Quarterly Performance Summary

Truist Financial Corporation

Third 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
Average Balances and Rates - Year-To-Date	10
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
	September 30						%		September 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)	$	4,407		$	3,454		27.6	%	$	11,491		$	10,447		10.0	%
Interest expense	624			193			NM		1,064			600			77.3
Net interest income - taxable equivalent	3,783			3,261			16.0		10,427			9,847			5.9
Less: Taxable-equivalent adjustment	38			28			35.7		92			84			9.5
Net interest income	3,745			3,233			15.8		10,335			9,763			5.9
Provision for credit losses	234			(324)			(172.2)		310			(710)			(143.7)
Net interest income after provision for credit losses	3,511			3,557			(1.3)		10,025			10,473			(4.3)
Noninterest income	2,102			2,365			(11.1)		6,492			6,967			(6.8)
Noninterest expense	3,613			3,795			(4.8)		10,867			11,416			(4.8)
Income before income taxes	2,000			2,127			(6.0)		5,650			6,024			(6.2)
Provision for income taxes	363			423			(14.2)		1,065			1,189			(10.4)
Net income	1,637			1,704			(3.9)		4,585			4,835			(5.2)
Noncontrolling interests	4			—			NM		6			(3)			NM
Net income available to the bank holding company	1,633			1,704			(4.2)		4,579			4,838			(5.4)
Preferred stock dividends and other	97			88			10.2		262			329			(20.4)
Net income available to common shareholders	1,536			1,616			(5.0)		4,317			4,509			(4.3)
Per Common Share Data
Earnings per share-basic	$	1.16		$	1.21		(4.1)	%	$	3.25		$	3.37		(3.6)	%
Earnings per share-diluted	1.15			1.20			(4.2)		3.22			3.34			(3.6)
Earnings per share-adjusted diluted (2)	1.24			1.42			(12.7)		3.66			4.15			(11.8)
Cash dividends declared	0.52			0.48			8.3		1.48			1.38			7.2
Common shareholders’ equity	40.79			46.62			(12.5)		40.79			46.62			(12.5)
Tangible common shareholders’ equity (2)	18.36			26.34			(30.3)		18.36			26.34			(30.3)
End of period shares outstanding	1,326,766			1,334,892			(0.6)		1,326,766			1,334,892			(0.6)
Weighted average shares outstanding-basic	1,326,539			1,334,825			(0.6)		1,328,569			1,339,558			(0.8)
Weighted average shares outstanding-diluted	1,336,659			1,346,854			(0.8)		1,339,071			1,351,712			(0.9)
Performance Ratios
Return on average assets	1.19		%	1.28		%			1.13		%	1.25		%
Return on average risk-weighted assets (current period is preliminary)	1.55			1.77					1.51			1.70
Return on average common shareholders’ equity	10.7			10.2					10.0			9.7
Return on average tangible common shareholders’ equity (2)	23.5			19.3					21.5			18.2
Net interest margin - taxable equivalent	3.12			2.81					2.93			2.90
Fee income ratio	36.0			42.2					38.6			41.6
Efficiency ratio-GAAP	61.8			67.8					64.6			68.2
Efficiency ratio-adjusted (2)	56.4			57.9					57.2			57.0
Credit Quality
Nonperforming assets as a percentage of:
Assets, including LHFS	0.23		%	0.23		%			0.23		%	0.23		%
Loans and leases plus foreclosed property	0.37			0.40					0.37			0.40
Net charge-offs as a percentage of average loans and leases	0.27			0.19					0.25			0.24
Allowance for loan and lease losses as a percentage of LHFI	1.34			1.65					1.34			1.65
Ratio of allowance for loan and lease losses to nonperforming LHFI	3.80x			4.35x					3.80x			4.35x
Average Balances
Assets	$	545,606		$	526,685		3.6	%	$	540,754		$	518,163		4.4	%
Securities (3)	145,396			146,272			(0.6)		148,895			134,810			10.4
Loans and leases	311,876			290,338			7.4		301,478			294,248			2.5
Deposits	420,096			402,728			4.3		419,713			394,128			6.5
Common shareholders’ equity	56,813			62,680			(9.4)		57,899			62,215			(6.9)
Total shareholders’ equity	63,510			69,353			(8.4)		64,591			69,353			(6.9)
Period-End Balances
Assets	$	548,438		$	529,884		3.5	%	$	548,438		$	529,884		3.5	%
Securities (3)	131,732			151,038			(12.8)		131,732			151,038			(12.8)
Loans and leases	316,639			290,655			8.9		316,639			290,655			8.9
Deposits	415,992			405,857			2.5		415,992			405,857			2.5
Common shareholders’ equity	54,115			62,227			(13.0)		54,115			62,227			(13.0)
Total shareholders’ equity	60,811			68,900			(11.7)		60,811			68,900			(11.7)
Capital Ratios (current quarter is preliminary)
Common equity Tier 1	9.1		%	10.1		%			9.1		%	10.1		%
Tier 1	10.7			11.9					10.7			11.9
Total	12.6			13.9					12.6			13.9
Leverage	8.5			9.0					8.5			9.0
Supplementary leverage	7.3			7.8					7.3			7.8
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
	Sept. 30			June 30			March 31			Dec. 31			Sept. 30
(Dollars in millions, except per share data, shares in thousands)	2022			2022			2022			2021			2021
Summary Income Statement
Interest income - taxable equivalent (1)	$	4,407		$	3,701		$	3,383		$	3,435		$	3,454
Interest expense	624			266			174			168			193
Net interest income - taxable equivalent	3,783			3,435			3,209			3,267			3,261
Less: Taxable-equivalent adjustment	38			28			26			24			28
Net interest income	3,745			3,407			3,183			3,243			3,233
Provision for credit losses	234			171			(95)			(103)			(324)
Net interest income after provision for credit losses	3,511			3,236			3,278			3,346			3,557
Noninterest income	2,102			2,248			2,142			2,323			2,365
Noninterest expense	3,613			3,580			3,674			3,700			3,795
Income before income taxes	2,000			1,904			1,746			1,969			2,127
Provision for income taxes	363			372			330			367			423
Net income	1,637			1,532			1,416			1,602			1,704
Noncontrolling interests	4			1			1			—			—
Net income available to the bank holding company	1,633			1,531			1,415			1,602			1,704
Preferred stock dividends and other	97			77			88			78			88
Net income available to common shareholders	1,536			1,454			1,327			1,524			1,616
Per Common Share Data
Earnings per share-basic	$	1.16		$	1.09		$	1.00		$	1.15		$	1.21
Earnings per share-diluted	1.15			1.09			0.99			1.13			1.20
Earnings per share-adjusted diluted (2)	1.24			1.20			1.23			1.38			1.42
Cash dividends declared	0.52			0.48			0.48			0.48			0.48
Common shareholders’ equity	40.79			42.45			43.82			47.14			46.62
Tangible common shareholders’ equity (2)	18.36			20.51			21.87			25.47			26.34
End of period shares outstanding	1,326,766			1,326,393			1,331,414			1,327,818			1,334,892
Weighted average shares outstanding-basic	1,326,539			1,330,160			1,329,037			1,329,979			1,334,825
Weighted average shares outstanding-diluted	1,336,659			1,338,864			1,341,563			1,343,029			1,346,854
Performance Ratios
Return on average assets	1.19		%	1.14		%	1.07		%	1.19		%	1.28		%
Return on average risk-weighted assets (current quarter is preliminary)	1.55			1.52			1.46			1.64			1.77
Return on average common shareholders’ equity	10.7			10.3			9.0			9.8			10.2
Return on average tangible common shareholders’ equity (2)	23.5			22.7			18.6			18.9			19.3
Net interest margin - taxable equivalent	3.12			2.89			2.76			2.76			2.81
Fee income ratio	36.0			39.7			40.2			41.7			42.2
Efficiency ratio-GAAP	61.8			63.3			69.0			66.5			67.8
Efficiency ratio-adjusted (2)	56.4			57.0			58.3			56.0			57.9
Credit Quality
Nonperforming assets as a percentage of:
Assets, including LHFS	0.23		%	0.22		%	0.21		%	0.21		%	0.23		%
Loans and leases plus foreclosed property	0.37			0.38			0.38			0.39			0.40
Net charge-offs as a percentage of average loans and leases	0.27			0.22			0.25			0.25			0.19
Allowance for loan and lease losses as a percentage of LHFI	1.34			1.38			1.44			1.53			1.65
Ratio of allowance for loan and lease losses to nonperforming LHFI	3.80x			3.84x			3.99x			4.07x			4.35x
Average Balances
Assets	$	545,606		$	540,568		$	535,981		$	534,911		$	526,685
Securities (3)	145,396			148,681			152,687			153,405			146,272
