Quarterly Performance Summary

Truist Financial Corporation

Second Quarter 2022

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
Consolidated Ending Balance Sheets - Five Quarter Trend	5
Average Balance Sheets	6
Average Balance Sheets - Five Quarter Trend	7
Average Balances and Rates - Quarters	8
Credit Quality	11
Segment Financial Performance - Five Quarter Trend	16
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)	2022			2021			Change		2022			2021			Change
Summary Income Statement
Interest income - taxable equivalent (1)	$	3,701		$	3,471		6.6	%	$	7,084		$	6,993		1.3	%
Interest expense	266			198			34.3		440			407			8.1
Net interest income - taxable equivalent	3,435			3,273			4.9		6,644			6,586			0.9
Less: Taxable-equivalent adjustment	28			28			—		54			56			(3.6)
Net interest income	3,407			3,245			5.0		6,590			6,530			0.9
Provision for credit losses	171			(434)			(139.4)		76			(386)			(119.7)
Net interest income after provision for credit losses	3,236			3,679			(12.0)		6,514			6,916			(5.8)
Noninterest income	2,248			2,405			(6.5)		4,390			4,602			(4.6)
Noninterest expense	3,580			4,011			(10.7)		7,254			7,621			(4.8)
Income before income taxes	1,904			2,073			(8.2)		3,650			3,897			(6.3)
Provision for income taxes	372			415			(10.4)		702			766			(8.4)
Net income	1,532			1,658			(7.6)		2,948			3,131			(5.8)
Noncontrolling interests	1			1			—		2			(3)			(166.7)
Net income available to the bank holding company	1,531			1,657			(7.6)		2,946			3,134			(6.0)
Preferred stock dividends and other	77			98			(21.4)		165			241			(31.5)
Net income available to common shareholders	1,454			1,559			(6.7)		2,781			2,893			(3.9)
Per Common Share Data
Earnings per share-basic	$	1.09		$	1.16		(6.0)	%	$	2.09		$	2.16		(3.2)	%
Earnings per share-diluted	1.09			1.16			(6.0)		2.08			2.14			(2.8)
Earnings per share-adjusted diluted (2)	1.20			1.55			(22.6)		2.43			2.72			(10.7)
Cash dividends declared	0.48			0.45			6.7		0.96			0.90			6.7
Common shareholders’ equity	42.45			46.20			(8.1)		42.45			46.20			(8.1)
Tangible common shareholders’ equity (2)	20.51			26.50			(22.6)		20.51			26.50			(22.6)
End of period shares outstanding	1,326,393			1,334,770			(0.6)		1,326,393			1,334,770			(0.6)
Weighted average shares outstanding-basic	1,330,160			1,338,302			(0.6)		1,329,601			1,341,963			(0.9)
Weighted average shares outstanding-diluted	1,338,864			1,349,492			(0.8)		1,340,225			1,354,210			(1.0)
Performance Ratios
Return on average assets	1.14		%	1.28		%			1.10		%	1.23		%
Return on average risk-weighted assets (current period is preliminary)	1.52			1.76					1.49			1.67
Return on average common shareholders’ equity	10.3			10.1					9.6			9.4
Return on average tangible common shareholders’ equity (2)	22.7			18.9					20.5			17.7
Net interest margin - taxable equivalent	2.89			2.88					2.83			2.95
Fee income ratio	39.7			42.6					40.0			41.3
Efficiency ratio-GAAP	63.3			71.0					66.1			68.5
Efficiency ratio-adjusted (2)	57.0			56.1					57.6			56.5
Credit Quality
Nonperforming assets as a percentage of:
Assets, including LHFS	0.22		%	0.23		%			0.22		%	0.23		%
Loans and leases plus foreclosed property	0.38			0.39					0.38			0.39
Net charge-offs as a percentage of average loans and leases	0.22			0.20					0.23			0.26
Allowance for loan and lease losses as a percentage of LHFI	1.38			1.79					1.38			1.79
Ratio of allowance for loan and lease losses to nonperforming LHFI	3.84x			4.83x					3.84x			4.83x
Average Balances
Assets	$	540,568		$	518,774		4.2	%	$	538,287		$	513,832		4.8	%
Securities (3)	148,681			135,647			9.6		150,673			128,984			16.8
Loans and leases	299,861			292,965			2.4		296,193			296,235			—
Deposits	423,750			396,255			6.9		419,517			389,756			7.6
Common shareholders’ equity	56,803			61,709			(8.0)		58,451			61,979			(5.7)
Total shareholders’ equity	63,500			68,665			(7.5)		65,140			69,352			(6.1)
Period-End Balances
Assets	$	545,123		$	521,964		4.4	%	$	545,123		$	521,964		4.4	%
Securities (3)	139,359			139,879			(0.4)		139,359			139,879			(0.4)
Loans and leases	307,300			289,494			6.2		307,300			289,494			6.2
Deposits	424,759			398,279			6.6		424,759			398,279			6.6
Common shareholders’ equity	56,302			61,663			(8.7)		56,302			61,663			(8.7)
Total shareholders’ equity	62,999			68,336			(7.8)		62,999			68,336			(7.8)
Capital Ratios (current quarter is preliminary)
Common equity Tier 1	9.2		%	10.2		%			9.2		%	10.2		%
Tier 1	10.8			12.0					10.8			12.0
Total	12.6			14.2					12.6			14.2
Leverage	8.6			9.1					8.6			9.1
Supplementary leverage	7.3			7.9					7.3			7.9
Applicable ratios are annualized.
NM - not meaningful
(1) Interest income includes certain fees, deferred costs, fair value mark accretion, 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.

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)	2022			2022			2021			2021			2021
Summary Income Statement
Interest income - taxable equivalent (1)	$	3,701		$	3,383		$	3,435		$	3,454		$	3,471
Interest expense	266			174			168			193			198
Net interest income - taxable equivalent	3,435			3,209			3,267			3,261			3,273
Less: Taxable-equivalent adjustment	28			26			24			28			28
Net interest income	3,407			3,183			3,243			3,233			3,245
Provision for credit losses	171			(95)			(103)			(324)			(434)
Net interest income after provision for credit losses	3,236			3,278			3,346			3,557			3,679
Noninterest income	2,248			2,142			2,323			2,365			2,405
Noninterest expense	3,580			3,674			3,700			3,795			4,011
Income before income taxes	1,904			1,746			1,969			2,127			2,073
Provision for income taxes	372			330			367			423			415
Net income	1,532			1,416			1,602			1,704			1,658
Noncontrolling interests	1			1			—			—			1
Net income available to the bank holding company	1,531			1,415			1,602			1,704			1,657
Preferred stock dividends and other	77			88			78			88			98
Net income available to common shareholders	1,454			1,327			1,524			1,616			1,559
Per Common Share Data
Earnings per share-basic	$	1.09		$	1.00		$	1.15		$	1.21		$	1.16
Earnings per share-diluted	1.09			0.99			1.13			1.20			1.16
Earnings per share-adjusted diluted (2)	1.20			1.23			1.38			1.42			1.55
Cash dividends declared	0.48			0.48			0.48			0.48			0.45
Common shareholders’ equity	42.45			43.82			47.14			46.62			46.20
Tangible common shareholders’ equity (2)	20.51			21.87			25.47			26.34			26.50
End of period shares outstanding	1,326,393			1,331,414			1,327,818			1,334,892			1,334,770
Weighted average shares outstanding-basic	1,330,160			1,329,037			1,329,979			1,334,825			1,338,302
Weighted average shares outstanding-diluted	1,338,864			1,341,563			1,343,029			1,346,854			1,349,492
Performance Ratios
Return on average assets	1.14		%	1.07		%	1.19		%	1.28		%	1.28		%
Return on average risk-weighted assets (current quarter is preliminary)	1.52			1.46			1.64			1.77			1.76
Return on average common shareholders’ equity	10.3			9.0			9.8			10.2			10.1
Return on average tangible common shareholders’ equity (2)	22.7			18.6			18.9			19.3			18.9
Net interest margin - taxable equivalent	2.89			2.76			2.76			2.81			2.88
Fee income ratio	39.7			40.2			41.7			42.2			42.6
Efficiency ratio-GAAP	63.3			69.0			66.5			67.8			71.0
Efficiency ratio-adjusted (2)	57.0			58.3			56.0			57.9			56.1
Credit Quality
Nonperforming assets as a percentage of:
Assets, including LHFS	0.22		%	0.21		%	0.21		%	0.23		%	0.23		%
Loans and leases plus foreclosed property	0.38			0.38			0.39			0.40			0.39
Net charge-offs as a percentage of average loans and leases	0.22			0.25			0.25			0.19			0.20
Allowance for loan and lease losses as a percentage of LHFI	1.38			1.44			1.53			1.65			1.79
Ratio of allowance for loan and lease losses to nonperforming LHFI	3.84x			3.99x			4.07x			4.35x			4.83x
Average Balances
Assets	$	540,568		$	535,981		$	534,911		$	526,685		$	518,774
Securities (3)	148,681			152,687			153,405			146,272			135,647
Loans and leases	299,861			292,484			291,074			290,338			292,965
Deposits	423,750			415,238			410,966			402,728			396,255
Common shareholders’ equity	56,803			60,117			61,807			62,680			61,709
Total shareholders’ equity	63,500			66,798			68,480			69,353			68,665
Period-End Balances
Assets	$	545,123		$	543,979		$	541,241		$	529,884		$	521,964
Securities (3)	139,359			146,415			154,617			151,038			139,879
Loans and leases	307,300			294,248			294,325			290,655			289,494
Deposits	424,759			428,328			416,488			405,857			398,279
Common shareholders’ equity	56,302			58,348			62,598			62,227			61,663
Total shareholders’ equity	62,999			65,044			69,271			68,900			68,336
Capital Ratios (current quarter is preliminary)
Common equity Tier 1	9.2		%	9.4		%	9.6		%	10.1		%	10.2		%
Tier 1	10.8			11.0			11.3			11.9			12.0
Total	12.6			13.0			13.2			13.9			14.2
Leverage	8.6			8.6			8.7			9.0			9.1
Supplementary leverage	7.3			7.3			7.4			7.8			7.9
Applicable ratios are annualized.
(1) Interest income includes certain fees, deferred costs, fair value mark accretion, 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.

