Operating Segments

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Operating Segments

Operating Segments

Truist operates and measures business activity across three segments: CB&W, C&CB, and IH, with functional activities included in OT&C. The Company’s business segment structure is based on the manner in which financial information is evaluated by management as well as the products and services provided or the type of client served. For additional information, see “Note 21. Operating Segments” of the Annual Report on Form 10-K for the year ended December 31, 2022.

During the first quarter of 2023, Truist reorganized Prime Rate Premium Finance Corporation, which includes AFCO Credit Corporation and CAFO Holding Company, into the C&CB segment from the IH segment. Prior period results have been revised to conform to the current presentation.

The following table presents results by segment:

Three Months Ended March 31, (Dollars in millions)	CB&W				C&CB				IH				OT&C(1)				Total
	2023		2022		2023		2022		2023		2022		2023		2022		2023		2022
Net interest income (expense)	$	1,601	$	1,528	$	2,308	$	1,118	$	1	$	1	$	(42)	$	536	$	3,868	$	3,183
Net intersegment interest income (expense)	1,139		656		(556)		171		13		2		(596)		(829)		—		—
Segment net interest income	2,740		2,184		1,752		1,289		14		3		(638)		(293)		3,868		3,183
Allocated provision for credit losses	274		74		232		(150)		—		—		(4)		(19)		502		(95)
Segment net interest income after provision	2,466		2,110		1,520		1,439		14		3		(634)		(274)		3,366		3,278
Noninterest income	873		910		630		656		817		733		(86)		(157)		2,234		2,142
Amortization of intangibles	69		73		31		33		36		30		—		1		136		137
Other noninterest expense	1,900		1,812		812		755		648		516		195		454		3,555		3,537
Income (loss) before income taxes	1,370		1,135		1,307		1,307		147		190		(915)		(886)		1,909		1,746
Provision (benefit) for income taxes	326		274		273		284		36		47		(241)		(275)		394		330
Segment net income (loss)	$	1,044	$	861	$	1,034	$	1,023	$	111	$	143	$	(674)	$	(611)	$	1,515	$	1,416
Identifiable assets (period end)	$	168,701	$	159,939	$	213,143	$	188,806	$	7,263	$	6,494	$	185,247	$	188,740	$	574,354	$	543,979

(1)Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure.