Quarterly Performance Summary

Truist Financial Corporation

Second Quarter 2023

Table of Contents
Quarterly Performance Summary
Truist Financial Corporation
	Page
Financial Highlights	1
Consolidated Statements of Income	2
Consolidated Ending Balance Sheets	3
Average Balances and Rates - Quarters	4
Average Balances and Rates - Year-To-Date	5
Credit Quality	6
Segment Financial Performance	10
Capital Information	11
Selected Mortgage Banking Information & Additional Information	12
Selected Items	13

Financial Highlights

	Quarter Ended															Year-to-Date
(Dollars in millions, except per share data, shares in thousands)	June 30			March 31			Dec. 31			Sept. 30			June 30			June 30			June 30
	2023			2023			2022			2022			2022			2023			2022
Summary Income Statement
Interest income - taxable equivalent(1)	$	6,230		$	5,836		$	5,288		$	4,407		$	3,701		$	12,066		$	7,084
Interest expense	2,551			1,917			1,257			624			266			4,468			440
Net interest income - taxable equivalent	3,679			3,919			4,031			3,783			3,435			7,598			6,644
Less: Taxable-equivalent adjustment	54			51			50			38			28			105			54
Net interest income	3,625			3,868			3,981			3,745			3,407			7,493			6,590
Provision for credit losses	538			502			467			234			171			1,040			76
Net interest income after provision for credit losses	3,087			3,366			3,514			3,511			3,236			6,453			6,514
Noninterest income	2,293			2,234			2,227			2,102			2,248			4,527			4,390
Noninterest expense	3,748			3,691			3,722			3,613			3,580			7,439			7,254
Income before income taxes	1,632			1,909			2,019			2,000			1,904			3,541			3,650
Provision for income taxes	287			394			337			363			372			681			702
Net income	1,345			1,515			1,682			1,637			1,532			2,860			2,948
Noncontrolling interests	36			2			1			4			1			38			2
Preferred stock dividends and other	75			103			71			97			77			178			165
Net income available to common shareholders	1,234			1,410			1,610			1,536			1,454			2,644			2,781
Additional Income Statement Information
Revenue - taxable equivalent	5,972			6,153			6,258			5,885			5,683			12,125			11,034
Pre-provision net revenue - unadjusted(2)	2,224			2,462			2,536			2,272			2,103			4,686			3,780
Pre-provision net revenue - adjusted(2)	2,413			2,661			2,869			2,565			2,446			5,074			4,673
Per Common Share Data
Earnings:
Earnings per share-basic	$	0.93		$	1.06		$	1.21		$	1.16		$	1.09		$	1.99		$	2.09
Earnings per share-diluted	0.92			1.05			1.20			1.15			1.09			1.98			2.08
Earnings per share-adjusted diluted(2)	NA			NA			1.30			1.24			1.20			NA			2.43
Cash dividends declared	0.52			0.52			0.52			0.52			0.48			1.04			0.96
Common shareholders’ equity	42.68			41.82			40.58			40.79			42.45			42.68			42.45
Tangible common shareholders’ equity(2)	20.44			19.45			18.04			18.36			20.51			20.44			20.51
End of period shares outstanding	1,331,976			1,331,918			1,326,829			1,326,766			1,326,393			1,331,976			1,326,393
Weighted average shares outstanding-basic	1,331,953			1,328,602			1,326,787			1,326,539			1,330,160			1,330,286			1,329,601
Weighted average shares outstanding-diluted	1,337,307			1,339,480			1,337,338			1,336,659			1,338,864			1,338,346			1,340,225
Performance Ratios
Return on average assets	0.95		%	1.10		%	1.21		%	1.19		%	1.14		%	1.02		%	1.10		%
Return on average common shareholders’ equity	8.6			10.3			11.7			10.7			10.3			9.5			9.6
Return on average tangible common shareholders’ equity(2)	19.4			24.1			27.6			23.5			22.7			21.7			20.5
Net interest margin - taxable equivalent	2.91			3.17			3.25			3.12			2.89			3.04			2.83
Fee income ratio	38.8			36.6			35.9			36.0			39.7			37.7			40.0
Efficiency ratio-GAAP	63.3			60.5			60.0			61.8			63.3			61.9			66.1
Efficiency ratio-adjusted(2)	59.6			56.8			54.2			56.4			57.0			58.2			57.6
Credit Quality
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.47		%	0.36		%	0.36		%	0.35		%	0.36		%
Net charge-offs as a percentage of average loans and leases(3)	0.54			0.37			0.34			0.27			0.22			0.46		%	0.23		%
Allowance for loan and lease losses as a percentage of LHFI	1.43			1.37			1.34			1.34			1.38			1.43			1.38
Ratio of allowance for loan and lease losses to nonperforming LHFI	3.0x			3.8x			3.7x			3.8x			3.8x			3.0x			3.8x
Average Balances
Assets	$	565,822		$	559,627		$	552,959		$	545,606		$	540,568		$	562,741		$	538,287
Securities(4)	138,393			140,551			142,433			145,396			148,681			139,466			150,673
Loans and leases	328,258			327,547			322,733			311,876			299,861			327,905			296,193
Deposits	399,826			408,458			413,276			420,096			423,750			404,118			419,517
Common shareholders’ equity	57,302			55,380			54,823			56,813			56,803			56,346			58,451
Total shareholders’ equity	64,101			62,077			61,519			63,510			63,500			63,095			65,140
Period-End Balances
Assets	$	554,549		$	574,354		$	555,255		$	548,438		$	545,123
Securities(4)	124,923			128,790			129,514			131,732			139,359
Loans and leases	324,015			329,833			327,435			316,639			307,300
Deposits	406,043			404,997			413,495			415,992			424,759
Common shareholders’ equity	56,853			55,699			53,841			54,115			56,302
Total shareholders’ equity	63,681			62,394			60,537			60,811			62,999
Capital and Liquidity Ratios	(preliminary)
Common equity Tier 1	9.6		%	9.1		%	9.0		%	9.1		%	9.2		%
Tier 1	11.1			10.6			10.5			10.7			10.8
Total	13.2			12.7			12.4			12.6			12.6
Leverage	8.8			8.5			8.5			8.5			8.6
Supplementary leverage	7.5			7.3			7.3			7.3			7.3
Liquidity coverage ratio	112			113			112			111			110
Net stable funding ratio(5)	127			127			NA			NA			NA

