Quarterly Performance Summary

Truist Financial Corporation

Fourth 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	15
Capital Information - Five Quarter Trend	16
Selected Mortgage Banking Information & Additional Information	17
Selected Items	18
Non-GAAP Reconciliations	19

Financial Highlights
	Quarter Ended								Year-to-Date
	December 31						%		December 31						%
(Dollars in millions, except per share data, shares in thousands)	2022			2021			Change		2022			2021			Change
Summary Income Statement
Interest income - taxable equivalent (1)	$	5,288		$	3,435		53.9	%	$	16,779		$	13,882		20.9	%
Interest expense	1,257			168			NM		2,321			768			NM
Net interest income - taxable equivalent	4,031			3,267			23.4		14,458			13,114			10.2
Less: Taxable-equivalent adjustment	50			24			108.3		142			108			31.5
Net interest income	3,981			3,243			22.8		14,316			13,006			10.1
Provision for credit losses	467			(103)			NM		777			(813)			(195.6)
Net interest income after provision for credit losses	3,514			3,346			5.0		13,539			13,819			(2.0)
Noninterest income	2,227			2,323			(4.1)		8,719			9,290			(6.1)
Noninterest expense	3,722			3,700			0.6		14,589			15,116			(3.5)
Income before income taxes	2,019			1,969			2.5		7,669			7,993			(4.1)
Provision for income taxes	337			367			(8.2)		1,402			1,556			(9.9)
Net income	1,682			1,602			5.0		6,267			6,437			(2.6)
Noncontrolling interests	1			—			NM		7			(3)			NM
Net income available to the bank holding company	1,681			1,602			4.9		6,260			6,440			(2.8)
Preferred stock dividends and other	71			78			(9.0)		333			407			(18.2)
Net income available to common shareholders	1,610			1,524			5.6		5,927			6,033			(1.8)
Per Common Share Data
Earnings per share-basic	$	1.21		$	1.15		5.2	%	$	4.46		$	4.51		(1.1)	%
Earnings per share-diluted	1.20			1.13			6.2		4.43			4.47			(0.9)
Earnings per share-adjusted diluted (2)	1.30			1.38			(5.8)		4.96			5.53			(10.3)
Cash dividends declared	0.52			0.48			8.3		2.00			1.86			7.5
Common shareholders’ equity	40.58			47.14			(13.9)		40.58			47.14			(13.9)
Tangible common shareholders’ equity (2)	18.04			25.47			(29.2)		18.04			25.47			(29.2)
End of period shares outstanding	1,326,829			1,327,818			(0.1)		1,326,829			1,327,818			(0.1)
Weighted average shares outstanding-basic	1,326,787			1,329,979			(0.2)		1,328,120			1,337,144			(0.7)
Weighted average shares outstanding-diluted	1,337,338			1,343,029			(0.4)		1,338,462			1,349,378			(0.8)
Performance Ratios
Return on average assets	1.21		%	1.19		%			1.15		%	1.23		%
Return on average risk-weighted assets (current period is preliminary)	1.56			1.64					1.52			1.69
Return on average common shareholders’ equity	11.7			9.8					10.4			9.7
Return on average tangible common shareholders’ equity (2)	27.6			18.9					22.9			18.4
Net interest margin - taxable equivalent	3.25			2.76					3.01			2.86
Fee income ratio	35.9			41.7					37.9			41.7
Efficiency ratio-GAAP	60.0			66.5					63.3			67.8
Efficiency ratio-adjusted (2)	54.2			56.0					56.4			56.7
Credit Quality
Nonperforming assets as a percentage of:
Assets, including LHFS	0.23		%	0.21		%			0.23		%	0.21		%
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	0.34			0.25					0.27			0.24
Allowance for loan and lease losses as a percentage of LHFI	1.34			1.53					1.34			1.53
Ratio of allowance for loan and lease losses to nonperforming LHFI	3.68x			4.07x					3.68x			4.07x
Average Balances
Assets	$	552,959		$	534,911		3.4	%	$	543,830		$	522,385		4.1	%
Securities (3)	142,433			153,405			(7.2)		147,266			139,497			5.6
Loans and leases	322,733			291,074			10.9		306,835			293,448			4.6
Deposits	413,276			410,966			0.6		418,090			398,372			4.9
Common shareholders’ equity	54,823			61,807			(11.3)		57,124			62,112			(8.0)
Total shareholders’ equity	61,519			68,480			(10.2)		63,817			69,133			(7.7)
Period-End Balances
Assets	$	555,255		$	541,241		2.6	%
Securities (3)	129,514			154,617			(16.2)
Loans and leases	327,435			294,325			11.2
Deposits	413,495			416,488			(0.7)
Common shareholders’ equity	53,841			62,598			(14.0)
Total shareholders’ equity	60,537			69,271			(12.6)
Capital Ratios (current quarter is preliminary)
Common equity Tier 1	9.0		%	9.6		%
Tier 1	10.5			11.3
Total	12.5			13.2
Leverage	8.5			8.7
Supplementary leverage	7.3			7.4
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
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
(Dollars in millions, except per share data, shares in thousands)	2022			2022			2022			2022			2021
Summary Income Statement
Interest income - taxable equivalent (1)	$	5,288		$	4,407		$	3,701		$	3,383		$	3,435
Interest expense	1,257			624			266			174			168
Net interest income - taxable equivalent	4,031			3,783			3,435			3,209			3,267
Less: Taxable-equivalent adjustment	50			38			28			26			24
Net interest income	3,981			3,745			3,407			3,183			3,243
Provision for credit losses	467			234			171			(95)			(103)
Net interest income after provision for credit losses	3,514			3,511			3,236			3,278			3,346
Noninterest income	2,227			2,102			2,248			2,142			2,323
Noninterest expense	3,722			3,613			3,580			3,674			3,700
Income before income taxes	2,019			2,000			1,904			1,746			1,969
Provision for income taxes	337			363			372			330			367
Net income	1,682			1,637			1,532			1,416			1,602
Noncontrolling interests	1			4			1			1			—
Net income available to the bank holding company	1,681			1,633			1,531			1,415			1,602
Preferred stock dividends and other	71			97			77			88			78
Net income available to common shareholders	1,610			1,536			1,454			1,327			1,524
Per Common Share Data
Earnings per share-basic	$	1.21		$	1.16		$	1.09		$	1.00		$	1.15
Earnings per share-diluted	1.20			1.15			1.09			0.99			1.13
Earnings per share-adjusted diluted (2)	1.30			1.24			1.20			1.23			1.38
Cash dividends declared	0.52			0.52			0.48			0.48			0.48
Common shareholders’ equity	40.58			40.79			42.45			43.82			47.14
Tangible common shareholders’ equity (2)	18.04			18.36			20.51			21.87			25.47
End of period shares outstanding	1,326,829			1,326,766			1,326,393			1,331,414			1,327,818
Weighted average shares outstanding-basic	1,326,787			1,326,539			1,330,160			1,329,037			1,329,979
