Document

Quarterly Performance Summary

Truist Financial Corporation

Fourth 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
Rollforward of Intangible Assets and Selected Fair Value Marks						9
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)	Dec. 31			Sept. 30			June 30			March 31			Dec. 31			Dec. 31			Dec. 31
	2023			2023			2023			2023			2022			2023			2022
Summary Income Statement
Interest income - taxable equivalent(1)	$	6,324		$	6,286		$	6,230		$	5,836		$	5,288		$	24,676		$	16,779
Interest expense	2,723			2,665			2,551			1,917			1,257			9,856			2,321
Net interest income - taxable equivalent	3,601			3,621			3,679			3,919			4,031			14,820			14,458
Less: Taxable-equivalent adjustment	58			57			54			51			50			220			142
Net interest income	3,543			3,564			3,625			3,868			3,981			14,600			14,316
Provision for credit losses	572			497			538			502			467			2,109			777
Net interest income after provision for credit losses	2,971			3,067			3,087			3,366			3,514			12,491			13,539
Noninterest income	2,155			2,108			2,293			2,234			2,227			8,790			8,719
Noninterest expense	10,280			3,747			3,748			3,691			3,722			21,466			14,589
Income (loss) before income taxes	(5,154)			1,428			1,632			1,909			2,019			(185)			7,669
Provision (benefit) for income taxes	(64)			245			287			394			337			862			1,402
Net income (loss)	(5,090)			1,183			1,345			1,515			1,682			(1,047)			6,267
Noncontrolling interests	—			6			36			2			1			44			7
Preferred stock dividends and other	77			106			75			103			71			361			333
Net income (loss) available to common shareholders	(5,167)			1,071			1,234			1,410			1,610			(1,452)			5,927
Net income available to common shareholders - adjusted(2)	1,094			1,071			1,234			1,410			1,740			4,809			6,643
Additional Income Statement Information
Revenue - taxable equivalent	5,756			5,729			5,972			6,153			6,258			23,610			23,177
Pre-provision net revenue - unadjusted(2)	(4,524)			1,982			2,224			2,462			2,536			2,144			8,588
Pre-provision net revenue - adjusted(2)	2,374			2,187			2,413			2,661			2,869			9,635			10,107
Per Common Share Data
Earnings:
Earnings per share-basic	$	(3.87)		$	0.80		$	0.93		$	1.06		$	1.21		$	(1.09)		$	4.46
Earnings per share-diluted	(3.85)			0.80			0.92			1.05			1.20			(1.08)			4.43
Earnings per share-adjusted diluted(2)	0.81			0.80			0.92			1.05			1.30			3.59			4.96
Cash dividends declared	0.52			0.52			0.52			0.52			0.52			2.08			2.00
Common shareholders’ equity	39.31			41.37			42.68			41.82			40.58
Tangible common shareholders’ equity(2)	21.83			19.25			20.44			19.45			18.04
End of period shares outstanding	1,333,743			1,333,668			1,331,976			1,331,918			1,326,829
Weighted average shares outstanding-basic	1,333,703			1,333,522			1,331,953			1,328,602			1,326,787			1,331,963			1,328,120
Weighted average shares outstanding-diluted	1,342,790			1,340,574			1,337,307			1,339,480			1,337,338			1,339,895			1,338,462
Performance Ratios
Return on average assets	(3.74)		%	0.86		%	0.95		%	1.10		%	1.21		%	(0.19)		%	1.15		%

Return on average common shareholders’ equity	(36.6)			7.5			8.6			10.3			11.7			(2.6)			10.4
Return on average tangible common shareholders’ equity(2)	15.0			17.3			19.4			24.1			27.6			18.9			22.9
Net interest margin - taxable equivalent	2.98			2.95			2.91			3.17			3.25			3.00			3.01
Fee income ratio	37.8			37.2			38.8			36.6			35.9			37.6			37.9
Efficiency ratio-GAAP	180.4			66.1			63.3			60.5			60.0			91.8			63.3
Efficiency ratio-adjusted(2)	58.8			61.8			59.6			56.8			54.2			59.2			56.4
Credit Quality
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.44		%	0.46		%	0.47		%	0.36		%	0.36		%
Net charge-offs as a percentage of average loans and leases(3)	0.57			0.51			0.54			0.37			0.34			0.50		%	0.27		%
Allowance for loan and lease losses as a percentage of LHFI	1.54			1.49			1.43			1.37			1.34
Ratio of allowance for loan and lease losses to nonperforming LHFI	3.5x			3.2x			3.0x			3.8x			3.7x
Average Balances
Assets	$	539,656		$	547,704		$	565,822		$	559,627		$	552,959		$	553,132		$	543,830
Securities(4)	133,390			135,527			138,393			140,551			142,433			136,942			147,266
Loans and leases	313,832			319,881			328,258			327,547			322,733			322,335			306,835
Deposits	395,333			401,038			399,826			408,458			413,276			401,127			418,090
Common shareholders’ equity	56,061			56,472			57,302			55,380			54,823			56,306			57,124
Total shareholders’ equity	62,896			63,312			64,101			62,077			61,519			63,099			63,817
Period-End Balances
Assets	$	535,349		$	542,707		$	554,549		$	574,354		$	555,255
Securities(4)	121,473			120,059			124,923			128,790			129,514
Loans and leases	313,341			317,112			324,015			329,833			327,435
Deposits	395,865			400,024			406,043			404,997			413,495
Common shareholders’ equity	52,428			55,167			56,853			55,699			53,841
Total shareholders’ equity	59,253			62,007			63,681			62,394			60,537
Capital and Liquidity Ratios	(preliminary)
Common equity Tier 1	10.1		%	9.9		%	9.6		%	9.1		%	9.0		%
Tier 1	11.6			11.4			11.1			10.6			10.5
Total	13.7			13.5			13.2			12.7			12.4
Leverage	9.3			9.2			8.8			8.5			8.5
Supplementary leverage	7.9			7.8			7.5			7.3			7.3
Liquidity coverage ratio	112			110			112			113			112