Applicable ratios are annualized.

(1)Interest income includes certain fees, deferred costs, fair value mark accretion, and dividends.

(2)Represents a non-GAAP measure. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the appendix to Truist’s Second Quarter 2023 Earnings Presentation.

(3)2Q23 includes 12 basis point impact from student loan portfolio sale.

(4)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.

(5)Beginning in the second quarter of 2023, the net stable funding ratio disclosure is required semi-annually for the two most recent quarters.

- 1 -

Consolidated Statements of Income

	Quarter Ended										Year-to-Date
	June 30		March 31		Dec. 31		Sept. 30		June 30		June 30		June 30
(Dollars in millions, except per share data, shares in thousands)	2023		2023		2022		2022		2022		2023		2022
Interest Income
Interest and fees on loans and leases	$	4,915	$	4,656	$	4,220	$	3,490	$	2,898	$	9,571	$	5,542
Interest on securities	749		752		739		709		675		1,501		1,315
Interest on other earning assets	512		377		279		170		100		889		173
Total interest income	6,176		5,785		5,238		4,369		3,673		11,961		7,030
Interest Expense
Interest on deposits	1,506		1,125		683		331		99		2,631		131
Interest on long-term debt	734		514		332		190		137		1,248		269
Interest on other borrowings	311		278		242		103		30		589		40
Total interest expense	2,551		1,917		1,257		624		266		4,468		440
Net Interest Income	3,625		3,868		3,981		3,745		3,407		7,493		6,590
Provision for credit losses	538		502		467		234		171		1,040		76
Net Interest Income After Provision for Credit Losses	3,087		3,366		3,514		3,511		3,236		6,453		6,514
Noninterest Income
Insurance income	935		813		766		725		825		1,748		1,552
Wealth management income	330		339		324		334		337		669		680
Investment banking and trading income	211		261		257		222		255		472		516
Service charges on deposits	240		249		257		263		254		489		506
Card and payment related fees	236		230		245		241		246		466		458
Mortgage banking income	99		142		117		122		100		241		221
Lending related fees	86		106		110		80		100		192		185
Operating lease income	64		67		68		66		66		131		124
Securities gains (losses)	—		—		—		(1)		(1)		—		(70)
Other income	92		27		83		50		66		119		218
Total noninterest income	2,293		2,234		2,227		2,102		2,248		4,527		4,390
Noninterest Expense
Personnel expense	2,256		2,181		2,198		2,116		2,102		4,437		4,153
Professional fees and outside processing	352		314		347		352		349		666		712
Software expense	237		214		241		225		234		451		466
Net occupancy expense	180		183		179		176		181		363		389
Amortization of intangibles	131		136		163		140		143		267		280
Equipment expense	92		110		124		122		114		202		232
Marketing and customer development	79		78		70		105		93		157		177
Operating lease depreciation	44		46		44		45		47		90		95
Regulatory costs	73		75		52		52		44		148		79
Merger-related and restructuring charges	54		63		114		62		121		117		337
Other expense	250		291		190		218		152		541		334
Total noninterest expense	3,748		3,691		3,722		3,613		3,580		7,439		7,254
Earnings
Income before income taxes	1,632		1,909		2,019		2,000		1,904		3,541		3,650
Provision for income taxes	287		394		337		363		372		681		702
Net income	1,345		1,515		1,682		1,637		1,532		2,860		2,948
Noncontrolling interests	36		2		1		4		1		38		2
Preferred stock dividends and other	75		103		71		97		77		178		165
Net income available to common shareholders	$	1,234	$	1,410	$	1,610	$	1,536	$	1,454	$	2,644	$	2,781
Earnings Per Common Share
Basic	$	0.93	$	1.06	$	1.21	$	1.16	$	1.09	$	1.99	$	2.09
Diluted	0.92		1.05		1.20		1.15		1.09		1.98		2.08
Weighted Average Shares Outstanding
Basic	1,331,953		1,328,602		1,326,787		1,326,539		1,330,160		1,330,286		1,329,601
Diluted	1,337,307		1,339,480		1,337,338		1,336,659		1,338,864		1,338,346		1,340,225