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)	2022		2021		$		%		2022		2021		$		%
Interest Income
Interest and fees on loans and leases	$	2,898	$	2,901	$	(3)	(0.1)	%	$	5,542	$	5,903	$	(361)	(6.1)	%
Interest on securities	675		497		178		35.8		1,315		940		375		39.9
Interest on other earning assets	100		45		55		122.2		173		94		79		84.0
Total interest income	3,673		3,443		230		6.7		7,030		6,937		93		1.3
Interest Expense
Interest on deposits	99		36		63		175.0		131		83		48		57.8
Interest on long-term debt	137		147		(10)		(6.8)		269		295		(26)		(8.8)
Interest on other borrowings	30		15		15		100.0		40		29		11		37.9
Total interest expense	266		198		68		34.3		440		407		33		8.1
Net Interest Income	3,407		3,245		162		5.0		6,590		6,530		60		0.9
Provision for credit losses	171		(434)		605		(139.4)		76		(386)		462		(119.7)
Net Interest Income After Provision for Credit Losses	3,236		3,679		(443)		(12.0)		6,514		6,916		(402)		(5.8)
Noninterest Income
Insurance income	825		690		135		19.6		1,552		1,316		236		17.9
Investment banking and trading income	255		402		(147)		(36.6)		516		748		(232)		(31.0)
Wealth management income	337		345		(8)		(2.3)		680		686		(6)		(0.9)
Service charges on deposits	254		253		1		0.4		506		511		(5)		(1.0)
Card and payment related fees	246		225		21		9.3		458		425		33		7.8
Residential mortgage income	74		117		(43)		(36.8)		163		217		(54)		(24.9)
Lending related fees	100		94		6		6.4		185		194		(9)		(4.6)
Operating lease income	66		66		—		—		124		134		(10)		(7.5)
Commercial mortgage income	26		47		(21)		(44.7)		58		80		(22)		(27.5)
Income from bank-owned life insurance	50		46		4		8.7		101		96		5		5.2
Securities gains (losses)	(1)		—		(1)		NM		(70)		—		(70)		NM
Other income	16		120		(104)		(86.7)		117		195		(78)		(40.0)
Total noninterest income	2,248		2,405		(157)		(6.5)		4,390		4,602		(212)		(4.6)
Noninterest Expense
Personnel expense	2,102		2,207		(105)		(4.8)		4,153		4,349		(196)		(4.5)
Professional fees and outside processing	349		341		8		2.3		712		691		21		3.0
Software expense	234		246		(12)		(4.9)		466		456		10		2.2
Net occupancy expense	181		182		(1)		(0.5)		389		391		(2)		(0.5)
Amortization of intangibles	143		142		1		0.7		280		286		(6)		(2.1)
Equipment expense	114		122		(8)		(6.6)		232		235		(3)		(1.3)
Marketing and customer development	93		66		27		40.9		177		132		45		34.1
Operating lease depreciation	47		47		—		—		95		97		(2)		(2.1)
Loan-related expense	47		55		(8)		(14.5)		91		109		(18)		(16.5)
Regulatory costs	44		31		13		41.9		79		56		23		41.1
Merger-related and restructuring charges	121		297		(176)		(59.3)		337		438		(101)		(23.1)
Loss (gain) on early extinguishment of debt	(39)		—		(39)		NM		(39)		(3)		(36)		NM
Other expense	144		275		(131)		(47.6)		282		384		(102)		(26.6)
Total noninterest expense	3,580		4,011		(431)		(10.7)		7,254		7,621		(367)		(4.8)
Earnings
Income before income taxes	1,904		2,073		(169)		(8.2)		3,650		3,897		(247)		(6.3)
Provision for income taxes	372		415		(43)		(10.4)		702		766		(64)		(8.4)
Net income	1,532		1,658		(126)		(7.6)		2,948		3,131		(183)		(5.8)
Noncontrolling interests	1		1		—		—		2		(3)		5		(166.7)
Net income available to the bank holding company	1,531		1,657		(126)		(7.6)		2,946		3,134		(188)		(6.0)
Preferred stock dividends and other	77		98		(21)		(21.4)		165		241		(76)		(31.5)
Net income available to common shareholders	$	1,454	$	1,559	$	(105)	(6.7)	%	$	2,781	$	2,893	$	(112)	(3.9)	%
Earnings Per Common Share
Basic	$	1.09	$	1.16	$	(0.07)	(6.0)	%	$	2.09	$	2.16	$	(0.07)	(3.2)	%
Diluted	1.09		1.16		(0.07)		(6.0)		2.08		2.14		(0.06)		(2.8)
Weighted Average Shares Outstanding
Basic	1,330,160		1,338,302		(8,142)		(0.6)		1,329,601		1,341,963		(12,362)		(0.9)
Diluted	1,338,864		1,349,492		(10,628)		(0.8)		1,340,225		1,354,210		(13,985)		(1.0)
NM - not meaningful