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 Fourth 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.

- 1 -

Consolidated Statements of Income


	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, shares in thousands)	2023		2023		2023		2023		2022		2023		2022
Interest Income
Interest and fees on loans and leases	$	4,971	$	4,976	$	4,915	$	4,656	$	4,220	$	19,518	$	13,252
Interest on securities	802		763		749		752		739		3,066		2,763
Interest on other earning assets	493		490		512		377		279		1,872		622
Total interest income	6,266		6,229		6,176		5,785		5,238		24,456		16,637
Interest Expense
Interest on deposits	1,893		1,831		1,506		1,125		683		6,355		1,145
Interest on long-term debt	476		491		734		514		332		2,215		791
Interest on other borrowings	354		343		311		278		242		1,286		385
Total interest expense	2,723		2,665		2,551		1,917		1,257		9,856		2,321
Net Interest Income	3,543		3,564		3,625		3,868		3,981		14,600		14,316
Provision for credit losses	572		497		538		502		467		2,109		777
Net Interest Income After Provision for Credit Losses	2,971		3,067		3,087		3,366		3,514		12,491		13,539
Noninterest Income
Insurance income	813		793		935		813		766		3,354		3,043
Wealth management income	346		343		330		339		324		1,358		1,338
Investment banking and trading income	165		185		211		261		257		822		995
Service charges on deposits	228		152		240		249		257		869		1,026
Card and payment related fees	232		238		236		230		245		936		944
Mortgage banking income	94		102		99		142		117		437		460
Lending related fees	153		102		86		106		110		447		375
Operating lease income	60		63		64		67		68		254		258
Securities gains (losses)	—		—		—		—		—		—		(71)
Other income	64		130		92		27		83		313		351
Total noninterest income	2,155		2,108		2,293		2,234		2,227		8,790		8,719
Noninterest Expense
Personnel expense	2,017		2,200		2,256		2,181		2,198		8,654		8,467
Professional fees and outside processing	358		317		352		314		347		1,341		1,411
Software expense	240		238		237		214		241		929		932
Net occupancy expense	172		180		180		183		179		715		744
Amortization of intangibles	130		130		131		136		163		527		583
Equipment expense	110		97		92		110		124		409		478
Marketing and customer development	62		78		79		78		70		297		352
Operating lease depreciation	42		43		44		46		44		175		184
Regulatory costs	599		77		73		75		52		824		183
Merger-related and restructuring charges	183		75		54		63		114		375		513
Goodwill impairment	6,078		—		—		—		—		6,078		—
Other expense	289		312		250		291		190		1,142		742
Total noninterest expense	10,280		3,747		3,748		3,691		3,722		21,466		14,589
Earnings
Income (loss) before income taxes	(5,154)		1,428		1,632		1,909		2,019		(185)		7,669
Provision (benefit) for income taxes	(64)		245		287		394		337		862		1,402
Net income (loss)	(5,090)		1,183		1,345		1,515		1,682		(1,047)		6,267
Noncontrolling interests	—		6		36		2		1		44		7

Preferred stock dividends and other	77		106		75		103		71		361		333
Net income (loss) available to common shareholders	$	(5,167)	$	1,071	$	1,234	$	1,410	$	1,610	$	(1,452)	$	5,927
Earnings Per Common Share
Basic	$	(3.87)	$	0.80	$	0.93	$	1.06	$	1.21	$	(1.09)	$	4.46
Diluted	(3.85)		0.80		0.92		1.05		1.20		(1.08)		4.43
Weighted Average Shares Outstanding
Basic	1,333,703		1,333,522		1,331,953		1,328,602		1,326,787		1,331,963		1,328,120
Diluted	1,342,790		1,340,574		1,337,307		1,339,480		1,337,338		1,339,895		1,338,462