Weighted average shares outstanding-diluted	1,337,338			1,336,659			1,338,864			1,341,563			1,343,029
Performance Ratios
Return on average assets	1.21		%	1.19		%	1.14		%	1.07		%	1.19		%
Return on average risk-weighted assets (current quarter is preliminary)	1.56			1.56			1.52			1.46			1.64
Return on average common shareholders’ equity	11.7			10.7			10.3			9.0			9.8
Return on average tangible common shareholders’ equity (2)	27.6			23.5			22.7			18.6			18.9
Net interest margin - taxable equivalent	3.25			3.12			2.89			2.76			2.76
Fee income ratio	35.9			36.0			39.7			40.2			41.7
Efficiency ratio-GAAP	60.0			61.8			63.3			69.0			66.5
Efficiency ratio-adjusted (2)	54.2			56.4			57.0			58.3			56.0
Credit Quality
Nonperforming assets as a percentage of:
Assets, including LHFS	0.23		%	0.23		%	0.22		%	0.21		%	0.21		%
Loans and leases plus foreclosed property	0.38			0.37			0.38			0.38			0.39
Net charge-offs as a percentage of average loans and leases	0.34			0.27			0.22			0.25			0.25
Allowance for loan and lease losses as a percentage of LHFI	1.34			1.34			1.38			1.44			1.53
Ratio of allowance for loan and lease losses to nonperforming LHFI	3.68x			3.80x			3.84x			3.99x			4.07x
Average Balances
Assets	$	552,959		$	545,606		$	540,568		$	535,981		$	534,911
Securities (3)	142,433			145,396			148,681			152,687			153,405
Loans and leases	322,733			311,876			299,861			292,484			291,074
Deposits	413,276			420,096			423,750			415,238			410,966
Common shareholders’ equity	54,823			56,813			56,803			60,117			61,807
Total shareholders’ equity	61,519			63,510			63,500			66,798			68,480
Period-End Balances
Assets	$	555,255		$	548,438		$	545,123		$	543,979		$	541,241
Securities (3)	129,514			131,732			139,359			146,415			154,617
Loans and leases	327,435			316,639			307,300			294,248			294,325
Deposits	413,495			415,992			424,759			428,328			416,488
Common shareholders’ equity	53,841			54,115			56,302			58,348			62,598
Total shareholders’ equity	60,537			60,811			62,999			65,044			69,271
Capital Ratios (current quarter is preliminary)
Common equity Tier 1	9.0		%	9.1		%	9.2		%	9.4		%	9.6		%
Tier 1	10.5			10.7			10.8			11.0			11.3
Total	12.5			12.6			12.6			13.0			13.2
Leverage	8.5			8.5			8.6			8.6			8.7
Supplementary leverage	7.3			7.3			7.3			7.3			7.4
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
	Dec. 31				Change				Dec. 31				Change
(Dollars in millions, except per share data, shares in thousands)	2022		2021		$		%		2022		2021		$		%
Interest Income
Interest and fees on loans and leases	$	4,220	$	2,753	$	1,467	53.3	%	$	13,252	$	11,481	$	1,771	15.4	%
Interest on securities	739		602		137		22.8		2,763		2,090		673		32.2
Interest on other earning assets	279		56		223		NM		622		203		419		NM
Total interest income	5,238		3,411		1,827		53.6		16,637		13,774		2,863		20.8
Interest Expense
Interest on deposits	683		32		651		NM		1,145		148		997		NM
Interest on long-term debt	332		127		205		161.4		791		573		218		38.0
Interest on other borrowings	242		9		233		NM		385		47		338		NM
Total interest expense	1,257		168		1,089		NM		2,321		768		1,553		NM
Net Interest Income	3,981		3,243		738		22.8		14,316		13,006		1,310		10.1
Provision for credit losses	467		(103)		570		NM		777		(813)		1,590		(195.6)
Net Interest Income After Provision for Credit Losses	3,514		3,346		168		5.0		13,539		13,819		(280)		(2.0)
Noninterest Income
Insurance income	766		666		100		15.0		3,043		2,627		416		15.8
Wealth management income	324		350		(26)		(7.4)		1,338		1,392		(54)		(3.9)
Investment banking and trading income	257		377		(120)		(31.8)		995		1,441		(446)		(31.0)
Service charges on deposits	257		273		(16)		(5.9)		1,026		1,060		(34)		(3.2)
Card and payment related fees	245		224		21		9.4		944		874		70		8.0
Mortgage banking income	117		204		(87)		(42.6)		460		734		(274)		(37.3)
Lending related fees	110		81		29		35.8		375		349		26		7.4
Operating lease income	68		71		(3)		(4.2)		258		262		(4)		(1.5)
Securities gains (losses)	—		—		—		—		(71)		—		(71)		NM
Other income	83		77		6		7.8		351		551		(200)		(36.3)
Total noninterest income	2,227		2,323		(96)		(4.1)		8,719		9,290		(571)		(6.1)
Noninterest Expense
Personnel expense	2,198		2,096		102		4.9		8,467		8,632		(165)		(1.9)
Professional fees and outside processing	347		379		(32)		(8.4)		1,411		1,442		(31)		(2.1)
Software expense	241		238		3		1.3		932		945		(13)		(1.4)
Net occupancy expense	179		186		(7)		(3.8)		744		764		(20)		(2.6)
Amortization of intangibles	163		143		20		14.0		583		574		9		1.6
Equipment expense	124		124		—		—		478		513		(35)		(6.8)
Marketing and customer development	70		68		2		2.9		352		294		58		19.7
Operating lease depreciation	44		46		(2)		(4.3)		184		190		(6)		(3.2)
Regulatory costs	52		38		14		36.8		183		137		46		33.6
Merger-related and restructuring charges	114		212		(98)		(46.2)		513		822		(309)		(37.6)
Other expense	190		170		20		11.8		742		803		(61)		(7.6)
Total noninterest expense	3,722		3,700		22		0.6		14,589		15,116		(527)		(3.5)
Earnings
Income before income taxes	2,019		1,969		50		2.5		7,669		7,993		(324)		(4.1)
Provision for income taxes	337		367		(30)		(8.2)		1,402		1,556		(154)		(9.9)
Net income	1,682		1,602		80		5.0		6,267		6,437		(170)		(2.6)
Noncontrolling interests	1		—		1		NM		7		(3)		10		NM
Net income available to the bank holding company	1,681		1,602		79		4.9		6,260		6,440		(180)		(2.8)
Preferred stock dividends and other	71		78		(7)		(9.0)		333		407		(74)		(18.2)
Net income available to common shareholders	$	1,610	$	1,524	$	86	5.6	%	$	5,927	$	6,033	$	(106)	(1.8)	%
Earnings Per Common Share
Basic	$	1.21	$	1.15	$	0.06	5.2	%	$	4.46	$	4.51	$	(0.05)	(1.1)	%
Diluted	1.20		1.13		0.07		6.2		4.43		4.47		(0.04)		(0.9)
Weighted Average Shares Outstanding
Basic	1,326,787		1,329,979		(3,192)		(0.2)		1,328,120		1,337,144		(9,024)		(0.7)
Diluted	1,337,338		1,343,029		(5,691)		(0.4)		1,338,462		1,349,378		(10,916)		(0.8)
NM - not meaningful
In 4Q22, the Company combined residential mortgage income and commercial mortgage income. Further, the Company collapsed income from bank-owned life insurances into other income and loan-related expense and loss (gain) on early extinguishment of debt into other expense. Prior periods were restated to conform to the current presentation.