Truist Financial Corporation 3

20

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)	2022		2022		2021		2021		2021
Interest Income
Interest and fees on loans and leases	$	2,898	$	2,644	$	2,753	$	2,825	$	2,901
Interest on securities	675		640		602		548		497
Interest on other earning assets	100		73		56		53		45
Total interest income	3,673		3,357		3,411		3,426		3,443
Interest Expense
Interest on deposits	99		32		32		33		36
Interest on long-term debt	137		132		127		151		147
Interest on other borrowings	30		10		9		9		15
Total interest expense	266		174		168		193		198
Net Interest Income	3,407		3,183		3,243		3,233		3,245
Provision for credit losses	171		(95)		(103)		(324)		(434)
Net Interest Income After Provision for Credit Losses	3,236		3,278		3,346		3,557		3,679
Noninterest Income
Insurance income	825		727		666		645		690
Investment banking and trading income	255		261		377		316		402
Wealth management income	337		343		350		356		345
Service charges on deposits	254		252		273		276		253
Card and payment related fees	246		212		224		225		225
Residential mortgage income	74		89		159		179		117
Lending related fees	100		85		81		74		94
Operating lease income	66		58		71		57		66
Commercial mortgage income	26		32		45		54		47
Income from bank-owned life insurance	50		51		44		43		46
Securities gains (losses)	(1)		(69)		—		—		—
Other income	16		101		33		140		120
Total noninterest income	2,248		2,142		2,323		2,365		2,405
Noninterest Expense
Personnel expense	2,102		2,051		2,096		2,187		2,207
Professional fees and outside processing	349		363		379		372		341
Software expense	234		232		238		251		246
Net occupancy expense	181		208		186		187		182
Amortization of intangibles	143		137		143		145		142
Equipment expense	114		118		124		154		122
Marketing and customer development	93		84		68		94		66
Operating lease depreciation	47		48		46		47		47
Loan-related expense	47		44		51		52		55
Regulatory costs	44		35		38		43		31
Merger-related and restructuring charges	121		216		212		172		297
Loss (gain) on early extinguishment of debt	(39)		—		(1)		—		—
Other expense	144		138		120		91		275
Total noninterest expense	3,580		3,674		3,700		3,795		4,011
Earnings
Income before income taxes	1,904		1,746		1,969		2,127		2,073
Provision for income taxes	372		330		367		423		415
Net income	1,532		1,416		1,602		1,704		1,658
Noncontrolling interests	1		1		—		—		1
Net income available to the bank holding company	1,531		1,415		1,602		1,704		1,657
Preferred stock dividends and other	77		88		78		88		98
Net income available to common shareholders	$	1,454	$	1,327	$	1,524	$	1,616	$	1,559
Earnings Per Common Share
Basic	$	1.09	$	1.00	$	1.15	$	1.21	$	1.16
Diluted	1.09		0.99		1.13		1.20		1.16
Weighted Average Shares Outstanding
Basic	1,330,160		1,329,037		1,329,979		1,334,825		1,338,302
Diluted	1,338,864		1,341,563		1,343,029		1,346,854		1,349,492

4 Truist Financial Corporation

Consolidated Ending Balance Sheets - Five Quarter Trend
	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2022		2022		2021		2021		2021
Assets
Cash and due from banks	$	5,511	$	5,516	$	5,085	$	4,656	$	5,077
Interest-bearing deposits with banks	17,602		23,606		15,210		15,171		21,480
Securities borrowed or purchased under resale agreements	2,650		2,322		4,028		1,919		1,242
Trading assets at fair value	5,230		5,920		4,423		6,972		5,945
Securities available for sale at fair value	79,278		84,753		153,123		151,038		139,879
Securities held to maturity at amortized cost	60,081		61,662		1,494		—		—
Loans and leases:
Commercial:
Commercial and industrial	149,840		141,060		138,762		133,791		135,881
CRE	22,149		22,774		23,951		24,309		25,399
Commercial construction	5,157		5,220		4,971		5,689		6,160
Consumer:
Residential mortgage	50,903		48,171		47,852		46,691		44,036
Residential home equity and direct	25,345		24,853		25,066		25,222		25,334
Indirect auto	27,419		25,756		26,441		26,923		26,696
Indirect other	11,961		11,043		10,883		11,155		11,039
Student	6,144		6,514		6,780		7,059		7,341
Credit card	4,744		4,690		4,807		4,683		4,599
Total loans and leases held for investment	303,662		290,081		289,513		285,522		286,485
Loans held for sale	3,638		4,167		4,812		5,133		3,009
Total loans and leases	307,300		294,248		294,325		290,655		289,494
Allowance for loan and lease losses	(4,187)		(4,170)		(4,435)		(4,702)		(5,121)
Premises and equipment	3,682		3,662		3,700		3,719		3,699
Goodwill	26,299		26,284		26,098		24,891		24,374
Core deposit and other intangible assets	3,535		3,693		3,408		2,930		2,665
Loan servicing rights at fair value	3,466		3,013		2,633		2,584		2,231
Other assets	34,676		33,470		32,149		30,051		30,999
Total assets	$	545,123	$	543,979	$	541,241	$	529,884	$	521,964
Liabilities
Deposits:
Noninterest-bearing deposits	$	147,752	$	150,446	$	145,892	$	143,595	$	138,623
Interest checking	114,143		119,572		115,754		108,954		107,993
Money market and savings	149,302		143,834		138,956		136,633		134,118
Time deposits	13,562		14,476		15,886		16,675		17,545
Total deposits	424,759		428,328		416,488		405,857		398,279
Short-term borrowings	13,736		5,147		5,292		5,226		5,652
Long-term debt	30,319		33,773		35,913		37,837		37,969
Other liabilities	13,310		11,687		14,277		12,064		11,728
Total liabilities	482,124		478,935		471,970		460,984		453,628
Shareholders’ Equity:
Preferred stock	6,673		6,673		6,673		6,673		6,673
Common stock	6,632		6,657		6,639		6,674		6,674
Additional paid-in capital	34,410		34,539		34,565		34,977		34,898
Retained earnings	24,500		23,687		22,998		22,114		21,139
Accumulated other comprehensive loss	(9,240)		(6,535)		(1,604)		(1,538)		(1,048)
Noncontrolling interests	24		23		—		—		—
Total shareholders’ equity	62,999		65,044		69,271		68,900		68,336
Total liabilities and shareholders’ equity	$	545,123	$	543,979	$	541,241	$	529,884	$	521,964

Truist Financial Corporation 5

Average Balance Sheets
	Quarter Ended								Year-to-Date
	June 30				Change				June 30				Change
(Dollars in millions)	2022		2021		$		%		2022		2021		$		%
Assets
Securities at amortized cost (1):
U.S. Treasury	$	10,544	$	9,070	$	1,474	16.3%		$	10,219	$	5,435	$	4,784	88.0%
U.S. government-sponsored entities (GSE)	255		1,840		(1,585)		(86.1)	%	685		1,840		(1,155)		(62.8)
Mortgage-backed securities issued by GSE	133,339		124,251		9,088		7.3		135,185		121,228		13,957		11.5
States and political subdivisions	371		437		(66)		(15.1)		372		441		(69)		(15.6)
Non-agency mortgage-backed	4,097		17		4,080		NM		4,161		8		4,153		NM
Other	75		32		43		134.4		51		32		19		59.4
Total securities	148,681		135,647		13,034		9.6		150,673		128,984		21,689		16.8
Loans and leases:
Commercial:
Commercial and industrial	145,558		138,539		7,019		5.1		142,233		139,776		2,457		1.8
CRE	22,508		25,645		(3,137)		(12.2)		23,029		25,926		(2,897)		(11.2)
Commercial construction	5,256		6,359		(1,103)		(17.3)		5,152		6,457		(1,305)		(20.2)
Consumer:
Residential mortgage	49,237		43,605		5,632		12.9		48,610		44,708		3,902		8.7
Residential home equity and direct	25,124		25,238		(114)		(0.5)		25,004		25,447		(443)		(1.7)
Indirect auto	26,496		26,444		52		0.2		26,293		26,403		(110)		(0.4)
Indirect other	11,471		10,797		674		6.2		11,167		10,823		344		3.2
Student	6,331		7,396		(1,065)		(14.4)		6,489		7,457		(968)		(13.0)
Credit card	4,728		4,552		176		3.9		4,705		4,598		107		2.3
Total loans and leases held for investment	296,709		288,575		8,134		2.8		292,682		291,595		1,087		0.4
Loans held for sale	3,152		4,390		(1,238)		(28.2)		3,511		4,640		(1,129)		(24.3)
Total loans and leases	299,861		292,965		6,896		2.4		296,193		296,235		(42)		—
Interest earning trading assets	6,073		5,061		1,012		20.0		5,956		4,902		1,054		21.5
Other earning assets	21,203		21,592		(389)		(1.8)		20,074		19,515		559		2.9
Total earning assets	475,818		455,265		20,553		4.5		472,896		449,636		23,260		5.2
Nonearning assets	64,750		63,509		1,241		2.0		65,391		64,196		1,195		1.9
Total assets	$	540,568	$	518,774	$	21,794	4.2	%	$	538,287	$	513,832	$	24,455	4.8	%
Liabilities and Shareholders’ Equity
Deposits:
Noninterest-bearing deposits	$	148,610	$	137,892	$	10,718	7.8	%	$	147,279	$	133,261	$	14,018	10.5	%
Interest checking	112,375		106,121		6,254		5.9		112,268		105,436		6,832		6.5
Money market and savings	148,632		134,029		14,603		10.9		145,085		131,680		13,405		10.2
Time deposits	14,133		18,213		(4,080)		(22.4)		14,885		19,379		(4,494)		(23.2)
Total deposits	423,750		396,255		27,495		6.9		419,517		389,756		29,761		7.6
Short-term borrowings	9,618		6,168		3,450		55.9		8,289		6,448		1,841		28.6
Long-term debt	31,263		36,873		(5,610)		(15.2)		33,289		37,344		(4,055)		(10.9)
Other liabilities	12,437		10,813		1,624		15.0		12,052		10,932		1,120		10.2
Total liabilities	477,068		450,109		26,959		6.0		473,147		444,480		28,667		6.4
Shareholders’ equity	63,500		68,665		(5,165)		(7.5)		65,140		69,352		(4,212)		(6.1)
Total liabilities and shareholders’ equity	$	540,568	$	518,774	$	21,794	4.2	%	$	538,287	$	513,832	$	24,455	4.8	%
Average balances exclude basis adjustments for fair value hedges.
(1) Includes AFS and HTM securities.
NM - not meaningful