- 2 -

Consolidated Ending Balance Sheets - Five Quarter Trend


	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2023		2023		2023		2023		2022
Assets
Cash and due from banks	$	5,072	$	5,156	$	4,782	$	4,629	$	5,379
Interest-bearing deposits with banks	25,572		24,676		25,228		32,967		16,042
Securities borrowed or purchased under resale agreements	2,378		2,018		2,315		3,637		3,181
Trading assets at fair value	4,332		4,384		4,097		4,601		4,905
Securities available for sale at fair value	67,366		65,117		68,965		71,858		71,801
Securities held to maturity at amortized cost	54,107		54,942		55,958		56,932		57,713
Loans and leases:
Commercial:
Commercial and industrial	160,788		162,330		167,153		167,217		164,307
CRE	22,570		22,736		22,825		22,670		22,676
Commercial construction	6,683		6,343		5,943		5,951		5,849

Consumer:
Residential mortgage	55,492		56,013		56,476		56,455		56,645
Home equity(1)	10,053		10,160		10,348		10,577		10,876
Indirect auto	22,727		24,084		25,759		27,279		27,951
Other consumer(1)	28,647		29,105		28,755		27,742		27,533
Student	—		—		—		4,996		5,287
Credit card	5,101		4,928		4,833		4,786		4,867

Total loans and leases held for investment	312,061		315,699		322,092		327,673		325,991
Loans held for sale	1,280		1,413		1,923		2,160		1,444
Total loans and leases	313,341		317,112		324,015		329,833		327,435
Allowance for loan and lease losses	(4,798)		(4,693)		(4,606)		(4,479)		(4,377)
Premises and equipment	3,370		3,394		3,453		3,519		3,605
Goodwill	20,901		26,979		27,013		27,014		27,013
Core deposit and other intangible assets	3,160		3,292		3,403		3,535		3,672
Loan servicing rights at fair value	3,378		3,537		3,497		3,303		3,758
Other assets	37,170		36,793		36,429		37,005		35,128
Total assets	$	535,349	$	542,707	$	554,549	$	574,354	$	555,255
Liabilities
Deposits:
Noninterest-bearing deposits	$	111,624	$	116,674	$	121,831	$	128,719	$	135,742
Interest checking	104,757		103,288		106,471		107,116		110,464
Money market and savings	135,923		137,914		135,514		136,836		143,815
Time deposits	43,561		42,148		42,227		32,326		23,474

Total deposits	395,865		400,024		406,043		404,997		413,495
Short-term borrowings	24,828		23,485		24,456		23,678		23,422
Long-term debt	38,918		41,232		44,749		69,895		43,203
Other liabilities	16,485		15,959		15,620		13,390		14,598
Total liabilities	476,096		480,700		490,868		511,960		494,718
Shareholders' Equity:
Preferred stock	6,673		6,673		6,673		6,673		6,673
Common stock	6,669		6,668		6,660		6,660		6,634
Additional paid-in capital	36,177		36,114		35,990		34,582		34,544
Retained earnings	22,088		27,944		27,577		27,038		26,264
Accumulated other comprehensive loss	(12,506)		(15,559)		(13,374)		(12,581)		(13,601)
Noncontrolling interests	152		167		155		22		23
Total shareholders’ equity	59,253		62,007		63,681		62,394		60,537
Total liabilities and shareholders’ equity	$	535,349	$	542,707	$	554,549	$	574,354	$	555,255

(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.

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Average Balances and Rates - Quarters


	Quarter Ended
	December 31, 2023						September 30, 2023						June 30, 2023						March 31, 2023						December 31, 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	$	10,967	$	38	1.37	%	$	10,886	$	34	1.27	%	$	11,115	$	30	1.10	%	$	11,117	$	30	1.07	%	$	10,989	$	27	0.98	%
U.S. government-sponsored entities (GSE)	389		2		3.23		339		3		2.92		329		3		2.70		335		2		2.86		325		3		2.47
Mortgage-backed securities issued by GSE	117,868		736		2.50		120,078		701		2.33		122,647		690		2.25		124,746		694		2.23		126,718		682		2.16
States and political subdivisions	421		5		4.16		423		4		4.12		425		5		4.18		425		4		4.07		426		4		4.03
Non-agency mortgage-backed	3,725		22		2.37		3,781		22		2.33		3,852		22		2.32		3,907		23		2.34		3,953		23		2.33
Other	20		—		5.47		20		1		5.55		25		—		5.20		21		—		5.30		22		1		4.44
Total securities	133,390		803		2.41		135,527		765		2.26		138,393		750		2.17		140,551		753		2.14		142,433		740		2.08
Loans and leases:
Commercial:
Commercial and industrial	160,278		2,657		6.58		164,022		2,686		6.50		166,588		2,610		6.28		165,095		2,436		5.98		159,308		2,098		5.23
CRE	22,755		400		6.94		22,812		396		6.85		22,706		384		6.73		22,689		355		6.32		22,497		314		5.51
Commercial construction	6,515		127		7.84		6,194		120		7.83		5,921		111		7.64		5,863		101		7.14		5,711		88		6.25