Truist Financial Corporation 3

Consolidated Statements of Income - Five Quarter Trend
	Quarter Ended
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions, except per share data, shares in thousands)	2022		2022		2022		2022		2021
Interest Income
Interest and fees on loans and leases	$	4,220	$	3,490	$	2,898	$	2,644	$	2,753
Interest on securities	739		709		675		640		602
Interest on other earning assets	279		170		100		73		56
Total interest income	5,238		4,369		3,673		3,357		3,411
Interest Expense
Interest on deposits	683		331		99		32		32
Interest on long-term debt	332		190		137		132		127
Interest on other borrowings	242		103		30		10		9
Total interest expense	1,257		624		266		174		168
Net Interest Income	3,981		3,745		3,407		3,183		3,243
Provision for credit losses	467		234		171		(95)		(103)
Net Interest Income After Provision for Credit Losses	3,514		3,511		3,236		3,278		3,346
Noninterest Income
Insurance income	766		725		825		727		666
Wealth management income	324		334		337		343		350
Investment banking and trading income	257		222		255		261		377
Service charges on deposits	257		263		254		252		273
Card and payment related fees	245		241		246		212		224
Mortgage banking income	117		122		100		121		204
Lending related fees	110		80		100		85		81
Operating lease income	68		66		66		58		71
Securities gains (losses)	—		(1)		(1)		(69)		—
Other income	83		50		66		152		77
Total noninterest income	2,227		2,102		2,248		2,142		2,323
Noninterest Expense
Personnel expense	2,198		2,116		2,102		2,051		2,096
Professional fees and outside processing	347		352		349		363		379
Software expense	241		225		234		232		238
Net occupancy expense	179		176		181		208		186
Amortization of intangibles	163		140		143		137		143
Equipment expense	124		122		114		118		124
Marketing and customer development	70		105		93		84		68
Operating lease depreciation	44		45		47		48		46
Regulatory costs	52		52		44		35		38
Merger-related and restructuring charges	114		62		121		216		212
Other expense	190		218		152		182		170
Total noninterest expense	3,722		3,613		3,580		3,674		3,700
Earnings
Income before income taxes	2,019		2,000		1,904		1,746		1,969
Provision for income taxes	337		363		372		330		367
Net income	1,682		1,637		1,532		1,416		1,602
Noncontrolling interests	1		4		1		1		—
Net income available to the bank holding company	1,681		1,633		1,531		1,415		1,602
Preferred stock dividends and other	71		97		77		88		78
Net income available to common shareholders	$	1,610	$	1,536	$	1,454	$	1,327	$	1,524
Earnings Per Common Share
Basic	$	1.21	$	1.16	$	1.09	$	1.00	$	1.15
Diluted	1.20		1.15		1.09		0.99		1.13
Weighted Average Shares Outstanding
Basic	1,326,787		1,326,539		1,330,160		1,329,037		1,329,979
Diluted	1,337,338		1,336,659		1,338,864		1,341,563		1,343,029
In 4Q22, the Company combined residential mortgage income and commercial mortgage income. Further, the Company collapsed income from bank-owned life insurances into other income and loan-related expense and loss (gain) on early extinguishment of debt into other expense. Prior periods were restated to conform to the current presentation.

4 Truist Financial Corporation

Consolidated Ending Balance Sheets - Five Quarter Trend
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2022		2022		2022		2022		2021
Assets
Cash and due from banks	$	5,379	$	5,031	$	5,511	$	5,516	$	5,085
Interest-bearing deposits with banks	16,042		17,194		17,602		23,606		15,210
Securities borrowed or purchased under resale agreements	3,181		2,568		2,650		2,322		4,028
Trading assets at fair value	4,905		5,864		5,230		5,920		4,423
Securities available for sale at fair value	71,801		72,978		79,278		84,753		153,123
Securities held to maturity at amortized cost	57,713		58,754		60,081		61,662		1,494
Loans and leases:
Commercial:
Commercial and industrial	164,307		153,615		149,840		141,060		138,762
CRE	22,676		22,493		22,149		22,774		23,951
Commercial construction	5,849		5,568		5,157		5,220		4,971
Consumer:
Residential mortgage	56,645		55,529		50,903		48,171		47,852
Residential home equity and direct	25,432		25,657		25,345		24,853		25,066
Indirect auto	27,951		28,239		27,419		25,756		26,441
Indirect other	12,977		12,683		11,961		11,043		10,883
Student	5,287		5,780		6,144		6,514		6,780
Credit card	4,867		4,771		4,744		4,690		4,807
Total loans and leases held for investment	325,991		314,335		303,662		290,081		289,513
Loans held for sale	1,444		2,304		3,638		4,167		4,812
Total loans and leases	327,435		316,639		307,300		294,248		294,325
Allowance for loan and lease losses	(4,377)		(4,205)		(4,187)		(4,170)		(4,435)
Premises and equipment	3,605		3,585		3,682		3,662		3,700
Goodwill	27,013		26,810		26,299		26,284		26,098
Core deposit and other intangible assets	3,672		3,726		3,535		3,693		3,408
Loan servicing rights at fair value	3,758		3,797		3,466		3,013		2,633
Other assets	35,128		35,697		34,676		33,470		32,149
Total assets	$	555,255	$	548,438	$	545,123	$	543,979	$	541,241
Liabilities
Deposits:
Noninterest-bearing deposits	$	135,742	$	144,826	$	147,752	$	150,446	$	145,892
Interest checking	110,464		110,397		114,143		119,572		115,754
Money market and savings	143,815		146,315		149,302		143,834		138,956
Time deposits	23,474		14,454		13,562		14,476		15,886
Total deposits	413,495		415,992		424,759		428,328		416,488
Short-term borrowings	23,422		25,687		13,736		5,147		5,292
Long-term debt	43,203		31,172		30,319		33,773		35,913
Other liabilities	14,598		14,776		13,310		11,687		14,277
Total liabilities	494,718		487,627		482,124		478,935		471,970
Shareholders’ Equity:
Preferred stock	6,673		6,673		6,673		6,673		6,673
Common stock	6,634		6,634		6,632		6,657		6,639
Additional paid-in capital	34,544		34,487		34,410		34,539		34,565
Retained earnings	26,264		25,344		24,500		23,687		22,998
Accumulated other comprehensive loss	(13,601)		(12,350)		(9,240)		(6,535)		(1,604)
Noncontrolling interests	23		23		24		23		—
Total shareholders’ equity	60,537		60,811		62,999		65,044		69,271
Total liabilities and shareholders’ equity	$	555,255	$	548,438	$	545,123	$	543,979	$	541,241