Loans and leases	311,876			299,861			292,484			291,074			290,338
Deposits	420,096			423,750			415,238			410,966			402,728
Common shareholders’ equity	56,813			56,803			60,117			61,807			62,680
Total shareholders’ equity	63,510			63,500			66,798			68,480			69,353
Period-End Balances
Assets	$	548,438		$	545,123		$	543,979		$	541,241		$	529,884
Securities (3)	131,732			139,359			146,415			154,617			151,038
Loans and leases	316,639			307,300			294,248			294,325			290,655
Deposits	415,992			424,759			428,328			416,488			405,857
Common shareholders’ equity	54,115			56,302			58,348			62,598			62,227
Total shareholders’ equity	60,811			62,999			65,044			69,271			68,900
Capital Ratios (current quarter is preliminary)
Common equity Tier 1	9.1		%	9.2		%	9.4		%	9.6		%	10.1		%
Tier 1	10.7			10.8			11.0			11.3			11.9
Total	12.6			12.6			13.0			13.2			13.9
Leverage	8.5			8.6			8.6			8.7			9.0
Supplementary leverage	7.3			7.3			7.3			7.4			7.8
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
	Sept. 30				Change				Sept. 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	$	3,490	$	2,825	$	665	23.5	%	$	9,032	$	8,728	$	304	3.5	%
Interest on securities	709		548		161		29.4		2,024		1,488		536		36.0
Interest on other earning assets	170		53		117		NM		343		147		196		133.3
Total interest income	4,369		3,426		943		27.5		11,399		10,363		1,036		10.0
Interest Expense
Interest on deposits	331		33		298		NM		462		116		346		NM
Interest on long-term debt	190		151		39		25.8		459		446		13		2.9
Interest on other borrowings	103		9		94		NM		143		38		105		NM
Total interest expense	624		193		431		NM		1,064		600		464		77.3
Net Interest Income	3,745		3,233		512		15.8		10,335		9,763		572		5.9
Provision for credit losses	234		(324)		558		(172.2)		310		(710)		1,020		(143.7)
Net Interest Income After Provision for Credit Losses	3,511		3,557		(46)		(1.3)		10,025		10,473		(448)		(4.3)
Noninterest Income
Insurance income	725		645		80		12.4		2,277		1,961		316		16.1
Investment banking and trading income	222		316		(94)		(29.7)		738		1,064		(326)		(30.6)
Wealth management income	334		356		(22)		(6.2)		1,014		1,042		(28)		(2.7)
Service charges on deposits	263		276		(13)		(4.7)		769		787		(18)		(2.3)
Card and payment related fees	241		225		16		7.1		699		650		49		7.5
Residential mortgage income	72		179		(107)		(59.8)		235		396		(161)		(40.7)
Lending related fees	80		74		6		8.1		265		268		(3)		(1.1)
Operating lease income	66		57		9		15.8		190		191		(1)		(0.5)
Commercial mortgage income	50		54		(4)		(7.4)		108		134		(26)		(19.4)
Income from bank-owned life insurance	49		43		6		14.0		150		139		11		7.9
Securities gains (losses)	(1)		—		(1)		NM		(71)		—		(71)		NM
Other income	1		140		(139)		(99.3)		118		335		(217)		(64.8)
Total noninterest income	2,102		2,365		(263)		(11.1)		6,492		6,967		(475)		(6.8)
Noninterest Expense
Personnel expense	2,116		2,187		(71)		(3.2)		6,269		6,536		(267)		(4.1)
Professional fees and outside processing	352		372		(20)		(5.4)		1,064		1,063		1		0.1
Software expense	225		251		(26)		(10.4)		691		707		(16)		(2.3)
Net occupancy expense	176		187		(11)		(5.9)		565		578		(13)		(2.2)
Amortization of intangibles	140		145		(5)		(3.4)		420		431		(11)		(2.6)
Equipment expense	122		154		(32)		(20.8)		354		389		(35)		(9.0)
Marketing and customer development	105		94		11		11.7		282		226		56		24.8
Operating lease depreciation	45		47		(2)		(4.3)		140		144		(4)		(2.8)
Loan-related expense	46		52		(6)		(11.5)		137		161		(24)		(14.9)
Regulatory costs	52		43		9		20.9		131		99		32		32.3
Merger-related and restructuring charges	62		172		(110)		(64.0)		399		610		(211)		(34.6)
Loss (gain) on early extinguishment of debt	—		—		—		—		(39)		(3)		(36)		NM
Other expense	172		91		81		89.0		454		475		(21)		(4.4)
Total noninterest expense	3,613		3,795		(182)		(4.8)		10,867		11,416		(549)		(4.8)
Earnings
Income before income taxes	2,000		2,127		(127)		(6.0)		5,650		6,024		(374)		(6.2)
Provision for income taxes	363		423		(60)		(14.2)		1,065		1,189		(124)		(10.4)
Net income	1,637		1,704		(67)		(3.9)		4,585		4,835		(250)		(5.2)
Noncontrolling interests	4		—		4		NM		6		(3)		9		NM
Net income available to the bank holding company	1,633		1,704		(71)		(4.2)		4,579		4,838		(259)		(5.4)
Preferred stock dividends and other	97		88		9		10.2		262		329		(67)		(20.4)
Net income available to common shareholders	$	1,536	$	1,616	$	(80)	(5.0)	%	$	4,317	$	4,509	$	(192)	(4.3)	%
Earnings Per Common Share
Basic	$	1.16	$	1.21	$	(0.05)	(4.1)	%	$	3.25	$	3.37	$	(0.12)	(3.6)	%
Diluted	1.15		1.20		(0.05)		(4.2)		3.22		3.34		(0.12)		(3.6)
Weighted Average Shares Outstanding
Basic	1,326,539		1,334,825		(8,286)		(0.6)		1,328,569		1,339,558		(10,989)		(0.8)
Diluted	1,336,659		1,346,854		(10,195)		(0.8)		1,339,071		1,351,712		(12,641)		(0.9)
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)	2022		2022		2022		2021		2021
Interest Income
Interest and fees on loans and leases	$	3,490	$	2,898	$	2,644	$	2,753	$	2,825
Interest on securities	709		675		640		602		548
Interest on other earning assets	170		100		73		56		53
Total interest income	4,369		3,673		3,357		3,411		3,426
Interest Expense
Interest on deposits	331		99		32		32		33
Interest on long-term debt	190		137		132		127		151
Interest on other borrowings	103		30		10		9		9
Total interest expense	624		266		174		168		193
Net Interest Income	3,745		3,407		3,183		3,243		3,233
Provision for credit losses	234		171		(95)		(103)		(324)
Net Interest Income After Provision for Credit Losses	3,511		3,236		3,278		3,346		3,557
Noninterest Income
Insurance income	725		825		727		666		645
Investment banking and trading income	222		255		261		377		316
Wealth management income	334		337		343		350		356
Service charges on deposits	263		254		252		273		276
Card and payment related fees	241		246		212		224		225
Residential mortgage income	72		74		89		159		179
Lending related fees	80		100		85		81		74
Operating lease income	66		66		58		71		57
Commercial mortgage income	50		26		32		45		54
Income from bank-owned life insurance	49		50		51		44		43
Securities gains (losses)	(1)		(1)		(69)		—		—
Other income	1		16		101		33		140
Total noninterest income	2,102		2,248		2,142		2,323		2,365
Noninterest Expense
Personnel expense	2,116		2,102		2,051		2,096		2,187
Professional fees and outside processing	352		349		363		379		372
Software expense	225		234		232		238		251
Net occupancy expense	176		181		208		186		187
Amortization of intangibles	140		143		137		143		145
Equipment expense	122		114		118		124		154
Marketing and customer development	105		93		84		68		94
Operating lease depreciation	45		47		48		46		47
Loan-related expense	46		47		44		51		52
Regulatory costs	52		44		35		38		43
Merger-related and restructuring charges	62		121		216		212		172
Loss (gain) on early extinguishment of debt	—		(39)		—		(1)		—
Other expense	172		144		138		120		91
Total noninterest expense	3,613		3,580		3,674		3,700		3,795
Earnings
Income before income taxes	2,000		1,904		1,746		1,969		2,127
Provision for income taxes	363		372		330		367		423
Net income	1,637		1,532		1,416		1,602		1,704
Noncontrolling interests	4		1		1		—		—
Net income available to the bank holding company	1,633		1,531		1,415		1,602		1,704
Preferred stock dividends and other	97		77		88		78		88
Net income available to common shareholders	$	1,536	$	1,454	$	1,327	$	1,524	$	1,616
Earnings Per Common Share
Basic	$	1.16	$	1.09	$	1.00	$	1.15	$	1.21
Diluted	1.15		1.09		0.99		1.13		1.20
Weighted Average Shares Outstanding
Basic	1,326,539		1,330,160		1,329,037		1,329,979		1,334,825
Diluted	1,336,659		1,338,864		1,341,563		1,343,029		1,346,854