Consumer:
Residential mortgage	55,658		532		3.83		56,135		532		3.79		56,320		531		3.77		56,422		526		3.73		56,292		514		3.65
Home equity(3)	10,104		199		7.80		10,243		196		7.61		10,478		190		7.26		10,735		180		6.80		10,887		164		6.02
Indirect auto	23,368		381		6.46		24,872		386		6.16		26,558		398		6.01		27,743		398		5.82		28,117		396		5.59
Other consumer(3)	28,913		561		7.69		28,963		542		7.43		28,189		499		7.10		27,559		459		6.76		27,479		447		6.44
Student	—		—		—		—		1		—		4,766		80		6.76		5,129		89		7.04		5,533		90		6.42
Credit card	4,996		149		11.84		4,875		143		11.62		4,846		137		11.48		4,785		136		11.43		4,842		127		10.38

Total loans and leases held for investment	312,587		5,006		6.36		318,116		5,002		6.25		326,372		4,940		6.07		326,020		4,680		5.81		320,666		4,238		5.25
Loans held for sale	1,245		21		6.82		1,765		28		6.20		1,886		28		5.94		1,527		25		6.71		2,067		31		6.08
Total loans and leases	313,832		5,027		6.36		319,881		5,030		6.25		328,258		4,968		6.07		327,547		4,705		5.81		322,733		4,269		5.26

Interest earning trading assets	4,680		80		6.92		4,380		76		6.91		4,445		75		6.73		5,462		83		6.09		5,717		79		5.60
Other earning assets	29,443		414		5.57		29,006		415		5.68		34,988		437		5.02		25,589		295		4.67		21,922		200		3.60
Total earning assets	481,345		6,324		5.22		488,794		6,286		5.11		506,084		6,230		4.93		499,149		5,836		4.72		492,805		5,288		4.27
Nonearning assets	58,311						58,910						59,738						60,478						60,154
Total assets	$	539,656					$	547,704					$	565,822					$	559,627					$	552,959
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	101,722	611		2.38		$	101,252	584		2.29		$	102,105	487		1.91		$	108,886	430		1.60		$	110,001	304		1.10
Money market and savings	137,464		843		2.43		139,961		829		2.35		138,149		686		1.99		139,802		476		1.38		144,730		316		0.87
Time deposits	41,592		439		4.19		40,920		418		4.05		35,844		333		3.73		28,671		219		3.10		17,513		63		1.42

Total interest-bearing deposits	280,778		1,893		2.67		282,133		1,831		2.57		276,098		1,506		2.19		277,359		1,125		1.64		272,244		683		1.00
Short-term borrowings	24,958		354		5.62		24,894		343		5.47		23,991		311		5.19		24,056		278		4.69		25,640		242		3.75
Long-term debt	40,818		476		4.67		43,353		491		4.51		63,665		734		4.62		51,057		514		4.05		38,700		332		3.42
Total interest-bearing liabilities	346,554		2,723		3.12		350,380		2,665		3.02		363,754		2,551		2.81		352,472		1,917		2.20		336,584		1,257		1.48
Noninterest-bearing deposits	114,555						118,905						123,728						131,099						141,032
Other liabilities	15,651						15,107						14,239						13,979						13,824
Shareholders’ equity	62,896						63,312						64,101						62,077						61,519
Total liabilities and shareholders’ equity	$	539,656					$	547,704					$	565,822					$	559,627					$	552,959
Average interest-rate spread					2.10						2.09						2.12						2.52						2.79

Net interest income/ net interest margin			$	3,601	2.98	%			$	3,621	2.95	%			$	3,679	2.91	%			$	3,919	3.17	%			$	4,031	3.25	%
Taxable-equivalent adjustment			58						57						54						51						50
Memo: Total deposits	$	395,333	1,893		1.90	%	$	401,038	1,831		1.81	%	$	399,826	1,506		1.51	%	$	408,458	1,125		1.12	%	$	413,276	683		0.66	%

(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
	December 31, 2023						December 31, 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	$	11,021	$	132	1.20	%	$	10,591	$	93	0.88	%
U.S. government-sponsored entities (GSE)	348		10		2.94		498		11		2.24
Mortgage-backed securities issued by GSE	121,313		2,821		2.32		131,669		2,552		1.94
States and political subdivisions	424		18		4.13		392		15		3.88
Non-agency mortgage-backed	3,816		89		2.34		4,072		94		2.30
Other	20		1		5.37		44		2		3.60
Total securities	136,942		3,071		2.24		147,266		2,767		1.88
Loans and leases:
Commercial:
Commercial and industrial	163,983		10,389		6.34		149,030		5,823		3.91
CRE	22,741		1,535		6.71		22,697		920		4.01
Commercial construction	6,125		459		7.62		5,326		228		4.46

Consumer:
Residential mortgage	56,131		2,121		3.78		51,721		1,860		3.60
Home equity(3)	10,388		765		7.36		10,788		540		5.01
Indirect auto	25,621		1,563		6.10		27,197		1,497		5.50
Other consumer(3)	28,412		2,061		7.25		26,320		1,640		6.23
Student	2,453		170		6.91		6,114		304		4.97
Credit card	4,876		565		11.59		4,753		455		9.57