Truist Financial Corporation 5

Average Balance Sheets
	Quarter Ended								Year-to-Date
	December 31				Change				December 31				Change
(Dollars in millions)	2022		2021		$		%		2022		2021		$		%
Assets
Securities at amortized cost (1):
U.S. Treasury	$	10,989	$	9,891	$	1,098	11.1	%	$	10,591	$	7,633	$	2,958	38.8	%
U.S. government-sponsored entities (GSE)	325		1,686		(1,361)		(80.7)		498		1,799		(1,301)		(72.3)
Mortgage-backed securities issued by GSE	126,718		137,651		(10,933)		(7.9)		131,669		128,306		3,363		2.6
States and political subdivisions	426		410		16		3.9		392		429		(37)		(8.6)
Non-agency mortgage-backed	3,953		3,738		215		5.8		4,072		1,299		2,773		NM
Other	22		29		(7)		(24.1)		44		31		13		41.9
Total securities	142,433		153,405		(10,972)		(7.2)		147,266		139,497		7,769		5.6
Loans and leases:
Commercial:
Commercial and industrial	159,308		134,804		24,504		18.2		149,030		137,304		11,726		8.5
CRE	22,497		24,396		(1,899)		(7.8)		22,697		25,269		(2,572)		(10.2)
Commercial construction	5,711		5,341		370		6.9		5,326		6,053		(727)		(12.0)
Consumer:
Residential mortgage	56,292		47,185		9,107		19.3		51,721		45,500		6,221		13.7
Residential home equity and direct	25,518		25,146		372		1.5		25,232		25,319		(87)		(0.3)
Indirect auto	28,117		26,841		1,276		4.8		27,197		26,621		576		2.2
Indirect other	12,848		10,978		1,870		17.0		11,876		10,935		941		8.6
Student	5,533		6,884		(1,351)		(19.6)		6,114		7,251		(1,137)		(15.7)
Credit card	4,842		4,769		73		1.5		4,753		4,650		103		2.2
Total loans and leases held for investment	320,666		286,344		34,322		12.0		303,946		288,902		15,044		5.2
Loans held for sale	2,067		4,730		(2,663)		(56.3)		2,889		4,546		(1,657)		(36.4)
Total loans and leases	322,733		291,074		31,659		10.9		306,835		293,448		13,387		4.6
Interest earning trading assets	5,717		6,772		(1,055)		(15.6)		5,767		5,602		165		2.9
Other earning assets	21,922		19,634		2,288		11.7		20,429		19,498		931		4.8
Total earning assets	492,805		470,885		21,920		4.7		480,297		458,045		22,252		4.9
Nonearning assets	60,154		64,026		(3,872)		(6.0)		63,533		64,340		(807)		(1.3)
Total assets	$	552,959	$	534,911	$	18,048	3.4	%	$	543,830	$	522,385	$	21,445	4.1	%
Liabilities and Shareholders’ Equity
Deposits:
Noninterest-bearing deposits	$	141,032	$	146,492	$	(5,460)	(3.7)	%	$	145,392	$	138,733	$	6,659	4.8	%
Interest checking	110,001		110,506		(505)		(0.5)		111,539		107,311		4,228		3.9
Money market and savings	144,730		137,676		7,054		5.1		145,645		134,303		11,342		8.4
Time deposits	17,513		16,292		1,221		7.5		15,514		18,025		(2,511)		(13.9)
Total deposits	413,276		410,966		2,310		0.6		418,090		398,372		19,718		4.9
Short-term borrowings	25,640		6,433		19,207		NM		14,957		6,170		8,787		142.4
Long-term debt	38,700		37,623		1,077		2.9		34,172		37,410		(3,238)		(8.7)
Other liabilities	13,824		11,409		2,415		21.2		12,794		11,300		1,494		13.2
Total liabilities	491,440		466,431		25,009		5.4		480,013		453,252		26,761		5.9
Shareholders’ equity	61,519		68,480		(6,961)		(10.2)		63,817		69,133		(5,316)		(7.7)
Total liabilities and shareholders’ equity	$	552,959	$	534,911	$	18,048	3.4	%	$	543,830	$	522,385	$	21,445	4.1	%
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
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2022		2022		2022		2022		2021
Assets
Securities at amortized cost (1):
U.S. Treasury	$	10,989	$	10,925	$	10,544	$	9,890	$	9,891
U.S. government-sponsored entities (GSE)	325		305		255		1,120		1,686
Mortgage-backed securities issued by GSE	126,718		129,703		133,339		137,052		137,651
States and political subdivisions	426		395		371		374		410
Non-agency mortgage-backed	3,953		4,016		4,097		4,224		3,738
Other	22		52		75		27		29
Total securities	142,433		145,396		148,681		152,687		153,405
Loans and leases:
Commercial:
Commercial and industrial	159,308		152,123		145,558		138,872		134,804
CRE	22,497		22,245		22,508		23,555		24,396
Commercial construction	5,711		5,284		5,256		5,046		5,341
Consumer:
Residential mortgage	56,292		53,271		49,237		47,976		47,185
Residential home equity and direct	25,518		25,394		25,124		24,883		25,146
Indirect auto	28,117		28,057		26,496		26,088		26,841
Indirect other	12,848		12,300		11,471		10,860		10,978
Student	5,533		5,958		6,331		6,648		6,884
Credit card	4,842		4,755		4,728		4,682		4,769
Total loans and leases held for investment	320,666		309,387		296,709		288,610		286,344
Loans held for sale	2,067		2,489		3,152		3,874		4,730
Total loans and leases	322,733		311,876		299,861		292,484		291,074
Interest earning trading assets	5,717		5,446		6,073		5,837		6,772
Other earning assets	21,922		19,631		21,203		18,932		19,634
Total earning assets	492,805		482,349		475,818		469,940		470,885
Nonearning assets	60,154		63,257		64,750		66,041		64,026
Total assets	$	552,959	$	545,606	$	540,568	$	535,981	$	534,911
Liabilities and Shareholders’ Equity
Deposits:
Noninterest-bearing deposits	$	141,032	$	146,041	$	148,610	$	145,933	$	146,492
Interest checking	110,001		111,645		112,375		112,159		110,506
Money market and savings	144,730		147,659		148,632		141,500		137,676
Time deposits	17,513		14,751		14,133		15,646		16,292
Total deposits	413,276		420,096		423,750		415,238		410,966
Short-term borrowings	25,640		17,392		9,618		6,944		6,433
Long-term debt	38,700		31,381		31,263		35,337		37,623
Other liabilities	13,824		13,227		12,437		11,664		11,409
Total liabilities	491,440		482,096		477,068		469,183		466,431
Shareholders’ equity	61,519		63,510		63,500		66,798		68,480
Total liabilities and shareholders’ equity	$	552,959	$	545,606	$	540,568	$	535,981	$	534,911
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
	December 31, 2022						September 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	$	10,989	$	27	0.98	%	$	10,925	$	26	0.93	%
U.S. government-sponsored entities (GSE)	325		3		2.47		305		1		2.56
Mortgage-backed securities issued by GSE	126,718		682		2.16		129,703		655		2.02
States and political subdivisions	426		4		4.03		395		4		3.92
Non-agency mortgage-backed	3,953		23		2.33		4,016		24		2.32
Other	22		1		4.44		52		—		3.94
Total securities	142,433		740		2.08		145,396		710		1.95
Loans and leases:
Commercial:
Commercial and industrial	159,308		2,098		5.23		152,123		1,564		4.08
CRE	22,497		314		5.51		22,245		245		4.32
Commercial construction	5,711		88		6.25		5,284		62		4.83
Consumer:
Residential mortgage	56,292		514		3.65		53,271		478		3.59
Residential home equity and direct	25,518		402		6.25		25,394		361		5.64
Indirect auto	28,117		396		5.59		28,057		382		5.40
Indirect other	12,848		209		6.46		12,300		200		6.46
Student	5,533		90		6.42		5,958		85		5.64
Credit card	4,842		127		10.38		4,755		119		9.97
Total loans and leases held for investment	320,666		4,238		5.25		309,387		3,496		4.49
Loans held for sale	2,067		31		6.08		2,489		30		4.81
Total loans and leases	322,733		4,269		5.26		311,876		3,526		4.49
Interest earning trading assets	5,717		79		5.60		5,446		62		4.49
Other earning assets	21,922		200		3.60		19,631		109		2.24
Total earning assets	492,805		5,288		4.27		482,349		4,407		3.63
Nonearning assets	60,154						63,257
Total assets	$	552,959					$	545,606
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	110,001	304		1.10		$	111,645	158		0.56
Money market and savings	144,730		316		0.87		147,659		159		0.43
Time deposits	17,513		63		1.42		14,751		14		0.40
Total interest-bearing deposits (4)	272,244		683		1.00		274,055		331		0.48
Short-term borrowings	25,640		242		3.75		17,392		103		2.34
Long-term debt	38,700		332		3.42		31,381		190		2.43
Total interest-bearing liabilities	336,584		1,257		1.48		322,828		624		0.77
Noninterest-bearing deposits (4)	141,032						146,041
Other liabilities	13,824						13,227
Shareholders’ equity	61,519						63,510
Total liabilities and shareholders’ equity	$	552,959					$	545,606
Average interest-rate spread					2.79						2.86
Net interest income/ net interest margin - taxable equivalent			$	4,031	3.25	%			$	3,783	3.12	%
Taxable-equivalent adjustment			$	50					$	38
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 0.66% and 0.31% for the three months ended December 31, 2022 and September 30, 2022, respectively.