4 Truist Financial Corporation

Consolidated Ending Balance Sheets - Five Quarter Trend
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2022		2022		2022		2021		2021
Assets
Cash and due from banks	$	5,031	$	5,511	$	5,516	$	5,085	$	4,656
Interest-bearing deposits with banks	17,194		17,602		23,606		15,210		15,171
Securities borrowed or purchased under resale agreements	2,568		2,650		2,322		4,028		1,919
Trading assets at fair value	5,864		5,230		5,920		4,423		6,972
Securities available for sale at fair value	72,978		79,278		84,753		153,123		151,038
Securities held to maturity at amortized cost	58,754		60,081		61,662		1,494		—
Loans and leases:
Commercial:
Commercial and industrial	153,615		149,840		141,060		138,762		133,791
CRE	22,493		22,149		22,774		23,951		24,309
Commercial construction	5,568		5,157		5,220		4,971		5,689
Consumer:
Residential mortgage	55,529		50,903		48,171		47,852		46,691
Residential home equity and direct	25,657		25,345		24,853		25,066		25,222
Indirect auto	28,239		27,419		25,756		26,441		26,923
Indirect other	12,683		11,961		11,043		10,883		11,155
Student	5,780		6,144		6,514		6,780		7,059
Credit card	4,771		4,744		4,690		4,807		4,683
Total loans and leases held for investment	314,335		303,662		290,081		289,513		285,522
Loans held for sale	2,304		3,638		4,167		4,812		5,133
Total loans and leases	316,639		307,300		294,248		294,325		290,655
Allowance for loan and lease losses	(4,205)		(4,187)		(4,170)		(4,435)		(4,702)
Premises and equipment	3,585		3,682		3,662		3,700		3,719
Goodwill	26,810		26,299		26,284		26,098		24,891
Core deposit and other intangible assets	3,726		3,535		3,693		3,408		2,930
Loan servicing rights at fair value	3,797		3,466		3,013		2,633		2,584
Other assets	35,697		34,676		33,470		32,149		30,051
Total assets	$	548,438	$	545,123	$	543,979	$	541,241	$	529,884
Liabilities
Deposits:
Noninterest-bearing deposits	$	144,826	$	147,752	$	150,446	$	145,892	$	143,595
Interest checking	110,397		114,143		119,572		115,754		108,954
Money market and savings	146,315		149,302		143,834		138,956		136,633
Time deposits	14,454		13,562		14,476		15,886		16,675
Total deposits	415,992		424,759		428,328		416,488		405,857
Short-term borrowings	25,687		13,736		5,147		5,292		5,226
Long-term debt	31,172		30,319		33,773		35,913		37,837
Other liabilities	14,776		13,310		11,687		14,277		12,064
Total liabilities	487,627		482,124		478,935		471,970		460,984
Shareholders’ Equity:
Preferred stock	6,673		6,673		6,673		6,673		6,673
Common stock	6,634		6,632		6,657		6,639		6,674
Additional paid-in capital	34,487		34,410		34,539		34,565		34,977
Retained earnings	25,344		24,500		23,687		22,998		22,114
Accumulated other comprehensive loss	(12,350)		(9,240)		(6,535)		(1,604)		(1,538)
Noncontrolling interests	23		24		23		—		—
Total shareholders’ equity	60,811		62,999		65,044		69,271		68,900
Total liabilities and shareholders’ equity	$	548,438	$	545,123	$	543,979	$	541,241	$	529,884