Total loans and leases held for investment	320,730		19,628		6.12		303,946		13,267		4.36
Loans held for sale	1,605		102		6.37		2,889		122		4.23
Total loans and leases	322,335		19,730		6.12		306,835		13,389		4.36

Interest earning trading assets	4,739		314		6.64		5,767		239		4.15
Other earning assets	29,765		1,561		5.24		20,429		384		1.88
Total earning assets	493,781		24,676		5.00		480,297		16,779		3.49
Nonearning assets	59,351						63,533
Total assets	$	553,132					$	543,830
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest checking	$	103,465	2,112		2.04		$	111,539	519		0.47
Money market and savings	138,841		2,834		2.04		145,645		536		0.37
Time deposits	36,803		1,409		3.83		15,514		90		0.58

Total interest-bearing deposits	279,109		6,355		2.28		272,698		1,145		0.42
Short-term borrowings	24,478		1,286		5.25		14,957		385		2.58
Long-term debt	49,678		2,215		4.46		34,172		791		2.31
Total interest-bearing liabilities	353,265		9,856		2.79		321,827		2,321		0.72
Noninterest-bearing deposits	122,018						145,392
Other liabilities	14,750						12,794
Shareholders’ equity	63,099						63,817
Total liabilities and shareholders’ equity	$	553,132					$	543,830
Average interest-rate spread					2.21						2.77

Net interest income/ net interest margin			$	14,820	3.00	%			$	14,458	3.01	%
Taxable-equivalent adjustment			220						142
Memo: Total deposits	$	401,127	6,355		1.58	%	$	418,090	1,145		0.27	%

(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.

- 5 -

Credit Quality


	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2023		2023		2023		2023		2022
Nonperforming Assets
Nonaccrual loans and leases:
Commercial:
Commercial and industrial	$	470	$	561	$	562	$	394	$	398
CRE	284		289		275		117		82
Commercial construction	24		29		16		1		—

Consumer:
Residential mortgage	153		132		221		233		240
Home equity(1)	122		123		129		132		135
Indirect auto	268		266		262		270		289
Other consumer(1)	59		52		46		45		44


Total nonaccrual loans and leases held for investment	1,380		1,452		1,511		1,192		1,188
Loans held for sale	51		75		13		—		—
Total nonaccrual loans and leases	1,431		1,527		1,524		1,192		1,188
Foreclosed real estate	3		3		3		3		4

Other foreclosed property	54		54		56		66		58
Total nonperforming assets	$	1,488	$	1,584	$	1,583	$	1,261	$	1,250



















Loans 90 Days or More Past Due and Still Accruing
Commercial:
Commercial and industrial	$	7	$	15	$	36	$	35	$	49
CRE	—		—		—		—		1
Commercial construction	1		—		5		—		—

Consumer:
Residential mortgage - government guaranteed	418		456		541		649		759
Residential mortgage - nonguaranteed	21		30		23		25		27
Home equity(1)	11		9		7		10		12
Indirect auto	2		1		—		—		1
Other consumer(1)	21		16		12		10		13
Student - government guaranteed	—		—		—		590		702
Student - nonguaranteed	—		—		—		4		4
Credit card	53		47		38		38		37

Total loans 90 days past due and still accruing	$	534	$	574	$	662	$	1,361	$	1,605
Loans 30-89 Days Past Due
Commercial:
Commercial and industrial	$	230	$	98	$	142	$	125	$	256
CRE	5		28		38		34		25
Commercial construction	—		1		6		3		5

Consumer:
Residential mortgage - government guaranteed	326		293		267		232		268
Residential mortgage - nonguaranteed	313		270		254		259		346
Home equity(1)	70		61		56		65		68
Indirect auto	669		598		549		511		646
Other consumer(1)	271		219		175		164		187
Student - government guaranteed	—		—		—		350		396
Student - nonguaranteed	—		—		—		6		6
Credit card	87		68		63		56		64

Total loans 30-89 days past due	$	1,971	$	1,636	$	1,550	$	1,805	$	2,267

- 6 -



	As of/For the Quarter Ended
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
	2023		2023		2023		2023		2022
Asset Quality Ratios
Loans 30-89 days past due and still accruing as a percentage of loans and leases	0.63	%	0.52	%	0.48	%	0.55	%	0.70	%
Loans 90 days or more past due and still accruing as a percentage of loans and leases	0.17		0.18		0.21		0.42		0.49
Nonperforming loans and leases as a percentage of loans and leases held for investment	0.44		0.46		0.47		0.36		0.36
Nonperforming loans and leases as a percentage of loans and leases(1)	0.46		0.48		0.47		0.36		0.36
Nonperforming assets as a percentage of:
Total assets(1)	0.28		0.29		0.29		0.22		0.23
Loans and leases plus foreclosed property	0.46		0.48		0.49		0.38		0.38
Net charge-offs as a percentage of average loans and leases(2)	0.57		0.51		0.54		0.37		0.34
Allowance for loan and lease losses as a percentage of loans and leases	1.54		1.49		1.43		1.37		1.34
Ratio of allowance for loan and lease losses to:
Net charge-offs(3)	2.7X		2.9X		2.6X		3.7X		4.1X
Nonperforming loans and leases	3.5X		3.2X		3.0X		3.8X		3.7X
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 Dec. 31
							2023		2022
Asset Quality Ratios
Net charge-offs as a percentage of average loans and leases							0.50	%	0.27	%
Ratio of allowance for loan and lease losses to net charge-offs							3.0X		5.3X

