial:
Commercial and industrial	58		19
CRE	4		5
Commercial construction	10		2
Lease financing	4		1
Consumer:
Residential mortgage	7		1
Residential home equity and direct	46		20
Indirect auto	63		39
Indirect other	18		12
Student	1		—
Credit card	22		15
Total recoveries	233		114
Net charge-offs	(914)		(442)
Merger related items and other	(44)		—
Ending balance	$	6,229	$	1,653

	As of/For the Quarter Ended
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
	2020		2020		2020		2019		2019
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.70	%	0.60	%	0.74	%	0.74	%	0.66	%
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.39		0.34		0.55		0.66		0.27
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.37		0.35		0.32		0.15		0.30
Nonperforming loans and leases as a percentage of loans and leases (1)	0.40		0.37		0.33		0.18		0.30
Nonperforming assets as a percentage of:
Total assets (1)	0.26		0.25		0.23		0.14		0.22
Loans and leases plus foreclosed property	0.39		0.37		0.36		0.19		0.34
Net charge-offs as a percentage of average loans and leases (2)	0.42		0.39		0.36		0.40		0.41
Allowance for loan and lease losses as a percentage of loans and leases	1.91		1.81		1.63		0.52		1.05
Ratio of allowance for loan and lease losses to:
Net charge-offs	4.52X		4.49X		4.76X		2.03X		2.59X
Nonperforming loans and leases	5.22X		5.24X		5.04X		3.41X		3.52X
Asset Quality Ratios (Excluding PPP, other 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	%	0.03	%	0.04	%
Applicable ratios are annualized.
(1)Includes loans held for sale.
(2) The third quarter of 2020 includes $97 million of charge-offs on PCD assets directly related to the implementation of CECL.
							As of/For the Year-to-Date
							Period Ended Sept. 30
							2020		2019
Asset Quality Ratios
Net charge-offs as a percentage of average loans and leases							0.39	%	0.40	%
Ratio of allowance for loan and lease losses to net charge-offs							4.80X		2.66X
Applicable ratios are annualized.

14 Truist Financial Corporation

	September 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	$	84	100.0	%	$	—		—	%	$	—		—	%	$	84
CRE	36		100.0		—			—		—			—		36
Commercial construction	1		100.0		—			—		—			—		1
Lease financing	1		100.0		—			—		—			—		1
Consumer:
Residential mortgage	376		58.8		114			17.8		150			23.4		640
Residential home equity and direct	68		95.8		3			4.2		—			—		71
Indirect auto	306		91.1		30			8.9		—			—		336
Indirect other	5		100.0		—			—		—			—		5
Student	5		100.0		—			—		—			—		5
Credit card	34		89.5		3			7.9		1			2.6		38
Total performing TDRs (1)	916		75.3		150			12.3		151			12.4		1,217
Nonperforming TDRs (2)	72		51.5		23			16.4		45			32.1		140
Total TDRs (1)(2)	$	988	72.9	%	$	173		12.7	%	$	196		14.4	%	$	1,357
(1)Past due performing TDRs are included in past due disclosures.
(2)Nonperforming TDRs are included in nonaccrual loan disclosures.
					Quarter Ended
					Sept. 30			June 30		March 31			Dec. 31		Sept. 30
					2020			2020		2020			2019		2019
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial					0.25		%	0.27	%	0.07		%	0.09	%	0.14		%
CRE					0.63			0.15		0.01			0.09		—
Commercial construction					1.02			(0.43)		0.13			(0.09)		(0.11)
Lease financing					2.92			0.33		0.08			1.03		0.11
Consumer:
Residential mortgage					0.01			0.25		0.07			0.09		0.04
Residential home equity and direct					0.53			0.73		0.78			0.39		0.60
Indirect auto					0.76			1.03		1.89			2.41		2.70
Indirect other					0.21			0.41		0.47			0.72		0.60
Student					0.28			0.31		0.38			(0.01)		—
Credit card					3.00			3.50		3.30			3.32		2.59
Total loans and leases					0.42			0.39		0.36			0.40		0.41
Applicable ratios are annualized.