Truist Financial Corporation 5

Average Balance Sheets
	Quarter Ended								Year-to-Date
	September 30				Change				September 30				Change
(Dollars in millions)	2022		2021		$		%		2022		2021		$		%
Assets
Securities at amortized cost (1):
U.S. Treasury	$	10,925	$	9,699	$	1,226	12.6%		$	10,457	$	6,872	$	3,585	52.2%
U.S. government-sponsored entities (GSE)	305		1,830		(1,525)		(83.3)		557		1,837		(1,280)		(69.7)
Mortgage-backed securities issued by GSE	129,703		132,890		(3,187)		(2.4)		133,338		125,157		8,181		6.5
States and political subdivisions	395		425		(30)		(7.1)		380		435		(55)		(12.6)
Non-agency mortgage-backed	4,016		1,398		2,618		187.3		4,112		477		3,635		NM
Other	52		30		22		73.3		51		32		19		59.4
Total securities	145,396		146,272		(876)		(0.6)		148,895		134,810		14,085		10.4
Loans and leases:
Commercial:
Commercial and industrial	152,123		134,942		17,181		12.7		145,566		138,146		7,420		5.4
CRE	22,245		24,849		(2,604)		(10.5)		22,765		25,563		(2,798)		(10.9)
Commercial construction	5,284		5,969		(685)		(11.5)		5,196		6,293		(1,097)		(17.4)
Consumer:
Residential mortgage	53,271		45,369		7,902		17.4		50,180		44,931		5,249		11.7
Residential home equity and direct	25,394		25,242		152		0.6		25,136		25,378		(242)		(1.0)
Indirect auto	28,057		26,830		1,227		4.6		26,888		26,547		341		1.3
Indirect other	12,300		11,112		1,188		10.7		11,549		10,920		629		5.8
Student	5,958		7,214		(1,256)		(17.4)		6,310		7,375		(1,065)		(14.4)
Credit card	4,755		4,632		123		2.7		4,721		4,610		111		2.4
Total loans and leases held for investment	309,387		286,159		23,228		8.1		298,311		289,763		8,548		2.9
Loans held for sale	2,489		4,179		(1,690)		(40.4)		3,167		4,485		(1,318)		(29.4)
Total loans and leases	311,876		290,338		21,538		7.4		301,478		294,248		7,230		2.5
Interest earning trading assets	5,446		5,809		(363)		(6.2)		5,784		5,208		576		11.1
Other earning assets	19,631		19,331		300		1.6		19,924		19,453		471		2.4
Total earning assets	482,349		461,750		20,599		4.5		476,081		453,719		22,362		4.9
Nonearning assets	63,257		64,935		(1,678)		(2.6)		64,673		64,444		229		0.4
Total assets	$	545,606	$	526,685	$	18,921	3.6	%	$	540,754	$	518,163	$	22,591	4.4	%
Liabilities and Shareholders’ Equity
Deposits:
Noninterest-bearing deposits	$	146,041	$	141,738	$	4,303	3.0	%	$	146,862	$	136,118	$	10,744	7.9	%
Interest checking	111,645		107,802		3,843		3.6		112,058		106,234		5,824		5.5
Money market and savings	147,659		136,094		11,565		8.5		145,953		133,167		12,786		9.6
Time deposits	14,751		17,094		(2,343)		(13.7)		14,840		18,609		(3,769)		(20.3)
Total deposits	420,096		402,728		17,368		4.3		419,713		394,128		25,585		6.5
Short-term borrowings	17,392		5,360		12,032		NM		11,356		6,081		5,275		86.7
Long-term debt	31,381		37,329		(5,948)		(15.9)		32,646		37,339		(4,693)		(12.6)
Other liabilities	13,227		11,915		1,312		11.0		12,448		11,262		1,186		10.5
Total liabilities	482,096		457,332		24,764		5.4		476,163		448,810		27,353		6.1
Shareholders’ equity	63,510		69,353		(5,843)		(8.4)		64,591		69,353		(4,762)		(6.9)
Total liabilities and shareholders’ equity	$	545,606	$	526,685	$	18,921	3.6	%	$	540,754	$	518,163	$	22,591	4.4	%
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
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2022		2022		2022		2021		2021
Assets
Securities at amortized cost (1):
U.S. Treasury	$	10,925	$	10,544	$	9,890	$	9,891	$	9,699
U.S. government-sponsored entities (GSE)	305		255		1,120		1,686		1,830
Mortgage-backed securities issued by GSE	129,703		133,339		137,052		137,651		132,890
States and political subdivisions	395		371		374		410		425
Non-agency mortgage-backed	4,016		4,097		4,224		3,738		1,398
Other	52		75		27		29		30
Total securities	145,396		148,681		152,687		153,405		146,272
Loans and leases:
Commercial:
Commercial and industrial	152,123		145,558		138,872		134,804		134,942
CRE	22,245		22,508		23,555		24,396		24,849
Commercial construction	5,284		5,256		5,046		5,341		5,969
Consumer:
Residential mortgage	53,271		49,237		47,976		47,185		45,369
Residential home equity and direct	25,394		25,124		24,883		25,146		25,242
Indirect auto	28,057		26,496		26,088		26,841		26,830
Indirect other	12,300		11,471		10,860		10,978		11,112
Student	5,958		6,331		6,648		6,884		7,214
Credit card	4,755		4,728		4,682		4,769		4,632
Total loans and leases held for investment	309,387		296,709		288,610		286,344		286,159
Loans held for sale	2,489		3,152		3,874		4,730		4,179
Total loans and leases	311,876		299,861		292,484		291,074		290,338
Interest earning trading assets	5,446		6,073		5,837		6,772		5,809
Other earning assets	19,631		21,203		18,932		19,634		19,331
Total earning assets	482,349		475,818		469,940		470,885		461,750
Nonearning assets	63,257		64,750		66,041		64,026		64,935
Total assets	$	545,606	$	540,568	$	535,981	$	534,911	$	526,685
Liabilities and Shareholders’ Equity
Deposits:
Noninterest-bearing deposits	$	146,041	$	148,610	$	145,933	$	146,492	$	141,738
Interest checking	111,645		112,375		112,159		110,506		107,802
Money market and savings	147,659		148,632		141,500		137,676		136,094
Time deposits	14,751		14,133		15,646		16,292		17,094
Total deposits	420,096		423,750		415,238		410,966		402,728
Short-term borrowings	17,392		9,618		6,944		6,433		5,360
Long-term debt	31,381		31,263		35,337		37,623		37,329
Other liabilities	13,227		12,437		11,664		11,409		11,915
Total liabilities	482,096		477,068		469,183		466,431		457,332
Shareholders’ equity	63,510		63,500		66,798		68,480		69,353
Total liabilities and shareholders’ equity	$	545,606	$	540,568	$	535,981	$	534,911	$	526,685
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
	September 30, 2022						June 30, 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	$	10,925	$	26	0.93	%	$	10,544	$	22	0.86	%
U.S. government-sponsored entities (GSE)	305		1		2.56		255		1		1.96
Mortgage-backed securities issued by GSE	129,703		655		2.02		133,339		625		1.88
States and political subdivisions	395		4		3.92		371		4		3.83
Non-agency mortgage-backed	4,016		24		2.32		4,097		23		2.30
Other	52		—		3.94		75		1		3.66
Total securities	145,396		710		1.95		148,681		676		1.82
Loans and leases:
Commercial:
Commercial and industrial	152,123		1,564		4.08		145,558		1,174		3.24
CRE	22,245		245		4.32		22,508		193		3.41
Commercial construction	5,284		62		4.83		5,256		43		3.46
Consumer:
Residential mortgage	53,271		478		3.59		49,237		440		3.58
Residential home equity and direct	25,394		361		5.64		25,124		329		5.25
Indirect auto	28,057		382		5.40		26,496		362		5.47
Indirect other	12,300		200		6.46		11,471		180		6.27
Student	5,958		85		5.64		6,331		66		4.20
Credit card	4,755		119		9.97		4,728		105		8.91
Total loans and leases held for investment	309,387		3,496		4.49		296,709		2,892		3.91
Loans held for sale	2,489		30		4.81		3,152		33		4.20
Total loans and leases	311,876		3,526		4.49		299,861		2,925		3.91
Interest earning trading assets	5,446		62		4.49		6,073		55		3.55
Other earning assets	19,631		109		2.24		21,203		45		0.85
Total earning assets	482,349		4,407		3.63		475,818		3,701		3.12
Nonearning assets	63,257						64,750
Total assets	$	545,606					$	540,568
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	111,645	158		0.56		$	112,375	43		0.15
Money market and savings	147,659		159		0.43		148,632		50		0.13
Time deposits	14,751		14		0.40		14,133		6		0.17
Total interest-bearing deposits (4)	274,055		331		0.48		275,140		99		0.14
Short-term borrowings	17,392		103		2.34		9,618		30		1.26
Long-term debt	31,381		190		2.43		31,263		137		1.75
Total interest-bearing liabilities	322,828		624		0.77		316,021		266		0.34
Noninterest-bearing deposits (4)	146,041						148,610
Other liabilities	13,227						12,437
Shareholders’ equity	63,510						63,500
Total liabilities and shareholders’ equity	$	545,606					$	540,568
Average interest-rate spread					2.86						2.78
Net interest income/ net interest margin - taxable equivalent			$	3,783	3.12	%			$	3,435	2.89	%
Taxable-equivalent adjustment			$	38					$	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 0.31% and 0.09% for the three months ended September 30, 2022 and June 30, 2022, respectively.