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
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31		Period Ended Dec. 31
(Dollars in millions)	2023		2023		2023		2023		2022		2023		2022
Allowance for Credit Losses(1)
Beginning balance	$	4,970	$	4,879	$	4,761	$	4,649	$	4,455	$	4,649	$	4,695
Provision for credit losses	572		497		558		482		467		2,109		777
Charge-offs:
Commercial:
Commercial and industrial	(110)		(98)		(107)		(75)		(44)		(390)		(143)
CRE	(48)		(77)		(35)		(6)		(11)		(166)		(13)
Commercial construction	(5)		—		—		—		—		(5)		(1)

Consumer:
Residential mortgage	—		(8)		(1)		(1)		(1)		(10)		(9)
Home equity(2)	(2)		(4)		(2)		(2)		(6)		(10)		(13)
Indirect auto	(154)		(135)		(115)		(127)		(129)		(531)		(411)
Other consumer(2)	(148)		(120)		(104)		(105)		(96)		(477)		(381)
Student	—		—		(103)		(5)		(5)		(108)		(22)
Credit card	(64)		(55)		(53)		(51)		(53)		(223)		(176)

Total charge-offs	(531)		(497)		(520)		(372)		(345)		(1,920)		(1,169)
Recoveries:
Commercial:
Commercial and industrial	16		28		13		13		14		70		87
CRE	—		2		—		1		1		3		8
Commercial construction	2		—		—		1		1		3		5

Consumer:
Residential mortgage	1		1		2		2		3		6		16
Home equity(2)	5		7		5		6		6		23		25
Indirect auto	25		25		31		26		21		107		91
Other consumer(2)	21		20		20		17		17		78		79
Student	—		—		—		—		1		—		1
Credit card	8		9		9		9		8		35		34

Total recoveries	78		92		80		75		72		325		346
Net charge-offs	(453)		(405)		(440)		(297)		(273)		(1,595)		(823)
Other(3)	4		(1)		—		(73)		—		(70)		—
Ending balance	$	5,093	$	4,970	$	4,879	$	4,761	$	4,649	$	5,093	$	4,649
Allowance for Credit Losses:(1)


Allowance for loan and lease losses	$	4,798	$	4,693	$	4,606	$	4,479	$	4,377
Reserve for unfunded lending commitments (RUFC)	295		277		273		282		272
Allowance for credit losses	$	5,093	$	4,970	$	4,879	$	4,761	$	4,649

(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
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31		Period Ended Dec. 31
	2023		2023		2023		2023		2022		2023		2022
Net Charge-offs as a Percentage of Average Loans and Leases:
Commercial:
Commercial and industrial	0.23	%	0.17	%	0.23	%	0.15	%	0.08	%	0.20	%	0.04	%
CRE	0.83		1.31		0.62		0.09		0.19		0.71		0.02
Commercial construction	0.22		(0.03)		(0.02)		(0.04)		(0.06)		0.04		(0.07)

Consumer:
Residential mortgage	(0.01)		0.05		(0.01)		—		(0.02)		0.01		(0.01)
Home equity	(0.12)		(0.10)		(0.12)		(0.15)		(0.01)		(0.12)		(0.11)
Indirect auto	2.19		1.75		1.28		1.47		1.52		1.66		1.17
Other consumer	1.74		1.37		1.20		1.29		1.11		1.40		1.14
Student	—		—		8.67		0.42		0.34		4.39		0.34
Credit card	4.38		3.78		3.66		3.54		3.68		3.85		2.98

Total loans and leases	0.57		0.51		0.54		0.37		0.34		0.50		0.27

Applicable ratios are annualized.

- 8 -

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)	2023		2023		2023		2023		2022







Loans and Leases(2)
Beginning balance unamortized fair value mark	$	(528)	$	(579)	$	(673)	$	(741)	$	(826)

Accretion	31		45		63		64		80

Purchase accounting adjustments and other activity	20		6		31		4		5
Ending balance	$	(477)	$	(528)	$	(579)	$	(673)	$	(741)
Core deposit and other intangible assets
Beginning balance	$	3,292	$	3,403	$	3,535	$	3,672	$	3,726

Additions - acquisitions	1		21		—		—		111
Amortization of intangibles(3)	(130)		(130)		(131)		(136)		(163)
Amortization in net occupancy expense	(3)		(2)		(1)		(1)		(3)
Purchase accounting adjustments and other activity	—		—		—		—		1
Ending balance	$	3,160	$	3,292	$	3,403	$	3,535	$	3,672
Deposits(4)
Beginning balance unamortized fair value mark	$	—	$	—	$	—	$	—	$	(1)