6 Truist Financial Corporation

Average Balance Sheets - Five Quarter Trend
	Quarter Ended
	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2022		2022		2021		2021		2021
Assets
Securities at amortized cost (1):
U.S. Treasury	$	10,544	$	9,890	$	9,891	$	9,699	$	9,070
U.S. government-sponsored entities (GSE)	255		1,120		1,686		1,830		1,840
Mortgage-backed securities issued by GSE	133,339		137,052		137,651		132,890		124,251
States and political subdivisions	371		374		410		425		437
Non-agency mortgage-backed	4,097		4,224		3,738		1,398		17
Other	75		27		29		30		32
Total securities	148,681		152,687		153,405		146,272		135,647
Loans and leases:
Commercial:
Commercial and industrial	145,558		138,872		134,804		134,942		138,539
CRE	22,508		23,555		24,396		24,849		25,645
Commercial construction	5,256		5,046		5,341		5,969		6,359
Consumer:
Residential mortgage	49,237		47,976		47,185		45,369		43,605
Residential home equity and direct	25,124		24,883		25,146		25,242		25,238
Indirect auto	26,496		26,088		26,841		26,830		26,444
Indirect other	11,471		10,860		10,978		11,112		10,797
Student	6,331		6,648		6,884		7,214		7,396
Credit card	4,728		4,682		4,769		4,632		4,552
Total loans and leases held for investment	296,709		288,610		286,344		286,159		288,575
Loans held for sale	3,152		3,874		4,730		4,179		4,390
Total loans and leases	299,861		292,484		291,074		290,338		292,965
Interest earning trading assets	6,073		5,837		6,772		5,809		5,061
Other earning assets	21,203		18,932		19,634		19,331		21,592
Total earning assets	475,818		469,940		470,885		461,750		455,265
Nonearning assets	64,750		66,041		64,026		64,935		63,509
Total assets	$	540,568	$	535,981	$	534,911	$	526,685	$	518,774
Liabilities and Shareholders’ Equity
Deposits:
Noninterest-bearing deposits	$	148,610	$	145,933	$	146,492	$	141,738	$	137,892
Interest checking	112,375		112,159		110,506		107,802		106,121
Money market and savings	148,632		141,500		137,676		136,094		134,029
Time deposits	14,133		15,646		16,292		17,094		18,213
Total deposits	423,750		415,238		410,966		402,728		396,255
Short-term borrowings	9,618		6,944		6,433		5,360		6,168
Long-term debt	31,263		35,337		37,623		37,329		36,873
Other liabilities	12,437		11,664		11,409		11,915		10,813
Total liabilities	477,068		469,183		466,431		457,332		450,109
Shareholders’ equity	63,500		66,798		68,480		69,353		68,665
Total liabilities and shareholders’ equity	$	540,568	$	535,981	$	534,911	$	526,685	$	518,774
Average balances exclude basis adjustments for fair value hedges.
(1) Includes AFS and HTM securities.

Truist Financial Corporation 7

Average Balances and Rates - Quarters
	Quarter Ended
	June 30, 2022						March 31, 2022
	(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	$	10,544	$	22	0.86	%	$	9,890	$	18	0.72	%
U.S. government-sponsored entities (GSE)	255		1		1.96		1,120		6		2.13
Mortgage-backed securities issued by GSE	133,339		625		1.88		137,052		590		1.72
States and political subdivisions	371		4		3.83		374		3		3.72
Non-agency mortgage-backed	4,097		23		2.30		4,224		24		2.25
Other	75		1		3.66		27		—		2.04
Total securities	148,681		676		1.82		152,687		641		1.68
Loans and leases:
Commercial:
Commercial and industrial	145,558		1,174		3.24		138,872		987		2.88
CRE	22,508		193		3.41		23,555		168		2.84
Commercial construction	5,256		43		3.46		5,046		35		3.05
Consumer:
Residential mortgage	49,237		440		3.58		47,976		428		3.57
Residential home equity and direct	25,124		329		5.25		24,883		330		5.38
Indirect auto	26,496		362		5.47		26,088		357		5.56
Indirect other	11,471		180		6.27		10,860		169		6.32
Student	6,331		66		4.20		6,648		63		3.86
Credit card	4,728		105		8.91		4,682		104		8.97
Total loans and leases held for investment	296,709		2,892		3.91		288,610		2,641		3.70
Loans held for sale	3,152		33		4.20		3,874		28		2.87
Total loans and leases	299,861		2,925		3.91		292,484		2,669		3.69
Interest earning trading assets	6,073		55		3.55		5,837		43		3.04
Other earning assets	21,203		45		0.85		18,932		30		0.63
Total earning assets	475,818		3,701		3.12		469,940		3,383		2.90
Nonearning assets	64,750						66,041
Total assets	$	540,568					$	535,981
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	112,375	43		0.15		$	112,159	14		0.05
Money market and savings	148,632		50		0.13		141,500		11		0.03
Time deposits	14,133		6		0.17		15,646		7		0.18
Total interest-bearing deposits (4)	275,140		99		0.14		269,305		32		0.05
Short-term borrowings	9,618		30		1.26		6,944		10		0.60
Long-term debt	31,263		137		1.75		35,337		132		1.50
Total interest-bearing liabilities	316,021		266		0.34		311,586		174		0.22
Noninterest-bearing deposits (4)	148,610						145,933
Other liabilities	12,437						11,664
Shareholders’ equity	63,500						66,798
Total liabilities and shareholders’ equity	$	540,568					$	535,981
Average interest-rate spread					2.78						2.68
Net interest income/ net interest margin - taxable equivalent			$	3,435	2.89	%			$	3,209	2.76	%
Taxable-equivalent adjustment			$	28					$	26
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 0.09% and 0.03% for the three months ended June 30, 2022 and March 31, 2022, respectively.