8 Truist Financial Corporation

Average Balances and Rates - Quarters
	Quarter Ended
	June 30, 2022						March 31, 2022						December 31, 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	$	10,544	$	22	0.86	%	$	9,890	$	18	0.72	%	$	9,891	$	18	0.72	%
U.S. government-sponsored entities (GSE)	255		1		1.96		1,120		6		2.13		1,686		9		2.20
Mortgage-backed securities issued by GSE	133,339		625		1.88		137,052		590		1.72		137,651		552		1.60
States and political subdivisions	371		4		3.83		374		3		3.72		410		3		3.60
Non-agency mortgage-backed	4,097		23		2.30		4,224		24		2.25		3,738		20		2.23
Other	75		1		3.66		27		—		2.04		29		1		1.90
Total securities	148,681		676		1.82		152,687		641		1.68		153,405		603		1.57
Loans and leases:
Commercial:
Commercial and industrial	145,558		1,174		3.24		138,872		987		2.88		134,804		986		2.90
CRE	22,508		193		3.41		23,555		168		2.84		24,396		175		2.81
Commercial construction	5,256		43		3.46		5,046		35		3.05		5,341		38		2.96
Consumer:
Residential mortgage	49,237		440		3.58		47,976		428		3.57		47,185		453		3.84
Residential home equity and direct	25,124		329		5.25		24,883		330		5.38		25,146		352		5.55
Indirect auto	26,496		362		5.47		26,088		357		5.56		26,841		389		5.75
Indirect other	11,471		180		6.27		10,860		169		6.32		10,978		176		6.42
Student	6,331		66		4.20		6,648		63		3.86		6,884		70		4.07
Credit card	4,728		105		8.91		4,682		104		8.97		4,769		105		8.69
Total loans and leases held for investment	296,709		2,892		3.91		288,610		2,641		3.70		286,344		2,744		3.81
Loans held for sale	3,152		33		4.20		3,874		28		2.87		4,730		32		2.66
Total loans and leases	299,861		2,925		3.91		292,484		2,669		3.69		291,074		2,776		3.79
Interest earning trading assets	6,073		55		3.55		5,837		43		3.04		6,772		46		2.72
Other earning assets	21,203		45		0.85		18,932		30		0.63		19,634		10		0.20
Total earning assets	475,818		3,701		3.12		469,940		3,383		2.90		470,885		3,435		2.90
Nonearning assets	64,750						66,041						64,026
Total assets	$	540,568					$	535,981					$	534,911
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	112,375	43		0.15		$	112,159	14		0.05		$	110,506	15		0.05
Money market and savings	148,632		50		0.13		141,500		11		0.03		137,676		8		0.03
Time deposits	14,133		6		0.17		15,646		7		0.18		16,292		9		0.21
Total interest-bearing deposits (4)	275,140		99		0.14		269,305		32		0.05		264,474		32		0.05
Short-term borrowings	9,618		30		1.26		6,944		10		0.60		6,433		9		0.55
Long-term debt	31,263		137		1.75		35,337		132		1.50		37,623		127		1.35
Total interest-bearing liabilities	316,021		266		0.34		311,586		174		0.22		308,530		168		0.22
Noninterest-bearing deposits (4)	148,610						145,933						146,492
Other liabilities	12,437						11,664						11,409
Shareholders’ equity	63,500						66,798						68,480
Total liabilities and shareholders’ equity	$	540,568					$	535,981					$	534,911
Average interest-rate spread					2.78						2.68						2.68
Net interest income/ net interest margin - taxable equivalent			$	3,435	2.89	%			$	3,209	2.76	%			$	3,267	2.76	%
Taxable-equivalent adjustment			$	28					$	26					$	24
Applicable ratios are annualized.
(1) Excludes basis adjustments for fair value hedges.
(2) Amounts are on a taxable-equivalent basis utilizing the federal income tax rate of 21% for the periods presented. Interest income includes certain fees, deferred costs, and dividends.
(3) Includes AFS and HTM securities.
(4) Total deposit costs were 0.09%, 0.03%, and 0.03% for the three months ended June 30, 2022, March 31, 2022, and December 31, 2021, respectively.

Truist Financial Corporation 9

Average Balances and Rates - Year-To-Date
	Year-to-Date
	December 31, 2022						December 31, 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	$	10,591	$	93	0.88	%	$	7,633	$	56	0.73	%
U.S. government-sponsored entities (GSE)	498		11		2.24		1,799		41		2.29
Mortgage-backed securities issued by GSE	131,669		2,552		1.94		128,306		1,953		1.52
States and political subdivisions	392		15		3.88		429		15		3.55
Non-agency mortgage-backed	4,072		94		2.30		1,299		28		2.20
Other	44		2		3.60		31		1		1.90
Total securities	147,266		2,767		1.88		139,497		2,094		1.50
Loans and leases:
Commercial:
Commercial and industrial	149,030		5,823		3.91		137,304		4,174		3.04
CRE	22,697		920		4.01		25,269		728		2.85
Commercial construction	5,326		228		4.46		6,053		173		2.98
Consumer:
Residential mortgage	51,721		1,860		3.60		45,500		1,884		4.14
Residential home equity and direct	25,232		1,422		5.64		25,319		1,441		5.69
Indirect auto	27,197		1,497		5.50		26,621		1,629		6.12
Indirect other	11,876		758		6.39		10,935		731		6.70
Student	6,114		304		4.97		7,251		289		3.99
Credit card	4,753		455		9.57		4,650		415		8.92
Total loans and leases held for investment	303,946		13,267		4.36		288,902		11,464		3.97
Loans held for sale	2,889		122		4.23		4,546		120		2.63
Total loans and leases	306,835		13,389		4.36		293,448		11,584		3.95
Interest earning trading assets	5,767		239		4.15		5,602		156		2.78
Other earning assets	20,429		384		1.88		19,498		48		0.24
Total earning assets	480,297		16,779		3.49		458,045		13,882		3.03
Nonearning assets	63,533						64,340
Total assets	$	543,830					$	522,385
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	111,539	519		0.47		$	107,311	59		0.05
Money market and savings	145,645		536		0.37		134,303		35		0.03
Time deposits	15,514		90		0.58		18,025		54		0.30
Total interest-bearing deposits (4)	272,698		1,145		0.42		259,639		148		0.06
Short-term borrowings	14,957		385		2.58		6,170		47		0.76
Long-term debt	34,172		791		2.31		37,410		573		1.53
Total interest-bearing liabilities	321,827		2,321		0.72		303,219		768		0.25
Noninterest-bearing deposits (4)	145,392						138,733
Other liabilities	12,794						11,300
Shareholders’ equity	63,817						69,133
Total liabilities and shareholders’ equity	$	543,830					$	522,385
Average interest-rate spread					2.77						2.78
Net interest income/ net interest margin - taxable equivalent			$	14,458	3.01	%			$	13,114	2.86	%
Taxable-equivalent adjustment			$	142					$	108
Applicable ratios are annualized.
(1) Excludes basis adjustments for fair value hedges.
(2) Amounts are on a taxable-equivalent basis utilizing the federal income tax rate of 21% for the periods presented. Interest income includes certain fees, deferred costs, and dividends.
(3) Includes AFS and HTM securities.
(4) Total deposit costs were 0.27% and 0.04% for the year ended December 31, 2022 and 2021, respectively.