Amortization	—		—		—		—		1
Ending balance	$	—	$	—	$	—	$	—	$	—
Long-Term Debt(4)
Beginning balance unamortized fair value mark	$	(49)	$	(59)	$	(69)	$	(81)	$	(94)

Amortization	10		10		12		12		13
Adjustments	—		—		(2)		$	—	$	—
Ending balance	$	(39)	$	(49)	$	(59)	$	(69)	$	(81)

(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
	Dec. 31		Sept. 30		June 30		March 31		Dec. 31
(Dollars in millions)	2023		2023		2023		2023		2022
Consumer Banking and Wealth
Net interest income (expense)	$	1,245	$	1,273	$	1,461	$	1,609	$	1,735
Net intersegment interest income (expense)	1,430		1,389		1,229		1,159		1,251
Segment net interest income (expense)	2,675		2,662		2,690		2,768		2,986
Allocated provision for credit losses	348		248		224		274		311
Noninterest income	855		755		828		872		845
Goodwill impairment	3,361		—		—		—		—
Noninterest expense ex goodwill impairment	2,190		2,066		2,045		2,050		1,914
Income (loss) before income taxes	(2,369)		1,103		1,249		1,316		1,606
Provision (benefit) for income taxes	242		266		299		314		380
Segment net income (loss)	$	(2,611)	$	837	$	950	$	1,002	$	1,226




Corporate and Commercial Banking(1)
Net interest income (expense)	$	2,398	$	2,424	$	2,414	$	2,301	$	2,083
Net intersegment interest income (expense)	(733)		(770)		(717)		(548)		(207)
Segment net interest income (expense)	1,665		1,654		1,697		1,753		1,876
Allocated provision for credit losses	223		254		313		231		136
Noninterest income	553		585		576		632		678
Goodwill impairment	2,717		—		—		—		—
Noninterest expense ex goodwill impairment	1,148		874		868		881		853
Income (loss) before income taxes	(1,870)		1,111		1,092		1,273		1,565
Provision (benefit) for income taxes	157		217		212		265		331
Segment net income (loss)	$	(2,027)	$	894	$	880	$	1,008	$	1,234




Insurance Holdings(1)
Net interest income (expense)	$	1	$	1	$	1	$	1	$	1
Net intersegment interest income (expense)(2)	(86)		(81)		(85)		13		11
Segment net interest income (expense)	(85)		(80)		(84)		14		12
Allocated provision for credit losses	—		—		—		—		—
Noninterest income	830		801		944		817		792

Noninterest expense	743		701		705		686		662
Income (loss) before income taxes	2		20		155		145		142
Provision (benefit) for income taxes(3)	1		3		—		36		35
Segment net income (loss)	$	1	$	17	$	155	$	109	$	107
















Other, Treasury & Corporate(4)
Net interest income (expense)	$	(101)	$	(134)	$	(251)	$	(43)	$	162
Net intersegment interest income (expense)	(611)		(538)		(427)		(624)		(1,055)
Segment net interest income (expense)	(712)		(672)		(678)		(667)		(893)
Allocated provision for credit losses	1		(5)		1		(3)		20
Noninterest income	(83)		(33)		(55)		(87)		(88)
Noninterest expense	121		106		130		74		293
Income (loss) before income taxes	(917)		(806)		(864)		(825)		(1,294)
Provision (benefit) for income taxes(3)	(464)		(241)		(224)		(221)		(409)
Segment net income (loss)	$	(453)	$	(565)	$	(640)	$	(604)	$	(885)


Total Truist Financial Corporation
Net interest income (expense)	$	3,543	$	3,564	$	3,625	$	3,868	$	3,981
Net intersegment interest income (expense)	—		—		—		—		—
Segment net interest income (expense)	3,543		3,564		3,625		3,868		3,981
Allocated provision for credit losses	572		497		538		502		467
Noninterest income	2,155		2,108		2,293		2,234		2,227
Goodwill impairment	6,078		—		—		—		—
Noninterest expense ex goodwill impairment	4,202		3,747		3,748		3,691		3,722
Income (loss) before income taxes	(5,154)		1,428		1,632		1,909		2,019
Provision (benefit) for income taxes	(64)		245		287		394		337
Net income (loss)	$	(5,090)	$	1,183	$	1,345	$	1,515	$	1,682

(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 $26 million, $30 million, and $54 million for the fourth, third, and second quarter 2023, respectively, tax provision related to Insurance Holdings in Other, Treasury & Corporate. Insurance Holdings continues to recognize taxes for certain state jurisdictions that impose income taxes on partnerships and LLCs.