8 Truist Financial Corporation

Average Balances and Rates - Quarters
	Quarter Ended
	December 31, 2021						September 30, 2021						June 30, 2021
	(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	$	9,891	$	18	0.72	%	$	9,699	$	18	0.72	%	$	9,070	$	16	0.73	%
U.S. government-sponsored entities (GSE)	1,686		9		2.20		1,830		10		2.31		1,840		11		2.33
Mortgage-backed securities issued by GSE	137,651		552		1.60		132,890		509		1.53		124,251		466		1.50
States and political subdivisions	410		3		3.60		425		4		3.52		437		4		3.55
Non-agency mortgage-backed	3,738		20		2.23		1,398		8		2.20		17		—		2.46
Other	29		1		1.90		30		—		1.90		32		—		1.88
Total securities	153,405		603		1.57		146,272		549		1.50		135,647		497		1.47
Loans and leases:
Commercial:
Commercial and industrial	134,804		986		2.90		134,942		1,023		3.01		138,539		1,072		3.10
CRE	24,396		175		2.81		24,849		181		2.86		25,645		183		2.84
Commercial construction	5,341		38		2.96		5,969		42		2.96		6,359		45		2.95
Consumer:
Residential mortgage	47,185		453		3.84		45,369		450		3.96		43,605		474		4.35
Residential home equity and direct	25,146		352		5.55		25,242		360		5.67		25,238		361		5.74
Indirect auto	26,841		389		5.75		26,830		405		5.99		26,444		409		6.20
Indirect other	10,978		176		6.42		11,112		183		6.54		10,797		185		6.86
Student	6,884		70		4.07		7,214		74		4.02		7,396		72		3.90
Credit card	4,769		105		8.69		4,632		105		9.01		4,552		99		8.73
Total loans and leases held for investment	286,344		2,744		3.81		286,159		2,823		3.92		288,575		2,900		4.03
Loans held for sale	4,730		32		2.66		4,179		28		2.69		4,390		28		2.57
Total loans and leases	291,074		2,776		3.79		290,338		2,851		3.90		292,965		2,928		4.01
Interest earning trading assets	6,772		46		2.72		5,809		41		2.81		5,061		37		2.82
Other earning assets	19,634		10		0.20		19,331		13		0.25		21,592		9		0.19
Total earning assets	470,885		3,435		2.90		461,750		3,454		2.98		455,265		3,471		3.06
Nonearning assets	64,026						64,935						63,509
Total assets	$	534,911					$	526,685					$	518,774
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	110,506	15		0.05		$	107,802	14		0.05		$	106,121	15		0.06
Money market and savings	137,676		8		0.03		136,094		9		0.03		134,029		8		0.03
Time deposits	16,292		9		0.21		17,094		10		0.23		18,213		13		0.28
Total interest-bearing deposits (4)	264,474		32		0.05		260,990		33		0.05		258,363		36		0.06
Short-term borrowings	6,433		9		0.55		5,360		9		0.68		6,168		15		0.98
Long-term debt	37,623		127		1.35		37,329		151		1.61		36,873		147		1.60
Total interest-bearing liabilities	308,530		168		0.22		303,679		193		0.25		301,404		198		0.26
Noninterest-bearing deposits (4)	146,492						141,738						137,892
Other liabilities	11,409						11,915						10,813
Shareholders’ equity	68,480						69,353						68,665
Total liabilities and shareholders’ equity	$	534,911					$	526,685					$	518,774
Average interest-rate spread					2.68						2.73						2.80
Net interest income/ net interest margin - taxable equivalent			$	3,267	2.76	%			$	3,261	2.81	%			$	3,273	2.88	%
Taxable-equivalent adjustment			$	24					$	28					$	28
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 0.03%, 0.03%, and 0.04% for the three months ended December 31, 2021, September 30, 2021, and June 30, 2021, respectively.

Truist Financial Corporation 9

Average Balances and Rates - Year-To-Date
	Year-to-Date
	June 30, 2022						June 30, 2021
	(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	$	10,219	$	40	0.79	%	$	5,435	$	20	0.76	%
U.S. government-sponsored entities (GSE)	685		7		2.11		1,840		22		2.33
Mortgage-backed securities issued by GSE	135,185		1,215		1.80		121,228		892		1.47
States and political subdivisions	372		7		3.77		441		8		3.54
Non-agency mortgage-backed	4,161		47		2.27		8		—		2.45
Other	51		1		3.22		32		—		1.90
Total securities	150,673		1,317		1.75		128,984		942		1.46
Loans and leases:
Commercial:
Commercial and industrial	142,233		2,161		3.06		139,776		2,165		3.12
CRE	23,029		361		3.12		25,926		372		2.87
Commercial construction	5,152		78		3.26		6,457		93		2.99
Consumer:
Residential mortgage	48,610		868		3.57		44,708		981		4.39
Residential home equity and direct	25,004		659		5.31		25,447		729		5.78
Indirect auto	26,293		719		5.51		26,403		835		6.38
Indirect other	11,167		349		6.30		10,823		372		6.92
Student	6,489		129		4.02		7,457		145		3.93
Credit card	4,705		209		8.94		4,598		205		8.99
Total loans and leases held for investment	292,682		5,533		3.81		291,595		5,897		4.07
Loans held for sale	3,511		61		3.47		4,640		60		2.58
Total loans and leases	296,193		5,594		3.80		296,235		5,957		4.05
Interest earning trading assets	5,956		98		3.30		4,902		69		2.81
Other earning assets	20,074		75		0.75		19,515		25		0.27
Total earning assets	472,896		7,084		3.01		449,636		6,993		3.13
Nonearning assets	65,391						64,196
Total assets	$	538,287					$	513,832
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	112,268	57		0.10		$	105,436	30		0.06
Money market and savings	145,085		61		0.08		131,680		18		0.03
Time deposits	14,885		13		0.18		19,379		35		0.36
Total interest-bearing deposits (4)	272,238		131		0.10		256,495		83		0.07
Short-term borrowings	8,289		40		0.98		6,448		29		0.90
Long-term debt	33,289		269		1.61		37,344		295		1.58
Total interest-bearing liabilities	313,816		440		0.28		300,287		407		0.27
Noninterest-bearing deposits (4)	147,279						133,261
Other liabilities	12,052						10,932
Shareholders’ equity	65,140						69,352
Total liabilities and shareholders’ equity	$	538,287					$	513,832
Average interest-rate spread					2.73						2.86
Net interest income/ net interest margin - taxable equivalent			$	6,644	2.83	%			$	6,586	2.95	%
Taxable-equivalent adjustment			$	54					$	56
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 0.06% and 0.04% for the year ended June 30, 2022 and 2021, respectively.

10 Truist Financial Corporation

Credit Quality
	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2022		2022		2021		2021		2021
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial	$	393	$	330	$	394	$	423	$	402
CRE	19		27		29		20		25
Commercial construction	—		—		7		7		12
Consumer:
Residential mortgage	269		315		296		306		302
Residential home equity and direct	159		141		141		146		165
Indirect auto	244		227		218		172		148
Indirect other	6		4		5		6		6
Total nonaccrual loans and leases held for investment	1,090		1,044		1,090		1,080		1,060
Loans held for sale	33		39		22		76		78
Total nonaccrual loans and leases	1,123		1,083		1,112		1,156		1,138
Foreclosed real estate	3		3		8		9		13
Other foreclosed property	47		49		43		39		41
Total nonperforming assets	$	1,173	$	1,135	$	1,163	$	1,204	$	1,192
Troubled Debt Restructurings (TDRs)
Performing TDRs:
Commercial:
Commercial and industrial	$	105	$	104	$	147	$	200	$	202
CRE	5		5		5		8		24
Commercial construction	1		1		—		—		—
Consumer:
Residential mortgage - government guaranteed	761		622		480		507		520
Residential mortgage - nonguaranteed	281		244		212		205		207
Residential home equity and direct	84		91		98		105		107
Indirect auto	401		392		389		390		389
Indirect other	6		6		7		7		7
Student - nonguaranteed	27		25		25		23		13
Credit card	22		25		27		30		32
Total performing TDRs	1,693		1,515		1,390		1,475		1,501
Nonperforming TDRs	204		189		152		159		190
Total TDRs	$	1,897	$	1,704	$	1,542	$	1,634	$	1,691
Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial	$	27	$	22	$	13	$	18	$	14
CRE	3		—		—		—		—
Commercial construction	3		—		—		—		—
Consumer:
Residential mortgage - government guaranteed	884		996		978		823		929
Residential mortgage - nonguaranteed	27		31		31		29		47
Residential home equity and direct	10		12		9		7		7
Indirect auto	1		1		1		2		2
Indirect other	3		2		3		2		1
Student - government guaranteed	796		818		864		965		1,043
Student - nonguaranteed	5		4		4		3		3
Credit card	28		28		27		23		22
Total loans 90 days past due and still accruing	$	1,787	$	1,914	$	1,930	$	1,872	$	2,068
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial	$	223	$	280	$	130	$	135	$	146
CRE	10		13		20		4		7
Commercial construction	4		1		2		2		1
Consumer:
Residential mortgage - government guaranteed	233		216		256		264		307
Residential mortgage - nonguaranteed	302		326		258		231		236
Residential home equity and direct	156		142		107		81		73
Indirect auto	584		529		607		560		428
Indirect other	78		65		64		53		47
Student - government guaranteed	447		476		549		451		543
Student - nonguaranteed	6		6		6		5		5
Credit card	48		47		45		37		31
Total loans 30-89 days past due	$	2,091	$	2,101	$	2,044	$	1,823	$	1,824