Credit Quality - Allowance with Fair Value Marks
	As of/For the Quarter Ended
	Sept. 30			June 30			March 31			Dec. 31
(Dollars in millions)	2020			2020			2020			2019
ALLL	$	5,863		$	5,702		$	5,211		$	1,549
Unamortized fair value mark (1)	2,676			3,077			3,539			4,564
Allowance plus unamortized fair value mark	$	8,539		$	8,779		$	8,750		$	6,113
Loans and leases held for investment	$	306,627		$	314,825		$	319,229		$	299,842
Unamortized fair value mark (1)	2,676			3,077			3,539			4,564
Gross loans and leases	$	309,303		$	317,902		$	322,768		$	304,406
Allowance for loan and lease losses as a percentage of loans and leases - GAAP	1.91		%	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			2.76			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
	Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2020		2020		2020		2019
Loans and Leases (2)
Beginning balance unamortized fair value mark	$	(3,077)	$	(3,539)	$	(4,564)	$	(221)
Additions - Merger with SunTrust	—		—		—		(4,513)
Accretion	367		440		454		170
CECL adoption - reserves on PCD assets	—		—		378		—
Purchase accounting adjustments and other activity	34		22		193		—
Ending balance	$	(2,676)	$	(3,077)	$	(3,539)	$	(4,564)
Core deposit and other intangible assets
Beginning balance	$	3,016	$	3,168	$	3,142	$	678
Additions - Merger with SunTrust	—		—		—		2,535
Amortization of intangibles	(170)		(178)		(165)		(71)
Amortization in net occupancy expense	(6)		(6)		(5)		—
Purchase accounting adjustments and other activity	—		32		196		—
Ending balance	$	2,840	$	3,016	$	3,168	$	3,142
Deposits (3)
Beginning balance unamortized fair value mark	$	(37)	$	(54)	$	(76)	$	—
Additions - Merger with SunTrust	—		—		—		(83)
Amortization	11		17		22		7
Ending balance	$	(26)	$	(37)	$	(54)	$	(76)
Long-Term Debt (3)
Beginning balance unamortized fair value mark	$	(262)	$	(285)	$	(312)	$	(10)
Additions - Merger with SunTrust	—		—		—		(309)
Amortization	24		23		27		7
Ending balance	$	(238)	$	(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
	Sept. 30			June 30			March 31			Dec. 31			Sept. 30
(Dollars in millions, except per share data, shares in thousands)	2020			2020			2020			2019			2019
Selected Capital Information	(preliminary)
Risk-based capital:
Common equity tier 1	$	37,881		$	37,107		$	36,396		$	35,643		$	19,905
Tier 1	45,927			44,248			40,993			40,743			22,960
Total	55,031			53,436			49,395			47,511			27,666
Risk-weighted assets	377,045			382,826			390,348			376,056			187,503
Average quarterly tangible assets	476,869			490,203			454,381			276,591			223,298
Risk-based capital ratios:
Common equity tier 1	10.0		%	9.7		%	9.3		%	9.5		%	10.6		%
Tier 1	12.2			11.6			10.5			10.8			12.2
Total	14.6			14.0			12.7			12.6			14.8
Leverage capital ratio (1)	9.6			9.0			9.0			14.7			10.3
Supplementary leverage (2)	8.9			8.5			7.8			7.9			NA
Equity as a percentage of total assets	14.0			13.7			13.0			14.1			13.6
Common equity per common share	$	45.86		$	45.74		$	45.49		$	45.66		$	38.07
(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.
	Sept. 30			June 30			March 31			Dec. 31			Sept. 30
(Dollars in millions, except per share data, shares in thousands)	2020			2020			2020			2019			2019
Calculations of Tangible Common Equity and Related Measures: (1)
Total shareholders' equity	$	69,973		$	68,883		$	66,061		$	66,558		$	32,303
Less:
Preferred stock	8,048			7,143			4,599			5,102			3,057
Noncontrolling interests	106			106			167			174			69
Intangible assets, net of deferred taxes	25,923			26,083			26,263			26,482			10,281
Tangible common equity	$	35,896		$	35,551		$	35,032		$	34,800		$	18,896
Outstanding shares at end of period (in thousands)	1,348,118			1,347,609			1,347,461			1,342,166			766,303
Tangible Common Equity Per Common Share	$	26.63		$	26.38		$	26.00		$	25.93		$	24.66