- 2 -

Consolidated Ending Balance Sheets - Five Quarter Trend

	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2023		2023		2022		2022		2022
Assets
Cash and due from banks	$	4,782	$	4,629	$	5,379	$	5,031	$	5,511
Interest-bearing deposits with banks	25,228		32,967		16,042		17,194		17,602
Securities borrowed or purchased under resale agreements	2,315		3,637		3,181		2,568		2,650
Trading assets at fair value	4,097		4,601		4,905		5,864		5,230
Securities available for sale at fair value	68,965		71,858		71,801		72,978		79,278
Securities held to maturity at amortized cost	55,958		56,932		57,713		58,754		60,081
Loans and leases:
Commercial:
Commercial and industrial	167,153		167,217		164,307		153,615		149,840
CRE	22,825		22,670		22,676		22,493		22,149
Commercial construction	5,943		5,951		5,849		5,568		5,157
Consumer:
Residential mortgage	56,476		56,455		56,645		55,529		50,903
Home equity(1)	10,348		10,577		10,876		10,883		10,689
Indirect auto	25,759		27,279		27,951		28,239		27,419
Other consumer(1)	28,755		27,742		27,533		27,457		26,617
Student	—		4,996		5,287		5,780		6,144
Credit card	4,833		4,786		4,867		4,771		4,744
Total loans and leases held for investment	322,092		327,673		325,991		314,335		303,662
Loans held for sale	1,923		2,160		1,444		2,304		3,638
Total loans and leases	324,015		329,833		327,435		316,639		307,300
Allowance for loan and lease losses	(4,606)		(4,479)		(4,377)		(4,205)		(4,187)
Premises and equipment	3,453		3,519		3,605		3,585		3,682
Goodwill	27,013		27,014		27,013		26,810		26,299
Core deposit and other intangible assets	3,403		3,535		3,672		3,726		3,535
Loan servicing rights at fair value	3,497		3,303		3,758		3,797		3,466
Other assets	36,429		37,005		35,128		35,697		34,676
Total assets	$	554,549	$	574,354	$	555,255	$	548,438	$	545,123
Liabilities
Deposits:
Noninterest-bearing deposits	$	121,831	$	128,719	$	135,742	$	144,826	$	147,752
Interest checking	106,471		107,116		110,464		110,397		114,143
Money market and savings	135,514		136,836		143,815		146,315		149,302
Time deposits	42,227		32,326		23,474		14,454		13,562
Total deposits	406,043		404,997		413,495		415,992		424,759
Short-term borrowings	24,456		23,678		23,422		25,687		13,736
Long-term debt	44,749		69,895		43,203		31,172		30,319
Other liabilities	15,620		13,390		14,598		14,776		13,310
Total liabilities	490,868		511,960		494,718		487,627		482,124
Shareholders’ Equity:
Preferred stock	6,673		6,673		6,673		6,673		6,673
Common stock	6,660		6,660		6,634		6,634		6,632
Additional paid-in capital	35,990		34,582		34,544		34,487		34,410
Retained earnings	27,577		27,038		26,264		25,344		24,500
Accumulated other comprehensive loss	(13,374)		(12,581)		(13,601)		(12,350)		(9,240)
Noncontrolling interests	155		22		23		23		24
Total shareholders’ equity	63,681		62,394		60,537		60,811		62,999
Total liabilities and shareholders’ equity	$	554,549	$	574,354	$	555,255	$	548,438	$	545,123

(1)In the first quarter of 2023, the Company reclassified certain portfolios within the consumer portfolio segment to delineate home equity from other consumer portfolios. Prior periods were revised to conform to the current presentation.