Truist Financial Corporation 11

	As of/For the Quarter Ended
	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2022		2022		2021		2021		2021
Allowance for Credit Losses
Beginning balance	$	4,423	$	4,695	$	4,978	$	5,436	$	6,011
Provision for credit losses	171		(95)		(103)		(324)		(434)
Charge-offs:
Commercial:
Commercial and industrial	(17)		(31)		(54)		(57)		(53)
CRE	(1)		(1)		(5)		(1)		—
Commercial construction	—		(1)		—		—		—
Consumer:
Residential mortgage	(2)		(2)		(1)		(7)		(4)
Residential home equity and direct	(85)		(58)		(51)		(51)		(57)
Indirect auto	(77)		(102)		(89)		(73)		(69)
Indirect other	(18)		(19)		(16)		(13)		(11)
Student	(4)		(6)		(12)		(6)		(3)
Credit card	(40)		(41)		(37)		(31)		(42)
Total charge-offs	(244)		(261)		(265)		(239)		(239)
Recoveries:
Commercial:
Commercial and industrial	13		17		23		42		23
CRE	6		1		—		1		4
Commercial construction	1		1		1		1		1
Consumer:
Residential mortgage	4		6		2		3		5
Residential home equity and direct	20		20		21		20		20
Indirect auto	26		23		21		22		27
Indirect other	6		6		6		5		7
Student	—		—		—		1		—
Credit card	9		9		9		9		10
Total recoveries	85		83		83		104		97
Net charge-offs	(159)		(178)		(182)		(135)		(142)
Other	(1)		1		2		1		1
Ending balance	$	4,434	$	4,423	$	4,695	$	4,978	$	5,436
Allowance for Credit Losses:
Allowance for loan and lease losses	$	4,187	$	4,170	$	4,435	$	4,702	$	5,121
Reserve for unfunded lending commitments (RUFC)	247		253		260		276		315
Allowance for credit losses	$	4,434	$	4,423	$	4,695	$	4,978	$	5,436

12 Truist Financial Corporation

	As of/For the Year-to-Date
	Period Ended June 30
(Dollars in millions)	2022		2021
Allowance for Credit Losses
Beginning balance	$	4,695	$	6,199
Provision for credit losses	76		(386)
Charge-offs:
Commercial:
Commercial and industrial	(48)		(132)
CRE	(2)		(4)
Commercial construction	(1)		(2)
Consumer:
Residential mortgage	(4)		(15)
Residential home equity and direct	(143)		(112)
Indirect auto	(179)		(174)
Indirect other	(37)		(28)
Student	(10)		(6)
Credit card	(81)		(82)
Total charge-offs	(505)		(555)
Recoveries:
Commercial:
Commercial and industrial	30		42
CRE	7		5
Commercial construction	2		2
Consumer:
Residential mortgage	10		7
Residential home equity and direct	40		38
Indirect auto	49		49
Indirect other	12		13
Credit card	18		19
Total recoveries	168		175
Net charge-offs	(337)		(380)
Other	—		3
Ending balance	$	4,434	$	5,436

	As of/For the Quarter Ended
	June 30		March 31		Dec. 31		Sept. 30		June 30
	2022		2022		2021		2021		2021
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.69	%	0.72	%	0.71	%	0.64	%	0.64	%
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.59		0.66		0.67		0.66		0.72
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.36		0.36		0.38		0.38		0.37
Nonperforming loans and leases as a percentage of loans and leases (1)	0.37		0.37		0.38		0.40		0.39
Nonperforming assets as a percentage of:
Total assets (1)	0.22		0.21		0.21		0.23		0.23
Loans and leases plus foreclosed property	0.38		0.38		0.39		0.40		0.39
Net charge-offs as a percentage of average loans and leases	0.22		0.25		0.25		0.19		0.20
Allowance for loan and lease losses as a percentage of loans and leases	1.38		1.44		1.53		1.65		1.79
Ratio of allowance for loan and lease losses to:
Net charge-offs	6.54X		5.78X		6.14X		8.79X		8.98X
Nonperforming loans and leases	3.84X		3.99X		4.07X		4.35X		4.83X
Asset Quality Ratios (Excluding PPP and other Government Guaranteed)
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.04	%	0.04	%	0.03	%	0.03	%	0.04	%
Applicable ratios are annualized.
(1)Includes loans held for sale.

Truist Financial Corporation 13

	June 30, 2022
					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	$	90	85.7	%	$	14		13.3	%	$	1		1.0	%	$	105
CRE	5		100.0		—			—		—			—		5
Commercial construction	1		100.0		—			—		—			—		1
Consumer:
Residential mortgage - government guaranteed	377		49.5		79			10.4		305			40.1		761
Residential mortgage - nonguaranteed	241		85.7		26			9.3		14			5.0		281
Residential home equity and direct	80		95.3		4			4.7		—			—		84
Indirect auto	335		83.5		66			16.5		—			—		401
Indirect other	5		83.3		1			16.7		—			—		6
Student - nonguaranteed	25		92.6		1			3.7		1			3.7		27
Credit card	19		86.4		2			9.1		1			4.5		22
Total performing TDRs (1)	1,178		69.6		193			11.4		322			19.0		1,693
Nonperforming TDRs (2)	76		37.3		26			12.7		102			50.0		204
Total TDRs (1)(2)	$	1,254	66.2	%	$	219		11.5	%	$	424		22.3	%	$	1,897
(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
					2022			2022		2021			2021		2021
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial					0.01		%	0.04	%	0.09		%	0.04	%	0.09		%
CRE					(0.10)			0.01		0.07			—		(0.05)
Commercial construction					(0.08)			(0.02)		(0.10)			(0.06)		(0.06)
Consumer:
Residential mortgage					(0.02)			(0.03)		(0.02)			0.04		(0.01)
Residential home equity and direct					1.04			0.61		0.49			0.49		0.59
Indirect auto					0.77			1.23		1.01			0.75		0.63
Indirect other					0.43			0.48		0.39			0.26		0.17
Student					0.30			0.33		0.65			0.31		0.16
Credit card					2.63			2.77		2.31			1.90		2.75
Total loans and leases					0.22			0.25		0.25			0.19		0.20
Applicable ratios are annualized.

Credit Quality - Allowance with Fair Value Marks
	As of/For the Quarter Ended
	June 30			March 31			Dec. 31			Sept. 30			June 30
(Dollars in millions)	2022			2022			2021			2021			2021
ALLL	$	4,187		$	4,170		$	4,435		$	4,702		$	5,121
Unamortized fair value mark (1)	924			1,119			1,323			1,540			1,777
Allowance plus unamortized fair value mark	$	5,111		$	5,289		$	5,758		$	6,242		$	6,898
Loans and leases held for investment	$	303,662		$	290,081		$	289,513		$	285,522		$	286,485
Unamortized fair value mark (1)	924			1,119			1,323			1,540			1,777
Gross loans and leases	$	304,586		$	291,200		$	290,836		$	287,062		$	288,262
Allowance for loan and lease losses as a percentage of loans and leases - GAAP	1.38		%	1.44		%	1.53		%	1.65		%	1.79		%
Allowance for loan and lease losses and unamortized fair value mark as a percentage of gross loans and leases - Adjusted (1) (2)	1.68			1.82			1.98			2.17			2.39