10 Truist Financial Corporation

Credit Quality
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2022		2022		2022		2022		2021
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial	$	398	$	443	$	393	$	330	$	394
CRE	82		5		19		27		29
Commercial construction	—		—		—		—		7
Consumer:
Residential mortgage	240		227		269		315		296
Residential home equity and direct	173		166		159		141		141
Indirect auto	289		260		244		227		218
Indirect other	6		5		6		4		5
Total nonaccrual loans and leases held for investment	1,188		1,106		1,090		1,044		1,090
Loans held for sale	—		72		33		39		22
Total nonaccrual loans and leases	1,188		1,178		1,123		1,083		1,112
Foreclosed real estate	4		4		3		3		8
Other foreclosed property	58		58		47		49		43
Total nonperforming assets	$	1,250	$	1,240	$	1,173	$	1,135	$	1,163
Troubled Debt Restructurings (TDRs)
Performing TDRs:
Commercial:
Commercial and industrial	$	136	$	165	$	105	$	104	$	147
CRE	5		5		5		5		5
Commercial construction	1		1		1		1		—
Consumer:
Residential mortgage - government guaranteed	917		839		761		622		480
Residential mortgage - nonguaranteed	335		305		281		244		212
Residential home equity and direct	76		78		84		91		98
Indirect auto	462		425		401		392		389
Indirect other	6		7		6		6		7
Student - nonguaranteed	30		29		27		25		25
Credit card	18		19		22		25		27
Total performing TDRs	1,986		1,873		1,693		1,515		1,390
Nonperforming TDRs	214		187		204		189		152
Total TDRs	$	2,200	$	2,060	$	1,897	$	1,704	$	1,542
Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial	$	49	$	44	$	27	$	22	$	13
CRE	1		1		3		—		—
Commercial construction	—		—		3		—		—
Consumer:
Residential mortgage - government guaranteed	759		808		884		996		978
Residential mortgage - nonguaranteed	27		26		27		31		31
Residential home equity and direct	15		12		10		12		9
Indirect auto	1		1		1		1		1
Indirect other	10		6		3		2		3
Student - government guaranteed	702		770		796		818		864
Student - nonguaranteed	4		5		5		4		4
Credit card	37		36		28		28		27
Total loans 90 days past due and still accruing	$	1,605	$	1,709	$	1,787	$	1,914	$	1,930
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial	$	256	$	162	$	223	$	280	$	130
CRE	25		15		10		13		20
Commercial construction	5		3		4		1		2
Consumer:
Residential mortgage - government guaranteed	268		234		233		216		256
Residential mortgage - nonguaranteed	346		300		302		326		258
Residential home equity and direct	127		122		156		142		107
Indirect auto	646		591		584		529		607
Indirect other	128		97		78		65		64
Student - government guaranteed	396		375		447		476		549
Student - nonguaranteed	6		6		6		6		6
Credit card	64		52		48		47		45
Total loans 30-89 days past due	$	2,267	$	1,957	$	2,091	$	2,101	$	2,044

Truist Financial Corporation 11

	As of/For the Quarter Ended
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2022		2022		2022		2022		2021
Allowance for Credit Losses
Beginning balance	$	4,455	$	4,434	$	4,423	$	4,695	$	4,978
Provision for credit losses	467		234		171		(95)		(103)
Charge-offs:
Commercial:
Commercial and industrial	(44)		(51)		(17)		(31)		(54)
CRE	(11)		—		(1)		(1)		(5)
Commercial construction	—		—		—		(1)		—
Consumer:
Residential mortgage	(1)		(4)		(2)		(2)		(1)
Residential home equity and direct	(65)		(86)		(85)		(58)		(51)
Indirect auto	(129)		(103)		(77)		(102)		(89)
Indirect other	(37)		(26)		(18)		(19)		(16)
Student	(5)		(7)		(4)		(6)		(12)
Credit card	(53)		(42)		(40)		(41)		(37)
Total charge-offs	(345)		(319)		(244)		(261)		(265)
Recoveries:
Commercial:
Commercial and industrial	14		43		13		17		23
CRE	1		—		6		1		—
Commercial construction	1		2		1		1		1
Consumer:
Residential mortgage	3		3		4		6		2
Residential home equity and direct	18		23		20		20		21
Indirect auto	21		21		26		23		21
Indirect other	5		6		6		6		6
Student	1		—		—		—		—
Credit card	8		8		9		9		9
Total recoveries	72		106		85		83		83
Net charge-offs	(273)		(213)		(159)		(178)		(182)
Other	—		—		(1)		1		2
Ending balance	$	4,649	$	4,455	$	4,434	$	4,423	$	4,695
Allowance for Credit Losses:
Allowance for loan and lease losses	$	4,377	$	4,205	$	4,187	$	4,170	$	4,435
Reserve for unfunded lending commitments (RUFC)	272		250		247		253		260
Allowance for credit losses	$	4,649	$	4,455	$	4,434	$	4,423	$	4,695

12 Truist Financial Corporation

	As of/For the Year-to-Date
	Period Ended Dec. 31
(Dollars in millions)	2022		2021
Allowance for Credit Losses
Beginning balance	$	4,695	$	6,199
Provision for credit losses	777		(813)
Charge-offs:
Commercial:
Commercial and industrial	(143)		(243)
CRE	(13)		(10)
Commercial construction	(1)		(2)
Consumer:
Residential mortgage	(9)		(23)
Residential home equity and direct	(294)		(214)
Indirect auto	(411)		(336)
Indirect other	(100)		(57)
Student	(22)		(24)
Credit card	(176)		(150)
Total charge-offs	(1,169)		(1,059)
Recoveries:
Commercial:
Commercial and industrial	87		107
CRE	8		6
Commercial construction	5		4
Consumer:
Residential mortgage	16		12
Residential home equity and direct	81		79
Indirect auto	91		92
Indirect other	23		24
Student	1		1
Credit card	34		37
Total recoveries	346		362
Net charge-offs	(823)		(697)
Other	—		6
Ending balance	$	4,649	$	4,695

	As of/For the Quarter Ended
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
	2022		2022		2022		2022		2021
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.70	%	0.62	%	0.69	%	0.72	%	0.71	%
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.49		0.54		0.59		0.66		0.67
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.36		0.35		0.36		0.36		0.38
Nonperforming loans and leases as a percentage of loans and leases (1)	0.36		0.37		0.37		0.37		0.38
Nonperforming assets as a percentage of:
Total assets (1)	0.23		0.23		0.22		0.21		0.21
Loans and leases plus foreclosed property	0.38		0.37		0.38		0.38		0.39
Net charge-offs as a percentage of average loans and leases	0.34		0.27		0.22		0.25		0.25
Allowance for loan and lease losses as a percentage of loans and leases	1.34		1.34		1.38		1.44		1.53
Ratio of allowance for loan and lease losses to:
Net charge-offs	4.05X		4.98X		6.54X		5.78X		6.14X
Nonperforming loans and leases	3.68X		3.80X		3.84X		3.99X		4.07X
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	%	0.04	%	0.03	%
Applicable ratios are annualized.
(1)Includes loans held for sale.
							As of/For the Year-to-Date
							Period Ended Dec. 31
							2022		2021
Asset Quality Ratios
Net charge-offs as a percentage of average loans and leases							0.27	%	0.24	%
Ratio of allowance for loan and lease losses to net charge-offs							5.32X		6.36X
Applicable ratios are annualized.

Truist Financial Corporation 13

	December 31, 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	$	135	99.3	%	$	1		0.7	%	$	—		—	%	$	136
CRE	5		100.0		—			—		—			—		5
Commercial construction	1		100.0		—			—		—			—		1
Consumer:
Residential mortgage - government guaranteed	496		54.1		111			12.1		310			33.8		917
Residential mortgage - nonguaranteed	294		87.7		31			9.3		10			3.0		335
Residential home equity and direct	71		93.4		5			6.6		—			—		76
Indirect auto	389		84.2		73			15.8		—			—		462
Indirect other	5		83.3		1			16.7		—			—		6
Student - nonguaranteed	27		90.0		2			6.7		1			3.3		30
Credit card	15		83.3		2			11.1		1			5.6		18
Total performing TDRs (1)	1,438		72.4		226			11.4		322			16.2		1,986
Nonperforming TDRs (2)	90		42.0		32			15.0		92			43.0		214
Total TDRs (1)(2)	$	1,528	69.5	%	$	258		11.7	%	$	414		18.8	%	$	2,200
(1)Past due performing TDRs are included in past due disclosures.
(2)Nonperforming TDRs are included in nonaccrual loan disclosures.
					Quarter Ended
					Dec. 31			Sept. 30		June 30			March 31		Dec. 31
					2022			2022		2022			2022		2021
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial					0.08		%	0.02	%	0.01		%	0.04	%	0.09		%
CRE					0.19			(0.01)		(0.10)			0.01		0.07
Commercial construction					(0.06)			(0.10)		(0.08)			(0.02)		(0.10)
Consumer:
Residential mortgage					(0.02)			0.01		(0.02)			(0.03)		(0.02)
Residential home equity and direct					0.71			1.01		1.04			0.61		0.49
Indirect auto					1.52			1.15		0.77			1.23		1.01
Indirect other					0.95			0.66		0.43			0.48		0.39
Student					0.34			0.40		0.30			0.33		0.65
Credit card					3.68			2.80		2.63			2.77		2.31
Total loans and leases					0.34			0.27		0.22			0.25		0.25
Applicable ratios are annualized.