- 3 -

Average Balances and Rates - Quarters

	Quarter Ended
	June 30, 2023						March 31, 2023						December 31, 2022						September 30, 2022						June 30, 2022
(Dollars in millions)	Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury	$	11,115	$	30	1.10	%	$	11,117	$	30	1.07	%	$	10,989	$	27	0.98	%	$	10,925	$	26	0.93	%	$	10,544	$	22	0.86	%
U.S. government-sponsored entities (GSE)	329		3		2.70		335		2		2.86		325		3		2.47		305		1		2.56		255		1		1.96
Mortgage-backed securities issued by GSE	122,647		690		2.25		124,746		694		2.23		126,718		682		2.16		129,703		655		2.02		133,339		625		1.88
States and political subdivisions	425		5		4.18		425		4		4.07		426		4		4.03		395		4		3.92		371		4		3.83
Non-agency mortgage-backed	3,852		22		2.32		3,907		23		2.34		3,953		23		2.33		4,016		24		2.32		4,097		23		2.30
Other	25		—		5.20		21		—		5.30		22		1		4.44		52		—		3.94		75		1		3.66
Total securities	138,393		750		2.17		140,551		753		2.14		142,433		740		2.08		145,396		710		1.95		148,681		676		1.82
Loans and leases:
Commercial:
Commercial and industrial	166,588		2,610		6.28		165,095		2,436		5.98		159,308		2,098		5.23		152,123		1,564		4.08		145,558		1,174		3.24
CRE	22,706		384		6.73		22,689		355		6.32		22,497		314		5.51		22,245		245		4.32		22,508		193		3.41
Commercial construction	5,921		111		7.64		5,863		101		7.14		5,711		88		6.25		5,284		62		4.83		5,256		43		3.46
Consumer:
Residential mortgage	56,320		531		3.77		56,422		526		3.73		56,292		514		3.65		53,271		478		3.59		49,237		440		3.58
Home equity(3)	10,478		190		7.26		10,735		180		6.80		10,887		164		6.02		10,767		142		5.17		10,677		118		4.52
Indirect auto	26,558		398		6.01		27,743		398		5.82		28,117		396		5.59		28,057		382		5.40		26,496		362		5.47
Other consumer(3)	28,189		499		7.10		27,559		459		6.76		27,479		447		6.44		26,927		419		6.21		25,918		391		6.00
Student	4,766		80		6.76		5,129		89		7.04		5,533		90		6.42		5,958		85		5.64		6,331		66		4.20
Credit card	4,846		137		11.48		4,785		136		11.43		4,842		127		10.38		4,755		119		9.97		4,728		105		8.91
Total loans and leases held for investment	326,372		4,940		6.07		326,020		4,680		5.81		320,666		4,238		5.25		309,387		3,496		4.49		296,709		2,892		3.91
Loans held for sale	1,886		28		5.94		1,527		25		6.71		2,067		31		6.08		2,489		30		4.81		3,152		33		4.20
Total loans and leases	328,258		4,968		6.07		327,547		4,705		5.81		322,733		4,269		5.26		311,876		3,526		4.49		299,861		2,925		3.91
Interest earning trading assets	4,445		75		6.73		5,462		83		6.09		5,717		79		5.60		5,446		62		4.49		6,073		55		3.55
Other earning assets	34,988		437		5.02		25,589		295		4.67		21,922		200		3.60		19,631		109		2.24		21,203		45		0.85
Total earning assets	506,084		6,230		4.93		499,149		5,836		4.72		492,805		5,288		4.27		482,349		4,407		3.63		475,818		3,701		3.12
Nonearning assets	59,738						60,478						60,154						63,257						64,750
Total assets	$	565,822					$	559,627					$	552,959					$	545,606					$	540,568
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	102,105	487		1.91		$	108,886	430		1.60		$	110,001	304		1.10		$	111,645	158		0.56		$	112,375	43		0.15
Money market and savings	138,149		686		1.99		139,802		476		1.38		144,730		316		0.87		147,659		159		0.43		148,632		50		0.13
Time deposits	35,844		333		3.73		28,671		219		3.10		17,513		63		1.42		14,751		14		0.40		14,133		6		0.17
Total interest-bearing deposits	276,098		1,506		2.19		277,359		1,125		1.64		272,244		683		1.00		274,055		331		0.48		275,140		99		0.14
Short-term borrowings	23,991		311		5.19		24,056		278		4.69		25,640		242		3.75		17,392		103		2.34		9,618		30		1.26
Long-term debt	63,665		734		4.62		51,057		514		4.05		38,700		332		3.42		31,381		190		2.43		31,263		137		1.75
Total interest-bearing liabilities	363,754		2,551		2.81		352,472		1,917		2.20		336,584		1,257		1.48		322,828		624		0.77		316,021		266		0.34
Noninterest-bearing deposits	123,728						131,099						141,032						146,041						148,610
Other liabilities	14,239						13,979						13,824						13,227						12,437
Shareholders’ equity	64,101						62,077						61,519						63,510						63,500
Total liabilities and shareholders’ equity	$	565,822					$	559,627					$	552,959					$	545,606					$	540,568
Average interest-rate spread					2.12						2.52						2.79						2.86						2.78
Net interest income/ net interest margin			$	3,679	2.91	%			$	3,919	3.17	%			$	4,031	3.25	%			$	3,783	3.12	%			$	3,435	2.89	%
Taxable-equivalent adjustment			54						51						50						38						28
Memo: Total deposits	$	399,826	1,506		1.51	%	$	408,458	1,125		1.12	%	$	413,276	683		0.66	%	$	420,096	331		0.31	%	$	423,750	99		0.09	%

(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)In the first quarter of 2023, the Company reclassified certain portfolios within the consumer portfolio segment to delineate home equity from other consumer portfolios. Prior periods were revised to conform to the current presentation.

- 4 -

Average Balances and Rates - Year-To-Date

	Year-to-Date
	June 30, 2023						June 30, 2022
(Dollars in millions)	Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)		Average Balances(1)		Income/Expense(2)		Yields/ Rates(2)
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury	$	11,116	$	60	1.08	%	$	10,219	$	40	0.79	%
U.S. government-sponsored entities (GSE)	332		5		2.78		685		7		2.11
Mortgage-backed securities issued by GSE	123,692		1,384		2.24		135,185		1,215		1.80
States and political subdivisions	425		9		4.12		372		7		3.77
Non-agency mortgage-backed	3,879		45		2.33		4,161		47		2.27
Other	22		—		5.24		51		1		3.22
Total securities	139,466		1,503		2.16		150,673		1,317		1.75
Loans and leases:
Commercial:
Commercial and industrial	165,846		5,046		6.13		142,233		2,161		3.06
CRE	22,698		739		6.52		23,029		361		3.12
Commercial construction	5,892		212		7.39		5,152		78		3.26
Consumer:
Residential mortgage	56,370		1,057		3.75		48,610		868		3.57
Home equity(3)	10,606		370		7.03		10,747		234		4.43
Indirect auto	27,147		796		5.91		26,293		719		5.51
Other consumer(3)	27,876		958		6.93		25,424		774		6.12
Student	4,947		169		6.91		6,489		129		4.02
Credit card	4,815		273		11.45		4,705		209		8.94
Total loans and leases held for investment	326,197		9,620		5.94		292,682		5,533		3.81
Loans held for sale	1,708		53		6.28		3,511		61		3.47
Total loans and leases	327,905		9,673		5.94		296,193		5,594		3.80
Interest earning trading assets	4,951		158		6.38		5,956		98		3.30
Other earning assets	30,314		732		4.87		20,074		75		0.75
Total earning assets	502,636		12,066		4.83		472,896		7,084		3.01
Nonearning assets	60,105						65,391
Total assets	$	562,741					$	538,287
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	105,477	917		1.75		$	112,268	57		0.10
Money market and savings	138,972		1,162		1.69		145,085		61		0.08
Time deposits	32,276		552		3.45		14,885		13		0.18
Total interest-bearing deposits	276,725		2,631		1.92		272,238		131		0.10
Short-term borrowings	24,023		589		4.94		8,289		40		0.98
Long-term debt	57,396		1,248		4.37		33,289		269		1.61
Total interest-bearing liabilities	358,144		4,468		2.51		313,816		440		0.28
Noninterest-bearing deposits	127,393						147,279
Other liabilities	14,109						12,052
Shareholders’ equity	63,095						65,140
Total liabilities and shareholders’ equity	$	562,741					$	538,287
Average interest-rate spread					2.32						2.73
Net interest income/ net interest margin			$	7,598	3.04	%			$	6,644	2.83	%
Taxable-equivalent adjustment			105						54
Memo: Total deposits	$	404,118	2,631		1.31	%	$	419,517	131		0.06	%