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

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

14 Truist Financial Corporation

Rollforward of Intangible Assets and Selected Fair Value Marks (1)
	As of/For the Quarter Ended
	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2022		2022		2021		2021		2021
Loans and Leases (2)
Beginning balance unamortized fair value mark	$	(1,119)	$	(1,323)	$	(1,540)	$	(1,777)	$	(2,067)
Accretion	189		191		217		233		285
Purchase accounting adjustments and other activity	6		13		—		4		5
Ending balance	$	(924)	$	(1,119)	$	(1,323)	$	(1,540)	$	(1,777)
Core deposit and other intangible assets
Beginning balance	$	3,693	$	3,408	$	2,930	$	2,665	$	2,825
Additions - acquisitions	—		430		647		418		—
Amortization of intangibles	(143)		(137)		(143)		(145)		(142)
Amortization in net occupancy expense	(5)		(8)		(3)		(4)		(3)
Purchase accounting adjustments and other activity	(10)		—		(23)		(4)		(15)
Ending balance	$	3,535	$	3,693	$	3,408	$	2,930	$	2,665
Deposits (3)
Beginning balance unamortized fair value mark	$	(5)	$	(7)	$	(9)	$	(12)	$	(15)
Amortization	2		2		2		3		3
Ending balance	$	(3)	$	(5)	$	(7)	$	(9)	$	(12)
Long-Term Debt (3)
Beginning balance unamortized fair value mark	$	(122)	$	(139)	$	(157)	$	(176)	$	(196)
Amortization	13		17		18		19		20
Ending balance	$	(109)	$	(122)	$	(139)	$	(157)	$	(176)

(1)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 or straight-line 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.

Truist Financial Corporation 15

Segment Financial Performance - Preliminary
	Quarter Ended
	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2022		2022		2021		2021		2021
Consumer Banking and Wealth
Net interest income (expense)	$	1,567	$	1,528	$	1,630	$	1,666	$	1,687
Net intersegment interest income (expense)	707		654		597		485		385
Segment net interest income	2,274		2,182		2,227		2,151		2,072
Allocated provision for credit losses	199		73		59		(5)		(4)
Noninterest income	892		950		992		1,028		925
Noninterest expense	1,954		1,908		1,971		1,985		1,945
Income (loss) before income taxes	1,013		1,151		1,189		1,199		1,056
Provision (benefit) for income taxes	240		278		244		265		257
Segment net income (loss)	$	773	$	873	$	945	$	934	$	799
Corporate and Commercial Banking
Net interest income (expense)	$	1,277	$	1,094	$	1,106	$	1,125	$	1,182
Net intersegment interest income (expense)	57		176		194		158		114
Segment net interest income	1,334		1,270		1,300		1,283		1,296
Allocated provision for credit losses	(28)		(150)		(183)		(265)		(399)
Noninterest income	636		619		789		752		808
Noninterest expense	781		756		800		806		828
Income (loss) before income taxes	1,217		1,283		1,472		1,494		1,675
Provision (benefit) for income taxes	263		280		296		314		369
Segment net income (loss)	$	954	$	1,003	$	1,176	$	1,180	$	1,306
Insurance Holdings
Net interest income (expense)	$	30	$	24	$	23	$	27	$	25
Net intersegment interest income (expense)	(2)		—		—		1		—
Segment net interest income	28		24		23		28		25
Allocated provision for credit losses	1		—		(1)		1		(1)
Noninterest income	833		738		681		652		698
Noninterest expense	624		560		546		537		515
Income (loss) before income taxes	236		202		159		142		209
Provision (benefit) for income taxes	58		50		32		31		50
Segment net income (loss)	$	178	$	152	$	127	$	111	$	159
Other, Treasury & Corporate (1)
Net interest income (expense)	$	533	$	537	$	484	$	415	$	351
Net intersegment interest income (expense)	(762)		(830)		(791)		(644)		(499)
Segment net interest income	(229)		(293)		(307)		(229)		(148)
Allocated provision for credit losses	(1)		(18)		22		(55)		(30)
Noninterest income	(113)		(165)		(139)		(67)		(26)
Noninterest expense	221		450		383		467		723
Income (loss) before income taxes	(562)		(890)		(851)		(708)		(867)
Provision (benefit) for income taxes	(189)		(278)		(205)		(187)		(261)
Segment net income (loss)	$	(373)	$	(612)	$	(646)	$	(521)	$	(606)
Total Truist Financial Corporation
Net interest income (expense)	$	3,407	$	3,183	$	3,243	$	3,233	$	3,245
Net intersegment interest income (expense)	—		—		—		—		—
Segment net interest income	3,407		3,183		3,243		3,233		3,245
Allocated provision for credit losses	171		(95)		(103)		(324)		(434)
Noninterest income	2,248		2,142		2,323		2,365		2,405
Noninterest expense	3,580		3,674		3,700		3,795		4,011
Income (loss) before income taxes	1,904		1,746		1,969		2,127		2,073
Provision (benefit) for income taxes	372		330		367		423		415
Net income	$	1,532	$	1,416	$	1,602	$	1,704	$	1,658
(1) Includes financial data from subsidiaries below the quantitative and qualitative thresholds requiring disclosure.

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)	2022			2022			2021			2021			2021
Selected Capital Information	(preliminary)
Risk-based capital:
Common equity tier 1	$	38,015		$	37,225		$	37,524		$	38,859		$	38,690
Tier 1	44,686			43,895			44,194			45,529			45,360
Total	52,186			51,599			51,518			53,228			53,640
Risk-weighted assets	413,563			397,855			390,886			383,871			379,044
Average quarterly assets for leverage ratio	521,113			512,694			510,404			503,223			496,391
Average quarterly assets for supplementary leverage ratio	608,850			599,415			595,075			585,420			576,734
Risk-based capital ratios:
Common equity tier 1	9.2		%	9.4		%	9.6		%	10.1		%	10.2		%
Tier 1	10.8			11.0			11.3			11.9			12.0
Total	12.6			13.0			13.2			13.9			14.2
Leverage capital ratio	8.6			8.6			8.7			9.0			9.1
Supplementary leverage	7.3			7.3			7.4			7.8			7.9
Equity as a percentage of total assets	11.6			12.0			12.8			13.0			13.1
Common equity per common share	$	42.45		$	43.82		$	47.14		$	46.62		$	46.20
	June 30			March 31			Dec. 31			Sept. 30			June 30
(Dollars in millions, except per share data, shares in thousands)	2022			2022			2021			2021			2021
Calculations of Tangible Common Equity and Related Measures: (1)
Total shareholders’ equity	$	62,999		$	65,044		$	69,271		$	68,900		$	68,336
Less:
Preferred stock	6,673			6,673			6,673			6,673			6,673
Noncontrolling interests	24			23			—			—			—
Intangible assets, net of deferred taxes	29,095			29,229			28,772			27,066			26,296
Tangible common equity	$	27,207		$	29,119		$	33,826		$	35,161		$	35,367
Outstanding shares at end of period (in thousands)	1,326,393			1,331,414			1,327,818			1,334,892			1,334,770
Tangible Common Equity Per Common Share	$	20.51		$	21.87		$	25.47		$	26.34		$	26.50