Rollforward of Intangible Assets and Selected Fair Value Marks (1)
	As of/For the Quarter Ended
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2022		2022		2022		2022		2021
Loans and Leases (2)
Beginning balance unamortized fair value mark	$	(826)	$	(924)	$	(1,119)	$	(1,323)	$	(1,540)
Accretion	80		96		189		191		217
Purchase accounting adjustments and other activity	5		2		6		13		—
Ending balance	$	(741)	$	(826)	$	(924)	$	(1,119)	$	(1,323)
Core deposit and other intangible assets
Beginning balance	$	3,726	$	3,535	$	3,693	$	3,408	$	2,930
Additions - acquisitions	111		336		—		430		647
Amortization of intangibles (3)	(163)		(140)		(143)		(137)		(143)
Amortization in net occupancy expense	(3)		(5)		(5)		(8)		(3)
Purchase accounting adjustments and other activity	1		—		(10)		—		(23)
Ending balance	$	3,672	$	3,726	$	3,535	$	3,693	$	3,408
Deposits (4)
Beginning balance unamortized fair value mark	$	(1)	$	(3)	$	(5)	$	(7)	$	(9)
Amortization	1		2		2		2		2
Ending balance	$	—	$	(1)	$	(3)	$	(5)	$	(7)
Long-Term Debt (4)
Beginning balance unamortized fair value mark	$	(94)	$	(109)	$	(122)	$	(139)	$	(157)
Amortization	13		15		13		17		18
Ending balance	$	(81)	$	(94)	$	(109)	$	(122)	$	(139)

(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)Includes $16 million partial write-down of an investment advisory intangible asset from a prior acquisition in 4Q22.

(4)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.

14 Truist Financial Corporation

Segment Financial Performance - Preliminary
	Quarter Ended
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2022		2022		2022		2022		2021
Consumer Banking and Wealth
Net interest income (expense)	$	1,728	$	1,686	$	1,567	$	1,528	$	1,629
Net intersegment interest income (expense)	1,226		970		718		657		651
Segment net interest income	2,954		2,656		2,285		2,185		2,280
Allocated provision for credit losses	311		283		199		74		59
Noninterest income	846		836		831		910		955
Noninterest expense	1,925		1,930		1,928		1,886		1,951
Income (loss) before income taxes	1,564		1,279		989		1,135		1,225
Provision (benefit) for income taxes	370		303		235		274		253
Segment net income (loss)	$	1,194	$	976	$	754	$	861	$	972
Corporate and Commercial Banking
Net interest income (expense)	$	2,008	$	1,601	$	1,277	$	1,094	$	1,106
Net intersegment interest income (expense)	(172)		24		68		173		207
Segment net interest income	1,836		1,625		1,345		1,267		1,313
Allocated provision for credit losses	134		(50)		(28)		(151)		(183)
Noninterest income	675		644		687		655		822
Noninterest expense	834		817		804		778		821
Income (loss) before income taxes	1,543		1,502		1,256		1,295		1,497
Provision (benefit) for income taxes	326		322		272		281		299
Segment net income (loss)	$	1,217	$	1,180	$	984	$	1,014	$	1,198
Insurance Holdings
Net interest income (expense)	$	82	$	40	$	30	$	24	$	23
Net intersegment interest income (expense)	(36)		(7)		(2)		—		—
Segment net interest income	46		33		28		24		23
Allocated provision for credit losses	5		1		1		—		(1)
Noninterest income	801		734		833		737		681
Noninterest expense	681		640		623		560		546
Income (loss) before income taxes	161		126		237		201		159
Provision (benefit) for income taxes	40		32		58		49		32
Segment net income (loss)	$	121	$	94	$	179	$	152	$	127
Other, Treasury & Corporate (1)
Net interest income (expense)	$	163	$	418	$	533	$	537	$	485
Net intersegment interest income (expense)	(1,018)		(987)		(784)		(830)		(858)
Segment net interest income	(855)		(569)		(251)		(293)		(373)
Allocated provision for credit losses	17		—		(1)		(18)		22
Noninterest income	(95)		(112)		(103)		(160)		(135)
Noninterest expense	282		226		225		450		382
Income (loss) before income taxes	(1,249)		(907)		(578)		(885)		(912)
Provision (benefit) for income taxes	(399)		(294)		(193)		(274)		(217)
Segment net income (loss)	$	(850)	$	(613)	$	(385)	$	(611)	$	(695)
Total Truist Financial Corporation
Net interest income (expense)	$	3,981	$	3,745	$	3,407	$	3,183	$	3,243
Net intersegment interest income (expense)	—		—		—		—		—
Segment net interest income	3,981		3,745		3,407		3,183		3,243
Allocated provision for credit losses	467		234		171		(95)		(103)
Noninterest income	2,227		2,102		2,248		2,142		2,323
Noninterest expense	3,722		3,613		3,580		3,674		3,700
Income (loss) before income taxes	2,019		2,000		1,904		1,746		1,969
Provision (benefit) for income taxes	337		363		372		330		367
Net income	$	1,682	$	1,637	$	1,532	$	1,416	$	1,602
(1) Includes financial data from subsidiaries below the quantitative and qualitative thresholds requiring disclosure.

Truist Financial Corporation 15

Capital Information - Five Quarter Trend
	As of/For the Quarter Ended
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
(Dollars in millions, except per share data, shares in thousands)	2022			2022			2022			2022			2021
Selected Capital Information	(preliminary)
Risk-based capital:
Common equity tier 1	$	39,099		$	38,277		$	38,016		$	37,225		$	37,524
Tier 1	45,769			44,947			44,686			43,895			44,194
Total	54,073			53,223			52,186			51,599			51,518
Risk-weighted assets	433,857			421,489			413,384			397,855			390,886
Average quarterly assets for leverage ratio	539,689			526,454			521,113			512,694			510,404
Average quarterly assets for supplementary leverage ratio	629,910			616,368			608,770			599,415			595,075
Risk-based capital ratios:
Common equity tier 1	9.0		%	9.1		%	9.2		%	9.4		%	9.6		%
Tier 1	10.5			10.7			10.8			11.0			11.3
Total	12.5			12.6			12.6			13.0			13.2
Leverage capital ratio	8.5			8.5			8.6			8.6			8.7
Supplementary leverage	7.3			7.3			7.3			7.3			7.4
Equity as a percentage of total assets	10.9			11.1			11.6			12.0			12.8
Common equity per common share	$	40.58		$	40.79		$	42.45		$	43.82		$	47.14
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
(Dollars in millions, except per share data, shares in thousands)	2022			2022			2022			2022			2021
Calculations of Tangible Common Equity and Related Measures: (1)
Total shareholders’ equity	$	60,537		$	60,811		$	62,999		$	65,044		$	69,271
Less:
Preferred stock	6,673			6,673			6,673			6,673			6,673
Noncontrolling interests	23			23			24			23			—
Intangible assets, net of deferred taxes	29,908			29,752			29,095			29,229			28,772
Tangible common equity	$	23,933		$	24,363		$	27,207		$	29,119		$	33,826
Outstanding shares at end of period (in thousands)	1,326,829			1,326,766			1,326,393			1,331,414			1,327,818
Tangible Common Equity Per Common Share	$	18.04		$	18.36		$	20.51		$	21.87		$	25.47

(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 profitability, returns relative to balance sheet risk, and shareholder value. These measures are not necessarily comparable to similar measures that may be presented by other companies.