(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)In the first quarter of 2023, the Company reclassified certain portfolios within the consumer portfolio segment to delineate home equity from other consumer portfolios. Prior periods were revised to conform to the current presentation.

- 5 -

Credit Quality

	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2023		2023		2022		2022		2022
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial	$	562	$	394	$	398	$	443	$	393
CRE	275		117		82		5		19
Commercial construction	16		1		—		—		—
Consumer:
Residential mortgage	221		233		240		227		269
Home equity(1)	129		132		135		132		133
Indirect auto	262		270		289		260		244
Other consumer(1)	46		45		44		39		32
Total nonaccrual loans and leases held for investment	1,511		1,192		1,188		1,106		1,090
Loans held for sale	13		—		—		72		33
Total nonaccrual loans and leases	1,524		1,192		1,188		1,178		1,123
Foreclosed real estate	3		3		4		4		3
Other foreclosed property	56		66		58		58		47
Total nonperforming assets	$	1,583	$	1,261	$	1,250	$	1,240	$	1,173
Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial	$	36	$	35	$	49	$	44	$	27
CRE	—		—		1		1		3
Commercial construction	5		—		—		—		3
Consumer:
Residential mortgage - government guaranteed	541		649		759		808		884
Residential mortgage - nonguaranteed	23		25		27		26		27
Home equity(1)	7		10		12		9		8
Indirect auto	—		—		1		1		1
Other consumer(1)	12		10		13		9		5
Student - government guaranteed	—		590		702		770		796
Student - nonguaranteed	—		4		4		5		5
Credit card	38		38		37		36		28
Total loans 90 days past due and still accruing	$	662	$	1,361	$	1,605	$	1,709	$	1,787
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial	$	142	$	125	$	256	$	162	$	223
CRE	38		34		25		15		10
Commercial construction	6		3		5		3		4
Consumer:
Residential mortgage - government guaranteed	267		232		268		234		233
Residential mortgage - nonguaranteed	254		259		346		300		302
Home equity(1)	56		65		68		67		68
Indirect auto	549		511		646		591		584
Other consumer(1)	175		164		187		152		166
Student - government guaranteed	—		350		396		375		447
Student - nonguaranteed	—		6		6		6		6
Credit card	63		56		64		52		48
Total loans 30-89 days past due	$	1,550	$	1,805	$	2,267	$	1,957	$	2,091

(1)In the first quarter of 2023, the Company reclassified certain portfolios within the consumer portfolio segment to delineate home equity from other consumer portfolios. Prior periods were revised to conform to the current presentation.

- 6 -

	As of/For the Quarter Ended
	June 30		March 31		Dec. 31		Sept. 30		June 30
	2023		2023		2022		2022		2022
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.48	%	0.55	%	0.70	%	0.62	%	0.69	%
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.21		0.42		0.49		0.54		0.59
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.47		0.36		0.36		0.35		0.36
Nonperforming loans and leases as a percentage of loans and leases(1)	0.47		0.36		0.36		0.37		0.37
Nonperforming assets as a percentage of:
Total assets(1)	0.29		0.22		0.23		0.23		0.22
Loans and leases plus foreclosed property	0.49		0.38		0.38		0.37		0.38
Net charge-offs as a percentage of average loans and leases(2)	0.54		0.37		0.34		0.27		0.22
Allowance for loan and lease losses as a percentage of loans and leases	1.43		1.37		1.34		1.34		1.38
Ratio of allowance for loan and lease losses to:
Net charge-offs(3)	2.6X		3.7X		4.1X		5.0X		6.5X
Nonperforming loans and leases	3.0X		3.8X		3.7X		3.8X		3.8X
Asset Quality Ratios (Excluding 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	%	0.04	%
							As of/For the Year-to-Date
							Period Ended June 30
							2023		2022
Asset Quality Ratios
Net charge-offs as a percentage of average loans and leases							0.46	%	0.23	%
Ratio of allowance for loan and lease losses to net charge-offs							3.1X		6.2X

Applicable ratios are annualized.

(1)Includes loans held for sale.

(2)2Q23 includes 12 basis point impact from student loan portfolio sale.