(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
	Sept. 30			June 30			March 31			Dec. 31			Sept. 30
(Dollars in millions, except per share data)	2020			2020			2020			2019			2019
Residential Mortgage Income
Residential mortgage production revenue	$	339		$	344		$	206		$	40		$	50
Residential mortgage servicing revenue	152			159			169			78			64
Realization of expected residential MSR cash flows	(212)			(176)			(122)			(59)			(36)
Residential mortgage income before MSR valuation	279			327			253			59			78
Income statement impact of mortgage servicing rights valuation:
MSRs fair value increase (decrease)	(54)			(28)			(503)			80			(79)
MSRs hedge gains (losses)	(4)			42			495			(74)			81
Net MSRs valuation	(58)			14			(8)			6			2
Total residential mortgage income	$	221		$	341		$	245		$	65		$	80
Commercial Real Estate Related Income
Commercial mortgage production revenue	$	49		$	42		$	36		$	44		$	26
Commercial mortgage servicing revenue	16			18			19			13			10
Realization of expected commercial MSR cash flows	(10)			(8)			(11)			(7)			(7)
Commercial real estate related income before MSR valuation	55			52			44			50			29
Income statement impact of mortgage servicing rights valuation:
MSRs fair value increase (decrease)	1			(6)			(20)			2			—
MSRs hedge gains (losses)	(1)			3			20			(4)			3
Net MSRs valuation	—			(3)			—			(2)			3
Commercial real estate related income	$	55		$	49		$	44		$	48		$	32
Other Mortgage Banking Information
Residential mortgage loan originations	$	15,346		$	14,631		$	11,708		$	7,523		$	5,274
Residential mortgage servicing portfolio (1):
Loans serviced for others	198,881			209,070			219,979			219,347			87,147
Bank-owned loans serviced	54,587			56,365			56,325			60,211			29,122
Total servicing portfolio	253,468			265,435			276,304			279,558			116,269
Weighted-average coupon rate on mortgage loans serviced for others	3.92		%	3.98		%	4.02		%	4.04		%	4.09		%
Weighted-average servicing fee on mortgage loans serviced for others	0.317			0.315			0.313			0.310			0.280
Additional Information
Fair value of derivatives, net	3,646			3,766			3,276			1,687			641
Common stock prices:
High	42.04			46.53			56.68			56.92			53.85
Low	33.47			26.41			24.01			50.02			44.98
End of period	38.05			37.55			30.84			56.32			53.37
Banking offices	2,884			2,916			2,957			2,958			1,789
ATMs	4,237			4,354			4,408			4,426			2,376
FTEs (2)	55,000			55,769			56,504			40,691			34,723