8 Truist Financial Corporation

Average Balances and Rates - Quarters
	Quarter Ended
	March 31, 2022						December 31, 2021						September 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	$	9,890	$	18	0.72	%	$	9,891	$	18	0.72	%	$	9,699	$	18	0.72	%
U.S. government-sponsored entities (GSE)	1,120		6		2.13		1,686		9		2.20		1,830		10		2.31
Mortgage-backed securities issued by GSE	137,052		590		1.72		137,651		552		1.60		132,890		509		1.53
States and political subdivisions	374		3		3.72		410		3		3.60		425		4		3.52
Non-agency mortgage-backed	4,224		24		2.25		3,738		20		2.23		1,398		8		2.20
Other	27		—		2.04		29		1		1.90		30		—		1.90
Total securities	152,687		641		1.68		153,405		603		1.57		146,272		549		1.50
Loans and leases:
Commercial:
Commercial and industrial	138,872		987		2.88		134,804		986		2.90		134,942		1,023		3.01
CRE	23,555		168		2.84		24,396		175		2.81		24,849		181		2.86
Commercial construction	5,046		35		3.05		5,341		38		2.96		5,969		42		2.96
Consumer:
Residential mortgage	47,976		428		3.57		47,185		453		3.84		45,369		450		3.96
Residential home equity and direct	24,883		330		5.38		25,146		352		5.55		25,242		360		5.67
Indirect auto	26,088		357		5.56		26,841		389		5.75		26,830		405		5.99
Indirect other	10,860		169		6.32		10,978		176		6.42		11,112		183		6.54
Student	6,648		63		3.86		6,884		70		4.07		7,214		74		4.02
Credit card	4,682		104		8.97		4,769		105		8.69		4,632		105		9.01
Total loans and leases held for investment	288,610		2,641		3.70		286,344		2,744		3.81		286,159		2,823		3.92
Loans held for sale	3,874		28		2.87		4,730		32		2.66		4,179		28		2.69
Total loans and leases	292,484		2,669		3.69		291,074		2,776		3.79		290,338		2,851		3.90
Interest earning trading assets	5,837		43		3.04		6,772		46		2.72		5,809		41		2.81
Other earning assets	18,932		30		0.63		19,634		10		0.20		19,331		13		0.25
Total earning assets	469,940		3,383		2.90		470,885		3,435		2.90		461,750		3,454		2.98
Nonearning assets	66,041						64,026						64,935
Total assets	$	535,981					$	534,911					$	526,685
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	112,159	14		0.05		$	110,506	15		0.05		$	107,802	14		0.05
Money market and savings	141,500		11		0.03		137,676		8		0.03		136,094		9		0.03
Time deposits	15,646		7		0.18		16,292		9		0.21		17,094		10		0.23
Total interest-bearing deposits (4)	269,305		32		0.05		264,474		32		0.05		260,990		33		0.05
Short-term borrowings	6,944		10		0.60		6,433		9		0.55		5,360		9		0.68
Long-term debt	35,337		132		1.50		37,623		127		1.35		37,329		151		1.61
Total interest-bearing liabilities	311,586		174		0.22		308,530		168		0.22		303,679		193		0.25
Noninterest-bearing deposits (4)	145,933						146,492						141,738
Other liabilities	11,664						11,409						11,915
Shareholders’ equity	66,798						68,480						69,353
Total liabilities and shareholders’ equity	$	535,981					$	534,911					$	526,685
Average interest-rate spread					2.68						2.68						2.73
Net interest income/ net interest margin - taxable equivalent			$	3,209	2.76	%			$	3,267	2.76	%			$	3,261	2.81	%
Taxable-equivalent adjustment			$	26					$	24					$	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 0.03% for the three months ended March 31, 2022, December 31, 2021, and September 30, 2021, respectively.

Truist Financial Corporation 9

Average Balances and Rates - Year-To-Date
	Year-to-Date
	September 30, 2022						September 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	$	10,457	$	66	0.84	%	$	6,872	$	38	0.74	%
U.S. government-sponsored entities (GSE)	557		8		2.19		1,837		32		2.32
Mortgage-backed securities issued by GSE	133,338		1,870		1.87		125,157		1,401		1.49
States and political subdivisions	380		11		3.82		435		12		3.53
Non-agency mortgage-backed	4,112		71		2.29		477		8		2.18
Other	51		1		3.46		32		—		1.90
Total securities	148,895		2,027		1.82		134,810		1,491		1.48
Loans and leases:
Commercial:
Commercial and industrial	145,566		3,725		3.42		138,146		3,188		3.08
CRE	22,765		606		3.52		25,563		553		2.86
Commercial construction	5,196		140		3.80		6,293		135		2.98
Consumer:
Residential mortgage	50,180		1,346		3.58		44,931		1,431		4.25
Residential home equity and direct	25,136		1,020		5.43		25,378		1,089		5.74
Indirect auto	26,888		1,101		5.47		26,547		1,240		6.25
Indirect other	11,549		549		6.36		10,920		555		6.79
Student	6,310		214		4.54		7,375		219		3.96
Credit card	4,721		328		9.29		4,610		310		8.99
Total loans and leases held for investment	298,311		9,029		4.04		289,763		8,720		4.02
Loans held for sale	3,167		91		3.82		4,485		88		2.61
Total loans and leases	301,478		9,120		4.04		294,248		8,808		4.00
Interest earning trading assets	5,784		160		3.67		5,208		110		2.80
Other earning assets	19,924		184		1.24		19,453		38		0.26
Total earning assets	476,081		11,491		3.22		453,719		10,447		3.08
Nonearning assets	64,673						64,444
Total assets	$	540,754					$	518,163
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	112,058	215		0.26		$	106,234	44		0.06
Money market and savings	145,953		220		0.20		133,167		27		0.03
Time deposits	14,840		27		0.25		18,609		45		0.32
Total interest-bearing deposits (4)	272,851		462		0.23		258,010		116		0.06
Short-term borrowings	11,356		143		1.68		6,081		38		0.84
Long-term debt	32,646		459		1.88		37,339		446		1.59
Total interest-bearing liabilities	316,853		1,064		0.45		301,430		600		0.27
Noninterest-bearing deposits (4)	146,862						136,118
Other liabilities	12,448						11,262
Shareholders’ equity	64,591						69,353
Total liabilities and shareholders’ equity	$	540,754					$	518,163
Average interest-rate spread					2.77						2.81
Net interest income/ net interest margin - taxable equivalent			$	10,427	2.93	%			$	9,847	2.90	%
Taxable-equivalent adjustment			$	92					$	84
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 0.15% and 0.04% for the year ended September 30, 2022 and 2021, respectively.

10 Truist Financial Corporation

Credit Quality
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2022		2022		2022		2021		2021
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial	$	443	$	393	$	330	$	394	$	423
CRE	5		19		27		29		20
Commercial construction	—		—		—		7		7
Consumer:
Residential mortgage	227		269		315		296		306
Residential home equity and direct	166		159		141		141		146
Indirect auto	260		244		227		218		172
Indirect other	5		6		4		5		6
Total nonaccrual loans and leases held for investment	1,106		1,090		1,044		1,090		1,080
Loans held for sale	72		33		39		22		76
Total nonaccrual loans and leases	1,178		1,123		1,083		1,112		1,156
Foreclosed real estate	4		3		3		8		9
Other foreclosed property	58		47		49		43		39
Total nonperforming assets	$	1,240	$	1,173	$	1,135	$	1,163	$	1,204
Troubled Debt Restructurings (TDRs)
Performing TDRs:
Commercial:
Commercial and industrial	$	165	$	105	$	104	$	147	$	200
CRE	5		5		5		5		8
Commercial construction	1		1		1		—		—
Consumer:
Residential mortgage - government guaranteed	839		761		622		480		507
Residential mortgage - nonguaranteed	305		281		244		212		205
Residential home equity and direct	78		84		91		98		105
Indirect auto	425		401		392		389		390
Indirect other	7		6		6		7		7
Student - nonguaranteed	29		27		25		25		23
Credit card	19		22		25		27		30
Total performing TDRs	1,873		1,693		1,515		1,390		1,475
Nonperforming TDRs	187		204		189		152		159
Total TDRs	$	2,060	$	1,897	$	1,704	$	1,542	$	1,634
Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial	$	44	$	27	$	22	$	13	$	18
CRE	1		3		—		—		—
Commercial construction	—		3		—		—		—
Consumer:
Residential mortgage - government guaranteed	808		884		996		978		823
Residential mortgage - nonguaranteed	26		27		31		31		29
Residential home equity and direct	12		10		12		9		7
Indirect auto	1		1		1		1		2
Indirect other	6		3		2		3		2
Student - government guaranteed	770		796		818		864		965
Student - nonguaranteed	5		5		4		4		3
Credit card	36		28		28		27		23
Total loans 90 days past due and still accruing	$	1,709	$	1,787	$	1,914	$	1,930	$	1,872
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial	$	162	$	223	$	280	$	130	$	135
CRE	15		10		13		20		4
Commercial construction	3		4		1		2		2
Consumer:
Residential mortgage - government guaranteed	234		233		216		256		264
Residential mortgage - nonguaranteed	300		302		326		258		231
Residential home equity and direct	122		156		142		107		81
Indirect auto	591		584		529		607		560
Indirect other	97		78		65		64		53
Student - government guaranteed	375		447		476		549		451
Student - nonguaranteed	6		6		6		6		5
Credit card	52		48		47		45		37
Total loans 30-89 days past due	$	1,957	$	2,091	$	2,101	$	2,044	$	1,823