16 Truist Financial Corporation

Selected Mortgage Banking Information & Additional Information
	As of/For the Quarter Ended
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
(Dollars in millions, except per share data)	2022			2022			2022			2022			2021
Mortgage Banking Income
Residential mortgage income:
Residential mortgage production revenue	$	7		$	1		$	36		$	52		$	115
Residential mortgage servicing income:
Residential mortgage servicing revenue	168			165			152			145			155
Realization of expected residential MSR cash flows	(80)			(85)			(103)			(109)			(143)
Income statement impact of mortgage servicing rights valuation:
MSRs fair value increase (decrease)	(7)			166			254			350			(25)
MSRs hedge gains (losses)	(3)			(175)			(265)			(349)			57
Net MSRs valuation	(10)			(9)			(11)			1			32
Total residential mortgage servicing income	78			71			38			37			44
Total residential mortgage income	85			72			74			89			159
Commercial mortgage income:
Commercial mortgage production revenue	28			30			21			32			40
Commercial mortgage servicing income:
Commercial mortgage servicing revenue	18			17			17			17			18
Realization of expected commercial MSR cash flows	(14)			(12)			(15)			(17)			(12)
Income statement impact of mortgage servicing rights valuation:
MSRs fair value increase (decrease)	(1)			24			8			9			(1)
MSRs hedge gains (losses)	1			(9)			(5)			(9)			—
Net MSRs valuation	—			15			3			—			(1)
Total commercial mortgage servicing income	4			20			5			—			5
Commercial mortgage income	32			50			26			32			45
Total mortgage banking income	$	117		$	122		$	100		$	121		$	204
Other Mortgage Banking Information
Residential mortgage loan originations	$	4,868		$	11,746		$	11,330		$	11,408		$	14,458
Residential mortgage servicing portfolio (1):
Loans serviced for others	217,046			218,740			209,504			195,737			196,011
Bank-owned loans serviced	56,982			56,786			53,341			50,927			50,716
Total servicing portfolio	274,028			275,526			262,845			246,664			246,727
Weighted-average coupon rate on mortgage loans serviced for others	3.48		%	3.45		%	3.42		%	3.41		%	3.44		%
Weighted-average servicing fee on mortgage loans serviced for others	0.31			0.30			0.30			0.31			0.31
Additional Information
Brokered deposits (2)	$	22,353		$	20,239		$	22,926		$	19,092		$	9,627
NQDCP income (expense):
Interest income	$	2		$	2		$	2		$	19		$	1
Other income	20			(28)			(30)			(44)			(7)
Personnel expense	(22)			26			28			25			6
Total NQDCP income (expense)	$	—		$	—		$	—		$	—		$	—
Common stock prices:
High	$	47.47		$	52.22		$	57.50		$	68.95		$	65.42
Low	40.01			42.56			44.75			56.19			54.73
End of period	43.03			43.54			47.43			56.70			58.55
Banking offices	2,123			2,119			2,117			2,112			2,517
ATMs	3,227			3,185			3,194			3,214			3,670
FTEs (3)	53,999			52,648			51,349			51,169			51,348

(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.

Truist Financial Corporation 17

Selected Items (1)
	Favorable (Unfavorable)
(Dollars in millions)			After-Tax at
Description	Pre-Tax		Marginal Rate
Selected Items
Fourth Quarter 2022
Incremental operating expenses related to the merger ($51 million professional fees and outside processing and $5 million other line items)	$	(56)	$	(43)
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)
Gain (loss) on early extinguishment of debt (other expense)	39		30
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 and costs classified as merger-related and restructuring charges as well as immaterial adjustments made for gains and losses on the early extinguishment of debt.

18 Truist Financial Corporation

Non-GAAP Reconciliations
	Quarter Ended															Year-to-Date
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31			Dec. 31			Dec. 31
(Dollars in millions)	2022			2022			2022			2022			2021			2022			2021
Efficiency Ratio (1)
Efficiency Ratio Numerator - Noninterest Expense - GAAP	$	3,722		$	3,613		$	3,580		$	3,674		$	3,700		$	14,589		$	15,116
Merger-related and restructuring charges, net	(114)			(62)			(121)			(216)			(212)			(513)			(822)
Gain (loss) on early extinguishment of debt	—			—			39			—			1			39			4
Incremental operating expense related to the merger	(56)			(90)			(117)			(202)			(215)			(465)			(771)
Amortization of intangibles	(163)			(140)			(143)			(137)			(143)			(583)			(574)
Charitable contribution	—			—			—			—			—			—			(200)
Professional fee accrual	—			—			—			—			—			—			(30)
Acceleration for cash flow hedge unwind	—			—			—			—			—			—			(36)
Efficiency Ratio Numerator - Adjusted	$	3,389		$	3,321		$	3,238		$	3,119		$	3,131		$	13,067		$	12,687
Efficiency Ratio Denominator - Revenue (2) - GAAP	$	6,208		$	5,847		$	5,655		$	5,325		$	5,566		$	23,035		$	22,296
Taxable equivalent adjustment	50			38			28			26			24			142			108
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	$	6,258		$	5,886		$	5,684		$	5,346		$	5,590		$	23,174		$	22,367
Efficiency Ratio - GAAP	60.0		%	61.8		%	63.3		%	69.0		%	66.5		%	63.3		%	67.8		%
Efficiency Ratio - Adjusted	54.2			56.4			57.0			58.3			56.0			56.4			56.7

(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.

	Quarter Ended															Year-to-Date
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31			Dec. 31			Dec. 31
(Dollars in millions)	2022			2022			2022			2022			2021			2022			2021
Return on Average Tangible Common Shareholders’ Equity (1)
Net income available to common shareholders	$	1,610		$	1,536		$	1,454		$	1,327		$	1,524		$	5,927		$	6,033
Plus: Amortization of intangibles, net of tax	125			107			109			105			110			446			441
Tangible net income available to common shareholders	$	1,735		$	1,643		$	1,563		$	1,432		$	1,634		$	6,373		$	6,474
Average common shareholders’ equity	$	54,823		$	56,813		$	56,803		$	60,117		$	61,807		$	57,124		$	62,112
Less: Average intangible assets, net of deferred taxes	29,891			29,035			29,173			28,905			27,523			29,253			26,897
Average tangible common shareholders’ equity	$	24,932		$	27,778		$	27,630		$	31,212		$	34,284		$	27,871		$	35,215
Return on average common shareholders’ equity	11.7		%	10.7		%	10.3		%	9.0		%	9.8		%	10.4		%	9.7		%
Return on average tangible common shareholders’ equity	27.6			23.5			22.7			18.6			18.9			22.9			18.4

(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 profitability, returns relative to balance sheet risk, and shareholder value. These measures are not necessarily comparable to similar measures that may be presented by other companies.

	Quarter Ended										Year-to-Date
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31		Dec. 31		Dec. 31
(Dollars in millions, except per share data)	2022		2022		2022		2022		2021		2022		2021
Diluted EPS (1)
Net income available to common shareholders - GAAP	$	1,610	$	1,536	$	1,454	$	1,327	$	1,524	$	5,927	$	6,033
Merger-related and restructuring charges	87		48		92		166		163		393		631
Securities (gains) losses	—		1		—		53		—		54		—
Loss (gain) on early extinguishment of debt	—		—		(30)		—		—		(30)		(3)
Incremental operating expenses related to the merger	43		69		89		155		165		356		592
Charitable contribution	—		—		—		—		—		—		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	$	1,740	$	1,654	$	1,605	$	1,644	$	1,852	$	6,643	$	7,457
Weighted average shares outstanding - diluted	1,337,338		1,336,659		1,338,864		1,341,563		1,343,029		1,338,462		1,349,378
Diluted EPS - GAAP	$	1.20	$	1.15	$	1.09	$	0.99	$	1.13	$	4.43	$	4.47
Diluted EPS - Adjusted	1.30		1.24		1.20		1.23		1.38		4.96		5.53

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

Truist Financial Corporation 19