(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
Third Quarter 2020
Incremental operating expenses related to the merger ($99 million in professional fees and outside processing, $48 million in personnel expense, and $5 million in other expense)	$	(152)	$	(115)
Charitable contribution	(50)		(38)
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
	Sept. 30			June 30			March 31			Dec. 31			Sept. 30			Sept. 30			Sept. 30
(Dollars in millions)	2020			2020			2020			2019			2019			2020			2019
Efficiency Ratio (1)
Efficiency Ratio Numerator - Noninterest Expense - GAAP	$	3,755		$	3,878		$	3,431		$	2,575		$	1,840		$	11,064		$	5,359
Merger-related and restructuring charges, net	(236)			(209)			(107)			(223)			(34)			(552)			(137)
Gain (loss) on early extinguishment of debt	—			(235)			—			—			—			(235)			—
Incremental operating expense related to the merger	(152)			(129)			(74)			(101)			(52)			(355)			(63)
Amortization of intangibles	(170)			(178)			(165)			(71)			(29)			(513)			(93)
Charitable contribution	(50)			—			—			—			—			(50)			—
Corporate advance write off	—			—			—			(2)			—			—			—
Efficiency Ratio Numerator - Adjusted	$	3,147		$	3,127		$	3,085		$	2,178		$	1,725		$	9,359		$	5,066
Efficiency Ratio Denominator - Revenue (2) - GAAP	$	5,572		$	5,871		$	5,611		$	3,625		$	3,003		$	17,054		$	8,943
Taxable equivalent adjustment	29			31			37			25			23			97			71
Securities (gains) losses	(104)			(300)			2			116			—			(402)			—
(Gain) loss on loan portfolio sale	—			—			—			22			(4)			—			(4)
Efficiency Ratio Denominator - Adjusted	$	5,497		$	5,602		$	5,650		$	3,788		$	3,022		$	16,749		$	9,010
Efficiency Ratio - GAAP	67.4		%	66.1		%	61.1		%	71.0		%	61.3		%	64.9		%	59.9		%
Efficiency Ratio - Adjusted	57.3			55.8			54.6			57.5			57.1			55.9			56.2

(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
	Sept. 30			June 30			March 31			Dec. 31			Sept. 30			Sept. 30			Sept. 30
(Dollars in millions)	2020			2020			2020			2019			2019			2020			2019
Return on Average Tangible Common Shareholders' Equity (1)
Net income available to common shareholders	$	1,068		$	902		$	986		$	702		$	735		$	2,956		$	2,326
Plus: Amortization of intangibles, net of tax	130			137			126			57			22			393			71
Tangible net income available to common shareholders	$	1,198		$	1,039		$	1,112		$	759		$	757		$	3,349		$	2,397
Average common shareholders' equity	$	61,804		$	61,484		$	60,224		$	38,031		$	29,040		$	61,173		$	28,226
Less: Average intangible assets, net of deferred taxes	25,971			26,161			26,429			14,760			10,298			26,186			10,322
Average tangible common shareholders' equity	$	35,833		$	35,323		$	33,795		$	23,271		$	18,742		$	34,987		$	17,904
Return on average common shareholders' equity	6.87		%	5.90		%	6.58		%	7.33		%	10.04		%	6.46		%	11.02		%
Return on average tangible common shareholders' equity	13.31			11.83			13.23			12.91			16.03			12.79			17.90

(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
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30		Sept. 30		Sept. 30
(Dollars in millions, except per share data)	2020		2020		2020		2019		2019		2020		2019
Diluted EPS (1)
Net income available to common shareholders - GAAP	$	1,068	$	902	$	986	$	702	$	735	$	2,956	$	2,326
Merger-related and restructuring charges	181		160		82		176		26		423		109
Securities (gains) losses	(80)		(230)		2		90		—		(308)		—
Loss on extinguishment of debt	—		180		—		—		—		180		—
Incremental operating expenses related to the merger	115		99		57		79		40		271		48
Charitable contribution	38		—		—		—		—		38		—
Corporate advance write off	—		—		—		1		—		—		—
(Gain) loss on loan portfolio sale	—		—		—		17		(3)		—		(3)
Redemption of preferred shares	—		—		—		—		46		—		46
Allowance release related to loan portfolio sale	—		—		—		(19)		(12)		—		(12)
Net income available to common shareholders - adjusted	$	1,322	$	1,111	$	1,127	$	1,046	$	832	$	3,560	$	2,514
Weighted average shares outstanding - diluted	1,358,122		1,355,834		1,357,545		934,718		775,791		1,357,174		774,907
Diluted EPS - GAAP	$	0.79	$	0.67	$	0.73	$	0.75	$	0.95	$	2.18	$	3.00
Diluted EPS - adjusted	0.97		0.82		0.83		1.12		1.07		2.62		3.25

(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