Truist Financial Corporation 11

	As of/For the Quarter Ended
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2022		2022		2022		2021		2021
Allowance for Credit Losses
Beginning balance	$	4,434	$	4,423	$	4,695	$	4,978	$	5,436
Provision for credit losses	234		171		(95)		(103)		(324)
Charge-offs:
Commercial:
Commercial and industrial	(51)		(17)		(31)		(54)		(57)
CRE	—		(1)		(1)		(5)		(1)
Commercial construction	—		—		(1)		—		—
Consumer:
Residential mortgage	(4)		(2)		(2)		(1)		(7)
Residential home equity and direct	(86)		(85)		(58)		(51)		(51)
Indirect auto	(103)		(77)		(102)		(89)		(73)
Indirect other	(26)		(18)		(19)		(16)		(13)
Student	(7)		(4)		(6)		(12)		(6)
Credit card	(42)		(40)		(41)		(37)		(31)
Total charge-offs	(319)		(244)		(261)		(265)		(239)
Recoveries:
Commercial:
Commercial and industrial	43		13		17		23		42
CRE	—		6		1		—		1
Commercial construction	2		1		1		1		1
Consumer:
Residential mortgage	3		4		6		2		3
Residential home equity and direct	23		20		20		21		20
Indirect auto	21		26		23		21		22
Indirect other	6		6		6		6		5
Student	—		—		—		—		1
Credit card	8		9		9		9		9
Total recoveries	106		85		83		83		104
Net charge-offs	(213)		(159)		(178)		(182)		(135)
Other	—		(1)		1		2		1
Ending balance	$	4,455	$	4,434	$	4,423	$	4,695	$	4,978
Allowance for Credit Losses:
Allowance for loan and lease losses	$	4,205	$	4,187	$	4,170	$	4,435	$	4,702
Reserve for unfunded lending commitments (RUFC)	250		247		253		260		276
Allowance for credit losses	$	4,455	$	4,434	$	4,423	$	4,695	$	4,978

12 Truist Financial Corporation

	As of/For the Year-to-Date
	Period Ended Sept. 30
(Dollars in millions)	2022		2021
Allowance for Credit Losses
Beginning balance	$	4,695	$	6,199
Provision for credit losses	310		(710)
Charge-offs:
Commercial:
Commercial and industrial	(99)		(189)
CRE	(2)		(5)
Commercial construction	(1)		(2)
Consumer:
Residential mortgage	(8)		(22)
Residential home equity and direct	(229)		(163)
Indirect auto	(282)		(247)
Indirect other	(63)		(41)
Student	(17)		(12)
Credit card	(123)		(113)
Total charge-offs	(824)		(794)
Recoveries:
Commercial:
Commercial and industrial	73		84
CRE	7		6
Commercial construction	4		3
Consumer:
Residential mortgage	13		10
Residential home equity and direct	63		58
Indirect auto	70		71
Indirect other	18		18
Student	—		1
Credit card	26		28
Total recoveries	274		279
Net charge-offs	(550)		(515)
Other	—		4
Ending balance	$	4,455	$	4,978

	As of/For the Quarter Ended
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
	2022		2022		2022		2021		2021
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.62	%	0.69	%	0.72	%	0.71	%	0.64	%
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.54		0.59		0.66		0.67		0.66
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.35		0.36		0.36		0.38		0.38
Nonperforming loans and leases as a percentage of loans and leases (1)	0.37		0.37		0.37		0.38		0.40
Nonperforming assets as a percentage of:
Total assets (1)	0.23		0.22		0.21		0.21		0.23
Loans and leases plus foreclosed property	0.37		0.38		0.38		0.39		0.40
Net charge-offs as a percentage of average loans and leases	0.27		0.22		0.25		0.25		0.19
Allowance for loan and lease losses as a percentage of loans and leases	1.34		1.38		1.44		1.53		1.65
Ratio of allowance for loan and lease losses to:
Net charge-offs	4.98X		6.54X		5.78X		6.14X		8.79X
Nonperforming loans and leases	3.80X		3.84X		3.99X		4.07X		4.35X
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	%	0.04	%	0.03	%	0.03	%
Applicable ratios are annualized.
(1)Includes loans held for sale.
							As of/For the Year-to-Date
							Period Ended Sept. 30
							2022		2021
Asset Quality Ratios
Net charge-offs as a percentage of average loans and leases							0.25	%	0.24	%
Ratio of allowance for loan and lease losses to net charge-offs							5.72X		6.83X
Applicable ratios are annualized.

Truist Financial Corporation 13

	September 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	$	163	98.8	%	$	1		0.6	%	$	1		0.6	%	$	165
CRE	5		100.0		—			—		—			—		5
Commercial construction	1		100.0		—			—		—			—		1
Consumer:
Residential mortgage - government guaranteed	439		52.4		90			10.7		310			36.9		839
Residential mortgage - nonguaranteed	268		87.8		28			9.2		9			3.0		305
Residential home equity and direct	76		97.4		2			2.6		—			—		78
Indirect auto	355		83.5		70			16.5		—			—		425
Indirect other	6		85.7		1			14.3		—			—		7
Student - nonguaranteed	26		89.7		2			6.9		1			3.4		29
Credit card	16		84.2		2			10.5		1			5.3		19
Total performing TDRs (1)	1,355		72.3		196			10.5		322			17.2		1,873
Nonperforming TDRs (2)	78		41.7		29			15.5		80			42.8		187
Total TDRs (1)(2)	$	1,433	69.6	%	$	225		10.9	%	$	402		19.5	%	$	2,060
(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
					2022			2022		2022			2021		2021
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial					0.02		%	0.01	%	0.04		%	0.09	%	0.04		%
CRE					(0.01)			(0.10)		0.01			0.07		—
Commercial construction					(0.10)			(0.08)		(0.02)			(0.10)		(0.06)
Consumer:
Residential mortgage					0.01			(0.02)		(0.03)			(0.02)		0.04
Residential home equity and direct					1.01			1.04		0.61			0.49		0.49
Indirect auto					1.15			0.77		1.23			1.01		0.75
Indirect other					0.66			0.43		0.48			0.39		0.26
Student					0.40			0.30		0.33			0.65		0.31
Credit card					2.80			2.63		2.77			2.31		1.90
Total loans and leases					0.27			0.22		0.25			0.25		0.19
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			Sept. 30
(Dollars in millions)	2022			2022			2022			2021			2021
ALLL	$	4,205		$	4,187		$	4,170		$	4,435		$	4,702
Unamortized fair value mark (1)	826			924			1,119			1,323			1,540
Allowance plus unamortized fair value mark	$	5,031		$	5,111		$	5,289		$	5,758		$	6,242
Loans and leases held for investment	$	314,335		$	303,662		$	290,081		$	289,513		$	285,522
Unamortized fair value mark (1)	826			924			1,119			1,323			1,540
Gross loans and leases	$	315,161		$	304,586		$	291,200		$	290,836		$	287,062
Allowance for loan and lease losses as a percentage of loans and leases - GAAP	1.34		%	1.38		%	1.44		%	1.53		%	1.65		%
Allowance for loan and lease losses and unamortized fair value mark as a percentage of gross loans and leases - Adjusted (1) (2)	1.60			1.68			1.82			1.98			2.17