(3)Excluding the impact from the student loan charge-offs, the ALLL to annualized net charge-offs was 3.4X at June 30, 2023.

- 7 -

	As of/For the Quarter Ended										As of/For the Year-to-Date
	June 30		March 31		Dec. 31		Sept. 30		June 30		Period Ended June 30
(Dollars in millions)	2023		2023		2022		2022		2022		2023		2022
Allowance for Credit Losses(1)
Beginning balance	$	4,761	$	4,649	$	4,455	$	4,434	$	4,423	$	4,649	$	4,695
Provision for credit losses	558		482		467		234		171		1,040		76
Charge-offs:
Commercial:
Commercial and industrial	(107)		(75)		(44)		(51)		(17)		(182)		(48)
CRE	(35)		(6)		(11)		—		(1)		(41)		(2)
Commercial construction	—		—		—		—		—		—		(1)
Consumer:
Residential mortgage	(1)		(1)		(1)		(4)		(2)		(2)		(4)
Home equity(2)	(2)		(2)		(6)		(3)		(3)		(4)		(4)
Indirect auto	(115)		(127)		(129)		(103)		(77)		(242)		(179)
Other consumer(2)	(104)		(105)		(96)		(109)		(100)		(209)		(176)
Student	(103)		(5)		(5)		(7)		(4)		(108)		(10)
Credit card	(53)		(51)		(53)		(42)		(40)		(104)		(81)
Total charge-offs	(520)		(372)		(345)		(319)		(244)		(892)		(505)
Recoveries:
Commercial:
Commercial and industrial	13		13		14		43		13		26		30
CRE	—		1		1		—		6		1		7
Commercial construction	—		1		1		2		1		1		2
Consumer:
Residential mortgage	2		2		3		3		4		4		10
Home equity(2)	5		6		6		8		6		11		11
Indirect auto	31		26		21		21		26		57		49
Other consumer(2)	20		17		17		21		20		37		41
Student	—		—		1		—		—		—		—
Credit card	9		9		8		8		9		18		18
Total recoveries	80		75		72		106		85		155		168
Net charge-offs	(440)		(297)		(273)		(213)		(159)		(737)		(337)
Other(3)	—		(73)		—		—		(1)		(73)		—
Ending balance	$	4,879	$	4,761	$	4,649	$	4,455	$	4,434	$	4,879	$	4,434
Allowance for Credit Losses:(1)
Allowance for loan and lease losses	$	4,606	$	4,479	$	4,377	$	4,205	$	4,187
Reserve for unfunded lending commitments (RUFC)	273		282		272		250		247
Allowance for credit losses	$	4,879	$	4,761	$	4,649	$	4,455	$	4,434

(1)Excludes provision for credit losses and allowances related to other financial assets at amortized cost.

(2)In the first quarter of 2023, the Company reclassified certain portfolios within the consumer portfolio segment to delineate home equity from other consumer portfolios. Prior periods were revised to conform to the current presentation.

(3)The first quarter of 2023 includes the impact from the adoption of the Troubled Debt Restructurings and Vintage Disclosures accounting standard.

	Quarter Ended										As of/For the Year-to-Date
	June 30		March 31		Dec. 31		Sept. 30		June 30		Period Ended June 30
	2023		2023		2022		2022		2022		2023		2022
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial	0.23	%	0.15	%	0.08	%	0.02	%	0.01	%	0.19	%	0.03	%
CRE	0.62		0.09		0.19		(0.01)		(0.10)		0.35		(0.04)
Commercial construction	(0.02)		(0.04)		(0.06)		(0.10)		(0.08)		(0.03)		(0.05)
Consumer:
Residential mortgage	(0.01)		—		(0.02)		0.01		(0.02)		(0.01)		(0.02)
Home equity	(0.12)		(0.15)		(0.01)		(0.13)		(0.17)		(0.14)		(0.14)
Indirect auto	1.28		1.47		1.52		1.15		0.77		1.38		1.00
Other consumer	1.20		1.29		1.11		1.31		1.27		1.25		1.07
Student	8.67		0.42		0.34		0.40		0.30		4.42		0.31
Credit card	3.66		3.54		3.68		2.80		2.63		3.60		2.70
Total loans and leases	0.54		0.37		0.34		0.27		0.22		0.46		0.23
Applicable ratios are annualized.

- 8 -

Rollforward of Intangible Assets and Selected Fair Value Marks(1)

	As of/For the Quarter Ended
	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2023		2023		2022		2022		2022
Loans and Leases(2)
Beginning balance unamortized fair value mark	$	(673)	$	(741)	$	(826)	$	(924)	$	(1,119)
Accretion	63		64		80		96		189
Purchase accounting adjustments and other activity	31		4		5		2		6
Ending balance	$	(579)	$	(673)	$	(741)	$	(826)	$	(924)
Core deposit and other intangible assets
Beginning balance	$	3,535	$	3,672	$	3,726	$	3,535	$	3,693
Additions - acquisitions	—		—		111		336		—
Amortization of intangibles(3)	(131)		(136)		(163)		(140)		(143)
Amortization in net occupancy expense	(1)		(1)		(3)		(5)		(5)
Purchase accounting adjustments and other activity	—		—		1		—		(10)
Ending balance	$	3,403	$	3,535	$	3,672	$	3,726	$	3,535
Deposits(4)
Beginning balance unamortized fair value mark	$	—	$	—	$	(1)	$	(3)	$	(5)
Amortization	—		—		1		2		2
Ending balance	$	—	$	—	$	—	$	(1)	$	(3)
Long-Term Debt(4)
Beginning balance unamortized fair value mark	$	(69)	$	(81)	$	(94)	$	(109)	$	(122)
Amortization	12		12		13		15		13
Adjustments	(2)		—		—		$	—	$	—
Ending balance	$	(59)	$	(69)	$	(81)	$	(94)	$	(109)

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

(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.