(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
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
(Dollars in millions, except per share data, shares in thousands)	2023			2023			2023			2023			2022
Selected Capital Information	(preliminary)
Risk-based capital:
Common equity tier 1	$	42,670		$	42,276		$	41,642		$	39,533		$	39,098
Tier 1	49,340			48,946			48,312			46,203			45,768
Total	58,062			57,713			57,236			55,237			54,072
Risk-weighted assets	424,132			428,755			434,946			436,381			434,413
Average quarterly assets for leverage ratio	533,084			534,402			550,734			544,334			539,689
Average quarterly assets for supplementary leverage ratio	624,629			627,382			643,662			635,656			629,960
Risk-based capital ratios:
Common equity tier 1	10.1		%	9.9		%	9.6		%	9.1		%	9.0		%
Tier 1	11.6			11.4			11.1			10.6			10.5
Total	13.7			13.5			13.2			12.7			12.4
Leverage capital ratio	9.3			9.2			8.8			8.5			8.5
Supplementary leverage	7.9			7.8			7.5			7.3			7.3
Common equity per common share	$	39.31		$	41.37		$	42.68		$	41.82		$	40.58

	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
(Dollars in millions, except per share data, shares in thousands)	2023			2023			2023			2023			2022
Calculations of Tangible Common Equity and Related Measures:(1)
Total shareholders’ equity	$	59,253		$	62,007		$	63,681		$	62,394		$	60,537
Less:
Preferred stock	6,673			6,673			6,673			6,673			6,673
Noncontrolling interests	152			167			155			22			23
Intangible assets, net of deferred taxes	23,306			29,491			29,628			29,788			29,908
Tangible common equity	$	29,122		$	25,676		$	27,225		$	25,911		$	23,933







Outstanding shares at end of period (in thousands)	1,333,743			1,333,668			1,331,976			1,331,918			1,326,829
Tangible common equity per common share	$	21.83		$	19.25		$	20.44		$	19.45		$	18.04

Total assets	$	535,349		$	542,707		$	554,549		$	574,354		$	555,255
Less: Intangible assets, net of deferred taxes	23,306			29,491			29,628			29,788			29,908
Tangible assets	$	512,043		$	513,216		$	524,921		$	544,566		$	525,347

Equity as a percentage of total assets	11.1		%	11.4		%	11.5		%	10.9		%	10.9		%
Tangible common equity as a percentage of tangible assets	5.7			5.0			5.2			4.8			4.6

(1)Tangible common equity is a non-GAAP measure that excludes the impact of intangible assets, net of deferred taxes. This measure is useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses this measure to assess 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
	Dec. 31			Sept. 30			June 30			March 31			Dec. 31
(Dollars in millions, except per share data)	2023			2023			2023			2023			2022
Mortgage Banking Income
Residential mortgage income:
Residential mortgage production revenue	$	14		$	19		$	22		$	17		$	7
Residential mortgage servicing income:


Residential mortgage servicing income before MSR valuation	85			85			77			155			88




Net MSRs valuation	(13)			(20)			(19)			(50)			(10)
Total residential mortgage servicing income	72			65			58			105			78
Total residential mortgage income	86			84			80			122			85
Commercial mortgage income:
Commercial mortgage production revenue	5			17			16			14			28
Commercial mortgage servicing income:


Commercial mortgage servicing income before MSR valuation	3			3			4			7			4



Net MSRs valuation	—			(2)			(1)			(1)			—
Total commercial mortgage servicing income	3			1			3			6			4
Total commercial mortgage income	8			18			19			20			32
Total mortgage banking income	$	94		$	102		$	99		$	142		$	117

Other Mortgage Banking Information
Residential mortgage loan originations	$	3,027		$	4,196		$	5,558		$	4,022		$	4,868
Residential mortgage servicing portfolio:(1)
Loans serviced for others	213,399			214,953			222,917			214,830			217,046
Bank-owned loans serviced	55,669			56,679			57,147			57,493			56,982
Total servicing portfolio	269,068			271,632			280,064			272,323			274,028
Weighted-average coupon rate on mortgage loans serviced for others	3.56		%	3.51		%	3.54		%	3.52		%	3.48		%
Weighted-average servicing fee on mortgage loans serviced for others	0.27			0.27			0.27			0.27			0.31

Additional Information
Brokered deposits(2)	$	31,260		$	34,986		$	32,307		$	23,816		$	22,353

NQDCP income (expense):(3)
Interest income	$	2		$	3		$	3		$	11		$	2
Other income	17			35			9			(18)			20
Personnel expense	(19)			(38)			(12)			7			(22)
Total NQDCP income (expense)	$	—		$	—		$	—		$	—		$	—


Common stock prices:
High	$	37.83		$	35.78		$	35.39		$	51.26		$	47.47
Low	26.57			27.70			25.56			28.70			40.01
End of period	36.92			28.61			30.35			34.10			43.03
Banking offices	2,001			2,001			2,002			2,006			2,123
ATMs	3,031			3,037			3,041			3,041			3,227
FTEs(4)	50,905			51,943			52,564			53,653			53,999

(1)Amounts reported are unpaid principal balance.

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

(3)Relates to plans where Truist holds assets in proportion to participant elections.

(4)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
Fourth Quarter 2023
Goodwill impairment	$	(6,078)	$	(6,078)
FDIC special assessment (regulatory costs)	(507)		(387)
Discrete tax benefit (provision for income taxes)	—		204
Third Quarter 2023
None	$	—	$	—
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 certain selected items from the consolidated statements of income. A reconciliation of non-GAAP measures is included in the appendix to Truist’s Fourth Quarter 2023 Earnings Presentation.

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