(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
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2022		2022		2022		2021		2021
Loans and Leases (2)
Beginning balance unamortized fair value mark	$	(924)	$	(1,119)	$	(1,323)	$	(1,540)	$	(1,777)
Accretion	96		189		191		217		233
Purchase accounting adjustments and other activity	2		6		13		—		4
Ending balance	$	(826)	$	(924)	$	(1,119)	$	(1,323)	$	(1,540)
Core deposit and other intangible assets
Beginning balance	$	3,535	$	3,693	$	3,408	$	2,930	$	2,665
Additions - acquisitions	336		—		430		647		418
Amortization of intangibles	(140)		(143)		(137)		(143)		(145)
Amortization in net occupancy expense	(5)		(5)		(8)		(3)		(4)
Purchase accounting adjustments and other activity	—		(10)		—		(23)		(4)
Ending balance	$	3,726	$	3,535	$	3,693	$	3,408	$	2,930
Deposits (3)
Beginning balance unamortized fair value mark	$	(3)	$	(5)	$	(7)	$	(9)	$	(12)
Amortization	2		2		2		2		3
Ending balance	$	(1)	$	(3)	$	(5)	$	(7)	$	(9)
Long-Term Debt (3)
Beginning balance unamortized fair value mark	$	(109)	$	(122)	$	(139)	$	(157)	$	(176)
Amortization	15		13		17		18		19
Ending balance	$	(94)	$	(109)	$	(122)	$	(139)	$	(157)

(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
	Sept. 30		June 30		March 31		Dec. 31		Sept. 30
(Dollars in millions)	2022		2022		2022		2021		2021
Consumer Banking and Wealth
Net interest income (expense)	$	1,685	$	1,567	$	1,528	$	1,629	$	1,665
Net intersegment interest income (expense)	960		710		655		597		485
Segment net interest income	2,645		2,277		2,183		2,226		2,150
Allocated provision for credit losses	283		199		74		59		(5)
Noninterest income	882		891		950		992		1,028
Noninterest expense	1,952		1,952		1,908		1,971		1,985
Income (loss) before income taxes	1,292		1,017		1,151		1,188		1,198
Provision (benefit) for income taxes	306		241		278		244		265
Segment net income (loss)	$	986	$	776	$	873	$	944	$	933
Corporate and Commercial Banking
Net interest income (expense)	$	1,601	$	1,277	$	1,094	$	1,106	$	1,126
Net intersegment interest income (expense)	22		68		173		194		158
Segment net interest income	1,623		1,345		1,267		1,300		1,284
Allocated provision for credit losses	(50)		(28)		(150)		(183)		(264)
Noninterest income	604		636		619		790		752
Noninterest expense	795		781		757		798		804
Income (loss) before income taxes	1,482		1,228		1,279		1,475		1,496
Provision (benefit) for income taxes	318		266		279		297		315
Segment net income (loss)	$	1,164	$	962	$	1,000	$	1,178	$	1,181
Insurance Holdings
Net interest income (expense)	$	40	$	30	$	24	$	23	$	27
Net intersegment interest income (expense)	(7)		(2)		—		—		1
Segment net interest income	33		28		24		23		28
Allocated provision for credit losses	1		1		—		(1)		1
Noninterest income	734		833		737		681		652
Noninterest expense	640		623		560		546		537
Income (loss) before income taxes	126		237		201		159		142
Provision (benefit) for income taxes	31		58		50		32		31
Segment net income (loss)	$	95	$	179	$	151	$	127	$	111
Other, Treasury & Corporate (1)
Net interest income (expense)	$	419	$	533	$	537	$	485	$	415
Net intersegment interest income (expense)	(975)		(776)		(828)		(791)		(644)
Segment net interest income	(556)		(243)		(291)		(306)		(229)
Allocated provision for credit losses	—		(1)		(19)		22		(56)
Noninterest income	(118)		(112)		(164)		(140)		(67)
Noninterest expense	226		224		449		385		469
Income (loss) before income taxes	(900)		(578)		(885)		(853)		(709)
Provision (benefit) for income taxes	(292)		(193)		(277)		(206)		(188)
Segment net income (loss)	$	(608)	$	(385)	$	(608)	$	(647)	$	(521)
Total Truist Financial Corporation
Net interest income (expense)	$	3,745	$	3,407	$	3,183	$	3,243	$	3,233
Net intersegment interest income (expense)	—		—		—		—		—
Segment net interest income	3,745		3,407		3,183		3,243		3,233
Allocated provision for credit losses	234		171		(95)		(103)		(324)
Noninterest income	2,102		2,248		2,142		2,323		2,365
Noninterest expense	3,613		3,580		3,674		3,700		3,795
Income (loss) before income taxes	2,000		1,904		1,746		1,969		2,127
Provision (benefit) for income taxes	363		372		330		367		423
Net income	$	1,637	$	1,532	$	1,416	$	1,602	$	1,704
(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
	Sept. 30			June 30			March 31			Dec. 31			Sept. 30
(Dollars in millions, except per share data, shares in thousands)	2022			2022			2022			2021			2021
Selected Capital Information	(preliminary)
Risk-based capital:
Common equity tier 1	$	38,276		$	38,016		$	37,225		$	37,524		$	38,859
Tier 1	44,947			44,686			43,895			44,194			45,529
Total	53,223			52,186			51,599			51,518			53,228
Risk-weighted assets	421,873			413,384			397,855			390,886			383,871
Average quarterly assets for leverage ratio	526,453			521,113			512,694			510,404			503,223
Average quarterly assets for supplementary leverage ratio	617,146			608,770			599,415			595,075			585,420
Risk-based capital ratios:
Common equity tier 1	9.1		%	9.2		%	9.4		%	9.6		%	10.1		%
Tier 1	10.7			10.8			11.0			11.3			11.9
Total	12.6			12.6			13.0			13.2			13.9
Leverage capital ratio	8.5			8.6			8.6			8.7			9.0
Supplementary leverage	7.3			7.3			7.3			7.4			7.8
Equity as a percentage of total assets	11.1			11.6			12.0			12.8			13.0
Common equity per common share	$	40.79		$	42.45		$	43.82		$	47.14		$	46.62
	Sept. 30			June 30			March 31			Dec. 31			Sept. 30
(Dollars in millions, except per share data, shares in thousands)	2022			2022			2022			2021			2021
Calculations of Tangible Common Equity and Related Measures: (1)
Total shareholders’ equity	$	60,811		$	62,999		$	65,044		$	69,271		$	68,900
Less:
Preferred stock	6,673			6,673			6,673			6,673			6,673
Noncontrolling interests	23			24			23			—			—
Intangible assets, net of deferred taxes	29,752			29,095			29,229			28,772			27,066
Tangible common equity	$	24,363		$	27,207		$	29,119		$	33,826		$	35,161
Outstanding shares at end of period (in thousands)	1,326,766			1,326,393			1,331,414			1,327,818			1,334,892
Tangible Common Equity Per Common Share	$	18.36		$	20.51		$	21.87		$	25.47		$	26.34