- 9 -

Segment Financial Performance - Preliminary

	Quarter Ended
	June 30		March 31		Dec. 31		Sept. 30		June 30
(Dollars in millions)	2023		2023		2022		2022		2022
Consumer Banking and Wealth
Net interest income (expense)	$	1,454	$	1,603	$	1,730	$	1,686	$	1,568
Net intersegment interest income (expense)	1,214		1,145		1,234		980		725
Segment net interest income	2,668		2,748		2,964		2,666		2,293
Allocated provision for credit losses	224		274		311		283		199
Noninterest income	828		873		846		836		831
Noninterest expense	2,048		2,057		1,924		1,930		1,927
Income (loss) before income taxes	1,224		1,290		1,575		1,289		998
Provision (benefit) for income taxes	293		308		373		305		238
Segment net income (loss)	$	931	$	982	$	1,202	$	984	$	760
Corporate and Commercial Banking(1)
Net interest income (expense)	$	2,420	$	2,306	$	2,087	$	1,640	$	1,305
Net intersegment interest income (expense)	(720)		(559)		(227)		(2)		54
Segment net interest income	1,700		1,747		1,860		1,638		1,359
Allocated provision for credit losses	312		232		139		(49)		(27)
Noninterest income	576		630		678		645		688
Noninterest expense	872		883		853		828		815
Income (loss) before income taxes	1,092		1,262		1,546		1,504		1,259
Provision (benefit) for income taxes	212		262		326		323		273
Segment net income (loss)	$	880	$	1,000	$	1,220	$	1,181	$	986
Insurance Holdings(1)
Net interest income (expense)	$	1	$	1	$	1	$	1	$	1
Net intersegment interest income (expense)(2)	(85)		13		11		10		5
Segment net interest income	(84)		14		12		11		6
Allocated provision for credit losses	—		—		—		—		—
Noninterest income	944		817		792		731		830
Noninterest expense	705		686		662		628		610
Income (loss) before income taxes(3)	155		145		142		114		226
Provision (benefit) for income taxes(3)	—		36		35		29		55
Segment net income (loss)	$	155	$	109	$	107	$	85	$	171
Other, Treasury & Corporate(4)
Net interest income (expense)	$	(250)	$	(42)	$	163	$	418	$	533
Net intersegment interest income (expense)	(409)		(599)		(1,018)		(988)		(784)
Segment net interest income	(659)		(641)		(855)		(570)		(251)
Allocated provision for credit losses	2		(4)		17		—		(1)
Noninterest income	(55)		(86)		(89)		(110)		(101)
Noninterest expense	123		65		283		227		228
Income (loss) before income taxes(3)	(839)		(788)		(1,244)		(907)		(579)
Provision (benefit) for income taxes(3)	(218)		(212)		(397)		(294)		(194)
Segment net income (loss)	$	(621)	$	(576)	$	(847)	$	(613)	$	(385)
Total Truist Financial Corporation
Net interest income (expense)	$	3,625	$	3,868	$	3,981	$	3,745	$	3,407
Net intersegment interest income (expense)	—		—		—		—		—
Segment net interest income	3,625		3,868		3,981		3,745		3,407
Allocated provision for credit losses	538		502		467		234		171
Noninterest income	2,293		2,234		2,227		2,102		2,248
Noninterest expense	3,748		3,691		3,722		3,613		3,580
Income (loss) before income taxes	1,632		1,909		2,019		2,000		1,904
Provision (benefit) for income taxes	287		394		337		363		372
Net income	$	1,345	$	1,515	$	1,682	$	1,637	$	1,532

(1)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. Prior period results have been revised to conform to the current presentation. During the second quarter of 2023, Truist updated its cost allocation methodology. Results for the first quarter of 2023 have been revised to conform to the current presentation. Management concluded the impact to 2022 was not material.

(2)In conjunction with the Company’s April 3, 2023 sale of a 20% stake of the common equity in Truist Insurance Holdings, LLC (“Insurance Holdings”), Insurance Holdings issued $5 billion of 8.25% mandatorily redeemable preferred units to the Company, with the related interest expense, which is fully allocable to the Company, reported in Net intersegment interest income (expense).

(3)Also related to the same transaction, Insurance Holding’s recapitalized from a corporate entity to an LLC, such that each partner is allocated its share of Insurance Holding’s income before taxes, and beginning in the second quarter of 2023 the Company recognizes its associated income tax provision through Other, Treasury & Corporate. The Company elected not to restate prior periods for this change based on Insurance Holding’s previous status as a corporate entity. The Company recognized $54 million for the second quarter 2023 tax provision related to Insurance Holdings in Other, Treasury & Corporate.

(4)Includes financial data from subsidiaries below the quantitative and qualitative thresholds requiring disclosure.