(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)	2022			2022			2021			2021			2021
Residential Mortgage Income
Residential mortgage production revenue	$	36		$	52		$	115		$	139		$	122
Residential mortgage servicing income:
Residential mortgage servicing revenue	152			145			155			157			139
Realization of expected residential MSR cash flows	(103)			(109)			(143)			(146)			(175)
Income statement impact of mortgage servicing rights valuation:
MSRs fair value increase (decrease)	254			350			(25)			77			(188)
MSRs hedge gains (losses)	(265)			(349)			57			(48)			219
Net MSRs valuation	(11)			1			32			29			31
Total residential mortgage servicing income	$	38		$	37		$	44		$	40		$	(5)
Total residential mortgage income	$	74		$	89		$	159		$	179		$	117
Commercial Mortgage Income
Commercial mortgage production revenue	$	21		$	32		$	40		$	48		$	40
Commercial mortgage servicing income:
Commercial mortgage servicing revenue	17			17			18			17			17
Realization of expected commercial MSR cash flows	(15)			(17)			(12)			(11)			(11)
Income statement impact of mortgage servicing rights valuation:
MSRs fair value increase (decrease)	8			9			(1)			1			(4)
MSRs hedge gains (losses)	(5)			(9)			—			(1)			5
Net MSRs valuation	3			—			(1)			—			1
Total commercial mortgage servicing income	$	5		$	—		$	5		$	6		$	7
Commercial mortgage income	$	26		$	32		$	45		$	54		$	47
Other Mortgage Banking Information
Residential mortgage loan originations	$	11,330		$	11,408		$	14,458		$	15,852		$	14,301
Residential mortgage servicing portfolio (1):
Loans serviced for others	209,504			195,737			196,011			198,119			178,004
Bank-owned loans serviced	53,341			50,927			50,716			50,427			46,031
Total servicing portfolio	262,845			246,664			246,727			248,546			224,035
Weighted-average coupon rate on mortgage loans serviced for others	3.42		%	3.41		%	3.44		%	3.49		%	3.66		%
Weighted-average servicing fee on mortgage loans serviced for others	0.30			0.31			0.31			0.31			0.31
Additional Information
Brokered deposits (2)	$	22,926		$	19,092		$	9,627		$	10,980		$	11,063
NQDCP income (expense):
Interest income	$	2		$	19		$	1		$	2		$	2
Other income	(30)			(44)			(7)			30			43
Personnel expense	28			25			6			(32)			(45)
Total NQDCP income (expense)	$	—		$	—		$	—		$	—		$	—
Fair value of derivatives, net	$	(528)		$	631		$	1,784		$	2,375		$	2,614
CVA/DVA income (expense) included in investment banking and trading income	12			24			12			16			(12)
Common stock prices:
High	57.50			68.95			65.42			60.74			62.89
Low	44.75			56.19			54.73			51.87			52.61
End of period	47.43			56.70			58.55			58.65			55.50
Banking offices	2,117			2,112			2,517			2,518			2,557
ATMs	3,194			3,214			3,670			3,684			3,779
FTEs (3)	51,349			51,169			51,348			52,675			52,248

(1)Amounts reported are unpaid principal balance.

(2)Amounts primarily represent interest checking and money market and savings deposits.

(3)FTEs represents an average for the quarter.

18 Truist Financial Corporation

Selected Items (1)
	Favorable (Unfavorable)
(Dollars in millions)			After-Tax at
Description	Pre-Tax		Marginal Rate
Selected Items
Second Quarter 2022
Incremental operating expenses related to the merger ($103 million professional fees and outside processing, $11 million personnel expense, and $3 million other line items)	$	(117)	$	(89)
First Quarter 2022
Incremental operating expenses related to the merger ($133 million professional fees and outside processing, $24 million personnel expense, $20 million net occupancy expense, and $25 million other line items)	$	(202)	$	(155)
Gain on redemption of noncontrolling equity interest related to the acquisition of certain merchant services relationships (other income)	74		57
Fourth Quarter 2021
Incremental operating expenses related to the merger ($144 million professional fees and outside processing, $59 million personnel expense, and $12 million other line items)	$	(215)	$	(165)
Third Quarter 2021
Incremental operating expenses related to the merger ($132 million professional fees and outside processing, $41 million personnel expense, and $18 million other line items)	$	(191)	$	(147)
Professional fee accrual (professional fees and outside processing)	(30)		(23)
Second Quarter 2021
Charitable contribution (other expense)	$	(200)	$	(153)
Incremental operating expenses related to the merger ($137 million professional fees and outside processing, $42 million personnel expense, and $11 million other line items)	(190)		(146)
First Quarter 2021
Incremental operating expenses related to the merger ($120 million professional fees and outside processing, $42 million personnel expense, and $13 million other line items)	$	(175)	$	(134)
Acceleration for cash flow hedge unwind (other expense)	(36)		(28)

(1)Includes selected items representing a part of line items within the consolidated statements of income. Excludes line items adjusted in their entirety, such as securities gains and losses, gains and losses on the early extinguishment of debt, and costs classified as merger-related and restructuring charges.

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)	2022			2022			2021			2021			2021			2022			2021
Efficiency Ratio (1)
Efficiency Ratio Numerator - Noninterest Expense - GAAP	$	3,580		$	3,674		$	3,700		$	3,795		$	4,011		$	7,254		$	7,621
Merger-related and restructuring charges, net	(121)			(216)			(212)			(172)			(297)			(337)			(438)
Gain (loss) on early extinguishment of debt	39			—			1			—			—			39			3
Incremental operating expense related to the merger	(117)			(202)			(215)			(191)			(190)			(319)			(365)
Amortization of intangibles	(143)			(137)			(143)			(145)			(142)			(280)			(286)
Charitable contribution	—			—			—			—			(200)			—			(200)
Professional fee accrual	—			—			—			(30)			—			—			—
Acceleration for cash flow hedge unwind	—			—			—			—			—			—			(36)
Efficiency Ratio Numerator - Adjusted	$	3,238		$	3,119		$	3,131		$	3,257		$	3,182		$	6,357		$	6,299
Efficiency Ratio Denominator - Revenue (2) - GAAP	$	5,655		$	5,325		$	5,566		$	5,598		$	5,650		$	10,980		$	11,132
Taxable equivalent adjustment	28			26			24			28			28			54			56
Securities (gains) losses	1			69			—			—			—			70			—
Gain on redemption of noncontrolling equity interest	—			(74)			—			—			—			(74)			—
Gains on divestiture of certain businesses	—			—			—			—			—			—			(37)
Efficiency Ratio Denominator - Adjusted	$	5,684		$	5,346		$	5,590		$	5,626		$	5,678		$	11,030		$	11,151
Efficiency Ratio - GAAP	63.3		%	69.0		%	66.5		%	67.8		%	71.0		%	66.1		%	68.5		%
Efficiency Ratio - Adjusted	57.0			58.3			56.0			57.9			56.1			57.6			56.5

(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)	2022			2022			2021			2021			2021			2022			2021
Return on Average Tangible Common Shareholders’ Equity (1)
Net income available to common shareholders	$	1,454		$	1,327		$	1,524		$	1,616		$	1,559		$	2,781		$	2,893
Plus: Amortization of intangibles, net of tax	109			105			110			113			107			214			218
Tangible net income available to common shareholders	$	1,563		$	1,432		$	1,634		$	1,729		$	1,666		$	2,995		$	3,111
Average common shareholders’ equity	$	56,803		$	60,117		$	61,807		$	62,680		$	61,709		$	58,451		$	61,979
Less: Average intangible assets, net of deferred taxes	29,173			28,905			27,523			27,149			26,366			29,040			26,450
Average tangible common shareholders’ equity	$	27,630		$	31,212		$	34,284		$	35,531		$	35,343		$	29,411		$	35,529
Return on average common shareholders’ equity	10.3		%	9.0		%	9.8		%	10.2		%	10.1		%	9.6		%	9.4		%
Return on average tangible common shareholders’ equity	22.7			18.6			18.9			19.3			18.9			20.5			17.7

(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)	2022		2022		2021		2021		2021		2022		2021
Diluted EPS (1)
Net income available to common shareholders - GAAP	$	1,454	$	1,327	$	1,524	$	1,616	$	1,559	$	2,781	$	2,893
Merger-related and restructuring charges	92		166		163		132		228		258		336
Securities (gains) losses	—		53		—		—		—		53		—
Loss (gain) on early extinguishment of debt	(30)		—		—		—		(1)		(30)		(3)
Incremental operating expenses related to the merger	89		155		165		147		146		244		280
Charitable contribution	—		—		—		—		153		—		153
Professional fee accrual	—		—		—		23		—		—		—
Acceleration for cash flow hedge unwind	—		—		—		—		—		—		28
Gain on redemption of noncontrolling equity interest	—		(57)		—		—		—		(57)		—
Net income available to common shareholders - adjusted	$	1,605	$	1,644	$	1,852	$	1,918	$	2,085	$	3,249	$	3,687
Weighted average shares outstanding - diluted	1,338,864		1,341,563		1,343,029		1,346,854		1,349,492		1,340,225		1,354,210
Diluted EPS - GAAP	$	1.09	$	0.99	$	1.13	$	1.20	$	1.16	$	2.08	$	2.14
Diluted EPS - adjusted	1.20		1.23		1.38		1.42		1.55		2.43		2.72

(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