(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)	2022			2022			2022			2021			2021
Residential Mortgage Income
Residential mortgage production revenue	$	1		$	36		$	52		$	115		$	139
Residential mortgage servicing income:
Residential mortgage servicing revenue	165			152			145			155			157
Realization of expected residential MSR cash flows	(85)			(103)			(109)			(143)			(146)
Income statement impact of mortgage servicing rights valuation:
MSRs fair value increase (decrease)	166			254			350			(25)			77
MSRs hedge gains (losses)	(175)			(265)			(349)			57			(48)
Net MSRs valuation	(9)			(11)			1			32			29
Total residential mortgage servicing income	$	71		$	38		$	37		$	44		$	40
Total residential mortgage income	$	72		$	74		$	89		$	159		$	179
Commercial Mortgage Income
Commercial mortgage production revenue	$	30		$	21		$	32		$	40		$	48
Commercial mortgage servicing income:
Commercial mortgage servicing revenue	17			17			17			18			17
Realization of expected commercial MSR cash flows	(12)			(15)			(17)			(12)			(11)
Income statement impact of mortgage servicing rights valuation:
MSRs fair value increase (decrease)	24			8			9			(1)			1
MSRs hedge gains (losses)	(9)			(5)			(9)			—			(1)
Net MSRs valuation	15			3			—			(1)			—
Total commercial mortgage servicing income	$	20		$	5		$	—		$	5		$	6
Commercial mortgage income	$	50		$	26		$	32		$	45		$	54
Other Mortgage Banking Information
Residential mortgage loan originations	$	11,746		$	11,330		$	11,408		$	14,458		$	15,852
Residential mortgage servicing portfolio (1):
Loans serviced for others	218,740			209,504			195,737			196,011			198,119
Bank-owned loans serviced	56,786			53,341			50,927			50,716			50,427
Total servicing portfolio	275,526			262,845			246,664			246,727			248,546
Weighted-average coupon rate on mortgage loans serviced for others	3.45		%	3.42		%	3.41		%	3.44		%	3.49		%
Weighted-average servicing fee on mortgage loans serviced for others	0.30			0.30			0.31			0.31			0.31
Additional Information
Brokered deposits (2)	$	20,239		$	22,926		$	19,092		$	9,627		$	10,980
NQDCP income (expense):
Interest income	$	2		$	2		$	19		$	1		$	2
Other income	(28)			(30)			(44)			(7)			30
Personnel expense	26			28			25			6			(32)
Total NQDCP income (expense)	$	—		$	—		$	—		$	—		$	—
Fair value of derivatives, net	$	(2,267)		$	(528)		$	631		$	1,784		$	2,375
CVA/DVA income (expense) included in investment banking and trading income	20			12			24			12			16
Common stock prices:
High	52.22			57.50			68.95			65.42			60.74
Low	42.56			44.75			56.19			54.73			51.87
End of period	43.54			47.43			56.70			58.55			58.65
Banking offices	2,119			2,117			2,112			2,517			2,518
ATMs	3,185			3,194			3,214			3,670			3,684
FTEs (3)	52,648			51,349			51,169			51,348			52,675

(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
Third Quarter 2022
Incremental operating expenses related to the merger ($72 million professional fees and outside processing and $18 million other line items)	$	(90)	$	(69)
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
	Sept. 30			June 30			March 31			Dec. 31			Sept. 30			Sept. 30			Sept. 30
(Dollars in millions)	2022			2022			2022			2021			2021			2022			2021
Efficiency Ratio (1)
Efficiency Ratio Numerator - Noninterest Expense - GAAP	$	3,613		$	3,580		$	3,674		$	3,700		$	3,795		$	10,867		$	11,416
Merger-related and restructuring charges, net	(62)			(121)			(216)			(212)			(172)			(399)			(610)
Gain (loss) on early extinguishment of debt	—			39			—			1			—			39			3
Incremental operating expense related to the merger	(90)			(117)			(202)			(215)			(191)			(409)			(556)
Amortization of intangibles	(140)			(143)			(137)			(143)			(145)			(420)			(431)
Charitable contribution	—			—			—			—			—			—			(200)
Professional fee accrual	—			—			—			—			(30)			—			(30)
Acceleration for cash flow hedge unwind	—			—			—			—			—			—			(36)
Efficiency Ratio Numerator - Adjusted	$	3,321		$	3,238		$	3,119		$	3,131		$	3,257		$	9,678		$	9,556
Efficiency Ratio Denominator - Revenue (2) - GAAP	$	5,847		$	5,655		$	5,325		$	5,566		$	5,598		$	16,827		$	16,730
Taxable equivalent adjustment	38			28			26			24			28			92			84
Securities (gains) losses	1			1			69			—			—			71			—
Gain on redemption of noncontrolling equity interest	—			—			(74)			—			—			(74)			—
Gains on divestiture of certain businesses	—			—			—			—			—			—			(37)
Efficiency Ratio Denominator - Adjusted	$	5,886		$	5,684		$	5,346		$	5,590		$	5,626		$	16,916		$	16,777
Efficiency Ratio - GAAP	61.8		%	63.3		%	69.0		%	66.5		%	67.8		%	64.6		%	68.2		%
Efficiency Ratio - Adjusted	56.4			57.0			58.3			56.0			57.9			57.2			57.0

(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)	2022			2022			2022			2021			2021			2022			2021
Return on Average Tangible Common Shareholders’ Equity (1)
Net income available to common shareholders	$	1,536		$	1,454		$	1,327		$	1,524		$	1,616		$	4,317		$	4,509
Plus: Amortization of intangibles, net of tax	107			109			105			110			113			321			331
Tangible net income available to common shareholders	$	1,643		$	1,563		$	1,432		$	1,634		$	1,729		$	4,638		$	4,840
Average common shareholders’ equity	$	56,813		$	56,803		$	60,117		$	61,807		$	62,680		$	57,899		$	62,215
Less: Average intangible assets, net of deferred taxes	29,035			29,173			28,905			27,523			27,149			29,038			26,686
Average tangible common shareholders’ equity	$	27,778		$	27,630		$	31,212		$	34,284		$	35,531		$	28,861		$	35,529
Return on average common shareholders’ equity	10.7		%	10.3		%	9.0		%	9.8		%	10.2		%	10.0		%	9.7		%
Return on average tangible common shareholders’ equity	23.5			22.7			18.6			18.9			19.3			21.5			18.2

(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)	2022		2022		2022		2021		2021		2022		2021
Diluted EPS (1)
Net income available to common shareholders - GAAP	$	1,536	$	1,454	$	1,327	$	1,524	$	1,616	$	4,317	$	4,509
Merger-related and restructuring charges	48		92		166		163		132		306		468
Securities (gains) losses	1		—		53		—		—		54		—
Loss (gain) on early extinguishment of debt	—		(30)		—		—		—		(30)		(3)
Incremental operating expenses related to the merger	69		89		155		165		147		313		427
Charitable contribution	—		—		—		—		—		—		153
Professional fee accrual	—		—		—		—		23		—		23
Acceleration for cash flow hedge unwind	—		—		—		—		—		—		28
Gain on redemption of noncontrolling equity interest	—		—		(57)		—		—		(57)		—
Net income available to common shareholders - adjusted	$	1,654	$	1,605	$	1,644	$	1,852	$	1,918	$	4,903	$	5,605
Weighted average shares outstanding - diluted	1,336,659		1,338,864		1,341,563		1,343,029		1,346,854		1,339,071		1,351,712
Diluted EPS - GAAP	$	1.15	$	1.09	$	0.99	$	1.13	$	1.20	$	3.22	$	3.34
Diluted EPS - adjusted	1.24		1.20		1.23		1.38		1.42		3.66		4.15

(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