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Capital Information - Five Quarter Trend

	As of/For the Quarter Ended
	June 30			March 31			Dec. 31			Sept. 30			June 30
(Dollars in millions, except per share data, shares in thousands)	2023			2023			2022			2022			2022
Selected Capital Information	(preliminary)
Risk-based capital:
Common equity tier 1	$	41,643		$	39,533		$	39,098		$	38,277		$	38,016
Tier 1	48,313			46,203			45,768			44,947			44,686
Total	57,237			55,237			54,072			53,223			52,186
Risk-weighted assets	434,985			436,381			434,413			421,489			413,384
Average quarterly assets for leverage ratio	550,734			544,334			539,689			526,454			521,113
Average quarterly assets for supplementary leverage ratio	643,666			635,656			629,960			616,368			608,770
Risk-based capital ratios:
Common equity tier 1	9.6		%	9.1		%	9.0		%	9.1		%	9.2		%
Tier 1	11.1			10.6			10.5			10.7			10.8
Total	13.2			12.7			12.4			12.6			12.6
Leverage capital ratio	8.8			8.5			8.5			8.5			8.6
Supplementary leverage	7.5			7.3			7.3			7.3			7.3
Common equity per common share	$	42.68		$	41.82		$	40.58		$	40.79		$	42.45
	June 30			March 31			Dec. 31			Sept. 30			June 30
(Dollars in millions, except per share data, shares in thousands)	2023			2023			2022			2022			2022
Calculations of Tangible Common Equity and Related Measures:(1)
Total shareholders’ equity	$	63,681		$	62,394		$	60,537		$	60,811		$	62,999
Less:
Preferred stock	6,673			6,673			6,673			6,673			6,673
Noncontrolling interests	155			22			23			23			24
Intangible assets, net of deferred taxes	29,628			29,788			29,908			29,752			29,095
Tangible common equity	$	27,225		$	25,911		$	23,933		$	24,363		$	27,207
Outstanding shares at end of period (in thousands)	1,331,976			1,331,918			1,326,829			1,326,766			1,326,393
Tangible common equity per common share	$	20.44		$	19.45		$	18.04		$	18.36		$	20.51
Total assets	$	554,549		$	574,354		$	555,255		$	548,438		$	545,123
Less: Intangible assets, net of deferred taxes	29,628			29,788			29,908			29,752			29,095
Tangible assets	$	524,921		$	544,566		$	525,347		$	518,686		$	516,028
Equity as a percentage of total assets	11.5		%	10.9		%	10.9		%	11.1		%	11.6		%
Tangible common equity as a percentage of tangible assets	5.2			4.8			4.6			4.7			5.3

(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.

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Selected Mortgage Banking Information & Additional Information

	As of/For the Quarter Ended
	June 30			March 31			Dec. 31			Sept. 30			June 30
(Dollars in millions, except per share data)	2023			2023			2022			2022			2022
Mortgage Banking Income
Residential mortgage income:
Residential mortgage production revenue	$	22		$	17		$	7		$	1		$	36
Residential mortgage servicing income:
Residential mortgage income before MSR valuation	77			155			88			80			49
Net MSRs valuation	(19)			(50)			(10)			(9)			(11)
Total residential mortgage servicing income	58			105			78			71			38
Total residential mortgage income	80			122			85			72			74
Commercial mortgage income:
Commercial mortgage production revenue	16			14			28			30			21
Commercial mortgage servicing income:
Commercial mortgage income before MSR valuation	4			7			4			5			2
Net MSRs valuation	(1)			(1)			—			15			3
Total commercial mortgage servicing income	3			6			4			20			5
Total commercial mortgage income	19			20			32			50			26
Total mortgage banking income	99			142			117			122			100
Other Mortgage Banking Information
Residential mortgage loan originations	$	5,558		$	4,022		$	4,868		$	11,746		$	11,330
Residential mortgage servicing portfolio:(1)
Loans serviced for others	222,917			214,830			217,046			218,740			209,504
Bank-owned loans serviced	57,147			57,493			56,982			56,786			53,341
Total servicing portfolio	280,064			272,323			274,028			275,526			262,845
Weighted-average coupon rate on mortgage loans serviced for others	3.54		%	3.52		%	3.48		%	3.45		%	3.42		%
Weighted-average servicing fee on mortgage loans serviced for others	0.27			0.27			0.31			0.30			0.30
Additional Information
Brokered deposits(2)	$	32,307		$	23,816		$	22,353		$	20,239		$	22,926
NQDCP income (expense):
Interest income	$	3		$	11		$	2		$	2		$	2
Other income	9			(18)			20			(28)			(30)
Personnel expense	(12)			7			(22)			26			28
Total NQDCP income (expense)	$	—		$	—		$	—		$	—		$	—
Common stock prices:
High	$	35.39		$	51.26		$	47.47		$	52.22		$	57.50
Low	25.56			28.70			40.01			42.56			44.75
End of period	30.35			34.10			43.03			43.54			47.43
Banking offices	2,002			2,006			2,123			2,119			2,117
ATMs	3,041			3,041			3,227			3,185			3,194
FTEs(3)	52,564			53,653			53,999			52,648			51,349

(1)Amounts reported are unpaid principal balance.

(2)Amounts represented in interest checking, money market and savings, and time deposits.

(3)FTEs represents an average for the quarter.

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Selected Items(1)

	Favorable (Unfavorable)
(Dollars in millions)			After-Tax at
Description	Pre-Tax		Marginal Rate
Selected Items
Second Quarter 2023
None	$	—	$	—
First Quarter 2023
None	$	—	$	—
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

(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.

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